Milan, 26 March The Board of Directors of Class Editori S.p.A., chaired by

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1 Information made available to the public pursuant to the Consob Resolution n of 14 May 1999 Contribution margin 2002: EUR 32.4 million Revenues: EUR million Dividend: EUR per share Milan, 26 March The Board of Directors of Class Editori S.p.A., chaired by Victor Uckmar, convened a meeting today for the purpose of examining the financial statements for the year 31 December Consolidated results for the period As the severe downturn in advertising investment that took shape in late 2001 continued to persist, the Company recorded revenues of EUR million in 2002 against EUR million in the prior year. The contribution margin for 2002 came to EUR 32.4 million, and at 31.6 percent of revenues, was in line with the result secured in 2001 (contribution margin of EUR 38.3 million amounting to 32.2 percent of revenues). The trend of the revenue stream was largely driven by a decrease in advertising revenues, which came to EUR 44.3 million in comparison with EUR 54.2 million in The Company's principal publications, MF/Milano Finanza and Class, sold an average of 126,000 and 85,000 copies, respectively, thereby achieving significant results in terms of readership. According to the most recent surveys made by the trade association Audipress in the autumn of 2002, the readership of MF/Milano Finanza and Class was above 500,000 and 250,000, respectively. Despite the revenue decline, the Company achieved positive earnings results, both on a pre-tax basis (EUR million versus EUR 16.2 million in 2001) and on a net basis (EUR 1.05 million versus EUR 11 million in 2001). A part of such results can be attributed to sharp cuts in costs, with operating expenses falling by 8.4 percent from EUR million to EUR 93.7 million.

2 EBITDA came to EUR 9.7 million versus EUR 19.9 million in 2001, while EBIT totalled EUR 1.5 million versus EUR 12.6 million in The consolidated net financial position of the Company as of 31 December 2002 was a deficit of EUR 3.1 million versus a deficit of EUR 74,000 at the end of Following the divestiture of certain real property assets to the newly established Compagnia Immobiliare Azionaria, the consolidated shareholders' equity totalled EUR million versus EUR million at the end of Divestiture transaction On 27 December 2002, Class Editori S.p.A. transferred certain property assets to Compagnia Immobiliare Azionaria (CIA), a company quoted on Milan's Restricted Market since 30 December CIA will operate in the real estate market and in the investment business; it will focus mainly on investments in the rapidly expanding business of agritourism in the southern regions of Italy and on the investment of its liquidity in projects with a high revaluation potential. The divestiture of a part of the assets of Class Editori S.p.A. was effected with the use of a portion of the share premium reserve, so as to allow for a fiscally neutral transaction (i.e. without the payment of taxes) for the shareholders of Class Editori S.p.A. who were allocated shares in the new company on the basis of a 1:1 ratio in relation to their holdings in Class Editori S.p.A. Overview of the principal business activities Newspapers and agencies The area achieved revenues of EUR million versus EUR million in 2001, and a contribution margin of 43.3 percent of revenues compared with 45 percent in Periodical The revenues of the area came to EUR million in comparison with EUR million in 2001), with a contribution margin of 12.6 percent of revenues versus 13.6 percent in Electronic publishing The revenues were essentially in line with the 2001 level, going from EUR 27.1 million to EUR 26.2 million, with a contribution margin rising to 40.6 percent over the 36 percent posted in Professional services

3 The area realized revenues of EUR million, which were in line with the EUR million posted in The contribution margin of 18.3 percent compares with 20.2 percent for the prior year. Television (Cfn/Cnbc) and Radio (Radio Classica) The revenues of the area totalled EUR million versus EUR million in 2001, with a contribution margin of 21.3 percent of revenues versus 25.7 percent in Parent-company results Class Editori S.p.A. closed 2002 with revenues of EUR 47.5 million versus EUR 61.4 million in Net profit totalled EUR million versus EUR 10.6 million in Preliminary indications relative to 2003 Despite the difficult economic backdrop and the continuing negative performance of the financial markets, the Company embarked on new publishing initiatives in late 2002 and in early 2003 with an objective of creating value for shareholders and on the forecast of improvements to the current situation. Key developments in this regard include: The creation of MF-DowJones News, a new global financial/economic news agency in the Italian language which was set up in a joint venture with Dow Jones Newswires, the world leader in the sector. The agency's core news is put together by a staff specialized in finance, with offices in Milan and Rome. This content is supplemented by the international news produced by Dow Jones Newswires from articles in the global edition of The Wall Street Journal and other Dow Jones publications and by articles from MF/Milano Finanza and other Class Editori publications. The MF-Dow Jones News is distributed through a series of platforms, including MF Sat, and is sold to financial professionals as well as institutional and individual investors. The agreement between Radio Classica and several leading local radio stations which created the Milano Finanza Classica Circu it, Italy's first radio network dedicated to financial and economic news. Working in collaboration with MF/Milano Finanza and Cfn/Cnbc, the staff of Radio Classica has been

