GAGFAH S.A.: Notification on Final Result of Share Buy-Back Offer

GAGFAH S.A.
2-4, rue Beck
1222 Luxemburg
Grand-Duchy of Luxembourg
R.C.S. Luxembourg B 109.526

ISIN: LU0269583422
Frankfurt Stock Exchange, Official Market (Prime Standard)

Shares Tendered for Sale: ISIN: LU0719733874

Notification on Final Result
of Share Buy-Back Offer

Luxembourg, 09 May, 2012 - Under the Share Buy-Back Offer for the acquisition of own shares which has been published on the website of GAGFAH S.A. at www.gagfah.com on 28 March 2012 an overall number of 12,854,682 shares has been tendered to GAGFAH S.A. within the price range from EUR 6.00 to EUR 6.75.

The Final Purchase Price as determined by the Company upon expiration of the acceptance period according to section 3.2 of the Offer Document has been calculated via a modified Dutch Auction process and amounts to EUR 6.70 per share. The 1,010,504 shares which have been tendered at a price higher than the Final Purchase Price will not be accepted for buy-back.

The offer of GAGFAH S.A. related to a maximum purchase value of EUR 75,000,000.00.

The ratio at which relevant tenders have been accepted is 1 to 1.0581 (rounded). To the extent pro-rata allocation resulted in fractions, those have been rounded down to the next full number of shares.

As a result 11,193,507 shares will be purchased under the Share Buy-Back Offer.

Upon settlement of the Share Buy-Back Offer, GAGFAH S.A. altogether holds, taking into account the 15,150,277 shares already held, 26,343,784 own shares (equivalent to approx. 11.89 % of the outstanding share capital).

Contact
GAGFAH S.A.
Investor Relations
2-4, rue Beck
L-1222 Luxembourg
Tel.: +352 266 366 21
Mail: rhoffmann@gagfah.com
www.gagfah.com
R.C.S. Luxembourg B 109.526

About GAGFAH S.A.

GAGFAH S.A. is a joint stock corporation organized under the laws of the Grand Duchy of Luxembourg qualifying as a securitization company under the Luxembourg Securitization Law of March 22, 2004. The core business of GAGFAH S.A.'s operating subsidiaries is the ownership and management of a geographically diversified and well maintained residential property portfolio located throughout Germany. With a portfolio of almost 150,000 apartments, GAGFAH is the largest residential property company listed in Germany.