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BUENOS AIRES, Argentina, March 10 /PRNewswire-FirstCall/ -- Nortel Inversora S.A. (NYSE: NTL), whose sole substantial activity is owning 54.741682% of the stock of Telecom Argentina S.A. ("Telecom") and whose sole substantial source of cash income is cash dividends and other distributions paid on such stock, today announced consolidated net income of Ps. 758 million for the fiscal year ended December 31, 2009.

Nortel's consolidated financial results for the fiscal year ended December 31, 2009 are substantially similar to Telecom's results for the same period, after accounting for minority interest and financial income and expenses at the holding-company level.

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                            FINANCIAL TABLES BELOW

                            NORTEL INVERSORA S.A.
                     FISCAL YEAR ENDING DECEMBER 31, 2009
     (In millions of Argentine pesos, except statistical and ratio data)

    Consolidated Balance Sheet                        2009          2008

    Current assets                                   2,927         2,600
    Non-current assets                               7,690         7,051
    Total assets                                    10,617         9,651
    Current liabilities                              4,176         4,075
    Non-current liabilities                            936         1,487
    Total liabilities                                5,112         5,562
    Minority interests                               2,552         1,900
    Total shareholders' equity                       2,953         2,189
    Total liabilities and shareholder's equity      10,617         9,651


    Consolidated Income Statement

                                                      2009          2008
    Net revenues                                    12,226        10,608
    Cost of services provided
     administrative and selling expenses            (9,468)       (8,570)
    Operating Profit                                 2,758         2,038

    Equity gain from related companies                  13         ------
    Financial  results, net                           (331)         (266)
    Other, net                                        (234)         (271)
    Income tax                                        (797)         (535)
    Minority interest                                 (651)         (447)
    Net Income                                         758           519


    Ratios

                                                      2009          2008

    Liquidity (a)                                     0.70          0.64
    Indebtedness (b)                                  0.93          1.36

    (a) Current Assets to current liabilities
    (b) Total liabilities to shareholders' equity plus third party interests.


    Contact:
    Jose Gustavo Pozzi
    Nortel Inversora S.A.
    (5411) 4 968-3630

SOURCE Nortel Inversora S.A.