“Fair value" of the ordinary RCS MediaGroup free shares granted to shareholders

Milan, May 22, 2007 - In accordance with article 27.2 of Presidential Decree 600 dated September 29, 1973 and articles 9.4, 47.1 and 47.3 of Presidential Decree 917 dated December 22, 1986, the Company informs that the “fair value” of RCS MediaGroup ordinary shares (par value €1.00 and carrying dividend rights from January 1, 2007), granted by way of free shares to shareholders as approved by the ordinary shareholders’ Meeting held on April 27, 2007 in the ratio of 2 shares for every 100 ordinary and/or savings shares held, calculated on the basis of the average official price of RCS MediaGroup ordinary shares in the period running from April 21 to May 21, 2007 inclusive, is € 3.994.