GOODMAN GROUP — Investor Presentation 2017

Jun 15, 2017

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Group and regional strategy update

Date 16 June 2017 Release Immediate

Goodman Group (Goodman or Group) advises that it will host an institutional investor and analyst update today. The attached presentation was issued as a supporting document for the briefing.

Ends -

For further information, please contact; Greg Goodman Group Chief Executive Officer Tel: + 612 9230 7400

About Goodman

Goodman Group is an integrated property group with operations throughout Australia, New Zealand, Asia, Europe, the United Kingdom, North America and Brazil. Goodman Group, comprised of the stapled entities Goodman Limited, Goodman Industrial Trust and Goodman Logistics (HK) Limited, is the largest industrial property group listed on the Australian Securities Exchange and one of the largest listed specialist fund managers of industrial property and business space globally.

Goodman’s global property expertise, integrated own+develop+manage customer service offering and significant fund management platform ensures it creates innovative property solutions that meet the individual requirements of its customers, while seeking to deliver longterm returns for investors.

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

For more information: www.goodman.com

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Goodman Group Investor Update Operational and Strategy Update11 June 2015 16 June 2017

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• • 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 the Goodman Group Financial Report for the year ended 30 June 2016 and 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 Presentation uses operating earnings per security to present a clear view of the underlying profit from operations. Operating profit comprises profit attributable to Securityholders, adjusted for property and intangible valuations resulting from fair value adjustments, derivative and foreign currency mark to market and other non-cash or non-recurring items. It is used consistently and without bias year on year for comparability.
• • 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.

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Contents

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• Section 1

• • Section 2
• • Section 3

Group overview Regional updates Investment management

• Section 4

Oakdale

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Section 2+
Regional updates
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Centenary Distribution Centre, Australia
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Strategic initiatives + Maintain geographic focus on Sydney + Developing product still the best way to ensure quality + Asset sales funding development + Focus on acquisitions in infill locations + Maintain low leverage across the Partnerships Business drivers + Urbanisation: Urban renewal having a significant impact on various locations in Sydney and Melbourne + Consolidation and rationalisation: customers seeking efficiencies in their supply chain networks – relocating to M4, M7 infrastructure + Technology and innovation: driving industrial demand west through operational improvements and lowering operating costs, datacentre demand competing for industrial uses + E-Commerce: online sales growth continues to double at the growth rate of traditional retail sales + Investment market remains strong supporting capital transactions 80% 10% 8% 1% 1%
	Snapshot¹
	Assets under management	A$13.6bn
	Stabilised properties	161
	Investment GLA (sqm)	6.5m
	Occupancy	96%
	Development WIP	A$642m
	Pre-committed development	78%
	Managed Partnerships	4
	People	302
	1. As at 31 March 2017

	Snapshot¹
	Assets under management Stabilised properties	A$13.6bn 161
	Investment GLA (sqm)	6.5m
	Occupancy Development WIP Pre-committed development	96% A$642m 78%
	Managed Partnerships	4
	People	302

Top five customers

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E-commerce sales in Australia
. * * * *
Forecast
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Industrial supply

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Source: JLL
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Development Development Leasing
X
Oakdale Industrial Estate, Eastern Creek, NSW
Customer Iron Mountain
Lettable area 19,500 sqm
Lease term 15 years
+ Purpose built facility for Iron Mountain that will
be used for document storage
+ Located at Oakdale Industrial Estate South,
within the Western Sydney Employment Area
approximately 3 km southwest of the
intersection of the M4 and M7 Motorways
Description + Single contiguous warehouse with hardstand
and separate car and truck access
+ Completion is expected in January 2018
+ Pre-let off the back of other leasing transactions
totalling approximately 100,000sqm
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Leasing
Chifley Business Park, Mentone, VIC
Customer Coca Cola Amatil (CCA)
Lettable area 35,466 sqm
Lease term 5 years
+ Enter into a new 5 year lease for a facility that
was purpose built for CCA in 2005
+ Increases WALE at Chifley from 3.5 years to
4.5 years
Description + A stand alone industrial facility comprising
34,255 sqm warehouse and 1,211 sqm office
+ The estate is a 294 ha site, 21km from the
city, situated in a fully urbanised south east
sub-region of Melbourne
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99% 1%	Snapshot¹
	Assets under management	A$2.6bn
	Stabilised properties	13
	Investment GLA (sqm)	1.0m
	Occupancy	98%
	Development WIP	A$141m
	Pre-committed development	82%
	Managed Partnerships	2
	People	65

