DISCLAIMER
The cash tender offer described herein applies without distinction, under equal terms and conditions, to all Telecom Italia Media shareholders, but is not being made, directly or indirectly, in or into the United States, Canada, Japan, Australia or any other jurisdiction outside Italy in which the tender offer would require the authorization of the relevant regulatory authorities or would violate applicable laws or regulations (hereafter “Other Countries”). In like manner, no acceptance of this offer originating, directly or indirectly, from the United States, Canada, and Australia, nor from Other Countries where such acceptance would be in violation of local law, shall be considered valid or effective. The cash tender offer described herein is not being made directly or indirectly, in or into, and cannot be accepted, directly or indirectly from, the United States, Canada or Australia, nor into or from Other Countries either via the services of any market regulated by the United States, Canada, Australia or Other Countries, or by the use of the mails of, or by any means of domestic or international communication or trade of the United States, Canada, Australia or Other Countries (including, without limitation and by way of example only, by mail, fax, telex, e-mail, telephone, the Internet or any other electronic medium or format). Any such offer shall not be capable of acceptance by any such use, means, instrumentality or facility. The information contained herein does not constitute an offer of securities for sale in the United States or offer to acquire or sell financial instruments in the United States, Canada, Australia or Other Countries.