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MGP announces third quarter distribution

MGP announces third quarter distribution and moves closer to its repositioning

Appointment of chairman

The board of Macquarie Goodman (NZ) Ltd (MGNZ) is pleased to announce the appointment of the HON. Jim McLay as its chairman. Mr McLay brings a wealth of experience to the role and is presently executive chairman of Macquarie New Zealand Limited, Chairman of Pharmacy Brands Ltd, a director of publicly listed Evergreen Forests Limited as well a director of several other companies.

Third Quarter Dividend

MGP (formerly Colonial First State Property Trust) today announced that Unitholders will receive a third quarter gross dividend of 2.375 cents per unit, comprising 2.165 cents cash and 0.21 cents of imputation credits.

This brings total gross distributions for the year to 7.125 cents per unit, consistent with forecasts advised in May 2003. The distribution will be paid on 19 March 2004 with the record date being 5 March 2004.

Unitholders to vote on proposals to reposition MGP

Chairman of Macquarie Goodman (NZ) Limited (“MGNZ”), Jim McLay, said, “Following changes to MGP’s manager and Unitholder profile in December, Unitholders will soon have the opportunity to consider and vote on proposals for the repositioning of MGP.

“Our objective is to refocus MGP’s activities in the industrial and office park sectors. The repositioning of MGP will enhance the diversity and security of income across the portfolio and create a clear strategy for Unitholders.”

The forthcoming proposals signal the following benefits to Unitholders:

a strong alignment of MGP’s interests with the Macquarie Goodman Industrial Trust (a trust listed on the Australian Stock Exchange) through the collaboration of two synergistic trusts and a manager that delivers a consistent and proven customer service model; greater diversification of rental income through a larger, more diverse customer base; and a longer weighted average lease expiry profile. Mr McLay added, “Our customer service model has been at the heart of Macquarie Goodman’s success in the Australian market, where it has $5.2 billion in funds under management. This includes the provision of funds management, property services and development management expertise delivered by a dedicated team of property professionals.” A Notice of Meeting and an Explanatory Memorandum will be sent to Unitholders in early March, with the meeting of Unitholders to be held on 23 March 2004.

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