Reply SpA

Furthermore the Report on Operations and the information in paragraph 2 letters c), d), f), l), m) and paragraph 2
letter b) of Article 123-bis of the Legislative Decree 58 of 1998 disclosed in the Corporate Governance are in compliance
to the Financial Statements.
Based on our examination, we draw attention to the following facts:
the consolidation scope was determined correctly;
the consolidation procedures adopted are in accordance with the disciplining laws and applied correctly;
the Report on operations is consistent with the consolidated financial statements;
all the information used for consolidation is referred to the entire accounting period of 2010;
the accounting principles applied are the same used in the previous accounting year;
change in consolidation compared to December 31, 2009 owes to the inclusion of the following companies:
- Tender Reply S.r.l.;
- Bridge Reply S.r.l.;
- Riverland Solutions GmbH;
- Lem Reply S.r.l.
Turin, March 28, 2011
Statutory Auditors
(Prof. Cristiano Antonelli)
(Mrs. Ada Alessandra Garzino Demo)
(Mr. Paolo Claretta Assandri)
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