RCS MediaGroup Board of Directors: 2009 preliminary consolidated results

• Consolidated revenues at EUR 2,206 million (-17% compared with 2008)^*

• EBITDA before non-recurring costs/income at EUR 133 million (EUR 271 million in 2008)^*

• EBITDA after non-recurring costs/income at around EUR 36 million

• Recovery Plan achieved savings of around EUR 159 million (compared with EUR 130 million planned for the year)

• Net debt at around EUR 1,057 million (an improvement of EUR 90 million compared with 2008)

Milan, 10 February 2010 – At its meeting today, the Board of Directors of RCS MediaGroup, under the chairmanship of Piergaetano Marchetti, examined the preliminary consolidated results at 31 December 2009. The ongoing crisis in the advertising market and the general difficulties experienced by the sector during this severe recession negatively affected the Group’s activities. The results achieved were less negative than expected following the swift implementation of stringent cost containment measures and the development of new publishing strategies, and thanks to the commitment of all areas of the Group. Consolidated revenues stood at EUR 2,206 million, down by around EUR 454 million compared with 31 December 2008. The 17% decline relates to advertising revenues, which nevertheless saw a slowdown in the strong contraction – especially in newspaper advertising – in the latter part of the year. Advertising revenues from online activities put in a positive performance. EBITDA before non-recurring costs/income was positive at EUR 133 million, but down by around EUR 138 million compared with the same period in 2008, due mainly to the advertising results. EBITDA after non-recurring costs/income stood at around EUR 36 million, including non-recurring costs connected with the Recovery Plan (approximately EUR 109 million), which was partly offset by non-recurring income of some EUR 12 million. Subject, naturally, to the conclusion of the ongoing impairment process, charges for depreciation, amortisation and write-downs include estimated non-recurring costs of around EUR 14 million relating to tangible assets associated with the production process. Net debt improved by some EUR 90 million versus 31 December 2008, and stood at around EUR 1,057 million. This positive result was due in particular to the company’s ongoing and careful management of operating cash flow. The Recovery Plan – implemented by the Group in Italy and abroad to tackle the general and sectorial crisis – brought higher-than-expected savings of around EUR 159 million in 2009 compared with the original target of EUR 130 million, thanks partly to the acceleration of some savings initially envisaged for 2010 and 2011. In tandem with the implementation of the Recovery Plan to contain costs, in the search for new publishing revenues, the multi-media commitment to developing synergies between the historical titles and new products, and to seeking new ways of utilising content, is continuing and intensifying.

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Riccardo Stilli, the director responsible for drawing up the company’s accounting statements, hereby declares, pursuant to article 154-bis, paragraph 2 of the Testo Unico della Finanza law, that the information contained in this press release accurately represents the figures contained in the Group’s accounting records.

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