Deutsche Bank 10th Italian Conference

Milan, 27 May 2009 Disclaimer

This Presentation has been prepared by S.p.A. (“Il Sole 24 Ore” or the “Company”). As used herein, “Presentation” means this document, any oral presentation, the question and answer session and any written or oral material discussed or distributed during this meeting. The Presentation comprises written material/slides which provide information on the Company and its subsidiaries. The information contained in this Presentation has not been independently verified by any independent third party. Save where otherwise indicated, the Company is the source of the content of this Presentation. Care has been taken to ensure that the facts stated in this Presentation are accurate, and that the opinions expressed are fair and reasonable. However, no representation or warranty, express or implied, is made or given by or on behalf of the Company, or the directors, officers or employees of the Company, or any other person as to the accuracy, completeness or fairness of the information or opinions contained in this document or any other material discussed at this meeting. Neither the Company nor the directors, officers or employees of the Company, nor any other person accepts any liability whatsoever for any loss howsoever arising from any use of this Presentation or its contents or otherwise arising in connection therewith. This Presentation is not intended for potential investors and does not constitute or form part of, and should not be construed as, any offer for sale or subscription of, or solicitation of any offer to purchase or subscribe for, any securities of the Company, nor shall it or any part of it or the fact of its distribution form the basis of, or be relied on in connection with, any contract or commitment whatsoever. This Presentation does not constitute a recommendation regarding the securities of the Company. This Presentation is for distribution in Italy only to qualified investors as defined in any and all applicable securities laws and regulations applicable in Italy. This Presentation is not addressed to any member of the general public in Italy. In no circumstances should this Presentation, or any information relating to this document, circulate among, or be distributed in Italy to, individuals or entities falling outside the definition of qualified investors as referred to above. This Presentation is not an offer of securities for sale in the United States or any other jurisdiction. Neither this document nor any part or copy of it may be taken or transmitted into the United States or distributed, directly or indirectly, in the United States as that term is defined in the U.S. Securities Act of 1933, as amended (the “Securities Act”). Neither this document nor any part or copy of it may be taken or transmitted into Australia, Canada or Japan, or distributed directly or indirectly in Canada or distributed or redistributed in Japan or to any resident thereof. Any failure to comply with this restriction may constitute a violation of U.S., Australian, Canadian or Japanese securities laws. The distribution of this document in other jurisdictions may be restricted by law and persons into whose possession this document comes should inform themselves about, and observe, any such restrictions. The Company’s securities have not been and will not be registered under the Securities Act and may not be offered or sold in the United States except pursuant to an exemption from, or transaction not subject to, the registration requirements of the Securities Act. This Presentation is being communicated in the United Kingdom only to persons who have professional experience in matters relating to investments (Article 19(5)) or to persons of a kind described in Article 42(9) (A) to (D) of the Financial Services and Markets Act 2000 (Financial Promotion) Order 2005 (all such persons being referred to as “relevant persons”). Persons who are not relevant persons must not rely on or act upon the information contained in this Presentation or any of its contents. This Presentation contains various forward-looking statements that reflect the Company’s management’s current views with respect to future events and financial and operational performance of the Company and its subsidiaries. The words “believe”, “expect”, “anticipate”, “intend”, “may”, “plan”, “estimate”, “should”, “could”, “aim”, “target”, “might”, or, in each case, their negative, or similar expressions identify certain of these forward-looking statements. Others can be identified from the context in which the statements are made. These forward-looking statements involve known and unknown risks, uncertainties and other factors, which are in some cases beyond the Company’s control and may cause actual results or performance to differ materially from those expressed or implied from such forward-looking statements. These risks include, but are not limited to, the Company’s ability to, operate profitably, maintain its competitive position, the Company’s ability to promote and improve its reputation and the awareness of the brands in its portfolio, the Company’s ability to operate its growth strategy successfully, the impact of changes in pricing policies, political and regulatory developments in the markets in which the Company operates, and other risks. The information contained in this Presentation, including but not limited to, forward-looking statements, applies only as of the date of this Presentation and is not intended to give any assurances as to future results. The Company expressly disclaims any obligation or undertaking to update or revise the information, including any financial data and forward-looking statements, and will not publicly release any revisions it may make to this Presentation that may result from events or circumstances arising after the date of this Presentation. Market data used in this Presentation not attributed to a specific source are estimates of the Company and have not been independently verified. This document is strictly confidential and is being provided to you solely for your information and may not be reproduced, further distributed to any other person or published, in whole or in part, for any purpose. By accepting this document you agree to be bound by the foregoing limitations and restrictions. STATEMENT As required by Article 154-bis, Section 2, of the Uniform Finance Law (Legislative Decree No 58/1998), Giuseppe Crea, in his capacity as “Dirigente preposto alla redazione dei documenti contabili societari” of Il Sole 24 Ore S.p.A., attests that the accounting information contained in this presentation is consistent with the data in the Company’s documents, accounting records and other records.

