GOODMAN GROUP — Capital/Financing Update 2017

May 9, 2017

NOT FOR DISTRIBUTION OR RELEASE IN THE UNITED STATES

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Goodman announces Exchange Offer to amend US Bonds

Date 9 May 2017 (10.00pm Sydney time) Release IMMEDIATE

Goodman Group (Goodman or Group) has launched a “par for par” exchange offer for US$1 billion of its US 144a Bonds that expire in 2021 and 2022.

Key terms of the par for par exchange offer include:

• Coupon, maturity, payment terms and guarantee unchanged

• Tighten leverage covenant from 60% to 55%

• Unencumbered real property assets covenant removed

The transaction is subject to majority acceptance and an upgrade to the Group’s credit rating. The Group has already received commitments for exchange and consent from holders representing approximately 33% of the 2021 Bonds and approximately 32% of the 2022 Bonds. The Group has also received similar consent from its banks to amend the covenants with respect to all of its debt facilities.

If majority acceptance is achieved, the Group intends to formalise the reduction of its target gearing range to 0%-25% from 25-35% in its Financial Risk Management Policy. The level of gearing will be determined with reference to the mix of earnings and credit ratios consistent with the rating of the Group. This is in line with the capital management strategy which has been operating in recent years and will result in no changes to the Forecast FY2017 Operating Earnings of the Group. As at 31 December, gearing was 8.7%.

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For further information, please contact; James Inwood or Michelle Chaperon

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.