GOODMAN GROUP — Interim / Quarterly Report 2013

Nov 12, 2012

==> picture [91 x 91] intentionally omitted <==

13 November 2012

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

Dear Sir

GOODMAN GROUP (GOODMAN OR GROUP) – QUARTERLY AND ASIA BUSINESS UPDATE

Attached is a presentation providing an overview of Goodman’s Asia business as part of the Group’s participation in an Asian investor property tour, and further information on Goodman’s quarterly update announced as part of the equity raising announcement made on 8 November 2012.

Yours sincerely

==> picture [113 x 70] intentionally omitted <==

Carl Bicego

Company Secretary

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 2008, Three Pacific Place, 1 Queen’s Road East, Hong Kong | Tel +852 2249 3100 | Fax +852 2525 2070 info-au@goodman.com | www.goodman.com

Quarterly and Asia Business Update

Global partner + Global platform

Important notice and disclaimer

==> picture [80 x 78] intentionally omitted <==

• • This document has been prepared by Goodman Group (Goodman Limited (ABN 69 000 123 071) Goodman Funds Management Limited (ABN 48 067 796 641; AFSL Number 223621) as the Responsible Entity for Goodman Industrial Trust (ARSN 091 213 839) and Goodman Logistics (HK) Limited (Company Number 1700359; ARBN 155911142 – A Hong Kong company with limited liability)). This document is a presentation of general background information about the Group’s activities current at the date of the presentation. It is information in a summary form and does not purport to be complete. It is to be read in conjunction with Goodman Group’s other announcements released to ASX (available at www.asx.com.au). 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 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 has 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 the Group, that 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. Neither the Group, nor any other person, gives any representation, warranty, assurance or guarantee that the occurrence of the events expressed or implied in any forward looking-statements in this document will actually occur.
• • This document does not constitute an offer, invitation, solicitation, recommendation, advice or recommendation with respect to the issue, purchase, or sale of any stapled securities or other financial products in the Group.
• • 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 absent registration or an exemption from registration. 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.

2

Contents

==> picture [80 x 78] intentionally omitted <==

• Section 1 Overview + Section 2 Japan + Section 3 China + Appendices Appendices Leasing Development Funds Management Property Snapshots

3

Section 1+ Overview

==> picture [125 x 9] intentionally omitted <==

----- Start of picture text -----

Goodman Interlink, Hong Kong
----- End of picture text -----

Overview

• • Extensive local knowledge combined with global scale and expertise

==> picture [80 x 78] intentionally omitted <==

• Established Brazilian platform with local joint venture partner WTORRE

• • Global capital partners continue to support the Group’s business strategy

• In excess of A$1.5 billion of third party equity commitments to Goodman’s fund management platform completed or underway this quarter

==> picture [590 x 246] intentionally omitted <==

----- Start of picture text -----

A$20.3 billion A$16.4 billion 1,550 A$3.9 billion 34
total assets external assets customers direct property cities
under under globally (approx) investment portfolio worldwide
management management
956 409 14.5 million
people properties under sqm of industrial and
management business space
under management
+
----- End of picture text -----*

*Includes development work in progress and excludes cornerstone investments

5

==> picture [80 x 78] intentionally omitted <==

Quarterly highlights

==> picture [730 x 427] intentionally omitted <==

----- Start of picture text -----

+ High occupancy maintained at 96%
+ Retention rate of 78% and WALE of 4.8 years
Own
+ Leased 0.5 million sqm across the platform equating to A$50.1 million of property income
+ GAIF acquired ten assets for a combined total of $200 million with active asset management opportunities
+ WIP at A$2.0 billion across 63 projects with a forecast yield on cost of 8.4%
Develop + Development commitments of A$0.5 billion and A$0.4 billion of completions in the quarter
+ 72% of development projects pre-committed and 81% pre-sold
+ Goodman Australia Industrial Fund launched capital raising and secured equity commitments over A$400
million
+ Establishment of a US$1 billion development partnership with ADIC in Japan
Manage
+ External equity commitments for over US$100 million for the Goodman Japan Core Fund
+ CPPIB doubled their commitment to China Partnership to US$800 million
+ Successfully completed $400 million equity raising to fund long term growth opportunities in a sustainable
manner
+ Established Brazilian platform with a local joint venture partner WTORRE
Corporate
+ Agreed commercial terms on the consolidation of the Japan management platform
+ Successful restructure of the Goodman PLUS totalling A$325 million
+ Reaffirmed FY2013 operating EPS of 32.3 cents (up 6% on FY2012)
----- End of picture text -----

