GOODMAN GROUP — Interim / Quarterly Report 2005

Mar 9, 2005

Macquarie Goodman

10 March 2005

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

Dear Sir

MACQUARIE GOODMAN GROUP

We confirm that the Half Yearly Newsletter, which provides a summary of the final stand-alone results for Macquarie Goodman Industrial Trust and Macquarie Goodman Management Limited, together with the results for Macquarie Goodman Capital Trust, for the half year ended 31 December 2004, was dispatched to Securityholders today.

We also confirm that we have introduced a Distribution Reinvestment Plan ("DRP") for Macquarie Goodman Group. The enclosed DRP booklet which provides the key features and rules of the DRP together with a DRP Application Form was also dispatched to Securityholders today.

Please do not hesitate to contact the undersigned if you require further information.

Yours faithfully

Carolyn Scobie Company Secretary

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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 (02) 9230 7400 Facsimile (02) 9230 7444 info@macquariegoodman.com.au www.macquariegoodman.com

10 March 2005

Dear Securityholder

MACQUARIE GOODMAN GROUP

We have pleasure in enclosing the Half Yearly Newsletter, which provides the final stand-alone results for Macquarie Goodman Industrial Trust ("MGI") and Macquarie Goodman Management Limited ("MGM"), together with the results for Macquarie Goodman Capital Trust ("MGA"), for the half year ended 31 December 2004.

The half year provided solid results with a one year total return of 50.9% per annum to MGI Unitholders and a one year total return of 47.4% to MGM Shareholders to 31 December 2004.

The major corporate initiative undertaken during the period was the merger of MGI and MGM to form Macquarie Goodman Group. Approval of the merger was received from MGI Unitholders and MGM Shareholders on 25 January 2005 and from the Supreme Court of NSW on 31 January 2005. Implementation took on 9 February 2005.

Distribution Reinvestment Plan ("DRP")

We would like to introduce the DRP for Macquarie Goodman Group. A DRP booklet providing the key features and rules of the DRP is enclosed for your information, which you should read carefully. The DRP provides Securityholders with the alternative of reinvesting cash distributions in additional securities. Please note that the DRP is entirely optional.

If you wish to participate in the DRP, please complete and sign the enclosed Application Form in accordance with the instructions and return it in the business reply envelope provided. Application Forms need to be received by the Security Registrar by the record date on 31 March 2005 if you wish to participate in the DRP for the distribution for the quarter ending 31 March 2005. Application Forms received after this date will apply from the distribution for the quarter ending 30 June 2005.

Please do not hesitate to contact us on 1300 723 040 if you have any queries or visit our website at www.macquariegoodman.com.

Yours faithfully

Gregory Goodman CHIEF EXECUTIVE OFFICER

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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 Castiereagh 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

Macquarte Goodman

MACQUARIE COODMAN GROUP NEWSLETTER WAROHIZOO

Over the past six months, we have continued to deliver our objective of generating solid returns for our investors, with a one year total return of 50.9% per annum to Macquarie Goodman Industrial Trust ("MGI") Unitholders and a one year total return of 47.4% to Macquarie Goodman Management Limited ("MGM") Shareholders to 31 December 2004.

We are pleased to present the final stand-alone results for MGI and MGM, together with the results for MGA, for the half year ended 31 December 2004.

The half year produced strong underlying operational performances from all divisions being core investments, funds management, development management and property services.

Importantly, the major corporate initiative during the period, the merger of MGI and MGM, was approved by MGI Unitholders and MGM Shareholders on 25 January 2005 and by the Supreme Court of NSW on 31 January 2005.

MGI Financial Highlights

Compared to the previous corresponding period:

• gross property income up 24.3% from $\rightarrowtail$ \$152.5 million to \$189.6 million;
• → net profit up 57.1% from \$70.7 million to \$111.1 million;
• distribution up 3.7% from 6.70 cents -9 to 6.95 cents per unit;
• total assets up 6.0% from \$4.1 billion -3 to \$4.3 billion;
• unit price up 41.1% from \$1.68 to -3 \$2.37 per unit; and
• $\rightarrow$ net tangible assets up 2.1% from \$1.40 to \$1.43 per unit.

MGA Financial Highlights

Compared to the previous corresponding period:

• a gross property income up 18.3% from \$60.0 million to \$71.0 million;

• net profit up 7.9% from \$42.7 million to \$46.1 million;

• * tax deferred distributions of 100% to Reset Preference Unit ("RePS") Holders;
• Stotal assets up 7.0% from \$1.7 billion to \$1.8 billion;
• RePS price up 29.1% from \$106.50 to \$137.50 per RePS; and
• $\Rightarrow$ net tangible assets up 1.1% from \$1.24 to \$1.25 per unit.

MGM Financial Highlights

Compared to the previous corresponding period:

Gregory Goodman Chief Executive Officer

• revenue up 45.9% from \$26.7 million to \$39.0 million(1);

• $\Rightarrow$ profit after tax up 45.6% from \$11.0 million to \$16.1 million(9)
• $\Rightarrow$ interim dividend up 28.6% from 3.5 cents to 4.5 cents per share(6);
• → total assets up 21.6% from \$241.8 million to \$294.2 million; and
• share price up 14.2% from \$3.59 to ÷ \$4.10 per share.
• Before Performance Fee for the period ended 31 December 2003.

MGI Investor Highlights

For the half year ended	31 Dec 2004	31 Dec 2003	Change %
Gross property income (\$M)	189.6	152.5	24.3
Other income (\$M)	74.7	49.2	51.8
Revenue (\$M)	264.3	201.7	31.0
Net profit from ordinary activities
before Performance Fee (\$M)	119.5	98.4	21.4
Net profit attributable to MGI Unitholders (\$M)	111.1	70.7	57.1
Transfer from reserves (\$M)	4.9	24.7	(80.2)
Distribution to MGI Unitholders (\$M)	116.0	95.4	21.6
Basic and diluted earnings per unit
after Performance Fee (¢)	6.67	5.23	27.5
Basic earnings per unit before Performance Fee (¢)	6.67	6.50	2.6
Distribution per unit (¢)	6.95	6.70	3.7
	31 Dec	30 Jun	Change
As at	2004	2004	%
Investment properties (\$M)	4.168.1	3,855.0	8.1
Total assets (\$M)	4.333.8	4,087.5	6.0
Total liabilities (\$M)	1,806.7	1,575.9	14.6
Total equity (\$M)	2.527.1	2.511.6	0.6
Market capitalisation (\$M)	3,977.7	2.703.1	47.2
Underlying gearing (%)(1)	38.3	33.1	15.7
Net tangible assets per unit (\$) (2)	1.43	1.40	2.1
Unit price (\$)	2.37	1.68	41.1.
Distribution yield (%)(3)	5.9	8.0	(26.3)

MGI Growth in Net Tangible Assets
and Distributions Per Unit (Half year ended 31 December 2004).

