October 2002 ADDITIONAL PROPERTIES Valley Shopping Centre

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                                              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

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
            1                 2            3               4         5                6                7                  8

A                                                                                                                             A


B                                                                                                                             B

C                                                                                                                             C

                                                                                           VALLEY CENTRE     Gladstone
D                                                                                                                             D

                                                                                            EVERTON PLAZA     BRISBANE

E                                                                               WARNERS BAY CENTRE          Newcastle         E

             MELVILLE PLAZA       PERTH                            DENILIQUIN PLAZA                     SYDNEY
                                                                                          KIAMA FAIR   Wollongong
F                                                                                            CENTREPOINT WARRAGUL

G                                                                   CAT & FIDDLE ARCADE       HOBART                          G



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
  •    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

  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 2002.

                                                                                                         MCS19 Additional Properties   1
          Section 2                                      ADDITIONAL PROPERTIES
                                                         (DUE DILIGENCE COMPLETED)

      Valley Shopping Centre, Gladstone (Qld)                                            to Cairns
      Location                                                                                            GREAT KEPPEL ISLAND

      Valley Shopping Centre is located on the fringe of the Gladstone CBD, the               ROCKHAMPTON                                         SOUTH PACIFIC
      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                   VALLEY                GLADSTONE
      Gladstone comprises approximately 26,000. It boasts the largest port in            SHOPPING CENTRE

      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,              BILOELA            VALE
      generating approximately 25% of Queensland’s total volume of exports.

      Major corporations represented in Gladstone include:                                                         BUNDABERG
      •     Gladstone Power Station (NRG)                                                                                                 to Brisbane

      •     Queensland Alumina Limited (QAL)                                                  Property Information
      •     Boyne Smelters Limited (BSL)                                                      Site Area                                    1.8ha
                                                                                              Gross Lettable Area (GLA)                    6,092m2
      •     Queensland Cement Limited (QCL)                                                   No. of Specialty Tenants                     25
      •     Orica Australia                                                                   No. of Kiosks                                1
                                                                                              Purchase Price                               $13,700,000
      •     Ticor Chemical Company                                                            Valuation                                    $13,700,000
      •     Gladstone Port Authority                                                          Yield on Purchase                            8.83%
                                                                                              National Tenants % of GLA                    78%
      •     Australian Magnesium Corporation                                                  National Tenants % of Gross Rental           63%
      •     Stuart Shale Oil                                                                  Major Tenant
      •     Comalco Alumina Refinery (CAR) – under construction                               Woolworths Supermarket                       2,375m2
                                                                                              Majors % of GLA                              39%
                                                                                              Majors % of Passing Net Rental               37%
      There are presently over $7 billion of major projects underway or earmarked
                                                                                              Lease Expiry                                 Sept 2014
      for Gladstone including the $3.4 billion Aldoga Aluminium Smelter, $1.5 billion         Options                                      6 x 5 years
      Comalco Refinery, $750 million Boyne Smelters Limited expansion and a $500
      million LG Chemicals Limited Chlor-Alkali/Ethylene Dichloride (EDC) plant.

      Description                                                                                                     Goondoon Street

      Valley Shopping Centre is a single level, open design retail complex comprising
      a Woolworths supermarket (2,376m2), a Silly Solly’s mini-major (1,144m2) and                                                      Not included
                                                                                                                                        in purchase
      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.
                                                                                                                                                         Herbert Street

      The Centre offers excellent food-based convenience shopping with easily
      accessible on-grade car parking for some 335 vehicles.
                                                                                                     Oaka Lane
      The Centre is the key component of the town centre, comprising approximately                                                      Woolworths
      50% of total retail floor space in the town centre.

                                                                                           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 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
The Centre has a good mix of specialty traders, which we believe can be
further improved, particularly with the introduction of additional national
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

                                                                                  MCS19 Additional Properties   3
              Section 2                                                          ADDITIONAL PROPERTIES
                                                                                 (DUE DILIGENCE COMPLETED)                                                                      (cont.)

