CEEREF Performance

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NAV*

Date	NAV*	Quarterly performance	Since inception
01/01/2007	119,69
31/03/2007	125,00	4,51 %	4,51 %
30/06/2007	129,83	3,79 %	8,46 %
30/09/2007	132,97	2,42 %	11,09 %
31/12/2007	135,72	2,07 %	13,39 %
31/03/2008	136,15	0,31 %	13,75 %
30/06/2008	144,76	6,32 %	20,94 %
30/09/2008	145,12	0,25 %	21,24 %
31/12/2008	131,75	- 9,21 %	10,07 %
31/03/2009	117,16	- 11,07 %	- 2,12 %
30/06/2009	107,86	- 7,94 %	- 9,89 %
30/09/2009	97,14	- 9,94 %	- 18,84 %
31/12/2009	92,96	- 4,30 %	- 22,34 %
31/03/2010	88,39	- 4,92 %	- 26,15 %

January 1, 2009

Slovenia and Croatia Subfunds merged, Subfund Romania transferred to EEREF

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

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.
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.

These decisions entered into force on 1st of January 2009.

*NAV values are simulated in a way as if the sub-funds were merged from the beginning. Actual historical NAVs are presented in a table below.

Date	Diversified	Slovenia	Croatia	Romania
01/01/2007	125,00	125,00	125,00	125,00
31/03/2007	125,00	128,44	156,90	124,54
30/06/2007	125,00	134,63	159,03	127,96
30/09/2007	127,55	138,08	162,01	133,34
31/12/2007	133,06	140,21	167,11	159,53
31/03/2008	135,38	140,05	169,72	175,65
30/06/2008	140,29	150,70	171,18	177,63
30/09/2008	139,08	151,92	166,98	175,67
31/12/2008	131,75	135,14	166,29	154,62