Goodman : Dispatch of investor newsletter to Securityholders

12 December 2018

The Manager

Company Notices Section ASX Limited

Exchange Centre 20 Bridge Street SYDNEY NSW 2000

Dear Sir / Madam,

GOODMAN GROUP (GOODMAN) - Dispatch of investor newsletter to Securityholders

Attached is the Goodman investor newsletter dispatched to Securityholders today and available on the Goodman website atwww.goodman.com.

Please contact the undersigned in relation to any queries.

Yours sincerely

Carl Bicego Company Secretary

Goodman Group

Goodman Limited | ABN 69 000 123 071

Goodman Funds Management Limited | ABN 48 067 796 641 | AFSL Number 223621

as responsible entity of Goodman Industrial Trust | ARSN 091213 839

Level 17, 60 Castlereagh Street, Sydney NSW 2000 | GPO Box 4703, Sydney NSW 2001 Australia

Tel [phone] | Fax [phone]

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 [phone] | Fax [phone]| www.goodman.com

OPERATIONAL	DEVELOPMENT	GOODMAN'S	IN THE
UPDATE	UPDATE	PURPOSE	COMMUNITY
Positive	Intensification	Making space	Making a
results.	of use.	for greatness.	difference.
02	05	06	08

DECEMBER 2018

INVESTOR INSIGHT

Goodman Qingpu Centre, Shanghai City, China.

Goodman recently demonstrated the strength of its underlying business and the performance of its people at its quarterly update to the market and its Annual General Meetings.

OPERATIONAL UPDATE

As customers continue to increase investment in refining their supply chains, the demand for high-quality industrial facilities in key urban centres continues to strengthen.

Goodman is benefiting from strong structural and macro trends, due to the quality and location of its portfolio.

"With the Group's portfolio located where our customers want to be, we are seeing consistently high occupancy, increased rental growth, strong demand for new product and higher valuations in our markets."

GREG GOODMAN GOODMAN GROUP CEO

Customers are continuing to invest in the evolution of their supply chains.

More than US$67 billion is expected to be	Aimed at improving efficiencies and reducing costs in
invested in robotics by 2025*	satisfying consumer expectations for fast delivery
* Boston Consulting Group, 2014.
	INVESTOR INSIGHT DECEMBER 2018

As part of this, our customers need high-quality facilities to house their investment in technologyWell-located industrial facilities, close to end-consumers, are a key component of their strategy.

INVESTOR INSIGHT DECEMBER 2018

KEY FACTS

All figures are in AUD and are for the three months to 30 September 2018.

$39.6bn

TOTAL ASSETS UNDER MANAGEMENT

Total assets under management of $39.6 billion continues to grow driven by strong valuation growth and development completions around the world.

$3.6bn

$0.9bn

DEVELOPMENT WORK IN PROGRESS

Our development workbook of $3.6bn consists of 75 projects and is relatively spread across geographies.

$36.6bn

EXTERNAL ASSETS UNDER MANAGEMENT

With sustained valuation momentum, the completion of the asset rotation programme and the Partnerships investing mainly through development, AUM growth should continue to be robust.

98%

OCCUPANCY

Occupancy was maintained at 98% across the portfolio reaffirming the Group's strategy to own properties in high-demand locations.

DEVELOPMENT COMMENCEMENTS

72% of our developments in the first quarter were pre-committed to customers with longer lease periods.

77%

DEVELOPMENT WITHIN PARTNERSHIPS

We maintained our prudent approach to development with 77% of developments undertaken for third parties or in Partnerships.

0.8m

SQUARE METRES LEASED

New leasing across the global platform for the first quarter reflects $106 million of property income per annum with like-for-like rental growth of 3.3%.

$1.0bn

DEVELOPMENT COMPLETIONS

We completed 0.7m sqm of developments around the world in the quarter worth $1 billion.

349

PROPERTIES

IN PARTNERSHIPS

Strong performance from the partnerships was driven by underlying property fundamentals which should support ongoing performance fees.

OWNDEVELOP MANAGE

INVESTOR INSIGHT DECEMBER 2018

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