Macquarie Real Estate has a significant presence in Asia with offices in Seoul, Hong Kong, Shanghai, Beijing and Tokyo.

Macquarie Real Estate in Korea

Macquarie Real Estate Korea Limited ("MREK") is the Korean entity of the Macquarie Real Estate Group. MREK is a licensed REIT asset management company registered with the Ministry of Land, Transport and Maritime Affairs. MREK provides a diverse range of complementary real estate investment solutions including acquisition, project and financial structuring, securitisation, arranging / raising equity and debt, development, advisory, divestment, funds management and asset management services.

In January 2004, MREK became the first wholly-owned foreign asset manager to list a real estate investment trust (REIT) on the Korea Exchange. The MCO CR-REIT acquired the 22-storey Kukdong Building in the Seoul CBD for KRW 158 billion. Closing share price of MCO CR-REIT as at 2nd May 2008 was, KRW 9,860 reflecting a 97% increase over par value, and dividend yields significantly exceeding prospectus forecasts. Information on the MCO CR REIT can be accessed at http://www.macquarie.com/kr/en/property/reports.htm .

Some of Macquarie Real Estate's recent investment highlights in Korea include:

1. In March 2007, Macquarie Real Estate acquired a 50% investment in an office building in CBD Seoul for KRW 117 billion together with Global Fund II, a fund managed by MGPA.

2. MREK launched its second Korean REIT in September 2007, the "Macquarie NPS REIT", an unlisted REIT investing in commercial and retail property sectors in Korea. The Macquarie NPS REIT has to date acquired two office properties in Seoul for KRW 210 billion and plans to grow assets significantly during its 10 year life. More information on Macquarie NPS REIT can be accessed at http://www.macquarie.com/kr/en/property/mnpsreitreports.htm .

3. In December 2007, MREK committed KRW350 billion of capital via a forward purchase contract for an office building in Seoul to be completed during 2010.

Macquarie Real Estate

Macquarie Real Estate is a diverse, international business with a unique blend of real estate and financial expertise, across a number of locations and products.

Macquarie Real Estate offers a range of services including real estate fund and asset management, investment and development finance, unlisted equity raising, real estate development and development management, real estate investment banking and advisory, real estate securitisation and research, with businesses located in Australia, South Africa, Asia, North America and Europe.

Highlights as at March 2008:

• Over 605 expert staff located in 30 locations across 15 countries.
• More than AU$32 billion of real estate assets are managed by Macquarie Real Estate and its associates, across a portfolio of listed and unlisted property trusts, unlisted development funds and real estate investment syndicates, globally.
• Portfolio managed by Macquarie Real Estate includes seven listed and 23 unlisted property funds.
• Has joint ventures and strategic alliances with some of the world's largest and most successful real estate companies.
• Partners in MGPA, an independently managed private equity real estate investment advisory company focused on real estate investment in Asia and Europe.

For further information please contact:
Macquarie Real Estate Korea
Tel: (82 2) 3705 8710
Fax: (82 2) 3705 8789