GOODMAN GROUP — Fund Information / Factsheet 2011

May 12, 2011

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13 May 2011

The Manager Company Notices Section ASX Limited Exchange Centre 20 Bridge Street SYDNEY NSW 2000

Dear Sir

GOODMAN GROUP (GOODMAN) – Dispatch of investor newsletter to Securityholders

The attached Goodman investor newsletter was dispatched to Securityholders today.

Please contact the undersigned in relation to any queries.

Yours sincerely

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Carl Bicego Company Secretary

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-au@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 responsible entity for Goodman Industrial Trust ARSN 091 213 839

investor

May 2011

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Welcome to the first edition of investor insight+ for 2011

I am pleased to present this latest edition of Goodman Group’s newsletter. In it we update you on the range of activities undertaken over the first four months of 2011 to drive our operational growth and deliver on the Group’s business strategy.

The following pages will provide an overview of the recently completed acquisition of ING Industrial Fund and the operational highlights for the

quarter ended 31 March. We also outline the capital management initiatives we have been undertaking at the Group level and in our managed funds, and highlight the significant development activity taking place around the world. A number of the new projects commenced over recent months are showcased, and we update you on the progress being made on Interlink in Hong Kong.

I hope you find this edition of investor insight+ informative and please visit the GMG Investor Centre at www.goodman.com to view the online version of the newsletter which contains a number of interactive features.

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Greg Goodman Group Chief Executive Officer

inside+ Feature story 2 Development update 4 Capital management initiatives 7 Securityholder info 8

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02 04
Feature story
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Developments

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Securityholder information

successful acquisition+ solid operating performance

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feature
story
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Interchange Park, Eastern Creek, NSW
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IIF acquisition completed

In late March, the acquisition of ING Industrial Fund (IIF) was successfully completed. IIF Unitholders voted overwhelmingly in favour of the Goodmanled Consortium’s proposal to acquire the Fund at a Unitholder meeting held on 17 March and the transaction was formally completed on 29 March.

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The City Views building in Macquarie Park, NSW
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The IIF acquisition enhances Goodman’s Australian and European logistics platform, and increases our total assets under management by $2.5 billion. In Australia, assets under management have grown by $2.2 billion, represented by 44 properties in Sydney, Melbourne and Brisbane and complementing our existing portfolio located along the east coast of Australia. In Europe, a further 16 properties valued at $0.3 billion have been added, with 11 in Germany, a further four in Spain and one in Belgium. As a result of the transaction, Goodman now has 3.3 million sqm of logistics space under management across Continental Europe and has become one of the largest owners of logistics real estate in Germany.

The acquisition of IIF also expands the Group’s customer offering and provides opportunities to develop

new and existing relationships, while further strengthening our development capability via access to a significant development pipeline in Australia. This is in addition to Goodman’s $432 million of development projects currently underway in Australia.

The opportunity to undertake this transaction comes from the strength of the relationships we have with major investment partners globally. This enabled us to establish a consortium with Canada Pension Plan Investment Board, China Investment Corporation and APG. A new unlisted fund, Goodman Trust Australia (GTA) has been established for the IIF properties, with our consortium investment partners holding 80% of GTA and Goodman retaining a 20% cornerstone investment.

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March quarter operational update

An operational update for the 2011 financial year (FY11) to 31 March was provided to the market on 4 May. The update demonstrated the solid operating momentum that Goodman has experienced and the extensive progress we have made in our business activities over the period.

Leasing activity has been robust, with 1.32 million sqm of industrial and business space leased over the first nine months of FY11, representing $124.4 million of net property income across the Group and our managed funds. This leasing success has enabled us to maintain overall occupancy at 95%, which is a 2% increase on June 2010, while achieving a weighted average lease expiry of 5.3 years. We expect the positive leasing activity to continue in all of our markets and contribute to further improvements in occupancy

and net property income for the remainder of FY11. The map below shows the leasing activity by region for the financial year to date.

We have experienced solid demand across our development business, with $1.14 billion of new development commitments secured in the nine months to 31 March. This has been driven by the significant development activity in Continental Europe where we have 562,000 sqm of projects underway. Demand has been particularly strong in Germany from customers in the retail and automotive sectors, and well ahead of our expectations. Our development work in progress currently stands at $1.7 billion and represents 38 development projects for customers in 10 countries around the world. Importantly, we remain focused on the prudent rollout of our development pipeline, with 93% of new developments pre-committed and 96% pre-sold[1] to third parties or our funds.

The strength of our operating performance over the nine months to 31 March reflects the considerable operating momentum across the Group.

