MSA-ASX Annual Report2007/09/18 · investors with an excellent vehicle for taking full advantage of the wonderful investment opportunities that Asia offers. The argument for investing

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18 September 2007 ASX Code : MSA

2007 Annual Report Please find attached a copy of the 2007 Annual Report for the MacarthurCook Asian Real Estate Securities Fund.

Ms Lee Ward Company Secretary MacarthurCook Limited Ph: +61 3 9660 4555

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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 more than $A1.5 billion on behalf of over 20,000 investors. The ISO accredited organisation is the investment manager for twelve funds including: MacarthurCook Industrial REIT, MacarthurCook Industrial Property Trust, 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 and RMR Asia Real Estate 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 is 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.

The Company has approximately 1,000 shareholders, the largest of which are Ascalon Capital Managers Limited, an associate of the St George Banking Group with about 18 per cent, and MacarthurCook directors and senior executives, who hold 15 per cent.

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

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MACARTHURCOOKASIAN REAL ESTATE SECURITIES FUNDASX code: MSAS

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CONTENTS

MacarthurCook Asian Real Estate Securities Fund 2007 Annual Report

01 Key Highlights 200703 Chairman’s Report07 Fund Manager’s Report10 Investment Approach13 Investment Portfolio18 Board of Directors21 Corporate Governance Statement

25 Financial Report48 Unitholder Information50 Investors’ Summary51 Securities Exchange

Announcements52 Financial Performance Summary53 Corporate Directory

INVESTORS BOTH IN AUSTRALIA AND OVERSEAS ARE EXPANDING THEIR HORIZONS, AND LOOKING GLOBALLY FOR INVESTMENT OPPORTUNITIES.

THE MACARTHURCOOK ASIAN REAL ESTATE SECURITIES FUND IS ANSWERING THE CHALLENGE, AND OFFERING INVESTORS EXPOSURE TO THE ENORMOUS POTENTIAL OF THE ASIAN REGION’S REAL ESTATE MARKETS.

CAN YOU SEE WHAT WE SEE?

About the FundThe MacarthurCook Asian Real Estate Securities Fund is designed to provide investors with the opportunity for long term capital growth, as well as income, from investing in a diversified portfolio of Asian real estate securities.

It is listed on the Australian Securities Exchange (ASX code: MSAS).

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Key HigHligHts 2007• Fund prospectus lodged with the AustrAliAn securities

And investments commission (Asic) on 21 FebruAry 2007

• A totAl oF $50,000,010 rAised during the Fund’s cApitAl rAising period

• units in the Fund commenced trAding on the AustrAliAn securities exchAnge (Asx) At 11.00Am on 11 April 2007

• Fund Assets hAve since been invested in A diversiFied portFolio oF AsiAn reAl estAte securities, Across the oFFice, retAil, residentiAl, industriAl And AccommodAtion reAl estAte sectors

01

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INDONESIA

CHINA

INDIA

THAILAND

MALAYSIA

THE PHILIPPINES

HONG KONG

TAIWAN

JAPAN

Bay of Bengal

Indian Ocean

Pacific Ocean

SINGAPORE

VIETNAM

SOUTH KOREA

02 macarthurcook Asian real estate securities Fund Annual Report 2007

• Provides access to real estate in Asia, the world’s fastest growing region in terms of year-on-year GDP growth

• Seeks to provide investors with long term capital growth as well as income

• Provides diversification by country (within the Asian region) and property sector

• Targets investment opportunities MacarthurCook considers likely to outperform the benchmark

A snapshot of the countries the Fund invests in:

MacarthurCook Asian Real Estate Securities Fund

Countries the Fund invests in are marked with green.

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Chairman’s Report

Expanding horizonsThe favourable outlook for Asian real estate has led to investors throughout the world seeking investment opportunities within this exciting region. The launch of the MacarthurCook Asian Real Estate Securities Fund (‘the Fund’) provides investors with an excellent vehicle for taking full advantage of the wonderful investment opportunities that Asia offers.

The argument for investing in the Asian real estate market is a compelling one due to a number of economic factors. Chief among these are:

• Asia is continuing to undergo extremely strong economic growth, with countries in the region experiencing some of the fastest GDP growth rates in the world. As at 30 June 2007, China’s year-on-year GDP growth was 11.9%. Similarly, as at 31 March 2007, India’s year-on-year GDP growth was 9.1%. These are extraordinarily high rates of growth.

• Similarly, Japan’s economic recovery is continuing to gain pace. Significantly, since the beginning of this recovery in 2002, Japan’s GDP growth has added one percentage point to regional growth per annum.

• Economic growth, particularly strong GDP growth, is recognised by economists as a key driver of real estate demand as a result of manufacturing growth, greater capital investment, increased commercial activity, and rising personal incomes and consumer spending.

• We expect that these and other related factors will increase demand for nearly all property types, and in turn lead to increased real estate and real estate securities valuations.

• Finally, and most importantly, real estate investment trust (REIT) laws are continuing to be adopted throughout the region, creating formal markets for the acquisition and disposal of real estate securities in a manner that is properly regulated.

Achievements to dateIn its relatively short life the Fund has achieved the following key milestones:

• The Fund’s prospectus was lodged with the Australian Securities and Investments Commission (ASIC) on 21 February 2007 and units in the Fund commenced trading on the Australian Securities Exchange (ASX) at 11.00am on 11 April 2007.

• During the capital raising period prior to the Fund’s listing on the ASX, a total of $50,000,010 was raised.

• Shortly after its listing on the ASX, the Fund invested the vast bulk of its assets (after allowing for the costs of the capital raising).

The Fund’s investment portfolio as at 30 June 2007 is detailed on pages 13 to 17 of this Report.

Mr Richard Haddock Independent Chairman

I am pleased to present this inaugural report for the MacarthurCook Asian Real Estate Securities Fund.

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Financial results The Fund has been in operation for less than three months and hence, it is difficult to make meaningful comment on the Fund’s financial performance to date.

Having said that, we are acutely aware that the Fund’s unit price has dropped from its original offer price of $1.00. This is largely the result of the impact of one-off establishment costs, as well as a softening in the Japanese real estate securities market which we expect to be short term in nature. Another factor has been the very recent strong appreciation of the Australian dollar against most international currencies, including the Japanese Yen.

We have taken positive steps to help nullify these short term impacts and these are outlined further in the Fund Manager’s report on page 7.

DistributionsThe Fund intends to make distributions each six months. Because of its relatively short life, the Fund did not make a distribution for the period ending 30 June 2007. As a result, the Fund’s first distribution will be made as at 31 December 2007.

By participating in the Fund’s Dividend Reinvestment Plan, unitholders can acquire additional units in the Fund at a current discount of up to 2.5% without brokerage or other transaction costs. The rules of the Plan are available on the MacarthurCook website.

ComplianceWe are dedicated to maintaining a high level of disclosure and consistently review all methods of communication to ensure that investors are kept informed of all aspects of their investment.

It is proposed that investor update meetings will be called annually to provide an opportunity for investors to meet with the Fund’s investment team, and to be updated on the Fund’s performance. Although there is no legal obligation to hold these meetings, we believe that it is an important part of investor communication.

The Fund operates in accordance with its Compliance Plan, Constitution and provisions of the Corporations Act and ASX Listing Rules.

The Fund is subject to a rigorous financial and compliance plan audit at the end of the financial year to ensure that internal systems and controls put in place by MacarthurCook comply with all relevant requirements.

This places a significant onus on MacarthurCook to be abreast of changes in regulatory and compliance matters. With this in mind, MacarthurCook has appointed a dedicated group of professionals in our Legal and Compliance team including our Head of Legal and Compliance, Compliance Manager, Legal and Compliance Assistant and Corporate Lawyer.

These roles are to ensure compliance by the Fund with the ASX Listing rules, the Corporations Act, and all associated policies and regulations in the markets in which we operate. We also utilise the services of compliance consultants in overseas markets.

As changes in law and policy take effect, so do our obligations. Accordingly, all MacarthurCook staff regularly receive training on their compliance responsibilities and are updated on changes that may affect their compliance reporting and monitoring. The Board of MacarthurCook also seeks external compliance advice where it is considered in the interests of unitholders to do so.

Our compliance obligations will continue to be treated with the utmost seriousness, to ensure that the rights of unitholders are protected.

In addition, MacarthurCook has achieved quality accreditation to the AS/NZS ISO 9001 international standard for the Mortgage, Direct Property, Real Estate Securities and Client Services areas of our business. Regular monitoring, analysing and testing of our systems, as required by the standard, ensures that a high level of productivity and quality is maintained and that the requirements of ISO9001:2000 are met as well as any statutory requirements.


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Staff and DirectorsDuring May 2007, Non-Executive Director Mr Phillip Anderson resigned from the Board of MacarthurCook and its investment management subsidiaries. Phillip served as a director for over three years and brought to MacarthurCook a depth of experience in both finance and the property industry. MacarthurCook has benefited enormously from his experience and wise counsel during a time of significant growth and international expansion, and I would like to thank him for his contribution.

Three new directors have recently been appointed to the Board of MacarthurCook Fund Management Limited, recognising MacarthurCook’s increased scale and complexity. Effective 1 September 2007, Mr Nick Basile was appointed a Non-Executive Director and effective 26 September 2007, Ms Jane Tongs and Mr Geoff Coffey will be appointed Independent Non-Executive Directors. Each has many years experience in the funds management and financial services sectors. We look forward to their respective contributions.

The past year has been one of significant activity and achievement for MacarthurCook Limited and its wholly-owned subsidiary MacarthurCook Fund Management Limited (the Responsible Entity for the MacarthurCook Asian Real Estate Securities Fund). This activity places extraordinary demands on the executives and staff of the Company which we take this opportunity to recognise. The Company now employs 40 professionals across the direct property, real estate securities and mortgage investment teams and the support teams of finance, operations, legal, compliance and distribution.

We thank all staff for their contribution during the year and look forward to further achievements.

richard haddock independent chairman

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strong FundAmentAls the Argument For investing in the AsiAn reAl estAte mArket is A compelling one, with the region continuing to undergo extremely strong economic growth.

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07

The Fund provides unitholders with exposure to a broad real estate portfolio diversified across the office, retail, residential, industrial and accommodation real estate sectors. The Fund is using a growth strategy involving investment in securities that own and develop high quality real estate in the dynamic and growing cities of Asia.

Asian real estate outlookEconomic growth in the Asian region remains strong and inflation is generally under control. Authorities have been raising interest rates in China and India in order to slow down high growth levels. These measures seem to be working in India, but not yet in China. Official interest rates are expected to rise in Japan over the long term as they are currently very low. However, weak consumer prices have stalled the tightening process, which has weakened the Yen.

Demand for office space in the financial centres of Tokyo, Hong Kong and Singapore has been very strong, particularly from the financial services sector. This has led to low vacancy levels and some of the highest rent levels seen in 10 years. Wage growth and low unemployment have resulted in rising consumer incomes and confidence. This supports retail sales and demand for residential property.

Strong exports from Japan, Korea and China have helped to revive the industrial real estate sector. The hotel sector is also buoyant, with strong occupancy and rising room rates.

Despite these positive economic signs, rising bond yields have dented investor sentiment and caused a reasonably significant correction in the Asian real estate securities markets in June 2007. However, we expect a stabilisation in the credit markets and a gradual recovery in real estate securities over the coming year.

Financial performanceThe Fund has only been in operation for less than three months and it is difficult to meaningfully analyse its performance over such a short time frame.

Nevertheless, we are very much aware that the Fund’s unit price has suffered a drop from its issue price of $1.00.

Two broad, macro-economic issues have largely been at work against the Fund’s investment returns over its early life. Firstly, real estate securities prices have declined in some of the countries where the Fund has invested, most notably in Japan. We are of the view that this softening is short term in nature. Secondly, the rise in the Australian dollar to a level not seen for 18 years has resulted in unrealised currency losses for some of the Fund’s investments, again particularly those in Japan.

Fund Manager’s Report

Mr Craig Turnbull Head of Real Estate Securities

The MacarthurCook Asian Real Estate Securities Fund (‘the Fund’) listed on the Australian Securities Exchange (ASX) on 11 April 2007, after issuing 50 million units at $1.00 each.

