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24 September 2010

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

Dear Sir

GOODMAN GROUP (GOODMAN) – PRESENTATION ON MELBOURNE PROPERTY TOUR

We attach a presentation to be provided to analysts on our Melbourne property tour.

Yours sincerely

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Carl Bicego Company Secretary

Level 10, 60 Castlereagh Street Sydney NSW 2000 | GPO Box 4703, Sydney NSW 2001 Australia Tel +61 2 9230 7400 | Fax +61 2 9230 7444 | [email protected] | www.goodman.com Goodman Limited ABN 69 000 123 071 Goodman Funds Management Limited ABN 48 067 796 641 AFSL Number 223621 as responsible entity for Goodman Industrial Trust ARSN 091 213 839

Melbourne update and property tour Friday 24th September 2010

+ agenda

Presentation+

01 Australian property update – Jason Little 2
02 Melbourne property strategy and update – Ben McGilp 4
03 Melbourne valuation update – CBRE 14 Property tour+ 04 Clayton Business Park 14 05 Moorabbin Airport and business park 16 06 Western Melbourne corridor 21 All facts and figures as at 30 June 2010 unless specificed

+ presentation

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01: Australian property update

Australian investment property overview

Investment

Investment
Properties Tenants Area(million sqm) Value($b) WACR Occupancy WALE Retention Staff	138
	548
	4.4
	5.9
	8.2%
	96%
	5.7
	73%
	187

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Major customer
Coles 8.5%
Toll 6.8%
Linfox 2.6%
Woolworths 2.2%
Deutsche Post 2.1%
Ceva Logistics 2.1%
Coca-Cola Amatil 2.0%
Brambles 1.9%
ACI Packaging 1.8%
Metcash 1.4%
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Geographic diversification
South Australia Western Australia
6% 2%
Queensland
7%
Victoria NSW
17% 69%
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Lease expiry
Vacant 4%
<1 year 10%
1-2 years 9%
2-3 years 12%
3-4 years 10%
4-5 years 11%
Beyond 46%
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Melbourne update and property tour 2

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01: Australian property update

Australian development property overview

Land inventory

Land inventory
Area(million sqm) Built out end value($b) Funds and thirdparty GMG Current enquiry NSW Qld Vic SA WA	2.0
	2.8
	53%
	47%

	103,825 sqm
	68,895 sqm
	72,000 sqm
	15,700 sqm
	41,000 sqm

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Australian developments
1000
800
600
400
200
0
FY07 FY08 FY09 FY10
$M Commencements Completions Work in Progress
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Melbourne update and property tour 3

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02: Melbourne property strategy and update

Melbourne investment property overview

Investment

Investment
Number ofproperties Number of customers Area(million sqm) Book value($b) WACR Occupancy WALE(years) Retention Staff number	27
	95
	1.2
	1.0
	8.5%
	98%
	5.8
	80%
	18

	Major customer Toll Woolworths Ltd SCA Hygiene Australia ACI Wesfarmers Reece Smorgon Steel Vehicle Storage and Engineering Coca-Cola Wallenius Wilhelmsen Logistics Australia 9.5% 5.9% 4.4% 4.2% 3.8% 3.5% 3.4% 2.7% 2.6% 2.1%

	Lease expiry Victoria < 1 year 11% Vacant 2% 1-2 years 8% 2-3 years 11% 3-4 years 9% 4-5 years 10% >5 years 49%

Melbourne update and property tour

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02: Melbourne property strategy and update Melbourne population

Melbourne’s population in 2031

Melbourne’s population is projected to increase by approximately 900,000 between 2001 and 2031. Sixty per cent of Melbourne’s population will live in the eastern half of the city at this time compared to 75% now. Statistical Local Areas (SLA’s) in Whittlesea, Melton and Casey are projected to have the highest amounts of Melbourne’s total population growth.

Projected population increases to 2031 Statistical local areas, 2005 – 2031

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Absolute numbers
16,300 to 79,600
8,600 to 16,300
4,300 to 8,600
0 to 4,300
-10,100 to 0
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Distribution of Melbourne’s projected population in 2031 as proportion of Melbourne total Statistical local areas

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Percentage
2.5 to 2.87
2 to 2.5
1.5 to 2
1 to 1.5
0.01 to 1
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East-west distribution of Melbourne’s projected population 2031 as proportion of Melbourne total Statistical local areas, 2031

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Percentage
60
40
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Melbourne’s population centre

The population centroid of Melbourne has been in what is now the City of Boroondara since 1954. It is currently in Glen Iris and is projected to move slightly inwards (ie to the west) by 2031. The population centroid is the centre of gravity of Melbourne’s population and is determined by a combination of the density and spatial distribution of the population.

