07 March 2008

In the framework of the purchasing plan of company’s own shares authorized by the Shareholders’ Meeting on June 14, 2007, Reply informs that during 4 trading days, from 29th February to 5th March 2008, it purchased n. 12,000 company’s own shares at an average price of Euro 22.1061 per share, equal to a Euro 265,272.60 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 14, 2007 approved an 18-month purchasing plan of company’s own shares effective as of the deliberation date, for a maximum number of 863,191 ordinary shares (amounting to 9.52% of the corporate capital) for a nominal value of Euro 0.52 per share and a total nominal value of maximum Euro 448,859.32 and anyway within the overall limit of 30 million Euros.

The primary aim of this programme is the purchasing of shares in order to boost share incentive schemes to be implemented by means of a stock granting plan for employees and directors of the company and its subsidiaries.

The plan is compliant with the provisions of the legislation in force, in particular EU Regulation n. 2273/2003 with reference to the following:

• the purchase price will not exceed the higher price between the last independent operation and the price of the highest independent bid, and anyway it will not exceed the official price of registered trading on the market on the day before the purchase plus 10%;
• volumes will not exceed 25% of the average daily volume of traded shares;
• the company will disclose the details of all the operations carried out to the public in a timely way.