The Fund has since paid all establishment costs and made investments in a diversified portfolio of quality real estate companies and Real Estate Investment Trusts (REITs) located throughout the Asian region.F

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We have taken positive steps to help nullify these short term impacts. On 30 July 2007, we announced that the Fund would begin to gear its portfolio by up to 30% of net tangible assets so that it could take advantage of the recent depression in Asian real estate securities. In short, we see the softening price of some Asian real estate securities as a buying opportunity. We further announced the negotiation of a short term Yen debt facility which will provide the Fund with a partial hedge against Yen denominated securities.

We will continue to closely monitor the Fund’s performance and take active steps as outlined above, where we consider it prudent and appropriate.

The Fund’s financial performance to date does not properly reflect its long term potential. The establishment costs are one-off in nature and have been fully paid. The investment returns are expected to be positive in the long term, reflecting the high economic growth of the Asian region and rising real estate values.

DistributionsThe Fund intends to make distributions each six months. Because of its relatively short life, the Fund did not make a distribution for the period ending 30 June 2007. As a result, the Fund’s first distribution will be made as at 31 December 2007.

Income will include dividends and distributions received plus net realised gains from the investment portfolio.

Asset allocationThe Fund has built a sizeable, diversified portfolio across the Asian region and over a number of real estate sectors. The securities bought include both companies and REITs which hold property for the long term and companies that develop real estate for sale.

Country allocationThe Fund is diversified across seven countries from the Asian region. The largest allocation is to Japan at 37%. Japan is the second largest economy in the world and most of the Fund’s Japanese assets are centred on Tokyo, the largest city in the world with a population of 30 million. After a 15 year slump in the real estate market, values are rising as demand for property space recovers.

The second largest part of the Fund’s investment portfolio is Hong Kong, which represents 31% of Fund assets. Hong Kong is a major financial centre in Asia and acts as a gateway to China. Real estate markets here are enjoying a strong cyclical recovery from the impact of SARS (severe acute respiratory syndrome) and the technology bubble burst of a few years ago.

Singapore is the third biggest segment with 17%. Singapore is also acting as a hub for international companies seeking to do business in Asia and has one of the strongest real estate markets across the entire region.

China accounts for 7% of the Fund’s portfolio and offers great growth potential. The Fund’s Chinese investments are all listed on the Hong Kong and Singapore stock exchanges. These markets have a higher standard of disclosure than the local Chinese markets.

The Fund also has small investments in the developing real estate markets of Malaysia, the Philippines and India.

Sector allocationThe largest component of the Fund’s assets is the office sector. Due to strong demand and low vacancy rates, office rents are increasing rapidly in Singapore, India, Japan and Hong Kong. The securities that give the Fund its largest exposure to the office sector are investments in Hongkong Land, a leading property investment, management and development group with a major portfolio in Hong Kong and other property interests in Asia, and Nippon Building Fund, which has a large portfolio of office assets focused in central Tokyo.

The Fund’s retail sector exposure comes from specialist shopping centre owners such as LINK REIT in Hong Kong and Aeon Mall from Japan, as well as diversified companies with some retail assets.

Residential sector holdings similarly include specialist companies like Greentown China and Hopson Development in China, and SP Setia from Malaysia, as well as diversified stocks.

Fund Manager’s Report Continued

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The Fund holds industrial assets through its investment in MacarthurCook Industrial REIT (managed by a MacarthurCook subsidiary and listed on the Singapore Stock Exchange), and participates in the accommodation sector via Regal REIT, CDL Hospitality and Ascott Residential Trust.

Outlook for the FundAsian economies are performing well and continue to exhibit strong economic growth, led by China and India. This is leading to rising demand for real estate space in Asia as local firms expand and more international companies head to Asia to do business.

Rising personal income is resulting in retail sales growth and demand for new shopping centres.

The urbanisation process, where millions of people are moving to the large urban centres in countries like China and India, is creating enormous demand for new housing.

The Fund has constructed a portfolio of assets that will benefit from these trends. We expect that the Fund’s net asset value will grow as security prices rise, and we expect increasing income for the Fund as security distributions grow and trading opportunities arise.

craig turnbullhead of real estate securitiesF

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Investment process MacarthurCook’s investment research process is a combination of “top down” property sector analysis and detailed securities analysis. It is anticipated that the majority of the “value add” will be sourced from security selection.

Property sector research involves the examination and projection of demand and supply fundamentals for property sectors in all of the major cities of Asia. Factors analysed include:

• consumer income growth as a key factor in demand for residential real estate

• employment growth as an indicator of demand for office space

• volume of equity transactions to anticipate high end office demand

• retail sales and tourist numbers, which usually lead to retail rental growth

• industrial production and international trade as indicators of demand for industrial space, and

• new projects planned to anticipate future supply.

This analysis will lead to views on the most attractive real estate sectors in the region and areas that should be avoided due to excessive risk. Information sources will include:

• reports and analysis from leading real estate consultants

• government economic data

• real estate industry bodies

• reports from leading investment banks, and

• company data and discussions with company management.

Analysis of macro-economic factors such as interest rates, GDP, currency outlook and country policy issues will help to form the “top down” strategy of the Fund in regard to allocation of funds between countries.

Securities analysis starts with the initial screening of all available real estate securities within the Asian region. Securities that do not meet minimum size, liquidity and corporate governance requirements will be deleted from consideration.

For all of the securities researched, extensive information is collected to allow comparisons between stocks. The types of information collected include:

• MacarthurCook’s own analysis of earnings distributions and target prices

• broker inputs

• company business and balance sheet information, and

• market prices and interest rates.

This information feeds into MacarthurCook’s proprietary multifactor ranking model which allows all securities to be ranked from most attractive to least attractive from an investment perspective. The data falls into the categories of valuation measures, growth indicators and risk factors. These inputs are weighted to produce a ranking that takes a balanced view of value, growth and risk.

Yield-based valuation measures are adjusted for local interest rate levels, as yield spreads indicate the relative attractiveness of real estate securities for local investors. Yield spreads also indicate the potential for growth from acquisitions. Both earnings and distribution yield spreads are included as real estate companies retain a substantial portion of earnings for investment in new projects. Security price to net asset value is important as some real estate development firms have somewhat volatile earnings streams that are not valued properly by yield measures. A security price to target price is included because security prices are sometimes driven by factors apart from earnings, like potential acquisitions and development projects.

Growth analysis is focused on estimating the medium term earnings path, taking into account lease maturity, the level of market rent, project sales and development activity. This is derived from an examination of each company’s assets, with inputs from detailed stockbroker models. MacarthurCook also monitors changes in broker earnings estimates as a signal for a change in the outlook. Return on capital is another factor that indicates the long term growth potential of each security.


Investment ApproachF

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Risk factors provide a balance to the ranking that protects the stock selection process from excessive risk. Securities that derive a high proportion of their income from rent are viewed as less risky. Similarly, securities with net cash on their balance sheet or low debt levels are given a better risk score than highly geared securities. The process also takes into account price performance, as a lagging security price can indicate other negative issues that are not specifically captured in the ranking process.

Members of MacarthurCook’s research team will visit the management of prospective investee real estate companies and REITs and carry out property inspections to gain a thorough understanding of all significant issues relating to each investment. Different real estate markets have differences in issues such as leasing terms, tenant rights and project approval processes. Company and REIT visits and meetings are used to crystalise the investment team’s understanding before an investment is made.

The portfolio construction process begins with a review of portfolio holdings against the current security ranking. As new information becomes available and market prices change, the ranking given to certain securities may change. Subject to the “top down” strategy, the highest ranked securities will be given the largest weight in the portfolio. No investment will be made in the lowest ranked stocks.

Top down strategy Security analysis Portfolio construction and maintenance Sector research Ranking factors Portfolio weighting Monitoring

Interest rate outlook

Currency outlook

Country issues

• Earnings yield spread

• Dividend yield spread

• Discount to NAV

• Discount to target price

• Projected earnings growth

• Earnings estimate revision

• Return on capital

• Price momentum

• Gearing level

• % rental income

• Risk control parameters

• Sector outlook and allocation

• Country allocation

• Overweight highly ranked stocks

•Underweight low ranked stocks

• Performance (income and capital growth) versus expectations

• Company announcements

• Industry developments

Risk control parameters To assist in minimising the risk to the Fund of underperformance in respect of any particular investment, the maximum exposure of the Fund to any particular security will be 15% of the Fund’s value. Risk is controlled by a restriction that each security must lie within 5% of the Benchmark weighting. The Fund will also limit its investment in any individual emerging market (for example, Malaysia or the Philippines) to 20% of the Fund Value. This ensures diversity in the portfolio with a spread of investments. It is expected that the Fund will typically hold a portfolio of 25 to 30 securities.

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A strong portFolio the Fund hAs estAblished A strong, diversiFied portFolio oF QuAlity AsiAn reAl estAte Assets.F

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OverviewThe Fund as at 30 June 2007 had total assets of $43.47 million invested in seven different Asian countries. The Fund has a total of 33 different holdings.

Asset allocationThe Fund is well diversified by country allocation as well by type of sector. The current asset allocations are as follows:

Top 10 holdingsThe Fund’s top 10 holdings account for approximately 62.7% of the Fund’s total value, as follows:

Entity Country Stock exchange

Property sector

% total value of Fund

Hongkong Land Holdings Hong Kong SGX Diversified 14.1

Nippon Building Fund Japan TSE Office 10.7

Japan Real Estate Investment Japan TSE Office 8.7

LINK REIT Hong Kong HKSX Retail 8.4

MacarthurCook Industrial REIT Singapore SGX Industrial 4.7

Aeon Mall Japan TSE Retail 4.2

Orix JREIT Japan TSE Office 3.4

Singapore Land Singapore SGX Diversified 3.1

Suntec REIT Singapore SGX Diversified 2.9

Greentown China China HKSX Residential 2.4

Total 62.6

Investment Portfolio

Real Estate Investment Trusts (REITs) 52.5%

Real estate companies 47.5%

Country allocation Sector allocation

Japan 37.3%Hong Kong 31.5%Singapore 16.7%China 6.9%Malaysia 3.9%The Philippines 2.3%India 1.4%

Office 33.3%Diversified 30.6%Retail 15.1%Residential 11.8%Industrial 4.6%Hotel 4.6%

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Investment portfolio as at 30 June 2007The table below provides a complete snapshot of the Fund’s investment portfolio as at 30 June 2007.

Shares No.

Value $A000

Total by country $A000

Portfolio weight %

Benchmark weight %

Exchange Property sector Location of assets Forecast yield %

Market capitalisation $A billion

Japan

Nippon Building Fund 285 4,631 10.7 11.6 TSE Office Japan 2.6 7.6

Japan Real Estate Investment 275 3,759 8.7 8.1 TSE Office Japan 2.9 5.2

Aeon Mall 50,000 1,797 4.2 3.0 TSE Retail Japan 0.4 4.0

Orix JREIT 160 1,490 3.4 3.1 TSE Office Japan 3.3 2.0

Daibiru 50,000 817 1.9 1.2 TSE Office Japan 0.6 1.8

Shoei Company 28,000 759 1.8 1.4 TSE Office Japan 2.1 0.9

Nippon Residential Investment 110 748 1.7 0.0 TSE Residential Japan 4.2 1.6

Nomura Real Estate Office Fund 55 694 1.6 4.6 TSE Office Japan 3.0 2.8

NTT Urban Development 240 546 1.3 0.0 TSE Office Japan 0.5 6.6

Mitsubishi Estate 12,500 384 0.9 0.0 TSE Diversified Japan 0.5 39.8

New City Residence Investment 60 390 0.9 0.0 TSE Residential Japan 4.5 1.0

16,015 37.1 57.2

Hong Kong

Hongkong Land Holdings 1,150,000 6,093 14.1 11.4 SGX Diversified Hong Kong, Singapore, China 1.9 11.3

The LINK REIT 1,400,000 3,627 8.4 6.8 HKSX Retail Hong Kong 4.0 5.3

Champion REIT 1,550,000 1,041 2.4 1.6 HKSX Office Hong Kong 6.5 1.9

Hysan Development 323,000 1,012 2.3 3.0 HKSX Diversified Hong Kong 2.8 3.2

Hang Lung Properties 170,000 686 1.6 0.0 HKSX Diversified Hong Kong, China 1.9 17.9

Great Eagle Holdings 110,000 451 1.1 2.5 HKSX Diversified Hong Kong, UK, US 1.2 2.6

Regal REIT 1,100,000 439 1.0 0.0 HKSX Hotel Hong Kong 7.7 1.1

Kerry Properties 32,000 234 0.5 0.0 HKSX Diversified Hong Kong, China 1.4 10.9

13,583 31.4 26.1

Singapore

MacarthurCook Industrial REIT 2,000,000 2,031 4.7 0.0 SGX Industrial Singapore 6.4 0.3

