GOODMAN GROUP — Capital/Financing Update 2005

Apr 11, 2005

Macquarte Goodman Group Entifementand Public Offer 12 April 2005

Strength → Balance → Experience

Macquarie Goodman

Outline

1.	Overview of the Offer	2
2.	Purpose of the Offer	$\overline{4}$
3.	Macquarie Goodman update	11
4.	Key benefits and financials	20
5.	The Offer	27

$\overline{1}$

Overview of the Offer

Strength → Balance → Experience

Macquarie Goodman

Aodran

Secondary

Overview of the Offer

• Macquarie Goodman Group (Macquarie Goodman) is raising approximately \$458 million through a non-renounceable Priority Entitlement Offer and Public Offer¹ of new securities:

• Entitlement ratio of 1 new security for every 10 existing securities held

• » Application price of \$3.64 per new security
• » New securities rank pari passu with existing securities entitled to June 2005 quarterly distribution of 6.475 cents per security
• ▶ Proceeds of the Offer used to fund identified acquisitions and development expenditure as well as to strengthen the balance sheet:
• → FY06E EPS +3.2% from 25.0 cents to 25.8 cents, equating to 9.1% growth over proforma FY05E EPS of 23.65 cents
• » FY06E DPS maintained at 27.5 cents reduction in payout ratio from 109.9% to 106.6%
• » Pro forma NTA +7.1% from \$1.97 to \$2.11 per security
• » Pro forma gearing reduced to 34% providing greater flexibility to fund future acquisitions
• Macquarie Bank and Goodman Holdings Group will subscribe for their full pro rata entitlement -8.6% (\$39 million) and 7.8% (\$36 million) respectively
• Offer is fully underwritten by Macquarie Equity Capital Markets, UBS AG Australia Branch and JPMorgan Australia Limited

Notes

• 1. Applications under the Public Offer can only be satisfied to the extent that there is a shortfall in subscription under the Priority Entitlement Offer
• 1. EPS calculated on a post eliminations basis

Purpose of the Offer

Strength → Balance → Experience

Macquarie Goodman

ADOUTED

SPOODS

Purpose of the Offer

• The Offer will be used to:
• » fund identified acquisitions and development expenditure
• » strengthen Macquarie Goodman's balance sheet to facilitate continued growth
• ▶ Macquarie Goodman has also recycled capital released from the divestment of certain assets in New Zealand to Macquarie Goodman Property Trust (MGP)

Sources and application of under	STI
Sources of funds
Proceeds from issue of new securities	458.
Proceeds from sale of certain interests in properties to MGP.	256.
Drawdown of additional debt.
Total sources of funds	YATAI
Application of funds
Australia and New Zealand acquisitions and development expenditure	434
Hong Kong acquisition of seed property for future fund - Global Gateway 1	122.
New Zealand investment - MGP units	87.
RePS cashout 2	68
Issue costs	ി 0
Total application of funds	784 I

Notes

1. Lower half of building

2. RePS cashed out as part of "stapling" process to create Macquarie Goodman

JOOTA

Purpose of the Offer

Australia/New Zealand acquisitions and developments

Macquarie Goodman has made a number of acquisitions and secured leasing precommitments to developments in Australia and New Zealand

Acquisitions

• Acquired eight properties for \$249 million
• ▶ Weighted initial yield of 8.7%¹ on stabilised acquisitions

• 38.4 hectares of developable land

Development commitments

▶ Committed \$185 million to nine development projects

Australia/New Zealand transactions by geographic weighting

Australia/New Zealand transactions by type

PRODUCT

Vecouer

Purpose of the Offer

Australia/New Zealand acquisitions

• Total purchase price of \$249 million

• » Investment property of \$185.3 million at a weighted average yield of 8.7%
• » Developable land \$63.7 million totalling 38.4 hectares

