GOODMAN GROUP — AGM Information 2011

Nov 23, 2011

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24 November 2011

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

Dear Sir

GOODMAN GROUP (GOODMAN) ANNUAL GENERAL MEETINGS – CHAIRMAN’S ADDRESS

Please find attached the Chairman’s and Group Chief Executive Officer’s presentations and the addresses for Goodman’s Annual General Meetings held today.

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

Yours sincerely

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Carl Bicego Company Secretary

Level 17, 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

Goodman Group Annual General Meeting 24 November 2011 Westin Hotel, Sydney

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• building the future

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Directors and Executives

Mr Phil Pryke Independent Director Mr Carl Bicego Company Secretary

Mr Ian Ferrier Independent Chairman Mr Gregory Goodman Group Chief Executive Officer Mr John Harkness Independent Director Ms Anne Keating Independent Director Mr Jim Sloman Independent Director

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2

Agenda

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• Chairman’s Address

• Group CEO’s Address

• Formal Business

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Chairman’s
Address+
Overview
Interlink, Hong Kong
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Overview

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+ Achieved strong financial result and remained committed to our strategy

• Now operating in a “sweet spot”

– Rapid growth in online retail trading – Access to third party capital

– Extensive global platform

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Overview

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+ Achieved strong financial result and remained committed to our strategy

• Operating profit of $384 million

• Statutory profit of $392 million

• Debt maturities are fully covered to FY2015 with significant liquidity

• Average debt maturity of 5.6 years

• Successfully completed inaugural US bond issues of US$825 million with 10 year maturities and $720 million of new bank facilities maturing over 5 years

• Fully diluted EPS of 5.66 cents, an 8% increase on FY2010

• Distribution per security of 3.5 cents, being 60% of EPS

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Overview

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+ Goodman has emerged as a global leader with a strong competitive advantage

• Strong capital partners

• Diverse international platform

• Size and scale

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M7 Business Hub, Australia

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Major new initiatives

• • IIF: Goodman led a Consortium of global investors to acquire and privatise ING’s Industrial Fund.
• • Added $2.5 billion in AUM across Australia and Europe.
• • Expansion of the Group’s relationship with CIC, CPPIB and APG.
• • Moorabbin: Created opportunities greater than envisaged.
• • Successfully integrated the people and property into the portfolio.

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Major new initiatives

• • Sale of 50% of Interlink, Hong Kong - 224,000 sqm facility to CPPIB for $274 million.
• • Almost all of the space has now been pre committed to major global customers including DHL and Yusen.
• • Capital used to re invest and explore new opportunities in Greater China and Japan.
• • This transaction supports our prudent approach to development which relies on pre commitments to significantly de risk development activities and maintain our strong balance sheet.

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Operating Model – Case Study, Interlink

• Interlink as a demonstration of Goodman’s own + develop + manage model

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• Late 2009 Development of a 224 000sqm industrial facility commenced on a 50/50 JV basis between GHKLF and Goodman

• Jan ‘08 -Interlink site acquired

• +Jan 08 – sold 50% to GHKLF

• +Jun ’11- Sold 50% to CPPIB for $274 million

• Obtained customer pre commitments from for over 1.2 million sqft, (over 50%) from DHL and Yusen at the time of commencement

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• Recurring income stream ’ – investment returns via GMG s 20% interest in GHKLF

+With development due for completion in Jan 2012, the development has now been almost fully pre leased.

+Exclusively awarded Gold Standard from HK BEAM and a certification from LEED

+Valued at approx $550 million

• and investment returns Over 2.3 millions sqft pre leased to customers; DHL Yusen, BEL and Zuelling Pharma, Chanel, Hankyu and Net A Porter

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+Managing property to almost $550 million

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Generates funds from management fees

• Development of new facilities underpins other segments of the business model and generating development / project management fees and development profits for the Group.

