E S P R E S S O G R O U P

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1 ESPRESSO GROUP

2 Gruppo Editoriale L Espresso Spa Co-leader in newsmagazines, developing a new concept of quality magazines Leader in the Italian daily press No.1 paid circulation 19% market share NATIONAL DAILY La Repubblica circ. 623,000 read. 2,673,000 LOCAL NEWSPAPER 16 dailies + 1 bi-weekly circ. 490,000 comb. read. 3,158,000 MAGAZINE L espresso circ. 388,000 read. 2,369, other titles INTERNET Kataweb 192 millions monthly pageviews 4,3 mln unique users Sources: Audiradio 2002 (radio); Readership: Audipress Autumn 2001 Circulation: Company data (dailies, magazines) 2002 Redsheriff (January 2003, internet) RADIO 3 nat l stations 6,8 mln listns. comb. ADVERTISING Sales for Group s titles & third parties No. 1 advertising regie for print media: gross adv. revenues 2002= 587 millions of euro (E) 8.0% of total market in Italy, 17.6% of print market), of which 3.9% for third parties 2

3 Circulation 388,000 2,369,000 readers per issue over 46% from upper socio-economic classes over 66% college and university graduates new design / content Sources: Circulation: Company data 2002; Readership: Audipress Autumn

4 Circulation 623,000 2,673,000 readers per day college and university graduates members of the upper socio-economic classes, high ranking professionals and decision makers Sources: Circulation: Company data 2002; Readership: Audipress Autumn

5 LOCAL NEWSPAPERS Circulation 490,000 3,158,000 readers per day Sources: Circulation: Company data 2002; Readership: Audipress Autumn

6 RADIO N. 1 COMMERCIAL RADIO IN ITALY Age-group target: teenagers 5.2 mln. daily listeners over 54% are under 24 years old over 44% are students Age-group target: years old 1.6 mln daily listeners over 59% are over 24 years old Age-group target: youngest teenagers 0.5 mln daily listeners Source: Audiradio 2002; Company Estimate (M2O) 6

7 MAGAZINES Circulation 134,000 Circulation 47,000 Circulation 66,000 Circulation 24,000 Source: Company data

8 FINANCIAL HIGHLIGHTS CONSOLIDATED RESULTS in millions of change 02/01 Revenues % - Circulation Advertising Other revenues Newsprint & paper Other Operating Costs Personnel EBITDA % Depreciation & Amortization EBIT % Profit before taxes Net Profit Net Financial Position Capital Employed (*) of which goodwill EBITDA Margin 13.2% 14.2% 18.8% EBIT Margin 7.3% 8.0% 12.7% R.O.C.E. 11.8% 12.3% 21.6% Profit per employee (000' ) Eps ( ) ,11 (*) Gross of employee severance reserve 8

9 FINANCIAL HIGHLIGHTS CONSOLIDATED RESULTS in millions of Jan-Dec Jan-Dec Jan-Dec Jan-Sept Jan-Sept 3Q 3Q Revenues , Circulation Advertising Other revenues ,0 24, Newsprint & paper Other Operating Costs , Personnel EBITDA Depreciation & Amortization EBIT , Profit before taxes ,0 Net Profit , Net Financial Position EBITDA Margin 13.2% 14.2% 18.8% 16.9% 19.2% 14.3% 20.4% EBIT Margin 7.3% 8.0% 12.7% 11.1% 13.6% 7.1% 14.5% (*) Gross of employee severance reserve 8 bis

10 CONTRIBUTION TO YEAR 2002 CONSOLIDATED RESULTS REVENUES M EBIT M (EBIT MARGIN 12.7%) Repubblica's Books 9.0% 87 Local Newspapers 26.3% 253 Magazines 10.5% 101 Advertising for third parties 2.7% 26 Radios and television 5.5% 53 Internet 2.6% 25 Local Newspapers 25.1% 14.5% Magazines 6.9% 10.0% Radios and television 4.2% 11.7% La Repubblica 29.7% 13.2% Repubblica's Magazines 9.4% 90 La Repubblica 34.1% 328 Repubblica's Books 28.1% 47.5% Repubblica's Magazines 6.0% 9.7% Divisional data has been adjusted to account for advertising & service companies revenues and results Divisional EBIT are calculated on a combined operating profit that doesn t include negative figures (internet) 9

