Buongiorno Spa Interim Report as of March 31, 2009

Buongiorno SpA
Interim Report as of March 31, 2009

Contents
1. Company Boards
2. Economic and Financial Highlights of the Group
3. Principles Adopted for the Consolidation and Preparation of the
Financial Statements
4. Directors’ Report on Operations
4.1 Highlights of the Group Profit and Loss Account
4.2 Group Balance Sheet
4.3 Group Net Financial Position
5. Significant Events During the Quarter
6. Significant Events Following March 31, 2009
7. Outlook
8. Company Data and Information for Shareholders
Annex A: Breakdown of Sales by Geographical Area at March 31, 2008
Annex B: List of Consolidated Companies at March 31, 2009
Annex C: Declaration Pursuant to Art. 154-bis, Paragraph 2 of Legislative
Decree 58 dated February 24, 1998

1. Company Boards
Board of Directors
Mauro Del Rio
Sant'Ilario d'Enza (Reggio Emilia)— Italy, 02/20/1964
Chairman
Andrea Casalini
Parma — Italy, 05/02/1962
Chief Executive Officer
Holger Van Den Heuvel
Stuttgart — Germany, 11/15/1953
Director
Riccardo Lia
La Spezia — Italy, 02/03/1965
Director
Nevid Nikravan
Istanbul — Turkey, 04/30/1968
Director
Anna Gatti
Pavia — Italy, 01/30/1972
Independent Director
Giovanni Massera
Parma — Italy, 04/22/1961
Independent Director
Anna Puccio *
Udine — Italy, 03/10/1964
Independent Director
Felipe Fernandez Atela
Mexico city - Mexico, 03/01/1956
Independent Director
Wayne Pitout Director
Ladysmith South Africa, 07/22/1961
Giorgio Ricchebuono
Savona, 06/10/1946
Director
The current Board of Directors was appointed by the Shareholders’ Meeting held on May 2, 2007.
According to the one-tier system of governance adopted by Buongiorno SpA (hereinafter “Buongiorno”,
“B!” or “the Company”), control of operations is performed by a Supervisory Committee within the Board of
Directors, comprised solely of independent members of the Board: Giovanni Massera (Chairman), Anna
Puccio and Felipe Fernandez Atela.
Independent Auditors
PricewaterhouseCoopers SpA
Executive in Charge of the Company's Financial Reporting
Carlo Frigato
Pursuant to Art. 154-bis, paragraph 2 of Legislative Decree 58 dated February 24,
1998, the Executive in charge of the Company’s financial reports was appointed by the
Board of Directors during the meeting held on October 22, 2007.
Buongiorno SpA Interim Report as of March 31, 2009 3

2. Economic and Financial Highlights of the Group
The table below includes the main economic, financial, balance sheet and operating
highlights of the Buongiorno Group.
(in thousands of Euro)
First Quarter
2009
First Quarter
2008
Buongiorno SpA Interim Report as of March 31, 2009 4
Var. %
Economic and Financial Highlights
Sales of Services 66,913 79,045 (15%)
Value of Production 67,768 79,565 (15%)
Added Value (Val. of prod. - Mat., cons. and services) 20,639 21,892 (6%)
Industrial Added Value (IAV) 26,516 29,028 (9%)
Normalized Gross Operating Margin 8,380 8,237 2%
Normalized Operating Profit (Loss) 5,222 6,516 (20%)
Financial Operations (1,523) (2,210) (31%)
Net non-recurrent earnings / (charges) (1,201) (557) 116%
Profit (Loss) before Taxes 2,444 3,772 (35%)
Profit (Loss) before Minority Interests
Balance Sheet highlights
1,550 3,152 (51%)
Net invested capital 222,065 222,682 (0%)
Net current assets (6,865) (1,967) 249%
Capital and reserves 154,777 147,226 5%
Net financial position
Earning ratios
(67,288) (75,455) 11%
Added value/Revenues 30.8% 27.7% 11%
Gross Operating Margin/Revenues 12.5% 10.4% 20%
Gross Operating Margin/Net invested capital 3.8% 3.7% 2%
Financial Charges/Gross Operating Margin (18.2%) (26.8%) (32%)
Operating Result/Revenues (ROS) 7.8% 8.2% (5%)
Operating Result/Net invested capital (ROI) 2.4% 2.9% (20%)
Profit (Loss) before Minority Interests/Capital and reserve
Cost of staff
1.0% 2.1% (53%)
Staff (average of the period) 1,016 1,079
(6%)
Annual Revenues/Average staff 263 293 (10%)

