Reply SpA

Statutory financial statements at December 31, 2010
Income statement
pursuant to Consob Resolution no. 15519 of July 27, 2006
Of which
Of which
(in Euros) 2010 related parties % 2009 related parties %
Revenues 207,418,143 25,699,494 12.4% 162,353,799 22,646,383 13.9%
Other revenues 6,211,592 4,534,491 73.0% 3,977,751 3,120,836 78.5%
Purchases (2,033,976) (1,166,940) 57.4% (756,608) (143,556) 19.0%
Personnel expenses (11,464,167) - - (10,396,698) - -
Services and other costs (199,923,938) (183,517,168) 91.8% (159,233,591) (143,489,440) 90.1%
Amortization and write-offs (816,711) - - (902,766) - -
Other unusual operating
income/(expenses) (505,189) - - 730 - -
Operating margin (1,114,246) - - (4,957,383) -
Income/(loss) on equity investments 16,297,943 - - 15,075,146 -
Financial income/(expenses) (421,933) 1,036,831 -245.7% 95,483 2,001,312 2096.0%
Result before tax 14,761,764 - - 10,213,246 -
Income taxes (718,349) - - 914,329 - -
Net result 14,043,415 - - 11,127,575 - -
Net result per share 1.55 1.23
Net result per diluted share 1.52 1.21
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