The Board of Directors of IGD S.p.A., a company listed on the STAR segment of the Italian Stock Exchange, operating in the retail real estate sector, reviewed figures from the fourth quarter of 2006 today, confirming the positive performance recorded for the first nine months of the year.

Third quarter of 2006 closed with a value of production of € 61.99 million, up by 342.15% compared to € 14 million as at 31 December 2005.

More specifically, the value of production also includes a profit of € 43.03 million resulting from the sale of the enlargement in Centro Leonardo shopping center in Imola, which took place in November. Although not falling under IGD’s typical corporate strategy, this particular operation generated a capital gain of about € 3.47 million, which influenced the rise in profitability levels. Considering this operation’s net value alone, the value of production would be around € 22.42 million with a quarter-to-quarter increase of 59.94%.

The gross operating margin (EBITDA) – € 15.17 million – grew by 84.77% compared to € 8.2 million in the fourth quarter of 2005.

The operating margin (EBIT) – € 32.75 million – showed a 19% increase compared to € 27.52 million of the same quarter of the previous year.

The pre-tax result amounted to € 29.58 million, up by 11.83% compared to € 26.7 million of the fourth quarter of 2005.

Net financial indebtedness was € 337.71 million compared to € 353.80 million of 30 September 2006. The decrease in the net financial position is primarily due to earnings from the sale of the aforementioned shopping center addition.

“Even during the fourth quarter,” comments Filippo Carbonari, CEO, “IGD was able to confirm the fast-paced development it is known for, as well as the ability to achieve its goals earlier than expected. Through the establishment of RGD, the company entered into a joint venture with Beni Stabili in the business area regarding existing shopping centers. This makes our offer even more well-rounded and reinforces the Group’s strategic choices, displaying our main strength: the ability to increase the value of real estate through proper management.”

The Board of Directors also confirmed that the following board members may still be considered independent: M. Franzoni, A. Canosani, R. Sabadini, F. Carpanelli, M. Bini, F. Gentili, S. Santi, S. Pozzoli.