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04/18/2005 - 07:30 PM

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Telecom Italia Media: Shareholders’ Meeting called

In accordance with the powers vested in him by the Board of Directors on April 4, 2005, Telecom Italia Media SpA Chairman Riccardo Perissich has set the date for the Shareholders’ Meeting in ordinary and extraordinary session to be held at Rozzano (Milan) on May 24, 2005 at 12:00 on first call and, if necessary, on May 27, 2005 on second call (at the same time of day and location).

The Ordinary Meeting is being called to authorize a buyback of ordinary and savings shares up to a total of 10% of each class of share, at the respective prices of €0.40 per ordinary share and €0.33 per savings share, and up to a maximum aggregate value of approximately €148 million. In extraordinary session, the Meeting is to vote on a resolution for a share capital decrease by means of the cancellation of the company shares bought back in implementation of the aforementioned resolution.

A prospectus for the proposed share buyback and the resulting capital decrease shall be made available to the public from the company’s registered offices and the Italian Stock Exchange on May 6, 2005. Documentation for the shareholders’ meeting shall also be available from http://www.telecomitaliamedia.it/.

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The proposed share buyback for a portion of the Telecom Italia Media shares described herein is not being made and will not be made, directly or indirectly, in or into the United States, Canada, Japan, Australia, or any other jurisdiction in which any such share buyback would require the authorization of the relevant regulatory authorities or would violate applicable laws or regulations. Telecom Italia Media will not be permitted to accept any tenders made from any of the foregoing jurisdictions. Except as provided below, any offer to buy securities described herein is not being made, directly or indirectly, in or into, or by the use of the mails of, or by any means or instrumentality (including, without limitation by mail, telephonically or electronically by way of internet or otherwise) of interstate or foreign commerce, or any facility of any securities exchange, of the United States of America and any such offer will not be capable of acceptance by any such use, means, instrumentality or facility. The information contained herein does not constitute an offer in the United States or an offer to acquire securities in the United States.

Rome, April 18, 2005