11 MARKET OVERVIEW THE ADVERTISING MARKET IN ITALY OUR SHARE 20.1% Radio 3.8% TV 53.3% % y.o.y. Gross Revenues change 2002 Espresso Market Newspapers Magazines TV Radio Total revenues ( * ) Print (Newspapers + Magazines) 39.4% OUR SHARE 17.9% Cinema 1.1% Outdoor 2.4% Source: AC Nielsen/FCP (for newspapers and magazines) ( * ) excluding internet 10

12 MARKET OVERVIEW TOTAL ADVERTISING EXPENDITURE/GDP 1,8 1,73 1,6 1,4 1,30 1,2 1 0,8 0,6 1,05 1,03 1,00 European Average 0.85% 0,91 0,88 0,82 0,80 0,77 0,75 0,73 0,72 0,67 0,65 0,57 0,4 0,2 0 Source: Zenith, Year Portugal USA U.K. Switzerland Norway Austria Germany Denmark Spain Canada Sweden Netherlands Belgium France Italy Ireland

13 KEY STRATEGIES The end of the Internet magics and the advertising downturn have been faced by l Espresso Group with specific actions aimed to partially offset the effects of the crisis: a cost cutting plan has been the first step undertaken in order to offset the reduced (compared to forecasts) revenues and to keep margins in target a significant reduction of Internet losses (and a refocusings of its business model) has kept Kataweb s cash disbursement within a range acceptable for the Group s resources and consistent with the nearing of break-even, before Kataweb can play its role in the now cleared internet scenario and market picks up again Meanwhile investments are kept under control and focused in a way to guarantee future development in all key areas New sources of revenues are sought after: exploiting the strenght of the Group s brands to sell products consistent with our position in the market (books, records, DVDs) 12

14 KEY STRATEGIES L Espresso Group s core business is in daily newspapers. We are focused on keeping our leadership, maintaining editorial quality, exploiting our unique position as opposition newspapers, taking advantage of the lenght of the current recession to complete plans for new generation-high-tech-labor-saving presses that will enable La Repubblica to print up to 128 pages in color in order to meet, when growth will require additional capacity, the renewed demand of advertising Local newspapers capacity of 16 color pages will be enhanced by using old Repubblica units, so that it will be sufficient for the next 5 to 10 years. Local newspapers are keeping their pace towards rewarding profitability, which increased even in 2001/2002 thanks to a limited growth of revenues and tight cost control L Espresso Group plays a significant role also at the top of the magazine market with a stand alone title, L espresso, and with the magazines circulated as supplements of La Repubblica. In this field there are opportunities (youth) that we are preparing ourselves to exploit, as soon as the market recovers, with new titles and repositioning of existing ones 13

15 KEY STRATEGIES Our diversification process has seen radio as the key element, starting at the end of the 80s. Two new radio stations have been acquired in the last 5 years. Their growth in terms of audience and therefore of advertising revenues will be the key to a strong increase in profitability New developments are under way throught cheap (but with high growth potential) acquisitions in Eastern Europe We entered the satellite TV domain, with a brand extention approach: tv channels will cover areas where our titles are strong. The natural development of Radio DJ leadership is DJ TV, which was launched in February New channels will be launched, again as brand extension, when market will allow. DJ TV is also broadcast via internet Internet is another main area of development, along three lines: a) brand extension of our printed titles; b) establishment of the brand Kataweb, to attract additional profiled unique users and generate additional contacts; c) mixing contents and web solutions in integrated offers to third parties 14

