Attachment E - Significant details from the financial statements of subsidiaries prepared in accordance with Italian accounting principles

(€ 000)	Mondadori International	Monradio	Mondadori Iniziative Edit.
Year ended	31/12/2010	31/12/2010	31/12/2009
Balance sheet
Assets
Intangible assets	0	62,373	0
Tangible fixed assets	0	7,813	0
Financial assets	357,152	79	0
Total assets	357,152	70,265	0
Inventories	0	0	425
Receivables from customers	0	6,278	0
Receivables from Group companies	150,313	3	1,961
Receivables from others	24	8,518	2,677
Financial activities (not non-current)	27,190	0	0
Cash and cash equivalents	6,433	0	0
Total current assets	183,960	14,799	5,063
Prepayments and accrued income	1	80	16
Total assets	541,113	85,144	5,079
Liabilities and shareholders' equity
Share capital	350,736	3,030	500
Reserves	50,008	14,554	109
Shareholder contributions	0	38,000	548
Profit (loss) for the year	(10,179)	(11,518)	1,577
Total shareholders' equity	390,565	44,066	2,734
Provisions for risks and charges	25	1,252	28
Employees' leaving entitlement	0	331	0
Payables due to banks	150,000	0	0
Trade payables	208	2,943	2,057
Payables due to Group companies	0	34,543	185
Other payables	3	1,907	75
Accrued liabilities and deferred income	312	102	0
Total liabilities and shareholders' equity	541,113	85,144	5,079

Significant details from the income statements of subsidiaries prepared in accordance with Italian accounting principles (€ 000)	Mondadori International	Monradio	Mondadori Iniziative Edit
	2010	2010	2009
Reveues from sales and services	0	14,509	6,855
Decrease (increase) in inventories	0	0	218
Other income	12	1,060	22
Total value of production	12	15,569	7,095
Purchase of services	542	13,186	5,459
Personnel costs	71	1,886	0
Depreciation, amortisation and write-downs	3	13,471	0
Changes in inventory of raw materials	0	0	0
Accruals and charges to provisions	0	140	0
Other (income) expense	19	1,077	4
Total costs of production	635	29,760	5,463
Income (expense) from investments	0	0	0
Financial income (expense)	(1,308)	(1,161)	8
Total financial income (expense)	(1,308)	(1,161)	8
Revaluations (writedowns)	(8,252)	(61)	0
Extraordinary income (expense)	4	0	0
Result before tax	(10,179)	(15,413)	1,640
Income tax	0	(3,895)	63
Net result	(10,179)	(11,518)	1,577