GMT Bond Issuer Limited Launches Offer of Goodman+Bonds

Level 2, 18 Viaduct Harbour Avenue, Auckland | PO Box 90940, Victoria Street West, Auckland 1142
Tel + 64 9 375 6060 | www.goodman.com/nz



NZX release+
GMT Bond Issuer Limited Launches Offer of Goodman+Bonds
Date
19 February 2018
Release
Immediate

GMT Bond Issuer Limited (NZX Code: GMB) (a wholly owned subsidiary of
Goodman Property Trust ("GMT" or "Trust")) today announced that it has opened
an offer of up to $75 million (with the ability to accept up to another $25 million in
oversubscriptions at its discretion) of 5.5 year (maturing on 1 September 2023)
fixed rate senior secured bonds ("Goodman+Bonds").

The offer will be made pursuant to the Financial Markets Conduct Act 2013 as an offer of
debt securities of the same class as existing quoted debt securities. The notice required
by the Financial Conduct Regulations 2014 has been provided to NZX.

The full details of the offer are contained in the terms sheet attached.

The Goodman+Bonds will have a maturity date of 1 September 2023 and are expected to
be quoted on the NZX Debt Market. They are expected to have an investment grade issue
credit rating of BBB+ from Standard & Poor's. GMT’s current corporate credit rating is
BBB.

The indicative issue margin range is 1.20% p.a. – 1.30% p.a., subject to a minimum
interest rate of 4.00% p.a.. The issue margin and interest rate for the Goodman+Bonds
will be set following a bookbuild process on 23 February 2018 and announced via NZX
shortly thereafter. The offer will close on 23 February 2018 following the bookbuild
process, with the Goodman+Bonds expected to be issued on 1 March 2018.

Interest will be paid on the Goodman+Bonds semi-annually in arrear. The first interest
payment date is 1 September 2018 but as that date is a Saturday, the actual payment will
be made on 3 September 2018.

Investors interested in the offer should contact any of the Joint Lead Managers listed
below, or their usual financial adviser, to obtain details as to how Goodman+Bonds may
be acquired. There will be no public pool for the Goodman+Bonds.


For further information please contact:

Joint Lead Managers
• Deutsche Craigs Limited 0800 226 263
• First NZ Capital Securities Limited 0800 005 678
• Westpac Banking Corporation (ABN 33 007 457 141) (acting through its New
Zealand branch) 0800 942 822

Level 2, 18 Viaduct Harbour Avenue, Auckland | PO Box 90940, Victoria Street West, Auckland 1142
Tel + 64 9 375 6060 | www.goodman.com/nz


About Goodman Property Trust:
GMT is an externally managed unit trust, listed on the NZX. It has a market capitalisation of around $1.7 billion,
ranking it in the top 20 of all listed investment vehicles. The Manager of the Trust is a subsidiary of the ASX listed
Goodman Group. Goodman Group are also the Trust's largest investor with a cornerstone unitholding of 21%.

GMT is New Zealand's leading industrial and business space provider. It has a substantial property portfolio
with a value of $2.6 billion that accommodates around 200 customers. The Trust holds an investment grade
credit rating of BBB from Standard & Poor's.
The Trust’s secured bonds, US private placement notes and
bank debt are rated one notch higher at BBB+.


John Dakin
Chief Executive Officer
Goodman (NZ) Limited
(09) 375 6063
(021) 321 541
Andy Eakin
Chief Financial Officer
Goodman (NZ) Limited
(09) 375 6077
(021) 305 316

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Goodman+Bonds
Terms Sheet dated 19 February 2018
5.5 year secured retail bonds due 1 September 2023


19 February 2018
This terms sheet (Terms Sheet) sets out the key terms of the offer by GMT Bond Issuer Limited (Issuer) of up to $75,000,000 (with the ability to
accept oversubscriptions of up to a further $25,000,000 at the Issuer's discretion) of fixed rate secured bonds maturing on 1 September 2023
(Goodman+Bonds) under its bond master trust deed dated 6 November 2009 (as amended from time to time) as modified and supplemented by
the bond supplemental trust deed dated 19 February 2018 entered into between the Issuer and Public Trust (Bond Trustee) (together, Bond
Trust Documents).
Important notice
The offer of debt securities by the Issuer is made in reliance upon the exclusion in clause 19 of schedule 1 of the Financial Markets Conduct Act
2013 (FMCA).
The offer contained in this Terms Sheet is an offer of bonds that have identical rights, privileges, limitations and conditions (except for the interest
rate and maturity date) as the Issuer’s:
• $100,000,000 fixed rate secured bonds maturing on 16 December 2020 (which have an interest rate of 6.20% p.a.) which are currently
quoted on the NZX Debt Market under the ticker code GMB020 (GMB020 Bonds);
• $100,000,000 fixed rate secured bonds maturing on 23 June 2022 (which have an interest rate of 5.00% p.a.) which are currently
quoted on the NZX Debt Market under the ticker code GMB030 (GMB030 Bonds); and
• $100,000,000 fixed rate secured bonds maturing on 31 May 2024 (which have an interest rate of 4.54% p.a.) which are currently quoted
on the NZX Debt Market under the ticker code GMB040 (GMB040 Bonds),
(the GMB020 Bonds, the GMB030 Bonds and the GMB040 Bonds, together the Existing Bonds).
The Goodman+Bonds are of the same class as the Existing Bonds for the purposes of the FMCA and the Financial Markets Conduct Regulations
2014 (FMC Regulations).
The Issuer is subject to a disclosure obligation that requires it to notify certain material information to NZX Limited (NZX) for the purpose of that
information being made available to participants in the market and that information can be found by visiting www.nzx.com/companies/GMB.
The Existing Bonds are the only debt securities of the Issuer that are in the same class as the Goodman+Bonds and are currently quoted.
Investors should look to the market price of the GMB020 Bonds, GMB030 Bonds and GMB040 Bonds referred to above to find out how the market
assesses the returns and risk premium for those bonds.

