| 1 |

9M 2009 Results Presentation10 November 2009

| 2 |

Broadcasting

| 3 |

INDIVIDUALS

39.8%

43.3%

41.9%

40.3%

39.0%

41.7%

41.4%

38.4%

MEDIASET 2009 9M | PRIME TIME Audience Share

Broadcasting

2008 2009January-September

Source: Auditel

COMMERCIAL TARGET (15-64 Years)

| 4 |

MEDIASET 2009 9M | PRIME TIME Audience Share

Broadcasting

January-September

Source: Auditel

20.8%

23.1%

22.7%

19.6%

INDIVIDUALS

COMMERCIAL TARGET (15-64 Years)

21.2%

22.5%

23.5%

18.7%

2008 2009

| 5 |

MEDIASET 2009 9M | DAY TIME Audience Share

Broadcasting

January-September

Source: Auditel

20.2%

21.6%

21.7%

18.0%

INDIVIDUALS

COMMERCIAL TARGET (15-64 Years)

20.5%

20.9%

21.9%

16.9%

2008 2009

| 6 |

MEDIASET 2009 9M| Multichannel Audience Share24 Hours – Individuals

Boing

FOX Crime

SKY Sport 1

RAI 4

SKY Cinema 1

Disney Channel

FOX Life

SKY TG 24

0.7%

0.4%

0.4%

0.3%

0.3%

0.3%

0.2%

0.2%

Broadcasting

| 7 |

M

Advertising

| 8 |

(Euro ml.)

9M 2008 9M2009

-10.8%

1823.02,043.2

Advertising

MEDIASET 2009 9M | Publitalia Advertising Revenues

| 9 |

(Euro ml.) Jan-Mar Jan-June

-12.0%

-13.0%

Advertising

MEDIASET 2009 9M | Publitalia Advertising Revenues

Jan-Sept

-10.8%

| 10 |

(Euro ml.)

9M 2008 9M2009

Including Digitalia-10.1%

1870.82,081.3

Advertising

MEDIASET 2009 9M | Publitalia and Digitalia Advertising Revenues

| 11 |

Italian Advertsing Spending trend

Total Market

Total Market without Mediaset

Mediaset

Rai

National Newspapers

Magazines

Radio

Internet

Advertising

-16.0%

-18.4%

-10.6%

-21.5%

-22.9%

-28.8%

-14.0%

+5.2%

Source: Nielsen (January-September)

9M 2009 vs. 9M 2008

| 12 |

MEDIASET 2009 9M | Advertising Breakdown by Sector

Positive performance

TLC+2.3%

PHARMACEUTICAL/HEALTH +5.4%

TOURISM+43.9%

Advertising

Decrease < 10.8% YoY Decrease > 10.8% YoY

TOILETRIES/PERSONAL CARE

-6.5%

HOUSEKEEPING-10.5%

AUTOMOTIVE-10.5%

MEDIA/PUBLISHING-29.6%

FOOD-13.2%

BEVERAGE-12.7%

FINANCE-14.2%

% ON ADVERTISING

REVENUES27% 25% 48%

| 13 |

Mediaset

-32.0%

-12.0%

Advertising

-38.0%

RAI Press Total

Mediaset

RAI Press Total

-24.0%

-35.0%

+4.0%

-14.0%

-6.0%

MEDIASET 2009 9M | Advertising Trend by Sector

Auto TLC

Source: Nielsen (January-Aug)

| 14 | Advertising

MEDIASET 2009 9M | Customer Base

ACTIVE CLIENTS

New Clients

-5.8%

-7.3%

% TOP 10 Investors

% TOP 20 Investors

9M 2009 vs. 9M 2008

27%

40%

% on total sales

859

190

| 15 |

Financials

| 16 |

2,993.9

1,515.0

705,2

(2.2)

355.8

314.1

MEDIASET GROUP 2009 9M | P&L Highlights

Net Consolidated Revenues

EBITDA

EBIT

Net Profit from discontinued operations

NET PROFIT (Reported) *

Adjusted NET PROFIT **

2,652.1

1,193.2

380.9

(0.5)

184.2

198.0

9M 2008 9M 2009(Euro ml.)

