Italian Investor Conference New York, April 2007

Disclaimer

Statements contained in this document, particularly the ones regarding any RCS MediaGroup possible or assumed future performance, are or may be forward looking statements and in this respect they involve some risks and uncertainties. RCS MediaGroup actual results and developments may differ materially from the ones expressed or implied by the following statements depending on a variety of factors. Any reference to past performance of RCS MediaGroup shall not be taken as an indication of future performance. This communication does not constitute an offer or solicitation for the sale, purchase or acquisition of securities of any of the companies mentioned in any jurisdiction and is directed to professionals of the financial community. For further information, please contact our Investor Relations Department Federica De Medici +39 02 25845508 [email protected] Arianna Radice +39 02 25844023 [email protected]

2

Meeting agenda

Who we are 2006: Market trends, RCS Activity 2006: Financial Results Details by Business Unit

3

RCS MediaGroup – Who we are The Italian multimedia company with the largest international presence, with activities mainly in Italy, France and Spain that operates in newspapers, magazines, books, radio and new media.

Newspapers

Books

Advertising

Magazines

Partworks

New Media Broadcast

4

RCS MediaGroup - Who we are MEDIA SECTOR

TITLES / PRODUCTS Traditional Press

Free Press

NEWSPAPERS 9 weekly and 24 monthly

MAGAZINES

Partworks

Fiction and non fiction / Education

BOOKS National Radio

Digital Radio

Syndication

Press Agency

BROADCAST Adv house

ADVERTISING

Outdoor adv IGPDECAUX (JV)

Web sites

WEB / MOBILE

On line & Mobile entert.

ipTV / Video prod.

17 Online Magazines

TV content prod.

TV

DISTRIBUTION

Adv on foreign media

(JV)

DTT TV licence

UD – Union Distribution

5

On line gaming

Group Structure

100%

100%

96.1% Grupo

Unedisa

99.99%

98.99%

100%

100%

51%

43.88%

100%

100%

100% 45% (2) 100%

34.5%(1)

IGPDECAUX 100%

(1) Joint-venture RCS (34.5%). JCDecaux (32.3%). Publitransport (33.2%) (2) Joint-venture RCS (45%). De Agostini (45%). Hachette (10%)

6

Newspapers ITALY ¾ market share 21% 1 Traditional Press

1°

National Newspaper

SPAIN ¾ market share 8%

1

Traditional Press

2°

National Newspaper

Circ. 673,000 avg. daily copies Read. 2,577,000 per day

1°

Sport Newspaper

Circ. 330,000 avg. daily copies Read. 1,338,000 per day

Circ. 384,000 avg. daily copies Read. 3,603,000 per day

Free Press

2°

National Title

Circ. 670,000 avg. daily copies Read. 1,691,000 per day

NEW

Free evening newpaper

1: copies and readership Source: Market shares are updated with latest available market data

7

Corriere della Sera ON LINE

SUPPLEMENTS

MAGAZINES WOMEN: CIRC. 502,000 avg. copies

ADD-ONS TRAVEL GUIDES

HEALTH ENCYCLOPEDIA

MAGAZINE: CIRC. 584,000 avg. copies

CLASSIC MUSIC

ENGLISH/SPANISH LESSONS LOCAL EDITIONS Milano Bologna Roma Lombardia

ECONOMY Corriere Economia

STYLE: CIRC. 429.000 avg. copies

GENERAL ENCYCLOPEDIA

REAL ESTATE Trovo Casa

Veneto Trentino

LEISURE/ENTERTAINMENT LEISURE/ENTERTAINMENT Vivi Milano/Roma

Alto Adige Puglia

HEALTH Corriere Salute

Campania 8

Corriere della Sera On line 7.9 mln unique users (4.8 mln last year) 35.6 mln monthly visits 317 mln page views

1° Info Web Site in Italy

2° Recruitment Web Site in Italy Source: Market shares are updated with latest available market data

NEW 9

Corriere della Sera On line Real Time Information

Enhanced Services THEMATIC THEMATIC CHANNELS CHANNELS HOME & GARDEN TRAVEL

+

VIVIMILANO

CLASSIFIED CLASSIFIED REAL ESTATE

JOB

+ ANYTIME ANYTIME ANYWHERE ANYWHERE Really Simple Syndication Æ Corriere Mobile Æ Newsletter Æ ipTv Æ