6

==> picture [212 x 207] intentionally omitted <==

----- Start of picture text -----

Section 2+
Japan
----- End of picture text -----

==> picture [95 x 10] intentionally omitted <==

----- Start of picture text -----

Matsudo Centre, Japan
----- End of picture text -----

==> picture [80 x 78] intentionally omitted <==

Quarterly highlights

==> picture [727 x 419] intentionally omitted <==

----- Start of picture text -----

+ Goodman Japan Core Fund (GJCF) occupancy increased to over 99% with the signing of two new leases
Own
+ GJCF WALE now 4.2 years with near term expiries providing the opportunity to capture rental growth
+ Off-market acquisition of a super prime 30,000 sqm development site in Ichikawa, Tokyo Bay on which a
60,000 sqm modern logistics facility will be constructed with an estimated completion value in excess of
JPY17 billion (US$215 million)
Develop
+ Growing development book now comprises three super prime development projects in Greater Tokyo and
Greater Osaka with a planned total GLA of 250,000 sqm and an estimated end value in excess of JPY55.5
billion (US$700 million)
+ Established the Goodman Japan Development Partnership (GJDP), a 50/50 venture between Goodman and
the Abu Dhabi Investment Council. US$500 million of equity has been allocated to GJDP, with the leverage
capability of the Partnership allowing for an initial investment target in excess of US$1 billion
Manage
+ Successful closing of the stage 1 equity raising for GJCF with three global institutional investors, increasing
the fund’s external equity commitments to over US$100 million
+ Successful completion of privatisation of Goodman Japan Limited resulting in a number of cost savings and
operational efficiencies
Corporate
+ Agreed terms to consolidate Goodman Group’s interest in Goodman Japan Limited to 100% by sharing the
assets of Goodman Japan with joint venture partner Macquarie Group
----- End of picture text -----

8

Japan Industrial Market Overview

==> picture [80 x 78] intentionally omitted <==

• • The Japanese economy recovered quickly from the Great East Japan earthquake which occurred in March 2011
• • In Q2 2012 GDP slowed to an annualised rate of 0.7% continuing to be affected by the persistently high value of the yen and impacts of global demand on industrial production and consumer sentiment
• • Japanese interest rates remain low providing one of the highest risk free spreads globally with the Bank of Japan maintaining official interest rates at 10bps at its Monetary Policy Meeting held on 4-5 October 2012
• • Demand for modern logistics warehouses in Japan is driven mostly by structural factors not the level of economic activity:

• Increasing rate of manufacturing moving offshore and the re-importing of goods for domestic consumption

• Increased outsourcing to third party logistics providers to improve supply chain efficiency

• Consolidation of small warehouses into larger distribution hubs

• Desire to be in modern, earthquake resistant space

Age of logistics facilities in Japan

==> picture [187 x 127] intentionally omitted <==

----- Start of picture text -----

14%
Age 1-10
Age 11-20
23%
Age 21-30
Age > 30
23%
----- End of picture text -----

Source: Ministry of Land, Infrastructure, Transport and and Tourism

==> picture [51 x 11] intentionally omitted <==

----- Start of picture text -----

(million m [2] )
----- End of picture text -----

Logistics landscape in Japan

==> picture [343 x 206] intentionally omitted <==

----- Start of picture text -----

600
480
500
400
300
200
100
9
0
Modern logistics facilities Total logistics facilities
Source: JLL
----- End of picture text -----

9

Market background: Trends in manufacturing

==> picture [80 x 78] intentionally omitted <==

Macro factors affecting Japanese manufacturing

Response of Japanese manufacturers to competition

• • Japanese manufacturers are facing large losses and are under heavy pressure to improve their profitability
• • Steady increase in competition from overseas goods

• Competition was previously contained to products sold outside Japan, however more recently manufacturers have been facing increased competition domestically (see below)

• • High labour costs relative to overseas, particularly when compared to markets in China and South East Asia

• • Persistently high value of the Japanese yen

  • Increasingly important since 2008

Japanese consumer views towards foreign products

• • Japanese consumers that previously perceived foreign goods to be of a lower quality preferring to buy “made in Japan” are now increasingly content with the quality of foreign made products (particularly electronics and automotive products)
• • For example this year foreign smart phone brands are outselling domestic brands for the first time
• • Increasing the percentage of goods which Japanese companies manufacture overseas and then reimporting the completed goods into Japan for domestic consumption

• This has been a long term trend (see below)

• • Closing or re-tooling Japanese factories to focus on higher value-added activities

• Examples include R&D, solar panels, robotics and microchips

• • Revisiting their total supply chain processes to improve efficiencies and reduce total production cost

Overseas production ratio (manufacturing industries)

==> picture [21 x 8] intentionally omitted <==

----- Start of picture text -----

25%
----- End of picture text -----

==> picture [287 x 184] intentionally omitted <==

----- Start of picture text -----

20%
15%
10%
5%
0%
Source: METI, Survey on Overseas Business Activities (2010, 2004)
----- End of picture text -----

