The Board of Directors resolves upon a share capital increase and approves the investment of M&C

Cagliari, 19th November 2007

Share capital increase of up to EUR 150 million

The Board of Directors of Tiscali SpA (Tiscali) has exercised the powers granted by the EGM of Tiscali SpA on 31st August 2007 for a maximum amount or EUR 220 million, resolving upon a share capital increase of up to EUR 150 million to be offered with pre-emption rights for Tiscali’s shareholders. It is expected that the capital increase will be executed in the first months of 2008, depending on market conditions, and that the capital increase proceeds will be utilised to partially refinance the debt related to the acquisition of the broadband and voice division of Pipex in the UK. The terns of the capital increase will be set closer to the offer. Banca IMI and JPMorgan will act as lead managers of the future underwriting consortium.

Management&Capitali: EUR 60 million bonds convertible into Tiscali SpA shares

Tiscali has also signed an agreement whereby Management&Capitali SpA (M&C) will underwrite EUR 60 million of subordinated bonds convertible into Tiscali new shares. The bonds will be issued by a Luxembourg company controlled by Tiscali SpA, which will also guarantee the bonds.

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