GOODMAN GROUP — Annual Report 2022

Aug 15, 2022

GOODMANGROUPFY22RESULTS

Operatingprofit$1.5 billion,statutoryprofit$3.4billion and 24%EPSgrowth

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Artist’s impression, multi storey development, South Sydney, Australia
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16August2022
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IMPORTANTNOTICE 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 general background information about the Group’s activities current at the date of the presentation. 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 full year ended 30 June 2022 and Goodman Group’s other announcements 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.

• Operating profit comprises profit attributable to Securityholders adjusted for net property valuations gains, non-property impairment losses, net gains/losses from the fair value 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 7 of the Directors' Report as announced on ASX and available from the Investor Centre at www.goodman.com.

• 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.

• 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 as well as expectations, objectives and assumptions in our climate change and sustainability related statements are also forward- looking 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 looking- statements in this document will actually occur.

• 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” (as defined 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.

CONTENTS

Section 01 Section02 Section03 Section 04 Highlights Resultsoverview Operational Outlook performance Appendices 1. Results analysis 2. Property investment

1. Development

2. Management

3. Capital management

3 GOODMAN GROUP

1H FY22 RESULTS

Goodman Business Park, Stage 5, Greater Tokyo, Japan

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01 HIGHLIGHTS

4 GOODMAN GROUP

1HFY22 RESULTS

HIGHLIGHTS

Goodman is responding to strong demand for industrial space across our portfolio, delivering opportunities for our customers and investors.

$1.5bn $3.4bn OPERATING PROFIT STATUTORY PROFIT

• • The Group has delivered a strong FY22 result. The continued execution of our development workbook and accelerating rental growth in our markets has seen significant valuation uplift and the outperformance of our Partnerships
• • Key financial metrics for the period include :

• Operating profit¹ of $1,528 million, up 25% on FY21 driven by strong development activity

• Statutory profit of $3,414 million

• Significant revaluation gains of $8.5 billion across the Group and Partnerships

• Group NTAup 25% to $8.37, primarily driven by the Group's share of revaluations

• Operating earnings per security (EPS)² of 81.3 cents, up 24% on FY21

• Gearing at 8.5%³ (6.8% at FY21) and 19.6% on a look-through basis.

• • Our customers need for more productivity and sustainability from their supply chains is driving current and future requirements in our markets

• Development work in progress (WIP) has increased to $13.6 billion

• Average annual production rate maintained at ~$7 billion

• Larger, higher value projects have seen average production time in WIP increase to 23 months (19 months in FY21)

• WIP is 62% pre-committed with an average 14.2 year WALE

• WIP yield on cost of 6.6%; commencements YOC strong at 6.3%

• • Growth in AUM supported by strong revaluation gains, development completions and acquisitions

• External AUM up 27% to $68.7 billion, with total AUM up 26% to $73.0 billion on FY21

• The Partnerships reported an average total return of 21.4% with strong credit metrics maintained

• Partnership acquisitions of $4.2 billion completed in the year.

  • • Low supply in our markets continues to support strong underlying property fundamentals

  • Like-for-like net property income (NPI) growth of 3.9%[4] . While this is strong, it reflects a large proportion of fixed reviews at a lower growth rate

  • Continued high occupancy at 99%[4 ]

  • Market rental growth has accelerated. As a result, rent reversion to market across our portfolio has continued to expand

    • North America over 40%,

    • Australia and New Zealand approximately 20%

    • Continental Europe and the UK 18%

    • Asia approximately 4%

  • Higher increases from CPI linked reviews and market reversion should positively impact future growth in the near term (all else being equal) .

• Operatingprofit comprises profit attributable to Securityholders adjusted for property valuations, derivativeand foreign currency mark tomarket and other non-cash or non-recurring items

• OperatingEPSis calculated using operating profit and weighted averagediluted securities of 1,879.0 million which includes 15.3 million LTIPsecurities which haveachievedthe required performance hurdles andwill vest in September 2022 andSeptember 2023

• 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 $133.3 million (30 June 2021: $134.1 million). Total interest bearing liabilities aregrossed up for the fair values of certain derivativefinancial instruments included in other financial liabilities of $79.6million (30June 2021: $62.3 million).

• Partnership industrial and warehouse assets (excludes office properties which have been earmarked for redevelopment) and represents 97% of Partnership assets

5 GOODMANGROUP

1H FY22 RESULTSFY22 RESULTS

HIGHLIGHTS

+ Significant progress on ESG targets and outcomes:

• Goodman’s global operations are maintaining certification under the Climate Active program for being a Carbon Neutral Organisation¹

• Development of science based emissions reduction targets and validated by the Science Based Target Initiative (SBTi) as being “ambitious” and aligned with a 1.5°C pathway

• Approximately 203MW of solar PV installed and committed on Goodman’s rooftops globally, reaching the half way point to our 2025 400MW target

• Continued transition to renewable energy across Goodman’s operations, including 100% GreenPower for our Australian operations electricity usage

• Development of a Sustainability Linked Bond Framework, providing the criteria for the US$500 million of SustainabilityLinked Bond completed this year

• • Significant capital management initiatives were executed during the year

• Group and Partnerships completed debt refinancing transactions totalling $8.5 billion

• Low gearing maintained at 8.5%[2]

• ICR 36.7x (look through 15.3x)

• • Available liquidity of over $2.8 billion for the Group in addition to equity commitments3, cash and undrawn debt of $18.1 billion in Partnerships to fund appropriate opportunities

• Market conditions remain volatile in light of the rising inflation and interest rate environment and the prospects for an economic slowdown across the globe. The Group is positioned to continue to grow earnings capitalising on structural factors and managing these risks

• • The Group sets financial performance targets annually and reviews them regularly. The challenges and volatility in the market today are expected to continue over at least the short term. However the Group has a strategic real estate portfolio, significant expertise, financial resources and culture to adapt
• • Overall, the Group expects to achieve FY23 operating EPS of 90.3 cents (up 11% on FY22)

• Forecast distribution for FY23 remains at 30.0 cents per security given the growth in development activity which is in keeping with the Group’s opportunity and financial risk management policy

• • Forecasts are subject to there being no material adverse change in market conditions or the occurrence of other unforeseen events.

