Investor Presentaiton

Telecom Italia Conference Call 2010 Results & Plan Update Telecom Argentina - Shareholders Structure Shareholders Structure - ex ante Shareholders Structure - ex post Telecom Italia International Telecom Italia Spa Werthein de Argentina Inversiones Telecom Italia International Telecom Italia Spa Werthein de Argentina Inversiones S.L S.L 25.5 % 32.5% 42.0% 25.5 % 32.5% 42.0% 58.0% 58.0% Sofora Telecomunicaciones Sofora Telecomunicaciones S.A. S.A. 100% 67.79% (1) Nortel Common Stock 51.04% (2) Nortel Inversora 32.21% (1) 48.96% (2) Preferred A & B Shares 100% 67.79% (1) 51.04% (2) Nortel Common Stock TII 8% of Nortel Nortel Inversora Preferred B 32.21% (1) 48.96% (2) Preferred A & B Shares 54.74% -41% Public Telecom Argentina -4% Employees 99.99% Telecom Personal 67.50% Nucleo (Paraguay) (1) % of capital ownership; (2) % economic interest; TELECOM 54.74% -41% Public Telecom Argentina -4% Employees 99.99% Telecom Personal TI Economic Interest 67.50% in TA: ~16.2% Nucleo (Paraguay) ITALIA FRANCO BERTONE TI Economic Interest in TA: ~18.3% as of 24 January 2011 17

View entire presentation