Liquidity Offer Remains Open

03 September 2010

Morgan Stanley Special Situations Fund III (MS SSFIII) through its subsidiary Project Junior Pte Ltd (PJPL) has today advised that their liquidity offer to Pacific First Mortgage Fund Unitholders remains open. Whilst one of the Approval Conditions was the passing of Resolution 1, PJPL have confirmed that they are neither waiving the Approval Condition nor withdrawing the offer and PJPL will continue to leave the offer open, reserving its rights to withdraw the Offer, until the closing date of 30 September 2010. If the Approval Condition is not waived on the close of the Offer all acceptances will be void.

Neither Trilogy nor Balmain Trilogy recommends that Unitholders either accept or reject the PJPL offer. However, the Liquidity offer does provide unitholders with a choice to exit the Fund immediately. Balmain Trilogy advises Unitholders to seek professional financial advice if any aspect of the offer is unclear to them.