$73.0bn TOTAL AUM

$8.5bn REVALUATION GAINS

• The Group and Partnerships have low leverage and appropriate interest rate hedging and / or fixed rate debt in place. On a look through basis, 78% is fixed or hedged for one year and on average 72% over three years with average hedge duration of 4.8 years.

• Recertification scheduled for October 2022

• 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 $133.3 million (30 June 2021: $134.1 million). Total interest bearing liabilities aregrossed up for the fair values of certain derivativefinancial instruments included in other financial liabilities of $79.6million (30June 2021: $62.3 million).

• Partnership investments aresubject to Investment Committee approval

6 GOODMAN GROUP

FY22 RESULTS

CARBON NEUTRAL

GROUP AND PARTNERSHIPHIGHLIGHTS

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98.7%
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OCCUPANCY

Highoccupancy maintained at 98.7%¹ and WALE of 5.2 years¹

$13.6bn

WORK IN PROGRESS

in 12 countries across 85 projects with a forecast yield on cost of 6.6%

$8.5bn

VALUATION GROWTH

Across the Group and Partnerships. Global WACR tightened 30bps to 4.0%

NEUTRAL

Goodman’s global operations are maintaining certification under the Climate Active program for being a Carbon Neutral Organisation

3.9%

NPIGROWTH

Like for like NPI growth of 3.9% ¹

85%

IN PARTNERSHIPS

85% of current WIP is being undertaken within Partnerships or for third parties

$73.0bn

TOTAL AUM

with external AUM increasing to $68.7 billion, up 27% on FY21

203MW

SOLAR

Global solar installations or commitments in place, marking the half-way point to our 400MW FY25 target

4.5m

SQUARE METRES LEASED

Across the global portfolio equating to $552 million of annual rental property income ¹

$7.9bn

DEVELOPMENT COMMENCEMENTS with59% pre-committed

$18.1bn

AVAILABLE LIQUIDITY

across the Partnership platform, comprising equity commitments, cash and undrawn debt

AA

RATING

Achieved a MSCI ESG rating of ‘AA’, and a score of 9.5 and ESG risk rating of ‘Negligible’ from Sustainalytics

8.5%

GROUP GEARING With look through gearing of 19.6%

$6.0bn

DEVELOPMENTS COMPLETIONS with99%committed

17.5%

AVERAGE PARTNERSHIP GEARING

$11.6m

GOODMAN FOUNDATION

Contributed $10.6 million, plus $1m from staff and in kind to community and philanthropic causes

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1HFY22 RESULTS

1. Partnership industrial and warehouse assets (excludes office properties which have been earmarked for redevelopment) and represents 97% of Partnership assetsGOODMAN GROUP

Port Melbourne Industrial Estate, Melbourne, Australia

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02 RESULTS OVERVIEW

8 GOODMANGROUP

1HFY22 RESULTS

RESULTS OVERVIEW

• • Statutory accounting profit of $3,414.0 million

• Includes significant property valuation gains, derivative and foreign currency mark-to-market movements and other non-cash, non-recurring items

• • Cash backed operating profit¹ of $1,528.0 million up 25.3% on FY21
• • Operating EPS¹ of 81.3 cents per security, up 24% on FY21
• • DPS of 30.0 cents per security
• • Net tangible assets increased to $8.37 per security.

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	FY21	FY22
Operating profit ($M) Statutory accounting profit ($M) Operating EPS (cents)¹	1,219.4 2,311.9 65.6	1,528.0 3,414.0 81.3
Distributionper security (cents)	30.0	30.0
	AS AT	AS AT
NTAper security ($)	30JUNE 2021 6.68	30 JUNE 2022 8.37
Gearing (balance sheet) (%)²	6.8	8.5
Available liquidity ($B)	1.9	2.8
WACR(look through) (%)	4.3	4.0

1. Operating profit and operating EPScomprises profit attributable toSecurityholders 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 1,879.0 million which includes 15.3 million LTIPsecurities which haveachievedthe required performance hurdles and will vestin September 2022andSeptember 2023.

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 $133.3 million (30 June 2021: $134.1 million). Total interest bearing liabilities aregrossed up for the fair values of certain derivativefinancial instruments included in other financial liabilities of $79.6million (30 June 2021: $62.3 million).

9 GOODMAN GROUP

FY22 RESULTS

PROFITAND LOSS

• • Full year statutory accounting profit of $3,414.0 million includes property valuations, derivative mark-to-markets, share based payments and other non-cash or nonrecurring items

• Revaluation gains for FY22 across the Group and Partnerships were $8.5 billion, driven by rent growth, cap rate compression and development completions. The Group’s share was $2.3 billion (of which $0.65 billion was related to developments)

• As at June 30, 2022, the Group had properties with conditional contracts for sale with cumulative revaluation gains of $430 million. These gains will be reflected in the operating profit when the transactions are completed but will have no impact on Statutory Profit

• • Full year operating profit of $1,528.0 million

• Property investment up due to higher stabilised AUM from acquisitions and development completions across the Partnerships and growth in rents

• Management earnings of $588.4 million due to increase in AUM,driving base fees and performance fees. Average Partnership total returns of 21.4% for the year

• Development earnings of $960.7 million. Growth driven by increased volume, with strong margins across the workbook maintained

• Operating expenses increase reflective of business growth and market conditions, still well contained relative to revenue growth

• Slight increase in net borrowing costs due to the higher new debt

• Increase in tax expense due to increased profitability, geographic location and composition of earnings.

