GECIMED: Earnings at June 30Th, 2008

PARIS--(Business Wire)--
Regulatory News:

At the Board meeting on July 30th, 2008, chaired by Joaquin
Rivero, GECIMED's (Paris:SOFC) Directors reviewed the financial
statements for the first half of 2008.

The first half of 2007 covered the three-month financial year
ended March 31st, 2007 as well as one quarter of the financial year
that began on this date.

-0-
*T
In thousand euros Jun 30, 2008 Jun 30, 2007
Rental income 17,899 16,415
EBITDA 16,088 15,284
Recurrent income (1) 5,433 6,170
Change in value of properties -20,799 6,736
Operating income -4,711 22,021
Net income (Group share) -7,508 17,134
Net asset value per share ( EUR ) EUR 2.63 EUR 2.65
(1) EBITDA - net financial expenses
*T

GECIMED's development continued over the first half of 2008,
driven by three factors: the acquisition of a new asset, the ongoing
development operations and contacts with new operators.

In June 2008, GECIMED acquired a 144 bed psychiatric clinic in the
suburbs of Clermont-Ferrand, operated by the Orpea group. A 12-year
closed lease was put in place alongside this acquisition. This
operation, which represents the second carried out with the Orpea
group, confirms the partnership strategy rolled out by GECIMED with
its tenants.

Revenues are up 9.0%, thanks notably to the contribution of 0.8
million euros in rent generated by the Mazères, Carcassonne and
Clermont-Ferrand clinics acquired since June 30th, 2007. Based on a
constant number of clinics, rental income growth comes out at 4.15%,
due to rent indexing and financing for clinic extensions, which have
made it possible to generate additional rent.

After factoring in studies covering various development projects,
EBITDA represents 5.4 million euros, up 5.3%.

Recurrent income is affected by the recording of development
projects that are not yet producing rent, but are generating financial
expenses. The cost of debt represents 4.86% over the half-year period,
compared with 4.72% in 2007.

In light of the increase in yield rates seen on the real estate
market, the portfolio's appraised value is down 3%, with a -20.8
million euro impact on earnings.

With a 637.9 million euro portfolio, and due to the drop in
property values, NAV per share comes out at 2.63 euros, compared with
2.76 euros at December 31st, 2007 and 2.65 euros at June 30th, 2007.

GECIMED has also continued developing five portfolio projects,
three dependent elderly facilities and one retirement home, operated
by Medica and representing 310 beds. The Villemomble dependent elderly
facility will be delivered at the end of the year and will generate
rent as of early 2009. The construction of the Estuaire private
hospital in Le Havre has also continued in line with the initial
schedule. The building shell is scheduled to be completed by December
2008.

Lastly, in accordance with the commitments made with Générale de
Santé when the portfolio was acquired in 2006, GECIMED has financed 25
million euros of work to extend or refurbish clinics, generating
additional rent.

Over the full year in 2008, operations will be favorably impacted
by indexing as well as a full year of activity for the acquisitions
made at the end of 2007.

Gecimed contacts:
Laurence CHALMET
Tel: 33 (0)1 40 40 52 22
Régine WILLEMYNS
Tel: 33 (0)1 40 40 62 44
or
Press contact :
KEIMA Communication
Alix HERIARD DUBREUIL
tel: +33 (0)1 56 43 44 62
alix.heriard@keima.fr

Copyright Business Wire 2008