Circular 120 /21.2.2006 / Lodge and Cottage Property Sales Update

You do NOT need to take any action at this stage.

Howeer, YOU DO need to act when you get your AGM documentation in early March as this pack will include documentation for shareholders who wish to sell their property at Clifden Glen.

In February 2006, Clifden Glen Management (2005) Plc (or "CGM") asked all major estate agents in Clifden to tender to become our recommended estate agent. Three of the five agents tendered and two provided AMVs (advised minimum valuation).

The board of CGM at its meeting on 20th February 2006 decided to appoint Sherry FitzGerald Kavanagh (or "SFK") as the preferred agent at Clifden Glen. This decision does not in any way preclude an owner from making their own sale arrangements.

SFK's full marketing proposal including recommended AMV will be posted to all shareholders with the 2005 Annual Report and all this material will be with you in early March. A formal Instruction to Sell form will also be included in the pack.

SFK will launch a major sales campaign immediately after Easter in national press.

SFK will only market Grade "A" lodges and cottages which include: (1) the surrounding 'garden' site, (2) an independent site management agreement with Clifden Glen Management (2005) Plc and (3) an appropriate shareholding in CGM.

Seventy five of the 83 lodges are classified as Grade "A" by CGM.

Thirty of the 44 cottage apartments are classified as Grade "A" by CGM.

Issued by Clifden Glen Management (2005) Plc
Market House, Churchtown, Mallow, Co Cork

Management time:

Direct: 1 hour
Indirect: 1 person-days

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