      Cat & Fiddle Arcade, Hobart (Tas)
      Location                                                                                                                                                                                                          ROSE
      Cat & Fiddle Arcade is located in the heart of the Hobart CBD in the city block                                                                                                                                                ROSNY
      bounded by Collins, Murray and Liverpool Streets and the Elizabeth Street Mall.                                                                                                                                                PARK

      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
                                                                                                                                                                NORTH GLEBE
      Department Stores and Target Discount Department Store. Direct pedestrian                                                                                 HOBART
      connections to Elizabeth Street Mall and Centrepoint Arcade also exist.                                                                       HOBART
                                                                                                                                                    WEST                           CAT & FIDDLE
                                                                                                                                                    HOBART                                 ARCADE
                                                                                                                                                    SOUTH                      BATTERY
      Cat & Fiddle Arcade is a two-level retail complex comprising a mix of 34                                                                                                 POINT
                                                                                                                                                    HOBART                                                             RIVER
      specialties, four kiosks, four ATMs, a Best & Less mini-major plus first floor
      office and storage facilities.                                                                                                                               SANDY BAY

      The Centre provides a modern shopping environment within the retail hub of                                                                                 DYNNYRNE

      the Hobart CBD. Already extensive refurbishment is being undertaken to the
                                                                                                                                                           Property Information
      first floor food court and Cat & Fiddle Square, which is to incorporate three
                                                                                                                                                           Site Area                                                 4,094m2
      new kiosks. However, there is significant scope for further improvements as                                                                          Gross Lettable Area (GLA)                                 6,163m2
      outlined under ‘Our Plans for the Centre’.                                                                                                           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%

                         Lower Level                                                                                                     Upper Level                                      Murray Street
                                                           Murray Street

                                                              Ramp                                                                                                                           Level


                                                                                                                                                                               To Lower
                                                             To Upper                   Myer*                                                        To First
                                                                                                                                                                                 Level                                      Myer*
                                                               Level                                                                                  Floor
                                                                                                                                                                  Food Court

                                            Best & Less

                                                                                                To Upper                                                                                                                       To Lower
                                                                                                  Level                                                                                                                          Level

                                                           Through to
                                        Harris Scarfe*    Harris Scarfe                            Through to Myer                                                   Harris Scarfe*

                                                                                                                                                                                                      Through to
                                                                                 To Elizabeth                                                                                                        Harris Scarfe
                                                                                                                                                                                                                                          Through to Myer
                                                                           Target*                                                                                                                                  Through to
                                                                                                                     Mini-Major                                                                                  Elizabeth Plaza
                                                                                                                     Specialty Shops
                                                                                                                     Mall / Walkway

       *     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. 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
          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                                                                      SOUTH PACIFIC
      west of the Brisbane CBD on the corner of South Pine Road and Stafford
                                                                                                                  STRATHPINE              SANDGATE
      Road. The Centre is an open air design and consists of a Coles supermarket
      of 2,500m2, approximately 26 specialties plus a Fernwood Fitness Centre                                         CHERMSIDE WEST
      and a medical centre. Specialty tenants include a newsagency, ANZ Bank,                           SAMFORD VILLAGE   EVERTON PARK
      Brumby’s Bakery, a liquor outlet, Australia Post, Bi Rite Electrical, Chemmart                                              EVERTON PLAZA
                                                                                                                                   SHOPPING CENTRE
      Pharmacy and NAB and Suncorp Metway ATMs amongst others.
                                                                                                            BRISBANE                     CANNON HILL
      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                                              MT GRAVATT
      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.                                                      MIDDLE             SPRINGWOOD
      The Centre has been contracted at approximately $13 million at a yield                                                                           REDLAND BAY

      of 9%. We have also contracted to purchase two adjoining properties for                                                   BROWNS
      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.

