TXT TXT E Solutions SPA

Press Release Milan - 12 May 2011

TXT e-solutions: first quarter 2011 with earnings before taxes at 0,8 millions, revenue growth at 8,3% and EBITDA at +30,4%

Consolidated Revenues: 14,6 millions ( 13,5 millions in first quarter 2010) Revenues from foreign subsidiaries: +16% EBITDA: 1,8 millions ( 1,3 millions in first quarter 2010), with 30,4% growth Earnings before Taxes: 0,8 millions ( 0,3 millions in first quarter 2010), after amortizing 0,9 millions Net Financial Position: positive by 1,2 millions ( 0,7 millions on 31/12/2012) Net Equity: 17,8 millions

Milano, May 12th, 2011 The Board of Directors of TXT e-solutions, chaired by Alvise Braga Illa, has approved today the results of the first quarter, ended on March 31st, 2011. All the three business units of TXT have contributed to the revenue growth of the Group, with TXT Perform scoring particularly well, thanks to 14,4% growth, and accounting now for 40,1% of total revenues. Sales of TXT Perform have grown from 5,1 millions to 5,9 millions, confirming its positive trend of development and of international expansion, already started in 2010. TXT Perform has signed new contracts with several mid-large clients, all leader in Europe in their respective industrial segments. Worth a mention, besides the further consolidation of its competitive position in the Luxury, Fashion and Accessories segments, where TXT is leader in Europe, is the significant success in the Specialty Retail, particularly in the CD/DVD, games and consumer electronics segments. The strong commitment of TXT in innovation and in the development of its proprietary products and technological capabilities has continued, with a global investment in R&D worth 9,8% of revenues, among the highest in the industry. Two major events have marked the first quarter of 2011:

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Press Release Milan - 12 May 2011
� � A further improvement of the results from operations, with revenues growing by 8,3%, EBITDA by 30,4% and Earning before Taxes at 0,8 millions. The signature of the preliminary contract for the sale of the Polymedia business to Kit Digital Inc., consistenly with its strategy of higher focus of its activities, at terms and conditions particularly favorable to the future development of the Group. "We are very proud of the results achieved in this first quarter that confirm the growth trend of the Group, already started in 2010 � has stated Marco Guida, Chief Executive Officer of the Group. We have indeed recorded very good performance, both in revenues and profitability. The overall sales pipeline is good, both for the sales of new TXT Perform solutions and for the launch of new projects in the TXT Next markets. As a consequence, we expect a positive evolution of the business and of our margins during the next months".

Events after the closing of first quarter
The activities aimed to finalize the sale of 100% of Polymedia Spa shares to Kit Digital Inc. are in due course, and the closing is expected to take place during the second half of May 2011.

***
The Director assigned with the drafting of the company's accounting documents, Paolo Matarazzo, herein states, pursuant to Article 154.2 (a) of Finance Law, that accounting entries given in this press release reflect facts and figures recorded in the company's official papers, books and documents. The press release herein is now available on the company's website:www.txtgroup.com. TXT e-solutions is an international leader in the supply of software and strategic solutions to large enterprises. Main areas of business are: Demand & Supply Chain Management with the TXT Perform offering, especially targeting Luxury, Fashion, retail and Consumer Goods sectors; Software for Complex Operations & Manufacturing, for Aerospace, Defence, High-Tech and Financial Instiututions, with the TXT Next offering. TXT is listed in the STAR segment of Borsa Italiana � London Stock Exchange (TXT.MI) with Headquarters in Milano and offices in Italy, France, UK, Germany and Spain.

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Press Release Milan - 12 May 2011
For further information: TXT e-solutions SpA CFO Paolo Matarazzo Tel. +39 0225771.355 paolo.matarazzo@txtgroup.com IR TOP, Investor Relations Consulting Investor Relations & Financial Communication Floriana Vitale, Luca Macario Tel. +39 02 45473884/3 ir.txt@irtop.com

Annexes contain the following tables with key data:
Consolidated Consolidated Consolidated Consolidated

Balance Sheet as of 31 March 2011 Income Statement as of 31 March 2011 Statement of Cash Flows as of 31 March 2011 Net Financial Position as of 31 March 2011

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Press Release Milan - 12 May 2011

Consolidated Balance Sheet as of 31 March 2011
BAL AN CE SHEET ASSETS
NONCURRENT ASSETS Intangible Assets Go o d w i l l R &D I n ta n gi b l e a s s e ts w i th a fi n i te l i fe Tangible Assets B u i l d i n g s , p l a n ts a n d m a ch i n e ry o w n e d G o o d s u n d e r fi n a n ci a l l e a s e Other noncurrent assets I n ve s tm e n ts S u n d ry re ce i va b l e s a n d o th e r n o n cu rre n t a s s e ts Assets for deferred tax es TOTAL NON RECURRENT ASSETS CURRENT ASSETS: I n ve n to ri e s Tra d e re ce i va b l e s Oth e r cu rre n t a s s e ts S e l l a b l e s e cu ri ti e s Ca s h a n d o th e r l i q u i d e q u i va l e n ts As s e ts fo r d i s p o s a l TOTAL CURRENT ASSETS TOTAL ASSETS 31/03/11 9.828.534 4.564.103 4.829.781 434.651 1.272.163 1.180.225 91.938 166.481 54.000 112.481 1.193.327 12.460.504 31/12/10 11.525.589 5.878.682 5.161.318 485.590 1.528.118 1.245.455 282.664 296.962 180.000 116.962 1.198.213 14.548.882 Variazione (1.697.055) ( 1.314.578) ( 331.537) ( 50.939) (255.956) ( 65.230) ( 190.726) (130.481) ( 126.000) ( 4.481) ( 4.886) (2.088.378)

