2. 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 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

3. News in the generalist channels 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 channels average 13:3013:0014:2013:3013:0012:3013:00 19:00 20:3020:00 18:3020:00 Morning editions news bulletins ratings 2004 /05 Evening editions 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

4. + 36,4 % Average weekly audience, 2005–2006 (in.000) News channels are the second most watched genre in the satellite habitat Average weekly audience increased 36.4 % in a year Among 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 2006 Source: IsICult analysis Genres prerfomance on satellite channels

5. The offer of all-news channels in Italy Only 2 national generalist all-news channels Source: IsICult analysis 14 info-channels 8 current affairs channels 5 national channels 2 current affairs national channels: Rai News 24 and Sky Tg24 1 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)

6. 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 excluded Source: IsICult analysis 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 2006 Source: IsICult analysis News channels prerfomance

7. Composition of all-news offer (1) 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 All-news channels have only 3 genres Prevalence of current affairs channels 5 channels of ecomony

8. The channels genres according to place of origin The channels genres according to language Source: IsICult analysis 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

9. The market leaders: Sky Tg24 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

10. The market leaders: RaiNews24 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. 1999 Personnel: 135 Offices: - 21 national - 11 international Budget: 30 Mln. Euros Audience: 726.000 av. daily viewing (*) IsICult Estimates Net average annual weekly reach (.000) Source: IsICult analysis on Rai figures

11. It is broadcasted on Dtt Interactive services on Dtt Strong sinergies with the 3 main terrestrial channels Comparison between the market leaders + Main position in Skys channels list Good trend of Sky brand User friendly full screen format - Sophisticated multi-screen format Very high-profile target Weak identity and low appeal + Average weekly viewing 2005-2006 * (in.000) Note: (*) Spring 2005, Autumn 2005, Spring 2006 Source: IsICult analysis - It is not broadcasted on Dtt and Fastweb Iptv Low experience

12. 1)Short Term: high competition on Dtt platform: Mediaset will launch news channel late this year on Dtt And 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)

13. And 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 / Unicasting Web Mobile (Umts) Iptv Sat Dtt Broadcasting

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