GOODMAN GROUP — Capital/Financing Update 2005

Jul 17, 2005

Macquarie Goodman

18 July 2005

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

Dear Sir

MACQUARIE GOODMAN GROUP ("MGQ") DISTRIBUTION REINVESTMENT PLAN ("DRP")

Further to our letter of 21 June 2005 in relation to MGQ's distribution for the quarter ended 30 June 2005, we confirm that securities under the DRP will be issued at \$3.9299.

These new securities will be issued at the acquisition price being the average of the daily volume weighted average price of all sales of securities recorded on Australian Stock Exchange (ASX) for each of the ASX trading days from 4 July 2005 to 15 July 2005 inclusive, less a discount of 2%.

The DRP securities will be issued on the payment date of 19 August 2005.

Yours faithfully

Carolyn Scobie Company Secretary

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