Strategic initiatives

• • Investment focused on Auckland industrial market
• • Refinement of portfolio quality with asset recycling funding new development activity
• • Completing build out of Highbrook Business Park is a key objective
• • Develop to hold strategy with targeted acquisitions providing value add and rezoning opportunities
• • De-leveraging providing substantial balance sheet capacity for GMT

Business drivers

• • Auckland growing with record immigration
• • Strong property fundamentals

• As at 31 March 2017

• • Existing customer businesses are expanding with new facilities providing operational efficiencies
• • Emerging impacts of online retailing with growth in 3PL sector

Top five customers

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Online retail spending in NZ
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Auckland industrial supply sqm
10yr average
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Source: JLL

Source: BNZ

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Development Development Leasing
Stage 2
WIP
Stage 1
Completed
X Savill Link, Auckland
Customer Coda
Lettable area 4,980 sqm warehouse expansion with additional
7,360 sqm warehouse expansion underway
Lease term 15 years with fixed review structure
+ New warehouse, canopy and yard expansion
for logistics operator
+ New 15 year lease over entire facility
Description
+ Additional 7,360 sqm warehouse expansion
option exercised (Stage 2) currently under
construction
+ Savill Link now around 81% complete
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Asset recycling
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Millennium Office Estates, Auckland

Sale price	NZ$210 million
Lettable area	42,895 sqm of space across 7 buildings
Lease term	5 years
Purchaser	Local syndicator, Oyster Management Ltd
Description	+ Largest sale ever completed by GMT + Reflects an initial yield of 7.25% + GMT has recycled NZ$535 million of capital through asset sales over the last 5 years + Provides funding capacity for development programme + Consistent with an investment strategy focused on Auckland industrial property

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Strategic initiatives

• • Concentrated investment focus on Beijing, Shanghai, Tokyo, Osaka, Hong Kong
• • Continuation of the asset rotation program
• • New development activity to be undertaken primarily in Partnerships, and typically larger project size
• • Gearing likely to remain at the lower end of target range at this point in the cycle

Hong Kong 52% Greater Shanghai 15% Tokyo 11% Osaka 9% Greater Beijing 6% Others 7%

Business drivers

• • Domestic consumption, e-commerce, and urbanization remain logistics drivers
• • Operational efficiency sought by logistics operators translate to demand for high quality well located facilities

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• • Supply constraints in gateway cities providing opportunities for superior returns
• • Change of use providing additional value and development opportunities

Snapshot¹
Assets under management	A$10.0bn
Stabilised properties	54
Investment GLA (sqm)	4.5m
Occupancy	97%
Development WIP	A$983m
Pre-committed development	25%
Managed Partnerships	3
People	436

Top five customers¹

1. Includes China, Hong Kong and Japan

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E-commerce sales in China
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* * * *
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Source : Statista DMO
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1. As at 31 March 2017

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• Forecast

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Leasing
Development
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Development
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Goodman Akamatsudai, Greater Osaka

Wujiang Distribution Centre, Greater Shanghai

Customer 3PL provider Lettable area 74,000 sqm + Strategically located west of Shanghai, with superior transport accessibility + Three single level warehouses totalling 74,000 sqm Description + 71% leased to 3PL provider servicing well known global confectionary producer + Planned completion in mid 2018

Customer	Marubeni / ASICS
Lettable area	51,000 sqm
Description	+ 100% pre leased prior to construction commencement + High specification 4-storey logistics facility with exceptionally high level of finish and employee amenity + Location provides excellent access to Greater Osaka region and allows for 24/7 operation flexibility + Planned completion mid 2017

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51% 18% 13% 7% 4% 2% 3% 1% 1%	Snapshot¹
	Assets under management	A$5.2bn
	Stabilised properties	125
	Investment GLA (sqm)	5.1m
	Occupancy	97%
	Development WIP	A$943m
	Pre-committed development	93%
	Managed Partnerships	3
	People	191

Strategic initiatives

• • Asset rotation program continuing concentrating on key cities in Germany, France Benelux and Poland
• • Proceeds from asset sales primary funding for acquisitions of new product from the Group
• • Maintain moderate gearing

Business drivers

• • Increasing consumer spending and customer requirements, reorganization of delivery networks and e-commerce
• • Demand from customers is strong and has substantially absorbed vacancy in the market, with rental growth emerging some cities
• • Supply is primarily build-to-suit

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1. As at 31 March 2017
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• • Investment volumes and pricing are historically high, on the back of low interest rates and attractive yield spreads with 10yr government bonds (500bps)

