GOODMAN GROUP — Capital/Financing Update 2006

May 24, 2006

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

Acquisition of European Development Platform: Eurinpro

25 May 2006 Date: Release: Immediate

Macquarie Goodman is pleased to announce the acquisition of Eurinpro International SA ("Eurinpro"). Eurinpro is a leading developer of tailor made logistics property having developed over €850 million of projects across Europe. It has over 90 staff and over 425,000 sam of projects currently under development.

Macquarie Goodman has identified the UK and Europe as a significant opportunity for the group and the acquisition of Eurinpro enhances the group's platform in the region. The combination of the Arlington Securities ("Arlington") and Eurinpro businesses allows the group to provide total solutions to customers and investors.

Gregory Goodman, Chief Executive Officer of Macquarie Goodman said, "Eurinpro is an excellent business which is highly complementary to our existing operations. We are only beginning to see the benefits of our increasingly global platform and having the ability to create logistics product for our managed funds is essential to the success of our UK/European business. The Eurinpro staff are committed to growing the business and are similarly excited about the opportunities of the merged platform."

Eurinpro International

Eurinpro is a vertically integrated business covering all aspects of the development process. Their customer centric approach is a key point of differentiation relative to the traditional model and is consistent with Macquarie Goodman's Customer Service Model.

Eurinpro is based in Luxembourg and has over 15 years experience in the major European logistics markets with over 90 staff across offices in Belgium, Germany, France, The Netherlands, Spain, Italy and Poland as well as representative offices in Japan and the United States.

UK/European platform

The European logistics market is one of the largest globally and remains highly fragmented. The acquisition of Eurinpro gives Macquarie Goodman instant scale across major logistics markets and a team with the capabilities to capitalise on growth opportunities throughout the region. $\sim$ $^{-1}$ 남자는 그 그 사진 사람들은 아니? ta tak

Mr Goodman added, "The transaction is highly strategic for Macquarie Goodman and we see a strong opportunity to significantly expand our European business. We have acquired two specialist businesses that have been truly successful in their own right, importantly, they complement each other and our business model." The model of Service

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

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

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

Impact on Macquarie Goodman

Macquarie Goodman is acquiring Eurinpro for a net acquisition price of €352 million (A\$597 million) representing 6.2x forecast CY06 operating profit of €57 million (A\$97 million). The acquisition will be funded by the issue of escrowed Macquarie Goodman scrip to the vendors. an institutional placement to raise A\$350 million and a securityholder purchase plan expected to raise A\$50m (details to be announced). Post the acquisition and proposed equity raising Macquarie Goodman's gearing is expected to be 33% providing flexibility to make future acquisitions.

The acquisition is expected to provide proforma FY07 EPS accretion of circa 8% to 31.5cps relative to the broker consensus estimate of 29.2 cps. This would represent 18% vear on year growth from the FY06 forecast EPS of 26.7 cps. There is not expected to be any material impact to the previously stated EPS forecast for FY06. Recurring property investment and management income will contribute approximately 80% of the Group's EBITDA in FY07.

The Eurinpro business will continue to operate as a distinct business unit with oversight from a European executive committee including Gregory Goodman and Arlington's Jeff Pulsford. In this way Eurinpro can operate with a 'business as usual' approach whilst maximising the benefits from being part of the global Macquarie Goodman platform. Bart Verhaeghe, Chairman and CEO of Eurinpro, will in addition to his present European positions become a member of the Macquarie Goodman Global Executive Committee that manages the Australian, Asian and European businesses of Macquarie Goodman.

As part of the process of aligning management to Macquarie Goodman securityholders, approximately 25% of the vendors' (including key senior management) consideration is being taken as Macquarie Goodman scrip escrowed for one to two years. The management shareholders are also entitled to a cash earn out payment linked to the performance of the business (conditional on remaining involved with the group). Key management have also agreed to three year 'non-compete' arrangements.

