GOODMAN GROUP — Capital/Financing Update 2005

May 15, 2005

ASX Release - Macquarie Goodman Group ("Macquarie Goodman")

Macquarie Goodman progresses Asian strategy

Date: 16 May 2005 Release: Immediate

Macquarie Goodman has secured two properties in Asia from the Global Gateway Group for a total of \$137.0 million.

Hong Kong

Following the agreement to acquire the lower portion of Global Gateway building in Tsuen Wan in March 2005, Macquarie Goodman has now secured the upper portion, being the balance of this property for \$125.7 million from the Global Gateway Group.

After the acquisition of the upper portion, Macquarie Goodman's total investment in Global Gateway will be \$250.7 million, providing a passing property yield of 6.3%. The total lettable area of the building is 112,580 sqm over 28 floors.

The lower portion of the building is accessed via drive-up vehicular ramps with the upper portion accessed via high-speed cargo lifts. Major customers in the building include DHL International, Exel, FedEx, Lead Data and TNT Express Worldwide.

Chief Executive Officer, Gregory Goodman, said, "This acquisition consolidates our ownership of the building and starts to build our critical mass in the Hong Kong logistics market."

Settlement is anticipated to occur in June 2005. The acquisition will be debt funded in the local currency. $\sim 10^{-7}$ $\mathcal{L}^{\pm}$ , $\mathcal{L}$

Singapore

In addition to the Hong Kong acquisition, Macquarie Goodman has agreed to acquire Global Gateway Group's 60% share of the Ascendas-Global Gateway building for \$11.3 million, which will provide a fully leased yield of 9.7%. The property is owned jointly with Ascendas, Macquarie Goodman's existing joint venture partner in Singapore.

Ascendas-MGM Funds Management Limited, the 60/40 joint venture funds management company between Ascendas and Macquarie Goodman, managed the S\$2.1 billion (31 March 2005) Ascendas Real Estate Investment Trust ("A-REIT"). a sa S an Participation

Ascendas-Global Gateway building consists of 18,861 sqm of lettable area on a site area of 9,079 sqm. It is located in Tai Seng Drive, which is a major industrial precinct of Singapore where A-REIT already owns two assets.

Settlement is subject to satisfactory final due diligence and is anticipated to occur in June 2005 with a final date for completion of March 2006. The acquisition will be debt funded in the local currency.

Macquarie Goodman Group Macquarie Goodman Management Limited ABN 69 000 123 071 Macquarie Goodman Funds Management Limited ABN 48 067 796 641: AFSL Number 223621

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

Telephone +61 2 9230 7400 +61 2 9230 7444 Facsimile info@macquariegoodman.com.au www.macduariegoodman.com

Macquarie Goodman

Macquarie Goodman's Chief Executive Officer in Asia Stephen Hawkins said, "Our objective is to identify the key growth markets in Asia to grow funds under management utilising the same investment strategy and Customer Service Model that has been successful in Australia, New Zealand and Singapore."

Mr Goodman concluded, "These acquisitions will be used to seed and support the growth of our funds management business in Asia."

For further information, please contact Macquarie Goodman:

Mr Gregory Goodman Chief Executive Officer Tel: +61 2 9230 7400

Mr Stephen Hawkins Chief Executive Officer - Asia Tel: +852 2249 3100

All values are expressed in Australian currency unless otherwise stated.

Macquarie Goodman Group Macquarie Goodman Management Limited ABN 69 000 123 071 Macquarie Goodman Funds Management Limited ABN 48 067 796 641; AFSL Number 223621

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

+61 2 9230 7400 Telephone Facsimile +61 2 9230 7444 info@macquariegoodman.com.au www.macquariegoodman.com