3. Principles Adopted for the Consolidation and Preparation of the Financial
Statements
These consolidated Interim Report as of March 31, 2009 of Buongiorno (hereinafter
referred to as the “Interim Report”) was prepared in compliance with the requirements
of the “Regulations for Implementing Legislative Decree No. 58 of February 24, 1998
Regarding Issuers” (CONSOB Resolution No. 11971 of May 14, 1999 and subsequent
amendments), and European Community Regulations No. 1606 of July 19, 2002, on
international accounting standards. The Interim Report refers to the consolidated
situation of Buongiorno and its direct and indirect subsidiaries (hereinafter the
“Buongiorno Group” or the “Group”) as of March 31, 2009.
The consolidated financial statements have been prepared using the layout prescribed
by the IAS/IFRS adopted by the European Union.
The consolidation area of the Buongiorno Group compared to December 31, 2008 was
as follows:
On January 1, 2009:
a) acquisition of minority interests in the South African subsidiary iTouch South
Africa (Pty) Ltd, increasing the stake from 87.5% to 100%;
b) merger of Grupo Itouch Movilisto Mexico SA de CV in the Mexican company My
Alert SL de CV.
The following table shows an outline of the Buongiorno Group’s structure at March 31,
2009. A list of consolidated companies at March 31, 2009 is included in Annex B.
Buongiorno SpA Interim Report as of March 31, 2009 5

Buongiorno SpA Interim Report as of March 31, 2009 6

During the quarter ended March 31, 2009, the Group’s restructuring plan continued.
The plan involves a reduction in the number of the Group's subsidiaries, primarily in the
UK, Spain and France, with the objective of creating a more efficient, streamlined
organizational structure with one legal entity per country. These activities are expected
to result in a number of extraordinary corporate transactions next quarter.
Buongiorno SpA Interim Report as of March 31, 2009 7

4. Directors’ Report on Operations
Buongiorno's Business Model and Target Market (VAS)
Over the last decade, the global VAS market (value-added services for mobile and fixedline
telephone users), has seen an expansion in both consumer demand and the range
of services offered by providers. In 2008, its value was estimated at between Euro 22
billion and Euro 24 billion (vs. Euro 20 billion in 2007). Analysts and researchers predict
that the market will continue to grow in coming years (until 2012), though at a slower
pace than in the past, that growth will be unevenly distributed geographically and that it
will slow gradually in the long term.
Various factors lead to an inconsistent growth pattern of the evolutionary and
transformation phases of technology markets, however, none of these seem to threaten
the position of a pure player like Buongiorno. In a highly fragmented competitive scenario
characterized by a large number of relatively small local players (sales under Euro 20
million), Buongiorno holds a dominant position in terms of revenues in three countries
and is among the leading players in five other key countries.
Despite the evident web-mobile convergence, the market of pure Mobile VAS players
remains relatively protected, in part due to the business model used by web players to
approach the market, which is based on advertising revenues and not on direct
customer billing. Similarly, mobile phone manufacturers developing VAS products will do
so with "closed offers" for their customers, thus having a limited impact, while large
telephone operators (telcos or carriers) continue to consider VAS a non-core activity
(unlike voice and broadband access and broadband traffic) and are therefore striving,
with intensifying determination across the world's most important markets, to adopt Full
Portal Outsourcing business models, which represent excellent opportunities for pure
Mobile VAS players. Lastly, Media Companies, which are showing increasing interest in
the sector, started entering the market through commercial agreements with, or direct
investments in, mobile VAS players (NewsCorp with Jamba; RCS with DADA).
Turning to Marketing Services (Marketing Solutions for Businesses), the business model
for which is founded on advertising revenues, analysts and researchers agree in the
belief that mobile advertising (estimated to reach Euro 7-12 billion by 2011), in a global
context in which there are over three billion mobile telephone users, 1.4 billion
televisions and one billion personal computers, may attract an increasing share of the
advertising expenditures of leading brands. The value of this market at the global level in
2008 has been estimated at between one and two billion euros and mobile advertising
campaigns have become a fixture in the marketing mix of large advertising investors. For
example, in 2008 P&G planned mobile advertising campaigns for over 50 of its brands.
In the early months of 2009, mobile advertising continued to take on increasing
importance in the marketing mix of companies. Visiongain estimates that, in Western
European countries alone, the market will grow to approximately Euro 615 million by the
end of 2009, thanks in part to the intense use of mobile devices with advanced
capabilities (smartphones) and the offering of flat rates for mobile Internet access.
Buongiorno SpA Interim Report as of March 31, 2009 8

Market Trend and Group Performance in Q1 2009
Buongiorno is an Italian independent multinational, a leader in the digital mobile
entertainment market (Mobile VAS) on an international level. Buongiorno works with the
major telephone and Internet service providers and media companies in 53 countries,
designing and distributing a broad range of mobile digital content and interactive
applications: music, games, video, wallpapers, ringtones, user-generated services, chat,
TV voting, quizzes, and advertising. As of the second half of 2008, Buongiorno has
started operating also in the Mobile Social Networking segment. Buongiorno is present
in all the major European countries, the United States, Australia, and several countries in
Central and South America, Africa and the Middle East. Through a joint-venture with
Mitsui, it also operates in Russia, India, and Eastern Asia. On this market Buongiorno’s
mission is to offer a digital entertainment experience to more than a billion people
across the world by 2012.
Buongiorno operates with two business lines: value-added services for mobile and fixedline
telephone users (Consumer Services – VAS) and relationship marketing services for
businesses (Marketing Services).
Consumer Services VAS are sold directly under the BlinkoGold and Movilisto brands
(direct or B2C business lines), or under the white label in partnership with the main
telephone carriers (carrier solutions or B2O business lines) — such as the Vodafone
group, Tim, Telecom Italia, Telefónica O2, Orange, SFR, O2, T-Mobile, Maroc Telecom,
Cosmote, etc — and/or with media groups (interactive TV or B2B business lines),
particularly Telecinco, Televisa-EsMas, TIL, Vietnamnet and Prisa Group.
The following chart provides an overview of the role played by Buongiorno on the market
of mobile value added services.
Buongiorno SpA Interim Report as of March 31, 2009 9

