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De Agostini Group

Milan, month year

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1. The De Agostini Group

2. De Agostini Editore – Publishing business

Contents

De Agostini Group

Division

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1.1 The De Agostini Group

DE AGOSTINI GROUP IS AN INTERNATIONAL FAMILY-OWNED FINANCIAL CONGLOMERATE, ACTIVE IN DIVERSIFIED INDUSTRIAL SECTORS (PUBLISHING, GAMING, MEDIA & COMMUNICATION) AND IN FINANCIAL INVESTMENTS.

Division

Publishing Media&Communication Games&Services Finance

~2.4% Ass. Generali

GTECH (100%)

DeA Capital (58.3%)

Libri

Zodiak Media Group (89.155%)

ATRESMEDIA (20.9%)

Direct Marketing

Publishing

Digital

IGT

Italy

Americas

International

IDeA Capital Funds SGR

IDeA Fimit SGR (64.3%)

Innovation RE (96.3%)

(52.1%)

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1.2 De Agostini Editore

Present in 30 countries with publications in 13 languages

SALES CHANNELS:Newsstands, direct marketing, bookshops, e-commerce

TARGET: B2C and B2B

DE AGOSTINI PUBLISHING: collections, reference with digital content,

from hobby courses to educational and

edutainment products for children, from

products flow packs and trading cards to books, cards and video, up to products for the latest

digital device

DE AGOSTINI LIBRI: illustrated

works, books for children and teenagers, classics,

essays, school texts, dictionaries, atlases,

guidebooks, business to business market,

publishing promotion and commercial services

EDITIONS ATLAS

FRANCE/SUISSE:

Direct Marketing sector. Editorial and non-editorial products

directly at home of customers. Editions Atlas

also offers on line and distance training courses

DIGITAL DE AGOSTINI:

DeA Kids, DeA Junior and Explora pay Tv

channels , Super! free Tv channel, Sapere.it portal. Digital De

Agostini has the aim of developing and

managing original editorial properties on

digital platforms as part of kids, lifestyle and knowledge areas.

www.deagostini.it

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1.3 De Agostini Editore

CREATIVE CENTERS AROUND THE WORLD:

ItalyDe Agostini Publishing Italia, De Agostini Libri, De Agostini Scuola, Utet, Edizioni White Star, Mutado

France Editions Atlas

Spain Editorial Planeta De Agostini

Germany De Agostini Deutschland

Greece De Agostini Hellas

Russia De Agostini LLC (Russia)

Japan De Agostini Japan

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USA De Agostini Publishing USA

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1.4 De Agostini Communications

THE SECTOR COMPRISES THE GROUP’S INTERESTS IN THE AREAS “CONTENT PRODUCTION”, “DISTRIBUTION” AND “BROADCASTING”

OF CONTENTS FOR TELEVISION, NEW MEDIA AND CINEMA

ATRESMEDIA is among the leading radio-television group in Spain and operates in the most important areas of communication: ATRESMEDIA TELEVISIÓN

(Antena 3, La Sexta, Neox, Nova, Mega ), ATRESMEDIA RADIO, ATRESMEDIA DIGITAL, ATRESMEDIA PUBLICIDAD

e ATRESMEDIA CINE

ZODIAK MEDIA is among the most creative in the world in the production and distribution of content for television and the new media. Zodiak Media operates in over 17 countries and controls

significant brands like Magnolia, Marathon Media, RDF Television, Yellow Bird, Mastiff, KM, Zodiak Active, Lucky Day Productions,

Jarowskij, Zodiak Vostok, Bullseye, Télé Images, Adventure Line Productions

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1.5 IGT

Lottomatica, IGT’s company, since 1993 is concessionaire for the Italian Lotto game and the Instant and Traditional Lotteries

(Scratch & Win)

IGT is active in about 60 countries on six continents and the structure of the internal organization is divided into three

geographic areas: Italy, Americas and International

IGT, listed on the New York Stock Exchange, is the largest global player

in the lotteries, gaming and services sector

SUPPORTER OF THE ARTS, CULTURE, SOCIAL ACTIVITIES AND SPORT

GAMES:Gioco del Lotto, scratch & win and national lotteries, sports

events, video lotteries, betting, poker

SERVICES:Cell phone crediting, payment of

car license fees, TV licenses, tickets for events, processing,

prepaid debit cards

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1.6 DeA Capital

DEA CAPITAL, listed on the Milan Stock Exchange, is De Agostini Group's vehicle for alternative investments. De Agostini S.p.A. is the controlling shareholder,

with a 58.3% stake. Portfolio targets: both direct investments (services sector, Europe), and indirect

investments (funds of private equity funds). DeA Capital is also active in Alternative Asset Management.

