Nortel Inversora S.A. Announces Consolidated First Half Results for the Fiscal Year Ending December 31, 2013

BUENOS AIRES, Argentina, July 30, 2013 /PRNewswire/ -- Nortel Inversora S.A. (NYSE: NTL), whose sole substantial activity is owning 54.741682% of the stock of Telecom Argentina S.A. ("Telecom") informs that during the second quarter of 2013 Telecom have purchased 3,273,182 of its own stock. As a result, the political and economic rights of Nortel were increased to 54.9243% of the outstanding shares of Telecom as of June 30, 2013. Nortel announces consolidated income of AR$. 1.468 million for the six-month period ending on June 30 of fiscal year 2013, of which AR$. 789 million correspond to Nortel as controlling Company. Please note that the only source of cash resources of the Company are the dividends and other distributions received from Telecom.

Relevant matters

The Annual and Extraordinary General Stockholders' Meeting held on April 26, 2013 approved, among others matters:

• The Annual Report and Financials Statements as of December 31, 2012
• To create a Special Reserve resulting from the Adoption of the IFRS of AR$ 204 million and to allocate an amount of AR$1.466 million to the already existing Voluntary Reserve for the Future Distribution of Dividends, authorizing the Board of Directors to approve the timing and amounts to be deducted –and their subsequent distribution- from the Voluntary Reserve for the Future Distribution of Dividends, taking into account Nortel's future liquidity.

SOURCE Nortel Inversora S.A.