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First Ernie Els & PGA Golf Management Deal for Courses in Cape Verde

Cape Verde Development Announces Exclusive Deal with Ernie Els & PGA Golf Management to Design and Manage Golf Courses on the Islands of Sao Vicente and Sal

WENTWORTH, ENGLAND - May 24, 2006 - Cape Verde Development, the leading provider of superior quality properties in Cape Verde, has announced today that as part of its overall resort development strategy it has signed an exclusive deal with world renowned golf champion Ernie Els and PGA Golf Management to develop, market and operate golf courses and related facilities on Sal and Sao Vicente. Part of the nine island archipelago of Cape Verde, these islands sit in a very stable and desirable climate (22° - 29°) south of the Canaries, at the crossroads of Europe, South Africa and America.

Three-time major winner (1994 and 1997 US Open and 2002 Open Championship), Ernie has become one of golf's most influential players and is widely recognised for his willingness to participate in tournaments around the world, reflecting the global nature of the sport. This philosophy makes Ernie the perfect designer of the courses in Cape Verde, which will be the first golf courses constructed on these stunning, tropical islands.

"Ernie Els Design has already been involved with courses in the US, China, the Caribbean, South Africa, England and Ireland, and I think that we have proven our ability to produce outstanding courses," Ernie said. "We have strived to take advantage of the unique features of each location, which is why I'm so excited about Cape Verde. These islands are truly beautiful and quite distinctive. I look forward for example to finding a way to blend the austerity of Monte Verde and the magnificence of the Atlantic Ocean, which will sit on either side of the courses we will design as part of 'Baia Das Gatas Beach, Spa and Golf Resort' on Sao Vicente."

Two of the courses will be constructed on the island of Sao Vincente as part of the Baia Das Gatas Resort, which will launch to investors early 2007. The other two will be integrated with the developments already under construction by Cape Verde Development in Murdeira on the island of Sal.

Speaking about the developments which will surround the courses and the company's choice of Ernie Els, Tom Sheehy, founder and director of Cape Verde Development said, "At Murdeira Beach Resort and Paradise Beach we have designed residences to the highest specification, and have included everything our clients want in a modern resort, including bars, cafés, shops and sports and entertainment facilities. It's our attention to detail and quality that has drawn clients to our developments. Our constant focus on quality also led us to Ernie Els when we sought a golf course designer for Murdeira and Baia Das Gatas. We are pleased to be working with him and we look forward to announcing more details about the developments and the courses later this year."

Els' senior designer Greg Letsche has already inspected the proposed sites and was overwhelmed by the scale and scenic beauty of the locations. He believes that this project presents a fantastic opportunity to develop a series of top quality golf courses which will put Cape Verde on the map as a desirable international Golf destination.

The courses which will be designed to incorporate ocean front locations, dramatic hills and the variety of landscapes that the different islands present will offer both an exciting experience for the discerning golfer and an interesting and relaxing vista for those more content to relax in Cape Verde Development's thoughtful and luxurious resorts.

"Golf is a global game, and players on every corner of the earth are looking for exciting new golf experiences and destinations. The stunning islands of Cape Verde will certainly provide this," added Sandy Jones, Chief Executive of the PGA. "I am delighted PGA Golf Management will be working with Ernie Els and the developers to ensure the long term success for Cape Verde"

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