	Investment property			DEVELOPE DIE ENICI
ELCLES#	Engree DIRECTION	NET Stud	Inital MENTO	ENGRES BILE ISTER	AG 181
Air New Zealand House, Auckland,	48.9	15,600	8.3%
Millennium Centre, Stage 2, Auckland	51.5	18,960	10.1%1
Regal Business Park, Rowville, Vic	15.4	19.700	8.0%	19.9	14.3
McLaren Industrial Estate, North Rocks, NSW.	19.4	-18,000	8.2%	10.1	3.6
Toyota Business Park, Port Melbourne, Vic.	25.5.		$8.7%^{2}$
Prestons Distribution Centre, Prestons, NSW-				22.6	8.5
Mitchell Industrial Estate, Stage 2, Alexandria, NSW	19.1	8,000	$6.8\%$ 1
Acacia Link Industrial Estate, Acacia Ridge, Qld	5.5	5,100	8.1%		12.0
ffolal	185.3	85,660	8.7%	除腳	384

Notes

Forecast yield based on expected market rentals $1.$

1. Refers to land rent and lease back

GOOGE

Support

Purpose of the Offer

Air New Zealand House, Viaduct Harbour, Auckland

• High quality office park currently under construction practical completion scheduled for March 2006
• Acquisition price of \$48.9 million
• ▶ 15,600 sqm of NLA with 133 secure car spaces
• ▶ Fully precommitted to Air New Zealand on the following terms
• » Initial lease term 10 years
• → Commencing net annual rental of \$4.1 million (after land rent)

• Three yearly review profile fixed 6% increase at first review and market thereafter

• If Interest acquired by way of two ground leases on the following terms
• » Initial terms to June 2021 and January 2014
• » Perpetually renewable
• ▶ Current net annual land rent of \$0.3 million
• ▶ Reviewed on average every eight years to market
• » Land rent included in customer outgoings
• Acquisition price structured as follows
• » Initial payment of \$13.9 million based on costs to date
• » Macquarie Goodman to fund balance of development
• ▶ Property acquired 100% by MGQ with possibility of future investment by MGP once investment stabilised
• ▶ Conditional contracts have been exchanged, subject to Lessee and Builder approval

Purpose of the Offer

Australia/New Zealand developments

• ▶ \$185.3 million in additional capital expenditure
• ▶ 80% leasing pre-commitment
• Expected 8.2% yield on total project cost

▶ Weighted average lease term of approximately 8 years

ELC'HAN	DAVAO:MENT Bushing 51	KOZI NE. Bellin	E(0.0000) MERZON IOEI DZI ZAJ BEET WAT	21. Mondual Company (Ka)	Martina EVÊLEE ISHU (WEIS)
Talavera Corporate Centre, NSW - Buildings C and D.	$-57.1$	18,000	$8.0\%$ 1	39%	5
Erskine Park Industrial Estate, NSW - TNT Logistics	27.7	27,700	8.3%	100%	-5
Highbrook Business Park, Auckland, NZ - Exel	21.2	29,300	8.6%	100%	-5
Queensport Quays Business Park, Qld - QML	17.0	9,200	8.3%	100%	40
Erskine Park Industrial Estate, NSW - Pickfords	15.8	14,550	8.0%	100%	15
Angliss Distribution Centre, Vic - Fastline.	15.1	24,600	8.1%	100%	12
Edinburgh Distribution Centre, SA - Johnson Controls.	12.2	11,800	8.4%	100%	10
Acacia Link Industrial Estate, Qld - AUSDOC.	9.6	10,000	8.4%	100%	12
Erskine Park Industrial Estate, NSW - Hasbro Australia	9.6	9,200	8.5%	100%	-10
Hotal	185.3	154,350	8.2%	80%	B