+

VIDEO VIDEO OFFERING OFFERING 2 mln average monthly unique visitors 8 mln average monthly streaming video 20 video live Events per month 10

La Gazzetta dello Sport ON LINE

ADD-ONS DVDs Basket NBA

VIDEOGAMES Serie Maxima 2

DVDs Series Maradona Power Rangers

MAGAZINE

EVENTS TOUR OF ITALY (cycling)

SPORTWEEK 336,000 avg. copies

BEACH TOUR

MILAN CITY MARATHON

11

La Gazzetta dello Sport On line 4.5 mln unique users (2.7 mln last year) 23.2 mln monthly visits 180 mln page views

1°

NEW SHOPPING ON LINE

Sport Information Site in Italy

NEW GAME ON LINE

Source: Market shares are updated with latest available market data

12

La Gazzetta dello Sport On line Real Time Information

Enhanced Services GAMES GAMES

+ VIDEO VIDEO OFFERING OFFERING

+ GAZZASPACE GAZZASPACE -- Community Community

ANYTIME ANYTIME ANYWHERE ANYWHERE Really Simple Syndication Æ Gazzetta Mobile Æ Newsletter Æ ipTv Æ

+ 13

El Mundo ON LINE

SUPPLEMENTS

MAGAZINES

ADD-ONS LA GUERRA CIVIL ESPAÑ ESPAÑOLA

NEW FEB 07

LAS RUTAS DEL VINO

ART BOOKS

ECONOMY AUTOMOTIVE

NEW MAY 06 DVD

FORMULA 1– 1–MOTO GP

RECRUITMENT HEALTH

14

El Mundo On line 9.0 mln unique users (7.1 mln last year) 38.3 mln monthly visits 265 mln page views

1°

Information

WebSite in Europe

1°

Source: Market shares are updated with latest available market data

NEW REAL ESTATE

Spanish language site in the world

15

Magazines ITALY ¾ market share 17% 1 2nd player with strong titles in the following sectors Woman’s

Family

Weekly Circ. 502,000

NEW

Weekly Circ. 201,000

Monthly Circ. 183,000

Weekly Circ. 680,000

Weekly Circ. 157,000

Weekly Circ. 192,000

Mother & Child

Monthly Circ.225,000

Monthly Circ.124,000

Monthly Circ.108,000

Interior Design

Business

Man’s

Weekly Circ. 89,000

Monthly Circ. 429.000

Monthly Circ. 454.000

Monthly Circ. 203,000

Monthly Circ. 18.000 Monthly Circ. 150,000

Monthly Circ. 297,000

NEW

Monthly Circ. 58,000

International presence (Licensing) 1: copies

Source: Market shares are updated with latest available market data

16

Books ITALY EDUCATION

FRANCE FICTION AND NON-FICTION

FICTION AND NON-FICTION

4° 1° Publisher

17.2% Market share

2° Publisher

13.3% Market share

SPAIN, PORTUGAL FICTION AND NON-FICTION

ITALY, FRANCE & UK PARTWORKS

Publisher

5% Market share DISTRIBUTION

UD - Union Distribution

Source: Market shares are updated with latest available market data

2° Player In Italy

31.7% Market share in Italy

17

Broadcast

NATIONAL

DIGITAL

SYNDICATION

RADIO

RADIO

OF LOCAL RADIOS

~ 5.8 mn daily listeners of news & adv services

1° Syndication

Source: Market shares are updated with latest available market data

PRESS AGENCY

News services production for the Group and third parties

18

Advertising ITALY ¾ Leader of press advertising PRESS ADVERTISING

Advertising sales for the Group and third parties

19% Market share

FOREIGN MEDIA ADV

Advertising broker for foreign media in Italy and Italian media abroad

1° Player

Source: Market shares are updated with latest available market data 19

Dada – Strategic Investment Listed Company

DADA Recent Acquisitions

RCS stake 43.88% * BUSINESS DESCRIPTION

CONSUMER

BUSINESS

Community on

Interactive Marketing

Entertainment on

Business & Technology

w Ne

ty ivi t Ac

combines the Social Networking concept with the AdSense program

SELF PROVISIONING

Dating on

* RCS has a “call” option of 160,000 Dada S.p.A. ordinary shares, equal to approximately 1% of the share capital, to be exercised by November 30, 2008 20