The strength of our operating performance over the nine months to 31 March reflects the considerable operating momentum across the Group. Goodman is well positioned with a growing contribution from the active parts of our business, being our development and management activities, coupled with the significant activity in our international operations and the improving market conditions. This in turn gives us the confidence to reaffirm our full year operating earnings per security guidance of 5.5 cents[2] and operating profit after tax of $380 million.

The completion of the IIF transaction has increased the size and scale of our managed fund platform, with the newly formed unlisted fund, GTA growing our external assets under management (AUM) to $14.2 billion or 19% on a constant currency basis from June 2010. We expect to benefit from the strong investor demand for prime industrial assets and high quality specialist managers to organically grow our AUM, and also continue to see opportunities to pursue further large scale transactions on an opportunistic basis.

A number of capital management initiatives were undertaken by the Group and our managed funds in recent months and these are outlined on pages 7 and 8.

1. Includes projects in negotiations with Third Parties or Funds. Excluding these projects, commitments for Third Parties or Funds reduces to 80%.

2. On a fully diluted basis adjusted for the CIC hybrid securities and options.

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leasing
UK/Europe
Leasing area: 434,603 sqm statistics
Net annual rent: $32.5m
China/Hong Kong
Leasing area: 324,607 sqm
Net annual rent: $29.8m
Total leasing activity
Group and Managed Funds
Leasing area: 1,320,040 sqm
Net annual rent: $124.4m
New Zealand
Australia Leasing area: 108,035 sqm
Leasing area: 452,795 sqm Net annual rent: $12.2m
Net annual rent: $49.9m
For the nine months to 31 March 2011 (Australian currency).
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investor insight 3

capturing development opportunities+

development update

Goodman has commenced new development projects totalling 0.9 million sqm in the 2011 financial year to date, reflecting the strength of our customer relationships and demand for prime quality logistics space across all of our regions.

We are pleased to provide you with details of these new projects, as well as updating you on the progress being made on the construction of the Interlink project in Hong Kong.

Above: Artist’s impression – Amazon, Graben. Opposite: Artist’s impression – Amazon, Rheinberg

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Amazon – Europe

In March, leading online e-commerce provider, Amazon committed to two new fulfilment centres in Germany, with ten-year fixed term lease agreements.

Construction has already commenced on an approx. 108,000 sqm facility at Rheinberg (near Duisberg), consisting of warehouse and office space. Similarly, a further contract has been signed with Amazon for an approx. 108,000 sqm development at Graben, south of Augsburg.

The new developments will further enhance Amazon’s ability to deliver customer orders quickly and reliably, while supporting its future growth requirements in Germany. Goodman has now undertaken six developments in Europe on behalf of Amazon.

In a separate transaction, Goodman has commenced the construction of a 23,400 sqm extension to Amazon’s 46,000 sqm logistics centre in Orléans, France which Goodman developed in 2007. On completion of the extension, the facility will comprise approximately 70,000 sqm of storage space and provide Amazon with substantial capacity to meet the expansion of its activities in Franc ~~e.~~

investor insight 5

capturing development opportunities+ (cont.)

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Artist’s impression:
DB Schenker – Germany.
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Artist’s impression:
Faurecia – Slovakia.
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DB Schenker – Germany

A 68,000 sqm pre-committed warehouse is being developed for leading global logistics service provider, DB Schenker in Leipzig, Germany. The facility will be purpose built for automotive logistics and will enable DB Schenker to fulfil a contract with BMW.

The new warehouse will be built opposite BMW’s existing Leipzig facility and hand over of the completed development will take place over a phased period between July and November 2011. The expected completion value of the facility is over €33 million.

Faurecia – Slovakia

Faurecia, a global automotive equipment supplier, has pre-committed to a 21,162 sqm industrial facility at Košice in Slovakia on an initial ten-year fixed term.

The facility will consist of industrial and office space and be located adjacent to Košice airport. It is the largest development to be undertaken in Eastern Slovakia over the last 18 months and has an expected completion value of approx €14 million. Delivery of the completed facility to Faurecia is expected to be in August 2011.

Beijing Airport Logistics Centre – China

In February, Goodman acquired a 10,654 sqm warehouse facility with an attached 48,055 sqm of development land strategically located in the Beijing Airport Logistics Park. We subsequently commenced the development of two new warehouses on the site which will provide up to a combined 30,000 sqm of additional space. On completion in the second quarter of 2012, the developments will deliver an estate that provides over 40,000 sqm of total gross floor area in the Beijing market, which is currently experiencing a short supply of international grade, high efficiency warehousing space.

The acquisition and development also underlines Goodman’s growing and long-term commitment to the China market.

