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FastWeb Refutes Press Allegations

FastWeb: No irregularities in the Company’s business activities

January 23, 2007

1 Min Read

MILAN -- With reference to the articles appearing in today’s press and in addition tothe Company’s previous statement, FASTWEB (Milan, MTAX: FWB) wishes to specify thefollowing:

- The investigation by the Public Prosecutor’s office in Rome relates to the business of someoperators’s pay services who use the transport networks of Italian telephone operators, amongwhich is FASTWEB who plays a very marginal role. The activity is of an ordinary nature and,as such, is carried out by numerous telephone operators both in Italy and abroad;
- This business activity, which is secondary with respect to the Company’s business volumesand turnover, has made a modest contribution to the EBITDA - around 1% - over the last fewyears;
- For these services, which have materially been provided, FASTWEB has issued normalinvoices that have been included in the accounting records in accordance with current fiscaland VAT regulations. In this context, any other hypothetic conduct would be contrary tocommon sense and to the Compnay’s economic interests;
- The Company, over the course of its business activities, has invested over 3 billion Euro inimplementing its own network, accumulating considerable VAT receivables;
- As regards the false corporate communications, there has never been a question of this nature,taking into account that neither the judicial nor the controlling authorities have raised anyfindings against the Company.

FASTWEB, since the beginning of the enquiries (the end of 2004), has guaranteed the judicialauthorities its fullest of cooperation.

Fastweb SpA (Milan: FWB)

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