Il Sole 24 Ore It media day

Gruppo Banca Leonardo Italian Media Day Milan, 13 April 2010

Disclaimer This Presentation has been prepared by Il Sole 24 Ore 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 Milan (FTSE Italia – All Share Index) ► Market Capitalization(*) of approximately €230m ► FY2009 consolidated revenues totalled €502.7m ► Approximately 2,200 employees (*) including 90m ordinary shares owned by Confindustria – the leading organization of Italian entrepreneurs with > 142,000 member companies of all sizes Investor Relations 4

Consolidated Revenues (€m) rounded figures FY2009 consolidated revenues totalled €502.7m (*) Professional Newspaper Advertising Multimedia Radio Publishing Publishing (System) ► Tax, Legal & PA ► 1st financial ► Multi-product & ► ► Unique “news & ► Business Media newspaper in multi-channel financial website talk” format ► Software Italy offer ► Real time Solutions ► Top quality ► Taylor-made financial ► Education & magazines client-driven information Training approach ► Financial press agency (Radiocor) FY2009 revenues 225.7 187.4 158.2 36.4 13.1 (€m) (*) FY2009 consolidated revenues are net of €118m for intercompany adjustments Investor Relations 5

Gruppo 24 ORE: a leading player in Professional Publishing % weight on total Professional Publishing PRODUCTS BRANDS PRODUCTS & SERVICES revenues FY2005 FY2009 • more than 30,000 subscribers Software • 86% renewal rate Solutions • Portfolio increased through acquisitions • 15 databases on and off-line Digital Databases • more than 44,000 subscribers • 87% maintenance rate 26.1% CAGR • Web Portal for Professionals +26.9% Digital • Web Portal for master & training 43.1% FORMAZIONE 24 ORE Web Portals • Technology platform for e-learning • Web Portal for Enterprises • Other websites for ICT, agriculture, architecture Books • more than 1,100 titles Printing Magazines • more than 120 titles integrated with websites 56.4% Printing • more than 350,000 subscribers 29.5% • 73% renewal rate (impacted by switch to other periodicals/databases) Magazines Advertising 14.5% Advertising Education 8.8% • More than 500 events, master & courses Education & & Education & Others Training Others 12.9% 8.7% Investor Relations 6

Professional publishing is growing faster than consumer publishing IT ADVERTISING MARKET EVOLUTION IT PROFESSIONAL PUBLISHING (**) MARKET EVOLUTION (rounded figures) (rounded figures) CAGR -1.8% 8,488 7,892 820 CAGR +3.1% 1,247 843 4,676 745 212 (€m) 4,359 191 (€m) CAGR +3.3% 631 CAGR -6.5% 554 2,992 2,286 FY2005 FY2009 FY2005 FY2009 Press (*) TV Others Tax & Legal Others Source: Nielsen Media Research FY2005 and FY2009 Source: Databank FY2009 (*) PRESS includes Newspapers (ex. Free Press) and Magazines (**): IT Pro-Publishing market does not include Business Media and Education Others include Radio, Internet, Outdoor, Cinema Others include Medical, Economics-Management, IT, Other Publishing Investor Relations 7

Professional publishing is more digital than consumer publishing IT ADVERTISING MARKET EVOLUTION IT PROFESSIONAL PUBLISHING (*) MARKET EVOLUTION (rounded figures) (rounded figures) €8,488m €7,892m €745m €843m 58.0% 67.5% 92.6% 98.4% 42.0% 32.5% 7.4% 1.6% FY2005 FY2009 2005 2009 Internet All Other Media Digital Others Source: Nielsen Media Research FY2005 and FY2009 Source: Databank FY2009 (*): IT Pro-Publishing market does not include Business Media and Education Investor Relations 8

Gruppo 24 ORE: growing in digital SYSTEM REVENUE SPLIT PROFESSIONAL PUBLISHING REVENUE SPLIT €180m €158m €144m €226m 56.9% 73.9% 90.2% 97.4% .9% 43.1% R +26 G 26.1% CA +34.5% C A GR 9.8% 2.6% FY2005 FY2009 FY2005 FY2009 Internet Other Media Digital Others Investor Relations 9

In Consumer publishing we have a leading position in the financial info market … 2009 Italian Newspaper Circulation 539 485 5% share ('000 copies/day) Total Circulation 2009: 6,254 301 291 202 185 155 125 114 ra a pa ro e no e ro ic al n Se l am ge rn ar li io be lla bb St ag io z Li pu s G lC Na de Re La es Il de La r e M o Il t r ie es or R C Il Source: ADS, Average data 12 months January 2009-December 2009 2009 EU Financial Newspaper Circulation 291 ('000 copies/day) 140 125 116 Handelsblatt Les Echos FT Uk Source: Il Sole 24ORE (ADS FY2009), Handelsblatt (IVW 2009 average), Les Echos (OJD FY2009), FT Uk (ABC July-December 2009) Investor Relations 10

