The growth of multi–channel + 1.5 Source: IsICult analysis on Auditel/ Eurisko figures All-day ratings in Italy, 2001-2005 (in %) Satellite viewers, april.

47.0 46.444.9 44.3 43.3

43.2 43.0 43.943.0 41.9

2.72.42.21.82.0

8.87.8 6.56.26.6

5.64.12.5

--0

5

10

15

20

25

30

35

40

45

50

2001 2002 2003 2004 2005

Rai

Mediaset

La7

Other terres.

Other sat.

Dth viewers37%

Dth viewers63%

The growth of multi–channelThe growth of multi–channel

+ 1.5

Source: IsICult analysis on Auditel/ Eurisko figures

All-day ratings in Italy, 2001-2005 (in %)All-day ratings in Italy, 2001-2005 (in %)

Satellite viewers, april 2006 (individuals)

Rai and Mediaset continue to lose their audience

Other terrestrial TV channels are keeping steady

With the success of Sky Italia, sat TV increases 1.5 rating points in one year

Satellite is the main multi-channel platform, with over 21 million users

Sky Italia had nearly 3.8 million subscribers in July 2006

Sky viewers

65%

Fta viewers

35%

1.2

15.1

8.7

30.5

7.3

28.2

10.6

2.1

11.68.9

26.1

7.3

24.3

9.3

Tg1 Tg2 Tg3 Tg4 Tg5 Studio

Aperto

Tg La7

News in the generalist channelsNews in the generalist channels

1.8

22.2

27.7

12.1

8.1

26.6

17.2

2.7

20.4

14.611.7

7.910.0

23.9

Tg1 Tg2 Tg3 Tg4 Tg5 StudioAperto

Tg La7

Audience ratings of Italian

news prove the success of TV

information

In the evening edition, 60 %

of the viewers on average

watch one of the 3 news

programmes at the 8pm slot

+ 7,3

+ 7,6

+ 2,7

+ 5,5+ 4,2

+ 4,4

+ 3,5

+ 3,9

In the morning edition, 5 news

are at least 2.5 rating points

higher than channel’s average

13:30 13:00 14:20 13:30 13:00 12:30 13:00

19:0019:0020:3020:00 20:0018:3020:00

Morning edition’s news bulletins ratings 2004 /05

Evening edition’s news bulletins ratings 2004 / 05

The morning editions of Tg1

and Tg2 gain more than 7 rating

points against the average in the

same time slot

Source: IsICult analysis on Auditeland Geca italia figures

+ 36,4 %

Average weekly audience, 2005–2006 (in .000)

News channels are the second most watched genre in the satellite habitatAverage weekly audience increased 36.4 % in a yearAmong News channels, current affairs channels registered an average weekly audience of 8.7 million; economic channels had 2.2 million

Note: the figures refer only to the satellite habitat; other multi-channel platforms, such as Dtt are excluded(*) waves: Feb – Apr 2005, Sep – Nov 2005, Feb – Apr 2006Source: IsICult analysis

7.5 6.6 6.7 6.4 5.8 5.2 4.2

7.9 7.3 7.5 8.76.3 5.6 4.9

10.1 9.0 8.9 8.9 8.56.6 6.1

0,02,04,06,08,0

10,012,0

Spring 2005 Autumn 2005 Spring 2006

Genres prerfomance on satellite channelsGenres prerfomance on satellite channels

Channel Broadcaster Country Languages Genre Dtt Sat

(Sky) Sat

(Fta) Iptv

(Fwb) Iptv (Atv)

Mob. (Tre)

Mob. (Tim)

Subscribers (in ,000) 3,800 3,800 2,200 190 n.a. 150 n.a. Rai News 24 Rai It Italian Generalist √ √ √ √ Sky Tg24 Sky Italia (News Corp.) It Italian Generalist √ √ √ √ Euronews Secemie (Rai 21,7 %) Eu Italian Generalist √ √ Class News Class Editori It Italian Economy √ √ Class / Cnbc Class Editori 60 % It Italian Economy √ √ 24 Ore tv Il Sole 24 Ore It Italian Economy √ Bloomberg Bloomberg L.p. Us Italian Economy √ √ Eurosportnews Tf 1 Fr Italian Sport √ Bbc World Bbc Uk English Generalist √ √ √ √ Sky News BSkyB (News Corp) Uk English Generalist √ Cnn International Time Warner Us English Generalist √ √ Fox News Fox Ent. Group (News Corp.) Us English Generalist √ Cnbc Europe Nbc Universal Us English Economy √ Lci Tf 1 Fr French Generalist √

The offer of all-news channels in Italy

The offer of all-news channels in Italy

Only 2 national generalist all-news channels

Source: IsICult analysis

14 info-channels8 current affairs channels5 national channels2 current affairs national channels: Rai News 24 and Sky Tg241 current affairs channel on Dtt: Rai News 24

Note: weather channels are excluded; only dvb-h offers are taken into account (Umts offers are then excluded)

0

500

1.000

1.500

Average weekly audience 2005 – 2006* (in .000)

Average daily audience, spring 2006 (in .000)

