Buongiorno Spa Interim Report as of March 31, 2009

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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
Page 1 and 2: Buongiorno SpA Interim Report as of
Page 3 and 4: 1. Company Boards Board of Director
Page 5 and 6: 3. Principles Adopted for the Conso
Page 7 and 8: During the quarter ended March 31,
Page 9: Market Trend and Group Performance
Page 13 and 14: BREAKDOWN OF REVENUES BY BUSINESS L
Page 15 and 16: EARNINGS PER SHARE 03.31.2009 03.31
Page 17 and 18: The increase compared to the end of
Page 19 and 20: Other current financial liabilities
Page 21 and 22: ANNEX A: Breakdown of Sales by Geog
Page 23 and 24: LIST OF COMPANIES INCLUDED IN CONSO

Buongiorno Spa Interim Report as of March 31, 2009

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