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Capital management initiatives

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• • A critical component of success and strong financial result has been supported by the Group’s ability to diversify its sources of capital away from traditional lenders and debt capital markets, thereby expanding the profile from lender to investor.
• • November 2010 – raised US$325 million through the successful completion of the Group’s first senior unsecured note issue in the US bond market.
• • March 2011 – completed a further US$500 million issue.
• • Both the notes were obtained on a ten year term.
• • Private placement of ¥12.5 billion (A$154 million) with Japanese Insurance Group on a twelve year term to maturity.
• • As a result, long term debt now accounts for 69% of the Group’s debt.
• • Sufficient liquidity to repay all outstanding maturities to FY2015.

12

Operating platform expansion

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• • Japanese logistics market provides growth opportunities for Goodman to leverage its industry experience and global customer and capital partner relationships.
• • September re branded J REP to Goodman Japan.
• • In October 2011 – settled on the acquisition of 60 000 sqm of prime development land in the Osaka Bay area

• Estimated value on completion in excess of A$300 million

• • Japanese expansion driven by organic development growth rather than via acquisition to generate best returns.
• • We will explore opportunities to expand our global footprint in markets where the integrated service offering can be deployed in scale.

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• • Further expansion of the international platform will be driven by our customers and investors to leverage the Group’s capabilities and strong competitive position.

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Chairman’s
Address+
Sustainability
ParkWest Industrial Estate, Australia
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Sustainability

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• • Creating long term value for our stakeholders, respecting the environment and working with the communities in which we operate

• Development philosophy is based around delivering an efficient design suitable to meet regulatory and customer’s operational needs

• Published Sustainability Progress Review 2011, available on www.goodman.com

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Munich Airport Logistics Centre, Germany

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Bungarribee Industrial Estate, Australia

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Interlink, Hong Kong

• • Includes: Increased ceiling and wall insulation
• • Efficient T5 lighting
• • Includes: Energy efficient lighting + Natural ventilation
• • Rainwater harvesting

• Gold Standard from HKBEAM and certification from LEED

• • Extensive smart metering

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Sustainability cont.

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• • Goodman Foundation Philosophy Facilitate social change and improve the standard of living and health in our Communities
• • Established a Diversity Policy

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Good Beginnings - The Goodman Foundation supplied 5 vehicles for use by their support workers to help deliver their services

NCIE - The Goodman Foundation is providing funding to assist in the establishment of the NCIE Homework Centre

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Chairman’s
Address+
Board Renewal
Highbrook Business Park, New Zealand
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Board renewal

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• • James Hodgkinson resigned on 30 September 2011.
• • Given our international focus now taking the opportunity to diversify the skill set of the Board by introducing a member with Asian experience.
• • Board announces the appointment of Mr Philip Fan effective 1 December 2011.
• • Has vast experience in Asia, particularly in Hong Kong and China along with extensive property experience.
• • Non Executive Director of China Everbright International.

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• • Independent Non Executive Director of Hysan Development.
• • Independent Non Executive Director of HKC Holdings.

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Group CEO’s
Address+
Munich Airport Logistics Centre, Germany
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Introduction

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• • Opening remarks
• • Results overview for the year ending 30 June 2011
• • Outlook for the year ahead

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Opening remarks

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• • Building on our capital partner relationships
• • Meeting the needs of our customers through our:

• International operating platform

• Size and scale

• Proven expertise

• • Capitalising on strong demand despite volatile markets

• Development work in progress currently at $2 billion

• Total assets under management increased to over $19 billion

• • Competitive advantage is providing opportunities to build our brand and drive earnings growth

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Operating results

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• Operating income of $384 million

• Operating earnings per security of 5.66 cents

• Distribution per security of 3.5 cents

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Operating results

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• Management Services and Investments

• Total investment portfolio of $18 billion

• Raised $1.8 billion of new third party equity

• Strong investor relationships

• Completed $2.5 billion acquisition of IIF and established Goodman Trust Australia

• €300 million rights issue for Goodman European Logistics Fund

• Sold 50% of Interlink development to Canada Pension Plan Investment Board

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Operating results

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• Management Services and Investments

