UPDATE TO SHAREHOLDERS For personal use only - ASX · UPDATE TO SHAREHOLDERS . ... Paul Williams. Robbie Brothers. Paul de Chazal. Ian Egan. Nik Hoexter. Conrad Maher. Bart de Boer.

ASX: CVI NASD OTCBB: CTVWF FSE: C4Z ASX / MEDIA RELEASE June 18, 2008

UPDATE TO SHAREHOLDERS CityView is pleased to present its June Update to Shareholders on the recent progress of the Company. In addition to the annexed Shareholder Update, a comprehensive analysis of CityView’s present underlying value has been carried out by the Caplin analyst team (“the Caplin Report”). Price Waterhouse Coopers have reviewed the Caplin Report and their review has been posted today on the Company’s website www.cityviewcorp.com.

Mark Smyth Chief Executive Officer

Level 9, 28 The Esplanade, Perth, Western Australia, 6000 PO Box 5643 St George’s Terrace, Perth, Western Australia, 6831

Telephone: (61-8) 9226 4788 Facsimile: (61-8) 9226 4799 Email: [email protected] Web: www.cityviewcorp.com

ABN: 59 009 235 634 ACN: 009 235 634

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Shareholder UpdateJune, 2008

Website: www.cityviewcorp.comEmail: [email protected]

ASX: CVI NASD: CTVWFFSE: C4Z

This presentation may contain references to assumptions, representations, estimates, budgets and forecast outcomes that are uncertain by the nature of the business and no assurance can be given by CityView Corporation Ltd. that its expectations, estimates, budgets and forecast outcomes will be achieved.Actual results may vary materially from those expressed herein.

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Capital StructureShares on Issue (ASX : CVI)(OTCBB : CTVWF)(FSE : C4Z)

Total:

Options on issue:(15c / Nov 2009)

May Share Placement: Facility Available: Funding Programme:

438,033,895

96,550,403

Aus $16.65mUS $100.00mUS $1.1 billion

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Share Trading VolumesJuly 2007:August 2007:September 2007:October 2007:November 2007:December 2007:January 2008:February 2008:March 2008:April 2008:May 2008:

86,543,834350,419,066138,239,682243,682,785223,785,163122,091,785105,575,453102,308,787141,420,90064,361,369

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Commodity BasketThrough its excellent connections in West Africa and experienced management, CityView has accumulated a valuable commodity portfolio of oil, copper, gold, diamonds and rare earths.

CityView's strategy is to secure Government endorsed legal title to key resources in Africa and upgrade them to bankable feasibility/ productionfor the minimum dilution of CityView's share capital

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Why Commodity Basket is increasing in valueOil: Consumption of oil today is 32 billion barrels per annum but oil industry is only finding 5-7 billion barrels a year.

Gold: Current gold production is approx. 78 million ounces per annum but new gold discoveries are around 20 million ounces a year.

Copper: The BRIC economies Brazil, Russia, India and China are in a metals-intensive stage of rapid development, particularly the urbanisation of China.

Diamonds: Rough diamonds are in increasingly short supply, but demand in China is rising steadily. After 2011 the supply side declines sharply as 3 major mines (Ekati in Canada, Udachinaya in Russia and Venetia in South Africa) start to fade.

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ManagementChairman:

CEO:

Company Secretary:

Non Exec Directors:

Advisory Board:

Angolan to be appointed

Mark Smyth

Paul Williams

Robbie BrothersPaul de ChazalIan EganNik Hoexter

Conrad MaherBart de BoerDavid BooteKevin SylvesterLeith Wale

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Management ExperienceMark Smyth: Selection Trust, AustraliaPaul Williams: General Gold Resources, Australia, MauritaniaRobbie Brothers: Wheelock Marden, Hong KongPaul de Chazal: Simmons & Simmons, LondonNik Hoexter: Selection Trust/BP, British Gas, LondonIan Egan: BHP AustraliaConrad Maher: Occidental Petroleum, USABart de Boer: Occidental Petroleum, USADavid Boote: Occidental Petroleum, USAKevin Sylvester: Phillips Petroleum, USALeith Wale: Nopco, Germany

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The story so far - 2006March:

Mark Smyth accepts position of CEO of CityView, a technically insolvent company listed on ASX.

