Highlights about a leading IL SOLE 24 ORE

The leading newspaper in Italy

Il Sole 24 ORE - The leading business newspaper in Italy:

384,804 copies per day* of which 203,980 digital copies 932,000 daily readers**

*ADS Jan 2015 **Audipress: 2014.I/II

°Il Sole 24 ORE is the first Italian newspaper for distribution of digital copies

Il Sole 24 ORE is a business and financial daily newspaper that was launched on November 9th 1965, following the merger of IL SOLE (a newspaper established in 1865) and 24 ORE (a newspaper founded in 1946).

Page 2 THE WEEK OF IL SOLE 24 ORE – 2015

Every day Il Sole 24 ORE offers new content and interesting subjects to its readers. Its structure is continuously updated. New sections are created to enrich the newspaper.

MONDAY TUESDAY WEDNESDAY THURSDAY FRIDAY SATURDAY SUNDAY

First section

Second section

Third section Folded inside the first section

1,50 euro 1,50 euro 2,00 euro 1,50 euro 1,50 euro 2,00 euro 2,00 euro

Pull-out section within the first section

Page 3 Il Sole 24 ORE: A TREND OF SUCCESS

390.000 PRINT + DIGITAL CIRCULATION 384.804

380.000 Var% January’15/January’14 +8,3% 370.000

360.000 355.326

350.000

340.000

330.000 g14 f14 m14 a14 m14 g14 l14 a14 s14 o14 n14 d14 g15 DIGITAL COPIES 210.000 203.980 Var% January’15/January’14 200.000

190.000 +28,6%

180.000

170.000 158.656 160.000

150.000

140.000 g14 f14 m14 a14 m14 g14 l14 a14 s14 o14 n14 d14 g15 ADS 2015/2014 Absolute value and % variation

Page 4 Il Sole 24 ORE: LEADER FOR DIGITAL COPIES CIRCULATION

SECOND PLACE FOR TOTAL CIRCULATION PRINT + DIGITAL

NEWSPAPER Total Circulation Print + Digital 407.284 SOLE 24 ORE (IL) 384.804 REPUBBLICA (LA) 354.243

TOTAL DIGITAL COPIES

203.980

85.656 69.436

SOLE 24 ORE (IL) CORRIERE DELLA REPUBBLICA (LA) SERA

ADS January 2015 Absolute value

Page 5 Il Sole 24 ORE e quotidiani > 50.000 copie

Multiple Totale Total Digital Bundling digital CIRCULATION digital copies digital copies copies copies Print + digital sold sold CORRIERE DELLA SERA 407.284 85.656 57.574 6.449 21.633 SOLE 24 ORE (IL) 384.804 203.980 63.990 90.409 49.581 REPUBBLICA (LA) 354.243 69.436 66.217 3.219 0 STAMPA (LA) 223.708 31.313 7.553 1.512 22.248 GAZZETTA SPORT (LA) 213.163 15.249 13.616 159 1.474 MESSAGGERO (IL) 137.359 7.011 5.505 1.411 95 QN- 124.516 3.606 2.977 629 0 115.589 6.692 396 23 6.273 CORRIERE SPORT - STADIO 104.871 1.689 1.578 111 0 QN- 96.809 2.405 1.866 539 0 GIORNALE (IL) 94.021 2.052 1.965 87 0 GAZZETTINO (IL) 68.563 6.441 5.230 248 963 FATTO QUOTIDIANO (IL) 66.122 10.259 9.250 0 1.009 60.188 19.950 1.287 18.004 659 58.303 1.422 1.354 68 0 54.081 1.314 964 350 0 UNIONE SARDA (L') 53.610 8.091 1.701 0 6.390 QN- 52.958 1.408 476 932 0 SECOLO XIX (IL) 52.505 1.783 1.636 147 0 TIRRENO (IL) 51.807 1.554 1.499 55 0

MILANO FINANZA* 68.037 19.879 1.132 18.637 110

* Settimanale, il quotidiano MF non è rilevato ADS January 2015 Absolute value

Page 6 Il sole 24 ORE: high profile exclusive readers

EXCLUSIVE READERS OF IL SOLE 24 ORE*

QUALITY OF IL SOLE 24 ORE EXCLUSIVE READERS SOLE SOLE SOLE Audipress 2014.I/II VS CORSERA Audipress 2014.I/II VS REPUBBLICA Audipress 2014.I/II VS MILANO FINANZA adults 749,000 adults 775,000 adults 931,000 dynamics (25-44years) 283,000 38 dynamics (25-44years) 277,000 36 dynamics (25-44years) 339,000 36 active (25-64years) 584,000 78 active (25-64years) 592,000 76 active (25-64years) 714,000 77 medium/superior socio economic class 285,000 38 medium/superior socio economic class 296,000 38 medium/superior socio economic class 359,000 39 income 3.251€ and over 261,000 35 income 3.251€ and over 273,000 35 income 3.251€ and over 329,000 35