Top five customers

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E-commerce sales in Europe
Source: Statista, DMO
Forecast
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Industrial supply / net absorption
Take-up Average supply Supply
Source: JLL
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Development Development Leasing Development & Leasing
Marl, Germany Lauwin-Planque, France
X
Customer Metro Customers Amazon & Log’S
Lettable area 235,942 sqm
Lettable area 30,026 sqm (Amazon II) & 55,688 sqm (Log’S)
Lease term 10 years
Lease term 8.4 years & 6 years
+ Brownfield, pre-let development for Metro that + Customer switch and new development on
GMG’s land bank in Lauwin-Planque
will be used as national and regional
distribution hub for Metro’s Cash & Carry and + Existing 96,000 sqm Amazon FC (Amazon I)
Real business in Germany and 30,000 sqm facility leased to 3PL
+ Located at Rhine-Ruhr metropolitan region, provider, Log’S
Description the industrial heartland of Germany, close to + Amazon required an additional sorting centre
Description
Dusseldorf and with immediate access to the to service the FC (Amazon I)
A2 highway, the main East-West connection
+ Log’S required additional space
in Northern Germany (Duisburg-Berlin-
Warsaw) + Amazon moved to 30,000 sqm existing
+ Completion expected in Q1 2018 facility (Amazon II) and Goodman developed
a new facility of 55,000 sqm pre- leased to
Log’S
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Strategic initiatives
+ Target long term opportunities in the M1/M6 corridor and
within London /M25
+ Opportunistic focus on acquisitions
+ Continue to work through existing land bank, extracting
highest and best use where possible
South East
+ Development to be undertaken primarily within the Midlands
Partnership
North
Business drivers
+ UK continues to be a leading e-commerce consumer
+ Concentration of population and wealth around London and 7%
South East
+ Traditional ‘bricks and mortar’ retailers adapting to new retail 30%
environment driving demand for warehouses
63%
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Snapshot¹
Assets under management	A$1.6bn
Stabilised properties	15
Investment GLA (sqm)	0.3m
Occupancy	76%
Development WIP	A$282m
Pre-committed development	71%
Managed Partnerships	3
People	72

1. As at 31 March 2017 and includes ABPP

E-commerce sales in United Kingdom

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Source: Statista, Office for National Statistics

Industrial supply / net absorption

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Source: CBRE

• Forecast

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Development
Development Leasing
Lyons Park, Coventry Northampton Commercial Park, Northhampton
X
Customer Amazon Customer Clipper Logistics and Amazon
Lettable area 43,660 sqm Lettable area 43,290 sqm
Lease term 15 years Lease term 10 years
+ Purpose built cross dock facility for Amazon,
+ New development completed in March 2016
their first of its kind in the UK
+ Prime location on the M1 north of London
+ The unit is located at Lyons Park, Coventry, in
a prime Midlands location + Comprises 2 units, a 28,240 sqm unit let to
Clipper shortly after completion and a 15,050
+ The unit comprises a single storey warehouse
Description Description sqm unit let to Amazon Logistics
with ancillary offices and a substantial
mezzanine of 17,650 sqm with a conveyor + Amazon will use the unit for their last mile
system delivery and Clipper service a 10 year
contract with John Lewis, a major UK retailer
+ Completion due in October 2017
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Strategic initiatives
+ Pursue opportunities primarily in LA, Inland Empire,
Pennsylvania and New Jersey
+ Remain focused on monetising the existing landbanks
+ Maintain focus on development land opportunities and infill as
the best way to access high quality real estate
7%
Business drivers
92%
+ Key industrial demand drivers growing steadily
+ E-commerce continues to structurally alter supply chains and
drive robust demand for modern space in prime locations
+ Supply across the US has exceeded demand for the first time
since 2010, but tight in GMG target markets
1%
+ Strong rent growth across core markets with muted rent growth
in speculative markets (Dallas, Atlanta, Chicago)
31 March 2017 Book Value
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Snapshot¹
Assets under management	A$1.0bn
Properties	7
Investment GLA (sqm)	0.5m
Occupancy	97%
Development WIP	A$444m
Pre-committed development	80%
Managed Partnerships	1
People	43

E-commerce sales in North America

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Industrial New Supply

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Source: Worldbank / CBRE

Source: CBRE

1. As at 31 March 2017

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Developmen t Leasing Customer Amazon Lettable area 93,618 sqm Lease term 15 years Description + Second 1.0m sqft distribution centre building, Goodman Commerce Centre Eastvale is a 3.3m sqft estate over 205 acres of warehouse, business park and retail space + Located in the Inland Empire West market in Southern California, directly off the I-15 freeway and with excellent access to the I-10 - a primary transport route to the Ports of Los Angeles / Long Beach and Ontario International Airport + The second lease for Amazon at the property, signing a 15 year pre-lease to commence at building completion + Building completion expected in 2018 + Additional 7 acres for car park use Development Goodman Commerce Centre, Eastvale