Incomestatement

Incomestatement
	FY21	FY22
	$M	$M
Property investment	411.5	494.6
Management1	459.1	588.4
Development1 Operatingexpenses	717.9 (294.0)	960.7 (349.3)
OperatingEBIT2	1,294.5	1,694.4
Net borrowing costs	(16.4)	(39.3)
Tax expense Operating profit	(58.7) 1,219.4	(127.1) 1,528.0
Weighted average securities (million)3	1,859.7	1,879.0
OperatingEPS (cps)	65.6	81.3
Non operatingitems4 Property valuation related movements	1,308.5	2,326.3
Fair value adjustments and unrealised foreign
currency exchange movements related to capital management	55.0	(191.4)
Other non-cash adjustments or non-recurringitems	(271.0)	(248.9)
Statutory profit	2,311.9	3,414.0

1. Fee revenues fromsingle contractual arrangements involvinga combination of inextricable Investment Management and Development Management services andrecognised over the lifeof the underlying developments projects areclassified as development income for statutory reportingpurposes. Duringtheyear $77.0 million(FY21: $75.2 million) was recognised.

2. Look through Operating EBITis $1,820.4 million and reflects $126.0 million adjustment toGMG proportionate shareof Partnership’s interest and tax (FY21: $1,407.5 million)

3. Includes 15.3 million securities which haveachieved the required performance hurdles and will vest in September 2022 and September 2023 (FY21:15.5 million)

4. Refer slide 24.

10 GOODMAN GROUP

FY22 RESULTS

BALANCESHEET

• • Group balance sheet remains well positioned

• Gearing 8.5%[4] (6.8% in FY21) and 19.6%[5] on a look-through basis.

• • Stabilised investment properties grew mainly through revaluations and completed development inventory
• • Growth in Group share of Partnership investments through strong valuation uplift and $1.2 billion of net investment
• • Development holdings increased in line with the growth in the development activity for both the Group and its share within the Partnerships
• • Increase in interest bearing liabilities due to the issue of the USD$500 million Sustainability Linked Bond
• • Revaluations reflected in Partnerships as a result of development activities totalled $1.7 billion (Goodman share $0.65 billion)

• NTAincreased 25% to $8.37per security since June 2021.

$8.5bn

FY22 REVALUATION GAINS

Balancesheet

	Balancesheet
		AS AT	AS AT
		30JUNE 2021	30 JUNE 2022
		$M	$M
	Stabilised investment properties	2,022	2,387
	Partnership investments1	8,669	11,904
	Development holdings² Intangibles Cash	3,645 823 920	4,455 795 1,056
	Otherassets	788	835
	Total assets	16,867	21,432
	Interest bearing liabilities	(2,060)	(2,832)
	Otherliabilities	(1,645)	(2,176)
	Total liabilities	(3,706)	(5,008)
	Netassets Net asset value($)³	13,161 7.12	16,424 8.79
	Net tangible assets ($)³	6.68	8.37
	Balance sheetgearing (%)4	6.8	8.5

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

25%

INCREASEIN NTA

1. Includes inventories, investment properties under development and the Group’s proportionate interest in development assets within the Partnerships

3. Based on 1,868.2 millionsecurities on issue (FY21: 1,847.4 securities on issue)

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 $133.3 million (30 June 2021: $134.1 million). Total interest bearing liabilities aregrossed up for the fair values of certain derivativefinancial instruments included in other financial liabilities of $79.6million (30June 2021: $62.3 million).

2. Look through gearingincludes the proportionate consolidation of gross assets and liabilities of the Partnerships.

11 GOODMAN GROUP

FY22 RESULTS

GROUP LIQUIDITY POSITION

• • Cash and available lines of credit (excluding Partnership debt and equity) of $2.8 billion as at 30 June 2022

• $1.1 billion in cash, $1.7 billion of available lines

• Weighted average debt maturity profile of 6.2 years

• • Gearing at 8.5%¹ (19.6%² look-through). Consistent with previous guidance, the Group has an ongoing desire to remain in the lower half of the 0-25% Financial Risk Management policy range in the near-term given the quantity of development being undertaken

• Provides substantial headroom to financial covenants, Interest Cover Ratio (ICR) 36.7x(look-through 15.3x)

• The Group is undertaking more development activity over the next few years. Profitability remains attractive from these activities and as a result, more capital is being allocated to development and Partnership investments on a consistent basis. Forecast distribution for FY23 remains at 30.0 cents per security given this opportunity to deploy retained earnings and is in keeping with the Group’s financial risk management policy

• • Stable and sustainable investment grade credit ratings

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

• • The Group and Partnerships have low leverage and appropriate interest rate hedging and / or fixed rate debt in place. On a look through basis, 78% is fixed or hedged for one year and on average 72% over three years with average hedge duration of 4.8 years.

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$2.8bn 8.5%[¹] LIQUIDITY GEARING

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 $133.3 million (30 June 2021: $134.1 million). Total interest bearing liabilities aregrossed up for the fair values of certain derivativefinancial instruments included in other financial liabilities of $79.6million (30June 2021: $62.3 million).

2. Based on $4.7billionnet debt on $24.2 billion net assets ofGroupand proportionate shareof 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 anddenominator, includingreversingtheimpacts ofthenewlease accountingstandard.

12 GOODMAN GROUP

FY22 RESULTS

Roma Road Development, Auckland, New Zealand

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03 OPERATIONAL PERFORMANCE

1HFY22 RESULTS

13 GOODMAN GROUP

ENVIRONMENTAL,SOCIAL AND GOVERNANCE

• During FY22, Goodman continued its concerted efforts to make ESG fundamental to our business and core operations

• Our 2030 Sustainability Strategy provides a blueprint and is a fundamental contributor to our strong performance and long-term strategy.

