We refer to the announcements by MacarthurCook Investment Managers (Asia) Limited, as manager of MacarthurCook Industrial REIT ( “MI-REIT”, and manager of MI-REIT, the “Manager” ), on 21 December and 27 December 2007 in relation to the proposed equity fund raising to raise gross proceeds of up to S$200 million.

Given current market conditions, the Manager has decided to postpone the proposed equity fund raising until markets are more conducive.

Mr Chris Calvert, Chief Executive Officer of the Manager noted, “We have taken into consideration the current turmoil in the international capital markets in reaching the decision to postpone the proposed equity fund raising to preserve the value of unitholders’ equity.”

The Manager had intended to use the proceeds of the proposed equity fund raising to refinance MIREIT’s recent property acquisitions in Singapore and Japan, thereby freeing up capital for future acquisitions.

Following the expected completion of its committed acquisitions in the fourth quarter of MI-REIT’s financial year ending 31 March 2008 ( “4QFY2008” ), the aggregate leverage of MI-REIT and its subsidiary and controlled entity, Japan Industrial Property Pte Ltd, will be approximately 41%, notwithstanding the equity fund raising. This gearing is comfortably within MI-REIT’s long term target gearing of 40% to 50%. MI-REIT has an investment grade credit rating which permits a gearing of up to 60%, under the Property Funds Guidelines.