GOODMAN GROUP — Annual Report 2020

Aug 12, 2020

HIGHLIGHTS RESULTS OPERATIONAL OUTLOOK OVERVIEW PERFORMANCE Section 1 Section 2 Section 3 Section 4

APPENDICES

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13 August 2020

FY20 RESULTS

GOODMAN DELIVERS STRONG FY20 RESULT WITH OPERATING PROFIT UP 12.5% TO $1.06 BILLION

1

Important Notice and Disclaimer

• This document has been prepared by Goodman Group (Goodman Limited (ABN 69 000 123 071), Goodman Funds Management Limited (ABN 48067 796 641; AFSL Number 223621) as the Responsible Entity for Goodman Industrial Trust (ARSN 091 213 839) and Goodman Logistics (HK) Limited (Company Number 1700359; ARBN 155911142 –A Hong Kong company with limited liability)). This document is a presentation of generalbackground information about the Group’s activities current at the date of thepresentation. It is information in a summary form and does not purport to be complete. It is to be read in conjunction with the Goodman Group Financial Report for the year ended 30 June 2020 and Goodman Group’s otherannouncements released to ASX (available at www.asx.com.au). It is not intended to be relied upon as advice to investors or potential investors and does not take into account the investment objectives, financial situation or needs of any particular investor. These should be considered, with professional advice, when deciding if an investment is appropriate.

• This Presentation uses operating profit and operating earnings per security (EPS) to present a clear view of the underlying profit from operations. Operating profit comprises profit attributable to Securityholders adjusted for profit on disposal of investment properties, net property valuations gains, non-property impairment losses, net gains/losses from the fairvalue movements on derivative financial instruments and unrealised fair value and foreign exchange movements on interest bearing liabilities and other non-cash adjustments or non-recurring items e.g. the share based payments expense associated with Goodman’s Long Term Incentive Plan (LTIP). A reconciliation to statutory profit is provided in summary on page 10 of this Presentation and in detail on page 9 of the Directors’ Report as announced on ASX and available from the Investor Centre at www.goodman.com.

• This document contains certain “forward-looking statements”. The words “anticipate”, “believe”, “expect”, “project”, “forecast”,”estimate”, “likely”, “intend”, “should”, “could”, “may”, “target”, “plan” and other similar expressions are intended to identify forward-looking statements. Indications of, and guidance on, future earnings and financial position and performance are also forwardlooking statements. Due care and attention has been used in the preparation of forecast information. Such forward-looking statements are not guarantees of future performance and involve known and unknown risks, uncertainties and other factors, many of which are beyond the control of the Group, that may cause actual results to differ materially from those expressed or implied in such statements. There can be no assurance that actual outcomes will not differ materially from these statements. Neither the Group, nor any other person, gives any representation, warranty, assurance or guarantee that the occurrence of the events expressed or implied in any forward lookingstatements in this document will actuallyoccur.

• This document does not constitute an offer, invitation, solicitation, recommendation, advice or recommendation with respect to the issue, purchase, or sale of any stapled securities or other financial products in the Group.

• This document does not constitute an offer to sell, or the solicitation of an offer to buy, any securities in the United States or to any “US person” (asdefined in Regulation S under the US Securities Act of 1933, as amended (Securities Act) (US Person)). Securities may not be offered or sold in the United States or to US Persons absent registration or an exemption from registration. The stapled securities of Goodman Group have not been, and will not be, registered under the Securities Act or the securities laws of any state or jurisdiction of the United States.

• The calculation of fair value requires estimates and assumptions which are continually evaluated and are based on historical experience and expectations of future events that are believed to be reasonable in the circumstances.

2

CONTENTS

SECTION 1

APPENDICES

SECTION 2

Section 3

Section 4

3

Section 1 HIGHLIGHTS

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Goodman Akamatsudai, Tokyo, Japan
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4

HIGHLIGHTS

Goodman has adapted to the new operating environment with limited disruption and continues to grow its business sustainably for the long term.

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$1.06bn

OPERATING PROFIT

$6.5bn

WORK IN PROGRESS

• + Goodman plays an important role in providing both essential infrastructure and making a tangible difference for our customers in the cities in which weoperate.

• + Over the past decade, the Group has established significant expertise, financial resources and a well located real estate portfolio, to sustain our business through market conditions.

• + The Group’s operating performance inFY20 was substantially ahead ofguidance.

Key financial metrics for the year include:

• Operating profit[1 ] of $1,060.2 million,up 12.5% on FY19, with statutory profitof $1,504.1 million

• Operating earnings per security (EPS)[2 ] of 57.5 cents, up 11.4% on FY19 (compared to initial guidance of 9%)

• Gearing at 7.5%³ (9.7% at FY19) and 20.3% on a look throughb asis

• Increase in total assets under management (AUM) to $51.6 billion with Partnership average returns of16.6%[4]

• + Development demand remains strong giving us confidence to accelerate growth in WIP which has increased to $6.5 billion at June 2020:

• High-quality workbook with 76% pre-committed and an average 15-yearWALE

• The Group has incrementally progressedsites through planning and undertaken infrastructure work over a number of years to meet future customer demand

• Larger, higher value projects with longertime in WIP provide greater visibility over development activities.

• $2.9 billion in revaluation gains across the Group and Partnerships, contributing to 9.4% growth in Goodman’s net tangible assetsfrom FY19 to $5.84 persecurity.

1. Operating profit comprises profit attributable to Securityholders adjusted for property valuations,derivative and foreign currency mark to market and other non-cash or non-recurring items

2. Operating EPS is calculated using operating profit and weighted average diluted securities of 1,843.8 million which includes 17.8 million LTIP securities which have achieved the required performance hurdles and will vest in September 2020 and September 2021

3. Gearing is calculated as total interest bearing liabilities over total assets, both net of cash and the fair values of certain derivative financial instruments included in other financial assets of $292.5 million (30 June 2019: $222.4 million). Total interest bearing liabilities are grossed up for the fair values of certain derivative financial instruments included in other financial liabilities of $194.0 million (30 June 2019: $123.6 million). 4. Average total return based on Partnership's last respective financial year.

