Class Editori Results for First Quarter of 2002: Revenues at EUR 26.9 million Costs at EUR 23.2 million, declining 5.7%

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1 Public disclosure pursuant to Consob Resolution n of 14 May 1999 Class Editori Results for First Quarter of 2002: Revenues at EUR 26.9 million Costs at EUR 23.2 million, declining 5.7% Milan, 15 May Today the Board of Directors of Class Editori S.p.A., chaired by Victor Uckmar, reviewed the company's activity and consolidated results for the first quarter of Consolidated Results The cost-containment program inaugurated in the final months of 2001 produced its first positive effects in the first quarter of Expenses for the period came to EUR 23.2 million, dropping by 5.7 percent with respect to the EUR 24.6 million on record for the first quarter of The trend of expanding costs in the last three quarters of 2001 was thus reversed, with expenditures some 20.2 percent lower than the comparable figure for the last quarter of the past year. The effects of the program are expected to be more pronounced in the second quarter, and should thus pave the way for improvement in earnings as soon as advertising expenditure and financial markets recover. The decline of spending on advertising and the negative trend of the financial markets have adversely impacted on the business in the first quarter. Revenues for the period came to EUR 26.9 million compared with EUR 32.8 million during the same period of 2001, a record quarter when Class Editori's ad revenues were very high and above the market standard. Indeed, even though the first few months of the year are typically a slow season for advertising, in the first quarter of 2001 Class Editori experienced a spillover from the boom in 2000, with all advertising revenues rising by 34.3 percent year on year, and ads placed through daily news publications advancing by 51 percent year on year. Instead, in comparison with the first quarter of 2000, to be considered more regular than the first quarter of 2001 for a correct valuation of the company business, the advertising revenues of the I

2 first three months of 2002 were 7.6 percent higher, going from EUR million to EUR million. Class Editori maintained its share in the advertising market in the first three months of 2002, unchanged at roughly 0.70% of the total and at 2.0% of print advertising. The profit aggregates for the first quarter declined with respect to the prior year, though they remained on par with the norm for the first quarter and were higher than the comparable figures for the first three months of 2000, which was the first quarter of a record year. Gross operating profit came to EUR 3.7 million in comparison with EUR million in 2001; net operating profit instead stood at EUR 1.9 million against EUR 6.9 million in Profit before taxes totalled EUR 896,000 against EUR 7.5 million in The consolidated net debt as of 31 March 2002 came to EUR 7.3 million and compares with net borrowings of EUR 74,000 as of the end of the last quarter of The change reflects a slowdown in the collection of receivables for the sale of advertising which became evident in the final months of Highlights of the principal operating areas During the first quarter of 2002, MF/Milano Finanza achieved average circulation of 135,000 copies, thereby maintaining the volumes reported at the end of 2001 and during the first quarter of The monthly publication, Class, remained the leader in it s market, with its average circulation of 85,000 copies staying unchanged with respect to the prior year. Gentleman, was transformed into a monthly magazine as of 15 March. Cfn/Cnbc, the first digital television channel in Italy dedicated to finance, achieved revenues of EUR 2.8 million. The channel thus performed in line with the first quarter of 2001, though operating in a more difficult advertising market. Strategies and Outlook for 2002 Class Editori is pursuing activities in interactive television, professional information and international alliances which are expected to result in added value for shareholders. During the first months of the year, new products were launched and various initiatives were undertaken in order to renew and enrich the content of existing publications. These activities have II

3 been aimed at responding to the current market environment and preparing for the expected recovery of advertising. In rolling out a video encyclopaedia dedicated to finance, Class Editori coproduced a video cassette with Cfn/Cnbc entitled, "A Lesson from Managers Surpassing the Crisis"; this cassette was included as a promotional offer with MF/Milano Finanza starting on 20 April. Other initiatives contemplated before the summer include the restyling of a part of MF/Milano Finanza, the sale of the weekly newspaper with other publications and the inauguration of the first newsletters of the Milano Finanza Intelligence Unit, a new division catering to professionals in the financial services industry. Among the most recent transactions realized for this target market is a two-page section Finance and Careers, which is published with MF/Milano Finanza every Friday and Saturday and which features articles on recruitment, the principal executive search firms and dedicated advertising. As of 13 April, the "Funds and Management" weekly supplement to MF/Milano Finanza was renamed "FG&P" to incorporate a new section on private banking. The supplement thus features articles on private banking, mutual funds, portfolio management, hedge funds and pension funds. As of 5 January 2002, Class Editori launched Dossier Roadshow, a new format which publicly traded companies can use for establishing better communications with shareholders when it comes to the disclosure of financial information normally supplied to institutional investors. AEM began using this service on 13 April, after ENEL and BB Biotech. In the area of fashion and luxury goods, Class Editori is continuing to enjoy success with its MFF Magazine, a publication launched in late 2001 which is marketed to industry professionals. The latest edition of MFF Magazine, which is dedicated to design, was available at newsstands on 14 May. Finally, Class Editori has pursued a strategy of developing the Cfn/Cnbc television channel. With an agreement signed on 18 March Cfn/Cnbc is supplying live information on the financial markets and the economy to La7, the television station controlled by Seat Pagine Gialle. III

4 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. Quoted on the Milan Stock Exchange under the ticker "CLE", Class Editori is Italy's top publisher of financial news and of lifestyle magazines. The company's activity currently embraces all areas of media: newspapers and periodicals (MF/Milano Finanza, Class, Gentleman...), digital television and interactive media (Cfn/Cnbc, TV Banking), the Internet (MF Trading, radio (Radio Classica), press agencies (PMF and Dj-Mf Tech Market News) video information systems (Telesia Sistemi), and news via satellite (MF Sat), mobile telephone and fixed telephone. Gian Marco Giura Investor & Media Relations Tel: Fax: Financial analysts & Investors, Memebers of the press: IV

5 RECLASSIFIED CONSOLIDATED PROFIT AND LOSS STATEMENT (amounts in EUR 000's) 31 March March 2001 Sales revenues 26,983 32,839 Operating expenses 23,237 24,650 Gross profit 3,746 8,189 Depreciation and amortization 1,784 1,220 Operating profit 1,962 6,969 Extraordinary charges (income) 762 (769) Net interest income Pre-tax profit 896 7,560 Revenues are subdivided as follows: (amounts in EUR 000's) 31 March March 2001 Newsstand revenues 4,847 5,703 Subscriptions 7,784 8,275 Advertising 12,617 15,752 Other revenues 1,735 3,109 Total revenues 26,983 32,839 V