GED Group GED AND WARBURG PINCUS INVEST IN A NEWLY CREATED PROPERTY DEVELOPMENT COMPANY FOR PROJECTS IN SOUTHEAST EUROPE The newly created company will have initial capital commitments of €50 million. The company will develop industrial estates, offices, shopping malls and residential housing in Southeast Europe. The managing partners of the project will be Andrew Stear, a UK developer based in Romania who joined forces with GED in the Iride Business Park deal, the largest-ever Romanian property transaction at the time and Teodor Pop, a Romanian developer with track record in residential housing and office projects. Madrid, December 23rd, 2005- The GED Private Equity Group, the global private equity firm Warburg Pincus and businessmen Andrew Stear and Teodor Pop have entered into an agreement to invest in a newly created property development company which will focus on Southeast Europe. The property market in Southeast Europe is forecast to experience strong growth potential due to its upcoming accession to the European Union. With an initial commitment of €50 million the company plans to invest in residential housing, office and retail developments initially in Romania. Enrique Centelles, Chairman of GED said “This follows our successful investment in the Iride Business Park, Bucharest, which we made with Andrew Stear, and delivered excellent returns for our investors. We believe that there are strong opportunities for real estate in Southeast Europe and we look forward to utilising our experience and track record in the region together with Warburg Pincus, Andrew Stear and Teodor Pop to develop a leading property company.” Pedro Aznar, who focuses on real estate investment efforts for Warburg Pincus said: “We are encouraged about the real estate fundamentals in Southeastern Europe and we are confident that we are backing a strong management team.” GED Group For further details: Eugenio Martínez Bravo Gavin Anderson & Company Tel.: 91 702 71 70 Mobile: 607 888 084 E-Mail: email@example.com Sarah Gestetner Citigate Dewe Rogerson Tel.: +44 207 282 2920 Mobile: +44 7767 481 163 Notes to Editors GED Group GED is one of the largest Spanish private equity managers in the “middle market” segment. The Group manages a total investment volume in excess of €200 million, spread across three funds: GED Eastern Fund I-RPPF, GED Eastern Fund II and GED Iberian Fund I. The GED Group owns one of the leading fund managers in Southeast Europe, GED Capital Development, which manages two private equity funds: GED Eastern Fund I- RPPF and GED Eastern Fund II. GED Eastern Fund I-RPPF is in its final stage of divestment, having achieved to date a gross IRR of 25% in US$. GED Eastern Fund II was formed recently; it closed its first investment transaction last August, when, jointly with Prosegur, it acquired the Romanian security firm Dragon Star Guard. In the Iberian Peninsula, through its company GED Iberian Private Equity, the Group manages GED Iberian Fund I, which has invested in 8 companies, including Corporación Dermoestética, Rioglass, Azulev and Sendal. The Group’s strategy focuses on companies with high growth potential, buy-outs and management buy-outs. GED provides financing, expertise and a wide network of contacts in Spain and internationally. http://www.gedprivateequity.com/ Warburg Pincus Warburg Pincus has been a leading private equity investor since 1971. The firm currently has approximately $12.4 billion under management with an additional $7.2 billion available to invest. The firm invests in a range of industries including real estate, financial services, information and communication technology, consumer, industrial, media and business services, healthcare and energy. Warburg Pincus’ real estate practice has invested $1.0 billion of equity across a wide range of companies across the globe, including Guangzhou R&F Properties in China, Wall Homes in the United States and Resolution II in the United Kingdom. Since 1997, Warburg Pincus has invested approximately $270 million in a variety of sectors including pharmaceuticals, media, telecommunications and information technology in Poland, the Czech Republic, Slovakia and Russia. In August 2005, Warburg Pincus closed its 11th fund, Warburg Pincus Private Equity IX, L.P., an $8 billion fund that invests in companies in the U.S. and abroad. The firm has 59 partners and more than 145 professionals in offices in New York, Menlo Park, London, Frankfurt, Hong Kong, Beijing, Shanghai, Seoul, Tokyo GED Group and Mumbai. Warburg Pincus has an active portfolio of more than 100 companies. For more information please visit www.warburgpincus.com.