MDT Portfolio Summary (29 April 2005)

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

MDT Portfolio Property Shoppers' World Location Boston, MA Age 1997 Valuation (US$ in millions) 206.0 Owned GLA (sf) 778,476 Current Yield 6.4% Leased Rate WALE (yrs) 7.3 Riverdale Village Minneapolis, M 2003 121.0 744,441 6.9% 9.5 Woodfield Village Green Chicago, IL 1998 116.0 509,354 6.7% 6.8 Cheektowaga Properties Buffalo, Y 1994 115.0 901,395 7.7% 93.0% 8.6 The Plaza's at Great orthern Clarence Properties Cleveland, OH Buffalo, Y 1998 1994 102.0 94.0 626,881 891,096 7.5% 7.5% 97.3% 6.2 8.1 Connecticut Commons Hartford, CT 1999 87.4 566,537 7.3% 99.1% 12.7 ew Hartford Consumer Square Perimeter Pointe Utica, Y Atlanta, GA 2002 1995 74.0 66.0 516,801 352,255 7.5% 7.9% 95.6% 99.8% 11.1 5.9 Fairfax Towne Center Washington, DC 1994 65.9 253,297 6.7% 3.8 Independence Commons Kansas City, MO 1999 62.0 385,955 7.2% 7.8 Belden Park Crossings Canton, OH 1997 61.5 478,106 7.7% 99.4% 6.2 Merriam Town Center Kansas City, KS 1998 50.9 348,536 7.5% 99.0% 9.8 Fayetteville Properties Fayetteville, AK 1999 49.3 399,704 7.5% 7.5 Town Center Prado Atlanta, GA 1997 49.3 311,194 7.7% 98.2% 5.7 Market Place at Brown Deer Lakepointe Crossing Milwaukee, WI Dallas, TX 1989 1990 44.9 42.9 410,088 311,039 7.3% 7.7% 6.8 5.0 Carillon Place aples, FL 1994 42.8 267,808 7.2% 98.6% 6.4 P

MDT Portfolio cont. Property Lake Brandon Plaza and Village Harbison Court Location Tampa, FL Columbia, SC Age 2003 1991 Valuation (US$ in millions) 42.0 36.9 Owned GLA (sf) 290,099 237,189 Current Yield 7.5% 7.3% Leased Rate WALE (yrs) 10.1 4.1 Grandville Marketplace Grand Rapids, MI 2001 33.7 218,301 7.3% 8.8 Midway Marketplace St Paul, M 1997 33.0 324,354 7.6% 11.6 MacArthur Marketplace Dallas, TX 1999 33.0 248,844 7.7% 12.4 Cool Springs Pointe ashville, T 1999 32.5 201,414 7.5% 7.4 Pioneer Hills Denver, CO 2002 31.5 139,541 7.1% 7.8 River Hills Shopping Center Parker Pavillions Asheville, C Denver, CO 1996 2001 25.8 24.2 190,970 97,256 7.4% 7.0% 9.0 9.3 Township Marketplace Pittsburgh, PA 1999 23.5 253,110 7.9% 15.7 The Marketplace ashville, T 1998 20.2 167,795 7.6% 11.0 Riverchase Promenade Birmingham, AL 1989 17.8 98,016 8.1% 3.2 Shoppers World of Brookfield Batavia Properties Milwaukee, WI Rochester, Y 1967 1994 17.6 17.0 182,722 182,417 7.3% 8.6% 96.1% 3.2 7.3 Town Center ashville, T 1998 16.3 108,180 7.6% 4.5 Erie Marketplace Erie, PA 2000 12.7 112,987 7.8% 7.1 McDonough Marketplace Atlanta, GA 2003 1997 7.2 1,875.8 30,500 12,136,658 7.5% 7.3% 98.8% 3.7 8.0 Q

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 20 777 6.4 5.3 A/A3 Stable/Stable 2 Kohl's 8 718 5.9 3.5 A-/A3 Positive/egative 3 Wal-Mart 5 653 5.4 3.4 AA/Aa2 Stable/Stable 4 PETsMART 17 361 3.0 3.0 BB-/Ba2 Positive/Stable 5 OfficeMax 13 323 2.7 2.8 BB/Ba2 egative/stable 6 Best Buy 7 312 2.6 2.8 BBB-/Baa3 egative/stable 7 Linens n Things 8 291 2.4 2.6 R/R R/R 8 Dick's Sporting Goods 6 305 2.5 2.4 B+/R egative/r 9 Lowe's 3 396 3.3 2.4 A/A2 Positive/Positive 10 Barnes & oble 14 161 1.3 2.3 R/Ba3 R/Stable 4,297 35.4 30.5 R

