GOODMAN GROUP — Interim / Quarterly Report 2022

Feb 16, 2022

GOODMAN GROUP 1HFY22 RESULTS

Strong positioning and businessconditions support an increase in projected FY22 operating EPS growthto20%.

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17 February 2022

IMPORTANT NOTICEAND DISCLAIMER

• This document has been prepared by Goodman Group (Goodman Limited (ABN 69 000 123 071), GoodmanFunds ManagementLimited (ABN 48067 796 641; AFSL Number 223621)as the ResponsibleEntity for Goodman Industrial Trust (ARSN 091 213 839) and Goodman Logistics (HK) Limited (CompanyNumber 1700359; ARBN 155911142 – A Hong Kongcompany with limited liability)). This documentis a presentation of general backgroundinformation about the Group’s activities current at the date of the presentation.It is information in a summaryform and does not purport to be complete.It is to be readin conjunction with the Goodman Group Financial Report for the half year ended 31 December 2021 and GoodmanGroup’sother announcementsreleased to ASX (available at www.asx.com.au).It is not intendedto be reliedupon as adviceto investorsor potential investorsand does not take into account the investmentobjectives, financialsituation or needs of any particularinvestor. These shouldbe considered,with professional advice, when deciding if an investmentis appropriate.

• This Presentation uses operating profit and operating earnings per security (EPS) to present a clearview of the underlying profit from operations. Operating profit comprisesprofit attributable to Securityholders adjusted for profit on disposalof investmentproperties, net property valuations gains,non-propertyimpairment losses, net gains/lossesfrom the fair value movements on derivativefinancialinstruments and unrealised fair value and foreign exchangemovements on interest bearing liabilities and other non-cash adjustments or non-recurring items e.g. the share based payments expense associatedwith Goodman’sLong Term Incentive Plan (LTIP).A reconciliation to statutory profit is provided in summaryon page10 of this Presentation and in detailon page 5 of the Directors’ Report as announcedon ASX and availablefrom the Investor Centre at www.goodman.com.

• This documentcontainscertain “forward-looking statements”.The words “anticipate”, “believe”, “expect”, “project”,“forecast”,”estimate”,“likely”,“intend”, “should”,“could”, “may”,“target”, “plan” and other similar expressions are intendedto identifyforward-looking statements. Indications of, and guidanceon, future earnings and financialpositionand performanceare 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 performanceand 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 suchstatements.There can be no assurancethat actual outcomeswill not differmaterially from these statements.Neither the Group, nor anyother person, gives anyrepresentation, warranty, assuranceor guarantee that the occurrence ofthe eventsexpressed or impliedin any forward looking- statements in this documentwill 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 documentdoes not constitute an offer to sell, or the solicitation of an offer to buy, any securitiesin 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 offeredor sold in the United States or to US Persons absent registration or an exemptionfrom registration The stapledsecurities of Goodman Group havenot been, and will not be, registered under the Securities Act or the securitieslaws of anystate or jurisdiction of the UnitedStates.

• The calculation of fair value requires estimates and assumptions which are continually evaluated and are based on historical experience and expectations of future events that are believed to be reasonable in the circumstances.

CONTENTS

Section 01 Section02 Section 03 Section 04 Highlights Resultsoverview Operational Outlook performance

Appendices

1. Resultsanalysis

2. Property investment

3. Development

4. Management

5. Capitalmanagement

3 GOODMANGROUP

1H FY22RESULTS

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01 HIGHLIGHTS

4 GOODMANGROUP

1HFY22 RESULTS

HIGHLIGHTS

Thedeliberate positioningof our portfolio andfocus on infilllocationsis drivingincreased development activity, more valuableprojects, rentalgrowth, andstrong performance from our Partnerships.

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$786.2m

OPERATING PROFIT

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$12.7bn WORK IN PROGRESS

• • Strongcustomerdemandis benefitting all business segments through:

• Rental growth and occupancy

• Increased volume of development demandand consequently;

• Sustained margins across the development business

• Significantvaluation growth,aided bycontinuing cap rate compression

• • Goodmancontinues to grow organically through development activity. This is increasingly reflected in the investment and managementbusiness performance as we focus on delivering sustainableopportunitiesfor our customersand investors.
• • Key financial metricsfor the period include:

• Operating profit¹ of $786.2 million, up 28% on 1H FY21

• Statutory profit of $2,002.8 million

• Significantrevaluationgains of $6.0 billion across the Group and Partnerships

• Group NTA up 15% to $7.69, primarily driven by Groups share of revaluations

• Operating earnings per security(EPS)² of 41.9. cents, up 27% on 1H 21

• Gearing at 7.2%³ (4.8%at FY21) and 18.7% on a look-through basis.

• • Development work in progress (WIP) was stable at $12.7billion

• Averageannualproduction rateis around $7 billion and is expected to remain broadly at these levels through FY22

• Development timing slightly skewedto 1H22 with FY22 development earnings expected to approach $1billion

• Workbook value per sqm at $3,700 reflectsthe prime location, cap rates and expected growthin rents

• The intensificationof sites in our target markets has continued where supplyis limited, demand is growing and values are rising

• WIP is 63% pre-committed with an average14.2 year WALE

• WIP yieldon cost of 6.7%

• Multi-storeydevelopments now contribute $6.8 billion of current WIP.

• Operating profit comprises profit attributable to Securityholders adjusted for property valuations, derivative and foreign currency mark to market and other non-cash or non-recurring items

• Operating EPS is calculated using operating profit and weighted average diluted securities of 1,876.0 million which includes 15.5 million LTIP securities which have achieved the required performance hurdles and will vest in September 2022 and September 2023

• Gearing is calculated as total interest bearing liabilities over total assets, both net of cash and the fair values of certain derivative financial instruments included in other financial assets of $125.6 million (30 June 2021: $134.1 million). Total interest bearing liabilities are grossed up for the fair values of certain derivative financial instruments included in other financial liabilities of $70.9 million (30 June 2021: $62.3 million).