The size of its business, the extensiveness of its content and services portfolio and the
geographical coverage provided by its team of 1000 professionals have made
Buongiorno the global leader in digital mobile entertainment. 2009 is a year for further
consolidation for Buongiorno, following the successful integration of iTouch and an
intensification of efforts aimed at innovation and the launch of new services.
Buongiorno’s existing business focused on “mobile content 1.0” content and services
remains a key element for purposes of the next 2/3 years’ income statement and
seems to be relatively unaffected by the macro-economic situation, continuing to offer
interesting opportunities also linked to the global dimension of the business. More
specifically, the following events have had a positive impact on the quarter in question:
• the ever-increasing tendency of telephone operators to outsource their portals; in
this regard full portal outsourcing contracts have already been in place for some
months for H3G Games Store in the UK and Ireland, TIM Games Store in Italy,
Personal/TIM Music Store in Argentina and Orange Music Store in North Africa
• the VAS market development in all the emerging countries, among which Brazil is
the one that has registered the most rapid growth; as of today, the number of
B2C customers served by Buongiorno worldwide has exceeded 7 million;
• the growing demand for anti-cyclical services such as mobile lotteries, also in
emerging countries;
• despite a marked contraction of the advertising market, Buongiorno Marketing
Services, the division of Buongiorno that offers corporate consulting services for
marketing campaigns using digital technologies, continued to increase its reach,
in part through an exclusive contract to manage advertising for all mobile
properties of the Espresso Group (including la Repubblica, Radio Deejay,
Repubblica Sport, TrovaCinema) and the renewal of the Orange contract for the
“Orange Wednesday” marketing program in England.
At the product level, Buongiorno's priority in 2009 will be the development of new Mobile
Content 2.0 services, with the launch of peoplesound — the evolution of the beta phase
of blinko — the mobile social networking service. Thanks to its integration with SMS,
Buongiorno SpA Interim Report as of March 31, 2009 10

peoplesound has become universal and gives a voice to genuine relationships between
people, featuring friend lists (maximum 20 people) and allowing users to send and
receive status updates via SMS.
Also in the first quarter of 2009, Buongiorno reaffirmed its ability to embrace new
trends and integrate them into its activities while taking advantage of their full potential
by presenting social network users in Europe and the US with a new service: Hellotxt.
Hellotxt is a social network and microblogging site aggregator which allows users to
read updates of their contacts and update their status simply and immediately, from a
mobile as well.
Finally, Buongiorno is also working on renewing and updating its offer for more than 120
telephone carriers worldwide (B20) with the innovative proprietary technological solution
known as IMM (Intelligent Mobile Marketer), conceived to carry out CRM campaigns and
reward customer loyalty, which has been chosen by 02-Telefonica for its prepaid
customer loyalty scheme.
4.1 Group Profit and Loss Account
CONSOLIDATED PROFIT AND LOSS ACCOUNT
(in thousands of Euro) First Quarter 2009 First Quarter 2008 Variance
SALES OF GOODS AND SERVICES 66,913 79,045 (12,132)
Other income and increase of fixed assets for internal works 855 520 335
TOTAL VALUE OF PRODUCTION 67,768 79,565 (11,797)
Services, use of third-party assets, consumables and goods (47,128) (57,673) 10,545
Personnel costs (12,260) (13,655) 1,395
GROSS OPERATING MARGIN 8,380 8,237 143
Amortization, depreciation and write-downs (2,908) (1,352) (1,556)
Allowance for bad debts and other provisions (24) 24 (48)
Other operating costs (226) (393) 167
OPERATING PROFIT / (LOSS) 5,222 6,516 (1,294)
Net financial earnings / (charges) (1,523) (2,210) 687
Value adjustments on financial assets (54) (2) (52)
Earnings / (charges) from assets held for sale -
25 (25)
Net non-recurrent costs (1,201) (557) (644)
PROFIT (LOSS) BEFORE TAXATION 2,444 3,772 (1,328)
Current income taxes (763) (620) (143)
Deferred income taxes (131) 0 (131)
CONSOLIDATED PROFIT (LOSS) FOR THE PERIOD 1,550 3,152 (1,602)
Profit (loss) for the period attributable to Minority Interests (139) (40) (99)
GROUP CONSOLIDATED PROFIT (LOSS) FOR THE PERIOD 1,689 3,192 (1,503)
Basic earnings per share (Basic EPS) 0.0159
0.0300 (0.0141)
Diluted earnings per share (Diluted EPS) 0.0154
0.0288 (0.0134)
Consolidated net revenues for the first quarter of 2009 amounted to Euro 66.9 million,
down 15.3% compared to the same period of 2008. A breakdown of revenues is
provided in the table “Breakdown of Sales by Geographical Area” and “Breakdown of
Sales by Business Line”.
Other Revenues for the first quarter 2009 amounted to Euro 855 thousand; the item
Buongiorno SpA Interim Report as of March 31, 2009 11