1.154.076 792.788 361.287 12.740.411 19.207.382 ( 6.466.971) 2.283.921 2.025.381 258.539 113.774 98.428 15.346 6.736.649 6.532.238 204.411 10.273.322 0 10.273.322 3.302.152 28.656.218 4.645.935 3 5.762.657 3.205.100 .557.557 4 4 2

BAL AN CE SHEET : L IABIL ITIES
S H AREH OLD ERS' EQUITY S h a re ca p i ta l R e s e rve s R e ta i n e d e a rn i n g s ( a ccu m u l a te d l o s s e s ) Pro fi t (l o s s ) fo r th e ye a r TOTAL SH AREH OLD ERS' EQUITY NONCURRENT LIABILITIES No n �cu rre n t fi n a n ci a l l i a b i l i ti e s S e ve ra n ce a n d o th e r a l l o ca ti o n s fo r H R D e fe rre d ta x l i a b i l i ti e s Pro vi s i o n fo r fu tu re ri s k s a n d ch a rge s TOTAL NONCURRENT LIABILITIES NONCURRENT LIABILITIES No n �cu rre n t fi n a n ci a l l i a b i l i ti e s S e ve ra n ce a n d o th e r a l l o ca ti o n s fo r H R D e fe rre d ta x fu n d Pro vi s i o n fo r fu tu re ri s k s a n d ch a rge s Li a b i l i te s fo r d i s p o s a l TOTAL NONCURRENT LIABILITIES TOTAL LIABILITIES TOTAL EQUITY AND LIABILITIES 31/03/11 1.313.769 29.930.700 ( 14.246.954) 814.790 17.812.305 31/12/10 1.313.769 30.013.551 (14.434.199) 196.697 17.089.819 Variazione ( 0) ( 82.851) 187.244 618.093 722.487 ( 438.295) ( 820.047) 0 10.517 (1.247.825)

3.431.323 3.869.618 3.063.549 3.883.595 643.519 643.519 10.517 ( 0) .148.907 8.396.732 7

2.105.931 2.103.758 2.173 2.743.454 3.255.267 ( 511.812) 1.561.809 1.990.696 ( 428.887) 10.515.768 10.368.828 146.940 3.874.482 0 3.874.482 0.801.445 7.718.549 .082.896 2 1 3 7.950.352 26.115.281 1.835.071 2 5.762.657 3.205.100 .557.557 4 4 2

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Press Release Milan - 12 May 2011

Consolidated Income Statement as of 31 March 2011
R e ve n u e s Oth e r I n co m e To ta l re ve n u e s a n d i n co m e Pu rch a s e s Pe rs o n n e l co s ts Oth e r o p e ra ti n g co s ts EB I TD A Am o rti za ti o n , d e p re ci a ti o n OPER ATI NG R ES ULT ( EB I T) F i n a n ci a l i n co m e F i n a n ci a l ch a rge s Pre ta x re s u l t ( EB T) 31/03/ 2011 13.071.236 1.521.252 14.592.488 ( 3.810.746) ( 8.494.106) ( 535.064) 1.752.572 ( 874.384) 878.188 72.557 ( 135.954) 814.791 31/ 03/2010 12.487.335 985.775 13.473.111 ( 3.359.222) ( 8.199.175) ( 571.101) 1.343.613 ( 944.784) 398.829 161.582 ( 230.427) 329.984 Va r. 583.901 535.477 1.119.377 ( 451.524) ( 294.931) 36.037 408.959 70.400 479.359 ( 89.025) 94.473 484.807 % 4,7 54,3 8,3 13,4 3,6 ( 6,3) 30,4 ( 7,5) 120,2 ( 55,1) ( 41,0) 146,9