Issuer GMT Bond Issuer Limited, a wholly owned subsidiary of Goodman Property Trust (GMT).
Manager Goodman (NZ) Limited, as manager of GMT.
Description The Goodman+Bonds are fixed rate, senior secured bonds of the Issuer, and are guaranteed by GMT.
Purpose The Issuer will on-lend the proceeds of the offer to GMT by way of an interest bearing loan. GMT will use
the funds, after paying the costs of the issue, for general corporate purposes and to repay borrowings
under GMT’s bank facility. GMT will pay interest to the Issuer to enable the Issuer to pay interest on the
Goodman+Bonds to holders of the Goodman+Bonds (Bondholders).
Amount Up to $75,000,000 with the ability to accept oversubscriptions of up to a further $25,000,000 at the Issuer's
discretion.
Opening Date 19 February 2018
Closing Date 23 February 2018
Rate Set Date 23 February 2018
Issue / Allotment Date 1 March 2018
Maturity Date 1 September 2023

Security Each GMT Group Company (as defined below), including the Issuer, has granted security in favour of
NZGT (GMT) Security Trustee Limited (Security Trustee), including mortgages over real property and
assets held by those companies. The benefit of that security is held by the Security Trustee for all
beneficiaries (including the banking syndicate, existing bondholders and the US private placement note
holders) on an equal ranking basis. The GMT Group Companies are the wholly-owned subsidiaries of
GMT being Goodman Property Aggregated Limited, Goodman Nominee (NZ) Limited, Goodman
(Highbrook) Limited, Highbrook Development Limited, Highbrook Business Park Limited, Henshaw
Goodman Limited, Henshaw Holdings Limited, the Issuer and GMT Wholesale Bond Issuer Limited.
Wynyard Precinct Holdings Limited (GMT’s joint venture company with GIC, Singapore’s sovereign
wealth fund) and its subsidiaries do not provide security in favour of the Security Trustee and the shares
that Goodman Nominee (NZ) Limited holds in Wynyard Precinct Holdings Limited are excluded from the
security granted in support of the Goodman+Bonds.
Guarantee The Goodman+Bonds are guaranteed by GMT. GMT’s obligations are in turn guaranteed by each GMT
Group Company.
LVR Covenant The Bond Trust Documents include a loan-to-value ratio covenant (LVR Covenant) that requires the
Issuer to ensure that, while any Goodman+Bonds are outstanding, the ratio (LVR) of:
(a) consolidated Finance Debt of the Group (which includes the Hedged Value of any Hedged
Foreign Currency Borrowings); to
(b) the value of the properties comprising the Security Pool,
is at all times less than 50% (as those terms are defined in the Bond Trust Documents).
A breach of the LVR Covenant would be an Event of Review under the Bond Trust Documents.
Further Indebtedness GMT, the Issuer and other members of the GMT Group may incur Finance Debt (including bank debt or
debt in respect of new bonds or new US private placement notes), without Bondholders consent, while
the Goodman+Bonds are outstanding.
Credit Ratings GMT Credit Rating Expected Issue Credit Rating
Standard & Poor’s (S&P) BBB (stable) BBB+
S&P has issued a BBB (stable) credit rating for GMT and is expected to issue a BBB+ credit rating for the
Goodman+Bonds. A rating is not a recommendation by any rating organisation to buy, sell or hold
Goodman+Bonds. The above ratings are current as at the date of this Terms Sheet and may be subject
to suspension, revision or withdrawal at any time by S&P.
Early Repayment Bondholders have no rights to require the Issuer to redeem the Goodman+Bonds early except through
the Bond Trustee in the case of an Event of Default (as defined in the Bond Trust Documents). The Issuer
does not have the right to redeem the Goodman+Bonds early.
Interest Rate The sum of the Base Rate plus the Issue Margin which may be above or below the Indicative Issue
Margin, subject to a minimum Interest Rate of 4.00 percent per annum. The Interest Rate will be
announced by the Issuer via NZX on or about the Rate Set Date.
Indicative Issue Margin The indicative margin range is 1.20 to 1.30 percent per annum for the Goodman+Bonds. The actual
margin for the Goodman+Bonds (which may be above or below the indicative margin range mentioned
above), will be set by the Issuer (in consultation with the Joint Lead Managers) on the Rate Set Date
following a bookbuild conducted by the Joint Lead Managers. The actual margin will be announced by
the Issuer via NZX on the Rate Set Date.
Base Rate The semi-annual mid-market rate for an interest rate swap of a term matching the period from the Issue
Date to the Maturity Date as calculated by the Joint Lead Managers in consultation with the Issuer,
according to market convention, with reference to Reuters page ‘ICAPKIWISWAP1’ on the Rate Set Date
(rounded to 2 decimal places, if necessary, with 0.005 being rounded up).
Issue Price $1.00 per Goodman+Bond.
Interest Payments Semi-annually in arrear in equal payments.
Interest Payment Dates
1 March and 1 September each year up to and including the Maturity Date. If any Interest Payment Date
falls on a day that is not a Business Day, the due date for the payment to be made on that date will be
the following Business Day. The first Interest Payment Date will be 1 September 2018 but as that date
is a Saturday, the actual payment will be made on 3 September 2018.

Record Date
5.00pm on the tenth calendar day before the Interest Payment Date. Should the Record Date fall on a
day that is not a Business Day, the Record Date will be the next Business Day.
Business Days
A day (other than a Saturday or Sunday) on which registered banks are generally open for business in
Auckland and Wellington.
Minimum Application Amount and
Minimum Holding
Minimum application of $5,000 with multiples of $1,000 thereafter.
ISIN NZGMBDT005C1.
Registrar and Paying Agent Computershare Investor Services Limited.
The Goodman+Bonds will be accepted for settlement within the NZClear system.
NZX Debt Market Quotation
Application has been made to NZX for permission to quote the Goodman+Bonds on the NZX Debt Market
and all the requirements of NZX relating thereto that can be complied with on or before the distribution of
this Terms Sheet have been duly complied with. However, NZX accepts no responsibility for any
statement in this Terms Sheet. NZX is a licensed market operator, and the NZX Debt Market is a licensed
market under the FMCA.
NZX Debt Market Ticker Code GMB050
Expected Date of Initial Quotation
and Trading on NZX Debt Market
2 March 2018
Bond Trustee / Supervisor Public Trust.
Security Trustee NZGT (GMT) Security Trustee Limited.
Governing Law New Zealand.
NZX Approval
NZX has granted approval under NZX Listing Rule 11.1.5 to enable the Issuer to include transfer
restrictions in the Bond Trust Documents permitting the Issuer to refuse a transfer of the Goodman+Bonds
if the transfer is not in multiples of $1,000 and/or results in the transferor holding an aggregate principal
amount of less than the minimum holding of $5,000 (other than zero).
Who May Apply & How to Apply
All of the Goodman+Bonds including oversubscriptions will be reserved for clients of the Joint Lead
Managers, institutional investors and other primary market participants invited to participate in the
bookbuild.
There will be no public pool for the Goodman+Bonds.
Retail investors should contact any Joint Lead Manager, their financial adviser or any Primary Market
Participant for details on how they may acquire Goodman+Bonds. You can find a Primary Market
Participant by visiting www.nzx.com/investing/find_a_participant

