Investor Presentaiton

Mobile Penetration Telecom Italia Conference Call 2010 Results & Plan Update Latam Market Argentina's Telecoms Market In a Reglonal Context Service Revenues (Cagr '10-'13) -5% -10% 10% Peru 5% Paraguay 0% Argentina Chile México Uruguay Colombia Panama Brazil Costa Rica Venezuela 1.000 3.000 5.000 7.000 9.000 11.000 USD GDP per capita (2010) Paraguay 94% Perd 78% Colombla 96% Venezuela 100% Mexico 80% Argentina 129% #2 Brazil 102% Chile 112% Fixed BB Penetration Uruguay 135% Paraguay Perú 10% 15% Colombla 18% Venezuela 18% Mexico 28% Argentina 37% #1 Brazil 23% Chile 36% Uruguay 25% Source: Pyramid Research. Residential population only TELECOM ITALIA FRANCO BERTONE Pay TV Penetration Paraguay 15% Perú 17% Colombla 26% Venezuela 38% Mexico 38% Argentina 65% #1 Brazil 17% Chile 46% Uruguay 37% 7

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