GOODMAN GROUP — M&A Activity 2010

Nov 14, 2010

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Goodman consortium commences due diligence on IIF

Date 15 November 2010 Release Immediate

Further to the announcement made by Goodman Group (Goodman) on 28 October, the Goodman led consortium has signed a Confidentiality Deed with ING Management Limited (IML) to enable the commencement of due diligence.

The consortium’s indicative, conditional and non-binding offer is to acquire the ordinary units of ING Industrial Fund (IIF) for an estimated cash consideration of A$0.54 per unit, subject to detailed due diligence. The price will reflect IIF's published net tangible assets (NTA) per unit at 30 June 2010, adjusted for post balance date items and sell-side costs of implementing the proposal as outlined in the 28 October announcement.

The consortium will now work with IML to complete due diligence expeditiously and obtain other required approvals.

For further information, please contact Goodman: Greg Goodman Group Chief Executive Officer Tel +61 2 9230 7400

About Goodman : Goodman owns, develops and manages industrial property and business space globally. It is the largest industrial property group listed on the Australian Securities Exchange and one of the largest in the world, with offices across Asia Pacific, UK and Europe. At the core of the Group’s success is its integrated customer service model, which reflects the organisation’s commitment to creating long-term customer relationships.

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 | info@goodman.com | 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 of Goodman Industrial Trust ARSN 091 213 839