UK Land Fund 2 No.9

Size of Fund	£5.7 million
Date of next set of audited accounts	31st March 2012*

Links to CISX announcements:

Interim Accounts as at 30th September 2011
http://www.cisx.com/download_news.php?newsID=184924

Net Asset Value
Net Asset Value (NAV) per share as at 30th September 2011 - £0.84

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 latest accounts (see link above) include a Property Managers Report dated January 2012 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 30th September 2012.