• Property fundamentals have been robust

• 96% occupancy rate

• 76% customer retention

• Weighted average lease term of 5.3 years

• Rental growth of 3%

• Leased 1.9 million sqm across the Group and Managed Funds

• Solid leasing activity continuing in FY2012

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Operational activity - leasing

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Australia – Smithfield Distribution Centre

Australia – PortAir Industrial Estate

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Customer Ozsale
Lettable area 17,105 sqm
Lease term 5 years
Contracted
GAIF
owner
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Customer Breville Group
Lettable area 26,915 sqm
Lease term 2 years
Contracted
GAIF
owner
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Australia – Centenary Distribution Centre

New Zealand – Highbrook Business Park

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Customer Mainfreight
Lettable area 10,242 sqm
Lease term 5 years
Contracted
GAIF
owner
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National
Customer
Aluminium
Lettable area 3,467 sqm
Lease term 10 years
Contracted
GMT
owner
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Operational activity - leasing

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Hong Kong – Global Gateway

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Customer Equinix
Lettable area 1,210 sqm
Lease term 8 years
Contracted
GHKLF
owner
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Germany – Bedburg II

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Customer Nippon Express
Lettable area 18,172 sqm
Lease term 1 year
Contracted
GELF
owner
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The Netherlands – Helmond

United Kingdom – Farnborough

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Customer Kuehne & Nagel
Lettable area 25,093 sqm
3 years
Lease term (annual break
options)
Contracted
GELF
owner
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Customer Autodesk
Lettable area 1,985 sqm
Lease term 10 years
Contracted
ABPP
owner
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Operating results

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• • Developments

• Prudent growth in development activity

  • 91% of all developments pre-sold

• Completed $0.8 billion of developments

• $1.4 billion of new projects commenced

  • Investor partnerships continue to provide secure sources of funding, matched to new developments

• Development work in progress of $1.8 billion

  • Increased to $2.0 billion post 30 June 2011

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Operational activity - developments

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• • Maintained our $10 billion development pipeline which is delivering opportunities around the world

• Development work in progress (WIP): 47 projects across 13 countries

• Total lettable area of 1.6 million sqm with $2 billion completion value

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Operational activity - developments

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• • Europe and China driving the growth of our development business

• China land bank in excess of 2 million sqm, providing opportunities to capitalise on shortage of prime logistics space

• Increasing market shares in key European markets, given Goodman’s access to third party capital

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China: DB Schenker, Kunshan - Jinxi

Europe: Stanley Black & Decker, Belgium

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Operating results

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• • Capital management

• Gearing maintained in mid to low 20% target range

• $1.1 billion of liquidity currently available

  • Enhanced through two US bond issues, totalling US$825 million and other debt raised during the year

  • Debt capital markets now account for 69% of Goodman’s debt

• No unfunded debt expiries until 2015 financial year

• Delivering on strategy of diversifying debt capital sources and lengthening debt maturities

• Completed range of debt and equity initiatives within our managed funds

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Group CEO’s
Address+
Video
Avonmouth, United Kingdom
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Outlook

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• • Our competitive advantage ensures we are well positioned, despite an uncertain market

• Access to third party capital and support from major investment partners

• Size and scale

• Extensive international operating platform

• Long-term customer relationships

• • Continue to strengthen our brand and reputation and prudently drive earnings growth

• Assess new markets to add value to brand and business

• • Reaffirm previous guidance for 2012

• Estimated operating profit of $460 million

• Estimated operating earnings per security of 6.0 cents (fully diluted basis)

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thank+ you

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Important Notice This document has been prepared by Goodman Group (Goodman Limited (ABN 69 000 123 071) and Goodman Funds Management Limited (ABN 48 067 796 641) (AFSL223621)
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 2011.
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CHAIRMAN ADDRESS GOODMAN GROUP – ANNUAL GENERAL MEETING 24 NOVEMBER 2011 AT 10:00AM

