MCS19 ADDITIONAL PROPERTIES

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1 MCS19 ADDITIONAL PROPERTIES Valley Shopping Centre, Gladstone (Qld) $13.70m Cat & Fiddle Arcade, Hobart (Tas) $24.75m Everton Plaza Shopping Centre, Brisbane (Qld) $14.07m Warners Bay Shopping Centre, Warners Bay (NSW) $18.47m October 2002

2 MCS19 Contents Page 1 Introduction 1 2 Additional Properties (Due Diligence Completed) 2 3 Additional Properties (Under Due Diligence) 6 4 Additional Information 7 MCS19 Properties A A DARWIN B Cairns B C C Mackay D VALLEY CENTRE Rockhampton Gladstone D EVERTON PLAZA BRISBANE E WARNERS BAY CENTRE Newcastle E F MELVILLE PLAZA PERTH DENILIQUIN PLAZA ADELAIDE SYDNEY KIAMA FAIR Wollongong CANBERRA MELBOURNE CENTREPOINT WARRAGUL F G CAT & FIDDLE ARCADE HOBART G EXISTING PROPERTIES (SETTLED) ADDITIONAL PROPERTIES (DUE DILIGENCE COMPLETED) ADDITIONAL PROPERTIES (UNDER DUE DILIGENCE)

3 INTRODUCTION Section 1 The MCS19 Trust prospectus was launched in July 2002 with the following key features: Strong tax advantaged returns. Forecast returns of 8% in the first year rising to 8.6% in year four, substantially tax advantaged; Diversity (four properties located across three states); Flexible Trust structure (the ability to add further properties); Open for six months (until 31 December 2002). To date MCS19 comprises: Kiama Fair Shopping Centre, Kiama (NSW), Melville Plaza Shopping Centre, Perth (WA), Centrepoint Warragul, Warragul (Vic), and Deniliquin Plaza, Deniliquin (NSW). In the following pages we detail the additional properties we have identified for inclusion in MCS19. Investors should read this brochure in conjunction with the MCS19 prospectus see page 7 of this brochure. Additional Properties We have entered into contracts to purchase the following properties: Valley Shopping Centre, Gladstone (Qld) Cat & Fiddle Arcade, Hobart, (Tas) The above properties have met our due diligence requirements and satisfy the criteria set out in Section 4.4 of the prospectus. In addition we are currently completing due diligence on the following additional properties: Everton Plaza Shopping Centre, Brisbane (Qld) Warners Bay Shopping Centre, Warners Bay (NSW) These two properties will be included in MCS19 upon satisfactory completion of our due diligence investigations, satisfaction of contractual terms and provided they meet the criteria set out in Section 4.4 of the prospectus. In particular, when combined, the centres in the portfolio must be capable of achieving forecast returns of 8% in the first year climbing to 8.6% in year four, as set out in Section 6.1 of the prospectus. If all of these properties are included, MCS19 will offer the diversity of eight retail properties across five states with a value up to approximately $120 million. This of course does not preclude us from acquiring additional properties in MCS19 prior to the prospectus closing on 31 December MCS19 Additional Properties 1