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PROPERTY

• • Goodman’s global operations are on track to remain carbon neutral for FY22 following certification as a Carbon Neutral Organisation by Climate Active last year
• • Development of a Science Based Target carbon emissions target for Goodman’s global operations, validated by the SBTi as being ambitious and aligned with the Paris Agreement’s 1.5°C pathway
• • We have increased our solar PV installations or commitments across the global portfolio by 78MW to reach 203MW in FY22
• • Procurement of 100% certified GreenPower electricity for Goodman’s Australian operations from July 2021, taking our global renewable electricity usage to approximately 65%
• • Measuring the embodied carbon of our new developments in order to reduce and offset as we transition to carbon neutral developments.

PEOPLE AND CULTURE

• • Launched a Return to Zero program for our contractors to increase operational monitoring of safety standards and achieved zero contractor fatalities in FY22
• • Reached a gender ratio of 44% female and 56% male with 30% senior female executives
• • Goodman Australia is moving through the ‘Reflect’ stage of its Reconciliation Action Plan (RAP), to provide tangible and substantive benefits to, and build relationships with First Nations peoples
• • Developed a new Sustainable Sourcing Framework that encompasses our Code of Conduct, business ethics and Modern Slavery policies, and launched a new modern slavery awareness program.

CORPORATE PERFORMANCE

• • Development of our Sustainability Linked Bond Framework and launch of the Group’s first US$500 million Sustainability Linked Bond into the US144A market
• • The Goodman Foundation contributed more than $10.6 million in cash, plus another $1 million in staff fundraising and in-kind contributions, during the year. This takes our total investment to $37.3 million, on track to reach our $50m 2030 target
• • Achieved a MSCI ESG rating of ‘AA’,the 2nd highest category. Also received an ESG score of ‘9.5’ from Sustainalytics and assessed to be at ‘Negligible’ risk of experiencing material financial impacts from ESG factors¹
• • Adopted Task Force on Climate-related Financial Disclosures (TCFD) guidelines in 2020 and updated in 2022.

1. Copyright ©2022 Sustainalytics. All rights reserved . This section contains information developed by Sustainalytics (www.sustainalytics.com). Such information and data are proprietary of Sustainalytics and/or its third party suppliers (Third Party Data) and are provided for informational purposes only. They do not constitute an endorsement of any product or project, nor an investment advice and are not warranted to be complete, timely, accurate or suitable for a particular purpose. Their use is subject to conditions available at https://www.sustainalytics.com/legal-disclaimers.

14 GOODMAN GROUP

FY22 RESULTS

PROPERTYINVESTMENT

• • Available space remains restricted in our markets. Consequently, underlying property fundamentals remain strong, supporting high occupancy, rent growth and cash flows

• Occupancy of 98.7%[2]

• WALE has increased to 5.2 years[2] due to longer lease terms on development completions

• Like-for-likenet property income growth of 3.9%[2]

• • Increase in property income driven by underlying growth in rents, development completions and increased Partnership investments

• $1.0 billion of equity invested into Partnerships in FY22

• Income return across Direct and Partnership investments at ~4.3%

• • Location of our global portfolio and consequently strong rental growth is reflected in the significant revaluation gains of $8.5 billion across the Group and Partnerships in FY22

• 30bps tightening in WACRto 4.0% over the period, mainly in 1H

• $1.7 billion resulting from revaluations on development within the Partnerships. Goodman’s Share of this was $0.65 billion.

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99%
OCCUPANCY
4.0%
WACR
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Property investments

	Property investments
		FY21	FY22
	Direct($M)	79.3	103.7
	Partnershipinvestments ($M)	322.2	390.9
	Propertyinvestment earnings	411.5	494.6

Key metrics

	Key metrics
		FY21	FY22
	WACR(%)1	4.3	4.0
	WALE(years) Occupancy(%)	4.51 98.11	5.22 98.72

1. Goodman and Partnership properties

2. Partnership industrial and warehouse assets (excludes office properties which have been earmarked for redevelopment) and represents 97%of Partnership assets

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15 GOODMAN GROUP

FY22 RESULTS

DEVELOPMENT

• • Strong demand is driven by customers seeking greater productivity and sustainable solutions to improve their supply chain

• Growth in WIP to $13.6 billion

• Increased scale and higher value projects have seen the average development period for projects in WIP increase to 23 months, up from 19 months in FY21

• Annual production rate is maintained at approximately $7 billion and is expected to remain broadly at these levels for FY23

• • Strong development metrics reflect the quality of our workbook focused on infill locations

• WIP 62% pre-committed and completed projects averaging 99% leased, reflecting the desirability of our sites and customer demand

• Continued investment partnering with 85% of developments undertaken in the Partnerships or for third parties

• Development yield on cost of 6.6%

• Margins remain strong given current weighted average cap rates and rental growth

• • Construction costs have continued to increase globally. However, rent growth has accelerated and is outpacing increases in construction costs across the portfolio. In addition, increased productivity and value add from our sites combined with development execution has maintained strong returns
• • Brownfields and regeneration of existing sites is providing more sustainable development opportunities and continues to contribute >50% of WIP. We expect this activity to continue to be a major source of development into the future
• • Our global business is concentrated in key urban locations and focused on delivering opportunities for planning, change of use, sustainability features, and the higher intensity of use. This allows our customers to achieve greater value and enhance productivity from the space, mitigating some of the high costs of occupation.