Each investor’s financial adviser will be able to advise them as to what arrangements will need to be put
in place for the investors to trade the Goodman+Bonds including obtaining a common shareholder
number (CSN), an authorisation code (FIN) and opening an account with a primary market participant, as
well as the costs and timeframes for putting such arrangements in place.
Arranger and Organising
Participant
Westpac Banking Corporation (ABN 33 007 457 141) (acting through its New Zealand branch) (Westpac).
Joint Lead Managers
Deutsche Craigs Limited, First NZ Capital Securities Limited, Westpac.
Selling Restrictions
Part A - Initial Selling Restrictions
If sold in New Zealand, the Goodman+Bonds may only be offered in New Zealand in conformity with all
applicable laws and regulations in New Zealand. In respect of the initial offer of Goodman+Bonds by the
Issuer under this Terms Sheet (Initial Offer), no Goodman+Bonds may be offered in any other country
or jurisdiction except in conformity with all applicable laws and regulations of that country or jurisdiction
and the selling restrictions set out below in this Part A. This Terms Sheet may not be published, delivered
or distributed in or from any country or jurisdiction except under circumstances which will result in
compliance with all applicable laws and regulations in that country or jurisdiction and the selling
restrictions set out below in this Part A. For the avoidance of doubt, the selling restrictions set out below
in this Part A apply only in respect of the Initial Offer.

United States of America
The Goodman+Bonds have not been and will not be registered under the Securities Act of 1933, as
amended (Securities Act) and may not be offered or sold within the United States or to, or for the account
or benefit of, U.S. persons (as defined in Regulation S under the Securities Act (Regulation S)).
None of the Issuer, the Joint Lead Managers, nor any person acting on its or their behalf has engaged or
will engage in any directed selling efforts (as defined in Regulation S) in relation to the Goodman+Bonds,
and each of the Issuer and the Joint Lead Managers have complied and will comply with the offering
restrictions in Regulation S.
The Goodman+Bonds will not be offered or sold within the United States or to, or for the account or benefit
of, U.S. persons (i) as part of their distribution at any time, or (ii) otherwise until 40 days after the
completion of the distribution of all Goodman+Bonds, as determined and certified by the Joint Lead
Managers. Any Goodman+Bonds sold to any distributor, dealer or person receiving a selling concession,
fee or other remuneration during the distribution compliance period require a confirmation or notice to the
purchaser at or prior to the confirmation of the sale to substantially the following effect:
“The Goodman+Bonds covered hereby have not been registered under the United States Securities Act
of 1933, as amended (the Securities Act) or with any securities regulatory authority of any state or other
jurisdiction of the United States and may not be offered or sold within the United States, or to or for the
account or benefit of, U.S. persons (i) as part of their distribution at any time or (ii) otherwise until 40 days
after the later of the commencement of the offering of the Goodman+Bonds and the closing date. Terms
used above have the meaning given to them by Regulation S.”

Relevant Member States of the European Economic Area
In relation to each Member State of the European Economic Area which has implemented the Prospectus
Directive (each, a Relevant Member State), with effect from and including the date on which the
Prospectus Directive is implemented in that Relevant Member State (the Relevant Implementation
Date) no Goodman+Bonds have been offered and no Goodman+Bonds will be offered that are the subject
of the offering contemplated by this Terms Sheet in relation thereto to the public in that Relevant Member
State except that an offer of Goodman+Bonds to the public in the Relevant Member State may be made
with effect from the Relevant Implementation Date:
(a) to any legal entity which is a qualified investor as defined in the Prospectus Directive;
(b) to fewer than 150 natural or legal persons (other than qualified investors as defined in the
Prospectus Directive) subject to obtaining the prior consent of the relevant Joint Lead Manager
and/or Joint Lead Managers nominated by the Issuer for any such offer; or
(c) in any other circumstances falling within Article 3(2) of the Prospectus Directive,
provided that no such offer of the Goodman+Bonds shall require the Issuer, each Joint Lead Manager to
publish a prospectus pursuant to Article 3 of the Prospectus Directive or supplement a prospectus
pursuant to Article 16 of the Prospectus Directive.
For the purposes of this provision, the expression an offer of the Goodman+Bonds to the public in
relation to any Goodman+Bonds in any Relevant Member State means the communication in any
form and by any means of sufficient information on the terms of the offer and the Goodman+Bonds to be
offered so as to enable an investor to decide to purchase or subscribe for the Goodman+Bonds, as the
same may be varied in that Relevant Member State by any measure implementing the Prospectus
Directive in that Relevant Member State, and the expression Prospectus Directive means Directive
2003/71/EC (as amended, including by Directive 2010/73/EU) and includes any relevant implementing
measure in each Relevant Member State.

United Kingdom
No communication, invitation or inducement to engage in investment activity (within the meaning of
section 21 of the Financial Services and Markets Act 2000 (FSMA)) has been or may be made or caused
to be made or will be made in connection with the issue or sale of the Goodman+Bonds in circumstances
in which section 21(1) of the FSMA applies to the Issuer.
All applicable provisions of the FSMA with respect to anything done in relation to the Goodman+Bonds
in, from or otherwise involving the United Kingdom must be complied with.

Japan
The Goodman+Bonds have not been and will not be registered in Japan pursuant to Article 4, Paragraph
1 of the Financial Instruments and Exchange Act of Japan (Act No. 25 of 1948, as amended, the FIEA)
in reliance upon the exemption from the registration requirements since the offering constitutes the small
number private placement as provided for in “ha” of Article 2, Paragraph 3, Item 2 of the FIEA. A Japanese
Person who transfers the Goodman+Bonds shall not transfer or resell the Goodman+Bonds except where
the transferor transfers or resells all the Goodman+Bonds en bloc to one transferee. For the purposes of

this paragraph, Japanese Person shall mean any person resident in Japan, including any corporation or
other entity organised under the laws of Japan.