10

Market background: modern logistics

==> picture [80 x 78] intentionally omitted <==

Impact on Japan logistics market

Goodman Japan’s strategy to capitalize on trend

• • Increased consolidation into larger “distribution” style facilities rather than smaller “warehouses”
• • Increased out-sourcing of logistics function, moving from the previous “owner occupier” model to the engagement of third party logistics providers (3PL’s) to increase supply chain efficiency and reduce total production costs
• • Increased demand for port locations (for re-import) and facilities located next to other major transport infrastructure such as roads and airports

==> picture [201 x 11] intentionally omitted <==

----- Start of picture text -----

Growth in 3PL market in Japan (index)
----- End of picture text -----

==> picture [285 x 185] intentionally omitted <==

----- Start of picture text -----

130 127
125
120
120
115 112 111 111
110
104
105
100
100
95
90
2005 2006 2007 2008 2009 2010 2011
Source: Logi-Biz (Logistics Business)
----- End of picture text -----

• • Goodman positioned to capitalize on this structural shift through a focus on modern logistics facilities

• Strategy will also benefit from the increase in consumer-led imports, including via the strong growth of retail e-commerce

• • Goodman Japan’s team of 55 real estate experts currently working with a number of Japanese manufacturers and 3PL’s on their freight consolidation plans
• • Developing modern logistics facilities designed to be more efficient and adaptable to changing demands
• • Professional management implementing global best practice, providing cost saving solutions for customers

Example of modern logistics facility

==> picture [281 x 155] intentionally omitted <==

11

Tokyo and Osaka Logistics Markets

==> picture [80 x 78] intentionally omitted <==

+ Supply and Demand

• Tokyo: 1H2012 continued to see brisk leasing activities in Greater Tokyo. There was high demand for large, new facilities amid the supply of relatively large spaces available with reasonable cost levels, which reflected occupier requirements to strengthen supply chains

• Osaka: Demand for large modern facilities is expanding with the growing requirement of occupiers to streamline and strengthen supply chains

+ Vacancy Rate

• Tokyo: Modern logistics vacancy fell to 4.6% in Q3, with very limited availability in prime submarkets. Vacancy rate was at existing buildings (>1 year old) is 3.2%

• Osaka: Vacancy rate fell significantly to 1.9% from 8.8% in Q3 as progress was made in filling a small number of completions this year. Vacancy rate at existing buildings (>1 year old) is currently 0%

==> picture [325 x 190] intentionally omitted <==

----- Start of picture text -----

Tokyo Vacancy Q3 2012
25.0%
20.0%
15.0%
10.0%
5.0%
0.0%
Source: CBRE Greater Tokyo (All Facilities) Greater Tokyo (Facilities>12 months)
Q3 06 Q4 06 Q1 07 Q2 07 Q3 07 Q4 07 Q1 08 Q2 08 Q3 08 Q4 08 Q1 09 Q2 09 Q3 09 Q4 09 Q1 10 Q2 10 Q3 10 Q4 10 Q1 11 Q2 11 Q3 11 Q4 11 Q1 12 Q2 12 Q3 12
----- End of picture text -----

==> picture [325 x 187] intentionally omitted <==

----- Start of picture text -----

Osaka Vacancy Q3 2012
50.0%
45.0%
40.0%
35.0%
30.0%
25.0%
20.0%
15.0%
10.0%
5.0%
0.0%
Greater Osaka (Facilities>12 months) Greater Osaka (All Facilities)
Q3 06 Q4 06 Q1 07 Q2 07 Q3 07 Q4 07 Q1 08 Q2 08 Q3 08 Q4 08 Q1 09 Q2 09 Q3 09 Q4 09 Q1 10 Q2 10 Q3 10 Q4 10 Q1 11 Q2 11 Q3 11 Q4 11 Q1 12 Q2 12 Q3 12
----- End of picture text -----

12

==> picture [80 x 78] intentionally omitted <==

Japan

As at 30 September 2012 ($A)	Goodman Japan Core Fund	Goodman Japan Development Partnership
Total assets (properties)	$0.6 bn	$0.7 bn1
GMG co-investment	27%²	50%
GMG co-investment	$0.1²	$0.25 bn³
Number of properties	10	3
Occupancy	99%	-
Weighted average lease expiry	4.2 years	-

1. Estimated end value 2. Post completion of consolidation of Goodman Japan Development Investment

3. Total commitment

Investment

==> picture [233 x 120] intentionally omitted <==

==> picture [233 x 120] intentionally omitted <==

==> picture [233 x 120] intentionally omitted <==

Goodman Sakai, Osaka Bay

Goodman Fukuoka I, Fukuoka

Goodman Osaka Nanko, Osaka Bay

Transaction type	Large scale multi-tenant development
Land area	60,000 sqm
Lettable area	130,000 sqm
Contracted owner	GJDP
Location	Prime Greater Osaka
Description	+ A large prime development site in Sakai City, Osaka Prefecture + To be developed into a modern 4 storey multi-tenant warehouse facility

