Circular 125 / 4.3.2006 / Selling Strategy and AMVs announced

SELLING YOUR PROPERTY …

This circular and the AMVs apply to the 110 CGM shareholder properties at Clifden Glen.

These 110 properties include: (1) the garden around the building footprint; (2) an independent site management agreement and (3) the owner is a shareholder in the managenment company and the value of the shares is included in the AMV.

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. 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. The Sherry FitzGerald Kavanagh AMVs are as follows:

AMV for Grade "A" refurbished Lodges €220,000
AMV for Grade "A" un-refurbished Lodges €199,000
AMV for Grade "A" Cottages €135,000

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

If you wish to sell your property in this campaign then please complete the Instruction Form POSTED to you today.

Seventy-five of the 83 lodges qualify for the above AMVs.

Thirty-six of the 44 cottages (and not 30 as stated in the Annual Report mailing insert) qualify for the above AMV.

The AMVs set out above do NOT apply to the 17 properties whose owners: (1) DO NOT own the "garden" or driveway surrounding their property footprint; (2) DO NOT have an independent site management agreement with CGM; (3) ARE NOT shareholders in CGM.

Management time:

Direct : 60 minutes dealing with this circular.
Indirect: Many person-days dealing with estate agents.

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