GBL Media Day - Il Sole 24 Ore

Italian Media Day

Milan, 2 April 2009

2Investor Relations

DisclaimerThis 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 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”). 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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.

3Investor Relations

Section 1Our strengths, our markets, our positioning

4Investor Relations

Gruppo 24 ORE at a glance

A UNIQUELY DIVERSIFIED PROFESSIONAL PUBLISHER

(*) including 90m ordinary shares owned by Confindustria – the leading organization of Italian enterpreneurs with > 126,000 member companies of all sizes

► 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 (MIBTEL Index)

► Market Capitalization (*) of approximately €240m

► FY2008 consolidated revenues totalled €573m

► Approximately 2,260 employees

5Investor Relations

Gruppo 24 ORE: an overview

ProfessionalPublishing

Advertising(System) RadioNewspaper

Publishing Multimedia

► Tax, Legal & PA

► Business Media

► Software Solutions

► Education & Training

► 1st financial newspaper in Italy

► Top quality magazines

► Multi-product & multi-channel offer

► Taylor-made client-driven approach

► 1st financial website in Italy www.ilsole24ore.com

► Real time financial information

► Financial press agency (Radiocor)

► Unique “news & talk” format

FY2008 consolidated revenues totalled

€573.0m (*)

218.6 251.0 204.1 13.039.3FY2008

revenues (€m)

(*) FY2008 consolidated revenues are net of €152.9m for intercompany adjustments

6Investor Relations

2,8902,992

4,676 4,596

820 1,101

2005 2008

(€m

)

Press (*) TV Others

554632

191

195

2005 2008(€

m)

Tax & Legal Others

Professional publishing is growing faster than consumer publishing

Source: Nielsen Media Research FY2005 and FY2008(*) PRESS includes Newspapers and MagazinesOthers include Radio, Internet, Outdoor, Cinema and Cards

Source: Databank FY2008(**): IT Pro-Publishing market does not include Business Media and EducationOthers include Medical, Economics-Management, IT, Other Publishing

8,4488,587

745827

IT ADVERTISING MARKET EVOLUTION IT PROFESSIONAL PUBLISHING (**) MARKET EVOLUTION

CAGR +0.4%

CAGR +3.5%

CAGR -1.2%

CAGR +4.5%

7Investor Relations

Professional publishing is more digital than consumer publishing

Source: Nielsen Media Research FY2005 and FY2008 Source: Databank FY2008(*): IT Pro-Publishing market does not include Business Media and Education

IT ADVERTISING MARKET EVOLUTION

€8,448m €8,587m €745m €827m

22.6%20.0%

77.4%80.0%

2005 2008

Electronic Publishing Others

3.7%

98.4% 96.3%

2005 2008

Internet All other media

1.6%

IT PROFESSIONAL PUBLISHING (*) MARKET EVOLUTION

8Investor Relations

7.5%2.6%

92.5%97.4%

2005 2008

Internet Other Media

31.5%26.1%

68.5%73.9%

2005 2008

Digital Others

How digital is the Gruppo 24 ORE?

€180m €204m €144m €219m

GRUPPO 24 ORE PROFESSIONAL PUBLISHING REVENUE SPLIT

CAGR +22.5%

CAGR +47.9%

GRUPPO 24 ORE SYSTEMREVENUE SPLIT

9Investor Relations

335

146 135

IL Sole 24

ORE

Handels

blatt

Les Ech

os

('000

cop

ies/

day)

In Consumer publishing our leading position in the financial info market …

2008 Italian Newspaper Circulation

2008 IT Financial Newspaper Circulation 2008 EU Financial Newspaper Circulation

Source: Il Sole 24ORE (ADS FY2008), Les Echos (OJD FY2008), Handelsblatt (IVW Q4 2008)Source: ADS, Average data 12 months January 2008-December 2008; MF/Milano Finanza Press Release FY2008 Results

