GOODMAN GROUP — Board/Management Information 2005

Nov 14, 2005

Macquarie Goodman

15 November 2005

The Manager Company Notices Section Australian Stock Exchange Limited Exchange Centre 20 Bridge Street SYDNEY NSW 2000

Dear Sir

MACQUARIE GOODMAN FUNDS MANAGEMENT LIMITED AND MACQUARIE GOODMAN LIMITED COLLECTIVELY MANAGEMENT KNOWN AS MACQUARIE GOODMAN GROUP ("MGQ") BOARD CHANGES

We would like to advise of the retirement of Mr Patrick Allaway and Ms Lynn Wood as Directors of Macquarie Goodman Management Limited and Macquarie Goodman Funds Management Limited with effect from the date of MGQ's Annual General Meeting to be held on 18 November 2005.

Ms Wood will also retire from the Compliance Committees of Macquarie Goodman Industrial and Capital Trusts with effect from 23 November 2005.

Macquarie Goodman thanks both Ms Wood and Mr Allaway for their outstanding contribution to the growth and strategy of the Macquarie Goodman Group.

Please do not hesitate to contact the undersigned if you have any queries.

Yours faithfully

Carolyn Scobie Company Secretary

Level 10, 60 Castlereagh Street Sydney NSW 2000 GPO Box 4703 Sydney NSW 2001