5

HIGHLIGHTS

+ $2.9 billion of revaluation gains across theGroup and Partnerships leading to strongout-performance:

• Partnerships achieved 16.6% average total returns for their respective financialyears

• External AUM up 12% to $48.0 billion, with total AUM up 12% on FY19 to $51.6billion.

+ Investment property fundamentals are resilient

• Despite COVID-19, we are seeing continued demand from several segments for both temporary and permanent space, and a general acceleration of requirements across the digital economy

• High utilisation of our facilities leading to continued high occupancy at 97.5%

+ The market conditions are favourable for our

• operations and we have responded with increased levels of development activity. We believe this will be prolonged through ongoing structural change and will drive growth in our investment and management businesses.

• + The Group expects to deliver FY21 operating profit of $1,165 million an increase of 10% on FY20 and operating EPS of 62.7cents (up 9% on FY20)

• Forecast distribution for FY21 will remain at 30.0 cents per security.

• We set our targets annually and review them regularly. Forecasts are subject to there being no material adverse change in market conditions or the occurrence of other unforeseen events.

$51.6bn

TOTAL AUM

$48.0bn

EXTERNAL AUM

16.6[%]

PARTNERSHIP AVERAGE TOTAL RETURNS

• Like for like net property income (NPI) growth of 3.0%.

• + Further reduction in gearing to 7.5% and increased cash on balance sheet to $1.8 billion

• Capital management strategy providing for further working capital requirements of theoperations

• $2.8 billion of available liquidity, including $1.8 billion in cash (excludes available equity commitments¹, cash and debt of $16.3 billion in Partnerships).

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GoodmanWestlink,Hong Kong, SAR
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6

1. Partnership investments are subject to Investment Committee approval

GROUP AND PARTNERSHIP HIGHLIGHTS

97.5[%] 3[%] OCCUPANCY NPI GROWTH High occupancy maintainedat Like for like NPIgrowth 97.5% and WALE of 4.5years at 3%

High occupancy maintainedat 97.5% and WALE of 4.5years

3.0[m]

SQUARE METRES LEASED

Leased 3.0 million sqm across the global platform equating to $401.7 million of annual rental property income across the Group and Partnerships

INVESTMENTS

Significant higher and better use opportunities exist across the portfolio including residential, data centre and multi-storey logistics.These are in various stages of planning with outcomes expected over the medium to long term

$6.5bn

WORK IN PROGRESS

With space in 14 countries across 46 projects with a forecast yield on cost of 6.5%

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79[%]

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IN PARTNERSHIPS

79% of current WIP is being undertaken within Partnerships

$4.5bn

DEVELOPMENT COMMENCEMENTS with 79% pre-committed

$2.4bn DEVELOPMENT COMPLETIONS with 85% committed

$7bn FORECAST WIP will exceed $7 billion in 1H FY21

$2.9bn

VALUATION GROWTH

Valuation growth of $2.9 billion across the Groupand Partnerships. Global WACR tightened 23bps to 4.9%

$51.6bn

TOTAL AUM with external AUM increasing to $48.0 billion, up 12% on 30 June 2019

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16.6[%]

AVERAGE RETURN Average total return in the Partnerships of 16.6%

19.9[%]

GEARING Average Partnership gearing of 19.9%

$16.3bn

AVAILABLE LIQUIDITY

$16.3 billion available in equity commitments, cash and undrawn debt

$13.7m

GOODMAN FOUNDATION

In response to global events, the Group has provided an additional $6.6 million support to Australian communities affected by the recent bushfires and $7.1 million in incremental commitments across a number of Foundation programs

AA

400[MW]

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SOLAR PANELS

RATING

Committed to 400MW ofsolar Acheived a MSCI ESG rating being installed across the of ‘AA’ and a 'Low Risk’ rating global portfolio by 2025 from Sustainalytics

0

EMISSIONS TARGET

Increased environmental targets including zero emissions from Goodman Group by2025

7

Section 2

RESULTS OVERVIEW

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Artist’s impression– Amazon facility at Oakdale WestIndustrial Estate, Sydney, Australia.
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8

RESULTSOVERVIEW

+ Statutory accounting profit of $1,504.1million

• Includes property valuations, share based payments, derivative and mark-to-marketmovements

• + Operating profit of $1,060.2 million up 12.5% on FY19

• Growth across all segments with foreign currency effects neutralised in borrowing costs

• + Operating EPS¹ of 57.5 cents¹ per security, up 11.4% on FY19

+ DPS of 30.0 cents persecurity

• + Net tangible assets increased 9.4% to $5.84 per security.

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Americas
8%
Australia/
New Zealand
36%
UK/
Continental
Europe
24%
Asia
32%
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	FY19	FY20
Operating profit ($m)	942.3	1,060.2
Statutory accounting profit ($m)	1,627.9	1,504.1
Operating EPS (cents)1	51.6	57.5
Distribution per security (cents)	30.0	30.0
	As at	As at
	30 June	30 June
	2019	2020
NTA per security ($)	5.34	5.84
Gearing (balance sheet) (%)2	9.7	7.5
Available liquidity ($b)3	2.7	2.8
WACR (look through) (%)	5.1	4.9

• 1 Operating profit and operating EPS comprises profit attributable to Securityholders adjusted for property and valuations, derivative and foreign currency mark-to-market and other non-cash or non-recurring items and calculated based on weighted average securities of 1,843.8 million which includes 17.8 million LTIP securities which have achieved the required performance hurdles and will vest in September 2020 and September 2021.

• 2 Gearing is calculated as total interest bearing liabilities over total assets, both net of cash and the fair values of certain derivative financial instruments included in other financial assets of $292.5 million (30 June 2019: $222.4 million). Total interest bearing liabilities are grossed up for the fair values of certain derivative financial instruments included in other financial liabilities of $194.0 million (30 June 2019: $123.6 million).

• 3 On 14th July 2020, the Group issued a notice to acquire US$175 million of 144A bonds which were due to be repaid in April 2021.

