1. 1 Average circulation Jan-Jun 11: 401.000 copies Readership (Audipress 2011.2): 542.000 readers Italy’s most read business weekly  Italian and international economy  Domestic and global finance  Business and export  Work & Careers  Portraits of companies and managers  Data, analyses, comments Editor-in-chief Massimo Giannini Comp. %A.I. SEX men72.4151 Women27.653 AGE 14 - 34 year old16.259 35 - 44 year old16.488 45 - 54 year old21.2127 55+ year old46.2123 EDUCATION Degree33.2324 High school52.6157 SIZE OF TOWN 100-500.000 inhabit.8.7107 over 500.000 inhabit.35.7237 OCCUPATION entrepreneurs/executives/managers23.0423 writers/teachers/journalists5.1217 white collars24.5125 SOCIAL LEVEL upper class 11.0485 upper-middle class29.1250 middle class59.970 Comp. %A.I. SEX men72.4151 Women27.653 AGE 14 - 34 year old16.259 35 - 44 year old16.488 45 - 54 year old21.2127 55+ year old46.2123 EDUCATION Degree33.2324 High school52.6157 SIZE OF TOWN 100-500.000 inhabit.8.7107 over 500.000 inhabit.35.7237 OCCUPATION entrepreneurs/executives/managers23.0423 writers/teachers/journalists5.1217 white collars24.5125 SOCIAL LEVEL upper class 11.0485 upper-middle class29.1250 middle class59.970 Sources: Audipress 2011.2

2. 2 The business weekly supplement to La Repubblica deals with a wide range of themes: from the national to the international ones. It is devoted to a profound investigation on themes such as the issues of globalisation, finance, investments, international economic trends and management. Not only economics but also communication, technologies & science, fashion and design businesses. It selects and analyses the most important economic and financial events of the week, focusing its attention on the circumstances which gave rise to them and favoured their development. It pictures the actual plot of events, the social and economic change, the rising of new technologies, joint-ventures, partnerships. It provides a key for the interpretation of the events. It deals with business and financial news focussing on protagonists, on problems and evolution of industrial sectors. It draws the attention of the readers to facts, strategies and players moving in the complex world of business and finance. It hosts weekly Special Themed Reports that cover specific up-to-date topics (markets, services and products, regions, countries, etc.)

3. 3 like it very much generally like it don’t like it very much OVERALL OPINION OF THE READERS 85% of the readers are satisfied of the magazine A&F meets the needs of an audience eager to know about the main events in the field business and finance for personal and professional reasons. Professional audience: influencial decision makers and opinion leaders such as top executives, entrepreneurs, self-employed senior professionals, consultants. General audience: all those who have an interest in economic and financial matters, for personal purposes or cultural reasons. Two target audiences Target audience

4. 4 TitleCopiesReaders Affari & Finanza 1 401.000542.000 Milano Finanza101.269309.000 Il Mondo 52.559 103.000 Panorama Economy46.445132.000 Espansione126.458n.a. TitleCopiesReaders Affari & Finanza 1 401.000542.000 Milano Finanza101.269309.000 Il Mondo 52.559 103.000 Panorama Economy46.445132.000 Espansione126.458n.a. Business magazines in Italy Affari & Finanza has by far the widest circulation and readership among business magazines in Italy Sources: ADS Nov 10-Oct 11 - 1 Publisher’s figure Jan-June 11 - Audipress 2011.2 Business class: managers, executives, entrepreneurs, senior free lance professionals, 35-64, high level of income, status, education Remark: Official circulation and readership figures for "Corriere Economia“ (business supplement to Corriere della Sera) and readership figures for Espansione are not available Reach of finance and business titles on the Italian business community (1.022.000 adults) Affari & Finanza is the leading business and financial weekly magazine among top professionals and decision makers Competitive scenario

5. 5 An editorial initiative addressing the most culturally developed and open-minded European audience through an international partnership with A weekly supplement composed of selected editorial contents by the NYT: the articles are chosen by the editors of the NYT on the basis of criteria of relevance, exclusiveness and interest for a European audience and are meant for those who wish to know the point of view of an intellectually sophisticated American newspaper. The same supplement is also issued with Le Figaro, El Pais, The Observer, Süddeutsche Zeitung and in the pages of the IHT. &