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GAGFAH S.A.: Notice to the Holders of the 1.50% Convertible Bonds due 20 May 2019 issued by GAGFAH S.A. (ISIN: DE000A1ZJD18, WKN: A1ZJD1) - Seite 2

notice specified to be a conditional conversion notice via their respective
custodian to the principal conversion agent (Citibank, N.A., Citigroup
Centre, Global Transaction Banking, Canada Square, Canary Wharf, London E14
5LB, England) and to deliver the relevant Convertible Bonds to the
principal conversion agent by no later than 21 January 2015, 4 p.m.
(Central European Time) in order to exercise their conversion right.

GAGFAH does not intend to exercise the cash alternative election set forth
in the Terms and Conditions. According to the Terms and Conditions, the
settlement shares must be credited to the Bondholders no later than on the
15th business day following the conversion date. GAGFAH intends to deliver
the settlement shares as soon as possible after valid exercise of the
conversion right in order to enable the Bondholders to accept the Takeover
Offer within the Additional Acceptance Period. However, GAGFAH assumes no
warranty or liability for the delivery of the settlement shares within the
Additional Acceptance Period.

Fractions of settlement shares will not be compensated in cash. The
settlement shares will be issued out of GAGFAH's authorised capital.

Luxembourg, 26 January 2015

GAGFAH S.A.



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26.01.2015 Dissemination of a Corporate News, transmitted by DGAP - a
service of EQS Group AG.
The issuer is solely responsible for the content of this announcement.

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Language: English
Company: GAGFAH S.A.
2-4, rue Beck
1222 Luxemburg
Grand Duchy of Luxembourg
Phone: + 352 266 366 21
Fax: + 352 266 366 01
E-mail: [e-mail]
Internet: www.gagfah.com
ISIN: LU0269583422, LU0269583422
WKN: A0LBDT
Indices: MDAX
Listed: Regulierter Markt in Frankfurt (Prime Standard);
Freiverkehr in Berlin, Düsseldorf, Hamburg, München,
Stuttgart


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