HIGHLIGHTS

• • Strong revaluation gainsand acquisitionsacross the Group and Partnerships combinedwith development activityis driving AUM growth

• External AUM up 32% to $64.1billion,with total AUM up 32% to $68.2 billion on 1H21

• $6.0 billion in re-valuationgains across the Group and Partnerships

• Acquisitions of $3.3 billion completedin the half

• • Location drivingstrongunderlying investment fundamentals

• Continuedhigh occupancy at 98.4%

• Likefor likenet property income(NPI) growth of 3.4%

• Partnership total returns are expected to be around 20% for FY22

• • Continuedprogresson ESG initiatives:

• Increasedcommitmentsto renewable energy

• Maintained operational carbon neutralityand commenced offsetting embodiedcarbon emissions

• • Capital managementto support growth with significant investment capacity
• • Low gearing maintainedat 7.2%
• • Significant available liquidity of over$2 billion (Excludes availableequitycommitments¹, cashand undrawn debt of $17.3 billion in Partnerships)
• • The business is performingstronglyacross all segments, includingour development projects, leasing success, rental growth, significant valuation uplift and the strongerthan expected performance of our Partnerships.

• COVID related disruptions in FY22 have been managed such that they have had less impact on the full year projections than we had initially assumed

• • Consequently we are upgrading our guidance for FY22, with Operating EPS growth projected to be 20%

• Forecast distribution for FY22 remains at 30.0 cents per security given the attractive opportunity to deploy retained earnings into investments and development inventory and is in keeping with the Group’s financial risk management policy.

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$68.2bn

TOTAL AUM

$6.0bn

REVALUATION GAINS

• A focus on improving the work spaces for our people to provide greater flexibilityand adaptability

• The Group’s sustainability strategy continues to evolve, with additional objectives and aspirations where appropriate, including Science Based Targets.

• Partnership investments are subject to Investment Committee approval

6 GOODMAN GROUP

1HFY22 RESULTS

GROUP AND PARTNERSHIPHIGHLIGHTS

98%

OCCUPANCY

Highoccupancy maintainedat 98%¹ and WALEof 4.9 years¹

$12.7bn

WORKIN PROGRESS

With space in 12 countries across 81 projects with a forecastyield on cost of 6.7%

$6.0bn

VALUATION GROWTH

Across the Group and Partnerships. Global WACR tightened 29bps to 4.0%

CARBON

NEUTRAL

Certified carbon neutralstatus for our FY22 global operations is on track, following our achievement last year.

3.4%

NPIGROWTH Like for like NPI growth at 3.4%

89%

IN PARTNERSHIPS

89% of current WIP is being undertaken within Partnerships or for thirdparties

$68.2bn

TOTAL AUM withexternal AUM increasing to $64.1 billion, up 32% on 1H21

200MW

SOLAR

Global solar installations or commitments forecasted to increase by 75MW and reach 200MW in FY22

4.5m

SQUARE METRESLEASED

Across the global portfolio equating to $619 million of annual rental property income across the Group and Partnerships

$5.4bn

DEVELOPMENT COMMENCEMENTS with53% pre-committed

$17.3bn

AVAILABLELIQUIDITY

across the Partnership platform, comprising equity commitments, cash and undrawndebt

AA

RATING

Achieved a MSCI ESG ratingof ‘AA’,and also received a Risk ratingof ‘9.5’ from Sustainalytics.

7.2%

GEARING

Headline gearing of 7.2%, with look through gearingof 18.7%

$4.1bn

DEVELOPMENTS COMPLETIONS with99% committed

17.7%

GEARING

Average Partnership gearing of 17.7%

$7.8m

GOODMANFOUNDATION

Contributed $7.8 million to community and philanthropiccauses in 1H22 including $121k raised directlyby staff.

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1. Partnership Portfolio

7 GOODMAN GROUP

1HFY22 RESULTS

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02 RESULTS OVERVIEW

8

1HFY22 RESULTS

RESULTS OVERVIEW

+ Cash backed Operating profit of $786.2 million up 28% on 1H21

• Operating cash flow for the period reflects the timing differences and the significant investments made into inventories, commensurate with the growth in development activity levels

+ Statutory accounting profit of $2,002.8million

• Includes significantproperty valuation gains,derivativeand foreign currency mark-to-market movements and other non-cash, non-recurring items

• • OperatingEPS¹ of 41.9 cents¹per security, up 27%on 1H21

• DPS of 15.0 cents per security

• Net tangible assets increasedto $7.69 per security.

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	1H21	1H22
Operatingprofit($M)	614.9	786.2
Statutory accounting profit ($M)	1,041.5	2,002.8
OperatingEPS (cents)¹	33.1	41.9
Distributionper security(cents)	15	15
	AS AT	ASAT
	30JUNE 2021	31 DECEMBER 2021
NTAper security($)	6.68	7.69
Gearing(balancesheet) (%)²	6.8	7.2
Availableliquidity($B)	1.9	2.1
WACR (look through)(%)	4.3	4.0

1. Operating profit and operating EPS comprises profit attributable to Securityholders adjusted for property and valuations, derivative and foreign currency mark-to-market and other non-cash or non-recurring items and calculated based on weighted average securities of 1,876.0 million which includes 15.5 million LTIP securities which have achieved the required performance hurdles and will vest in September 2022 and September 2023.

2. Gearing is calculated as total interest bearing liabilities over total assets, both net of cash and the fair values of certain derivative financial instruments included in other financial assets of $125.6 million (30 June 2021: $134.1 million). Total interest bearing liabilities are grossed up for the fair values of certain derivative financial instruments included in other financial liabilities of $70.9 million (30 June 2021: $62.3 million).