Population centre of Melbourne 1954 to 2031

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Source: Department of Sustainability and Environment

Melbourne update and property tour

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02: Melbourne market strategy and update

Melbourne industrial markets

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Mickleham
Sunbury
Craigieburn
Somerton
Coolaroo
Epping
Melbourne Airport Broadmeadows Amaroo Business Park Greensborough
Essendon Kingsbury
Airport
Preston
St Albans Essendon
Brunswick Heidelberg
rn Free
Ringwood
Footscray Melbourne
Laverton North CBD
West Gate Freeway
toyotagreen Business Park
Altona North Port Melbourne
West Prahran Burwood
Williamstown Malvern
Westside Industrial Estate BoroniaFerntree Business Park
Hobson’s Bay St Kilda
Mt Waverley
Laverton Altona Bay
Brighton Rowville
Connectwest Industrial Estate Interchange Industrial Estate
Point Cook Inner South East Notting Hill
Clayton
Moorabbin
Port Phillip Bay Clayton Business Park
Kmart
Moorabbin Dandenong
Airport
Cheltenham
Chifley Business Park Keysborough
Woolworths
Dandenong
South
Glasscocks Industrial Estate
Lyndhurst
Laverton Distribution Centre
tylink
Metro Ring Road
Easte
PrincesFreeway
Ci
ncesFre
way
Freeway
Western
ernRing
Princ
Calder Freeway
West
M
onash
F
re
eway
esH
ig
hway
Pri
eway
itylink
Road
Hume Hghi
w
ay (Sydney R
o
ad)
C
E
astlink
ay
w
e
re
F
e
m
Hu
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Melbourne update and property tour 6

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02: Melbourne market strategy and update

Target development regions

Re ion g

West

Cit Frin e y g

South East (inner)

Develo ment ro erties p p p

IIE Site 1 IIE Site 2 Banfield Distribution Centre Connectwest Industrial Estate Westside Industrial Estate Boundar Distribution Centre y toyotagreen Ferntree Business Park Cla ton Business Park y Moorabbin Airport and business park

Strate gy

Large industrial precommitments and Land sales

Multi unit developments

Reposition and precommit commercial buildings Maximise value b rezonin y g Fully integrated business park

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Melbourne update and property tour 7

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02: Melbourne market strategy and update Western market summary

- Preferred location for larger industrial users (>20,000 sqm)
- Distribution and port related business (Woolworths, Coles, Kmart etc.)
- Institutional competition
- Market driven historically by mix of speculative and preleased development
- Prelease transactions have been limited in the last 18 months
- Currently low vacancy levels in large existing stock
- Land sales are continuing for the smaller developers and owner occupiers
- Builds on successful development activity
- Leakes Road precinct has momentum and is viewed favourably by the broader market

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+Interchange Industrial Estate – Woolworths
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Melbourne update and property tour 8

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02: Melbourne market strategy and update

Leakes Road development precinct

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Port of Melbourne
West Gate Freeway
Princes Highway
Western Ring Road
Princes Freeway Kororoit Creek Road
Fitzgerald Road
Interchange Industrial Estate – Site One
Princes Freeway
Dohertys Road
Interchange Industrial Estate – Site Two
Banfield Distribution Centre Old Geelong Road
Connectwest Industrial Estate
Westside Industrial Estate Leakes Road
Old Geelong Road
Palmers Road
CBD
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Melbourne update and property tour 9

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02: Melbourne market strategy and update toyotagreen

- Immediately adjacent to the CBD
- Historical location for larger users
- Trending towards unit industrial estates
- Limited land supply
- Redevelopment opportunity with income
- Builds on previous successful development activity
- Opportunity to create a masterplanned precinct
- Ericsson, Sharp, Specsavers etc.
- Lease expiries support staged development over the next 5+ years

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+toyotagreen – Parcel B
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Melbourne update and property tour 10

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02: Melbourne market strategy and update toyotagreen

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CBD
toyotagreen Business Park
Parcel B
Bertie Street
West Gate Freeway
Precinct A Bridge Street
Parcel A
Plummer Street
CityLink
Graham Street
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Melbourne update and property tour 11

