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GOODMAN GROUP Capital/Financing Update 2005

May 12, 2005

64998_rns_2005-05-12_7bb3daed-952f-46d7-bf1d-ed923dbeea2e.pdf

Capital/Financing Update

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Macquarie Goodman

13 May 2005

Dear Securityholder

MACQUARIE GOODMAN GROUP (MACQUARIE GOODMAN) PRIORITY ENTITLEMENT OFFER

Thank you for participating in the initial allocation of the Priority Entitlement Offer. Your entitlement was allotted on 4 May 2005, with normal trading commencing on that day.

New securities will rank equally with existing securities in all respects including full entitlement to the distribution for the quarter ending 30 June 2005. New securities are forecast to deliver a yield of 7.6% on the application price for the year ending 30 June 2006.

Any additional securities applied for above your entitlement will be allotted on the final allotment date of 24 May 2005, but may be subject to scale back at the absolute discretion of Macquarie Goodman.

You will be sent a holding statement on 27 May 2005 which sets out the number of new securities allotted to you under the Priority Entitlement Offer.

Should you have any questions, please call our dedicated information line within Australia on 1300 723 040 or outside Australia on +61 3 9415 4000 or visit www.macquariegoodman.com.

Yours faithfully

orden

Gregory Goodman CHIEF EXECUTIVE OFFICER

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

Toll Free 1300 723 040 $+61.3.9435.4000$ Tefenhone Facsimile +61 2 9230 7444 [email protected] www.macquariegoodman.com