GOODMAN GROUP — Capital/Financing Update 2017

May 22, 2017

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Goodman announces changes to its capital management structure and confirms rating upgrades

Date 23 May 2017 Release IMMEDIATE

Goodman Group (Goodman or Group) today announced a number of changes to its capital management structure and confirmed rating upgrades.

Key capital management highlights include:

• Improved credit rating from both S&P BBB+ and Moody’s Baa1

• Lower gearing target confirmed, now 0-25% (from 25-35%)

• Certain US 144A bonds and banking covenants to be amended

As the exchange offer and consent solicitation for US$1 billion of its US 144A bonds that mature in 2021 and 2022 has reached majority acceptance and certain US 144A bond and bank covenants have met the requirements to be amended, Goodman has formally reduced its gearing targets in its Financial Risk Management Policy (FRM) from 25-35% to 0-25%. This change brings the FRM in line with the Group’s current operating practice.

Goodman Group’s Chief Executive Officer Greg Goodman said: “As part of the Group’s capital management strategy, Goodman has been focussed on reducing our financial leverage in the business to counterbalance our active earnings. These changes provide the Group with greater operational and balance sheet flexibility for the long term.”

Key changes to the US 144A bond and bank covenants included tightening the leverage covenant by 5% and removing the unencumbered real property assets test.

As a result of its gearing policy changes, both S&P and Moody’s have confirmed upgrades to Goodman’s credit rating from BBB to BBB+ (S&P) and Baa2 to Baa1 (Moody’s).

The level of the Group’s gearing will be determined with reference to the mix of earnings and credit ratios consistent with the rating of the Group. There are no changes to the Forecast FY2017 Operating Earnings of the Group.

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Investors Media James Inwood / Phillip Henderson Michelle Chaperon Tel: + 612 9230 7400 Tel: + 612 9230 7400

Goodman Group

Goodman Limited | ABN 69 000 123 071 Goodman Funds Management Limited | ABN 48 067 796 641 | AFSL Number 223621 as responsible entity of Goodman Industrial Trust | ARSN 091213 839

Level 17, 60 Castlereagh Street, Sydney NSW 2000 | GPO Box 4703, Sydney NSW 2001 Australia Tel +61 2 9230 7400 | Fax +61 2 9230 7444

Goodman Logistics (HK) Limited | Company No. 1700359 | ARBN 155 911 149 | a Hong Kong company with limited liability Suite 901, Three Pacific Place, 1 Queen’s Road East, Hong Kong | Tel +852 2249 3100 | Fax +852 2525 2070

info-au@goodman.com |

About Goodman

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

Goodman’s global property expertise, integrated own+develop+manage customer service offering and significant investment management platform ensures it creates innovative property solutions that meet the individual requirements of its customers, while seeking to deliver sustainable long-term returns for its Partners.

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Disclaimer

This announcement does not constitute an offer to sell, or a solicitation of an offer to buy, any securities in the United States or in any other jurisdiction and neither this announcement, nor anything contained herein, shall form the basis of any contract or commitment. Securities of the Goodman Group and its subsidiaries have not been, and will not be, registered under the U.S. Securities Act of 1933, as amended (“Securities Act”), or the securities laws of any state or other jurisdiction of the United States. Accordingly, any such securities may not be offered or sold, directly or indirectly, in the United States unless they have been registered under the Securities Act or are offered and sold pursuant to an exemption from, or in a transaction not subject to, the registration requirements of the Securities Act and any other applicable securities laws.