Falls Creek (Victoria), Australia (Tuesday, May 25, 2004) - MFS Group Limited (‘MFS’) is now the official owner of two of Australia’s premier ski resorts, Falls Creek and Mount Hotham.

In terms of a deal announced in March this year, MFS has now completed acquisition of Australian AlpineEnterprises Pty Ltd (AAE) and its subsidiaries.

This includes Falls Creek and Mt. Hotham ski businesses, Mt. Hotham Airport, Dinner Plain development land and other property at Falls Creek and Mt. Hotham.

This purchase brings MFS’s assets under management to over AUS$1.3 billion.

The Falls Creek and Mount Hotham ski resorts are amongst Australia’s most popular ski resorts, having a combined 26% share of the Australian market.

Phil Adams, Executive Chairman MFS said settling the deal just prior to the official start of the ski season in June is ideal.

“All existing management at AAE are being retained. There have been major recent investments in snowmaking and snow grooming infrastructure at the resorts, plus the new Drover’s Dream quad chair constructed at Falls Creek.

“We are confident the 2004 season will be an outstanding success with these improvements and early season bookings up by 100% compared to the same time last year,” said Adams.

With over 120 staff in Australia and New Zealand, MFS is a fast-growth, innovative Australian diversified financial services company which specialises in high yield property and income investments.