THE WESTIN, SYDNEY

OVERVIEW

• • 2011 was a strong year for Goodman
• • We delivered on our stated objectives, remained committed to our strategy and focused on the Group’s long term view of the future.
• • Success demands more prudent capital management and diverse sources of capital. With these now in place we are able to drive growth opportunities and further enhance stakeholder relationships.
• • Goodman are now operating in a “sweet spot” with:

• The rapid growth of online retail trading, and the associated logistics demands, has enabled Goodman to establish a proven track record as being a key provider of infrastructure and services to large global retailers, global logistics service providers and some of the world’s largest online e commerce providers such as Amazon.

• Strong sources of third party equity to fund development opportunities

• Diversified geographic portfolio and significant international operating platform

• • We are a prudent operator with an experienced team who take a measured approach to everything they do.
• • Australian company with the intellectual and financial ability to compete globally.
• • In 2011 Goodman secured a strong financial result. Financial highlights for the year include:

• an operating profit of $384 million was achieved

• a statutory profit of $392 million was reported

• Debt maturities are fully covered to FY2015 with significant liquidity

• Average debt maturities of 5.6 years

• Successfully completed inaugural US bond issues of US$825 million with 10 year maturities and $720 million of new bank facilities maturing over 5 years

• fully diluted operating earnings per security of 5.66 cents an 8% increase on FY2010;

• a strong financial position with balance sheet gearing reduced to 23% and interest cover increasing to 4.5 times,

• • Goodman has emerged as a global leader in an era of reduced competition primarily brought about by relatively limited access to capital.
• • Competitive advantage is evidenced by its strong capital partners, diverse international platform and size and scale.
• • We are well positioned for a stronger future with the ability to pursue a range of opportunities in this new operating environment.

MAJOR NEW INITIATIVES

IIF

• • Acquisition and privatisation of ING Industrial Fund (IIF) by a Goodman led consortium of global investors.
• • Finalised in March 2011, was one of the most significant initiatives undertaken by the Group this year.
• • It added $2.5 billion in assets under management across Australia and Europe and represented an expansion of the Group’s

relationship with its capital partners, CPPIB, APG and CIC, who formed a consortium with Goodman to fund the acquisition.

Moorabbin

• • Created opportunities greater than envisaged, e.g. Coles, Colonial taking over DFS, expansion of the warehouse facility for Spectrum Brands at Chifley Business Park along with significant enquiry from a large retailer.
• • Successfully integrated the people and property into the portfolio.
• • June 2011 we announced the sale of 50% of Interlink a landmark, 224 000 sqm logistics and distribution facility in Hong Kong, to CPPIB for $274 million.
• • Almost all of the space has now been pre committed to major customers including DHL, Yusen and Chanel.
• • The transaction will help drive our growth strategy in Asia by providing capital for re investment in new opportunities across Greater China and Japan.
• • The project is on track for completion in January 2012. The success of this project has been largely driven again by the strength of our capital partners and global customer relationships.
• • This transaction supports our prudent approach to development which relies on pre commitments to significantly de-risk our development activities and maintain our strong balance sheet.

Interlink is the best way to demonstrate how Goodman’s operating model works

Own:

• • In Jan 2008 Goodman acquired the Interlink site
• • Shortly after 50% of the site was sold to the wholesale fund, Goodman Hong Kong Logistics fund
• • In June 2011, we sold our 50% of the Interlink site to one of our investment partners, CPPIB. We now hold an indirect interest through our cornerstone interest in the Hong Kong fund.
• • The Group will use these funds to re invest into other parts of the business whilst receiving recurring income streams via investment returns on the remainder.

