Capital Increase

Off-Plan Fund Limited (The)
17 April 2007


For Immediate Release                                       17 April 2007



                           The Off-plan Fund Limited


            Capital increase and agreement with the Consensus Group


Highlights

   •20% increase in issued shares

   •Issue price 95p per new share

   •Issue reserved for Elsina Limited

   •Co-investment and co-operation envisaged

   •Funds to be used to finance strong deal pipeline


Details


The board of The Off-plan Fund Limited ('the Fund'), which specialises in the
provision of forward finance to UK house builders, is pleased to announce of the
issue of a further 1,858,850 shares at a price of £0.95p per share - a 20%
increase in the number of issued shares. The issue price compares with the
end-December 2006 Red Book NAV* of £0.87p and the current share price of £0.84p.
The issue price represents a 5% discount to the estimated Red Book NAV after the
completion of the recently announced Tring and Hayes deals (100.4p).


The issue is exclusively to Elsina Limited ('Elsina'), under advice from its
duly appointed investment advisors Consensus Business Group Limited ('CBG').
Elsina is ultimately owned by Investec Trust (Guernsey) Limited, as Trustees for
the Tchenguiz Family Trust.


Following the capital increase the number of shares in issue will be 11,153,108,
with the interest of Elsina increased from its current 4.3% to 20.25% of the
expanded capital base.


The proceeds of the issue will be used to finance the Fund's strong investment
pipeline.


CBG will be offered the opportunity to nominate an additional director for
appointment to the Fund's board.


The Fund and CBG have further agreed to use their reasonable commercial
endeavours to enhance co-operation between the two companies in order to further
their joint and separate property interests. Co-investment opportunities will be
considered, potentially enabling the Fund to undertake larger deals than in the
past.


Application has been made for the new shares to be admitted to trading on AIM.
It is expected that admission to AIM will become effective, and dealings in such
new shares will commence, on 18 April 2007.



The chairman of The Off-plan Fund, Graham Berry, said:


'We are delighted that an investor of the calibre and expertise of the Consensus
Business Group has recommended the increase of Elsina's shareholding in the Fund
and we look forward to welcoming a representative of the group to the board. We
have identified a number of complimentary areas of activity with the Consensus
Business Group's involvement in mortgage provision, estate agency and ground
rents and their offering of broadband, intercoms and security systems will
enhance the service we can offer to prospective purchasers and provide
developers with the opportunity to improve their offering in relation to the
balance of the market. We look forward to developing a long and close
relationship with the group.'


List of Contacts

Development Capital Management (020 7355 7600)
Roger Hornett
Andrew Gardiner


Numis Securities (020 7776 1500)
Hugh Jonathan
Charles Farquhar


Buchanan Communications (020 7466 5000)
Charles Ryland
Isabel Podda



* The nature of the Fund's investments mean that, under current accounting
standards, the discounts to market value  achieved by the Fund cannot be
recognised in the reported balance sheet. The Fund therefore obtains an
independent 'Red  Book' valuation of the assets within the property portfolio in
order that shareholders can identify this additional  value. The Red Book is the
Asset Valuation Practice and Guidance Notes of the Royal Institution of
Chartered Surveyors  and is the industry standard method for valuing investment
properties.





Notes to Editors:


   •The Fund is managed by Development Capital Management (Jersey) Limited


   •Successfully floated on AIM on 12 December 2005 the Fund raised a further
    £6.8m increasing the total assets to £8.6m.


   •The Fund provides a form of mezzanine finance through the acquisition of
    UK residential property, sold forward by developers as a means of securing
    better debt finance. The Fund then looks to sell the properties prior to
    completion. By utilising only the deposit and purchasing at a discount, the
    investment becomes highly geared, as do the potential returns.


   •Working with a number of developers, the Manager has been reviewing sites
    at the earliest stages of development. This approach allows the Fund to act
    as a strategic partner, building a relationship with the developer
    throughout the construction and marketing process and also enabling the Fund
    to make investments on terms that may otherwise not have been achieved.










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