Singapore Land 155,000 1,359 3.1 1.2 SGX Diversified Singapore 1.2 3.2

Suntec REIT 830,000 1,232 2.9 2.6 SGX Diversified Singapore 4.9 2.0

Keppel Land 140,000 937 2.2 0.0 SGX Diversified Singapore, China 0.7 4.5

Ascott Residence Trust 555,000 862 2.0 0.0 SGX Hotel Singapore, China, Australia 4.1 0.9

CDL Hospitality Trusts 370,000 700 1.6 0.0 SGX Hotel Singapore, New Zealand 3.6 1.4

CapitaLand 23,000 142 0.3 0.0 SGX Diversified Singapore, China, Australia 1.6 15.8

7,263 16.8 16.7

China

Greentown China 410,000 1,044 2.4 0.0 HKSX Residential China 1.5 4.2

CapitaRetail China Trust 425,000 1,014 2.4 0.0 SGX Retail China 0.8 4.7

Hopson Development 284,000 939 2.2 0.0 HKSX Residential China 1.8 5.3

2,997 7.0 0.0

Malaysia

SP Setia 330,000 968 2.3 0.0 KLSE Residential Malaysia 3.6 1.9

KLCC Property Holdings 575,000 710 1.6 0.0 KLSE Office Malaysia 3.2 1.1

1,678 3.9 0.0

Philippines

Megaworld 10,000,000 1,007 2.3 0.0 PSE Residential Philippines 0.5 1.9

1,007 2.3 0.0

India

Unitech 43,000 627 1.5 0.0 BSE Diversified India 0.9 12.6

627 1.5 0.0

Shares total 43,170 100.0

Cash 50 0.1

Total Fund 43,220

Investment Portfolio Continued

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Investment portfolio as at 30 June 2007The table below provides a complete snapshot of the Fund’s investment portfolio as at 30 June 2007.

Shares No.

Value $A000

Total by country $A000

Portfolio weight %

Benchmark weight %

Exchange Property sector Location of assets Forecast yield %

Market capitalisation $A billion

Japan

Nippon Building Fund 285 4,631 10.7 11.6 TSE Office Japan 2.6 7.6

Japan Real Estate Investment 275 3,759 8.7 8.1 TSE Office Japan 2.9 5.2

Aeon Mall 50,000 1,797 4.2 3.0 TSE Retail Japan 0.4 4.0

Orix JREIT 160 1,490 3.4 3.1 TSE Office Japan 3.3 2.0

Daibiru 50,000 817 1.9 1.2 TSE Office Japan 0.6 1.8

Shoei Company 28,000 759 1.8 1.4 TSE Office Japan 2.1 0.9

Nippon Residential Investment 110 748 1.7 0.0 TSE Residential Japan 4.2 1.6

Nomura Real Estate Office Fund 55 694 1.6 4.6 TSE Office Japan 3.0 2.8

NTT Urban Development 240 546 1.3 0.0 TSE Office Japan 0.5 6.6

Mitsubishi Estate 12,500 384 0.9 0.0 TSE Diversified Japan 0.5 39.8

New City Residence Investment 60 390 0.9 0.0 TSE Residential Japan 4.5 1.0

16,015 37.1 57.2

Hong Kong

Hongkong Land Holdings 1,150,000 6,093 14.1 11.4 SGX Diversified Hong Kong, Singapore, China 1.9 11.3

The LINK REIT 1,400,000 3,627 8.4 6.8 HKSX Retail Hong Kong 4.0 5.3

Champion REIT 1,550,000 1,041 2.4 1.6 HKSX Office Hong Kong 6.5 1.9

Hysan Development 323,000 1,012 2.3 3.0 HKSX Diversified Hong Kong 2.8 3.2

Hang Lung Properties 170,000 686 1.6 0.0 HKSX Diversified Hong Kong, China 1.9 17.9

Great Eagle Holdings 110,000 451 1.1 2.5 HKSX Diversified Hong Kong, UK, US 1.2 2.6

Regal REIT 1,100,000 439 1.0 0.0 HKSX Hotel Hong Kong 7.7 1.1

Kerry Properties 32,000 234 0.5 0.0 HKSX Diversified Hong Kong, China 1.4 10.9

13,583 31.4 26.1

Singapore

MacarthurCook Industrial REIT 2,000,000 2,031 4.7 0.0 SGX Industrial Singapore 6.4 0.3

Singapore Land 155,000 1,359 3.1 1.2 SGX Diversified Singapore 1.2 3.2

Suntec REIT 830,000 1,232 2.9 2.6 SGX Diversified Singapore 4.9 2.0

Keppel Land 140,000 937 2.2 0.0 SGX Diversified Singapore, China 0.7 4.5

Ascott Residence Trust 555,000 862 2.0 0.0 SGX Hotel Singapore, China, Australia 4.1 0.9

CDL Hospitality Trusts 370,000 700 1.6 0.0 SGX Hotel Singapore, New Zealand 3.6 1.4

CapitaLand 23,000 142 0.3 0.0 SGX Diversified Singapore, China, Australia 1.6 15.8

7,263 16.8 16.7

China

Greentown China 410,000 1,044 2.4 0.0 HKSX Residential China 1.5 4.2

CapitaRetail China Trust 425,000 1,014 2.4 0.0 SGX Retail China 0.8 4.7

Hopson Development 284,000 939 2.2 0.0 HKSX Residential China 1.8 5.3

2,997 7.0 0.0

Malaysia

SP Setia 330,000 968 2.3 0.0 KLSE Residential Malaysia 3.6 1.9

KLCC Property Holdings 575,000 710 1.6 0.0 KLSE Office Malaysia 3.2 1.1

1,678 3.9 0.0

Philippines

Megaworld 10,000,000 1,007 2.3 0.0 PSE Residential Philippines 0.5 1.9

1,007 2.3 0.0

India

Unitech 43,000 627 1.5 0.0 BSE Diversified India 0.9 12.6

627 1.5 0.0

Shares total 43,170 100.0

Cash 50 0.1

Total Fund 43,220

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Significant Fund propertiesThe Fund invests in Asian real estate companies and Real Estate Investments Trusts (REITs). In turn, these own and manage a wide range of properties throughout the Asian region. Below is a brief snapshot of some of the Asian landmark properties owned and/or managed by the Fund’s investments.

REIT Hongkong Land Limited

Location Hong Kong

Web address www.hkland.com

Description Hongkong Land is a leading property investment, management and development group with a major portfolio in Hong Kong, where it owns and manages some five million square feet of prime office and retail space in the heart of Hong Kong’s central business district. The Group also develops high quality commercial and residential property projects elsewhere in Asia.

Landmark properties Jardine house – Close to Victoria Harbour, this 52-level landmark building enjoys a commanding view of Victoria Harbour.

chater house – This 30-level building is right at the very hub of Hongkong Land’s portfolio in Hong Kong, and its telecommunications, electrical and mechanical features are designed for the specific needs of investment banking and financial services tenants.

Company KLCC Property Holdings

Location Malaysia

Web address www.klcc.com.my

Description KLCC Property Holdings was incorporated in Malaysia as a public limited company on 7 February 2004. One of KLCC’s major projects is the KLCC Development, an integrated mixed-use development which when fully completed, will provide more than 1.6 million square metres of commercial, retail, hotel, residential, entertainment, convention and exhibition facilities. The KLCC Development houses the Petronas Twin Towers.

Landmark properties petronas twin towers – The 88-level Petronas Twin Towers are possibly the most famous office complexes in the Asian region and were the tallest buildings in the world on the date of completion.

Investment Portfolio Continued

Jardine House

Chater House

Petronas Twin Towers

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Company CapitaLand Limited

Location Singapore

Web address www.capitaland.com

Description CapitaLand is one of the largest listed real estate companies in Asia. Headquartered in Singapore, the company’s core businesses in real estate, hospitality and real estate financial services are focused in gateway cities in Asia, Europe and the Middle East.

Landmark properties raffles place – Located on the Singapore River, Raffles Place is the financial heart of Singapore and home to the some of its tallest buildings and landmarks. Within this precinct, CapitaLand owns and/or manages six key buildings; 6 Battery Road, Hitachi Tower, the HSBC Building, Chevron House, the PWC Building and One George Street.

Company Champion REIT

Location Hong Kong

Web address www.championreit.com

Description Champion REIT is a real estate investment trust formed to own and invest in an income-producing portfolio of office and commercial properties primarily in Hong Kong.

Landmark properties citibank plaza – Citibank Plaza is a modern office complex that comprises two towers and a retail podium. With a gross rentable office space of over 1.22 million square feet, it is one of the largest Grade A office complexes in Hong Kong’s Central district. Major tenants are primarily multinational companies from the finance and banking sector.

Raffles Place

Citibank Plaza (left)

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Mr Richard M Haddock BA, LLB, FAIM, FAICD, FFin

Independent Chairman and Non-Executive Director Aged 57

Mr Haddock has 25 years experience in the investment banking industry including extensive experience in treasury, funds management and stockbroking. Currently a director of Colonial First State Private Capital Limited and Tishman Speyer Australia Limited, Mr Haddock was formerly Chairman of Cashcard Australia Limited, Deputy Chairman of BNP Paribas Investment Management (Australia) Limited and a director of AXA Insurance (Australia) Limited. Also Chairman of Centacare Catholic Family Services and a board member of the Catholic Super Retirement Fund.

Mr Haddock is also the Chairman of MacarthurCook Limited, MacarthurCook Investment Managers Limited, MacarthurCook Investment Managers (Asia) Limited, MacarthurCook Real Estate Capital Limited and Arc Funds Management Limited.

Director since 22 December 2003 when also appointed Chairman.

Mr Craig M Dunstan BComm, LLB, MBA, FFin

Managing Director and Chief Investment OfficerAged 47

The founder and a significant shareholder of MacarthurCook Limited, Mr Dunstan held senior management positions with the National Mutual and Lend Lease Groups prior to his appointment as General Manager of Financial Services and Chief Investment Officer of Australian Unity in 1995. He resigned from Australian Unity in 2002 to establish the MacarthurCook Group.

Mr Dunstan was a director of Australian Unity Funds Management Limited, York Capital Group Limited, Waltus Investments Australia Limited, Acorn Capital Limited and Permanent Friendly Society Limited.

Mr Dunstan is also a Director of MacarthurCook Limited, MacarthurCook Investment Managers Limited, MacarthurCook Investment Managers (Asia) Limited, MacarthurCook Real Estate Capital Limited and Arc Funds Management Limited. He is currently a board member of the Asian Public Real Estate Association.

Director since 22 December 2003.

Mr Nick G Basile BA, AIAA, SAFin, GAICD

Non-Executive Director since 1 September 2007Aged 52

Mr Basile has over 20 years of financial services and investment management experience. Previous positions include time as General Manager Investments and Insurance at St.George Bank, where he was directly responsible for St.George Margin Lending, Advance Asset Management, St.George Investment Solutions, St.George’s General and Life Insurance businesses and St.George Private Bank.

He has also held the positions of Head of Commonwealth Investment Management, Executive Director of Investments for Legal & General Australia, and Investment Manager and Director for Lend Lease Investment Management.

Mr Basile is currently the Chief Executive Officer of Ascalon Capital Managers Ltd, a major shareholder in MacarthurCook Limited of which he is also a Director. He is also a director of Alleron Investment Management Limited and the Ascalon group of companies.

Mr Basile is also a Director of MacarthurCook Limited and MacarthurCook Investment Managers Limited.

Director since 1 September 2007.

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Mr Geoff CoffeyFCPA, ACIS, DipFP, ACIM, GAICD

Independent Non-Executive Director from 26 September 2007 Aged 57

Mr Coffey has extensive experience in finance, investment, construction and infrastructure. Formerly General Manager Development and Investment with the John Holland Group. Other previous positions include Finance Director at Azon Limited, General Manager Finance at Atlas Steel Limited and Chief Financial Officer at McConnell Dowell Limited. Mr Coffey was previously a director of the Australian Council for Infrastructure Development.

Mr Coffey is currently a Non-Executive Director of Pacific Hydro Limited, Chairman of Utilities of Australia Pty Ltd, a Non-Executive Director of Forestry Tasmania and Chairman of Ceos Pty Limited.

Mr Coffey is also a Director of MacarthurCook Limited and MacarthurCook Investment Managers Limited.