Developments

Developments
	FY21	FY22
Development earnings ($M)	717.9	960.7
Key metrics Work in progress ($B)	FY21 10.6	FY22 13.6
Work in progress (million sqm)	3.3	3.8
Number of developments Development for third parties or Partnerships (%)	73 81	85 85
Committed (%)	70	62
Yield on cost(%)	6.7	6.6

Work in progress (end value)

Work in progress (end value)
Opening (June2021)	$B 10.6
Completions Commencements	(6.0) 7.9
FXand other	1.1
Closing (June 2022)	13.6

16 GOODMAN GROUP

FY22 RESULTS

MANAGEMENT

+ External AUM of $68.7 billion, up 27% on FY21

• AUM increase supported by strong revaluation gains, development completions and acquisitions

• • Strong performance of the Partnerships and AUM growth increasing management earnings to $588.4 million, up 28% on FY21

• Partnerships delivered 21.4% average total returns for their respective financial years

• Management revenue represents approximately 1.1% of average stabilised AUM, including performance fees of $208 million

• • Development activity is expected to remain the most significant contributor to organic growth in AUM

• Rental growth to support further valuation upsideand offset any softening in cap rates

• Increased AUM to drive higher base management fees

• • The Partnerships retain significant financial flexibility with high levels of liquidity, low leverage and extensive hedging
• • $18.1 billion of equity commitments¹, cash and undrawn debt available across the Partnership platform

• $6.4 billion in undrawn debt facilities and cash

• $11.7¹ billion in undrawn equity.

$68.7bn

External AUM

$862m

AVERAGE PARTNER COMMITMENT

Management

				FY21	FY22
	Management	earnings	($M)	459.1	588.4

Key metrics

			FY21	FY22
	Number External	of Partnerships AUM ($B)	16 54.0	16 68.7

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1. Partnership investments are subject to Investment Committee approval

17 GOODMAN GROUP

FY22 RESULTS

MANAGEMENT PLATFORM

	GAIP	GHKLP	GNAP	GEP	GCLP	GAP	GMT3	GJCP	GUKP4
	AUSTRALIA	HONG KONG	USA	EUROPE	CHINA	AUSTRALIA	NEW ZEALAND	JAPAN	UK
Total assets ($B)	13.8	10.9	8.4	7.0	6.9	6.6	4.4	4.1	2.5
GMG co-investment(%)	28.6	20.3	55.0	19.8	20.0	19.9	24.9	14.4	35.3
GMG co-investment($B)	3.0	1.7	3.8	0.9	0.9	1.1	0.9	0.4	0.7
Number ofproperties	108	13	26	97	34	37	13	19	13
Occupancy1(%)	98	99	96	100	97	98	99	99	97
Weightedaveragelease expiry1(years)	4.7	4.0	8.9	5.3	3.3	4.6	6.3	4.1	7.4
WACR (%)	3.9	3.8	4.0	3.5	5.3	3.7	4.2	4.0	3.7
Gearing2(%)	14.0	18.0	13.0	16.5	11.7	17.3	21.3	30.7	20.3
Weightedaverage debt expiry (years)	4.2	3.5	6.5	5.4	3.4	3.4	4.6	4.9	3.4

1. WALEandoccupancy of stabilisedportfolio as at 30 June 2022

2. Gearingcalculated as total interest bearing liabilities over total assets, both net of cash

3. GMT:Results areas at 31 March 2022 as reported to the New Zealand Stock Exchange

4. ConsistsofGUKP1, GUKP2andGUKP3.

18 GOODMAN GROUP

1HFY22 RESULTS

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04 OUTLOOK

19 GOODMAN GROUP

1HFY22 RESULTS

OUTLOOK

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Bungarribee Industrial Estate, Sydney, Australia
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Global markets remain volatile, but our focus on key locations is providing resilience and supporting a positive outlook for the business.

• • Goodman is positioned well to continue to adapt to ongoing market volatility and geopolitical tensions. We remain patient and disciplined in capital allocation towards appropriate opportunities
• • Interest rates and inflation may impact consumers, however, they continue to seek faster and more flexible delivery

• This requires ongoing intensification of warehousing in urban locations, and an increase in automation and technology to optimise delivery and improve productivity

• • The Partnerships are positioned well following strong returns and investor support in FY22. We believe we can continue to sustainably grow AUM over the medium term given:

• Positive outlook for rental growth and reversions across our portfolio

• Ongoing high occupancy

• The value added to our properties through intensification of use and

• Continued investor appetite for logistics real estate.

• • The resulting significant level of customer demand and high utilisation rates, combined with barriers to entry and supply restrictions in our markets, has created a shortage of available space

• This is underpinning occupancy and accelerating rental growth. The level of under renting across the portfolio combined with expectations of continued market rental growth and inflation will support cash flow growth in future years.

20 GOODMAN GROUP

FY22 RESULTS

OUTLOOK

• • We remain focused on our development led growth strategy, which is providing well located assets for the Group and our partners

• Demand exceeds supply in our markets and should continue to support production rate and WIP

• Opportunities for the regeneration of existing assets support our future development workbook by providing value add opportunities, including multi-storey logistics and data centres, while reducing our environmental impact

• Our production rate, depth of customer demand and strong margins are supporting a robust outlook for development earnings into FY23

• • In addition to our continued commitments to renewable energy and carbon neutrality the Group has committed to Scope 1 and 2 GHG emissions reductions by 2030 in line with 1.5°C Paris Agreement pathway and validated by SBTi. We are focused on measuring, reducing and offsetting embodied carbon emissions from our global development workbook and have commenced the process to reduce and offset this over time.
• • The Group continues to maintain a strong balance sheet, which combined with retained income, provides significant liquidity, stability and financial resources to manage risk and opportunity
• • We have made a strong start to FY23 with a significant development workbook underway, continued underlying structural demand from customers and a robust capital position across the Group and Partnerships. We believe the Group is positioned to continue to deliver growth despite the risks associated with current market volatility and expect FY23 operating EPS growth to be 11%

• Forecast distribution for FY23 remains at 30.0 cents per security given the attractive opportunity to deploy retained earnings into investments and development inventory and is in keeping with the Group’s financial risk management policy

• The Group sets targets annually and reviews forecasts regularly

• Forecasts are subject to there being no material adverse change in the market conditions or the occurrence of other unforeseen events.

