Resignation Of A Non-Executive Director

The Board of Directors of Bowsprit Capital Corporation Limited, the Manager of First Real Estate Investment Trust ("First REIT)" wishes to announce that Mr Chan Kin will resign as the Non-Executive Director of the Company with effect from 24 March 2007. He shall accordingly cease to be a member of the Audit Committee.

Following the above resignation, the Board of Directors now comprises the following members:

Mr. Albert Saychuan Cheok (Chairman and Independent Director)
Mr. Goh Tiam Lock (Independent Director)
Mr. Mag Rainer Silhavy (Non-Executive Director)
Datuk Robert Chua Teck Chew (Independent Director)
Dr. Ronnie Tan Keh Poo @ Tan Kay Poo (Director/Chief Executive Officer)
Mr. Klaus Krombass (Alternate Director to Mr. Mag Rainer Silhavy)

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: 7 March 2007