Tiscali's board of directors approves 3Q03

Milan, 14th November 2003 - The board of directors of Tiscali has approved the company’s 3Q03 results.

- Consolidated revenues at EUR 222.2 million in 3Q03, up 24% YoY
-  602,000 ADSL customers, an increase of 132,000 (or 28%) vs. 2Q03; 18,000 new   subscribers per week in September
- EBITDA positive for the fourth consecutive quarter at EUR 14.1 million

Revenues and EBITDA continued their upward trend despite seasonality (most notably in July and August). Revenue growth was driven mainly by ADSL broadband services, which attracted an average of 11,000 new users per week over the quarter (and 18,000 in September), bringing the total number of ADSL subscribers to 602,000 at end-September.

The rise in broadband offset slower growth in the number of narrowband users and minutes online (due to the hot summer), and enabled Tiscali to increase its broadband market share in all of the major European countries—while keeping its contribution margin broadly unchanged for both internet access and the business as a whole.

Tiscali should be able to continue improving the margins on its broadband services thanks to the efficiency of its proprietary network and its strategy of selective investment in unbundling of the local loop. Such investments have already started in the Netherlands and will be implemented in 12 cities in Italy and France in 2004. Tiscali’s solid EBITDA results allow to confirm FY 2003 target. 3Q03 revenues. Consolidated revenues stood at EUR 222.2 million in the third quarter, up 24% on the EUR 179.9 million posted in 3Q02. The main revenue drivers in 3Q were internet access and corporate services.

Access revenues at EUR 150.5 million were up 24% on the EUR 121.7 million posted in 3Q02.

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