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4 January 2010

Asset Review
of the Pacific First Mortgage Fund

We are pleased to provide you with a confidential summary of the Asset Review (Report) undertaken by BalmainTRILOGY in respect of the Pacific First Mortgage Fund (Fund and formally known as the City Pacific First Mortgage Fund).

The Report provides further detail of the Fund’s assets according to capital type, location, security type, security location, borrower status, maturity status, etc. The properties have also been categorised according to recommended short, medium, and long term recovery strategies.

We are also happy to announce that the first meeting of the Investor Committee (Committee), comprising an independent Chairperson, Mr Ken Atchison, 4 Balmain Trilogy representatives and 10 representatives of the unitholders held its first meeting on 18 December 2009.

At this meeting the Committee was presented with a detailed review of each asset of the Fund. The Committee was also advised of BalmainTRILOGY’s proposed strategy to ‘renovate’ the Fund which includes providing individual unitholderswith a choice as to their participation in the future of the Fund. The Investor Committee, which has an important consultative and advisory role, will be issuing a statement early in the New Year in respect of its first meeting.

Performing a review of the Fund has been a complex and time consuming process. Regrettably it has taken longer to produce the Report than could reasonably have been foreseen. We would like to thank the unitholders for their patience and understanding and assure them that BalmainTRILOGY have followed an extensive and diligent review process.

We will continue to keep investors updated with as much information as possible regarding the ongoing management of the Fund. Amongst other things, in 2010 we will continue to provide regular Fund updates on the BalmainTRILOGY web site, as well as a mailing out Fund newsletters.