Lettable Area	25,000 sqm
WALE	5.6 years
Occupancy	100%
Age	4.5 years
Lease Type	Fixed-term lease
Description	+ Landmark facility in a prime logistics location in the Hakozaki Wharf area + Strategic location allowing efficient distribution to the local market

Lettable Area	65,285 sqm
WALE	2.5 years
Occupancy	100%
Age	5.5 years
Lease Type	Fixed-term lease
Description	+ Landmark facility in a prime logistics area of Osaka + A key distribution hub for the current customer

13

Goodman Japan Core Fund

==> picture [80 x 78] intentionally omitted <==

Overview

Key Metrics¹

• • Goodman Japan Core Fund (GJCF) invests in high quality logistics assets in established warehouse, distribution and logistics locations in Japan
• • Assets managed by Goodman Japan’s experience bi-lingual management team with local Japanese relationships & strong management capability
• • Modern portfolio with average age of approximately 5 years located across the two main markets of Greater Tokyo and Greater Osaka and growing Fukuoka market

Geographic diversification (by value)

Lease Expiry to first break

Total Assets	A$657 million
Interest bearing liabilities	A$335 million
Gearing	50.5%
Customers	16
Number of properties	10
Occupancy	99%
Weighted average lease expiry	4.2 years
Goodman Japan co-investment	27%²
Goodman Japan co-investment	A$0.1 bn²
Debt maturity profile

1. As at 30 September 2012

2. Post completion of consolidation of Goodman Japan

14

==> picture [781 x 541] intentionally omitted <==

----- Start of picture text -----

Section 3+Section 3+
Capital
Greater China
Management
Initiatives
Pudong International Airport
Logistics Park, China
Pudong International Airport Logistics Park, China
----- End of picture text -----

==> picture [80 x 78] intentionally omitted <==

Quarterly Highlights

==> picture [727 x 416] intentionally omitted <==

----- Start of picture text -----

+ Customer enquiry remains robust with occupancy across the portfolio at 97% (incl. recently completed developments)
+ Strong rental growth experienced across all markets
Own + Portfolio grown to 1.6 million sqm, to increase to circa in excess of 2.0 million sqm at completion of current WIP
+ Strong demand from e-commerce, automotive and retailers
+ In excess of 100,000 sqm of leasing during the quarter
+ 120,000 sqm¹ of completions with occupancy of 89% by completion
Develop + WIP of 480,000 sqm¹ growing to 800,000 sqm of commencements by end of 2013
+ Land bank and land reserve stand at 4 million sqm with a built out area of 2.7 million sqm
+ Equity committed to GCLH increased to US$1.0 billion
Manage + AUM of A$2.1 billion across 22 assets in Greater China
+ New US$100million 5 year debt facility for GCLH fund and new three year HK$850 million facility for GHKLF
+ 310 staff in Greater China with 87 dedicated to mainland China who are mostly local Chinese
+ Offices in Hong Kong, Shanghai, Beijing, Langfang, Chengdu and a new office opened in Guangzhou
Corporate
+ New Shanghai headquarters open in 2013 – to double size
+ On track to be clear number two in the China logistics property sector
----- End of picture text -----

16

1. As at 31 October 2012

China Industrial Market Overview

China’s logistics: Rising demand with a shortage of supply

==> picture [80 x 78] intentionally omitted <==

• • China will be the main driver of the global economy, with its contribution to global growth projected to increase from 30% in 2010 to 35% in 2015
• • Demand for logistics facilities has grown with accelerating domestic demand

• China added 205 million urban population between 2000 and 2010; China aims to further increase the urbanisation ratio from 51% in 2010 to 55% by 2015

• Private consumption to contribute 42% of real GDP growth in 2012-16, up from 29.5% in 2007-11

• • Low efficiency in the logistics sector

• Chinese Government 12[th] FYP aims to build modern logistics network to reduce logistics costs

• logistics expenditure is disproportionally large at 17.8% of 2010’s GDP, compared to less than 10% in the EU and the US

• China’s 3PL penetration rate is forecast to expand from 7% to 11% by 2016

• • The rapid expansion in e-commerce to further support the logistic demand, B2C transactions is only 0.4% of total retail sales, versus 3.2% in Japan, 4.0% in the US, and 7.7% in the UK

==> picture [245 x 150] intentionally omitted <==

Source: Economist Intelligence Unit

==> picture [212 x 143] intentionally omitted <==

Source: Economist Intelligence Unit

==> picture [228 x 134] intentionally omitted <==

Source: National Bureau of Statistics

17

China Industrial Market Overview

==> picture [80 x 78] intentionally omitted <==

China’s logistics: Improving transportation infrastructure and Government support

