M e d i a s e t G r o u p

London, 9th June 2004

TMT Conference M e d i a s e t G r o u p

BROADCASTING

TMT Conference 2004 5M | 24 Hours Audience Trend

Share Points Individuals (Vs 5M 2003) 44.3% -0.3 TV 44.2% -0.6 Audience Leadership 2.2% +0.1 OTHER SATELLITE 3.6% +1.4 OTHER TERRESTRIAL 5.8% -0.5

Source: Auditel, Individuals

BROADCASTING | 3 | MEDIASET 2004 5M | Leader in Commercial Target

PRIME TIME Commercial Target Individuals (15-64yrs)

44.8% 45.0% 46.5%

42.9%

Source: Auditel

BROADCASTING | 4 | MEDIASET 2004 5M | Channel Ranking

PRIME TIME

Individuals 15-64 yrs 15-34 yrs

RAI 1 26.0 25.9 CANALE 5 29.4 CANALE 5 24.5 23.9 RAI 1 20.1 11.3 ITALIA 1 12.6 ITALIA 1 16.4 9.5 RAI 2 9.8 RAI 2 8.7 9.4 RAI 3 9.2 RAI 3 7.8 RETE 4 9.0 RETE 4 8.0 RETE 4 6.6

Source: Auditel

BROADCASTING | 5 | MEDIASET 2004 5M | CANALE 5: Audience Share

PEAK TIME (21:00 – 23:00)

Share Points Share Points Vs 5M 2003 Vs 5M 2003

INDIVIDUALS 25.0% +0.5 24.5% +1.5

15-64 yrs 26.1% +0.6 22.3% +1.3

Source: Auditel

BROADCASTING | 6 | MEDIASET 2004 5M | ITALIA 1: 3rd Channel in Prime Time

Commercial Individuals Target (15-34yrs)

16.4% 11.3%

9.5% 8.7%

Source: Auditel

BROADCASTING | 7 | M e d i a s e t G r o u p

ADVERTISING

TMT Conference MEDIASET 2004 5M | Advertising Revenues

ADV +8.8% Revenues 1,300.5 +8.8% 1,195.1 Vs 5M 2003

2003 4M 2004 4M

ADVERTISING | 9 | MEDIASET 2004 5M | Advertising by Sector

4M2004 (ml€) 2004 vs 2003 2003 vs 2002

FOOD 373 -9.2% +7.7%

NON FOOD 218 +11.0% -4.2%

AUTOMOTIVE 158 +21.6% +3.9%

FINANCE/INSURANCE 41 +73.6% -39.2%

TELECOM 118 +19.1% +6.8%

MEDIA & PUBLISHING 115 +36.5% +17.3%

ADVERTISING | 10 | M e d i a s e t G r o u p

FINANCIALS

TMT Conference MEDIASET GROUP | Consolidated Results

FY 2003 (€ml.) 1Q 2004 1Q 2003

3,070.0 Net Consolidated Revenues 850.7 777.1

(1,281.3) Operating Costs (355.9) (309.1)

1,788.7 EBITDA 494.8 468.0

(967.9) Amortisation & Depreciation (209.8) (248.6)

820.8 EBIT pre Goodwill Amortisation 285.0 219.4

(43.2) Tele5 Goodwill Amortisation (10.8) (10.8)

777.6 EBIT 274.2 208.6

675.1 Pre-Tax Profit 274.1 191.1

FINANCIALS | 12 | ITALIAN BUSINESS FINANCIALS

FINANCIALS | 13 | MEDIASET ITALIAN BUSINESS | Financial Results

FY 2003 (€ml.) 1Q 2004 1Q 2003

2,424.9 Net Consolidated Revenues 677.6 634.8

(1,001.3) Operating Costs (281.1) (243.7)

1,423.6 EBITDA 396.5 391.1

(773.5) Amortisation & Depreciation (168.4) (199.6)

650.1 EBIT 228.1 191.5

547.3 Pre-Tax Profit 226.7 173.6

FINANCIALS | 14 | MEDIASET ITALIAN BUSINESS | 1Q2004 Breakdown

Total Net (€ml.) Revenues EBIT EBIT margin

TV Operations 653.6 234.9 35.9%

Non–TV Operations 20.1 2.1 10.4%

DTT Operations 3.8 (8.8) n.a.

677.6 228.1 33.7%

FINANCIALS | 15 | MEDIASET ITALIAN BUSINESS | TV Operations

FY 2003 (€ml.) 1Q 2004 1Q 2003

2,335.5 Total Net TV Revenues 653.6 614.9 2,630.4 TV Advertising Revenues 748.5 692.6 62.6 Other TV Revenues 13.5 9.9 32.2 Sale of Rights 3.6 14.5 (389.6) Commissions (111.9) (102.2)

(1,681.5) Total TV Costs (418.8) (423.9) (298.6) Personnel (76.5) (74.8) (630.9) TV Operating Costs (180.5) (152.8) (657.2) TV Amortisations (144.3) (176.2) (94.8) Other Amortisations & Depreciations (17.5) (20.0)

