SINGAPORE, 13 March 2008 – Macquarie Pacific Star, the Manager of MMP REIT, today announced that it has refinanced S$220 million of short-term loans, S$190 million of which are due in May 2008 and another S$30 million due in August 2008.

In light of the strategic review of MMP REIT announced on 19 February 2008, the new funding has been arranged to extend the maturity of the facilities until end September 2008. The renewals have been secured on competitive terms and will not have a material impact on Distribution Per Unit to unitholders. The refinancing, which is expected to cover the period during which the strategic review is undertaken, will allow the review to proceed with flexibility and remove the need to incur additional costs to unwind longer-term loans, which may be necessary if there is a transaction pursuant to the strategic review.

Mr Franklin Heng, Chief Executive Officer of Macquarie Pacific Star, said, “The successful refinancing of MMP REIT’s debt facilities demonstrates the strong credit quality of MMP REIT, with finance providers continuing to support the trust.

“We remain committed to securing the most optimal financing arrangements to maximise returns to unitholders. We will continue to monitor MMP REIT’s funding position throughout the strategic review and will put in place funding strategies which address the various scenarios which may emerge.

“MMP REIT’s credit worthiness is supported by the high quality of MMP REIT’s underlying assets, low gearing, rental reversions, occupancy levels and tenancies. These attributes remain unchanged.”