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Gruppo Editoriale L’EspressoSocietà per azioni

Interim Report as of March 31, 2009

Gruppo Editoriale L’Espresso SpAVia Cristoforo Colombo, 149 - 00147 Roma

Capitale Sociale i.v. €61.384.768,20 i.v. - R.E.A. Roma n. 192573 - P.IVA 00906801006Codice Fiscale e Iscriz. Registro Imprese di Roma n. 00488680588

Società soggetta all’attività di direzione e coordinamento di CIR S.p.A.

The Interim Report as of March 31, 2009 has been translated from that issued in Italy, fromthe Italian into the English language solely for the convenience of international readers.

CONTENTS

REPORT OF THE BOARD OF DIRECTORS AT MARCH 31, 2009

• Consolidated results at March 31, 2009 page 3

• Market outlook page 3

• Operating performance for the 1stQuarter of 2009 page 4

• Results by area page 5

• Subsequent events and outlook page 8

CONSOLIDATED INTERIM FINANCIAL STATEMENTS AT MARCH 31, 2009

• Consolidated Income Statement page 10

• Consolidated Balance Sheet page 11

• Consolidated Statement of Cash Flows page 12

• Changes in the Consolidated Net Financial Position page 13

• Consolidated Net Financial Position page 14

NOTES TO THE CONSOLIDATED INTERIM REPORT AS OF MARCH 31, 2009

• Foreword page 16

• Consolidation area page 16

• Income Statement page 17

• Balance Sheet page 20

CERTIFICATION PURSUANT TO OF ART. 154-BIS, PARAGRAPH 2, OF ITALIAN

DECREE NO. 58 OF FEBRUARY 24, 1998 page 23

Report of the Board of Directors at March 31, 2009

Gruppo Editoriale L’Espresso – Interim Report as of March 31, 2009

REPORT OF THE BOARD OF DIRECTORS AT MARCH 31, 2009 CONSOLIDATED RESULTS AT MARCH 31, 2009 Consolidated results (€ million) 1stQuarter

20081stQuarter

2009 % change

2009/2008Revenues, of which: 262.3 215.0 -18.0%• circulation 66.9 65.8 -1.6%• advertising 149.3 109.3 -26.8%• add-on products 38.9 35.8 -7.9%Gross operating profit 35.6 16.7 -53.2%Operating profit 25.4 6.0 -76.2%Pre-tax profit 21.0 1.0 Net profit 10.5 (2.5) (€ million) Dec. 31,

2008March 31,

2009 Net financial position (278.9) (248.8) Shareholders’ Equity including minority interests 489.3 485.9 • Group Shareholders’ Equity 478.4 475.2 • Minority interests 10.8 10.8 Employees 3,344 3,266 MARKET OUTLOOK

In the first months of 2009, the deteriorating economic climate determined a stronger contraction in advertising spending than that experienced in the last part of 2008.

According to figures published by Nielsen Media Research, the advertising market as a whole registered a 19.5% decline in the first two months of 2009 on the corresponding period in 2008.

The contraction affected to varying degrees all media with the exception of the Internet, whose expansion registered however a marked slowdown (up 3.9%).

Advertising on the press declined by 27.4%, with periodicals registering a worse performance than newspapers.

The radio sector, which closed 2008 still reporting an overall growth in advertising revenues for the year, registered a 27.2% decline on the 1stQuarter of 2008.

Alongside the general decline in consumption, circulation of periodicals and newspapers also registered a further contraction. In particular, in the first two months of 2009, the circulation of newspapers declined by 5.3% (source: FIEG).

3


OPERATING PERFORMANCE FOR THE 1STQUARTER OF 2009 Net consolidated revenues for the 1stQuarter of 2009 amounted to €215 million, down 18% on the corresponding period in 2008 (€262.3 million).

Advertising revenues amounted to €109.3 million, down 26.8% on the 1stQuarter of 2008. Advertising sales of newspapers declined by 22.4%, registered a performance better than the market thanks to the results of the local newspapers, while other media’s advertising sales registered a performance in line with that of the respective markets.

