GENERAL MEETING DRAFT - Bankier.pl

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On December 30, 2008, URE completed the contribution to Fondo Omicron Plus Immobiliare (“Fondo
Omicron Plus”), a fund managed by Fondi Immobiliari Italiani SGR S.p.A. (“Fimit”), of a portfolio of 72
business properties for a total value of approximately €800 million, against which shares had been issued,
some of which were later placed with qualified investors and some of which were held by URE itself.
In the third quarter of 2009, URE completed the sale to qualified investors of the shares held in Fondo
Omicron Plus.
In particular, on September 22, 2009, URE completed the sale of 3,200 of these shares to an affiliate of
GIC Real Estate (“GIC RE”), a real estate business of the Government of Singapore Investment
Corporation, for total proceeds of approximately €78 million.
The sale of shares to GIC RE enabled URE to complete the sale of all of the shares held in Fondo
Omicron Plus following the December 2008 contribution, with a capital gain of approximately €163 million
in 2009 (including approximately €131 million in the third quarter of 2009) net of tax effects and
transaction costs, which is added to the approximately €282 million already realized in 2008.
In addition, still within the scope of the plan to rationalize the Group's real estate assets, URE made a
contribution of an additional portfolio on September 30, 2009, consisting of 179 business properties for a
total contribution value of approximately €530 million to Fondo Omicron Plus, against which new shares
were issued. This additional contribution to the fund generated a total capital gain of approximately
€198 million, net of tax effects and placement costs, including approximately €134 million in the fourth
quarter following the sale of a number of shares for proceeds of approximately €127 million.
The real estate properties that were the object of the second contribution were entirely leased to the
Group companies by means of lease agreements with terms of 18 years, 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.