Singapore
This Terms Sheet has not been registered as a prospectus with the Monetary Authority of Singapore.
Accordingly, the Goodman+Bonds have not been offered or sold or be made the subject of an invitation
for subscription or purchase and will not be offered or sold or be made the subject of an invitation for
subscription or purchase. This Terms Sheet or any other document or material in connection with the
offer or sale, or invitation for subscription or purchase, of the Goodman+Bonds has not been circulated
or distributed, nor will it be circulated or distributed, whether directly or indirectly, to any person in
Singapore other than (a) to an institutional investor (as defined in Section 4A of the Securities and Futures
Act (Chapter 289 of Singapore) (SFA)) pursuant to Section 274 of the SFA, (b) to a relevant person (as
defined in Section 275(2) of the SFA) pursuant to Section 275(1) of the SFA, or any person pursuant to
Section 275(1A) of the SFA, and in accordance with the conditions specified in Section 275 of the SFA
or (c) otherwise pursuant to, and in accordance with the conditions of, any other applicable provision of
the SFA.
Where the Goodman+Bonds are subscribed or purchased under Section 275 of the SFA by a relevant
person which is:
(a) a corporation (which is not an accredited investor (as defined in Section 4A of the SFA)) the
sole business of which is to hold investments and the entire share capital of which is owned by
one or more individuals, each of whom is an accredited investor; or
(b) a trust (where the trustee is not an accredited investor) whose sole purpose is to hold
investments and each beneficiary of the trust is an individual who is an accredited investor,
securities (as defined in Section 239(1) of the SFA) of that corporation or the beneficiaries’ rights and
interest (howsoever described) in that trust shall not be transferred within six months after that corporation
or that trust has acquired the Goodman+Bonds pursuant to an offer made under Section 275 of the SFA
except:
(1) to an institutional investor or to a relevant person defined in Section 275(2) of the SFA, or to
any person arising from an offer referred to in Section 275(1A) or Section 276(4)(i)(B) of the
SFA;
(2) where no consideration is or will be given for the transfer;
(3) where the transfer is by operation of law;
(4) as specified in Section 276(7) of the SFA; or
(5) as specified in Regulation 32 of the Securities and Futures (Offers of Investments) (Shares and
Debentures) Regulations 2005 of Singapore.

Hong Kong
No Goodman+Bonds have been offered or sold or will be or may be offered or sold in Hong Kong, by
means of any document other than (a) to professional investors as defined in the Securities and Futures
Ordinance (Cap. 571) of Hong Kong (the SFO) and any rules made under the SFO; or (b) in other
circumstances which do not result in the document being a prospectus as defined in the Companies
(Winding Up and Miscellaneous Provisions) Ordinance (Cap. 32) of Hong Kong (the C(WUMP)O) or which
do not constitute an offer to the public within the meaning of the C(WUMP)O.
No advertisement, invitation or document relating to the Goodman+Bonds may be issued or in the
possession of any person or will be issued or be in the possession of any person in each case for the
purpose of issue, whether in Hong Kong or elsewhere, which is directed at, or the contents of which are
likely to be accessed or read by, the public of Hong Kong (except if permitted to do so under the securities
laws of Hong Kong) other than with respect to the Goodman+Bonds which are or are intended to be
disposed of only to persons outside Hong Kong or only to professional investors as defined in the SFO
and any rules made under the SFO.

Australia
No prospectus or other disclosure document (as defined in the Corporations Act 2001 of Australia
(Corporations Act)) in relation to the Goodman+Bonds has been, or will be, lodged with, or registered
by, the Australian Securities and Investments Commission (ASIC) or any other regulatory authority in
Australia. No person may:

(a) make or invite (directly or indirectly) an offer of the Goodman+Bonds for issue, sale or purchase
in, to or from Australia (including an offer or invitation which is received by a person in Australia);
and
(b) distribute or publish, any Terms Sheet, information memorandum, prospectus or any other

offering material or advertisement relating to the Goodman+Bonds in Australia,
unless:
(i) the aggregate consideration payable by each offeree or invitee is at least A$500,000 (or its
equivalent in an alternative currency and, in either case, disregarding moneys lent by the offeror
or its associates) or the offer or invitation otherwise does not require disclosure to investors in
accordance with Part 6D.2 or Part 7.9 of the Corporations Act;
(ii) the offer or invitation is not made to a person who is a “retail client” within the meaning of section
761G of the Corporations Act;
(iii) such action complies with all applicable laws, regulations and directives; and
(iv) such action does not require any document to be lodged with ASIC or any other regulatory
authority in Australia.
By applying for the Goodman+Bonds under this Terms Sheet, each person to whom the Goodman+Bonds
are issued (an Investor):
(a) will be deemed by the Issuer and each Joint Lead Manager to have acknowledged that if any
Investor on-sells the Goodman+Bonds within 12 months from their issue, the Investor will be
required to lodge a prospectus or other disclosure document (as defined in the Corporations
Act) with ASIC unless either:
(i) that sale is to an investor within one of the categories set out in sections 708(8) or
708(11) of the Corporations Act to whom it is lawful to offer the Goodman+Bonds in
Australia without a prospectus or other disclosure document lodged with ASIC; or
(ii) the sale offer is received outside Australia; and
(b) will be deemed by the Issuer and each Joint Lead Manager to have undertaken not to sell those
Goodman+Bonds in any circumstances other than those described in paragraphs (a)(i) and
(a)(ii) above for 12 months after the date of issue of such Goodman+Bonds.
This Terms Sheet is not, and under no circumstances is to be construed as, an advertisement or public
offering of any Goodman+Bonds in Australia.

Part B - General Selling Restrictions
The Goodman+Bonds may only be offered for sale or sold in New Zealand. The Issuer has not and will
not take any action which would permit a public offering of the Goodman+Bonds, or possession or
distribution of any offering material, in any country or jurisdiction where action for that purpose is required
(other than New Zealand). Goodman+Bonds may only be offered for sale or sold in compliance with all
applicable laws and regulations in any jurisdiction in which they are offered, sold or delivered. Any
information memorandum, terms sheet, circular, advertisement or other offering material in respect of the
Goodman+Bonds may only be published, delivered or distributed in or from any country or jurisdiction
under circumstances which will result in compliance with all applicable laws and regulations.
By subscribing for Goodman+Bonds, you indemnify the Issuer, the Joint Lead Managers, the Organising
Participant and the Bond Trustee in respect of any loss incurred as a result of you breaching the above
selling restrictions.

The dates set out in this Terms Sheet are indicative only and the Issuer, in conjunction with the Joint Lead Managers, may change the dates set
out in this Terms Sheet. The Issuer has the right in its absolute discretion and without notice to close the offer early, to extend the Closing Date,
or to choose not to proceed with the offer. If the Closing Date is changed, other dates (such as the Issue Date, the Maturity Date and the Interest
Payment Dates) may be changed accordingly.

Any internet site addresses provided in this Terms Sheet are for reference only and, except as expressly stated otherwise, the content of any such
internet site is not incorporated by reference into, and does not form part of, this Terms Sheet.

