Commercial Property Portfolio

At 30 June 2009, Eurocastle's Commercial Property Portfolio was approximately €3.9 billion.

Investment Properties The real estate investment property portfolio is comprised of 564 properties with approximately 2,100,000 square meters of lettable space. The portfolio has a total occupancy of approximately 86.0% and an average lease term of 5.6 years.

Eurocastle’s real estate related debt investment portfolio is well diversified. At 30 June 2009, the portfolio was comprised of 192 issues valued at approximately €1.6 billion. These issues are diversified by, among other things, asset type, geography and rating. This diversification, which is a fundamental component of the Company’s investment philosophy, substantially minimises the risk of capital loss and allows Eurocastle to significantly enhance its financing terms.

(1) The statistics outlined above are based on the face value of the real estate debt portfolio at 30 June 2009.