4 Section 2 ADDITIONAL PROPERTIES (DUE DILIGENCE COMPLETED) Valley Shopping Centre, Gladstone (Qld) Location Valley Shopping Centre is located on the fringe of the Gladstone CBD, the principal city of the Gladstone region on the Central Queensland coast, 550 km north of Brisbane and 109 km south east of Rockhampton. The Gladstone region has a population of 47,000 of which the City of Gladstone comprises approximately 26,000. It boasts the largest port in Queensland and the fourth largest multi-cargo port in Australia. It is a centre of major mining, processing and industrial activity for the resource rich region that now represents a key area of national and state economic development, generating approximately 25% of Queensland s total volume of exports. Major corporations represented in Gladstone include: Gladstone Power Station (NRG) Queensland Alumina Limited (QAL) Boyne Smelters Limited (BSL) Queensland Cement Limited (QCL) Orica Australia Ticor Chemical Company Gladstone Port Authority Australian Magnesium Corporation Stuart Shale Oil Comalco Alumina Refinery (CAR) under construction There are presently over $7 billion of major projects underway or earmarked for Gladstone including the $3.4 billion Aldoga Aluminium Smelter, $1.5 billion Comalco Refinery, $750 million Boyne Smelters Limited expansion and a $500 million LG Chemicals Limited Chlor-Alkali/Ethylene Dichloride (EDC) plant. to Cairns ROCKHAMPTON VALLEY SHOPPING CENTRE BILOELA YEPPOON GREAT KEPPEL ISLAND MONTO GLADSTONE MIRIAM VALE BUNDABERG to Brisbane Property Information Site Area 1.8ha Gross Lettable Area (GLA) 6,092m 2 No. of Specialty Tenants 25 No. of Kiosks 1 Purchase Price $13,700,000 Valuation $13,700,000 Yield on Purchase 8.83% National Tenants % of GLA 78% National Tenants % of Gross Rental 63% Major Tenant Woolworths Supermarket 2,375m 2 Majors % of GLA 39% Majors % of Passing Net Rental 37% Lease Expiry Sept 2014 Options 6 x 5 years SOUTH PACIFIC OCEAN Description Valley Shopping Centre is a single level, open design retail complex comprising a Woolworths supermarket (2,376m 2 ), a Silly Solly s mini-major (1,144m 2 ) and 25 specialties including Australia Post, Suncorp Metway, the Rock Building Society, Homeart, Telstra Shop, Rockman s, Millers Fashion Club, Travelworld, a pharmacy, newsagent, bakery and a range of complementary traders. The Centre offers excellent food-based convenience shopping with easily accessible on-grade car parking for some 335 vehicles. The Centre is the key component of the town centre, comprising approximately 50% of total retail floor space in the town centre. Oaka Lane Goondoon Street Not included in purchase Woolworths Herbert Street Supermarket Specialty Shops Mall / Walkway 2 MCS19 Additional Properties

Section 2 Basis of Acquisition The Woolworths supermarket has demonstrated consistently strong sales growth in recent years with the current trading level being 33% above the average for major chains

With the level of economic development earmarked for Gladstone and the likely impact on employment and population growth, we believe that this trend should continue.

Woolworths is keen to establish a Plus Petrol outlet close to the Centre and is presently negotiating with owners of suitable sites.

5 Section 2 Basis of Acquisition The Woolworths supermarket has demonstrated consistently strong sales growth in recent years with the current trading level being 33% above the average for major chains and independent supermarkets in Australia. With the level of economic development earmarked for Gladstone and the likely impact on employment and population growth, we believe that this trend should continue. The Centre has a good mix of specialty traders, which we believe can be further improved, particularly with the introduction of additional national traders. Woolworths is keen to establish a Plus Petrol outlet close to the Centre and is presently negotiating with owners of suitable sites. We believe this will further improve the turnover performance of the supermarket and thereby draw more customers to the Centre. We have purchased the property on a yield of 8.83%, which we consider attractive given the Centre s existing attributes and future potential. There is also potential to purchase adjoining properties for further expansion at the south eastern extremity of the Centre. No detailed feasibility has yet been undertaken on these sites and any purchase would be subject to MCS being satisfied that the acquisitions have a positive impact on the future investment return and value of Valley Shopping Centre. Our Plans for the Centre We plan to improve the overall tenancy mix of the Centre, particularly with the introduction of a greater number of national traders. We will work with Woolworths to expedite the introduction of a Woolworths Plus Petrol outlet close to the Centre and will commence discussions with owners of properties adjoining the Centre to determine the viability of acquiring these sites for future expansion. There are two vacancies at the Centre for which we have a 12 month rental guarantee. We plan to fill the vacancies within the early months of ownership. Silly Solly s is occupying on a month-to-month basis. Negotiations have commenced to secure a longer term commitment from Silly Solly s and it is our intention to resolve this matter in our early period of ownership. If agreement cannot be reached with the tenant on commercial terms and conditions, we will seek to re-lease the space to a mini-major with at least comparable customer drawing capability. We have allowed $252,000 for programmed maintenance over the next five years in accordance with our due diligence reports. A further $628,000 has been set aside for tenancy remixing, leasing, legal expenses and other capital expenses. MCS19 Additional Properties 3