9

PROFIT ANDLOSS

+ Statutory accounting profit of $1,504.1million, includes property valuations, share based payments expense and mark-to-marketmovements

• Global property revaluation gains for FY20 were $2.9 billion, driven by rent growth, cap rate compression and development completions. The Group’s sharetotalled $621.3 million

• Unrealised foreign exchange and derivative gainof $6.8 million

• Share based payments expense (non-operating and non-cash) declined 17% to $164.0 million (down $32.6 million on FY19)

+ Full year operating profit of $1,060.2million

• Property investment income up on FY19 driven by likefor-like NPI growth and development completions

• Management earnings of $511.2 million supported by growth in AUM and base fees; performance fees stable year-on-year

• Continued growth in development revenue supported by increased average volumes and higher margins mitigating longer time inWIP

• Overheads higher driven by an increase in statutory costs, FX and charitable donations. Underlying operatingexpense growth of 3%

• Net borrowing costs up due to FX hedging reflected in interest expense, plus lower interest rates on cash, and lower capitalised interest

INCOME STATEMENT

	FY19	FY20
	$M	$M
Property investment	372.1	425.2
Management	469.7	511.2
Development	509.2	575.7
Operating expenses	(267.7)	(292.3)
Operating EBIT¹	1,083.3	1,219.8
Net borrowing costs	(45.9)	(70.8)
Tax expense	(95.1)	(88.8)
Operating profit	942.3	1,060.2
Weighted average securities (million)2	1,826.5	1,843.8
Operating EPS (cps)	51.6	57.5
Non operating items3
Property valuation related movements	871.7	621.3
Fair value adjustments and unrealised foreign currency	17.0	6.8
exchange movements related to capital management
Other non-cash adjustments or non-recurring items	(203.1)	(184.2)
Statutory profit	1,627.9	1,504.1

• 1 Look through Operating EBIT is $1,328.7 million and reflects $108.9 million adjustment to GMG proportionate share of Partnerships interest and tax (2019: $1,182.7 million)

• 2 Includes 17.8 million securities which have achieved the required performance hurdles and will vest in September 2020 and September 2021 (2019: 14.8 million)

• 3 Refer slide25

• Decrease in tax expense due to location and composition of earnings.

10

BALANCE SHEET

+ Group balance sheet remains wellpositioned

• Gearing decreased to 7.5% (from 9.7% FY19) and 20.3% on a look-through basis, primarily due to strong operating cash flow, transaction timing, positive valuation movements and payout ratio

• + Stabilised investment properties increasing through positive revaluationgains

• + Steady growth in Partnership investments through valuations and $0.3 billion of further investment

• + Development holdings increased slightly, reflecting growth of theworkbook

• + Total property revaluations across the Group and Partnerships of $2.9 billion with Goodman’s share amounting to $621.3million

• Revaluations reflected in Partnerships through development activities totalled $759 million

• NTA increased 9.4% to $5.84 per security since June 2019.

BALANCE SHEET

		FY19	FY20
		$M	$M
	Stabilised investment properties	1,757	1,798
	Partnership investments1	6,920	7,807
	Development holdings²	2,992	3,140
	Intangibles	840	846
	Cash	1,607	1,782
	Other assets	797	765
	Total assets	14,913	16,138
	Interest bearing liabilities	(2,975)	(2,939)
	Other liabilities	(1,415)	(1,679)
	Total liabilities	(4,390)	(4,618)
	Net assets	10,523	11,520
	Net asset value ($)³	5.80	6.30
	Net tangible assets ($)³	5.34	5.84
	Balance sheet gearing (%)4	9.7	7.5

• 1 Includes Goodman’s investments in its Partnerships and other investments

$2.9bn REVALUATION GAINS

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9.4[%]

• 2 Includes inventories, investment properties under development and the Group's proportionate interest in development assets within the Partnerships

• 3 Based on 1,828.4 million securities on issue

• 4 Gearing is calculated as total interest bearing liabilities over total assets, both net of cash and the fair values of certain derivative financial instruments included in other financial assets of $292.5 million (30 June 2019: $222.4 million). Total interest bearing liabilities are grossed up for the fair values of certain derivative financial instruments included in other financial liabilities of $194.0 million (30 June 2019: $123.6 million).

INCREASE IN NTA

11

GROUP LIQUIDITYPOSITION

+ Cash and available lines of credit (excluding Partnership debt and equity) of $2.8 billion as at 30 June 2020

• $1.8 billion in cash

• $1.0 billion of available lines

• + Weighted average debt maturity profile of 5.8 years

• + Gearing at 7.5%¹ (20.3%² look-through) and expected to remain at the lower end of the 0-25% policy range in the near-term

+ Substantial headroom to financial covenants

• Average interest coverage ratio (ICR) at 15.3 times (look-through 8.7 times)

• + The Group expects to undertake an increased volume of development activity over the next few years. As a result, more capital will be allocated to development and Partnership investments on a consistent basis

• + Stable and sustainable investment grade credit ratings across the Group

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Goodman Group drawn debt expiryprofile
1,249
801
405
253
168
50
Jun Jun Jun Jun Jun Jun Jun Beyond
2021 2022 2023 2024 2025 2026 2027 June2027
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1 On 14th July 2020, the Group issued a notice to prepay US$175 million of 144A bonds which were due to be repaid in April 2021.

• BBB+ / Baa1 from S&P and Moody’s respectively

• + Consistent with previous announcements, the Group will continue to maintain financial leverage in accordance with its Financial Risk Management policy. A payout ratio between 40-50% range is targeted at this point and will be reviewed regularly

• The payout ratio will enable the Group to fund its share of ongoing development activity while maintaining a disciplined approach to financial leverage and further strengthening the Group’sbalance sheet over the longer term.

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$2.8bn
LIQUIDITY
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7.5[%] GEARING

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• 1 Gearing is calculated as total interest bearing liabilities over total assets, both net of cash and the fair values of certain derivative financial instruments included in other financial assets of $292.5 million (30 June 2019: $222.4 million). Total interest bearing liabilities are grossed up for the fair values of certain derivative financial instruments included in other financial liabilities of $194.0 million (30 June 2019: $123.6 million).

