GOODMAN GROUP — Earnings Release 2009

Feb 19, 2009

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Expected results for the half year ended 31 December 2008

Date 20 February 2009 Release Immediate

Goodman is currently finalising its interim financial accounts for the half year ended 31 December 2008 to be released as scheduled on 25 February 2009. The operating results are expected to be in line with the most recent guidance. The key features are:

• • Expected operating income[1] after tax of around $215 million.
• • Expected operating earnings per security (EPS) of 11.1 cents.
• • Distribution per security (DPS) of 9.65 cents confirmed.
• • Expected IFRS statutory accounting loss in the region of $470 million - reflecting property and equity investment revaluations and other non-operating items. Non-cash items are excluded from Operating Profit.
• • Within the expected IFRS result there will be the following non-cash items impacting the statutory position and performance. They are primarily:

  • Property valuation losses of approximately $500 million, including direct and indirect, reflecting around 7% devaluations ($14 million recorded directly in reserves);

  • Impairment of IIF and other investments of $170 million

  • FX and derivative mark to market losses of $419 million ($348 million recorded directly in reserves)

There are no impairment losses relating to intangible assets.

• • Expected results are based on current estimates and are not final. The auditor’s review process is not yet complete.
• • The resulting financial position shows available liquidity of $0.8 billion as at 31 December 2008 and headline gearing[2] at around 41.5% - well within the Group’s debt covenant limits. Interest Cover for the 12 months remains at around 3.3x, comfortably over debt covenants.

1 Operating income of around $215 million is before unrealised gains and losses from investment property revaluations, mark to market of derivatives and other non-cash items and one off profits included in the IFRS statutory accounting loss.

2 Adjusted for cash balance.

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

As noted, Goodman will release its results on 25 February 2009. A webcast presentation will be held at 9.30am at www.goodman.com .

For further information, please contact Goodman: Gregory Goodman Nick Vrondas Group Chief Executive Officer Executive – Group Corporate Finance Tel +61 2 9230 7400 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 Limited ABN 69 000 123 071 Goodman Funds Management Limited ABN 48 067 796 641 AFSL Number 223621