30.0¢ FY23DPS

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11% FORECAST FY23 OPERATING EPS GROWTH

21 GOODMAN GROUP

FY22 RESULTS

Goodman Huiyang Industral Park, Huiyang, China

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01 APPENDIX RESULTS ANALYSIS

1HFY22 RESULTS

22 GOODMAN GROUP

PROFITAND LOSS

PROFITAND LOSS
		Property					Non-operating
	Total	investment	Management	Development	Operating	expenses	items
Category	$M	$M	$M	$M		$M	$M
Gross property income	138.0	137.4	–	–		–	0.6
Managementincome	511.4	–	511.4	–		–	–
Development income1	1,441.6	–	77.0	1,364.6		–	–
Distributions from investments	0.8	0.8	–	–		–	–
Net gain from fair value adjustments on investment properties	260.1	–	–	–		–	260.1
Net gain on disposal of investment properties	73.6	–	–	73.6		–	–
Net gain on disposal of assets held for sale	12.5	–	–	12.5		–	–
Share of net results of equity accounted investments	2,718.2	390.1	–	58.5		–	2,269.6²
Netgain on disposal of equityaccounted investments	0.2	–	–	0.2		–	–
Total income1	5,156.4	528.3	588.4	1,509.4		–	2,530.3
Property and development expenses	(588.6)	(33.7)	–	(554.9)		–	–
Employee, administrative and other expenses	(606.9)	–	–	–		(349.3)	(257.6)
EBIT / Segment operatingearnings	3,960.9	494.6³	588.4³	954.5³		(349.3)	2,272.7
Net gain from fair value adjustments on investment properties	(260.1)	–	–	–		–	(260.1)
Share of net gain from fair value adjustments on investment properties, unrealised derivative gains and non-recurring items within associates and JVs	(2,269.6)	–	–	–		–	(2,269.6)
Straight lining of rental income	(0.6)	–	–	–		–	(0.6)
Share basedpayments expense	257.6	–	–	–		–	257.6
OperatingEBIT4 / Segment operatingearnings	1,688.2	494.6	588.4	954.5		(349.3)	–
Net finance expense (statutory)	(222.8)	–	–	6.2		(229.0)	–
Add: fair value adjustments on derivative financial instruments	189.7	–	–	–		189.7	–
Net finance expense (operating)	(33.1)	–	–	6.2		(39.3)	–
Income tax expense (statutory)	(324.1)	–	–	–		(324.1)	–
Add: deferred tax on fair value adjustments on investment properties	206.7	–	–	–		206.7	–
Add: deferred tax on other non-operating items	(9.7)	–	–	–		(9.7)	–
Income tax expense (operating)	(127.1)	–	–			(127.1)	–
Operating profit available for distribution	1,528.0	494.6	588.4	960.7		(515.7)	–
Net cashprovided byoperatingactivities5	841.0
1. Feerevenues fromsingle contractual arrangements involvinga combination of inextricable Investment Management and Development Management	4. Look through Operating	EBITis $1,820.4 million and reflects $126.0 million adjustment toGMG proportionate shareof Partnerships					interest and tax (FY21:
services andrecognised over the lifeof the underlying developments projects areclassified as development income for statutory reportingpurposes.	$1,407.5 million)
Duringtheperiod$77.0 million(FY21: $75.2 million) of suchincomewas recognised.	5. Difference between operating profit and cash provided byoperating activities of $(687.0)million relates to:
2. Includes shareof associate and joint ventureproperty valuation gains of $2,272.9 million, shareof fair valueadjustments of derivativefinancial instruments in Partnerships of $(1.7) millionandother non-cash, non-recurringitems within associates of $(1.6)million	–$(553.9) million development activities includingcapitalisedand prepaid interest
3. Segment operatingearnings is total income less property anddevelopment expenses (excludes employee, administrative and other expenses)	–$(86.1) million of development cashflows recognised in investment activities
	–$(35.0)millioncash share of equityaccountedincome
23 GOODMAN GROUP	–$(12.0)millionofother workingcapital movements.						FY22 RESULTS

RECONCILIATIONNON-OPERATING ITEMS

		Year ended30
	Total	June 2022
Non-operating items in statutory income statement	$M	$M
Property valuation related movements
Net gain from fair value adjustments attributable to investment properties	260.1
Share of net gain from fair value adjustments attributable to investment properties in associates and joint ventures after tax	2,272.9
Deferred tax on fair value adjustments on investment properties	(206.7)
Subtotal		2,326.3
Fair value adjustments and unrealised foreign currency exchange movements related to capital management
Fair value adjustments on derivative financial instruments – GMG	(189.7)
Share of fair value adjustments on derivative financial instruments in associates and joint ventures	(1.7)
Subtotal		(191.4)
Other non-cash adjustments or non-recurring items
Share based payments expense	(257.6)
Straight lining of rental income and tax deferred adjustments	8.7
Subtotal		(248.9)
TOTAL		1,886.0

24 GOODMAN GROUP

FY22 RESULTS

FINANCIALPOSITION

		Property
	Direct Assets	investment	Development	Other	Total
As at 30 June2022	$M	$M	$M	$M	$M
Cash	–	–	–	1,056.0	1,056.0
Receivables	–	–	211.1	257.1	468.8
Inventories	502.4	–	1,613.7	–	2,116.1
Investment properties	1,286.6	–	137.1	–	1,423.7
Investments accounted for using equity method	–	11,900.8	2,478.8	–	14,379.6
Intangibles	–	–	–	795.4	795.4
Otherassets	598.1	3.1	13.9	577.7	1,192.8
Total assets	2,387.1	11,903.9	4,455.2	2,686.2	21,432.4
Interest bearing liabilities				(2,832.2)	(2,832.2)
Otherliabilities				(2,175.4)	(2,175.4)
Total liabilities				(5,007.6)	(5,007.6)
Netassets/(liabilities)				(2,321.4)	16,424.8
Gearing1%					8.5
NTA(per security)2 $					8.37
Australia / New Zealand	1,547.9	5,194.6	1,186.8	176.9	8,106.2
Asia	506.3	2,560.5	738.1	357.1	4,162.0
CE	274.4	986.3	901.3	617.7	2,779.7
UK	–	320.7	604.9	99.3	1,024.9
Americas	58.5	2,841.8	1,024.1	106.4	4,030.8
Other	–	–	–	1,328.8	1,328.8
Total assets	2,387.1	11,903.9	4,455.2	2,686.2	21,432.4
25 GOODMAN GROUP

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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 $133.3 million (30 June 2021: $134.1 million). Total interest bearing liabilities are grossed up for the fair values of certain derivativefinancial instruments included in other financial liabilities of $79.6million (30June 2021: $62.3 million).