mainly consisted of the capitalization of technological research and development costs
related to the proprietary B!3A platform and development of the Blinko and Blinko NG
websites.
Breakdown of Sales by Geographical Area
The table below shows the breakdown of revenues for the quarter by geographical area.
Buongiorno’s business was broken down in two geographical areas:
− the “Euro Area”, which includes Group operations in the Euro countries;
− “Rest of the World”, which includes operations in the non-euro countries in
which the Group operates.
BREAKDOWN OF REVENUES BY GEOGRAPHICAL AREA
(in thousands of Euro) Firts Quarter 2009 First Quarter 2008 Variance Var. %
EURO AREA 42,351 50,089 -7,739 (15.4%)
OTHER 24,562 28,956 -4,394 (15.2%)
TOTAL REVENUES 66,913 79,045 -12,133 -15%
As shown in the table, revenues for the first quarter of 2009 decreased by about 15%
compared to the same period of 2008, as already shown in the Strategic Plan, mainly
due to the rationalization of the product portfolio and changes in accounting policies
used for certain outstanding contracts.
In the euro area, sales dropped 15.4% (Euro 42.4 million in the first quarter of 2009
versus Euro 50.1 million in the same period of 2008). The decrease is mainly due to the
sale of the B2B business in Holland and Belgium (Euro 2.5 million) and the transfer of
certain operations from Nordic countries located in the Euro area (mainly Finland and
Ireland) to the UK (approximately Euro 1.6 million).
In the Rest of the World, sales dropped 15.2% (Euro 24.6 million in the first quarter of
2009 versus Euro 29 million in the same period of 2008). The decrease is mainly due
to a change in contractual terms with Australian provider Optus. Under the new
contract, which is in the form of an agency agreement, iTouch Australia can only
account for profit generated from the sale of products and services. In 2009, this
change is expected to have nearly a Euro 19 million impact on revenues compared to
the 2008 figure, and no impact on profit.
Breakdown of Sales by Business Line
The table below shows the breakdown of revenues by business line for the first quarter.
It should be noted that the revenue earned by the subsidiary Rocket Mobile from the
second quarter 2008 has been reclassified among Consumer Services inasmuch as it
is attributable to the B2O channel. Revenues for the first quarter of 2008 subsequently
restated as Consumer Services, as shown in the table, was Euro 1.3 million.
Buongiorno SpA Interim Report as of March 31, 2009 12

BREAKDOWN OF REVENUES BY BUSINESS LINE
(in thousands of Euro) Firts Quarter 2009 First Quarter 2008 Variance Var. %
CONSUMER SERVICES 63,665 73,656 -9,991 (14%)
MARKETING SERVICES 3,248 5,389 -2,141 (40%)
TOTAL REVENUES 66,913 79,045 -12,132 -15%
In terms of business lines, the largest share of core-business revenues was earned by
Consumer Services, with Group revenues for the segment reaching Euro 63.7 million
(95% of the Group total) in Q1 2009, while the share of the total accounted for by
revenues from Marketing Services amounted to Euro 3.2 million, or 5%.
The decrease in overall revenues of Consumer Services is mainly due to the disposal of
B2B business operations in the Netherlands and Belgium, for an amount of Euro 2,5
million and the reduction in revenues generated in Australia for Euro 5.1 million
compared to the first quarter of 2008, mainly due to the different accounting policy
applied to revenues following the change in the terms of the agreement with the carrier
Optus.
In Marketing Services, the Euro 0.8 million decrease in revenues, net of the
reclassification of Rocket Mobile’s B2O operations, was mainly due to the general
decline of the advertising market as a result of the difficult economic scenario, a trend
that is likely to change in the medium term.
In the first quarter of 2009, costs for services and use of third-party assets amounted
to Euro 47.1 million, decreasing 18.3% compared to Euro 57.7 million in the first
quarter of 2008. Costs for services stood at 70.4% of revenues, down slightly on the
first quarter of 2008 (73%). The decrease was mainly due to infrastructure cost
synergies achieved as a result of the iTouch merger, which led to the closing of offices
and data centers, and the optimization of external consulting services.
Another significant component was personnel costs. In absolute terms, personnel costs
went from Euro 13.7 million in Q1 2008 to Euro 12.3 million in Q1 2009 due to the
integration plan with the iTouch Group. The balance at March 31, 2009 includes about
Euro 25 thousand non-monetary income in service of stock-option plans. The average
number of employees went from 1,079 at March 31, 2008 to 1,016 at the end of the
reporting period.
During the first three months of the year, Industrial Added Value (IAV) amounted to
approximately Euro 26.5 million, decreasing approximately 8.7% from Euro 29 million in
the same period of last year.
The first quarter of 2009 closed with a consolidated normalized Gross Operating
Margin (EBITDA) positive at about Euro 8.4 million (Euro 8.2 million in the first three
months of 2008), slightly up (2%) compared to the same period of 2008, with a
consolidated EBITDA margin going from 10.4% in Q1 2008 to 12.5% in Q1 2009.
Depreciation and amortization amounted to Euro 2.9 million in Q1 2009 compared to
Euro 1.4 million Q1 2008. The increase was mainly due to:
− amortization of intangible assets allocated during the purchase price allocation
following the iTouch Venture Limited Group acquisition (Euro 0.7 million);
− amortization of exclusive commercial licenses purchased during the year in relation
to B2O operations in Latin America for Euro 0.5 million.
Buongiorno SpA Interim Report as of March 31, 2009 13