Investor Relations 2 Section 1 Our strengths, our markets, our positioning

Investor Relations 3 Gruppo 24 ORE at a glance

A UNIQUELY DIVERSIFIED PROFESSIONAL PUBLISHER

► An unrivalled, strong and authoritative brand synonymous of trusted and high quality content with a top quality customer base – our products are a “must have” for professionals and business people ► A multi-platform publisher with a leading position in core markets ► Listed in (MIBTEL Index) ► Market Capitalization (*) of approximately €340m ► FY2008 consolidated revenues totalled €573m ► Approximately 2,260 employees

(*) including 90m ordinary shares owned by Confindustria – the leading organization of Italian enterpreneurs with > 126,000 member companies of all sizes

Investor Relations 4 Gruppo 24 ORE: an overview

FY2008 consolidated revenues totalled €573.0m (*)

Professional Newspaper Advertising Multimedia Radio Publishing Publishing (System)

► Tax, Legal & PA ► 1st financial ► Multi-product & ► 1st financial ► Unique “news & ► Business Media newspaper in multi-channel website in Italy talk” format ► Software Italy offer www.ilsole24ore. Solutions ► Top quality ► Taylor-made com ► Education & magazines client-driven ► Real time Training approach financial information ► Financial press agency (Radiocor)

FY2008 revenues 218.6 251.0 204.1 39.3 13.0 (€m)

(*) FY2008 consolidated revenues are net of €152.9m for intercompany adjustments

Investor Relations 5 Professional publishing is growing faster than consumer publishing

IT ADVERTISING MARKET EVOLUTION IT PROFESSIONAL PUBLISHING (**) MARKET EVOLUTION

CAGR +0.4%

8,587 8,448 CAGR +3.5% 820 1,101

827 745 4,676 4,596 195

(€m) 191 (€m)

632 554 CAGR +4.5% 2,992 2,890 CAGR -1.2%

2005 2008 2005 2008

Press (*) TV Others Tax & Legal Others

Source: Nielsen Media Research FY2005 and FY2008 Source: Databank FY2008 (*) PRESS includes Newspapers and Magazines (**): IT Pro-Publishing market does not include Business Media and Education Others include Radio, Internet, Outdoor, Cinema and Cards Others include Medical, Economics-Management, IT, Other Publishing

Investor Relations 6 Professional publishing is more digital than consumer publishing

IT ADVERTISING MARKET EVOLUTION IT PROFESSIONAL PUBLISHING (*) MARKET EVOLUTION

€8,448m €8,587m €745m €827m

80.0% 77.4%

98.4% 96.3%

20.0% 22.6%

1.6% 3.7%

2005 2008 2005 2008

Internet All other media Electronic Publishing Others

Source: Nielsen Media Research FY2005 and FY2008 Source: Databank FY2008 (*): IT Pro-Publishing market does not include Business Media and Education

Investor Relations 7 How much digital is the Gruppo 24 ORE?

