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					The European Internet Communication Company




                     May 2001
Speakers




              RENATO SORU
              Chairman and CEO

           MASSIMO CRISTOFORI
           CHIEF FINANCIAL OFFICER
A proven business model…

                         Italian business * quarterly EBITDA




 * Tiscali SpA, includes head quarter costs of approximately Euro 2.7 million in Q1 2001
…leading to one year of growth
                             Q1 2000           Q1 2001           growth %
 Registered subscribers         1.8m               16m               790
 Unique users                   1.2m              9.5m               690
 Monthly minutes on line       0.5bn              3.4bn              580
 Active subscribers (30 d)      0.9m              7.0m               680
 Sales                         € 33m           € 167m                406
  Top 3 position in a single country                      Top 3 positions in 8 countries


                                       Top 3 position

                                       Presence
 Growth in all the key metrics
                           Registered users                                                      Active users




                                                                              Monthly page views and minutes
                         Unique visitors
                                                                                          on line




Proforma data on constant basis as at 31/3/01, excludes recent acquisitions   * Recent acquisitions (LibertySurf, Planet Interkom, SurfEU, LineOne)
The integration challenge
  Tiscali does not have a multi-brand strategy – strong savings from unifying brands – to
  be completed by Q1 2002 in France and this year in the rest of Europe
  Full benefits of network integration and unification of R&D, technological platforms to
  be fully realised by Q3 for World Online and Q4 for LibertySurf
  Staff cost reduction of about 53% in the last quarter
  Tight operating costs control

                  World Online integration:
                         Rotterdam headquarters closed
 World Online            Completed drastic turnaround actions in Germany, Benelux,
                         Spain, Switzerland, Italy, in progress UK (including new
                         acquisitions)


                  Integration process is proving very fast:
                          New, effective management already in place
                          Shutdown of non French operations in progress
 LibertySurf
                          Sales & marketing expenses reduction implemented
                          Expect to cut losses drastically already from Q2
Immediate turnaround
                                 Quarterly pro-forma EBITDA




Proforma data on constant basis as at 31/3/01, escludes LibertySurf, Planet Interkom, SurfEU, Line One
The integration challenge
            Tiscali Q4 2000 and Q1 2001 EBITDA
Financials – quarterly results
Financials – quarterly results

   Growth of access revenues (+1% Q on Q) limited by strong reduction
   in marketing expenditure (-66%) and by some special access offers in
   Germany which have now been terminated. Growth in minutes’ traffic
   was about 10% in the quarter
   Portal revenues, including advertising sales, continue to increase
   rapidly (+18%) even in a declining European market
   Reduction in low margin voice sales in line with our strategy and
   expectations
   B to B sales are down 25% from the previous quarter due to a
   revenue peak in Q4 00 and in particular to the demands of the
   integration process in Q1 01. We expect that the growth trend will
   resume from Q2
   Keeping our promises for reduction in G&A/personnel costs
   Benefits of network, technology cost savings and revenue synergies
   estimated to come through by Q3/Q4 2001
Quarterly proforma results




                                                                                 **




  ** of which, Euro 17 m related to continuing operations, remainder to non French operations, currently
  being discontinued
Recent acquisitions
Reaching the 3rd position in Europe’s biggest market
                1,1 m registered and 0.6 m active users as at 31/3/01
                User growth in excess of 100,000 per month
                Powerful distribution agreement with Media Saturn
                (Metro Group), 300 electronics superstores in Europe
  SURFEU        and growing
                Expected average customer acquisition cost of about
                €20/25
                Personnel cost to Tiscali (both ongoing and restructuring)
                capped at € 0.5 million
                 0.7 m active users
  PLANET         All employees retained by vendor
 INTERKOM        Positive impact on EBITDA within 6 months post-closing

                 1.8 m active users
                 Current gross adds in excess of 50,000 per week
   N. 3 in
                 More than 30 m mins/day
  Germany
                 Network infrastructure in advanced stage of development
                 ADSL partnerships being negotiated
Recent acquisitions
Consolidate market position and enhance portal capabilities in
UK
                   1,9 m registered users
                   Over 0.4 m active ISP users
                   1.3 m unique visitors
  LINE ONE
                   5th portal in UK per time spent
                   300 m minutes of monthly traffic
                   €20m EBITDA synergies p.a.

                              NEXT STEPS



         Further deals envisaged in UK/Germany/Spain
         Will not acquire any company which would delay achievement of
         profitability target and is not strongly accretive (EV/Sales, EV/User)
         May seek to take advantage of low price of portal assets, as in the
         case of Excite Italy
Recent acquisitions
The Internet communication company
A next generation network

  Most peered interconnected
  network in Europe (350
  peering agreements)
                                                                                                                                                                            Stockholm



                                                                                                                                                                  Oslo




  The only European ISP with                                     Chicago
                                                                                        New York




  US network
                               San Jose
                                                                           Washington
                                                                               DC

                                                                                                                                                                           Copenhagen


                                          Los Angeles




    (tier 1 network)
                                                                                                                                                                     Hamburg
                                                                                                                         London                 Amsterdam




                                                        Dallas
                                                                                                                                                     Dusseldorf
                                                                                                                                                                                Prague
                                                                                                                                                         Frankfurt




    No IP transit costs
                                                                                                                                     Brussels

                                                                                                                        Paris


                                                                                                                                                                                Vienna


                                                                                                                                                Zurich

                                                                                                                                                               Milano



                                                                                                                         Marseille




  Multicasting platform
                                                                                                                                                                         Rome
                                                                                                   Madrid   Barcelona




                                                                                                                                                          Cagliari
The Internet communication company
New Telco - New Media
                        ACCESS SERVICES
                          -Internet
                          -VoIP
                          -Unified Messaging
                          -Voice Portal
                          -Mobile VNO
        IP based
    interconnected                               B2B
         network
                        -Web Portal
                        -Audio Video Streaming
                        -Advertising
                        -E-commerce


                     CONTENT DISTRIBUTION
Tiscali progress since IPO
Benefits of European expansion
Main goals for 2001


  Consolidate European leadership as the first
  Internet communication company

  Broadband roll out through network sharing and
  strategic partnerships

  EBITDA positive in Q4 2001
Disclaimer



       This presentation contains unaudited proforma financial data; it also includes
           forward-looking information that is subject to risks and uncertainties
          associated with Tiscali and the Internet sector. This information reflects
       Tiscali’s management expectations, based on currently available information.
       The forward-looking information reflects certain assumed market parameters
        and other assumptions, but may differ materially from actual future results.


              This presentation does not constitute an offer of Tiscali Shares


      Not for release, publication or distribution, in whole or in part, in or into United
                        States, Canada, Australia, Japan or Germany.

				
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