      Warners Bay Shopping Centre, Warners Bay (NSW)                                                                              MAITLAND
      This Centre is located approximately 15 km south west of the Newcastle                                           CESSNOCK
                                                                                                                                    RAYMOND TERRACE
      CBD on the shore of Lake Macquarie. Recently opened, it is anchored by
      a brand new Coles supermarket of 3,000m2 plus approximately 22 specialty                                                                     BELMONT
                                                                                                                     WARNERS BAY
      shops.                                                                                                           SHOPPING CENTRE
                                                                                                                                                LAKE MAQUARIE
      The Centre presents well and has good car parking, both on-grade and                                                                     SWANSEA
      undercroft and is a convenient, accessible food-based centre.
      The catchment of Warners Bay has a population of about 22,000, which
                                                                                                                                          THE ENTRANCE
      is growing quite steadily at close to 2% p.a., almost double the national                                            GOSFORD
      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                                                                     SOUTH PACIFIC
                                                                                                          HORNSBY                                          OCEAN
      trade area population and given that it has been substantially redeveloped
      and expanded only 12 months ago, we believe it will continue to improve.                             PARRAMATTA
      For this reason we expect that capital expenditure in the first few years will                                       SYDNEY
      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.

                       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 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 2002. 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) 9639 4511
  Facsimile: (03) 9639 4501

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

MCS Portfolios                                                                               MCS Directory
1.   MCS1 Sunnyside (sold 1997)                                                                     Manager
2.   MCS2 John Martin’s Car Park & Retail Plaza Joint Acquisition                       MCS Property Limited
3.   MCS3 Nepean Square Shopping Centre Joint Acquisition
                                                                                            ACN 051 908 984
4.   MCS4 The Hills Shopping Centre Joint Acquisition
                                                                                            Registered Office
5.   MCS5 Coles & Kmart Shopping Centres Joint Acquisition
           Belmont Shopping Village                                                    Level 28, Collins Place
           Kurralta Plaza Shopping Centre                                                    55 Collins Street
           Launceston Plaza Shopping Centre
                                                                                       MELBOURNE VIC 3000
           New Town Plaza Shopping Centre
           Albany Plaza (sold 2000)                                                      Tel: +61 3 9639 4511
6.   MCS6 Melbourne-Brisbane Retail & Bulky Goods Joint Acquisition                     Fax: +61 3 9639 4501
           Brandon Park Shopping Centre
           Big Top Showrooms (sold 1999)
7.   MCS7 Park Lane Apartments Joint Acquisition (sold 2000)
8.   MCS8 1998 Retail Portfolio Joint Acquisition                                                 Custodian
           Croydon Market Shopping Centre                                          Sandhurst Trustees Limited
           Albany Shopping Village
                                                                                            ACN 004 030 737
           Northgate Plaza Shopping Centre
           4 Liquorland Hotels                                                                Principal Office
9.   MCS9 1998 National Retail Portfolio DPI & UT                                                     Level 1
           Dianella Plaza Shopping Centre                                                   410 Collins Street
           Raintrees Shopping Centre
           Gympie Village Shopping Centre                                              MELBOURNE VIC 3000
           Hollywood Plaza Shopping Centre                                                           Auditor
           Hamilton Central Plaza Shopping Centre
                                                                                        Alexander & Spencer
10. MCS10 1999 Retail No 1 Portfolio DPI & UT
                                                                                            Registered Office
          Maitland Hunter Mall Shopping Centre
          Lennox Shopping Centre                                                                    Level 12A
          Kmart Centre, Alice Springs                                                       440 Collins Street
11. MCS11 Paradise Centre DPI & UT
                                                                                       MELBOURNE VIC 3000
12. MCS12 2000 Retail No 2 DPI & UT
          Oakleigh Central Shopping Centre                                                Investor Services
          St Agnes Shopping Centre                                    Computershare Investor Services Pty Ltd
          Glenorchy Central Shopping Centre                                                  GPO Box 2975EE
13. MCS13 1999 Retail 10 (not a current portfolio)
                                                                                       MELBOURNE VIC 3001
14. MCS14 DPI & UT
          Kalamunda Central Shopping Centre                            Investor Enquiries: 1300 555 079 (Aust)
          Kincumber Village Shopping Centre                                          0800 540 172 (Overseas)
          Stirlings Central Shopping Centre
                                                                                          or +61 3 9649 5212
          Warringal Shopping Centre
                                                                                        Fax: +61 3 9611 5710
15. MCS15 DPI & UT
          Ringwood Square Shopping Centre                                  Website:
          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 Property Limited
   Level 28 Collins Place 55 Collins Street Melbourne Victoria 3000
             Telephone +61 3 9639 4511 Facsimile +61 3 9639 4501
email: website:

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