• • China’s State Council has developed plans to build a national modern logistics network and system with the aim to reduce the high logistics costs
• • Fixed asset investment in transportation reached RMB2.5 trillion in 2010, representing a CAGR of 25% since 2005
• • Government will sponsor infrastructure projects to facilitate transmodal connections
• • Nine of the top 20 ports by throughput in 2011 are located in China, huge volume generated from these coastal locations will benefit the logistics sector of the nearby cities, and will spread to inland ports especially those connected to Shanghai through the Yangtze River
• • Tax reform underway to reduce the logistics costs for industry players, toll road tariff cuts, business tax cuts and VAT

==> picture [264 x 184] intentionally omitted <==

----- Start of picture text -----

China urban fixed asset investment in transportation
RMB million
3,000
2,500
2,000
1,500
1,000
500
-
2005 2006 2007 2008 2009 2010
Roads Transportation Railway Transportation
City Public Transportation Water Transportation
Air Transportation
----- End of picture text -----

Top 10 world container ports 2011

==> picture [271 x 166] intentionally omitted <==

----- Start of picture text -----

million TEUs
Shanghai, China 31.7
Singapore, Singapore 29.9
Hong Kong, China 24.4
Shenzhen, China 22.6
Busan, South Korea 16.2
Ningbo-Zhoushan, China 14.7
Guangzhou Harbor, China 14.3
Qingdao, China 13.0
Jebel Ali, Dubai, United… 13.0
Rotterdam, Netherlands 11.9
----- End of picture text -----

China National Bureau of Statistics

Source: World Shipping Council

18

e-Commerce and Online Shopping

==> picture [80 x 78] intentionally omitted <==

• • China’s online shopping has enjoyed a period of strong growth, with transaction volumes increased by a 3 year CAGR of 107% to US$77 billion in 2010
• • China currently has ~150 million online shoppers spending on average US$200-250/year, this compares with 170 million users spending average US$1,000 /year in the US.¹

• Estimates suggest China’s online shoppers will double in the next 4 to 5 years, with average spending reaching US$1,000/year

• • Online retail market is still in its infancy, B2C transactions is only 0.4% of total retail sales, versus 3.2% in Japan, 4.0% in the US, and 7.7% in the UK
• • Strong growth in the e-commerce sector is expected to further support China’s logistics demand

Note:[1] Source: Transport Intelligence

==> picture [301 x 164] intentionally omitted <==

Source: i Research, Morgan Stanley Research

==> picture [296 x 201] intentionally omitted <==

Source: i Research, Morgan Stanley Research

• e = Morgan Stanley Research estimates

19

China Logistics Market Overview

==> picture [80 x 78] intentionally omitted <==

China’s logistics: Rising demand with a shortage of supply

• • Supply of modern logistics space remains limited. Out of China’s total stock of 550 million sqm of storage space, only 16 million sqm comprises prime logistics facilities
• • Warehouse stock in China is less than 1/10th that of the United States, on a per capita basis
• • The current supply-demand imbalance is expected to continue, vacancy across 9 key cities are expected to stay at ~10% in the next 2 years

==> picture [239 x 113] intentionally omitted <==

==> picture [372 x 174] intentionally omitted <==

----- Start of picture text -----

China non-bonded warehouse in 9 key cities
‘000 sqm Vacancy rate
2,500 50%
2,000 40%
1,500 30%
1,000 20%
500 10%
- 0%
03 04 05 06 07 08 09 10 11 12F 13F 14F
Net Increase in Stock Net Absorption Vacancy Rate
----- End of picture text -----

20

Key Chinese Logistics Markets

==> picture [80 x 78] intentionally omitted <==

Manufacturing Expansion to the inland cities

• • Many manufacturing facilities have traditionally located close to major coastal port cities
• • To facilitate the development of the inland cities, the Government have provided preferential policies and invested in infrastructures since early 2000’s
• • With growing economic momentum in the western part of China, manufacturers have moved their operations to inland cities. This is being motivated by:

• improving transportation infrastructure

• upward pressure on industrial wages, enforcement of national labor laws and selective outbreaks of labor unrest

• manufacturers’ growing interest in strengthening the development of their domestic sales network that is targeted specifically at satisfying local consumption needs

• • Goodman is targeting inland cities such as Chongqing, Chengdu, Xi’an, Wuhan and Zhengzhou

==> picture [311 x 392] intentionally omitted <==

----- Start of picture text -----

Shenyang
Beijing
Tianjin
Xi’an
Zhengzhou
Suzhou
Hefei Shanghai
Ningbo
Chengdu Wuhan
Chongqing Wenzhou
Changsha
Kunming Xiamen
Guangzhou
Nanning Shenzhen
Hong Kong
----- End of picture text -----

