GOODMAN GROUP — Capital/Financing Update 2005

Apr 13, 2005

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

Macquarie Goodman completes institutional offer

Date: 14 April 2005 Release: Immediate

Macquarie Goodman was delighted with the positive response from investors in relation to the institutional component of its one for ten non-renounceable Priority Entitlement Offer and Public Offer ("Offer") at \$3.64 per security, announced on 12 April 2005.

Macquarie Goodman will raise approximately \$324 million from the institutional component of the Offer. Allotment and quotation of new securities issued under this component of the Offer is expected to occur on 4 May 2005.

The balance of the Offer will comprise the Retail Entitlement Offer and the Public Offer.

The Retail Entitlement Offer is an offer to retail Securityholders at the same pro rata ratio of one new security for every 10 existing securities held on 15 April 2005 ("Record Date"). The Public Offer is an offer to persons resident in Australia of any new securities not taken up under the Retail Entitlement Offer. Macquarie Goodman expects to raise approximately \$134 million from the Retail Entitlement Offer and Public Offer.

The Offer is fully underwritten by Macquarie Equity Capital Markets Limited, UBS AG, Australia Branch and JP Morgan Australia Limited.

The Offer is being made under a combined prospectus and product disclosure statement ("Offer Document") lodged with Australian Securities & Investments Commission on 12 April 2005. Anyone considering making an application for new securities under the Offer should read the Offer Document.

Retail Securityholders in Australia and New Zealand, who are registered holders on the Record Date and wish to make an application, need to complete the Entitlement and Acceptance Form accompanying the Offer Document which is being dispatched on or around 20 April 2005. Members of the public in Australia who wish to participate in the offer may only make an application by completing the Public Application Form in the Offer Document which can be obtained by calling 1300 723 040.

Holders of Reset Preference Units ("RePS") in Macquarie Goodman Capital Trust cannot participate in the Priority Entitlement Offer. However, subject to completion of the Offer and the issue of 125,924,433 new securities, the Minimum Conversion Number (as defined in the RePS Terms) will change from 34.2 to 34.3289, effective from the time of allotment of the above new securities in accordance with the Offer. For further information, please contact Macquarie Goodman:..

Gregory Goodman

Chief Executive Officer +61 2 9230 7400

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

+612 9230 7400

Javne Gerrie

Corporate Communications Manager

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

Telephone (02) 9230 7400 Facsimile (02) 9230 7444 info@macquariegoodman.com.au www.macquariedoodman.com