December 2005 / January 2006 Capsol Accommodation facilitated a record number of over 120 arrivals and departures between 20 December and 5 Jan 2006! We would like to thank all our valued guests for their continued support! To those clients arriving in the next few months, please travel safely and we look forward to welcome you to the Mother City.

Recent fluctuations in the exchange rate did raise some concerns, but we are happy to report that most owners we've contacted have decided not to increase their rates for the forthcoming season. Those that are still deciding on future rates, we firmly suggest you to please keep a close eye on the current market when deciding on 2006/2007 prices. Please feel free to contact our offices for guidance and/or assistance.

We would also like to make use of this opportunity to thank all our associates/ owners/ managers/contractors that assisted us in making 2005 such a success. As agents, we strongly rely on the support of everyone involved to ensure a high level of service and continued influx of foreign visitors. Its encouraging to see that the bulk of owners are adapting the attitude that providing short-term holiday rentals is no different to running their own successful business. A realization that the correct systems, fair and market related pricing structure to both (direct) tenants and agents, increased level of service, frequent updates on availability are imperative to ensure a high level of occupancy.

a) Further developments with Fine and Country

Fine and Country Cape Town Real Estate Office – a dynamic force setting Cape Town alight!

Since the launch of Fine and Country Cape Town in 2005 we are happy to announce that severe tracks are being laid into the local property market where we aspire knowingly to reach the ultimate in customer services, product knowledge, great investment opportunities and select high quality stock options. We have found that the high class marketing tools that are packaged with this brand are already being received favorably both by sellers and buyers alike therefore we already have been successful in securing some of the best mandated properties available. Through active networking and dedication our relationships are being concreted bringing home additional options, which we are equally proud to introduce and offer to you. With a dedicated go-getter philosophy we are confident that the service you will receive and the results that you will enjoy will not only secure you in good stead financially but will also bring a glow to your heart.

Fine and Country(www.fineandcountry.com) is a truly international company with over 200 offices in the United Kingdom. Internationally we are represented with our own office in London and a dedicated phone line to South Africa. Now in South Africa, Fine and Country offers you a direct line to London and surrounds. Our Directors in London are well represented on the International market. Bill McClintock serves as Chairman of the Ombudsman for all British Agents.

The Directors of Fine and Country Cape Town

We are fortunate to have Linda Erasmus, the CEO of Fine and Country South Africa, also as a director of our Cape Town office. Linda is a lady who knows the property business inside out. In November 2003 she shared the stage with Dr Andrew Golding in London when she received the 4 star Platinum Award for Best South African Agent at the Prestigious Bentley Awards. After a whopping success and a couple of national and international awards she sold her multimillion businesses early in 2005 and signed a groundbreaking franchise deal with Fine & Country – the unique branded alliance of leading independent estate agents that has taken the prestige property market in the UK by storm. We are confident that Linda’s expertise and experience combined with the various strengths of fellow directors Philip Pienaar and Philip Meyer shall provide a solid base from, which the Cape Town Fine and Country office in association with Capsol can operate.

Philip Meyer philipm@capsol.co.za Philip Meyer, co-partner of Capsol and now also a Director of Fine and Country Cape Town.

Philip Pienaar philipp@capsol.co.za B. Juris LAW Philip Pienaar, co-partner of Capsol and now also Managing Director of Fine and Country Cape Town.

Fine and Country in South Africa! On the national front - Fine and Country South Africa have had a very successful first year in South Africa in 2005, herewith are some of the achievements to date: A prestigious head office established in Sandton, Johannesburg, launch events in Johannesburg and Cape Town, over 25 offices established in South Africa, 4 international exhibitions, utilizing top end marketing material from the top end producers in the United Kingdom, brand awareness serving to new levels with small exhibitions done by individual licensees, several press releases including National newspapers etc. In short Fine and Country has firmly established itself as a serious brand of serious estate agents wishing to make a serious impact on the most lucrative sector of the Property market in the UK and SA. Fine&Country SA will be running an exhibition from the 24th and 25th of March at the Fine & Country headquarters in the UK. This prestigious event will start in the morning, and will be running all the way through to the evenings. Advertising for this exhibition will be taking place in the UK, the "Daily Telegraph" and "Sunday Times". There will be representatives from all over the UK and of course South Africa. We will have staff at hand to help any prospective investor with all his requirements in the property game. Property owners/ representatives please contact us, so we can further promote your property accordingly.

b) Developments regards Capsol/Fine & Country Property Sales Team

We would also like to welcome as from 1 February 2006 Mr. Rodney Forrest and Ms. Lana Herman as Estate Agents to our Cape Town office, and we are sure that the already established successful team shall only be enhanced by their involvement/contribution.

Lana Herman:

Lana moved to the Mother City about 3,5 years ago after working at the Hilton Hotel in Munich, Germany, for 3 years.She started her career in Cape Town as a manager at one of the leading restaurants at the V&A Waterfront and later on as a manager at a 4* guest house in Green Point. Before joining Fine & Country Real Estate, Lana worked for Seeff Properties for 15 months, assisting a team in selling properties in the Green Point and Mouille Point areas. Lana is fluent in German (mother-tongue), Serbo-Croatian (second mother-tongue) and English, which she learnt when traveling through various countries e.g. Australia, New Zealand, Thailand, Indonesia, Mexico etc. Therefore Lana can be of great assistance to our overseas clients.

Lana Herman capetownagents@fineandcountry.co.za

Rodney Forrest:

Rodney has 15 years experience in the Property Industry - nine of which was with the Wakefield Real Estate Organization main branch in Durban.He later became sales manager for the Spanish based Ocean Estates International Office in South Africa. He is also an accredited tour guide who has run his own property investment and tour operating company focusing on foreign/overseas investors.

Rodney Forrest capetownagents@fineandcountry.co.za

P.S. As from 6 March 2006, also a special welcome to Ms Volente Bertotti who has joined our sales team as well!

c) Opportunity to join our Sales team!

We are continuously looking to expand our Sales division/team and if you want to join a team where our dedication is in unity and we all strive to build a company we invite you to please email your full CV and a letter of motivation to Philip Pienaar at the following email address capetown@fineandcountry.co.za We are specifically looking at making an appointment for the lucrative Clifton; Camps Bay and surrounding areas before the end of March 2006; however agents looking at selling from Hout Bay including the entire Atlantic Seaboard and City Bowl / Waterfront are welcome to forward their CV - the emphasize is on quality not quantity and specific goals to establish a base of experienced agents that are not just skilled in property but are entrepreneurs in there own right!

d) Some of Our Properties for Sale:

nap linen&decor Shop B4 a Mainstream Centre Hout Bay ,Cape Town, South Africa Tel: +27 (0) 21 790 1478 Mobile: 082 556 9992 summer-t@iafrica.com