GOODMAN GROUP — Interim / Quarterly Report 2005

Feb 10, 2005

Contents

Section 1

Section 2

Executive Summary MGI Half Year Results

• Financial Performance
• Property Services
• Developments
• Acquisitions and Disposals
• Capital Management

MGM Half Year Results

• Financial Performance
• Funds Management
• New Zealand Update
• Singapore Update
• Merger of MGI and MGM
• Key Initiatives 2005

Section 4

Section 3

Executive Summary

• Defining period underpinned by strong organic growth S
• MGI DPU of 6.95 cpu up 3.7% on pcp $\rightarrow$
• MGM EPS* of 5.83 cps up 37.8% on pcp $\rightarrow$
• Investment portfolio performed strongly and gr
• 98% occupancy $\rightarrow$
• \$19.7 million per annum in new leases $\rightarrow$
• $\rightarrow$ 3.4% increase in underlying rentals
• S Development portfolio continues solid momentum
• \$141 million in project completions $\rightarrow$
• \$202 million in new project commitments $\rightarrow$
• 8.4% initial yield on new project commitments $\rightarrow$

* EPS on a pre-performance fee basis

Executive Summary

• S Strong growth in funds under management up 12.8%
• $\rightarrow$ Singapore (A-REIT) S\$1.7billion up 49.6%
• $\rightarrow$ New Zealand (MGP) continued repositioning
• $\rightarrow$ Property Services revenue up 13.1% on pcp
• allaman.
  T Development Management revenue up 206% on pcp
• S Announcement and successful conclusion to the merger of MGM and MGI
• Results in line with EM forecasts and affirm forecast annual andro distributions of 25.9 cpu from 1 January 2005

Financial Performance Key Financial Results

Longo enginea a	Cimilet pioloni i	ET B FITTER	Communication W
Net profit (before Performance Fee and after OEI) (\$M)	111.1	87.9	26.4
Distribution to Unitholders (\$M)	116.0	95.4	21.6
Basic earnings per unit (before Performance Fee) (¢)	6.67	6.50	2.6
Total distribution per unit $(e)$ and $\sum_{n=1}^{\infty}$	6.95	6.70	3.7
2000 - 2000	KY DI pina n	ZOFINO PANDER	CLINA 70
Total assets $(\$M)$	4,333.8	4,087.5	6.0
Total borrowings (\$M)	1,661.2	1,459.1	13.9
Underlying total borrowings to total assets (%)	38.3	33.1	15.7
Net tangible asset backing per unit (\$)	1.43	1.40	2.1
Unit price (\$)	2.37	1.68	41.1
Total return (one year) $(%)^*$	50.9
Total return (five years) (%)*	24.9
* Source: UBS

Property Services

Key Áchievements

• $\rightarrow$ 175,929 sqm of new leasing transactions on existing space (\$19.7 million per annum net)
• S 4.4 years weighted average lease term on new transactions
• 3.4% increase in new rental commitments
• $\Rightarrow$ 98% occupancy rate maintained across portfolio
• $\rightarrow$ 82% customer retention rate for the 12 month rolling period
• $\rightarrow$ 5.1 years weighted average lease term across portfolio
• $\rightarrow$ 43% of income expiring beyond five years
• $\rightarrow$ 11% of income expiring within one year

Property Services

Summary of Leasing Deals

$\rightarrow$ Strong results in Sydney North, Sydney West and Victoria

H. H. III	METERIT CLUB CO	AVSKI SARA THAM CALL	WA NGC 33 GA 201 ang pagalang nagpangangan nag
Sydney South	2.0	5.0	2.7
Sydney West	4.2	4.7	3.1
Sydney Outer West	1.0	3.3	5.8
Sydney North	4.5	5.1	4.5
Victoria	4.1	3.4	2.9
Queensland	0.6	4.8	1.8
Auckland	3.3	3.8	2.7
TOTAL	19.7	4.4	3.4

Property Services

Property Revaluations

• $\rightarrow$ Increase of \$31.3 million reflecting 1.6% on revalued assets
• Solid increases in most regions particularly Sydney North, Victoria S and Queensland

