MacarthurCook Property Securities Fund (the “Fund”)

(A Registered Managed Investment Scheme under the Corporations Act 2001 (Commonwealth of Australia)

Background

MacarthurCook Property Securities Fund (the “Fund”) is a diversified, listed property fund that invests in a range of listed property trusts, unlisted property trusts and listed property-related companies registered in Australia. It was established with the aim of providing investors with a diversified property-based investment offering a stable level of income with the opportunity for long term capital growth.

The Fund is managed by MacarthurCook Fund Management Limited, a subsidiary of MacarthurCook Limited, a specialist international real estate investment manager.

As at 30 June 2006, the Fund had investments in over 46 funds managed by more than 27 specialist real estate investment managers with more than 1,200 underlying properties under management across office, retail and industrial sectors as well as “non-traditional” sectors like healthcare and childcare. Properties owned by the funds in which the Fund invests are located in Australia, the United States, Europe and New Zealand.

The Fund is a registered Managed Investment Scheme in Australia and has been listed on the Australian Stock Exchange since 17 December 2004.