Prospectus - Notowania

During Q3 2009, UniCredit Real Estate completed the sale to qualified investors of
the shares held in the Omicron Plus Fund related to the first contribution and in
particular, on September 30, 2009, UniCredit Real Estate concluded the sale of 3,200
of such shares to a company connected to GIC RE, real estate branch of the
Government of Singapore Investment Corporation, for a total amount of €78 million.
Moreover, also within the scope of the Omicron transaction, on September 30, 2009
UniCredit Real Estate contributed an additional portfolio, constituted by 179
instrumental properties for a total value of €527 million, for which new shares for 211
million were issued. The buildings included in the second contribution will be entirely
leased to the Group’s companies through 18-year lease agreements, renewable for 6
additional years, with such characteristics as to allow the necessary flexibility in the
management of the Group’s commercial network. The set of the transactions with the
Omicron Plus Fund during 2009 (sale of residual shares of the first contribution and
sale of properties of the second contribution) entailed the emergence of gross profits
from the sale of investments for €278 million.
On September 29, 2009, an additional transaction was completed by URE, which
transferred a portfolio of properties held by the Group to a closed real estate fund
reserved to qualified investors, called Core Nord Ovest Fund and managed by REAM.
UniCredit Real Estate subsequently transferred the majority of the shares issued in
view of the aforesaid contribution to qualified investors identified by REAM. With
reference to said transaction, the contributed portfolio is constituted by 13 historical
and high value buildings for a total contribution value of €574 million, 60% of whose
purchase was financed by a pool of banks. The sale of the majority interest to
qualified investors identified by REAM, among them the Fondazione Cassa di
Risparmio di Torino and the other bank Foundations that hold shares in REAM,
generated in Q3 2009 a gross capital gain of €132 million pertaining to the share sold
in Q3 2009.
During 2008, relative to the previous year, the amount of property, plant and
equipment remained substantially at the level of late 2007. Within this item, there was
an increase in electronic plant (from €559 million to €814 million), with a reduction in
land and buildings consequent also to a rationalisation of the Group’s real estate assets
(first contribution to the Omicron Plus Fund, described above). The increase between
December 2006 and December 2007 is essentially due to the property, plant and
equipment acquired through the merger with Capitalia (€1,824 million) and to the
consolidation of the Euro-ImmoProfil real estate fund (€1,459 million), which more
than offset the reclassification of public property leasing transactions (for €2,566
million) under Loans to customers, completed in accordance with the instructions of
the Bank of Italy. The assets of Euro-Immoprofil are assessed at fair value, because
they are connected to liabilities that recognise a return connected to the fair value of
the investments.
For additional details on property, plant and equipment see Chapter 8 of the
Prospectus.
(in millions of €) % Change
Intangible assets:
breakdown by type of
asset - unlimited duration 09.30.2009 12.31.2008 12.31.2007 12.31.2006 2009/2008 2008/2007 2007/2006
A.1 Goodwill 20,381 20,889 20,342 9,908 -2.4% 2.7% 105.3%
A.2 Other Intangible 1,063 1,078 1,050 826 -1.4% 2.7% 27.1%
- 217 -