IDeA Fimit SGR is the italian leader in the Real estate asset management. DeA Capital controls the majority of the share capital and includes among its

partners some of the major Italian social security institutions (INPS, ENASARCO).

Innovation Real Estate, controlled by DeA Capital, is one of Italy’s leading operators in Real estate services.

IDeA Capital Funds SGR, 100% controlled by DeA Capital, operates in the Private Equity fund management business and is the largest independent Italian management company of private equity funds of funds and direct

investments through private equity direct funds with domestic and international exposure.

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1.7 Structure

De Agostini Communications

Zodiak Media: production and distribution of high quality content for television and new media.

ATRESMEDIA: leading radio-television group in Spain.

IGT

IGT is the largest player in the lotteries, gaming and services sector in the world.

Lottomatica, IGT‘s company, since 1993 is concessionaire for the Italian Lotto game and the Instant and Traditional Lotteries (Scratch & Win).

DeA Capital

Portfolio targets: both direct investments (services sector, Europe), and indirect investments (funds of private equity funds).DeA Capital is also active in Alternative Asset Management.

IDeA Fimit operates in the real estate asset management.

IDeA Capital Funds operates in private equity funds.

Innovation Real Estate operates in real estate services.

PUBLISHING MEDIA&COMMUNICATION

GAMES AND SERVICES FINANCIAL ACTIVITIES

De Agostini Editore

De Agostini Publishing: the company is active in the international Partworks and Direct Marketing.

De Agostini Libri: the company controls De Agostini Scuola, Edizioni White Star, Libromania.

Editions Atlas France/Suisse: Direct Marketing and distance training courses, mainly in French and German speaking countries.

Digital De Agostini: the division operates in sat. tv and DTT, on line and digital sectors.

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1.8.1 The Group’s History

The Istituto Geografico De

Agostini is founded in Rome by

geographer Giovanni De

Agostini

Establishment of the new Istituto

Geografico De Agostini S.p.A., its activities

focused on the sector of books and cartography

The Istituto is relocated to Novara

The group’s publishing activities

reach very high levels

of expansion

Public offer for Lottomatica

S.p.A. perfected,

acquisition of UTET

The first “Calendario Atlante

De Agostini” is

released

The entire company is acquired by the Boroli

family

The partners entrust

direction of the group to Marco Drago

De Agostini participates

in the privatization

of SEAT

De Agostini celebrates

100 years of activity

Acquisition of Toro

Assicurazioni and a stake in

Antena 3 Television

The sub-holding De Agostini Editore

S.p.A. is created, this controlling publishing activities. In July, De

Agostini Scuola S.p.A. is established

1901

2005

1908 2002

1904 1946

1985-1996

1997

1998

2001 2003

2004

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1.8.2 The Group’s History

Acquisition of GTECH Holdings Corporation and

sale of controlling

interest in Toro Assicurazioni.

The De Agostini Group acquires the 2,5% stake in Assicurazioni

Generali

2006

2007

Acquisition of Magnolia and Marathon Group.

