GOODMAN GROUP — AGM Information 2009

Nov 29, 2009

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30 November 2009

The Manager Company Notices Section ASX Limited Exchange Centre 20 Bridge Street SYDNEY NSW 2000

Dear Sir

GOODMAN GROUP (“GOODMAN”) ANNUAL GENERAL MEETING – CHAIRMAN’S ADDRESS

Please find attached the Chairman’s and Group Chief Executive Officer’s addresss along with a presentation for Goodman’s Annual General Meeting being held today.

A live webcast of the Annual General Meeting will be available on the Goodman website (www.goodman.com).

Yours sincerely

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Carl Bicego Company Secretary

Level 10, 60 Castlereagh Street Sydney NSW 2000 | GPO Box 4703, Sydney NSW 2001 Australia Tel +61 2 9230 7400 | Fax +61 2 9230 7444 | info-au@goodman.com | www.goodman.com Goodman Limited ABN 69 000 123 071 Goodman Funds Management Limited ABN 48 067 796 641 AFSL Number 223621 as responsible entity for Goodman Industrial Trust ARSN 091 213 839

CHAIRMAN AND CEO’s ADDRESS GOODMAN GROUP –ANNUAL GENERAL MEETING 30 NOVEMBER 2009 AT 10AM SOFITEL SYDNEY WENTWORTH HOTEL

Good morning ladies and gentlemen and welcome to the Annual General Meeting of Goodman Group.

I am Ian Ferrier, the Chairman of Goodman Group. Thank you for taking the time to join us here today.

Let me now formally introduce your Directors. On my left is our Group Chief Executive Officer Greg Goodman, to his left are the independent directors, Diane Grady, John Harkness, and Anne Keating and next to Anne are the non executive directors Patrick Goodman and James Hodgkinson. Unfortunately, Jim Sloman has very recently had serious surgery and is unable to be here today. Also on stage are our Company Secretary Carl Bicego and our Group Chief Financial Officer, Nick Vrondas.

If you have not been issued with a voting, non-voting or visitor’s card, please see the representatives of Computershare at the registration desk.

Today’s meeting has been convened in accordance with the Corporations Act and the listing rules of the Australian Stock Exchange.

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The Company Secretary has confirmed that a quorum is present and I therefore formally declare the meeting open.

I propose, unless there are any objections, that the Notice of Meetings dated 30 October 2009 be taken as read.

There are three parts to this morning’s meeting.

1. I will start with the key initiatives we undertook during the year and the 2009 results. I will then talk broadly about the business and outlook.

2. Greg will then discuss our financial results in more detail before talking about our positioning and strategy moving forward.

3. Then I will go to the formal business of the meeting. I will lay the Annual Report before the meeting and I will also take questions and cover those issues security holders have asked us to address. We will then discuss and vote on the seven resolutions.

At our EGM held in late September I spoke about the impact that the global financial crisis had on Goodman, the challenges that we faced and the steps that we had to take to re position the Group.

I won’t go back and repeat the details of the series of events that took place but to summarise that in July 2007 the financial world as we knew it changed considerably. With the collapse of Lehmann Brothers and dramatic events at other financial institutions in September and October 2008, widespread instability

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swept through global financial markets with few industries escaping the impact. The Group was then presented with market conditions characterised by limited credit availability, a high cost of capital, dramatically reduced tolerance for risk and previous levels of debt, falling property prices and weakened investor confidence.

The severity and speed of the market decline was unprecedented and the cyclical nature of our business means that any movement in cap rates will have a significant impact on our statutory profit. With the Group investing approximately $8.5 billion in property assets and the deterioration in the market, cap rates declined by around 0.75% which translated into $1.2 billion in valuation write downs for the Group for the 2009 financial year.

The fact is that over time property prices do increase and, based upon that, we also know the cap rates will also improve, hence in time reversing the statutory loss.