• 2 Based on $3.5 billion net debt on $17.1 billion net assets of Group and proportionate share of Partnerships

• 3 Interest cover is operating profit before net finance expense (operating) and income tax (operating) divided by net finance expense (operating). The calculation is in accordance with the financial covenants associated with the Group’s unsecured bank loans and includes certain adjustments to the numerator and denominator, including reversing the impacts of the new lease accounting standard.

12

Section 3 OPERATIONAL PERFORMANCE

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Chifley Business Park South, MelbourneAustralila
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13

PROPERTY INVESTMENT

97.5[%] 4.9 OCCUPANCY WACR

4.9[%]

• + The focus on infill locations is providing cashflow resilience and driving strong underlying propertyfundamentals

• Occupancy of 97.5%

• WALE of 4.5years

• Like-for-like net property income growth of 3%

• + Increase in property income driven by underlying growth in rents and increased average cornerstone investments over prior period

• $0.3 billion of cornerstone equity invested in FY20

• Income return across Direct and Partnership investments at ~4.8%

• + The quality of the global portfolio is reflected in revaluation gains of $2.9 billion across the Group and Partnerships

• 23bps tightening in WACR to 4.9% over the year

• $759 million resulting from revaluations on development within the Partnerships

• + The Group continues to target key planning outcomes including higher and better use re-zoning opportunities, or increased floor space ratio opportunities through multi-level warehousing facilities

• These initiatives will provide future long-term value-enhancing development opportunities in supply constrained markets where developable land is scarce. This is expected to produce additional margin over time.

• 1 Key metrics relate to Goodman and managed Partnership properties

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Goodman Business Park, Chiba,Japan
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PROPERTY INVESTMENTS

	FY19	FY20
Direct ($M)	74.0	78.5
Partnership investments ($M)	298.1	346.7
Property investment earnings	372.1	425.2

KEY METRICS[1]

	FY19	FY20
WACR (%)	5.1	4.9
WALE (yrs)	4.7	4.5
Occupancy (%)	97.6	97.5

14

DEVELOPMENT

+ WIP has grown strongly to $6.5 billion and is expected to grow further in the near term

• Strong demand from our customers, particularly those in the digital economy, has given us confidence to increase development activity. Volumes are expected to trend higher with WIP to exceed $7 billion in 1H FY21

• Commenced $4.5 billion in new developments and completed $2.4 billion of projects for theyear

• Increased scale and higher value projects with average time of developments in WIP increasing to 17months

+Location and site selection have seen improving development metrics across theworkbook

• Commitment on WIP at 76% reflects desirability of sites and demand

• Average lease term on WIP is now 15.1 years reflecting increasing customer demand for well-located assets and reflective of the technology investment customers are making in their facilities

DEVELOPMENTS

		FY19	FY20
	Development income ($M)	1,236.5	1,019.1
	Development expenses ($M)	(727.3)	(443.4)
	Development earnings ($M)	509.2	575.7

KEY METRICS

	FY19	FY20
Work in progress ($B)	4.1	6.5
Work in progress (million sqm)	1.8	2.1
Number of developments	55	46
Development for third parties
or Partnerships (%)	80	79
Committed (%)	58	76
Yield on cost (%)	6.6	6.5

• Development yield on cost at 6.5%

• Margins remain strong reflecting the quality of thedevelopment workbook

• Continued investment partnering with 79% of developmentsundertaken in the Partnerships

+Asset creation capability providing strong risk adjusted returns and access to high quality real estate

• Through limited asset disposals and a growing development workbook, the portfolio will be further concentrated in our key target markets.

WORK IN PROGRESS (END VALUE)

	$B
Opening (June 2019)	4.1
Completions	(2.4)
Commencements	4.5
FX and other	0.3
Closing (June 2020)	6.5

15

MANAGEMENT

+ External AUM of $48.0 billion, up 12% on FY19

• AUM increase supported by revaluation gains and development completions across the platform. Rental growth and cap rate compression is driving valuations

• + Strong performance of the Partnerships and AUM growth increasing management earnings to $511.2 million, up 9% on FY19

• Revenue represents approximately 1.1% average AUM with performance fees consistent with FY19 at ~$200million

• Partnerships delivered 16.6% average total returns for their respective financial years

MANAGEMENT

		FY19	FY20
	Management earnings ($M)	469.7	511.2

KEY METRICS

		FY19	FY20
	Number of Partnerships	15	15
	External AUM ($B)	42.9	48.0

• + Increasing development workbook, strong customer interest levels and longer development timelines is providing the Partnerships with access to high-quality real estate and increased visibility on future AUM

• + $16.3 billion of equity commitments, cash and undrawn debt available across the Partnership platform

• $4.2 billion in undrawn debt facilities and cash

• $12.1¹ billion in undrawnequity.

$48.0bn

EXTERNAL AUM

$649m AVERAGE PARTNER COMMITTMENT

TotalAUM

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51.6
3.6
46.2
3.3
38.3
34.1 34.6 3.2
4.8 4.1
48.0
42.9
35.1
29.3 30.5
FY2016 FY2017 FY2018 FY2019 FY2020
Third party Direct
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$B

16

1. Partnership investments are subject to Investment Committee approval

MANAGEMENT PLATFORM

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Total assets($bn)	8.9	9.0	6.5	5.0	4.5	4.3	3.8	3.1	0.9
GMG co-investment(%)	28.8	20.2	20.4	20.0	19.9	55.0	15.5	21.4	33.3
GMG co-investment($bn)	1.7	1.5	0.8	0.7	0.8	2.0	0.4	0.5	0.3
Number of properties	97	11	116	36	34	17	15	11	6
Occupancy1(%)	96	99	98	94	98	95	100	99	86
Weighted average leaseexpiry1	4.4	3.1	4.8	3.3	4.0	7.2	3.2	5.5	8.4
(years)
WACR (%)	5.1	4.2	5.0	5.6	5.1	4.1	4.3	5.4	4.5
Gearing2 (%)	26.4	13.4	27.3	7.9	12.0	14.3	31.9	18.9	n/a
Weighted average debt expiry	4.4	3.4	5.9	3.1	4.8	5.8	5.9	4.0	n/a
(years)
Total return(%)	13.6	29.44	12.1	15.05	12.5	11.26	8.37	28.1	6.9

