MDT Portfolio Summary (29 April 2005)

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2 MDT Portfolio Summary (29 April 2005) Total number of properties Value Average value Total GLA Average size Total owned GLA Average owned size Base rent Current yield Weighted average lease expiry Leased 35 US$1.9B US$53.6M 15.4M sf 0.4M sf 12.1M sf 0.3M sf US$11.67psf 7.3% 8.0 yrs 98.80% O

3 MDT Portfolio Property Shoppers' World Location Boston, MA Age 1997 Valuation (US$ in millions) Owned GLA (sf) 778,476 Current Yield 6.4% Leased Rate WALE (yrs) 7.3 Riverdale Village Minneapolis, M , % 9.5 Woodfield Village Green Chicago, IL , % 6.8 Cheektowaga Properties Buffalo, Y , % 93.0% 8.6 The Plaza's at Great orthern Clarence Properties Cleveland, OH Buffalo, Y , , % 7.5% 97.3% Connecticut Commons Hartford, CT , % 99.1% 12.7 ew Hartford Consumer Square Perimeter Pointe Utica, Y Atlanta, GA , , % 7.9% 95.6% 99.8% Fairfax Towne Center Washington, DC , % 3.8 Independence Commons Kansas City, MO , % 7.8 Belden Park Crossings Canton, OH , % 99.4% 6.2 Merriam Town Center Kansas City, KS , % 99.0% 9.8 Fayetteville Properties Fayetteville, AK , % 7.5 Town Center Prado Atlanta, GA , % 98.2% 5.7 Market Place at Brown Deer Lakepointe Crossing Milwaukee, WI Dallas, TX , , % 7.7% Carillon Place aples, FL , % 98.6% 6.4 P

4 MDT Portfolio cont. Property Lake Brandon Plaza and Village Harbison Court Location Tampa, FL Columbia, SC Age Valuation (US$ in millions) Owned GLA (sf) 290, ,189 Current Yield 7.5% 7.3% Leased Rate WALE (yrs) Grandville Marketplace Grand Rapids, MI , % 8.8 Midway Marketplace St Paul, M , % 11.6 MacArthur Marketplace Dallas, TX , % 12.4 Cool Springs Pointe ashville, T , % 7.4 Pioneer Hills Denver, CO , % 7.8 River Hills Shopping Center Parker Pavillions Asheville, C Denver, CO ,970 97, % 7.0% Township Marketplace Pittsburgh, PA , % 15.7 The Marketplace ashville, T , % 11.0 Riverchase Promenade Birmingham, AL , % 3.2 Shoppers World of Brookfield Batavia Properties Milwaukee, WI Rochester, Y , , % 8.6% 96.1% Town Center ashville, T , % 4.5 Erie Marketplace Erie, PA , % 7.1 McDonough Marketplace Atlanta, GA , ,500 12,136, % 7.3% 98.8% Q

5 MDT Top Ten Tenants Tenant Parent Company o. of leases Total GLA ( 000 sf) % of total GLA % of total ABR Current S&P/Moody s Rating S&P/Moody s Outlook 1 TJX Companies A/A3 Stable/Stable 2 Kohl's A-/A3 Positive/egative 3 Wal-Mart AA/Aa2 Stable/Stable 4 PETsMART BB-/Ba2 Positive/Stable 5 OfficeMax BB/Ba2 egative/stable 6 Best Buy BBB-/Baa3 egative/stable 7 Linens n Things R/R R/R 8 Dick's Sporting Goods B+/R egative/r 9 Lowe's A/A2 Positive/Positive 10 Barnes & oble R/Ba3 R/Stable 4, R

6 MDT Geographic Diversity A portfolio diversified over 21 states O O O O O Q P P O O Existing states and number of properties in each S

7 MDT Lease Expiry Profile The weighted average lease expiry of MDT s portfolio is 8.0 years Less than 4.0% of anchor tenant leases (by income) expiring prior to 30 June % % of Annual Base Rent 40.00% 35.00% 30.00% 25.00% 20.00% 15.00% 10.00% 5.00% 0.00% 2.10% 36.23% 2.82% 0.74% 5.10% 4.12% 0.99% 4.24% 1.22% 1.44% 2.09% 6.74% 6.83% 4.86% 5.18% 0.31% 1.46% 2.01% 2.50% 3.97% 4.38% 0.58% Fiscal Year Ending June Anchor % Specialty % T

Fairfax Towne Center 12210 Fairfax Towne Center, Fairfax, VA (Washington D.C) Key property statistics Purchase price (US$million) $47.8 Purchase price (US$ / sq ft) $189 Initial Yield 8.