Source: ADS, Average data 12 months January 2008-December 2008

125137165193211309335

556621

Corriere

della S

era

La Rep

ubblica

Il Sole

24 O

RE

La Stam

pa

Il Mes

saggero

Il Giorn

ale

Il Res

to del Carl

ino

La Naz

ione

Libero

('000

cop

ies/

day)

Total Circulation 2008: 6,6955% share

2287101

335

Il Sole

24 O

RE

MF/Mila

no Fi

nanza

Italia

Ogg

i

Quotidian

o di Sici

lia

('000

cop

ies/

day)

62% share

Total Circulation 2008: 545

10Investor Relations

79.1%77.9%

6.3%

6.3%

14.6%

15.8%

2005 2008

Newsstand Subscription Mail Other

Source: ADS FY2005 and FY2008(*) IT Newspaper includes Corriere della Sera, Repubblica, La Stampa, Il Messaggero, Il Giornale, Libero and Italia Oggi

…led to our significant outperformance relative to our peers…

IT NEWSPAPER (*) CIRCULATION EVOLUTION (‘000 copies/day)

IL SOLE 24 ORE CIRCULATION EVOLUTION(‘000 copies/day)

2,2292,102

335343

CAGR -2.4%

CAGR -1.9%

CAGR -0.8%

CAGR +0.5%47.7% 49.6%

42.0% 39.0%

10.3% 11.4%

2005 2008

Newsstand Subscription Mail Other


Source: ADS FY2008(*) Italian Market includes Corriere della Sera, Repubblica, La Stampa, Il Messaggero, Il Giornale, Libero and Italia Oggi

• Our unique offer translates into a much higher % of subscribers relative to peers

• Very loyal customer base: approximately 90% renewal rate

• Active management of subscriptions between newsstand and mail to address customer needs

…also thanks to our highly difensive profile

2008 Circulation per distibution channel

6.3%

39.0%

93.8%

61.0%

Italian Market (*) Il Sole 24 ORE

Subscription Mail Newsstand & Other


Gruppo 24 ORE System outperformed the Italian advertising market both in 2007 and 2008

Source: Nielsen Media Research FY2007 and FY2008 for market data(*) Excluding advertising collection for the publisher San Paolo(**) PRESS includes Newspaper and Magazine advertising

2007 Italian Advertising market 2008 Italian Advertising market

13.9%

2.3%

-7.1%

-2.8%

2.4%

Internet

Radio

System (*)

System (*)

IT ADV Market

PRESS (**)

42.7%

8.0%

3.0%

3.1%

17.0%

Internet

Radio

PRESS(**)

IT ADV Market

System (*)


www.sole24ore.com: a leading player in the Italian online financial information market

News & Information segment market shares

Financial News & Information segment market reach

Source: Source: Nielsen - NetViewReport: Standard Metrics/Unique Audience* Period: Month of February, 2009 Panel Type: Home and Work

33.0%30.2%

13.8%

9.2%

La Repubblica Corriere dellaSera

Il Sole 24 ORE Editrice LaStampa

2.8%

2.8%

3.8%

5.1%

6.2%

6.4%

6.4%

7.6%

11.0%

13.6%

15.8%

16.5%

42.5%

Teleborsa

Borse.it

Reuters

TGFIN

Borsa Italiana

Class Editori

finanzaonline.com

Virgilio Economia

Corriere Economia

Leonardo Business

La Repubblica Economia

Yahoo! Finance

Il Sole 24 ORE


Radio 24: the best performer in the Italian Radio Station Market in 2008

Source: Audiradio FY2008

13.7%

6.7

5.2

5.0 5.