Copies of the Bond Trust Documents will be made available by the Issuer for inspection during usual business hours by any investor at the Issuer’s
registered office listed below (or such office as the Issuer may notify from time to time).

Investors should seek qualified, independent financial and taxation advice before deciding to invest. Investors will be personally responsible for
all tax return filing obligations in respect of their investment in the Goodman+Bonds, compliance with the financial arrangements rules (if applicable)
and payment of provisional or terminal tax (if required) on interest derived.

For further information regarding the Issuer, visit www.nzx.com/companies/GMB.

For further information regarding GMT, visit www.nzx.com/companies/GMT.
ADDRESS DETAILS
Issuer
GMT Bond Issuer Limited
Level 2
18 Viaduct Harbour Avenue
Auckland
Arranger and Organising Participant
Westpac Banking Corporation
(ABN 33 007 457 141) (acting through its New Zealand branch)
Westpac on Takutai Square
Level 8, 16 Takutai Square
Auckland 1010
0800 942 822

Manager
Goodman (NZ) Limited (as Manager of Goodman Property Trust)
Level 2
18 Viaduct Harbour Avenue
Auckland
Joint Lead Managers
Deutsche Craigs Limited
Level 36, Vero Centre
48 Shortland Street
Auckland 1010
0800 226 263

Bond Trustee
Public Trust
Level 9
34 Shortland Street
Auckland 1010


Security Trustee
NZGT (GMT) Security Trustee Limited
Level 15
191 Queen Street
Auckland 1010


Registrar
Computershare Investor Services Limited
Level 2, 159 Hurstmere Road
Takapuna
Auckland 0622

Toll Free 0800 35 9 999
Telephone: 09 488 8777
Email: enquiry@computershare.co.nz
First NZ Capital Securities Limited
ANZ Centre, Level 14
171 Featherston Street
Wellington 6011
0800 005 678

Westpac Banking Corporation
(ABN 33 007 457 141) (acting through its New Zealand branch)
Westpac on Takutai Square
Level 8, 16 Takutai Square
Auckland 1010
0800 942 822

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BONDS
FEBRUARY 2018
GOODMAN
Joint Lead ManagersArranger and Joint Lead Manager

IMPORTANT
NOTICE AND
DISCLAIMER
This presentation contains the key terms of an offer of fixed rate secured debt securities by GMT Bond Issuer Limited (Issuer), a wholly owned subsidiary of
Goodman Property Trust (Goodman+Bonds).
The offer of Goodman+Bondsis made in reliance upon the exclusion in clause 19 of schedule 1 of the Financial Markets Conduct Act 2013 (FMCA).
The Goodman+Bondshave identical rights, privileges, limitations and conditions (except for the interest rate and maturity date) as the Issuer’s:
＋$100,000,000 fixed rate secured bonds maturing on 16 December 2020 (which have an interest rate of 6.20% p.a.) which are currently quoted on the
NZX Debt Market under the ticker code GMB020 (GMB020 Bonds);
＋$100,000,000 fixed rate secured bonds maturing on 23 June 2022 (which have an interest rate of 5.00% p.a.) which are currently quoted on the NZX
Debt Market under the ticker code GMB030 (GMB030 Bonds); and
＋$100,000,000 fixed rate secured bonds maturing on 31 May 2024 (which have an interest rate of 4.54% p.a.) which are currentlyquoted on the NZX
Debt Market under the ticker code GMB040 (GMB040 Bonds),
(the GMB020 Bonds, the GMB030 Bonds and the GMB040 Bonds, together the Existing Bonds).
The Goodman+Bondsare of the same class as the Existing Bonds for the purposes of the FMCA and the Financial Markets Conduct Regulations 2014.
The Issuer is subject to a disclosure obligation that requires it to notify certain material information to NZX Limited (NZX) for the purpose of that information
being made available to participants in the market and that information can be found by visiting www.nzx.com/companies/GMB.
The Existing Bonds are the only debt securities of the Issuer that are in the same class as the Goodman+Bondsthat are currently quoted.
Investors should look to the market price of the Existing Bonds to find out how the market assesses the returns and risk premiumfor those bonds.
This document does not constitute a recommendation by the Issuer, Goodman (NZ) Limited (Manager), Goodman Property Trust, Westpac Banking
Corporation (ABN 33 007 457 141) (acting through its New Zealand branch), (Westpacand the Arranger) Deutsche CraigsLimited or First NZ Capital
Securities Limited (together with Westpac, the Joint Lead Managers), Public Trust (Bond Trustee and the supervisor), nor any of their respective
directors, officers, employees or agents to subscribe for, or purchase, any of the Goodman+Bonds. To the extent permitted by law, the Manager, the
Arranger, the Joint Lead Managers, the Bond Trustee and any of their respective directors, officers, employees or agents accept no liability whatsoever for
any loss arising from this document or its contents, or otherwise in connection with the offer or any person’s investment in theGoodman+Bonds.
A terms sheet (Terms Sheet) has been prepared by the Issuer in respect of the offer of Goodman+Bonds, which sets out how Goodman+Bondsmay be
applied for.
The distribution of this presentation, and the offer or sale of the Goodman+Bonds, may be restricted by law in certain jurisdictions. Persons who receive this
presentation outside New Zealand must inform themselves about and observe all such restrictions. Nothing in this presentationis to be construed as
authorising its distribution, or the offer or sale of the Goodman+Bonds, in any jurisdiction other than New Zealand and the Issuer accepts no liability in that
regard. The Goodman+Bondsmay not be offered or sold directly or indirectly, and neither this presentation nor any other offering material may be
distributed or published, in any jurisdiction except with the prior consent of the Issuer and in conformity with all applicable laws and regulations of that
country or jurisdiction.
Application has been made to NZX for permission to quote the Goodman+Bondson the NZX Debt Market and all the requirements of NZX relating thereto
that can be complied with on or before the distribution of the Terms Sheet have been duly complied with. However, NZX acceptsnoresponsibility for any
statement in this document. NZX is a licensed market operator and the NZX Debt Market is a licensed market under the FMCA.
Unless otherwise indicated, all numerical data provided in this presentation is stated as at 30 September 2017 and all property statistics are as at 31
December 2017.
All figures are rounded.
All figures are in New Zealand dollars.
Goodman+Bonds
0 2

security
＋first ranking security over a portfolio
of prime property assets
＋security shared equally on a pro rata
basis with existing bondholders,
USPP noteholders and lenders under
GMT’s bank facility
proven business model
＋listed property trust investing in prime
industrial and business space real
estate predominantly in Auckland
＋high quality property portfolio with a
book value of $2.6 billion
1
, a weighted
average lease term (WALT) of 6.1
years and an occupancy rate of
97.6%
＋stable income stream supported by a
high quality customer base
＋strong balance sheet with a
conservative level of debt
Goodman+Bonds
INVESTMENT HIGHLIGHTS
BBB+
expected issue credit rating
investment grade
5½years
term
$75m
size
1
totalpropertyportfolioincludesGMT’s proportionate sharein theproperties owned byitsViaductjointventure.
Up to $75m with up to $25m of over subscriptions
The Crossing —Highbrook Business Park
0 3
investment grade
term
size
expected issue credit rating
Up to $75m with up to $25m of over subscriptions
BBB+
years
$75m

