BUENOS AIRES, Argentina, May 9 /PRNewswire-FirstCall/ -- Nortel Inversora S.A. , 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. 148 million for the first quarter of fiscal year 2008.

Nortel's consolidated financial results for the first quarter of fiscal year 2008 are substantially identical to Telecom's results for the same period, after accounting for minority interest and financial income and expenses at the holding-company level.

Summary of the resolutions passed by the General Ordinary Shareholders' Meeting, and the Class A Preferred Stockholders Special Meeting held on April 30, 2008.

On April 30, 2008, Nortel held its General Ordinary Shareholders' Meeting and Class A Preferred Stockholders' Special Meeting. Among other points, the Shareholders' Meetings approved:

-- Fiscal year 2007 Annual Report and Financial Statements. -- The proposal to increase the legal reserve (5% of the fiscal year retained earnings) and transfer to the new fiscal year the entire balance as of December 31, 2007 of positive retained earnings. -- The election of regular and alternate Board members and the election of regular and alternate members of the Supervisory Committee (for the 20th fiscal year). -- The auditing Committee's budget for Fiscal Year 2008 . -- The designation of Price Waterhouse & Co. as external auditors of the Company. FINANCIAL TABLES BELOW NORTEL INVERSORA S.A. FIRST QUARTER, FISCAL YEAR ENDING DECEMBER 31, 2008 (In millions of Argentine pesos, except statistical and ratio data) Consolidated Balance Sheet (*) 2008 2007 Current assets 3,187 2,384 Non-current assets 6,524 6,786 Total assets 9,711 9,170 Current liabilities 3,790 3,647 Non-current liabilities 2,521 2,419 Total liabilities 6,311 6,066 Minority interests 1,583 1,449 Total shareholders' equity 1,817 1,655 Total liabilities and shareholder's equity 9,711 9,170 (*) As a consequence of the application of the new rules, the comparative information for the intermediate periods of the Annual Financial Statements should be the one corresponding to the last complete fiscal year. The comparative information of the Income Statement, evolution of Shareholders' Equity and Cash Flow Statements should be the one corresponding to the equivalent period of the previous fiscal year. Consolidated Income Statement 2008 2007 Net revenues 2,480 2,058 Cost of services provided administrative and selling expenses (1,947) (1,700) Operating Profit 533 358 Equity gain from related companies ---- ---- Financial results, net (60) (132) Other,net (47) (33) Income tax (149) (52) Minority interest (129) (65) Net loss from discontinued operations (-----) (2) Net Income 148 74 Ratios 2008 2007 Liquidity (a) 0.84 0.65 Indebtedness (b) 1.86 1.95 (a) Current Assets to current liabilities (b) Total liabilities to shareholders' equity plus third party interests. Contact: Jose Gustavo Pozzi General Manager Nortel Inversora S.A. (5411) 4 968-3630

CONTACT: Jose Gustavo Pozzi, General Manager, Nortel Inversora S.A.,
+011-5411-4-968-3630

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