AIMS PROPERTY SECURITIES FUND — Net Asset Value 2009

Apr 16, 2009

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17 April 2009

ASX Code : MPS SGX Code : MacCookPSF

Exchange Announcement

MacarthurCook Property Securities Fund – Monthly Portfolio Update

1. Market Capitalisation

	As at 31 March 2009	A$10.90 million S$13.22 million

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

2. Unaudited NTA Position as at 31 March 2009

The unaudited Net Tangible Asset Value (NTA) as at 31 March 2009 (after management and other fees) is as follows:

	ASX	SGX
NTA per unit1 MPS unit price2 % discount to NTA	A$0.5169 A$0.065 87.42	S$0.54413 S$0.075 86.22

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 $1.0527, as at 31 March 2009.

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

E m a i l m a i l @ m a c a r t h u r c o o k . c o m . a u W e b s i t e w w w . m a c a r t h u r c o o k . c o m . a u

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

Asset Allocation

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Unlisted Property Real Estate
Funds, 92.6% Investment Trusts
(REITS) incl. BSX
Entities, 7.4%
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The exposure to unlisted property funds increased during the month, primarily as a result of selling the Fund’s interest in the listed Mirvac Industrial Trust during March.

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

Geographic Allocation

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WA, 3.4% ACT, 7.6%
SA, 5.9%
Tasmania, 0.8%
Europe, 9.4%
NSW, 17.8%
USA, 8.2%
Asia, 4.2%
NZ, 1.9%
Queensland, 19.4%
Victoria, 21.4%
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The major change to the geographic asset allocation was a reduction in the exposure to offshore property trusts following the Fund selling its holding in Mirvac Industrial Trust, which owns US industrial property.

Sector Allocation

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Industrial, 12.5%
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Healthcare, 4.4%
Retail, 30.2%
Childcare, 5.4%
Hotel, 4.2%
Carpark/Service
Centre, 3.2%
Other, 0.4%
Residential
(Retirement), 1.9%
Office, 37.8%
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The weighting to industrial property reduced during the period. Correspondingly, the exposure to both the retail and the office sectors increased marginally, reflecting relative reweightings.

Largest 10 Investments by Value (by Managers)

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20.0%
15.3%
15.0% 12.7%
10.6%
% 8.5%
10.0% 7.0%
5.9% 5.8% 5.3% 4.7% 4.0%
5.0%
0.0%
Reed Orchard MAB APN Investa Elderslie Over Fifty CentroMacarthurCook MPG
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As at 31 March 2009, the Fund was invested in 38 different property funds across 20 different investment managers. Exposure to Elderslie increased as a result of its acquisition of the Domaine Fund Management business from Mirvac.

4. Current Borrowings

The Fund’s borrowings have been progressively reduced to $44.5 million over recent months. No further debt was repaid during March.

5. Strategy and Investment Sector Overview

The Responsible Entity will be continuing to seek to further reduce debt where proceeds are realised, in particular from investments in unlisted trusts and syndicates. This will correspondingly reduce the weighting to unlisted property vehicles and increase the weighting to domestic and offshore REITs (or listed property trusts) which in the current environment offer more attractive long-term prospects and better relative value than most unlisted property funds.

The A-REIT sector continues to show good long term value albeit in the short term, sentiment, volatility and a scarcity of equity and debt continue to work against it. The sector rebounded strongly after reaching new lows earlier in March to remain relatively unchanged by month-end. The continuation of tight lending conditions and the impact of depreciating valuations will remain the key challenges in 2009. An easing in the supply of credit should see further improvement in

A-REIT pricing, in particular, as the market has essentially been pricing in no chance of A-REITs being able to successfully roll-over their debt maturities.

6. Distribution for the Quarter ended 31 March 2009

The Responsible Entity continues to be involved in discussions with the Fund’s bank regarding the extension of its banking facility, which expires on 15 May 2009. As a result, the Responsible Entity believes it is prudent to continue to defer a decision on a distribution for the March quarter 2009 until these discussions are concluded.

For further information, contact:

Mario Saccoccio Warren Boothman Fund Manager Head of Institutional Business Ph: +61 3 9660 4555 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$1.3 billion on behalf of over 22,000 investors as at 31 December 2008. 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 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.