• 1 WALE and occupancy of stabilised portfolio as at 30 June 2020

• 2 Gearing calculated as total interestbearing liabilities over total assets, both net of cash

• 3 GMT: Results are for the year ended March 2020 as reported to the New Zealand Stock Exchange

• 4 GHKLP: Total return is for the year ended 31 March 2020

• 5 GCLP: Total return is for the year ended 31 December 2019

• 6 GNAP: Total return is for the year ended 31 March 2020

• 7 GJCP: Total return is for the year ended 29 February 2020

17

ENVIRONMENTAL, SOCIAL ANDGOVERNANCE

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18

ENVIRONMENTAL, SOCIAL ANDGOVERNANCE

Goodman’s sustainability strategy is based on three strategic pillars which are aligned with nine of the UN Sustainable Development Goals. These pillars represent key ESG priorities most relevant to Goodman, its stakeholders and customers.

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Our sustainably designed, energyefficient and professionally managed properties are strategically located to meet the business, health and wellbeing needs of our customers, as well as to remain resilient to tomorrow’s global challenges

Our workplaces promote the health, safety and wellbeing of our people and our customers. Our people are recruited and rewarded based on their commitment to our values, their local expertise and their longterm strategic and ethical thinking.

Our capital structure is sustainable and we have a positive impact in our global communities through the Goodman Foundation. We promote strong leadershipand governance, engageregularlywithour stakeholders and measure and disclose our financial and communityimpact.

HIGHLIGHTS

HIGHLIGHTS

HIGHLIGHTS

• + Certified green developments completed across Australia,Continental Europe, China and the UnitedStates

• + Approximately 50MW of solar PV now installed across Goodman’s portfolio globally with target increased from 100MW to 400MW

• + Approximately 15% energyreduction across the Australian officeportfolio.

• + 98% of employees were rated as demonstrating Goodman’s keycorporate values assessed as part of employee performance reviews

• + Remote working in response to COVID-19 has been effective in all locations

• + Continued initiatives to eradicate potential occurrences of modern slavery in our supply chains.

• + Global climate risk assessment completed in accordance with the TCFDrecommendations.

• + Goodman Group was awarded the Global Sector Leader in the 2019 Global Real Estate Sustainability Benchmark (Developer – Industrial)

• + Achieved MSCI ESG rating of ‘AA’ and a “Low Risk” ESG rating from Sustainalytics

• + $13.7 million contributed by The Goodman Foundation and its people to community and philanthropic causes, including $5.5 million to the NSW Rural Fire Service.

19

Section 4 OUTLOOK

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20

OUTLOOK

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Goodman Yuen Long Logistics Centre, Hong Kong, SAR
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Goodman has deliberately positioned its business over the past decade to maximise sustainability of earnings in varying market conditions.

+ This has primarily been achievedthrough:

• Concentration of the portfolio on logistics real estate in urban infill markets, where supply is limited and demand is driven byconsumers

• Deleveraging the Group’s balance sheet and retaining significant liquidity

• Partnering with long-term capital to share risk and return over a significant globally diversified platform

• + Combined with macro trends globally which are driving structural changes in our markets, this is leading toout performance

• Technology continues to changeconsumer behaviour with the impact of COVID-19 accelerating activity in the digital economy

• Scarcity of land is driving increased intensity of use including multi-storey logistics, data centres, and other commercial uses, providing potential value add opportunities

• Continued transition to fewer, higher valueand longer lead times of development projects

+ Management performance and outlook remains strong

• Underlying real estate fundamentals continue to support positive valuation outlook and long term growth

• Customer demand and supply constraints supporting rents and occupancy

• Low global long-term interest rate trends,strong relative outlook for industrial real estate and continued investment demand for thesector

• Strong industrial real estate pricing and implied land values is increasingly seeing our existing stabilised assets become viable for redevelopment.

21

OUTLOOK

• + We expect that the challenges brought about by COVID-19 could continue over the longer term however, the Group has significant expertise, financial resources and astrategic real estate portfolio, to adapt to challenging business conditions

• + In this changing global landscape, we are continuing to progress our commitment to renewable energy and carbon neutrality. We’re also improving the resilience of our workforce, the communities we’re in and our properties - particularly how our buildings respond to a changing climate

• Increased support, both financial and non-financial, from the Goodman Foundation to $13.7 million in FY20 with a focus on disaster relief, particularly around the Australian bushfires and COVID-19

$1,165m

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FY21 OPERATING PROFIT

9[%]

OPERATING EPS GROWTH

62.7[¢]

FY21 PER SECURITY

• + As a result the Group expects to deliver FY21 operating profit of $1,165 million an increase of 10% on FY20 and operating EPS of 62.7 cents (up 9% onFY20)

• Increased our environmental sustainability targets to install 400MW of solar capacity primarily through solar investments at ourproperties

• Targeting carbon neutral operations for Goodman Group by 2025

• Forecast distribution for FY21 will remain at 30.0 cents per security

• + The logistics and warehousing sector continues to play a significant role globally in providing essential infrastructure, enabling distribution of criticalproducts

We set our targets annually and review them regularly. Forecasts are subject to there being no material adverse change in market conditions or the occurrence of other unforeseenevents.