Mr Verhaeghe said, "Eurinpro has established a leading European position for development of and investment in state-of-the-art logistics real estate. There is undoubtedly considerable scope for further growth in and outside the European market. I am delighted that with the combined expertise and resources of Macquarie Goodman behind it, Eurinpro now sees tremendous opportunities to build on our present position and grow its share in both existing and new markets. Eurinpro's current senior management is committed to further manage the business alongside Macquarie Goodman." an C

Macquarie Bank acted as sole financial adviser to Macquarie Goodman in relation to the acquisition of Eurinpro. SALE

The institutional placement to raise A\$350 million has been fully underwritten by Macquarie Equity Capital Markets and JPMorgan. $\sim 10^{-1}$

For further information, please contact Macquarie Goodman:

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

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

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

About Macquarie Goodman

Macquarie Goodman is a publicly listed, integrated property group which operates in Australia, New Zealand, Asia, Europe and the United Kingdom, Its operations encompass property investment, funds management, property development and property services backed by a team of over 700 property professionals.

As at 31 March 2006, Macquarie Goodman had a market capitalisation of approximately A\$7.4 billion (€4.4 billion), making it the largest industrial property group listed on Australian Stock Exchange and one of the largest listed industrial property groups globally. Macquarie Goodman's direct property portfolio is valued at A\$4.3 billion (€2.5 billion) and total assets under management of A\$27 billion (£16.0 billion).

About Eurinpro International

Eurinpro is a leading real-estate developer and investor in global, end-to-end, logistic realestate projects in Europe. In the last five years, the company has built 1.2 million sqm of warehouse space with a total value of €850 million for its global customers. With more than 15 years of experience in the development of warehouses, Eurinpro uses an innovative and unique client-focused approach. Every project originates from a concrete client need. Eurinpro offers a state-of-the-art logistics solution that reduces the end-user's total cost per sqm of warehouse volume. Every Eurinpro warehouse meets the needs and specifications of its end-user while securing the financial value of the building.

Among Eurinpro's clients are logistics services providers such as DHL, DPD, Fiege, Schenker, NYK Logistics, Exel, TNT, Bax Global, TDS, Ingram Micro, SDV Logistics, GEFCO, Christian Salvesen and ABX, retailers such as Amazon, BRICO and Match, and manufacturers such as Sony, JVC, Mazda, Corus, Stanley, Kärcher and Invensys.

Macquarie Goodman Management Limited ABN 69 000 123 071 Macquarie Goodman Funds Management Limited ABN 48 067 796 641; AFSL Number 223621

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

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

i.

Macquarie Goodman Group European development platform: Eurinpro

Executive summary

• Macquarie Goodman Group (Macquarie Goodman) has agreed to acquire Eurinpro International SA (Eurinpro)
• Eurinpro is a leading pan European developer of logistics property completed over $\epsilon$ 850 ₩ million of logistics property
• Provides Macquarie Goodman with the people and capability to replicate the Customer Service ₿ Model in Europe - 90+ people in 10 countries
• Eurinpro provides a pipeline of highly sought after acquisition opportunities for a planned ₩ European fund
• Net acquisition price of $\epsilon$ 352 million¹ (6.2x CY06 forecast operating profit) €
• Acquisition to be partially funded via a A\$350 million institutional placement, a Security ∌ Purchase Plan (SPP) and a A\$174 million issue of escrowed MGQ securities to the vendors
• Acquisition provides proforma 8% EPS accretion over FY07 broker consensus² ₩
• Net of working capital 1.
• $\overline{2}$ . FY07 EPS post 31.5cps relative to current broker consensus FY07 EPS (pre revaluations and other IFRS adjustments) forecast of 29.2cps (Source: Bloomberg)

Note: presentation assumes a AUD/EUR exchange rate of 0.59

Contents

• 1. The European opportunity
• 1. Eurinpro overview
• 1. Acquisition summary
• 1. Recap

Appendices

The European opportunity

• Macquarie Goodman and Arlington have identified Europe as a key opportunity ₿
• One of the largest logistics markets globally serves 450 million people $\blacktriangleright\blacktriangleright$
• Logistics property market remains highly fragmented þþ

European distribution areas

Source: Cushman & Wakefield

The European opportunity

Logistics property drivers

• Improving macro-economic conditions 4
• $\overline{\mathcal{L}}$ Increased focus on corporate cost efficiency
• 1. Growth in outsourcing to 3^rd party logistics providers
• Real estate outsourcing a continuing trend 4

