GOODMAN GROUP — Capital/Financing Update 2005

Oct 23, 2005

Loval 10 60 Castlereach Street Sydney NSW 2000

Macquarie Goodman GPO Box 4703

Sydney NSW 2001

Tel: (61 2) 9230 7400 Fax: (61 2) 9230 7444 www.macquariegoodman.com

No. 1 Martin Place SYDNEY NSW 2000

PO Box 4294 SYDNEY NSW 1164

Tel: (61 2) 8232 3333 Fax: (61 2) 8232 7780 www.macquarie.com.au

24 October 2005

Macquarie Bank acquires 50% stake in Macquarie Goodman's Hong Kong assets

Macquarie Goodman Group (Macquarie Goodman) and Macquarie Bank Limited (Macquarie) have announced Macquarie will co-invest in Macquarie Goodman's portfolio of Hong Kong industrial properties as the organisations position their REIT business for future expansion.

The Macquarie Goodman and Macquarie joint venture has secured three Hong Kong properties valued in excess of A\$585 million - Global Gateway, Evergain Plaza and the Dynamic Cargo Centre. To date these acquisitions have been funded by Macquarie Goodman.

To facilitate future acquisitions, Macquarie will co-invest in the existing properties, providing 50 per cent of the funding and receiving its proportionate share of the income from those properties. Macquarie will make a \$150 million equity contribution. Macquarie's capital ratios are not expected to be significantly impacted as a result of the equity investment. The co-investment is subject to the consent of financiers.

Chief Executive Officer of Macquarie Goodman, Gregory Goodman said, "The participation by Macquarie Bank reinforces its commitment to growing our joint venture business and assets under management in Hong Kong, positioning both organisations to take advantage of further acquisition opportunities in the region."

Commenting on Macquarie's strategy, executive director James Hodgkinson said, "Macquarie is rapidly positioning itself as a leader in the Asian REIT market and this transaction allows us to work together with Macquarie Goodman to create a robust business platform in Hong Kong. This latest acquisition is a significant step in the expansion of our strategy to establish REIT products throughout the region."

ENDS

For more information please contact:

Gregory Goodman Chief Executive Officer Macquarie Goodman +61 2 9230 7400

James Hodgkinson Executive Director Macquarie Bank Limited +61 8232 5089

Stephen Hawkins Chief Executive Officer - Asia Executive Director Macquarie Goodman +852 2249 3100

Erica Sibree Investor Relations Macquarie Bank Limited +612 8232 5008

Macquarie Bank Limited ("MBL") ABN 46 008 583 542 is authorised by The Australian Prudential Regulation Authority in the Commonwealth of Australia and The Financial Services Authority in the United Kingdom, to carry out banking business or to accept deposits in those respective jurisdictions. MBL and its related bodies corporate are not otherwise currently authorised to carry out banking business or to accept deposits in any other country.