• The Group is well positioned and we are increasing the levels of development activity. WIP will exceed $7billion in 1H FY21

• We expect this shift to increased levels of activity to be prolonged, driving higher profitability and potentially working capital requirements in the next few years

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22

Appendix 1 RESULTSANALYSIS

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Bedford Commercial Park, Bedford,UK
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Goodman LogisticsCenter El Monte, Los Angeles, USA
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23

PROFIT ANDLOSS

CATEGORY	Total $M Property investment $M Management $M Development $M Operating expenses $M Non-operating items $M
Gross property income Management income Development income Distributions from investments Netgain from fair value adjustments on investment properties Netgain on disposal of investment properties Share of net results of equityaccounted investments Netgain on disposal of equityinvestments Total income Property and development expenses Employee, administrative and other expenses EBIT / Segment operating earnings Net gain from fair value adjustments on investment properties Share of net gain from fair value adjustments on investment properties, unrealised derivative gains and non-recurring items within associates and JVs Straight-lining of rental income Share based payments expense Operating EBIT3 / Segment operating earnings Net finance expense(statutory) Less: fair value adjustments on derivative financial instruments Net finance expense(operating) Income tax expense(statutory) Add: deferred tax on fair value adjustments on investment properties Add: deferred tax on other non-operating items Income tax expense(operating) Operating profit available for distribution Net cash provided by operating activities4	115.9 114.9 – – – 1.0
	511.2 – 511.2 – – –
	882.6 – – 882.6 – –
	1.2 1.2 – – – –
	45.2 – – – – 45.2
	54.5 – – 54.5 – –
	1,022.2 345.5 – 81.4 – 595.3¹
	0.6 – – 0.6 – –
	2,633.4 461.6 511.2 1,019.1 – 641.5
	(479.8) (36.4) – (443.4) – –
	(456.3) – – – (292.3) (164.0)
	1,697.3 425.2² 511.2² 575.7² (292.3) 477.5
	(45.2) – – – – (45.2)
	(595.3) – – – – (595.3)
	(1.0) – – – – (1.0)
	164.0 – – – – 164.0
	1,219.8 425.2 511.2 575.7 (292.3) –
	(80.2)
	9.4
	(70.8)
	(113.0)
	15.6
	8.6
	(88.8)
	1,060.2
	1,156.9

1. Includes share of associate and joint venture property valuation gains of $591.7 million, share of fair value adjustments of derivative financial instruments in associates and joint ventures of $16.2 million and other non-cash, non-recurring items within associates of $(12.6) million

3. Segment operating earnings is total income less property and development expenses (excludes employee, administrative and other expenses)

4. Look through Operating EBIT is $1,328.7 million and reflects $108.9 million adjustment to GMG proportionate share of Partnerships interest and tax (2019: $1,182.7 million)

5. Difference between operating profit and cash provided by operating activities of $96.7 million relates to:

6. $28.2 million development activities including capitalised and prepaid interest

7. $(54.5) million of development cashflows recognised in investment activities

8. $(80.3) million cash share of equity accounted income

9. $203.3 million of other working capital movements

24

RECONCILIATION NON-OPERATING ITEMS

Non-operating items in statutory income statement Property valuation related movements Netgain from fair value adjustments attributable to investment properties Share of netgain from fair value adjustments attributable to investment properties in associates andjoint ventures after tax Deferred tax on fair value adjustments on investment properties Subtotal Fair value adjustments and unrealised foreign currency exchange movements related to capital management Fair value adjustments on derivative financial instruments – GMG Share of fair value adjustments on derivative financial instruments in associates andjoint ventures Unrealised foreign exchange loss Subtotal Other non-cash adjustments or non-recurring items Share based payments expense Straight liningof rental income and tax deferred adjustments Subtotal TOTAL	Total $M Year ended 30 June2020 $M
	45.2
	591.7
	(15.6)
	621.3
	(9.4)
	16.2
	–
	6.8
	(164.0)
	(20.2)
	(184.2)
	443.9

25

FINANCIAL POSITION

As at 30 June 2020 Cash Receivables Inventories Investment properties Investments accounted for usingequitymethod Intangibles Other assets Total assets Interest bearingliabilities Other liabilities Total liabilities Net assets/(liabilities) Gearing1 % NTA (per security)2 $ Australia / New Zealand Asia CE UK Americas Other Total assets	Direct Assets $M Property investment $M Development $M Other $M	Total $M
	– – – 1,781.9	1,781.9
	– – 172.1 244.2	416.3
	– – 1,180.2 –	1,180.2
	1,797.9 – 103.3 –	1,901.2
	– 7,804.3 1,566.5 –	9,370.8
	– – – 845.8	845.8
	– 3.0 118.0 521.0	642.0
	1,797.9 7,807.3 3,140.1 3,392.9	16,138.2
	(2,938.5)	(2,938.5)
	(1,679.1)	(1,679.1)
	(4,617.6)	(4,617.6)
	(1,224.7)	11,520.6
		7.5
		5.84
	1,790.7 3,107.8 579.1 376.5	5,854.1
	– 2,291.1 593.1 461.1	3,345.3
	– 871.0 749.7 689.5	2,310.2
	7.2 163.0 528.4 193.2	891.8
	– 1,374.4 689.8 58.6	2,122.8
	– – – 1,614.0	1,614.0
	1,797.9 7,807.3 3,140.1 3,392.9	16,138.2

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Capital allocation $B
9.6
8.7
3.1 3.0 3.4 3.2
Property Development Other
investments land and WIP
Jun2020 Jun2019
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1 Gearing is calculated as total interest bearing liabilities over total assets, both net of cash and the fair values of certain derivative financial instruments included in other financial assets of $292.5 million (30 June 2019: $222.4 million). Total interest bearing liabilities are grossed up for the fair values of certain derivative financial instruments included in other financial liabilities of $194.0 million (30 June 2019: $123.6 million).

2 Calculated based on 1,828.4 million securities on issue

26

BUSINESS PERFORMANCEANALYSIS

+ Operating margins have steadily increased

• Longer term benefits of focused strategy, capital management and funding now emerging in feerevenue

• Income growth has exceeded expense growth in the active business

• Management and development contribute a combined 65% of EBIT in FY20 (66% in FY19)

+ ROA hasincreased

• Positive performance from investment property on a like-for-like basis

• More assets and developments are in Partnerships

• Higher margins in active business

• Elevated cash balances mask underlying growth

MANAGEMENT AND DEVELOPMENTS

	FY16	FY17	FY18	FY19	FY20
Management and
Development income($M)	724	750	807	979	1,087
Operating expenses ($M)	(252)	(248)	(249)	(268)	(292)
EBIT ($M)	472	501	558	711	795
Management and
development margin (%)	65	67	69	73	73

Operating EBIT

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Developmentand
Investment management
65%
35%
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Total return on operatingassets[1]

