The Board of Directors of IGD SIIQ S.p.A., a company active in the retail real estate sector and listed on the STAR segment of the Italian Stock Exchange, met today to examine the consolidated results at June 30th, 2008 which show a performance in line with the Group’s medium-term targets.

First half 2008 closed with a production value of €45.4 million (mn), an increase of 25.71% over June 30th, 2007. The growth was driven by an enlarged perimeter of consolidation which increased in scope at the end of 2007 and over the first few months of 2008: Millenium Gallery, in fact, contributed for 6 months, versus 4 in first half 2007; for the first time the Mondovì shopping mall and retail park, opened in November 2007, made a full six month contribution; the companies Winmarkt Management srl and WinMagazin S.A., purchased in May 2008, also contributed to revenues .

Total Revenues also benefited from a positive trend in Revenues from Services which grew 50.13% versus June 2007 to €2.13 mn thanks to new agency and facility contracts for a shopping mall. Revenues from Services, therefore, reached a 4.69% margin on Total Revenues.

EBITDA rose by 21.52% from the €22.94 mn reported in June 2007 to €27.88 million.

EBIT amounted to €35.77 mn. The main difference between EBITDA and EBIT is represented by the change in fair value of IGD’S assets, which is equal to € 8.09 mn according to the independent appraiser CBRE. Such change indicates a consolidation when compared with the substantial expansion of market values experienced in the whole real estate sector, in particular in the retail segment, during the year 2006 and the first half of 2007.

The pre-tax profit reached €24.20 mn, while the net profit, thanks to a positive tax effect, amounted to €34.22 mn. Following election of the tax regime applicable to the SIIQ, IGD, in fact, recognized a 20% flat-rate tax (a one-off amount of Euro 30.8 million) on the difference between the market value of the assets and their related book value; after deducting current taxes from the reversal of deferred tax liabilities recognized on the higher value of the assets, the net balance is a positive €10.02 mn.

Despite the fact that Net Debt rose from the €341.62 mn at 31/12/2007 to €604.99 mn, primarily due to the impact of the acquisition of the Romanian companies, the Gearing Ratio (debt/net equity) is still quite contained at 0.81x. This indicates that the IGD Group, therefore, still has ample capacity to finance future growth when compared to the 1.5x gearing targeted in the 2008-2012 Business Plan.

“The performance in the first half – stated IGD’s CEO Filippo Carbonari – confirms the Group’s vocation for growth with an expanded perimeter of consolidation which now includes the commercial centres opened in the last few months in Italy and those acquired at the end of April in Romania. At the same time – Carbonari added – these results are also irrefutable evidence of our ability to generate growth within the pre-existing portfolio: for example, rents in our malls grew 4.61% compared to an official (ISTAT) adjusted increase in rents in the period July 2007 – June 2008 of 2.62%.”

“The growth strategy implemented thus far – the CEO concluded – makes it possible for us to be able to count on a valid asset portfolio today. This, along with sound management capabilities, make us confident that we will be able to reach the targets included in the plan which, as we are well aware, given the present context appear even more challenging”.

The share repurchase programme begun January 8th, 2008 was completed on June 30th, 2008; IGD purchased a total of 10,976,592 ordinary shares (equal to 3.549% of the share capital), for a total of €22,141,778 and not of €21,694,338, as previously announced.