Approved half-yearly report for 30/06/03. Costs (EUR43.63m) falling by 4.85%. Turn-over of EUR 46.96m Group profits of EUR144,139

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1 Class Editori Milano, Roma, Londra, New York 5, via Burigozzo Milano Tel : Tel : Press release Approved half-yearly report for 30/06/03. Costs (EUR43.63m) falling by 4.85%. Turn-over of EUR 46.96m Group profits of EUR144,139 Milan, 12 September 2003 The Class Editori Board of Directors met to-day in Milan to review the company s performance in the first six months of the year. First half-year report The consolidated sales figure for the period is EUR million (in 2002 it was EUR million). The drop is due to a fall in advertising revenue, within the context of a negative economic environment, with a marked decline in investments in company communications, in particular in the banking sector, and the negative trends of the financial markets. The first half-year costs, totalling EUR million, have registered a decline of about 5%, compared to the previous period in 2002 (EUR million), the result of a policy of cost reduction aimed at restoring the profit margins that have traditionally marked out the group s progress. Staff numbers have dropped by 6.25%, from 256 to 240. The gross operating margin (Ebitda), therefore, is EUR 3.33 million (EUR 7.56 million in 2002), the operating profit (Ebit) is EUR -811,000 (EUR 3.69 million in 2002). Consolidated profit before tax, is EUR -997,000 (EUR 3.33 million in 2002).

2 As regards the performance of the main titles, MF/Milano Finanza, distributed on average about 109 thousand copies (Ads data). Class obtained an average distribution figure of 83,700 copies, similar to last year s first half figure. Worth noting is the excellent first half-year readership figure of MF/Milano F nanza, i which, according to Audipress data, has grown by 3.9% compared to the previous period of Autumn 2002, going from 512,000 to 532,000 readers. This result, obtained in spite of difficult financial market conditions, is a testament to the quality of the title. The net financial position, at the end of the first six months of the year, is EUR 1.9 million. First indications for the second half of the year As regards the advertising revenues, the months of July and August have given the first signs of a pick up in the communications investments, within the context of a better performance from the financial markets. The combination of these two factors, if they should continue over the next few months, could provide the basis for a return to the traditional profit margins of the Company. Main events of the first half-year In the period under consideration, the Company has consolidated its market share with a strategy of adding value for its shareholders, giving preference to investments and strengthening sectors that enable the Company to cope with the highly cyclical nature of the financial markets and the advertising sector. This explains the addition to the portfolio of specialist publications serving the professions of a title called Il Nuovo Diritto delle Società (New Company Law), the second title of Class Professionale, the group s new company publishing for professionals in the economics, law and tax sectors. There is also a newsletter for trading professionals called Cup & Handle, edited by the Milano Finanza Intelligence Unit ( which publishes information for financial specialists.

3 March saw the introduction of Circuito Milano Finanza Class ca, i the first radio syndication serving the financial information sector in Italy, produced by Radio Classica Milano Finanza and a number of the main local radio stations, therefore strengthening the national presence of the group s radio programmes. The broadcaster produces daily news programmes and weekly analyses that are broadcast across the country by the radio stations that are members of the syndication. The radio news programmes reach a certified (Audiradio) audience figure of about 1.2 million people per day and 4.5 million per week. This constitutes an attractive audience for advertisers, given the sociodemographic fragmentation of the target. In April, we saw the launch of Cfn/Cnbc Mobile ( the first financial television channel for mobile phones, produced by Class Editori and USTREAM.it. Cfn/Cnbc enables subscribers to buy and view video clips of financial information produced by Cfn/Cnbc, using both the Gprs (2.5G) and Umts (3G), without having to use the credit card but with a simple debiting system. Notes for editorial staff Class Editori Class Editori is Italy's top publisher of financial news, lifestyle magazines and publications focused on luxury goods. Founded in 1986 by Paolo Panerai, the company has developed over the years by capitalizing on new technologies to become a multimedia information provider. The company's activity currently embraces newspapers and periodicals (MF/Milano Finanza, Class, Gentleman, Luna...), digital television and interactive media (Cfn/Cnbc, TV Banking), the Internet (MF Trading, radio (Radio Classica), press agencies (PMF and MF Dow Jones News) video information systems (Telesia Sistemi), and news via satellite (MF Sat). The most recent initiatives have regarded economic news for professionals (Class Professionale) and the development of a financial news unit (Milano Finanza Intelligence Unit). The shares of Class Editori (Ticker: CLE) have been quoted on the Milan Stock Exchange since 30 November For additional information, please contact: Gian Marco Giura Communications Manager Investor Relations Tel: /460 Journalists: press@class.it Investors and analysts: ir@class.it Below are the tables summarising the main economic indicators.