Develop

• • Late 2009 - Development of the 224 000 sqm facility commenced under a 50/50 JV between Goodman Hong Kong Logistics Fund and Goodman
• • Note that development did not commence until late 2009 when the team had obtained pre commitments for over 50% of the site. Our anchor tenants being DHL Supply Chain and Yusen Air and Sea Services.
• • Now, with development on track and due for completion in Jan 2012, almost all of the space has been pre committed to customers including DHL, Yusen, BEL International Logistics, Chanel, Zuellig Pharma and Net a Porter.
• • Interlink is the only warehouse and distribution centre in Hong Kong to be awarded the Gold Standard from HK BEAM ( Hong Kong Building Environments Assessment Method) and a certification from LEED (Leadership in Energy and Environmental Design)
• • The site is now valued at approximately A$550 million and will generate management fees and development profits for the Group.

Manage

• • With almost all of Interlink already leased Goodman will manage the asset valued at approximately $550million which will in turn

generate management fees and investment returns for our investors.

CAPITAL MANAGEMENT INITIATIVES

• • A critical component of success and the strong financial result has been supported by the Group’s ability to diversify its sources of capital away from traditional lenders to debt capital markets
• • During the year, we undertook an inaugural US bond issues of US$825 million with 10 year maturities

• Nov 2010, successfully completed first senior unsecured note issue in the US Bond market, raising US$325 million

• March 2011 completed a further US$500 million issue

• • Private placement of ¥12.5 billion (A$154 million) with Japanese Insurance Group on a 12 year term to maturity
• • Sufficient liquidity to repay all outstanding maturities to FY2015.

OPERATING PLATFORM EXPANSION

• • Goodman continues to prudently explore opportunities to expand its global footprint and capitalise on its existing core market strength and competitive position.

• We will explore opportunities to expand the platform in markets where our own+ develop+manage integrated service offering can be deployed in scale

o Expansion will be driven by our customers and investors

• • Japanese logistics market being influenced by a number of trends, including ageing logistics stock, demand for larger facilities due to consolidation and an undersupply of high quality, modern logistics facilities. The Group decided that organic development growth was currently the most attractive investment strategy.
• • Goodman is focused on leveraging its industry experience and global customer and capital partner relationships to support this growth strategy.
• • In September we re branded J REP to Goodman Japan
• • In October settled on the acquisition of 60 000 sqm of prime development land in the Osaka Bay area. The estimated value on completion will be in excess of $300 million.
• • Our focus is on leveraging the experience and industry relationships in our Japanese business to pursue mainly organic development growth, rather than seeking to acquire completed assets. We have determined we can generate the best risk adjusted returns in Japan through the development of our own modern, investment grade logistics and distribution facilities and we are backing this with strong financial commitment from the Group and capital partners.

Sustainability

• • Group has made significant progress across its sustainability programme.
• • Commitment driven by the creation of long term value for our stakeholders, respecting the environment and working with the communities in which we operate, whilst ensuring that our business can continue to grow and evolve.
• • Strategies include a series of initiatives and programmes that are delivered locally across the business in accordance with local demands and regulatory obligations.
• • The Group’s development philosophy is based around working with customers to deliver an efficient design suitable to meet both their regulatory and operational requirements.
• • The Group has made some strong progress in this area across all regions with some examples shown here in Germany, Australia and Hong Kong.

Goodman Foundation

• • In 2011 the Goodman Foundation continued to support our communities.
• • Our philosophy is to facilitate social change and improve the standard of living or health in our community.
• • Two examples shown here – Good Beginnings is a not for profit organisation striving to provide a better outcome for children in vulnerable communities across Australia through the provision of early intervention programmes. The Goodman Foundation supplied 5 vehicles for use by its support workers to help deliver their programmes
• • NCIE – (National Centre of Indigenous Excellence) provides benefits to young indigenous people through the provision of world class facilities and programs that provide excellence, energy and growth in the areas of sport, culture, art and learning.
• • The Goodman Foundation is providing assistance in the establishment of the NCIE Homework centre.
• • Whilst our focus is on partnering with charities to help drive long term strategic value with tangible outcomes, the Foundation and our staff also provided financial assistance to charities such as the Queensland Flood Appeal and the Christchurch Earthquake appeal.
• • Diversity Policy : In 2011 Goodman also established a Diversity Policy and launched several key initiatives in support of this, including:

• Future Women Programme, open to all female employees and designed to provide insight and development.

