GOODMAN GROUP — AGM Information 2020

Nov 18, 2020

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19 November 2020

Market Announcements Office ASX Limited via ASX Online

Dear Sir / Madam

Goodman Group (Goodman) - Annual General Meetings – Chairman’s and CEO’s Presentations

Please find attached the Chairman’s presentation and Group Chief Executive Officer’s written address for Goodman’s Annual General Meetings being held today.

A live webcast of the Annual General Meetings will be available at web.lumiagm.com with meeting ID 329-205-321.

Yours faithfully

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Carl Bicego

Company Secretary

Authorised for release to the ASX by Carl Bicego, Company Secretary and Group Head of Legal .

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Goodman Limited | ABN 69 000 123 071 Goodman Funds Management Limited | ABN 48 067 796 641 | AFSL Number 223621 as responsible entity of Goodman Industrial Trust | ARSN 091213 839 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

Goodman Logistics (HK) Limited | Company No. 1700359 | ARBN 155 911 149 | a Hong Kong company with limited liability Suite 901, Three Pacific Place, 1 Queen’s Road East, Hong Kong | Tel +852 2249 3100 | Fax +852 2525 2070 info-au@goodman.com | www.goodman.com

Goodman Group Annual General Meetings

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19 November 2020

Agenda

• • Chairman’s address
• • Group CEO’s address
• • Formal business

2

People as a priority

• • Throughout this year of unprecedented challenges, Goodman’s priority has been on the health and wellbeing of people – our teams, customers and charity partners around the world
• • Like all businesses, our team of 950 people moved quickly to remote working in all our markets around the world. While challenging in many aspects, their resilience was tested and their flexibility to adapt and continue to deliver proved invaluable
• • Through the Goodman Foundation, we increased our support to the most vulnerable in our community with a specific focus on mental health, domestic violence and feeding the homeless and underprivileged.

3

Financial overview

• • The Group’s strong result in FY20 tested the resilience of the business and our people.

• Operating profit of $1,060 million, up 12.5% on FY19

• Statutory profit of $1,504 million

• Operating earnings per security of 57.5 cents, up 11.4% on FY19

• Distribution per security of 30.0 cents

• Gearing at 7.5%, down from 9.7% in FY19

• Group liquidity of $2.8 billion available, including $1.8 billion in cash (excludes $16.3 billion of equity commitments, cash and undrawn debt in Partnerships)

4

The long game

• • Goodman first listed on the ASX in 1995, 25 years ago

• Started with eight people and eight properties in one city with just over $75 million in assets under management - and has expanded to almost 400 properties across the Asia Pacific, Europe and the Americas with over $51 billion in assets under management and a team of more than 900 people.

• • Today it has emerged as one of the largest property groups globally and one of the top 15 companies listed on the ASX
• • A global real estate fund manager specialising in infill logistics
• • Goodman has stayed true to its strategy of being customer focused, having strategically located properties and a strong team of people.
• • The Group has established strong leadership teams, financial resources and a strategic real estate portfolio - but what makes Goodman unique and sustainable is:

• the strength of its people and its inherent expertise in the industrial market

• the ability to fund the expansion of the Group and its Partnerships through equity and not debt

5

A shared culture and ambition

• • Our Australian heritage and culture has helped the Group assimilate into local markets as we’ve expanded globally – this has contributed to our success
• • Over time, customer and capital partner relationships have extended across multiple regions – allowing our intellectual property to be shared and leveraged at scale
• • A distinct and unique attribute is that Goodman has not only been successful in its global expansion but also that our people have remained loyal and committed through varying market cycles
• • Retention of our people is critical – Goodman’s global executive team have an average tenure of 14 years
• • It doesn’t come easily or quickly

6

A shared culture and ambition

• • Alignment of interests between securityholders, capital partners and our people is critical to our success
• • Remuneration structures must:

• align securityholders and our people

• set ambitious growth targets

• be performance based

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7

The Long game / a sustainable future

• • A core strength has been the Group’s strategic vision and selective property acquisitions.
• • Our property portfolio has been developed with the long-term requirements of our customers in mind
• • Since 2013 we’ve sold $26 billion of assets around the world – a deliberate strategy to allow funds from the sales to be reinvested into more strategically located properties where our customers need to be – close to transport hubs, a skilled workforce and importantly, large consumer populations
• • The combination of strong leadership teams, financial resources and a strategic real estate portfolio has allowed us to maximise the sustainability of earnings through different market cycles

8

Partnering for success

• • The Group’s strategy is innovative and continues to evolve
• • We have continued to develop alongside our partners providing strong risk adjusted returns, and diversified funding, a mutual benefit of our structure
• • Interlink in Hong Kong is an example of Goodman’s innovative approach to develop a modern, multi storey logistics facility in a country with significant land scarcity

• 225,000 sqm, 15 floors direct vehicle ramp access, 7 levels cargo lift

• Strategic location adjacent to container terminal and Stonecutters bridge

• Attracted large global logistics customers

• Sustainable - awarded a Gold Standard Certificate from HK BEAM and a Silver Certificate from LEED

