13 December 2006

The shareholders’ extraordinary meeting has today approved a partial amendment to the resolutions to increase share capital in support of the stock option plans for the benefit of Reply S.p.A. and its subsidiaries’ directors, senior and middle management as well as white collars.

These resolutions were passed on 11 June 2002, 10 June 2004 and 15 June 2006, and today’s meeting has extended the final deadline to subscribe to each planned share capital increase.