• Consolidated net profit: €43.8 million (vs. €4.1 million for 1Q2006).
• Consolidated shareholders' equity as of 31 March 2007: €148.8 million (vs. €156.3 million as of 31 December 2006).
• Consolidated net financial debt as of 31 March 2007: €62 million (€121.7 million as of 31 December 2006).
• Earnings for full year of 2007 expected to rise significantly in comparison with prior years.

Milan, 14 May 2007– At a meeting held today, the SOPAF S.p.A. Board of Directors approved the quarterly report for the three months ending 31 March 2007, the first quarter of the 2007 fiscal year.
Following the change in the Company's fiscal year end (from 30 June to 31 December), the most recent financial statements approved by the shareholders on 4 May covered the period from 1 July to 31 December 2006.  Accordingly, the data for the first quarter of 2007 approved today are compared with the data for the first quarter of the calendar year of 2006, which does not coincide with the first quarter of the most recent fiscal year.

Consolidated results
The results for the first quarter of 2007 incorporate a transaction in March covering the transfer of an investment in Omniapartecipazioni S.p.A and the sale of Immsi S.p.A. shares, which generated total earnings of €48.5 million (as outlined in the press releases issued on 12, 13, 14 and 20 March).

Total revenues for the quarter came to €1.2 million (€14.2 million in 1Q2006) while the more significant components of earnings were derived from SOPAF's core business, and are thus included in the profits earned on the disposal of investments.

The Company reported a negative gross margin of €3.8 million (vs. a gross profit of €2.2 million for the first quarter 2006), inclusive of €5.0 million of costs (vs. 12.0 million in 1Q2006).  Instead, operating earnings, which include the €48.5 million of profits from the sale of investments, amounted to €44.5 million (vs. €2.2 million in 1Q2006).
Earnings on investments valued with the net equity method totalled €2.4 million (vs. €1.2 million for 1Q2006) and include € 1.8 million as the Group's share of earnings on affiliate companies plus €0.6 million of net profits from the sale of investments.
Profit before interest and taxes amounted to €46.9 million (vs. €3.3 million in 1Q2006).
Net financial income, including €3.7 million of dividends from companies in which investments are held, was €1.8 million, compared with €1.2 million in 1Q2006.
Pre-tax profit came to €48.7 million (vs. €4.6 million for 1Q2006).
Netting out income tax provisions of €4.8 million, consolidated earnings totalled €43.8 million (compared with €4.1 million for 1Q2006) and included earnings accruing to minority interests in the amount of €0.2 million (€0.3 million in 1Q2006).
Shareholders' equity as of 31 March 2007 was €168.3 million (vs. €179.6 million as of 31 December 2006), including minority interests of €19.5 million (€23.3 million as of 31 December 2006).  The Group's net equity was thus €148.8 million (vs. €156.3 million as of 31 December 2006).
Consolidated assets as of 31 March 2007 amounted to €292.2 million (€353.8 million as of 31 December 2006).
The Group's net financial debt as of 31 March 2007 came to €62 million, and was significantly lower than the €121.7 million balance as of 31 December 2006, principally as a result of the Omniapartecipazioni/Immsi sale which generated cash of around €87 million, most of which was used to reduce bank borrowings.

°°°

Subsequent events

• In April, SOPAF perfected the purchase of the remaining 70% of Cartesio Alternative Investment SGR S.p.A. for €2.8 million, and thus now holds 100% of the investment company.
• On 23 April 2007,  the SOPAF S.p.A. Board of Directors acted on the delegation of authority approved by the extraordinary shareholders' meeting of 6 May 2003, and approved the initiation of proceedings for the issuance of bonds convertible into newly issued shares having the same characteristics as those outstanding, in an amount not to exceed €50 million and with a term of five years, to be offered to existing shareholders at terms and conditions to be established by the Board.

Operating outlook
The Company forecasts that the earnings for 2007 will be significantly higher than in past years.

°°°

Corporate officers
The Board of Directors today confirmed Giorgio Cirla as SOPAF's chairman and Giorgio Magnoni as the vice chairman and managing director.  The Board also verified that the following directors meet the requirements for independence as defined by the New Corporate Governance Code for Publicly Traded Companies: Francesco Micheli, Renato Cassaro, Adriano Galliani and Guidalberto Guidi.
Finally, the Board appointed Renato Cassaro, Adriano Galliani and Guidalberto Guidi as the members of the Internal Controls and Corporate Governance Committee, and named the Renato Cassaro, Guidalberto Guidi and Francesco Micheli as members of the Compensation Committee.
The curricula vitae of the directors are available at SOPAF S.p.A.'s registered office.

°°°

For additional information
Maria Antonietta Barelli 
SOPAF S.p.A.    
Tel: +39 (02) 72.14.24.29 
Mobile: +39.335.620.0990  
e-mail: mabarelli@sopafgroup.it

Laura la Ferla
PMS- Resp. Sede Milano
Tel: +39 (02) 48000250
mob. +39 329 4705000
e-mail: l.laferla@pmsgroup.it

The profit and loss statement, balance sheet and statement of net financial position for the three months ending 31 March 2007 are provided as exhibits to this press release; the data contained therein have not been audited by the independent auditors nor have they been verified by the board of statutory auditors.

° With respect to the prior period, the consolidation area changed due to changes in the holdings in the  investment portfolio and a different criterion for the consolidation of certain shareholdings.