Buongiorno Spa Interim Report as of March 31, 2009

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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
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 and 10: Market Trend and Group Performance
Page 11 and 12: peoplesound has become universal an
Page 13: BREAKDOWN OF REVENUES BY BUSINESS L
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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