GOODMAN GROUP — Capital/Financing Update 2010

Jun 10, 2010

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Goodman establishes A$1.3 billion relationship with CB Richard Ellis Realty Trust in UK and Europe through two new CoInvestment Vehicles

Date 11 June 2010 Release IMMEDIATE

Goodman Group (Goodman or the Group) today announced the establishment of two new co-investment vehicles (the Co-Investment Vehicles or Co-Investment Vehicle) with CB Richard Ellis Realty Trust in the United Kingdom (UK) and Europe. The Co-Investment Vehicles will invest in pre-committed logistics development opportunities sourced through Goodman and will be funded on an 80/20 basis, with CB Richard Ellis Realty Trust holding the majority share.

The UK Co-Investment Vehicle will:

• Target a total investment of £400 million (A$696 million) over an initial investment term of three years

• Include the acquisition of two UK assets from Goodman for a total consideration of £22.4 million (A$39.0 million)

• Have a right of first refusal over logistics properties developed by Goodman in the UK

The European Co-Investment Vehicle will:

• Target a total investment of €400 million (A$575 million) over an initial investment term of three years, focusing on the core Western European markets of Germany, France and Benelux

• Include the acquisition of three German development assets from the Group with a total value on completion of €45.1 million (A$64.9 million). Two of these assets were acquired upon establishment of the Co-Investment Vehicle, and the third will be acquired upon completion of the asset.

• Goodman European Logistics Fund (GELF) has a right of first refusal over developments undertaken by the Group. The Co-Investment Vehicle will have a right of second refusal, which it will be able to exercise where developments offered to GELF have been declined.

Goodman Group CEO, Greg Goodman said: “This initiative will allow us to continue to build momentum across our European platform. Our focus remains on building strategic relationships with leading global investor groups, such as CB Richard Ellis Realty Trust, to deliver on our key objective of matching new third party capital with Goodman’s development pipeline.”

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 Limited ABN 69 000 123 071 Goodman Funds Management Limited ABN 48 067 796 641 AFSL Number 223621

Jack Cuneo, President and CEO of CB Richard Ellis Realty Trust, said: “The Co-Investment Vehicles with Goodman provide us an outstanding opportunity to partner with a leading global logistics development organization that is well-established in both the UK and European markets. This relationship will enable us to further diversify our investment portfolio. The alignment of our strategies has been a key component that led to our partnership, and we look forward to building upon our mutual interests.”

The new Co-Investment Vehicles will help to facilitate the ongoing expansion of Goodman’s logistics business in the UK and Europe. They will focus on the acquisition of high quality, precommitted logistics development opportunities and ensure that the Group has a secure funding platform for its development business, alternative capital to maintain gearing at conservative levels and provide ongoing co-investment in core real estate. Goodman is very well positioned to take advantage of the improvement in the prime logistics markets, given lower competition and a well established blue chip customer base.

Goodman has a A$7 billion development pipeline in the UK and Europe providing considerable opportunities to expand its existing operating platform. Across the region Goodman has total assets under management of A$6.1 billion, spanning 137 properties in 12 countries and employs more than 280 people. In Continental Europe, Goodman’s European Logistics Fund manages 82 logistics assets valued at A$2.2 billion, while in the UK, the Group has a further A$0.9 billion of logistics assets and development land.

Jason Dalby, Goodman’s Managing Director UK Logistics said: “We are delighted to deliver on our strategic objective of creating a new UK Logistics Co-Investment Vehicle by partnering with CB Richard Ellis Realty Trust. Importantly, it will enable us to retain the prime logistics assets that we are developing from our land bank and achieve this in a manner that is consistent with Goodman’s prudent pre-funded, pre-sold development approach”.

Danny Peeters, Goodman’s CEO Continental Europe added: "Establishing a relationship with a partner that is the calibre of CB Richard Ellis Realty Trust confirms the quality of Goodman’s pan-European platform and integrated business model. It strengthens our growth strategy in Europe and underpins the ongoing delivery of our significant development pipeline for prime logistics assets.”

Goodman will provide asset management, development and property services to the CoInvestment Vehicles on terms generally consistent with existing arrangements across Goodman’s funds management platform.

“Goodman has made a number of significant announcements in recent weeks concerning transactions that are specifically targeted at providing the Group with secure long-term capital sources to fund the Group’s development program. This announcement further highlights the momentum that has been building across our business and demonstrates the Group’s ability to capitalise on growth opportunities while maintaining our strong balance sheet position. It also demonstrates the commitment of our management team to deliver the initiatives flagged at the Group’s first half FY10 results.” Mr Goodman added.

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

About Goodman

Goodman Group is an integrated property group with operations throughout Australia, New Zealand, Asia, Europe and the United Kingdom. Goodman Group, comprised of the stapled entities Goodman Limited and Goodman Industrial Trust, is the largest industrial property group listed on the Australian Securities Exchange and one of the largest listed specialist fund managers of industrial property and business space globally.

Goodman’s global property expertise, integrated own+develop+manage customer service offering and significant fund management platform ensures it creates innovative property solutions that meet the individual requirements of its customers, while seeking to deliver longterm returns for investors. For more information, please visit: www.goodman.com

About CB Richard Ellis Realty Trust

CB Richard Ellis Realty Trust is a Maryland real estate investment trust that invests in real estate, focusing on office, retail, industrial (primarily warehouse/distribution), and multi-family residential properties. CB Richard Ellis Realty Trust is sponsored by Los Angeles-based CB Richard Ellis Investors, LLC, an indirect wholly-owned subsidiary of CB Richard Ellis Group, Inc., and advised by CBRE Advisors LLC, an affiliate of CB Richard Ellis Investors, LLC. For more information about CB Richard Ellis Realty Trust, please visit: www.CBRERealtyTrust.com