GOODMAN GROUP — Capital/Financing Update 2007

May 22, 2007

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

Macquarie Goodman announces two investment grade ratings and the repositioning of its Syndicated Multi Currency Facility (SMCF)

23 May 2007 Date: Release: Immediate

Macquarie Goodman is pleased to announce that it has successfully achieved dual long term credit ratings as follows:

• Moody's Investor Services Baa1
• RRR⁺ Standard & Poor's

The two credit ratings acknowledge the Group's solid and diversified financial position and reflect the global nature of the Group. The ratings are consistent with its global peers and will assist the Group in continuing to diversify its debt platform into new capital markets.

Consistent with achieving the strong credit rating outcomes, the Group has moved to an unsecured debt platform and successfully repositioned its Syndicated Multi-Currency Facility (the "SMCF").

The SMCF was self-arranged by Macquarie Goodman with the transaction receiving overwhelming support from 12 major local and international banks resulting in oversubscription and up-scaling from A\$1.4billion to A\$2.0billion. These banks will have an important role in partnering the Group as it continues to grow its business in the local and global markets. The Facility comprises five revolving credit tranches maturing over 5 years.

The SMCF and Group's other major facilities are now positioned to a "Common Terms" arrangement in respect to financial covenants, and other key terms, providing the capacity to manage the Group's debt facilities on a global basis.

Mr. Anthony Rozic, the Group CFO said, "We are very pleased that both Rating Agencies have understood and measured our business model in a consistent way. The ratings take into account recent transactions the Group has undertaken including the acquisition of Rosemound. They affirm the long term and sustainable nature of the Group's operations and recognise that the business model is supported by a sound financial profile which we are committed to maintaining.

For further information, please contact:

Anthony Rozic Chief Financial Officer Tel: +61 2 9230 7400

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Executive - Group Corporate Finance Tel: +61 2 9230 7400 Press Press Press

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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.macquariedoodman.com

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