21

==> picture [80 x 78] intentionally omitted <==

Greater China

As at 30 September 2012 (A$)	GHKLF	GCLH	GCIL	GMG
Total assets	$1.7 bn	$0.4 bn	$0.3 bn	$0.3 bn
GMG co-investment	20.0%	20%	-	100%
GMG co-investment	$0.2 bn	$0.01 bn	-	$0.3 bn
Number of properties	14	8	1	-
Occupancy	98%	100%	100%	-
Weighted average lease expiry	2.5 years	3.8 years	4.2 years	-

Development

Land Procurement

Development

==> picture [234 x 127] intentionally omitted <==

==> picture [233 x 126] intentionally omitted <==

==> picture [229 x 126] intentionally omitted <==

Suzhou West Logistics Centre

Wuqing e- commerce Logistics Park

Chengdu Longquan Logistics Centre

Lettable area	94,058 sqm
Site area	147,337 sqm
Contracted owner	GCLH
Description	+Rare opportunity located in the mature Suzhou market +Commenced construction in Oct 2012 on spec basis +Refurbishment and expansion of existing facility in a land constrained area

==> picture [240 x 148] intentionally omitted <==

----- Start of picture text -----

Lettable area 102,912 sqm
Lease term 5 years
Contracted owner GMG
Value on
RMB 289.3m / USD 46.3m
Completion
+ Located in Ditan Industrial Park, Wuqing
District, Tianjin
Description + Proposed two-phased development of
single storey warehouse facilities
+ Tenant pre-lease commitment on 100% 22
----- End of picture text -----

Lettable area	96,791 sqm
Site area	120,000 sqm
Contracted owner	GCLH
Description	+Located in Longquan Logistics Center, Chengdu. Site is in close proximity to the state-level hi-tech manufacturing base and the newly established CBD +To commence construction Q1’13

==> picture [80 x 78] intentionally omitted <==

Greater China Pipeline

==> picture [297 x 117] intentionally omitted <==

----- Start of picture text -----

Stabilised
GFA 0.65 mil sqm
Under construction
GFA 0.48 mil sqm
Land bank & reserves
Site area 4.0 mil sqm
----- End of picture text -----

==> picture [178 x 146] intentionally omitted <==

----- Start of picture text -----

Stabilised
GFA 0.04 sqm
Under construction
GFA 0.2 sqm
Land bank & reserves
Site area 1.9 sqm
----- End of picture text -----

==> picture [157 x 85] intentionally omitted <==

----- Start of picture text -----

Stabilised
GFA 0.61 sqm
Under construction
GFA 0.2 sqm
Land bank & reserves
Site area 0.9 sqm
----- End of picture text -----

==> picture [635 x 259] intentionally omitted <==

----- Start of picture text -----

Bohai Bay Rim
+ Under construction
GFA
Land bank & reserves
Site area
Land bank & reserves
Site area 0.4 sqm
+ [Central China]
+
+ Yangtze River Delta
Western China
Land bank & reserves
Site area 0.6 sqm
+
Under construction Pearl River Delta
GFA 0.08 sqm
Land bank & reserves
Site area 0.2 sqm
----- End of picture text -----

23

==> picture [80 x 78] intentionally omitted <==

Goodman China Logistics Holding

Overview

Key Metrics¹

+GCLH portfolio comprises of 8 stabilised properties and 2 development projects at key logistics hubs in Greater Shanghai and Beijing region

Total Assets	A$0.4billion
Interest bearing liabilities	A$0.02billion
Gearing	19.0%
Customers	28
Number of properties	8
Occupancy	100%
Weighted average lease expiry	3.8 years
GMG co-investment	20%
GMG co-investment	A$0.01 billion

• • Continued support from key capital partners, demonstrated with:

• Canadian Pension Plan Investment Board (CPPIB) and GMG increased the combined equity commitment to GCLH joint venture by an additional US$500 million to provide total commitment of US$1 billion; and

• Major international lenders provided a US$100million 5 year finance facility

• Strong operational performance with portfolio at 100% occupancy and WALE of 3.8 years

==> picture [352 x 189] intentionally omitted <==

==> picture [169 x 166] intentionally omitted <==

1. As at 30 September 2012

24

==> picture [80 x 78] intentionally omitted <==

Goodman Hong Kong Logistics Fund

Key metrics[1]

Key events

Total assets	A$1.7 billion
Interest bearing liabilities	A$0.4 billion
Gearing2	24.5%
Customers	197
Number of properties	14
Occupancy	98%
Weighted average lease expiry	2.5 years
GMG co-investment	20%
GMG co-investment	A$0.2 billion

