EANS-Adhoc: Sparkassen Immobilien AG / Conversion of Participation Certificates into Shares planned

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23.04.2010

Ad hoc release Vienna, 23 April 2010

Sparkassen Immobilien AG: Conversion of Participation Certificates into Shares
planned

On 22 April 2010 the Management Board and the Supervisory Board of Sparkassen

Immobilien AG (the "Company") have resolved on a further step  to  simplify  the
Company´s  capital  structure.  Currently  Sparkassen  Immobilien  AG  has   two
investor groups, the holders of the s IMMO Share  (ISIN  AT0000652250)  and  the
holders   of   participation   certificates   (ISIN   AT0000630694   and    ISIN
AT0000795737).

A first step in this direction was taken three years ago by unanimous
resolutions of the Annual General Meeting of shareholders on 12 June 2007 and
the meeting of holders of participation certificates on 11 June 2007, putting
the profit calculation for both investor groups on an equal basis. On 21 May
2010 the Annual General Meeting of Sparkassen Immobilien AG will vote on a
motion to offer participation certificate holders the option to convert their
certificates into the Company´s ordinary shares.

This conversion option shall be offered to the participation certificate
holders within three conversion windows at the following conversion ratios:

• Conversion window I: 6 September 2010 - 24 September 2010
      Conversion ratio: 1 (one) participation certificate for 14 (fourteen) s
   IMMO Shares


    • Conversion window II: 11 April 2011 - 29 April 2011
      Conversion ratio: 1 (one) participation certificate for 13 (thirteen) s
   IMMO Shares

    • Conversion window III: 28 November 2011 - 16 December 2011
      Conversion ratio: 1 (one) participation certificate for 12 (twelve) s IMMO
   Shares

The new shares for the conversion will be issued from conditional capital.

Based on the book value of the participation certificate entitlement and
depending on the conversion window, the subscription price will be 15 to 35%
above the current share price of the s IMMO Share (closing price on 22 April
2010: EUR 4.98). Exercising the conversion option enables the participation
certificate holders to subscribe to the significantly more liquid s IMMO Share.

Sparkassen Immobilien AG´s shareholders benefit from a transparent capital
structure, an increase in the market capitalisation and hence greater
attractiveness of the s IMMO Share.

"I am convinced that we are offering an equitable solution for both of our long-
standing investor groups. In addition, this step will make a significant
contribution towards leading the s IMMO Share back up to its net asset value",
commented Holger Schmidtmayr, Member of the Management Board of Sparkassen
Immobilien AG on the resolution.

Further inquiry note:
Investor Relations:
Sylwia Milke
Tel.: +43(0)50100-27402
Fax: +43(0)05100-927402
mailto:[email protected]

wwww.sparkassenimmobilienag.at 

Corporate Communications:
Bosko Skoko
Tel.: +43(0)50100-27522
Fax:  +43(0)05100-927522
mailto:[email protected]
wwww.sparkassenimmobilienag.at
end of announcement                               euro adhoc 
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issuer:   Sparkassen Immobilien AG
          Friedrichstraße  10
          A-1010 Wien
phone:    +43(0)50100-27550
FAX:      +43(0)050100-927559
mail:     [email protected]
WWW:      www.sparkassenimmobilienag.at
sector:   Real Estate
ISIN:     AT0000652250
indexes:  ATX Prime, IATX

stockmarkets: official market: Wien
language: English

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