IDeA Alternative Investments is

established (from 2008 the company enters into

DeA Capital)

After the acquisition of svedish Zodiak

Television, in November launch of Zodiak

Entertainment. Launch of Digital De Agostini

(television, on line, new platforms)

2008

2010

Lottomatica wins for 9 years the “Scratch&Win”. Zodiak Entertainment acquires RDF, company active in the

sector of media content, and rebrands into Zodiak Media. Reorganization of De Agostini Editore in three business units:

De Agostini Partworks, De Agostini Direct Marketing, De

Agostini Culture

De Agostini Editore reorganises its

activities with the creation of two new

companies, De Agostini Libri and De Agostini

Publishing, in addition to Atlas Editions France - Suisse and the division

Digital De Agostini).The process to merge

First Atlantic Real Estate SGR into FIMIT –

Fondi Immobiliari Italiani SGR was

completed: the latter changed its name to

IDeA FIMIT SGR

2011

2012

Antena 3 and La Sexta merge. De Agostini Publishing S.p.A.

acquires 100% of Mutado, Creative Digital Agency. In

March was founded Libromania S.r.l. from the partnership between De

Agostini Libri and Newton Compton. De Agostini Editore

launches the new “network kids” of TV channels: DeAKids,

DeAJunior, Super! and DeASapere

Division

De Agostini Editore Group completes the disposal of the entire

stake held by De Agostini Libri in Utet

S.p.A. and, specifically, of the General

Reference and high-end publishing. An 80%

stake has been sold to FMR Art'è S.p.A. De

Agostini Libri continues to manage the Classics and Essays division of

Utet’s publishing business.

2013

2014

GTech announces that it has entered into a definitive merger agreement with

International Game Technology, a global leader in casino and social gaming

entertainment, headquartered in Las Vegas. Santé SA, 43% owned by DeA Capital, finalised the sale of its

majority stake in Générale de Santé to Ramsay Health

Care.

On April 7, 2015, GTECH S.p.A. achieves the

cross-border merger in Game Technology PLC. On the same day the

new company IGT debuts on the New York

Stock Exchange, becoming world leader in the gaming industry.In January, along with BC Partners and other

shareholders, DeA Capital sells half of its own shares in Migros.

2015

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1.9 De Agostini S.p.A. - Financials

(1.509)31/12/07

(1.509)

De Agostini Group financials: recent evolution.

Division

€ mln 2013 2012 2011 2010 2009

Revenues 4.906 5.097 5.070 4.317 4.154

EBITDA 1.155 1.151 1.124 876 801

EBITDA margin 23,5% 22,6% 22,2% 20,3% 19,3%

Recurring EBIT 637 607 556 428 355

Non recurring items, result from financial investments -198 -167 -214 -632 -300

Net financial charges -195 -178 -184 -242 -203

EBT 244 266 158 -446 -148

Consolidated net profit 91 134 86 -551 -215

Group net profit 24 24 2 -560 -273

Shareholders' Equity 4.015 4.078 4.139 3.618 3.294

Shareholders' Equity attributable to parent company 2.427 2.443 2.501 2.169 2.311

Net Financial Position -4.011 -4.124 -4.296 -4.585 -4.154

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2.1 De Agostini Editore S.p.A.

De Agostini Editore S.p.A., 100% owned by De Agostini S.p.A., is an Italian multinational company leader in creating content, products and services; it

operates in 30 countries and publishes in 13 languages . De Agostini Editore is responsible for the co-ordination and strategic management of all the Group’s

operating companies in the publishing sector in Italy and throughout the world. The company controls: De Agostini Publishing, a worldwide leader in Partworks business, with a production that ranges from sample collections to reference

with digital content, from hobby courses to educational and edutainment products for children, from products flow packs to trading cards; De Agostini

Libri that manages the publishing activities in Italian market, focusing on design and production of books and scholarly publishing and on the sectors of

publishing promotion and commercial services; Editions Atlas France and Editions Atlas Suisse which operate Direct Marketing business, bringing

deliveries directly to customers’ home; Digital De Agostini, a division created to strengthen and develop the presence of De Agostini on digital platforms (sat.