9 GOODMAN GROUP

1HFY22 RESULTS

PROFITAND LOSS

• • Halfyear statutoryaccountingprofit of $2,002.8million, includesproperty valuations, derivative mark-to-marketsand othernon-cash or non-recurring movements

• The Group’sshare of globalproperty revaluationgains for 1H22 were $1.5 billion

• AverageA$ exchangerates were steady comparedto prior corresponding period

+ Strong half year operating profit of $786 million

• Property investmentup due to net investmentand growthin rents

• Management earnings ahead of forecasts due to higher AUM driving base fees and increased performance fees. Average Partnership total returns for the full year are expected to be around 20%, supportingfuture performance

• • Development earnings skewed to 1H22 with FY22development earningsapproaching $1billion

• The increase in the annualised production rate, depth of customer demand and strong margins, is supporting a robust outlook for development earnings into FY23

• • Operating expenses are up due mainly to earlier timing of expense recognition (particularly higher STI accrual in 1H22), a reduction in expenses allocated to the development COGS and charitable donations. On a like for like basis, operating expenses are expected to be up <5% for the full year

+ Interest and tax rates steady

• The Group and Partnershipshavelow leverage and significanthedgingand / or fixed ratedebt in place.On a look through basis, 72% is hedgedfor one year and average69% over three years with averagehedgeduration of 4.5 years.This results in the Group havingminimal earnings sensitivity to potential changes in interest rates over the next few years.

Incomestatement

Incomestatement
	1H21	1H22
	$M	$M
Propertyinvestment	196.1	234.0
Management1	219.2	258.2
Development1	397.2	562.8
Operatingexpenses	(138.9)	(196.1)
OperatingEBIT2	673.6	858.9
Net borrowingcosts	(28.4)	(20.7)
Tax expense	(30.3)	(52.0)
Operatingprofit	614.9	786.2
Weightedaverage securities (million)3	1,857.7	1,876.0
OperatingEPS (cps)	33.1	41.9
Non operatingitems4
Propertyvaluationrelated movements	346.2	1,542.3
Fairvalueadjustmentsand unrealised foreign
currencyexchange movementsrelated to capital
management	196.4	(119.5)
Other non-cash adjustments or non-recurringitems	(116.0)	(206.2)
Statutoryprofit	1,041.5	2,002.8

1. Fee revenues from single contractual arrangements involving a combination of inextricable Investment Management and Development Management services and recognised over the life of the underlying developments projects are classified as development income for statutory reporting purposes. During the period $38.6 million (1H FY21: $39.2 million) of such income was recognised.

2. Look through Operating EBIT is $920.9 million and reflects $62.0 million adjustment to GMG proportionate share of Partnerships interest and tax (1H FY21: $730.8 million)

3. Includes 15.5 million securities which have achieved the required performance hurdles and will vest in September 2022 and September 2023 (1H FY21: 16.6 million)

4. 4 Refer slide 24.

10 GOODMAN GROUP

1HFY22 RESULTS

BALANCE SHEET

+ Strongbalance sheet maintained

• Gearing 7.2%[4] (6.8% in FY21) and 18.7%[5] on a look-through basis

• Period end FX strengthmarginally increasedA$ translated value of foreign denominated assets and liabilities

• • Movement in Partnership investments reflects development completions, equity contributions,asset sales and capitalreturns
• • Total property revaluations across the Group and Partnerships of $6.0 billion with Goodman’s share $1.5 billion

• NTAincreased 15% to $7.69 per securitysinceJune 2021.

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$1.5bn

1H22 REVALUATION GAINS

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15%

INCREASEINNTA

Balancesheet

Balancesheet
	AS AT	ASAT
	30JUNE 2021	31 DECEMBER 2021
	$M	$M
Stabilised investment properties	2,022	2,384
Partnershipinvestments1	8,669	10,669
Developmentholdings²	3,645	3,790
Intangibles	823	820
Cash	920	720
Otherassets	788	771
Total assets	16,867	19,154
Interestbearing liabilities	(2,060)	(2,088)
Otherliabilities	(1,645)	(1,874)
Total liabilities	(3,706)	(3,962)
Netassets	13,161	15,192
Net asset value($)³	7.12	8.13
Nettangibleassets ($)³	6.68	7.69
Balance sheetgearing(%)4	6.8	7.2

1. Includes Goodman’s investments in its Partnerships and other investments

2. Includes inventories, investment properties under development and the Group’s proportionate interest in development assets within the Partnerships

3. Based on 1,868.2 million securities on issue (FY21: 1,847.4 securities on issue)

4. Gearing is calculated as total interest bearing liabilities over total assets, both net of cash and the fair values of certain derivative financial instruments included in other financial assets of $125.6 million (30 June 2021: $134.1 million). Total interest bearing liabilities are grossed up for the fair values of certain derivative financial instruments included in other financial liabilities of $70.9 million (30 June 2021: $62.3 million).

5. Look through gearing includes the proportionate consolidation of gross assets and liabilities of equity accounted investments.

11 GOODMAN GROUP

1HFY22 RESULTS

GROUPLIQUIDITY POSITION

• • Cash and available lines of credit(excludingPartnership debtand equity) of $2.1 billion as at 31 December 2021

• $719.6 million in cash,$1,340.6 million of availablelines

• Weighted averagedebt maturity profile of 6.0 years

• • Gearingat 7.2%¹ (18.7%² look-through) and consistentwith previous guidance,the Group has an ongoing desire toremain in the lower half of the 0-25%FinancialRisk Management policy range near-term given the quantityof development being undertaken

• Provides substantial headroom to financialcovenants, Interest Cover Ratio (ICR)147.8x(lookthrough 21.5x)

• The Group is undertaking more development activity over the next few years. Profitability remains attractive from these activities and as a result, more capital is being allocated to development and Partnership investments on a consistent basis. Forecast distribution for FY22 remains at 30.0 cents per security given this opportunity to deploy retained earnings and is in keeping with the Group’s financial risk management policy

• • Stable and sustainable investment grade creditratings

• BBB+ / Baa1 from S&P and Moody’s respectively.

