Telecom Italia Media Capital increase: subscription period closed

06/15/2010 - 06:35 PM

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80.63% of new ordinary shares subscribed

64,882,965 unexercised rights for the subscription of 216,276,550 new ordinary

shares (19.37% of total) to be offered on the stock exchange from 17 June

The subscription period for the rights issue relating to the capital increase of Telecom Italia Media has closed.

During the subscription period, which began on 24 May 2010 and ended on 11 June 2010, were exercised 270,151,230 rights for 900,504,100 new ordinary shares, or 80.63 % of the offering, for a total amount of € 193,158,130, sharing out as follows:

a) Telecom Italia S.p.A., in fulfilment of its undertakings, as has exercised its full quota of rights, subscribing 733,814,670 new ordinary shares, for a total value of €157,403,247.

b) Telecom Italia Finance has exercised its full quota of rights, subscribing 25,095,610 new ordinary shares, for a total value of €5,383,008.

c) The market subscribed 141,593,820 new ordinary shares, for a total value of €30,371,875.

At the end of the subscription period remained unexercised 64,882,965 rights to subscribe 216,276,550 new ordinary shares (19.37% of the total rights issue), for a total value of € 46,391,320.

Pursuant to art. 2441, paragraph 3, of the Italian Civil Code, the unexercised rights will be offered on the Italian Stock Exchange MTA on behalf of Telecom Italia Media, through Banca IMI S.p.A., during the sessions of 17, 18, 21, 22 and 23 June 2010. One fifth of the total available rights will be offered at each session. Any rights not exercised at the end of the session will be carried over for offer on the following day.

It’s reminded that these rights for the subscription of new ordinary shares with no par value, will be offered at a price of €0.2145 per share, including a €0.1145 premium, at a ratio of 10 new shares for every 3 rights. The new stock must be subscribed through authorized brokers belonging to the Monte Titoli S.p.A. central settlement system not later than 24 June 2010, on pain of expiry.

It’s further reminded, as previously communicated, that the majority shareholder Telecom Italia S.p.A. has undertaken to subscribe for all shares remaining after the completion of the public offering, and that therefore no placement / guarantee syndicate has been formed.

The funds raised by the shares subscribed thus far have been used to pay off part of Telecom Italia Group's debt and the rest will be dedicated to this purpose once the operation is complete.

The Prospectus is available on request from the registered offices of Telecom Italia Media, at the Italian Stock Exchange and on the company’s web site at http://www.telecomitaliamedia.it/.

Rome, 15 June 2010