Cape Verde No. 4 Fund

Redemption Date	30th June 2012* (revised)
Cost of "right to purchase" contracts	€69.2 million
Date of next set of audited accounts	31st December 2011**

Links to CISX announcements:

Final Results as at 30th June 2011
http://www.cisx.com/download_news.php?newsID=183759

Net Asset Value
Net asset value (NAV) per share as at 30th June 2011- €75.76

Further information as at February 2012:

The Fund has been successful (Friday 19th November 2010) in securing a judgment for the full amount of the 15% penalty payment that was misappropriated from the client account of ELS International Lawyers LLP. A judgment has been issued by the Commercial Court in London for the full repayment of this missing amount, plus legal costs and interest at 1% over base rate. The Fund's lawyers received €3,528,049 of this amount on 22 December 2010. The Board, Promoter and legal advisors continue to pursue the remainder of sums awarded at the summary judgement hearing and due from ELS International Lawyers LLP (ELS). In addition a claim has been lodged with the Solicitors Regulatory Authority (SRA) and this has recently been acknowledged. The worldwide freezing order against Mr Joe Ezaz remains in place and the court case (scheduled for 10 days) will commence on 17th April 2012.

The first completed properties are now being released on the Paradise Beach development and progress can be viewed at http://www.paradisebeach-capeverde.com/gallery.html

The latest accounts (see link above) include a Property Managers Report as at December 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.