Provides demand for new highly functional logistics property

• In addition to expected growth in European development activity significant opportunity exists to ₿ gain market share
• Eurinpro is a leading developer of pre-committed logistics property with a market share of approximately 8% ÞÞ
• Few pan European competitors (ProLogis and Gazeley active in some markets) ÞÞ
• Eurinpro business plan forecasts 390,000m² of development pre-commitments in CY06 v Macquarie ÞÞ Goodman Australian commitments of approximately 500,000m²

The European opportunity

Eurinpro is a highly strategic acquisition for Macquarie Goodman Þ

Inskhillskirka proteinen pipteline	Market leading development business in fragmented market Expect $\epsilon$ 250 million + of development product annually Ý
GIEIRZGEI	Over 90 staff across 10 countries Ť. Multi-lingual with strong English skills ¥ Vertically integrated across the development and delivery skill set Knowledge of customers key requirements
	Primarily development on a pre-committed basis Ŷ. Land sourced through option arrangements rather than speculative landbanking İ Fixed price construction contracts with minimal residual liability ý. Strong in-house technical and risk management expertise d
OTSTORD IKSROITETIISS	Customer centric business model Þ Deep relationships with large logistics companies History of repeat business
Filters opperentificis	Strengthens the outlook for proposed European logistics fund Ý Sale and lease back opportunities via customer relationships Ŷ Provides capability to develop European projects for existing Macquarie Goodman customers Leverage Eurinpro's development expertise into the UK logistics market

Completes UK/European platform

Combined Arlington / Eurinpro platform is a UK/European logistics leader þ

'Total solutions' across UK/Europe

Major market coverage

Note: Eurinpro also has representative offices in Japan and the USA

Section² Eurinpro overview

Eurinpro background

• Eurinpro is a leading pan-European developer of tailor made logistics real estate
• Total of 1,200,000 m² completed with a total value of circa $\epsilon$ 850 million 鲇
• Vertically integrated business covering all aspects of development process $\blacktriangleright$
• Projects de-risked through lease pre-commitments and outsourced fixed price construction contracts 韩
• Customer centric business model with developments based on tenant pre-commitments
• Currently has 455,159 m² of logistics real estate recently completed or under development 鲇
• Strong relationships with large logistics space users 韩
• Offices in 8 European countries and representative offices in Japan and the US
• Over 90 staff ЪÞ
• Recent ramp up in activity driven by expansion into new markets $\blacktriangleright$
• CY06 forecast operating profit of $E$ 57.3 million ₿
• 85% of CY06 profit has been contracted 韩

Eurinpro business plan

Estrici contracts signes! lleari	280,000 Timoria	390,000 EEEEE
Operating profit (Emillion)		.

Customer driven approach

• The Eurinpro business model is predicated on providing total end-to-end tailor made solutions to ₩ their customers
• Primarily develop after having secured the customer ∌
• At the best price: generally able to provide solutions at a discount to competitors through a ₩ combination of
• In-house capabilities and knowledge of the construction process ÞÞ
• Expertise in sourcing optimal locations and managing the permit process ÞÞ
• Experience with the investment market ÞÞ

Location: Carriéres-sur-Seine, France (14,130m²)

Location: Wommelgem, Belgium (24,099 m²)

Location: Combs-La-Ville, France (24,000 m²)

SONY

Location: Tilberg, the Netherlands (80,874 m²)

Current development pipeline

• Well established customer base leading names among logistics providers, retailers and ₿ manufacturers
• Potential deal pipeline of 2.2m m² under consideration with 500,000 m² highly prospective ▶

Development pipeline - 455,159m²

Experienced management team

Chief Executive and Chairman of Board: Bart Verhaeghe

Prior to joining Eurinpro, Bart worked as a corporate finance adviser at KPMG Management Consulting and as a Vice General Director of the Walibi Group

Chief Technical Officer: Eddy Huvsmans

Joined Eurinpro in 1993 and held different management positions in Logistics, Industrial construction and Project Development. Prior work experience includes senior level posts within Verilpack. Decauville, Europartners-RWE.