2. Calculatedbasedon1,868.2millionsecurities on issue.

FY22 RESULTS

%

BUSINESS PERFORMANCE ANALYSIS

+ Operating margins have steadily increased

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

• Income growth has exceeded expense growth in the active business

• Management and development contribute a combined 71% of EBIT in FY22 (68% in FY21).

+ ROA has increased

• 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	FY18	FY19	FY20	FY21	FY22
Management and development income ($M)	807	979	1,087	1,177	1,549
Operating expenses ($M)	(249)	(268)	(292)	(294)	(349)
EBIT ($M)	558	711	795	883	1,200
Management and development margin (%)	69	73	73	75	77

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TOTALRETURNOPERATINGASSETS [1]
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20.7
OPERATING EBIT
71% DEVELOPMENT ANDMANAGEMENT
12.0
8.3
29% INVESTMENT
5.7
6.6
13.9
10.9 11.4
10.1
9.2
FY18 FY19 FY20 FY21 FY22
INCOME FAIRVALUEADJUSTMENTSONPROPERTIES
1. Operating assets = Total Assets – Intangibles – Historical Property Valuations and Impairments.
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1. Operating assets = Total Assets – Intangibles – Historical Property Valuations and Impairments.

26 GOODMAN GROUP

FY22 RESULTS

NET TANGIBLEASSETMOVEMENT

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27 GOODMAN GROUP

FY22 RESULTS

PROPERTY VALUATIONS

Bedford Corporate Park, Bedford, United Kingdom

• • Revaluation gains across the global portfolio for the full year totalled $8.5 billion, with the Group’s share $2.6¹ billion.
• • Whilst cap rates have generally stabilised post 1H22, the favourable occupational market and uplift driven through development completions has supported the valuation growth over 2H22
• • Market rental growth, cap rate compression, development completions within the Partnerships and FX have been the key drivers of valuation increase
• • The global portfolio cap rate has remained stable at 4.0% over 2H22 and compressed by 0.3% over the financial year

30 June 2022 property valuations (look through)

		Valuation		WACR
	Book value (GMG	movement		movement since
	exposure)	since June	WACR	June 2021
As at 30 June 2022	$M	2021	%	%
		$M
Australia / New Zealand	9,163.2	1,260.3	3.9	-0.5
Asia	4,722.4	133.8	4.3	-0.1
UK / Continental Europe	3,836.4	365.8	3.5	-0.4
Americas	4,627.1	830.9	4.1	0.1
Total / Average	22,349.2	2,590.9	4.0	-0.3

1. Excludes deferred taxes and other transfers of $264.6 million. Net revaluation for Goodman share of $2,326.3 million.

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28 GOODMAN GROUP

FY22 RESULTS

Venlo III Logistics Centre, Venlo, The Netherlands

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02 APPENDIX PROPERTY INVESTMENT

29 GOODMAN GROUP

1HFY22 RESULTS

LEASING

4.5m SPACE LEASED

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99% OCCUPANCY

Across the Partnerships:

• • 4.5 million sqm leased over the 12 months, equating to $551.9 million of annual property income¹
• • High occupancy at 99%¹.

				Average lease	Average lease
	Leasing area		Netannualrent		term
Region		SQM	$M		YEARS
Australia / New Zealand		1,552	193.2		4.6
Asia		1,755	269.1		3.2
UK / Continental Europe		1,164	89.6		4.6
TOTAL		4,471	551.9		3.9

1. Partnership industrial and warehouse assets (excludes office properties which have been earmarked for redevelopment) and represents 97% of Partnership assets

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Airgate Business Park, Sydney, Australia

30 GOODMAN GROUP

FY22 RESULTS

CUSTOMERS

Helmond Logistics Centre, Helmond, The Netherlands

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DIRECT PORTFOLIO DETAIL

Crossways Corporate Park, Greater London, United Kingdom

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• • Long term strategic portfolio with potential for higher and better use, re-zoning and redevelopment
• • 31 properties with a total value of $2.4¹ billion located primarily in the Sydney market

• Represents a significant part of the urban renewal portfolio

• • Leasing transactions remain strong across the portfolio

• 140,768 sqm ($21.0 million net annual rental) of existing space leased

• • 94.8% occupancy and a weighted average lease expiry of 6.8 years
• • Average portfolio valuation cap rate of 4.4%¹.

