| 1 |

Sanford C. BernsteinFourth Annual

Strategic Decisions Conference 2007

London, 26th September 2007

Half Results

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Entertaiment Industry | What has changed

Technological Innovation is changing consolidated entertainments models

Increase in the personalisation of the different forms of entertainments

Increase in demand of “premium” content

Audience is increasingly spreading across a multitude of different channels, internet site and free press and distribution platform such as mobile phones and even video games.

“Long Tail Effect” of the modern entertainment

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Traditional Broadcaster | Macro Strategic Options

1. Pure “Content provider” and “Content packager”focus on the productlow level of vertical integrationplatform agnostic

2. “All-round” Media CompanyShift from product to client/viewer vertical integrated“Access” management

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Mediaset | Inclination towards Media Company

Entrepreneurial approach

First to understand importance of developing its business model on an international scale

Control of the broadcasting infrastructure

First among FTA Broadcaster to get into the Pay-TV market

Recent acquisition on the Content side (Endemol, Medusa)

Natural inclination towards Media Company

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Entertaiment Industry | The “Long Tail” Effect

Audience

Fragmentation

GeneralisticContent

ThemeContent Niche Content

Mass Market Audience

Fragmented Audience

“Long Tail“Audience

Concentration

Impacts on the audience market

++

--

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Entertaiment Industry | The Audience Market

Audience

Fragmentation

GeneralisticContent

ThemeContent

Mass Market Audience

Fragmented Audience

“Long Tail”Audience

Concentration

Mainly Advertising (Analog/digital)

Mainly Pay-TV(digital)

Two main business models have proven to co-exist

Niche Content

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Entertaiment Industry | Mediaset’s strategic approach

Audience

GeneralisticContent

ThemeContent

FTA TV: C5, I1, R4 (Mediaset Core Business)

Multichannel: Boing, others to come

Pay TV: Football, Movies, Series, others

Niche: Home Shopping, Internet, Mobile, PCTV, VOD, User Generated Content

Niche Content

Fragmentation

Mass Market Audience

Fragmented Audience

“Long Tail”Audience

Concentration

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FREE TO AIR

MULTICHANNEL

PAY TV

NICHE

CONCLUSIONS

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Mediaset’s Approach | Free to Air Television

Source: Auditel excl. SanRemo

40.7%

43.9%

43.0%

40.1%

1H 2006

INDIVIDUALS

COMMERCIAL TARGET(15-64 Years)

41.1%

41.6%

43.6%

37.4%

1H 2007

24 hours Audience Share:Figures include analog, satellite (incl. SKY Italia homes) and DTT platforms

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Mediaset’s Approach | Free to Air Television

Prime Time Audience Share (20:30 - 22:30)Figures include analog, satellite (incl. SKY Italia homes) and DTTplatforms

INDIVIDUALS

COMMERCIAL TARGET(15-64 Years)

40.9%

45.4%

43.0%

42.6%

1H 2006

41.2%

43.7%

43.4%

40.9%

1H 2007

Source: Auditel excl. SanRemo

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Mediaset’s Approach | Free to Air Television

Sky Italia – Audience Share:April – June, 24 hours Individuals

Sky Channels

Fox Channels

RAI SAT

Discovery Channels

SitCom Channels

Other FTA Satellite

TOTAL SATELLITE

Audience Share (%)

Source: Auditel

2,6

0,7

0,2

0,2

0,1

5,6

9,4

1 channel audience > 0,5

16 channels audience 0,1 –0,5

58 channels audience < 0,1

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FREE TO AIR

MULTICHANNEL

PAY TV

NICHE

CONCLUSIONS

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Mediaset’s Approach | Multichannel

Boing Audience: First Kids Channel

8.6%

9.9%

Individuals (Dtt) - 24 Hours Kids 4 –14 (Dtt) – 24 Hours

September ‘06 September’07

1.1%

1.9%

September ‘06 September’07

Source: Auditel

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Mediaset’s Approach | Multichannel

Boing Audience: First Kids Channel

Individuals - 24 Hours Kids (4 – 14) – 24 Hours

Boing 0.35 Boing 2.53Disney Channel 0.33 Disney Channel 2.36

Playhouse Disney 0.24 Playhouse Disney 1.42Disney Channel +1 0.16 Disney Channel +1 1.20

RaiSat Yoyo 0.06 RaiSat Smash 0.42RaiSat Smash 0.05 RaiSat Yoyo 0.30

Source: Auditel, September’07

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Mediaset’s Approach | Multichannel

Further implementation of the “family of channels” strategy on DTT, in order to:

Take advantage from the ongoing audience fragmentationSatisfy the viewers’ multichannel demandBuild a multichannel offer at no incremental cost: new channels will mainly feature re-runs Further exploitation of existing library and production

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FREE TO AIR

MULTICHANNEL

PAY TV

NICHE

CONCLUSIONS

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Mediaset’s Approach | Pay TV

Mediaset Premium Pay-TV present offer:

FOOTBALL

MOVIES

SERIES

REALITY SHOWS

OTHER EVENTS

live broadcast of Serie A and UEFA Champions League matches

the most recent international blockbusters

the latest episodes of America’s most famous Series

24 hours coverage of the currently playing shows

theater plays, concerts

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Mediaset’s Approach | Pay TV

Mediaset Premium smart cards and recharges sale performance*:

