AIMS PROPERTY SECURITIES FUND — M&A Activity 2011

Jun 2, 2011

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03 June 2011

ASX Code : MPS SGX Code: MacCookPSF

MacarthurCook Property Securities Fund (MPS) – Proposed Merger of P-REIT and MPS

You may have recently seen a public announcement released to the Australian Securities Exchange (ASX) on 25 May 2011 in relation to a merger proposal of P-REIT and MPS sent to each of the directors of MacarthurCook Funds Management Limited (MCFM), as Responsible Entity of MacarthurCook Property Securities Fund (Directors), from Stuart Brown, Chief Executive Officer of BlackWall Property Funds Limited (BlackWall), as responsible entity of P-REIT, formerly RP Trust.

The Directors have considered the merger proposal of 2 P-REIT Units for every 3 MPS Units (Merger Ratio) and have decided not to accept the merger proposal for the following reasons:

1. the Merger Ratio proposed by BlackWall does not properly reflect the relative net tangible asset per unit of P-REIT and MPS;

2. as P-REIT is not an ASX listed entity, the Directors believe it is not possible to assess the proper value of P-REIT or the appropriateness of the Merger Ratio, except to note that it seems to significantly undervalue MPS Units;

3. As previously advised, MCFM, as Responsible Entity of MPS, currently has proceedings in the Supreme Court of New South Wales against BlackWall under which damages of approximately $18 million are being sought. The Directors believe that there is a good prospect of success in the legal proceedings and we are vigorously pursuing recovery of the amount claimed. As such, the Directors believe that any Merger ratio must take into account these legal proceeding and the damages of approximately $18 million which are being sought;

4. the merger proposal does not address the impact of the potential related party transactions, referred to on page 11 of the P-REIT Replacement Product Disclosure Statement, which were not approved by P-REIT unitholders and materially affect the Merger Ratio.

MacarthurCook Group MacarthurCook Fund Management Limited ABN 79 004 956 558 AFS Licence No: 258052 MacarthurCook Investment Managers Limited ABN 45 099 054 074 Licence No: 225357 SEC No: 801-66388 MacarthurCook Real Estate Funds Limited ABN 32 126 766 167 AFSL No: 318261

Head Office Sydney: Level 16, Central Square 323 Castlereagh Street, Sydney NSW 2000 Australia PO Box K222 Haymarket NSW 1240 Australia Client Services: 1300 655 197, 1300 362 117 Fax: +612 9281 7611 Melbourne Office: Level 9, 350 Collins Street, Melbourne Victoria 3000 Australia PO Box 28 Flinders Lane VIC 8009 Australia Email: mail@macarthurcook.com.au Website: www.macarthurcook.com.au

Sydney Melbourne Beijing Shanghai Tianjin Guangzhou Hong Kong Singapore

The Directors wish to advise unitholders in MPS that they are not required to take any action in relation to the proposed merger. Should you have any questions regarding this, please do not hesitate to contact the Fund Manager on (02) 9217-2729 or 0400 384 418.

Yours sincerely,

Moni An

Company Secretary MacarthurCook Fund Management Limited Ph: +61 2 9217 2756

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About MacarthurCook:

MacarthurCook Fund Management Limited (MacarthurCook) is a wholly owned subsidiary of the AIMS Financial Group (AIMS), which specialises in the investment management of direct property, real estate securities and mortgage assets.

MacarthurCook and AIMS manage over A$1.5 billion on behalf of over 20,000 Investors/borrowers as at 21 December 2010 and are the investment managers for CWH Australia Trust, MacarthurCook Office Property Trust, MacarthurCook Mortgage Fund, Advance Mortgage Fund, MacarthurCook Property Securities Fund, Advance Property Securities Fund and the RMR Asia Pacific Real Estate Fund. AIMS also manages, in a joint-venture arrangement with AMP Capital, the AIMS-AMP Capital Industrial REIT in Singapore.

The MacarthurCook Property Securities Fund is listed on the ASX and the Singapore Exchange. The AIMS-AMP Capital Industrial REIT is listed on the Singapore Exchange. The RMR Asia Pacific Real Estate Fund is listed on the New York Stock Exchange.

About AIMS Financial Group:

Established in 1991, AIMS Financial Group is an Australian company with a solid track record and enviable reputation in the mortgage and securitisation markets. It has expanded to become an international financial group focusing on funds management, real estate investment, securitisation and mortgage lending.

AIMS is a 100% Australian owned business that has operated in Australia for nearly 20 years. AIMS started in Australia with only two staff and today have in excess of 100 staff in Australia. AIMS has been very active in introducing international investors into the Australian real estate market. During this time AIMS has attracted significant investment in Australian direct property from its international clients. Since 1999, AIMS has raised directly and indirectly approximately A$3 billion in funds from the Australian capital markets, with most of the RMBS (Residential Mortgage Backed Securities) rated AAA by both Standard & Poor’s and Fitch Ratings.

With offices across Australia and China and highly qualified, professional and experienced cross-cultural teams, AIMS Financial Group bridges the gap between Australia and China in various markets, especially in real estate, resources, technology, infrastructure, banking and financial services.

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