• Gearing is calculated as total interest bearing liabilities over total assets, both net of cash and the fair values of certain derivative financial instruments included in other financial assets of $125.6 million (30 June 2021: $134.1 million). Total interest bearing liabilities are grossed up for the fair values of certain derivative financial instruments included in other financial liabilities of $70.9 million (30 June 2021: $62.3 million).

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$2.1bn 7.2%[¹] LIQUIDITY GEARING

1. Based on $4.1 billion net debt on $22.0 billion net assets of Group and proportionate share of Partnerships

2. Interest cover is operating profit before net finance expense (operating) and income tax (operating) divided by net finance expense (operating). The calculation is in accordance with the financial covenants associated with the Group’s unsecured bank loans and includes certain adjustments to the numerator and denominator, including reversing the impacts of the new lease accounting standard.

GOODMAN GROUP

1HFY22 RESULTS

12

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03 OPERATIONAL PERFORMANCE

13 GOODMAN GROUP

1HFY22 RESULTS

ENVIRONMENTAL, SOCIAL AND GOVERNANCE

• During FY22, Goodman continuedits concerted efforts to make ESG fundamental to our business and core operations.

• Our 2030 Sustainability Strategy providesa blueprintand is a fundamental contributorto our strong performance and long-term strategy.

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PROPERTY

• • Goodman’sglobaloperations are on track to remain carbon neutral for FY22 following certificationas a Carbon Neutral Organisation byClimate Activelast year
• • On track to increase our solar PV installations or commitments across the globalportfolioby 75MW and reach 200MW in FY22
• • Transition to 100% certified GreenPower electricityfor Goodman’sAustralian operations from July 2021, increasing the Group’sglobal renewable energy usageto approximately 62%
• • Embodied carbon of our developments is being measured in order to reduce and offset these emissionswith manyprojects now carbon neutral

PEOPLEAND CULTURE

• • Reached a genderratio of 44% female and 56% male with 30% seniorfemale executives
• • Goodman Australia has committedto implementing a Reflect Reconciliation Action Plan (RAP), to help set a visionfor how we can createmeaningfulrelationships and promote opportunitiesfor Aboriginal and Torres Strait Islanderpeoples
• • Launchof the refreshed GoodmanValues;Sustainability, Innovation, Determination and Integrity
• • Introduced mid-yearperformancereviewprocess for Goodman’sworkforce to support career development and performance.

CORPORATE PERFORMANCE

• • Introduction of specific ESG KPI’s into the overallperformance and remuneration assessment of Goodman’s senior leadership team
• • Contributed $7.8 million to communityand philanthropic causes including $121k raised directly bystaff
• • Achieved Sector Leaderin the Global Real Estate Sustainability Benchmark (GRESB) for the Goodman Japan Partnership
• • Achieved an MSCI ESG rating of ‘AA’, the 2nd highestcategory. Also received an ESG Risk Rating of ‘9.5’ from Sustainalytics and was assessed to be at ‘Negligible’ risk of experiencing material financial impacts from ESG factors¹.
• • Goodman has committedto ScienceBase Targetswith assessmentand verification underway for implementation this year.

• Copyright ©2022 Sustainalytics. All rights reserved. This section contains information developed by Sustainalytics (www.sustainalytics.com). Such information and data are proprietary of Sustainalytics and/or its third party suppliers (Third Party Data) and are provided for informational purposes only. They do not constitute an endorsement of any product or project, nor an investment advice and are not warranted to be complete, timely, accurate or suitable for a particular purpose. Their use is subject to conditions available at https://www.sustainalytics.com/legal-disclaimers.

14 GOODMAN GROUP

1HFY22 RESULTS

PROPERTYINVESTMENT

• • Property fundamentalsremain strongthroughout the portfolio supporting occupancy, rent growth and positive re-valuations

• Occupancy of 98.4%

• WALEof 4.9 years,and is expected to increase as developments underway complete

• Like-for-like net property incomegrowthof 3.4%

• • Location of the global portfolioand demandfor logisticsassets generallyis reflected in the significant revaluation gains of $6.0 billion across the Group and Partnerships

• 29bps tightening in WACR to 4.0% over the period

• $1.1 billion resulting from revaluations on development within the Partnerships and IPUD. Goodman’s Share of this was $0.4 billion

• • The Group’s existing investmentportfolio in infill locationsprovidesfuture development and growth opportunities

• These locations provide value add opportunitiesthrough multi-storey logistics, data centre’s and other commercialuses.

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98.4% OCCUPANCY

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4.0%
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WACR

Property investments

Property investments
	1H21	1H22
Direct($M)	32.8	52.6
Partnershipinvestments($M)	163.3	181.4
Propertyinvestmentearnings	196.1	234.0

Key metrics

Key metrics
	1H21	1H22
WACR(%)1	4.7	4.0
WALE(yrs)1	4.4	4.9
Occupancy(%)	98	98

1. Keymetrics relate to Goodman and managed Partnership properties

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15 GOODMAN GROUP

1HFY22 RESULTS

DEVELOPMENT

• • Significant global development activity combinedwith scarcityof supplysupporting both value and volume, and WIP now at $12.7billion

• Increasedscale and highervalue projects has seen the averagedevelopment period for projects in WIP increase to 22 months,up from (18 months in 1H21)

• Annualproduction rateis maintained at approximately $7 billion

• Strong development metrics reflect thequalityof our workbook focused on infilllocations

• WIP 63% pre-committed and completed projects averaging99% leased,reflectingthe desirability of our sites and customer demand

• Continuedinvestmentpartnering with89% of developments undertakenin the Partnerships or for third parties

• Development yield on cost at 6.7%

• Marginsremain strong given current weighted averagecap rates and rental growth

• • Cost increases globallyacross construction processes have risen due to supplychain, labourand materialshortages. This has been managedproactively through the Groups procurementpractices and contingenciesfor timeand cost. In addition,rental growth and value add activities across our portfolio and development projects have providedthe ability to offset these costs
• • We remain focused on regeneration of existing land and buildings, enhancingvalue through intensification, while adding to our portfolio of opportunities incrementally, supporting future development work in constrainedmarkets and reducingour impact on the environment.

