Milan , 28 November 2006 – SOPAF announces that it has today proceeded to sell the investments in the property companies listed below, realizing an aggregate capital gain of around EUR 4 million.

1. 63.75% of Forobonaparte S.r.l. (including a 50% interest sold directly by SOPAF S.p.A. and a 13.75% interest sold by the indirect subsidiary, LM Real Estate S.p.A.), to PDB S.r.l. (already a shareholder of Forobonaparte S.r.l.) for an aggregate price of roughly EUR 1.9 million;
2. 11% of Telma S.r.l., sold by SOPAF to CO.E.MI. Cooperativa Edili Muratori Italia S.r.l. (part of the Martignoni Group, which was already a shareholder of Telma) for an aggregate price of roughly EUR 1.9 million;
3. 75% of Forobonaparte Due S.r.l. (sold by the indirect subsidiary, LM Real Estate S.p.A.) to PDB S.r.l. (already a shareholder of Forobonaparte Due S.r.l.) for an aggregate price of roughly EUR 2.4 million.

For the effect of such divestitures, SOPAF no longer holds any controlling interests in property companies.
The transactions are part of SOPAF's strategic and organizational plan to concentrate real estate investments in special-purpose companies which are managed by funds management companies.

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For further information
Maria Antonietta Barelli                                          Claudia Caracausi 
SOPAF S.p.A.                                                           Twister communications group
Tel +39-02-7214-2429                                                          Tel +39-02-438114.212 – +39-338-447-6613
mabarelli@sopafgroup.it                                          ccaracausi@twistergroup.it