The Board of Directors approves the interim report as of 30th September 2008

Consolidated revenues reach €4,238.4m, up 20.5% against €3,516.8m for the first nine months of 2007

Strong cash flow from operations in the first nine months of 2008 (€437.4m)

• Revenues in North America: $1,969.5m, up 6.8% against $1,844.2m for first nine months 2007
• Revenues in Italy: €1,001.6m, up 4.4% against €959.8m for first nine months 2007 
• Revenues in Rest of Europe: €533.2m, up 5.7% against €504.3m for first nine months 2007 
• Revenues by Aldeasa : €641.9m up 2.3% against €627.5m for first nine months 2007 
• Revenues by Alpha Group : £465.2m against £473.3m for first nine months 2007 
• Revenues by World Duty Free Europe : £329.9m, up 8.1% against £305.1m for first nine months 2007 
• Consolidated Ebitda: €459.6m, up 4.5% against €440m for first nine months 2007 after restructuring costs of €11.5m 
• Investments: €237.4m, up 31.8% against €180.1m for first nine months 2007 
• Net profits for the Group: €111.9m against €140m for first nine months 2007 due to the impact of acquisitions 
• Net financial indebtedness: €2,147.7m against €1,162.2m at 31st December 2007, the increase being limited to €985.5m thanks to strong cash flows.

Sales at week 44: up around 19% on the same period in 2007.

Outlook for 2008: consolidated revenues of over €5.8bn and consolidated Ebitda of €600m. Net profits of around €110m, with earnings per share at around €0.43. Investments of €340m and net financial indebtedness of around €2.2bn.