GOODMAN GROUP — Capital/Financing Update 2008

Nov 20, 2008

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Japan Funds Update

Date 21 November 2008 Release Immediate

Japan Representative (“J-REP”), Goodman Group (“Goodman”) and Macquarie Group (“Macquarie”) have announced the establishment of two wholesale funds to invest in Japanese logistics properties. To date A$106 million ( ¥ 6.15 billion) of committed equity has come from external investors and significant demand is still in due diligence.

Two funds have been established, Macquarie Goodman Japan Logistics Fund FCP-FIS which will be managed by entities jointly owned by Goodman and Macquarie, and open to nonJapanese institutional investors, and J-REP Logistics Wholesale Fund, which will be managed by J-REP and open to Japanese institutional investors. Both funds have rights of refusal over investment opportunities sourced by J-REP within Japan. J-REP will also provide services to the funds.

• + The funds have an initial investment in 15 assets valued at A$1,154 million (¥66.7 billion)

• + Debt capacity of A$779 million (¥45 billion) is in place, and

• + Of the total equity of A$692 million (¥40 billion), approximately 70% is paid up front.

The first close equity has been raised from large investors based in Japan and offshore. The intention is to continue to invite new parties into the funds with a target of having external investors hold around 70%, representing A$484 million (¥28 billion) of the initial equity.

J-REP is a publicly listed logistics property company. Goodman and Macquarie have a strategic alliance with J-REP and hold a circa 50% economic interest in the equity.

Mr Gregory Goodman, Goodman Group CEO said “This is another important step in the long term growth of J-REP and is consistent with the plans set out last year. Although capital market conditions have been difficult, we continue to make progress. The long term fundamentals of the Japanese logistics market remain attractive. As companies invest in their supply chains, it continues to support demand for modern well located premises.”

For further information, please contact Goodman: Gregory Goodman Group Chief Executive Officer Tel +61 2 9230 7400

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Not an Offer

This announcement is not an offer or invitation for subscription or purchase of securities or other financial products. This announcement does not constitute an offer to sell, or the solicitation of an offer to buy, any securities in any jurisdiction including but not limited to 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 absent registration or an exemption from registration.

Future performance

This announcement contains certain "forward-looking statements". Indications of, and guidance on, future earnings and financial position and performance are also forward-looking statements. Due care and attention have 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 Goodman 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.

Financial Data

JPY:AUD exchange rate 57.8

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Level 10, 60 Castlereagh Street, Sydney NSW 2000 | GPO Box 4703, Sydney NSW 2001 Australia Tel +61 2 9230 7400 | Fax +61 2 9230 7444 | info@goodman.com | www.goodman.com Goodman International Limited ABN 69 000 123 071 Goodman Funds Management Limited ABN 48 067 796 641 AFSL Number 223621