…with a top quality reader base HIGH SPENDING CAPACITY SUPERIOR EDUCATION % of readers with monthly disposable income > €3,250 % of graduate readers 34% 33% 19% 13% Il Sole 24 ORE Average National Newspapers Il Sole 24 ORE Average National Newspapers The outstanding professional client base represents an important asset: highly attractive for advertisers and allowing to cross-sell top quality products Source: Audipress 2008/I Investor Relations 11

Section 2 Financial Breakdown Investor Relations 12

Revenues & EBITDA breakdown (€m - rounded figures) FY2008 FY2009 % change Revenues 251.0 187.4 -25.3% Newspaper EBITDA 24.7 (4.6) n.m. Publishing EBITDA margin 9.8% -2.4% Revenues 218.6 225.7 3.3% Professional EBITDA 37.1 26.5 -28.5% Publishing EBITDA margin 17.0% 11.8% Revenues 204.1 158.2 -22.5% Advertising EBITDA (2.7) (10.5) n.m (System) EBITDA margin -1.3% -6.7% Revenues 13.0 13.1 0.6% Radio EBITDA (1.3) (1.3) 2.6% EBITDA margin -10.2% -9.9% Revenues 39.3 36.4 -7.3% Multimedia EBITDA 0.7 (2.4) n.m EBITDA margin 1.7% -6.7% (*) FY 2009 corporate data includes extraordinary costs amounting to €22.1m Revenues (152.9) (118.0) 22.8% Corporate and intercompany (*) EBITDA (9.2) (32.4) n.m. Revenues 573.0 502.7 -12.3% Il Sole 24 ORE Group EBITDA 49.3 (24.7) -150.1% EBITDA margin 8.6% -4.9% Investor Relations 13

Professional Publishing Data (€m - rounded figures) FY2008 % FY2009 % % change Circulation/other revenues 175.9 80.5% 193.1 85.5% 9.8% Revenues from advertising 42.7 19.5% 32.6 14.5% -23.6% Total Revenues 218.6 100.0% 225.7 100.0% 3.3% EBITDA 37.1 26.5 -28.5% EBITDA Margin % 17.0% 11.8% Contribution of acquisitions completed in H2 2008 2008 2009 (rounded figures) Consolidated Acquired company Revenues (€m) Ebitda (€m) Revenues (€m) Ebitda (€m) since Newton+Edutainment August/ 7.2 1.4 32.4 3.9 Esa Software November 2008 FY 2009 Revenue Split by divisions FY 2009 Revenue Split by nature 5.7% 39.7% 43.1% 33.0% 56.9% 21.6% Tax, Legal & Public Administration Business Media Digital revenues Others Software Solutions Education & Training Investor Relations 14

Newspaper Publishing Data (€m - rounded figures) FY2008 % FY2009 % % change Circulation/other revenues 113.8 45.4% 88.4 47.2% -22.4% Revenues from advertising 137.1 54.6% 99.0 52.8% -27.8% Total Revenues 251.0 100.0% 187.4 100.0% -25.3% o/w Add-ons 27.7 10.2 -63.3% EBITDA 24.7 (4.6) n.m. EBITDA Margin % 9.8% -2.4% 2009 IT Financial Newspaper Circulation 61% share 291 FY 2009 Revenue Split Total Circulation 2009: 476 ('000 copies/day) 5.4% 4.8% 98 87 89.8% Newspaper Add-ons Magazines & others MF/Milano Finanza Italia Oggi Source: ADS, Average data 12 months January 2009-December 2009; MF/Milano Finanza Press Release FY2009 Results Investor Relations 15

System Data (€m - rounded figures) FY2008 % FY2009 % % change Revenues from Group's products 193.7 94.9% 147.0 92.9% -24.1% -19.5% excl. ceased Revenues from 3rd parties' products 10.5 5.1% 11.2 7.1% 6.8% publications Total Revenues 204.1 100.0% 158.2 100.0% -22.5% EBITDA (2.7) (10.5) n.m. EBITDA Margin % -1.3% -6.7% FY2009 vs. FY2008 SYSTEM PERFORMANCE vs. IT ADV MARKET (**) CAGR FY2009 vs. FY2006 -19.5% System (A) -19% -2.3% System (B) IT ADV Market (**) -23% -7.3% IT ADV Market (**) Press (***) -8% -10.1% Press (***) Radio -1% Internet (****) Source: Nielsen Media Research FY2006, FY2008 and FY2009 for market data (**) IT ADV Market includes Press (except local advertising and Free Press), Radio, Internet (Display only) (A) Excluding advertising collection for ceased publications (***) Press includes Newspaper (except local advertising and Free Press) and Magazine advertising (B) Excluding advertising collection for the publisher San Paolo (****) Internet includes Display advertising only Investor Relations 16