Note: the figures refer only to the satellite habitat; other multi-channel platform, such as Dtt are excludedSource: IsICult analysis

01.0002.0003.0004.0005.000

Spring 2005 Autumn 2005 Spring 2006

Sky Tg24 is the leader in the news segment

Weak position of the “economy” channels

Remarkable performance of Sky News and Eurosportnews

Strong performance of Sky Tg24, with an increase of 65 % in one year

The gap between Sky Tg24 and Rai News 24 increased throughout last year

Note: the figures refer only to the satellite habitat; other multi-channel platforms, such as Dtt are excluded(*) Spring 2005, Autumn 2005, Spring 2006Source: IsICult analysis

News channels prerfomanceNews channels prerfomance

5

4

2 2

1

Italy Usa Uk France Europe

Composition of all-news offer (1)Composition of all-news offer (1)

8

5

1

Current affairs Economy Sport

8

5

1

Italian English French

Only one-third of the channels is Italian Strong Usa presence, with 4 channels

6

The place of origin of all news channels

The genre of all-news Languages of all-news channels

Nearly half channels are in foreign languages

Source: IsICult analysis

Source: IsICult analysis Source: IsICult analysis

All-news channels have only 3 genres Prevalence of current affairs channels 5 channels of ecomony

2

2

2

1

1

8

3

2

5

1

1Total

Europe

France

Uk

Usa

Italy

Current affairs Economy Sport

8

1

4

3

5

1

4

1

1

Total

French

English

Italian

Current Affairs Economy Sport

The channels’ genres according to place of origin

The channels’ genres according to language

Source: IsICult analysis

Source: IsICult analysis

Composition of all-news offer (2)Composition of all-news offer (2)

Only 2 Italian current affairs channels against 5 foreign channels (Euronews included)

Only the sub-genre “Economy” is produced by Italian broadcasters

Stronger presence of English over Italian spoken channels

4 economic against 5 current affairs channels

dtt Sky sat fta Fastweb Alice Home Tv Tre Tim

The market leaders: Sky Tg24The market leaders: Sky Tg24

59%

3%

5%

19%

8%6%

News bulletins

Sport magazines

BusinessmagazinesCultural magazines

News magazines

Politics magazines

Programming split per genre (in %) Launch: Aug. 2003 Personnel: 300 (100 journalists) Offices:

- 9 national- 6 international

Budget: ~150 mln Euros * Audience: 1,352,000 av. daily viewing

Production: 5,800 h/year Interactive service “Sky Active”: 6 windows (current programme, main issues, weather, sports, show-biz)

30’ news bulletins every 30’, 4 one-hour bulletins Formats: Sky Tg pomeriggio, Miaeconomia, Capitani di impresa, (F.a.d.) Fashion, Art e Design, Controcorrente Available in Dvb-h Mobile Tv mode (Tre and Tim)

Source: IsICult analysis on Sky figures(*) IsICult estimates

The market leaders: RaiNews24The market leaders: RaiNews24

dtt Sky sat fta Fastweb Alice Home Tv Tre Tim

Production: around 3.800 h/year Interactive services: on Dtt Newsgathering based on Bbc model Terrestrial window on Raitre every night (02:00-08:05) 15’ news bulletins every 30’ 30’ time-shifted edition of the evening terrestrial bulletins (19:30–21:00) Format: Macrosfera, Next, Pianeta Economia, Superzap, Decoder, Atlante, Scirocco, Shownet

Launch: Apr. 1999Personnel: 135Offices:

- 21 national- 11 international

Budget: 30 Mln. EurosAudience: 726.000 av. daily viewing

(*) IsICult Estimates

Net average annual weekly reach (.000)

2,500

2,0691,900

2003 2004 2005

Source: IsICult analysis on Rai figures

It is broadcasted on DttInteractive services on DttStrong sinergies with the 3 main terrestrial channels

Comparison between the market leadersComparison between the market leaders

+Main position in Sky’s channels listGood trend of Sky brandUser friendly full screen format

-Sophisticated multi-screen formatVery high-profile targetWeak identity and low appeal

+

Average weekly viewing 2005-2006 * (in .000)

Note: (*) Spring 2005, Autumn 2005, Spring 2006Source: IsICult analysis

-It is not broadcasted on Dtt and Fastweb IptvLow experience

2.8

3.5

4.6

2.32.5

3.1

0500

1.0001.5002.0002.5003.0003.5004.0004.5005.000

Spring 2006 Autumn 2005 Spring 2006

Sky Tg24

Rai New s 24

1) Short Term: high competition on Dtt platform:

Mediaset will launch news channel late this year on Dtt

And now? / 1And now? / 1

Possible re-launch, re-branding of Rai News 24

Possible launch of Sky Tg 24 on Dtt platform

(depending on the Antitrust barriers to Sky Italia)

And now? / 2And now? / 2

2) Medium term: new entrants in the current affairs news market

3) Long term: new players on new genres:

Sport news channels

Webcasting / UnicastingWeb Mobile (Umts) Iptv

Sat

Dtt

Broadcasting

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