Tiscali's Board of Directors reviews the company's Articles of Association and assigns stock options to management

Cagliari, 28th June 2007 - Tiscali’s Board of Directors has today reviewed the Articles of Association of the company in light of the late law changes (law 262/2005, Legislative Decree 303/2006 and Consob rule 11971/199). Changes are mainly related to the board of directors’ and statutory auditors’ appointment procedures.

Moreover, Tiscali’s Board of Directors - implementing the stock options plan for Tiscali SpA and its Italian subsidiaries’ employees, following the EGM resolution of 3rd May - has assigned to 22 managers a total of 3,190,000 options to subscribe an equal number of ordinary shares of Tiscali SpA. The right to exercise the allocated options starts from 29th June 2010 and expires on 28th December 2010, at an exercise price of € 2.378 per option - equal to the arithmetic average of the Official Prices of Borsa Italiana for the Company shares in the month preceding today’s Board of Directors’ resolution, according to the applicable tax law.

The stock options plan aims to align the management interests to the value creation for the Tiscali Group and for its Shareholders, prompting the achievement of its strategic goals.