Circulation revenues, net of add-on products, amounted to €65.8 million, down 1.6% on the corresponding period in the previous year. Sales of newspapers were in line with 2008, while periodicals registered a slight decline.

Circulations of newspaper la Repubblica and magazine L’espresso registered stronger declines (down respectively 21.4% and 24.6%), due primarily to the decision to suspend or reduce some distribution formulas featuring a high promotional content, that were scarcely remunerative. Local newspapers reported instead circulations in line with the 1stQuarter of 2008, holding well despite the strong market downturn.

Revenues from add-on products amounted to €35.8 million, declining only by 7.9% in a market registering a severe contraction, thanks to the good reception by the public of initiatives launched in the first three months of the year.

Consolidated gross operating profit amounts to €16.7 million, down 53.2% on €35.6 million in the 1stQuarter of 2008. It is to be noted that the impact on the income statement of the drastic reduction of advertising sales was partly offset by a 12% reduction in operating costs, resulting primarily from cost reduction measures already implemented.

Consolidated net operating profit amounted to €6 million (€25.4 million in the 1stQuarter of 2008), while the consolidated net profit registered a loss of €2.5 million (as compared with a net profit of €10.5 million in the corresponding period in 2008).

The consolidated net financial position improved from an indebtedness of €278.9 million at the end of 2008, to an indebtedness of €248.8 million at March 31, 2009, improving by €30.1 million, an amount equivalent to the surplus generated in the 1stQuarter of 2008: the lower profit for the period, in fact, was offset by the improvement in net current assets and the lower capital expenditure for investments and acquisition of treasury stocks. At March 31, 2009, the employees of the Group amount to 3,266 persons, including term contracts, 190 less than at March 31, 2008, and 78 less than the 3,344 employed at December 31, 2008, reflecting the first effect of restructuring plans ongoing.

4


RESULTS BY AREA Repubblica Division

The Repubblica Division includes the development, production and marketing of publishing products relating to newspaper la Repubblica (national newspaper, 9 local editions, thematic supplements and monthly magazines Velvet and XL), in addition to the Repubblica.it web site. Highlights (€ million) 1stQuarter

20081stQuarter

2009 % change

2009/2008Revenues 128.2 106.9 -16.6%Operating and personnel costs (117.8) (104.4) -11.4%Gross operating profit 10.4 2.4 -76.4%Depreciation, amortization and write-downs (3.0) (3.3) +10.0%Operating profit 7.4 (0.8) n.s.Employees 715 680 Figures for the division include the share in revenues and costs of the Parent Company that may not be attributed to a specific activity

Revenues of the Division declined by 16.6% on the 1stQuarter of 2008 to €106.9 million.

Circulation revenues, net of add-on products, were in line with the first three months of 2008.

Advertising revenues declined by 26.8% on the 1stQuarter of 2008, with magazines distributed with the newspaper registering a more marked decline. In the 1stQuarter of 2009, the gross operating profit of the Division was equal to €2.4 million, as compared with €10.4 million in the 1stQuarter of 2008. The impact on the income statement of the strong decline in advertising was offset to a significant degree by cost reduction measures implemented. Periodicals Division

The Periodicals Division includes weekly magazine L’espresso, monthly magazine National Geographic and periodicals Limes, Micromega and Guide de L’espresso, in addition to the respective web sites.

5


Highlights (€ million) 1stQuarter

20081stQuarter

2009 % change

2009/2008Revenues 22.7 18.0 -20.5%Operating and personnel costs (20.9) (18.3) -12.4%Gross operating profit 1.8 (0.2) n.s.Depreciation, amortization and write-downs (0.2) (0.3) +2.0%Operating profit 1.6 (0.5) n.s.Employees 119 106 Figures for the division include the share in revenues and costs of the Parent Company that may not be attributed to a specific activity Revenues of the Division declined by 20.5% on the 1stQuarter of 2008, reflecting the strong reduction in advertising. The gross operating profit of the Division declined from a profit of €1.8 million in the 1stQuarter of 2008, to a loss of €0.2 million in the first three months of 2009. In this case also, cost reduction measures implemented allowed to reduce the effect of the strong decline in revenues. Local newspapers

