GOODMAN GROUP — Capital/Financing Update 2006

May 28, 2006

Macquarie Goodman

29 May 2006

The Manager Company Notices Section Australian Stock Exchange Limited Exchange Centre 20 Bridge Street SYDNEY NSW 2000

Dear Sir

MACQUARIE GOODMAN GROUP ("MACQUARIE GOODMAN")

We refer to Macquarie Goodman's Appendix 3B released on 26 May 2006 noting the further issue of 102,110,671 stapled securities.

By way of clarification, please note that 5,548,357 of those securities to be issued on 31 May 2006 will not be issued or quoted at this time. These securities are proposed to be issued to Goodman Holdings Pty Limited, and that issue will be the subject of a securityholder vote at an Extraordinary General Meeting of Macquarie Goodman to be held on a date to be advised.

Please do not hesitate to contact the undersigned if you have any queries.

Yours faithfully

Carolyn Scobie Company Secretary

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

Telephone +61 2 9230 7400 +61 2 9230 7444 Facsimile info@macquariegoodman.com.au www.macquariegoodman.com