6

5.0

4.0

3.8

2.4

1.9 2.0

1.9

1.9

1.8

1.9

1.4

1.2

0.5

6.9

5.4

5.3

5.2

4.9

4.0

3.8

2.2

2.1

2.1

2.0

1.8

1.7

1.6

1.5

1.2

0.5

2.0%

4.5% 5.0%

0.6%

-5.6%

6.6%

2.6%

-5.0%

3.7%

0.3%

-3.9%

-5.3%

0.4%

-6.0%

-1.4%

-12.6%

-

1.00

2.00

3.00

4.00

5.00

6.00

7.00

8.00

Rai Rad

iounoRtl 1

02.5

RdsRad

io Dee

jayRai

Radiodue

Radio 10

5 Rad

io Italia

Rad

io Kiss

KissRad

io 24

R101

Rai Rad

iotre RmcRad

io Mari

aRad

io Cap

ital

M2oIso

radio

Radio R

adica

le

-15.0%

-10.0%

-5.0%

0.0%

5.0%

10.0%

15.0%

2007 average daily listeners (m) 2008 average daily listeners (m) % change 2008/2007


Section 2FY2008 Financial Data


Print revenues33.4%

Advertising revenues42.7%

Other revenues6.9%

Digital revenues (*)17.0%

Consolidated Revenues (€m)

(*): digital revenues do not include advertising collected on @ websites: both Group's websites and 3rd parties' websites

2008 Revenues by segment - rounded figures

2008 Revenues by nature

237.3 244.6

334.8 328.4

FY 2007 FY 2008

Advertising Circulation & others

572.1 573.0

Consolidated revenues % change: +0.2%

Consolidated revenues % change (net of effects relating to the change in the scope of consolidation totalling €29.9m): -4.8% mainly due to a decrease in add-on sales

Advertising revenues % change: +3.1%

573.0

(152.9)

39.313.0204.1

218.6

251.0

NewspaperPublishing


System Radio Multimedia Intercompany Total


Consolidated EBITDA (€m)STATED EBITDA ADJUSTED EBITDA

64.4

49.3

FY 2007 FY 2008

59.7

46.4

FY 2007 FY 2008

FY 2007 Stated EBITDA 64.4

(less: one off positive effect of IFRS-compliance accounting

treatment of post employment benefits following legislative

changes to the latter's allocation)

(4.7)

FY 2007 Adjusted EBITDA 59.7

FY 2008 Stated EBITDA 49.3

(less: higher EBITDA due to the changes in the scope of consolidation)

(2.9)

FY 2008 Adjusted EBITDA 46.4


Consolidated EBIT (€m)31.3

17.8

FY 2007 FY 2008

FY 2008 EBIT is positively affected by lower D&A for:

• the revision of the useful life of radio broadcasting frequencies (€7.9 million)

• the revision of the useful life of the printing machines (€2.1 million)

and negatively affected by:

• goodwill write-downs and amortizations of other tangible and intangible assets (€5.2 million)

• higher amortizations regarding the purchase price allocation of the newly-acquired companies


Net Profit After Minorities (€m)27.7

16.1

FY 2007 FY 2008

FY 2007 figure benefited from the gross capital gain of €13.3m from the sale of all the London Stock Exchange Group (LSEG) shares obtained following take-up of the Public Exchange Offer launched by LSEG on the shares of Borsa Italiana SpA


Section 3FY2008 Financial Breakdown


Group’s Revenues & EBITDA by segment (€m - rounded figures) FY2007 FY2008 % change

Revenues 283.0 251.0 -11.3%

EBITDA 36.0 24.7 -31.4%

EBITDA margin 12.7% 9.8%

Revenues 191.6 218.6 14.1%

EBITDA 36.9 37.1 0.7%


Revenues 200.0 204.1 2.1%

EBITDA (0.8) (2.7) n.m

EBITDA margin -0.4% -1.3%

Revenues 13.3 13.0 -2.0%

EBITDA (0.7) (1.3) -82.3%

EBITDA margin -5.5% -10.2%

Revenues 39.9 39.3 -1.6%

EBITDA 0.6 0.7 15.7%


Revenues (155.6) (152.9) 1.7%

EBITDA (7.6) (9.2) -21.6%

Revenues 572.1 573.0 0.2%

EBITDA 64.4 49.3 -23.4%


Multimedia

Corporate and intercompany

Il Sole 24 ORE Group

NewspaperPublishing


Advertising(System)