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02: Melbourne market strategy and update Ferntree Business Park

- Established suburban commercial precinct
- Limited land supply
- Ferntree Business Park is well located on Ferntree Gully Road
- Redevelopment opportunity with income
- Opportunity to reposition current assets, rationalise holding and create a masterplanned estate
- Lease expiries support staged development over the next 5+ years

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+Ferntree Business Park
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Melbourne update and property tour 12

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02: Melbourne market strategy and update Ferntree Business Park

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CBD
Monash Freeway
Stephensons Road
Clayton Road
Forster Road
Ferntree Gully Road
Gardiner Road
Ferntree Business Park
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Melbourne update and property tour 13

CBRE+

property tour+

Melbourne update and property tour 15

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04: Clayton site visit Clayton Business Park

+ Historical industrial location

- Older style industrial estate satisfying current demand for affordable accommodation
- Rents currently vary from $40 to $100 per sqm net
- Increasing annual capital expenditure
- Adjacent to residential
- Adjacent to public transport (currently $153 million upgrade being undertaken to Westall Station)
- Natural opportunity to rezone and maximise value
- Initial support from local council
- Consistent with State Government objectives for housing supply
- Feasibility work commenced
- Staged development over the next 10+ years
- Development proposed to include a mix of medium density housing, multi level apartment buildings and complementary retail

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VIC Imports
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Melbourne update and property tour 16

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04: Clayton site visit Clayton Business Park

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CBD
Cranbourne/Pakenham Train Line
Princes Highway
Centre Road
Clayton Business Park
Kombi Road
Rayhur Street
Westall Distribution Centre
Westall Train Station
Westall Road
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Melbourne update and property tour 17

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05: Moorabbin site visit

Moorabbin airport and business park

- Located 21 kilometres from the Melbourne CBD
- Substantial 294 hectare business park and airport in Melbourne’s inner south-east
- 123 hectares of prime business park space plus the Moorabin Airport
- 50 hectares of industrial and retail land has been developed over the past 10 years
- 73 hectares of land is available for future development opportunities in accordance with the masterplan
- Terms agreed for a pre-committed development with a blue chip customer over 5 hectares of land

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1998
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2010
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- Chifley Business Park, owned by GAIF, has been developed over the last 10 years on 37 hectares with a current total investment value of $106 million

+ June 1998

+ November 1999

Lease interest in site acquired Goodman Group signs by Goodman Holdings development agreement

+ 2003

+ September 2003

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DFO completes extension
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Visy commences occupation

+ October 2000

Completion of new CASA facility

Coca Cola commences occupation

+ May 2004

+ April 2005

Kingston Central Plaza Remington commences opens occupation

+ August 2005

+ 2007

Simplot commences DFO completes further occupation extension

+ July 2008

Latest stage at Chifley Business Park completes

+ July 2010

New five year Masterplan approved

Melbourne update and property tour 18

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05: Moorabbin site visit

Moorabbin Airport masterplan

- 99 year[1] leasehold interest (87 years remaining) from Commonwealth Government
- Latest masterplan approved in July 2010 for the next five years
- Commitment to work closely with all levels of Government and the local community to ensure that all of the activities contribute to job creation and economic activity in the area
- Goodman Holdings retained as Operator of the airport for continuity and experience
- Air Services Australia and the Civil Aviation Safety Authority perform air traffic management and safety roles
- Approved masterplan sets out clear planning guidelines to the owner, presenting a range of flexible development opportunities
1 Initial term of 50 years (38 years remaining) with an extension for a further 49 years at the option of the leasee

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KCP
DFO
Chifley Bu si ness P ar k
Moorabbin Airport
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Investments Development Aviation activities
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Melbourne update and property tour 19

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05: Moorabbin site visit

Moorabbin Airport development strategy

- Precinct to the south of Chifley Business Park represents a natural extension to the existing industrial development
- Precinct along Boundary Road will suit alternative development uses including retail
- Precinct on Lower Dandenong Road will suit industrial development or alternate uses
- Precincts along the western boundary provides opportunities for alternate buffer uses separating the airport operations from existing residential eg. recreational activities, self storage and passive industrial
- The proposed single leasehold structure:
Ensures quality of estate is maintained
Provides for full control of masterplan process
Offers flexibility in the event of variations to exisiting airport arrangements
Proven through the development of Chifley Business Park and other non aviation developments

