Sparkassen Immobilien AG

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

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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

@@start.t2@@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

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.

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ots Originaltext: Sparkassen Immobilien AG
Im Internet recherchierbar:

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

Corporate Communications:
Bosko Skoko
Tel.: +43(0)50100-27522
Fax:  +43(0)05100-927522

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

Weitere Meldungen: Sparkassen Immobilien AG

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