US Roadshow Presentation April 2008 ’s TV Strategy Approach

Recent acquisitions/renewal: Content production Recent acquisitions/renewal: Content production -Endemol and creation -Endemol and creation -Medusa -Medusa -Taodue -Taodue Content packaging -Serie A football rights Content packaging -Serie A football rights and programming -Warner/Universal deals and programming -Warner/Universal deals

BusinessBusiness Model Model

PAY TV FTAFTA TV TV PAY TV NicheNiche (B2C) (B2B)(B2B) (B2C) (B2B2C)(B2B2C)

Multi-platform distribution strategy (Analogue, DTT, Satellite, IP, Broadband, Mobile) Multi-platform distribution strategy (Analogue, DTT, Satellite, IP, Broadband, Mobile)

| 2 | Entertaiment Industry | Audience Fragmentation Effect Two main business models have proven to co-exist Mainly Advertising Audience (Analog/digital)

+

Mainly Pay-TV(digital)

Generalistic Theme Niche Content - Content Content Mass Market Fragmented “Long Tail” Audience Audience Audience

Concentration Fragmentation

| 3 | Mediaset’s strategic approach

FTA TV Audience + FTA Multichannel to be launched in Spring

Pay TV

Various Business Model

Generalistic Theme Niche Content - Content Content Mass Market Fragmented Niche Audience Audience Audience

Concentration Fragmentation

| 4 | FREE TO AIR

PAY TV

NICHE

FINANCIALS

BACK UP AUDIENCE 2007 | Mediaset Leadership on Commercial Target (4-64 years)

43.4 42.9

36.3 38.7

2007 2006

Source: Auditel, 24 Hours, (% audience share)

| 6 | AUDIENCE 2007 | Channel Ranking (24 Hours)

4-14 yrs 15-24 yrs 25-34 yrs 35- 44 yrs

ITALIA1 25.4 24.9 CANALE 5 24.6 CANALE 5 23.8 CANALE 5 17.9 ITALIA1 22.7 15.9 RAI1 16.1 RAI1 12.1 RAI1 13.1 RAI1 14.5 ITALIA 1 15.0 8.7 RAI 2 7.5 RAI 2 9.4 RAI2 10.3 5.7 RAI 3 5.0 RAI 3 6.6 RAI3 7.2 3.6 RETE 4 4.7 RETE 4 6.4 RETE 4 6.8 LA 7 1.2 LA 7 1.6 LA 7 2.4 LA 7 2.7

MEDIASET 46.9 MEDIASET 52.3 MEDIASET 46.9 MEDIASET 45.6 RAI 26.5 RAI 25.6 RAI 30.5 RAI 33.6

45-54 yrs 55-64 yrs 65+ yrs

CANALE 5 22.3 RAI1 25.7 RAI1 31.8 RAI1 19.8 CANALE 5 19.4 CANALE 5 17.4 RAI2 10.9 RAI2 11.6 RETE 4 12.3 ITALIA 1 10.6 RAI3 11.1 RAI3 11.4 RAI3 9.1 RETE 4 9.4 RAI2 10.9 RETE 4 8.1 ITALIA 1 7.1 ITALIA 1 4.3 LA 7 3.5 LA 7 3.9 LA 7 3.2

MEDIASET 41.0 MEDIASET 35.9 MEDIASET 34.0 RAI 39.8 RAI 48.4 RAI 54.1

Source: Auditel, 24 Hours, (% audience share)

| 7 | Fox Crime

Sky Sport 0.47%

Sky Cinema 0.47

1 AUDIENCE Sky 2007| ItaliaBouquet Source: Auditel, Individuals, 24 Hours, April from 2007 (% audience share) 0.44 1 Fox Life 0.31 Disney