The Local newspapers Division includes 16 local newspapers and a bi-weekly magazine, in addition to the respective web sites. Highlights (€ million) 1stQuarter

20081stQuarter

2009 % change

2009/2008Revenues 67.5 59.8 -11.3%Operating and personnel costs (52.7) (48.9) -7.3%Gross operating profit 14.8 11.0 -25.8%Depreciation, amortization and write-downs (3.2) (3.2) +2.2%Operating profit 11.6 7.8 -33.3%Employees 1,278 1,229

Revenues of the Group’s local newspapers amounted in the 1stQuarter of 2009 to €59.8 million, down 11.3% on the 1stQuarter of 2008.

Circulation revenues and the average number of copies distributed per issue (459 thousand) were substantially stable.

Advertising revenues declined by 19.5% on the 1stQuarter of 2008 due primarily to the reduction in national advertising, while local advertising registered a much smaller decline.

The gross operating profit of the Division amounted to €11 million, down from €14.8 million in the 1stQuarter of 2008, remaining strong despite the adverse market conditions.

6


Radio

The Radio sector includes the Group’s three national radio stations Radio Deejay, Radio Capital and m2o, and the respective web sites. Highlights (€ million) 1stQuarter

20081stQuarter

2009 % change

2009/2008Revenues 19.4 15.2 -21.8%Operating and personnel costs (11.0) (10.3) -5.7%Gross operating profit 8.4 4.8 -42.7%Depreciation, amortization and write-downs (1.0) (1.1) +9.0%Operating profit 7.5 3.8 -49.4%Employees 166 157

Revenues of the Group’s Radio stations declined by 21.8% on the 1stQuarter of 2008. The gross operating profit amounts to €4.8 million, registering, also in this case, a strong profitability despite the severe market downturn. Rete A - All Music Highlights

(€ million) 1stQuarter2008

1stQuarter 2009

% change2009/2008

Revenues 4.9 2.5 -48.2%Operating and personnel costs (6.3) (4.5) -28.5%Gross operating profit (1.4) (2.0) -38.2%Depreciation, amortization and write-downs (0.8) (0.9) +11.3%Operating profit (2.3) (2.9) -28.2%Employees 104 71

In an extremely negative market condition, advertising revenues of the television station registered a strong decline. Restructuring plans implemented in the second half of 2008 allowed to reduce significantly costs, but the television station continued however to report a strong loss.

As a result of losses accumulated in last years, a restructuring plan providing for the discontinuation of internal production activities was launched in the 1stQuarter of 2009.

7


SUBSEQUENT EVENTS AND OUTLOOK

Figures for the 1stQuarter of 2009 and preliminary data for April confirm a drastic reduction of advertising revenues. At present, this situation does not show any sign of a recovery in a general context that continues to be marked by strong uncertainty and favors a reduction of investments or their postponement.

To face the severe market downturn, affecting in particular the publishing sector, the Group has implemented a number of cost cutting measures that allowed to offset in part the effect of the collapse of advertising revenues already from the 1stQuarter of 2009.

Based on results for the 1stQuarter of 2009, it appears however necessary to devise and implement other cost cutting measures ranging from corporate and organizational streamlining to a significant re-engineering of processes.

At the same time, the Group continues to focus on the enhancement of its publications and brands through the development of proprietary contents on new platforms, with particular reference to local newspapers’ web sites, in addition to the introduction, without significant investments, of further qualitative improvements in the printing and graphic design of its newspapers, among which the extension of full color to nearly all local newspapers of the Group.

Top management intends moreover to strengthen the Group’s management skills by monitoring critical areas to further development.