MGI Growth in Net Profit (Half year ended 31 December 2004)

10 Underlying gearing sets off cash held at 31 December 2004 of \$1.9 million against borrowings.
20 Net tangible assets per unit is calculated using net tangible assets excluding outside equity interests.

$\langle \hat{\phi} \rangle$ The distribution yield is calculated by dividing the annualised total distribution per unit by the unit price.

MGA Investor Highlights

For the half year ended	31 Dec 2004	31 Dec 2003	Change ℀
Gross property income (\$M)	71.O	60.0	18.3
Other income (\$M)	3.1	2.9	6.9
Revenue (\$M)	74.1	62.9	17.8
Net profit from ordinary activities after tax (\$M)	46.1	42.7	7.9
Distribution to MGA Investors (\$M)	46.1	42.7	7.S
Basic and diluted earnings per ordinary unit (¢)	4.41	4.05	8.9
Distribution per RePS to RePS Holders (c)	3.75	3.75	8.9
As at	31 Dec 2004	30 Jun 2004	Change ℀
Investment properties (\$M)	1,642.2	1,518.1	8.2
Total assets (\$M)	1,795.9	1,679.0	7.0
Total liabilities (\$M)	633.9	532.1	19.1
Total equity (\$M)	1.162.0	1.146.9	1.3
Market capitalisation (\$M)	192.5	149.1	29.1
Net tangible asset per unit (\$)	1.25	1.24	1.1
Unit price RePS (\$)	137.5	106.5	29.1
Number of RePS on issue (M)	1.4	1.4
Distribution yield - RePS (%)(1)	5.45	7.04	(22.5

(8) The distribution yield is calculated by dividing the annualised total distribution per RePS by the RePS price.

I)

MGM Investor Highlights

For the half year ended	31 Dec 2004	31 Dec 2003	Change %
Revenue from ordinary activities
before Performance Fee (\$000)	39.014	26,747	45.9
Performance Fee (\$000)		17,152
Revenue from ordinary activities (\$000)	39,014	43,899	(11.1)
Profit from ordinary activities after tax
before Performance Fee after tax (\$000)	16,065	11,036	45.6
Net profit for the period attributable to MGM Shareholders (\$000)	16,065	23,042	(30.3)
Basic earnings per share (¢)	5.83	8.83	(34.0)
Diluted earnings per share (¢)	5.68	8.59	(33.9)
Basic earnings per share
before Performance Fee after tax (c)	5.83	4.23	37.8
Proposed/paid dividend per share (¢)	4.50	3.50	28.6
Franked amount per security (c)	1.35	2.98	(54.7)
As at	31 Dec 2004	30 Jun 2004	Change %
Total assets (\$000)	294.170	241,847	21.6
Total liabilities (\$000)	163,791	107,783	52.0
Net assets (\$000)	130.379	134.064	(2.7)
Contributed equity (\$000)	128,878	126,568	1.8
Share price (\$)	4.10	3.59	14.2
Number of shares on issue - Ordinary (000)	277,199	273,216	1.5
Markat canitalisation (\$000)	1137	981	15 Q

MGM Growth in Net Profit and Earnings Per Share (Normalised) (Half year ended 31 December 2004)

Corporate Transactions

In October 2004, the Independent Directors of Macquarie Goodman Funds Management Limited ("MGF") and the Directors of MGM announced a proposal to merge MGI and MGM to become the Macquarie Goodman Group ("MGO"). Approval of the merger was received from MGI Unitholders and MGM Shareholders on 25 January 2005 and from the Supreme Court of NSW on 31 January 2005. Implementation took place on 9 February 2005.

On 16 February 2005, the newly merged MGQ commenced trading on ASX on a normal trading basis, under ASX code "MGQ".

MGQ combines the business activities of MGI and MGM to create an internally managed, vertically integrated industrial property group. Its operations encompass industrial property ownership, funds management, property development, project and development management and property services.

MGQ has a market capitalisation of over \$5.0 billion, making it the largest industrial property group listed on ASX, the fourthlargest listed property group in the S&P/ ASX 200 Property index and one of the largest listed industrial property groups globally.

It has funds under management of \$5.9 billion in Australia, New Zealand and Singapore, managed by a dedicated team of approximately 200 property professionals. Its direct property investment portfolio is valued at approximately \$4.2 billion in Australia and New Zealand.

The merger has presented the following key benefits to Securityholders:

• $\rightarrow$ fully aligned the interests of MGI Unitholders and MGM Shareholders;
• positioned the group to expand and ÷ enhance opportunities in Australia, New Zealand and Asia;

• forecast strong earnings growth without a significant increase in risk;

• improved access to capital and lowered Ωý. the cost of capital; and
• $\Rightarrow$ increased index weighting and liquidity.

The newly merged group has brought together MGI's high quality investment portfolio and MGM's proven management skills to create a fully integrated industrial property group.

The significant level of support we received from both retail and institutional investors augurs well for the future of the group. We look forward to continuing our successful track record with MGQ.

Investment Portfolio

MGI's underlying care property portfolio performed solidly over the past six months. with the following results achieved:

• → weighted average lease term maintained at 5.1 years;
• occupancy rate maintained at 98%;
• 175,929 sqm of existing space leased; ...)
• customer retention rate of 82%; and
• increase in underlying net annual rental $\ldots$ of 3.4% on new lease transactions.