6 Section 2 ADDITIONAL PROPERTIES (DUE DILIGENCE COMPLETED) (cont.) Cat & Fiddle Arcade, Hobart (Tas) Location Cat & Fiddle Arcade is located in the heart of the Hobart CBD in the city block bounded by Collins, Murray and Liverpool Streets and the Elizabeth Street Mall. The Centre provides one of the main pedestrian ant-tracks through the CBD with direct access to adjoining anchor tenants including Myer and Harris Scarfe Department Stores and Target Discount Department Store. Direct pedestrian connections to Elizabeth Street Mall and Centrepoint Arcade also exist. Description Cat & Fiddle Arcade is a two-level retail complex comprising a mix of 34 specialties, four kiosks, four ATMs, a Best & Less mini-major plus first floor office and storage facilities. The Centre provides a modern shopping environment within the retail hub of the Hobart CBD. Already extensive refurbishment is being undertaken to the first floor food court and Cat & Fiddle Square, which is to incorporate three new kiosks. However, there is significant scope for further improvements as outlined under Our Plans for the Centre. WEST HOBART DYNNYRNE GLEBE HOBART SOUTH HOBART NORTH HOBART SANDY BAY CAT & FIDDLE ARCADE BATTERY POINT ROSE BAY ROSNY DERWENT RIVER Property Information Site Area 4,094m 2 Gross Lettable Area (GLA) 6,163m 2 No. of Specialty Tenants 34 No. of Kiosks 4 No. of Offices/Stores 22 Purchase Price $24,749,500 Valuation $24,750,000 Yield on Purchase 9.75% National Tenants % of GLA 68% National Tenants % of Gross Rental 60% ROSNY PARK Lower Level Murray Street Upper Level Murray Street Ramp to Upper Level Ramp to Lower Level Collins Street To Upper Level Myer* Collins Street Entrance To First Floor Food Court To Lower Level Myer* Best & Less To Upper Level To Lower Level Harris Scarfe* Through to Harris Scarfe Through to Myer Harris Scarfe* To Elizabeth Mall Target* Mini-Major Specialty Shops Mall / Walkway Through to Harris Scarfe Through to Elizabeth Plaza Target* Through to Myer * Not included in Purchase 4 MCS19 Additional Properties

Section 2 Basis of Acquisition Cat & Fiddle Arcade enjoys strong retail turnover, particularly the food specialty stores, which enjoy very healthy trading levels.

Already some 60% of the gross income and 68% of the area is attributed to national traders.

Roger David. The opportunity exists to increase the number of national traders and thereby maintain the dominance of the Centre within the CBD.

7 Section 2 Basis of Acquisition Cat & Fiddle Arcade enjoys strong retail turnover, particularly the food specialty stores, which enjoy very healthy trading levels. We believe that with intensive management the Centre has the potential to further improve its share of the Hobart CBD retail spend. Already some 60% of the gross income and 68% of the area is attributed to national traders. These include Just Jeans, McDonalds, Katies, Millers/ Crossroads, Man to Man, Portmans, Red Earth, Darrell Lea, Dick Smith Electronics, Jacqui E, Cue, Medibank Private, Muffin Break, Donut King and Roger David. The opportunity exists to increase the number of national traders and thereby maintain the dominance of the Centre within the CBD. The introduction of permanent Sunday trading in Tasmania from December 2002 creates an additional potential to increase sales growth at the Centre, ultimately leading to rental growth. We have purchased this property on a yield of 9.75%, which we consider very attractive given the Centre s existing strength and potential. Potential exists to secure additional adjoining properties that would allow for further expansion of the Centre. Our Plans for the Centre We have identified a number of opportunities to improve the performance of the Centre. We plan to undertake a tenancy remix to further expand the range of national traders and to introduce where possible, convenience-oriented specialty stores, such as a newsagent and a pharmacy. These are key components of any CBD lunchtime trade. In the long term the potential exists to expand the Centre if we are able to acquire adjoining property. We plan to strengthen the branding of the Centre by improving entry statements and signage together with implementing a well targeted marketing campaign to secure Cat & Fiddle as the pivotal destination of retailing in the Hobart CBD. We also plan to further refurbish the ground floor level, particularly along Elizabeth Lane, which is the Centre s principal north-south pedestrian thoroughfare. This will involve improvements to lighting, pedestrian walkways and verandahs. We have been able to significantly increase revenue at many of our centres by the introduction of our Casual Leasing Programme and we intend to introduce this programme to our centre. We have allowed $829,000 for programmed maintenance over the next five years in accordance with our due diligence reports. A further $1.44 million has been set aside for tenancy remixing, leasing, legal expenses and other capital expenses. MCS19 Additional Properties 5

