1. Telecom Argentina
Plan 2011-13
FRANCO BERTONE

2. Safe Harbour
These presentations contain statements that constitute forward-looking statements within the meaning of
the Private Securities Litigation Reform Act of 1995. These statements appear in a number of places in
this presentation and include statements regarding the intent, belief or current expectations of the
customer base, estimates regarding future growth in the different business lines and the global business,
market share, financial results and other aspects of the activities and situation relating to the Company
and the Group.
Such forward looking statements are not guarantees of future performance and involve risks and
uncertainties, and actual results may differ materially from those projected or implied in the forward
looking statements as a result of various factors.
Forward-looking information is based on certain key assumptions which we believe to be reasonable as of
the date hereof, but forward looking information by its nature involves risks and uncertainties, which are
outside our control, and could significantly affect expected results.
Analysts are cautioned not to place undue reliance on those forward looking statements, which speak only
as of the date of this presentation. Telecom Italia S.p.A. undertakes no obligation to release publicly the
results of any revisions to these forward looking statements which may be made to reflect events and
circumstances after the date of this presentation, including, without limitation, changes in Telecom Italia
S.p.A. business or acquisition strategy or planned capital expenditures or to reflect the occurrence of
unanticipated events. Analysts and investors are encouraged to consult the Company's Annual Report on
Form 20-F as well as periodic filings made on Form 6-K, which are on file with the United States Securities
and Exchange Commission.
Furthermore, the data and information contained in this presentation only refer to Telecom Argentina
group and do not include data from its controlling companies Sofora Telecomunicaciones and Nortel
Inversora; such companies are part of the business unit Argentina that is consolidated in the Telecom Italia
Group.
FRANCO BERTONE 1

3. Agenda
Telecom Argentina Group 2010 Results (IFRS)
Telecom Argentina Plan
FRANCO BERTONE 2

4. 2010 Main Results
Euros, in million
Reported Revenues Key Highlights
+483M€
Increasing revenues and customer base in all
3.000 +21% 2,820 businesses
2.500 2,337 4Q10 revenues growth acceleration
798
2.000 4Q 640 +25% VAS+Data+BB accounting for 35% of revenues
1.500 and growing at a 2x the rate
1.000 9M 1,697 +19%
2,022 2010 mobile market leadership with est. 46%
500 of net adds
0 Bundled BB fixed and mobile offer
FY09 FY10 Strong financial position
EBITDA Net Financial Position Evolution (+Cash/-Debt)
231
+126M€ 926 86
1.000 +16%
800
800 246
4Q 211 +17%
600 -185
400
9M +15% 680 -430
589
200
0
-831
FY09 FY10
FY06 FY07 FY08 FY09 FY10
FRANCO BERTONE 3

5. Mobile Business
Mobile Customers(1) 2010 Highlights
Mln, %
16.0 16.3 46% of estimated 2010 market net adds ; 1.2%
14.9 15.3
Market 14.5 market share increase YoY
Share(2)
12.6 Over 50% market share of smartphones sales
10.7
30.9%
31.6% 31.8% 9% ARPU growth YoY
30.6% 30.8%
29.4% 3G devices approaching 10% of base
28.3%
VAS reaching 40% of service revenues (46% increase
YoY)
2007 2008 2009 1Q10 2Q10 3Q10 4Q10 High 30/70 postpaid-prepaid mix
KPI’s Service Revenues & VAS(1)(3)
Pesos, in billion 8.5
$ 44 +24%
+17% 6.8
$ 41 $ 41 +23% 5.8
$ 39 5.1
4.8
4.5 +13%
4.1 +10%
299 3.5 +18%
222
+46% 3.4
91 103 125 101 102 +34% 2.3
85 1.3 +36% 1.7
2007 2008 2009 2010 2007 2008 2009 2010
MOU SMS ARPU (pesos) VAS revenues 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
FRANCO BERTONE (3) Net of Intercompany 4

