| 1 |

29th July 2011

2011 First Half Results Presentation

| 2 | | 2 |

Advertising & Broadcasting

| 3 |

Total Market*

Mediaset

Total Market excluding Mediaset

Rai

Newspapers

Magazines

Radio

Internet**

5M2011 vs. 5M2010

-3.1%

-1.9%

-3.9%

-7.4%

-4.0%

-1.4%

-8.4%

+14.8%

ITALY 2011 5M | Advertising market trend

Source: Nielsen (January-May)* Excluding Cards, Direct Mail* * Excluding keywords, search advertising, FCP source

| 4 |

ITALY | TV Consumption trend (2003-2011)

Source: Auditel (1 January – 30 June of each year)

Average Daily minutes

230235

230 233228 230

241

254

265

251243

238

254249254248

220215

2003 2004 2005 2006 2007 2008 2009 2010 2011

Individuals

15-64 years

| 5 |

24 Hours

38.8%

33.9%

38.2%

38.3%

35.0%

31.2%

35.3%

34.9%

MEDIASET 2011 1H | Commercial target Audience Share

2010 2011

(15-64 yrs, January-June)

Source: Auditel

Prime Time

| 6 |

MEDIASET 2011 1H | Multichannel Audience Share24 Hours – Individuals

MS DTT (Free+Pay)

RAI DTT*

SKY Channels

FOX Channels

Disney

Discovery

3.1%

2.7%

3.1%

1.7%

0.9%

0.4%

5.5%

4.4%

3.6%

1.6%

0.7%

1.1%

2010 2011

Source: Company elaborations on Auditel data

| 7 |

35.0%

3.9%

38.9%

2.5%

41.4%

31.2%

4.9%

36.1%

33.0%

3.5%

36.5%

2.0%

38.5%

36.4%

4.4%

40.9%

Generalist (C5+I1+R4)

Multichannel FTA (4)

Subtotal

Pay TV Channels

Total

Generalist (R1+R2+R3)

Multichannel FTA (11)

Total

Individuals 15-64 yrs

Source: Auditel (1 January – 30 June 2011); Pay TV Channels, Company elaborations on Auditel data

24 hoursMEDIASET 2011 1H | Audience Share

| 8 |

1H 2010 1H 2011

1,454.4 1,407.6

FTA Core channels +FTA multichannelEuro ml

MEDIASET 2011 1H | FTA Advertising revenues

-3.2%

| 9 |

1H 2010 1H 2011

1,487.5 1,454.8

FTA + Pay TVEuro ml

MEDIASET 2011 1H | Total TV Advertising revenues

-2.2%

| 10 |

MEDIASET 2011 1H | Advertising Breakdown by Sector

Note: including FTA core + FTA multichannel + Web

-10.1%

-8.6%

+2.2%

-24.5%

-11.3%

FOOD

BEVERAGES

PERSONAL CARE

HOUSEKEEPING

TOILETRIES

1H 10 vs. 1H 09 1H 11 vs. 1H 10

+18.3%

-0.8%

+12.1%

+21.6%

+6.5%

FINANCE/INSURANCE -15.4% -15.3%

+12.9% -10.8%GROCERY

| 11 |

MEDIASET 2011 1H | Advertising Breakdown by Sector

TELECOM

AUTOMOTIVE

PHARMACEUTICAL

+0.9%

+4.4%

-1.8%

1H 10 vs. 1H 09 1H 11 vs. 1H 10

-1.8%

+1.8%

+1.9%

Note: including FTA core + FTA multichannel + Web

| 12 |

RETAIL

MEDIA/PUBLISHING

BUSINESS & INDUSTRIAL

LEISURE

MEDIASET 2011 1H | Advertising Breakdown by Sector

+31.7%

-20.2%

+1.4%

+5.7%

1H 10 vs. 1H 09 1H 11 vs. 1H 10

+10.7%

+9.3%

+48.5%

+64.0%

Note: including FTA core + FTA multichannel + Web

| 13 |

MEDIASET 2011 1H | New business activity

Note: including FTA core + FTA multichannel + Web

781

136

Active clients

New clients

1H2010

28.2%

51.1%

1H2011

26.3%

48.9%

Top 10

Top 30

% of Revenues

| 14 |

Financials

| 15 |

MEDIASET GROUP 2011 1H | P&L Highlights

Net Consolidated Revenues

EBITDA

EBIT

NET PROFIT (Reported)

NET PROFIT (Pro-forma)

Group Net Financial Position

(Euro ml.) 1H 2010

2,277.8

1,084.2

485.2

241.6

237.6*

(1,476.3)

1H 2011

2,253.4

967.0

341.5

164.4

164.4

(1,805.5)

* Pro-forma P&L consolidated accounts under IFRS of Telecinco’s Group and Sogecuatro’s Group; Mediaset stake in Telecinco 42.2%

| 16 |

MEDIASET ITALIAN BUSINESS 2011 1H | P&L Results

Net Consolidated RevenuesPersonnel Costs

Other Operating Costs

EBITDARights Amortisation

Other Amortisation & Depreciation

Operating ProfitFinancial Income (Losses)

