CORSO DI LAUREA TRIENNALE IN ECONOMIA & MANAGEMENT MARKETING MANAGEMENT DELLE IMPRESE DI SERVIZI Welcome to Buon

1. CORSO DI LAUREA TRIENNALE IN ECONOMIA & MANAGEMENT MARKETING MANAGEMENT DELLE IMPRESE DISERVIZI Welcome toBuongiorno! By Pietro De Nardis Parma, 5 marzo 2012

2. The eightnorms of the Net Generation whenitgoes shopping Freedom: Give choice and the More the Better Customization: make it my own Scrutiny: I will check it out before I go to the store Integrity: does this company deserve my money? Collaboration: let me help make your product/service better Entertainment: make it fun Speed: serve me now Innovation: give me the latest

3. B! at a glance Founded in Parma - Italy- in 1999 Founder & current Chairman Mauro Del Rio Chief Executive Officer Andrea Casalini Chief Commercial Officer Pietro De Nardis B! story… it all started with a joke! In 1995, Mauro begansendinghisfriends a joke a daybyemail, the mail startedwith a positive greeting: Buongiorno! Thisinitiativeconstituted the first test-bed for the business model of all Buongiorno's future activities: digital entertainment and CRM. pag.01

4. Buongiorno at a Glance - A Truly Global Leader • Over the past 10 years, Buongiorno has emerged as THE global leader in paid content on mobile • In 2011, B! transformed itself through: • The acquisition of Dada.net • The spin-out of the majority of the B2B business • Material investments in building new high-potential revenue streams • Buongiorno, at the end of 2011: • A € 250 - 260 MM revenue B2C business, done in about 25 countries • A team of 850 professionals in 15 countries around the world • An attractiveblend of profitable, cash generating, mobile 1.0 services, and several innovative, high-potential new offerings (eg. web apps, skill games, mobile payments, music streaming)

5. A Track Record of Achievements 2011 & beyond 2000-2002 2003-2007 2008-2010 Transformation and Investment Consolidation Start up Growth and Profitability • Itouchsuccessfullyintegrated, costsynergiesachieved • Business portfolio clean-up and controlled phase out of non strategic business • Resilient growth of core business and opening of new business lines • Focus on cashflow generation and debt reduction • Enhancing and focusing on core B2C business activity: • Agreement with Francisco Partners to become top player in B2B mobile marketing and CRM arena • New business streams: material investments in potential high-growth sector (Winga, Cashlog) • Listing via reverse merger with Vitamic • Expanding globally and partnering with Mitsui • Strong organic growth and targeted acquisitions, becoming a major mobile player for B2C and B2B • Itouch acquisition: global leadership reached in terms of revenues • Start of operations as an email marketing business • Becoming European • Entrance in the mobile segment and MyAlert acquisition • Dada.net acquisition: further strengthen B2C leadership particularly in North America, and enrich existing web-skills • Innovative products (web apps)

6. A Digital Entertainment Provider… The Transformed Buongiorno: A Digital Entertainment Provider… …with a broad portfolio of B2C services B2C: renenues from sales of paidapps & content Economics Recurrent Subscription Model; Telecom revenue sharing Clients: People

7. A Digital Entertainment Provider… …Italian Foundations, International Horizons… …with broadeningprospects in the US

8. New Business – High-Potential Revenue Streams • Evolution of Mobile Content 1.0 • HTML 5 Web Apps • Brand New RevenueStreams • Skill Games – Winga • Mobile Payments - Cashlog • Digital Music - Play.me www.buongiorno.com

9. The opportunity BY 2014, MOBILE INTERNET USERS WILL OVERTAKE DESKTOP INTERNET USERS

10. Investments in High-Potential Revenue Streams - Mobile Internet Apps CURRENT SITUATION • Smartphones: fastest growing mobile area • Worldwide Leaders: and in terms of usage (40% and 26% respectively) • Handset Manufacturers using App Stores for a new wave of content delivery • Application downloads show esponential metrics on Apple App Store and increasing offering on Android Market APP STORE APP DEVELOPERS FINAL USER 30% Revenues 70% Revenues Operators launching App Stores to compete Telecommunications Operators eliminated from the value chain and revenue sharing

11. Investments in High-Potential Revenue Streams - Mobile Internet Apps A sustainable business model based on mobile web “Applications” & Telco billing • IContentStore • Content Catalogue (categories, top, new) • Content distribution: download or on-line • Rating, email TAF, Facebook sharing, DW icon • Product based on: Gamifive, ilikeTV, and iGirlsTV • Main Advantages of Mobile Web Applications (HTML5): • Behave like native handset Apps for the final consumer • No handset memory occupied • Quick time to market • Simultaneous updates for all products at same time across platforms • Easy Rating & Social Media Sharing • IContentCalendar • Content of the day, daily distribution • Rating, email TAF, Facebook sharing, DW icon • Product based on: iGirls, StarSecrets, iLoveShopping, iBoys, Sexfactor • iFortune • Several different Esoteric and Future applications in only one product • Profiling information – personal user interface • Rating, email TAF, FB and Twitter sharing, DW icon • Product based on: iFortune • FingerBooks • Quick reading books catalogue (categories, top, new, longer) • Rating, email TAF, FB sharing, DW icon • Product based on: Fingerbooks

