DGAP-Adhoc: Ad hoc notification of GAGFAH S.A. in accordance with § 15 of the Security Trading Act (WpHG)

| Source: EQS Group AG EQS Group AG 

GAGFAH S.A. / Profit Warning

20.11.2008 

Release of a Adhoc News, transmitted by DGAP - a company of EquityStory AG.
The issuer is solely responsible for the content of this announcement.
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Ad hoc notification: Luxembourg, November 20, 2008

GAGFAH S.A.
2-4, rue Beck
L-1222 Luxembourg
ISIN: LU0269583422

Frankfurt Stock Exchange, Official Market (Prime Standard)

Ad hoc notification of GAGFAH S.A. in accordance with 
§ 15 of the Security Trading Act (WpHG)

Luxembourg, November 20, 2008 – GAGFAH S.A. (Frankfurt Stock Exchange: GFJ)
today announced its financial results for the first nine months of 2008.

  - NAV of €13.97 per share and gross asset value of €869 per square meter
    as of September 30, 2008.

  - EBIT before revaluation gains/ losses up 5.0% to €320.4 million in the
    first nine months of 2008 from €305.1 million in the first nine months
    of 2007.

  - PRE -TAX EARNINGS before revaluation gains/ losses of €95.1 million in
    the first nine months of 2008 after €103.9 million in the first nine
    months of 2007.

  - FFO of €0.17 per share or €38.2 million in Q3 2008 and €0.63 per share
    or €141.5 million in the first nine months of 2008; higher rental
    income was offset by slightly higher maintenance expenses for
    refurbishing vacant rental units; we expect maintenance expenses to
    revert to a more normalized level in Q4.

  - Quarterly Dividend for Q3 2008 of €0.20 per share will be paid on
    December 5, 2008.

We estimate that the full year 2008 FFO will be lower than previously
indicated by approximately 15%. This revised FFO estimate is broadly in
line with current analyst consensus. This decline in FFO is primarily due
to a longer integration and stabilization timetable of our most recent
smaller acquisitions and an incremental increase in the effective tax rate
compared to 2007.

Contact:
GAGFAH S.A.
Investor Relations

GAGFAH S.A.
2-4, rue Beck
L-1222 Luxembourg 
Tel.: +352 266 366 1
www.gagfah.com
R.C.S. Luxembourg B 109.526
DGAP 20.11.2008 
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Language:     English
Issuer:       GAGFAH S.A.
              2-4, rue Beck
              1222 Luxemburg
              Luxemburg
Phone:        + 352 266 366 21
Fax:          + 352 266 366 01
E-mail:       info@gagfah.com, skliche@gagfah.com
Internet:     www.gagfah.com
ISIN:         LU0269583422, LU0269583422
WKN:          A0LBDT
Indices:      MDAX
Listed:       Regulierter Markt in Frankfurt (Prime Standard); Freiverkehr
              in Berlin, Düsseldorf, Hamburg, München, Stuttgart
End of News                                     DGAP News-Service
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