Consolidated Income Statement as of 31 March 2011
Q 1 2 0 1 1 t housand REVEN UES Di r ec t c os ts GROSS MARGIN R & D c os ts Commer c i a l c os ts G & A c os ts GROSS OPERATIN G MARGIN (EBITDA) Amor ti za ti on, depr ec i a ti on OPERATIN G PROFIT (EBIT) Fi na nc i a l i nc ome (expendi tur e) PRETAX RESUL T (EBT) 1 4.59 2 7.66 7 6.92 5 972 2.51 7 1.68 3 1.75 3 875 878 (6 3 ) 815 10 0,0 5 2,5 4 7,5 6,7 1 7,2 1 1,5 1 2,0 6,0 6,0 (0,4) 5,6 1 3.47 3 7.27 1 6.20 2 826 2.30 7 1.72 5 1.34 4 944 400 (6 9 ) 331 10 0,0 5 4,0 4 6,0 6,1 1 7,1 1 2,8 1 0,0 7,0 3,0 (0,5) 2,5 8 ,3 5 ,4 11 ,7 17 ,7 9 ,1 (2 ,4 ) 30 ,4 (7 ,3 ) n.m. (8 ,7 ) n.m . % Q 1 2 0 1 0 % Var 1 1/ 1 0%

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Press Release Milan - 12 May 2011

Consolidated Statement of Cash Flow as of 31 March 2011
tho usand Ope r at ions Pr e t ax re sult Non c a s h c os ts Amor ti za ti on depr ec i a ti on & wr i tedowns Cash flows ge ne r at e d by ope rat ions be for e wor king capit al Tr a de r ec eva bl es I nventor i es a nd wor k i n pr ogr es s Tr a de a c c ounts Other c ur r ent a s s et l i a bi l i ti es Sever a nc e a nd other a l l oc a ti on for HR Ta x pa ya bl es Cash flow fr om ope r at ing act ivit ie s Inve st ing act ivit ie s I nc r ea s e i n fi xed a s s ets : Ta ngi bl e I nta ngi bl e Fi na nc i a l Dec r ea s e i n fi x ed a s s ets : Use s of cash in inve st ing act ivit ie s Financial act ivit ie s I nc r ea s e/dec r ea s e fi na nc i a l debts Other c ha nges i n net equi ty Cash flow fr om financial act ivit ie s Incr e ase / de cre ase in asse t s/ liabilit ie s for disposal Incr e ase / de cre ase in liquid bank asse t s Ca s h a t begi nni ng of the per i od Ca s h a t the end of the per i od 31.03.2011 31.03.2010 815 874 1.68 9 6.46 7 (3 6 1 ) (5 1 2 ) (4 2 4 ) (8 2 0 ) (9 7 ) 5.94 2 330 50 948 1.32 8 91 (4 1 2 ) (1.580 ) (9 7 8 ) (3 9 ) 2.87 4 1.28 4

(3 0 4 ) (5 0 3 ) 126 1.88 5 1 .2 0 4 (3 5 7 ) (9 2 ) (4 4 9 ) (6 .4 77) 220 6.63 0 6 .8 5 0 220

(9 7 ) (4 9 8 ) 23 (5 7 2 ) (1.644 ) (4 9 ) (1.6 9 3 ) (981) 4.10 7 3.12 6 (981)

* Deta i l a s s ets a nd l i a bi l i tes for di s pos a l fol l owi ng pr el i mi na r y a gr eement Pol ymedi a . I nta ngi bl e a s s ets Ta ngi bl e a s s ets Other fi xed a s s ets N on cur re nt Asse t s I nventor i es Tr a de r ec ei va bl es O ther s hor t ter m a s s ets Tr a de pa ya bl es Ta x pa ya bl es O ther pa ya bl es a nd s hor t ter m l i a bi l i ti es N e t working capit al Se ve r ance and ot he r non cur re nt liabilit ie s Asse t s/ liabilit ie s for disposal (1 .3 91) (4 1 8 ) (1 2 6 ) (1 .9 3 5 ) (4 2 4 ) (7 .7 05) (2 0 9 ) 500 91 2.43 3 (5 .3 14) 772 (6 .4 77)

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Press Release Milan - 12 May 2011

Net Financial Position as of 31 March 2011
31/03/2011 31/12/2010 (a) (b) 6.850 (2.1 06 ) (7 9 ) 4.665 (3.4 31 ) 1.234 6.63 1 (2.10 4) 4.52 7 (3.87 0) 657 Var (ab) 219 (2 ) (7 9 ) 138 439 577 31/03/2010

t housand Ca s h Shor t ter m debt Fi na nc i a l l i a bi l i ti es for di s pos a l Shor t t e rm Financial posit ion Long ter m debt N e t Financial posit ion

3 .22 0 (5 .52 2) (2 .30 2) (4 .28 4) (6 .58 6)

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Filename: TXT CS IQ 2011 ENGL Directory: C:Documents and SettingssferrariDesktopMatarazzo Template: C:Documents and SettingssferrariApplication DataMicrosoftTemplatesNormal.dotm Title: Comunicato stampa Subject: Author: irtop Keywords: Comments: Creation Date: 5/12/2011 6:37:00 PM Change Number: 19 Last Saved On: 5/12/2011 7:42:00 PM Last Saved By: Paolo Matarazzo Total Editing Time: 51 Minutes Last Printed On: 5/12/2011 7:43:00 PM As of Last Complete Printing Number of Pages: 7 Number of Words: 690 (approx.) Number of Characters: 3.938 (approx.)

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