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Artist’s impression:
Beijing Airport Logistics Centre – China.
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It provides a platform for further growth in the Bohai region surrounding Beijing and will complement our planned investment in Langfang.

Development progress, Interlink – Hong Kong

Construction of the 222,000 sqm landmark warehouse and distribution centre development in Hong Kong’s Tsing Yi port district is progressing well. The building’s superstructure has been erected up to the thirteenth floor and is forecast to be completed by September 2011, while the installation of building services and finishes has commenced on the lower floors. The overall project is on track for completion in January 2012.

Total customer pre-commitments including heads of agreement for more than 70% of the gross lettable area (GLA) have now been secured, with a further 16% of the GLA currently under option.

Nippon Express, J-REP Logistation – Japan

In Japan, J-REP has announced the refurbishment of an existing 15,586 sqm warehouse and development of a new 17,523 sqm logistics facility in Moriya City for leading Japanese logistics service provider, Nippon Express. Located approximately 50 kilometres north-east of Tokyo, the completed facilities will be used by Nippon Express as an integrated document storage centre servicing the greater Tokyo region and providing same and next day services for its customers.

J-REP Logistation Moriya will deliver 33,000 sqm of high specification warehouse space on completion in December 2011 and will have an end value of approx A$50 million.

Kmart – Lytton, Australia

Goodman has further expanded its relationship with Kmart with a new 51,725 sqm pre-committed warehouse and office facility to be developed at Lytton in Queensland on an initial 15 year lease term.

Development progress, Interlink – Hong Kong.

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Artist’s impression:
Nippon Express, J-REP Logistation – Japan.
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This latest pre-commitment will follow the same development platform as the 76,735 sqm distribution centre which Goodman successfully delivered for Kmart at Truganina, Victoria in February 2011. This approach will ensure quality and consistency across Kmart’s distribution facilities.

The new facility is scheduled for completion in April 2012 and has an expected completion value of more than $74 million.

Goodman has also worked closely with Kmart to ensure its space requirements are effectively managed for the duration of the development period. This has resulted in Kmart entering into a new short-term lease for 28,350 sqm of warehouse space at Bradman Distribution Centre, Acacia Ridge. Our ability to accommodate Kmart’s long and short-term requirements has seen Kmart commit to more than 270,000 sqm of space across Goodman’s Australian portfolio.

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Artist’s impression:
Kmart – Lytton, Australia.
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of retail and hospitality space. The project will be completed in stages and is expected to have a total cost of NZ$91.7 million.

A number of pre-commitments have already been secured for stage one of the project, with development now underway. Stage one will incorporate a 3,000 sqm serviced apartment building, 3,300 sqm of convenience and amenity retail and 3,500 sqm of commercial space, and is expected to be built over the next 18 months.

The Crossing, Highbrook Business Park – New Zealand

In New Zealand, Goodman has announced the next stage in the development of Highbrook Business Park with the commencement of The Crossing, a 24,700 sqm mixed use development. The Crossing will combine 62 serviced apartments with 17,300 sqm of commercial office space and 4,400 sqm

capital management initiatives+

In March, Goodman Group successfully priced its second debt issue in the United States 144A/Reg S bond market with US$500 million of senior unsecured notes issued at an effective fixed cost of 6.375% for a term of 10 years. Our latest debt issue in the 144A/ Reg S market follows the inaugural US$325 million senior, unsecured note issue announced last November, which was also for a 10 year term. The proceeds from the new debt issue will be used primarily to repay existing borrowings.

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The Group also completed a private placement of unsecured notes to a Japanese insurance group through its Euro Medium

Artist’s impression: The Crossing, Highbrook Business Park – New Zealand.

We have also completed capital management initiatives across our managed fund platform with Goodman Australia Industrial Fund (GAIF) moving to a senior unsecured debt structure and refinancing $1.5 billion of existing debt facilities into new funding arrangements. These new facilities provide GAIF with a significantly improved maturity profile, increasing from 2.2 years to 4.1 years. They also deliver greater available liquidity to the Fund, as well as a lower overall debt margin and resultant cost savings. The key benefit in moving to a senior

Term Note programme, raising ¥12.5 billion (A$146 million) on a 12 year term. Separately, a new five year, £75 million (A$117 million) facility has been established with an international banking group.

During the quarter, Moody’s Investor Services affirmed Goodman Group’s Baa3 issuer and unsecured rating and changed its outlook on the Group to positive from stable, noting that: “The change in outlook reflects the progress Goodman has made in de-risking its business model via reduced gearing, a more conservative approach with respect to its development activities, improved liquidity and extended debt maturity.”

Continued on next page

investor insight 7

securityholder information+

new capital management initiatives+ (cont.)

unsecured debt platform is that it will enable GAIF to diversify its funding sources by accessing the debt capital markets.

