AIMS PROPERTY SECURITIES FUND — Net Asset Value 2009

Feb 12, 2009

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13 February 2009

ASX Code : MPS SGX Code : MacCookPSF

Exchange Announcement

MacarthurCook Property Securities Fund – January 2009 Monthly Portfolio Update

1. Market Capitalisation

	As at 31 January 2009	A$19.66 million S$25.92 million

2. Unaudited NTA Position as at 31 January 2009

	ASX	SGX
NTA per unit1 MPS unit price2 % discount to NTA	A$0.54 A$0.11 79.7	S$0.563 S$0.15 74.3

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 $0.9625, as at 31 January 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, including underlying Geographic, Sector & Investment Manager Exposure

Asset Allocation

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Real Estate
Investment Trusts
Unlisted Property
(REITs) incl. BSX
Funds, 90.3%
Entities, 9.7%
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The percentage exposure to unlisted property funds increased during the month, primarily as a result of further weakness in the REIT sector during the period. Whilst the Fund’s investment in REITs was also impacted, we are pleased to note that our investment in REITs outperformed the S&P/ASX A-REIT 200 Index in January.

Geographic Allocation

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WA, 3.9%ACT, 6.9%
SA, 5.5% Tasmania, 1.0%
Europe, 10.4%
NSW, 17.6%
USA, 7.8%
Asia, 5.7%
NZ, 1.4%
Queensland, 18.5%
Victoria, 21.3%
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The major changes for the month resulted from valuation rather than portfolio changes.

Sector Allocation

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Industrial, 15.2%
Healthcare, 4.0%
Retail, 29.9%
Childcare, 4.9%
Hotel, 4.0%
Carpark/Service
Centre, 2.9%
Other, 0.8%
Residential
(Retirement), 1.8%
Office, 36.5%
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Changes in the value of the portfolio resulted in an increased exposure towards Office, Industrial and the Retirement sectors, whilst exposure to the Retail, Childcare and Healthcare sectors reduced.

Largest 10 Investments by Value (by Managers)

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16.0% 1 4.5%
14.0% 12.1%
12.0% 10.1% 10.0%
% 10.0% 7.2%
8.0% 5.7% 5.6% 5.5% 5.0%
6.0% 4.2%
4.0%
2.0%
0.0%
Reed Orchard MAB APN Investa MirvacMacarthurCook Over Fifty Centro Austgrowth
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As at 31 January 2009, the Fund was invested in 41 different property funds across 21 different fund managers.

4. Strategy and Investment Sector Overview

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

January 2009 saw the A-REIT sector down nearly 10% for the month, on the back of further capital raisings that were conducted by a number of REITs. Whilst the A-REIT sector is showing good value and has priced in significant downside risk, the continuation of tight lending conditions, depreciating valuations and equity issuance and the potential for further distribution reductions by underlying funds will remain the key challenges in 2009.

For further information, contact:

MacarthurCook Fund Management 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 (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 $A1.45 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 range 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.