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Nortel Inversora S.A. Announces Consolidated Nine-Month Period and Third Quarter Results for the Fiscal Year Ending December 31,



   Nortel Inversora S.A. Announces Consolidated Nine-Month Period and Third
         Quarter Results for the Fiscal Year Ending December 31, 2012

PR Newswire

BUENOS AIRES, Oct. 31, 2012

BUENOS AIRES, Oct. 31, 2012 /PRNewswire/ -- 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.1,870 million for the nine month period ended
September 30, 2012 of fiscal year 2012, of which Ps. 982 million correspond to
Nortel as controlling shareholder.

Relevant matters

Dividends

On April 27, 2012, Telecom Argentina's Annual Stockholders Meeting approved,
among other ítems, a cash dividend distribution in the amount of Ps. 807
million, payable as from May 10, 2012, of which Ps. 442 million will be
received by Nortel.

Summary of the Resolutions approved by the Ordinary and Extraordinary General
and Special Class A Preferred Stockholders' Meeting and the Board Meeting held
on June 13 and June 14, 2012, respectively

The above referred Stockholders' Meeting and Board Meeting resolved:

 1. the scheduled redemption of 401,794 Class "A" Preferred Shares, i.e., 100%
    of the outstanding Class "A" Preferred Shares, for an aggregate redemption
    price of Ps. 363 million;
 2. payment of Ps. 81.7 million to cancel 100% of the outstanding preferred
    basic dividend corresponding as of such date to the Class "A" Preferred
    Shares;
 3. payment of Ps. 22.8 million as additional dividend corresponding to the
    Class "A" Preferred Shares for fiscal year 2011;
 4. payment of Ps. 8.3 million as additional distribution, payable only and
    exclusively to those holders of Class "A" Preferred Shares who have
    entered into a settlement agreement with the Company, to the Company's
    satisfaction, before June 27, 2012, releasing and irrevocably, finally and
    definitively terminating any claim relating to the Class "A" Preferred
    Shares;
 5. payment of Ps.5.4 million to the holders of Class "B" Preferred Shares as
    dividend corresponding to fiscal year 2011; and
 6. payment  of  Ps.5.6 million to the holders of ordinary stock as dividend
    corresponding to fiscal year 2011.

The scheduled redemption referred to in item 1) above was reflected in the
Company's books as a reduction of the accounts Capital Stock, Inflation
Adjustment of Capital Stock and Share Issue Premiums, while payments referred
to in items 2) to 6) were reflected as a reduction of the Voluntary Reserve
for the Future Distribution of Dividends..

(Financial Tables below)
NINE MONTH PERIOD OF FISCAL YEAR ENDING DECEMBER 31, 2012
(in millions of Argentine pesos)

Consolidated Income Statement                    September2012 September 2011
Total revenues and other income                  16,041        13,381
Operating costs                                  (13,248)      (10,535)
Operating Income                                 2,739         2,846
Financial results                                117           (32)
Net income before income tax expenses            2,910         2,814
Income tax expense                               (1,040)       (1,009)
Net income                                       1.870         1.805
Other comprehensive income                       47            48
Total comprehensive income for the period      
                                                 1.917         1.853

Consolidated Balance Sheet                  September 2012 December 2011
Current assets                              5,898          5,516
Non-current assets                          10,270         9,874
Total assets                                16,168         15,390
Current liabilities                         5,126          5,958
Non-current liabilities                     1,727          1,635
Total liabilities                           6.853          7,593
Equity attributable to owners of the parent 5,011          4,022
Noncontrolling interest                     4,304          3,775
Total equity                                9,315          7,797
Total liabilities and equity                16,168         15,390

Ratios

Liquidity (a)    1.15 0.93
Indebtedness (b) 0.74 0.97

 1. Current assets to current liabilities
 2. Total liabilities to shareholders´ equity.

Contacts:

Jorge Alberto Firpo
Responsible in Market Relations
Nortel Inversora S.A.
(5411) 4 968-3630

SOURCE Nortel Inversora S.A.
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