Other operating expenses amounted to Euro 226 thousand in the first quarter of
2009 (Euro 0.4 million at March 31, 2008).
As a result, the normalized Operating Result for the first quarter of 2009 amounted to
Euro 5.2 million (Euro 6.5 million for Q1 2008), down 19.9%.
Net interest expense during the period amounted to approximately Euro 1.5 million
(Euro 2.2 million in the first three months of 2008). The decrease in the balance of
financial charges compared to the same period of 2007 was primarily due to the
reduction of interest rates on the loan issued by Banca IMI San Paolo to the parent
company Buongiorno SpA for the acquisition of iTouch.
Non-recurring income and charges amounting to Euro 1.2 million include costs not
previously budgeted for restructuring. In detail, the balance includes for the first quarter
of 2009 Euro 117 thousand in redundancy incentives (Euro 436 thousand in Q1 2008)
and approximately Euro 0.9 thousand in technology costs for the streamlining of the
technological platforms (Euro 120 thousand in Q1 2008).
Pre-tax income for the period was approximately Euro 2.4 million, compared to Euro 3.8
million in the first three months of 2008, a decrease of 35% compared to the same
period of 2008.
Buongiorno's tax rate for the period, estimated based on current and deferred tax
payable on the taxable income of each local entity included in the consolidation area,
amounted to approximately Euro 0.9 million (Euro 0.6 million at March 31, 2008).
Net Consolidated Profit for the quarter totaled approximately Euro 1.5 million (Euro 3.1
million in the first quarter 2008). The Result attributable to Minority Interests for the
period under review amounted to Euro 139 thousand (Euro 40 thousand for Q1 2008);
Consolidated Profit attributable to the Group totaled Euro 1.7 million (Euro 3.2 million for
Q1 2008).
Buongiorno SpA Interim Report as of March 31, 2009 14

EARNINGS PER SHARE
03.31.2009 03.31.2008
Basic earnings per share (Basic EPS) 0.0159
0.0300
Diluted earnings per share (Diluted EPS) 0.0154
0.0288
Average No. of shares 106,353,675 106,353,675
Average No. of shares + No. of options and bonds convertible into shares 110,232,675 111,056,004
Interest payable on the convertible bond 8,984
10,671
Basic
The Basic EpS is calculated by dividing the net Group profit for the period by the average
number of ordinary shares outstanding during the period, and it amounted to 0.0159 in
the first three months of 2009 (0.0300 at March 31, 2008).
Diluted
Diluted EpS is calculated by dividing the Group profit for the period, before interest on
the convertible bond, by the average number of ordinary shares outstanding during the
period plus the number of options (or other instruments potentially convertible into
ordinary shares, such as convertible bonds) outstanding at the end of the period, a total
of 0.0154 in the first three months of 2009.
Buongiorno SpA Interim Report as of March 31, 2009 15

4.2 Group Balance Sheet
(in thousands of Euro)
03.31.2009 03.31.2008
Intangible fixed assets 208,355 207,029
Tangible fixed assets 3,716 4,292
Total 212,071 211,321
At March 31, 2009, net fixed assets amounted to Euro 212 million (Euro 211.3 million
at December 31, 2008); the item mainly consists of the goodwill generated by the
acquisitions completed during the year. As noted above, goodwill at March 31, 2009
amounted to approximately Euro 179 million, broken down as follows (amounts in
thousands of euro).
Cash Generating Unit
Rocket Mobile Inc (BTO US)
Freever (France)
Llama TV group
Axis Mundi (By-Cycle group)
MyAlert.com S.A.
Gsmbox (BTC Italy)
Tutch Media Mobile BV (Netherland/Benelux)
HotSMS.com BV
Buongiorno SpA Interim Report as of March 31, 2009 16
31/03/2009
17,911
13,965
5,897
7,257
4,298
6,141
5,989
4,080
Buongiorno MS Uk Ltd (formerly Flytxt Ltd) 3,853
DioraNews Sas
iTouch Ventures Ltd :
2,151
106,984
- of which Movilisto Group 59,847
- of which South Africa 18,100
- of which Australia 11,072
- of which Mobivillage 8,161
- of which SMS.at 8,693
- of which Call TV 1,111
Total 178,526