Presented by:
Keith Smith
Chairman & Independent Director
Attending Auckland only
Andy Eakin
Chief Financial Officer
+64 21 305 316
James Spence
Director - Investment Management
+64 21 538 934
Business focus05
Investment portfolio
09
Development programme
14
Financial overview
20
Capital management
23
Business outlook
26
Goodman+Bonds28
Questions & thank you
34
Selected abbreviations
Square metressqm
Net lettable areaNLA
Year to dateYTD
Goodman+Bonds
CONTENTS
0 4

BUSINESS
FOCUS
ACCO —Highbrook Business Park
0 5
Goodman+Bonds
BUSINESS
FOCUS

＋GMT is a listed unit trust that invests
in prime industrial and business
space property, predominantly in
Auckland
＋externally managed by ASX-listed
Goodman Group
＋Board of the Manager has a majority
of independent directors, elected by
GMT investors
＋Goodman Group is GMT’s largest
unitholder, currently holding 21% of
the units in GMT
＋total property portfolio of $2.6 billion
1
＋GMT has a BBB (stable) corporate
credit rating
＋GMB020 Bonds, GMB030 Bonds
and GMB040 Bonds have a BBB+
(stable) credit rating
GOODMAN PROPERTY TRUST
Auckland
~99%
Christchurch
~1%
$2.6bn
1
total property
portfolio
97.6%
property
occupancy
6.1
years
WALT
$1.7bn
2
market
capitalisation
32.4%
3
Loan to value
ratio (look
through
basis)
200+
customers
1m sqm
net
lettablearea
6.5%
weighted
average
capitalisation
rate
Assets by region
1
totalpropertyportfolioincludesGMT’s proportionate sharein theproperties owned byitsViaductjointventure.
2
marketcapitalisation of GoodmanProperty Trust Ordinary Unitsas at 31January2018.
3
ona proportionately consolidated basisincludingGMT’s interestsin itsViaduct jointventure. Holders of Goodman+Bondswillreceivethebenefit ofa separate loanto value
covenantwhichis describedin moredetail onslides30and31.
06
Goodman+Bonds

＋Goodman Group, a long term partner committed to the New Zealand market and current
business structure
＋Manager’s relationships provide access to international customers, investors and global
capital markets
＋prime investment portfolio with strategic land holdings situated in key industrial locations
＋focused on Auckland, New Zealand’s gateway city
＋development programme improving asset quality and growth profile of GMT
＋assets actively managed to maximise earnings, value and balance sheet strength
＋gearing currently within 30% to 35% range, with strong liquidity profile
＋sustainable growth with asset recycling funding development and investment activity
＋diversity of capital sources
＋asset sales enabling de-gearing and funding of development pipeline
prime portfolio
prudent capital management
strongly aligned manager
07
Goodman+Bonds
REINFORCING STRATEGIC GOALS

＋operating conditions supporting an organic growth strategy with new development and
investment activity funded through asset disposals
＋continued focus on realising the value in GMT land holdings with around $100 million of new
development projects targeted per annum
＋active portfolio management, maximising rental income and asset values
＋positive economic outlook continues, particularly in Auckland
＋property markets reflecting increased customer demand with high occupancy levels and
improved rental growth
＋focused on cash earnings to maximise unitholder value
＋sustainable level of distributions to support investment activity
08
Goodman+Bonds
operating outlook
active strategy
strong financial focus
BUILDING EXCELLENCE

INVESTMENT
PORTFOLIO
Ford—Highbrook Business Park
09
Goodman+Bonds
INVESTMENT
PORTFOLIO

Viaduct joint venture
Tamaki Estate
Highbrook Business Park
Penrose Industrial Estate
The Gate Industry Park
Connect Industrial Estate
Concourse Industry Park
Savill Link
Westney Industry Park
M20 Business Park
AUCKLAND
ESTATES

PUKEKIWIRIKI PL
SIR WOOLF FISHER DR
BUSINESS PARADE NTH
HIGHBROOK DRIVE
KERWYN AVE
EL KOBAR DR
WAIOURU RD
BUSINESS PARADE STH
BUSINESS PARADE STH
TO SH1
UNDERWOOD ST
Multi-storey Car Park
Highbrook Drive
Ofce Building 6
Highbrook Crossing
Quest Expansion
Highbrook Crossing
Map contains artist impressions to show planned developments
Showroom Warehouses
80 Highbrook Drive
Spicers (NZ) Limited
Waiouru Road
Gateway Warehouses
102–162 Highbrook Dr
Sir Woolf Fisher Dr Warehouses
38 Sir Woolf Fisher Drive
Parade Units
8 Business Parade Sth
Plytech
Warehouse
HIGHBROOK
BUSINESS PARK

QUALITY-+-INCOME
portfolio occupancy
＋a positive economic environment
and strong property fundamentals
are supporting greater levels of
customer demand
＋top ten customers represent 27.5%
of total income
＋cash rental growth through fixed
increases (47%), market based
review (31%) and CPI based reviews
(23%)
＋average occupancy of 97% in YTD
FY18, 97.6% as at 31 December
2017
＋97.7% industrial occupancy
top ten customers (percentage of revenue)
portfolio statistics presented are on a portfolio income basis and include the Viaduct joint venture.
12
Goodman+Bonds
0%1%2%3%4%5%
New Zealand Post Group
DHL
Fletcher Building Limited
Fonterra
Coda
Toll Group New Zealand
Spicers (NZ) Limited
Air New Zealand
Datacom
Officemax Limited
96%
97%
96%
97%
98%98%
90%
92%
94%
96%
98%
100%
Mar-13Mar-14Mar-15Mar-16Mar-17Dec-17
the colours in the chart above represent the contribution from different subsidiary companies.