Playhouse DisneyFox 0.29 Cha n nel 0.28 0.28 Sky Cinema 0.24 Sky Cinema 2

Sky Cinema 0.20 3

Max 0.20

First 40Channels: 5.56% Audience Share 16:9 0.20 Sky Vivo Sky Cinema 0.17

Disney 0.17 FX Mania Cha 0.15 n nel Sky Calcio 1 +1 0.13

0.13 RaiSat PremiSky TG24

0.12

Sky Sportu m 0.12 Sky Cinema Fox Crime +1 0.11 2 Discovery 0.11 Classic

Rea s 0.11 l T RaiSat Extraime Sky Super 0.10

Rai Sport Satellite 0.10 Cal cio 0.09

Sky Sport 0.09

0.08 RaiSat RaiCinema Gu3 0.08 lp 0.07

Fox +1 DiscoveryFox Cha Life +1 0.07

0.07 Natio RaiSat Yoyon n nel a 0.07 l Ge RaiSat Smash o RaiSat graphicGambero Cha Rosso 0.07

0.06 n nel 0.05

Sky Calcio 2 0.05

Natio 0.04 History n a l Ge Cult 0.04 o Cha graphic Cha NatGeo Wildn nel 0.04

Discovery n 0.04 nel +1 0.04 Science 0.04

0.04 | | 8 AUDIENCE 2007 | Advertising Spot Audience

Sky Italia Bouquet

Ø 0-30,000

48.7% 40.7%

10.6%

>30,000 Total 48,103 breaks on 86 Channels

Canale 5 Advertising Spot Audience: 2.036.000

Source: Auditel, 24 Hours, Individuals - December 2007

| 9 | MEDIASET 2007 | Total FTA TV Cost trend

2007 2001-2008E CAGR

2.3% 1.8% -0.8% 1.9% Including non- 1,8% recurring item

0.4%

MEDIASET Inflation (*) MEDIASET Inflation (*)

Total TV Costs = Personnel Costs + TV Operating Costs + TV Rights D&A+ Other D&A (*) Source: ISTAT 2007

| 10 | MEDIASET | 2007 Advertising Revenues

+1.1%

2,850.0 2,880.6

( Euro ml.)

2006 2007

| 11 | MEDIASET | First Hints on 2008

+5.0%

452.4

430.9

(Euro ml.)

Jan - Feb 2007 Jan - Feb 2008

| 12 | FREE TO AIR

PAY TV

NICHE

FINANCIALS

BACK UP Italian Pay TV market | Growth estimates

2010E CAGR Source (Euro mil.) (2007E-2010E)

PricewaterhouseCoopers LLP,Wilkofsky Gruen 4,647 24.3% Associates June 2007 (1 USD = 0.797 Euro)

E-media, UPA 3,400 17.4% January 2008

Informa Telecoms and Media 3,007 14.7% “Western Europe TV” September 2007 (1 USD = 0.80 Euro)

| 14 | Live from January 19, 2008

Young Families ƒ ARPU growth ƒ Higher Operating Leverage ƒ Cost Synergies with FTA TV Young Women ƒ Improve Mediaset Multiplatform Strategy

Young Men

| 15 | | Active Clients

2,487,000

2,067,000

1,853,000

1,560,000

on eas 8 S 7-0 200 n easo -07 S 2006

July August September October November December January February 23March

Source: Company data, until 23 March 2008

| 16 | Mediaset Premium | Gross Addiction

From January 19, 2008

ƒ 5,530 Average Gross Addiction per Day (vs. 2,390 previous year )

1 January 2008 19 January 2008 23 March 2008

Source: Company data, until 23 March 2008

| 17 | FREE TO AIR

PAY TV

NICHE

FINANCIALS

BACK UP Mediaset’s Approach | Niche Audience Mediaset is testing all platform/ business models

Home Shopping

Internet based platform

Digital Merchandising (VAS)

Mobile DVB-H / UMTS

Participation TV

Merchandising

Music

| 19 | Mediaset’s Approach | Home Shopping

C5, I1, R4 ƒ Production and post Production Facilities Retail Windows ƒ Retailing and Marketing ƒ Customer Service ƒ Delivery and Logistics Direct 24h Channel Marketing on Dtt & ƒ Over 20 ml TV contacts each day Satellite ƒ Over 1.3 ml clients ƒ 60% Revenues from windows and 24h Channel Internet Catalogue and Print ƒ From Jan. to Dic. 2007: - 30.000 average orders per month - 100 euro, average revenue per order

| 20 | Mediaset’s Approach | Internet platform Through internet platform Mediaset offers:

