Buongiorno S.p.A: Preliminary Financial Results

LONDON and MILAN - The Board of Directors of Buongiorno S.p.A. (MTA STAR, Borsa
Italiana: BNG), a leading multinational in digital entertainment, have today
approved the preliminary financial statements for 2008, prepared in
accordance with the IAS/IFRS.

Financial Highlights

- Revenues of EUR316 million in 2008 (2007: EUR175 million), with a
positive consolidated normalised EBITDA, up 84%, to EUR39.8 million (2007:
EUR21.6 million).

- Consolidated Profit for 2008 of EUR8.4 million (2007: EUR13.7 million).

- Value of Production up 80% to EUR318.9 million (2007: EUR177.3
million).

- Q4 2008 was the best in Buongiorno’s history, with revenues of EUR83
million (Q4 2007: EUR46 million), and EBITDA before extraordinary
expenses of EUR13.1 million (Q4 2007: EUR7 million).

- The Board of Directors puts forward a proposal to the
forthcoming General Shareholders’ Meeting to authorize buy back for
10,000,000 ordinary shares.

Overview

Overall 2008 revenue and EBITDA figures were in line with the
2007 pro-forma data, calculated as the sum of the results of the Buongiorno
Group and iTouch Group (combined revenues of EUR319 million and EBITDA of
EUR40 million). The Q4 results were also in line with the pro-forma data for
Q4 2007, with a marginal improvement in profitability: revenues amounted to
EUR83.8 million and EBITDA to EUR12.7 million.

In 2008 Buongiorno significantly strengthened its presence in
markets already served by the Company. It also expanded into markets not
previously covered, the most important of which being South Africa, Australia
(part of UK International), and Argentina. Please visit
www.buongiorno.com/investors/investors_6.html for the announcement in
full, including a detailed breakdown of revenues and EBITDA by each
geographical area and business line.

Share Buy Back Plan

The Board of Directors today resolved to put forward a
proposal to the forthcoming General Meeting of Shareholders to authorize the
Board to buy back, or, sell the Company shares.

The proposal aims at enabling the Company to: offer shares to
operators who might be interested in M&A transactions with Buongiorno,
without the need for capital increases, intervene in trough trading, hedging
and arbitrage transactions so as to use this tool during abnormal
fluctuations in the share price and to invest liquidity balances.

The proposal envisages that the Board be empowered to acquire
up to 10,000,000 Ordinary shares of a nominal value of EUR0.26 each
(equivalent in total to 9.4% of the current share capital), in one or more
tranches, and on a rotational basis through to the approval of the financial
statements for the year ending December 31, 2009, and in any event, within a
period of no more than 18 months following the date of the related General
Meeting resolution. Pursuant to Section 2357 of the Italian Civil Code, it is
noted that the Company’s share capital currently stands at EUR27,651,955.50
divided into 106,353,675 Ordinary shares of a nominal value of EUR0.26 each.

For further information, please contact:

BUONGIORNO
Eleonora Villanova
Global PR & IR Executive
Tel. +39-02-582131
Email: eleonora.villanova@buongiorno.com

ICIS
UK Financial Press and Financial
Analysts
Fiona Conroy
Tel: +44-207-651-8688
Email: Fiona.Conroy@icisnet.com

Source: Buongiorno S.p.A

BUONGIORNO, Eleonora Villanova, Global PR & IR Executive, Tel. +39-02-582131, Email: eleonora.villanova at buongiorno.com; ICIS, UK Financial Press and Financial, Analysts, Fiona Conroy, Tel: +44-207-651-8688, Email: Fiona.Conroy at icisnet.com