8

Consolidated Interim Financial Statements at March 31, 2009


Espresso GroupConsolidated Income Statement

Jan-Mar Jan-Mar(€ million) 2008 2009

Revenues 262.3 215.0 Change in inventories (0.7) (0.1) Other operating income 3.5 2.5 Purchases (40.5) (31.3) Services received (102.7) (88.6) Other operating charges (5.5) (6.9) Investments valued at equity 0.3 0.2 Personnel costs (81.1) (74.1) Depreciation, amortization and write-downs (10.3) (10.6)

Operating profit 25.4 6.0

Financial income (expense) (4.4) (5.1)

Pre-tax profit 21.0 1.0

Income taxes (10.4) (3.5)

Net profit 10.6 (2.6)

Minority interests (0.2) 0.0

GROUP NET PROFIT 10.5 (2.5)

Earnings per share, basic 0.026 n.aEarnings per share, diluted 0.025 n.a

10


Espresso GroupConsolidated Balance Sheet

ASSETS December, 31 March, 31(€ million) 2008 2009

Intangible assets with an indefinite useful life 656.1 656.1 Other intangible assets 4.3 4.0 Intangible assets 660.4 660.1 Property, plant and equipment 221.0 213.7 Investments valued at equity 27.8 28.0 Other investments 2.6 2.6 Non-current receivables 1.5 1.4 Deferred tax assets 47.6 47.3

NON-CURRENT ASSETS 960.8 953.1

Inventories 27.7 23.5 Trade receivables 258.3 210.2 Marketable securities and other financial assets 0.1 0.1 Tax receivables 20.8 23.6 Other receivables 23.5 25.1 Cash and cash equivalents 120.7 155.3

CURRENT ASSETS 451.1 437.8

TOTAL ASSETS 1,411.9 1,390.9

LIABILITIES AND SHAREHOLDERS' EQUITY 31 December 31 March(€ million) 2008 2009

Share capital 61.4 61.4 Reserves 245.9 215.1 Retained earnings (loss carry-forwards) 150.6 201.2 Net profit (loss) for the period 20.6 (2.5)

Group Shareholders' Equity 478.4 475.2

Minority interests 10.8 10.8

SHAREHOLDERS' EQUITY 489.3 485.9

Financial debt 379.8 379.5 Provisions for risks and charges 24.1 23.7 Employee termination indemnity and other retirement benefits 90.9 87.7 Deferred tax liabilities 108.0 108.4

NON-CURRENT LIABILITIES 602.9 599.4

Financial debt 19.9 24.7 Provisions for risks and charges 34.7 35.9 Trade payables 147.6 129.4 Tax payables 19.3 25.0 Other payables 98.3 90.6

CURRENT LIABILITIES 319.8 305.5

TOTAL LIABILITIES 922.7 904.9

TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY 1,411.9 1,390.9

11


Espresso GroupStatement of Consolidated Cash Flows

Jan-Mar Jan-Mar(€ million) 2008 2009

OPERATING ACTIVITIESNet profit (loss) for the period, including minority interests 10.6 (2.6) Adjustments: - Depreciation, amortization and write-downs 10.3 10.6 - Accruals to provisions for stock option costs 0.2 0.0 - Net change in provisions for personnel costs (0.4) (3.2) - Net change in provisions for risks and charges 1.2 0.8 - Losses (gains) on disposal of fixed assets (0.1) (0.0) - Adjustments for investments valued at equity (0.3) (0.2) Cash flow from operating activities 21.4 5.4 Change in current assets and other flows 31.1 39.3 CASH FLOW FROM OPERATING ACTIVITIES 52.5 44.7 of which:Interest received (paid) 0.8 0.8

INVESTING ACTIVITIESOutlay for purchase of fixed assets (12.3) (9.4) Received on disposals of fixed assets 0.4 0.2 (Purchase) sale of marketable securities and available-for-sale assets (0.0) - CASH FLOW FROM INVESTING ACTIVITIES (12.0) (9.2)

FINANCING ACTIVITIES(Acquisition) sale of treasury stocks (5.6) (0.8) Issue (repayment) of other financial debt (0.4) (0.1) CASH FLOW FROM FINANCING ACTIVITIES (5.9) (0.9)

