MAS IMPOSES COMPOSITION AMOUNT OF $7,500 ON NATIONAL AUSTRALIA BANK LIMITED FOR FAILING TO NOTIFY THE SINGAPORE EXCHANGE SECURITIES TRADING LIMITED ["SGX-ST"] AND THE TRUSTEE OF MACARTHURCOOK INDUSTRIAL REAL ESTATE INVESTMENT TRUST OF CHANGES IN SUBSTANTIAL UNITHOLDINGS WITHIN STIPULATED TIMEFRAME

1       On 26 February 2010, National Australia Bank Limited ["NABL"] paid a composition amount of $7,500 for contravening sections 137A and 137B of the Securities and Futures Act ["SFA"] which require substantial unitholders of listed real estate investment trusts ["REIT"] to notify the securities exchange and the trustee of the REIT, respectively, of a change in unitholdings.

2       NABL failed to notify SGX-ST of its deemed shareholding changes in MacarthurCook Industrial REIT ["MI-REIT"] which took place on 6, 9 and 24 November 2009.  NABL also failed to notify the trustee of MI-REIT of its deemed shareholding changes. As a result, MI-REIT was unable to disseminate the information to the market as required under Rule 704(3) of the SGX Listing Manual.

Substantial unitholders are required to notify the securities exchange and the trustee of the REIT of changes in their unitholdings in a timely manner. This is necessary for the proper functioning of a fair, efficient and transparent market.