Tiscali’s Board of Directors approves first half 2004 results

Cagliari, 23rd September 2004 - The board of directors of Tiscali has approved the Group’s first-half 2004 results, which broadly confirm the figures provided for the release of its 2Q04 results.
In August and September 2004, Tiscali also announced the sale of subsidiaries in Austria, Norway, Sweden, South Africa and Switzerland for a total of over EUR 80 million in cash, as the first wave of the announced disposal plan. This plan is consistent with the Group’s strategy of refocusing its activities and concentrating on those markets which offer the best growth and profitability potential.
These disposals, while representing 9% of first-half revenues, correspond to ca 1% of 1H04 EBITDA, less than 5% of the Group’s ADSL users and less than 6% of dial-up users of 30th June 2004.

Resignations of Renato Soru and appointment of Vittorio Serafino as Chairman of Tiscali

The Board of Directors of Tiscali, upon proposal by Renato Soru, has appointed Vittorio Serafino, Executive Chairman of Tiscali following the resignation of Renato Soru himself. The appointment of Vittorio Serafino as board member will have to be ratified in the next shareholders’ meeting.
Serafino, 54, has a long standing experience in merchant and commercial banking: he was deputy general manager of IMI with the responsibility of the retail and institutional banking business. Following the merger with Sanpaolo, which resulted in the creation of the largest Italian banking group, he was responsible for the commercial banking business. Until 2002, he was managing director of Banco di Napoli, within the Sanpaolo IMI group, which was subsequently merged with the parent company.
Lately, he acted as deputy chairman of Fideuram Vita.

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