*SOLE 24 ORE EXCLUSIVE READERS: they only read Il Sole 24 ORE, not Corriere della Sera//Milano Finanza

Audipress 2014.I/II

Page 7 : average daily readers

Il Sole 24 ORE is the top choice in the business community

Italy - Il Sole 24 Ore 80 Denmark - Borsen 80 Sweden - Dagens Industri 69 Greece - Naftemboriki 65 Portugal - Diario Economico o Publico 62 France - Les Echos 62 Spain - El Pais 61 Austria - Der Standard 58 Netherlands - Het Financieele Dagblad 56 Switzerland - Neue Zurcher Zeitung 49 Germany* - Handelsblatt 41 Belgium - De Tijd 39 United Kingdom** - The Times 39

*Frankfurter Allgemeine Zeitung is the second newspaper with 32% of penetration on relative universe **FT is the second newspaper with 30% of penetration on relative uinverse Source: BE 2013 % penetration in relative universe

Page 8 Average daily readers in Italy Il Sole 24 ORE has the largest penetration in the Italian business community Il Sole 24 ORE 80 Corriere della Sera 72 La Repubblica 48 L'Espresso 40 Panorama 40 National Geographic 34 Capital 27 25 Class 25 Il Mondo 23 18 Italia Oggi 13 Espansione 12 MF (Milano Finanza) 11 Business 11 Uomini e Business 10

Il Messaggero 10 *print payed edition Investire 7 Source: BE 2013 % penetration in relative universe Patrimoni 3 Page 9 Il Sole 24 ORE – Job title/position Il Sole 24 ORE is read by the leading businessmen

Owner/Chairman/President/Vice President CEO/Managing Director 21

Chief Financial Officer 15

Chief Marketing Officer 14

Chief Information/Technology Officer 10

Source: BE 2013 % composition

Page 10 Il Sole 24 ORE – Job title/position Il Sole 24 ORE is read by the leading businessmen

Chairman/President/Vice President/CEO/Managing Director Finance/Treasury

SOLE 88 SOLE 93

Corriere 79 Corriere 64

Repubblica 54 Repubblica 50

ItaliaOggi 15 ItaliaOggi 9

MF (Milano Finanza) 18 MF (Milano Finanza) 22

Giornale 17 Giornale 10

Messaggero 11 Messaggero 5

Stampa 23 Stampa 33

Chief Financial Officer

SOLE 93

Corriere 57

Repubblica 48

ItaliaOggi 8

MF (Milano Finanza) 26

Giornale 15

Messaggero 2

Stampa 32 Source: BE 2013 % penetration in relative universe

Page 11 Board Membership Il Sole 24 ORE is read by the leading businessmen

Marketing/Advertising/Communications Information Technology/Telecommunication

SOLE 83 SOLE 68

Corriere 85 Corriere 66

Repubblica 50 Repubblica 63

ItaliaOggi 19 ItaliaOggi 10

MF (Milano Finanza) 12 MF (Milano Finanza) 7

Giornale 22 Giornale 16

Messaggero 17 Messaggero 12

Stampa 29 Stampa 30

Source: BE 2013 % penetration in relative universe

Page 12 Il Sole 24 ORE vs competitors: equally distributed for readers and circulation

Il Sole 24ORE Readers by geographic area Il Sole 24 ORE: 932,000 average day readers Milano Finanza: 261,000 readers last period Milano Finanza Corriere della Sera: 2.554,000 average daily readers MF (not certified) La Repubblica: 2.524,000 average daily readers Corriere della Sera La Repubblica

217,000 264,000 219,000 231,000

South and Islands

% composition Source: Audipress 2014I/II

Page 13 Il Sole 24 ORE vs competitors Il Sole 24 ORE has a large amount of exclusive readers

SOLE 24 ORE VS CORSERA + REPUBBLICA Readers Exclusive readers Duplication .000 .000 % com .000 % com Adults 932 611 66 321 34 Men 602 376 62 226 38 Women 330 235 71 95 29

SOLE 24 ORE VS MILANO FINANZA Readers Exclusive readers Duplication .000 .000 % com .000 % com Adults 932 917 98 15 2 Men 602 589 98 13 2 Women 330 328 99 2 1

SOLE 24 ORE VS ITALIA OGGI Readers Exclusive readers Duplication .000 .000 % com .000 % com Adults 932 883 95 49 5 Men 602 571 95 31 5 Womwn 330 312 95 18 5

Source: Audipress 2014.I/II

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