COMMUNITIES MULTIPLATFORM and NEWS SERVICE USER GENERATED CONTENT

| 21 | Mediaset’s Approach | Internet platform

MULTIPLATFORM NEWS SERVICE

Unique Users: 4.700.000 per month Page Impressions: 152.000.000 per month

Source: Nielsen NetRatings

| 22 | Mediaset’s Approach | Internet platform

COMMUNITIES and USER GENERATED CONTENT

Unique Users: up to 3.600.000 per month Page Impressions: up to 100.000.000 per month

120 SECONDS 6 COME 6 120 SECONDS 6 COME 6 Wanna-be reporters can Viewers can shoot their share and publish their own Italia 1 channel work on this section of the promotional video. The TGCom website best works will be broadcast on FTA

LE IENE TALENT 1 LE IENE TALENT 1 On the website of one of Singers, dancers and Mediaset most popular tv young film directors can shows people can share promote themselves by funny videos and candid sharing their perfomance cameras samples on the web

Source: Nielsen NetRatings

| 23 | Mediaset’s Approach | Internet The best content from all Mediaset platforms is also available on demand through its PC – Television service

VIDEO ON DEMAND

Unique Users: 135 million videos watched up to 1.600.000 per month since launch in April 2007

DOWNLOAD AND PLAY STREAMING WITH ADVERTISING Content available for download upon Content can be viewed on line with payment (e.g. TV Series: EUR 1.99 per advertising windows episode)

Live Football Entertainment Italian Fiction US TV Series Movies Matches shows

Source: Nielsen NetRatings

| 24 | Mediaset’s Approach | Mobile ƒ WAP based mobile site that integrates a wide offer of textual and proprietary audiovisual content, delivered via all the mobile operators portals under the umbrella brand “mediaset.it”

ƒ Main operator in on the DVB-H technology both on content and transmission broadcasting side

FTA Premium

Canale 5 Italia 1 “Serie A” Italian League

Uefa Rete 4 Boing Champions League

| 25 | FREE TO AIR

PAY TV

NICHE

FINANCIALS

BACK UP MEDIASET GROUP | P&L Consolidated Results

(Euro ml.) 2006 2007 %

Net Consolidated Revenues 3,747.6 4,082.1 +8.9%

EBITDA 1,920.9 2,166.0 +12.8%

EBIT 1,036.6 1,149.0 +10.8%

Group Net Profit 505.5 506.8 +0.3%

| 27 | MEDIASET GROUP | P&L Consolidated Results

2007 2007 2007 Consolidation (Euro ml.) Consolidated Mediaset Effects

Net Consolidated Revenues 4,082.1 3,002.1 1,081.6 (1.6)

EBITDA 2,166.0 1,487.3 678.7 -

EBIT 1,149.0 663.8 485.2 -

| 28 | MEDIASET ITALIAN BUSINESS | P&L Results

(Euro ml.) 2006 2007 Net Consolidated Revenues 2,751.5 3,002.1 Personnel Costs (373.1) (377.6)* Other Operating Costs (1,066.5) 1,137.2 EBITDA 1,311.9 1,487.3 Rights Amortisation (602.5) (688.9) Other Amortisation & Depreciation (113.8) (134.6) Operating Profit 595.7 663.8 Gain (Losses) from Equity disinvest. 1.4 - EBIT 597.1 663.8 Financial Income (Losses) (30.2) (56.2) Associates 2.3 0.4 Pre-Tax Profit 569.1 608.0 Taxes (221.7) (276.9) Tax rate 39.0% 45.5% NET PROFIT 347.2 330.8

* Including € 23.0 ml. non-recurring income from the application of the new Italian pension reform applied to the employee retirement fund (TFR), as of 31/12/2006, and in compliance with the IFRS | 29 | MEDIASET ITALIAN BUSINESS | Operations Breakdown

Total Net Operating (Euro ml.) Revenues Profit Margins

FTA TV 2,535.5 704.2 27.8%

Network Operator 187.3 7.3 3.9%

Pay TV 225.9 (39.5) n.a.

Other Activities 210.9 (7.0) n.a.