VAS - RCS Mobile www.rcsmobile.it

RCS Mobile is a new subscription offer in Mobile Information & Entertainment First example of cooperation between DADA and RCS RCS Mobile is a weekly subscription based service (3 € per week), week taylored by the costumer, that provides a range of downloadable contents from RCS titles As a subscriber to RCS Mobile you can choose from a selection of

¾ 250.000 Active Subscribers *

Information (Corriere, Gazzetta,

¾ 25mln Sended SMS *

Max, Astra, Novella 2000) 2000 and

¾ 3mln downloaded videos on WAP Site * * 2006 data

entertainment services (wall paper, ringtones, games) games 21

Digicast – Strategic Investment

JIMMY

MOTO TV

Science fiction, music and sit com

Moto life style

SAILING CHANNEL Sailing life style

PLANET Art & Culture

SAILING CHANNEL INTERNATIONAL

CACCIA e PESCA

50 PLATFORMS

Nature Reportage

25 COUNTRIES 4 LANGUAGES

22

NEW MARCH 07

Joint Ventures and other activities

DISTRIBUTION

RCS %

partners

45.0%

De Agostini – Hachette Rusconi

Distribution to newsstands

OUTDOOR ADVERTISING

34.5%

JCDecaux – Publitransport

Street furniture, billboard, transport advertising, airport advertising

23

Meeting agenda

Who we are 2006: Market trends, RCS Activity 2006: Financial Results Details by Business Unit

24

Advertising Italy: 2006 Trend Advertising Gross Revenues, Million Euro

8,488 Internet Cinema Outdoor Radio

83 199

8,712

YoY growth

198

137

408

Magazines

1,222

Newspapers

1,769

TV

+2.6%

4,669

+7.8%

441

+6.0%

1,296

+1.7%

1,800

+0.8%

4,704

2005

76 197

2006

TOTAL MARKET Source: Nielsen Media Research

25

Advertising Spain: 2006 Trend Advertising Gross Revenues, Million Euro

6,679

160

Internet Cinema Outdoor Radio

43

529 494 610

675

TV

YoY growth 41

120

Magazines

Newspapers

7,150

+7.0%

1,785

2,951

+4.4%

+2.0%

637

688

+7.2%

1,914

+7.8%

3,181

2005

2006

TOTAL MARKET Source: Infoadex

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Italian Newspapers Circulation: RCS vs. Market Circulation, copies/000 per day, Jan – Dec

YoY growth

700 600 500

5,500

+1.9%

+0,4%

673

2005

5,080 5,000

670

2006

4,985

500 400 300 200 100

4,500 2005

TOTAL MARKET

Source: FIEG, ADS + Internal Estimates

2006

387

-0.8%

2005

384

2006 RCS

27

Spain Newspapers Circulation: RCS vs. Market Circulation, copies/000 per day, Jan – Dec

YoY growth

2,000

400 1,800 -3.1%

1,600

1,565

+5.0% 330

1,516

314

300

1,400

1,200

200

1,000 2005

2006

MARKET (1) Includes

(1)

2005

2006 RCS

newspapers with circulation > 100,000 copies

Sources: OJD, Observatorio de Prensa Diaria

28

Books: RCS vs. Market TOTAL MARKET Fiction and non-Fiction Italy

- Sales up 1.5%

- Revenues increased by 1.4% - Market Share to 13.3% (1)

Education Italy

- Market increased by 1.3%

- Revenues increased by 5.1% - Market Share at 17.2%

Flammarion France

- Slight decrease -1.5%

- Revenues stable, including third party distribution

Partworks Italy and other countries

- Italy: sales down 10.3%, 10.3% in terms of volume

- Total Revenues increased by 1.6%, 1.6% due to good performance of foreign activities - Italian Market Share to 31.7%