Tv and DTT, on line, mobile).Division

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2.2 De Agostini Editore Around the World

Argentina

Australia

Belgium

Brazil

Canada

Chile

China

Colombia

Cyprus

Czech RepublicDenmark

Ecuador

England

Finland

France

Germany

Greece

Holland

Hungary

Japan

Mexico

New Zealand

Norway

Poland

Portugal

Russia

Slovakia

Spain

Sweden

Switzerland

Uruguay

Venezuela

Italy(Novara, Milan, Turin)

Division

Ufficio emittente15

2.3 De Agostini Editore’s brands

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2.4 DE AGOSTINI PUBLISHING

Sales channel: NEWSSTANDS, INTERNET

8 fully owned subsidiaries (London, Hamburg, Warsaw, Athens, Moscow, Kiev, Tokyo, New York) in 46 countries

48% GLOBAL MARKET SHARE

Recent launches:

Division

Costruisci il tuo ROBI

GLI ANIMALI DELLA PREISTORIA

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2.5 DIRECT MARKETING – EDITIONS ATLAS FRANCE/SUISSE / UK

Sales channel: POST, INTERNET

Present all over the world

Creative centers: FRANCE, SWITZERLAND, UK

Recent successes:

Division

STIPS THE TALKING PEN:A collection of interactive

books for children

ROYAL SPLENDOUR DOLLSA collection of porcelain dolls

of European royals through the ages

Ufficio emittente18

Companies: DE AGOSTINI LIBRI, WHITE STAR, LIBROMANIA

BOOKSChildren, Illustrated,

Classics, Essays

Recent successes:

CARTOGRAPHYAtlases, maps, special

projects

2.6 DE AGOSTINI LIBRI – Books and Cartography

Ufficio emittente 19

2.7 DE AGOSTINI LIBRI - School

Company: DE AGOSTINI SCUOLA

Target: SCHOOL OF ALL KINDS – UNIVERSITY

Subjects: ALL

Marchi: Black Cat, Cedam Scuola, Cideb, Città Studi Edizioni, De Agostini, Garzanti Linguistica, Garzanti Scuola, Ghisetti e Corvi, Isedi,

Liviana, Marietti Scuola, Petrini, Theorema, Utet Università, Valmartina

Recent successes:

DIGIMAT+ (Mathematics)

GAME ON! (English)

JEU DE MOTS, (French)

ESPAÑOL,¡ QUÉ DIVERTIDO! (Spanish)

New Products 2014 for secondary school - I level

LA MATEMATICA A COLORI (Mathematics)

GEOSTART (Geography)

AVENIR (French Literature)

New Products 2014 for secondary school – II level

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2.8 DIGITAL DE AGOSTINI

Company: DE AGOSTINI EDITORE

Target: CHILDREN, YOUNG MEN, GROWN-UP PEOPLEObjectives: TO DEVELOP DE AGOSTINI'S PRESENCE ON DIGITAL

PLATFORMS SUCH AS SAT. TV AND DTT, INTERNET AND NEW MEDIA, BY IDENTIFYING FORMS OF COMMUNICATION THAT ENABLE DE

AGOSTINI TO EXPAND ITS MARKET

Launches:

Brands: DEAKIDS, DEAJUNIOR, SUPER!, EXPLORA AND DEABYDAY

Division

WEB MAGAZINEDEABYDAY (

www.deabyday.tv): practical guide about

“how to do” of daily life

INTERNET

PORTALS

DeA learning: on-line language courses

DeAKids, DeAJunior, Super! and Explora - Thematic channels for kids

and teenagers on Sky and DTT

NETWORK KIDS

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2.9 De Agostini Editore - Financials

Division

Euro Million 2013 % 2012 % ChangeRevenues 1.123

100,0%1.252

100,0%-10,3%

EBITDA 433,8%

473,8%

-8,5%

EBT 111,0%

161,3%

-31,3%

Group Net profit (loss) (2)-0,2%

00,0%

n.a.

  31.12.2013   31.12.2012   ChangeNet invested capital 338 352 (14)

Net financial position (137) (147) 10

Total Shareholders' Equity 201 

205 

(4)

           

Euro Million 2013 % 2012 % ChangePartworks 630

56,1%747

59,7% -15,6%Direct Marketing 353

31,5%372

29,7% -5,0%Books 86

7,6%91

7,3% -5,9%Professional and training 31

2,8%32

2,6% -1,9%Digital 21

1,9%12

1,0% 74,2%Other 2

0,2%(2)

-0,2% n.a.     

Total revenues 1.123 100,0% 1.252 100,0% -10,3%