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8 July 2009

WEB UPDATE

BalmainTRILOGY remain committed.

Firstly we confirm the declared result of the members meeting held on 25 June 2009 is as follows:

	Number	% of Vote	% of issued Capital
Votes cast 'For' the motion	482,131,341	87%	54%
Votes cast 'Against' the motion	69,822,740	13%	8%
TOTAL VOTES CAST	551,954,081	100%	62%
The resolution was carried as an Extraordinary resolution

Since that meeting City Pacific has continued its Federal Court proceedings in an attempt to invalidate that meeting and reverse the members decision to replace them with BalmainTrilogy.

Importantly all members should be aware that the Federal Court will be hearing the matter on Monday, 13 July 2009 and a final decision is expected after what looks like a four day case.

The Federal Court also made orders last Monday, 6 July 2009 which are summarized as follows:

1. City Pacific is not to undertake any material transaction without first giving BalmainTrilogy five days notice in writing;
2. City Pacific will not recover any of its legal costs incurred in the proceedings after 25 June 2009 from the Fund;
3. City Pacific will not earn management fees in excess of an amount fixed by the Court as reasonable remuneration and expenses payable to a person in the position of a defacto trustee.
4. City Pacific to allow a BalmainTrilogy executive access the books and records at City Pacific's offices for the purposes of consultation on the day to day administration of the Fund.
5. The matter is set down for trial for four days commencing on 13 July 2009.

ASIC registered Trilogy Funds Management Limited as the responsible entity of your Fund on Tuesday, 7 July 2009.

We remain committed to ensuring that the overwhelming desire of members to replace City Pacific's regime with professional, independent and un-conflicted management of their Fund will be realized. We will not let City Pacific's desperate attempts to frustrate the members demonstrated desires deflect us from our endeavours to deliver on our mandate.

We respectfully ask that you remain patient for the next few weeks as the Federal Court hears and deliberates on the proceedings. We are confident that 'right is might'. Your voice will be heard and we will deliver on our commitments to you, the members.