Associates

Pre-Tax ProfitTaxes

NET PROFIT

(Euro ml.) 1H 2011

1,712.9(236.6)

(732.1)

744.2(432.4)

(72.8)

239.1(19.4)

(6.5)

213.2(84.6)

128.4

1H 2010

1,817.2(228.0)

(728.3)

860.9(443.2)

(78.7)

339.0(12.7)

(2.1)

324.2(129.3)

191.5

| 17 |

FTA TV

Network Operator

Pay TV

Other Activities

Intra-company Eliminations

Adjustments

TOTAL

Total NetRevenues

1,243.4

106.0

343.8

145.2

(93.6)

(31.9)

1,712.9

OperatingProfit

246.0

(3.3)

(23.7)

7.2

-

13.0

239.1

(Euro ml.) Total Costs(including D&A)

(997.4)

(109.3)

(367.5)

(138.0)

93.6

45.0

(1,473.8)

MEDIASET ITALIAN BUSINESS 2011 1H | Operations Breakdown

| 18 |

(Euro ml.)

Total Net TV RevenuesFTA TV Advertising Revenues

o/w Multichannel Advertising Revenues

Commissions

Other TV Revenues

Net Intra-company Items

Total TV CostsPersonnel

TV Operating Costs

TV Rights Amortisations

Other D&A

Net Intra-company Items

FTA TV Operating Profit

1,279.51,454.4

11.8

(216.5)

39.8

1.8

(937.8)(189.6)

(404.2)

(276.0)

(26.2)

(41.7)

341.6

MEDIASET ITALIAN BUSINESS | FTA TV

1,243.41,407.6

49.6

(209.3)

27.5

17.7

(997.4)(197.4)

(447.2)

(285.3)

(24.5)

(43.0)

246.0

1H 2010 1H 2011

| 19 |

Total Net Revenues3rd Party Revenues

Other Revenues

Net intra-company Items

Total CostsPersonnel

Other Operating Costs

Other Amortisation & Depreciation

Network Operator Operating Profit

(Euro ml.)

106.026.2

4.1

75.7

(109.3)(19.5)

(55.6)

(34.2)

(3.3)

MEDIASET ITALIAN BUSINESS | Network Operator

98.725.5

3.0

70.3

(102.8)(18.9)

(52.4)

(31.5)

(4.1)

1H 2010 1H 2011

| 20 |

MEDIASET PREMIUM | Active Clients

4,429,000

4,219,000

31 March 2011 30 June 2011

1,904,000Subscribers

(Easy-pay clients)1,902,000

| 21 |

Total Net Pay TV Revenues

Pay TV Revenues

Advertising Revenues

Other Revenues

Commissions

Total Pay TV CostsPersonnel

Other Operating Costs

Rights Amortisations and Other D&A

Net intra-company items

Pay TV Operating Profit

(Euro ml.)

343.8

263.9

47.2

39.7

(7.0)

(367.5)(9.7)

(172.0)

(155.9)

(30.0)

(23.7)

MEDIASET ITALIAN BUSINESS | Pay TV

393.9

229.7

33.1

135.9

(4.8)

(402.7)(9.3)

(180.8)

(186.2)

(26.4)

(8.8)

1H 2010 1H 2011

| 22 |

173.043.9

55.5

11.3

40.9

21.0

0.4

(154.8)(10.1)

(91.9)

(48.4)

(4.5)

18.2

Total Net RevenuesMedusa 3° Party revenues

Medusa intra-company revenues

Multimedia

Mediashopping

Other Non-TV Revenues

Net Intra-company Items

Total CostsPersonnel

Other Operating Cost

Right Amortisations and Other D&A

Net Intra-company Items

Other Activities Operating Profit

(Euro ml.)

145.269.3

31.9

12.0

21.6

10.1

0.2

(138.0)(9.9)

(57.3)

(50.2)

(20.6)

7.2

MEDIASET ITALIAN BUSINESS | Other Activities1H 2010 1H 2011

| 23 |

329.6 263.6

65.5 59.7

19.4 15.9

46.737.5

(Euro ml.) TV rights and cinema

Pay TV rights

DTT

Technical & immaterial

Total Investments

MEDIASET ITALIAN BUSINESS 2011 1H | Investments

452.0 385.9

1H 20111H 2010

| 24 |

MEDIASET ITALIAN BUSINESS 2011 1H | Cash Flow Statement

Initial Net Financial Position (01/01)

Cash Flow from Core Activities

Cash Flow from Operations

Investments

Disinvestments

Change in Net Working Capital (CNWC)

Equity (Investments)/Disinvestment

Free Cash Flow

Cashed in Dividends

Change in Equity

Total Net Cash Flow

Final Net Financial Position (30/06)

Group Net Financial Position (30/06)

