TMT ConferenceLondon, 7th June 2006

Mediaset | 2003-2006, Consistency with our Strategy

| 2 || 2 |

Focus on the Core Business ProfitabilityAssessing All the Growth Opportunities

Mediaset Group

VERTICAL INTEGRATION

DTT

TECHNOLOGICAL DEVELOPMENT

ADSL

Mobile Tv (DVB-H)

GEOGRAFICAL EXPANSION

Rights Trading

PubliEurope

LEGAL FRAMEWORK

Cross Media OwnershipCreativity/Content House

Teleshopping

Emerging Market

(East Europe, Others)

Core Business

DTT (Pay/Free)

Other digital platform

DTT switch off “date

November 2002

Mediaset | From FTA TV to Media Company

Pay per View(2005)

Digital TerrestrialTelevision

(2004)

DVB-H(2006)

Core BusinessCore Business

| 3 || 3 |

One of the Largest TV and media company in EuropeLeadership in audience shares both in Italy and SpainLeadership in the TV Adv. market both in Italy and SpainTotal Net Revenues: 3,678.0 ml Euro

TV PLATFORM | Italian Competitive Scenario

Mediaset Competitive approach vs. Convergency

| 4 |

DTT

2004

FTA

DVB-H

2006

MobileUMTS

PPV

2005

DTH Cable ADSL

TV PLATFORM | Italian Competitive Scenario

Mediaset Competitive approach vs. Convergency

| 5 |

DTT

2004

FTA

DTT roadmap in Europe and USA

Sources: DVB; DigiTag; Digital TV Group; Booz Allen Hamilton analysis

CountryYear

1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

Italy

United Kindom

France

Germany

Spain

Finland

Sweden

USA Apr

Oct MayQuiero TV

Dic

iTV DigitalNov Jul

May

May

Aug

Apr

Nov

DTT Launch/Re-launch Official national switch-off date

| 6 |

DTT development in the major European countries

1000 1800 29004400

64007900 8900

1300

23002500

272

700

2400

10001300

3500120470

Q4 2002 Q2 2003 Q4 2003 Q2 2004 Q4 2004 Q2 2005 Q4 2005

UK Germany Italy Spain France

Sources: Ofcom; GfK; DVB; Digitag; Dataxiz

| 7 |

2002 – 2005 DTT STB penetration (.000)

DTT development in Italy

| 8|| 8|

9| 9|

6 national network operators (10 Mux)

Over 80 local TV broadcasters

15 free content providers (28 channels)

2 providers of Pay Services + a number of local TV operators

14 interactive channels and over 100 interactive services “on air” in the last 2 years

2 mobile TV networks (DVB-H) ready to go on air (open to all telecom and mobile content providers)

Sources: DGTVi; FUB; Booz Allen Hamilton analysis

DTT Development in Italy | “State of the Art”

DTT Development in Italy | Coverage

Number of DTT multiplexes

2 mux

2 mux

2 mux

1 mux

1 mux

1 mux

1 mux

Population Coverage

80% - ≃ 65%

>70%

≃ 70% - ≃ 65%

≃ 68%

≃ 47%

n.a.

n.a.

| 10 || 10 |

DVB-T

DVB-H

OperatorTransmission Technology

Source: DGTVi, Corporate website - Local TV MUXs are not included

€ 49

€ 150

€ 150

€ 150€ 150

€ 70

€ 79€ 149€ 239 € 99 € 49 € 29 € 99

jan 04 mar-04 may 04 sept 04 dec 04 apr-04 nov-05 today

Subsidy

Net Price

Retail Price (gross of Sudsidy)

DTT Development in Italy | Set-Top-Box Penetration

STBs Price History

| 11 || 11 |

Source: GfK Marketing Services Italia

| 11 |

DTT STB penetration

390

250

199179

149

11999

79

Content offeringPremium contents (pay per view) Free channelsInteractive services