654.0 EBIT from TV Operations 234.9 190.9 28.0% margin 35.9% 31.1%

FINANCIALS | 16 | MEDIASET ITALIAN BUSINESS | Non TV Operations

FY 2003 (€ml.) 1Q 2004 1Q 2003

89.4 Total Non TV Revenues 20.1 20.0 24.6 Thematic Channels 7.7 5.6 4.7 Teletext 1.4 1.4 12.2 Internet 3.6 2.5 47.9 Other Non-TV Revenues 7.5 10.6 (80.5) Total Non TV Costs (18.0) (19.0) (13.6) Personnel (2.6) (2.7) (23.0) Multimedia Operating Costs (6.3) (6.2) (29.5) Non-TV Operating Costs (6.1) (6.8) (14.4) Amortisations & Depreciations (3.0) (3.3) 8.8 EBIT from Non TV Operations 2.1 0.9 9.8% margin 10.4% 4.5%

FINANCIALS | 17 | MEDIASET ITALIAN BUSINESS | DTT Operations

FY 2003 (€ml.) 1Q 2004 1Q 2003

0.0 Total DTT Revenues 3.8 0.0

(12.6) Total DTT Costs (12.7) (0.4) (2.4) Personnel (1.8) (0.1) (3.3) DTT Operating Costs (7.3) (0.3) (7.0) Amortisations & Depreciations (3.6) (0.0)

(12.6) EBIT from DTT Operations (8.8) (0.4)

FINANCIALS | 18 | MEDIASET ITALIAN BUSINESS | Cash Flow Statement

FY 2003 (€ml.) 1Q 2004 1Q 2003

(170.8) Net Financial Position 1/1 (451.4) (170.8)

283.0 Free Cash Flow 356.3 201.5

1,216.0 Cash Flow from Operations 440.7 388.7 (671.9) Investments (136.2) (133.8) - Disinvestments 0.4 - (261.1) Change in Net Working Capital 51.4 (53.4) (327.4) Equity (Investments)/Disinvest. - (276.0)

(247.4) Dividends - -

11.2 Cashed-in Dividends from Tele5 - -

(280.6) Total Net Cash Flow 356.3 (74.5)

(451.4) Net Financial Position 31/3 (95.1) (245.3)

FINANCIALS | 19 | FINANCIALS

FINANCIALS | 20 | TELECINCO | Financial Results

FY 2003 (€ml.) ITALIAN GAAP 1Q 2004 1Q 2003

646.0 Total Net Revenues 173.2 142.3

(475.3) Total Costs (116.4) (114.4)

(64.9) Personnel (16.8) (16.1)

(216.0) Operating Costs (58.1) (49.3)

(194.4) Amortisation & Depreciation (41.5) (49.0)

170.7 EBIT 56.8 27.9

171.0 Pre-tax Profit 58.1 28.3

FINANCIALS | 21 | TELECINCO | Cash Flow Statement

FY 2003 (€ml.) ITALIAN GAAP 1Q 2004 1Q 2003

142.3 Net Financial Position 1/1 252.1 142.3

138.0 Free Cash Flow 58.9 43.5 321.6 Cash Flow from Operations 91.6 70.1 (153.8) Investments (58.4) (52.6) - Disinvestments 0.6 - (29.8) Change in Net Working Capital 25.1 26.0

- Equity (Investments)/Disinvest. - -

(28.2) Dividends - -

109.8 Total Net Cash Flow 58.9 43.5

252.1 Net Financial Position 31/3 311.0 185.8

FINANCIALS | 22 | M e d i a s e t G r o u p

STRATEGIC OPTIONS

TMT Conference MEDIASET STRATEGIC OPTION | Assessing Opportunity

TECHNOLOGICAL DEVELOPMENT GEOGRAPHICAL EXPANSION

Rights Trading DTT Emerging Market Cable PubliEurope (East Europe) ADSL Tele5 Mobile TEL.

Radio Library Exploitation

Merchandising Re-sale of Content

Teleshopping ADV Other Means Creativity/Content House

DIVERSIFICATION VALUE CHAIN

GROUP | 24 | DTT | 5 Key Features of DTT vs. Analog TV Wider offer for TV viewers, thanks to DTT Analog Terrestrial TV Digital Terrestrial TV

Audio-Video + Dolby surround, Original Language 1 QualityQuality Movies, Widescreen, basic data services (Teletext) High quality news services

Wide channels offer Limited channels offer 2 ChannelChannel offeroffer (generalist + thematic channels) TOD AY

Interaction with viewers during No interaction 3 Interactivity Interactivity DTT programmes and services

FTA + PPV integrated offer FTA Offer 4 Pay-per-View Pay-per-View (Top-up TV)

Mobile Reception from DTT Handset, Limited mobile reception 5 Mobile receptionreception car, Mobile phone, etc… TOMORROW

DTT | 25 | DTT | State of the Art of DTT in DTT Age has started in Italy: Networks, Decoders and New Channels Offer are “ready-to-use”

5 Digital Multiplex already covering > 50%: Digital A Digital - 2 Multiplex Rai NetworksNetworks - 1 Multiplex Mediaset (RTI) - 1 Multiplex Telecom Italia Media - 1 Multiplex D-Free

250,000 MHP Decoders already sold in 2½ months B DecodersDecoders 1 million Decoders will be put on market by the end of 2004 Price between 49€ and 199€ (net of Government Contribution)

11 New Channels are now available: New C New - 5 New Channels hosted by RTI Multiplex Channels Channels - 5 New Channels produced and “aired” by Rai - 1 New Channel hosted by D-Free Multiplex - Other negotiations in progress

DTT | 26 | DISCLAIMER

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. The content of this document is not, and shall not be considered as, an offer document or an offer or solicitation to buy or sell any stock.

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