Press release

06/22/2010 - 05:00 PM

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With reference to the recent stock performance of Telecom Italia Media savings shares, marked by relevant price fluctuations, the Company confirms that it is not evaluating any transaction that could modify the rights or benefits of this type of shares. The Company does not see any reason to justify these fluctuations or the saving shares’ overvaluation in comparison with the ordinary shares.

In order to give to the market useful data for a correct evaluation of the Telecom Italia Media savings shares, the Company recalls the rights that articles 5 and 6 of the company bylaws attribute to the 5.496.951 non-convertible Telecom Italia Media savings shares, with no par value, corresponding to 1.64% of the shareholder equity.

Article 5 paragraph 2

Resolutions for paid-in capital increases may exclude the assignment of option rights up to a maximum of ten percent (10%) of the pre-existing capital, provided that the issue price corresponds to the market value of the shares as attested in a specific report produced by an auditing company commissioned for the purpose.

Article 6

6. 1 Shareholders’ Meetings may resolve to issue shares with discrete privileges, in accordance with the terms of the law.

6.2 Within the limits set by law, shares may be bearer shares.

6.3 Bearer shares may be converted to named shares or vice-versa at the request and expense of the holder of the same.

6.4 Shares are indivisible. In case of joint ownership, the rights of the co-owners shall be represented by a single representative.

6.5 The introduction or removal of restrictions on the circulation of shares shall not accord the right of withdrawal to shareholders who did not vote in favor of the relevant resolution.

6.6 Savings shares shall have the privileges and rights as set forth in the present article.

6.7 After the deduction of the legal reserve, the net income as recorded in regularly approved financial statements must be distributed among savings shares up to five per cent (5%) of 0.30 euros per share.

6.8 The Shareholders’ Meeting shall decide on the distribution of the net income still remaining after the allocation of the preference dividend to savings stock, as indicated in the preceding paragraph, in such a way that the cumulative dividend paid on savings shares shall be higher than the cumulative dividend paid on ordinary shares by an amount equal to two per cent (2%) of 0.30 euros per share.

6.9 If the dividend paid on savings shares for a financial year is less than specified in Paragraph 7 above, the difference shall be made up by increasing the dividend on preference stock for the ensuing two financial years.

the event of a distribution of reserves, savings shares shall have the same rights as other stock. If the annual financial report shows negative or insufficient net income, then the Shareholders’ Meeting that approves the same report shall have the faculty to use available reserves to discharge the rights as described in Paragraph Seven above, including any increases as described in Paragraph Nine above.

6.11 The use of reserves shall void the mechanism by which unpaid preference dividends are redeemed by increasing the payments for the ensuing two financial years, as described in Paragraph Nine above.

capital stock reduction due to losses shall not entail a reduction in the par value of savings shares except for the portion of the loss exceeding the total par value of the other shares.

6.13 At the winding up of the company, savings shares shall have preference in redemption of capital stock to a maximum amount of 0.30 euros per share.If Telecom Italia Media will decide to proceed with a stock split or a reverse stock split (e.g. capital transactions, if it is necessary to non-alter the savings shareholders rights compared with the shares having par value), the above mentioned fixed amount will be modified consequently.

6.14 If ordinary or savings shares are debarred from trading, holders of savings shares may ask the Company to convert their shares into ordinary shares in the manner approved by an Extraordinary Shareholders’ Meeting called for that purpose within two months of the delisting.

6.15 The holders of savings shares shall be organized as established by law and these Bylaws. All expenses associated with the organization of the special meetings of holders of savings shares and the compensation of the common representative shall be borne by the Company.

Rome, 22 June 2010