city pac the short, page-5

Milken, as a holder of CIY I thank you for the time and effort you have obviously taken in researching and contructing your post.

Whilst I do not agree with all of your comments they nonetheless make for another point of view.

A couple of other issues of particular interest:

* Directors have acknowledged the presentation of their accounts makes for difficult analysis and this will be addressed in their next results, to be released shortly.

* They have just announced they are still looking at some of the MFS assets. I suggest this will (still) be via a new placement of CIY shares. I they do proceed then obviously management must be very sure of getting the new issue away with no probs. Also, they will probably pick up the assets at a fire sale price.

For better or worse I do not share your pessimism and see them continuing their unbroken track record of profit growth.

Time will tell!!