End of Phase 1

2.9182.9982.7942.5742.369

2.0921.9511.9221.7981.438

2.135

1.5611.994

9.413

7.933

9.1888.202

6.9116.266

5.380

4.3382.820

1.2822.048

2.6282.730

0

1.000

2.000

3.000

4.000

5.000

6.000

7.000

8.000

9.000

10.000

Aug. Dec '05 Feb '06 Apr Jun '06 Aug Oct. Dec '06 Feb '07 Mar Jun '07 July '07 Aug 16/09/2007

SmartCard Sold to retailers Recharges Sold to retailers

000’s

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FREE TO AIR

MULTICHANNEL

PAY TV

NICHE

CONCLUSIONS

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Mediaset’s Approach | Niche Audience

Home Shopping

Internet based platform

Digital Merchandising (VAS)

Mobile

Participation TV

Merchandising

Music

coming soon

DVB-H / UMTS

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Mediaset’s Approach | Home Shopping

Internet

Retail

Catalogueand Print

Direct Marketing

Production and post Production FacilitiesRetailing and MarketingCustomer Service Delivery and Logistics

C5, I1, R4 Windows

Over 20 ml tv contacts each dayOver 1.3 ml clients 60% Revenues from Windows and 24h ChannelFrom Jan. to Sept. 2007:

- 30.000 average orders per month- 100 euro, average revenue per order

24h Channelon Dtt & Satellite

Mediaset’s home shopping business:

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Mediaset’s Approach | Internet platform

Through internet platform Mediaset offers:

MULTIPLATFORM NEWS SERVICE

COMMUNITIESand

USER GENERATED CONTENTVIDEO ON DEMAND

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Mediaset’s Approach | Internet platform

TGCOM provides real time news through its website and its mobile update service

MULTIPLATFORM NEWS SERVICE

Unique Users: 4.400.000 per monthPage Impressions: 147.000.000 per month

Source: Nielsen NetRatings

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Mediaset’s Approach | Internet platform

120 SECONDS120 SECONDS

Wanna-be reporters can share and publish their work on this section of the TGComwebsite

6 COME 66 COME 6

Viewers can shoot their ownItalia 1 channel promotionalvideo. The best works will bebroadcast on FTA

LE IENELE IENE

On the website of one of Mediaset most popular tv shows people can share funny videos and candidcameras

TALENT 1TALENT 1

Singers, dancers and youngfilm directors can promotethemselves by sharing theirperfomance samples on the web

Unique Users: up to 3.600.000 per monthPage Impressions: up to 100.000.000 per month

COMMUNITIES and SELF GENERATED CONTENT

Source: Nielsen NetRatings

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Mediaset’s Approach | Internet

VIDEO ON DEMAND

The best content from all Mediaset platforms is also available on demand through its PC – Television service

DOWNLOAD AND PLAY

STREAMING WITH ADVERTISING

Content available for download upon payment (e.g. TV Series: EUR 1.99 per episode)

Content can be viewed on line with advertising windows

45 million videos watchedand 350.000 new unique

users since launch in April2007

Unique Users: up to 1.200.000 per month

Source: Nielsen NetRatings

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Mediaset’s Approach | Internet

Video on demand: current content offer

Italian FictionItalian Fiction

American TV Series

American TV Series

Live Football Matches

Live Football Matches

MoviesMovies

Entertainment shows

Entertainment shows

Carabinieri, Distretto di Polizia,…

The Closer, The OC, Smalville, Nip/Tuck

The Serie A league 3 most excitingmatches of the day

National and internationalblokbuster movies

Re-runs of Mediaset’s best entertainment programming

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Mediaset’s Approach | Mobile Big Brother: more than 80.000 videos downloadedduring the last edition

ACCESS

CONTENTS

One integrated offer of textual and audiovisual content:developed as a wap-based mobile site delivered via the Mobile Operators portals under one umbrella brand Mediaset.itTV services: program guide, in-depth information, programmingVideos from the best TV shows: Grande Fratello, Amici, Scherzi a Parte..Videonews: Tg5, Tgcom, Studio Aperto…

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Mediaset’s Approach | Mobile (DVB-H)

Transmission Network Content

- 3 Commercial Channels- “Series A” Championship- Champions League

- 3 Commercial Channels- “Series A” Championship- Boing (kids channel)

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FREE TO AIR

MULTICHANNEL

PAY TV

NICHE

CONCLUSIONS

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Conclusions | Mediaset’s Strategic Priority

Focus on “Core Business”Enhance the value of specific target audience and emphasize the uniqueness of commercial TV target

Consolidate the present programming cost discipline

Increase exploitation of our brand and contentEnhancing Multichannel strategy (FTA)

Increasing “premium” content (PPV)

Enlarge DTT platform

Test valuable business model in the “niche audience” area (independently from the platform)

Opportunistic approach in M&A

CONTENT

GEOGRAPHY

ACCESS

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Sanford C. BernsteinFourth Annual

Strategic Decisions Conference 2007

London, 26th September 2007

Half Results

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Forward-looking StatementsStatements contained in this document, particularly the ones regarding any Mediaset Group possible or assumed future performance, are or may be forward lookingstatements and in this respect they involve some risks and uncertainties.

Mediaset Group actual results and developments may differ materially from the onesexpressed or implied by the above statements depending on a variety of factors.

Any reference to past performance of Mediaset Group shall not be taken as anindication of future performance.

This announcement does not constitute an offer to sell or the solicitation of an offerto buy the securities discussed herein.

Investor Relations Department:

Tel: +39 02 2514.7008Fax: +39 02 2514.6719Email: ir@mediaset.itWebSite: www.gruppomediaset.it/investor/