Government tenant ensures solid earnings.

The closed-end property fund EuroSelect 09 was fully placed in August 2005. The fund is invested Riverside House, an office property in London. The building was constructed in 1960 and expanded after being fully gutted in 2002. Since 1 July 2008, the office space has been let to Ofcom, the British regulatory authorities for telecommunications which had previously used the building as sub-tenant of the Financial Times Ltd., a leading global media company. Due to changes in business segment strategies, the Financial Times Ltd. relinquished use of the building so the rental agreement was transferred to the government tenant. The rental agreement will run until 28 September 2022 with a break option at 29 September 2018.

At 31 December 2010, the value of the fund property in London had risen to GBP 112,5 million (2009: GBP 108 million). The value of the property as of 31 December 2010 is approximately 4% above purchase price.

Due to the strength of the euro against GBP, the payout for the 2010 financial year had to be reduced by only 1.5%. Over the life of the fund so far, the cumulative payout with reference to the equity placed is 3.75% lower than the figure projected in the prospectus.