Despite the market conditions of the past 12 months and the subsequent decline in statutory profit as a result of the cyclical downturn, operationally our business has continued to perform well. The quality of our assets has remained unchanged and our business model has proven to be very robust. There is also speculation that improvements in cap values are returning to the market and we are starting to see evidence of that in some of our markets around the world.

However, despite our operational performance Goodman was experiencing significant issues regarding our financial position.

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These issues were starting to impact on our ability to transact with customers, clients and financiers. Our gearing level, while reasonable for normal market conditions, was too high for these times. The Group therefore needed to address the challenges quickly and decisively to strengthen the balance sheet, reduce our level of debt and re position the Group for long term stability.

In August the Group re capitalised with the announcement of a comprehensive capital management plan that included:

• • $1.3 billion fully underwritten equity raising.
• • $0.5 billion investment in the Group by China Investment Corporation, known as CIC
• • Extension of $4.1 billion of existing finance facilities across Goodman Group and its managed funds; and
• • New strategic relationships with CIC and the Canada Pension Plan Investment Board, known as CPPIB.

This represents a unique outcome for the company in that it provides both a balance sheet solution and introduces strategic partners that will offer growth opportunities in China, one of the fastest growing economies of the world.

The Equity Offer and other capital management initiatives are reducing Goodman’s debt and currently provide sufficient liquidity to meet all maturing debt facilities to September 2012. We will see a reduction in gearing from the current level of 24.5% to approximately 22% if the options are exercised.

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In developing this capital management plan, one of our priorities was to secure a partner that could contribute to the longer-term growth of the business. After extensive due diligence, CIC was attracted to Goodman’s leading global logistics platform and their investment of $500 million is an initial step towards engaging in a broader long term relationship. It is the combination of CIC’s access to capital with Goodman’s management expertise that provides opportunities to further explore and participate in the global logistics market.

CPPIB was also secured. The joint venture with CPPIB has been formed to undertake logistics ownership and development opportunities in mainland China and will provide Goodman with funds management, property services and development management fees in relation to these projects. The JV will also explore opportunities to develop facilities on land owned by Goodman in Shanghai.

These steps were taken with a view to preserving the Group’s focus on its core business model. Despite capital markets being under great pressure during the year, operationally the Group performed well and Goodman remained committed to its own+develop+manage model.

The financial impacts of these initiatives include:

The Group achieved operating profit of $408 million for the year to 30 June 2009 but reported a statutory loss of $1.12 billion mainly due to the impact of non cash items, including $1.2 billion in

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decreased property values and equity investments and $280 million mainly from derivative mark to market movements.

We have implemented a number of initiatives to achieve similar objectives across our managed funds, with a focus on strengthening balance sheets, lowering operating costs and having access to the appropriate sources of capital for future development programmes. We will keep our core managed funds sound and explore growth with new capital and relationships.

Despite the market turmoil of the past 18 months, the robustness of our business model has been thoroughly tested and ultimately proven, as has the resilience of our people.

Following the financial crisis, global economies appear to be expanding again led largely by the relatively strong performance of the Asian economies and stabilisation or modest recovery elsewhere.

However, the pace of recovery is slow with activity remaining far below pre crisis levels. The IMF predicts that global activity is forecast to grow by about 3% in 2010. In emerging economies, real GDP growth is forecast to reach almost 5% in 2010, an increase of 1 ¾ % on 2009. The expectation is that this recovery will be driven by China, India and a number of emerging Asian economies, hence the importance of our new strategic partners.

We believe that property fundamentals are holding up relatively well and early signs are emerging that in many property

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investment markets, conditions are beginning to stabilise. Liquidity is returning to the market and the Group has retained its global business platform, which is a significant benefit.

Accordingly, we see 2010 as a year of transition from the difficulties of 2009 to a slow recovery. As the lagged effect in Europe and Australia flows through we expect further declines in asset values to December 2009 but recovery thereafter, (provided there are no further shocks). The UK has fallen fastest and quickest but has now stabilised and Asia remains steady.

