GOODMAN GROUP — Capital/Financing Update 2008

Oct 28, 2008

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NOT FOR DISTRIBUTION OR RELEASE IN THE UNITED STATES OR TO, OR FOR THE ACCOUNT OR BENEFIT OF, US PERSONS

Goodman Group successfully completes institutional component of $955 million equity raising

Date 29 October 2008 Release Immediate

The Goodman Group (“Goodman” or the “Group”) is pleased to announce the successful completion of a $833 million institutional equity raising, comprising $229.5 million through an institutional placement (“Placement”) and around $603.5 million through the institutional component of an accelerated non-renounceable entitlement offer. The retail component of the accelerated non-renounceable entitlement offer is expected to raise $122 million taking the total size of the Offer (being the Entitlement Offer (both retail and institutional) and Placement) to $955 million. Due to strong support from existing institutional securityholders and new institutional investors, the Offer was upsized by $200 million. The Entitlement Offer is being conducted on a 0.47 for one basis (as at a 29 October 2008 record date) at $0.90 per security.

The fully underwritten Offer was announced to the market in conjunction with other capital management and strategic initiatives on 28 October 2008. The proceeds will be used to strengthen the Group’s balance sheet and reduce gearing, as well as increase Goodman’s exposure to the growth markets of Asia through the acquisition of the remaining 50% interest in Macquarie Goodman Asia (excluding Japan) from Macquarie Bank Limited.

As a result of the increased Offer size and strong investor demand:

• • Goodman no longer intends to reactivate the distribution reinvestment plan for FY09;
• • Available liquidity increases to $1.5 billion (before identified asset sales); and
• • Earnings per security of 19.3 cents of which Goodman intends to distribute 19.3 cents per security for the year ending 30 June 2009.

Mr Greg Goodman, Group Chief Executive Officer, said, “We are extremely pleased with the very strong support the Offer has received from both existing securityholders and new investors.

This result is particularly pleasing given the current market conditions and we believe the upsizing of the Offer due to strong investor demand demonstrates the continued confidence that investors have in Goodman’s own-develop-manage business model and our strategy for the future.”

Completion of Placement

Approximately $229.5 million was raised through the Placement at $0.90 per security, resulting in the issue of approximately 255 million new securities. The Placement securities will be allotted

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

on 11 November 2008 and will rank equally with existing GMG securities for the December 2008 half-year distribution.

Completion of Institutional Entitlement Offer

Approximately $603.5 million was raised through the Institutional Entitlement Offer at $0.90 per security. Existing institutional securityholders were offered 0.47 new securities for every 1 security as at 29 October 2008 (the “Record Date”), resulting in the issue of approximately 671 million new securities. In addition, qualifying institutions and non-securityholders were invited to bid beyond their entitlement for any securities not taken up by other institutions. The Institutional Entitlement securities will be allotted on 11 November 2008 and will rank equally with existing GMG securities for the December 2008 half-year distribution.

Commencement of Retail Entitlement Offer

The Retail Entitlement Offer opens tomorrow, 30 October 2008, and is expected to raise approximately $122 million. Existing retail securityholders are being offered to participate in the Offer under the same price and offer ratio as the Institutional Entitlement Offer. Details in relation to the Retail Entitlement Offer will be mailed to eligible retail securityholders. Alternatively, eligible retail securityholders can access the details of the Retail Entitlement Offer from 30 October 2008 by visiting www.goodman.com.

GMG securities are expected to resume trading on the ASX today.

This press release does not constitute an offer to sell, or the solicitation of an offer to buy, any securities in the United States or to any “U.S. person” (as defined in Regulation S under the U.S. Securities Act of 1933, as amended). Securities may not be offered or sold in the United States absent registration or an exemption from registration.

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

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