Radio


Professional Publishing Data

FY2008 Revenue Split

43.4%

27.9%

5.2%

23.5%

Tax, Legal & Public Administration Business MediaSoftware Solutions Education & Training

(€m - rounded figures) FY2007 % FY2008 % % change

Circulation/other revenues 154.6 80.7% 175.9 80.5% 13.8%

Revenues from advertising 37.0 19.3% 42.7 19.5% 15.5%

Total Revenues 191.6 100.0% 218.6 100.0% 14.1%

EBITDA 36.9 37.1 0.7%

EBITDA Margin % 19.3% 17.0%

Acquired Companies

Consolidated since

Revenues (€m)

EBITDA(€m)

ESA Software November 2008 6 1

Newton Management Innovation August 2008 2 0

Il Sole 24ORE Business MediaData UfficioSTR

AprilJuly

August2007

20 2

Total Professional Publishing 27 3

Corporate 3 n.m.

Total S24 Group 30 3

FY2008/FY2007 main changes in the scope of consolidation (rounded figures)


343

2,238

335

2,101

Newspaper Market (*) Il Sole 24 ORE

('000

cop

ies/

day)

FY 2007 FY 2008

Newspaper Publishing Data (€m - rounded figures) FY2007 % FY2008 % % change

Circulation/other revenues 142.5 50.4% 113.8 45.4% -20.1%

Revenues from advertising 140.4 49.6% 137.1 54.6% -2.3%

Total Revenues 283.0 100.0% 251.0 100.0% -11.3%

o/w Add-ons 54.1 27.7 -48.8%

EBITDA 36.0 24.7 -31.4%



82.5%

11.0%6.5%

Newspaper Add-ons Magazines & Free Press

-6.1%

-2.5%

Source: ADS 2008(*) Newspaper Market includes Corriere della Sera, Repubblica, La Stampa, Il Messaggero, Il Giornale, Libero and Italia Oggi

2008 IT Circulation trend – rounded figures


System (Advertising) Data

Source: Nielsen Media Research FY2008(*) excluding FY 2007 advertising collection for the publisher San Paolo (**) PRESS includes Newspapers and Magazines advertising

(*) excluding advertising collection for the publisher San Paolo


Revenues from Group's products 190.7 95.4% 193.7 94.9% 1.6%

Revenues from 3rd parties' products 9.3 4.6% 10.5 5.1% 12.6%

Total Revenues 200.0 100.0% 204.1 100.0% 2.1%

EBITDA (0.8) (2.7) n.m.

EBITDA Margin % -0.4% -1.3%

2008 IT ADVERTISING PERFORMANCE

-7.1%

-2.8%

2.4%

PRESS (**) YoY change IT Total Market YoY change

SYSTEM YoY change (L4L*)

SYSTEM PERFORMANCE 2006-2008 YoY % change

FY 2008 vs. FY 2007 (*) +2%

FY 2007 vs. FY 2006 (*) +17%

FY 2008 vs. FY 2006 (*) +19%


2008 S24 online ADV PERFORMANCE vs MARKET

IT online ADV Market YoY %Change

S24 online ADV Revenues YoY %change

13.9%

29.3%

Multimedia Data

(*): Source: Nielsen//NetRatings

In October 2008, our web site www.ilsole24ore.com had the BEST PERFORMANCE since its inception:

4.6m(*) UNIQUE VISITORS (+87% YoY) with 85.9m TOTAL PAGE VIEWS

Source: Nielsen Media Research FY2008


53.0%28.6%

18.4%

Real-time financial information Online Radiocor




Total Revenues 39.9 100.0% 39.3 100.0% -1.6%

EBITDA 0.6 0.7 15.7%



RADIO24 Average daily listeners (m)