EN PRODUKT	Francisco TETHER	ATA PERSONAL	STATISTICS ATHRO	Termenten	Martin (Anglick) bad Le C
	SUI	SU.	E TITE	anya Mutuki	.	1.911
Sydney South	338.7	347.0	8.3	2.5	8.5	8.1
Sydney West	422.2	427.3	5.0	1.2	9.1	8.6
Sydney Outer West	224.0	221.0	$-2.9$	$-1.3$	9.4	8.8
Sydney North	475.8	482.8	6.9	1.5	8.8	8.6
Victoria	333.8	342.0	8.3	2.5	9.4	8.8
Queensland	82.5	85.4	2.9	3.5	9.9	9.1
Other	37.0	39.8	2.8	7.6	10.4	10.0
Total	1914.0	1945.3	31.3	1.6	9.1	8.6

Developments

Summary of Announcements

• $\rightarrow$ 207,704 sqm of new developments announced for half year
• $\rightarrow$ \$202 million in total capital commitment including land values
• $\Rightarrow$ 94% precommitted
• $\rightarrow$ 8.7 years weighted average lease term on all transactions
• $\rightarrow$ 8.4% weighted average yield on total development cost
• $\rightarrow$ 10.2% weighted average yield on additional capital expenditure

Developments Half Year Completions

• $\rightarrow$ Significant completions of \$141 million
• Average yield of 8.7% on completed developments $\Rightarrow$

a Mar	T. VIII PARA 11	INTELETATEL an Cillian	1531 STORY OF THE et të	EXPERIENCE DALLI UILAHA
NSW – Sydney West	37,167	8.5	75.0	53.2
Victoria	37,100	9.2	26.1	18.5
Queensland	36,150	8.3	28.8	20.4
Auckland	10,000	10.1 11.0		7.9
Total	120,417	8.7	140.9	100.0

Developments

Half Year Commitments

• $\rightarrow$ New commitments in the half year of \$202 million
• $\rightarrow$ 8.4% average yield on new commitments

III LL	T. Terme 83.	INTELLATOR n (YAN) Marko (Y	ES A ENTING THE 8118	MARTING THE CONTROL DI ALIO LALAMA
Sydney South	4,645	9.1	6.9	2.8
Sydney West	21,824	8.0	34.9	14.2
Sydney Outer West	76,201	8.5	104.8	42.5
Victoria	51,901	9.7	36.9	15.0
Queensland	17,559	8.3	24.4	9.8
Auckland	35,574	8.7	38.8	15.7
Total	207,704	8.4	246.7 (1)	100.0

(1) Includes \$44.7 million in completed developments

Developments

Proven Track Record on Completions

$\rightarrow$ 120,417 sqm completed with an estimated end value of \$141 million

Acquisitions and Disposals

Summary

• S Acquisitions:
• \$224 million in acquisitions for the half year $\rightarrow$
• \$59 million acquired in land for development pipeline $\rightarrow$
• Predominant focus on Sydney South West and Auckland $\rightarrow$
• ↠ Disposals:
• \$73 million in disposals for the half year $\rightarrow$
  • Forsyth Distribution Centre, Vic \$41.0 million $\rightarrow$ Hume Distribution Centre, NSW \$19.0 million $\rightarrow$ The Gate Industry Park (Recall, Norman Ellison), NZ \$6.4 million $\rightarrow$ Part Wedgewood Business Park, Vic \$4.5 million $\rightarrow$ Burnie Distribution Centre, Tas \$1.9 million $\rightarrow$ Part Chase Business Park, NSW \$0.6 million $\rightarrow$

Capital Management

Summary

• $\rightarrow$ MGI's underlying gearing at 38.3%
• S \$116.6 million in new equity raised during the period
• DRP \$85.9 million $\rightarrow$
• $\rightarrow$ UPP \$30.7 million
• $\rightarrow$ MGI's debt of \$1,661.2 million
• Hedged 76% over 12 months at 5.66% — D
• $\rightarrow$ Average hedged duration of three years

le di

. 53333000000000000000000000000000000000	DYNAMOZ	ETTER: SERVICE	Expression Company	ATTEMPTED	DESCRIPTION	$\mathbb{R}^n$		Dete 07 4 Jun 08
Total amount hedged (\$M)	1,184	1,225	1,207	1,204	1,175	1,045	1,045	1,045
Average Interest Rate $(%)^{(1)}$	5.50	5.66	5.70	5.76	5.88	5.88	5.92	5.92