Director from 26 September 2007.

Mr A Hugh Gurner BA (Legal Studies), FAICD

Independent Non-Executive Director Aged 51

Mr Gurner has over 20 years experience in corporate finance and the financial services industry, having held senior roles in the analysis of ASX-listed companies and trusts operating in the property development and property trust sectors. Mr Gurner also has extensive experience in underwriting and institutional equities sales.

Mr Gurner was a founding executive director of Citadel Pooled Development Limited, an ASX-listed venture and development capital company.

Mr Gurner is also a director of MacarthurCook Limited, MacarthurCook Investment Managers Limited, MacarthurCook Investment Managers (Asia) Limited, MacarthurCook Real Estate Capital Limited and Arc Funds Management Limited.


Ms Jane TongsFCA, FCPA, AICD, BBus, MBA

Independent Non-Executive Director from 26 September 2007Aged 47

Ms Tongs has significant experience in corporate governance and financial services particularly within insurance, funds management and superannuation.

A former partner with PricewaterhouseCoopers, Ms Tongs is a director of several private sector companies, government organisations and Chairman of a number of audit committees. These include Chairman of Netwealth Investments Limited and director of Workcover SA, Run Ltd, LCM Healthcare Ltd, Centacare Catholic Family Services and Leadership Victoria. In addition, she is an adviser to the South Australian Financing Authority and Legg Mason Asset Management.

Ms Tongs is also a Director of MacarthurCook Limited and MacarthurCook Investment Managers Limited.

Director from 26 September 2007.

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A positive outlook the Fund hAs built A strong portFolio oF Assets thAt will beneFit From strong regionAl growth.

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21

Best practice recommendations The Australian Securities Exchange Limited (ASX) requires companies to disclose the extent to which they have complied with the best practice recommendations of the ASX.

These best practice recommendations are embodied in 10 principles which are set out below for the information of unitholders. It should be noted that the principles are intended as guidelines only and that they may not be practically applicable to all entities.

Ten principles established by the Corporate Governance Council

An organisation should:

1. Lay solid foundations for management and oversight

2. Structure the board to add value

3. Promote ethical and responsible decision making

4. Safeguard integrity in financial reporting

5. Make timely and balanced disclosure

6. Respect the rights of shareholders

7. Recognise and manage risk

8. Encourage enhanced performance

9. Remunerate fairly and responsibly

10. Recognise the legitimate interests of stakeholders.

Introduction The Directors of MacarthurCook Fund Management Limited, the Responsible Entity of the Fund, strongly support the establishment and ongoing development of good corporate governance for the Responsible Entity and the Fund.

The Responsible Entity and the Fund operate in accordance with the principles of good corporate governance as set out by the Council and to the extent required by the ASX Listing Rules. The Directors have adopted a number of policies and practices which focus on accountability, risk management and ethical conduct.

The Statement sets out the corporate governance practices (in place as at the date of this report and throughout the period) which comply with the recommendations of the Council unless otherwise stated.

Council recommendation 1

Lay solid foundations for management and oversight The role of the Board is to build long term sustainable value for its shareholders, while respecting the interests of its stakeholders.

In order to fulfill this role, the Board is responsible for the overall corporate governance of the Responsible Entity and the Fund including formulating its strategic direction, monitoring the business objectives and setting remuneration. The Board relies on Senior Executives to assist it in approving and monitoring expenditure, ensuring the integrity of internal controls and management information systems, and monitoring and approving financial and other reporting.

The Board has adopted a Charter which formalises its practices, and can be viewed on the website of MacarthurCook. In broad terms, the Board Charter clarifies the respective roles of the Board and senior management and assists in decision making processes through the identification of a schedule of powers reserved solely for the Board.

Board processes To assist in the execution of its audit and compliance responsibilities, the Board has established an Audit, Risk and Compliance Committee. This Committee has written mandates and operating procedures, which are reviewed on a regular basis.

The Chairman of the Audit, Risk and Compliance Committee resigned from the Board effective 11 May 2007, at which time the Board’s Independent Chairman assumed the position on an acting basis until a suitable replacement was found. The position has now been filled on a permanent basis.

The Board has also established an appropriate and ethical framework for the management of the Responsible Entity and the Fund, including a system of internal controls and a business risk management process.

The Board currently holds monthly scheduled meetings, plus strategy meetings and extraordinary meetings at such times as may be required during the year.

An agenda for the meetings is determined to ensure that certain standing information is addressed and other items which are relevant to reporting deadlines and/or regular review are scheduled when appropriate.

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Corporate Governance Statement Continued


Structure the board to add value The membership of the Board, its activities and composition are subject to periodic review. Directors are initially appointed by the shareholder of the Responsible Entity. By virtue of the structure of the Responsible Entity, the Board does not consider there to be a need to establish a separate Nomination Committee.

The Board is presently comprised of six members, being five Non-Executive Directors and one Executive Director.

The Board has assessed the independence of its Non-Executive Directors according to the definition contained within the ASX Corporate Governance Guidelines and has concluded that four of the six members of the Board are independent.

Those independent Directors are Mr Richard Haddock, Mr Geoff Coffey, Mr Hugh Gurner and Ms Jane Tongs. The skills, experience and expertise of these Directors are set out in the Directors’ Report.


Promote ethical and responsible decision making The Board actively promotes ethical and responsible decision making.

Code of conduct The Board has adopted a Code of Conduct that applies to all Directors, management and employees of the Responsible Entity. This Code addresses expectations for conduct in the following areas:

• security trading

• communications

• conflicts of interest

• responsibility to suppliers and customers

• laws and regulations

• employment, and

• adherence to policies and procedures.

Share trading policy The Board is committed to ensuring that the Responsible Entity, its Directors and staff comply with their legal obligations as well as conducting their business in a transparent and ethical manner. Directors and staff (including their immediate family or any entity for which they control investment decisions) must ensure that any trading in securities issued by the Fund is undertaken within the framework set out in this Policy.

The Policy reflects the insider trading provisions of the Corporations Act 2001, such that Directors and management are prohibited from trading in Fund securities whilst in possession of unpublished price sensitive information. Price sensitive information is deemed to be in the public domain once a reasonable time (generally 48 hours) has elapsed following an announcement to allow the market to absorb the contents of the announcement. For reporting of financial results under the ASX’s periodic disclosure requirements, the period restricted before the announcement is six weeks.


Safeguard integrity in financial reporting The Board requires the Managing Director and the Chief Financial Officer to provide a written statement that the Financial Statements of the Fund present a true and fair view, in all material respects, of the financial position and operational results. In addition, confirmation is provided that all relevant Accounting Standards have been appropriately applied.

Audit, Risk and Compliance Committee The Board has established an Audit, Risk and Compliance Committee, which provides assistance to the Board in fulfilling its corporate governance responsibilities in relation to the Fund’s financial reporting, internal controls structure, risk management systems and external audit functions. F

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The Board has adopted a formal Charter for the Committee to assist in carrying out its duties.

The members of the Audit, Risk and Compliance Committee are:

• Ms Jane Tongs – Chairman (Non-Executive Director)

• Mr Richard Haddock (Non-Executive Director)

• Mr Hugh Gurner (Non-Executive Director).

At any given time, the Committee must comprise no less than two independent Directors as selected by the Board.

The Company Secretary facilitates and participates in Committee meetings.

The Audit, Risk and Compliance Committee reviews the performance of the external auditors on an annual basis and meets with them during the year to review findings and assist with Board recommendations. The Committee has full access to all books, records, facilities and personnel of the Responsible Entity and of MacarthurCook Limited, as well as the authority to engage independent counsel and other advisers as it determines necessary to carry out its duties.

The Audit, Risk and Compliance Committee Charter can be viewed on the MacarthurCook website.

Financial reporting The Board relies on management to monitor the internal controls within the Responsible Entity and the Fund. Financial performance is monitored on a regular basis by management who report to the Board via the Managing Director, or oftentimes in person, at the scheduled Board meetings and through Audit, Risk and Compliance Committee meetings.


Make timely and balanced disclosure The Board is committed to the promotion of investor confidence by providing full and timely information to all shareholders and market participants about the Fund’s activities and to comply with the continuous disclosure requirements contained in the Corporations Act 2001 and the ASX Listing Rules.

The Responsible Entity has policies to ensure that it meets the continuous disclosure obligations.


Respect the rights of unitholdersThe Board fully supports unitholder participation at meetings and works to ensure that communications with unitholders are effective and clear.

Information is communicated to unitholders via the Annual Report, disclosures and announcements made to the ASX, Unitholders’ Meetings, occasional letters from the Chairman or the Managing Director, and the MacarthurCook website at www.macarthurcook.com.au, which has a dedicated section for Fund unitholders.


Recognise and manage risk

Risk management Unitholder value will be optimised where risk and opportunities are matched to financial resources. The Board and management regularly review (where necessary, in conjunction with external professional consultants) procedures in respect of compliance with, and the maintenance of statutory, legal, ethical and environmental obligations.

Compliance As required by law, the Responsible Entity has prepared and lodged with ASIC a Compliance Plan for the Fund which sets out the measures that the Responsible Entity must apply in operating the Fund to ensure compliance with the Corporations Act 2001 and the Constitution.

The Fund has a dedicated Compliance Manager, who is responsible for reporting on compliance issues and oversees the annual audit of the Compliance Plan in conjunction with the Fund’s auditors. The Compliance Manager receives monthly, quarterly, six-monthly and annual compliance reports from Senior Executives and other employees, and reports to the Board on compliance-related issues arising from those reports.

As noted under Recommendation 4, the Audit, Risk and Compliance Committee is responsible for overseeing the Fund’s financial reporting, internal controls structure and risk management systems.F

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Corporate Governance Statement Continued


Encourage enhanced performance

Performance review The Board undertakes an annual review of the performance of staff and Directors.

Education All staff and Directors and senior executives of the Responsible Entity and of MacarthurCook Limited are encouraged to attend professional education courses relevant to their roles.

Directors are given access to continuing professional education courses and development programs as requested and in consultation with the Chairman.

Independent professional advice and access to information Each Director has the right to access all relevant information in respect of the Responsible Entity or the Fund and to make appropriate enquiries of senior management.

Subject to prior consultation with the Chairman, a Director may seek independent professional advice from a suitably qualified adviser.


Remunerate fairly and responsibly The Managing Director and senior executives are employed by MacarthurCook Limited (the ultimate parent of the Responsible Entity) and receive salary packages which may include performance-based components designed to reward and motivate. Non-Executive Directors receive fees agreed on an annual basis by the Board, based on recommendations made by the Remuneration Committee of MacarthurCook Limited. The total pool amount available to be paid in fees to Non-Executive Directors is subject to approval by shareholders of MacarthurCook Limited.

Because neither the Responsible Entity nor the Fund pay the remuneration of Directors and Executives, the Fund does not have a separate Remuneration Committee.


Recognise the legitimate interests of stakeholders The Board acknowledges the rights of stakeholders and has adopted a Code of Conduct (refer Principle 3) in line with the recommendations of this Recommendation 10.

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26 Directors’ Report29 Independence Declaration30 Income Statement31 Statement of Changes in Equity32 Balance Sheet

33 Statement of Cash Flows34 Notes to the

Financial Statements45 Directors’ Declaration46 Independent Audit Report

Financial Reportfor the period from 10 November 2006 to 30 June 2007MacarthurCook Asian Real Estate Securities Fund (ARSN 122 638 457)

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26 MacarthurCook Asian Real Estate Securities Fund Annual Report 2007

The Directors of MacarthurCook Fund Management Limited (ABN 79 004 956 558 and AFS Licence No. 258052), the Responsible Entity of MacarthurCook Asian Real Estate Securities Fund ("the Fund") present their report, together with the Financial Report of the Fund for the period from 10 November 2006 to 30 June 2007 and the Auditor's Report thereon.

The Responsible EntityThe registered office and principal place of business of the Responsible Entity and of the Fund at the date of this report is Level 4, 30 Collins Street, Melbourne, Victoria.

DirectorsThe Directors of the Responsible Entity during or since the end of the period are:

Mr Richard M Haddock (Age 57)BA, LLB, FAIM, FAICD, FFin

Independent Chairman and Non-Executive Director

After an initial career as a lawyer, Richard spent over 20 years in the investment banking industry with BNP Paribas. From 1988 until 2001 Richard was Deputy General Manager for Australia, a position directly responsible for the investment banking, treasury, funds management and stockbroking activities of BNP Paribas. Richard was previously Chairman of Cashcard Australia Limited, Deputy Chairman of BNP Paribas Investment Management (Australia) Limited, a Director of AXA Insurance (Australia) Limited and a committee member of the Salvation Army Red Shield Appeal.