• Good Future – a middle management leadership and development programme aimed at high potential mid level managers, both male and female.

Goodman’s Diversity Policy aims to provide a work environment that values diversity and inclusion in all locations around the world.

Board Renewal

• • Over past year we have seen a number of changes made to the Board and we continue to review its composition with respect to our current operational strategy.
• • We thank James Hodgkinson who resigned as non executive Director on 30 September. Having joined the Board in early 2003, James remains a board member of Goodman New Zealand and Goodman Japan Ltd.
• • Given our significant international focus it is desirable for the Group to diversify the skill set of the Board by looking to introduce a new member with Asian experience, particularly in our markets of Hong Kong and China, who has knowledge of the Chinese business culture and processes and with property expertise.
• • The Board is therefore today pleased to announce the appointment of Mr Philip Fan to the Board, with effect from 1 December, 2011, who brings his knowledge and experience to the Board.
• • Philip is a Hong Kong resident. His directorships include: a Non Executive Director of Hong Kong listed China Everbright International, a company which focuses primarily on the business of environmental protection, infrastructure and property investment.
• • He is also an independent Non Executive Director of Hysan Development and HKC Holdings, listed companies that are engaged in the property investment management and development and property development industries respectively.
• • Earlier in his career Philip was an executive director of CITIC Pacific Ltd in charge of industrial projects in the PRC.
• • He holds a Bachelor Degree in Industrial Engineering and a Masters Degree in Operations Research from Stanford University, as well as a Masters Degree in Management Science from Massachusetts Institute of Technology.

I would now like to hand over to our Group CEO, Greg Goodman to provide you with an overview of our 2011 results and an outlook for the year ahead.

CEO’s ADDRESS GOODMAN GROUP – ANNUAL GENERAL MEETING 24 NOVEMBER 2011 AT 10:00AM THE WESTIN, SYDNEY

Thank you Ian and good morning ladies and gentlemen

This morning I will:

• Firstly make some opening remarks about the business and the markets we are operating in

• Provide an overview of our operating results for 2011, and

• Finish by looking at the year ahead.

Goodman has worked hard over the last year to build on our capital partner relationships, which include some of the world’s largest pension and sovereign wealth funds, and have focused on leveraging our significant international operating platform, size and scale, and expertise to meet the needs of our global customer base.

Despite volatile markets, we are capitalising on the strong demand for prime industrial space from our customers and lack of high quality investment opportunities for our investors. This has seen our current development book grow to more than $2 billion, with funding underpinned by our investment partners, and our total assets under management increasing to over $19 billion.

We have set a solid foundation for our business, and we have emerged as a global leader in our sector. Our competitive advantage, brought about by high quality developments, strong customer relationships and our global investor partnerships is providing Goodman with opportunities to build the strength and quality of our brand and drive our future earnings growth. As a result we have seen an increase in our market share across our key markets of Europe, Asia and Australia.

Goodman delivered a full year operating profit of $384 million and operating earnings per security of 5.66 cents fully diluted. A total distribution of 3.5 cents was paid for the full year.

We increased the total investment portfolio for the Group and funds to $18 billion at 30 June, driven by $1.8 billion of new third party equity raised across our managed funds during the year.

Demonstrating the strength of our investor relationships:

•  In March, we completed the $2.5 billion acquisition of IIF and establishment of Goodman Trust Australia with a consortium of investment partners, and;

•  Goodman European Logistics Fund raised €300 million via a rights issue, which was well supported by investors and recently announced a further €400 million rights issue.

Separately, we sold 50% of our landmark 224,000 sqm Interlink development to Canada Pension Plan Investment Board, in one of the largest industrial property transactions undertaken in the world this year.

Robust property fundamentals saw overall occupancy rise to 96%, with customer retention at 76%. The portfolio’s weighted average lease term was 5.3 years at year end and we achieved rental growth of 3%.