Chief Financial Officer: Francis Hendrickx

In addition to the CFO role is jointly responsible for Eurinpro's Real Estate Investment Bank with Jan van Lancker. Gained prior experience at Generale Bank's Investment Banking Division

General Counsel: Jan van Lancker

Responsible for all of Eurinpro's business supporting departments and jointly responsible for Eurinpro's Real Estate Investment Bank. Previously a partner at Linklaters where he handled transactions involving REITs, M&A, IPOs, JVs and private placements

Chief Operations Officer: Danny Peeters

Joined Eurinpro in 2000. Specialised in the designing, engineering, implementation and outsourcing of pan-European supply chain strategies for companies including Becton Dickinson & Pioneer Electronics, Prior to Eurinpro, worked as a business development manager for NYK Logistics.

Management depth

• 90+ staff spread across key European markets with depth across business functions ₿
• Development managers located 'in country' maximising knowledge of local operating conditions ₿
• Strategy of recruiting logistics professionals with deep knowledge of customer requirements and ₿ construction processes

Employees by location and function

	G. 50.70	Development 2003 Management	Legal / Finance®	SHOOT	toja
Luxembourg Beleittin	$\overline{\mathcal{L}}$	20 1	20 1	13	578000000000000000000000000000000000000
Elemes		$\overline{4}$	1		$\langle 3 \rangle$
Gemmany		8	H		$\mathcal G$ , we have the $\mathcal G$
Italy		$\boldsymbol{A}_\parallel$	1		$\mathcal{E}$
Vaietes		$\mathcal{L}$			$\mathcal{L}{\text{F}}$ and $\mathcal{L}{\text{F}}$
Polanc		$\mathcal{A}_\mathrm{a}$
Serin		$\boldsymbol{2}$
The Netherlands		4			24
USA					$\tilde{\mathbf{z}}$ , and the set of $\mathbf{z}$
toime	$3 - 1 - 1$	Hi Magaalaan marka mid ah saaraa saaraa saaraa saaraa saaraa saaraa saaraa saaraa saaraa saaraa saaraa saaraa sa	20	KI	GXIMINININI

Acquisition due diligence process

• Macquarie Goodman conducted a detailed due diligence of the Eurinpro business over a 5 week period
• Key members of Macquarie Goodman and Arlington management travelled to Europe to review the 眇 business
• In addition, third party advisers were engaged to assist with the due diligence process ▶
• The due diligence process did not highlight any material concerns ▶

Zvonince	Detailed review of the CY06 financial forecasts Þ. CY05 audited accounts review and auditor interviews
I METOFI	Detailed review of corporate structure, all project contracts, property ownership and employment Þ. agreements Acquisition to be via a share purchase agreement with standard management warranties
ETE verkongenieren. Etnis verkongenieren in RESTRICT	No significant risk issues relating to contractual arrangements Þ. Strong focus on formal process and 'back of house' systems Staff retention through deferred payment arrangements and issue of MGQ options
i Fili	Detailed reviews of tax planning and tax position General tax warranties from management Þ.
MAAIQWQ	Current workbook inspected by senior Macquarie Goodman and Arlington personnel Þ. Independent verification of current workbook þ. Review of outstanding proposals and financial parameters Þ.

Consideration package

• The offer package for the Eurinpro shareholders has been structured to align the interests of ₿ management shareholders with Macquarie Goodman
• Shareholders entitled to €400 million¹ plus further upside for management shareholders via a cash earn ⊧ out payment
• Eurinpro employees eligible for Macquarie Goodman long term incentive plan 眇
• All shareholders have agreed to a 3 year non-compete for similar business in current markets ÞÞ

TEGERATE Escrowed for 1 to 2 years Colembric 6102.5m Un-escrowed scrip forfeited if non compete is breached Steilen
OERIKOI C250n MADAGER
Brand $\triangleright$ Payable in 1 to 2 years 647.5m Bar
Cash payment equal to 8.5x average operating profit for CY06 to CY08 in excess of the €57.3m CY06 forecast * 35% MARKARANA Pro-rated and paid to those entitled on 31 May 2009 Frivillei II Ŵ. Conditional on remaining involved with Macquarie Goodman Ÿ.