Richard is currently a Director of Colonial First State Private Capital Limited (since May 2002) and Chairman of its Audit Committee. He is also a director of Tishman Speyer Australia Limited (since December 2004) and Chairman of its Audit Committee, Chairman of Centacare, a director of SCS Superannuation Pty Ltd and Honorary Treasurer of Caritas Australia.

Director and Chairman since 22 December 2003.

Mr Craig M Dunstan (Age 47)BComm, LLB, MBA, FFin

Managing Director

Craig held senior management positions with the National Mutual and Lend Lease Groups prior to his appointment as General Manager of Financial Services and Chief Investment Officer of Australian Unity in 1995. He resigned from Australian Unity in 2002 to establish the MacarthurCook Group. Craig was previously a director of Australian Unity Funds Management Limited, York Capital Group Limited, Waltus Investments Australia Limited, Acorn Capital Limited, Permanent Friendly Society Limited and a member of the Investment Committee and Compliance Committee of Australian Unity.

He is currently a member of the Board of the Asian Public Real Estate Association.


Mr Phillip J Anderson (Age 59)CPA, FCIS, MAICD

Independent Non-Executive Director

Phillip has 30 years experience in the property industry in Australia and overseas, where he held senior executive and finance positions. Phillip was formerly Deputy Chief Executive Officer for LJ Hooker Limited and Hooker Housing Group, Finance Director of Civil and Civic Pty Ltd and Lend Lease Property Group, and Chief Executive Officer of Lend Lease Development Pty Ltd.

Currently, Phillip is a Chairman of Espreon Limited (since July 2004) and a Director of Hastie Group Limited (since December 2004), Aevum Limited (since April 2007) Isis Projects Pty Ltd, Sakkara Holdings Pty Ltd and NSW Growth Centres Commission.

Director from 19 April 2004 to 11 May 2007.

Mr A Hugh Gurner (Age 51)BA (Legal Studies), FAICD

Non-Executive Director

Hugh has over 20 years experience in corporate finance and the financial services industry, with senior roles in research analysis, underwriting and institutional equities sales. Much of Hugh's experience has been focused on ASX-listed companies in two main sectors: property development and property trusts. Hugh's past clients include some of the major property investment and funds management organisations in Australia.

Hugh was an Executive Director of Citadel Pooled Development Limited, an ASX-listed venture capital company from 1997 to August 2006.


Principal activitiesThe Fund is a listed registered managed investment scheme domiciled in Australia.

The Fund was established under a Constitution dated 10 November 2006.

The investment objective of the Fund is to provide the opportunity for long term capital growth, as well as income, from investing in a diversified portfolio of Asian real estate securities.

The Fund invests in the securities of Asian real estate companies and Real Estate Investment Trusts, (REITs), which have their principal office in an Asian country, a significant amount of assets in Asian countries, or conduct a significant amount of their business operations in Asian countries.

The Fund did not have any employees during the period and there has been no significant change in its activities.

Directors’ Report for the period from 10 November 2006 to 30 June 2007

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Results and review of operations The Fund listed on the Australian Stock Exchange (ASX code: MSAS) on 11 April 2007. The Fund did not operate in the period from establishment on 10 November 2006 to listing date. In the period since listing to 30 June 2007, the Fund fully invested the net proceeds of $47 million raised by the initial public offer in listed Asian property securities.

The Fund commenced operation during the financial year and therefore has no prior year comparatives.

The operating result for the period from 10 November 2006 to 30 June 2007 was a net loss of $3,636,887. This loss includes an unrealised loss on investments of $3,703,838.

Investment performance has been weak due to the general fall in the real estate securities market and an unrealised currency loss on the investment portfolio.

Performance

2007 %

Distribution return -

Growth return (21.50)

Total return (21.50)

The growth return relates to the movement in bid price on the ASX for the year to 30 June 2007 when the last bid price was 78.5 cents per unit.

Returns have been calculated after fees in accordance with IFSA Standard 6.00 Product Performance - calculation and presentation of returns.

Value of the Fund’s assetsThe Fund’s assets were valued at $43.5 million as at 30 June 2007, in accordance with the accounting policies set out in Note 3 to the Financial Statements.

DistributionsThere were no distributions paid or payable during or in respect of the period from 10 November 2006 to 30 June 2007.

Interests of the Responsible Entity and associatesDetails of holdings in the Fund by the Responsible Entity, other funds operated by the Responsible Entity and other related parties are set out below:

30 June 2007

Entity/person

Relationship Units held Interest held

%

Units issued

Units redeemed

Distribution paid /

payable $000

R Haddock Director 65,000 0.13 65,000 - -

C Dunstan Director 8,510 0.02 8,510 - -

MacarthurCook Property Securities Fund

Common Responsible Entity

4,711,990 9.42 4,711,990 - -

4,785,500 9.57 4,785,500 - -

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Directors’ Report Continued

Significant changes in the state of affairsOn 21 February 2007, the Initial Public Offering (IPO) in the Fund was lodged with the Australian Securities Exchange (ASX). On 5 March 2007, the IPO opened to the public and listed on 11 April 2007.

In the three months of operation, the Fund has paid all establishment costs and constructed the investment portfolio.

Other than the matters discussed above, there have been no changes in the state of affairs of the Fund.

Interests in the FundThe Fund listed on 11 April 2007 with 50 million stapled units. Each stapled security consists of one unit and one option to subscribe for a unit, at an exercise price of $1.00. An option may be exercised at any time after the Unstapling Date of 31 March 2008, until the Exercise Expiry Date of 31 March 2009. The Stapled Securities will be unstapled on the Unstapling Date, at which time it is intended that the Units and Options will be separately quoted and traded on the ASX.

Likely developmentsThe Fund will continue to invest in accordance with the investment objectives and guidelines outlined in the product disclosure statement dated 21 February 2007.

The Responsible Entity proposes to raise short-term debt financing to a gearing level of 30% of total tangible assets, up to a maximum of $17 million, as per the product disclosure statement. The borrowings will enable the Fund to take advantage of new investment opportunities to increase the size of its investment portfolio.

Further information about likely developments in the operations of the Fund and the expected results of those operations in future financial years has not been included in this Report because disclosure of the information would be likely to result in unreasonable prejudice to the Fund.

Environmental regulationThe Fund's operations are not subject to any significant environmental regulation under Commonwealth, State or Territory legislation.

Events subsequent to balance dateThere have been no events subsequent to balance date which would have a material effect on the Fund’s Financial Statements at 30 June 2007.

Indemnities and insurance premiums for Officers or AuditorsIndemnificationUnder the Fund’s Constitution, the Responsible Entity, including its officers and employees, is indemnified out of the Fund's assets for any loss, damage, expense or other liability incurred by it in properly performing or exercising any of its powers, duties or rights in relation to the Fund.

The Fund has not indemnified any auditor of the Fund.

Insurance premiumsNo insurance premiums are paid out of the Fund's assets in relation to insurance cover for the Responsible Entity, its officers and employees, the Audit, Risk and Compliance Committee or the auditors of the Fund.

Lead Auditor's Independence Declaration The Lead Auditor's Independence Declaration is set out on page 29 and forms part of the Directors' Report for the period from 10 November 2006 to 30 June 2007.

Rounding of amountsThe Fund is of a kind referred to in ASIC Class Order 98/100 dated 10 July 1998 (updated by CO 05/641 effective 28 July 2005 and CO 06/51 effective 31 January 2006) and in accordance with that Class Order, amounts in the Financial Report and Directors’ Report have been rounded off to the nearest thousand dollars, unless otherwise stated.

Signed in accordance with a resolution of the Directors of MacarthurCook Fund Management Limited.

Richard M Haddock Chairman

MacarthurCook Fund Management Limited

Melbourne

30 August 2007

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29

Independence Declaration

Lead Auditor’s Independence Declaration under Section 307C of the Corporations Act 2001

To: the directors of MacarthurCook Fund Management Limited, the responsible entity of the MacarthurCook Asian Real Estate Securities Fund.

I declare that, to the best of my knowledge and belief, in relation to the audit for the period commencing on 10 November 2006 and ended 30 June 2007, there have been:

(i) no contraventions of the auditor independence requirements as set out in the Corporations Act 2001 in relation to the audit; and

(ii) no contraventions of any applicable code of professional conduct in relation to the audit.

KPMG

Andrea Waters Partner

Melbourne 30 August 2007

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Income Statement for the period from 10 November 2006 to 30 June 2007

Note For the period ended 30 June 2007

$000

INVESTMENT INCOME

Interest income 53

Dividend and distribution income 333

Net gain/(loss) on financial instruments 4 (3,900)

Net investment loss (3,514)

EXPENSES

Management fees 15 70

Auditor’s remuneration 30

Other operating expenses 23

Total expenses 123

Net profit/(loss) (3,637)

DISTRIBUTIONS

Distributions paid and payable -

Changes in net assets attributable to unitholders 6 (3,637)

EARNINGS PER UNIT ATTRIBUTABLE TO UNITHOLDERS

Basic earnings per unit 13 (7.27)

Diluted earnings per unit 13 (6.99)

The Income Statement is to be read in conjunction with the notes to the Financial Statements set out on pages 34 to 44.

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Statement of Changes in Equity for the period from 10 November 2006 to 30 June 2007

Unitholders’ funds 30 June 2007

$000

Undistributed income/(loss) 30 June 2007

$000

Total equity 30 June 2007

$000

OPENING BALANCE - - -

Net loss for the period - (3,637) (3,637)

TRANSACTIONS WITH UNITHOLDERS

Applications 50,000 - 50,000

Issue costs (3,000) - (3,000)

Closing balance 47,000 (3,637) 43,363

The Statement of Changes in Equity is to be read in conjunction with the notes to the Financial Statements set out on pages 34 to 44.

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Balance Sheetas at 30 June 2007

Note 2007 $000

ASSETS

Cash and cash equivalents 7 50

Financial assets held at fair value through profit or loss

Derivative Financial Instrument 8 627

Equity Investments 8 42,543

Receivables 9 253

Total assets 43,473

LIABILITIES

Payables 10 110

Total liabilities 110

Net assets attributable to unitholders 43,363

EqUITY

Change in net assets attributable to unitholders 6 (3,637)

Unitholders’ funds 6 47,000

Total equity 43,363

The Balance Sheet is to be read in conjunction with the notes to the Financial Statements set out on pages 34 to 44.

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Statement of Cash Flowsfor the period from 10 November 2006 to 30 June 2007

Note For the Period ended 30 June 2007

$000

CASHFLOWS FROM OPERATING ACTIVITIES

Interest received 50

Dividends and distributions received 179

Operating expenses paid (12)

Net cash inflow from operating activities 14 217

CASHFLOWS FROM INVESTING ACTIVITIES

Proceeds on sale of investments 473

Purchase of investments (47,543)

Net cash outflow from investing activities (47,070)

CASHFLOWS FROM FINANCING ACTIVITIES

Proceeds from initial public offer 50,000

Issue costs (3,000)

GST paid (97)

Net cash inflow from financing activities 46,903

Change in cash balance during the financial period 50

Cash at the beginning of the period -

Cash at the end of financial period 7 50

The Statement of Cash Flows is to be read in conjunction with the notes to the Financial Statements set out on pages 34 to 44.

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Notes to the Financial Statementsfor the period from 10 November 2006 to 30 June 2007

1. Reporting entityThe Fund is a registered Managed Investment Scheme under the Corporations Act 2001. The Financial Report of the Fund is for the period from 10 November 2006 to 30 June 2007. The Fund began operating on 11 April 2007. The Financial Statements were approved by the Board of Directors of the Responsible Entity on 30 August 2007.

2. Basis of preparation

(a) Statement of complianceThe Financial Report is a general purpose financial report which has been prepared in accordance with Australian Accounting Standards (“AASBs”) adopted by the Australian Accounting Standards Board (“AASB”), and the Corporations Act 2001. International Financial Reporting Standards (“IFRS”) form the basis of Australian Accounting Standards (“AASBs”) adopted by the AASB, and for the purpose of this report are called Australian equivalents to IFRS (“AIFRS”) to distinguish them from previous Australian GAAP. The Financial Reports of the Fund also comply with IFRS and interpretations adopted by the International Accounting Standards Board.