AccessibilityPlug and Play installation“Affordable” pay offering

Driver for DTT success

jan 04 jul 04 jan 04 june 05 jan 06 mar-06

0340

1,250

2,100

3,600≃4,000

95% are Interactive STB’s

Note: “Rete A” multiplex is not included (broadcasting “All Music”, “The Club”, “Camera”, “Senato”) because its current coverage is below 50% Sources: DGTVi; Sat-Net; Booz Allen Hamilton analysis

i

Music channelsNews: financial, international,…

ReligionCinema news

i

i

Pay per View services

Kids

i

Shopping

Public service channels

i i i

i

Sport and sport newsMain analogue channels in simulcast

SPORT

SOLOCALCIO

i i i

DTT Development in Italy | Channel Offer

i

i i i

i

i

Interactive Channels

| 12 || 12 |

TV PLATFORM | Italian Competitive Scenario

Mediaset Competitive approach vs. Convergency

| 13 |

DTT

2004

FTA

PPV

2005

DTH Cable ADSL

BENEFITS FOR VIEWERS

No dish required

No Subscription

“Pay for what you watch”

Clear and simple technology

Pay-Per-View | First Pre-paid card Offer on TV

| 14 || 14 |

BENEFITS FOR MEDIASET

Focused Investments

Defensive Move

Driver for DTT Penetration

Additional Revenues

| 14 |

Credit sent OTA(Over the Air) to the STB

Credit Purchased (on-line / off line)2

Credit used watching Mediaset Premium Content

1

Credit recharged on the Card

4

3

| 14 |

Pay-Per-View | “Mediaset Premium” …. Coming up!

| 15 || 15 |

Reality FictionGames

Soccer MoviesTheatre and Concerts

| 16 || 16 || 16 || 16 |

Digital Terrestrial TV

Pay-per-View| Update on Mediaset Premium Take off

“Mediaset Premium” Smart Cards Sold to Retailers

N° Recharges sold to Retailers

“Cashed in”

470.000

1.146.000

22.4 ml Euro

IQ 200631st December 2005

1.438.000

1.282.000

63.4 ml Euro (*)

| 16 |

(*) 80 ml Euro including trial phase during 1H 2005

Phase II

TV PLATFORM | Italian Competitive Scenario

Mediaset Competitive approach vs. Convergency

| 17 |

DTT

2004

FTA

DVB-H

2006

MobileUMTS

PPV

2005

DTH Cable ADSL

Mobile TV | DVB-H

Open Platform Limited Broadcasting CapacityIdeal for FTA Broadcasting Channel multiplication2 MUX. already hosting 3rd party channels

Open PlatformTv content can be broadcast in original format and DVD qualityLow power consumption for handsetNeeds only a small antenna

Digital Terrestrial Network

200 – 500 kbps per channel20 – 25 channels per Multiplex

4 – 6 Mbps per channel4 – 6 channels per Multiplex

DVB-T

Digital Terrestrial Set-Top-Box

| 18 || 18 |

DVB-H

Mobile Handset, PDA, Portable TV

Mobile TV | DVB-H Value Chain

| 19 |

Content Providing

ContentEdition

CommercialDIstribution

BroadcastAccess

(CAS+Billing)Equipment

FTA Channels

ThemeChannels

PPV Content

Other selected

content (i.e.

news,”best

of”, etc.)