At Goodman we remain committed to our business of being a leading global fund manager of industrial and office park properties with global investors and global customers. We continue to believe we have the right platform and the right people in the key markets to enable the Group to be well positioned to grow the business in the core markets that we operate in across Asia Pacific and Europe

Goodman is a leading global fund manager. With $18.5 billion in assets under management, 363 properties across 16 countries and 32 cities and a team of 822 people based in these markets we are a truly global company.

I would also like to take the opportunity to speak a little more about the due diligence that the Group is undertaking on the Business Park at Moorabbin in Melbourne. As announced to the market on 6 August and raised at the EGM in September, this asset, which is

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currently owned by Goodman Holdings, is under review for potential acquisition by the Group.

The due diligence process is being conducted in conjunction with Independent third party advisors to ensure that a fully objective and transparent process is conducted. As part of this process, both Greg and Patrick Goodman are excluded from any discussion with the Group and other Board members with regard to this transaction.

For any acquisition that we consider there are rigorous investment criteria that the asset has to meet to ensure it can be aligned with the group’s strategy. These criteria include; location, type and quality of the asset, access to customers, ability to generate a long term return and future development potential.

In the case of the Moorabbin Business Park asset, it is being considered for purchase by the Group and is, and will be challenged to conform with the following requirements:

• Is it in line with the Group’s core activity in the Industrial asset class?

• Has it significant and proven development capability?

• Is it in a strategic location in one of the Group’s core markets?

• Has it access to an established customer base ?

If the Group does undertake the acquisition then it will not be dilutive to either NTA or EPS. It would also provide the added benefit of further alignment of interests with securityholders as, if

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approved, consideration for the asset would be via deferred equity over 5 years rather than cash. This means that Goodman Holdings would be putting their return at risk, which would further commit Greg and the family for the long term to the Group.

This asset will be assessed and undergo the exact same due diligence process that other similar assets undergo, with the additional requirement of gaining Securityholder approval via an Extraordinary General Meeting where you will be given the opportunity to consider and vote on the acquisition. We will continue to keep you updated on the outcome of this matter.

We are now 5 months into the year and, consistent with the forecast in August, the Group continues to track in line with its 2010 financial year operating profit forecast of $310 million, equating to an EPS of 5.7 cents on an undiluted basis (or 5.2 cents on a fully diluted basis). We expect to declare a half year dividend in December, payable to security holders in February 2010. This distribution will represent approximately 60% of first half operating income. The second half distribution amount is expected to be higher than the amount paid in the first half.

We expect to see a final round of devaluations in the December half, with cap rates declining by circa 0.25% since 30 June, predominantly in Australia and Continental European markets. We believe that the UK is now steady and Asia has remained stable. The forecast write downs are expected to be around 5% of total assets but this will not impact on cash flow and operating income.

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This graph clearly demonstrates the significant impact of the decline in cap rates resulting in the write down of property values.

It would be farcical for me to suggest anything other than that the past 12 months have been extremely difficult for all concerned. As we emerge from the crisis into 2010, the next 12 months will be a transition year delivering mixed outcomes before we can expect to experience a state of full recovery.

However, we have re positioned the business well to prudentially capitalise on some key opportunities and are now able to re focus on improving our operational performance where others still need to devote time to rebuild their balance sheets.

As a Board, we continue to have complete confidence in Greg and his management team and their ability to deal with the current climate and the opportunities and challenges that it may bring. This was re affirmed early this month when the Board held an interactive strategy day with the senior management team to discuss the Group’s business aspirations in what is still a very sensitive environment.

Before handing over to Greg I would like to finish on this note. The Board and I acknowledge that the past year has been a very difficult time for securityholders. We are very cognisant of the fact that much of your value in the company has been eroded.

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But the measure of a Board and a management team is in their ability to rise to the occasion and find meaningful and lasting solutions.

I believe that your Board has acted very decisively – under extreme pressure given the difficulties being encountered by those in the sector who needed to refinance – and that the decisions we have taken and solutions we have negotiated have put the company in a very strong position for future growth.