Developments

Developments
	1H21	1H22
Developmentearnings ($M)	397.2	562.8

Key metrics

Key metrics
	1H21	1H22
Work in progress($B)	8.4	12.7
Work in progress(million sqm)	2.5	3.4
Number of developments	56	81
Development for third parties or Partnerships(%)	80	89
Committed(%)	69	63
Yieldon cost(%)	6.6	6.7

Work in progress(end value)

Work in progress(end value)
	$B
Opening(June 2021)	10.6
Completions	(4.1)
Commencements	5.4
FX andother	0.8
Closing(December2021)	12.7

16 GOODMAN GROUP

1HFY22 RESULTS

MANAGEMENT

+ ExternalAUM of $64.1 billion,up 32% on 1H21

• Managementearnings up 18% following strong revaluationgains,development completions and acquisitions

• Followingconsistent outperformanceof the Partnerships,performancefees of $74million recognised in 1H22 and expected to be higherin the second2H22

• • AUM growth over the next few years to be supported organicallyby increaseddevelopment activity and revaluations

• Rental growth to support further valuation upside

• • IncreasedAUM todrive higherbase managementfees
• • Partnerships remain well fundedto take advantage of growth opportunities
• • $17.3 billion of equity commitments¹, cash and undrawn debt available across the Partnership platform

• $6.0 billion in undrawn debt facilities and cash

• $11.3¹ billion in undrawn equity.

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$64.1bn

EXTERNAL AUM

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$828m

AVERAGE PARTNER COMMITMENT

Management

Management
	1H21	1H22
Managementearnings ($M)	219.2	258.2

Key metrics

Key metrics
	1H21	1H22
Number of Partnerships	15	16
ExternalAUM($B)	48.5	64.1

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1. Partnership investments are subject to Investment Committee approval

17 GOODMAN GROUP

1HFY22 RESULTS

MANAGEMENT PLATFORM

	GAIP	GHKLP	GCLP	GNAP	GAP		GEP		GJCP	GMT3	GUKP4
	AUSTRALIA	HONG KONG	CHINA	USA	AUSTRALIA		EUROPE		JAPAN	NEW ZEALAND	UK
Total assets ($B)	12.8	9.9	6.9	6.6	6.5		6.2		4.5	4.1	2.5
GMG co-investment(%)	29.1	20.3	20	55	19.9		20.4		14.3	24.8	35.5
GMG co-investment($B)	2.8	1.6	1.0	3.1	1.0		0.8		0.4	0.8	0.7
Number ofproperties	104	12	39	22	37		91		19	11	11
Occupancy1(%)	97	97	98	100	99		99		99	100	95
Weightedaverage lease expiry1(years)	4.8	3.2	3.3	7.5	4.7		5.0		4.3	5.8	8.0
WACR (%)	3.9	3.9	5.3	4.0	3.8		3.7		4.0	4.2	3.7
Gearing2(%)	18.5	17.4	9.3	13.6	17.7		16.9		30.9	17.5	20.8
Weightedaverage debt expiry (years)	4.3	3.8	3.3	6.4	3.9		6.3		5.4	4.7	3.9

1. WALEand occupancy of stabilised portfolio as at 31 December 2021

2. Gearing calculated as total interest bearing liabilities over total assets, both net of cash

3. GMT:Results are as at 30 September 2021 as reported to the New Zealand Stock Exchange

4. Consists of GUKP1, GUKP2 and GUKP3.

18 GOODMAN GROUP

1HFY22 RESULTS

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04 OUTLOOK

19 GOODMAN GROUP

1HFY22 RESULTS

OUTLOOK

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The concentration of Goodman’s business in targeted locations over the past decadehas seen it emerge as a specialist provider of logistics real estate in urban infill markets to service the digital economy.

• • The significant level of customer demand,high utilisation of available space,combinedwith barriersto entry and supply restrictionsin our markets, is creatinga shortage of available space

• This is underpinning occupancy and cash flows in our portfolio, with increasing rental growth

• • Strong demandfrom our customers, driven by growth in the digital economyand its impacton supplychains, continuesto sustain activityand drive positiveproperty fundamentals for our business

• This demand is broad based and concentrated in urban infill markets strategic positioning can allow customers to provide sustainable and competitive services in the future

• Our development work book is focused on these infilllocations supportingstrong demand,rental growthand increasing the end value of our projects.

• This increased activity is expected to be prolonged,supporting the positive growthoutlook.

• • Scarcityof land and an increasedfocus on reducing greenfield development,is drivingincreasedintensity of use fromexisting sites. This is providing value add opportunitiesthrough multi-storey logistics, data centres, and othercommercialuses in our locations
• • We remainfocused on our development led strategy, which is providing access to well locatedassets for the Group and our partners

• Development work in progress has grown to $12.7 billion with the production rateexpected to averageapproximately $7.0 billion for theyear

• Opportunities for the regeneration of existing assets are growing and continue to remain a focus. This both supports our future development workbook and reduces our impact on the environment

• The increase in the annualised production rate, depth of customer demand and strong margins, is supporting robust outlook for development earnings into FY23.