(1) Mkt share only on bookshop & retail channels

Increase %, 2006 vs. 2005

29

RCS Activity up to March 2007 Newspapers Spain

Italy Launch of Corriere di Bologna (Jan 07)

Launch health magazine OK Salud (Feb 07)

Startup of full colour

project (Nov 06)

Launch new free press

(Oct 06)

Restyling of

Relaunch travel magazine Siete Leguas (Apr06) Startup of RCS in Portuguese market through

(March 07)

Esfera dos Livros (March 06)

Digital JV with

MARCH 06

for online gaming (Nov 06)

Launch

, e-commerce website (Sep 06)

Launch casa.corriere.it, casa.corriere.it design&home furnishing website (Sep 06) MAY 06

NOV 06

JAN 07

OCT 06

FEB 07 30

RCS Activity up to March 2007 Launch of Io cucino, cooking magazine (March 07)

Magazines

Launch of

M, biannual fashion magazine (July 06)

Launch of Corriere Enigmistica, crossword puzzle magazine (July 06) Launch of

A, former Anna (May 06)

Woman, Woman launch May 06

Men, Men launch Oct 05 Cooking, Cooking launch March 07

Men, Men launch July 06

Crossword, Crossword launch July 06

Health, Health launch May 05

Real Estate, Estate relaunch Feb 05

Science, Science relaunch Sept 05

Life-style, style restyle May 05

Gossip, Gossip relaunch June 05

Family, Family restyle May 05

Women, Women restyle May 05 31

RCS Activity up to March 2007 Offer for the acquisition of 100% of the Spanish group

M&A

Increase stake in

from 51% to 100%

FEB 07 Acquisition of Increase stake in

from 24% to 48% *

DADA M&A Activity Acquisition of Acquisition of Acquisition of

NOV 06 * Call option for the remaining stakes.

and

OCT 06

AUG 06 32

Meeting agenda

Who we are 2006: Market trends, RCS Activity 2006: Financial Results Details by Business Unit

33

(5)

YE 2006 Results - Summary Million Euro

2006

Total Revenues

(1)

2,379.7

(3)

Δ

Δ%

100%

188.7

8.6%

12.0%

15.5

5.9%

2005

100%

2,191.0

11.7%

262.9

(2)

(4)

E.B.I.T.D.A.

278.4

E.B.I.T.

213.0

9.0%

217.2

9.9%

(4.2)

-1.9%

Net Profit

219.5

9.2%

219.3

10.0%

0.2

0.1%

N.F.P.

5.7 (5)

Dividends

(47.7)

- Ord.

€0.03 + 2/100 share

€ 0.11

- Sav.

€0.05 + 2/100 share

€ 0.13

(1) Includes

111.4 €/mln Dada revenues 17.1 €/mln Dada revenues (3) Includes 6.8 €/mln contribution for paper purchase cost; the consolidation of Dada gives a positive contribution of 14.8 €/mln; 11.7 €/mln one-off idemnity costs for management changes (4) Includes 20.5 €/mln contribution for paper purchase cost ; 1.6 €/mln Dada contribution (5) Subject to AGM approval (2) Includes

34

Profit & Loss Million Euro

2006

2005 *

Circulation Advertising Other TOTAL REVENUES

1,381.4 796.3 202.0 2,379.7

Cost of goods sold Labour costs Writedowns Provisions E.B.I.T.D.A. D&A E.B.I.T.

(1,661.1) (420.4) (12.2) (7.6) 278.4 (65.4) 213.0

(69.8%)

73.7 1.7 288.4 (53.8) (15.1) 219.5

3.1%

Income (charges) from equity investments Net financial incomes (charges) PRE-TAX PROFIT Taxes Minorities NET PROFIT

* Dada has been consolidated starting from november 2005.

