Not for publication distribution, directly or indirectly, in or into the United States of America, Canada, Japan or in other countries where offers or sales would be prohibited by applicable law.

Following the obtainment of a Baa3 rating with stable outlook from Moody’s and the issue of Euro 300 million senior unsecured bonds (having a five-year maturity and a coupon equal to 2.5%), IGD has resolved to issue a new senior unsecured bond in line with the liability management activities provided by its Business Plan.

The Board of Directors of Immobiliare Grande Distribuzione SIIQ S.p.A. (the “Company”), in the meeting held today, has resolved to issue senior unsecured and non-convertible bonds reserved to qualified investors, for an aggregate amount equal to Euro 100,000,000.00, with a seven-year maturity, to be issued by and no later than 31 January 2017.

The new bonds will have the following main features:

• denomination of Euro 100,000;
• maturity of seven years;
• gross annual coupon equal to 2.25%;
• issue price equal to 100% of the principal amount.

The bonds will not be admitted to listing on any regulated market or to trading on any multilateral trading facility.

This transaction will enable IGD to extent its financial maturity profiles and to further reduce the cost of funding.

The issue is aimed at refinancing the existing indebtedness as well as pursuing general corporate purposes.

Mediobanca – Banca di Credito Finanziario S.p.A. acts as Arranger in the context of the transaction.  Chiomenti acts as legal advisor to the Company.

This announcement does not constitute an offer to sell or a solicitation of an offer to purchase, any securities. The securities will not be registered in the United States, in accordance with the United States Securities Act of 1933 (as subsequently amended) (the “Securities Act”), or in Australia, Canada or Japan, or in any other countries where offers or sales are subject to authorization by the local authorities or, at any rate, prohibited by law. The securities may not be offered or sold in the United States or to any U.S. person, unless registered in accordance with the Securities Act or in possession of a registration exemption pursuant to the Securities Act. Copies of this announcement will not be prepared nor may they be distributed or forwarded in the United States, Canada, Australia or Japan.

No action has been taken by the Company or the Arranger that would permit an offering of the securities or possession or distribution of this press release or any publicity material relating to the securities in any jurisdiction where action for such purposes is required. Persons into whose possession this press release comes are required to inform themselves about and to observe any such restrictions.

This press release shall not be distributed, whether directly or indirectly, in the United States of America (as defined in Regulation S contained in the US Securities Act of 1933, as subsequently amended – the “US Securities Act”), in Canada, Japan, or in any other country where the offer or the sale would be forbidden by the law. This press release is not, and is not part of, an offer or sale of securities to the public or a solicitation to purchase or sell securities, and there will be no offer of securities or solicitation to sell or purchase securities in any jurisdiction where such offer or solicitation would be forbidden by the law. The securities mentioned in this press release have not been and will not be registered under the US Securities Act and may not be offered or sold in the United States of America without a registration or a specific exemption from registration under the US Securities Act. No offers of the securities to the public or solicitation to sell or purchase securities shall be made in the United States of America or in any other country.

Furthermore, in the United Kingdom this document is only being distributed to and is only directed at (i) persons who are outside the United Kingdom or (ii) to investment professionals falling within Article 19(5) of the Financial Services and Markets Act 2000 (Financial Promotion) Order 2005 (the “Order”) or (iii) high net worth entities, and other persons to whom it may lawfully be communicated, failing within Article 49(2)(a) to (d) of the Order (all such persons together being referred to as “Relevant Persons”). Any investment activity to which this communication may relate is only available to, and any invitation, offer, or agreement to engage in such investment activity will be engaged in only with, relevant persons. Any person who is not a Relevant Person should not act or rely on this document or any of its contents. The documentation relating to the offer of the Notes will not be submitted to CONSOB (the Italian Securities Exchange Commission) for approval pursuant to the applicable laws and regulations. Therefore, the Notes may not be offered, sold or distributed to the public in the territory of the Republic of Italy, other than to qualified investors, as defined by article 100 of Legislative Decree No. 58 of 24 February 1998, as subsequently amended, and pursuant to article 34/3, paragraph 1(b) and 35/2, paragraph 3, of CONSOB Regulation No. 11971 of 14 May 1999, as amended from time to time.