May:CityView's pays off all debts and changes focus from Indonesia to Angola.

July:CityView acquires 30% working interest in the Longonjo metals & Ucua beryllium projects in Angola.

November: CityView links up with Angolan partners to negotiate for oil contracts in Angola.

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The story so far - 2007September:

CityView confirms extensive mineralisation at its Catabola prospect in the Longonjo licence.

October: CityView acquires right to purchase 100% of Petro Energy Africa Ltd.

November: CityView increases its working interest in Longonjo and Ucua to 79% (55.3% net equity).

December: CityView acquires interest in Fortitude Minerals Limited, the holder of seven concession areas in Angola.

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The story so far - 2008February:

Four Angolan offshore oil interests offered to CityView CityView acquires option over oil refinery for West Africa.

March: CityView agrees to fast-track production at Luachisse and Nhefo alluvial diamond concession.CityView transfers its Longonjo and Ucua interests to Fortitude Minerals Limited and becomes its majorshareholder

May: CityView negotiates US$1.1 billion finance plan withPensador Resources Inc.F

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Why Angola?After 26 years war Angola has become a good place in which to do business

Angola's sovereign risk rating has risen to 3 tier range

"Angola is low hanging fruit": Jim Rogers fund manager.

Angola has overtaken Nigeria as the second largest oil producer:current oil production almost two million barrels of oil per day.

Angola has proven oil reserves of 9 billion barrels, with potential forfurther large discoveries.

Angola has favorable tax breaks and working conditions.

Population approx. 12.5 million.

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Projects & Prospects1. Zenza/Dondo copper licence – 747 sq km

2. Cachoeiras copper licence – 3615 sq km

3. Benguela copper licence – 3943 sq km

4. Benguela SW copper licence – 355 sq km

5. Bentiabe copper licence – 183 sq km

6. Ucua gold/beryllium licence – 1369 sq km

7. Chipindo gold licence – 1433 sq km

8. Longonjo copper/gold rare earths licence – 3750 sq km

9. Longonjo diamond licence – 3000 sq km

10. Luachisse diamond concession – 2700 sq km

11. Nhefo diamond concession – 3280 sq km

12. Offshore oil concessions – 15841 sq km

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Pensador Resources Inc.Pensador is in the final stages of securing underwriting of approx US$1.1 billion to fund the work programme.

The major shareholders of Pensador (most of whom areAngolan) have agreed to exchange their Pensador shares for CityView shares when called upon by CityView (“the claw-back”).

Upon exercise of the “claw-back” option over Pensador Sharesand the merger of Pensador with CityView, CityView will be the surviving holding company.

With the Angolans becoming the major shareholders ofCityView, they will have a vested interest in ensuringCityView’s success.

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Work Program: USD$1.1 billionThe funds available through the Pensador funding will be allocated towards the development of the following projects:-

To bring Cachoeiras copper project to a JORC compliance resource and then into commercial production. Also to continue exploration on the other four copper concessions held by Fortitude Minerals Limited (“Fortitude”) in Angola;

To bring the Luachisse and Nhefo alluvial diamond concessions into production;

To construct and commission in West Africa a 100,000 barrels of oil per day refinery, with a guaranteed oil supply and off-take for its refined products;

To participate in the development of four Offshore Oil Permits in Angola;

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Work Program: USD$1.1 billion (cont)To establish an Angolan energy fund for the development of onshore oil and gas deposits in Angola.

To develop a JORC compliant resource at the Longonjo copper/gold rare earths project;

To develop a JORC compliant resource at the Chipindo gold project;

To continue exploration at the Ucua pegmatite project;

To conduct initial exploration and development work on the Luachisse and Nhefo diamondiferous kimberlites and the Longonjo diamond area;

To invest in other opportunities in Angola including iron ore.

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Angola Metals

CityView's metals portfolio are held through Fortitude Minerals Limited which controls nine concession areas totalingmore than 18,000 square kilometres of prime mineralised areas in Angola.

CityView owns approx. 40.5% of Fortitude. Fortitude's Board comprises Ian Egan (CityView), Nik Hoexter (CityView) and Chris Page. The remainder of the shares in Fortitude will beAcquired by Pensador.

