Tiscali’s board of directors approves 1Q05 results

Cagliari, 12th May 2005 - The Board of Directors has confirmed Ruud Huisman as CEO of the Group and has appointed Vittorio Serafino as Chairman of the Board.
1Q05 results were in line with the forecasts set out in the 2005-2007 business plan, which was announced a few weeks ago. The focus on growth in broadband and related value-added services in four countries (Italy, Germany, the Netherlands and the UK) has already produced clear improvements in profitability.

The analysis of pro-forma results, on the same perimeter as the 2005-2007 business plan, shows that the gross margin improved from 48% in 1Q04 to 51% in 1Q05, while the EBITDA marginexpanded from 9% to 15% over the same period (EBITDA was 13.3 million in 1Q04, and EUR 25 million in 1Q05).

At the end of the first quarter of 2005, the Tiscali had 150,000 ADSL additional subscribers in the countries included in the business plan compared with end-2004, taking the total number of ADSL customers to over 1.2 million (pro-forma).

The growing profitability of investment activities, in line with the business plan, and other measures currently being implemented (such as the sale of the Spanish subsidiary and network infrastructure of TiNet), will enable Tiscali to complete its financial programme aimed at the repayment of outstanding debt and at supporting further growth.

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