Intra-company eliminations (157.5) -

Adjustments - (1.2)

TOTAL 3,002.1 663.8 22.1%

| 30 | MEDIASET ITALIAN BUSINESS | FTA TV

(Euro ml.) 2006 2007

Total Net TV Revenues 2,500.5 2,535.5

TV Advertising Revenues 2,850.0 2,880.6 Multichannel Adv. Revenues 6.5 6.0 Commissions (425.4) (429.2) Other TV Revenues 69.3 78.0 Total TV Costs (1,846.1) (1,831.3) Personnel (318.9) (317.6)* TV Operating Costs (811.9) (796.6)

TV Rights Amortisations (578.7) (575.6)

Other A&D (57.1) (60.0)

Net Intra-company Items (79.5) (81.4)

FTA TV Operating Profit 654.4 704.2 margin 26.2% 27.8% * Including € 21.6 ml. non-recurring income from the application of the new Italian pension reform applied to the employee retirement fund (TFR), as of 31/12/2006, and in compliance with the IFRS

| 31 | MEDIASET ITALIAN BUSINESS | Network Operator

(Euro ml.) 2006 2007

Total Net Revenues 151.2 187.3

3° Party DVB-T/DVB-H Revenues 30.3 63.5 Other Revenues 7.4 5.4 Net intra-company Items 113.4 118.4 Total Costs (172.6) (180.0) Personnel (32.6) (32.7) * Other Operating Costs (92.9) (86.8) Other Amortisation & Depreciation (47.1) (60.5) Network Operator Operating Profit (21.4) 7.3

* Including € 1.1 ml. non-recurring income from the application of the new Italian pension reform applied to the employee retirement fund (TFR), as of 31/12/2006, and in compliance with the IFRS | 32 | MEDIASET ITALIAN BUSINESS | Pay TV

(Euro ml.) 2006 2007

Total Net PPV Revenues 107.8 225.9

PPV Revenues 84.2 124.6 Advertising Revenues 5.7 8.1 Other Revenues 18.7 94.3 Commissions (0.8) (1.1) Total PPV Costs (128.5) (265.3) Personnel (2.4) (3.2) * Other Operating Costs (70.5) (123.2) Rights Amortisations and Other D&A (25.9) (107.9) Net intra-company items (29.6) (31.1) PPV Operating Profit (20.7) (39.5)

* Including € 0.1 ml. non-recurring income from the application of the new Italian pension reform applied to the employee retirement fund (TFR), as of 31/12/2006, and in compliance with the IFRS | 33 | MEDIASET ITALIAN BUSINESS | Other Activities

(Euro ml.) 2006 2007

Total Net Revenues 105.4 210.9 Medusa 3° Party revenues (only 2H 2007) - 82.7 Medusa intra-company revenues - 37.8 Multimedia 20.9 20.3 31.8 31.5 Other Non-TV Revenues 52.7 37.4 Intra-company Items - 1.3 Total Costs (122.0) (217.9) Personnel (18.5) (23.9) * Other Operating Cost (91.7) (130.8) Right Amortisations - (47.9) Other Amortisations & Depreciations (7.5) (8.2) Intra-company Items (4.2) (7.2) Other Activities Operating Profit (16.6) (7.0) * Including € 0.3 ml. non-recurring income from the application of the new Italian pension reform applied to the employee retirement fund (TFR), as of 31/12/2006, and in compliance with the IFRS

| 34 | MEDIASET ITALIAN BUSINESS | Investments

2006 2007

(Euro ml.) TV rights and cinema 581.0 617.3 * PPV rights 295.1 48.6 DTT 303.7 34.5 Technical & immaterial 67.9 67.5 Option rights 73.8 0

Total 1,321.6 768.0 Investments

* Including € 54.53 ml. Medusa TV Rights investment

| 35 | MEDIASET ITALIAN BUSINESS | Cash Flow Statement

(Euro ml.) 2006 2007

Initial Net Financial Position (713.8) (964.4) Free Cash Flow from Core Activities 46.7 300.3

- Cash Flow from Operations 1,087.3 1,161.1 - Investments (1,321.6) (768.0) - Disinvestments 30.9 4.1 - Change in Net Working Capital (CNWC) 250.1 (96.9) Equity (Investments)/Disinvest. 49.4 (64.4) Free Cash Flow 96.1 235.9

