Investor Presentaiton

Telecom Italia Conference Call 2010 Results & Plan Update Mobile Business MIn, % Market Share(2) Mobile Customers(1) 16.0 16.3 15.3 14.9 14.5 12.6 10.7 31.6% 31.8% 30.6% 30.8% 30.9% 29.4% 28.3% 2007 2008 2009 1Q10 2Q10 3Q10 4Q10 KPI's 2010 Highlights ‣ 46% of estimated 2010 market net adds ; 1.2% market share increase YoY ▸ Over 50% market share of smartphones sales ‣ 9% ARPU growth YoY ▸ 3G devices approaching 10% of base ▸ VAS reaching 40% of service revenues (46% increase YoY) ▸ High 30/70 postpaid-prepaid mix Service Revenues & VAS(1)(3) Pesos, in billion $ 44 $ 41 $ 41 $ 39 222 85 91 103 125 101 102 8.5 +24% +17% 6.8 +23% 5.8 4.8 5.1 +13% 4.5 4.1 +10% 299 3.5 +18% 2007 2008 2009 2010 MOU SMS ARPU (pesos) TELECOM ITALIA FRANCO BERTONE +46% 3.4 +36% 1.3 1.7 +34% 2.3 2007 2008 VAS revenues 2009 2010 Non-VAS revenues VAS includes: SMS, MMS, SMS revenue sharing, Contents, Mobile internet & others Figures are in Argentinean GAAP, with no material difference in terms of growth under IFRS for 2009 and 2010. (1) Argentinean Operation only (2) Estimated, data not available for 4Q10 (3) Net of Intercompany 4

View entire presentation