6. Fixed Business
Fixed & BB Access 2010 Highlights
Total Lines in market
Lines in services and market share maintain
(In millions)
46.6% 46.8% 46.8% 46.9% 46.9% 46.9% marginal growth
Market 45.6%
Share(1) Regulated revenues participation down 7 p.p. to
3.92 4.01 4.06 4.06 4.07 4.09 4.11 44%
Fixed
Voice Fixed ARBU up 5% despite frozen tariffs
BB revenues reached 30% of fixed business passing
Fixed 1.21 1.23 1.27 1.33 1.38 voice revenues (net of monthly fee)
1.03
BB 0.77 BB ARPU up 14%
BB churn down to 1.4% from 1.8% in FY09
2007 2008 2009 1Q10 2Q10 3Q10 4Q10e
30% of BB net adds in voice bundled offers
BB ARPU & Churn Fixed Revenues Breakdown
2.0%
1.8% 1.8%
1.4%
76
67
56 57
2007 2008 2009 2010
ARPU (in Pesos) CHURN (monthly) Figures are in Argentinean GAAP, with no material difference
in terms of growth under IFRS for 2009 and 2010.
(1) Estimated, data not available for 4Q10
FRANCO BERTONE 5

7. Agenda
Telecom Argentina Group 2010 Results (IFRS)
Telecom Argentina Plan
FRANCO BERTONE 6

8. Latam Market
Argentina's Telecoms Market in a Regional Context
Service Revenues (Cagr ‘10-’13)
USD GDP per capita (2010)
Fixed BB Penetration
Mobile Penetration
Pay TV Penetration
Venezuela Venezuela Venezuela
Source: Pyramid Research. Residential population only
FRANCO BERTONE 7

9. Argentina: TLC Competitive Landscape Snapshot
Mobile (1) Broadband Fixed
2010 M/S 2010 M/S 2010 M/S
31.8% 35.3% 46.9%
TLC Operators
2010 Penetration(2) 2010 Penetration(2) 2010 Penetration(2)
Argentina 129% Argentina 37% Argentina 67%
Latam 97% Latam 23% Latam 55%
TLC Access (mln lines)
51.4
47.4
42.8 8.6 8.6 8.7 8.7
37.8 3.9
3.0 3.4
2.3
2007 2008 2009 2010 2007 2008 2009 2010 2007 2008 2009 2010
(1) Does not include trunking subscribers Source: Telecom Argentina
(2) Source: Pyramid Research. Fixed line penetration residential only
The Market Share for 4Q is a Company estimate
FRANCO BERTONE 8

10. Regulatory Environment
Fixed Business Mobile Business
Current Regulatory Framework Current Regulatory Framework
Fixed voice tariffs frozen since Jan 2002 Number Portability by YE 2011
BB unregulated prices Unregulated prices
Universal Service implemented as 50 MHz frequency cap
incumbent: no cash contribution required Limited MVNO participation
Triple play currently not allowed to Telcos Universal Service partly contributed with
shared mobile access infrastructure
Expectations over the next three years
Number Portability Expectations over the next three years
Video incorporated into VAS licences 850–1.900MHz spectrum auction with
Growing interest of federal and local current frequency cap
Government in the telecommunications AWS (Advanced Wireless Service) 1.700 -
infrastructure 2.100Mhz spectrum auction with separate
frequency cap
Shift from CPP F2M to mobile termination
rates
FRANCO BERTONE 9

11. Mobile Business: Main Goals and Action Plan
Obiettivi Strategici
Goals Outlook (1)
Mobile Lines
Consolidate VAS leadership through strong Cagr ‘10-’13
+5%
(Millions) 17.6
growth in data revenues 16.3
Increase customer base smartphones & 2010 2011 2013
tablet penetration Cagr ‘10-’13
ARPU 50 +12%
(ARS per month) 44
Further development of youth segment and
social networking 2010 2011 2013
Action Plan Business Model
Upgrade 3G network, capacity, quality and coverage
+ ARPU VAS
2011-13
Handset upgrade plan with 3G devices
2009-10
Bundled data + social network plans
Mobile internet massification through convenient <2009
prepaid packaging offers
Loyalty targeted customer care programs ahead of
mobile number portability +Capture
+ Customer Development
(1) Argentinean Operation only
FRANCO BERTONE 10

12. Fixed Business: Main Goals and Action Plan
Obiettivi Strategici
Goals Outlook (1)
Fixed BB Lines Cagr ‘10-’13
Increase BB penetration of existing (Millions) 1.5
+7%
customer base 1.4
2010 2011 2013
Develop ICT market
Cagr ‘10-’13
ARPU 87 +14%
(ARS per month) 76
Introduce video services
2010 2011 2013
Action Plan Internet & Data over Fixed Revenues(1)
Upgrade local loop capacity to increase bandwidth 42%
Introduce VoD, content delivery and Connected 37%
Home applications
Migrate from per minute charging to flat pricing
Develop supplementary service offers on top of
basic telephony 2010 2011 2013
(1) Net of Intercompany
FRANCO BERTONE 11