8 Section 3 ADDITIONAL PROPERTIES (UNDER DUE DILIGENCE) Everton Plaza Shopping Centre, Brisbane (Qld) This centre is located in the suburb of Everton Park approximately 8 km north west of the Brisbane CBD on the corner of South Pine Road and Stafford Road. The Centre is an open air design and consists of a Coles supermarket of 2,500m 2, approximately 26 specialties plus a Fernwood Fitness Centre and a medical centre. Specialty tenants include a newsagency, ANZ Bank, Brumby s Bakery, a liquor outlet, Australia Post, Bi Rite Electrical, Chemmart Pharmacy and NAB and Suncorp Metway ATMs amongst others. Coles has a lease until November 2012 and is performing well with the recent advent of Sunday trading boosting turnover even further. Potential exists to expand the Coles supermarket, although this is likely to require the acquisition of adjoining property. We will look at this as well as other iniatives to add value to the Centre during our due diligence process. The Centre has been contracted at approximately $13 million at a yield of 9%. We have also contracted to purchase two adjoining properties for approximately $1.1 million for the purpose of potential expansion of the Centre, which we will investigate during our due diligence process. Of course, our contract to purchase is subject to completion of satisfactory due diligence and other contractual conditions, including non-exercise of a pre-emptive right held by an existing tenant. STRATHPINE BRISBANE KENMORE REDCLIFFE CHERMSIDE WEST SAMFORD VILLAGE EVERTON PARK MIDDLE PARK MT GRAVATT SANDGATE EVERTON PLAZA SHOPPING CENTRE CANNON HILL SPRINGWOOD BROWNS PLAINS SOUTH PACIFIC OCEAN CLEVELAND REDLAND BAY Warners Bay Shopping Centre, Warners Bay (NSW) This Centre is located approximately 15 km south west of the Newcastle CBD on the shore of Lake Macquarie. Recently opened, it is anchored by a brand new Coles supermarket of 3,000m 2 plus approximately 22 specialty shops. The Centre presents well and has good car parking, both on-grade and undercroft and is a convenient, accessible food-based centre. The catchment of Warners Bay has a population of about 22,000, which is growing quite steadily at close to 2% p.a., almost double the national population growth of approximately 1% p.a. Income levels in the trade area are approximately 20% higher than non-metro NSW averages. The Centre is well located and provides convenience shopping to a substantial trade area population and given that it has been substantially redeveloped and expanded only 12 months ago, we believe it will continue to improve. For this reason we expect that capital expenditure in the first few years will be minimal. Warners Bay Shopping Centre has been contracted at $18.47 million at a yield of over 8%. Once again, the purchase of the property is subject to satisfactory completion of our due diligence inquiries. HORNSBY PARRAMATTA CESSNOCK MAITLAND SYDNEY RAYMOND TERRACE NEWCASTLE WARNERS BAY SHOPPING CENTRE GOSFORD BELMONT LAKE MAQUARIE SWANSEA THE ENTRANCE SOUTH PACIFIC OCEAN The information above is a summary only of the properties that we have contracted to purchase and which are currently the subject of investigations. 6 MCS19 Additional Properties

ADDITIONAL INFORMATION Section 4 Potential Joint Purchase MCS19 Trust expects to purchase these properties in conjuction with another MCS investment vehicle, MCS19 (NZ/Institutional), which has been

The acquisition must still satisfy all the criteria set out in Section 4.4 of the prospectus.

An application for an interest in MCS19 Trust may only be made on the Application Form attached to the prospectus. The prospectus for MCS19 Trust is dated 24 June 2002.

9 ADDITIONAL INFORMATION Section 4 Potential Joint Purchase MCS19 Trust expects to purchase these properties in conjuction with another MCS investment vehicle, MCS19 (NZ/Institutional), which has been established for investment mainly by New Zealand investors. In such case, MCS19 Trust will acquire a minimum of 70% of each property. The acquisition must still satisfy all the criteria set out in Section 4.4 of the prospectus. MCS19 Trust Prospectus MCS Property Limited is the Manager and responsible entity of MCS19 Trust and the issuer of this brochure. An application for an interest in MCS19 Trust may only be made on the Application Form attached to the prospectus. The prospectus for MCS19 Trust is dated 24 June To obtain a prospectus, please contract your Investment Adviser. If your Investment Adviser is unable to obtain a prospectus for you, please contact MCS Property or visit our website below. Telephone: (03) Facsimile: (03) mail@mcsproperty.com.au Website: You should consider the whole prospectus before investing. Millers Fashion Club Valley Shopping Centre (Gladstone) Food Court Cat & Fiddle Arcade (Hobart) Silly Solly s Valley Shopping Centre (Gladstone) MCS19 Additional Properties 7

