GOODMAN GROUP — Annual Report 2005

Aug 17, 2005

VRCOM SACTO DE LA

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Results foldure your entire 60 June 2005

Contents

Setimin 1 Year in Review

Section 2 Financial Performance

Geboorte Property Investment

Geria n Management Divisions

("Katalog Katalog Ka Capital Management

Setimo 6

Outlook

George Barnett

Appendices

Section N - Yest in Review

G Vanouoon

gaanaan waxaa

Year in Review

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• $\rightarrow$ Successful merger of MGI and MGM to form the Macquarie Goodman Group (MGQ)
• Normalised full year distribution per security of 25.90 cents, $\rightarrow$ in line with Explanatory Memorandum
• Normalised full year earnings per security of 23.96 cents, $\rightarrow$ above the Explanatory Memorandum
• Total annual return for MGI unitholders of 48.5% $\rightarrow$
• Total annual return for MGM shareholders of 20.5% $\rightarrow$
• Net tangible assets increased from \$1.97 to \$2.15 $\rightarrow$
• Gearing at lower end of target range (35% 40%) being 36% $\rightarrow$
• Market capitalisation increased to \$5.7 billion $\rightarrow$
• $\rightarrow$ \$458 million entitlement offer in April 2005

Year in Review

Cyrangionali

• $\rightarrow$ Acquisitions totalling \$973 million
• Growth in assets under management to \$7.0 billion $\rightarrow$
• \$2.3 billion in external funds under management: $\rightarrow$
• MGP total return 27%
• $\rightarrow$ A-REIT total return 56%
• Completed restructure of MGP in April 2005: $\rightarrow$
• $\rightarrow$ Total MGP assets increased from \$244 million to \$504 million
• $\rightarrow$ Secured \$400 million in Hong Kong investments to seed Hong Kong REIT
• Exploring a platform to establish an Australian Wholesale Fund $\rightarrow$

Year in Review

Patricio

• $\rightarrow$ Secured 311,000 sqm of leasing deals on existing space totalling \$35 million net annual rental
• Completed 240,000 sqm of development properties with an end $\rightarrow$ value of \$290 million
• Commenced 316,000 sqm in new developments with an estimated $\rightarrow$ end value of \$532 million
• Growth in like on like property income of 3.2% $\rightarrow$
• Independent valuations added \$64 million in value $\rightarrow$

Macquarte

Motologici

Financial Highlights

	E 1974 E STANDARD ar manang	C. MAARD SAMAANAR KARASA E. V. Williammann ann ann an Carlo Callagh. A A-L-A-R-L-L-A-C-L-L-L-L-L-L-L-L-L-L-L-L-L-L-L-L ELLELY COMPANY
Normalised full year distribution per security	25.90	25.90
Normalised full year earnings per security	23.96	23.65
MGQ net profit attributable to Security holders	50.0	14.2
Total assets	5,171	4,213
Net tangible assets per security (\$)	2.15	1.97
Gearing (%)	36	38
Security price (\$)	4.08	3.60
Market capitalisation (\$m)	5,732	4,511

MGI net profit (after tax)

* The profit reflected for MGI is on a normalised basis for FY05 and does not reflect any one off costs associated with the merger to MGM totalling \$13 million ** The profit reflected for MGM is on a normalised basis for FY05 and does not reflect any one off costs associated with the merger to MGI totalling \$117 million

Financial Performance

ALLE OM TELLE	KI METHANIK TILIKI KU
	8333
Net property income	128.9
Management income	51.4
Development and portfolio rationalisation	17.0
Investment income	10.4
Total income	207.7
Expenses from operations	(30.3)
Diminution in value of management rights (net of tax)	(77.3)
Merger transaction expenses	(22.5)
Net interest	(25.9)
Outside equity interest	(1.7)
Profit after tax expense attributable to stapled Securityholders*	50.0
Merger and transaction costs	99.8
Pre merger MGI profits January 2005	19.7
Normalised earnings	169.5
Profits adjusted in the merged Group	15.5
Dividends and distributions	185.0