16 APPENDIX A

17 LA REPUBBLICA: A SYSTEM 16

18 THE ONLY NEWSPAPER READ THROUGHOUT ITALY REPUBBLICA NW 22% NE 21% CORRIERE DELLA SERA 56%NW 15%NE C 31% 15% C S 25% 14% S Source: Audipress Autumn

19 LA REPUBBLICA LOCAL NEWSPAPERS L ESPRESSO RADIO 2,673,000 3,158,000 2,239,000 6,800,000 READERS EVERY DAY READERS EVERY D READERS PER ISSUE LISTENERS EVERY DAY OVER 35% ARE UNDER 34 YEARS OLD THE MAJORITY OF READERS CONSIST OF: COLLEGE AND UNIVERSITY GRADUATES MEMBERS OF THE UPPER SOCIO-ECONOMIC CLASSES HIGH RANKING PROFESSIONALS OVER 30%OF READERS ARE ALSO DECISION MAKERS IN BUSINESS - La Repubblica - Il Venerdì - Affari & Finanza - Musica - Salute - D (Women s supplement) - Viaggi - Il Tirreno - La Nuova Sardegna - Il Mattino di Padova - La Tribuna di Treviso - La Nuova Venezia - La Provincia Pavese - Il Centro - La Gazzetta di Mantova - La Gazzetta di Reggio - La Gazzetta di Modena - La Nuova Ferrara - Alto Adige - Corriere delle Alpi - La Città di Salerno - Il Piccolo - Messaggero Veneto - Sentinella del Canavese - A.G.L. (Press Agency) 36% ARE UNDER 34 YEARS OLD OVER 46% ARE FROM UPPER SOCIO-ECONOMIC CLASSES Over 66% ARE COLLEGE AND UNIVERSITY GRADUATES - L Espresso - Nat l Geographic (Italian) - MicroMega - Limes - Le Scienze (Scientific American) - Guide OVER 54% OF RADIO DEEJAY S LISTENERS ARE UNDER 24 YEARS OLD AND OVER 44% ARE STUDENTS OVER 59% OF RADIO CAPITAL S LISTENERS ARE OVER 24 YEARS OLD - Radio DeeJay - Radio Capital - M2O Sources: Audipress Autumn 2001; Audiradio

20 LOCAL NEWSPAPERS A NETWORK AT WORK IL PICCOLO 46,701 NUOVA FERRARA 12,573 GAZZETTA DI MODENA 12,685 GAZZETTA DI REGGIO 15,523 IL NUOVO MESSAGGERO VENETO 52,611 PROVINCIA PAVESE GAZZETTA DI MANTOVA 36,068 IL CENTRO 23,485 24,247 LA CITTÀ DI SALERNO 6,533 CENTRAL NEWS AGENCY (A.G.L.) ALTO ADIGE 33,903 CORRIERE DELLE ALPI 5,136 IL TIRRENO 87,168 MATTINO DI PADOVA NUOVA SARDEGNA 61,534 29,956 Average daily circulation 2002 (Company data) NUOVA VENEZIA 10,541 TRIBUNA DI TREVISO 18,484 19

21 APPENDIX B

22 CONTRIBUTION TO RESULTS MAGAZINES (L ESPRESSO + NATIONAL GEOGRAPHIC) Nat. l Geographic magazine only in millions of Total revenues circulation advertising Operating profit Adjusted Op. profit adj. Margin 11.3% 10.0% adj. ROCE 60.9% 54.9% Adjusted Capital employed (*) (*) gross of employee severance funds The adjusted data takes into account the titles share of advertising and service companies revenues, results and capital employed 21

23 CONTRIBUTION TO RESULTS LA REPUBBLICA in millions of Total revenues circulation advertising Operating profit Adjusted Op. profit adj. Margin 13.0% 18.4% adj. ROCE 22.5% 35.6% Adjusted Capital employed (*) (*) gross of employee severance funds The adjusted data takes into account the title's share of advertising and service companies revenues, results and capital employed 22

