Appointment And Resignation Of Company Secretary

The Board of Directors of Bowsprit Capital Corporation Limited (the "Company") as Manager of First Real Estate Investment Trust ("First REIT") wishes to announce that Ms Elizabeth Krishnan has been appointed Company Secretary in place of Ms Lim Ka Bee with effect from 21 July 2008.

By Order of the Board

Dr Ronnie Tan Keh Poo
Chief Executive Officer

Bowsprit Capital Corporation Limited
(Company Registration No: 200607070D)
As Manager of First Real Estate Investment Trust

28 July 2008

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.