MAJOR COUP FOR MACQUARIE LEISURE

Macquarie Leisure Trust Group {ASX: MLE) Chairman, Neil Balnaves today
confirmed the appointment of Stephen Gregg to the joint roles of Director of
Development, Macquarie Leisure Operations Limited {MLO} and CEO of
Dreamworld Theme Park on the Gold Coast.

Neil Balnaves said: “The appointment of Stephen Gregg as Director of
Development of MLO will assist the Group with its objective to become a truly
diversified leisure investment vehicle.”

“Over the past eight years Stephen, as CEO of Tourism Queensland, has
successfully taken the Queensland tourism industry to historic highs through

innovative and targeted marketing campaigns in domestic and international
markets.”

“Stephen has been instrumental in developing Queensland as a leading tourism
destination. He will bring to the role unparalleled tourism marketing and
management experience. Mr Gregg’s background spans over 3G years in the
tourism industry having successfully lead the peak tourism bodies in both
Queensland and the Northern Territory and having held senior roles in aviation,
wholesaling and adventure touring operations,” said Mr Balnaves.

In addition to the development role, Stephen will assume the role of Dreamworld
CEQ. Mr Greg Shaw, the Group CEO of MLE said “Stephen will lead our
Dreamworld management team and will be invaluable in building on the exceptional
operational performance of Dreamworld. His background in domestic and
international marketing will greatly assist in driving further revenue growth at an
asset level.”

MLE recorded a net profit of $8.74 milion for the first half representing an increase
in eamings per security of 42 per cent on the prior corresponding period. This result
was driven by the success of Dreamworld which recorded revenue growth of
14.9 per cent and net profit growth of 29 per cent for the period.

Mr Shaw also released third quarter revenues which confirm that earnings trends
have continued in the second half. Dreamworld revenue for the 9 months to 31
March 2004 totalled $52.5 million, representing an increase of 14.7 per cent over
the prior corresponding period. D’Albora Marinas revenues for the & months to 31
March 2004 totalled $10.6 million representing an increase of 10.5 per cent over
the prior corresponding period. YTD revenue for d’Albora includes the impact of
the newly acquired Cabarita Marina from 6 January 2004. Prior to the contribution
of Cabarita Marina, revenue growth of 5.2 per cent was achieved on the prior year.

“Earlier this week, Macquarie Leisure Trust Group was recognised by BDO as the
leading Hotel and Leisure Trust in the Australian market for the second consecutive
year. With the assistance of a new CEO for Dreamworld and Director of
Development, the Group will continue to actively seek new acquisitions that are
complementary to its existing asset base and provide further opportunity to drive
earnings growth,” said Mr Shaw.