24 CONTRIBUTION TO RESULTS LOCAL NEWSPAPERS in millions of Total revenues circulation advertising Operating profit (*) Adjusted Op. profit adj. Margin 12.6% 14.5% adj. ROCE 13.5% 16.6% Adjusted Capital employed (**) (*) operating profit data takes into account the amortization of consolidated goodwill (**) gross of employee severance funds The adjusted data takes into account the titles share of advertising and service companies revenues, results and capital employed 23

25 CONTRIBUTION TO RESULTS RADIO AND TELEVISION Radio Deejay only in millions of Total revenues Operating profit Adjusted Op. profit adj. Margin 9.3% 11.7% 46.0% 40.7% adj. ROCE 8.9% 11.8% Adjusted Capital employed (*) (*) gross of employee severance funds The adjusted data takes into account the title's share of advertising and service companies revenues, results and capital employed 24

26 CONTRIBUTION TO RESULTS INTERNET in millions of Total revenues advertising other revenues Gross Operating profit (loss) (27.0) (14.0) Operating profit (loss) (34.8) (23.7) Adjusted Op. profit (loss) (34.7) (23.7) Adjusted Capital employed (*) Number of Employees as of dec (*) gross of employee severance funds The adjusted data takes into account the title's share of advertising and service companies revenues, results and capital employed 25

27 APPENDIX C

28 MAJOR ACCOMPLISHMENTS OF L ESPRESSO GROUP SINCE 1992 CUTS/REORGANIZATION NUOVA SARDEGNA New editorial system personnel - 20 MANZONI Elimination of non profitable third party titles STEC (*) Reorganization in printing plant & new videopagination (18 days of strike) personnel - 70 MANZONI Reorganization personnel - 50 TIRRENO Downsizing (from 3 to 2 presses) and new technologies personnel GROWTH/DEVELOPMENT First test of multimedia products technologies (videopagination) videocassettes/cd by Edizioni La Repubblica REPUBBLICA Monday edition of La Repubblica with no additional personnel MANZONI Advertising: flexibility in commercial policy, keeping prices high ( * ) (Rome printer for La Repubblica) 27

29 MAJOR ACCOMPLISHMENTS OF L ESPRESSO GROUP SINCE 1992 CUTS/REORGANIZATION REPUBBLICA Layoff of 32 employees L ESPRESSO GROUP Total labour cost: +1% against automatic wage adjustments +5% 1995 GROWTH/DEVELOPMENT REPUBBLICA New supplements: (Musica - Salute) Printing in colour 26 mln investments +15 mln advertising + 3 mln operating profit margin REDUCTION OF PAGINATION Repubblica: - 7 vs 1992 Finegil: - 3 vs 1992 Espresso: -20 vs 1992 CPS Reorganization personnel -12 GMP (Free Press) Reorganization closing of 8 titles personnel VIDEOCASSETTES Espresso Repubblica Repubblica New Women s Supplement EQV (Veneto regional newspapers) New editorial system personnel - 10 New contract with printing supplier 28

30 MAJOR ACCOMPLISHMENTS OF L ESPRESSO GROUP SINCE 1992 CUTS/REORGANIZATION ESPRESSO/REPUBBLICA Merger between Editoriale L Espresso SpA and Editoriale La Repubblica SpA into Gruppo Editoriale L Espresso SpA GROWTH/DEVELOPMENT ESPRESSO New launch of New York Review of Books (Rivista dei Libri) FINEGIL Acquisition of la Nuova Sardegna minority share Acquisition of la Città di Salerno ELEMEDIA Acquisition of Radio Capital Acquisition of ERRE DJ minority share REPUBBLICA New supplements: Computer Valley, Viaggi New local edition in Palermo REPUBBLICA Launch of italian edition of National Geographic magazine ELEMEDIA Merger between Erre DJ, Radio Capital and Italia Radio ELEMEDIA Acquisition of Italia Radio LOCAL DAILIES Acquisition of Il Piccolo and Il Messaggero Veneto 29