Reconciliation

EN DIA PROPINSI KORA NYA NYA NYA PANAODIA	E MARIE E ESTADO STANDING TIMBETI OMA DE OMBODING SOM DE OM DE OM DE OM DE OM DE OM DE OM DE OM DE OM DE OM DE OM DE OM DE OM	T MARTIN RESEA
	83778
MGI normalised profits (6 months to June 2005)	129.9
MGM normalised profits (6 months to June 2005)	23.5
Total normalised profit	153.4
Profits adjusted in the merged Group	15.5
Pari Parsu for distribution entitlement	3.6
Total profit available for distribution	172.5
31 March 2005 distribution of 6.475 cpu	81.5
30 June 2005 distribution of 6.475 cpu	91.0
Total distributions paid	172.5
Normalised distribution per security*	12.95	25.90
Normalised earnings per security**	11.98	23.96
Payout ratio		108%

* Weighted average number of stapled securities calculated - 1,332 million

** Weighted average number of stapled securities calculated - 1,280 million

Revenue

Erakdomn by Busines Activity

Revenue

Erakciovn by Coographic Rogicm

2005 Revenue

2006 Revenue

$12$

Source of Management Revenue

Current management revenue streams for 2005 $\rightarrow$

Total	68.4	53.3 13
Property Services	10.5	12.9
Development and Portfolio rationalisation	17.0	20.0
Property Development	22.8	9.9
Funds Management	18.1	10.5
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Core Portfolio Overview

• 125 properties in Australia, New Zealand and Hong Kong with a $\rightarrow$ total value of \$4.7 billion
• 98% occupancy and a weighted average lease expiry of 5.1 years $\rightarrow$
• 560 customers $\rightarrow$
• Strategically diversified across key asset types $\rightarrow$
• Located in key industrial areas in close proximity to major transport $\rightarrow$ and infrastructure links

Geographic Diversification

15

Portfolio Achievements

• Existing investment portfolio: $\rightarrow$
• 311,000 sqm in new leasing transactions on existing space $\rightarrow$ representing \$35 million in net rental
• $\rightarrow$ Retention rate of 81% for the year
• Average increase of 3.4% on passing rental $\rightarrow$
• Revaluation of the portfolio added \$64 million in value $\rightarrow$
• Developments: $\rightarrow$
• $\rightarrow$ 240,000 sqm completed with an end value of \$290 million
• Portfolio transactions: $\rightarrow$
• \$973 million in acquisitions, including: $\rightarrow$
  • $\rightarrow$ \$248 million in Hong Kong
• $\rightarrow$ \$391 million in disposals, including:
  • \$289 million of New Zealand assets

Cornerstone Investments

• The Group holds strategic cornerstone investments in $\rightarrow$ MGP and A-REIT
• Provides alignment of interests between MGQ and its third party $\rightarrow$ managed listed property trusts
• Strong performance from investments in 2005 delivering $\rightarrow$ substantial returns:
• $\rightarrow$ \$83 million (47%) increase on original investment cost

	OKTOR	egus gynnapaman Erik Christian (h. 16
Cornerstone Investment	30%	6.55%
DPU growth $-$ FYO5*	up $19\%$ to NZ11.3 cpu	Up 17% to S9.6 cpu
Total Return - FY05*	27%	56%
Total Investment	\$128 million	\$130 million
FY06 Yield**	7.9%	4.3%

* Reflects FYO5 periods for the respective vehicles

** Based on forecast distribution for FY06 and closing price as at 17 August 2005

Ovariew

• Third party funds management of two listed property trusts in New $\rightarrow$ Zealand (MGP) and Singapore (A-REIT)
• Investment management of core portfolio in Australia, New Zealand $\rightarrow$ and Hong Kong
• Total assets under management of \$7 billion $\rightarrow$

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1980 - 1980 - 1980 - 1980 - 1980 - 1980 - 1980 - 1980 - 1980 - 1980 - 1980 - 1980 - 1980 - 1980 - 1980 - 1980

• Strong investment performance over the past 12 months: $\rightarrow$
• Total return 27% $\rightarrow$
• 19% growth in gross distributions per unit $\rightarrow$
• Critical market coverage: $\rightarrow$
• Total assets \$493 million $\rightarrow$
• Market capitalisation \$345 million $\rightarrow$
• 2nd largest LPT in New Zealand, $\rightarrow$ and entry into the NZSX-50
• Restructure of MGP in April 2005 $\rightarrow$
• Strong development pipeline to provide $\rightarrow$ significant portfolio growth

