The Board of Directors approves the Quarterly Report as 31 March 2006

• Value of production at € 13,94 million (up 7,41%)
• Gross Operating Margin (EBITDA) at € 8,85 million (up 4,33%)
• Operating Result (EBIT) at € 12,09 million (up 57,98%)
• Pre-tax result at € 10,96 million (up 76,91%)

The Board of Directors of IGD S.p.A. – company listed in the STAR division of the Italian Stock Exchange, operating in the retail real estate sector – met today to examine figures for the first quarter of 2006, which proved to be growing and in keeping with the forecast announced to the financial community.

Specifically, the first quarter of 2006 came to a close with a value of production equal to € 13,94 million, increasing by 7,41% compared to € 12,98 million for the first quarter of 2005 and in line with the objectives of the business plan.

The Gross Operating Margin (EBITDA) was equal to € 8,85 million, basically in line with € 8.49 million as at 31.03.05. The increase in structural costs was confirmed for the business area, which, in periods of intensive development, requires an increase in resources as well as funds for other costs before the investment is made fully operative.

The Operating Result (EBIT) was equal to € 12,09 million (€ 7,65 million as at 31.03.2005) with a marginality of 86,7%.

Pre-tax profits were equal to € 10,96 million compared to € 6,19 million for the first quarter of 2005.

The net financial position stood at € 123,86 million.

In line with the strategies presented in the business plan, IGD has continued to pursue its development above all in southern Italy.

Furthermore, a number of important marketing agreements for shopping malls in southern Italy were entered into, exceeding the objectives set by the company.

“In line with what was accomplished during the last quarter of the previous year”, says Filippo Maria Carbonari, Managing Director of IGD S.p.A., “we confirm the Group’s capacity to achieve the objectives it set previously.“

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