The increase compared to the end of last year is due to the goodwill arising on the
acquisition of the remaining minority interests of iTouch South Africa (Pty) Ltd. (Euro
1,084 thousand) and the translation of goodwill denominated in foreign currency using
end-of-period exchange rates, which resulted in the recognition of a Euro 804 thousand
exchange gain in the conversion reserve. Of particular note is the goodwill attributable to
Rocket Mobile Inc., which amounted to USD 23,836 thousand.
In accordance with IAS/IFRS, and, specifically, IAS 38, instead of systematically
amortizing goodwill (IAS 38), goodwill is subject to impairment testing within one year of
acquisition, and on a yearly basis thereafter, in order to detect impairment losses.
Net fixed assets include mainly electronic and IT equipment and amounted to Euro 3.7
thousand at period-end (Euro 4.3 million compared to December 31, 2008).
4.3 Group Net Financial Position
The following table shows the consolidated Net Financial Position of Buongiorno at
March 31, 2009:
NET CONSOLIDATED FINANCIAL POSITION 31.03.2009 31.12.2008
(in thousands of Euro)
TOTAL CASH AND OTHER FINANCIAL ASSETS 44,869 45,545
Total payables to banks (101,288) (101,119)
Total bank loans - current share (2,117) (1,978)
Total other current financial liabilities (3,213) (1,900)
TOTAL CURRENT FINANCIAL LIABILITIES (106,618) (104,997)
CONSOLIDATED NET CURRENT FINANCIAL POSITION (61,749) (59,452)
Total bank loans - non-current share (4,569) (5,296)
Guaranted convertible bond (970) (965)
Total other non-current financial liabilities -
(975)
TOTAL NON-CURRENT FINANCIAL LIABILIITES (5,539) (7,236)
NET FINANCIAL DEBT (POSITION) (67,288) (66,688)
The Buongiorno Group's consolidated Net Financial Debt at March 31, 2009 was Euro
67.3 million, as against Euro 66.7 million at December 31, 2008. Net Financial Debt
remained largely stable, following an investment for the acquisition of the minority
interests of iTouch South Africa and a moderate decrease in cash flow due to the
change in working capital resulting from a reduction in the company's use of factoring.
The balance of Cash and Cash Equivalents, at Euro 44.9 thousand, includes current
accounts denominated primarily in euro, but also in US dollars, British pounds,
Australian dollars, South African rands, Argentinean pesos and Nigerian nairas. The
balance decreased by Euro 1.1 million compared to 2008 (Euro 45.5 million at
December 31, 2008).
Current financial liabilities amounted to Euro 106.6 million at March 31, 2009, stable
compared to December 31, 2008 (Euro 105 million). A breakdown of current financial
liabilities is provided below.
The item Debt to banks consists of account overdrafts in Euro, Columbian pesos, and
Turkish lira, in addition to the secured loan of Euro 100 million provided by the
IntesaSanpaolo Group and employed for both the acquisition of iTouch and the
Buongiorno SpA Interim Report as of March 31, 2009 17

efinancing of the preexisting debt of the acquired company and the Group. The original
sum of Euro 115 million has been partially repaid (Euro 15 million). The loan was
disbursed on December 28, 2007 and had a maturity of 12 months, which was
extended for an additional six months, for the amount of Euro 100 million. The loan was
secured by shares of the acquired company, iTouch, and several operating companies
within the Buongiorno Group; the loan agreement also calls for compliance with certain
covenants.
These covenants are:
‐ the ratio of Consolidated Gross Operating Margin (EBITDA) to Consolidated Net
Borrowing Costs;
‐ the ratio of Consolidated Net Financial Debt to Consolidated Gross Operating
Margin;
‐ the ratio of Consolidated Net Financial Debt to Consolidated Equity.
Said covenants were complied with at all quarterly measurements conducted from
March 2008 to the reporting date.
The decision to finance the acquisition of iTouch through a short-term loan that may be
renegotiated through the end of the first half of 2009 was made by assessing the
expedience of being able to combine the financial resources already offered by Group
companies and those generated by operations during the period with the flexibility
provided by the possibility of renegotiating the debt as a function of the effective
operating requirements.
In April 2009, the Buongiorno Group signed a binding agreement with a pool of banks
headed by Banca IMI (Intesa Sanpaolo Group) that provides for the granting of a new
multi-year loan of Euro 87 million. The loan is expected to be made at the end of June
following the signing of the final contract, which is currently being negotiated, and the
finalization of the standard guarantees.
The new loan is divided into a five-year, Euro 67 million senior loan with payments due
every six months (Tranche A) and a Euro 20 million revolving credit facility, also with a
duration of five years, with early repayment possible starting the fourth year after the
issuance date (Tranche B).
For Tranche A, for which interest payments are deferred, the interest rate is calculated
as a margin over the six-month EURIBOR; for Tranche B, it is calculated as a margin
over the EURIBOR for the draw-down period.
The spread may change every six months as a function of a price grid with a reward to
be defined on the basis of the performance of the Debt/EBITDA ratio. The new loan is
also subject to certain standard covenants.
The reason for the new loan is to allow the Bridge Loan issued by the Intesa Sanpaolo
Group to Buongiorno SpA for the acquisition of the iTouch Group to be repositioned as
medium- to long-term loan and to fund the working capital of Buongiorno SpA.
The current portion of bank borrowings (Euro 2.1 million) represents the part of bank
debt maturing in one year contracted from Italian banks (Credito Emiliano and Medio
Credito Centrale – Unicredit banking group) and Simest, a financial company involved in
the development and promotion of Italian companies outside of Italy.
Buongiorno SpA Interim Report as of March 31, 2009 18

