Prospectus - Notowania

Mastercard Inc.
During the year, several UniCredit Group companies sold shares held in Mastercard Inc., generating an overall capital
gain at the consolidated level of approximately €16 million.
Bank BPH SA
In September, the Parent company accepted the takeover bid made by DRB Holding (GE Group) on the outstanding
residual share of Bank BPH, contributing the entire equity interest held in the aforesaid Polish bank (5.13%).
Rationalization of the Group's real estate assets
Fondo Core Nord Ovest
In accordance with the objectives for rationalization of the Group's real estate assets, on September 29, 2009 URE
contributed a portfolio of properties held by the Group to a closed real estate fund reserved for qualified investors, named
Core Nord Ovest and managed by REAM SGR S.p.A. (“REAM”). URE subsequently sold the majority of the units issued
on the basis of this contribution to qualified investors identified by REAM.
The contributed portfolio consisted of 13 valuable historic buildings (including the properties at Via XX Settembre in Turin,
Via Dante in Genoa and Piazza Edison in Milan) with an overall contribution value of around €574 million, the acquisition
of which was 60% financed by a pool of banks.
The fund will have a life of 15 years. The majority of the properties contributed to the fund will be subject to leasing
contracts in favour of the Group with a term, according to the Group's specific needs, of 6 or 18 years, renewable for
further 6-year periods, with characteristics that allow the Group the necessary flexibility in the management of its
commercial network.
The sale of the majority of units to qualified investors identified by REAM, including Fondazione Cassa di Risparmio di
Torino and the other banking Foundations holding shares in REAM, generated a capital gain relating to the portion sold in
the third quarter of 2009, after deduction of taxes and transaction costs, of approximately €110 million.
Fondo Omicron Plus Immobiliare
On December 30, 2008, URE contributed a portfolio of 72 strategic properties with an overall value of approximately €800
million to Fondo Omicron Plus against the issuance of fund units. Some of these units were subsequently placed with
qualified investors, while others were retained by URE itself.
In the third quarter of 2009, URE finalized the sale to qualified investors of the units held in Fondo Omicron Plus
Immobiliare (“Fondo Omicron Plus”), managed by Fondi Immobiliari Italiani SGR S.p.A. (“Fimit”),
In particular, on 30th September 2009, URE finalized the sale of 3,200 of such units to a company affiliated to GIC Real
Estate (“GIC RE”), the real estate division of the Government of Singapore Investment Corporation, for a total price of
approximately €78 million.
The sale of units to GIC RE allowed URE to complete the sale of all units held in Fondo Omicron Plus following the
contribution of December 2008, with a capital gain of around €163 million in 2009 (including around €131 million in the
third quarter of 2009) after deduction of taxes and transaction costs, which is added to the approx. €282 million already
achieved in 2008.
In addition, again within the scope of the rationalization of the Group's real estate assets, on September 30, 2009 URE
contributed a further portfolio, consisting of 179 instrumental properties with an overall value of approximately €530
million, to Fondo Omicron Plus, on the basis of which new units have been issued. It is envisaged that these units may be
placed with qualified investors identified by Fimit during the first half of 2010.
The properties forming the subject of the second contribution will be entirely let to Group companies through leasing
contracts with a term of 18 years, renewable for further 6-year periods, with characteristics that allow the necessary
flexibility in the management of the Group's commercial network.
CONSOLIDATED INTERIM REPORT
AS AT SEPTEMBER 30, 2009
82