4 producing and broadcasting five radio shows daily since 1 March 2003, and a series of special programs dedicated to financial and economic news. These newscasts and programs are broadcast throughout Italy by local stations belonging to the circuit, reaching an audience of about 1.2 million contacts per day and over 4.5 million contacts per week according to surveys by Audiradio. Shareholders' meeting and dividend The Board of Directors approved a resolution proposing the distribution of a EUR dividend; this proposal will be submitted to the shareholders' meeting, the first session of which is scheduled for 30 April 2003 at 10:00 a.m. at the Company's registered office in Via Burigozzo n. 5, Milan. Should a second session of the meeting be necessary, it will be held at the same time and place on 6 May The dividend to be paid on 22 May against the rendering of Coupon n. 6 on 19 May; the dividend will benefit from a full tax credit. The shareholders' meeting has furthermore been convened for the purpose of resolving on the following: Ordinary business Appointment of a director; Proposal to purchase and sell own shares; Extraordinary business In accordance with normal business practice and in order to accelerate any procedures which may be needed to capitalize on future business opportunities, a proposal will be submitted to the shareholders for a resolution (i) empowering the Board of Directors, subject to the revocation of the authority previously conferred and not yet exercised, to increase share capital through the issue of Category A ordinary shares against payment or on a bonus basis, in accordance with the provisions of Article 2443 of the Italian Civil Code; (ii) allowing the Board of Directors to increase share capital for the purpose of allocating the same to employees and/or free-lance professionals working with the Company on a regular basis, pursuant to Articles 2441 and/or 2349 of the Italian Civil Code and Article 134 of Law Decree 58/1998; and (iii)

5 providing the authority in accordance with Article 2420 ter of the Italian Civil Code for the issue of bonds. The share capital increase will be limited to the nominal value of EUR 5 million, with a maximum of 50 million shares of Category A, to be assigned on a bonus basis to the extent allowed by the reserves available or to be offered on an option basis against payment, and to be approved through one or more transactions within a term of five years from the resolution approving the proposal. The capital increase to allocate shares to employees and to free-lance professionals working with the Company on a regular basis will be limited to a maximum nominal value of EUR 185,000, with the issue of a maximum of 1.85 million Category A shares, to be approved through one or more transactions within a term of five years from the resolution approving the proposal. The bond issues to be approved by the Board of Directors may be for an aggregate maximum of EUR 15 million, through the issue of bonds, including convertible bonds and/or subscription rights (cum warrant), including bonds denominated in foreign currency, if allowed, through one or more transactions as limited by law and with the necessary capital increases to service the loans.

6 Disclaimer This press release contains information regarding future events. Such events imply risks linked to the trend of the publishing business and to the current situation in the advertising market which may positively or negatively influence the information published herein, thereby leading to results other than those anticipated. Class Editori Class Editori is Italy's top publisher of financial news, lifestyle magazines and publications focused on luxury goods. Founded in 1986 by Paolo Panerai, the company has developed over the years by capitalizing on new technologies to become a multimedia information provider. The company's activity currently embraces newspapers and periodicals (MF/Milano Finanza, Class, Gentleman, Luna...), digital television and interactive media (Cfn/Cnbc, TV Banking), the Internet (MF Trading, radio (Radio Classica, Milano Finanza-Classica Circuit), press agencies (MF Dow Jones News) video information systems (Telesia Sistemi), and news via satellite (MF Sat). The most recent initiatives have regarded economic news for professionals (Class Professionale) and the development of a financial news unit (Milano Finanza Intelligence Unit). The shares of Class Editori (Ticker: CLE) have been quoted on the Milan Stock Exchange since 30 November For additional information, please contact: Gian Marco Giura Communications - Investor Relations Tel: /460 Journalists: Investors and analysts: This press release is followed by summary financial information.

7 Class Editori S.p.A. Reclassified Consolidated Profit and Loss Statement Revenues from sales 103, ,395 Operating expenses 93, ,406 Gross profit 9,799 19,989 Depreciation 8,296 7,325 Operating profit 1,503 12,664 Net financial charges Non-recurring charges 1,998 4,990 Valuation adjustments - financial assets (7) (1520) Profit before taxes 3,936 16,247 Income taxes (2,811) (4,836) Minority interests (66) (369) Net profit 1,059 11,042 The revenues are subdivided as follows: Newsstand revenues 11,032 16,449 Subscriptions 36,254 37,168 Advertising, net 44,336 54,265 Other revenues 11,888 14,513 Total revenues 103, ,395 Class Editori S.p.A. Reclassified Consolidated Balance Sheet Trade accounts receivable 112, ,192 Inventory 1,756 2,827 Trade accounts payable (36,718) (37,775) Other payables (35,659) (38,225) Tangible fixed assets, net 8,152 12,129 Intangible fixed assets, net 33,395 29,359 Financial fixed assets 11,769 11,855 Reserves (3,620) (3,333) Invested capital 91,823 88,029 Shareholders' equity 83,824 85,755 Minority interests 4,831 2,200 Net financial position (3,168) (74)

8 Class Editori S.p.A. Reclassified Profit and Loss Statement Revenues from sales 47,560 61,404 Operating expenses 47,056 53,842 Gross profit 504 7,562 Depreciation 2,257 2,460 Operating profit (1,753) 5,102 % of revenues Net financial charges 1,512 5,859 Non-recurring charges 2,162 1,427 Valuation adjustments - Profit before taxes 1,920 12,388 % of revenues Income taxes Minority interests - Net profit % of revenues Class Editori S.p.A. Reclassified Balance Sheet Trade accounts receivable 119, ,611 Inventory 1,047 1,167 Trade accounts payable 9,868-10,137 Other payables 54, ,179 Tangible fixed assets, net 3,010 6,279 Intangible fixed assets, net 3,107 4,283 Financial fixed assets 22,411 22,222 Reserves 1,309 1,167 Invested capital 83,171 90,413 Shareholders' equity 78,553 83,853 Minority interests - - Net debt 4,618 6,560

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