GOODMAN GROUP — Capital/Financing Update 2005

May 9, 2005

MENTEIRE Geleichar

MACQUARIE COOPMAN CEOUP $STRENETH \rightarrow BALANCE \rightarrow EYPERIENCE$

BALANCE

22 - Francisco Britannico III (f. 18

Interested in investing in a leading listed industrial property group with a stable portfolio and a proven track record?

Your investment in Macquarie Goodman Group (Macquarie Goodman) already delivers these features and morei

If you would like to grow your investment in Macquarie Goodman and participate in its one for 30 non-renounceable Retail Entitlement Offer at the application price of \$3.64, you will need to return your Entitiement and Acceptance Form by 5:00 pm on 16 May 2005.

The benefits to Securityholders as a result of the offer and the transactions it supports include increased. pro forma earnings and net tangible assets per security, reduced gearing, the acquisition of a seed property in

Hong Kong to facilitate the potential expansion of the Asian funds management business and increased market capitalisation.

The offer of securities is set out in the Product Disclosure Statement and Prospectus (Offer Document) sent to you on 20 April 2005, which you should read in its entirety. If you wish to participate in the Retail Entitiement Offer, you will need to return the green Entitlement and Acceptance Form that accompanied the Offer Document by the Closing Date to Computershare Investor Services Pty Limited in the business reply envelope provided or by hand or courier to Level 5, 115 Grenfell Street, Adelaide, SA, 5000.

MAGIC LINE COMPANIES

SAVEWRITES

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