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OUTLOOK

• • Over the past seven years, managementand investment earnings growth has been impacted by our asset sales program
• • This has materially improved the qualityof the portfolio and underlyingcashflow. In additionthe Groupexpects strong organicdevelopment activityover the next few years to contribute to stronger portfolioAUM growth and therefore growth in managementand investment earnings
• • Partnership performance and outlook remains strong with returns expected to be around 20%.We expect further strongrevaluation outcomesdriven by

• Increasing rental growthand occupancy in our markets

• The value added to our properties through intensification of use

• Continued investorappetite for logistics real estate

• • Combined with increased ongoing development activity, this is expectedto see AUM in excess of $70 billion by June 2022
• • We continueto progressand have increasedour commitment torenewable energy and carbon neutrality, having achieved operational carbon neutrality in FY21.We are focused on reducingembodiedcarbon emissionsfrom our global development workbook and have commenced the process to reduce and offset this over time

• The Group’s workspaces have been and continue to be improved in order to provide the business and its people with greater flexibility and efficiency and to support a more diverse environment.

• • Maintaininga strong balancesheet and retainingincome, provides significant liquidity,stability and financial resources for growth and agility to optimise returns
• • The business is performingstronglyacross all segments, includingour development projects, leasing success, rental growth, significant valuation uplift and the strongerthan expected performance of our Partnerships

• In addition,COVID related disruptions in FY22 havebeen managed suchthat they havehad less impact on the full year projections than we had initially assumed

• Consequently we are upgrading our guidance for FY22, with Operating EPS growth projected to be 20%

• Forecast distribution for FY22 remains at 30.0 cents per security given the attractive opportunity to deploy retained earnings into investments and development inventory and is in keeping with the Group’s financial risk management policy

• The Board sets targets annually and reviewsforecasts regularly. Forecastsare subject to there beingno material adverse change in the market conditions or the occurrenceof other unforeseen events.

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30.0¢ FY22DPS

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20%

FORECAST FY22 OPERATING EPS GROWTH

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01 APPENDIX RESULTS ANALYSIS

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PROFITAND LOSS

PROFITAND LOSS
		Property				Non-operating
	Total	investment	Management	Development	Operating expenses	items
Category	$M	$M	$M	$M	$M	$M
Gross property income	69.3	69.2	–	–	–	0.1
Managementincome	219.6	–	219.6	–	–	–
Developmentincome1	745.1	–	38.6	706.5	–	–
Net gain from fair valueadjustmentson investmentproperties	93.6	–	–	–	–	93.6
Net gain on disposal of investmentproperties	74.4	–	–	74.4	–	–
Net gainon disposal of assets held for sale	12.5	–	–	12.5	–	–
Share of net resultsof equity accountedinvestments	1,793.4	181.4	–	55.0	–	1,557.0²
Netgain on disposal of equityinvestments	–	–	–	–	–	–
Total income1	3,007.9	250.6	258.2	848.4	–	1,650.7
Property and development expenses	(308.4)	(16.6)	–	(291.8)	–	–
Employee, administrativeand other expenses	(397.9)	–	–	–	(196.1)	(201.8)
EBIT / Segment operatingearnings	2,301.6	234.0³	258.2³	556.6³	(196.1)	1,448.9
Net gain from fair valueadjustmentson investmentproperties	(93.6)	–	–	–	–	(93.6)
Share of net gain from fair valueadjustmentson investment properties, unrealised derivative gains and non-recurring items within associates and JVs	(1,557.0)	–	–	–	–	(1,557.0)
Straightlining of rental income	(0.1)	–	–	–	–	(0.1)
Share based payments expense	201.8	–	–	–	–	201.8
OperatingEBIT4 / Segment operatingearnings	852.7	234.0	258.2	556.6	(196.1)	–
Net finance expense (statutory)	(134.4)	–	–	6.2	(140.6)	–
Add:fair value adjustmentson derivativefinancial instruments	119.9	–	–	–	119.9	–
Net finance expense (operating)	(14.5)	–	–	6.2	(20.7)	–
Income tax expense (statutory)	(164.4)	–	–	–	(164.4)	–
Add:deferred tax on fair value adjustmentson investmentproperties	109.7	–	–	–	109.7	–
Add:deferred tax on other non-operating items	2.7	–	–	–	2..7	–
Income tax expense(operating)	(52.0)	–	–		(52.0)	–
Operatingprofit available for distribution	786.2	234.0	258.2	562.8	(268.8)	–
Net cash provided by operatingactivities5	279.1

1. Fee revenues from single contractual arrangements involving a combination of inextricable Investment Management and Development Management services and recognised over the life of the underlying developments projects are classified as development income for statutory reporting purposes. During the period $38.6 million (HY21: $39.2 million) of such income was recognised.

2. Includes share of associate and joint venture property valuation gains of $1,558.4 million, share of fair value adjustments of derivative financial instruments in associates and joint ventures of $0.4 million and other non-cash, non-recurring items within associates of $(1.8) million

3. Segment operating earnings is total income less property and development expenses (excludes employee, administrative and other expenses)

4. Look through Operating EBIT is $920.9 million and reflects $62.0 million adjustment to GMG proportionate share of Partnerships interest and tax (1H FY21: $730.8 million)

5. Difference between operating profit and cash provided by operating activities of $(507.1)million relates to:

6. $(241.6) million development activities including capitalised and prepaid interest

7. $(86.9) million of development cashflows recognised in investment activities

8. $(37.6) million cash share of equity accounted income

9. $(141.0)million of other working capital movements.