Notes

1. Based on lease to Sanofi-Aventis and forecast yield based on expected market rentals

DCCCC

Jacqua

Purpose of the Offer

Hong Kong acquisition

• Macquarie Goodman in collaboration with Macquarie Bank is focussed on the roll out of its successful funds management business in Asia (excluding Singapore)
• Macquarie Goodman has secured its first high quality property in the region with the acquisition of the lower half of Global Gateway in Hong Kong
• → Global Gateway is located in one of Hong Kong's major industrial precincts with links to all major transport hubs
• Reforman's Asian funds management in Global Gateway will be utilised as a seed property for Macquarie Goodman's Asian funds management business

L'aliensica
Location:	A Market Tsuen Wan, Hong Kong
Asset class: Asset	Warehouse/distribution centre.
	Lettable area: Allettable area: Allettable area: Allettable area: Allettable 53,880 sqm over 12 floors
	Acquisition price: New York Walletter \$122 million
	Initial Yield: New York Production of the Mary Product of Section 16.5%.
	Occupancy: with the second with the contract of the 100%.
	Annual net rent: Annual net rent: Annual St. 9 million.
	Major customers: COLL International, FedEx and TNT Express Worldwide

Macquarie Goodman update

Strength → Balance → Experience

Macquarie Goodman overview

Delivering on stated objectives

• Macquarie Goodman created with the "stapling" of MGI and MGM
• » Market capitalisation of the merged group \$5.2 billion post Offer

Window

Macquarie Goodman has continued to pursue its stated strategic objectives following the merger

State obecniz

Grow core Australian and New Zealand investment and development business

Expand Australian and New Zealand funds management business

	Roll out successful
	business in Asian a
markets

√ Acquired \$249 million of investment properties - Macquarie Goodman owns a total of 120 assets valued at \$4.4 billion

$\checkmark$ \$185 million additional development expenditure committed

$\checkmark$ Acquired assets provide additional development opportunities - total development pipeline now 3.5 million sam

√ MGP restructured – total MGP assets now NZ\$554 million (NZ\$230 million when Macquarie Goodman took over management in December 2003) and MGP now the second largest NZ LPT

$\checkmark$ Expect to launch domestic funds in H2 2005

✓ Continued growth of A-REIT - S\$205 million placement in Feb 2005

√ Acquisition of Global Gateway provides seed asset for future Hong Kong industrial property fund - Macquarie Goodman currently considering further Hong Kong acquisitions

$\checkmark$ Negotiations and due diligence continue on a number of Asian assets

odrar

Jacqua

Macquarie Goodman overview

• Manages total assets of \$6.5 billion
• Direct property investment portfolio of \$4.3 billion industrial properties in Australia and New Zealand
• Largest industrial team in the region representing a competitive advantage

MGQ funds under management

	ALSETE	M	Singhond	Hong Kong I	mer
Space under management (sqm)					.6m
Customers		140		20
Assets under mgmt	1bn	A\$0.6bn	4\$1.7bn	.1bn	A\$6.5bn.
Development pipeline (sqm)					.5m

Notes

1. Management of A-REIT is a 40% owned joint venture. Ascendas owns the remaining 60% of the management company

DOUG

ACCLE

Macquarie Goodman update - Q3 FY05

Property investment portfolio key achievements

• ▶ 83,729 sqm of new leasing transactions (\$9.7 million pa net)
• ▶ 6.4 years weighted average lease term on new transactions
• ▶ 3.3% increase in passing rentals on new leases
• ▶ 98% occupancy rate maintained across portfolio
• ▶ 5.1 years weighted average lease term across portfolio

Talavera Corporate Centre, North Ryde, NSW

McLaren Industrial Estate, North Rocks, NSW

DOOD

Macquarie Goodman update - Q3 FY05

Summary of leasing deals

• Strong rental growth in Sydney Outer West and Sydney north
• Longer lease terms in Sydney North and Victoria

