US MASTERS RESIDENTIAL PROPERTY FUND(URF)

delisted as the Fund is transferring to the Official List of the ASX (the Fund subsequently listed under the same code - URF - on 23 July 2012)

The offer has been oversubscribed, with the Fund having received application monies equal to $65,792,242. 40,613,359 new units will be issued to 1,792 unit holders. After allotment, the new units will represent approximately 39% of issued units in the Fund. The new units will be issued at $1.62 per unit. The application price was calculated based on the following formula: $1.56 adjusted for changes in the US$/A$ exchange rate between 15 May 2012 (the date of the PDS) and 25 June 2012 (1 Business Day before the allotment date), increased by a structuring and arranging fee of 2% and a handling fee of 2% (excluding GST). The Fund will be delisted from the NSX on 30 June 2012 and expects normal trading on the ASX to commence on 23 July 2012

To allow for the Fund to transfer to the Official List of the ASX, trading of units on the NSX will be suspended from close of business today.

The Fund applied for admission to the Official List of ASX on 21 May 2012. This application is presently being considered by ASX. The Fund is confident that it will be granted admission to the Official List of ASX. To allow for the Fund to transfer to the Official List of the ASX, trading of units on the NSX will be suspended from close of business today. Subject to the Fund being granted conditional admission to the Official List of ASX, the Fund will withdraw its listing on NSX on 30 June 2012. It is currently expected that trading of Units on the ASX will commence on 23 July 2012