4 First Half-Year 2003 Consolidated income Statement Below is the income statement reclassified by Class Editori: (figures in 000 Euros) I SEM 2003 I SEM Sales revenue 46,967 53, ,510 Operating costs 43,634 45,861 93,711 Gross Profits 3,333 7,481 9,799 Depreciation 4,144 3,791 8,296 Operations (811) 3,690 1,503 Net Financial Debts /prov. (201) (81) 442 Extraordinary Debts/prov ,998 Adjust. of financial value (178) (407) (7) Profits before tax (977) 3,339 3,936 Tax / / (2,811) Third Party Remuneration 435 (264) (66) Group remuneration (542) 3,075 1,059 Revenues are as follows: (figures in 000 Euros) I H/Y 2003 I H/Y Newsstands revenues 5,878 6,492 11,032 Subscriptions 13,942 15,635 36,254 Advertising revenues 25,590 29,644 44,336 Other revenues 1,308 1,399 11,888 Total revenues 46,718 53, ,510 Contributions in period account Growth of internal work Total 46,967 53, ,510

5 consolidated statement of assets and liabilities The statement of assets ad liabilities is as follows: (figures in 000 Euros) I H/y 2003 I H/y 2002 Absolute variation 2002 Commercial credit 98, ,835 (15,528) 112,748 Store 1,943 1, ,756 Commercial debits (32,536) (41,835) 9,299 (36,768) Other debits (30,058) (32,157) 2,099 (35,609) Net fixed assets 7,299 10,968 (3,669) 8,152 Net intangible assets 31,014 33,714 (2,700) 33,395 Long-term investments 11,521 11, ,769 Various funds (3,592) (2,970) (622) (3,620) Invested capital 83,898 94,879 (10,981) 91,823 Net assets 81,361 88,209 6,848 83,824 Net third party assets 4,482 5, ,831 Net debts 1,945 (1,652) (3,597) (3,168)

6 Revenue account riclassified by parent company, Class Editori spa. ( figures in 000 Euros) I H/Y 2003 I H/Y Sales revenues 23,106 24,652 47,560 Operating costs 22,463 21,309 47,056 Gross margin 643 3, Depreciation 1,046 1,091 2,257 Operations (403) 2,252 (1,753) Net financial debts/prov ,512 Extraordinary debts/prov ,162 Value adjustments 0 / 0 Profit before tax 144 2,809 1,920 Tax 0 / (709) Shareholders interests 0 / 0 Net profit 144 2,809 1,211 statement of assets and liabilities reclassified by parent company, class editori spa The statement of assets ad liabilities is as follows: (import i in migliaia d i Euro ) I H/Y 2003 I H/Y Commercial credit 97, , ,444 Store 1,110 1,100 1,047 Commerical debt (11,337) (11,634) (9,868) Other debts (41,353) (54,188) (53,675) Net fixed assets 2,712 5,622 3,010 Net intangible assets 2,717 3,619 3,107 Long-term investments 22,411 22,423 22,411 Various funds (1,315) (897) (1,309) Invested capital 72,768 82,233 83,167 Net assets 76,667 82,600 78,553 Net third party assets 0 0 Net debt (3,899) (367) 4,614