Multimedia Data (€m - rounded figures) FY2008 % FY2009 % % change Circulation/other revenues 33.4 85.0% 30.7 84.3% -8.1% Revenues from advertising 5.9 15.0% 5.7 15.7% -2.8% Total Revenues 39.3 100.0% 36.4 100.0% -7.3% EBITDA 0.7 (2.4) n.m. EBITDA Margin % 1.7% -6.7% Unique Users and Page Views 100.0 6.0 5.3 5.3 90.0 5.0 4.8 4.5 4.7 4.6 5.0 80.0 4.3 4.2 4.4 4.2 4.2 70.0 FY 2009 Revenue Split 4.0 3.3 60.0 0.3% 21.2% 50.0 3.0 40.0 74.3 68.9 49.6% 64.2 63.7 63.8 62.6 62.7 63.0 62.7 2.0 60.8 30.0 54.4 42.7 20.0 28.9% 1.0 10.0 0.0 0.0 Real-time financial information Online Radiocor Others 9 9 09 9 9 09 9 9 09 9 9 9 '0 '0 '0 '0 '0 '0 '0 '0 '0 l' ' ' ov ug b n ay pr n ar pt ec ct Ju Ju Ja Fe O Se A N M A D M Source: Nielsen SiteCensus Page views (m) Unique Users (m) Investor Relations 17

Radio Data (€m - rounded figures) FY2008 % FY2009 % % change Revenues from advertising 12.6 97.1% 12.5 95.3% -1.3% Circulation/other revenues 0.4 2.9% 0.6 4.7% 64.0% Total Revenues 13.0 100.0% 13.1 100.0% 0.6% EBITDA (1.3) (1.3) 2.6% EBITDA Margin % -10.2% -9.9% FY 2009 Italian Radio Station Market Radio24 adv. performance vs. IT RADIO MARKET 7.0 16.0% 18.0 YoY % change 16.0 6.0 13.5% 12.9% 12.9% 14.0 5.0 11.5% 12.0 9.7% 4.0 9.4% 10.0 -1.3 6.3 3.0 5.9% 8.00 5.3 5.0 5.0 5.1% 4.8% 4.5 4.8% 4.6% 4.1% 4.0% 3.9% 6.00 3.8 2.0 3.7 3.3% 4.00 2.5% 2.3 2.0 1.9 1.9 1.8 1.0 1.6 1.6 1.5 1.3 2.00 1.0 -7.7 IT radio market 0.0 0.00 ss s 01 5 2o o c 5 ia o o ay l e re lia Rd 2. ta Rm 10 i un du di Ki ad ar R1 M ot 10 ej It a pi Ra M o io o or ss di De Ca di di l d o Ra Rt Is o Ki in di Ra Ra Ra di o o rg di Ra di i o Ra Ra i i di Vi Ra Ra Ra Ra Ra Average Daily listeners (m) Penetration on average daily listeners (%) Source: Audiradio FY2009 Source: Nielsen Media Research Jan-Dec 2009 for market data Investor Relations 18

Section 3 Financial Appendix Investor Relations 19

Consolidated Revenues (€m) rounded figures STATED REVENUES ADJUSTED REVENUES YoY % change YoY % change -12.3% -16.6% 573.0 565.8 502.7 471.7 244.6 YoY % change 244.6 -23.3% 187.6 187.6 328.4 315.1 321.2 284.1 FY 2008 FY 2009 FY 2008 FY 2009 Circulation & others Advertising Circulation & others Advertising FY 2008 Stated Revenues 573.0 FY 2009 Stated Revenues 502.7 (less: higher REVENUES due to changes in (less: higher REVENUES due to changes in (7.2) (31.0) scope of consolidation) scope of consolidation and adj) FY 2008 Adjusted Revenues 565.8 FY 2009 Adjusted Revenues 471.7 2009 Revenues by nature Digital revenues (*) 24.3% Advertising revenues Other revenues 37.3% 7.5% Print revenues 30.9% (*): digital revenues do not include advertising collected on @ websites: both Group's websites and 3rd parties' websites Investor Relations 20