Financial impact

• Acquisition of Eurinpro expected to provide 8% proforma FY07 EPS accretion to broker consensus of 29.2cps¹
• Reflects 18% growth for FY07 over forecast FY06 EPS of 26.7cps¹ ÞÐ
• Anticipated Eurinpro annual earnings growth underpins the group's medium to long term annual ₩ earnings growth target of +6%
• Annuity style recurring earnings remain approximately 80% of group EBITDA ▶
• Increasing contribution from UK/Europe to 31% provides greater diversification of earnings ▶
• Proportion of earnings uplift to be distributed (distribution policy to be reviewed by Macquarie ₿ Goodman board)
• Group gearing on a consolidated basis of 33% post transaction and equity raising ▶
• NTA post transaction and equity raising of \$1.74 $\blacktriangleright$

FY07 EBITDA splits

Geographic

EPS pre revaluations and other IFRS adjustments (Source: Bloomberg) 1.

Note: assumes equity issued at underwritten floor price of \$4.95

Acquisition overview

• Macquarie Goodman plans to raise A\$350m via an institutional placement
• Pricing to be determined by a bookbuild within a range of \$4.95 to \$5.10 鲇
• Goodman Holdings and Macquarie Bank will subscribe for their pro-rata entitlements at the 'clearing' 韩 price
• Offer fully underwritten by Macquarie Equity Capital Markets and JPMorgan 韩
• Further, Macquarie Goodman securityholders will have the ability to participate by way of a ₿ Securityholder Purchase Plan (SPP)
• Securities issued under the SPP at the same price as the placement (expected to raise A\$50m) ₩
• Securityholder meeting scheduled to ▶
• Refresh Macquarie Goodman placement capacity 鲈
• Approve issue of securities to Goodman Holdings under the institutional placement 鲱

Sources and uses (at settlement)

TITERES		IEX
Equity issued to Eurinpro shareholders	174	Business acquisition (at settlement)	516.
Institutional placement and SPP 1		400 Working capital
Existing debt facilities	81	Transaction taxes and acquisition costs	898
.		11 M

1. SPP of A\$50m

Note: Excludes deferred cash consideration

Institutional placement

Prior day VWAP 1
Five day VWAP
Bookbuild range 2	828
Issue discount to prior day VWAP / Five day VWAP (at minimum price)
Number of new securities	74. 76	atarawa
	Pre	Post 3
Market capital sation	BY A BELLE
S&P/ASX 200 Property Index	74.92

Orders

Salloverse

• Amount raised: A\$350 million via institutional $\mathbf{F}$ placement
• Price to be determined via an institutional 韩 bookbuild - range of \$4.95 to \$5.10
• Ranking: New securities will rank pari passu. $\mathbf{F}$ New securities entitled to distribution for June 2006 quarter

24 May 2006 $\mathcal{I}$ .

FY07 EPS

• New securities will rank pari passu $2.$
• Assumes minimum application price of \$4.95 З.
• $\boldsymbol{4}$ . Gearing pre at 31 December 2005
• 1. Bloomberg broker consensus estimate

Transaction timetable

Offer to Institutional investors opens (11.00 am)	PARTIEV PIER
Offer to domestic Institutional investors closes (6.00pm)	251 May 2006
Offer to international investors closes (10.00pm)	PARTICIPALE
DyP settlement of Institutional Offer	SHMEY 2003
Normal trading of placement securities	1 June 2006
Completion and settlement of Eurinpro acquisition	ENTRES DE SOCIA
Record date for SPP	A MARIE A SECO

• Macquarie Bank acted as sole financial adviser to Macquarie Goodman $\blacktriangleright$
• Institutional placement underwritten by Macquarie Equity Capital Markets and JPMorgan $\blacktriangleright$

Section 4

Recap

• Macquarie Goodman has agreed to acquire Eurinpro
• Eurinpro is a leading pan European developer of logistics property completed over $\epsilon$ 850 ₩ million of logistics property
• Provides Macquarie Goodman with the people and capability to replicate the Customer Service ₩ Model in Europe - 90+ people in 10 countries
• Eurinpro provides a pipeline of highly sought after acquisition opportunities for a planned European fund
• Net acquisition price of $\epsilon$ 352 million¹ (6.2x CY06 forecast operating profit) ₿
• Acquisition to be partially funded via a A\$350 million institutional placement, an SPP and a ∌ A\$174 million issue of escrowed MGQ securities to the vendors
• Acquisition provides proforma 8% EPS accretion over FY07 broker consensus² ₩
• 1. Net of working capital
• $2.$ FY07 EPS post 31.5cps relative to current broker consensus FY07 EPS (pre revaluations and other IFRS adjustments) forecast of 29.2cps (Source: Bloomberg)