In recognition of the extensive range of capital management initiatives undertaken by GAIF over the last 12 months to restructure and refinance its debt platform, the Fund was recently assigned a ‘BBB’ corporate credit rating with stable outlook by Standard & Poor’s.

In New Zealand, Goodman Property Trust (GMT) completed it refinancing programme with the renewal and extension of a further NZ$357 million of debt funding facilities. This brings GMT’s total bank refinancing and bond issuance to more than NZ$680 million over the last 12 months, providing improved tenor of an average 3.7 years across all of the Trust’s facilities and greater diversity of its funding sources.

Significantly, the range of initiatives undertaken continue to demonstrate Goodman Group’s commitment to maintaining a sound financial position and realising opportunities to diversify our debt funding sources and lengthen the term of our debt maturities. This is highlighted by the Group’s weighted debt maturity profile which has increased to 5 years, compared with 3.7 years as at 31 December 2010. Diversification of our debt funding sources is evident with 60% of the Group’s debt allocation now represented by debt capital markets, compared with 37% previously.

key dates

Upcoming key dates

Announcement of estimated distribution Ex-distribution date

21 June 2011 Announcement of estimated distribution 24 June 2011 Ex-distribution date 30 June 2011 Record date for distribution 18 August 2011 Announcement of full year results 24 November 2011 Annual General Meeting

Note: Future dates may be subject to change.

Offices

Goodman Group Offices Goodman Limited Registered office ABN 69 000 123 071 Level 10 60 Castlereagh Street Goodman Industrial Trust Sydney NSW 2000 ARSN 091 213 839 GPO Box 4703 Responsible Entity Sydney NSW 2001 Goodman Funds Management Limited T: 1300 791 100 ABN 48 067 796 641; (within Australia) AFSL Number 223621 +61 2 9230 7400 (outside Australia) F: +61 2 9230 7444 E: info-au@goodman.com www .goodman.com

Security registrar

Security registrar Securityholders can update the following information with Computershare Investor Computershare online at Services Pty Limited www.investorcentre.com: Level 5 115 Grenfell Street – change of address details; Adelaide SA 5000 – request to receive communication online; GPO Box 1903 – request to have payments made Adelaide SA 5001 directly to a bank account; T: 1300 723 040 – provision of tax file numbers; or – general queries about your (within Australia) +61 3 9415 4043 securityholding. (outside Australia) If you would like to provide any F: +61 8 8236 2305 feedback on the investor insight+ E: web.queries@ newsletter, please email us at computershare.com.au info-au @goodman.com. www .computershare.com

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This investor insight+ has been printed on Monza Satin. It contains 45% virgin fibre and 55% recycled fibre. XXXXXXX It is manufactured by an ISO 14001 certified mill. Monza Satin is an FSC Mixed Sources Certified paper.

This document has been prepared by Goodman Group (Goodman Limited (ABN 69 000 123 071) and Goodman Funds Management Limited (ABN 48 067 796 641; AFSL Number 223621) as the Responsible Entity for Goodman Industrial Trust (ARSN 091 213 839)). It is not intended to be relied upon as advice to investors or potential investors and does not take into account the investment objectives, financial situation or needs of any particular investor. These should be considered, with professional advice, when deciding if an investment is appropriate. This document is not an offer or invitation for subscription or purchase of securities or other financial products. This document does not constitute an offer to sell, or the solicitation of an offer to buy, any securities in the United States or to any “US person” (as defined in Regulation S under the US Securities Act of 1933, as amended (Securities Act) (US Person)). Securities may not be offered or sold in the United States or to US Persons unless they are registered under the US Securities Act of 1933 or an exemption from registration is available. The stapled securities of Goodman Group have not been, and will not be, registered under the Securities Act or the securities laws of any state or jurisdiction of the United States. This document contains certain “forward looking statements”. The words “anticipate”, “believe”, “expect”, “project”, “forecast”, “estimate”, “likely”, “intend”, “should”, “could”, “may”, “target”, “plan” and other similar expressions are intended to identify forward-looking statements. Indications of, and guidance on, future earnings and financial position and performance are also forward-looking statements. Due care and attention have been used in the preparation of forecast information. Such forward-looking statements are not guarantees of future performance and involve known and unknown risks, uncertainties and other factors, many of which are beyond the control of Goodman Group. These may cause actual results to differ materially from those expressed or implied in such statements. There can be no assurance that actual outcomes will not differ materially from these statements. All values are expressed in Australian currency unless otherwise stated. Images contained in this document have been used to enable the visualisation of development concepts only and are not intended to definitively represent the final product. May 2011

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