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

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 2007 45.00% % 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% 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015+ 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) $189 Initial Yield 8.40% Current yield 6.70% Year built/renovated 1994 Total owned GLA (sq ft 000) 253 Total GLA (sq ft 000) 253 Anchor GLA % (Total GLA) 87.5% et passing rent (US$ / sq ft) $17.89 Over / (under) renting 1 (4.2)% Leased (%GLA) 1,2 Major tenants Tenant % of owned GLA Remaining term (years) Safeway 24.2 14.8 Independent valuation United Artists 18.7 9.8 Valuation (US$million) $65.9 Bed Bath & Beyond 15.7 4.9 Direct capitalisation rate 6.50% T.J. Maxx 14.7 4.8 Terminal yield 6.75% Tower Records 9.1 4.8 Discount rate 7.75% Other (21 tenants) 3 17.6 3.8 4 1. Excluding master leases, including ground leases 2. As at 31 Mar 05 3. Includes GLA attributable to unowned space; assumes 100% occupancy 4. Including master leases, weighted average based on annualised base rent Total / average 4 100.0 7.4 U

Fairfax Towne Center Fairfax, VA MTA (5 mile radius) MSA Total US Ratio to US average Population (m) 0.231 5.331 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 $46,475 2.5 Growth rate 4 yr historical 5.0% (1,2) 1.7% Growth rate 5 yr forecast 4.8% (1) 3.6% (1) 2.1% 2.3 Average household retail spend pa (US$) $49,941 (1) $33,893 (1) $33,848 1.5 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) 5.0% 4.0% 3.0% 2.0% 1.0% (Vacancy Rate) 0.0% (1.0%) 2000 2001 2002 2003 2004 2005F 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% 2000 2001 2002 2003 2004 2005F 2006F 2007F 2008F 2009F pçìêåéw=aao pçìêåéw=oéáëi=fååk M

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

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 GLA (sq ft 000) Total GLA (sq ft 000) Anchor GLA % $86.7 $153 7.25% 1999 567 567 96.1% et passing rent (US$ / sq ft) $11.41 Over / (under) renting 1 (3.8)% Leased (%GLA) 1,2 99.1% Major tenants Tenant % of owned GLA Remaining term (years) Independent valuation Lowe s Loews Cineplex 23.9 15.9 14.6 14.9 Valuation (US$million) $87.4 Kohl s 15.3 17.0 Direct capitalisation rate 7.16% Dick s Sporting Goods 9.0 15.0 Terminal yield Discount rate 7.50% 8.00% Linens Things Other (11 tenants) 3 6.2 29.8 12.0 9.0 4 1. Excluding master leases, including ground leases 2. As at 31 Mar 05 3. Includes GLA attributable to unowned space; assumes 100% occupancy 4. Including master leases, weighted average based on annualised base rent Total / average 4 100.0 12.8 P

Connecticut Commons Plainville, CT MTA (5 mile radius) MSA Total US Ratio to US average Population (m) 0.158 1.185 292.937 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 $46,475 1.3 Growth rate 4 yr historical 6.2% 7.7% 1.7% 3.7 Growth rate 5 yr forecast 7.3% 9.7% 2.1% 3.4 Average household retail spend pa (US$) $37,668 (1) $36,203 $33,848 1.1 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% 3.0% 1.0% (1.0%) (Vacancy Rate) 2000 2001 2002 2003 2004 2005F 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% 2000 2001 2002 2003 2004 2005F 2006F 2007F 2008F 2009F pçìêåéw=oéáëi=fååk pçìêåéw=aao R

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

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

Important information This presentation has been prepared by Macquarie DDR Management Limited AB 16 101 743 926 (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 1300 365 585 (local call cost). Investments in MDT are not deposits with or other liabilities of Macquarie Bank Limited AB 46 008 583 542 (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