Cashed-in Dividends from Tele5/Others 127.0 160.9 Dividends (489.3) (488.8) Change in equity (incl. Buyback Program) 15.5 (2.8) Change in consolidation area - (162.8) Total Net Cash Flow (250.6) (257.6)

Final Net Financial Position (964.4) (1,222.0) Final GROUP Net Financial Position (568.3) (1,208.8)

| 36 | MEDIASET | Dividend and FCF

(Euro ml.) 517,6 489,3 488,8 488,8 478,6 466,9 471,8 448,8

370,5

283,2 282,9 271,3 255 247,8 247,4 216,2 219,8

12 3 , 9

1999 2000 2001 2002 2003 2004 2005 2006 2007 2008

Dividend FCF (*)

(*) FCF excluding participation investment and “one-off cash event” 2006 and 2007 include T5 dividend

| 37 | MEDIASET GROUP | Leading Indicators

2000 2001 2002 2003 2004 2005 2006 2007

Ebit Margin (ROS)* (%) 29.3% 25.0% 24.1% 26.8% 30.3% 30.2% 27.7% 28.1%

Net Profit (Euro ml.) 423.5 248.4 362.0 369.7 549.6 603.4 505.5 506.8

Free Cash Flow** (Euro ml.) 255.0 123.9 219.8 282.9 466.9 198.2 46.7 299.6

Earnings per Share (Euro) 0.36 0.21 0.31 0.31 0.47 0.51 0.44 0.44

Dividend per Share (Euro) 0.24 0.21 0.21 0.23 0.38 0.43 0.43 0.43****

Distributed Dividend (Euro ml.) 283.2 247.8 247.4 271.3 448.8 489.3 488.8 489.5 ****

Pay-out Ratio (%) 67% 67%*** 68% 73% 81% 81% 97% 97%

From 2004 IFRS/IAS (*): Italian Business (**) Italian Business, excluding Associates Investments and Tele5 Dividend (***): excluding Kirch Media extraordinary provisions (****): to be approved by AGM, 16th April 2008; Buyback Shares are not eligible to receive Dividends

| 38 | FREE TO AIR

PAY TV

NICHE

FINANCIALS

BACK UP TELECINCO | P&L Results

(Euro ml.) 2006 2007

Net Consolidated Revenues 997.6 1081.6 Personnel Costs (79.5) (84.9) Other Operating Costs (309.1) (318.1) EBITDA 609.0 678.7 Amortisation & Depreciation (169.4) (193.5) EBIT 439.6 485.2 Pre-Tax Profit 450.6 487.4 NET PROFIT 314.3 353.1

| 40 | TELECINCO | Investments (Euro ml.)

144.9 ml Euro 185.2 ml Euro

9.9 11.5

135.0 173.7 2006 2007

TV Rights Tangible & Intangible Fixed Assets

| 41 | TELECINCO | Cash Flow Statement

(Euro ml.) 2006 2007

Initial Net Financial Position 355.8 396.1 Free Cash Flow 366.2 369.8 Cash Flow from Operations 498.7 569.7 Net Investments (144.9) (185.3) Change in Net Working Capital (CNWC) (17.6) (14.6) Change in equity 3.9 24.7 Equity (Investments)/Disinvest. (10.6) (464.5) Cashed in Dividends 1.2 1.2 Dividends (290.3) (314.2) Total Net Cash Flow 40.3 (383.0) Final Net Financial Position 396.1 13.2

| 42 | Investor Relations Department:

Tel: +39 02 2514.7008 Fax: +39 02 2514.6719 Email: [email protected] WebSite: www.mediaset.it/investor/

Forward-looking Statements Statements contained in this document, particularly the ones regarding any Mediaset Group possible or assumed future performance, are or may be forward looking statements and in this respect they involve some risks and uncertainties. Mediaset Group actual results and developments may differ materially from the ones expressed or implied by the above statements depending on a variety of factors. Any reference to past performance of Mediaset Group shall not be taken as an indication of future performance. This announcement does not constitute an offer to sell or the solicitation of an offer to buy the securities discussed herein. The executive responsible for the preparation of the Mediaset S.p.A. accounts, Andrea Goretti, declares that, as per para. 2 art. 154-bis, of the Single Finance Bill, that the accounting information contained in this document corresponds to that contained in the company’s books..