I would now like to introduce our Group Chief Executive Officer, Greg Goodman.

Thank you Ian and good morning ladies and gentlemen.

This morning I will discuss four key topics:

• Firstly, a summary of our results

• How our business is positioned today

• The strategy going forward, and

• Finally, the outlook for the year ahead.

Goodman delivered an operating profit after tax of $408.1 million and operating earnings per security of 17.4 cents.

This operating result was achieved in the context of the

challenging conditions experienced by the property sector over the last 12 months.

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• • Our total investment portfolio remained unchanged at $5.6 billion.
• • Our direct portfolio achieved a 96% occupancy rate and

average rental growth of 3.7%. Customer retention was steady at 75%.

• • These fundamentals have continued to remain stable. Minimal new supply should keep vacancy levels low, with customers also typically opting to stay in existing premises.
• • Despite the sound underlying asset performance, an unrealised net valuation loss of $1.2 billion was booked for the full year across the Group. This is broadly in line with valuation movements across our sector. In the New Year, we are anticipating stability in valuations across our business globally.

A lower contribution to earnings came from our management services business, largely due to no performance fees being earned.

Total assets under management reduced slightly to $18.5 billion from $18.6 billion, while assets under management in our funds remained unchanged at $14.3 billion.

Our development business was reviewed during the year, resulting in $864 million of previously committed projects being withdrawn and only a select number of new pre-committed developments being undertaken.

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• • During the year, we completed $2.1 billion of new developments for the Group’s direct property portfolio and funds, primarily precommitted.

Our focus throughout the year has been on the effective management of our capital and risk, to ensure Goodman was appropriately positioned to meet the challenges of the severe economic climate and to achieve our business strategy.

To achieve this, a number of initiatives were undertaken that included:

• • a $956 million equity raising in response to the severe decline in financial markets in September and October 2008;
• • an operational review to reduce costs by 20% across the business;
• • launching a $485 million Finance Facility with Macquarie in May, and CIC in June 2009, which formed part of a

• comprehensive capital management plan that was developed to deal with the Group’s debt refinancing and the strengthening of our balance sheet;

Our complete capital management plan was of course announced after year end, in early August 2009, enabling the Group to address the equity and debt components of our balance sheet. The initiatives covered:

• • a $1.3 billion equity raising;

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• • a $0.5 billion issue of hybrid securities to China Investment Corporation (CIC), and
• • the extension of $1.2 billion of existing debt facilities, with a further $2.9 billion in our funds.

Goodman is now well capitalised. We reduced our gearing level which is currently 24.5%. The average term to expiry for our debt facilities has increased to 4.2 years, and based on our current available liquidity we have no unfunded debt expiries until September 2012.

Let me now talk about the Group and how we are positioned today, following what has been a period of unprecedented change for Goodman and indeed the whole property sector.

Our core business remains unchanged. Goodman is a global fund manager of industrial and business park properties, with global investors and global customers.

Our integrated own, develop and manage business model has been the foundation for growing a global operating platform. That platform consists of a portfolio of premium quality assets, very good people, and an extensive geographic footprint around the world.

Together, these attributes give us significant points of difference.

We are globally one of the leading providers of industrial property and business space. This is represented by 363 properties and the

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equivalent of 10.5 million sqm of space, adding up to $18.5 billion of total assets under management.

We have retained our global operating platform at a time when the level of competition in our sector has reduced, and we are poised to take advantage of the opportunities that this shift will provide.

We manage $14.3 billion of assets on behalf of third party investors across a substantial global fund platform.

Our funds are primarily unlisted and targeted at institutional investors. Our funds are located in Australia, New Zealand, Hong Kong, Japan, Continental Europe and the United Kingdom, and they are significant in their respective markets.

As already mentioned by Ian, two further investors were introduced to the Group during the year, being CIC, and Canada Pension Plan Investment Board (CPPIB). They have injected a significant amount of capital into the Group, and also provide the potential to explore a number of opportunities around our fund platform going forward.

