AIMS PROPERTY SECURITIES FUND — Net Asset Value 2008

Dec 17, 2008

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18 December 2008

ASX Code : MPS SGX Code : MacCookPSF

Exchange Announcement

MacarthurCook Property Securities Fund – December 2008 Quarter Distribution and Monthly Portfolio Update

1. Overview

Economic and market conditions remain very challenging, with the fallout from the global credit crisis seeing increasing numbers of listed and unlisted property trusts reducing distributions as sustainable operating cash flows come under pressure. Many unlisted property trusts are also suspending redemption facilities.

In this context, the Responsible Entity for your Fund needs to respond to movements in the market place and in underlying distribution practices to ensure the Fund remains well positioned to weather the difficult conditions.

The following update on the Fund and distributions is provided for your information.

2. Unaudited NTA Position as at 28 November 2008

The Unaudited Net Tangible Asset Value (NTA) as at 28 November 2008 (after management and other fees) is as follows:

	ASX	SGX
NTA per unit1 MPS unit price2 % discount to NTA	A$0.655 A$0.180 72.5	S$0.6623 S$0.175 73.5

1. The above NTA figures are an estimate by the Responsible Entity based on the available information from each underlying investment. THEY MAY NOT REPRESENT THE ACTUAL VALUE OF THE UNDERLYING INVESTMENTS AND SHOULD NOT BE RELIED UPON. The Responsible Entity takes no responsibility for any reliance placed on the above NTA figures by any person and accepts no liability for any loss that may arise in connection with any such reliance.

2. Security priced at last sale price.

3. Based on AUD/SGD Exchange Rate of $0.9907, as at 28 November 2008.

M a c a r t h u r C o o k L i m i t e d A B N 6 4 0 0 9 1 1 0 4 6 3 A u s t r a l i a n S t o c k E x c h a n g e C o d e : M C K M a c a r t h u r C o o k I n v e s t m e n t M a n a g e r s L i m i t e d A B N 4 5 0 9 9 0 5 4 0 7 4 S E C L i c e n c e N o : 80166388 M a c a r t h u r C o o k F u n d M a n a g e m e n t L i m i t e d A B N 7 9 0 0 4 9 5 6 5 5 8 A F S L i c e n c e N o : 2 5 8 0 5 2 L e v e l 4 , 3 0 C o l l i n s S t r e e t , M e l b o u r n e V i c t o r i a 3 0 0 0 T e l e p h o n e ( 0 3 ) 9 6 6 0 4 5 5 5 F a c s i m i l e ( 0 3 ) 9 6 3 9 1 4 4 0

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3. Asset Allocation: Underlying Geographic, Sector and Asset Exposure

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As at 28 November 2008 your Fund was invested in 44 different listed and unlisted property funds and was widely diversified across a number of geographic locations, sectors and managers.

Geographic, Sector and Asset Exposure (by % of Fund Investments)

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Exposure to underlying assets located offshore reduced during November, with offshore assets now comprising less than 25% of the Fund’s underlying geographic exposure.

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November saw exposure to the office sector increase slightly and exposure to industrial fall by 2%.

Largest 10 Investments by Value (by Managers)

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16.0% 1 4.0%
14.0% 12.1%
12.0% 10.0%
9.1%
% 10.0% 8.3% 7.8%
8.0% 5.3% 5.2% 5.1% 4.7%
6.0%
4.0%
2.0%
0.0%
Reed Orchard APN MABMacarthurCook Investa Austgrowth Mirvac Centro Over Fifty
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4. Current Borrowings and Debt Strategy

The Fund’s borrowings have been progressively reduced to $50 million over recent months.

The Manager will be seeking to strengthen the Fund’s balance sheet by further reducing debt where proceeds are realised from investments in unlisted trusts and syndicates, with a further debt reduction planned before 31 December 2008.

5. Revised Distribution for the Quarter ended 31 December 2008

A number of the funds in which your Fund has invested have announced reductions or suspension of distributions as challenging conditions persist and funds revise their distribution policies to reflect sustainable operating profit positions.

In the current climate it is important that the Manager takes measures to strengthen your Fund’s balance sheet, and accordingly it has been determined that the distribution amount for the quarter

ended 31 December 2008 be 1.0 Australian cent per unit. The distribution amount for the quarter is essentially consistent with the anticipated earnings expected to be received from the underlying investments during this period. The Singaporean distribution amount will be determined based on the AUD/SGD exchange rate on or around the 8[th] business day following quarter end.

The Manager will take into account the condition of financial markets, forecast distribution income from the Fund’s investments and the balance sheet position of the Fund, prior to determination of the March 2009 and June 2009 distributions.

The following details apply for the quarter ending 31 December 2008.

• Ex-Date Tuesday, 23 December 2008.

• Record date Wednesday, 31 December 2008.

• Payment date Thursday, 22 January 2009.

6. Distribution Reinvestment Plan

The Distribution Reinvestment Plan (DRP) will be in operation for this distribution for unitholders on the Australian register.

The Issue Price will be at a 2.5% discount to the average of the volume weighted average market price of units on the Australian Securities Exchange for the 10 business days preceding the record date (31 December 2008) and will rank equally with existing units on issue.

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The initial public offering of the units in the capital of MacarthurCook Property Securities Fund in Singapore was sponsored by Oversea-Chinese Banking Corporation Limited, however the bank assumes no responsibility for the contents of this announcement.

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For further information, contact:

Warren Boothman Head of Institutional Business Ph: +61 3 9660 4555

About MacarthurCook:

MacarthurCook Limited (MCK) is an Australian Securities Exchange (ASX) 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 A$1.45 billion on behalf of over 23,000 investors as at 30 June 2008. MacarthurCook is a quality endorsed company (ISO 9001:2000 international standard accreditation), and is the investment manager for a number of funds including: MacarthurCook Industrial REIT, MacarthurCook Industrial Property Fund, MacarthurCook Mortgage Fund, Advance Mortgage Fund, MacarthurCook Property Securities Fund, Advance Property Securities Fund, RMR Asia Pacific Real Estate Fund and the RMR Asia Real Estate Fund.

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

In 2005, 2006, 2007 and 2008, BRW magazine named MacarthurCook as one of Australia’s fastest-growing companies in its Fast 100 list.