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• Solid investment performance in 2005: $\rightarrow$
• Total return 55.6% $\rightarrow$
• 17% growth in distributions per unit $\rightarrow$
• $\rightarrow$ 48% increase in unit price from S\$1.27 to S\$1.88
• Assets under management of \$1.6 billion: $\rightarrow$
• $\rightarrow$ Acquisition of 20 properties for \$0.8 billion
• Market capitalisation \$1.75 billion $\rightarrow$
• 5th largest LPT in Singapore, $\rightarrow$ 29th largest entity on the SGX-ST
• Strong pipeline for growth in $\rightarrow$ assets under management

* Reflects FYO5 period for the respective vehicle. MGQ holds 40% interest in the Ascendas-MGM JV sharing Fund Management, performance fees and acquisition fees

A-REIT growth in assets under management

Hong Kong

• Focus on roll out of our successful funds management business in $\rightarrow$ collaboration with Macquarie Bank Limited
• Appointment of Senior Management and Property Services team $\rightarrow$
• Total assets under management \$400 million $\rightarrow$
• Expected to launch Hong Kong REIT in first half 2006 $\rightarrow$
• Hong Kong REIT a natural holder of mainland China assets $\rightarrow$
• Concentration on high quality assets in key industrial locations $\rightarrow$
• Provide full suite of Funds Management, Property Services and $\rightarrow$ Property Development capabilities

Ketgicinali Property Developmente

$\rightarrow$ Completed developments:

Alexandro Alexandro

E
Marcon
Marcon
Marcon

• 242,378 sqm* ( MGQ 240,035 sqm, MGP 2,343 sqm)
• \$301 million end value (MGQ \$290 million, MGP \$11 million) $\rightarrow$
• Commenced developments: $\rightarrow$
• 315,889 sqm* (MGQ 315,889 sqm, MGP 14,184 sqm) $\rightarrow$
• $\rightarrow$ \$532 million end value (MGQ \$523 million, MGP \$9 million)
• Future pipeline of 2.96 million sqm in developable land: $\rightarrow$
• Continue to provide quality end product to the portfolio $\rightarrow$
• Seed third party funds management activities $\rightarrow$
• Maintain focus on core development strategy: $\rightarrow$
• Establish leading position in key industrial markets $\rightarrow$
• Develop strategic partnerships with major customers $\rightarrow$

BRAGICH BARAU CHORNE

• Highbrook Business Park: $\rightarrow$
• 153 hectares of developable land in Auckland, New Zealand $\rightarrow$
• To be developed over the next 7 years into a Business Park $\rightarrow$ with an expected end value of \$0.9 billion
• Acquired a 75% interest in June 2004 $\rightarrow$
• M7 Business Hub: $\rightarrow$
• 150 hectares of developable land in Western Sydney, NSW $\rightarrow$
• $\rightarrow$ To be developed in joint venture with Brickworks Limited over the next 7 years into a Business Park with an expected end value of \$1 billion
• Planning approval received in June 2005 $\rightarrow$
• A number of major pre sales and pre commitments have $\rightarrow$ been received including facilities for Coca-Cola Amatil and Coles Myer

Property Services

Oversinen av AL Aresinanda

• Property Services capabilities provided throughout Australia, $\rightarrow$ New Zealand and Hong Kong
• Team of 66 across the region $\rightarrow$
• Intensive asset management delivering strong underlying property $\rightarrow$ fundamentals

	, * * * } & * 358 sod * } & * & * } ? } ? } ? \$858	33333333333333333 1 1 2 1 2 4 33333333 3333	erlejile maxelle e ww
Number of people	50	12	4
Number of properties**	125	23	$\overline{2}$
Number of customers	530	145	30
Leasing activity	310,882 sqm	66,532 sqm	n/a
Occupancy levels	98%	99.5%	100%
WALT	5.1 years	4.4 years	2.3 years
Retention (12 months)	81%	87%	n/a

