Majestic Village No. 3 Fund

Redemption Date	30th June 2012* (revised)
Cost of "right to purchase" contracts	€22.9 million
Date of next set of audited accounts	31st December 2011**

Links to CISX announcements:

Extension of redemption date
http://www.cisx.com/listedsecuritynewsdisplay.php?newsID=52903

Final results as at 30th June 2011
http://www.cisx.com/download_news.php?newsID=181385

Net Asset Value
Net asset value (NAV) per share as at 30th June 2011- €90.35

Further Information:

Further information as at February 2012:

The Board has extended the life of the Fund to enable it to pursue a formal legal process to seek to recover all monies invested by it in right to purchase contracts. The action commenced in October 2010 with the first court case relating to the Majestic Village No 2 Fund being heard earlier this year. The judgement was announced in June 2011 and the Fund was successful in this initial legal action. Since then, the developer has exercised their right to appeal, however, the Fund's lawyers remain confident that the appeal will be unsuccessful.

An investor Fund update (August 2011) can be found in the Literature Library section and the last accounts (see link above) also include a Property Manager's Report as at October 2011.

* This is an indicative date, subject to various factors disclosed in this Supplemental Memorandum, in particular, the completion and re-sale of "right to purchase" contracts and developments
** The accounts will be available on Channel Islands Stock Exchange once audited and should be no later than 30th June 2012