DGAP-News

IMMOFINANZ AG: Adjustment of the Conversion Rights due to Dividend Distribution of BUWOG AG

DGAP-News: IMMOFINANZ AG / Key word(s): Bond
IMMOFINANZ AG: Adjustment of the Conversion Rights due to Dividend
Distribution of BUWOG AG

16.10.2014 / 10:36

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ISIN XS0332046043 - 1.25% Convertible Bonds due 2017

1. Adjusted Conversion Rights regarding shares of BUWOG AG (ISIN
AT00BUWOG001) pursuant to the Spin-off from IMMOFINANZ AG (effective from
26 April 2014)

On 26 April 2014 the spin-off from IMMOFINANZ AG to BUWOG AG and the
issuance of shares in BUWOG AG to the shareholders of IMMOFINANZ AG with
the allocation ratio of 1 : 20 (1 BUWOG-share per 20 IMMOFINANZ-shares)
became effective. Pursuant to the spin-off the conversion rights of the
1.25% Convertible Bonds due to 2017 (ISIN XS0332046043) ("CB 2017") issued
by IMMOFINANZ AG have been adjusted with respect to the issued shares in
BUWOG AG.

After the adjustment, a bondholder is entitled upon exercise of the
conversion right with respect to bonds delivered for conversion to receive

(i) the Settlement Shares (shares of IMMOFINANZ AG pursuant to § 9(a) of
the Terms and Conditions) subject to the conversion price applicable on 25
April 2014 (record date according to § 10(m) of the Terms and Conditions)
of EUR 7.97; and in addition

(ii) to a proportional number of shares of BUWOG AG per each Settlement
Share (IMMOFINANZ-share) corresponding to such number of shares in BUWOG
AG, to which, according to the allocation ratio (1 : 20) of the spin-off a
shareholder of IMMOFINANZ AG is entitled with respect to one share of
IMMOFINANZ AG.

Thus, after this adjustment pursuant to an exercise of the conversion right
per each Settlement Share to be delivered, a bondholder is entitled to a
proportional delivery of 0.05 shares of BUWOG AG.

The conversion price of EUR 7.97 applies as calculated conversion price
with respect to the Settlement Shares (IMMOFINANZ-shares) and the shares of
BUWOG AG to be delivered upon exercise of conversion rights.

This calculated conversion price is subject to adjustments with regard to
the Settlement Shares and the shares of BUWOG AG to be delivered after this
adjustment which are provided in the Terms and Conditions concerning the
Settlement Shares (applying analogously after this adjustment) to the
shares of BUWOG AG.

2. Adjustment of the Conversion Rights of the CB 2017 due to dividend
distribution of BUWOG AG (effective from 16 October 2014)

Pursuant to the cash dividend for the financial year 2013/14 of EUR 0.69
per share resolved upon in the ordinary shareholders' meeting of BUWOG AG