Office
Park
10.6%
Industrial
84.5%
Development
Land...
QUALITY-+-CERTAINTY
＋WALT of 6.1 years at
31 December 2017
＋10.1% of income due to expire in
FY19
1
asset diversity is presented on a value basis on completion
of current developments and contracted sales.
2
lease expiry profile is presented on a portfolio income basis.
13
Goodman+Bonds
lease expiry profile
2
asset diversity
1
0%
5%
10%
15%
20%
25%
30%
35%
VacantExpiring Income

DEVELOPMENT
PROGRAMME
CSR, The Gate —393 Church Street, Penrose
14
Goodman+Bonds
DEVELOPMENT
PROGRAMME

＋continued focus to activate
remaining land with
development starts reaching
record levels YTD
＋a greater volume of
development activity has
included a successful industrial
build-to-lease programme
underway since 2012 with
around 90% leased within six
months of completion
15
Goodman+Bonds
DEVELOPMENT ACTIVITY
commenced development projects $m (total project cost including land)
commenced development projects sqm (NLA)

The Hill, Highbrook Business ParkCSR, The Gate
COMPLETION
May 2017
VALUE
$11.0m
NLA
4,937 sqm
ACCO, Highbrook Business Park
COMPLETION
June 2017
VALUE
$17.8m
NLA
7,503 sqm
COMPLETION
Aug 2017
VALUE
$16.9m
NLA
6,402 sqm
16
Goodman+Bonds
COMPLETED PROJECTS

Coda Stage 2, Savill LinkAB Equipment, HighbrookBusiness Park
Showroom Units, HighbrookBusiness Park
NLA
7,410 sqm
COMPLETION
Nov 2017
NLA
2,929 sqm
COMPLETION
Dec 2017
NLA
1,730 sqm
COMPLETION
Dec 2017
17
Goodman+Bonds
COMPLETED PROJECTS

Building 6
HighbrookBusiness Park
Quest Expansion
Highbrook Business Park
NLA
3,006 sqm
COMPLETION
Sep 2018
ROOMS
60
COMPLETION
Nov 2018
Crossing Carpark
HighbrookBusiness Park
CARPARKS
343
COMPLETION
May 2019
18
Goodman+Bonds
WORK IN PROGRESS

＋seven developments
announced YTD, $164.8 million
total project cost
＋$118.4 million of additional
spend, yielding 8.3%
＋131,000 sqm of development
land utilised
＋63,468 sqm of additional NLA
＋build-to-lease units receiving
strong enquiry with three units
leased prior to construction
commencement
DevelopmentLocation
Additional Capital
($m)
NLA
Completion Date
Spicers Highbrook Business Park$13.4m9,800 sqmMar-18
FliwayexpansionWestney Industry Park$2.7m1,895 sqmFeb-18
Gateway unitsHighbrook Business Park$46.1m21,470 sqmDec-18
Parade unitsHighbrook Business Park$11.0m5,770 sqmJul-18
Selwood unitsThe Concourse$22.2m10,933 sqmDec-18
SavillLink Warehouse SavillLink$11.7m8,500 sqmNov-18
PlytechHighbrook Business Park$11.4m5,100 sqmNov-18
Total YTD$118.4m63,468 sqm
Gateway units – Artist ImpressionParade units – Artist Impression
19
Goodman+Bonds
NEW DEVELOPMENTS
Parade units – Artist ImpressionGateway units – Artist Impression

FINANCIAL
OVERVIEW
Courier Post —Highbrook Business Park
20
Goodman+Bonds
FINANCIAL
OVERVIEW

＋low gearing levels with a look through loan to value ratio of 32.4%
1
＋sector leading diversity of debt funding sources
＋$209 million sale of Central Park
2
＋$64.9 million net property income ($67.5million in 1H17)
＋$59.8 million operating earnings before tax ($59.9 million in 1H17)
＋$45.3 million before tax profit ($73.1 million in 1H17)
＋$39.5 million after tax profit ($67.6million in 1H17)
＋property level rental growth through fixed, CPI and market increases
＋developments contributing $10.1 million of value uplift in 1H18
1
on a proportionately consolidated basis including GMT’s interests in its Viaduct joint venture. Holders of Goodman+Bonds
will receive the benefit of a separate loan to value covenant which is described in more detail on slides 30 and 31.
2
subject to Overseas Investment Office approval.
21
Goodman+Bonds
stable operating earnings
positive property performance
capital management
1H18 FINANCIAL HIGHLIGHTS

30 September
2017
6 months
30 September
2016
6 months
31 March
2017
12 months
31 March
2016
12 months
Net property income ($m)
64.967.5134.2133.8
Operating earnings before tax ($m)
59.859.9121.7117.0
Profit after tax ($m)
39.567.6213.8233.1
Investment Property assets ($m)
2,313.92,109.72,249.32,275.3
Total assets ($m)
2,561.42,543.52,460.72,475.5
Total liabilities ($m)
884.7977.2785.8939.3
Equity ($m)
1,676.71,566.31,674.91,536.2
Borrowings for LVR calculation
1
($m)
835.5664.5761.6832.4
Assets for LVR calculation
1
($m)
2,575.02,310.12,491.72,458.5
Look through loan to value ratio
1
(%)
32.428.830.633.9
NTA per unit(cpu)
130.2122.4130.4120.4
1
ona proportionately consolidated basisincludingGMT’s interestsin itsViaductjointventure. Holders of Goodman+Bondswillreceivethebenefit ofa separateloan to
valuecovenantwhichis describedin moredetail onslides30and31.
＋stable performance as a result
of balancing divestment and
development activity
＋quality of earnings improved
through new developments and
asset recycling
＋look through loan to value ratio
remains low
22
Goodman+Bonds
FINANCIAL SUMMARY

CAPITAL
MANAGEMENT
23
Goodman+Bonds
Highbrook Business Park
CAPITAL
MANAGEMENT

＋56% of drawn debt from non-bank funding
2
＋weighted average debt term to expiry of 4.2 years
2
＋most diversified funding in NZ listed property sector
1
incudes the contracted sale of Central Park
2
as at 31 December 2017, excludes GMT’s interests in its Viaduct joint venture.
＋GMT’s look through loan to value ratio is 32.4%
＋bond debt covenant loan to value ratio of 35.9%
＋bond, bank, USPP and Trust Deed loan to value covenants aligned at 50%
＋FY18 interest cover ratio expected to be greater than 3.0 times providing significant headroom
against GMT’s banking covenant of no less than 2.0 times
＋over $750 million of sales in the last 4 years
1
＋strong contracted rental cashflows from high quality customers
＋GMT debt currently around 60%
2
hedged to reduce interest rate volatility
＋USPP USD issuance swapped to NZD; no exchange rate risk
24
Goodman+Bonds
conservative financial gearing
strong balance sheet
industry leading diversity
CAPITAL MANAGEMENT