Financials

* Including the impact of discontinued operations (Medusa Cinema and Multicinema)** Net profit adjusted in 2008 for the net impact of the amortization of intangibles related to the PPA of Endemol and the impact of the fiscal assets realignment (2008 Italian Budget Law); in 2009 for the impact of the amortization of intangibles related to the PPA of Endemol

| 17 |

2009 9M RESULTS | Italian Business

| 18 |

2,259.5(311.2)(866.8)1,081.6(593.1)(107.6)

380.9-

380.9(57.0)(7.3)

316.6(63.4)248.5

MEDIASET ITALIAN BUSINESS 2009 9M | P&L Results

Net Consolidated RevenuesPersonnel CostsOther Operating CostsEBITDARights AmortisationOther Amortisation & DepreciationOperating ProfitGain (Losses) from Equity disinvest.EBITFinancial Income (Losses)AssociatesPre-Tax ProfitTaxesNET PROFIT

9M 2008 9M 2009(Euro ml.)

Financials

2,220.7(316.8)(900.8)1,003.1(618.9)(85.8)298.4

-298.4(27.3)(0.2)

271.0(108.0)

156.0

| 19 |

MEDIASET ITALIAN BUSINESS 2009 9M | Operations Breakdown

FTA TV

Network Operator

Pay TV

Other Activities

Intra-company Eliminations

Adjustments

TOTAL

Total NetRevenues

1,623.8

161.8

379.9

272.5

(96.8)

(120.4)

2,220.7

OperatingProfit

311.9

20.8

(52.6)

36.2

-

(17.8)

298.4

(Euro ml.)

Financials

Total Costs(including D&A)

(1,311.9)

(141.0)

(432.5)

(236.3)

96.8

102.6

1,922.3

| 20 |

1,788.5

2,043.2

4.9

(304.4)

43.9

0.9

(1,362.6)

(260.5)

(553.3)

(443.6)

(46.5)

(58.7)

425.923.8%

MEDIASET ITALIAN BUSINESS 2009 9M | FTA TV Operations(Euro ml.)

Total Net TV Revenues

TV Advertising Revenues

Multichannel Adv. Revenues

Commissions

Other TV Revenues

Net Intra-company Items

Total TV CostsPersonnel

TV Operating Costs

TV Rights Amortisations

Other A&D

Net Intra-company Items

FTA TV Operating Profitmargin

1,623.8

1,823.0

6.1

(271.9)

65.7

1.0

(1,311.9)

(261.4)

(502.9)

(444.2)

(42.4)

(61.0)

311.919.2%

9M 20099M 2008

Financials

| 21 |

152.655.6

4.3

92.6

(145.6)(26.0)

(71.8)

(47.8)

6.9

4.5%

MEDIASET ITALIAN BUSINESS 2009 9M | Network Operator

Total Net Revenues3° Party DVB-T/DVB-H Revenues

Other Revenues

Net intra-company Items

Total CostsPersonnel

Other Operating Costs

Other Amortisation & Depreciation

Network Operator Operating Profit

margin

9M 20099M 2008(Euro ml.)

Financials

161.865.0

4.8

92.1

(141.0)(26.7)

(73.7)

(40.6)

20.8

12.8%

| 22 |

Source: Company data, until 30 September 2009

MEDIASET PREMIUM | Active Clients

1 Jul 31 Dec

2,911,000

2,067,000

2,851,000

2009

30 Sep

2008

20072,471,000

1,618,000

Financials

| 23 |

269.5

129.7

8.4

132.7

(1.2)

(313.7)(5.3)

(128.1)

(150.8)

(29.5)

(44.1)

MEDIASET ITALIAN BUSINESS 2009 9M | Pay TV

Total Net Pay TV Revenues

Pay TV Revenues

Advertising Revenues

Other Revenues

Commissions

Total Pay TV CostsPersonnel

Other Operating Costs

Rights Amortisations and Other D&A

Net intra-company items

Pay TV Operating Profit

379.9

212.2

18.3

152.0

(2.6)

(432.5)(10.6)

(212.2)

(178.2)

(31.5)

(52.6)

9M 20099M 2008(Euro ml.)