Regal Business Park, Rowville, VIc

Regien	Nadans Kilimi	Avere para man MEISI	% hereses on inssingrans.
Sydney South	0.2	5.0
Sydney West		5	28
Sydney Outer West	-02	3.0	45
Sydney North	2.8	68
Victoria
Queensland		5.0
Total	9.	6.4	3.3

DUCT
DUCT

SCOTT

Macquarie Goodman update - Q3 FY05

Occupancy and lease terms

• ▶ Positive performance in most regions
• ▶ Weighted average lease term maintained at 5.1 years
• ▶ 42% of income expiring beyond five years
• ▶ Occupancy maintained at 98%

Region	27.61 rentallo	MALES March 2004	ZVALE METGT 2003	Orangemey MENSIVANAS	Coductine Ø. METAT ZOUS
Sydney South	16.	4.4	4.5	96	-98
Sydney West	つつ	4.8	4.5	99	.98.
Sydney Outer West	19.	6.7	6.3	100	100
Sydney North		49	4.2	.96	96
Victoria	18.	6.0		-99	97
Queensland	Б.	5.5 -	ь6	98.	98
Other regions					100.
troial	100	5.1	5.1	98	98

16

DOUG

DODOV

Macquarie Goodman update - Q3 FY05

Development commitments summary

• ▶ 59,450 sqm of development commencements
• ▶ \$107.7 million additional capital expenditure
• ▶ \$10.5 million pa net rental value
• ▶ 11.0 years weighted average lease term on all transactions
• ▶ 68% lease pre-commitment
• ▶ 9.8% weighted average yield on additional capital expenditure
• ▶ 8.1% weighted average yield on total development cost

Prestons Distribution Centre, Prestons, NSW

GOODE

Secondary

New Zealand restructure

Strengthened New Zealand position

• Transaction comprised of three main components:
• » Sale by Macquarie Goodman to MGP of certain interests in properties for A\$256 million (settled 29 March 2005)
• ▶ Restructure of funds management fees
• » NZ\$155.5 million equity raising well supported by institutional and retail investors
• ▶ Positions MGP well for continued growth market cap now NZ\$4301 million (largest listed industrial trust and second largest listed property trust in New Zealand)
• → MGP investors have enjoyed a total return of 24%² during Macquarie Goodman's management of the vehicle
• Highlights strength of the Macquarie Goodman model
• » Forecast funds management fees from MGP in FY06 A\$2.6 million potential additional A\$2 million from performance fees
• » A\$8 million realised on sale of completed stabilised properties
• → Forecast A\$6 million³ of profit on development assets to be realised on practical completion of developments during CY05
• → Total book value of MGP investment now A\$112 million (average price per MGP unit NZ\$1.06) unrealised gain of A\$7 million⁴

Notes

• 1. Includes NZ\$45 million of retail take-up to be allotted from recent capital raising
• 1. Annualised since December 2003. Source Bloomberg
• 1. Up to A\$5.4m of additional profit may be realised if full two year rental guarantees are not utilised
• 1. At MGP closing price of NZ\$1.13

Goodman

Supervers

Hong Kong opportunity

• Macquarie Goodman is looking to roll-out its successful Singaporean funds management business to other Asian countries in JV with Macquarie Bank
• The next region Macquarie Goodman is targeting is Hong Kong for the following reasons:
• $\ast$ Expected economic growth of 3.8%¹ pa (versus OECD average of 2.4%¹ pa) between 2005 and 2009
• → Hong Kong is expected to benefit from increased trade with China under the Closer Economic Partnership Agreement. China is currently the world's second largest² economy with growth of 7.8%¹ forecast between 2005 and 2009
• → Shortage of prime industrial space in Hong Kong with high levels of occupancy and limited new supply expected
• → Hong Kong industrial properties currently trade at a premium to Hong Kong 10 year government bonds in excess of comparable Australian assets
• » Hong Kong has introduced REIT legislation facilitating the creation of listed property investment vehicles and significant demand anticipated for these vehicles
• → Fragmented Hong Kong property ownership
• → Many of Macquarie Goodman's existing customers have operations in Hong Kong (Exel, DHL International, FedEx, TNT Express Worldwide)
• Global Gateway represents a seed asset for a potential Hong Kong industrial property fund