The outstanding operational performance of the underlying portfolio highlights its high quality nature coupled with the ongoing strength displayed by the key industrial markets in which it invests.

Our Customer Service Model continues to be fundamental to the success of our business. Under this model, we have enhanced our existing property partnerships and introduced many new customers to the portfolio. In turn, we have been able to deliver a total return to MGI Unitholders over the past year of 50.9%.

MGM Earnings Segmentation

Funds Management

In what has been an active half year. MGM's funds management division has produced revenue of \$10.8 million. primarily driven by the continued growth in the Australian operations with MGPs. total assets now totalling \$4.3 billion.

With the expansion of Ascendas Real Estate Investment Trust ("A-REIT") in Singapore, its total assets now reach approximately \$1.3 billion. MGM's share of its funds management business in Singapore contributed \$1.7 million to its profit.

In February 2005, A-REIT announced the acquisition of four properties from SGXlisted Singapore Telecommunications Limited for S\$316.3 million. On completion of the acquisitions, A-REIT's portfolio will exceed S\$2.0 billion, which lifts our funds under management to in excess of \$6.0 billion and reinforces the objective to expand our business in the Asian region.

The New Zealand listed Macquarie Goodman Property Trust ("MGP") continues its repositioning focus towards industrial and business space assets and expanding its existing customer relationships across the Auckland market.

Our managed funds have performed above expectation, with strong portfolio management leading the way for solid returns to the respective investor groups.

MGM Growth in Funds under Management

Property Services

Property services delivered revenue of \$9.3 million to MGM over the period. which was driven by the leasing of 175.929 sqm of existing space as well as the following key transactions:

MGI Secures Remaining Interest in Former Colonial Portfolio

In October 2004. MGI consolidated its holding in the former Colonial First State Industrial Property Trust with the acquisition of interests in the remaining 25% minority interest held by Ascendas (Australia) Pte Limited for \$28.3 million (excluding acquisition costs).

Since the acquisition of Colonial First State Industrial Property Trust in April 2003, we have enhanced the total occupancy rate from 92% to 96% and the weighted average lease term from 3.0 to 3.7 years.

Portfolio Additions

During the period, MGI acquired or settled interests in an additional 14 properties valued at approximately \$223.9 million. The new additions have either replenished our development pipeline or increased the quality of MGI's existing portfolio in several key markets.

Divestments

During the half year, we continued the rationalisation of the core portfolio, completing the sale of six properties, which realised sale proceeds of \$73.4 million.

As part of these divestments, we transacted a 50% share of two recently completed developments at The Gate Industry Park, Penrose, Auckland to MGP for \$6.4 million.

Revaluations

The revaluation of 67 properties during the period has led to an overall increase of \$31.3 million.

MGI Weighted Average Lease Expiry (By Net Property income)

Development Management

MGM's development management division contributed revenue of \$14.3 million during the period as a result of space either completed or committed within the portfolio.

We continued the roll out of our extensive development pipeline during the period with 120,400 sqm of completed space and 207,700 sqm of committed space, delivered to new and existing customers.

Our development pipeline is designed to accommodate the growth requirements of new and existing customers. Once again, this strategy has enhanced investor returns and added approximately \$140.9 million worth of new investment grade property to the portfolio with a further \$202.0 million committed during the period.

Our development pipeline enables us to differentiate ourselves from our competitors and our track record now speaks for itself. The challenge going forward for the group will be to replenish our land banks so that we can continue our successful model into the future.

Update on M7 Business Hub

Representing approximately one third of our development pipeline by area, M7 Business Hub in Eastern Creek, NSW is the single largest development project undertaken by MGQ to date. In conjunction with our joint venture partner Brickworks Limited, we announced the successful pre-sale of 75% of the stage one land release in February 2005.

Comprising 32 hectares of land, we have pre-sold \$70 million worth of land to date and are well on the way to achieving our financial targets. Coca-Cola Amatil recently acquired the largest parcel of land in the stage one land release.

The demand for M7 Business Hub has been overwhelming and clearly demonstrates the need for well located industrial land in Sydney's west. Coca-Cola Amatil will create its new logistics base for NSW at M7 Business Hub as the site was a logical choice given the excellent access to infrastructure.

MGI Developments Completed or Committed (Half year ended 31 December 2004)

Capital Management

MGI's underlying gearing has increased from 33.1% to 38.3% over the past six months, enabling us to progress the development pipeline and facilitate the acquisition of new assets. The current gearing level is consistent with our long-term target range of 35% to 40%.

The following new equity financing was implemented during the period:

in August 2004, we raised \$30.7 million via a Unit Purchase Plan ("UPP"),

issuing 18.7 million new units at \$1.64 per unit; and

in August and November 2004, we raised \$85.9 million through the Distribution Reinvestment Plan ("DRP"), issuing 50.6 million new units at \$1.65 and \$1.78 per unit respectively.

Both the UPP and DRPs have provided MGI Unitholders with the opportunity to expand their holdings at a discount to the market price. The high level of participation is evidence that MGI Unitholders believe in our strategy going forward.

MGM's finance facilities were increased from \$79.1 million to \$97.5 million to fund our participation in the equity raising of A-REIT during the half year.

Macquarie Goodman Capital Trust ("MGA")

During the period, we have leased 44,994 sqm of space which has maintained MGA's occupancy rate of 98%. We continue to progress our development pipeline, completing 28,400 sqm totalling \$19.3 million. and committing 114,679 sqm totalling \$131.9 million of new space to existing. and new customers.

To ensure that the merger of MGI and MGM did not adversely affect RePS Holders, the MGA Constitution and RePS Terms were amended. The amendments primarily ensured that stapled securities could be issued to RePS Holders following the merger.

Prior to the merger, RePS Holders requested 492,302 RePS be converted to cash. These RePS will remain on issue and will be held by MGI until further notice. RePS Holders also requested a further 88,176 RePS be converted to MGI units prior to the merger.

Following the merger, RePS Holders have the option to either hold their RePS until the first reset date or provide a Holder Conversion Notice to MGF, the Responsible Entity. MGF must, at its option, either convert the RePS into stapled securities or purchase the RePS on or before the relevant conversion date (35 business days following the giving of the Holder Conversion Notice).

