Cape Verde No. 4 Fund

Fund Closed	31st January 2008
Redemption Date	31st January 2011* (Revised)
Cost of "right to purchase" contracts	€69.2 million
Date of next set of audited accounts	31st December 2009

Links to CISX announcements:

Delayed Escrowed 15% Penalty Payment
http://www.cisx.com/listedsecuritynewsdisplay.php?newsID=46343

Final results 30th June 2009
http://www.cisx.com/listedsecuritynewsdisplay.php?newsID=44492

Interim Results 31st December 2008
http://www.cisx.com/listedsecuritynewsdisplay.php?newsID=40609

Net Asset Value
Net asset value (NAV) per share as at 30th June 2009 - €96.0731

Further Information:

The Fund invested into 2 developments in Sal, namely Paradise Beach and Murdeira Beach.

A Fund Director undertook a site visit in mid February and has reported that there are currently 580 workers on the Paradise Beach development to bring the development in on time. Construction of the development is well advanced and progress can be viewed at www.paradisebeach-capeverde.com.

In respect of Murdeira Beach there have been some issues obtaining bank finance, however an agreement was signed on 25th January 2010 and work has recommenced. Cape Verde Developments have also just signed a deal with Extreme Hotels who will target water sport enthusiasts given the presence of Josh Angulo who won the PWA Wave World Championship in 2009.

Further information can be found at www.capeverdedevelopment.com.

* 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.