8 Fairfax Towne Center Fairfax Towne Center, Fairfax, VA (Washington D.C) Key property statistics Purchase price (US$million) $47.8 Purchase price (US$ / sq ft) $189 Initial Yield 8.40% Current yield 6.70% Year built/renovated 1994 Total owned GLA (sq ft 000) 253 Total GLA (sq ft 000) 253 Anchor GLA % (Total GLA) 87.5% et passing rent (US$ / sq ft) $17.89 Over / (under) renting 1 (4.2)% Leased (%GLA) 1,2 Major tenants Tenant % of owned GLA Remaining term (years) Safeway Independent valuation United Artists Valuation (US$million) $65.9 Bed Bath & Beyond Direct capitalisation rate 6.50% T.J. Maxx Terminal yield 6.75% Tower Records Discount rate 7.75% Other (21 tenants) Excluding master leases, including ground leases 2. As at 31 Mar Includes GLA attributable to unowned space; assumes 100% occupancy 4. Including master leases, weighted average based on annualised base rent Total / average U

9 Fairfax Towne Center Fairfax, VA MTA (5 mile radius) MSA Total US Ratio to US average Population (m) Growth rate 4 yr historical 8.6% 8.3% 1.0% 8.5 Growth rate 5 yr forecast 9.5% 9.5% 0.9% 10.0 Unemployment rate 1.9% 2.9% 2.8% Median household income pa (US$) $115,970 $83,827 $46, Growth rate 4 yr historical 5.0% (1,2) 1.7% Growth rate 5 yr forecast 4.8% (1) 3.6% (1) 2.1% 2.3 Average household retail spend pa (US$) $49,941 (1) $33,893 (1) $33, pçìêåéw=`ä~êáí~ë fååk EF ^ë=~í=kçîéãäéê=ommp EOF O=óÉ~ê=ÖêçïíÜ=ê~íÉ oéí~áä=ëééåç=ééê=üçìëéüçäç ErpADMMMF SR SM RR RM QR QM PR PM OR OM R M R M Source : Claritas Inc. QVKVQ jq^ ER=ãáäÉF PKR k~íáçå~ä V

Fairfax Towne Center Fairfax, VA Retail supply / absorption (sq ft) Retail supply, absorption and vacancy 450,000 400,000 350,000 300,000 250,000 200,000 150,000 100,000 50,000 0 (50,000) (100,000) 5.

10 Fairfax Towne Center Fairfax, VA Retail supply / absorption (sq ft) Retail supply, absorption and vacancy 450, , , , , , , ,000 50,000 0 (50,000) (100,000) 5.0% 4.0% 3.0% 2.0% 1.0% (Vacancy Rate) 0.0% (1.0%) F 2006F 2007F 2008F 2009F Completions (s qft) et Absorption (sqft) Vacancy % pçìêåéw=oéáëi=fååk Retail rental growth (effective rent) 6.0% 5.0% 4.0% 3.0% 2.0% 1.0% 0.0% F 2006F 2007F 2008F 2009F pçìêåéw=aao pçìêåéw=oéáëi=fååk M

11 Fairfax Towne Center Fairfax, VA pçìêåéw=aao=ïéäëáíék=ïïïkççêkåçã

12 Fairfax Towne Center Fairfax, VA pçìêåéw=aao=ïéäëáíék=ïïïkççêkåçã O

Connecticut Commons 246-250 ew Britain Avenue, Plainville, Hartford, CT Key property statistics Purchase price (US$million) Purchase price (US$ / sq ft) Year 1 yield Year built/renovated Total owned

