Valad Property Group - General - London,

Date: 01 Mar 2010

€6 billion Valad Property Group announces half year result.

London based European fund and asset manager Valad Europe plc's parent, Valad Property Group, today announced to the Australian Stock Exchange EBITDA of $27.5 million (€18.1 million) for the half year ended 31 December 2009.

The European arm of the business, which manages some €5 billion of the €6 billion under management globally, contributed an EBITDA of over €5 million to the overall result for the six month period.

Martyn McCarthy, Valad's CEO Europe, said "Our business is stable, strong, and has virtually no debt in Europe. We are very well positioned to grow revenue.
In Europe we have continued to focus on building strong relationships with investors and banking partners and are currently working on the creation of new funds and securing bank workout portfolios.

"There is significant opportunity for growth in the business through leveraging our existing platform and through new business. We have one of the largest asset management platforms in Europe with 20 offices in 12 countries and a great team of 250 people managing over 80% of the Group's assets under management."

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