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CBD
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Melbourne update and property tour 20

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05: Moorabbin site visit Chifley Business Park

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

Simplot 3 1
Hartman Swing Ultrapak Acushnet Spectrum
Gifts Brands
5
7
9
Southcott
ITT Flygt Vacant Hutchinson
Coca Cola
Coca Cola
Visy
9 Child Care Facility
7 Fitness Centre
5 Estate Cafe
1,3 Office Pods
Coca Cola
Salton
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Melbourne update and property tour 21

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06: Western Melbourne corridor

Western overview

- Located along Leakes Road, Truganina approximately 18 km west of Melbourne’s CBD and 15 km to the Port of Melbourne
- 157.8 hectares of land within the precinct over five (5) estates
- Developments recently completed for Woolworths, Bevchain, Wallenius Wilhelmsen and Sabco
- 76,735 sqm under construction for Kmart
- 21.6 hectares of surplus land to be sold by subdivision
- 72.5 hectares of land remaining for future development
- Development land is well located with direct access to the Princes Freeway diamond entry ramp
- Leakes Road has been identified to be widened to accommodate six (6) lanes and is a possible major connecting road to the Outer Metropolitan Ring Road
- Signalisation intersections are constructed or planned for each estate

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Deer Park Bypass
Western Ring Road
Mount Derrimut Road
Palmers Road
Boundary Road
William Angliss Drive
Fitzgerald Road
Westlink Distribution Centre
Dohertys Road
Connectwest Industrial Estate Interchange Industrial Estate site two
Interchange Industrial Estate site one
Princes Freeway
Westside Industrial Estate
Kororoit Creek Road
Leakes Road
Interchange Industrial Estate site three
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Melbourne update and property tour 22

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06: Western Melbourne corridor

Leakes Road development precinct

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Melbourne update and property tour 23

thank+ you

This document has been prepared by Goodman (Goodman International Limited (ABN 69 000 123 071) and Goodman Funds Management Limited (ABN 48 067 796 641) as Responsible Entity for Goodman Industrial Trust (ARSN 091 213 839) (AFSL 223621)) for general information purposes only. Whilst every care has been taken in relation to its accuracy, no warranty of accuracy is given or implied. You should obtain your own independent advice before making any decisions about the property referred to in this document, which is owned by Goodman. Images contained in this document have been used to enable the customer to visualise the development concepts only, and are not intended to definitively represent the final product. September 2010

Melbourne update and property tour 24

AI assistant

GOODMAN GROUP — Investor Presentation 2010

64998_rns_2010-09-23_8caab6d8-4928-4b20-a87d-9ac7bc995d61.pdf

GOODMAN GROUP (GOODMAN) – PRESENTATION ON MELBOURNE PROPERTY TOUR

+ agenda

Presentation+

+ presentation

01: Australian property update

Australian investment property overview

Investment

01: Australian property update

Australian development property overview

Land inventory

02: Melbourne property strategy and update

Melbourne investment property overview

Investment

02: Melbourne property strategy and update Melbourne population

Melbourne’s population in 2031

Melbourne’s population centre

02: Melbourne market strategy and update

Melbourne industrial markets

02: Melbourne market strategy and update

Target development regions

Re ion g

Develo ment ro erties p p p

Strate gy

02: Melbourne market strategy and update Western market summary

02: Melbourne market strategy and update

Leakes Road development precinct

02: Melbourne market strategy and update toyotagreen

02: Melbourne market strategy and update toyotagreen

02: Melbourne market strategy and update Ferntree Business Park

02: Melbourne market strategy and update Ferntree Business Park

property tour+

04: Clayton site visit Clayton Business Park

+ Historical industrial location

04: Clayton site visit Clayton Business Park

05: Moorabbin site visit

Moorabbin airport and business park

+ June 1998

+ November 1999

+ 2003

+ September 2003

+ October 2000

+ October 2000

+ May 2004

+ April 2005

+ August 2005

+ 2007

+ July 2008

+ July 2010

05: Moorabbin site visit

Moorabbin Airport masterplan

05: Moorabbin site visit

Moorabbin Airport development strategy

05: Moorabbin site visit Chifley Business Park

06: Western Melbourne corridor

Western overview

06: Western Melbourne corridor

Leakes Road development precinct

thank+ you

More from GOODMAN GROUP

GOODMAN GROUP Investor Presentation 2010