31 MAJOR ACCOMPLISHMENTS OF L ESPRESSO GROUP SINCE 1992 CUTS/REORGANIZATION GMP Downsizing throught disposal of non profitable titles LOCAL DAILIES Merger of Messaggero Veneto and Piccolo, local newspapers of Udine and Trieste, in the North of Italy FREE PRESS Merger of Free Press into Manzoni with strong reduction of activities: sale of 12 publications and reduction of 48 employees GROWTH/DEVELOPMENT KATAWEB Establishment of the company, fully dedicated to Internet: development of advertising and e- commerce ELE TV Start up of EleTv, active in theme television channels LOCAL DAILIES Acquisition of a 35% of Libertà, local newspaper of Piacenza, in the North of Italy 30

32 MAJOR ACCOMPLISHMENTS OF L ESPRESSO GROUP SINCE 1992 CUTS/REORGANIZATION KATAWEB Downsizing through disposals, cancellation of projects, reorganisation and concentration on activities more related to Group s core business COST CUTTING ACTIONS Implemented in all divisions in order to offset downturn of advertising market 2001 GROWTH/DEVELOPMENT ELEMEDIA Launch of DJ TV COST CUTTING ACTIONS Continued in all divisions, with major focus on Kataweb, paper consumption, personnel and promotional costs 2002 LA REPUBBLICA s BOOKS Launch of a series of50 titles, offered as options with la Repubblica at 4,90, as a strategy of brand-extension and reader s quality exploitation RADIO Acquisition of two radio stations in Eastern European Countries 31

33 HIGHLIGHTS PERSONNEL Number of Employees Payroll Employees 2,709 2,653 2,637 2,555 2,507 2,458 2,447 2,460 2,481 2,547 2,512 Contractors ,344 3,275 3,243 3,086 3,026 2,962 2,938 2,961 2,988 2,966 2,930 Women s magazine, Viaggi Radio Capital + m2o+ La Città+ Nat l Geographic Il Piccolo, Messaggero Veneto Internet (incl. acquisitions) TOTAL (incl. contractors) 3,344 3,275 3,243 3,086 3,051 3,078 3,421 3,603 4,005 3,813 3,668 32

34 7,000 6,000 5,000 4,000 3,000 2,000 1,000 MARKET OVERVIEW NEWSPAPERS CIRCULATION IN ITALY - 5,342 EVOLUTION OF DAILY NEWSPAPERS CIRCULATION AVERAGE DAILY SALES ( 000 COPIES) 6,068 6,809 5,977 5,890 5,894 5,881 5,913 6,073 6,057 5, MAJOR NEWSPAPERS SOLD IN ITALY Average Circulation Average daily n. copies readers Corriere della Sera ,825 la Repubblica ,673 Espresso Group Local Dailies ,158 La Gazzetta dello Sport ,115 Il Sole 24 Ore ,515 La Stampa ,82 Il Messaggero ,365 Il Giornale Il Gazzettino Il Secolo XIX Il Mattino Avvenire Unione Sarda Il Giornale di Sicilia La Gazzetta del Mezzogiorno Il Tempo Others 1, ,322 Total (E) 5, ,993 Our Share 18.9% 19.4% Source: Fieg, 2002; Audipress, Autumn

35 MARKET OVERVIEW MAIN PRIVATE RADIO STATIONS Commercial Nat l Radio Daily Listeners Station (x,000) Deejay 5,209 RTL ,267 Dimensione Suono 4,092 Rete105 3,168 Radio Montecarlo 2,176 Italia Network 2,002 Radio Capital 1,589 Radio Maria 1,588 Radio 24 Il Sole 24 Ore 1,433 Kiss Kiss 1,071 One o One (101) 989 Radio Radicale 463 m2o 450 (*) Local Radio & Syndications Daily Listeners Station (x,000) RISMI 3,872 Lattemiele 2,074 Radio Subasio 1,640 Radio Cuore 901 Public Radio Daily Listeners Station (x,000) Rai 1 7,860 Rai 2 5,203 Rai 3 2,096 Isoradio 1,567 Source: Audiradio 2002 (*) Company estimate 34

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