(b) Functional and presentation currency

The Financial Report is presented in Australian dollars, which is the Fund’s functional currency and the functional currency of the majority of the Group.

The Fund is of a kind referred to in ASIC Class Order 98/100 dated 10 July 1998 (updated by CO 05/641 effective 28 July 2005 and CO 06/51 effective 31 January 2006) and in accordance with that Class Order, amounts in the Financial Report and Directors’ Report have been rounded off to the nearest thousand dollars, unless otherwise stated.

(c) Use of estimates and judgements

The preparation of financial statements requires management to make judgments, estimates and assumptions that affect the application of accounting policies and the reported amounts of assets, liabilities, income and expenses. Actual results may differ from these estimates.

Estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised and in any future periods affected.

In particular, information about significant areas of estimation uncertainty and critical judgments in applying accounting policies that have the most significant effect on the amount recognised are outlined in Note 15 Financial instruments.

3. Summary of significant accounting policies

The accounting policies set out below have been applied consistently throughout the periods presented in these financial statements.

(a) Income and expensesRevenue and expenses are brought to account on an accruals basis except where stated otherwise.

Dividend and distribution income Dividend and distribution income is recognised at the date the securities are quoted ex-dividend and ex-distribution.

In some cases, the Scheme may receive or choose to receive dividends in the form of additional shares rather than cash. In such cases the Scheme recognises the divided income for the amount of the cash dividend alternative with the corresponding debit treated as an additional investment.

Interest incomeInterest income is recognised in the Income Statement, using the effective interest rate method.

Placement fee incomePlacement fee income is recognised when the Fund becomes unconditionally entitled to the fee.

Borrowing costsBorrowing costs are expensed in the period in which they are incurred.

(b) Receivables Receivables include accrued income, any unsettled sales of securities and GST.

(c) Payables Payables include liabilities and accrued expenses owing by the Fund which are unpaid at balance date.

The distribution amount payable to investors at year end is recognised separately on the Balance Sheet. Purchases of securities are recorded on trade date and normally settle within three business days. Purchases of securities that are unsettled at reporting date are included in payables.

(d) Financial instruments

(i) Classification The Fund has designated all its debt and equity investments into the “fair value through profit or loss” category.

The financial assets and financial liabilities at fair value through profit or loss is comprised of financial instruments designated at fair value through profit or loss upon initial recognition. These include financial assets that are not held for trading purposes and which may be sold, and investments in listed and unlisted property securities.

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The fair value through profit or loss classification is in accordance with AASB 139 Financial Instruments: Recognition and Measurement. The fair value through profit or loss classification is available for the majority of the financial assets and financial liabilities held by the Fund as the Fund’s performance is evaluated on a fair value basis and information about the Fund is provided on that basis to the Directors of the Responsible Entity.

Financial liabilities that are not at fair value through profit or loss include balances due to deferred trade settlement and payables.

(ii) RecognitionThe Fund recognises financial assets and financial liabilities on the date it becomes a party to the contractual provisions of the instrument.

Financial assets are recognised using trade date accounting. From this date any gains and losses arising from changes in fair value of the financial assets or financial liabilities are recorded.

Financial liabilities are not recognised unless one of the parties has performed or the contract is a derivative contract not exempted from the scope of AASB 139.

(iii) MeasurementFinancial instruments are measured initially at fair value (transaction price) plus, in the case of a financial asset or financial liability not at fair value through profit or loss, transaction costs that are directly attributable to the acquisition or issue of the financial asset or financial liability.

Subsequent to initial recognition, all instruments classified at fair value through profit or loss are measured at fair value with changes in their fair value recognised in the Income Statement.

Financial assets and liabilities, other than those at fair value through profit or loss, are measured at amortised cost using the effective interest rate method.

(iv) Fair value measurement principles

The fair value of financial instruments is based on their quoted market price at the balance sheet date without any deduction for estimated future selling costs. Financial assets are priced at current bid price, while financial liabilities are priced at current asking price.

If a quoted market price is not available on a recognised stock exchange or from a broker / dealer for non-exchange-traded financial instruments, the fair value of the instrument is estimated using valuation techniques, including use of recent arm’s length market transactions, reference to the current fair value of another instrument that is substantially the same, discounted cash flow techniques, option pricing models or any other valuation technique that provides a reliable estimate of prices obtained in actual market transactions.

Where discounted cash flow techniques are used, estimated future cash flows are based on management’s best estimates and the discount rate used is a market rate at the balance sheet date applicable for an instrument with similar terms and conditions. Where other pricing models are used, inputs are based on market data at the balance sheet date. Fair values for unquoted equity investments are estimated, if possible, using applicable price / earnings ratios for similar listed companies adjusted to reflect the specific circumstances of the issuer.

The fair value of derivatives that are not exchange-traded is estimated at the amount that the Scheme would receive or pay to terminate the contract at the balance sheet date taking into account current

market conditions (volatility, appropriate yield curve) and the current creditworthiness of the counterparties. Specifically, the fair value of a forward contract is determined as a net present value of estimated future cash flows, discounted at appropriate market rates on the valuation date; and the fair value of an option contract is determined by applying the Black-Scholes option valuation model.

Investments in unlisted managed investment schemes are recorded at the exit price as reported by the managers of such schemes.

(v) DerecognitionThe Fund derecognises a financial asset when the contractual rights to the cash flows from the financial asset expire or it transfers the financial asset and the transfer qualifies for derecognition in accordance with AASB 139.

The Fund uses the weighted average method to determine realised gains and losses on derecognition of financial assets not at fair value.

A financial liability is derecognised when the obligation specified in the contract is discharged, cancelled or expired.

(vi) Specific instruments

Cash and cash equivalentsCash is comprised of current deposits with banks. Cash equivalents are short-term highly liquid investments that are readily convertible to known amounts of cash, are subject to an insignificant risk of changes in value, and are held for the purpose of meeting short-term cash commitments rather than for investment or other purposes.

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Notes to the Financial Statementsfor the period from 10 November 2006 to 30 June 2007 Continued

3. Summary of significant accounting policies (continued)

Derivative financial instrumentsDerivative financial instruments are recognised initially at cost. Subsequent to initial recognition, derivative financial instruments are stated at fair value. The gain or loss on remeasurement to fair value is recognised immediately in profit or loss.

(e) Foreign currency translationTransactions in foreign currencies are translated at the foreign currency exchange rate ruling at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are translated to Australian dollars at the foreign currency closing exchange rate ruling at the balance sheet date.

Foreign currency exchange differences arising on translation and realised gains and losses on disposal or settlement of monetary assets and liabilities are recognised in the income statements. Non-monetary assets and liabilities denominated in foreign currencies that are measured at fair value are translated to Australian dollars at the foreign currency closing exchange rates ruling at the dates that the values were determined. Foreign currency exchange differences relating to investments at fair value through profit or loss and derivative financial instruments are included in gains and losses on investments and net gain/(loss) on derivatives, respectively. All other foreign currency exchange differences relating to monetary items, including cash and cash equivalents, are presented separately in the income statements.

Foreign exchange gains or losses on financial assets and financial liabilities at fair value through profit or loss are recognised together with other changes in the fair value. Net foreign exchange gains and losses on monetary financial assets and financial liabilities, other than those classified

at fair value through profit or loss, are recognised in the Income Statement as a net foreign exchange loss.

(f) Distributions and taxationUnder current legislation, the Fund is not subject to income tax as its taxable income, including assessable realised capital gains, is distributed in full to the unitholders. The Fund will fully distribute its distributable income, calculated in accordance with the Fund Constitution and applicable taxation legislation, to the unitholders who are presently entitled to the income under the Constitution.

Financial instruments held at fair value may include unrealised capital gains. Realised capital gains that are subject to capital gains tax will be distributed so that the Fund is not subject to capital gains tax.

Realised capital losses are not distributed to unitholders but are retained in the Fund to be offset against any current or future realised capital gains. If realised capital gains exceed realised capital losses the excess is distributed to the unitholders.

(g) Goods and Services TaxManagement fees, custody fees and other expenses are recognised net of the amount of goods and services tax (GST) recoverable from the Australian Taxation Office (ATO) as a reduced input tax credit (RITC).

Receivables and payables are stated with the amount of GST included.

The net amount of GST recoverable from, or payable to, the ATO is included as an asset or liability in the Balance Sheet.

Cash flows are included in the Statement of Cash Flows on a gross basis.

(h) Performance feeThe Fund accrues a Performance Fee where the Fund outperforms the UBS Asia Ex Australian Investors Index AUD net total return. The Responsible Entity will waive such part of the Performance Fee as is necessary so that the Performance Fee payable in any year is capped at 0.5% of the Fund value for each financial year since the last Performance Fee was paid.

(i) Unit pricesThe Fund is listed on the Australian Stock Exchange.

(j) Segment reportingA segment is a distinguishable component of the Fund that is engaged in either a business segment or based on the Fund’s asset classes within a particular geographical segment, based on the geographical location of the assets, which is subject to risks and rewards that are different from those of other segments.

(k) Change in net assets attributable to unitholders

Non-distributable income, which may comprise unrealised changes in the fair value of investments, net capital losses, tax-deferred income, accrued income not yet assessable and non-deductible expenses are reflected in the profit and loss as changes in net assets attributable to unitholders.

These items are included in the determination of distributable income in the period for which they are assessable for taxation purposes.

(l) New standards and interpretations not yet adopted

The following standards, amendments to standards and interpretations have been identified as those which may impact the Scheme in the period of initial application. They are available for early adoption at 30 June 2007, but have not been applied in preparing these financial statements:

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AASB 101 • Presentation of Financial Statements (October 2006) has deleted the Australian specific Illustrative Financial Report Structure and reinstated the current IASB 1 guidance on Illustrative Financial Statement Structure. The revised AASB 101 is applicable for annual reporting periods beginning on or after 1 January 2007.

AASB 7 • Financial Instruments: Disclosures (August 2005) replaces the presentation requirements of financial instruments in AASB 132. AASB 7 is applicable for annual reporting periods beginning on or after 1 January 2007, and will require extensive additional disclosures with respect to the Scheme’s financial instruments.

AASB 2005-10 • Amendments to Australian Accounting Standards (September 2005) makes consequential amendments to AASB 132 Financial Instruments: Disclosure and Presentation, AASB 101 Presentation of Financial Statements, AASB 114 Segment Reporting, AASB 139 Financial Instruments: Recognition and Measurement and AASB 1 First-time Adoption of Australian Equivalents to International Financial Reporting Standards.

AASB 8 • Operating segments and AASB 2007-3 Amendments to Australian Accounting Standards arising from AASB 8 [AASB 5, AASB 6, AASB 102, AASB 107, AASB 119, AASB 127, AASB 134, AASB 136, AASB 1023 & AASB 1038] are applicable to annual reporting periods beginning on or after 1 January 2009.

The Fund has not adopted these standards early. These standards specify changes to the requirements of segment disclosures. Application of these standards will not affect any of the amounts recognised in the financial statements. No significant impact to the existing segment disclosures is anticipated.

4. Net gain/(loss) on financial instruments

Period ended 30 June 2007

$000

REALISED GAIN/(LOSS) ON

Listed equities (22)

Foreign exchange (174)

Total realised gain/(loss) (196)

UNREALISED GAIN/(LOSS) ON

Listed equities (1,248)

Foreign exchange (2,456)

Total unrealised gain/(loss) (3,704)

Net gain/(loss) on financial instruments (3,900)

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5. Auditors’ remuneration

2007 $

AUDIT SERVICES

Auditors of the Fund - KPMG

Audit and review of the financial reports 29,500

29,500

OTHER SERVICES

Auditors of the Fund - KPMG

Taxation services 514

Tax opinion for PDS 20,293

20,807

50,307

6. Net assets attributable to unitholders


No. of Units000

$000

Opening balance - -

Applications

Stapled securities (a) 50,000 50,000

Issue costs (b) - (3,000)

Sub total 50,000 47,000

Redemptions - -

Change to unitholders’ funds - (3,637)

Closing balance 50,000 43,363

(a) 50 million Stapled securities were issued as a result of the initial public offering (“IPO”).(b) IPO costs incurred in raising funds from the public.All Stapled securities in the Fund carry equal rights and each unit represents a right to the underlying assets of the Fund.

