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London, 30 June 2004 - JPMorgan today announced that it is live with the American Depositary Receipt (ADR) programme for Mediaset S.p.A. (Mediaset). JPMorgan will act as successor ADR depositary bank to the Italian broadcasting company.

With a market capitalisation of $13 billion, Mediaset is one of the largest broadcasting groups in the world and a member of 40 indices worldwide, including Italy's MIB30 and the Dow Jones Eurostoxx Media Index. "We want to increase our effort towards reaching out to U.S. investors who represent more than one third of current Mediaset floating share capital," said Marco Giordani, chief financial officer at Mediaset.

JPMorgan currently has a 76% market share in Italian ADRs measured by U.S. institutional investment. Patrick Colle, global head of ADRs at JPMorgan Institutional Trust Services, said, "This is a significant blue-chip client win for JPMorgan and we are delighted to be working with Mediaset. We have a strong franchise in Italy and are increasingly being seen as provider of choice for Italian companies with ADR programmes."

For further information please contact:

Clare Mackinney
+44 (0)20 7325 5755