With this in mind, I’d now like to give you an overview of the Group’s strategic focus.

Now is the time for Goodman to leverage our leading market position and business capability to build momentum across all our activities and capitalise on growth opportunities. We will do this by

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drawing on the strength of our customer and investor relationships around the world, leveraging the scale of our existing platform and developing our strategic partnerships.

For the assets we own, our investment strategy will be to maintain a high quality, well located property portfolio across the Group and our funds. That portfolio will be replenished through our development capability and our active management approach.

Our focus will be on our key existing markets, in which valuations appear to be stabilising as liquidity returns and less property is being offered for sale. For example, during the year we completed $1.5 billion of asset sales at a weighted average cap rate of 7.9%, which is in line with our valuations.

Our development strategy is to maintain our extensive capability through planning, development management and leasing.

The ability to fund projects through alternative capital sources will remain a key point of differentiation. We will continue to focus on mitigating risk in our approach to our development activities, for example through pre-committed, and where appropriate, pre-sold projects, and development joint ventures.

A key focus will be to work through our current development work book and rotate our land bank of $1.2 billion. The additional capital that this will generate will help to fund our development requirements or will be recycled back into other parts of the business.

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We currently have over 500,000 sqm of development opportunities around the world which are in the final stages of negotiation. Three examples to illustrate the types of projects we are working on are;

• • Interlink in Hong Kong, a 222,000 sqm warehouse and distribution facility and the first major industrial development in the Hong Kong market for the last 10 years.
• • In Australia, we are finalising discussions for a 76,000 sqm distribution centre to be pre-leased on a 15 year term; and
• • At Andover in the UK, a 43,000 sqm regional distribution warehouse for one of the largest food retailers, in one of the largest pre-commit deals undertaken this year in the UK.

In addition to this we have had significant enquiry in our other major markets, including over 100 000 sqm under development in Continental Europe.

We look forward to providing more detail on these and other opportunities in the coming months.

Our fund management business has weathered the economic conditions over the past year and has emerged from this difficult period in a relatively good position. Our funds have retained the support of investors and we believe they provide the Group with a sound platform for future growth.

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The ability to access third party capital will be key in pursuing our development opportunities and providing future growth, and we are committed to deepening relationships with our existing global investors in our funds, and strategic partners, whilst also seeking to develop new investor relationships.

Although market conditions are still only showing early signs of improving, investor support is now returning for high quality, well managed property investment products.

This is evidenced by the strong support for the recent $150 million, five year bond issue for our listed Goodman Property Trust in New Zealand, and $320 million of equity capital initiatives for Goodman Australia Industrial Fund, which was strongly supported by the fund’s existing investors.

The new relationships formed with CIC and CPPIB demonstrate our ability to attract new capital partners.

I will finish by talking about how we see the year ahead.

Let me first acknowledge the challenges that our business faced due to the unprecedented market conditions and weak operating environment. In turn, I fully understand the severity of the impact that this has had on all our Securityholders and for that I thank you for your continued support. We have worked hard to resolve the uncertainty of the last year and to position the Group for future growth.

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We reaffirm our previous guidance for an estimated operating profit after tax of $310 million and operating earnings per security of 5.7 cents on an undiluted basis for the 2010 financial year. A distribution of 3.4 cents per security is expected to be paid for the year.

On a personal note, you will be aware that I recently sold securities in the Group due to a family reorganisation. I would like to assure you that this sale does not in any way diminish my long term commitment to the Group and I am intending to reinvest back into the Group.

Finally, I would like to thank Securityholders for your ongoing support and commitment. I also thank the Board for their tremendous support and my work colleagues for their tenacity and resilience in the face of some very large challenges over the last year.