Other current financial liabilities amounted to Euro 3.2 million and consist mainly of
amounts due in relation to recent mergers and acquisitions. Specifically, this item is
broken down as follows:
- Euro 2.4 million due to the former Axis Mundi SA (By-Cycle group) shareholders
in relation to the deferred payment of the sale price and earn-out clauses
provided in the acquisition contract.
- Euro 0.1 million payable to former iTouch Ventures Limited shareholders as
established at the closing of the transaction.
- Financial payables to Pajala BV in the amount of Euro 0.7 million arising on the
acquisition of the minority stake in the South African company iTouch South
Africa Ltd;
The Company’s medium/long-term financial debt at March 31, 2009 amounted to
Euro 5.5 million (Euro 7.2 million at December 31, 2008), mainly consisting of:
- the remaining balance of the convertible bond (Euro 1.0 million compared to an
original value of Euro 12 million) underwritten on September 22, 2005 by Mitsui
& Co Ltd and Banca IMI and maturing in 2010. The balance at March 31, 2009
refers to the amount held by Banca IMI, net of the value of the underlying option;
- the approximately Euro 0.4 million long-term, fixed-rate loan issued at a
subsidized rate by Simest SpA (as per Italian Law 394/81 on
internationalization projects);
- Euro 1.6 million representing the medium-term portion of the floating-rate loan
issued by Credito Emiliano SpA in the total amount of Euro 3.0 million;
- Euro 2.6 million long-term representing the medium/long-term portion of the
unsecured loan issued by MCC SpA (Unicredit banking group) in the total
amount of Euro 5.0 million;
5. Significant Events During the Quarter
On March 16, Buongiorno SpA’s Board of Directors reviewed the Draft Annual Report
for the year ended December 31, 2008. On the same date, the Board of Directors
voted to request that the Shareholders' Meeting authorize the Board to buy back and
sell treasury shares. The proposal envisages the Board of Directors to repurchase up to
10,000,000 ordinary Buongiorno shares at a par value of Euro 0.26 each
(approximately 9.4% of the Company's share capital) on one or more occasions on a
revolving basis up to the approval of the financial statements for the year ending
December 31, 2009, or in the 18 months following the authorization given by the
Shareholders’ Meeting.
On March 24, 2009, during its presentation to the financial community at the 2009
STAR Conference, Buongiorno SpA announced its priorities for the current year and
next few years and disclosed its preliminary results for the first two months of 2009.
Buongiorno SpA Interim Report as of March 31, 2009 19

6. Significant Events Following March 31, 2009
On April 30, the Ordinary Shareholders' Meeting held in Parma (second call) approved
the Annual Report 2008, and authorized the buy-back plan up to a maximum of
10,000,000 treasury shares.
On the same date, Buongiorno SpA signed a binding agreement with a pool of banks
headed by Banca IMI (Intesa Sanpaolo Group) that provides for the granting of a new
multi-year loan of Euro 87 million. The loan is scheduled to be disbursed at the end of
June 2009 once the final contract, which is already in the final negotiation stage, has
been finalized and the usual guarantees provided.
7. Outlook
Management believes that the Company's unique expertise in the Mobile world gives it a
clear competitive advantage and that this asset can guarantee significant growth of the
business in the medium- to long-term.
Given the ongoing transformation of the VAS market, the financial market situation and
the potential recession risks, the company believes that the results for the current year,
compared to the previous year, will be substantially in line with the performance during
the first quarter.
8. Company Data and Information for Shareholders
Buongiorno SpA
Registered office and headquarters:
Borgo Masnovo 2
43100 Parma, Italy
Offices:
Via Cosimo Del Fante 10
20122 Milan, Italy
www.buongiorno.com
Fully subscribed and paid-up capital stock: Euro 27,651,955.50 (May 6, 2009)
Tax code and Register of Companies of Parma No. 02699820045
Court of Parma - VAT code 07863930017
Investor Relations:
Email: investor.relations@buongiorno.com
Tel: +39 02 582131
Fax: +39 02 58431008
Buongiorno SpA Interim Report as of March 31, 2009 20

ANNEX A: Breakdown of Sales by Geographical Area at March 31, 2008
(in thousands of Euro) EURO AREA OTHER First Quarter 2008
ITALY & MED 9,699
592
10,291
FRANCE 6,002
-
6,002
IBERIA 26,278
-
26,278
GSA 2,753
147
2,900
LATAM -
4,959
4,959
UK & INTERNATIONAL 5,503
17,791
23,294
NORTH AMERICA -
5,537
5,537
Netting+Shared Service - 146 - 70
-216
TOTAL REVENUES 50,089 28,956 79,045
With reference to revenues reclassified as Rest of the World, we point out that:
- in the Italy & Med area, they refer to operations in Turkey and the Middle East;
- in the GSA area, they refer to operations in Romania, Switzerland and the Czech
Republic.
With reference to revenues reclassified in the Euro area, we point out that in the UK &
Int'l area they refer to operations in the Netherlands, Belgium, Ireland and Finland.
Buongiorno SpA Interim Report as of March 31, 2009 21

ANNEX B: List of Consolidated Companies at March 31, 2009
Buongiorno SpA Interim Report as of March 31, 2009 22