Notes 1. Economic Intelligence Unit 2. World Bank

19

Key benefits and financials

Strength → Balance → Experience

Macquarie Goodman

OCLET

Macdua

Key benefits

Increased earnings

• Acquisitions and development expenditure will enhance future earnings
• ▶ Neutral to FY05E EPS and DPS
• ▶ FY06E EPS accretion of 0.8 (+3.2%) from 25.0 cents to 25.8 cents
• ▶ Represents FY06E / FY05E EPS growth of $9.1%$
• ▶ FY06E DPS maintained at 27.5 cents reduces payout ratio from 109.9% to 106.6%

OOTAGE

Jacqua

Key benefits

Improves capital base

• ▶ Proforma NTA increases 7.1% from \$1.97 to $$2.11$
• $\triangleright$ Gearing reduced to 34% marginally below the target range of 35% to 40%
• Market capitalisation increases from \$4.8 billion to \$5.2 billion
• ▶ S&P/ASX 200 property index weighting increases from 5.6% to 6.1%
• MSCI index weighting increases from 0.66% to $0.72%$

DOLL
DOLL

BUDOCI

Forecast financial performance

	AV Eorcon		REWISCO
Year ending 30 June 2006 (SM)		Neministeroj (SM) fransactions (SM)	folgster AM
Net Property Income	414.8	5.7	420.5
Management Income	52.1	1.2	53.3
Investment Income	10.0	8.4	18.4
Total Income	476.9	15.3	492.2
Expenses from Operations	18.0		18.0
Net Interest	119.1	(26.8)	92.3
Net Profit Before Tax Expense	339.8	42.1	381.9
Tax Expense	7.5	1.1	8.6
Consolidated Profit after tax expense before outside equity interest	332.3	41.0	373.3
Outside equity interests	10.5	(4.5)	6.0
Consolidated Profit after tax expense attributable to Stapled Securityholders	321,8	45.5	367.3
Profits adjusted in Macquarie Goodman	31.9	1.2	33.1
Profits adjusted in Macquarie Goodman not distributed		(9.6)	(9.6)
Total Distribution	353.7	37.1	390.8
Weighted average number of Securities (M)	1,288.4	134.6	1,423.0
Earnings per Security (cents)	25.0	0.8	25.8
Distributions per Security (cents)	27.5		27.5

FY06E earnings reconciliation

Yearchbing 30 June 2006 (SM)	EM PYOGE EQUADORESS	24.90 k Socialantere	Global CERENGN Alcivier)	Mer restretorilitz	Biblish Cepated OLI	Ediciassi Asian abouis Non	On: 1	MacOne	Revised EXICE forsbasi
Net Property Income	414.8	10.5	7.0	(19.9)		8.1			420.5
Management Income	52.1		0.1	0.9		0.2			53.3
Other Income	10.0			8.0		$\ddot{w}$	0.4		18.4
Total Income	476.9								492.2
Expenses from Operations	18.0								18.0
Net Interest	119.1	6.5	4.1	(15.5)	4.5	4.5	(0.2)	(30.8)	92.3
Net Profit Before Tax Expense	339.8								381.9
Tax Expense	7.5		0.4			0.6	0.1		8.6
Consolidated Profit after tax expense before outside equity interest	332.3								373.3
Outside equity interests	10.5				(4.5)				6.0
Consolidated Profit after tax expense attributable to Stapled Securityholders	321.8	4.0	2.6	4.4	(0.0)	3.2	0.5	30.8	367.3
Weighted average no. of Securities ('000) Earnings per security	1,288.4 25.0							134.6	1,423.0 25.8

