L'Espresso

CONSOLIDATED BALANCE SHEET
(in thousands of euro)

The Espresso group closed financial year 2008 with consolidated revenues of € 1,025.5 million compared to € 1,098.2 million in 2007, with a decline of 6.6% due to the significant contraction of advertising revenues.

Information on shares held by Directors, General Managers and Statutory Auditors

The chart below gives the information required by Art. 79 of Consob Resolution no. 11971 of May 14 1999 and subsequent amendments and additions.

SHARES HELD BY DIRECTORS, STATUTORY AUDITORS AND GENERAL MANAGERS

Dear Shareholders,

The year 2008 has seen contraction and structural change in the world economy, which is likely to last for some time.

The tightening of credit and the resulting market turbulence, which started in 2007, worsened during 2008 causing an international financial crisis without precedent, which is having serious repercussions on the real economy and especially on levels of consumption. The crisis is a systemic one and has affected most sectors of the economy and business throughout the world, especially in the last quarter of 2008.