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New Bill Positive for MGP Investors

Media Release – Macquarie Goodman Property Trust (“MGP”)

New Bill Positive for MGP Investors

13 December 2006

Macquarie Goodman (NZ) Limited (“MGNZ”), the manager of Macquarie Goodman Property Trust (“MGP”), welcomes the decision to create a level playing field for all forms of collective investment vehicles, including property trusts, with the passing of the Taxation (Annual Rates, Savings Investment, and Miscellaneous Provisions) Bill last night.

“The Select Committee reviewing the Bill considered our submission, which highlighted possible inequities in the taxation treatment of property trusts compared with other types of investment,” said John Dakin, Chief Executive Officer of MGNZ. “We believe the passage of the Bill is a positive step, not only for investment in property trusts, but in encouraging investment in all types of collective investment in New Zealand”.

With MGP having assets of over NZ$1 billion and in excess of 6000 “mum and dad” investors, MGNZ’s submission, which was made in support of the submission made by Property Council of New Zealand, has helped to ensure a level playing field not only for MGP unitholders, but for investors in all forms of collective investment vehicles.

“Our understanding is that MGP will qualify for the Portfolio Investment Entity (“PIE”) structure and can elect to participate in the new regime from 1 October 2007”, said Mr Dakin. “The Bill and PIE regime mean investors will be able to make decisions based on the characteristics of the investment, rather than any advantages or disadvantages created by tax treatment”.

“The Bill is an excellent example of the property industry working together in order to effect positive change for its members and the investment community”, concluded Mr Dakin.


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