7. Cash and cash equivalents

30 June 2007 $000

Current deposits with banks 50

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8. Financial assets held at fair value through profit or loss

Listed property securities

30 June 2007 $000

HONG KONG

Champion Real Estate Investment Trust 1,041

Great Eagle Holdings Limited 451

Greentown China Holdings 1,044

Hang Lung Properties Limited 686

Hopson Development Holdings 939

Hysan Development Co 1,012

Kerry Properties Limited 234

Link Real Estate Investment Trust 3,627

Regal Real Estate Investment Trust 439

9,473

JAPAN

Aeon Mall Co Limited 1,797

Daibaru Corporation 817

Japan Real Estate Investment Fund 3,759

Mitsubishi Estate Co Limited 384

New City Residence Investment Corporation REIT 390

Nomura Real Estate Office Fund 694

Nippon Building Fund Incorporated 4,631

Nippon Residential Investment Corporation REIT 748

NTT Urban Development Corporation 546

Orix JREIT Incorporated 1,490

Shoei Co Limited 759

16,015

MALAYSIA

KLCC Property Holdings Berhad 710

SP Setia Berhad 968

1,678

PHILIPPINES

Megaworld Corporation 1,007

1,007

SINGAPORE

Ascott Residence Trust 862

Capitaland Limited 142

CapitaRetail China Trust 1,014

CDL Hospitality Trust 700

Hongkong Land Holdings Limited 6,093

Keppel Land Limited 937

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Listed property securities

30 June 2007 $000

MacarthurCook Industrial REIT 2,031

Singapore Land Limited 1,359

Suntec Real Estate Investment Trust 1,232

14,370

Total listed property securities 42,543

Derivatives

INDIA

Macquarie Bank-CW08 Unitech Limited 627

Total derivatives 627

Total investments 43,170

9. Receivables

Interest receivable 2

Dividend and distribution receivable 154

GST receivable 97

253

10. Payables

Investment management fee 70

Responsible Entity reimbursement 40

110

11. Commitments and contingent assets and liabilitiesIn accordance with the Fund's Constitution and subject to the proper performance of its duties, the Responsible Entity is entitled to a reimbursement fee of $2 million if it is removed as the Responsible Entity of the Fund within the first 12 months after the Fund is admitted to the Official List.

12. Segment reportingThe Fund is organised into one main segment which operates solely in the business of investment management in Australia.

(a) Business segmentsThe Fund invests in common stock or other equity securities of Asian real estate companies or REITs, which have their principal office in an Asian country, a significant amount of assets in Asian countries or conduct a significant amount of their business operations in one or more Asian countries. The remainder of the portfolio is held in cash.

(b) Geographical segmentsWhilst the Fund operates only in Australia, it has investment exposures in other countries. Details of exposure to each country are disclosed in Note 8.

8. Financial assets held at fair value through profit or loss (continued)

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13. Earnings per unit


Net operating loss $000 (3,637)

Weighted average number of ordinary units (000) 50,000

Basic earnings/(deficit) per unit (cents) (7.27)

Weighted average number of ordinary and deferred units (000) 52,000

Diluted earnings/(deficit) per unit (cents) (6.99)

14. Reconciliation of cash flow from operating activities


$000

Loss from operating activities (3,637)

ADJUSTMENTS FOR

Net unrealised losses on investments 1,175

Net unrealised losses on derivatives 73

Net unrealised losses on foreign exchange 2,630

Net realised loss on sale of investments 22

CHANGES IN OPERATING ASSETS AND LIABILITIES

Increase in receivables (156)

Increase in payables 110

Cash flows from operating activities 217

15. Related parties

Responsible EntityThe responsible entity of the MacarthurCook Asian Real Estate Securities Fund is MacarthurCook Fund Management Limited (ABN 79 004 956 558) whose ultimate holding company is MacarthurCook Limited (ABN 64 009 110 463). MacarthurCook Limited is incorporated in Australia.

(a) Remuneration of Directors and key management personnel The Fund does not employ personnel in its own right. The Fund is required to have an incorporated Responsible Entity to manage the activities of the Fund and this is considered to be the key management personnel.

The Directors and Executives of the Responsible Entity are key management personnel of that entity and their names and positions are as follows:

Phillip Anderson - Non-Executive Director •(resigned on 11 May 2007)

Craig Dunstan - Managing Director•

Hugh Gurner - Non-Executive Director•

Richard Haddock - •Chairman and Non–Executive Director

Craig Turnbull - •Head of Real Estate Securities

Chris Nunn – Head of Commercial Development•

Lee Ward – Chief Financial Officer•

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15. Related parties (continued)No compensation is paid directly to any of the key management personnel of the Responsible Entity. Since the end of the financial year, no Director or key management personnel of the Responsible Entity has received or become entitled to receive any benefit because of a contract made by the Responsible Entity with a Director or key management personnel, or with a firm of which the Director or key management personnel is a member, or with an Entity in which the Director or key management personnel has a substantial interest, except at terms set out in the Fund Constitution.

The Responsible Entity is entitled to an annual management fee of 0.62% (GST inclusive, net of RITC) of Fund Value. The management fee is paid by the Fund quarterly in arrears. Subject to the proper performance of its duties, a reimbursement fee of $2 million is payable if the Responsible Entity is removed as Responsible Entity of the Fund within the first year of listing. The amount of reimbursement fee which may become payable to the Responsible Entity is reduced by $400,000 on each anniversary date on which the Fund is admitted to the Official List.

(b) Responsible Entity fees and other transactions


$

Expenses incurred by the Responsible Entity and reimbursed by the Fund in accordance with the provisions of the Constitution

40,744

Management fees paid and payable by the Fund 69,605

Performance fee paid and payable by the Fund -

110,349

At 30 June, $110,349 owing to the Responsible Entity was included in payables in the Balance Sheet. Where the Fund invests in another fund operated by the Responsible Entity, the Responsible Entity has rebated its fee to the Fund so that there is no duplication of fees recovered from the other fund.

(c) Related party transactionsAll transactions with related parties are conducted on normal commercial terms and conditions. From time to time, the Responsible Entity or its Director-related entities may invest in or withdraw from the Fund. These transactions are subject to the same terms and conditions as those entered into by other Fund investors and are trivial and domestic in nature.

Related party investments held by the FundThe Fund may purchase and sell units in other approved funds managed by the Responsible Entity or its associates in the ordinary course of business at application and redemption prices calculated in accordance with the constitutions of those funds. Details of the Fund’s investments in other funds operated by the Responsible Entity are set out below:

30 June 2007

Scheme Name

Units held Net fair value

$

Interest held

%

Units purchased

Units sold

Distribution received / receivable

$

MacarthurCook Industrial REIT 2,000,000 2,030,838 0.77 2,000,000 - -

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Units in the Fund held by related partiesDetails of holdings in the Fund by the Responsible Entity, other funds operated by the Responsible Entity and other related parties are set out below:

30 June 2007

Entity/person

Relationship Units held

Interest held

%

Units issued

Units redeemed

Distribution paid /

payable $

Richard Haddock Director 65,000 0.13 65,000 - -

Craig Dunstan Director 8,510 0.02 8,510 - -

MacarthurCook Property Securities Fund

Common Responsible Entity

4,711,990 9.42 4,711,990 - -

4,785,500 9.57 4,785,500 - -

16. Financial instrumentsThe following disclosures in relation to the various risks of the Fund's portfolio have been based on the Fund's direct holdings. The Fund’s investment portfolio is comprised of listed equity investments in various countries and investments in other funds that it intends to hold for an indefinite period of time. The Fund holds these investment assets at the discretion of the Fund’s Investment Manager in accordance with its published investment strategy. The Fund also invests in a variety of derivative financial instruments.

The Fund’s investing activities expose it to various types of risk that are associated with the financial instruments and markets in which it invests. The most important types of financial risk to which the Fund is exposed are market risk, credit risk and liquidity risk.

Asset allocation is determined by the Fund’s investment manager who manages the investment of the assets to achieve the Fund’s objectives of providing the opportunity for long term capital growth, as well as income, from investing in a diversified portfolio of Asian real estate securities. Divergence from target asset allocations and the composition of the portfolio is monitored by the Fund’s investment manager.

(a) Market risk Market risk is the risk that changes in market prices, such as foreign exchange rates, interest rates and equity prices will affect the Fund’s income or the value of its holdings of financial instruments. The objective of market risk management is to manage and control market risk exposures within acceptable parameters, while optimising the return on investments.

The Fund’s strategy on the management of investment risk is driven by the Fund’s investment objective. The Fund’s market risk is managed on a daily basis by the investment manager in accordance with the investment guidelines as outlined in the Fund’s initial product disclosure statement.

Price risk Price risk is the risk that the value of the Fund’s investment portfolio will fluctuate as a result of changes in market prices. As the majority of the Fund’s financial instruments are carried at fair value with fair value changes recognised in the Income Statement, all changes in market conditions will directly affect net investment income. This risk is managed by ensuring that all activities are transacted in accordance with the Fund’s investment policy and within approved limits.

Currency riskThe Fund is exposed to currency risk on financial instruments, receivables and liabilities that are denominated in a currency other than the functional currency (Australian dollars) of the Fund.

The Fund’s strategy on the management of currency risk is driven by the Fund’s investment objective. The Fund’s currency risk is managed on a daily basis by the Investment Manager in accordance with the investment guidelines as outlined in the Fund’s product disclosure statement.

The Fund invests in common stock or other equity securities of Asian real estate companies or REITs. Consequently, the Fund is exposed to risks that the exchange rate of its currency relative to other foreign currencies may change in a manner that has an adverse affect on the value of that portion of the Fund’s assets or liabilities denominated in currencies other than the Australian dollar.

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16. Financial instruments (continued)The Fund’s net exposure to fluctuations in foreign currency exchange rates at the balance sheet date was as follows:

Fair value 2007 $000

ASSETS

US Dollars(i) 6,720

Singapore Dollars 8,277

Philippine Peso 1,007

Malaysian Ringgit 1,678

Japanese Yen 16,095

Hong Kong Dollars 9,473

43,250

(i) Exposure to US Dollars results from investments in Hongkong Land Holdings Limited and Macquarie Bank-CWO8 Unitech Limited which are denominated in US Dollars.

Interest rate riskThe Fund’s exposure to interest rate risk and the effective weighted average interest rate for classes of financial assets and financial liabilities is set out below:

30 June 2007

Note Weighted average

interest rate %

Floating interest

rate $000

Non-interest bearing

$000

Total

$000

FINANCIAL ASSETS

Cash and cash equivalents 7 5.66 50 - 50

Investments 8 - 43,170 43,170

Receivables 9 - 253 253

50 43,423 43,473

FINANCIAL LIABILITIES

Payables 10 - 110 110

Distributions payable - - -

- 110 110

(b) Liquidity riskThe Fund’s listed property securities are considered to be readily realisable as they are all listed on International Stock Exchanges.

(c) Credit risk Credit risk represents the loss that would be recognised if counterparties failed to perform as contracted. Market prices generally incorporate credit risk assessments into valuations and risk of loss is implicitly provided for in the carrying value

of financial assets and liabilities as they are marked to market. The total credit risk is therefore limited to the amount carried on the Balance Sheet.

The Fund minimises credit risk by undertaking transactions with a large number of customers, and ensuring that counterparties are either recognised and reputable or are recognised financial intermediaries with acceptable credit ratings determined by a recognised rating agency.

17. Events subsequent to reporting date

There have been no events subsequent to balance date which would have a material effect on the Fund’s Financial Statements at 30 June 2007.F

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Directors’ Declarationfor the period from 10 November 2006 to 30 June 2007

In the opinion of the Directors of MacarthurCook Fund Management Limited, the Responsible Entity of MacarthurCook Asian Real Estate Securities Fund (“the Fund”):

(a) the Financial Statements and notes set out on pages 30 to 44 are in accordance with the Corporations Act 2001, including:

(i) giving a true and fair view of the financial position of the Fund as at 30 June 2007 and of its performance, as represented by the results of its operations and its cash flows, for the year ended on that date; and

(ii) complying with Australian Accounting Standards (including the Australian Accounting Interpretations) and the Corporations Regulations 2001; and

(b) there are reasonable grounds to believe that the Fund will be able to pay its debts as and when they become due and payable.

Signed in accordance with a resolution of the Directors of the Responsible Entity, MacarthurCook Fund Management Limited.