Increase (decrease) in cash and cash equivalents 34.5 34.7

Cash and cash equivalents at beginning of the period 152.1 120.7

CASH AND CASH EQUIVALENTS AT END OF THE PERIOD 186.7 155.3

12


Espresso GroupChanges in the Consolidated Net Financial Position

Jan-Mar Jan-Mar

(€ million) 2008 2009

SOURCES OF FUNDS

Net profit (loss) for the period, including minority interests 10.6 (2.6) Depreciation, amortization and write-downs 10.3 10.6 Accruals to provisions for stock option costs 0.2 0.0 Net change in provisions for personnel costs (0.4) (3.2) Net change in provisions for risks and charges 1.2 0.8 Losses (gains) on disposal of fixed assets (0.1) (0.0) Adjustments for investments valued at equity (0.3) (0.2) Cash flow from operating activities 21.4 5.4

Decrease (Increase) in non-current receivables 0.1 0.1 Increase in liabilities/Decrease in deferred tax assets 3.3 0.8 Increase in payables/Decrease in tax receivables 5.7 3.0 Decrease (Increase) in inventories (0.3) 4.2 Decrease (Increase) in trade and other receivables 38.3 46.5 Increase (Decrease) in trade and other payables (20.8) (19.8) Change in current assets 26.2 34.7

CASH FLOW FROM OPERATING ACTIVITIES 47.6 40.1

Net disinvestments in equity investments 0.1 -

TOTAL SOURCES OF FUNDS 47.7 40.1

USES OF FUNDS

Net investment in fixed assets (12.0) (9.2) (Acquisition) sale of treasury stocks (5.6) (0.8)

TOTAL USES OF FUNDS (17.5) (10.0)

Financial surplus (deficit) 30.2 30.1

BEGINNIG NET FINANCIAL POSITION (264.9) (278.9)

ENDING NET FINANCIAL POSITION (234.7) (248.8)

13


Espresso GroupConsolidated Net Financial Position

March, 31 December, 31 March, 31(€ million) 2008 2008 2009

Financial receivables from Group companies - - -

Financial payables to Group companies - - -

Cash and bank deposits 192.1 120.7 155.3

Current account overdrafts (5.4) (0.0) (0.0)

Net cash and cash equivalents 186.7 120.7 155.3

Marketable securities and other financial assets 0.1 0.1 0.1

Bond issue (311.5) (307.2) (310.9)

Other bank debt (108.9) (91.7) (92.7)

Other financial debt (1.0) (0.7) (0.6)

Other financial assets (liabilities) (421.4) (399.6) (404.1)

NET FINANCIAL POSITION (234.7) (278.9) (248.8)

14

Notes to the Consolidated Interim Reportat March 31, 2009


NOTES TO THE CONSOLIDATED INTERIM REPORT AS OF MARCH 31, 2009 Foreword The Consolidated Interim Report as of March 31, 2009 of the Espresso Group at has not been audited and was prepared under international accounting principles (IFRS).

Valuation criteria used in the preparation of the Consolidated Balance Sheet and Consolidated Income Statement are in line with those used in the preparation of the Financial Statements at December 31, 2008.

The present Consolidated Interim Report was prepared in compliance with article 154-ter, paragraph 5, of the Testo Unico della Finanza. Provisions of international accounting principle on interim reports (IAS 34 “Interim reports”) were therefore not adopted.

Consolidation area The consolidation area is unchanged from March 31, 2008.

16


INCOME STATEMENT Revenues

1stQuarter2008

1stQuarter2009

Circulation 105.8 101.6Advertising 149.3 109.3Other revenues 7.1 4.0

TOTAL REVENUES 262.3 215.0

Circulation and advertising revenues are commented upon in the first part of this report, to which we refer. The €3.1 million reduction in other revenues is due primarily to the resizing of activities in the corporate services sector and a reduction in sales of add-on products distributed outside Italy.

Other operating income The item includes extraordinary gains, capital gains on the disposal of assets and grants received. The €1 million decline on the 1stQuarter of 2008 due primarily to lower extraordinary gains.

Purchases

1stQuarter2008

1stQuarter2009

Paper for newspapers and magazines (25.7) (19.7)Other purchases (14.8) (11.7)

TOTAL PURCHASES (40.5) (31.3)

Purchases of paper for newspapers and magazines declined by €6 million on the corresponding period in the previous year due to the decision to suspend some distribution formulas with a high promotional content and to the reduction in the number of pages of newspapers and periodicals published.