Frequently Asked Questions

What should I receive if I held MGI units or MGM shares?

MGM Shareholders now hold one stapled security for each MGM share and MGI Unitholders now hold 0.57 stapled securities for each MGI unit they held on the record date of 8 February 2005.

For example, if you held 1,000 MGM shares, you now hold 1,000 stapled securities. Alternatively, if you held 1,000 MGI units, you now hold 570 stapled securities.

What is stapling?

Stapling is a way of merging a company and a trust so that effectively they operate as one entity. However, its structure retains both a trust and a company. The stapled securities traded represent an entitlement to one share in the company and one unit in the trust. They cannot be separated and must be traded together.

Is the marged group listed on ASX?

Yes. MGQ is listed on ASX and trades under the code "MGQ".

What is the value of a MGQ stapled security?

As at the first day of normal trading. 16 February 2005, MGQ closed at \$3.98.

What is the expected distribution. from MGO?

Distributions from MGQ may comprise both a dividend on the underlying MGM share and a distribution on the underlying MGI unit. Distributions will be paid quarterly approximately six weeks after the end of each quarter.

The forecast distribution for the quarter ending 31 March 2005 is 6.475 cents per stapled security, which equates to 25.9 cents per stapled security for the year ending 30 June 2005 on an annualised basis.

What does the capital distribution mean?

If you were an MGI Unitholder, the capital distribution of \$0.01 per consolidated MGI unit was automatically applied to subscribe for MGM shares at a rate of \$0.01 per MGM share, in accordance with the Explanatory Memorandum dated 3 December 2004. Your number of consolidated MGI units is the number of eligible MGI units you held at 8 February 2005 multiplied by 0.57 (the merger ratio) and rounded down.

Alternatively, if you were an MGM Shareholder, the capital distribution of \$0.10 per MGM share held by you as at 8 February 2005 was automatically applied to subscribe for MGI units at a rate of \$0.10 per MGI unit.

I hold RePS in MGA and would like to know how the Merger affects me?

RePS Holders of MGA are substantially unaffected by the stapling of MGI and MGM, MGA's Constitution has been amended so that RePS will now convert into stapled securities as well as to reflect the merger ratio impact on the number of stapled securities which the RePS convert into.

What is the process for converting RePS to stapled securities or cash after the Merger?

You may elect to request conversion of your RePS at any time up to the first reset date, at MGF's discretion. The first reset date will occur in the 12 months prior to 30 June 2007.

To convert your RePS you will need to complete a Holder Conversion. Notice which can be downloaded via MGA's Investor Centre at www.macquariegoodman.com.au or by calling 1300 723 040.

On receipt of the Holder Conversion Notice, MGF will notify the RePS Holder within 10 business days following the receipt of the Conversion Notice of its intention to either convert the RePS into stapled securities or provide cash to the RePS Holder.

Outlook for 2005

The merger of MGI and MGM has facilitated an increase in distributions, with a forecast of 25.9 cents per stapled security on an annualised basis for the year ending 30 June 2005 to Securityholders.

We will continue to employ our unique and proven Customer Service Model to deliver complete property solutions to our customers, which will lay the platform for our future success. We will also expand our external funds management model in Australia, New Zealand and Asia.

As a group, we are excited by the opportunities presented by the successful merger of MGI and MGM. While the fundamentals of industrial property have not changed, the opportunities presented to us as a group have broadened.

Property Trusts Managod by MGQ

Macquarie Goodman Capital Trust As at 31 December 2004

Sector	Industrial (Hybrid Securities)
Number of Properties	37
Total Assets	\$1.8 billion
RePS Price	\$137.50
Yield	5.45%
ASX Code	MGAPA

Macquarie Goodman Property Trustill

As at 31 December 2004

Sector	Industrial
Number of Properties	19
Total Assets	NZ\$242.4 million
Unit Price	\$1.14
Yield	8.15%(2)
NZX Code	MGP

⁽¹⁾ MGP is listed on the New Zealand Exchange.

23 Based on a forecast gross distribution of 9.3 cents per unit stated in the Explanatory Memorandum dated 8 March 2004.

Ascendas Real Estate Investment Trust⁽¹⁾

As at 31 December 2004

Sector	Industrial
Number of Properties	32
Total Assets	S\$1.7 billion
Unit Price	S\$1.71
Yield	5.8%(2)
SGX Code	Ascendasreit

⁽⁸⁾ Listed on Singapore Exchange, Managed by Ascendas-MGM Funds Management Limited, which is a 60/40 joint venture between Ascendas Land (Singapore) Pte Ltd and Macquarie Goodman Group.

23 Based on A-REIT's forecast distribution of S\$0.0994 per unit for the year ending 31 March. 2006, stated in the circular dated 18 November 2004 and closing price of S\$1.71 per unit as at 31 December 2004,

For more information on investing in a MGQ product, please visit www.macquariegoodman.com, call 1300 723 040 or email us at info@macquariegoodman.com.au. For A-REIT, visit www.a-reit.com.

Property Trusts Managed by Macquarie

Macquarie CountryWide Trust se et 31 December 2004

	му агот песентег соо

Sector	Retail
Number of Properties	147
Share of total
property assets	\$1.8 billion
Unit Price	\$2.08
Yield	7.1%
ASX Code	MCW

Macquarie DDR Trust

As at 31 December 2004

Sector Retail	(US Community
	Shopping Centres)
Number of Properties	25
Share of total
property assets	\$1.6 billion
Unit Price	\$1.13
Forecast Yield	8.5%
ASX Code	MDT

Macquarie Leisure Trust Group

As at 31 December 2004

Sector	Leisure
Number of Properties
Total Assets	\$247.7 million
Unit Price	\$1.74
Yield	5.9%
ASX Code	MI F

Macquarie Office Trust

As at 31 December 2004

Sector	Commercial
Number of Properties	36
Share of total
property assets	\$3.1 billion
Unit Price	\$1.29
Forecast Yield	8.3%
ASX Code	MOE

Macquarie Park Street Trust As at 31 December 2004

Sector	Commercial
Number of Properties
Total Assets	\$289 million
RePS Price	\$105.60
Yield	6.9%
ASX Code	MORPA

Macquarie ProLogis Trust

As at 31 December 2004

Sector	Industrial (North American)
Number of Properties	108
Share of total property assets	\$1.4 billion
Unit Price	\$1.12
Forecast Yield	9.6%
ASX Code	MPR

Macquarie Direct Property

Macquarie Direct Property currently manages 10 property syndicates, with properties in the commercial and retail sectors. These trusts aim to offer attractive income returns and some tax deferred benefits as well as the opportunity for capital growth. In addition, Macquarie Direct Property also manages Macquarie Property Income Fund, providing investors with a geared investment in property securities.

