• CONSOLIDATED REVENUES increased by € 582.3 million (+3.6% net of a differentpublication calendar and exchange rate effect), driven by results achieved in Italy (+5.6%);
• CONSOLIDATED EBITDA to € 207.6 million, up € 63.6 million (+44.1%, net of a different publication calendar and exchange rate effect), thanks to a growth in revenues and returns on the investments made in 2006 to the development of the business;
• NET RESULT was negative at € 31.1 million exclusively due to the business seasonality, and strongly improved compared to a net loss of € 69.3 million in the first half of 2006;
• NET FINANCIAL DEBT stood at € 3.316.2 million, down compared to 30 June 2006. The cost of debt increased from 5.9% to 6.4% during the half-year period due to the increase in Euribor, which was offset by a reduction in Euribor spreads and the hedging policy adopted;
• THE ACQUISITION of Wer liefert was? GmbH, has to be completed; this strategic choice was aimed at strengthening the European leadership on the online B2B market and accelerating growth in Germany.

FORECASTS FOR 2007 IN LINE WITH EXPECTATIONS

• CONSOLIDATED REVENUES are expected to grow, especially thanks to the development of SEAT Pagine Gialle S.p.A. operations;
• Guidance on an EBITDA growth between +10% and +12% confirmed;
• NET INCOME is expected to be reached both at separate and consolidated level.

Milan, September 7, 2007 – The Seat Pagine Gialle S.p.A. Board of Directors, chaired by Chairman Enrico Giliberti, today approved the results for the period ended 30 June 2007, presented by Chief Executive Officer Luca Majocchi.

• Italian Directories (SEAT PG): revenues amounted to € 428.4 million, up 2.7% compared to the same period of 2006, despite the postponement of the publication of the print editions of the Forlì PAGINEGIALLE® and PAGINEBIANCHE® directories until the third quarter of 2007. Net of a different publication calendar, SEAT Pagine Gialle S.p.A. recorded a 5.6% increase in revenues in the first half of 2007, a significant improvement compared to the 0.5% increase recorded for the same period of 2006, thanks to the favourable performance of the online and telephone areas. Despite a decrease in print-product revenues (-0.9%), this item achieved an overall improvement in performance compared to the first half of 2006 (-5.3%). The year 2007 in particular benefited from product innovations (four-colour edition of PAGINEBIANCHE, restyling of the Work and Home PAGINEGIALLE editions), the reorganisation of the sales area, and new sales methods introduced in 2006.
• “Directories UK” (Thomson Directories Group): Revenues amounted to € 58.5 million, down 4.4% compared to the first half of 2006. Based on a constant number of directories published, revenues denominated in local currency decreased by 5.0%, showing a slightly increasing trend in terms of online revenues (+2.6%) and a 6.0% reduction in print products. These results reflect the difficulties encountered by Thomson – historically a “single-product” company – in effectively marketing a “multi-product” offering. This difficulty was due to the fact that the slowdown in online activities is mainly ascribable to the sales network's greater focus on the new “Nectar” offering, which was highly successful and achieved a 28% customer penetration.
• “Directory Assistance” (Telegate group and Prontoseat S.r.l.): revenues amounted to € 92.9 million for the first half of 2007, substantially in line with the same period of 2006. Revenues recorded by the Telegate Group decreased by 1.7%. The decrease was mainly attributable to trends in the French market. It should be noted that revenues in the first half of 2006 included € 9.6 million for services rendered in outsourcing for mobile providers SFR and Bouygues Telecom (at no margin), which were no longer carried out following market deregulation. Excluding these items, revenues increased by 10.3% compared to the first half of 2006, thanks to favourable results achieved mainly in France and Italy. Prontoseat S.r.l. benefited from the results recorded for calls to the 89.24.24 Pronto PAGINEGIALLE® service, posting a 37.0% growth in revenues from call center services over the first half of 2006;
• Other Businesses (Consodata S.p.A., Europages S.A. and Cipi S.p.A.): revenues amounted to € 30.9 million, mainly due to revenues generated by Europages S.A.’s online area during the period (€ 12.5 million for the first half of 2007 against € 6.1 million in the first half of 2006).

• Print directories: print revenues amounted to € 300.4 million in the first six months of 2007 (€ 314.8 million in the first half of 2006). Net of a different publication calendar, revenues decreased 0.9%, thus improving compared to the first half of 2006 (-5.3%). Results were good for large metropolitan centres, where strategies implemented by the sales force were able to slow the sharp falloff seen in recent years for certain mediumlarge accounts. Although PAGINEGIALLE® revenues improved significantly compared to the first half of 2006, they continued to decrease. The beneficial impact of product innovations implemented in 2006 did, however, begin to show in the second quarter of 2007; such benefits were most apparent in the revenues starting from the Turin directory. At the same number of published directories, PAGINEBIANCHE® revenues increased by 2.8% in the first half of 2007, following on from +2.5% in the second half of 2006.
• Online directories: over the first six months of 2007, online revenues amounted to € 54.8 million, up 26.5% compared to the same period of the previous year, earned in particular from PAGINEGIALLE.it®, with a 28.2% increase to € 51.7 million, also thanks to the new PAGINEGIALLE VISUAL® portal. The number of searches performed on PAGINEGIALLE.it® and TuttoCittà.it® also increased (+9.2% from the first half of 2006), as did the number of visits (65.5 million compared to 60.0 million in the first half of 2006). With regard to PAGINEBIANCHE.it® a 15.4% increase in searches was also recorded compared to the first half of 2006, reaching 172.9 million (149.9 million in the first half of 2006).
• Voice: voice revenues continued to grow (+35.2% in the first half of 2007) reaching € 57.5 million, compared to € 42.5 million for the first half of 2006, thanks to the ongoing growth of the value added 89.24.24 Pronto PAGINEGIALLE® service and the 12.40 Pronto PAGINEBIANCHE® service. The growth of 89.24.24 Pronto PAGINEGIALLE® revenues, which totalled € 37.2 million (up 18.1% compared to the first half of 2006) was due to a strong increase (+28.2%) in advertising revenues, also supported by a balanced quarterly planning of sales campaigns and telephone traffic (+10.0%), thanks to an increasing average call length, as a consequence of higher quality and sophistication of the services. The 12.40 Pronto PAGINEBIANCHE® subscriber information service launched at the end of 2005 achieved remarkable results in terms of awareness and call volumes (+29.3% compared to the same period in 2006). The 12.40 Pronto PAGINEGIALLE® and 89.24.24 Pronto PAGINEGIALLE® call volume allowed SEAT Pagine Gialle S.p.A. to gain the leadership in the Italian directory assistance market.
• Other products: revenues from Direct Marketing products (€ 5.2 million) and promotional items (€ 4.9 million) decreased € 1.8 million, partially suffering from the sales force’s greater focus on the main products, as a consequence of the commercial choice of bringing forward to the first half-year period the renewal of outstanding contracts.