Update on the implementation of own shares buyback plan

29 January 2009

In the framework of the purchasing plan of company’s own shares authorized by the Shareholders’ Meeting on June 12, 2008, Reply informs that during the last 5 (January, 22 – January, 28 2009) trading days it purchased n. 2,850 company’s own shares at an average price of Euro 16.5093 per share, equal to a Euro 47,051.37 counter-value.

The stock buyback plan is in compliance with the terms of the authorisation to buy back the company’s shares, given by the Shareholders Meeting summoned on June 12, 2008 approved an 18-month purchasing plan of company’s own shares effective as of the deliberation date, for a maximum number of 738,493 ordinary shares (amounting to 8.13% of the corporate capital) for a nominal value of Euro 0.52 per share and a total nominal value of maximum Euro 384,016.36 and anyway within the limit of maximum financial commitment of 30 million Euros.

The main aim of this programme is the purchasing of shares settled for (i) share incentive plans, (ii) acquisitions of stakes and / or strategic partnerships, (iii) investments on equity market.

The program complies with the current regulations and laws in force, in particular:

• the price cannot exceed the official trading price reported by the MTA market on the day before the purchase and increased by 10%;
• volumes cannot exceed 25% of the daily average volume of the traded shares;
• the company timely inform the shareholders about the details concerning all the transactions carried out.