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Fortitude - Project LicencesLicense Percentage Area

Copper:

Gold: Carbonatite: Diamonds: Pegmatite:

Cachoeiras de Binga Zenza Dondo Benguela Benguela South West Bentiabe

Chipindo Longonjo Minerals Longonjo Diamonds Ucua

80% 3,615 sq km70% 747 sq km70% 3,943 sq km80% 355 sq km80% 183 sq km

60% 1,433 sq km70% 3,760 sq km38% 3,000 sq km70% 1,369 sq km_______________

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Fortitude - Metals PortfolioFive copper licences running for several hundred kilometres along the western seaboard of Angola and encompass the greater part of the Upper Cuvo formation, where Copper mineralisation has been reported along its entire length. It has the potential to be a new copper province.

Included amongst the copper licences is Cachoeiras de Binga on which over 6,000 metres of core has been drilled.

Fortitude's immediate objective is to bring this resource to a bankable feasibility so that production can commence.

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Fortitude - Metals Portfolio (cont)Chipindo Gold licence area with high gold grades reported in artisinal workings. Its geology is similar to the Minas Gerais gold area of Brazil and to the Kalgoorlie region of Western Australia.

Longonjo copper-gold-rare earths licence area containing Catabola and Longonjo Carbonatite.

At Catabola copper and iron oxide mineralisation has been identified over a 1.6 kilometre strike. A major drilling programme is now in progress.

At Longonjo Carbonatite niobium, tantalum and uranium minerals have been identified.

Longonjo diamond licence ultimately to be transferred to CityView's diamond portfolio.

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Diamond ConcessionsCityView has converted its rights into a 10% NPI of Canzar’spercentage share of Luachisse and Nhefo alluvial diamond concessions.

Production on these concessions is planned to begin in 2009 with a 200 tonnes per hour production plant installed on eachconcession area.

Canzar’s Percentage Area

Luachisse 41% 2700 km²Nhefo 42% 3280 km²

Pensador is taking over Canzar, so that the full percentage ownedby Canzar will be owned ultimately by CityView.

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Angola Oil - Onshore / OffshoreEXISTING OFFSHORE OIL PERMITS

CityView/Pensador have been offered participation in four offshore blocks by Falcon Oil (6/06, 15/06, 17/06 & 18/06). Negotiations are in progress on the level of participation

ONSHORE OIL PERMITS

The majority of onshore Kwanza Basin blocks have been reserved for Angolan companies. CityView is assistingin the establishment of an Angolan Energy Fund for thedevelopment of these onshore oil and gas deposits. F

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RefineryCityView/Pensador have acquired an option to purchase an Oil Refinery with a potential capacity of 100,000 bpd.

West and Southern Africa do not have enough refinery capacity. This situation is forecast to continue. The Ivory Coast refinery is export oriented but with limited capacity. The four Nigerian refineries run at less than 50% of installed capacity. Much of the fuel consumed in West Africa has to be imported from Europe. Consequently refined products are in short supply and very expensive.

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SummaryEmerging from decades of war, Angola is finally open for business. It is currently the fastest growing economy in Africa.

Whilst recognised for its oil and diamonds wealth, it is also minerals rich, with many areas yet to see any form of modern exploration.

CityView has excellent connections there and a strong and experienced management with a good mix of technical and financial skills

Joint ventures with powerful African groups.

High grade projects in oil, copper, gold, diamonds and rare earths.

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Summary - MetalsMetals: (Licence areas - more than 18,000 square km)

Cachoeiras (Cu)

Zenza (cu)

Benguela SW (Cu)

Bentiabe (Cu)

Ucua (Au, Be)

Chipindo (Au)

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Summary - Diamonds

Longonjo Diamonds

Luachisse alluvial diamond concession

Nhefo alluvial diamond concession

Luachisse and Nhefo kimberlite concessions

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Summary - Oil & Gas

Offshore Angola - Four permits under offer

Onshore permits in Angola Energy Fund

Refinery under option

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CameroonCityView has acquired the right to purchase 100% of Petro EnergyAfrica Ltd (“Petro”)

Negotiations for concession rights in Cameroon to be awarded to Petro have commenced.

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Luanda Port, Angola

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