Financials

| 24 |

250.070.6

108.5

15.9

25.0

29.6

0.5

(237.8)(19.5)

(144.3)

(68.2)

(5.8)

12.2

MEDIASET ITALIAN BUSINESS 2009 9M | Other Activities9M 20099M 2008(Euro ml.)

Financials

Total Net RevenuesMedusa/Taodue 3° Party revenues

Medusa/Taodue intra-company revenues

Multimedia

Mediashopping

Other Non-TV Revenues

Net Intra-company Items

Total CostsPersonnel

Other Operating Cost

Rights Amortisations and Other D&A

Net Intra-company Items

Other Activities Operating Profit

272.565.8

120.4

15.9

38.3

28.3

3.7

(236.3)(18.2)

(143.8)

(70.0)

(4.2)

36.2

| 25 |

424.4* 395.5*

491.6** 486.9**

17.9 35.1

49.3

0.9 -

(Euro ml.) TV rights and cinema

Pay TV rights

DTT

Technical & immaterial

Option rights

Total Investments

MEDIASET ITALIAN BUSINESS 2009 9M | Investments

Financials

984.1 965.3

9M 20099M 2008

* Including 52.7 ml Euro in 2008 and 72.2 ml Euro in 2009 of Medusa/Taodue rights investments** Including Serie A Football Rights: in 2008 442.1 ml Euro for all encrypted rights of 2009-10 Season and in 2009 435.0 ml Euro for 2010-11 and 2011-2012 Seasons

47.8

| 26 |

(1,222.0)

272.1

936.2

(984.1)

1.1

318.9

(9.6)

262.5

(139.7)

-

162.7

(488.7)

(203.2)

(1,425.2)

MEDIASET ITALIAN BUSINESS 2009 9M | Cash Flow Statement

Initial Net Financial Position (01/01)

Free Cash Flow from Core Activities

- Cash Flow from Operations

- Investments

- Disinvestments

- Change in Net Working Capital (CNWC)

Equity (Investments)/Disinvest.

Free Cash Flow

Change in consolidation area

Change in Equity (incl. Buyback Program)

Cashed in Dividends

Dividends

Total Net Cash Flow

Final Net Financial Position (30/09)

9M 20099M 2008(Euro ml.)

(1,345.8)

230.7

870.0

(965.3)

1.2

324.7

(11.8)

218.9

26.7

-

107.6

(431.9)

(78.8)

(1,424.6)

Financials

| 27 |

Back Up Slides

| 28 |

850.5

392.2

137.9

120.8

80.5

MEDIASET ITALIAN BUSINESS | Medusa Cinema deconsolidation

Net Consolidated Revenues

EBITDA

EBIT

Pre-Tax Profit

NET PROFIT

835.7

390.3

136.7

119.9

80.5

1Q 2008*1Q 2008 restated (Euro ml.)

Financials

Deconsolidation

effect

(14.9)

(1.9)

(1.2)

(0.8)

0.0

* As reported in previous earnings release

1Q 2008 and 1Q 2009

807.8

347.6

95.6

81.8

47.4

793.0

364.2

94.8

81.3

47.4

1Q 2009*1Q 2009 restated

Deconsolidation

effect

(14.8)

(1.4)

(0.8)

(0.5)

0.0

2008 2009

| 29 |

1,658.9

757.4

279.7

259.0

154.2

(27.3)

(0.3)

0.8

1.6

1.2

1,631.6

757.1

280.5

260.6

155.3

1,684.8

833.4

357.7

319.0

255.3

(24.8)

(0.9)

0.6

1.3

0.0

1,709.6

834.2

357.1

317.7

255.3

MEDIASET ITALIAN BUSINESS | Medusa Cinema deconsolidation

Net Consolidated Revenues

EBITDA

EBIT

Pre-Tax Profit

NET PROFIT

1H 2008*1H 2008 restated (Euro ml.)

