INTERVIEW WITH MARK SMYTH, CHIEF EXECUTIVE OFFICER OF CITYVIEW CORPORATION LIMITED (CVI)

“CityView Acquires Oil Refinery”

http://www.brr.com.au/event/49524

MONDAY, AUGUST 18, 2008, 2:00 PM.

            BRR    Good afternoon and welcome to Boardroom Radio. Today, we are speaking with Mr. Mark Smyth, Executive Director and CEO of CityView Corporation

10                    Limited. Thanks for joining us today, Mark.

            CVI      Greetings, Eddie.

            BRR    Mark, we see you have made an announcement today relating to CityView's acquisition of a refinery. Can you tell us a bit more about this?

15        CVI      Eddie, we have already stated that part of our roadmap is to construct and commission a 100,000 barrels of oil per day refinery in West Africa with a guaranteed oil supply and offtake of the refined products. Today's announcement shows that we are moving forward in fulfilling this objective. Initially, we will start small with 50,000 barrels of oil per day and then build it

20                    up to the required 100,000 barrels of oil per day with further expansions later on. The lack of a refinery capacity in West Africa and Southern Africa is chronic and this situation is forecasted to continue. Much of the fuel consumed in West Africa has to be imported from Europe, resulting in refined products to be in short supply and very expensive. CityView’s refinery will

25                    help to alleviate the situation, and of course, this will generate a strong cash flow for the shareholders. One further point, Eddie, I have been asked why the refinery will be acquired in the name of CityView rather than Pensador. The answer is very simple. We want to avoid confusion in Africa. As you know, Pensador is a funding vehicle which will be acquired by CityView. The

30                    Africans are not interested in the semantics. They just want to know who will be the owner. The funding will, of course, still come from the sources already organized by Pensador. There is no change in the overall Pensador funding plan.

35        BRR    Mark, does the recent fall in commodity prices impact on CityView in any way?

            CVI      The answer is that it has no impact at all. When you say that prices have fallen, it should be noted that they have come back from an all-time high. Even though they have fallen, they are still extremely high. There is an

40                    unprecedented demand for commodities from the new middle class which is being created at a rapid pace. It is estimated that each year around the world, over 75 million people are entering the new middle class category of incomes between $6,000 and $30,000, and this situation will continue for many years. Millions of newly wealthy people are being created in Asia and the Middle

45                    East and Eastern Europe and Latin America. This unprecedented massive rise of a new middle class will ensure continued strong demand for all commodities.

            BRR    Just lastly, Mark, what is the next step on CityView's roadmap?

            CVI      The answer is, of course, the completion of Pensador's funding of the projects. This is what everyone is waiting for. It is not easy to get financiers to focus in August. They are all enjoying their summer holidays in the Mediterranean or in the Hamptons. However, they will be back in action in

5                      September and there will be a major push to get this whole financing closed off.

            BRR    Mark, certainly some promising news coming out of CityView there. We thank you for your time and we look forward to speaking to you soon.

10        CVI      Thank you, Eddie.

            BRR    That was Mark Smyth, Executive Director and CEO of CityView Corporation Limited. If you have any questions about this broadcast or any other broadcast, please feel free to contact us on brr@brr.com.au. I am Eddie

15                    (Inaudible) (0:03:47) and thank you for listening to Boardroom Radio.

INTERVIEW CONCLUDED

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