Results presentation as at 31 March 2011

The consolidated results in the first quarter of 2011 show further growth (vs. first quarter 2010):

• Total operating revenue: €31.4 million (+ 11.9% with respect to 31 March 2010)
• Revenue from core business1: €29.7 million (an increase of 5.7% with respect to the €28.1 million recorded at 31 March 2010)
• EBITDA from core business: €21.8 million (an increase of 8.3% with respect to the €20.1 million recorded at 31 March 2010)
• EBITDA MARGIN from core business: 73.5% (up 1.7 pp vs. the 71.8% recorded at 31 March 2010)
• Funds from operations (FFO): €11.8 million (+ 18.9% with respect to 31 March 2010)
• The Group’s portion of net profit in the period amounts to €10.4 million (an increase of 22.7% with respect to the €8.5 million recorded at 31 March 2010)
• Net debt: €1.003 billion (an improvement with respect to the €1.017 billion posted at 31 December 2010)

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