ANNUAL REPORT

Mediaset S.p.A. 2008 Annual Report – Explanatory Notes
with subsidiary Mediaset Investment Belgium S.p.r.l., expiring on 15 December 2008, including
accrual on interest as at 31 December 2008 for a total amount of EUR 1,608 thousand.
The loan contract included the following conditions and terms:
� the reference rate for the calculation of interest is 3 month/365 Euribor plus 25 basis points;
� the quarterly payment of interest is due on the following dates 14 March, 13 June, 15
September and 15 December;
� the capital may be repaid, wholly or in part, at any time;
� this loan expiring on 15 December 2008.
The term of the afore mentioned loan contract was extended by letter dated 2 December 2008
for one month, with expiry date on 15 January 2009. The indicated reference rate, used to
calculate interest is Euribor 1 month/365 + 100 basis points and the relevant regulation was
also extended to the same date.
It should also be noted that upon expiry of such extension a new loan contract was stipulated
with subsidiary Mediaset Investment S.a.r.l. for a notional amount equal to EUR 850,000
thousand.
The residual amount included in this item, amounting to EUR 11,888 thousand refers to the
negative fair value of derivatives on exchange rates, as detailed in the table below.
10.7 Other current liabilities
31/12/2008 31/12/2007
Due to employees for wages and salaries, accrued holiday pay
and expenses 3,841 3,360
Due to insurance companies 67 63
Due to Shareholders for dividends 59 61
Due to Social Security institutions 1,089 1,056
Due to Directors 354 363
Due to Statutory Auditors 245 226
Other liabilities due to third parties 224 643
Other liabilities due to subsidiairies 7,924 14,252
Accruals - 7
Adjustments 1 -
Total 13,804 20,031
Other payables due to subsidiary companies
This item comprises debt for VAT transferred from the subsidiaries to Mediaset S.p.A. as part
of the Group VAT management (mainly referring subsidiary R.T.I. S.p.A.) for EUR 4,903
thousand, and debt for IRES (corporate tax) from tax consolidation equal to EUR 3,017
thousand due to the subsidiary companies included in the Group tax consolidation system
applying the Agreement for the exercise of the option to join the National Tax Consolidation
system.
Payables due to social security institutions
This item refers to amounts payable to social security institutions for employee and employer
contribution of December wages and salaries, amounting to EUR 1,089 thousand (EUR 1,056
thousand as at 31 December 2007).
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