GRUPPO 24 ORE SYSTEM GRUPPO 24 ORE PROFESSIONAL PUBLISHING REVENUE SPLIT REVENUE SPLIT

€180m €204m €144m €219m

68.5% 73.9%

92.5% 97.4%

5% CAGR +22. 31.5% 26.1%

CAGR +47.9% 7.5% 2.6%

2005 2008 2005 2008

Internet Other Media Digital Others

Investor Relations 8 In Consumer publishing our leading position in the financial info market …

2008 Italian Newspaper Circulation

621 556 5% share Total Circulation 2008: 6,695 335 309 211 193 165 ('000 copies/day) ('000 137 125

a a o o e r c E a r le n ro e li R p e a li e S b O m n r ion b a a gg r a z ll 4 t a io C a Li e 2 S s l N d pub e s G e e l La e Il d e R o La r S M to ie La Il Il s r e or R C Il

Source: ADS, Average data 12 months January 2008-December 2008 2008 IT Financial Newspaper Circulation 2008 EU Financial Newspaper Circulation

62% share 335 335

Total Circulation 2008: 545 146 135 101 87 ('000 copies/day) ('000

('000 copies/day) ('000 22

i E a ia R gg il nz c O a O i 4 n a S lsblatt Echos 2 li i e Fi a d d le It o no Les S a no l il ia Han I d Il Sole 24ORE M ti F/ o M u Q

Source: ADS, Average data 12 months January 2008-December 2008; MF/Milano Finanza Press Release FY2008 Results Source: Il Sole 24ORE (ADS FY2008), Les Echos (OJD FY2008), Handelsblatt (IVW Q4 2008)

Investor Relations 9 …led to our significant outperformance relative to our peers…

IT NEWSPAPER (*) CIRCULATION EVOLUTION IL SOLE 24 ORE CIRCULATION EVOLUTION (‘000 copies/day) (‘000 copies/day)

CAGR -1.9%

2,229 2,102 14.6%

15.8% CAGR -0.8% 6.3% 6.3% 343 335 10.3% 11.4%

42.0% 39.0% 79.1% C AGR -2.4% 77.9%

47.7% CAGR +0.5% 49.6%

2005 2008 2005 2008

Newsstand Subscription Mail Other Newsstand Subscription Mail Other

Source: ADS FY2005 and FY2008 (*) IT Newspaper includes , Repubblica, , , , and Italia Oggi

Investor Relations 10 …also thanks to our highly defensive profile

2008 Circulation per distribution channel

61.0%

93.8%

39.0%

6.3%

Italian Market (*) Il Sole 24 ORE

Subscription Mail Newsstand & Other

• Our unique offer translates into a much higher % of subscribers relative to peers

• Very loyal customer base: approximately 90% renewal rate

• Active management of subscriptions between newsstand and mail to address customer needs

Source: ADS FY2008 (*) Italian Market includes Corriere della Sera, Repubblica, La Stampa, Il Messaggero, Il Giornale, Libero and Italia Oggi

Investor Relations 11 Gruppo 24 ORE System outperformed the Italian advertising market both in 2007 and 2008

2007 Italian Advertising market 2008 Italian Advertising market

System (*) 17.0% System (*) 2.4%

IT ADV Market 3.1% -2.8% IT ADV Market

PRESS(**) 3.0% -7.1% System (*) PRESS (**)

Radio 8.0% Radio 2.3%

Internet 42.7% Internet 13.9%

Source: Nielsen Media Research FY2007 and FY2008 for market data (*) Excluding advertising collection for the publisher San Paolo (**) PRESS includes Newspaper and Magazine advertising

Investor Relations 12 www.sole24ore.com: a leading player in the Italian online financial information market

News & Information segment market Financial News & Information segment shares market reach

Il Sole 24 ORE 39.8%

Yahoo! Finance 16.7% 29.7% 29.4% Economia 16.7%

Corriere Economia 12.4%

Virgilio Economia 9.3% 12.6% Leonardo Economia 7.2% 8.4% Reuters 7.1%

finanzaonline.com 7.0%

Corriere della La Repubblica Il Sole 24 ORE Editrice La Borsa Italiana 6.0% Sera Stampa Class Editori 4.4%