OOL

Jacqua

FY06E earnings reconciliation

FY06E EPS reconciliation

Acquisition assumptions

• Macquarie Goodman has surpassed FY05 EM acquisition forecasts
• Additional \$122 million asset in Asia forecast to be acquired during FY06

Ō

COOL

BLIDCIA

Pro forma statement of financial position

ETO KON

	Example 1999 consolidated (SM)
Current assets
Cash	15.6
Receivables	50.3
Other	11.2
Total current assets	77.1
Non-current assets
Receivables	7.4
Equity accounted investments	117.7
Investment properties	4,358.6
Other financial assets	99.7
Management rights	6.2
Other financial assets	9.0
Total non-current assets	4,598.6
Total assets	4,675.7
Current liabilities
Interest bearing liabilities	210.9
Other creditors and accruals	62.8
Total current liabilities	273.7
Current assets
Interest bearing liabilities	1,380.5
Other creditors and accruals	38.6
Total non-current liabilities	1,419.1
Total liabilities	1,692.8
Net assets	2,982.9
Gearing (net of cash) (%)	34%
Number of Securities (M)	1,385.2
Net tangible assets per Security (\$)	2.11

The Offer

Strength > Balance > Experience

Macquarie Goodman

RADOCE

SECTION

Entitlement issue

Closing price 1		\$3.80
Five day VWAP		\$3.80
Application price 2		\$3.64
Issue discount to closing/ Five day VWAP		$4.2\%$ / 4.1%
Number of New Securities		125.9m
	Pre	Post
Market capitalisation	\$4.8bn	\$5.2bn
S&P/ASX 200 Property Index	5.6%	6.1%
Gearing (debt/total assets) $3$	37.9%	34%
FY06E EPS	25.0¢	25.8¢
FY06E DPS	27.5¢	27.5¢
Distribution yield (FY06E) 4		7.6%

Notes:

1. 11 April 2005

2. 1. New securities will rank pari passu. New securities entitled to distribution from 1 April 2005
3. 1. Pre pro forma "stapling" EM forecast
4. Based on issue price of \$3.64 4.

Amount raised: \$458 million via an Entitlement Offer issue of 125.9 million securities at \$3.64 per security

Entitlement ratio: 1 for 10

Ranking: New securities will rank pari passu. New securities entitled to distribution for June 2005 quarter

Yield: The FY06 distribution yield for the new securities is estimated to be 7.6%⁴

Institutional Offer: Qualifying institutions and non Securityholders can bid beyond their entitlement for any securities not taken up by other institutions

iooti

Viacoual

Peer group analysis

Attractive total return relative to domestic peers

Macquarie Goodman is forecast to deliver superior growth

• → Forecast three year consensus DPS CAGR of 5.1%
• » Forecast FY06/FY05 EPS growth of 9.1%

At issue price of \$3.64 Macquarie Goodman offers an attractive yield plus growth proposition relative to its domestic peers:

→ 120 bps spread to peer average of 11.5%

FY06 DPS yield + three year CAGR

Source: Bloomberg, Macquarie Goodman Based on closing prices as at 11 April 2005 $\mathbf{1}$ . Based on issue price of \$3.64 $2.$ Pre proposed internalisation

$8.8$

Peer group analysis

Global industrial participant

Macquarie Goodman is one of the largest listed groups focussing on industrial property globally

Global industrial groups - market capitalisation (A\$B)

