Index: /trunk/src/VBox/VMM/VMMAll/PGMAllPool.cpp
===================================================================
--- /trunk/src/VBox/VMM/VMMAll/PGMAllPool.cpp	(revision 27359)
+++ /trunk/src/VBox/VMM/VMMAll/PGMAllPool.cpp	(revision 27360)
@@ -3448,5 +3448,6 @@
     {
         PPGMPOOLPAGE pPage = &pPool->aPages[iPage];
-        if (pPage->GCPhys != NIL_RTGCPHYS)
+        if (    pPage->GCPhys != NIL_RTGCPHYS
+            &&  pPage->cPresent)
         {
             switch (pPage->enmKind)