Prospectus - Notowania

On December 30, 2008, the contribution from UniCredit Real Estate, a company wholly
controlled by UniCredit, to a closed end mutual real estate investment fund was completed,
under Italian law and reserved for qualified investors, known as “Omicron Plus Immobiliare”
and managed by Fimit, regarding a portfolio of 72 properties. The value of shares received
stood at €323 million net of indebtedness contracted (value of the property contribution equal
to €799 million determined on the basis of the valuation carried out by a Real Estate Advisory
Group independent expert). As at December 31, 2008, 62% of the shares in question were
subscribed by institutional investors (amounting to €200 million), while the remaining 38%
(totalling €123 million) were retained by the Group. The sale of shares resulted in a capital
gain as at December 31, 2008, after deduction of taxes, of €280 million, with a positive impact
of approximately 5 basis points on the Group’s Core Tier 1 Ratio. In the third quarter of 2009,
URE completed the sale, to qualified investors, of shares held in the Fondo Omicron Plus
(Omicron Plus Fund) and in particular, on September 30, 2009, UniCredit Real Estate
concluded the sale of 3,200 of said shares to a company affiliated to GIC Real Estate (“GIC
RE”), a real estate branch of the Government of Singapore Investment Corporation, for a total
amount of €78 million. The sale of shares to GIC RE allowed UniCredit Real Estate to
complete the sale of all shares held in the Omicron Plus Fund following the contribution in
December 2008, with a capital gain of €163 million in 2009 (of which roughly €131 million in
the third quarter of 2009) after deduction of taxes and transaction costs, which added to the
€280 million already incurred in 2008. In addition, within the framework of the transaction, on
September 30, 2009, UniCredit Real Estate contributed an additional portfolio, composed of
179 instrumental properties for a total value of roughly €527 million, in respect of which new
shares were issued for which it was expected that placement could be made with qualified
investors identified by Fimit by the first half of 2010. The properties subject of the second
contribution will be leased entirely to Group companies via 18-year leasing contracts,
renewable for a further 6 years, with characteristics as such that allow the required flexibility in
management of the Group's commercial network.
Finally, again in line with the objectives of rationalisation of the Group’s real estate assets, on
September 29, 2009, an additional transaction was completed by UniCredit Real Estate which
transferred a real estate portfolio held by the Group to a closed-end real estate fund reserved to
qualified investors, called the Fondo Core Nord Ovest and managed by REAM. UniCredit Real
Estate subsequently sold the majority of the shares issued in respect of aforementioned
contribution to qualified investors identified by REAM. With reference to said operations, the
portfolio subject of the contribution is composed of 13 valuable historical buildings with a total
contribution value of €574 million, whose purchase was 60% financed by a pool of banks. The
fund will have a life of 15 years. The majority of the properties transferred to the fund will be
subject to leasing contracts in favour of the Group with a term, according to the specific
requirements of said Group, of 6 or 18 years, renewable for a further 6, with characteristics as
such that allow the Group the required flexibility in management of its commercial network.
The transfer of the majority of shares to qualified investors identified by REAM, including the
Fondazione Cassa di Risparmio di Torino and other shareholder banking foundations of
REAM, generated a capital gain of €110 million relative to the share transferred in the third
quarter of 2009, after deduction of taxes and transaction costs.
Intangible assets: breakdown by type of asset
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