* Reflects FYO5 period for the respective vehicle

** Includes MGQ/MGP co-owned properties

Gebeure av 1

• \$565.1 million in new equity raised during the period including: $\rightarrow$
• Entitlement Offer \$458.4 million $\rightarrow$
• DRP \$38.1 million $\rightarrow$
• RePS conversion \$29.0 million $\rightarrow$
• Total group borrowings increased to \$1,863.2 million resulting in $\rightarrow$ stabilised gearing of 35.9%:
• New \$1.4 billion Syndicated Multi Currency Facility (SMCF) $\rightarrow$ completed in July 2005 with 14 highly rated local and international Banks participating
• Provides funding platform for Asian expansion opportunities $\rightarrow$
• Interest rates are hedged to 83% over the next 12 months at 6.0% $\rightarrow$ (including line fees and margins) with a weighted average maturity of 3.7 years

Outlook

206 hatarta

• $\rightarrow$ Forecast earnings:
• Earnings per security 25.8 cents $($ 17.7% on 23.96 cents) $\rightarrow$
• Distributions per security 27.5 cents ( $\uparrow$ 6.2% on 25.90 cents) $\rightarrow$
• 106.6% payout ratio $\rightarrow$
• Work towards closing the EPU:DPU gap $\rightarrow$
• Explore Macquarie Goodman Australian Wholesale Fund $\rightarrow$
• Launch Hong Kong REIT $\rightarrow$
• Developments underway in excess of \$795 million: $\rightarrow$
• $\rightarrow$ Provide quality product to portfolio
• $\rightarrow$ Seed third party funds management activities
• Continue major property partnerships with major customers $\rightarrow$

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Stadio G Macquarie⁽

gaanaan waxaa

Key Impacts of AIFRS

A START START OF THE START OF THE START OF THE START OF THE START OF THE START OF THE START OF THE START OF TH	E SPARAGORIANSKA STATEKTO KI MATILIAN DI T
	-1118
Net profit after tax as reported under AGAAP	50.0
Impact of adoption of AIFRS
Revaluation of investment properties	33.0
Deferred tax adjustments	(4.3)
Adjustment for straight-lining of fixed step-ups in rents	4.5
Amortisation of rent incentives on developed properties	(3.7)
Estimated net profit after tax as reported under AIFRS	79.5

Key Impacts of AIFRS

52 J. S. S. S. S. S. S. S. S. S. S. S. S. S.	A MARTIN AN
Net assets under AGAAP	3,093.1
Impact of adoption of AIFRS
Adjustment for straight-lining of fixed step-ups in rents	4.5
Amortisation of rent incentives on developed properties	(3.7)
Tax on revaluation of A-REIT units	(10.5)
Other net adjustments	(2.2)
Net assets under AIFRS	3,081.2

MGI Results

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	San Maria San A	E TITULITE	E MARITIN DE LA	e Santa de la U
Net property income	159.5	154.0	313.5	282.7
Portfolio rationalisation	7.8	15.9	23.7	2.7
Trust expense	(10.7)	(6.6)	(17.3)	(37.8)
Interest expense	(33.5)	(30.5)	(64.0)	(52.9)
Profit attributable to outside equity interests	(8.4)	(2.5)	(10.9)	(20.8)
Profit attributable to distribution (normalised)	115.1	129.9	245.0	173.9
Extra ordinary adjustments
Merger costs	(4.0)	(9.0)	(13.0)	0.0
Reversal of performance fee	0.0	17.2	17.2	0.0
Profit available for distribution (reported)	111.1	138.1	249.2	173.9
Earnings per unit			14.61	13.15
Distribution per unit			14.33	13.45

$33$

MGM Results

Maria Maria (1988)	E. M. Party of the Mar	KA MARA NG KATIBITAN NG PINANG PANGANG PANGANG PANG PANG PANG PANG
	831	- 56
Funds Management	18.0	22.3
Property Services	15.9	13.9
Property Development	32.4	20.4
Cornerstone Investments	7.7	6.3
Expenses	(29.7)	(24.1)
Interest expense	(4.7)	(2.7)
Tax expense	0	(11.1)
Profit available for distribution (normalised)	39.6	$25.0*$
Extraordinary merger related costs	(117.1)
Operating profit after tax (reported)	(77.5)

