AIMS PROPERTY SECURITIES FUND — Net Asset Value 2009

Jan 13, 2009

==> picture [153 x 36] intentionally omitted <==

==> picture [153 x 36] intentionally omitted <==

14 January 2009

ASX Code : MPS

SGX Code : MacCookPSF

Exchange Announcement MacarthurCook Property Securities Fund – December 2008 Monthly Portfolio Update

1. Market Capitalisation

	As at 31 December 2008	A$25.03 million S$24.90 million

2. Unaudited NTA Position as at 31 December 2008

	ASX	SGX
NTA per unit1 MPS unit price2 % discount to NTA	A$0.6279 A$0.14 77.7	S$0.62473 S$0.16 74.4

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 $1.0051, as at 31 December 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 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 Exposure

Asset Allocation

==> picture [342 x 153] intentionally omitted <==

----- Start of picture text -----

Listed Property
Entities (incl. BSX-
Unlisted Property
Listed Entities),
Funds, 89.7%
10.3%
----- End of picture text -----

Exposure to unlisted property funds was reduced during the period. However, the overall percentage exposure remained similar to the previous period due to the reduced value of REITs during the month.

==> picture [181 x 17] intentionally omitted <==

----- Start of picture text -----

Geographic Allocation
----- End of picture text -----

==> picture [260 x 174] intentionally omitted <==

----- Start of picture text -----

WA, 4.5% ACT, 7.6%
Tasmania, 1.0%
SA, 5.5%
Europe, 11.0%
NSW, 17.5%
USA, 7.3%
Asia, 5.3%
NZ, 1.5%
Queensland, 18.4%
Victoria, 20.4%
----- End of picture text -----

As a result of the Manager redeeming a number of investments during December, exposure to WA and NSW was reduced.

Page 2 of 4

==> picture [276 x 191] intentionally omitted <==

----- Start of picture text -----

Sector Allocation
Industrial, 15.0%
Retail, 31.0% Healthcare, 5.7%
Childcare, 5.2%
Hotel, 3.9%
Carpark/Service
Centre, 2.5%
Other, 0.6%
Residential
(Retirement), 0.1%
Office, 36.0%
----- End of picture text -----

During the period, the exposure to the retail and office sectors increased, whilst the investments in industrial property fell. This primarily resulted from pricing movements in the value of REIT exposures, as opposed to the sell-downs conducted during the month.

Largest 10 Investments by Value (by Managers)

==> picture [448 x 146] intentionally omitted <==

----- Start of picture text -----

16.0% 1 4.8%
12.7%
14.0%
12.0% 10.5% 9.6%
% 10.0% 7.3%
8.0% 6.6% 6.5%
6.0% 5.0% 4.5% 4.0%
4.0%
2.0%
0.0%
Reed Orchard APN MABMacarthurCook Investa Mirvac Over Fifty Centro Austgrowth
----- End of picture text -----

As at 31 December 2008, the Fund was invested in 41 different property funds.

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 long-term prospects and better relative value than some unlisted property funds.

Consistent with this, during the month the Manager announced that it was able to redeem investments in ING Real Estate Direct Office Fund and its preferred equity investment in APGF’s Diversified Property Fund. This allowed the Manager to use the proceeds from these redemptions of $4.5 million to reduce debt to $45.5 million. This equates to a 27% loan-to-value ratio as at 30 December 2008.

Page 3 of 4

December 2008 saw the A-REIT sector down over 10% for the month, on the back of further capital raisings that were conducted within the REIT sector and further cuts/suspensions in distributions being announced. Whilst the A-REIT sector is showing value, the continuation of tight lending conditions and the impact of depreciating valuations will remain the main 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.

Page 4 of 4