Other purchases include printing materials (ink and plates) used for the Group’s newspapers and magazines and costs for the acquisition of add-on products. They decline by €3.2 million on the 1stQuarter of 2008 due primarily to savings on printing costs achieved on the Group’s publications and to the lower volume of add-on products acquired and distributed.

17


Services received

1stQuarter2008

1stQuarter2009

Printing of newspapers and magazines (12.3) (10.7)Other printing costs (3.2) (2.2)Promotions (7.4) (5.7)Distribution costs (8.8) (7.5)Publishers’ fees (3.5) (2.2)Agent and agency fees (8.9) (6.6)Rights (8.9) (10.2)Other operating costs (49.8) (43.6)

TOTAL SERVICES RECEIVED (102.7) (88.6)

Costs incurred in the first three months of 2009 for the printing of newspapers and magazines decline by €1.6 million on the corresponding period in the previous year due primarily to the reduction of copies printed, returns and the number of pages of the Group’s publications.

Other printing costs relate to the printing of add-on products. The €1 million decline on the first three months of 2008 reflects the reduction of copies printed and the resulting decline in the volume of returns.

Promotion costs decline by €1.7 million on the first three months of 2008 due to the reduction of promotional activities of newspapers and periodicals, in addition to the different timing of promotional campaigns carried out by the Group’s radio stations.

Rights include primarily royalties paid for add-on products, radio and television broadcasting rights and reproduction rights for contents of web sites. The €1.2 million increase on the corresponding period in the previous year is due primarily to higher rights paid for book collections, CDs and DVDs sold optionally with la Repubblica and L’espresso.

The €6.2 million decline in other operating costs is due to the containment of editing costs (freelances and photographs) and of general costs, in addition to the mentioned resizing of activities in the corporate services sector. Other operating charges These include primarily accruals to provisions for risks and charges, extraordinary losses and the write-down of receivables, and grow by €1.4 million on the 1stQuarter of 2008 due to accruals made to the provision for costs on current legal proceedings (libel suits, common to all publishers), trade, tax and contractual litigation expected to be borne by Group companies.

18


Personnel costs Personnel costs amounted to €74.1 million, down €7.0 million on the 1stQuarter of 2008 as the reduction in personnel carried out in 2008 and new cost reduction plans launched in the current year resulted in considerable personnel cost savings, offset only in part by automatic contractual increases. Depreciation, amortization and write-downs Depreciation, amortization and write-down costs amount to €10.6 million, up €0.4 million on the first three months of 2008 due primarily to the capital expenditure on the upgrade of rotary presses and other printing plant.

Financial income (expense) Net financial expense amounts to €5.1 million, up €0.7 million on the first three months of 2008 due primarily to the combined effect of lower cash and cash equivalents and lower interest rates in the period.

19


BALANCE SHEET Intangible assets amount to €660.1 million, in line with December 31, 2008 (€660.4 million).

Property, plant and equipment amount to €213.7 million, down €7.2 million on December 31, 2008 (€221 million). The capital expenditure for the period, equal to €2.9 million, was in fact largely offset by €10.1 million in depreciation charges.

Investments amount to €30.6 million, in line with €30.3 million at December 31, 2008.

Non-current receivables amount to €1.4 million and relate to security deposits and tax receivables on advances paid on Employee Termination Indemnities. The item is unchanged from December 31, 2008.

Deferred tax assets amount to €47.3 million (€47.6 million at December 31, 2008) and include temporary differences between amounts reported in the accounts and those recognized for tax purposes.

Inventories amount to €23.5 million and include inventories of paper, printing materials, publications and add-on products. The €4.2 million decline on December 31, 2008 is due primarily to lower paper inventories.

Trade receivables amount to €210.2 million, down €48.1 million on December 31, 2008 due to lower advertising sales and seasonal swings in the collection of advertising receivables.

Tax receivables amount to €23.6 million, up €2.8 million on €20.8 million at December 31, 2008 due Ires (corporate tax) and Irap (regional tax on productive activities) advances paid in the period.