Customer Service Model

• Our customer service model operates at the heart of our business $\rightarrow$
• Designed to identify the diverse property requirements of over 1250 $\rightarrow$ customers and provide them with complete property solutions
• Over the past year we have completed 42 transactions with existing $\rightarrow$ customers providing \$35 million in net rental per annum

Cacos presency and latered for the

• Positive performance in most regions $\rightarrow$
• WALE maintained at 5.1 years $\rightarrow$
• Occupancy maintained at 98% $\rightarrow$

Total	100	5.1	5.1	98	98
Other	$\overline{2}$	6.4	6.3	100	100
Hong Kong	$\overline{2}$	2.6	n/a	100	n/a
Queensland	5	5.5	5.3	100	98
Victoria	15	6.2	5.8	99	98
Sydney North	20	4.4	4.3	96	96
Sydney Outer West	18	6.2	6.5	100	100
Sydney West	23	4.4	5.0	97	98
Sydney South	15	4.5	4.8	98	98
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Custanar Kozanên

• $\rightarrow$ Solid retention in all key regions:
• 84% for six months $\rightarrow$
• 81% for one year $\rightarrow$
• 80% rolling four years $\rightarrow$

Maria 1990	E SANDAR MANARET KAN 1999) 1999 - John Barnett, filolog ar Frantziako (h. 1992) 1999 - John Barnett, filosof arteko (h. 1992)	a katalog katalog na matanggalakan na mata
Sydney South	20	89
Sydney West	17	75
Sydney Outer West	5	100
Sydney North	26	89
Victoria	22	59
Queensland	5	100
Auckland	5	75
Total	100	81

Leasing Deals for the Year

• Leased 310,882 sqm of existing space $\rightarrow$
• \$35 million net annual rental $\rightarrow$
• Average lease term on new deals of 4.6 years $\rightarrow$
• Average rental increases of 3.4% on passing rentals $\rightarrow$

Maria 1989 (1989) Maria 1988 (1989)	E. Ang yamaning	E TERMINANT K E CARA TAN	ET SAMMANNANN 1999 VISAN SAMMANNANN , gyegynymynta lar (felsődéség	, a a gwynyddi ganghleg
		e tarih	a ku ku ku ku ku	Manthews (1999)
Sydney South	34,365	4.1	5.2	4.5
Sydney West	76,702	8.5	4.6	2.1
Sydney Outer West	28,551	2.7	3.1	2.8
Sydney North	37,559	7.5	5.0	4.8
Victoria	95,055	7.8	5.5	5.8
Queensland	17,207	1.2	4.9	2.0
Auckland	21,443	3.3	3.7	0.6
Total	310,882	35.0	4.6	3.4

1978.
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Campus Business Park	Samsung	12,127	1.4	5
Tranzport Distribution Centre	Air International	11,820	1.3	10
Macquarie Corporate Park	CCH	5,308	1.2	6
Federation Distribution Centre	Fastline International	15,342	0.9	6
Slough Business Park	Summit Technologies	7,693	0.9	5
Campus Business Park	Exel	6,898	0.8	3
Ferntree Industrial Estate	Onga Pty Ltd	11,171	0.7	3
Ferntree Business Park	CSC Australia	4,286	0.6	10
Forestridge Business Park	Pearsons	2,478	0.5	10

Rent Keview Profile

Majority fixed reviews at an average of 3.5% $\rightarrow$

Weiginted Average Learner Engin

• $\rightarrow$ Stable lease expiry profile
• 41% of income expiring beyond five years $\rightarrow$

b yrin y ffa

$\rightarrow$ Manageable lease expiry profile over the next 12 months

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Sydney South	1.8	2.3
Sydney West	2.2	4.3
Sydney Outer West	0.5	2.8
Sydney North	4,2	3.4
Victoria	1.9	1.5
Queensland	0.7	0.5
Auckland	0.9	n/a
Hong Kong	n/a	0.6
Total	12.2	15.4