TGFIN 3.9%

Borse.it 3.1%

SoldiOnline.it 2.8%

Source: Source: Nielsen - NetViewReport: Standard Metrics/Unique Audience* Period: Month of March, 2009 Panel Type: Home and Work

Investor Relations 13 Radio 24: the best performer in the Italian Radio Station Market in 2008

8.00 13.7% 15.0%

7.00 10.0%

6.00 -6.0% 6.6% 5.0% 4.5% 5.0% 5.00 3.7% 2.6% 2.0% 0.4% -1.4% 0.6% 4.00 0.3% 0.0% 6.9 6.7 3.00 -3.9% 5.6

5.4 -5.0% -5.0% 5.3 5.2 5.2 -5.6% 5.0 5.0 4.9 -5.3% 2.00 -12.6% 4.0 4.0 3.8 3.8

-10.0% 2.4 2.2 2.1 1.00 2.1 2.0 2.0 1.9 1.9 1.9 1.9 1.8 1.8 1.7 1.6 1.5 1.4 1.2 1.2 0.5 0.5 - -15.0%

Rds R101 Rmc M2o Rtl 102.5 Radio 24 Radiotre Isoradio Radiouno Radio 105 Kiss Kiss Radio Italia Rai Radio Maria Rai Radio DeejayRai Radiodue Radio Capital Radio Radio Radicale

2007 average daily listeners (m) 2008 average daily listeners (m) % change 2008/2007

Source: Audiradio FY2008

Investor Relations 14 Section 2 Financial Breakdown

Investor Relations 15 Professional Publishing Data

FY 2007 FY 2008 % change (€m - rounded figures) Q1 2008 Q1 2009 % change

154.6 175.9 13.8% Circulation/other revenues 43.6 50.7 16.2%

37.0 42.7 15.5% Revenues from advertising 8.8 7.3 -17.3%

191.6 218.6 14.1% Total Revenues 52.4 58.0 10.6%

36.9 37.1 0.7% EBITDA 7.5 7.5 -0.5%

19.3% 17.0% EBITDA Margin % 14.3% 12.9%

FY 2007 Revenue Split Q1 2009 Revenue Split Main changes in the scope of consolidation (€m - rounded figures) FY 2008 Q1 2009 Acquired Companies 14.8% Revenues Ebitda Revenues Ebitda 31.9% Esa Software & 81Newton Management 81 Innovation 85.2% 68.1% 16 2 Data Ufficio & STR - - 24 3 Total Software 8 1

4 n.m. Business Media - - Software solutions Software solutions

28 3 Total Professional 8 1 Tax, Legal & PA - Business Media - Tax, Legal & PA - Business Media - Education & Training Education & Training

Investor Relations 16 Newspaper Publishing Data

FY 2007 FY 2008 % change (€m - rounded figures) Q1 2008 Q1 2009 % change

142.5 113.8 -20.1% Circulation/other revenues 33.1 23.7 -28.5%

140.4 137.1 -2.3% Revenues from advertising 40.7 29.9 -26.5%

283.0 251.0 -11.3% Total Revenues 73.8 53.6 -27.4% 54.1 27.7 -48.8% o/w Add-ons 11.7 3.1 -73.5%

36.0 24.7 -31.4% EBITDA 11.9 1.8 -84.5%

12.7% 9.8% EBITDA Margin % 16.1% 3.4%

IT NEWSPAPER MARKET (*) IL SOLE 24 ORE (‘000 copies/day) (‘000 copies/day)

-6.1% -8.1%

2,238 2,233 2,102 2,053

-2.5% -2.4%

343 335 340 332

FY 2007 FY 2008 Mar 07 - Feb 08 Mar 08 - Feb 09 FY 2007 FY 2008 Mar 07 - Feb 08 Mar 08 - Feb 09 Source: ADS FY 2007, FY 2008, average data Mar 2007-Feb 2008, Mar 2008-Feb 2009 (*) IT Newspaper Market includes Corriere della Sera, Repubblica, La Stampa, Il Messaggero, Il Giornale, Libero and Italia Oggi

Investor Relations 17 System (Advertising) Data

FY 2007 FY 2008 % change (€m - rounded figures) Q1 2008 Q1 2009 % change

190.7 193.7 1.6% Revenues from Group's products 53.9 41.9 -22.2%

9.3 10.5 12.6% Revenues from 3rd parties' products 1.8 2.3 28.5%

200.0 204.1 2.1% Total Revenues 55.7 44.2 -20.6%

(0.8) (2.7) n.m. EBITDA (0.3) (1.4) n.m.

