AIMS PROPERTY SECURITIES FUND — Capital/Financing Update 2007

Oct 21, 2007

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22 October 2007

ASX Code : MPS SGX Code : MacCookPSF

Announcement

MacarthurCook Property Securities Fund (ARSN 111 442 150)

Cleansing Notice (Secondary Sale) in connection with Renounceable Rights Issue

MacarthurCook Fund Management Limited (ABN 79 004 956 558) ("MacarthurCook"), in its capacity as the responsible entity of the MacarthurCook Property Securities Fund ("Fund"), is lodging a Cleansing Notice (Secondary Sale) under section 1012DA(5)(e) of the Corporations Act in connection with its 1 for 3 renounceable rights issue ("Rights Issue") as referred to in the announcements dated 11 September 2007 and 25 September 2007.

As referred to in our announcement earlier today 30,648,607 fully paid ordinary units in the Fund have now been issued pursuant the Rights Issue. The attached Cleansing Notice (Secondary Sale) has been lodged as the ordinary units were not issued pursuant to a product disclosure statement.

Signed for and on behalf of MacarthurCook:

Mr Craig Dunstan Managing Director

About MacarthurCook:

MacarthurCook Limited (MCK) is an Australian Securities Exchange listed company with offices in Australia and Singapore, specialising in the investment management of direct property, real estate securities and mortgage assets.

MacarthurCook manages approximately $A1.5 billion on behalf of over 25,000 investors. The ISO accredited organisation is the investment manager for thirteen funds including: MacarthurCook Industrial REIT, MacarthurCook Industrial Property Fund, MacarthurCook Office Property Trust, MacarthurCook Retail Property Trust, MacarthurCook Diversified Property Income Fund, MacarthurCook Mortgage Fund, Advance Mortgage Fund, MacarthurCook Property Securities Fund, MacarthurCook Asian Real Estate Securities Fund, Advance Property Securities Fund, RMR Asia Pacific Real Estate Fund and RMR Asia Real Estate Fund.

The MacarthurCook Property Securities Fund is listed on the Australian Securities Exchange and the Singapore Securities Exchange. The MacarthurCook Asian Real Estate Securities Fund is listed on the Australian Securities Exchange. The MacarthurCook Industrial REIT is listed on the Singapore Securities Exchange. The RMR Asia Pacific Real Estate Fund and RMR Asia Real Estate Fund are listed on the American Stock Exchange.

The Company has approximately 1,000 shareholders, the largest of which are Ascalon Capital Managers Limited, an associate of the St George Banking Group with about 18 per cent, and MacarthurCook directors and senior executives, who hold 15 per cent.

In 2005 and 2006 BRW magazine named MacarthurCook as one of Australia’s fastest-growing companies in its Fast 100 list

MacarthurCook Property Securities Fund (ARSN 111 442 150)

Cleansing Notice under section 1012DA(5)(e) of the Corporations Act 2001 (Cth)

MacarthurCook Fund Management Limited (ABN 79 004 956 558) ("MacarthurCook"), in its capacity as the responsible entity of the MacarthurCook Property Securities Fund ("Fund"), has raised capital for the Fund through a 1 for 3 renounceable rights issue ("Rights Issue") to existing Australian, New Zealand and Singaporean unitholders in the Fund ("Unit holders").

The offer period under the Rights Issue closed on Monday, 15 October 2007. Below are the details of the Rights Issue.

Details of the Rights Issue

Nature of the Rights Issue	Renounceable 1 for 3 rights issue
Class of units	Fully paid ordinary units
ASX Code of the units	MPS
SGX Code of the units	MacCookPSF
Date of issue of the units	Friday, 19 October 2007
under the Rights Issue
Number of units issued	30,648,607 fully paid ordinary units , listed on the ASX and
under the Rights Issue	SGX
(including units issued in
accordance with the
underwriting agreement,
see below)
Issue price1	AUD$1.05 per Unit for 26,980,984 fully paid ordinary units
	and SGD$1.32 per Unit for 3,667,623 fully paid ordinary
	units (at the election of the accepting Unit holder)
Issue Proceeds2	$A32,039,812.78
Partial underwriting of	MacarthurCook (in its personal capacity) agreed to
shortfall in subscriptions	underwrite any shortfall in the number of ordinary units
	subscribed for as compared to the maximum number of
	ordinary units to be issued under the Rights Issue
	(48,651,499) up to a maximum of 4,761,905 ordinary units.
	The material terms of the underwriting agreement are set
	out in section 5.1 of the Rights Issue Document dated 12
	September 2007.
	Pursuant to the underwriting agreement, MacarthurCook
	(in its personal capacity) has been issued 4,761,905
	ordinary units in the Fund at an issue price of A$1.05.

1 The issue price in Singapore dollars was calculated based on $A/S$ exchange rate of 1.2610 2 Assuming an $A/$S exchange rate of 1.3050

Other information

1. This notice is given pursuant to section 1012DA(5)(e) of the Corporations Act 2001 (Cth) (" the Act ").

2. MacarthurCook has issued units under the Rights Issue without a product disclosure statement being prepared.

3. As at the date of this notice, MacarthurCook confirms that:

the Fund, as a disclosing entity, is subject to regular reporting and disclosure obligations;

• the Fund has complied with its financial reporting and auditing obligations under Chapter 2M of the Act and its continuous disclosure obligations under section 674 of the Act as they apply to the Fund; and

there is no "excluded information" (as defined in section 1012DA(7) and (8) of the Act).