58.0% 33.5% 8.5% 100.0%

(17.7%) (0.5%) (0.3%) 11.7% (2.7%) 9.0%

0.1% 12.1% (2.3%) (0.6%) 9.2%

1,373.5 722.3 95.2 2,191.0

Δ% 0.6% 10.2% 112.2% 8.6%

62.7% 33.0% 4.3% 100.0%

(1,510.5) (399.4) (14.0) (4.2) 262.9 (45.7) 217.2

(68.9%)

73.0 2.2 292.4 (62.4) (10.7) 219.3

3.3%

10.0% 5.3% -12.9% 81.0% 5.9% 43.1% -1.9%

(18.2%) (0.6%) (0.2%) 12.0% (2.1%) 9.9%

1.0% -22.7% -1.4% -13.8% 41.1% 0.1%

0.1% 13.3% (2.8%) (0.5%) 10.0%

35

Revenues & EBITDA Breakdown by BU Million Euro

2006

Revenues

2005

EBITDA

ROS%

Revenues

EBITDA

ROS%

Newspapers Italy

737.7

128.3

17.4%

725.4

134.9 18.6%

Newspapers Spain

341.6

60.9

17.8%

311.5

55.0 17.7%

Magazines

335.0

293.5

25.8

Broadcast

26.5

26.3 7.9% (9.0) -34.0%

Advertising

608.1

8.5

1.4%

565.5

5.6

1.0%

Books

721.4

64.2

8.9%

708.6

63.0

8.9%

Dada

111.4 58.9

14.8 13.2% (15.5) ns

17.1 57.5

1.6 (18.1)

ns ns

Corporate Activities

24.7

8.8%

(4.9) -19.8%

Others and eliminations

(560.9)

(0.1)

ns

(512.8)

ns

TOTAL RCS

2,379.7

278.4

11.7%

2,191.0

262.9 12.0%

36

Main Joint-Ventures Million Euro, legal entities data, 100%

JV (RCS 45% - DeA 45% - Hachette 10%)

2006

Revenues

EBITDA

2005

JV (RCS 34.5% - JCDecaux 32.3% - Publitransport 33.2%)

2006

2005

470.0

369.1

187.3

177.0

8.1

15.3

13.8

15.1

37

Cash Flow Statement Million Euro

Net Financial Position 1/01/2006 EBIT D&A Financial charges Taxes Δ NWC Δ Funds Free Cash Flow CAPEX Cash Flow (including CAPEX) Dividends Cashed-in dividends Equity investments Equity disposals Other Cash Flow Net Financial Position 31/12/2006

(47.7) 213.0 65.4 1.7 (53.8) (41.1) (15.7) 169.5 (94.4) 75.1 (82.3) 9.8 (85.4) ¾San Paolo 54 € mln 137.8 ¾Banca Intesa 126 € mln (1.6) 53.4 5.7

38

2006 CAPEX, net capital employed and ROI Million Euro

Net capital employed (1) 940.6 848.0

CAPEX 2006 100%=94.4 Others

Full Colour Italy 15%

Facilities

2005

22%

2006

12% 18%

Full Colour Spain

30%

ROI (2) 25.6% 22.6%

ICT

3%

Broadcast frequencies

(1) Capital employed net of financial shareholdings (2) EBIT on capital employed net of financial shareholdings

2005

2006

39

Balance Sheet Million Euro

2006

2005

1,250.0

106%

1,251.1

107%

Tangible & Intangible fixed assets

852.8

69%

812.3

69%

Financial fixed assets

397.2

37%

438.8

37%

233.0

19%

191.9

16%

Reserve for risks and charges

(144.6)

(12%)

(159.3)

(14%)

Employee termination indemnity

(104.1)

(8%)

(109.0)

(9%)

CAPITAL EMPLOYED

1,234.3

100%

1,174.6

100%

(5.7)

(1%)

47.7

4%

Equity

1,240.1

100%

1,126.9

96%

EQUITY & NFP

1,234.3

100%

1,174.6

100%

Net fixed assets

Net working capital

Net financial debt/ (cash)

40

Meeting agenda

Who we are 2006: Market trends, RCS Activity 2006: Financial Results Details by Business Unit

41

Newspapers Italy – P&L Circ. 673,000 avg. daily copies Read. 2,577,000 per day Circ. 670,000 avg. daily copies Circ. 384,000 avg. daily copies

Read. 1,691,000 per day

Read. 3,603,000 per day Million Euro

ADS + Internal Estimates, Audipress

2006

2005

Circulation Advertising Add-ons Other

228.2 311.0 178.8 19.7

31%

TOTAL REVENUES EBITDA

YoY 31%

0.9%

41%

5.2%

26%

(6.6%)