-0.4% -1.3% EBITDA Margin % -0.5% -3.1%

FY 2008 SYSTEM PERFORMANCE VS IT ADVERTISING MARKET Q1 2009

Total System (*) 2.4% -20.6% Total System

o/w o/w

WebSystem 40.6% WebSystem 13.4%

Radio24 1.0% Radio24 5.1%

-2.8% IT ADV Market -18.2% IT ADV Market

-7.1% PRESS (**) -25.8% PRESS (**)

Internet 13.9% Internet 3.5%

Radio 2.3% -20.1% Radio

Source: Nielsen Media Research FY2008 and Q1 2009 for market data (*) Excluding advertising collection for the publisher San Paolo (**) PRESS includes Newspaper and Magazine advertising

Investor Relations 18 Multimedia Data

FY 2007 FY 2008 % change (€m - rounded figures) Q1 2008 Q1 2009 % change

35.4 33.4 -5.6% Circulation/other revenues 8.2 7.7 -5.6%

4.5 5.9 29.3% Revenues from advertising 1.3 1.4 9.3%

39.9 39.3 -1.6% Total Revenues 9.5 9.2 -3.6%

0.6 0.7 15.7% EBITDA (0.1) (0.2) n.m.

1.4% 1.7% EBITDA Margin % -0.7% -2.3%

www.ilsole24ore.com Unique User and Page View Trend

100.0 4.6 5.0

90.0 4.2 4.2 4.5 4.5 3.9 80.0 3.6 4.0 3.8 3.3 70.0 3.1 3.5 2.9 2.9 Q1 2009 Revenue Split 60.0 3.1 3.0 2.9 50.0 2.7 2.5

85.9 30.7% 40.0 2.2 2.0 74.3

30.0 64.2 1.5 62.8 62.6 57.4

52.2 51.4% 20.0 1.0 38.4 37.9 38.2 38.2 35.2 34.5 33.4

10.0 27.9 0.5 17.9%

0.0 0.0 Real-time financial information Online Radiocor

8 8 8 8 8 8 8 9 9 9 0 '08 0 0 '0 '0 '0 '08 0 0 r l '08 '0 p y ' u g pt v c b ' A J e Oct o e Jan '08 Feb '08 Mar ' Ma Jun ' Au S N De Jan '0 F Mar ' Page views (m) Unique Users (m)

Source: Nielsen Site Census

Investor Relations 19 Radio Data

FY 2007 FY 2008 % change (€m - rounded figures) Q1 2008 Q1 2009 % change

12.5 12.6 1.0% Revenues from advertising 2.7 2.8 5.1%

0.8 0.4 -50.7% Circulation/other revenues 0.1 0.1 46.3%

13.3 13.0 -2.0% Total Revenues 2.7 2.9 6.3%

(0.7) (1.3) -82.3% EBITDA (0.7) (0.7) 2.6%

-5.5% -10.2% EBITDA Margin % -25.4% -23.3%

Jan 2009 - Feb 2009 Italian Radio Station Market 7 16.3% 18.0 16.0 6 13.5% 13.3% 13.1% 14.0 5 12.0% 10.2% 12.0 4 9.6% 10.0 8.00 3 6.3 5.4% 5.1% 4.9% 5.2 5.1 5.0 4.9% 4.3% 6.00 2 4.6 4.4% 3.9% 3.7% 3.9 3.4% 3.7 4.00 1 2.9% 2.1 2.0 1.9 1.9 2.00 1.7 1.6 1.5 1.4 1.3 1.1 0 0.00