• • Established in April 2006, Goodman Hong Kong Logistics Fund (GHKLF) is an unlisted fund that invests in institutional grade logistics/industrial properties in Hong Kong
• • The Fund continues to be the dominant provider of high quality warehouse and logistics space in Hong Kong, offering customers 0.9 million sqm of space across 14 properties
• • Successfully refinanced Interlink construction loan to a new 3 year HK$850 million term facility and improves the fund’s weighted average debt expiry by 0.4 years
• • Strong operational performance achieved for the quarter underpinned by a total of 100,231 sqm of new leasing and renewals completed

==> picture [311 x 180] intentionally omitted <==

==> picture [166 x 165] intentionally omitted <==

==> picture [160 x 178] intentionally omitted <==

1. As at 30 September 2012

2. Calculated as (total external debt less cash excluding rental deposits) / (total assets less cash excluding rental deposits less JV loan receivable)

25

Appendix 1+ Leasing

Graben Logistics Centre, Germany

Leasing

==> picture [80 x 78] intentionally omitted <==

Across the Group and Funds platform:

• • ~0.5 million sqm leased during the quarter
• • Reversions flat on new leasing deals, with like for like NPI growing at 2.6%
• • Occupancy maintained at 96%

Division	Leasing area (sqm)	Net annual rent (A$M)	Average lease term (years)	Occupancy at	30 Sept 2012 (%)
Australia – Direct	54,886	6.5	3.3		96
Australia – GAIF	72,380	9.4	4.6		98
Australia – GTA	33,026	3.6	5.6		98
New Zealand – GMT1	55,562	4.8	4.6		96
Hong Kong – GHKLF	100,194	10.9	3.0		98
UK – ABPP	1,039	0.3	8.6		90
Europe – GELF	177,499	10.3	2.4		98
Other	35,840	4.3	3.4		92
Total	530,426	50.1			96

1. As at 31 March 2012 (as disclosed to the New Zealand stock exchange in May 2012)

27

==> picture [781 x 541] intentionally omitted <==

----- Start of picture text -----

Appendix 2+
Development
Kobe, Japan
----- End of picture text -----

Developments

==> picture [80 x 78] intentionally omitted <==

Q1FY13 Developments	Completions	Commitments	Work in progress
Value ($M)	383	523	1,964
Area (m sqm)	0.4	0.5	1.7
Yield (%)	8.7	8.8	8.4
Pre-committed (%)	97	77	72
Weighted Average Lease Term (years)	6.3	5.6	10.2
Development for Third Parties or Funds (%)	82	51	81
Australia / New Zealand (%)	49	35	33
Asia (%)	18	14	25
Europe (%)	33	51	42

Work in progress	On balance sheet	Third party funds	Total end value	Third party funds	Pre committed
by region	end value	end value		% of total	% of total
	$M	$M	$M
Australia / New Zealand	15	638	654	98	81
Asia	150	330	481	69	13
Europe	213	614	828	74	99
Total	379	1,584	1,964	81	72

29

==> picture [750 x 127] intentionally omitted <==

Appendix 3+ Funds Management

==> picture [750 x 127] intentionally omitted <==

Munich Airport Logistics Centre, Germany

Management platform

==> picture [80 x 78] intentionally omitted <==

	Goodman’s six largest managed vehicles	Goodman’s six largest managed vehicles	Goodman’s six largest managed vehicles	Goodman’s six largest managed vehicles	Goodman’s six largest managed vehicles	Goodman’s six largest managed vehicles
	GAIF	GTA	GELF	GHKLF	ABPP	GMT1
Total assets	$4.8bn	$2.8bn	$2.3bn	$1.7bn	$1.6bn	$1.3bn
GMG co-investment	43.3%	19.9%	28.1%	20.0%	43.1%	17.2%²
GMG co-investment	$1.1bn	$0.3bn	$0.4bn	$0.2bn	$0.3bn	$0.1bn²
Number of properties	111	57	93	14	25	22
Occupancy	98%	98%	98%	98%	90%	96%
Weighted average lease expiry	6.0 yrs	3.9 yrs	5.0 yrs3	2.5 yrs	6.2 yrs3	5.4 yrs

1. As at 31 March 2012 (as disclosed to the New Zealand stock exchange in May 2012) 2. As at 30 September 2012

2. WALE of leased portfolio to next break at 30 September 2012

31

==> picture [752 x 502] intentionally omitted <==

----- Start of picture text -----

A endix 4+
pp
Property
snapshots
Pudong International Airport Logistics Park, China
----- End of picture text -----

32

==> picture [80 x 78] intentionally omitted <==

Goodman Sakai, Osaka Bay

==> picture [331 x 228] intentionally omitted <==

----- Start of picture text -----

Osaka CBD
Kobe Port
Osaka Port
Kobe Airport
Kansai Airport
----- End of picture text -----