12. Our Portfolio – Some examples StarSecrets latest celebrity gossip, scandals, and rumors straight to mobile devices, with news updated daily • Gamifive • Unlimited play from a catalog of 130+ casual HTML5 games Playplanet HTML5 storefront for unlimited native apps android games

13. Our Portfolio – Some examples iFortune FingerBooks

14. Our Portfolio – Some examples: Imagazine www.playmemobile.it Imagazine HTML5 storefront that allows to integrate any type of content, pictures, video, texts, comments in a personalized way Social integration with FB opengraph

15. Ideal Aquisition flow: MSISDN recognition (one click UX) SPLASH PAGE AFTER BANNER CLICK WELCOME SMS LOGGED(save desk icon for web app navigation)

16. Investments in High-Potential Revenue Streams - Winga • B! to become the leading mobile gambling operator in the major regulated market. • Skill Games: Poker, Bingo, Casino, Lotteries • Multi-product gaming proposition seamlessly engaging customer on: • WingaOnline • WingaMobile • WingaTV: uniting television and the gaming experience • Launched at the end of July, 2011 • Roulette Show: the unique show that lets you play live, from the comfort of your living room • Expected positive EBITDA by 2012 • www.winga.it € 5MM wagered last week Investments of > € 7 MM in 2011

17. Investments in High-Potential Revenue Streams – Mobile Payments - Cashlog • In 2010, B! announced a strategic partnership in Italy with CartaSi (6,5M cardholders, 40% market share) • B! m-payment solution will enable providers, retailers of digital services and mobile content to offer consumers a global mobile payment facility • Safe & secure: no credit card or other personal details needed • Italy launched in April 2011 followed by Spain, further geographical expansion depends on market size, competition, credit cards penetration, and existing relations with telcos: the line up includes: Germany, France, and Russia. www.cashlog.com Italian Market potential for will reach € 178 MM in 2013

18. Investments in High-Potential Revenue Streams – Play.me Digital Music Service offering over 6.5 million high-quality songs with no limits The first music service offering 360°cross-platform entertainment for complete synchronization through: Web App Mobile App Digital & Web TV Social Networks App (Facebook & Twitter) Set Top Box API Freemium-basedcontentallows for free-trial and pay-per-service Offerselevatedvisibility to Partners/Sponsersthrough premium contentplacing 1.3 millionsubscribers / uniqueusers per month www.playme.it

19. Financials

20. Economic and Financial Highlights Q3 Year to Date 2011 Q3 2011 trends Q3 YTD 2011* Q3 YTD 2010 (Euro MM) Impact of new initiatives on income statement : € 4.4 MM more than Q3 YTD 2010 € 190.3 € 196.6 Revenues € (49.4) € (57.4) Marketing expenses € 89.4 € 88.0 IAV € 27.0 € 22.1 AdjustedEBITDA € (0) € (2.2) Non recurrentcosts EBITDA affected by budgetedincrease in new business lines € 19.9 € 27.0 ReportedEBITDA € (8.5) € (10.7) D&A /other op. costs € 10.3 € 17.0 Operatingprofit € (2.5) € (6.2) Net Financial charges Pretaxprofit € 4.1 € 15.5 € (2.9) Taxes € (7.8) € 7.7 € 1.2 Net result * Dada.net Consolidation from June 1, 2011

21. Net Consolidated Financial Position 09.30.2011 12.31.2010 (Euro MM) € 40.7 € 34.7 Total cash and other financial assets € (7.1) Total payablestobanks € (8.6) € (37.3) € (20.4) Total bank loans - current share € (0.38) € (0.18) Total other current financial liabilities € (44.8) € (29.1) Total currentfinancialliabilities Consolidated net current financialposition € 4.1 € 5.6 € (60.6) € (32.6) Total bank loans non-current share Total other non-current financial liabilities € (1.2) € (0.05) Total non-current financial liabilities € (61.8) € (32.6) Net Financial Position € (65.9) € (27.0)

22. Summarizing • A global leader with a long successful track record • A new, B2C only focus, reached through positive, complementary M&A moves • A sound balance sheet • A strong market position on 1.0 services, showing resilience and sustained profitability • Some high-potential new initiatives, a couple of which already show good traction

23. Thank you for your attention www.buongiorno.com