Other receivables amount to €25.1 million and include €5 million of receivables for subsidies on interest charges relating to loans stipulated at the end of 2005, in addition to advances to suppliers, agents and freelance associates, prepaid rent and rights for the distribution of add-on products and radio-television programs to be launched in the second half of the year.

Cash and cash equivalents, held in short-term bank deposits, grow by €34.6 million on December 31, 2008 due to the cash flow from operating activities (€44.7 million) which more than offset the acquisition of 990,000 treasury stocks (€0.8 million), and the net capital expenditure made in the period (€9.2 million).

Shareholders’ Equity amounted at March 31, 2009 to €485.9 million (down from €489.3 million at December 31, 2008), of which €475.2 million belonging to the Group (€478.4 million at the end of 2008), and €10.8 million to minority interests (unchanged from December 31, 2008). Treasury stocks held by the Parent Company at March 31, 2009, whose value is netted from the Shareholders’ Equity, amounted to 7,625,000 shares, representing 1.86% of the share capital.

Non-current financial debt amounts to €379.5 million and includes the €300 million bond issued on October 27, 2004, in addition to 10-year subsidized loans stipulated in the last quarter of 2005.

20


21

The provision for current and non current risks and charges amounts to €59.7 million, in line with €58.9 million at December 31, 2008.

The provision for Employee Termination Indemnities and other retirement benefits amounts to €87.7 million (€90.9 million at December 31, 2008). The €3.2 million reduction is due primarily to Employee Termination Indemnities and Fixed Indemnities for newspaper managers paid out in the period (€4.6 million), only partly offset by the interest cost of provisions and by the discounting back of Fixed Indemnities accrued (service cost) equal to €1.4 million.

Deferred tax liabilities amount to €108.4 million (€108 million at December 31, 2008) and include about €36.6 million relating to the tax effect of the recording of television frequencies of All Music.

Current financial debt amounts to €24.7 million, up €4.8 million on December 31, 2008 due to higher interest charges accrued on the bond issue and on subsidized-loans.

Trade payables amount to €129.4 million, down €18.2 million as a result of the reduction in payables on the capital expenditure (down €6.1 million), to the containment of production costs (paper and printing) of the Group’s newspapers and periodicals, and to lower fees payable by the advertising concessionaire to agents and media centers.

Tax payables amount to €25 million, up €5.7 million due to Ires (corporate) and Irap (local) taxes payable for the period, in addition to higher VAT payables. At December 31, 2008, in fact, advances paid were reported net of the theoretical tax expense, while at March 31, 2009 tax receivables and payables accrued in the period are recorded separately.

Other payables amount to €90.6 million, down €7.7 million on €98.3 million at December 31, 2008 due to the settlement of Employee Termination Indemnities to complementary pension funds (as provided by current regulations), only in part offset by payables to personnel for thirteenth monthly wage and salary payments.

Certification pursuant to article 154bis, paragraph 2, of the Italian Decree n°58 of February 24, 1998

Certification pursuant to article 154 bis, paragraph 2 of Italian Decree n. 58 of February 24, 1998

The undersigned Alessandro Alacevich, dirigente preposto alla redazione dei

documenti contabili societari (manager in charge of drafting the corporate and

accounting documents) of Gruppo Editoriale L’Espresso S.p.A. certifies, pursuant to

article 154 bis, paragraph 2 of Italian Decree n. 58 of February 24, 1998, that the

accounting information contained in the Interim Report of Gruppo Editoriale

L’Espresso S.p.A. as of March 31, 2009, is in accordance with the documentary

results, with the corporate books and the accounting records.

Rome, April 22, 2009

Signed by Alessandro Alacevich

This certification has been translated into the English language solely for the convenience of international readers

Gruppo Editoriale L’Espresso SpA – Sede legale Via Cristoforo Colombo 149 – 00147 Roma – Tel. 06/84781 Fax 06/8478 7371 – www.gruppoespresso.it

Cap. Soc. Euro 61.384.768,20 i.v. - R.E.A. Roma n. 192573 - P.IVA 00906801006 - Codice Fiscale e Iscriz. Registro Imprese di Roma n. 00488680588

Società soggetta all’attività di direzione e coordinamento di CIR S.p.A.

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