GOODMAN GROUP — Capital/Financing Update 2005

Feb 20, 2005

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

Macquarie Goodman helps A-REIT exceed the S\$2 billion mark

Date: 21 February 2005 Release: Immediate

Macquarie Goodman is pleased to confirm that SGX-listed Ascendas Real Estate Investment Trust ("A-REIT") today signed separate put-and-call option agreements with SGX-listed Singapore Telecommunications Limited ("SingTel") to acquire four properties in Singapore for S\$316.3 million.

The properties to be acquired include Telepark, Kim Chuan Telecommunications Complex, KA Centre and KA Place (together, the "Properties") for a total purchase price of S\$316.3 million, which includes a deferred component of S\$7.6 million to be paid at the end of the third year after the completion of the acquisition of Telepark. Full details of the Properties are contained in the attached A-REIT release.

On completion of the acquisitions, which is expected to be in March 2005, SingTel will enter into a 20-year lease for Telepark (excluding 1,511 sqm of retail space) and Kim Chuan Telecommunications Complex with A-REIT. SingTel also has an option to renew its lease in Kim Chuan Telecommunications Complex for another 10 years. The existing third party leases in relation to KA Centre and KA Place (both amounting to about 10,541 sqm of space) as well as third party retail tenancies in Telepark (1,220 sqm of retail space) will be assigned to A-REIT.

Macquarie Goodman Group's Chief Executive Officer Gregory Goodman said, "This latest transaction reinforces our objective to expand $MGQ's$ business in the Asian region. Following these latest acquisitions, A-REIT's portfolio will exceed S\$2 billion, which also lifts MGQ's funds under management to in excess of A\$6 billion."

The Properties will reflect positively on A-REIT's earnings when acquired. The pro forma financial effect of the acquisitions on A-REIT's distributable income per A-REIT unit ("Unit") for the financial year ended 31 March 2004 is expected to be an additional 0.48 cents per Unit, subject to the conditions set out in the attached A-REIT release.

Real estate investment trusts ("REITs") in Singapore had a further boost following the Singapore Government's unveiling of its Budget 2005 on 18 February 2005. In particular, the Budget 2005 announcement included information that stamp duty for transfer of Singapore properties into current and future listed REITs will be waived for five years, and withholding tax on trust distributions will be reduced from 20% to 10% for five years.

For further information, please contact Macquarie Goodman:

Mr Gregory Goodman

Chief Executive Officer Tel: (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

Ms Jayne Gerrie Corporate Communications Manager Tel: (61 2) 9230 7400

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.macquariegoodman.com.au