Customer E-commerce customer Lettable area 27,452 sqm Lease term 7 years Description + Lease is for the whole of Building 3 at Goodman Logistics Center Santa Fe Springs, a 3 building estate under construction totalling 1.2m sqft over 53 acres + Located in the Mid Counties market in Los Angeles and less than 2 miles from the I-5 and I-605, 22 miles from the Port of Los Angeles / Long Beach and 15 miles from Downtown Los Angeles + Customer signed a 7 year pre-lease to commence at building completion + Estate development is underway with Building 3 to be completed in the fist half of 2018 Leasing Goodman Logistics Centre, Santa Fe Springs

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Strategic initiatives
+ Focus on the Gateway cities of São Paulo and Rio de Janeiro
+ Target selective acquisition of assets in prime infill locations
+ Leverage Goodman expertise on developing quality projects for
international customers
Business drivers
+ Take advantage of the countercyclical market by acquiring land in
strategic infill locations 16%
+ Demand from global customers remains strong in the 3PL, retail,
FMCG and e-commerce space 16%
68%
+ Good enquiry for BTS solutions from local and major international
firms still active, although the decision process is currently slow
+ Local investment and development competition has delcined
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Snapshot¹
Assets under management	A$0.3bn
Stabilised properties	4
Investment GLA (sqm)	342k
Occupancy	76%
Development WIP	n/a
Pre-committed development	n/a
Managed Partnerships	n/a
People	26

1. As at 31 March 2017

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E-commerce sales in Brazil
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Source: Statista

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Brazilian Class A inventory
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m sqm
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Source: Colliers

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• Forecast

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Development Stabilised Development Leasing
Goodman Betim, Minas Gerais Goodman ABCD 1, Sao Paulo
Customer Walmart
Customer Speculative
Lettable area 62,587 sqm
Lettable area 26,177 sqm
Lease term 12 years
+ Speculative development on São Bernardo
do Campo – Sao Paulo
+ Build to suit facility for Walmart Brazil, with a
12 year lease term + A prime infill location, the land is located in a
region with low supply of Class A logistics
+ The facility will support the Walmart Description
warehouse and zero vacancy
Description e-commerce division
+ The land has easy access to Imigrantes
+ Cross dock and sort facility
Highway (the busiest highway in Latin
+ Delivered in February 2017 America) and to Santos Port
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Section 3+ Funds management Nick Kurtis, Group Head of Equities

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Centenary Distribution Centre, Australia

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Development Leasing + Asset and investment strategy

• Focus on ‘gateway cities’

• Minimise exposure to low barrier entry markets for long term hold

• Core assets currently expensive in most markets

• Development and asset repositioning remains the main method to undertake investment

• Monetise existing land banks

• Greenfield land development sites are preferred

• Selective Brownfield value add opportunities

+ Capital management

• Look to maintain/not increase current debt volumes across the platform

• Continue to finance new opportunities through sale of non-core assets

• Match long term assets with long term debt capital market (“DCM”) liabilities

• Allow asset valuation growth to naturally decrease leverage at this point in the cycle

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Section 4 – Oakdale Industrial Estate

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Development Leasing Urban renewal
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X
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• Development + Oakdale Industrial Estate is an emerging precinct ideally located within western Sydney’s logistics hub of Eastern Creek. It offers direct Leasing Urban renewal access to the M4 and M7 Motorways and unrivalled connections to the greater Sydney metropolitan areas

• • Oakdale Industrial Estate follows the completion of the successful joint venture with Brickworks at M7 Business Hub which is valued at over $500 million (post the sale of the Coles Distribution Centre to Maple Tree for $253)
• • Comprising 3 stages (Central, South and West), the estate offers a number of development opportunities suitable for the construction of brand new warehouse, distribution and logistics facilities
• • Stage 1, Oakdale Central comprises 44 hectares. It currently includes 6 completed warehouses all occupied by DHL and a further 6 buildings under construction, all pre-committed
• • Stage 2, Oakdale South comprises 70 ha of developable land and is master planned for 11 buildings, catering for turnkey developments land sales and built to suit developments.
• • Stage 3, Oakdale West comprises 90 ha of developable land with infrastructure works expected to commence in 2020

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Development Leasing Urban renewal
X X X
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thank+ you

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