The Board of Directors of Reply S.p.A. today resolved - by means of proxy in accordance to article 5 of the Articles of Association, granted to it by the extraordinary Shareholders Meeting on June 14th 2005 - to increase, subject to payment, with share premium, the share capital for a face value of 74,327.24 Euros, with exclusion of the pre-emption rights pursuant to article 2441, paragraph 4, of the Italian Civil Code to be offered in subscription to the shareholders of the company Glue Reply Limited following the allotment of 300,985 shares of the same company.