Slovenia and Croatia Subfunds merged, Subfund Romania transferred to EEREF

CEEREF Management Company Sàrl, the Management Company of the Securitisation CEEREF, decided to:

1. merge the subfund Slovenia and subfund Croatia with the subfund Diversified. The unitholders of the subfunds Slovenia and Croatia will receive in exchange shares of the subfund Diversified based on the last know NAV calculated as at 31/12/2008.
2. resign of its duties as the Management Company of the Subfund Romania. This Subfund is transferred to the securitisation fund Emerging Europe Real Estate Fund (EEREF) under the management of Titragest Sàrl.