UK Land Fund No.8

Size of Fund	£18.8 million
Date of next set of audited accounts	30th April 2012**

Links to CISX announcements:

Interim Accounts as at 31st October 2011
http://www.cisx.com/download_news.php?newsID=184679

Net Asset Value
Net Asset Value (NAV) per share as at 31st October 2011 - £0.86

Further Information as at February 2012:

The UK Land Fund looks to take advantage of the economic climate and the general conditions in the housing market by allowing investment into distressed UK land that will have the benefit of at least “outline” planning permission. The Fund, by virtue of its buying power, purchased land discounted against current RICS red book valuation, from developers and land owners in need of cash flow due to the lack of banks providing development finance. The fact that the land already has planning permissions granted speeds the re-sale process as opposed to trying to gain an approval over time, in some cases the seller requested the option to re-purchase the land from the Fund at the full asking price at a fixed future date.

The aim is to buy low and then re-sell at nearer the market value either immediately or in the medium term. Development is essential to meet not only the Government target of three million new homes by 2020 but also the general consumer demand. The land is owned from outset with no borrowing requirement and the Fund will not look to develop the sites itself merely profit from the cash flow pressures being experienced in the building/development sector.

The first disposals have taken place and details can be found at:

 http://www.cisx.com/listedsecuritynewsdisplay.php?newsID=57619

 http://www.cisx.com/listedsecuritynewsdisplay.php?newsID=181565

The latest accounts (see link above) include a Property Managers Report dated December 2011 providing details of the most recent developments.

** The accounts will be available on Channel Islands Stock Exchange once audited and should be no later than 31st October 2012.