13 Connecticut Commons ew Britain Avenue, Plainville, Hartford, CT Key property statistics Purchase price (US$million) Purchase price (US$ / sq ft) Year 1 yield Year built/renovated Total owned GLA (sq ft 000) Total GLA (sq ft 000) Anchor GLA % $86.7 $ % % et passing rent (US$ / sq ft) $11.41 Over / (under) renting 1 (3.8)% Leased (%GLA) 1,2 99.1% Major tenants Tenant % of owned GLA Remaining term (years) Independent valuation Lowe s Loews Cineplex Valuation (US$million) $87.4 Kohl s Direct capitalisation rate 7.16% Dick s Sporting Goods Terminal yield Discount rate 7.50% 8.00% Linens Things Other (11 tenants) Excluding master leases, including ground leases 2. As at 31 Mar Includes GLA attributable to unowned space; assumes 100% occupancy 4. Including master leases, weighted average based on annualised base rent Total / average P

14 Connecticut Commons Plainville, CT MTA (5 mile radius) MSA Total US Ratio to US average Population (m) Growth rate 4 yr historical 0.4% 0.7% 1.0% 0.4 Growth rate 5 yr forecast 0.4% 0.7% 0.9% 0.4 Unemployment rate 3.1% (1) 5.0% 2.8% Median household income pa (US$) $46,452 $54,927 $46, Growth rate 4 yr historical 6.2% 7.7% 1.7% 3.7 Growth rate 5 yr forecast 7.3% 9.7% 2.1% 3.4 Average household retail spend pa (US$) $37,668 (1) $36,203 $33, pçìêåéw=`ä~êáí~ë fååk EF=M=jáäÉ=o~ÇáìëK ErpADMMMF oéí~áä=ëééåç=ééê=üçìëéüçäç=eommqf SR SM RR RM QR QM PR PM OR OM R M R M Source : Claritas Inc. PTKTM jq^ PPKUR k~íáçå~ä Q

Connecticut Commons Plainville, CT Retail supply, absorption and vacancy Retail supply / absorption (sq ft) 150,000 100,000 50,000 0 (50,000) (100,000) (150,000) 15.0% 13.0% 11.0% 9.0% 7.0% 5.0% 3.

15 Connecticut Commons Plainville, CT Retail supply, absorption and vacancy Retail supply / absorption (sq ft) 150, ,000 50,000 0 (50,000) (100,000) (150,000) 15.0% 13.0% 11.0% 9.0% 7.0% 5.0% 3.0% 1.0% (1.0%) (Vacancy Rate) F 2006F 2007F 2008F 2009F Completions (sq ft) et Abs orption (s q ft) Vacancy rate pçìêåéw=oéáëi=fååk Retail rental growth (effective rent) 4.0% 3.0% 2.0% 1.0% 0.0% -1.0% -2.0% -3.0% -4.0% -5.0% F 2006F 2007F 2008F 2009F pçìêåéw=oéáëi=fååk pçìêåéw=aao R

16 Connecticut Commons Plainville, CT pçìêåéw=aao=ïéäëáíék=ïïïkççêkåçã S

17 Connecticut Commons Plainville, CT pçìêåéw=aao=ïéäëáíék=ïïïkççêkåçã T

18 Important information This presentation has been prepared by Macquarie DDR Management Limited AB (MDML) for general information purposes only, without taking into account any potential investors personal objectives, financial situation or needs. Please consider your own financial situation, objectives and needs and obtain financial, legal and/or taxation advice before making any investment decision. Past performance information provided in this presentation is not a reliable indication of future performance. Due care and attention has been exercised in the preparation of forecast information. However, forecasts, by their very nature, are subject to uncertainty and contingencies and actual results may vary from any forecasts provided. MDML receives fees for operating MDT, which are calculated by reference to the value of the assets and performance of MDT. Entities within the Macquarie Bank Group may also receive fees for providing resources to MDT. For more detail on fees, see our latest annual report. To contact us, call (local call cost). Investments in MDT are not deposits with or other liabilities of Macquarie Bank Limited AB (MBL) or of any Macquarie Bank Group company and are subject to investment risk, including possible delays in repayment and loss of income or principal invested. one of MBL, MDML, or any other member company of the Macquarie Bank Group guarantees the performance of MDT or the repayment of capital from MDT or any particular rate of return. This information contained herein is current as at the date of this presentation. Macquarie Group U

VSIP POSITION LISTING American Federation of Government Employees

VSIP POSITION LISTING American Federation of Government Employees HQ Washington, DC Office of Public Housing Investments Public Housing Revitalization Specialist GS 15 11 Public Housing Revitalization Specialist GS 14 14 Public Housing Revitalization Specialist GS 13