ciy end due diligence on mfs..not going ahead

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ASX / MEDIA RELEASE FEBRUARY 27, 2008
CITY PACIFIC ENDS MFS DUE DILIGENCE
City Pacific Limited (CIY) has ended due diligence of certain assets owned or
controlled by MFS Limited’s financial services business, including the MFS Premium
Income Fund.
City Pacific CEO Phil Sullivan said the Board of City Pacific has resolved that it will
not make an offer for any assets owned by MFS Limited’s financial services
business.
“After considering the merits of any proposed transaction, the Board has determined
that it would not be in the best interests of City Pacific shareholders or investors to
proceed,” he said.
City Pacific stands behind the strength of the City Pacific First Mortgage Fund model
and its success which is driven by the company’s ability to lend to the right
developments secured by a first registered mortgage over real property in Australia.
All discussions between the parties have ceased.
City Pacific confirms that it has no current financial exposure either as an investor or
lender to any member of the MFS Limited Group.
CITY PACIFIC LIMITED
Phil Sullivan
Managing Director & CEO