For further information on any of these listed or unlisted property trusts, please contact your stockbroker or financial adviser or 'Ask Macquarie' on 1300 365 585 (local call cost), visit the website www.macquarie.com.au/ propertytrusts or email Macquarie at propfunds@macquarle.com.au

Corporate Directory

Macquarie Goodman Group

(Macquarie Goodman Management Limited (ABN 69 000 123 071) and Macquarie Goodman Funds Management Limited (ABN 48 067 796 641; AFSL Number 223621), collectively "MGQ")

Registered Office

Level 10 60 Castlereagh Street Sydney NSW 2000

GPO Box 4703 Sydney NSW 2001

Telephone 1300 761 100 (within Australia) +61 2 9230 7400 (outside Australia) +61 2 9230 7444 Facsimile Email info@macquarlegoodman.com.au Website www.macquarlegoodman.com

Directors of MGQ

The MGQ Board is common to each of the boards of Macquarie Goodman Management Limited and MGF, as the Responsible Entity for MGI.

Mr David Clarke, AO (Chairman) Mr Gregory Goodman (Chief Executive Officer) Mr Patrick Allaway (Non-executive Director) Mr lan Ferrier (Independent Director) Mr Patrick Goodman (Non-executive Director) Mr John Harkness (Independent Director) Ms Anne Keating (Independent Director) Mr William Moss (Non-executive Director) Dr David Teplitzky (Independent Director) Ms Lynn Wood (Independent Director) Mr Stephen Girdis (Alternate Director for Mr William Moss) Mr James Hodgkinson (Alternate Director

for Mr David Clarke)

Chief Operating Officer Mr David van Aanholt

General Counsel and Company Secretary Ms Carolyn Scobie

Chlef Financial Officer Mr Anthony Rozic

Corporate Services

Mr Michael O'Sullivan Mr Nick Kurtis

Corporate Communications Manager

Ms Jayne Gerrie

Security Registrar

Computershare Investor Services Pty Limited Level 5 115 Grenfell Street Adelaide SA 5000

GPO Box 1903 Adelaide SA 5001

Telephone 1300 723 040 (within Australia) +61 3 9415 5000 (outside Australia) Facsimile +61 8 8236 2305 Email web.queries@computershare.com.au Website www.computershare.com

ASX Code

MGQ.

This newsletter has been prepared by Macquarie Goodman Group (Macquarie Goodman Management Limited (ABN 69 000 123 071) 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) (collectively "MGQ")). The information in this newsletter 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 newsletter 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. 3 March 2005.

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MACQUARIE GOODMAN GROUP

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Summary of the Plan

The Plan provides Securityholders with a convenient method of reinvesting all or a part of their dividends and income distributions in additional Stapled Securities.

Key features of the Plan

• $\rightarrow$ Participation in the Plan is entirely optional.
• $\Rightarrow$ If you elect to participate in the Plan, your cash Distribution will be automatically reinvested in new Stapled Securities on each Distribution payment date.
• These new Stapled Securities will be issued or transferred at the acquisition price being the average of the daily volume weighted average price of all sales of Stapled Securities recorded on ASX for each of the first 10 ASX Trading Days following the ASX Trading Day after the record date in respect of the relevant Distribution, less such discount (if any) as determined by the Administrators from time to time, not exceeding 10%.
• $\rightarrow$ You may vary your participation or withdraw from the Plan at any time. However, if you wish to withdraw your participation for a particular Distribution, your completed Application Form must be received by the Security Registrar on or before the record date for that Distribution.

• You may sell any of your Stapled Securities at any time.

The Plan will be administered for the Company by its directors and for the Trust by the Responsible Entity.

Some of the specific features of the Plan are now explained in more detail. The Rules of the Plan are set out on pages 6 to 16.

Eligibility

All Securityholders whose registered address is in Australia or New Zealand are eligible to participate in the Plan. Securityholders whose registered address is outside Australia or New Zealand may not participate in the Plan unless the Administrators are satisfied that the issue or transfer of Staples Securities to them under the Plan is lawful and practicable.

How to join the Plan

If you wish to participate in the Plan, please complete and sign the Application Form that accompanies this booklet, specifying whether you wish to participate in full or in part, and return the Application Form to the Security Registrar. If you elect part participation, you will have to nominate the number of your Stapled Securities that are to participate in the Plan.

You may join the Plan at any time, but if you wish to participate in the Plan for a particular Distribution, your completed Application Form must be received by the Security Registrar on or before the record date for that Distribution.

Leve! of participation

Securityholders may elect to participate in the Plan in respect of all or part of their Stapled Security holding and, subject to the terms of the Plan, may vary the level of participation or withdraw from the Plan by completing the Notice of Variation that accompanies this booklet and returning it to the Security Registrar. Stapled Securities issued or transferred under the Plan will be deemed to participate in the Plan for the purposes of future Distribution payments.

Striftmment

Subject to the Rules of the Plan, cash Distributions on participating Stapled Securities (net of any tax withheld) will be used to purchase the maximum whole number of new or existing Stapled Securities at the acquisition price described above. Any residual balance left over will either be:

• $\Rightarrow$ carried forward to the next Distribution and added to that Distribution entitlement in determining the number of additional Stapled Securities to be issued or transferred under the Plan: or
• $\Rightarrow$ paid to the Participant.

No interest will accrue in respect of residual balances. The Administrators will retain any residual positive balance if the Participant ceases to participate in the Plan.

