The developer is offering a 5% leaseback for 3 years following completion of these units. No contract has been provided as yet for this guarantee and whilst we have no reason to believe that this guarantee is in doubt, experience has taught us to approach such offers with caution. We are currently lobbying the developer to ask them to consider making the guarantee form part of the initial promissory contract. We will advise you further as soon as we hear something positive in this respect. Notwithstanding the lack of a contract for the guaranteed rental, we do not feel that this inhibits the attractiveness of this opportunity to any great extent given the excellent location, quality and price of the units. ** PRICES TO INCREASE BY 10% AT END OF SEPTEMBER 2007 ** EXCLUSIVE UNITS We have secured some excellent units in prime locations on this development exclusively for our clients. CAPE VERDE BEACH RESORT: We are convinced that Cape Verde Beach Resort on the island of Sal offers the very best location in the Cape Verde Islands. It is located one and a half miles from the main town of Santa Maria and just 11 miles from the international airport, which has direct flights from Manchester and Gatwick. It is also possible to fly direct from Lisbon, Amsterdam and Paris. The resort will contain a 5 star hotel which will provide all of the facilities you would expect from such an establishment including shops, bars, restaurants, swimming pools, fitness centre. These facilities will all be available for use by property owners and their tenants. Cape Verde Beach Resort will be managed by a well known brand name, therefore creating a ready made rental management and leaseback opportunity. The developer will be building up to 500 apartments and town houses which will be released in phases. The development will have swimming pools, bars, restaurants and shops as well as the luxury hotel. The site itself runs right onto the beach; to the south there is a protected zone and to the north a site for a further 5 star resort. Just 5 minutes away are the planned Ernie Els golf courses and a water park. With unspoilt beaches and a position close to the town and new golf course, this will be a popular site and one of the best plots available in the South of Sal. SANTA MARIA: Just 1 1/2 miles away is the town of Santa Maria, the "tourist capital" of Sal island, which provides further facilities including more shops, bars and restaurants for guests to visit. WHY CAPE VERDE? The Cape Verde islands are on the same latitude as the Caribbean but 1000km west of Africa. However this is not the Caribbean nor is it Africa. This archipelago consists of nine former Portuguese run islands, including Sal which is the most popular for tourism. Cape Verde has experienced significant economic growth in recent years. Its GDP grew at a real average rate of 8.3% from 1997 to 2001. Trade agreements and the increasing tourism industry mean this growth is expected to continue. Foreign investment increased from US$ 4 million in 1990 to US$ 228 million in 2004. Tourism has been the major source of foreign investment. The year round sunny climate, beaches, diversity of scenery and limited development, make Cape Verde a great tropical getaway, with Sal being its predominant leisure and tourist destination. -1 - 3 Bathrooms-1 Bed Apartments-2/3 Bed Townhouses-Bars-Close proximity to shops resturants and bars-Close to Golf-Investment Project-Restaurants-Sea View-Seafront Location-Swimming Pool-Terrace

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