Milan , 19 December 2006 – Working with its subsidiary, LM Real Estate S.p.A., SOPAF S.p.A. has underwritten the first issue of all shares in the Tergeste Fund, a closed-end real estate investment fund reserved for qualified investors and managed by Polis Fondi Sgr.p.a.  The Tergeste Fund, which is authorized to do business for a period of eight years, will be investing in real estate development and active in real estate trading transactions.

The initial subscription of the shares occurred through the contribution of investments held in companies operating the real estate business (40% of Telma S.r.l. held by SOPAF S.p.A. and 15% of Immobiliare Appia S.r.l., 25.5% of Firanegocios Sl and 50% of Co.se S.r.l. held by LM Real Estate S.p.A.) whose value was set at €8,525,000, and through a cash payment of €1,150,000.
The fund will arrange to take over from the parties contributing the assets the quota of shareholder financing with respect to the companies transferred.

Like the transactions announced on 28 November 2006, this transaction is part of SOPAF's strategic and organizational plan to concentrate real estate investments in specialized companies that are managed by funds management companies.

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For additional information
Maria Antonietta Barelli                                          Claudia Caracausi 
SOPAF S.p.A.                                                           Twister communications group
Tel +39-02 72142429                                                Tel +39-02 438114.212 – +39-338 4476613
mabarelli@sopafgroup.it                                          ccaracausi@twistergroup.it