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Each Participant will be sent a statement as at each Distribution payment date. giving details of the Participant's participation in the Plan.

Stacled Securities issued or transferred under the Plan

Stapled Securities issued or transferred under the Plan will rank equally in every respect with existing issued fully paid Stapled Securities and will participate in the Plan in respect of subsequent Distributions unless varied by the provision of a Notice of Variation by the Participant.

Sales of Stapled Securities

Stapled Securities participating in the Plan or Stapled Securities issued or transferred under the Plan may be sold at any time. Should you sell any participating Stapled Securities before the record date, you should inform your broker that the Stapled Securities are participating in the Plan. You should also immediately send a Notice of Variation to the Security Registrar withdrawing those Stapled Securities from the Plan.

Participating Stapled Securities sold after the record date for a relevant Distribution will remain subject to the Plan for that Distribution unless participation in the Plan is altered or withdrawn by the Participant providing a Notice of Variation which is received by the Security Registrar on or prior to the record date.

Conta

There are no brokerage or other transaction costs payable on Stapled Securities issued or transferred under the Plan. Under present law, no stamp or other duties are payable.

ASX listing

Application will be made for ASX quotation of the Stapled Securities issued under the Plan within the time required by the Listing Rules.

Taxatica

Participants will be liable to include Distributions reinvested under the Plan in their taxable income on the same basis as if those Distributions had been received in cash. If in doubt, you should consult your financial or other professional adviser. Macquarie Goodman Group and the Administrators do not take responsibility for the taxation liabilities of Securityholders. We recommend that you obtain professional taxation advice on these matters. Securityholders who are overseas residents are advised to make enquiries about their tax liabilities in their country of residence.

Stas!ma

The Plan will only operate while Stapling applies.

Dividends on Shares and income distributions on Units will be pooled for the purpose of calculating a Participant's entitiement to additional Stapled Securities under the Plan.

Variation of the Way

The Administrators have the right to modify, vary, suspend or terminate the Plan at their discretion subject to the Rules of the Plan.

Further Information

Further information concerning the operation of the Plan can be obtained from:

Macquarie Goodman Group Security Registrar - OR - Company Secretary
Computershare Investor Services Pty Limited	Macquarie Goodman Group
Level 5	Level 10
115 Grenfell	60 Castlereagh Street
Adelaide SA 5000	Sydney NSW 2000

A copy of the following documents is available free of charge from www.macquarlegoodman.com or by contacting the Security Registrar at the address noted above:

$\Rightarrow$ the most recent annual report and financial statements; and

any current disclosure document relating to Stapled Securities. -9

You should read the Rules of the Plan set out on pages 6 to 16 in conjunction with this summary. In the event of any inconsistency between the Rules of the Plan and this summary, the Rules of the Plan will prevail. If in doubt, please consult your financial or other professional adviser before deciding whether or not to participate. An acquisition of Stapled Securities issued or transferred under the Plan may not be an acquisition exempt from section 606 of the Corporations Act or its successor.

Capitalised terms used in this summary are defined in the Rules of the Plan.

• 1. Participation
• 1.1 Participation is optional and not transferable.
• 1.2 All Securityholders whose registered address is in Australia and New Zealand are eligible to participate in the Plan. Securityholders whose registered address is outside Australia and New Zealand may not participate in the Plan unless the Administrators are satisfied that the issue or transfer of Stapled Securities to them under the Plan is lawful and practicable.
• 1.3 Every Securityholder who wishes to participate in the Plan must lodge an Application Form with the Security Registrar.
• 1.4 Each Application Form received by the Security Registrar will be effective in respect of the first Distribution payment after receipt of the Application Form, provided it is received on or before the record date for that Distribution.
• 1.5 An Application Form by joint Securityholders must be signed by all joint holders.
• 1.6 An Application Form must be lodged for each Stapled Security holding and each Stapled Security holding of a Securityholder will be treated separately for all purposes under the Plan.

2. Level of participation

• 2.1 A Security holder must specify on the Application Form the extent to which the Securityholder wishes to participate in the Plan in respect of the nominated Stapled Security holding. Participation in the Plan may be either:
• (a) full participation for the whole of that Securityholder's holding from time to time however acquired (including Stapled Securities issued or transferred under the Plan); or
• (b) limited participation for a nominated number of that Securityholder's Stapled Securities together with the Stapled Securities issued or transferred under the Plan. If at the record date for a Distribution the number of Stapled Securities held by the Participant is less than the nominated number, then the Plan will apply only to such lesser number for that Distribution.
• 2.2 Application Forms in respect of a Securityholder's holding which are duly signed, but which do not indicate the degree of participation selected, shall be deemed to be applications for full participation.

• 2.3 Macquarie Goodman Group's records of the level of a Securityholder's participation and the number of Stapled Securities subject to the Plan will be conclusive evidence of the matters so recorded.

• 1. Operation of the Plan
• 3.1 Subject to the Constitutions. Distributions on Stapled Securities participating in the Plan will, upon payment, be applied by the Administrators to acquire additional Stapled Securities in Macquarie Goodman Group.
• 3.2 In respect of each Participant, the Administrators will establish and maintain a Plan account. At the time of each cash Distribution payment, the Administrators will for that Participant:
• (a) determine the Distribution payable in respect of the Stapled Securities subject to the Plan and any withholding tax payable or other amount that may be withheld in respect of such Stapled Securities;
• (b) credit the amount in 3.2(a) above to the Participant's Plan account; and
• (c) subject to the Constitutions, acquire additional Stapled Securities in the name of the Participant and apply the amount in the Participant's Planaccount towards, and in satisfaction of, the acquisition price for those additional Stapled Securities.
• 3.3 Subject to these Rules, the number of Stapled Securities issued or transferred to a Participant will be the whole number equal to, or where not a whole number, the nearest whole number below the number calculated by the formula:

Number of Stapled Securities = $\frac{D-T+R}{C}$ where,

• is the amount of the Distribution payable on the Participant's participating Ð. Stapled Securities as at the record date for that Distribution;
• T is any withholding tax or other amounts to be withheld in relation to such Stapled Securities;
• R. is the residual positive balance carried forward in the Participant's Plan account: and
• C. is the average of the daily volume weighted average price of all sales of Stapled Securities recorded on ASX for each of the first 10 ASX Trading Days following the ASX Trading Day after the record date in respect of the relevant Distribution (unless the Administrators believe that this calculation

does not provide a fair reflection of the market price of the Stapled Securities during this period in which event there shall be substituted for the amount so calculated the market price of the Stapled Security as determined by an expert independent of the Administrators whose identity and instructions will be determined by the Administrators), less such discount (if any) as determined by the Administrators from time to time, not exceeding 10%.