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8.3
2.9
5.7
6.6
5.6
0.5
3.0
10.9
10.1
9.1 9.1 9.2
FY16 FY17 FY18 FY19 FY20
Income
Fair value adjustments on properties UR
fair value adjustments
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%
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1. Operating assets = Total Assets – Intangibles – Historical Property Valuations and Impairments

27

NET TANGIBLE ASSETMOVEMENT

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For year ended 30 June2020¹ $ per security
0.34 (0.11)
(0.30)
5.80 (0.46) 0.58 (0.01) 5.84
5.34
Net assets Intangibles Net tangible Operating Property Other Distribution Foreign Net tangible
attributable assets asat profit valuation non-cash exchange assets asat
tosecurityholders 1 July2019 after tax movements adjustments translation 30 June2020
as at 1 July 2019 or non
recurring
items
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1. Calculated on 1,828.4 million securities being closing securities onissue

28

PROPERTY VALUATIONS

• + Despite the impact of COVID-19, the industrial and logistics asset class have proven to be in strong demand and continues to generate positive revaluations

• + Market rental growth, cap rate compression, development completions within the Partnerships and FX have been drivers of the valuation increase

• + The global portfolio cap rate has compressed by 23bps to 4.9% over FY20

• + Revaluation gains across the global portfolio for the year totalled

• $2.9 billion, with the Group’s share $670.2¹ million.

30 JUNE 2020 PROPERTY VALUATIONS (LOOK THROUGH)

		Valuation		WACR
	Book value	movementsince		movementsince
	(GMG exposure)	June 2019	WACR	June 2019
	$M	$M	%	%
Australia² / New Zealand	6,509.5	261.1	5.1	-0.3
Asia	3,551.7	276.5	4.7	-0.1
UK / Continental Europe	2,544.3	64.6	4.8	-0.3
Americas	2,451.4	68.1	4.4	-0.1
Total / Average	15,057.0	670.2	4.9	-0.2

• 1 Excludes deferred taxes and other transfers of $48.9 million. Net revaluation for Goodman share of $621.3 million

• 2 Australia excludes urban renewal sites which are valued on a rate per residential unit site basis

29

Appendix 2 PROPERTY INVESTMENT

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Goodman LogisticsCenter Fontana II, Los Angeles, USA
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30

LEASING

3.0[m] SPACE LEASED

97.5[%]

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OCCUPANCY

Across the Group andPartnerships:

• + 3 million sqm leased during the year, equating to $401.7 million of annual rental property income

• + High occupancy at 97.5%.

	Leasing area	Net annualrent	Average lease term
Region	SQM	$M	YEARS
Australia / New Zealand	1,054,009	142.1	4.1
Asia	1,047,499	180.6	3.8
UK / Continental Europe	944,949	78.9	5.1
Total	3,046,457	401.7	4.2

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31

CUSTOMERS

	Top 20 global customers (by net income – look through basis) 7.2 1.7 1.6 1.3 1.3 1.1 1.1 1.1 1.0 1.0 0.9 0.8 0.7 0.7 0.7 0.7 0.6 0.6 0.6 2.3 Amazon Deutsche Post(DHL) A.P. Moller –Maersk Japan Post(Toll) Kimberly-Clark Corporation SF Express Iron Mountain Georgia-Pacific BMW Group JD.com DB Schenker Equinix Kuehne +Nagel syncreon Omlog Coca-Cola Amatil Linfox IVE Group Coles Group Mainfreight %

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32

GEOGRAPHIC EXPOSURE

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Top 20 sub-regions (byAUM) %
Sydney 25.7
Hong Kong 19.1
Greater Los Angeles 7.1
Germany 6.8
Auckland 5.6
GreaterTokyo 4.5
Melbourne 3.2
France 2.7
Greater Osaka 2.7
Greater Shanghai 2.7
Brisbane 2.6
Beijing / Tianjin 2.0
Poland 1.8
United Kingdom 1.7
The Netherlands 1.3
Spain 1.1
Chongqing 0.8
Guangzhou 0.8
Belgium 0.7
Kunshan 0.6
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33

DIRECT PORTFOLIO DETAIL

+ 24 properties with a total value of $1.8¹ billion located primarily in the Sydney market

• Represents a significant part of the urban renewal portfolio

+Leasing transactions remain strong across the portfolio

• 288,855 sqm ($30 million net annual rental) of existing space leased

+ 93% occupancy and a weighted average lease expiry of 4.7 years

+ Average portfolio valuation cap rate of 5.2%¹

KEY METRICS¹

	FY20
Total assets	$1.8 billion
Customers	304
Number of properties	24
Occupancy	93%
Weighted average cap rate	5.2%¹

1 Stabilisedproperties

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WALE of 4.7 years (by netincome) %
26.7
21.2
14.9
12.8
9.9
7.4 7.1
Vacant <1 1–2 2–3 3–4 4–5 >5
Years
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Top 10 customers make up 26.6% of portfolio income

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%
Amazon 6.1
IVE Group 4.0
Dell 2.5
Hanson Construction Materials 2.2
UPS 2.1
Specsavers 2.1
Booktopia 1.9
Bremick 1.9
China Railway 1.9
Vicinity 1.8
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34

Appendix 3 DEVELOPMENT

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35

DEVELOPMENTS

FY20 DEVELOPMENTS

	Completions	Commencements	Work in progress
Value ($bn)	2.4	4.5	6.5
Area (m sqm)	1.4	1.6	2.1
Yield (%)	6.8	6.8	6.5
Committed (%)	85	79	76
Weighted average lease term (years)	9.3	14.1	15.1
Development for third parties or Partnerships (%)	80	73	79
Australia / New Zealand (%)	29	38	26
Asia (%)	14	44	51
Americas (%)	17	6	11
UK / Continental Europe (%)	40	12	12

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Artists impression – Coles Distribution Centre, Oakdale West, Sydney
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36