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RECONCILIATIONNON-OPERATING ITEMS

		Halfyearended31
	Total	December 2021
Non-operatingitemsinstatutoryincome statement	$M	$M
Propertyvaluationrelatedmovements
Net gain from fair value adjustments attributableto investmentproperties	93.6
Share of net gain from fair valueadjustmentsattributableto investmentproperties in associates and joint venturesafter tax	1,558.4
Deferredtax on fair valueadjustmentson investmentproperties	(109.7)
Subtotal		1,542.3
Fair value adjustments and unrealisedforeign currencyexchange movements relatedto capital management
Fairvalue adjustmentson derivative financial instruments – GMG	(119.9)
Share of fair valueadjustments on derivativefinancial instruments in associatesand joint ventures	0.4
Unrealisedforeignexchange loss	–
Subtotal		(119.5)
Other non-cash adjustmentsor non-recurring items
Sharebased paymentsexpense	(201.8)
Straight lining of rental income and tax deferredadjustments	(4.4)
Subtotal		(206.2)
TOTAL		1,216.6

24 GOODMAN GROUP

1HFY22 RESULTS

FINANCIAL POSITION

		Property
	Direct Assets	investment	Development	Other	Total
As at 31 December2021	$M	$M	$M	$M	$M
Cash	–	–	–	719.6	719.6
Receivables	–	–	183.3	370.7	554.0
Inventories	663.6	–	1,110.8	–	1,774.4
Investmentproperties	1,709.4	–	56.1	–	1,765.5
Investmentsaccounted for using equity method	–	10,665.9	2,428.0	–	13,093.9
Intangibles	–	–	–	820.3	820.3
Otherassets	10.6	3.2	11.7	401.3	426.8
Total assets	2,383.6	10,669.1	3,789.9	2,311.9	19,154.5
Interestbearing liabilities				(2,087.7)	(2,087.7)
Otherliabilities				(1,874.6)	(1,874.6)
Total liabilities				(3,962.3)	(3,962.3)
Netassets/(liabilities)				(1,650.4)	15,192.2
Gearing1%					7.2
NTA(per security)2$					7.69
Australia/ New Zealand	1,457.8	4,710.5	1,188.9	234.5	7,591.7
Asia	434.7	2,518.4	662.1	391.8	4,007.0
CE	491.1	882.0	439.1	678.3	2,490.5
UK	–	336.6	589.1	128.5	1,054.2
Americas	–	2,221.6	910.7	108.1	3,240.4
Other	–	–	–	770.7	770.7
Total assets	2,383.6	10,669.1	3,789.9	2,311.9	19,154.5

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1. Gearing is calculated as total interest bearing liabilities over total assets, both net of cash and the fair values of certain derivative financial instruments included in other financial assets of $125.6 million (30 June 2021: $134.1 million). Total interest bearing liabilities are grossed up for the fair values of certain derivative financial instruments included in other financial liabilities of $70.9 million (30 June 2021: $62.3 million).

2. Calculated based on 1,868.2 million securities on issue.

25 GOODMAN GROUP

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NET TANGIBLEASSET MOVEMENT

[GRAPH]

26 GOODMAN GROUP

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PROPERTY VALUATIONS

• • Continuedinvestment demandfor logisticsassets and a favourable occupational market has supported the valuation growth over the half
• • Market rental growth, cap rate compression,development completions withinthe Partnershipsand FX have been drivers of the valuation increase
• • The globalportfolio cap rate has compressedby 29bps to 4.0% over 1H22
• • Revaluation gains across the global portfolio for the half year totalled $6.0 billion, with the Group’s share $1,683.1¹ million.

31 December 2021 property valuations (look through)

		Valuation		WACR
	Book value (GMG	movement since		movement since
	exposure)	June 2021	WACR	June 2021
As at 31 December2021	$M	$M1	%	%
Australia/ New Zealand	8,657.0	996.9	3.9	-0.5
Asia	4,441.5	71.5	4.4	-0.1
UK / Continental Europe	3,472.2	263.6	3.7	-0.2
Americas	3,674.4	351.1	4.0	–
Total /Average	20,245.1	1,683.1	4.0	-0.3

1. Excludes deferred taxes and other transfers of $140.8 million. Net revaluation for Goodman share of $1,542.3 million.

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02 APPENDIX PROPERTY INVESTMENT

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LEASING

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4.5m

98.4%

OCCUPANCY

SPACE LEASED

Across theGroup and Partnerships:

• • 4.5 million sqm leased over the 12 months, equating to $619.0 million of annual property income
• • High occupancy at 98.4%.

			Average lease
	Leasing area	Netannualrent	term
Region	SQM	$M	YEARS
Australia/ New Zealand	1,620,612	227.5	4.8
Asia	1,852,783	283.1	3.4
UK / Continental Europe	1,045,304	108.4	5.3
TOTAL	4,518,699	619.0	4.4

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29 GOODMAN GROUP

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CUSTOMERS

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DIRECTPORTFOLIODETAIL

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• • Long term strategic portfolio with potential for higherand betteruse, re-zoningand redevelopment
• • 33 properties with a totalvalue of $2.4¹ billionlocatedprimarilyin the Sydney market

• Represents a significantpart of the urban renewal portfolio

• • Leasingtransactionsremainstrong across the portfolio

• 224,922 sqm ($25.5million net annualrental) of existing space leased

• • 93.8% occupancy and a weightedaverage lease expiryof 6.8 years
• • Average portfolio valuation cap rate of 4.5%¹.

Keymetrics[1]

	1H22
Total assets ($B)	2.4
Customers	279
Number of properties	33
Occupancy(%)	93.8
Weightedaverage cap rate (%)	4.5¹

1. Stabilised properties.

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03 APPENDIX DEVELOPMENT

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DEVELOPMENTS

1H 22 developments

1H 22 developments
As at 31 December2021	Completions	Commencements	Work inprogress
Value($B)	4.1	5.4	12.7
Area(m sqm)	1.4	1.5	3.4
Yield(%)	6.8	6.4	6.7
Committed(%)	99	53	63
Weightedaverage lease term (years)	11.2	16.1	14.2
Developmentfor thirdparties or Partnerships (%)	65	86	89
Australia/ New Zealand(%)	34	19	19
Asia(%)	26	31	49
Americas(%)	10	24	17
UK / ContinentalEurope (%)	30	26	15

