GAGFAH S.A.
14a, rue des Bains
L-1212 Luxembourg

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

Deutsche Bank Aktiengesellschaft, Goldman Sachs International, Dresdner Bank Aktiengesellschaft and Morgan Stanley Bank AG, on behalf of the underwriters, today fully exercised the option which the selling shareholders had granted in connection with the IPO of GAGFAH S.A. (ISIN LU0269583422) to purchase up to 2,137,500 additional shares of the Company from the selling shareholders at the IPO offer price of EUR 19 per share.  The Company's free float has thereby increased by 2,137,500 shares to 44,887,500 shares, or 19.95%.

For questions please contact:
Sarah Gestetner
Citigate Dewe Rogerson
Tel: +44 (0)207 282 2920

The information contained in this press release is not intended for distribution into or within the United States of America.

This announcement is not a prospectus and does not constitute an offer to sell or the solicitation of an offer to purchase the shares or other securities of GAGFAH S.A. Investors should not subscribe for any shares referred to in this announcement except on the basis of the information contained in the prospectus relating to the shares.  Investors may obtain a free copy of the prospectus approved by the Commission de Surveillance du Secteur Financier, Luxembourg, from GAGFAH S.A., Deutsche Bank Aktiengesellschaft, Goldman Sachs International, Dresdner Bank Aktiengesellschaft, Morgan Stanley Bank AG, DZ BANK, JP Morgan Securities Ltd., Lehman Brothers International, NORD/LB and Sal. Oppenheim jr. & Cie.

This announcement is not an offer of securities for sale in the United States of America. Securities may not be offered or sold in the United States of America absent registration or an exemption from registration under the Securities Act. Any public offering of securities to be made in the United States of America would only be made by means of a prospectus that may be obtained from GAGFAH S.A. or a selling shareholder and that would contain detailed information about the company and management, as well as financial statements.

This announcement is directed at and/or for distribution in the United Kingdom. only to (i) persons who have professional experience in matters relating to investments falling within article 19(5) of the Financial Services and Markets Act 2000 (Financial Promotion) Order 2005 (the "Order") or (ii) high net worth entities falling within article 49(2)(a) to (d) of the Order (all such persons being together referred to as "relevant persons").  This announcement is directed only at relevant persons.  Any person who is not a relevant person should not act or rely on this announcement or any of its contents.  Any investment or investment activity to which this announcement relates is available only to relevant persons and will be engaged in only with relevant persons.

The information contained in this announcement is not for publication or distribution in Canada, Australia or Japan and does not constitute an offer of securities for sale in Canada, Australia or Japan in these countries.