• 3.4 The acquisition price of the Stapled Securities under the Plan will be equal to C in clause 3.3, which will be broken into two components as follows:
• (a) the acquisition price of the Shares to be issued or transferred under the Plan will be determined by the directors of the Company as a component of the price of the Stapled Securities; and
• (b) the acquisition price of the Units to be issued or transferred under the Plan will be determined by the Responsible Entity.
• 3.5 Notwithstanding any other provision of the Plan, no Shares or Units may be issued or transferred under the Plan unless the number of Shares and Units issued or transferred to a Participant are identical and each Share is stapled to a Unit.
• 3.6 Dividends on Shares and income distributions on Units will be pooled for the purpose of calculating a Participant's entitlement to additional Stapled Securities under the Plan.
• 3.7 In relation to each Distribution, the amount of a Participant's Distribution on participating Stapled Securities not reinvested in Stapled Securities (including amounts representing a fraction of a Stapled Security), subject to the proper withholding of any tax or other amounts, at the election of the Administrators, will either be:
• (a) recorded as a residual positive balance in the Plan account and will be carried forward to the next Distribution (no interest will accrue in respect of any residual positive balance); or

• (b) subject to rule 6.4, paid to the Participant without interest.

• 1. Issue or transfer of Stapied Securities
• 4.1 In the operation of the Plan, the Administrators may, in their discretion, either issue new Stapled Securities or cause existing Stapled Securities to be acquired in the market for transfer to Participants, or a combination of both options, to satisfy the Administrators obligations under the Plan.
• 4.2 If the Administrators determine to cause the transfer of Stapled Securities to Participants, the Stapled Securities may be acquired in the market in such manner as the Administrators consider appropriate.
• 4.3 Newly issued Stapled Securities to be allotted under the Plan will be issued or transferred within the time required by the Listing Rules.
• 4.4 All newly issued Stapled Securities allotted to Participants and Stapled Securities acquired on-market and transferred to Participants under the Plan will from such allotment and transfer rank equally in all respects with all other issued fully paid Stapled Securities and will participate in all Distributions subsequently declared.
• 4.5 All Stapled Securities allotted under the Plan will be registered on Macquarie Goodman Group's register.
• 4.6 Application will be made promptly after allotment of any newly issued Stapled Securities under the Plan for such Stapled Securities to be quoted on the ASX, if other Stapled Securities are quoted at that time.
• 4.7 By applying to participate in the Plan, an applicant agrees to the appointment of a trustee nominated by the Administrators as the agent of the Administrators to acquire Stapled Securities on market, where the Administrators decide to transfer Stapled Securities to Participants in accordance with rules 4.1 and 4.2.
• 4.8 The Administrators have the discretion to have any issue or acquisition of Stapled Securities under the Plan underwritten.

5. Statements to Participants

After each Distribution payment, Participants will be sent a statement which will show:

• (a) the number of Stapled Securities participating in the Plan;
• (b) from the Distribution paid on those Stapled Securities:
• the amount comprising dividends on Shares and the amount of the (i) dividend reinvested in additional Shares and in additional Units, and the amount applied towards the Participant's residual positive balance;
• (ii) the amount comprising income distributions on Units and the amount of the distribution reinvested in additional Units and in additional Shares, and the amount applied towards the Participant's residual positive balance;
• (iii) the amount of any deduction made from the Distribution; and
• (iv) the extent to which the dividend component of the Distribution is franked;
• (c) the number of additional Stapled Securities issued or transferred and the price (and prices of the Shares and Units comprising the Stapled Securities) at which they were acquired; and
• (d) the total number of fully paid Stapled Securities held.

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• 1. Variation or withdrawal of participation
• 6.1 A Participant may, by lodging a Notice of Variation with the Security Registrar, increase or decrease the number of Stapled Securities participating, or withdraw participation, in the Plan. A Notice of Variation must be lodged for each Stapled Security holding. To be effective for a forthcoming Distribution, the Notice of Variation must be received by the Security Registrar on or before the record date for that Distribution.
• 6.2 Where a Participant disposes of the entire Participant's Stapled Securities without giving the Security Registrar notice of withdrawal of participation and is not registered as the holder of Stapled Securities at the next record date, the Participant will be deemed to have cancelled participation on that record date.
• 6.3 When a Participant disposes of part of a holding of Stapled Securities, and does not notify the Security Registrar otherwise, the Stapled Securities disposed of will, to the extent possible, be taken to be:
• (a) first, Stapled Securities that are not participating in the Plan; and
• (b) second, Stapled Securities participating in the Plan.

• 6.4 Where a Participant ceases to participate in the Plan for any reason, including under rule 6, 7 or 10, then the Participant will forego the residual balance outstanding. This balance will be retained by the Administrators.

• 1. Administration, mudification, termination and suspension of the Stan
• 7.1 The Plan will be administered by the Administrators who shall have the power to:
• (a) determine appropriate procedures for administration of the Plan consistent with the provisions of these Rules and the Constitutions:
• (b) resolve conclusively all questions of fact or interpretation in connection with the Plan:
• (c) delegate to the extent permitted to any one or more persons, for such period and such conditions as they may determine, the exercise of any of their powers or discretions arising under the Plan; and
• (d) amend or add to these Rules on not less than one month's prior written notice to Securityholders. The Administrators are not required to give one month's prior written notice to Securityholders if they are of the opinion that the amendment or addition is not adverse to Securityholders. In such a case, the Administrators are obliged to notify Securityholders of a change within three months after it is made.
• 7.2 Notwithstanding any other provision of the Plan, the Plan must be administered in accordance with the Listing Rules and, in relation to the Company and the Trust, in accordance with the Constitutions.
• 7.3 The Plan may be suspended or terminated by the Administrators at any time, and the Administrators may decide for which, if any, Distributions the Plan is available. If the Administrators determine to suspend or terminate the Plan, the Plan will be suspended or terminated automatically.
• 7.4 The non-receipt of any notice under the Plan by the holder of any Stapled Securities or the accidental omission to give notice of modification or termination of the Plan shall not invalidate such modifications or termination.
• 7.5 The Administrators reserve the discretion to waive strict compliance with any provisions of these Rules.
• 7.6 Receipt of an Application Form or Notice of Variation by the Security Registrar is deemed to be receipt by the Administrators.