Leasing activity was significant with strong customer demand in all of our markets around the world with limited new supply.

A total of 1.9 million sqm of space was leased across the Group, equivalent to net annual rent of $182 million. Importantly, this positive momentum has continued into the 2012 financial year, with 390,000 sqm leased in the first quarter and reflects our internal management teams’ focus on customer service excellence.

I’d like to give some examples of the leasing deals that we have recently completed: in Australia, a 26,900 sqm lease for Breville, a 17,100 sqm lease for Ozsale, and a 16,900 sqm lease for LG.

In New Zealand, a 3,500 sqm lease for National Aluminium, while in Hong Kong we completed a 4,900 sqm deal for DHL.

In Europe, we signed a 25,000 sqm lease with Kuehne+Nagel in The Netherlands, and an 18,100 sqm lease with Nippon Express in Germany.

Our strategy to hold quality land in our core markets, combined with our access to third party capital ensured the continued prudent growth of our development business. We secured a total of 42 new developments valued at $1.4 billion, with customer pre-commitments in place and funding matched to third party capital.

We also delivered 500,000 sqm of completed developments on behalf of 17 customers, with a total value at $0.8 billion.

Our development work in progress was $1.8 billion at 30 June, highlighting the ongoing strong demand for high quality logistics property, mainly coming from third party logistics providers, traditional and online retailers, and the automotive sector.

We currently have 47 projects underway on behalf of 44 customers in 13 countries around the world. These projects equate to 1.6 million sqm of new prime logistics space with a completion value of $2 billion.

Significantly, our international operations, particularly in Europe and China, are driving the growth of our development business.

In China, we are rapidly growing our market position with a land bank that is now in excess of 2 million sqm, positioning Goodman strongly to capitalise on the shortage of prime logistics space.

While in Europe, we have been increasing our market shares in key markets such as Germany, France and Poland, given our access to third party capital and funding, with Goodman now the largest developer in Continental Europe.

We completed a number of capital management initiatives to further strengthen our financial position and maintained gearing in our mid to low 20% target range. The Group has $1.1 billion of liquidity currently available, which is sufficient for us to meet all of our debt maturities until the 2015 financial year.

Goodman continued to deliver on its debt diversification strategy over the 2011 financial year, raising $825 million through two debt issues in the United States bond market, both with 10 year terms to maturity. We also completed a JPY12.5 billion private placement, with a 12 year term to maturity.

In our funds, around $3.2 billion of debt facilities have been refinanced in the year to 30 June. Goodman Australia Industrial Fund restructured its debt platform, enabling it to secure a BBB corporate credit rating with Standard & Poor’s and subsequently issue its inaugural five year, $175 million senior unsecured note.

Earlier this month, Goodman Australia Industrial Fund also priced a US$300 million US private placement which was very well supported by investors, and Goodman European Logistics Fund also finalised an €800 million debt refinance in early November.

To illustrate some of our operating activities, I’d now like to play a short highlights video.

Let me now talk about the year ahead.

Goodman has gained a competitive advantage which positions us very well, despite the current uncertain environment, as a leading specialist provider of prime quality industrial property and business space.

Our access to third party capital and support from major investment partners; together with the size and scale and quality of our extensive international operating platform gives us this significant competitive advantage. This has in turn enabled us to access development markets, build on our long-term relationships with blue chip customers around the world, and deliver high quality investment opportunities for our investors.

We will continue to strengthen our brand and reputation as a global leader in our sector and prudently drive the future growth of our business. In this regard, we will only look at opportunities where we can get size and scale in new markets. They will be driven by our customers and investors and will in turn add value to our brand and business.

For these reasons, we reaffirm that we are on track to achieve our 2012 financial year operating profit guidance of $460 million and fully diluted earnings per security of 6 cents.

Finally, I would like to thank all stakeholders for your ongoing support and Goodman staff for your hard work and commitment that has enabled us to deliver this result and position us very well for the future.