Board of Directors approves the results of the second quarter of 2007

07 August 2007

The Board of Directors of Reply S.p.A, a company listed on the STAR segment of Borsa Italiana [REY.MI], the Italian Stock Exchange, has approved today the group’s 2Q07 results and has examined the results achieved in the first half of the year.

The consolidated revenues achieved by the Group over the first six months of the year amounted to 135.9 million Euros, increased by 24.2% compared to previous year, with EBITDA of euro 19.0 million (+32.3%) and EBIT of euro 17.1 million (+34.1%).

During the second quarter of 2007, the consolidated revenues achieved by the Group amounted to 68.9 million Euros, by 22.8% compared to the same period of 2006 (56,1 million Euros). Operating margin was up significantly: in the period April-June 2007 the consolidated EBITDA amounts to 9.6 million Euros (+35.7%) and EBIT amounts to 8.7 million Euros (+37.3%).

Positive Net Financial Position of 13.1 million Euros as at June 30th, 2007 confirmed its very positive trend compared to the 11.2 million Euros as at March 31st, 2007 (6.7 million Euros as at December 31st, 2006).

As far as Germany is concerned the Reply Group reported very positive results: syskoplan closed the second quarter of 2007 with consolidated revenues worth 27.7 million Euros (+23%), achieving a 2.7 million Euros EBITDA compared to the 2.5 million Euros as at June 30th, 2006 and reporting a liquidity worth 13.7 million Euros.