AIMS PROPERTY SECURITIES FUND — M&A Activity 2011

May 24, 2011

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25 May 2011

ASX Code : MPS SGX Code: MacCookPSF

FOR IMMEDIATE RELEASE

The directors of MacarthurCook Funds Management Limited ( MCFM ) as responsible entity of MacarthurCook Property Securities Fund ( MPS ) have today received a letter which proposes a merger of MPS and P-REIT, an unlisted property trust, currently under the management of BlackWall Property Funds ( BlackWall ).

This proposal is incomplete and on terms which do not address a number of material issues which will affect the valuation of both MPS and P-REIT. In particular, MCFM, as responsible entity of MPS, currently has proceedings in the Supreme Court of New South Wales No 2010/117253 ( Proceedings ) against RFML, both in its capacity as responsible entity of P-REIT and in its personal capacity, under which aggregate damages of approximately $18 million are being sought. The directors of MCFM believe that there are good prospects of success in the Proceedings and as previously advised to the market, will be vigorously pursuing recovery of the amount claimed. In its proposal, BlackWall refers to merger discussions. Those discussions have occurred, but have focussed on proposals to settle the Proceedings. The current proposal does not appear to attribute reasonable value to the Proceedings and would therefore result in an unfavourable settlement of the Proceedings for MPS if a merger was to proceed on the terms of the proposal. The proposal contemplates an exchange of units on a 3:2 ratio between MPS and P-REIT, however as P-REIT is not listed it is not possible, in the opinion of the directors and having regard to all circumstances, to assess the proper value of P-REIT or the appropriateness of the ratio except to note that it seems to significantly undervalue the units in MPS.

The directors of MCFM are also concerned by the P-REIT Replacement Product Disclosure Statement dated 2 May 2011 ( P-REIT PDS ) which has been lodged with ASIC. The directors of MCFM consider that the P-REIT PDS is misleading in several material respects. As a unitholder in P-REIT, MCFM, as responsible entity of MPS, has raised its concerns with ASIC. In

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

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

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addition, as part of a proposed listing of P-REIT on ASX, RFML has purported to amend the P-REIT constitution by Seventh Supplementary Deed dated 14 April 2011 without seeking unitholder approval.

MCFM, as responsible entity of MPS, has commenced proceedings in the Supreme Court of New South Wales No 2011/161420 objecting to this amendment (and another P-REIT constitutional amendment) on the basis that they adversely affect unitholder rights and seeking declarations that the amendments have no effect.

In light of these concerns, the directors consider that the proposal from BlackWall is incomplete and unitholders in MPS should therefore take no action at this time, pending further advice from the board of MCFM. The directors will continue to assess all options to improve value for MPS unitholders and will update investors with any material information.

Yours sincerely,

Moni An

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

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 the MacarthurCook Industrial Property Fund, 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.