Appendices

Appendix A - Sample developments

Brotual

Deseriaton

Bax Global required a central European distribution centre and Eurinpro developed them a 17,677m² facility:

• ▶ 15 km away from Prague city centre
• Along the D1-highway, the 'backbone' of the Czech Republic
• Situated in the South-east of Prague, in the direction of Brno and thus on the main logistics axis of the Czech Republic

Exel Wommelgem

To match its rapid growth, Exel approached Eurinpro for a new distribution centre to be located in the Antwerp region so that Exel could remain close to its suppliers and personnel. After only a six month period a new 22,000m² distribution centre was delivered ready for occupation to Exel.

Projekt

BESCHOLL

TNT Logistics

When TNT Logistics took over Grundig's logistics in France, Grundig wanted to move out of its offices in Meaux. TNT Logistics relied on Eurinpro to offer it a flexible solution. It took over the Meaux-building and rented it out to Kärcher. In Combs-La-Ville, Eurinpro constructed a 22,000 m² warehouse for TNT Logistics

Sony Tilburg

SONY

For Sony to centralize its logistics activities, it needed two warehouses in Europe. For northern Europe, Sony entrusted Eurinpro to develop a 80,000 m² distribution centre. Eurinpro performed a location study which found that for Sony's incoming and outgoing distribution flows, Tilburg was the most strategic location to serve Sony's main markets in this part of Europe

Desembra

Projekt

JVC Boom

The Boom logistics hub has access both by road and water. The presence of the Antwerp-Brussels-Charleroi canal allows the delivery of containers, via canal transport, from the port of Antwerp up to the JVC warehouse. The original warehouse measured 18,000 m², but JVC's satisfaction with the high quality construction led to an extension of another $5,000 \text{ m}^2$

Ingram Micro Lomme

Ingram Micro needed a flexible solution that would meet its rapid growth. Eurinpro constructed a 20,000 $m²$ warehouse at a site next to Lille, in the north of France. One year later, the warehouse was expanded with another 10,000 m². Eurinpro controlled the adjacent plot of land enabling further expansion

Appendix B - European logistics overview

European logistics markets

• European GDP growth is forecast to continue to recover with an improving growth outlook
• Improving growth outlook expected in Germany with improving business and consumer sentiment ÞÐ
• Central and Eastern European growth expected to show ongoing strength ÞÐ
• European merchandise trade has exhibited strong growth over the last decade with an 8% ₿ CAGR to 2004
• Internationalisation of trade and manufacturing to further spur demand for new warehousing ₩
• Recurring non-cyclical demand as obsolete assets and technology changes drive demand for ₩ new development

European GDP growth forecast

European merchandise trade € bn

Source: Economic Research Indicators, April 2006

Source: WTO, International Trade Statistics 2005

European logistics markets

• Corporate cost consciousness and capital efficiency drives have assisted in the growth in the ₿ 3PL market
• Significant scope for continued logistics outsourcing with high levels of owner occupation in the 韩 Eurozone (~68%)
• Logistics outsourcing to single service provider a goal for many global manufacturers and retailers 韩
• Trend towards centralisation of distribution in Europe ▶
• Previous barriers to cross-border transaction removed and centralisation drive to cost ▶ efficiencies
• Logistics sector consolidation and need for pan-European logistics solutions to service global ▶ customer base fuels requirements for new modern facilities

European v US outsourcing levels - Commercial real estate 2002

Sweden

Norway

Switzerland

$\preceq$

Netherlands

$\mathfrak{L}$

Belgium

Luxembourg

Disclaimer

This presentation has been prepared by Macquarie Goodman Group comprising Macquarie Goodman Funds Management Limited (ACN 067 796 641) (AFSL 223621) as Trustee and Responsible Entity of the Macquarie Goodman Industrial and Capital Trusts and Macquarie Goodman Management Limited (ACN 000 123 071). The details in this presentation provide general information only. It is not intended as investment or financial advice and must not be relied upon as such. All figures have been calculated with reference to net annual income unless otherwise stated. You should obtain independent professional advice prior to making any decision. This Report is not an offer or invitation for subscription or purchase of securities or other financial products. Past performance is no indication of future performance. All values are expressed in Australian currency unless otherwise stated. May 2006