Propocr^ed Best also the cre

• Increase of \$64.3 million reflecting 2.6% on revalued assets $\rightarrow$
• Solid increases in South Sydney, Victoria and Queensland $\rightarrow$
• Firming in capitalisation rates of 40bps to 8.5% on revalued assets $\rightarrow$

Total	2,437.1	2,501.4	64.3	2.6%	8.9%	8.5%
Other	40.8	44.1	3.3	8.2%	10.4%	10.0%
Queensland	127.1	134.8	7.7	$6.0\%$	9.7%	8.8%
Victoria	412.4	432.0	19.6	4.8%	9.1%	8.5%
Sydney North	504.9	512.0	7.2	1.4%	8.8%	8.6%
Sydney Outer West	231.3	229.0	$-2.3$	$-1.0\%$	9.4%	8.8%
Sydney West	565.5	577.3	11.7	2.1%	8.9%	8.4%
Sydney South	555.1	572.2	17.1	3.1%	8.4%	8.0%
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Top 25 Customers (by net income)

45

Devælensenene ("centation" in Yass

• Significant completions of \$290 million $\rightarrow$
• 63% of projects in New South Wales $\rightarrow$
• Average yield after all costs of 8.6% on completed developments $\rightarrow$
• Weighted average lease term of 8.1 years $\rightarrow$

Maria Maria 1999	ng sanggunggung Sililia	E TERRET 860 M ES EN MARKO TATALLARIA	E STATION STATION SKI PRIMA a mana	MANDA STA a tara mga mga mga m	a terminen ye : umpyrkonningsoning E TARAHAN KARA SEBAGAI DAN DAN DAN DAN DAN DAN DAN DAN DAN DAN EAR EA
Sydney West	36,155	8.1	77.9	27	7.0
Sydney Outer West	88,250	8.5	103.7	36	7.0
Victoria	51,300	9.1	36.4	13	5.8
Queensland	48,040	8.3	46.9	16	12.6
Auckland	16,290	10.1	25.0	8	11.1
Total	240,035	8.6	289.9	100	8.1

Caige and let $\mathbb Z$ be a substantial contract to $\mathbb Z$

• 507,830 sqm of development product over 26 properties currently $\rightarrow$ underway
• Estimated end value of \$795 million $\rightarrow$

四碳烯烯基酸盐

Total development pipeline of 2.96 billion sqm of developable land $\rightarrow$

Development Comment cental commence a Cre Fortelio

• \$532 million of new projects underway $\rightarrow$
• Expected 8.3% yield on total project cost $\rightarrow$
• Weighted average lease term of 11.5 years $\rightarrow$

Elle te Maria de la Caracción de la Caracción de la Caracción de la Caracción de la Caracción de la Caracción El caracción de la Caracción de la Caracción de la Caracción de la Caracción de la Caracción de la Caracción d	E STATISTICA S 8391892	an titi Yayayi s	I SAN MARKA TA MS a serian	Barat ya Kat a LA TENGELEN DIA LILA	TT MARK KILL a yamang uniang KATING KABUPAT
Sydney West	19,230	8.0	27.7	5	4.0
Sydney Outer West	69,423	8.4	92.4	17	15.0
Sydney North	17,250	8.0	71.8	14	5.1
Victoria	36,134	8.4	28.5	5	12.8
Queensland	19,050	8.4	30.5	6	10.7
South Australia	76,525	7.6	138.6	26	18.9
Auckland	78,277	9.0	142.1	27	7.2
Total	315,889	8.3	531.6	100	11.5

Devate menti

$\rightarrow$ 2.96 million square metres of developable land in the portfolio

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Sydney South	115,278	49,500	43%	65,778
Sydney West	280,906	103,300	37%	177,606
Sydney Outer West	1,818,818	1,096,198	60%	722,620
Sydney North	69,965	45,790	65%	24,175
Victoria	897,621	583,621	65%	314,000
Queensland	308,055	204,219	66%	103,836
South Australia	321,550	308,300	96%	13,250
Auckland	1,728,134	191,559	11%	1,536,575
Total	5,540,327	2,582,487	47%	2,957,840