Financial Performance Results at a Glance

ETA HEISTLANDIN EAD	COMPTO FALL	ET D'AN PACI R	BILLI 2
Revenue from ordinary activities before Performance Fee (\$000)	39,014	26,747	45.9%
Performance Fee (\$000)		17,152
Revenue from ordinary activities (\$000)	39,014	43,899	$-11.1%$
Net profit for the period attributable to members (\$000)	16,065	23,042	$-30.3%$
Net profit (before Performance Fee after tax) (\$000)	16,065	11,036	45.6%
Basic earnings per share (cents) (before Performance Fee) $(c)$	5.83	4.23	37.8%
Proposed/paid dividend per share $(\phi)$	4.50	3.50	28.6%
Franked amount per security $(\phi)$	1.35	2.98
2. CHI	Kymrua PANTA	KO PINT P OD 5	MULLI VA
Total assets (\$000)	294,170	241,847	21.6%
Total liabilities (\$000)	163,791	107,783	52.0%
Net assets $(\$000)$	130,379	134,064	$-2.7%$
Interest bearing debt to equity ratio (%)	74.8	59.0	26.8%
Share price (\$)	4.10	3.59	14.2%
Number of shares on issue - ordinary (000)	277,199	273,216	1.5%
Market capitalisation (\$000)	1,136,516	980,845	15.9%
Number of Shareholders	2,583	2,884	$-10.4%$

MAGGIRANT

a kata ya katika mwaka wa 1999. Matumi wa Milion wa 1991, matumi wa 1992.	\';{C}\';▓	TEST METER DAVE IO MULLUS IN S ANGLES CLAIRE	START COMMUNIST Ademir Primer , 1111
One Year	47.4%	42.2%	28.0%
Three Years	55.8%	7.9%	10.2%
Five Years	78.1%	n/a	9.5
Source: UBS

Australia 73% A \$4.3B

New Zealand - MGP

Update

• Continued repositioning of MGP in Se
• $\rightarrow$ Disposal of non-core assets (South City, Christchurch)
• $\rightarrow$ Reinvestment toward business space facilities
• $\rightarrow$ Acquisition by MGP of first development site Savill Link, Otahuhu
• $\rightarrow$ Secured first precommitment to Toll for 9% of the site
• andro de la contección de la contección de la contección de la contección de la contección de la contección de
  La contección de la contección de la contección de la contección de la contección de la contección de la conte Solid underlying portfolio fundamentals
• $\rightarrow$ 99% occupancy
• $\rightarrow$ 4.2 years average lease term
• $\rightarrow$ MGP strong price performance up to \$1.16 per unit

Singapore - A-REIT

Update

• $\rightarrow$ Continued expansion of portfolio with total assets of S\$1.7billion
• $\rightarrow$ New acquisitions of S\$0.6billion over past 6 months
• Ş Strong DPU growth - 11.4% over past 12 months
• $\rightarrow$ Strength in capital management with gearing of 22.1%
• an Suid-Increase in NTA of 26.7% to \$1.14 per unit
• ÷ Improving underlying portfolio fundamentals
• $\rightarrow$ Weighted average lease term 5.9 years
• Portfolio occupancy of 94.1% $\rightarrow$
• $\rightarrow$ A-REIT Total Return
• $\rightarrow$ 58.4% (one year)
• $\rightarrow$ 116.4% (since listing Nov 2002)

Section 4 Măcduarie Goodman Group

Merger of MGI and MGM Key Initiatives 2005

• $\rightarrow$ Maintain solid asset management and development commitments on core portfolio
• S Replenish development land bank as sites committed
• $\rightarrow$ Pursue wholesale funds management strategy for Australian market
• Continuing MGP's repositioning in NZ market S
• -S A-REIT acquisition programme to continue
• → Monitor key Asian markets for new business development opportunities