LIST OF COMPANIES INCLUDED IN CONSOLIDATION AREA
Company name haedquarters % held
Buongiorno SPA Italy -
Akumiitti Content Services Ltd Finland 100%
Akumiitti Oy Finland 100%
Axis Mundi SA Argentina 100%
Buongiorno Deutschland GmbH Germany 100%
Buongiorno Dijital Iletisim A.S. Turkey 80%
Buongiorno France S.A. (formerly Freever France sas) France 100%
Buongiorno Hellas Mobile LTD Greece 100%
Buongiorno Marketing Services España, S.L. Spain 60%
Buongiorno Marketing Netherlands BV the Netherlands 60%
Buongiorno Marketing Services France SA France 60%
Buongiorno Marketing Services Deutschland GmbH Germany 60%
Buongiorno Marketing Services Italia SRL Italy 60%
Buongiorno Marketing Services UK LTD United Kingdom 60%
Buongiorno Marketing Services US INC USA 60%
Buongiorno MyAlert Bolivia S. de R.L. Bolivia 100%
Buongiorno MyAlert Brasil Servicios Celulares Ltda. Brazil 100%
Buongiorno MyAlert Colombia SRL Colombia 100%
Buongiorno MyAlert Ecuador S.A. Ecuador 100%
Buongiorno MyAlert S.A. Spain 100%
Buongiorno MyAlert Servicios de Telecomunicaciones Chile Ltda. Chile 100%
Buongiorno USA Inc.
Buongiorno.at email services GmbH
USA
Austria
81%
60%
Buongiorno uk LTD United Kingdom 100%
Buongiorno Venezuela, S.A. Venezuela 100%
BY Cycle Perù SAC Peru 100%
Call TV Holdings Limited United Kingdom 100%
Corporacion Crossbow SL Spain 100%
Dioranews S.A. France 100%
Fleck Capital GmbH Germany 100%
Group iTouch Movilisto Espana SL Spain 100%
Groupo iTouch Movilisto Maroc SARL Morocco 100%
Grupo iTouch Movilisto Mexico Servicios, S.A de CV Mexico 100%
Grupo iTouch Movilisto R.S.R.L Romania 100%
Hotsms.com B.V. the Netherlands 60%
Inicitivas Especiales SL Spain 100%
Intouch Technologies Ltd (t/a iTouch Ireland) Ireland 100%
iTouch (UK) Ltd United Kingdom 100%
iTouch Australia Pty Ltd Australia 100%
iTouch Denmark AS Denmark 100%
iTouch Finance 1 Ltd United Kingdom 100%
iTouch Finance 2 Ltd United Kingdom 100%
iTouch Global Concepts Nigeria Ltd Nigeria 70%
iTouch Holdings Ltd United Kingdom 100%
iTouch Ltd United Kingdom 100%
iTouch Movilisto France S.A.S France 100%
iTouch Movilisto Portugal Lda Portugal 100%
iTouch New Zealand Ltd New Zealand 100%
iTouch Nordics AS Norway 100%
iTouch South Africa (Pty) Ltd South Africa 100%
iTouch Spain Holdings SL Spain 100%
iTouch Ventures Limited United Kingdom 100%
Jippii Mobile Entertainment Oy Finland 100%
Jippii Schweiz AG Swiss 100%
Jippii Spain SL Spain 100%
Kunno Systems SL Spain 100%
Llama Television S.L. Spain 100%
Mobile Fun Sistemas de Informatica Ltda Brazil 100%
Mobilnet AS Norway 100%
Mobivillage SA France 100%
Movilisto SA Spain 100%
Movilisto TV Spain 100%
MyAlert S.L. de C.V. Mexico 100%
Ostrich Media Limited United Kingdom 100%
Pajala BV the Netherlands 100%
Producciones y Promociones Especiales de Television S.L. Spain 100%
Rainbow Development sa Argentina 100%
Rivertam SA Uruguay 100%
Rocket Mobile Inc. USA 81%
SMS Cosmos AS Norway 100%
sms.at Holding AG Austria 100%
sms.at Mobile Internet Services GmbH Austria 100%
sms.ch AG Swiss 100%
Telequity Pty Ltd Australia 100%
Telitas Belgium BV Belgium 100%
Telitas Netherlands NV the Netherlands 100%
Telitas Sweden AB Sweden 80%
Tutch Mobile Media B.V. the Netherlands 100%
Xama TV Televisao Interactiva L.d.a. Portugal 100%
Buongiorno Hong Kong Ltd (*)
(*) consolidated with equity method
Hong Kong 49%
Buongiorno SpA Interim Report as of March 31, 2009 23

ANNEX C
Declaration Pursuant to Art. 154-bis, Paragraph 2 of Legislative Decree 58 dated
February 24, 1998
The undersigned Carlo Frigato, CFO, appointed by the Board of Directors during the
meeting held on October 22, 2007 Executive in charge of the financial reports of
Buongiorno SpA, with head offices in Parma, Borgo Masnovo 2, (herein “the Company”),
in his capacity as the Executive in charge of the Company’s financial reports pursuant to
paragraph 2 of Article 154-bis of Italy’s Finance Law, declares that, to the best of his
knowledge, the information contained in the Interim Report as of March 31, 2009
corresponds to the Company’s documented results and accounting books and records.
Milan, May 11, 2009
Carlo Frigato
(Executive in charge of
the company’s financial reports)
Buongiorno SpA Interim Report as of March 31, 2009 24