10 Aerial view of Gladstone, highlighting Valley Shopping Centre in the middle.

11 DIRECTORY MCS Portfolios 1. MCS1 Sunnyside (sold 1997) 2. MCS2 John Martin s Car Park & Retail Plaza Joint Acquisition 3. MCS3 Nepean Square Shopping Centre Joint Acquisition 4. MCS4 The Hills Shopping Centre Joint Acquisition 5. MCS5 Coles & Kmart Shopping Centres Joint Acquisition Belmont Shopping Village Kurralta Plaza Shopping Centre Launceston Plaza Shopping Centre New Town Plaza Shopping Centre Albany Plaza (sold 2000) 6. MCS6 Melbourne-Brisbane Retail & Bulky Goods Joint Acquisition Brandon Park Shopping Centre Big Top Showrooms (sold 1999) 7. MCS7 Park Lane Apartments Joint Acquisition (sold 2000) 8. MCS Retail Portfolio Joint Acquisition Croydon Market Shopping Centre Albany Shopping Village Northgate Plaza Shopping Centre 4 Liquorland Hotels 9. MCS National Retail Portfolio DPI & UT Dianella Plaza Shopping Centre Raintrees Shopping Centre Gympie Village Shopping Centre Hollywood Plaza Shopping Centre Hamilton Central Plaza Shopping Centre 10. MCS Retail No 1 Portfolio DPI & UT Maitland Hunter Mall Shopping Centre Lennox Shopping Centre Kmart Centre, Alice Springs 11. MCS11 Paradise Centre DPI & UT 12. MCS Retail No 2 DPI & UT Oakleigh Central Shopping Centre St Agnes Shopping Centre Glenorchy Central Shopping Centre 13. MCS Retail 10 (not a current portfolio) 14. MCS14 DPI & UT Kalamunda Central Shopping Centre Kincumber Village Shopping Centre Stirlings Central Shopping Centre Warringal Shopping Centre 15. MCS15 DPI & UT Ringwood Square Shopping Centre Meadow Mews Shopping Centre 16. MCS16 (Institutional/NZ) DPI & UT Toormina Gardens Shopping Centre 17. MCS17 DPI & UT Newcomb Central Shopping Centre Albion Park Village Shopping Centre Townsville Kmart Plaza Action MegaCentre Innaloo 8 Liquorland Outlets 18. MCS18 DPI & UT The Gateway Shopping Village Meadow Heights Shopping Centre Rosebud Village Shopping Centre Hilton Plaza Shopping Centre 19. MCS19 Trust (open until 31 December 2002) MCS Directory Manager MCS Property Limited ACN Registered Office Level 28, Collins Place 55 Collins Street MELBOURNE VIC 3000 Tel: Fax: mail@mcsproperty.com.au Website: Custodian Sandhurst Trustees Limited ACN Principal Office Level Collins Street MELBOURNE VIC 3000 Auditor Alexander & Spencer Registered Office Level 12A 440 Collins Street MELBOURNE VIC 3000 Investor Services Computershare Investor Services Pty Ltd GPO Box 2975EE MELBOURNE VIC 3001 Investor Enquiries: (Aust) (Overseas) or Fax: Website:

MCS Property Limited Level 28 Collins Place 55 Collins Street Melbourne Victoria 3000 Telephone +61

12 MCS Property Limited Level 28 Collins Place 55 Collins Street Melbourne Victoria 3000 Telephone Facsimile mail@mcsproperty.com.au website:

GOING PLACES MACARTHURCOOK OFFICE PROPERTY TRUST

GOING PLACES MACARTHURCOOK OFFICE PROPERTY TRUST ANNUAL REPORT 2006 1 2 3 4 1 2 181 Miller Street, North Sydney, NSW 150 170 Leichhardt Street, Spring Hill, Brisbane, QLD 3 4 38 Akuna Street, Canberra,