8. Costs to Participants

No brokerage, commissions, stamp duty or other transaction costs will be payable by Participants in respect of the application for, and allotment or transfer of, Stapled Securities under the Plan, other than taxes, stamp duty or other imposts assessed against or imposed on the Participant.

9. Participants to be bound

Participants are at all times bound by the Rules of the Plan.

10.Stapling

• 10.1 If Stapling ceases to apply, the Plan will terminate automatically.
• 10.2 To the extent the Plan or the publication of the Plan may be an offer of securities, the Plan is a contemporaneous offer of identical numbers of Shares and Units which will be stapled together.
• 10.3 An Application Form and any Notice of Variation under the Plan is deemed contemporaneously to be in relation to Shares and Units to be issued or transferred hereunder.

11. Internyetztion

In these Bules unless the context otherwise indicates:

Administrators means the administrators of the Plan being the directors of the Company in relation to Shares and the Responsible Entity in relation to Units;

Application Form means a form of application approved by the Administrators from time to time:

ASX means the Australian Stock Exchange Limited or its successors;

ASX Trading Day means a day which is a "business day" (as that term is defined in the Listing Rules) on which buying and selling occurs through the Stock Exchange Automated Trading System (SEATS);

Company means Macquarie Goodman Management Limited (ABN 69 000 123 071);

Constitutions means the constitutions of the Company and the Trust;

Distribution means a dividend in respect of a Share and an income distribution in respect of a Unit;

Listing Rules means the listing rules of ASX which are applicable to entities admitted to the official list of ASX:

Macquarie Goodman Group means the Company and the Trust;

Notice of Variation means a form of notice approved by the Administrators from time to time by which a Participant may vary or cancel participation in the Plan;

Participant means an eligible Securityholder with Stapled Securities participating in the Plan:

Plan means the Distribution Reinvestment Plan of Macquarie Goodman Group which has been agreed and implemented by the Company and the Responsible Entity as a Stapled Security reinvestment plan to permit dividends on Shares and income distributions on Units to be reinvested in Stapled Securities;

Responsible Entity means Macquarie Goodman Funds Management Limited (ABN 48 067 796 641; AFSL Number 223621) as responsible entity for the Trust;

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Rules means these rules governing the operation of the Plan;

Securityholder means the registered holder of a Stapled Security;

Security Registrar means the security registrar for Macquarie Goodman Group;

Share means a share in the Company;

Stapled Security means a Share and a Unit in their legal capacity as separate securities but which are traded together following Stapling;

Stapling means where each Share is Stapled to a Unit to form a Stapled Security, as a consequence of being quoted together on an official stock exchange so that one security may not be dealt with without the other being dealt with in an identical manner and at the same time, and with such restriction on dealing being denoted on the register of each security;

Trust means Macquarie Goodman Industrial Trust (ARSN 091 213 839); and

Unit means a unit in the Trust.

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Macquarie Goodman

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

As Responsible Entity for Macquarie Goodman Industrial Trust ARSN 091 213 839

All correspondence to:

Computershare Investor Services Pty Limited GPO Box 1903 Adelaide South Australia 5001 Australia Enquiries (within Australia) 1300 723 040 (outside Australia) 61 3 9415 4000 Facsimile 61 8 8236 2305 web.queries@computershare.com.au www.computershare.com

Holder Identification Number (HIN)

Print in CAPITAL letters inside the grey areas	$\parallel$ B $\parallel$ C	$\mathcal{Z}$ 3	Where a choice is required, mark the box with an 'X'	X
A	Participation in the DRP
OR	ALL.	Please mark this box with an 'X' if you wish all your securities to participate in the DRP.
	PART participate in the DRP;	Show the number of securities you wish to
B	Withdrawal from the DRP
	Please mark this box with an 'X' if you wish to terminate your participation in the DRP.
C
	Please sign here - this section must be signed for your instructions to be executed We authorise you to act in accordance with my/our instructions set out above. We acknowledge that these instructions supersede and have priority over all previous instructions in respect of my/our securities. Where I/we have indicated participation in or termination from the DRP, I/we hereby agree to be bound by the Terms and Conditions of the DRP. Securityholders should read the DRP booklet carefully before completing this form.
	Individual or Securityholder 1		Securityholder 2		Securityholder 3
Director			Director/Company Secretary			Sole Director and Sole Company Secretary

12030605913

How to complete this form
Participation in the DRP	Complete this section if you wish to have your cash distributions reinvested in the form of more securities.
participate.	If you wish to reinvest part of your securityholding in the DRP, please show the number of securities that you wish to
	Please note that an election to participate fully in the DRP will override any instruction on the registry record regarding direct payment of cash distributions into a nominated account.
this form.	This instruction only applies to the specific holding identified by the SRN/HIN and the name appearing on the front of
B Withdrawal from the DRP	Complete this section if you wish to terminate your participation in the DRP.
Signature(s)
	If you have chosen to have your cash distributions fully or partially reinvested into securities and you have completed Section A, you must sign this form as follows in the spaces provided:
Joint Holding:	Where the holding is in more than one name, all of the Securityholders must sign.
Power of Attorney:	To sign under Power of Attorney you must have already lodged this document with the registry. If you have not previously lodged this document for notation, please attach a certified photocopy of the Power of Attorney to this form when you return it.

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Please return the completed form in the envelope provided, or to the address opposite:

Computershare Investor Services Pty Limited GPO Box 2975 Melbourne Victoria 3001 Australia