Richard M Haddock Chairman

MacarthurCook Fund Management Limited

Melbourne

30 August 2007

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Independent Audit Report

Independent auditor’s report to the Unitholders of MacarthurCook Asian Real Estate Securities Fund

Report on the financial report

We have audited the accompanying Financial Report of MacarthurCook Asian Real Estate Securities Fund (the Fund), which comprises the Balance Sheet as at 30 June 2007, and the income statement, statement of changes in equity and cash flow statement for the period commencing on 10 November 2006 and ended 30 June 2007, a summary of significant accounting policies and other explanatory notes 1 to 17 and the Directors’ declaration set out on page 45.

Directors’ responsibility for the financial report

The directors of MacarthurCook Fund management Limited (the Responsible Entity) are responsible for the preparation and fair presentation of the financial report in accordance with Australian Accounting Standards (including the Australian Accounting Interpretations) and the Corporations Act 2001. This responsibility includes establishing and maintaining internal control relevant to the preparation and fair presentation of the financial report that is free from material misstatement, whether due to fraud or error; selecting and applying appropriate accounting policies; and making accounting estimates that are reasonable in the circumstances. In note 2, the directors of the Responsible Entity also state, in accordance with Australian Accounting Standard AASB 101 Presentation of Financial Statements, that the financial report, comprising the financial statements and notes, complies with International Financial Reporting Standards.

Auditor’s responsibility

Our responsibility is to express an opinion on the financial report based on our audit. We conducted our audit in accordance with Australian Auditing Standards. These Auditing Standards require that we comply with relevant ethical requirements relating to audit engagements and plan and perform the audit to obtain reasonable assurance whether the financial report is free from material misstatement.

An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the financial report. The procedures selected depend on the auditor’s judgement, including the assessment of the risks of material misstatement of the financial report, whether due to fraud or error. In making those risk assessments, the auditor considers internal control relevant to the Fund’s preparation and fair presentation of the financial report in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Fund’s internal control. An audit also includes evaluating the appropriateness of accounting policies used and the reasonableness of accounting estimates made by the directors of the Responsible Entity, as well as evaluating the overall presentation of the financial report.

We performed the procedures to assess whether in all material respects the financial report presents fairly, in accordance with the Corporations Act 2001 and Australian Accounting Standards including the Australia Accounting Interpretations so as to present a view which is consistent with our understanding of the Fund’s financial position, and of its performance.

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We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion.

Auditor’s opinion

In our opinion:

(a) the Financial Report of MacarthurCook Asian Real Estate Securities Fund is in accordance with the Corporations Act 2001, including:

(i) giving a true and fair view of the Fund’s financial position as at 30 June 2007 and of its performance for the period commencing on 10 November 2006 and ended 30 June 2007; and

(ii) complying with Australian Accounting Standards including the Australian Accounting Interpretations and the Corporations Regulations 2001.

(b) the financial report also complies with International Financial Reporting Standards as disclosed in note 2.

KPMG

Andrea Waters Partner

Melbourne 30 August 2007

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Unitholder Information as at 31 August 2007

Range of units

Range Total holders Units % issued capital

1 – 1,000 4 1,987 0.00

1,001 – 5,000 303 1,058,758 2.12

5,001 – 10,000 249 2,318,704 4.64

10,001 – 100,000 634 22,043,303 44.09

100,001 – 9,999,999,999 52 24,577,258 49.15

Total 1,242 50,000,010 100.00

Unmarketable parcels

Minimum parcel size Holders Units

Minimum $500 parcel at $0.65 per unit 770 3 1,187

Substantial unitholders

Rank Name Units held at end of period

% issued capital

1. Sandhurst Trustees Ltd <MacarthurCook PSF A/C> 4,712,000 9.42

Top 20 unitholders

Rank Name Units % issued capital

1. Sandhurst Trustees Ltd <MacarthurCook PSF A/C> 4,712,000 9.42

2. Feta Nominees Pty Limited C/- Citigroup Global Markets Australia Pty Ltd 2,460,000 4.92

3. Bond Street Custodians Limited <Officium Property Fund> 2,000,000 4.00

4. Bowyang Nominees Pty Limited C/- Citigroup Global Markets Australia Pty Limited

2,000,000 4.00

5. Idameneo (No 79) Nominees Pty Limited 1,848,000 3.70

6. Bydand Holdings Pty Ltd 1,000,000 2.00

7. Hellier Capital Pty Ltd Hellier Family A/C 700,000 1.40

8. RBC Dexia Investor Services Australia Nominees Pty Limited <MlCI A/C> 573,313 1.15

9. Mr Toby Rowley Browne + Mr Paul Buckley 520,000 1.04

10. Bond Street Custodians Limited <BOZ - SP0452 A/C> 400,000 0.80

11. Davington Pty Ltd <G & F Yukich Super Fund A/C> 400,000 0.80

12. Mr Graham Robinson Davies 383,359 0.77

13. Bond Street Custodians Limited <HJM - Lg0388 A/C> 350,000 0.70

14. Palik Nominees Pty Ltd <The Keenan Family A/C> 350,000 0.70

15. Bianca Nominees Pty Ltd 300,000 0.60

16. Bow Lane Nominees Pty Ltd C/- Smith Barney Citigroup Australia Pty Ltd 295,000 0.59

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Rank Name Units % issued capital

17. Bramston Pty Ltd <Bramston A/C> 285,000 0.57

18. ANZ Nominees Limited <Cash Income A/C> 250,000 0.50

19. Rhino Trade Pty Ltd 250,000 0.50

20. Mr Rakesh Shankarlal Tulshyan 210,000 0.42

Total 19,286,672 38.58

Voting rightsThe voting rights attaching to each class of equity securities are set out below:

Ordinary UnitsOn a show of hands every member present in person or by proxy shall have one vote and upon a poll each unit shall have one vote.

Deferred UnitsAs at 30 June 2007 the Responsible Entity held 2,000,000 Deferred Units. Each Deferred Unit carries the rights and restrictions set out below.

A Deferred Unit carries no right to participate in any distribution from the Fund until it converts to a Unit.

(a) Each Deferred Unit entitles the holder:

(i) to receive a copy of any notices or other document sent to holders of Units; and

(ii) to attend any meeting of Unitholders.

(b) A Deferred Unit carries no voting rights until it converts to a Unit.

A Deferred Unit carries no rights to participation in any distribution or return to Unitholders on the winding up of the Fund.

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Investors’ Summary

Unitholder valueThe primary objective of the MacarthurCook Asian Real Estate Securities Fund is to provide investors with the opportunity for long term capital growth, as well as income, from investing in a diversified portfolio of Asian real estate securities.

The table on page 52 provides a summary of the Fund’s key financial results.

Unit liquidityDuring the period 11 November 2006 (when units were initially listed) to 30 June 2007, 9,880,601 units were traded on the Australian Securities Exchange representing approximately 19.76% of the weighted average number of units on issue during the year.

Distribution and distribution policyThe Fund intends to make distributions each six months. Because of its relatively short life, the Fund did not make a distribution for the period ending 30 June 2007. As a result, the Fund’s first distribution will be made as at 31 December 2007.

Unitholder enquiriesUnitholders with enquiries are welcome to access information by any of the following methods:

By contact with the unit registry: •Computershare Investor Services Pty Ltd

Please quote your Security Reference Number (SRN) or Holder Identification Number (HIN) when dealing with the unit registry.

Via the MacarthurCook website: •www.macarthurcook.com.au

By contact with the •Responsible Entity:

Unitholders are welcome to contact the Responsible Entity at any time and speak to the Company.

The Investor Relations Manager Telephone: 1300 362 117 Facsimile: (03) 9639 1440 Email: [email protected]

Stock exchange listingsMacarthurCook Asian Real Estate Securities Fund units are listed on the Australian Securities Exchange and reported in the “Industrial” section of daily newspapers (ASX code: MSAS).

Electronic payment of distributionThe Fund offers the electronic payment of distributions, which is now in use by the majority of our unitholders. Unitholders may nominate a bank, building society or credit union account for the payment of dividends by direct credit.

Payments are electronically credited on the distribution payment date and confirmed by mailed advice.

Distribution Reinvestment PlanThe Fund’s Distribution Reinvestment Plan (“Plan”) will be in operation for distribution payments during the 2008 financial year. Unitholders may obtain a copy of the rules of the Plan from www.macarthurcook.com.au.

Unitholders wishing to change their participation status must complete an election form in accordance with the Plan rules.

Company websitewww.macarthurcook.com.au

The Company website offers the following features:

Investor relations page, enabling •unitholders to access unit price and corporate governance information and browse Fund announcements. In order to obtain and update information in relation to their unitholdings, unitholders can go to the share registry link and by entering the unitholder name, address and SRN or HIN at the prompt, unitholders will gain access to this service.

News service providing up •to date information on recent Fund activities and items of interest.

Access to annual and half year •reports. The Annual Report can be downloaded as a PDF electronic file.

Feedback service to enhance •communication between the company and its unitholders.

Unitholders’ timetable

Register closes for first distribution 2008 31 December 2007

First distribution payment date 31 January 2008

Half-year result announcement February 2008

Full year result and distribution announcement August 2008

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51

Securities Exchange Announcements

This section summarises the Company announcements made to the ASX during the period from 10 November 2006 to the date of this Report. Full details are available through the ASX or MacarthurCook websites.

August 2007MSA results due 2007

MSA Portfolio Update July 2007 (Amended)

MSA Portfolio Update July 2007

July 2007Appendix 4C – quarterly

Letter to Shareholders

Portfolio Update June 2007

Nil distribution for quarter end 30 June 2007

June 2007Record date for distribution

Portfolio Update - May 2007

May 2007Change of Director’s Interest Notice

Initial Director’s Interest Notice x4

Resignation of Director

April 2007Constitution

Appendix 1A - Application for admission to Official List

ASX Circular: Commencement of Official quotation

Range of Units

Pre admission information

Range of Units

Security Holder Spread

March 2007Prospectus

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Financial Performance Summary for period to 30 June 2007

Financial result summary (all figures in $000 unless otherwise shown)


FINANCIAL PERFORMANCE

Revenue from ordinary activities (3,514)

Total expenses 123

Net profit (3,637)

Distributions paid and payable -

FINANCIAL POSITION

Total assets 43,473

Total liabilities 110

Unitholders’ equity 43,363

Number of units on issue – end of year (000) 50,000

Net tangible assets per unit (cents) 86.7

Net debt -

Net debt to equity -

KEY PERFORMANCE MEASURES

Earnings per unit (cents) (7.27)

Distribution per unit (cents) -

Proportion of distribution tax-advantaged (%) N/A

Capital growth per unit – based on bid price (%) (21.5)

Debt to gross assets (%) -

Unit price – last sale price (cents) 78.5

Number of investors 1,288

Average investment amount ($) 3,882

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Corporate Directory

Responsible Entity MacarthurCook Fund Management Limited ABN 79 004 956 558

Head Office and Registered Office Level 4 30 Collins Street Melbourne VIC 3000 Australia

Telephone: +61 3 9660 4555 Fax: +61 3 9639 1440

Singapore Office1 Raffles Place #21–01 OUB Centre Singapore 048616

Telephone: +65 6309 1050 Fax: +65 6534 3942

Directors of the Responsible Entity Mr Richard M HaddockIndependent Chairman and Non-Executive Director

Mr Craig M DunstanManaging Director

Mr Nick G BasileNon-Executive Director

Mr Geoff CoffeyIndependent Non-Executive Director

Mr A Hugh GurnerIndependent Non-Executive Director

Ms Jane TongsIndependent Non-Executive Director

Company Secretaries Mr Richard HobsonMr Joseph Volpe

Auditors KPMG147 Collins StreetMelbourne VIC 3000

Compliance Plan Auditor Ms Andrea WatersPartnerKPMG147 Collins StreetMelbourne VIC 3000

Home Stock Exchange Australian Securities Exchange Limited (ASX)Melbourne VIC 3000

Stock Exchange Code MSAS

Unit Registrar Computershare Investors Services Pty LimitedYarra Falls452 Johnston StreetAbbotsford VIC 3067

Telephone: +61 3 9415 4000Toll free (within Australia): 1300 855 080

Designed by motivo creative media

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MacarthurCook Fund Management Limited ABN 79 004 956 558

Level 4 30 Collins Street Melbourne VIC 3000 Australia

1 Raffles Place #21–01 OUB Centre Singapore 048616

Customer Telephone Enquiries 1300 655 197 +61 3 9660 4555

Website www.macarthurcook.com.au

Email [email protected]

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Documents

MSA-ASX Annual Report2007/09/18 · investors with an excellent vehicle for taking full advantage of the wonderful investment opportunities that Asia offers. The argument for investing