Spain No. 5 Fund

Fund Closed	31st March 2008
Redemption Date	30th September 2010*
Cost of "right to purchase" contracts	€14 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=46342

Final results 30th June 2009
http://www.cisx.com/listedsecuritynewsdisplay.php?newsID=44493

Interim Results 31st December 2008
http://www.cisx.com/listedsecuritynewsdisplay.php?newsID=40688

Net Asset Value
Net asset value (NAV) per share as at 30th June 2009 - €94.0764

Further Information:

The Spanish property market has suffered severely during the worldwide recession. The movement in the Euro against Sterling has meant that the UK, which is one of the traditional markets for re-sales, has been severely restricted as our properties have effectively become 30% more expensive. Coupled with a glut of distressed property in the Malaga region this has made the sale of the Spanish property held extremely difficult.

In light of the above the Board have held a series of discussions with the developer, their bankers and a market leading company involved in fractional ownership. The latest meeting at the start of February was very positive in respect of negotiating discounted prices and this gives us grounds for optimism that a model can be finalised enabling a significant percentage of the stock to be sold and provide the opportunity for a possible partial redemption.

Further updates will be provided as matters progress.

* 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.