S y e C o D ia iss 01 r ria 2 RTL R ja al K a ital m e It R1 iot RM p iouno e io 105 iodue ss M a oradio d D d d io i C s Radio 24 Rad I io Ra d i Ra d i Ra Ra Rai Radio Virgin Radio Ra Ra Ra Radio Radio K

Average Daily listeners (m) Penetration on average daily listeners (%)

Source: Audiradio

Investor Relations 20 Group’s Revenues & EBITDA by segment

(€m - rounded figures) FY 2007 FY 2008 % change Q1 2008 Q1 2009 % change

283.0 251.0 -11.3% Revenues 73.8 53.6 -27.4% Newspaper 36.0 24.7 -31.4% EBITDA 11.9 1.8 -84.5% Publishing 12.7% 9.8% EBITDA margin 16.1% 3.4% 0 0 0 0 191.6 218.6 14.1% Revenues 52.4 58.0 10.6% Professional 36.9 37.1 0.7% EBITDA 7.5 7.5 -0.5% Publishing 19.3% 17.0% EBITDA margin 14.3% 12.9% 0 0 0 0 200.0 204.1 2.1% Revenues 55.7 44.2 -20.6% Advertising (0.8) (2.7) n.m. EBITDA (0.3) (1.4) n.m. (System) -0.4% -1.3% EBITDA margin -0.5% -3.1% 0 0 0 0 13.3 13.0 -2.0% Revenues 2.7 2.9 6.3% Radio (0.7) (1.3) -82.3% EBITDA (0.7) (0.7) 2.6% -5.5% -10.2% EBITDA margin -25.4% -23.3% 0 0 0 0 39.9 39.3 -1.6% Revenues 9.5 9.2 -3.6% Multimedia 0.6 0.7 15.7% EBITDA (0.1) (0.2) n.m. 1.4% 1.7% EBITDA margin -0.7% -2.3% 0 0 0 0 (155.6) (152.9) 1.7% Revenues (43.4) (34.9) -19.5% Corporate and intercompany (7.6) (9.2) -21.6% EBITDA (2.2) (4.0) -82.0% 0 0 0 0 572.1 573.0 0.2% Revenues 150.7 133.0 -11.7% Il Sole 24 ORE Group 64.4 49.3 -23.4% EBITDA 16.2 3.0 -81.3% 11.3% 8.6% EBITDA margin 10.7% 2.3%

Investor Relations 21 Section 3 Financial Appendix

Investor Relations 22 Consolidated Income Statement

FY 2007 FY 2008 % change (€m - rounded figures) Q1 2008 Q1 2009 % change

572.1 573.0 0.2% Revenues 150.7 133.0 -11.7% 10.3 15.5 50.7% Other operating income 2.2 2.2 -1.6% (152.2) (175.9) 15.6% Personnel expense (43.3) (49.4) 14.2% (356.4) (352.7) -1.0% Direct & operating costs (92.0) (81.4) -11.5% (9.5) (10.6) 12.1% Provisions (1.4) (1.3) -6.0%

64.4 49.3 -23.4% EBITDA 16.2 3.0 -81.3% 11.3% 8.6% EBITDA Margin % 10.7% 2.3% Depreciation & amortisation and (33.4) (31.5) -5.7% (8.7) (7.7) -11.8% impairment Capital gains (losses) on disposal of non- 0.3 0.0 n.m. 0.0 0.0 n.m. current assets

31.3 17.8 -43.1% EBIT 7.5 (4.6) -161.7% 5.5% 3.1% EBIT Margin % 5.0% -3.5% 2.7 10.2 n.m. Financial income (expenses) 2.7 1.0 -60.5% 12.8 (2.7) n.m. Income (expenses) from investments 0.0 0.0 n.m.