1.859

2.113

FY 2007 FY 2008

Radio Data

Source: Audiradio FY2008




Total Revenues 13.3 100.0% 13.0 100.0% -2.0%

EBITDA (0.7) (1.3) -82.3%

EBITDA Margin % -5.5% -10.2%

+13.7%

2008 Italian National Radio Station Trend

5.2

4.9

6.9

5.4

1.5

1.61.71.82.02.1

2.1

2.2

3.84.0

5.3

12.8%13.7%

14.1%

17.9%

9.9%10.4%

5.8%

5.5%5.4%

5.2%4.7%

4.5%4.2%

3.8%

13.7%

Radio RAI 1

RTL 102.5

RDSRadio D

eeJa

yRadio R

AI 2

Radio 105 netw

orkRadio Ita

liaRadio K

iss K

issRadio 24

R 101

Radio RAI 3

RMCRadio M

aria

Radio capita

l

m2o

Average daily listeners (m) Penetration on average IT daily listeners (%)

Average Italian daily listeners: 38.4mPenetration on Italian population: 72.3%


Section 4Financial Appendix


Consolidated Income Statement

(€m - rounded figures) FY2007 FY2008 % change

Revenues 572.1 573.0 0.2%

Other operating income 10.3 15.5 50.7%Personnel expense (152.2) (175.9) 15.6%Direct & operating costs (356.4) (352.7) -1.0%Provisions (9.5) (10.6) 12.1%

EBITDA 64.4 49.3 -23.4%

EBITDA Margin % 11.3% 8.6%Depreciation & amortisation and impairment (33.4) (31.5) -5.7%

Capital gains (losses) on disposal of non-current assets 0.3 0.0 n.m.

EBIT 31.3 17.8 -43.1%

EBIT Margin % 5.5% 3.1%Financial income (expenses) 2.7 10.2 n.m.

Income (expenses) from investments 12.8 (2.7) n.m.

Profit before tax 46.8 25.3 -45.9%

PBT Margin % 8.2% 4.4%Income taxes (19.2) (9.3) -51.5%

Net Profit 27.6 16.0 -41.9%

Minorities 0.1 0.1 n.m.

Net Profit after minorities 27.7 16.1 -41.8%

Margin % 4.8% 2.8%


Consolidated Balance Sheet

(€m - rounded figures) As at 31 Dec 2007

As at 31 Dec 2008

Non-current assets 261.7 331.1Current assets (*) 461.4 397.1

Total assets 723.1 728.2

Equity attributable to shareholders of parent 346.4 357.1

Equity attributable to minority interests 1.4 1.4

Total equity 347.8 358.5

Non-current liabilities 116.0 108.2Current liabilities 259.3 261.5

Total liabilities 375.3 369.7

Total equity & liabilities 723.1 728.2

(*) of which :


As at 31 Dec 2008

Inventories 21.4 20.0

Trade receivables 179.6 215.6

Other receivables 10.6 4.6

Other current assets 6.8 6.8

Cash and cash equivalents 243.1 150.1

Total 461.4 397.1


Consolidated Statement of Cash Flows

(€m - rounded figures) FY2007 FY2008

Net Profit after minorities 27.7 16.1Adjustments 6.9 10.4Changes in net working capital 2.2 (47.6)Total net cash generated (absorbed) by operating activities

36.9 (21.0)

Total net cash absorbed by investing activities (51.7) (73.4)

Free cash flow (14.9) (94.4)

Net cash generated (absorbed) by financing activities

172.1 1.1

Net increase (decrease) in cash & cash equivalents 157.2 (93.3)


Group’s Net Financial Position


As at 31 Dec 2008

Cash & cash equivalents 243.1 150.1

Bank overdrafts and loans due within 1 year (4.5) (4.8)

Short-term net financial position 238.6 145.3

Non-current financial liabilities (16.4) (14.1)Non-current financial assets and hedging instruments measured at fair value

18.0 17.8

Medium/long-term net financial position 1.6 3.7

Total net financial position 240.2 149.0

Documents

GBL Media Day - Il Sole 24 Ore