(Euro ml.) 1H 2010

(1,396.0)

241.7

729.0

(452.0)

1.4

(36.7)

2.1

243.8

(224.3)

-

19.5

(1,376.5)

(1,476.3)

1H 2011

(1,562.1)

180.0

654.0

(385.9)

0.5

(88.5)

(1.1)

178.9

(336.7)

-

(157.8)

(1,719.9)

(1,805.5)

| 25 |

Deal with DMT

| 26 |

• LEADING TOWER OPERATOR IN ITALY

• RELEVANT SYNERGIES AND EFFICIENCIES EXPECTED

• DEAL ACCRETIVE FROM YEAR 1 (2012)

DEAL WITH DMT | HIGHLIGHTS

| 27 |

• The Transaction will create a nationwide infrastructure for Telecommunication and

Media companies

• Relevant strategic positioning with significant scale and scope

– National breadth and extensive local presence with approx. 2,300

property/available sites (approx. 3,000 sites under management)

– Compelling array of communication services

• Hosting

• Maintenance

• Network Management

DEAL WITH DMT | STRATEGIC RATIONALE

A Full Service Operationg Model with a Premier Nationwide Network

| 28 |

STRUCTURE• All shares combination• Ownership and Management:

– Shareholding structure post Transaction: 65.67% Mediaset Group (“EI”) and 34.32% DMT Shareholders

– Experienced Management Team• DMT System and all the winding-up companies of DMT Group, not related to EIT, to be disposed

before the closing of the TransactionVALUATION• Combined Transaction value of approx. €1.0bn with an Equity Value of approx. €800m• Leverage post Transaction envisaged of approx. 3x EBITDA Combined 2011• Expected sustainable dividend policyTIMING• Expected closing at December 2011, subject to approvals of:

– Minority shareholders of DMT, according to whitewash mechanism provided by art. 49, comma 1, lett. g) of the Issuer Regulations and, hence, in regime of Tender Offer exemption (art. 106 TUF)

– Antitrust

DEAL WITH DMT | STRUCTURE

| 29 |

MEDIASET SPANISH BUSINESS | Back up Slides

| 30 |

MEDIASET ESPAÑA 2011 1H | P&L Results

Net Consolidated Revenues

Personnel Costs

Other Operating Costs

TV rights amortisation

Non recurring costs

EBITDA

Amortisation & Depreciation

EBIT

Financial Income (Losses)

Associates

Pre-Tax Profit

Taxes

NET PROFIT Reported

NET PROFIT Adjusted*

(Euro ml.)

* Net profit adjusted excludes all non cash item’s impact like PPA amortization (both on Sogecuatro and Endemol)** Pro-forma P&L consolidated accounts under IFRS of Telecinco’s Group and Sogecuatro’s Group

1H 2011

461.0

(39.0)

(206.8)

(72.3)

(8.1)

151.0

(4.8)

146.3

4.9

(20.5)

130.6

(28.1)

107.4

114.4

1H 2010 1H 2010**

631.8

(56.1)

(331.2)

(114.7)

(8.1)

137.9

(5.4)

132.5

4.8

(20.5)

116.8

(23.9)

97.7

104.7

540.9

(54.2)

(251.3)

(111.4)

(12.7)

111.3

(8.9)

102.4

2.5

(1.6)

103.3

(18.1)

85.1

89.1

| 31 |

1H 20111H 2010*

73.2 140.3

4.9

1.3

TV rights

Co-production & Distribution

Tangible & Intangible Fixed Assets

Total Investments

MEDIASET ESPAÑA 2011 1H | Investments

82.6 151.6

(Euro ml.)

6.4

* As reported in 1H 2010

8.0

| 32 |

Initial Net Financial Position (01/01)

Free Cash Flow

Cash Flow from Operations

Investments

Change in Net Working Capital (CNWC)

Change in Equity

Equity (Investments)/Disinvest.

Dividends

Treasury Shares

Total Net Cash Flow

Final Net Financial Position (30/06)

(Euro ml.)

MEDIASET ESPAÑA 2011 1H | Cash Flow Statement

1H 2011

(156.0)

130.6

199.4

(82.6)

13.8

1.0

(27.9)

(47.4)

-

56.3

(99.8)

1H 2010*

(28.0)

60.4

212.3

(151.6)

(0.2)

0.4

19.9

(138.3)

-

(57.6)

(85.6)

* As reported in 1H 2010

| 33 |

Forward-looking StatementsStatements 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 thisrespect they involve some risks and uncertainties.

Mediaset Group actual results and developments may differ materially from the onesexpressed 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, Luca Marconcini, declares that, as per para. 2 art. 154-bis, of the “Testo Unico della Finanza”, that the accounting information contained in this document corresponds to that contained in the company’s books.

Investor Relations Department:

Tel: +39 02 2514.7008Fax: +39 02 2514.6719Email: investor.relations@mediaset.itWebSite: www.mediaset.it/investor/