Mobile Handset

Manufacturer

(partially

subsidiared by

mobile

operators)

Open platform Non-exclusive agreements

Mobile Tv | Mediaset Agreements with Mobile Operators

| 20 || 20 |

Transmission Network Content

- 3 Commercial Channels- “Series A” Championship - Champions League

- 3 Commercial Channels- “Series A” Championship - Boing (kids channel)

“On Air”from 5th June 2006

“On Air”Already covering all

big Cities in Italy

MEDIASET DTT Business Model

| 21 || 21 |

Premium Content Access

through:

Pay-per-View

Pay-per-Time

Pay-per- Category

(DVB-T, DVB-H)

Renting of Spectrum on proprietary

Digital Terrestrial Transmitting

Network to:

Commercial TV

3 generalistic channels funded by

advertising

(Analog, DVB-T, DVB-H)

Multichannel

Theme Channel funded by

targeted advertising or telesales

(DVB-T, DVB-H)

Interactivity

Interactive and Enhanced

advertising

Interactive services

(DVB-T, DVB-H)

Mediaset | DTT Business Model

FREE-TO-AIR TELEVISION PAY TV NETWORK OPERATOR

| 22 || 22 |

non-captive TV content provider

(DVB-T)

mobile operators (DVB-H)

Content Provider Network Provider

| 22 |

Launch of PPV Offer on a Key content (Soccer)

Launch of a new theme channel (Boing)

Launch of DTT Platform

Creation of a Digital Terrestrial Infostructure

PHASE 1(1H2005)D

TT

Pen

etra

t io

n

Mobile TV Business (DVB-H)

Pre-paid card and MHP Integration

Introduction of other pre-paid funcions (ie.

Pay per time)

(2006)PHASE 3

Launch of new PPV Content (Reality, Movies, etc.)

Introduction of “Seasonal Ticket” or “Package Ticket”

Launch of Rechargeable cards(2H2005)

PHASE 2

| 23 || 23 || 23 |

Mediaset | DTT Project Development

| 24 || 24 || 24 |

FTA TV Innovation:enhanced commercial TV,

new free channels,new digital contents

new advertising models

Pay TV Innovation on DTT:

Pre paid card, Proprietary Conditional access

Business Model Innovation:

no subscriptions and PPV,Content Acquisition,

DVB-H agreement with mobile operators

Technology Innovation using open DVB

standards: DVB-T, MHP, DVB-H

Mediaset | 4 DTT Innovation Areas

Mediaset | From FTA TV to Media Company

Pay per View(2005)

Digital TerrestrialTelevision

(2004)

DVB-H(2006)

| 25 |

Financials

Ebit Margin (ROS)* (%)

Net Profit (Euro ml.)

Free Cash Flow** (Euro ml.)

Earnings per Share (Euro)

Dividend per Share (Euro)

Distributed Dividend (Euro ml.)

Pay-out Ratio (%)

24.1%

362.0

219.8

0.31

0.21

247.4

68%

25.0%

248.4

123.9

0.21

0.21

247.8

67%***

29.3%

423.5

255.0

0.36

0.24

283.2

67%

27.3%

339.2

370.5

0.29

0.18

216.2

64%

26.8%

369.7

282.9

0.31

0.23

271.3

73%

30.3%

549.6

466.9

0.47

0.38

448.8

81%

30.2%

603.4

199.6

0.51

0.43

489.5

81%

From 2004 IFRS/IAS(*): Italian Business (**) Italian Business, excluding Associates Investments and Tele5 Dividend(***): excluding Kirch Media extraordinary provisions

Mediaset Group | Track Record

2002200120001999 2003 2004 2005

| 27 || 27 || 27 |

Mediaset Italian Business 2005| Operations Breakdown

FTA TV

Network Operator

Pay TV

Other Activities

Intra-company Eliminations

TOTAL

Total Costs(including D&A)

(1,772.4)

(133.6)

(55.8)

(110.5)

112.0

(1,960.3)

Total NetRevenues

2,585.7

137.8

44.2

92.5

(112.0)

2,748.1

OperatingProfit

813.3

4.2

(11.6)

(18.1)

-

787.8

Margins

31.5%

16.2%

n.m.

n.m.

28.7%

| 28 || 28 |

(Euro ml.)

| 28 |

Forward-looking StatementsStatements contained in this document, particularly the ones regarding any Mediaset Grouppossible 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 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.

Investor Relations Department:

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