Milan, 09 May 2014

PRESS RELEASE

THE RETELIT SPA BOARD OF DIRECTORS HAS APPROVED THE REPORT ON OPERATIONS IN RELATION TO THE FIRST QUARTER OF 2014.

In the first three months of 2014, operating revenue and income was recorded as € 8.9 million, EBITDA as €

2.2 million, and EBIT as -€ 0.6 million, with a loss of € 227 thousand.

Retelit S.p.A.'s Board of Directors met today and approved the interim report on operations as at 31/03/2014. The first quarter is in line with the budget. The Board of Directors also confirms the budgeted EBIT for end of
2014.
The following is a summary of the data it contains:

the consolidated operating revenues and income as of 31/03/2014, amounts to € 8.9 million compared with € 9.6 million for the same period of 2013. The drop is largely attributable to the unexpected termination, during the second quarter of 2013, of an international connectivity contract due to the specific operating requirements of a client.

Consolidated EBITDA as of 31/03/2014 amounts to € 2.2 million compared with € 2.8 million for the same period of 2013. This difference was affected by the Board of Directors remuneration, which was not included in 2013 Q1 financials and would have amounted € 0.2 million.

Consolidated EBIT as at 31/03/2014 is -€ 0.6 million, compared with -€ 0.5 million loss for the first quarter of 2013.

The consolidated net loss at 31/03/2014 was € 227 thousand compared to € 81 thousand loss for the same period of 2013.

During the quarter, the first sale of VPN services based on Carrier Ethernet technology was finalised.
In the first three months of the year, investments in tangible assets totalled € 1.6 million, mainly for client connections and network extension, with 19 km Q1 increase, reaching 7,672 km, of which 1,993 km in urban locations.
The net financial position as at 31/03/2014 is positive for € 20.0 million (essentially unchanged with respect to 31/12/2013).
In compliance with the second paragraph of Article 154-bis of the Consolidated Act on Financial Intermediation, the company's financial reporting officer, Ivano Barzago, declares that the accounting information in this press release corresponds to the accounting records.

With the availability of over 7,600 kilometres of fibre optics, 8 metropolitan networks and 18 data centers, Retelit is one of the leading Italian providers of data transmission services and infrastructure for the telecommunications and ICT markets. Since 2013, thanks to important investments in new technologies, Retelit's product range has widened with new generation ultra-broadband VPN services, as well as cloud storage and data center services providing added value. Retelit has been listed on the electronic share market (MTA) of the Milan Stock Exchange since 2000.

Investor Relations

Media Relations

Ivano Barzago

Tel. +39 022020451 inv.relations@retelit.it

Valeria Penati - Key4media

Tel. +39 02 430019156

Mob. +39 335 7746127 v.penati@key4media.it


Retelit consolidated income statement

(€ thousand) 31/03/2014 31/03/2013

Revenue

8.822

9.567

Other income

95

7

Total revenues and operati ng i ncome

8.917

9.574

Raw materials and outside services

(4.430)

(4.537)

Personnel costs

(1.225)

(1.141)

Other operating expenses

(1.111)

(1.055)

OPERATING INCOME BEFORE AMORTIZATION, DEPRECIATION AND IMPAIRMENT

2.152

2.841

Amortisation, depreciation and impairment of tangible and intangible assets

(2.629)

(3.169)

Other provisions and write-downs

(138)

(160)

OPERATING INCOME

(616)

(488)

Financial income

400

444

Financial expense

(10)

(38)

Net i ncome/(l oss) for the peri od

(227)

(81)

Net income/(loss) recognised under Equity not transferred from the

Income statement

-

-

Total resul t for the peri od

(227)

(81)

Consolidated net financial position BREAKDOWN Balance at 31.03.2014 Balance at 31.12.2013

A. Cash 20.006 19.862

D. Li qui di ty funds 20.006 19.862 E. Current fi nanci al recei vabl es 0 113 I. Current fi nanci al debt 0 0 J. Net short-term fi nanci al debt I-E-D (20.006) (19.975) N. Non-current fi nanci al debt 0 0 O. Net fi nanci al debt J+N (20.006) (19.975) Total sharehol ders' equi ty (P) 136.774 137.000 Total equi ty empl oyed (Q) 116.767 117.025

Gearing O/P -14,6% -14,6% Net debt/total capital employed (O/Q) -17,1% -17,1%

distributed by