Source: Bloomberg, research reports

ACOOTA

COOLE

Recap of investment case

• ▶ Opportunity to invest in leading global industrial property specialist
• Acquisitions and the Offer provide substantial accretion to Securityholders:
• ▶ FY06E EPS +3.2% from 25.0 cents to 25.8 cents, equating to 9.1% growth over proforma FY05E EPS of 23.65 cents
• → FY06E DPS maintained at 27.5 cents reduction in payout ratio to 106.6%
• → Proforma NTA +7.1% from \$1.97 to \$2.11 per security
• → S&P/ASX 200 Property index weighting increases from 5.6% to 6.1%
• ▶ Proforma gearing reduced to 34% providing greater flexibility to fund future acquisitions
• At issue price of \$3.64, Macquarie Goodman represents an attractive investment proposition providing a FY06E DPS yield of 7.6% and superior long term growth prospects
• ▶ Macquarie Goodman continues to execute long-term growth strategy
• ▶ Growing core earnings in Australia
• ▶ Strengthening strategic position in New Zealand
• ▶ Expanding funds management business opportunities in Asia

Coolar

Macquell

Timetable

Date Event Offer to Institutional Securityholders opens (10:30 am) 12 April 2005 Offer to Institutional Securityholders closes (5:00 pm) 12 April 2005 Record Date 15 April 2005 Offer opens to Retail Securityholders and public 21 April 2005 DvP settlement of Institutional Offer 3 May 2005 Initial Allotment Date 4 May 2005 Normal trading under Initial Allotment 4 May 2005 Offer to Retail Securityholders and members of the public closes (Closing Date) (5:00 pm) 16 May 2005 24 May 2005 Final Allotment Date Normal trading Final Allocation 25 May 2005

These dates are indicative only and may change.

GOODE

Vacqual

Disclaimer

NOT FOR DISTRIBUTION IN THE UNITED STATES

This presentation has been prepared by Macquarie Goodman Group (Macquarie Goodman Management Limited (ABN 69 000 123 071) (MGM) and Macquarie Goodman Funds Management Limited (ABN 48 067 796 641) (AFSL 223621) as the Responsible Entity for Macquarie Goodman Industrial Trust (ARSN 091 213 839) (MGI) (collectively, Macquarie Goodman)).

The information in this presentation is general information only and is not intended as investment or financial advice and must not be relied upon as such. You should obtain independent professional advice prior to making any decision relating to your investment or financial needs. This presentation is not an offer or invitation for subscription or purchase of securities or other financial products. The offer of securities is made in the prospectus and product disclosure statement under Parts 6D.2 and 7.9 of the Corporations Act, which was lodged with ASIC on 12 April 2005 ("Offer Document"). You should consider the Offer Document in deciding whether to acquire the securities. The lodged Offer Document is available from the Underwriters (see the corporate directory in the Offer Document for details). Anyone wishing to acquire securities pursuant to the Offer Document will need to complete the application form that will be in or will accompany the Offer Document.

Past performance is no indication of future performance. All values are expressed in Australian currency unless otherwise stated. Terms defined in the Offer Document have the same meaning in this presentation.

This presentation does not constitute an offer to sell, or a solicitation of an offer to buy, securities in the United States, and is not available to persons in the United States. Securities may not be offered or sold in the United States unless the securities have been registered under the US Securities Act of 1933, as amended (US Securities Act) or an exemption from registration is available. The securities in any proposed offer have not been and will not be registered under the US Securities Act.

No representation or warranty, express or implied, is made as to the fairness, accuracy, completeness or correctness of the information, opinions and conclusions contained in this presentation. To the maximum extent permitted by law, none of Macquarie Goodman, its related corporations, directors, employees or agents, nor any other person, accepts any liability, including, without limitation, any liability arising from fault or negligence, for any loss arising from the use of this document or its contents or otherwise arising in connection with it. Any investment decision should be made solely on the basis of the lodged Offer Document.

Neither Macquarie Goodman nor any other person (including Macquarie Bank Limited (ABN 46 008 583 542) and its subsidiaries) quarantees the performance of Macquarie Goodman, or distributions by or repayment of capital by Macquarie Goodman. An investment in Macquarie Goodman is not an investment in, liability of or deposit with Macquarie Bank Limited or its subsidiaries. Obligations in respect of the Securities are not secured. Investment type products are subject to investment risk, including possible delays in repayment and loss of income and capital investment.