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

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ad-hoc disclosure transmitted by euro adhoc with the aim of a Europe-wide
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announcement.
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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.

end of announcement euro adhoc
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ots Originaltext: Sparkassen Immobilien AG
Im Internet recherchierbar: http://www.presseportal.de

Further inquiry note:

Investor Relations:

Sylwia Milke

Tel.: +43(0)50100-27402

Fax: +43(0)05100-927402

mailto:sylwia.milke@s-immoag.at

wwww.sparkassenimmobilienag.at

Corporate Communications:

Bosko Skoko

Tel.: +43(0)50100-27522

Fax: +43(0)05100-927522

mailto:bosko.skoko@s-immoag.at

wwww.sparkassenimmobilienag.at

Branche: Real Estate
ISIN: AT0000652250
WKN: 065225
Index: ATX Prime, IATX
Börsen: Wien / official market