46.8 25.3 -45.9% Profit before tax 10.1 (3.6) -135.3% 8.2% 4.4% PBT Margin % 6.7% -2.7% (19.2) (9.3) -51.5% Income taxes (4.8) (0.9) -82.3%

27.6 16.0 -41.9% Net Profit 5.3 (4.4) -183.3% 0.1 0.1 n.m. Minorities 0.0 0.2 n.m. 27.7 16.1 -41.8% Net Profit after minorities 5.3 (4.2) -179.0% 4.8% 2.8% Margin % 3.5% -3.2%

Investor Relations 23 Q1 2009 Consolidated Revenues (€m)

Q1 2009 Revenues by nature 150.7

133.0 Digital revenues (*) 22.6% 64.6 50.8 Advertising revenues 38.2% Other revenues 6.6%

86.1 82.2

Print revenues 32.6%

Q1 2008 Q1 2009 (*): digital revenues do not include advertising collected on @ websites: both Group's websites and 3rd parties' websites Circulation & others Advertising

Consolidated revenues % change: -11.7%

Consolidated revenues % change (net of effects relating to the Q1 2009 Revenues by segment – rounded figures change in the scope of consolidation totalling €7.9m): -17.0% mainly due to a decrease in advertising and add-on sales 9.2 44.2 2.9

Advertising revenues % change: -21.3% mainly linked to Q1 2009 133.0

Italian advertising market collapse 58.0 (34.9)

53.6

Newspaper Professional System Radio Multimedia Corporate and Total Publishing Publishing intercompany

Investor Relations 24 Q1 2009 Consolidated EBITDA, EBIT and Net Result After Minorities (€m)

EBITDA EBIT Net Result After Minorities

16.2

7.5

5.3

3.0

Q1 2009 Q1 2009

Q1 2008 Q1 2009 Q1 2008 Q1 2008

-4.6 -4.2

Q1 2009 EBITDA is negatively affected Q1 2009 EBIT is negatively affected Q1 2009 Net Result is negatively affected

• by revenue decrease and by labour cost increase • by EBITDA decrease and higher D&A • by EBIT decrease mainly due to the change in the scope of consolidation regarding the newly-acquired companies (€3.7m) and extraordinary expenses (€1.1m) (€1.5m) and positively affected and positively affected

• by the change in the scope of consolidation totalling • by lower D&A for the revision of the useful life €1.2m of radio broadcasting frequencies and of printing machines (€2.4m)

Investor Relations 25 Consolidated Balance Sheet

(€m - rounded figures) As at 31 Dec 2008 As at 31 Mar 2009

Non-current assets 331.1 328.1 Current assets 397.1 401.4 Total assets 728.2 729.5

Equity attributable to shareholders of parent 357.1 353.0

Equity attributable to minority interests 1.4 1.2

Total equity 358.5 354.2

Non-current liabilities 108.2 106.7 Current liabilities 261.5 268.6 Total liabilities 369.7 375.3

Total equity & liabilities 728.2 729.5

Investor Relations 26 Consolidated Statement of Cash Flows

FY 2007 FY 2008 (€m - rounded figures) Q1 2008 Q1 2009 27.7 16.1 Net Profit after minorities 5.3 (4.2) 6.9 10.4 Adjustments 4.4 5.0 2.2 (47.6) Changes in net working capital (25.3) (8.1) Total net cash generated 36.9 (21.0) (absorbed) by operating (15.6) (7.3) activities Total net cash absorbed by (51.7) (73.4) (2.6) (4.5) investing activities

(14.9) (94.4) Free cash flow (18.2) (11.8)

Net cash generated 172.1 1.1 (absorbed) by financing 10.8 1.4 activities Net increase (decrease) in 157.2 (93.3) (7.4) (10.5) cash & cash equivalents

Investor Relations 27 Group’s Net Financial Position

(€m - rounded figures) As at 31 Dec 2008 As at 31 Mar 2009

Cash & cash equivalents 150.1 138.5

Bank overdrafts and loans due (4.8) (3.7) within 1 year

Short-term net financial position 145.3 134.8 Non-current financial liabilities (14.1) (14.2) Non-current financial assets and hedging instruments measured at 17.8 17.5 fair value Medium/long-term net financial position 3.7 3.3

Total net financial position 149.0 138.2

Investor Relations 28