AIMS PROPERTY SECURITIES FUND — Net Asset Value 2008

Jul 28, 2008

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29 July 2008

ASX Code : MPS SGX Code : MacCookPSF

Exchange Announcement

MacarthurCook Property Securities Fund – June 2008 Monthly Portfolio Update

Market Capitalisation

	As at 30 June 2008	A$66.7 million S$86.9 million

Unaudited Net Tangible Asset Value (NTA) as at 30 June 2008

(after management and other fees)

	ASX	SGX
NTA per unit1 MPS unit price2 % discount to NTA	A$0.7826 A$0.375 52.1	S$1.023 S$0.6653 34.8

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. The Responsible Entity has received updated valuation information from its underlying investments equating to approximately 60% of the value of the Fund. The valuation of the remaining underlying investments, equating to approximately 40% of the value of the Fund, is based on the last reported NTA figures from those underlying investments, which may not necessarily be current. The final audited NTA figure for 30 June 2008 may therefore change, and may potentially change materially, due to updated valuations conducted by third parties after the date of this notice.

2. Security priced at last sale price

3. Based on AUD/SGD Exchange Rate of $1.3035, as at the end of June 2008

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

Geographic Allocation

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Europe, 10.1% USA, 10.6%
SA, 5.4%
NSW, 18.8%
WA, 4.9%
ACT, 4.4%
Asia, 4.1%
Tasmania, 1.3%
NZ, 1.1%
Queensland, 15.1%
Victoria, 24.1%
Sector Allocation
Industrial, 14.0%
Retail, 30.7% Healthcare, 4.1%
Childcare, 5.7%
Carpark/Service
Centre, 2.4%
Hotel, 3.3%
Other, 1.0%
Residential
(Retirement), 2.1%
Office, 36.7%
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Asset Allocation

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Listed Property,
11.6%
Unlisted Property,
88.4%
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Top 10 Investments (by Managers)

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14.0% 1 1.6% 11.2%
12.0% 10.1%
9.4%
% 10.0%8.0% 8.0% 7.5% 7.0%
6.0% 4.4% 3.8%
2.9%
4.0%
2.0%
0.0%
MacarthurCook Orchard APN Reed MAB Investa Mirvac Over Fifty Centro Macquarie
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The Fund is currently invested in 55 different property funds.

Real Estate Sector

Industrial property

Australian industrial property has performed strongly over recent years; however, since early 2008 business confidence has fallen due to the world credit crunch. Higher interest rates have resulted in a flattening of industrial sales activity and a general weakening in investment yields, but to a lesser extent in Western Australia and Queensland. However, increasing rental levels due to fixed percentage increases in leases have mitigated the weakening in investment yields.

The Perth and Brisbane markets are expected to be the stronger performing markets driven by robust demand as a result of strong state economies and the resources demand, especially from China.

Office property

Underpinned by firm domestic demand, increased migration, rising commodity prices and employment growth the Australian office sector remains robust. The office sector is exhibiting strong fundamentals including low vacancies, firm demand and limited speculative short term supply.

Office vacancy levels are effectively zero in Perth and Brisbane given the expansion in office space requirements on the back of their respective strong economies, fueled by the resources sector. Perth has less proposed and approved supply than Brisbane going forward.

From this juncture, Sydney is displaying superior growth prospects given low forecast supply, however this will be curbed to a degree given the downturn in global markets, which may negatively impact the space demanded within the city centre.

Retail property

The retail sector is expected to remain sound and deliver a robust performance for premium assets despite negative retail sales growth domestically in April, which has prompted the onset of mid-year sales a month or two earlier than usual.

Rising petrol and mortgage rates are having a substantial negative impact on the consumer with evidence also emerging that retailers in the major shopping destinations are beginning to fall behind on their rental payments.

We note that currently the supermarket-based centres are outperforming the centres which have a large exposure to discretionary spending.

Investment Outlook

The current market environment and investor appetite is placing a far greater requirement on property fund managers to more actively manage their debt and lower the overall debt levels. In addition, distributions from property funds will have to increasingly match maintainable earnings.

The pending reporting season is anticipated to see REITs in the sector, who haven’t already done so, provide further earnings guidance going forward, as well as amending their distribution policies. The end of reporting season could be the base from which the REIT sector can again grow from.

Historically, sales and acquisitions of commercial property usually peak in the last quarter of the calendar year. This will provide more tangible evidence of changes in valuations resulting from the recent credit crisis. This should provide property fund managers and investors with more confidence as to the true value of real estate going forward.

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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:

MacarthurCook Limited Mario Saccoccio Sue-Lyn Yeoh Fund Manager Investor Relations Manager Ph: +61 3 9660 4555 + 65 6309 1054

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. MacarthurCook is a quality endorsed company (ISO 9001:2000 international standard accreditation), and is the investment manager for: 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, RMR Asia Real Estate Fund and the Kinloch Emerging Markets Property Securities 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 and the MacarthurCook Industrial Property Fund are 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.

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