Consolidated EBITDA (€m) rounded figures STATED EBITDA ADJUSTED EBITDA 49.3 47.9 FY 2009 FY 2009 FY 2008 FY 2008 (6.5) (24.7) FY 2008 Stated Ebitda 49.3 FY 2009 Stated Ebitda (24.7) (less: higher EBITDA due to changes in (less: higher EBITDA due to changes in (1.4) (3.9) scope of consolidation) scope of consolidation) plus: personnel extraordinary costs related to FY 2008 Adjusted Ebitda 47.9 21.0 restructuring plan plus non recurring costs 1.1 FY 2009 Adjusted Ebitda (6.5) Direct & operating costs % change: -6.9% Direct & operating costs % change (net of effects relating to the change in the scope of consolidation): -10.4% Personnel expense % change: +15.6% mainly due to the change in the scope of consolidation (€10.9m) and extraordinary expenses Personnel expense % change (net of effects relating to the change (€21m) in the scope of consolidation & extraordinary expenses): -2.7% Investor Relations 21

Consolidated EBIT and Net Result after minorities (€m) rounded figures EBIT NET RESULT AFTER MINORITIES 17.8 16.1 FY 2009 FY 2009 FY 2008 FY 2008 Impairment (11.7) (52.6) (67.5) FY 2009 EBIT is negatively affected FY 2009 Net Result is negatively affected • by EBITDA decrease, higher D&A regarding the • by EBIT decrease and lower financial income companies acquired in H2 2008 (€4.7m) and impairment (mainly Business Media amounting to €11m) and positively affected • by tax optimization Investor Relations 22

Consolidated Income Statement (€m - rounded figures) FY2008 FY2009 % change (*) FY 2009 personnel expense includes Revenues 573.0 502.7 -12.3% extraordinary costs amounting to €21m Other operating income 15.5 14.4 -7.5% Personnel expense (*) (175.9) (203.2) 15.6% Direct & operating costs (352.8) (328.6) -6.9% Provisions (10.6) (9.9) -6.4% EBITDA 49.3 (24.7) -150.1% EBITDA Margin % 8.6% -4.9% Depreciation & amortisation and (31.5) (43.1) 36.7% impairment Capital gains (losses) on disposal of non- 0.0 0.3 n.m. current assets EBIT 17.8 (67.5) n.m. EBIT Margin % 3.1% -13.4% Financial income (expenses) 10.2 2.4 -76.5% Income (expenses) from investments (2.7) (1.7) -35.4% Profit before tax 25.3 (66.7) n.m. PBT Margin % 4.4% -13.3% Income taxes (9.3) 13.4 n.m. Net Profit 16.0 (53.3) n.m. Minorities (0.1) (0.8) n.m. Net Profit after minorities 16.1 (52.6) n.m. Margin % 2.8% -10.5% Investor Relations 23

Consolidated Balance Sheet (€m - rounded figures) As at 31 Dec 2008 As at 31 Dec 2009 Non-current assets 331.1 319.5 Current assets 397.1 323.6 Non-current assets available for sale - 3.0 Total assets 728.2 646.1 Equity attributable to shareholders of parent 357.1 296.9 Equity attributable to minority interests 1.4 0.7 Total equity 358.5 297.6 Non-current liabilities 108.2 89.9 Current liabilities 261.5 258.2 Non-current liabilities available for sale - 0.5 Total liabilities 369.7 348.5 Total equity & liabilities 728.2 646.1 Investor Relations 24

Consolidated Statement of Cash Flows (€m - rounded figures) FY2008 FY2009 Net Profit after minorities 16.1 (52.6) Adjustments 10.4 19.3 Changes in net working capital (47.6) 10.0 Total net cash generated (absorbed) by operating (21.0) (23.2) activities Total net cash absorbed by (73.4) (20.4) investing activities Free cash flow (94.4) (43.6) Net cash generated (absorbed) by financing 1.1 (9.6) activities Net increase (decrease) in (93.3) (53.2) cash & cash equivalents Investor Relations 25

Group’s Net Financial Position (€m - rounded figures) As at 31 Dec 2008 As at 31 Dec 2009 Cash & cash equivalents 150.1 95.3 Bank overdrafts and loans due (4.8) (3.6) within 1 year Short-term net financial position 145.3 91.6 Non-current financial liabilities (14.1) (10.9) Non-current financial assets and hedging instruments measured at 17.8 18.1 fair value Medium/long-term net financial position 3.7 7.2 Total net financial position 149.0 98.8 Investor Relations 26

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Il Sole 24 Ore It media day

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Il Sole 24 Ore It media day — Presentation Transcript