GECINA: MR. Joaquin Rivero Valcarce's Press Release Further to the AMF Press Release

Regulatory News: Mr. Rivero has acknowledged the decision by the French securities regulator (Autorité des marchés financiers, AMF), published today, concerning the non-compliance of GECINA’s (Paris:GFC) public share buyback offer (OPRA). Mr. Rivero was surprised to read that the AMF considered that the separation agreement signed on February 19th, 2007 would create a concerted action between himself and Mr. Soler. The separation agreement, which has been known to the market and the AMF since its execution, was on the contrary executed with a view to putting an end to a major disagreement between Metrovacesa’s main shareholders. This disagreement was blocking this company and its subsidiary GECINA. It articulates the agreement by its parties, namely himself, the Sanahuja Group and Mr. Soler, to carry out a series of one-off operations that are necessary for the successful completion of this separation. The decisions mentioned in the separation agreement and relating to GECINA were unanimously approved by its Board of Directors, which includes of a majority of independent directors. These operations will have only a limited impact on this company's holdings and will not affect its strategy. On the contrary, they are in line with its ongoing dynamic portfolio management strategy. Mr. Rivero has reaffirmed, as indicated in his notification of major holdings, that he is not acting in concert with any other shareholder, including Mr. Soler, in relation to GECINA and that he will use any legal actions required to uphold his position. Lastly, Mr. Rivero notes that, following the AMF’s theory, the separation agreement would create a concerted action, GECINA’s stock buyback offer would only create a situation in which a public offer is mandatory if his stake and Mr. Bautista Soler Crespo’s interest exceeded the threshold representing one third of this company’s capital and voting rights after completion of the operation. As a result, the AMF’s decision represents a temporary postponement of the final stage of the separation agreement, concerning the transfer of assets to Medea and the public share buyback offer.