Financials

Deconsolidation

effect

* As reported in previous earnings release

1H 2008 and 1H 2009

1H 20091H 2009 restated

Deconsolidation

effect

2008 2009

| 30 |

2,259.5

1,081.5

380.9

316.6

248.5

(35.6)

(0.9)

1.3

2.7

0.0

2,295.2

1,082.4

379.6

314.0

248.5

MEDIASET ITALIAN BUSINESS | Medusa Cinema deconsolidation

Net Consolidated Revenues

EBITDA

EBIT

Pre-Tax Profit

NET PROFIT

9M 2008*9M 2008 restated (Euro ml.)

Financials

Deconsolidation

effect

* As reported in previous earnings release

9M 2008

2008

2,248.0

1,003.4

297.6

269.4

154.9

(27.3)

(0.3)

0.8

1.6

1.2

2,220.7

1.003.1

298.4

271.0

156.0

9M 20099M 2009 restated

Deconsolidation

effect

2009

| 31 |

3,218.7

1,565.2

596.8

486.6

378.1

(52.3)

(3.8)

(0.9)

1.3

0.0

3,271.0

1,569.0

597.7

485.3

378.1

MEDIASET ITALIAN BUSINESS | Medusa Cinema deconsolidation

Net Consolidated Revenues

EBITDA

EBIT

Pre-Tax Profit

NET PROFIT

FY 2008*FY 2008 restated (Euro ml.)

Financials

Deconsolidation

effect

* As reported in previous earnings release

FY 2008

2008

| 32 |

MEDIASET SPANISH BUSINESS | Back up Slides

| 33 |

734.9

(63.3)

(238.1)

433.5

(109.2)

324.3

(1.9)

(30.0)

292.4

(73.3)

228.4

242.4

432.2

(59.3)

(182.9)

190.1

(107.6)

82.5

2.3

(26.4)

58.5

-

62.2

78.5

TELECINCO 2009 9M | P&L Results

Net Consolidated Revenues

Personnel Costs

Other Operating Costs

EBITDA

Amortisation & Depreciation

EBIT

Financial Income (Losses)

Associates

Pre-Tax Profit

Taxes

NET PROFIT Reported

NET PROFIT Adjusted*

9M 2008 9M 2009(Euro ml.)

Financials

* Excluding the net impact of the amortisation of intangibles related to the PPA of Endemol

| 34 |

9M 20099M 2008

115.1 127.2

4.4 3.2

TV rights

Tangible & Intangible Fixed Assets

Total Investments

TELECINCO 2009 9M | Investments

Financials

159.7 135.8

(Euro ml.)

40.3 5.4Co-production & Distribution

| 35 |

13.2

276.3

347.5

(158.5)

87.3

0.2

(1.3)

(23.4)

1.6

(317.6)

(64.3)

(51.1)

TELECINCO 2009 9M | Cash Flow Statement

Initial Net Financial Position (01/01)

Free Cash Flow

- Cash Flow from Operations

- Investments/Disinvestment

- Change in Net Working Capital (CNWC)

Change in consolidation area

Change in Equity

Equity (Investments)/Disinvest.

Cashed in Dividends

Dividends

Total Net Cash Flow

Final Net Financial Position (30/09)

9M 2008 9M 2009

(25.8)

69.7

195.4

(134.6)

8.9

-

(2.5)

(9.8)

1.8

(210.3)

(151.1)

(176.9)

(Euro ml.)

Financials

| 36 |

Forward-looking StatementsStatements contained in this document, particularly the ones regarding any Mediaset Group possible or assumed future performance, are or may be forward looking statements and in thisrespect they involve some risks and uncertainties.

Mediaset Group actual results and developments may differ materially from the onesexpressed or implied by the above statements depending on a variety of factors.

Any reference to past performance of Mediaset Group shall not be taken as an indication of future performance.

This announcement does not constitute an offer to sell or the solicitation of an offer to buy the securities discussed herein.

The executive responsible for the preparation of the Mediaset S.p.A. accounts, Andrea Goretti, declares that, as per para. 2 art. 154-bis, of the “Testo Unico della Finanza”, that the accounting information contained in this document corresponds to that contained in the company’s books.

Investor Relations Department:

Tel: +39 02 2514.7008Fax: +39 02 2514.6719Email: ir@mediaset.itWebSite: www.mediaset.it/investor/