Description	+ Located in a prime logistics area of Osaka. Strategically located near various seaports and airports, making it a sought after location by logistics operators + 5 minutes from the nearest IC on the Hanshin Wangan Expressway and in close proximity to Sakai Station on Nankai Honsen Line
Area	+ Greater Osaka
Address	+ Sakai, Osaka
Zoning	+ Industrial
Site area	+ 60,000 sqm
GLA	+ 130,000 sqm

==> picture [361 x 216] intentionally omitted <==

==> picture [332 x 177] intentionally omitted <==

33

==> picture [80 x 78] intentionally omitted <==

Goodman Mizue, Tokyo Bay

==> picture [341 x 218] intentionally omitted <==

----- Start of picture text -----

Tokyo CBD
Tokyo Seaport
Haneda Airport
Yokohama Seaport
----- End of picture text -----

Description	+ Strategically located in one of the major logistics hubs in Greater Tokyo + 35 minutes to Tokyo CBD by the Shuto Expressway Yokohane Line + In close proximity to Haneda Airport located between the Yokohama and Tokyo seaports + 10 minutes from the Daishi Interchange of the Metropolitan Expressway Kanagawa No.1 Yokohane Line
Area	+ Greater Tokyo
Address	+ Kawasaki, Kanagawa
Zoning	+ Industrial
Site area	+ 30,000 sqm
GLA	+ 60,000 sqm

==> picture [343 x 202] intentionally omitted <==

==> picture [355 x 194] intentionally omitted <==

34

==> picture [80 x 78] intentionally omitted <==

Goodman Ichikawa, Tokyo Bay

==> picture [333 x 212] intentionally omitted <==

----- Start of picture text -----

Tokyo CBD
Tokyo Seaport
Haneda Airport
Yokohama Seaport
----- End of picture text -----

Description	+ Strategically located in one of the premier logistics hubs in Greater Tokyo + Located approximately 1.0 kilometers from the Wangan Ichikawa IC on the Shuto Expressway Wangan Line + 5 minutes walk from Futamata Shinmachi Station + Close proximity to Tokyo Port and Chiba Port
Area	+ Greater Tokyo
Address	+ Ichikawa, Chiba
Zoning	+ Industrial
Site area	+ 30,000 sqm
GLA	+ 60,000 sqm

==> picture [363 x 219] intentionally omitted <==

==> picture [331 x 204] intentionally omitted <==

35

Greater China

Goodman Lujia Logistics Centre

==> picture [242 x 133] intentionally omitted <==

Asset type	Stabilised
Lettable area	38,138sqm
Site area	61,909sqm
Contracted owner	GCLH
Description	+Completed in May 2011 +Well located Logistics Centre to the South East of Kunshan City +50 km to the downtown of Shanghai +35 km to Hongqiao airport

Suzhou West Logistics Centre

==> picture [233 x 135] intentionally omitted <==

Asset type	Development
Lettable area	94,058 sqm
Site area	147,337 sqm
Contracted owner	GCLH
Description	+Rare opportunity located in the mature Suzhou market +Commenced construction in Oct 2012 on speculative basis +Refurbishment and expansion of existing facility in a land constrained area

==> picture [80 x 78] intentionally omitted <==

==> picture [233 x 159] intentionally omitted <==

----- Start of picture text -----

Goodman Yushan Logistics Centre
(Phase 2)
----- End of picture text -----

Asset type	Development
Lettable area	31,740 sqm
Site area	51,341 sqm
Contracted owner	GCLH
Description	+Existing warehouse of 25,234 sqm with an additional 31,762 sqm under construction +Completion due Nov 2012 +Directly adjacent to G312 National Highway & Shanghai Nanjing Expressway

36

Greater China

Pudong International Airport Logistics Park – Phase 1

==> picture [233 x 127] intentionally omitted <==

Asset type	Stabilised
Lettable area	43,275 sqm
Site area	172, 260 sqm
Contracted owner	GMG
Description	+2 level ramp up warehouse located adjacent to Pudong International Airport; +Completed July 2012 +Strategically located between Waigaoqiao & Yangshan ports and only 36 km to Shanghai down town

Pudong International Airport Logistics Park – Phase 2 and 3

==> picture [234 x 128] intentionally omitted <==

Asset type	Development / Land bank
Lettable area	172,260 sqm
Site area	147,337 sqm
Contracted owner	GMG
Description	+Phase 2 of 56,000 sqm under construction, completion due Nov 2013 +Phase 3 is planned for 95,000 sqm

==> picture [80 x 78] intentionally omitted <==

Goodman Jinxi Logistics Centre

==> picture [229 x 133] intentionally omitted <==

Asset Type	Stabilised / development
Lettable area	74,277
Site area	120,000
Contracted owner	GMG
Description	+Existing warehouse of 47,000sqm with an additional 27,00sqm under construction +Completion due Nov 2012 + 50 km to the down town of Shanghai

37

thank+ you