GOODMAN GROUP — Share Issue/Capital Change 2005

Apr 18, 2005

Macquarie Goodman

19 April 2005

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

Dear Sir

MACQUARIE GOODMAN GROUP ("MGQ") DISTRIBUTION REINVESTMENT PLAN ("DRP")

Further to our letter of 21 March 2005 in relation to MGQ's distribution for the quarter ended 31 March 2005, we confirm that securities under the DRP will be issued at \$3.7242.

These new securities will be issued at the acquisition price being the average of the daily volume weighted average price of all sales of securities recorded on Australian Stock Exchange (ASX) for each of the ASX trading days from 4 April 2005 to 15 April 2005 inclusive, less a discount of 2%.

The DRP securities will be issued on the payment date of 3 May 2005.

Yours faithfully

Carolyn Scobie Company Secretary

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