3%

226.2 295.6 191.4 12.2

2%

61.5%

737.7

100%

725.4

100%

1.7%

128.3 (1)

17.4%

134.9 (2)

18.6%

(4.9%)

42% 24%

(1) Includes (2)

3.7 €/mln contribution for paper purchase cost Includes 13.4 €/mln contribution for paper purchase cost 42

Unedisa - P&L

Circ. 330,000 avg. daily copies Read. 1,338,000 per day OJD, Infoadex

Million Euro

2006

2005

YoY

Circulation Advertising Add-ons Other

110.5 147.1 59.2 24.8

32% 43% 17% 7%

99.3 123.4 70.1 18.7

32% 40% 23% 6%

11.3% 19.2% (15.5%) 32.6%

TOTAL REVENUES

341.6

100%

311.5

100%

9.7%

EBITDA

60.9

17.8%

55.0

17.7%

10.7%

43

Magazines - P&L

(100%)

(100%)

(100%)

(100%)

8 weekly magazines 23 monthly magazines

Million Euro

2006

2005

Circulation Advertising Other

136.1 167.9 31.0

41%

TOTAL REVENUES

335.0

EBITDA

26.3(1)

YoY 43%

7.5%

50%

15.4%

9%

126.6 145.5 21.4

7%

40.3%

100%

293.5

100%

14.1%

8.8%

1.9%

50%

7.9%

25.8 (2)

(1) Includes (2)

2.1 €/mln contribution for paper purchase cost Includes 5.9 €/mln contribution for paper purchase cost 44

Advertising - P&L

Million Euro

2006

2005

Adv. House International Adv.

562.4 45.7

92%

TOTAL REVENUES

608.1

YoY 93%

7.4%

8%

523.7 41.8

7%

9.3%

100%

565.5

100%

7.5%

45

Books - P&L

Million Euro

2006

2005

Fiction & non-Fic. Italy Education Flammarion Partworks Rizzoli International Other

137.7 99.4 226.9 234.6 21.9 0.9

19%

TOTAL REVENUES

721.4

EBITDA

64.2

135.8 94.6 227.4 230.9 18.3 1.6

19%

1.4%

13%

5.1%

32%

(0.2%)

33% 3%

1.6%

100%

708.6

100%

1.8%

8.9%

63.0

8.9%

1.9%

14% 31% 33% 3%

(1)

YoY

19.7% ns

(2)

(1) Includes (2)

0.9 €/mln contribution for paper purchase cost Includes 1.2 €/mln contribution for paper purchase cost 46

Broadcast - P&L

Play Radio

RIN Digital Radio

Syndication of Local Radio

Press Agency

Million Euro

2006

2005

Advertising Broadcasting 1 Others

19.9 6.4 0.2

75%

TOTAL REVENUES EBITDA

YoY 81%

(1.0%)

24% 1%

20.1 4.5 0.1

18% 0%

42.2% n.s.

26.5

100%

24.7

100%

7.3%

(9.0)

n.s.

(4.9)

n.s.

n.s.

1: Includes AGR press services 47

Shareholders’ Structure

1

Shareholders Pact * Treasury Shares

2

63.527%

2.652%

Expiry date: March 2009 Pre-emption right: 18 months COMPANY

Significant Shareholders 19.157%

Free Float 14.664%

Tot. Ordinary Shares: 732.669.457 Tot. Savings Shares:

* Held by 15 Shareholders

29.349.593

Mediobanca Fiat Partecipazioni Gruppo Italmobiliare Fondiaria SAI Dorint Holding Pirelli & C. Intesa SanPaolo Generali Ass. Vie Capitalia Sinpar Merloni Invest Mittel ErFin Edison Gemina TOTAL

% on ordinary shares 13.257% 10.291% 7.070% 5.050% 4.809% 4.809% 4.768% 3.593% 2.020% 1.895% 1.516% 1.241% 1.188% 1.010% 1.010% 63.527%

1: Updated March 30, 2007 2: Treasury shares at March 30, 2007: 19.4 mln, of which 14.9 mln will be distributed subject to AGM approval

48