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Goodman Group Annual General Meeting+ 30 November 2009

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Directors and Executives

Mr Patrick Goodman Non Executive Director

Mr Ian Ferrier Independent Chairman Mr Gregory Goodman Group Chief Executive Officer Ms Diane Grady Independent Director

Mr James Hodgkinson Non Executive Director

Mr Jim Sloman Independent Director Mr Carl Bicego Company Secretary Mr Nick Vrondas Group Chief Financial Officer

Mr John Harkness Independent Director Ms Anne Keating Independent Director

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Agenda

• Chairman’s address

• • Group Chief Executive Officer’s address
• • Formal Business

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4

Chairman’s address+

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Background

• • Last 12 months have been marked by unprecedented and widespread instability across financial markets
• • Limited credit availability, high cost of capital, reduced tolerance for risk and debt, falling property prices and weakened investor confidence
• • A 0.75% decline in cap rates resulted in $1.2 billion in valuation write downs
• • Operationally, the business performed well

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Capital management initiatives

• • Comprehensive capital management plan announced in August included:

• $1.3 billion fully underwritten equity raising

• $0.5 billion investment in the Group by China Investment Corporation (CIC)

• Extension of $4.1 billion of existing finance facilities across Goodman Group and its managed funds, and

• New strategic relationships with CIC and the Canada Pension Plan Investment Board (CPPIB)

• • The Equity Offer and other capital management initiatives are reducing Goodman’s debt and provide sufficient liquidity to meet all maturing debt facilities to September 2012.
• • Current gearing 24.5% to reduce to approximately 22% if the options are exercised.

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Capital management initiatives

• • Secure CIC as a long term strategic partner
• • Opportunities provided via CIC’s access to capital combined with Goodman’s management expertise
• • CPPIB JV formed to undertake logistics ownership and development opportunities in mainland China
• • The JV will also explore opportunities to develop facilities on Goodman land in Shanghai
• • These initiatives help preserve the Group’s focus on its core business model

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Capital management initiatives

• • Summary results

• Operating income of $408 million

– Statutory loss of $1.12 billion

• • Funds management initiatives

– Strengthened balance sheets

• Lowering operating costs

– Access to capital

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Market forecast

• • Signs of recovery appearing but the pace is slow
• • IMF predict global activity to grow by about 3% in 2010
• • Recovery will be driven by emerging Asian economies
• • Property market beginning to stabilise, liquidity returning to market
• • 2010 – transition year between the crisis and the recovery
• • Further declines in asset values to Dec 2009 from Australia and Europe
• • UK has stabilised and Asia remains steady

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Global network

• • Leading global fund manager
• • Platform allows Goodman to service international customers and provides investment opportunities to global investors

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Moorabbin Business Park

• • Due diligence process being conducted
• • All asset acquisitions considered against rigorous investment criteria
• • If undertaken, not dilutive to NTA or EPS
• • Acquisition requires Securityholder approval

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Outlook

• • Operating profit forecast $310 million
• • Expect to declare dividend in December, payable in February 2010
• • In December a final round of devaluations is expected as a result of declining cap rates in Australia and Europe
• • Forecast write downs are expected to be around 5% of total assets but with no impact on cash flow or operating income

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Annual statutory vs operating profit

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800.0 Goodman full year profit
600.0
A$408.1m
400.0
200.0
Difference includes
0.0
$1.2 billion property
Jun-06 Dec-06 Jun-07 Dec-07 Jun-08 Dec-08 Jun-09
valuation loss on
(200.0)
0.75% increase in
cap rates
(400.0)
(600.0)
(800.0)
(1,000.0)
(1,200.0) (A$1,120)m
Operating Earnings Statutory Earnings
A$ million
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Summary

• 2010 a transition year delivering mixed outcomes

• • Business has been re positioned well
• • Focus on improving operational performance

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Group CEO’s
address+
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Introduction

• • Results overview for the year ended 30 June 2009
• • How our business is positioned
• • Strategy going forward
• • Outlook for the year ahead

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Annual results

• • Operating income of $408.1 million
• • Operating earnings per security of 17.4 cents
• • Result achieved in the context of the challenging environment

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Annual results

+ Investments:

• Total investment portfolio unchanged at $5.6 billion

– Direct property portfolio achieved:

• 96% occupancy rate

• Rental growth of 3.7%

• Customer retention of 75%

• Fundamentals have remained stable

• Unrealised net valuation loss of $1.2 billion

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Annual results

+ Management services:

– Lower earnings contribution

– Total assets under management down slightly to $18.5 billion – Assets under management in our funds steady at $14.3 billion

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Annual results

• • Developments:

• Approach reviewed during the year

– Withdrew from $864 million of previously committed projects – $2.1 billion of new developments completed

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Annual results

• • Capital management:

• Focused on effective management of capital and risk

• Completed a number of initiatives during the year to achieve this

• Complete capital management plan announced in August resulting in:

  • $1.8 billion of equity capital raised

  • Gearing reduced to 24.5%

  • Average term to expiry of debt facilities increased to 4.2 years

  • No unfunded debt expiries until September 2012

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Group position

• • Goodman’s core business remains unchanged
• • Global fund manager of industrial and business park properties, with global investors and global customers
• • Integrated own, develop and manage business model is the foundation for growing our global operating platform

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Size and scale

• • Total assets under management of $18.5 billion

– Portfolio of 363 properties

• Equivalent to approx. 10.5 million sqm of space

• • Global operating platform retained
• • Lower competition will provide opportunities

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Fund platform

• • Substantial fund platform
• • Our funds are:

• Primarily unlisted

• Targeted at institutional investors

• Significant in their respective markets

• • CIC and CPPIB provide potential to explore future opportunities around fund platform

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Group strategy

• • Leverage our leading market position to build momentum across all activities and capitalise on growth opportunities by:

• Drawing on the strength of existing customer and investor relationships

• Leveraging the scale of existing platform

• Developing our strategic partnerships

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Group strategy– own

+ Maintain a high quality, well located property portfolio + Replenish portfolio through:

• Our development capability

• Active management approach

• • Focus will be on our key existing markets

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Group strategy– develop

• • Maintain extensive development capability through planning, development management and leasing
• • Key point of differentiation is the ability to fund projects through alternative capital sources
• • Focus on mitigating risk, eg. through pre-committed, pre-sold projects and development joint ventures
• • Work through current development workbook and rotate $1.2 billion land bank
• • A number of development opportunities around the world

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Development opportunities – Hong Kong

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Development opportunities - Australia

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Development opportunities – United Kingdom

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Group strategy– manage

• • Fund platform in a relatively good position
• • Continued strong support of fund investors, provides sound platform for future growth and ability to access third party capital
• • Investor support returning for high quality, well managed property investment products:

• NZ$150 million, 5 year bond issue for Goodman Property Trust in New Zealand

• A$320 million of equity capital management initiatives for Goodman Australia Industrial Fund

• • New relationships CIC and CPPIB demonstrate ability to attract new capital partners

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Outlook

• • We have worked hard to resolve uncertainty and position for prudent growth
• • Reaffirm previous guidance for 2010

• Estimated operating profit of $310 million

• Estimated operating earnings per security of 5.7 cents (undiluted basis)

– Estimated distribution per security of 3.4 cents

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thank+you
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Important Notice This document has been prepared by Goodman Group (Goodman International Limited (ABN 69 000 123 071) and Goodman Funds Management Limited (ABN 48 067 796 641) (AFSL 223621) as the Responsible Entity for Goodman Industrial Trust (ARSN 091 213 839)). The details in this presentation provide general information only. It is not intended as investment or financial advice and must not be relied upon as such. You should obtain independent professional advice prior to making any decision. This presentation is not an offer or invitation for subscription or purchase of securities or other financial products. This presentation does not constitute an offer of securities in the United States. Securities may not be offered of sold in the United States unless they are registered under the US Securities Act of 1933 or an exemption from registration is available. Past performance is no indication of future performance. All values are expressed in Australian currency unless otherwise stated. November 2009.

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