Change Of Registered Address

The Board of Directors of Bowsprit Capital Corporation Limited ("the Company") as Managers of First Real Estate Investment Trust ("First Reit") wishes to announce that with effect from 8 January 2007, the registered address of First Reit will be changed to No. 1 Philip Street, #15-00 Singapore 048692.


Merrill Lynch (Singapore) Pte. Ltd. and Oversea-Chinese Banking Corporation Limited were the joint lead managers and underwriters of the initial public offering of units in First REIT.


By Order of the Board



Dr Ronnie Tan
Chief Executive Officer


Date: 8 January 2007