GENERAL MEETING DRAFT - Bankier.pl

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Also in the first half of the year, UniCredit Bank AG sold its minority stakes in Schwäbische Bank (25.50%
- a German universal bank) and Invesco Real Estate (24.90% - a company offering real estate investment
products and services to institutional clients) for a total consolidated capital gain of approximately
€12.3 million.
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During the year, several UniCredit Group companies sold shares held in Mastercard Inc., generating a
total consolidated capital gain of about €22 million.
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In September the parent company participated in the public purchase offer conducted by DRB Holding
(GE Group) on the remaining shares outstanding in Bank BPH, handing over all shares held in the
aforementioned Polish bank (equivalent to 5.13% of the share capital).
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In the last part of the financial year, the parent company sold its entire equity stake in Banco de Sabadell
(4.08%) in two successive stages.
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Consistent with the aim of rationalizing the Group's real estate assets, URE on September 29, 2009
transferred a real estate portfolio held by the Group to a closed-end real estate fund reserved for qualified
investors, called Core Nord Ovest and managed by REAM SGR S.p.A. (“REAM”). URE later sold the
majority of the shares issued against the aforementioned contribution to qualified investors identified by
REAM.
The portfolio that was contributed consists of 13 historical and high-value real estate properties (including
the properties at Via XX Settembre in Turin, Via Dante in Genoa and Piazza Edison in Milan) for a total
contribution value of approximately €574 million, the fund’s purchase of which was financed to 60% by a
consortium of banks.
The fund will have a term of 15 years. The majority of the real estate properties transferred to the fund will
be the object of leasing agreements in favor of the Group with terms of 6 to 18 years, according to the
specific requirements of the Group, renewable for an additional 6 years, with characteristics so as to
enable the Group to have the necessary flexibility in the management of its commercial network.
The sale of the majority of the shares to qualified investors identified by REAM, including the Fondazione
Cassa di Risparmio di Torino and the other banking foundations that are shareholders of REAM,
generated in 2009 a total capital gain of approximately €133 million, net of tax effects and transaction
costs, of which approximately €110 million in the third quarter of 2009.
2009 CONSOLIDATED REPORTS AND ACCOUNTS
118