GOODMAN GROUP — Capital/Financing Update 2008

Apr 28, 2008

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Japan Fund Platform Launched

Date 29 April 2008 Release Immediate

New wholesale funds to capitalise on Japanese logistics market

Today J-REP Co., Ltd. (“J-REP”) announced its plan to establish a new Japanese private fund platform aimed at institutional investors seeking to invest in Japanese logistics assets sourced and managed by J-REP. The assets of the fund will be managed by J-REP Funds Management Co., Ltd.

The platform will provide an opportunity for institutional investors to gain exposure to an existing portfolio of high quality logistics assets owned by J-REP, future opportunities sourced by J-REP including developments as well as access to J-REP’s integrated full service Japanese logistics platform.

Strategy

When J-REP formed its strategic alliance with Macquarie Goodman Japan* in May 2007, it intended to expand its funds management platform. It has explored public and private fund structures and earlier this year management determined that an expansion of its private fund strategy of establishing, providing services in relation to and co-investing with unlisted institutional investors will provide a deeper and longer term source of capital for the foreseeable future.

The platform will be provided with a first right of refusal to invest in any properties divested by J- REP as well as in any existing or new opportunities it secures. The fund will form a key pillar of J-REP’s growth strategy. Whilst J-REP will continue to pursue development opportunities on balance sheet an investment in any such opportunities will first be offered to the fund.

J-REP’s expanded private fund strategy is intended to provide the following benefits:

• Investments into the fund will be structured as a committed amount with an initial amount payable on first close and the balance of the committed amount at call by the management of the fund. The ability of the fund to access such capital will provide J- REP with a solid basis to pursue opportunities in its pipeline.

• The growth in J-REP’s assets under management will accelerate as it recycles capital alongside its investment partners.

• J-REP’s provision of services to the fund will create increased levels of annuity-style feeincome and will leverage off J-REP’s property services, development management, asset management and funds management capabilities.

• J-REP expects to benefit from potential upside in the Japanese logistics market through its co-investment in the assets.

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@goodmanintl.com | www.goodmanintl.com Goodman International Limited ABN 69 000 123 071 Goodman Funds Management Limited ABN 48 067 796 641 AFSL Number 223621

The initial portfolio

The initial portfolio is comprised of 15 assets with a total acquisition value of A$0.7 billion. It includes modern logistics properties in key strategic locations, geographically diversified across Japan with a high quality tenancy profile, has been sourced and will be offered for investment by the fund. The portfolio has a weighted average lease expiry in excess of 10 years and an average building age of approximately 1 year. Tenants in the portfolio include leading Japanese third party logistics providers with strong credit ratings.

As part of the financing for this initial portfolio, J-REP secured a non-recourse 4 year term debt financing totalling A$0.5 billion from a syndicate of leading Japanese financial institutions arranged by the Development Bank of Japan. In addition to the Development Bank of Japan, the lenders included The Bank of Tokyo-Mitsubishi UFJ Ltd, Mizuho Bank Ltd, Mitsubishi UFJ Lease and Finance Company Limited, Aozora Bank Ltd and Mitsubishi UFJ Trust and Banking Corporation.

The Japanese logistics market

JREP expects the Japanese logistics real estate sector to grow strongly driven by demand/supply fundamentals. Demand has increased with higher corporate profitability increasing capital spending and tenants being focussed on larger scale assets. Supply is limited due to an extended period of underinvestment which has led to an inadequate existing stock of logistics facilities.

The Japanese logistics sector is in an evolutionary phase with substantial growth in third party logistics operations and a slow but growing trend for domestic manufacturers to outsource their distribution function to third party logistics providers in order to focus on key operations.

New senior management appointments

J-REP’s president Wamoto welcomed Makoto Kurihara as Head of Developments. Mr Kurihara has over 17 years of Japanese and US real estate experience. Mr Kurihara was most recently the Head of Logistics Real Estate Investment Business at Orix Real Estate Corporation Limited. Mr Kurihara established Orix’s Logistics business division where he was responsible for the development of over 30 properties with a total value of JPY 160 billion.

J-REP’s president Wamoto also welcomed Paul McGarry and Matthew Gibb from Macquarie Group and Goodman Group respectively to J-REP’s senior management team based in Tokyo. Mr McGarry has over 11 years experience in real estate and corporate finance and has been appointed Head of Funds Management. Mr Gibb has over 14 years experience in commercial property and will assist with the Group’s strategic business growth and development.

Outlook

As at 20 March 2008 J-REP’s total assets under management have grown substantially to an estimated total on-completion value of A$1.6 billion. This includes the initial portfolio at current valuation of A$0.7 billion. A further A$0.4 billion will remain in existing closed end private funds managed by J-REP on behalf of institutional investors with the remainder being investments in a number of opportunities J-REP is developing on balance sheet. In addition, J-REP’s opportunity pipeline encompassing both secured and currently identified opportunities is significant.

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@goodmanintl.com | www.goodmanintl.com Goodman International Limited ABN 69 000 123 071 Goodman Funds Management Limited ABN 48 067 796 641 AFSL Number 223621

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

*** Macquarie Goodman Japan Pte Ltd is a Singapore based joint venture investment company established between Macquarie Group, a diversified financial services institution with over 12,000 staff in 25 countries and Goodman Group, an integrated industrial property company headquartered in Australia and is the major shareholder in J-REP.**

J-REP, founded in 1980, is a specialist property company offering logistics brokerage, research and consulting, development management, construction management, asset management and property management services in the logistics property sector. J-REP is listed on the Tokyo Stock Exchange (Mothers) Index (TSE: “8992”).

The details in this release provide general information only. The release is not intended as investment or financial advice and must not be relied upon as such. You should obtain independent professional advice prior to making any decision. This release does not constitute an offer to sell to, or a solicitation of an offer to subscribe from, anyone (i) in which such an offer or solicitation is not authorised; (ii) in which any person making such offer or solicitation is not qualified to do so; or (iii) in which any such offer or solicitation would otherwise be unlawful. No action has been taken that would, or is intended to, permit a public offer of an investment in the fund where any such action for that purpose is required. Accordingly, an investment in the fund may not be offered or sold, directly or indirectly, and neither this document nor any other information, form of application or advertisement may be distributed or published except under circumstances that will result in compliance with any applicable laws and regulations. Persons into whose possession this document comes must inform themselves about and observe any legal restrictions affecting any investment in the fund. None of any member of the JREP Group, or any member of the Goodman Group, or any member of the Macquarie Group is making any representation or warranty to any prospective investor regarding the legality of an investment in the fund by such person under the Financial Instruments Exchange Law or other appropriate securities or similar laws. There is no guarantee that the fund will be established on these terms or at all.

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@goodmanintl.com | www.goodmanintl.com Goodman International Limited ABN 69 000 123 071 Goodman Funds Management Limited ABN 48 067 796 641 AFSL Number 223621