Keymetrics[1]

	FY22
Total assets ($B)	2.4
Customers	279
Number of properties	31
Occupancy(%)	94.8
Weighted average cap rate (%)	4.4%¹

1. Stabilisedproperties

32 GOODMAN GROUP

FY22 RESULTS

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03 APPENDIX DEVELOPMENT

33 GOODMAN GROUP

1HFY22 RESULTS

DEVELOPMENTS

FY22 developments

FY22 developments
As at 30 June 2022	Completions	Commencements	Workinprogress
Value($B)	6.0	7.9	13.6
Area(m sqm)	1.6	2.1	3.8
Yield(%)	6.9	6.3	6.6
Committed (%)	99	59	62
Weighted average lease term (years)	12.2	15.4	14.2
Development for third parties or Partnerships (%)	83	81	85
Australia / New Zealand (%)	32	23	19
Asia(%)	31	37	51
Americas(%)	15	21	16
UK / Continental Europe (%)	22	19	14

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33 GOODMAN GROUP

FY22 RESULTS

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04 APPENDIX MANAGEMENT

35 GOODMAN GROUP

1HFY22 RESULTS

GLOBALPLATFORM

36 GOODMAN GROUP

FY22 RESULTS

MANAGEMENT – AUM

• • The majority of Goodman’s assets reside in Partnerships

• The Group manages 16 Partnerships with 48 investors who are represented on the Boards and Investment Committees independent of Goodman

• Goodman maintains a 28% average equity cornerstone position in the Partnerships to ensure alignment and exposure to a high quality globally diversified portfolio

• Partnership average gearing is 17.5%

• The average drawn and committed equity per partner is $862 million (excluding GMT).

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37 GOODMAN GROUP

FY22 RESULTS

Goodman Business Park, Greater Tokyo, Japan

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05 APPENDIX CAPITAL

38 GOODMAN GROUP

1HFY22 RESULTS

CURRENCYMIX

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39 GOODMAN GROUP

FY22 RESULTS

FINANCIALRISKMANAGEMENT

The Group has a robust capital management framework

• • The Group has a robust capital management framework, under its Financial Risk Management (FRM) policy. This provides:

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

• Covenants that are appropriate for our operations

• Diversified sources of funding

• Long-term debt sources to stabilise the funding base

• • The Group has been actively reducing financial leverage in the business:

• 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 remain low

• • Interest risk management:

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

• 77% hedged over next 12 months, average 72% hedged over the next 3 years

• Weighted average hedge maturity of 5.6 years

• Weighted average hedge rate of 2.46%[1, 2,3]

• • Foreign currency risk management:

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

• 74% hedged as at 30 June 2022, of which 38% is debt and liabilities and 62% is derivatives

• Weighted average maturity of derivatives 3.7years.

• Includes thestrike rate oninterest rate cap hedges

• Includes the€500millionbond at 1.375% fixed rate

• Includes theUS$1,350millionbonds at 4.24% average fixed rate

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40 GOODMAN GROUP

FY22 RESULTS

FINANCIAL RISKMANAGEMENT(CONT)

• • Interest rates are hedged to 77% over the next 12 months

• Weighted average hedge rate of 2.46%¹[,2,3]

– NZD – hedge rate 1.35%

– JPY – hedge rate 1.06%

– HKD –hedge rate 1.36%

– GBP –hedge rate 1.76%

– Euro –hedge rate 0.73%²

• USD –hedge rate 4.08%

• • Weighted average hedge maturity of 5.6 years.

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1. Includes thestrike rate oninterest rate cap hedges

2. Includes the€500millionbond at 1.375% fixed rate

3. Includes theUS$1,350millionbond at 4.24% average fixed rate

41 GOODMAN GROUP

FY22 RESULTS

FINANCIAL RISKMANAGEMENT(CONT)

Foreign currency denominated balance sheet hedging maturity profile

	Weighted average	Weighted average		Amount
	maturity	exchange rate	Amount receivable1	payable1
NZ$	3.5years	1.0775	A$696.4m	NZ$750.0m
HK$	3.7years	5.6976	A$1,466.9m	HK$8,340.0m
US$	3.7 years	0.7221	A$1,455.5m	US$1,050.0m
¥	4.8years	77.5413	A$297.2m	¥23,000.0bn
€	4.0years	0.6283	A$1,314.0m	€825.0m
£	4.5years	0.5403	A$703.4m	£380.0m
CNY²	4.0years	7.8927	US$539.6m	CNY4,258.6m

1. Floating rates applyfor the payable andreceivable legs for thecross currencyswaps

2. Forwardexchange contract, net settledinUSD.

Goodman Tsuen Wan Centre, Hong Kong, Chna

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42 GOODMAN GROUP
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FY22 RESULTS

EXCHANGERATES

Moorabbin Airport, Melbourne, Australia

Statement of financial position – exchange rates as at 30 June 2022

Currency	Exchangerate
AUDGBP– 0.5676	(30 June 2021: 0.5432)
AUDEUR – 0.6594	(30 June 2021: 0.6327)
AUDHKD– 5.4241	(30 June 2021: 5.8222)
AUDBRL – 3.5905	(30 June 2021: 3.7528)
AUDNZD – 1.1057	(30 June 2021: 1.0739)
AUDUSD – 0.6912	(30 June 2021: 0.7497)
AUDJPY – 93.7770	(30 June 2021: 83.278)
AUDCNY – 4.6154	(30 June 2021: 4.8412)

Statement of financial performance

Statement of financial performance
– average exchange rates for the 12 months to 30 June 2022
Currency	Exchangerate
+ AUDGBP – 0.5456	(30 June 2021: 0.5546)
+ AUDEUR – 0.6442	(30 June 2021: 0.6262)
+ AUDHKD – 5.6626	(30 June 2021: 5.7958)
+ AUDBRL – 3.8037	(30 June 2021: 4.0236)
+ AUDNZD – 1.0667	(30 June 2021: 1.0745)
+ AUDUSD – 0.7255	(30 June 2021: 0.7472)
+ AUDJPY – 85.1512	(30 June 2021:79.6101)
+ AUDCNY – 4.6840	(30 June 2021: 4.9419)

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43 GOODMAN GROUP

FY22 RESULTS

THANKYOU

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For more information visit

goodman.com

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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) (AFSL 223621) as the Responsible Entity for Goodman Industrial Trust (ARSN 091 213 839) and Goodman Logistics (HK) Limited (Company Number 1700359; ARBN 155911149 – A Hong Kong company with Limited liability). 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. Youshould 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. Past performance is no indication of future performance. All values are expressed in Australian currency unless otherwise stated. August 2022