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

“Update for Oil Refinery in West Africa”

http://www.brr.com.au/event/51516

FRIDAY, SEPTEMBER 12, 2008, 3:15 PM.

            BRR    Good afternoon and welcome to Boardroomradio. Today we’re talking with Mark Smyth, CEO at CitiView. Good afternoon, Mark, thanks for joining me

10                    today

            CVI      Good afternoon, Tom.

            BRR    Mark, your announcement yesterday about acquiring your refinery is very significant. Can you give us some background information on how this arose?

15        CVI      Tom, the West African Coast is a hot spot for the international oil industry. We spent a lot of time working out the best way for CitiView to participate in the phenomenal opportunities of this region. Onshore and offshore productions have great potential, but it takes ages to get one’s capital back. We started thinking that there must be a better way to have a (inaudible) (00:00:40) and

20                    then the solution hit us like a thunderbolt. Where are the refineries?  But then it appeared to be very many. Millions of barrels of crude oil are being produced every day. We’ve practically all of it being shipped overseas and the Africans having to buy back for refined products at phenomenal cost. The desperate need for refineries is so obvious that we couldn’t understand why

25                    others weren’t doing it.

                        Anyway, having done our homework, we took the plunge and have secured a suitable refinery for West African crude oils. We must be on the right track as now everyone seems to want our refinery. We’ve done the transaction

30                    through Hart Energy Group of Austria and that professionalism has been outstanding, and we’re looking forward to a long-term relationship with them.

            BRR    Mark, how long will it take before CitiView can generate cash flow from the refinery?

35        CVI      Tom, as announced by the Hart Energy Group, it is anticipated that the refinery will be up and running by the first half of 2010. This is far quicker than relying on the cash flow from oil production. We’re living in interesting times through the thought that the 150-year-old bank like Lehman Brothers would implode. Cash is now king and their refinery is a great river of cash. We’ll

40                    start with 50,000 barrels of oil per today, and then increase it to 100,000 barrels per day. Interestingly, we’ve already been asked if we can expand to 200,000 barrels of oil per day to meet the chronic shortage, however, one step at a time.

45        BRR    Okay, and how have you arrived at a placement price of 20 cents per share when today’s market prices is half this figure?

            CVI      Tom, I believe that 20 cents is a very fair price. The price for the house report puts a value of over 40 cents on a CitiView share, and this does not include the refinery. Once all this market turmoil settles down, you’ll see the stock market rebound and 20 cents for CitiView share will be seen to be a bargain. The refinery, first of all, has to be approved by CitiView shareholders and the placement price must be a figure they agree with.

5          BRR    Mark, thanks for speaking with me today.

                        Listeners that was Mark Smyth, CEO at CitiView. If you have any questions for Mark or you’d like some more information about this broadcast, please email at brr@brr.com.au. I’m Tom McKay. Thanks for listening to

10                    Boardroomradio.

INTERVIEW CONCLUDED

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