9

Prudent capital management

• • The Group’s strategy incorporates a financially conservative approach in order to grow sustainably through cycle

Financially the Group operates with:

• Very low levels of debt, primarily from public debt markets and diversified equity sourced from the world’s largest pension and sovereign wealth funds

• Significant undrawn lines and available cash

• Significant covenant flexibility

Operationally the Group mitigates risk through:

• Sharing of risk and return on development with our global partners allowing large growth in WIP, across a $52bn asset base

• Focus on underlying operational cash flow as the key measure of productivity, earnings targets and performance incentives

• Strict concentration of assets in 2-3 tightest infill markets to promote high occupancy, and strong cashflow resilience through cycle

10

CEO’S ADDRESS GOODMAN GROUP – ANNUAL GENERAL MEETINGS

19 NOVEMBER 2020 AT 10:00AM

Thank you Ian, and good morning.

At Goodman, we look at the long game.

This year has had its disruptions. The global landscape has changed and we are in the middle of an event that is causing rapid and profound change in the way we live, work, and consume.

In response to COVID-19, we have successfully adapted to the new operating environment and implemented a range of pro-active measures designed to protect the health and safety of our employees. This includes flexible working locations which is expected to become a permanent way of working into the future.

The logistics and warehousing sectors globally are playing an important role, providing essential infrastructure and enabling distribution of products to the community. COVID-19 and the associated lockdowns have created new online consumers, which will likely further increase e-commerce sales, that are forecast to grow at over 25% in 2020. This in turn will also drive the need for more data storage.

Goodman is evolving with the rapid acceleration of the digital economy. We have developed significant expertise, financial strength, and a strategic property portfolio to grow our business through various market conditions.

Our long-term strategy to own properties in strategic infill locations that are close to consumers remains imperative. While land is scarce in our target markets, we have successfully developed, acquired, upgraded or repurposed buildings that meet our customers’ needs for the long term.

Our development activity is increasing and remains the key driver of profitability and forecast growth in assets under management. With a large development workbook, we are in a unique position to accelerate commencement of new projects to capture existing and future identified customer demand in markets with limited supplies.

Our development work in progress reached $6.5 billion in June 2020. We recently announced this has now grown to $7.3 billion as at 30 September 2020 and is expected to increase further in FY21.

The development pipeline also continues its transition to infill locations with projects that are more intensive, higher in value and take longer to complete, including the development of multi-level facilities.

Increasingly, significant investments in technology is being made by customers in our properties as they look for automated solutions to improve their supply chain efficiency.

The acceleration of e-commerce has made the global industrial asset class increasingly sought after. We are witnessing a further shift of capital towards investment in industrial real estate which is driving an increase in values.

Our assets under management have grown to $51.6 billion, occupancy is approximately 98% and customer demand is steady across most industry segments, particularly those involving consumer staples, e-commerce and data storage.

We are focused on taking sustainability to the next level. With 2030 in mind, we are committed to building a sustainable business for our customers and delivering returns for our investors.

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We believe it’s important to aim high, so we have increased and fast-tracked our goals for renewable energy and carbon neutrality. Our targets are deliberately ambitious, and we continue to strive to be a leader in the real estate sector.

We have increased our target for solar on rooftops from 100 megawatts to 400 megawatts by 2025. That’s generating enough energy to power about 120,000 houses for a year.

We are also aiming for carbon neutral operations by 2025.

The Group manages 15 Partnerships in eight regions across our Investment Management platform. Our Partnerships are performing strongly with average total returns of 16.6% for their respective 2020 financial years. Driven by strong income returns and capital growth, this positive performance is expected to continue in 2021, further increasing demand from existing and new investors looking to deploy capital across our Investment management platform.

The Group is in a strong financial position with gearing down to 7.5% and $2.8 billion of available liquidity as at 30 June 2020.

The combination of our Partners and the Group’s significant financial resources puts us in a robust position to pursue select investment opportunities in our target markets.

This financial strength has also meant that we have been able to further support the Goodman foundation.

This was an extraordinary year with the Australian bushfires and the pandemic. With a focus on critical areas in times of disaster, we provided additional financial support to mental health, distribution of food and essential goods, vulnerable people and domestic violence.

And in wanting to make a sustainable and tangible difference to the devastation of the Australian bushfires, we purchased a state-of-the-art firefighting helicopter for the Rural Fire Service which will be ready for operation this fire season

In closing, we had a strong FY20 and are on track to deliver FY21 operating earnings per security of 62.7cents, up 9% on FY20.

I would like to take this opportunity to thank our people around the world for their perseverance and hard work in delivering these results for all our stakeholders.

Finally, I would like to express my gratitude to our Chairman, Ian Ferrier, for his dedication, strong leadership and advice.

Ian has worked closely with management and the Board on our strategic path over the past 17 years - with 12 of those as Chairman.

He is an exceptional leader who has been instrumental in guiding Goodman to be in the strong

position it’s in today.

He is a contemporary thinking leader and his ability to adapt to and embrace change has been formidable.

Ian, our achievements would not have been possible without your stewardship and wise counsel. Thank you.

On behalf of the team, I also thank you – our securityholders - for your continued support of Goodman Group.

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