Appendix 4 MANAGEMENT

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37

GLOBAL PLATFORM

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$18.6bn
AUM
$9.2bn + + 64
AUM ++++ + [+] + [+] Properties
+ [++]
138 + +
Properties
+ + + +
+ [+]
+
+
$4.6bn
AUM
++
22
Properties
$19.2bn
AUM
168
Properties
+ OUR GLOBAL NETWORK
+
$51.6bn
+
Assets under management (AUM) +
392
Properties
17
Current Goodman globalpresence.As at 30 June 2020 (Australian currency) Countries
+ DENOTES GOODMAN OFFICE
ASIA
AUSTRALIA
THE AMERICAS
CONTINENTAL EUROPE/UK
NEW ZEALAND
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+
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38

MANAGEMENT – AUM

+ The majority of Goodman’s assets reside in its Partnerships

• The Group manages 15 Partnerships with 49 investor representatives on the Boards andInvestment Committees independent of Goodman

• Goodman maintains a 26% average equity cornerstone position in the Partnerships to ensure alignment and exposure to a high quality globally diversified portfolio

• The average drawn and committed equity per partner is $649 million

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2.9 0.2 48.0
2.0 (1.3) 1.3
42.9
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----- Start of picture text -----

Australia/
NewZealand
UK/
36%
Continental
Europe 24%
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----- Start of picture text -----

$B
2.5 2.5
2.3
1.9
1.5
0.3
FY15 FY16 FY17 FY18 FY19 FY20
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39

Appendix 4 CAPITAL MANAGEMENT

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40

CURRENCY MIX

Currency mix – outstanding debt

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AUD USD
1% 65%
JPY
6%
EUR
28%
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Currency mix – including the impact of capital hedging FX swaps

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----- Start of picture text -----

AUD USD
1% 39%
NZD
6%
JPY
7%
GBP
8%
HKD
15%
EUR
24%
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41

FINANCIAL RISK MANAGEMENT

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The Group has implemented a robust capital management framework

+ The Group has implemented a robustcapital management framework, under its Financial Risk Management (FRM) policy. This provides:

+ Interest risk management:

• Policy to ensure between 60% and 100% of current year interest rates are fixed

• 73% hedged over next 12months

• Stronger balance sheet which has been reflected in our credit ratings from S&P and Moody’s BBB+ / Baa1 respectively

• Weighted average hedge maturity of 6.7years

• Weighted average hedge rate of2.54%[1,2]

• Covenants that are appropriate for our operations

+ Foreign currency risk management:

• Policy to hedge between 65% and 90% of foreign currency denominated net assets

• Diversified sources of funding

• Long-term debt sources to stabilise the funding base

• 69% hedged as at 30 June 2020, of which 52% is debt and liabilities and 48% is derivatives

+ The Group has been activelyreducing financial leverage in the business:

• Weighted average maturity ofderivatives 4.2 years.

• Group target gearing range 0%–25%

• Gearing level will be determined with reference to mix of earnings and ratios consistent with credit rating but expected to remainlow

1 Includesthe strike rate on interestrate cap hedges 2 Includesthe 8 year Reg S €500 million at 1.375% fixed rate

42

FINANCIAL RISK MANAGEMENT(CONT)

+ Interest rates are hedged to 73% over next 12 months

• Weighted average hedge rate of2.54%[1]

• NZD – hedge rate 2.21%

• JPY – hedge rate 2.01%

• HKD – hedge rate 1.62%

• GBP – hedge rate 1.70%

• Euro – hedge rate 0.73%[2]

• USD – hedge rate 4.64%

• + Weighted average hedge maturityof 6.7 years

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----- Start of picture text -----

Interest rate hedge profile
$M %
4,500 5
4,000
3,500 4
3,000
3
2,500
2,000 2
1,500
1
1,000
500
0 0
2021 2022 2023 2024 2025 2026 2027 2028 2029 2030
Year
Amount hedged Weighted average fixed
rate
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1 Includesthe strike rate on interestrate cap hedges 2 Incudes the 8 year Reg S €500 million at 1.375% fixed rate

43

FINANCIAL RISK MANAGEMENT(CONT)

FOREIGN CURRENCY DENOMINATED BALANCE SHEET HEDGING MATURITY PROFILE

	Weighted average	Weighted average	Amount	Amount
	maturity	exchangerate	receivable1	payable1
NZ$	2.9years	1.0864	A$368.3m	NZ$400.0m
HK$	4.2years	5.7260	A$908.6m	HK$5,190.0m
US$	3.7years	0.7141	A$634.6m	US$450.0m
¥	5.0years	75.4695	A$278.3m	¥21,000.0bn
€	5.3years	0.6165	A$803.0m	€495.0m
£	4.0years	0.5660	A$496.6m	£280.0m
CNY²	3.7years	7.6477	US$500.0m	CNY3,823.9m

• 1 Floating rates apply for the payable and receivable legs for the cross currency swaps

• 2 Forward exchange contract, net settled in USD

44

EXCHANGE RATES

STATEMENT OF FINANCIAL POSITION – EXCHANGE RATES AS AT 30 JUNE 2020

+AUDGBP – 0.5566	(30 June 2019:0.5523)
+AUDEUR – 0.6128	(30 June 2019:0.6173)
+AUDHKD – 5.3402	(30 June 2019:5.4761)
+AUDBRL – 3.7602	(30 June 2019:2.6880)
+AUDNZD – 1.0694	(30 June 2019:1.0449)
+AUDUSD – 0.6890	(30 June 2019:0.7011)
+AUDJPY – 74.291	(30 June 2019:75.634)
+AUDCNY – 4.8688	(30 June 2019:4.8141)

STATEMENT OF FINANCIAL PERFORMANCE – AVERAGE EXCHANGE RATES FOR THE 12 MONTHS TO 30 JUNE 2020

+AUDGBP – 0.5329	(30 June 2019:0.5527)
+AUDEUR – 0.6071	(30 June 2019:0.6269)
+AUDHKD – 5.2340	(30 June 2019:5.6069)
+AUDBRL – 2.9963	(30 June 2019:2.7616)
+AUDNZD – 1.0544	(30 June 2019:1.0665)
+AUDUSD – 0.6714	(30 June 2019:0.7152)
+AUDJPY – 72.6051	(30 June 2019:79.4634)
+AUDCNY – 4.7200	(30 June 2019:4.8819)

45

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THANK YOU

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46