Acquisitions and Disposals

• Acquisitions $\rightarrow$
• \$973 million in acquisitions for the year $\rightarrow$
  • $\rightarrow$ \$248 million in Hong Kong
  • → \$177 million in development land to seed development pipeline
• Disposals $\rightarrow$
• \$391 million in disposals for the year $\rightarrow$
  • $\rightarrow$ \$289 million of New Zealand assets
• Continued rationalisation of non core locations and facilities $\rightarrow$

Acquisitions

BRASCH TRANGANIST

EALAIN	SAN KANANG K E KIMBA 833
Remaining 25% interest in former Colonial First State Industrial Property Trust	130.3
Upper Global Gateway, Hong Kong	125.7
Lower Global Gateway, Hong Kong	$122.0*$
IBC Business Park, Homebush NSW	88.0
St Leonards Corporate Centre, St Leonards, NSW	77.0
Highbrook Business Park, East Tamaki, Auckland	59.6
Eden Commercial Corporate Centre, Auckland	$57.4*$
Millenium Centre, Stage 2, Auckland, New Zealand	51.5
Air New Zealand House, Auckland, New Zealand	49.0
Regal Business Park, Rowville, VIC	35.3

* Exchanged but not settled

Disposals

BKasigof Itaangangan

TI PRIKARA KATALO	Fisher e film an Com
NZ Portfolio	289.0
Forsyth Distribution Centre, Hoppers Crossing, VIC	41.0
Peninsula Business Park, Brookvale, NSW	21.0
Hume Distribution Centre, Chullora, NSW	19.0
Queensport Quays Business Park, Metroplex, Qld (remaining land)	9.9

gin
Gin (Alban Santa)

• \$565.1 million in new equity raised during period $\rightarrow$
• 1,405.0 million securities on issue at 30 June 2005 $\rightarrow$
• \$5,732.3 million market capitalisation at 30 June 2005 $\rightarrow$

	ENNIS I ROMANIA ▓░▓░▓	E SAMARAN KANANG E TANAH MANASA YAN
Entitlement Offer	458.4	125,924,433
Dividend Reinvestment Plan	38.1	10,209,433
Employee Security Acquisition Plan and Executive Options Plan	30.0	17,750,003
Conversion of RePS	29.0	10,073,846
Stapling Mechanism	9.6	967,794,042

O KARA

• Refinance completed on 29 July 2005 $\rightarrow$
• \$1.4 billion Syndicated Multi Currency Facility (SMCF): $\rightarrow$
• Refinance existing facilities $\rightarrow$
• Bring stapled group borrowings under one facility $\rightarrow$
• Platform for moving to unsecured debt capital markets over $\rightarrow$ medium term

Funding Diversification

Currency Mix

54

Carton

• Hedging Profile $\rightarrow$
• Weighted average interest cost of 5.978%** $\rightarrow$
  • $AS 6.38%$
  • NZ\$ 7, 37%
  • HK\$ 3.91%
  • $S$ 2.11%$
• Average interest rate hedge maturity of 3.7 years $\rightarrow$
• $\rightarrow$ Fixed rate debt percentage of 74%
• Gearing: $\rightarrow$
• Target gearing range of 35.0% to 40.0% $\rightarrow$
• $\rightarrow$ Gearing (net cash) of 35.9%
• Interest Cover: $\rightarrow$
• $\rightarrow$ EBITDA^*** to interest expense of 3.6 times

* As at 30 June 2005 ** Includes line fees and margins *** Adjusted for merger costs

Interact Rate factsing Profile*

Amount hedged 羉

Average interest rate ●

Disclaimer

ESCALD DESCRIPTION

acquar

This presentation for the year ended 30 June 2005 has been prepared by Macquarie Goodman Group comprising Macquarie Goodman Funds Management Limited (ACN 067 796 641) (AFSL 223621) as Trustee and Responsible Entity of the Macquarie Goodman Industrial, Capital, Thomas and Ascendas Industrial Portfolio Trusts and Macquarie Goodman Management Limited (ACN 000 123 071). The details in this presentation provide general information only. It is not intended as investment or financial advice and must not be relied upon as such. You should obtain independent professional advice prior to making any decision. This Report is not an offer or invitation for subscription or purchase of securities or other financial products. Past performance is no indication of future performance. All values are expressed in Australian currency unless otherwise stated. August 2005