13 February 2003

Chief Executive Officer of Macquarie CountryWide Management Limited, Ms Kylie Rampa, today announced operating income for Macquarie Countrywide Trust (CountryWide) for the six months to 31 December 2002 of $41.0 million, up 28.5 per cent from $31.9 million in the prior corresponding period.

Strong sales growth by national supermarket tenants in its properties and twelve property acquisitions have underpinned the performance of the food based retail property investor.

Net income rose by 31.7 per cent to $29.5 million ($22.4m for the prior corrersponding period), resulting in an increase in earnings per unit from 6.31 cents to 6.87 cents, up 8.9 per cent on the previous corresponding period. Distribution per unit increased to 6.75 cents a unit (6.70 cents June 2002), 20.87 per cent tax advantaged.

CountryWide's total return, combining income and capital gain, was 13.2 per cent for the year ended 31 December 2002 and averaged 13.9 per cent per annum over the past five years.

Ms Rampa said strong sales growth by national anchor supermarket tenants confirmed the value underlying a high level of non-discretionary expenditure in supermarkets.

Anchor tenant retail sales across CountryWide's Australian and New Zealand assets were $2.3 billion for the 12 months ended 31 December 2002, representing an absolute increase of 6.6 per cent on the prior period and an increase of 5.8 per cent on a comparable basis.

Expanding the portfolio also contributed to CountryWide's performance, with the Trust making 12 value adding acquisitions during the period, three in Australia and nine in the US, for an outlay of $195 million.

Post-balance date, CountryWide added another property to its New Zealand portfolio for NZ$12.935 million at an initial yield of 8.5 per cent. The property is a new standalone Foodtown supermarket (a major supermarket chain in New Zealand owned by Foodland Australia) in Takapuna on Auckland's North Shore. This takes the New Zealand portfolio to 17 properties, representing 11 per cent of CountryWide's total portfolio.

"In each market, we remain committed to our original investment focus - to target supermarket based retail properties tenanted by major retailers - and the immediate outlook for the food retail sector looks robust," Ms Rampa said.

Total assets grew by 29.4 per cent during the six months ended 31 December 2002 to $956.2 million ($739.1m, Dec 2001) on the back of property acquisitions and revaluations.

Twenty-three property revaluations were completed during the period, 19 in Australia and four in the US resulting in a $17 million or 7% increase in book values.

Consistent with its active management philosophy, CountryWide made disposals totalling $2.4 million during the half year, realising profit on sales of over 26 per cent. Post-balance date the Oakley Plaza Shopping Centre in Asheville, North Carolina sold for US$9.4 million yielding a profit on sale of US$680,000.

In addition, three property redevelopments totalling $23.9 million were completed at Albany and Esperance in Western Australia and Kallangur in Queensland.

Ms Rampa said CountryWide had a strong track record in delivering results from redevelopments and confirmed that five further projects totalling $31.8 million were now underway, including the $22.3 million redevelopment of Nambour Plaza on Queensland's Sunshine Coast which had just received Council approval.

"We believe the immediate future for the retail food sector and therefore CountryWide looks robust. Based on current indications, and especially since the recent acquisitions in Australia and the US, we have forecast distributions for the full year to be at least 13.6 cents a unit," said Ms Rampa.

CountryWide listed on the ASX with assets of $956 million, is one of a number of sector specific listed property trusts managed by Macquarie Property and its associates.

Macquarie Property and its associates manage more than $6 billion in property assets through five sector specific listed trusts, property syndicates and development funds.

ENDS

Attachment 1: Key Financial Results Summary and Background Information

For further information please contact:

Ms Kylie Rampa, Chief Executive Officer
Macquarie CountryWide Management Limited
Tel: (02) 8232 8502 Mobile: 0404 098 465

Attachment 1:

Macquarie CountryWide Trust Key Financial results to 31 December 2002

Note: all amounts referred to are in Australian dollars unless otherwise stated

Background Information

• Countrywide's supermarket and food based convenience retail properties are all anchored by national grocery retailers, with the average property value being $9.3 million and no property being valued at more than 4 per cent of the total portfolio.
• Currently, CountryWide owns 109 supermarket based shopping centres, of which 77 are in Australia, 15 in the US and 17 in New Zealand. In Australia, 40 are anchored by a Coles supermarket and 34 by Woolworths.