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04 APPENDIX MANAGEMENT

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GLOBALPLATFORM

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CONTINENTAL EUROPE/UK $10.8BN THE AUM 127 Properties AMERICAS $6.7BN AUM 22 Properties OUR GLOBAL NETWORK $68.2BN Assets under management (AUM) 396 Properties

ASIA $22.2BN AUM 75 Properties AUS/NZ $28.5BN AUM 172 Properties

14 Countries

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MANAGEMENT – AUM

+ The majority of Goodman’s assets reside in Partnerships

• The Group manages16 Partnerships with 47 investorswho are represented on the Boards and Investment Committeesindependentof Goodman

• Goodmanmaintains a 27% averageequitycornerstonepositionin the Partnershipsto ensure alignmentand exposure to a high qualityglobally diversifiedportfolio

• Partnershipaveragegearing is 17.7%

• The averagedrawnand committedequity per partner is $828 million (excluding GMT).

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05 APPENDIX CAPITAL

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CURRENCY MIX

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FINANCIAL RISKMANAGEMENT

The Group has a robust capital management framework

• • The Group has a robust capitalmanagementframework,underits Financial Risk Management (FRM) policy.This provides:

• Stronger balancesheet whichhas been reflectedin our credit ratings from S&P and Moody’s BBB+ / Baa1 respectively

• Covenants that are appropriate for our operations

• Diversifiedsources of funding

• Long-term debt sources to stabilise the funding base

• • The Grouphas been actively reducing financial leverage in the business:

• Group target gearing range 0%–25%

• Gearing levelwill be determinedwith reference to mix of earnings and ratios consistent with credit rating but expected to remain low

• • Interest risk management:

• Policyto ensure between 60% and 100% of current year interest rates are fixed

• 66% hedged overnext 12 months

• Weighted averagehedge maturity of 4.9 years

• Weighted averagehedge rateof 1.82%[1,2]

• • Foreign currency risk management:

• Policyto hedgebetween65% and 90% of foreign currency denominated net assets

• 73% hedgedas at 31 December 2021, of which33% is debt and liabilities and 67% is derivatives

• Weighted averagematurity of derivatives3.7years.

• Includes the strike rate on interest rate cap hedges

• Includes the 8 year Reg S €500 million at 1.375% fixed rate

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39 GOODMAN GROUP

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FINANCIAL RISK MANAGEMENT (CONT)

• • Interest rates are hedged to 66% over the next 12 months

• Weighted average hedge rate of 1.82%¹

• NZD – hedge rate 1.20%

• JPY – hedge rate 1.41%

• HKD – hedge rate 1.38%

• GBP – hedge rate 1.51%

• Euro –hedge rate 0.72%²

• USD – hedge rate 3.59%

• • Weighted average hedge maturity of 4.9 years.

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1 Includes the strike rate oninterest ratecap hedges 2 Incudes the 8 year RegS €500 millionat 1.375% fixed rate

40 GOODMAN GROUP

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FINANCIAL RISK MANAGEMENT (CONT)

Foreign currency denominated balance sheet hedging maturity profile

	Weighted average maturity	Weightedaverage exchange rate	Amount receivable1	Amount payable1
NZ$	3.1 years	1.0748	A$605.0m	NZ$650.0m
HK$	2.7years	5.7598	A$1,346.6m	HK$7,740.0m
US$	3.7 years	0.7252	A$1,455.5m	US$1,050.0m
¥	4.0years	77.5413	A$297.2m	¥23,000.0bn
€	4.1 years	0.6214	A$1,086.7m	€675.0m
£	4.7 years	0.5403	A$703.4m	£380.0m
CNY²	2.5years	7.5753	US$600.0m	CNY4,545.2m

1. Floating rates apply for the payable and receivable legs for the cross currency swaps

2. Forward exchange contract, net settled in USD.

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1HFY22 RESULTS
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EXCHANGE RATES

Statement of financial position – exchange rates as at 31 December 2021

Currency	Exchangerate
AUDGBP– 0.5432	(30 June 2021: 0.5432)
AUDEUR– 0.6327	(30 June 2021: 0.6327)
AUDHKD– 5.8222	(30 June 2021: 5.8222)
AUDBRL– 3.7528	(30 June 2021: 3.7528)
AUDNZD– 1.0739	(30 June 2021: 1.0739)
AUDUSD– 0.7497	(30 June 2021: 0.7497)
AUDJPY – 83.278	(30 June 2021: 83.278)
AUDCNY– 4.8412	(30 June 2021: 4.8412)

Statement of financial performance

– average exchange rates for the 6 months to 31 December 2021

Currency + AUDGBP– 0.5546 + AUDEUR– 0.6262 + AUDHKD– 5.7958 + AUDBRL– 4.0236 + AUDNZD – 1.0745 + AUDUSD – 0.7472 + AUDJPY – 79.6101 + AUDCNY– 4.9419

Exchangerate (30 June 2021: 0.5546) (30 June 2021: 0.6262) (30 June 2021: 5.7958) (30 June 2021: 4.0236) (30 June 2021: 1.0745) (30 June 2021: 0.7472) (30 June 2021:79.6101) (30 June 2021: 4.9419)

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42 GOODMAN GROUP

1HFY22 RESULTS

THANKYOU

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For more information visit

goodman.com

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Important Notice 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 223621) as the Responsible Entity for Goodman Industrial Trust (ARSN 091 213 839) and Goodman Logistics (HK) Limited (Company Number 1700359; ARBN 155911149 – A Hong Kong company with Limited liability).The details in this presentation provide general informationonly. It is not intended as investment or financial advice and must not be relied upon as such. You should obtain independent professional advice prior to making any decision. This presentation is not an offer or invitationfor subscription or purchase of securities or other financial products. Past performance is no indication of futureperformance. All values are expressed in Australiancurrency unless otherwise stated. February 2022