＋amounts of $150 million or less are well suited to sourcing funding in multiple markets
＋post issuance, GMT will have around $350 million of headroom within its bank facility
＋weighted average debt term to expiry of 4.6 years (from 4.2 years)
1
＋around 68% of drawn debt from non-bank funding (from 56%)
1
＋bank funding retained for operational flexibility
Debt maturity profile
2
1
based on 31 December 2017 debt levels
2
excludes GMT’s 51% share of its Viaduct joint venture debt facility. GMT’s Viaduct joint venture has a $112 million debt facility maturing September 2019.
25
Goodman+Bonds
stronger funding metrics
maturity profile well-suited to
multiple funding sources
ISSUANCE+BENEFITS

BUSINESS
OUTLOOK
Big Chill —Highbrook Business Park
26
Goodman+Bonds
BUSINESS
OUTLOOK

＋focus on asset and customer quality
＋targeted investment to Auckland industrial market
＋intensification of development programme to utilise GMT’s land bank
＋sustainable growth with asset recycling funding new investments
＋greater balance sheet capacity and improved financial metrics
＋alignment between cash earnings and cash distributions
27
Goodman+Bonds
STRATEGIC OBJECTIVES

GOODMAN+
BONDS
The Crossing —Highbrook Business Park
28
Goodman+Bonds
GOODMAN+
BONDS

GMT Bond Issuer Limited
＋a wholly-owned subsidiary of GMT
＋sole purpose of the Issuer is to issue bonds for the benefit of the wholly-owned subsidiaries of GMT
(GMT Group)
＋funds received from the offer will be loaned to GMT
＋the Issuer will receive interest from GMT to enable it to pay interest to holders of the
Goodman+Bonds
＋this is the fifth issue of senior secured bonds by the Issuer
＋the Issuer has the same board as GMT’s Manager, Goodman (NZ) Limited, providing consistency
and appropriate oversight for holders of bonds
29
Goodman+Bonds
THE ISSUER

＋Goodman+Bondsare guaranteed by GMT
＋secured over certain property and other assets (Security Pool Assets) of the GMT Group
＋assessed security value (ASV) of $2,220 million
＋finance debt of $797 million
＋bond debt covenant loan to value ratio (LVR) of 35.9%
＋security over the Security Pool Assets is held by the Security Trustee (NZGT (GMT) Security Trustee Limited) for the
benefit of existing bondholders, USPP noteholders and lenders under GMT’s bank facility, pro rata based on the
outstanding indebtedness owing to them at that time
＋Security Pool Assets include:
＋real estate properties wholly owned by the GMT Group or in which the GMT Group hold a freehold interest or a
leasehold interest
＋certain real estate assets co-owned on a 50:50 basis with Goodman Group
＋Security Pool Assets do not
include;
＋the incremental spend on developments in progress, or
＋any shares in the Viaduct joint venture (Wynyard Precinct Holdings Limited) or the joint venture’s assets, or
＋any related rights arising from GMT’s shares in the joint venture
30
Goodman+Bonds
SECURITY

＋LVR covenant restricts total borrowings of GMT and the GMT Group to 50% of the Assessed Security
Value of the Security Pool Assets
＋breach of LVR covenant is an event of review requiring
＋6 months to formulate plan
＋20 business day notice period
＋further 6 months to remedy before event of default occurs
＋other events of default include
＋non-payment of interest or principal
＋insolvency
＋cross-acceleration from bank debt or USPP notes
31
COVENANT & DEFAULT

+IssuerGMTBond Issuer Limited(Issuer)
+GuaranteeGuaranteed by Goodman PropertyTrust(GMT)
1
+Instrument Fixedratesenior secured retail bonds(Goodman+Bonds), ranking equallywithdebt owedtoGMT’smain banking syndicate,
GMT’sUnited States private placement noteholders and the existing holders of the bonds issued by the Issuer
The Goodman+Bondsaresupported by security grantedbythe wholly-ownedsubsidiaries ofGMT,whichholdGMT’sproperty
assets
2
+Tenor and Maturity Date5½years, maturing1 September 2023
+CorporatecreditratingGMTis ratedBBBbyS&P
+Issue creditratingGoodman+Bondsareexpectedtobe ratedBBB+byS&P
+Issue AmountUpto$75,000,000withtheabilitytoaccept oversubscriptions of upto$25,000,000 at the discretion of the Issuer
+Interest rateWillbe set on 23 February 2018(RateSet Date)
+Use of proceedsThe Issuerwillloan the proceedstoGMT,whichwilluse thosefunds(net of issuecosts)for general corporate purposes andto
repay indebtedness underGMT’sbankfacility
+Bond Trustee / SupervisorPublicTrust
+RegistrarComputershare Investor Services Limited
+Application Amounts$1.00 per Goodman+Bond.Minimum$5,000withmultiples of$1,000 thereafter
+Listing
3
It is expected the Bondswillbe quoted under the ticker codeGMB050 on theNZXDebt Market
1
GMT’sobligations undertheguarantee arelimited to its assets. GMT’sobligations underthe guaranteearein turnguaranteedbyitswholly-ownedsubsidiariesandthe guarantees given bythose
entities arenotlimited.
2
securitypoolassetsdonot include,among otherthings, anysharesin itsViaductjointventure vehicle (Wynyard PrecinctHoldings Limited) oranyof thejointventure’s assets.
3
applicationhasbeen madeto NZXforpermission toquotetheGoodman+BondsontheNZXDebtMarket. NZXacceptsnoresponsibilityforanystatementin thispresentation.
KEY TERMS OF THE OFFER
32
Goodman+Bonds

＋NZX notice announced
19 February
＋offer opens
19 February
＋firm bids due
10:30am, 23 February
＋rate set date
23 February
＋offer closes
23 February
＋issue date
1 March
＋expected date of initial quotation on the NZX debt market2 March
＋interest payment dates
1 September and 1 March each year
including the maturity date
＋first interest payment date
Monday, 3 September 2018
1
＋maturity date
1 September 2023
33
KEY DATES OF THE OFFER
1
payment will be made on Monday 3 September 2018 as 1 September 2018 is a Saturday

QUESTIONS
& THANK YOU
34
Goodman+Bonds
Highbrook Business Park
QUESTIONS
& THANK YOU