December 2007 | Degen closes the third fund of the Dutch Europan Real Estate Fund B.V

With the sale of a smaller residential portfolio at the end of the year, Degen Consulting, Cologne,
not only closed the 3rd fund (EREF III) of the Dutch European Real Estate Fund B.V. but also roun-
ded off a successful year in the business relationship. Degen Consulting, which also acted in an
advisory and mediatory capacity this year for the respective investments for the 1st and 2nd funds
(EREF I+II), will acquire and examine further investments for the Dutch business partner next year.

The European Real Estate Fund B.V. will continue to invest in Germany for 2008 and will increase the
volume once again. In this respect, the areas of focus will be on residential real estate and, to a lesser
extent, also on commercial units, such as offices and retail trade outlets. It will continue to concentrate
on the acquisition of small individual investments, in order to be able to realize the respective returns
on investment for the overall fund. Suitable properties for the next fund are already being examined.