Tessellis

Capital/Financing Update • Jun 30, 2017

Informazione Regolamentata n. 0260-42-2017		Data/Ora Ricezione 30 Giugno 2017 20:44:38	MTA
Societa'	:	TISCALI
Identificativo Informazione Regolamentata	:	91505
Nome utilizzatore	:	TISCALIN02 - Robustelli
Tipologia	:	REGEM
Data/Ora Ricezione	:	30 Giugno 2017 20:44:38
Data/Ora Inizio Diffusione presunta	:	30 Giugno 2017 20:44:39
Oggetto	:	114 law decree N. 58/98	Information to the market pursuant to Art.
Testo del comunicato

Vedi allegato.

Information to the market pursuant to Art. 114 law decree N. 58/98

Cagliari, June 30, 2017

In compliance with Consob's request sent to the Company on July 14, 2009, pursuant to article 114, comma 5, of law decree N. 58/98, the Company provides to the market the following information on the Tiscali Group, referred to May 31, 2017.

^NET FINANCIAL POSITION OF TISCALI GROUP AND TISCALI SPA, HIGHLIGHTING SHORT AND LONG TERM DEBT

Eur (000)	Note	Tiscali Group 31 May 2017	Of Which: Tiscali S.p.A. 31 May 2017
A. Cash B. Other Cash Equivalent C. Securities held for trading		3,318	160
D. Current Assets (A) + (B) + (C)		3,318	160
E. Current financial receivables F. Non current financial receivables		4
G. Current bank paybles		9,698
H. Issued Bonds – current portion I. Current Portion of non-current debt	(1) (2)	199 9,437	199
J. Other current financial debts K. Current financial debt (G) + (H) + (I)+(J)	(3)	15,514 34,847	199
L. Net current financial debt (J) – (E) - (D) – (F)		31,525	39
M. Non current bank payable	(4)	82,856
N. Issued Bonds O. Other non-current debts	(5) (6)	18,283 49,032	18,283
P. Non-current financial debt (M) + (N) + (O)		150,171	18,283
Q. Net financial debt (K) + (P)		181,697	18,322

Notes:

• (1) Includes the short term amount (interests up to May 31, 2017) of the new convertible loan signed on September 7, 2016, with Rigensis Bank e Otkritie Capital International Limited.
• (2) Includes the short term amount of the senior loan towards Banca Intesa / BPM (deal signed on June 29, 2016) for EUR 5.4 million, and the short term amount of other long term banking loan of Aria Group for EUR 4 million.
• (3) Includes EUR 7.8 million for short term Leasing of "Sale and Lease Back Sa Illetta"; and the current portion of finance lease payables related to investments in the network infrastructure for Euro 7.6 million.
• (4) Includes the long term amount of the senior loan towards Banca Intesa / BPM (deal signed on June 29, 2016) for EUR 80.1 million and other Aria Group long term debts for EUR 2.7 million.
• (5) Includes the long term amount of the new convertible bond undersigned on September 7, 2016, with Rigensis Bank e Otkritie Capital International Limited.
• (6) Includes the long term debt "Sale and Lease Back Sa Illetta" for EUR 44.2 million and the long-term portion of finance lease payables related to investment in the network infrastructure for EUR 4.8 million.

OVERDUE DEBT POSITIONS OF THE TISCALI GROUP AS OF ^MAY ^{31 2017}

On May 31 2017, overdue trade payables, amounted to EUR 35.5 million (amount net of payment plans agreed with suppliers and net of credit amounts or claims against the same suppliers).

The overdue financial debts amounted to EUR 6.8 million.

There were also overdue tax debts for approximately EUR 10.7 million. There are also overdue debts towards social security institutions for EUR 3 million.

POSSIBLE REACTIONS OF THE CREDITORS OF THE GROUP AT ^MAY ^{31 2017}

There have been no suspensions of relationships with suppliers, which affected the course of business.

As of May 31, 2017, there were solicitations for payment only within the ordinary course of business. On that date the injunctions for payment received by the Company and not paid off because still in negotiation or opposition, amounted to EUR 6.5 million, while the total injunctions for payment received amounted to EUR 8.7 million.

RELATIONSHIPS WITH RELATED PARTIES OF TISCALI S.P.A. AND TISCALI GROUP

The Tiscali Group holds relationships with related parties on terms deemed customary in the respective reference markets, taking into account the characteristics of goods and services provided.

In the table below are summarized the economic and asset values for the Group Tiscali as of May 31, 2017, arising from transactions with related parties.

Income Statement Values			Of which
Eur (.000)	Note	Tiscali Group May 31 2017	Tiscali S.p.A. May 31 2017
Studio Racugno	1	-	-
Monteverdi S.r.l.	2	(12.2)	-
Convertible Bond	3	(173.5)	(173.5)
Open Campus	4	27.5	-
Open Campus	4	(27.5)	-
TOTAL REVENUES / (COSTS)		(185.7)	(173.5)
BALANCE SHEET VALUES Eur (.000)		Tiscali Goup May 31 2017	Of Which Tiscali S.p.A. May 31 2017
Studio Racugno	1	(19.5)	- -
Monteverdi S.r.l.	2	(17.8)	-
Convertible Bond	3	(9,241.2)	(9,241.2)
Open Campus	4	51.3	-
Open Campus	4	(51.3)	-

(1) Racugno Law Firm: Gabriele Racugno, member of the Board of Directors of Tiscali S.p.A from December 21st 2009 resigned as Director on 16 May 2016. The Racugno Law firm, offers to Tiscali Italia S.p.A legal, judicial and extrajudicial assistance.

(2) Monteverdi s.r.l.: company owned by a member of the Board of Directors Renato Soru. The report in question refers to a lease of space used for the storage of business documentation.

(3) This is the share of Otkritie on the Convertible Bond Rigengis- Otkritie.

(4) Open Campus: company owned 80% by Alice Soru, member of the Board of Directors of Tiscali S.p.A.. There are two contracts with Open Campus, one related to media services provided by Open Campus and the other related to office spaces rented to Open Campus. These two contracts are not related to each other.

It is to be noted that the economic and financial values represented in the above table do not include the fees paid to directors, statutory auditors and key managers.

Press Office Giacomo Robustelli ir@tiscali.it

DECLARATION OF THE EXECUTIVE IN CHARGE OF DRAWING UP THE COMPANY'S ACCOUNTING DOCUMENTS

I, the undersigned Daniele Renna executive in charge of drawing up the Company's accounting documents for Tiscali S.p.A., certify that pursuant to art. 154-bis, subsection 2, of the Legislative Decree 58/98, as subsequently modified, that the accounting information contained in this press release corresponds to the documental results, the books and the accounting entries.

Daniele Renna

Executive in charge of drawing up the Company's accounting documents

_____________________________________________________

Information on Tiscali

Tiscali S.p.A. (Borsa Italiana. Milan: TIS) is one of the leading alternative telecommunications companies in Italy. Tiscali provides its private and business customers with a vast range of services: internet access through ADSL, Fixed Wireless Access and Fiber Optic technology, as well as voice, VoIP, media, and added-value services and other technologically advanced products. As at 31 December 2016 Tiscali reported around 697 thousands customers. The Tiscali website may be accessed at www.tiscali.it