13. Revenues & Ebitda Outlook
Revenues per Product & per Business
ARS, Bln
VAS+data+ 35% 38%
ADSL as %
of Revenues
>+21% >17.7 >+21% >17.7
14.6 14.6
>+32% >+24%
>+12%
Consolidated
EBITDA Cost Structure
ARS, Bln ITX Costs Focus on efficiency:
14%
>5.5 Marketing 25%
and sales Leaner cost structure
4.8 Taxes through unified operation
28%
Labor Costs 20% Lower incidence of ITX
costs
Others 13%
%
Growth in labor related
costs
2010 2011 2010
FRANCO BERTONE 12

14. CAPEX Plan
Capex (ARS, in billions) Key Drivers
2,5
Expand backhaul IP deployment to
improve mobile broadband footprint
∼3.2
2.6 and user experience
Improve mobile coverage to reduce
domestic roaming cost
Expand, secure and integrate
backbone networks and IT platforms.
Upgrade fixed access network to
increase bandwith
Capex as
Deploy content delivery capabilities
% of 17% 18% Update IT solutions to improve
Revenues
customer care, provisioning and
business operations
*Include SAC Mobile & Internet
FRANCO BERTONE 13

15. Telecom Argentina – Main Takeaways
Market Competitive Business
Growth Edge Convergence Model
Mobile business Focus on innovation and CAPEX & OPEX efficiency gains from Proven track record of
customer care integrated operations sustainable growth in
Fixed BB
Convergence revenues, margins and market
State -of -the -art Convergent view on product
Mobile BB share
infrastructure development
ICT and Data Strong cash flow generation
Top-brand recognition
OTT and Video Reduced FX exposure
Fully integrated operation
Ebitda-Capex Evolution
ARS, Bln
>5.5
Cum’11-13
OFCF:
Ebitda >7 Bln ARS
∼3.2
Capex
FRANCO BERTONE 14

16. Back Up
FRANCO BERTONE 15

17. Telecom Italia Conference Call
2010 Results & Plan Update
Telecom Argentina Footprint
Telecom Argentina Presence
Population:
18 mln Fixed: 4.1 mln lines Strong presence in this region
GDP per capita:
6k $
BB: 1.4 mln lines Higher penetration of BB in LIS
Cities with >20k inh.: Mobile: 11 mln lines Higher penetration of mobile
Nord 96
High density region
AMBA Population:
9 mln Most wealthiest region
Metropolitan Area
of Buenos Aires GDP per capita:
13k $ Business segment is mostly in AMBA
Strong competitive region
Sud
Population:
14 mln Fixed: 0.1 mln lines Increasing coverage
GDP per capita:
BB: 0.1 mln lines Expanding network
9k $
Cities with >20k inh.: Mobile: 6 mln lines Increasing presence in the region
69
FRANCO BERTONE 16

18. Telecom Italia Conference Call
2010 Results & Plan Update
Telecom Argentina – Shareholders Structure
Shareholders Structure – ex ante Shareholders Structure – ex post
2,5
Werthein de Werthein de
Telecom Italia Telecom Italia Telecom Italia Telecom Italia
Argentina Inversiones Argentina Inversiones
International Spa International Spa
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% 100%
67.79% (1) 67.79% (1)
Nortel Common Stock Nortel Common Stock TII 8% of
51.04% (2) 51.04% (2) Nortel
Nortel Nortel Preferred B
Inversora 32.21% (1) Inversora 32.21% (1)
Preferred A & B Shares Preferred A & B Shares
48.96% (2) 48.96% (2)
54.74% 54.74%
~41% ~41%
Public Public
Telecom Telecom
Argentina ~4% Argentina ~4%
Employees Employees
99.99% 99.99%
Telecom Telecom
Personal Personal
67.50% TI Economic Interest 67.50% TI Economic Interest
Nucleo Nucleo
(Paraguay) in TA: ∼16.2% (Paraguay) in TA: ∼18.3%
(1) % of capital ownership; (2) % economic interest;
as of 24 January 2011
FRANCO BERTONE 17