GMT Annual Meeting of Unitholders

Goodman Property Trust Annual Meeting 2019

Meeting agenda
＋Review the strategy and performance of the Trust
＋Consider and vote on two ordinary resolutions
1)re-appointment of Keith Smith as an Independent Director
2)re-appointment of Peter Simmonds as an Independent Director
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Annual Meeting 2019
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＋Phil PrykeNon-executive Director
＋Leonie Freeman Independent Director
＋Greg Goodman Non-executive Director
＋Susan Paterson Independent Director
＋Andy Eakin Chief Financial Officer
＋John Dakin Executive Director and Chief Executive Officer
＋Keith Smith Chairman and Independent Director
Apology
＋Peter Simmonds Independent Director
Board and executives
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＋TrusteeCovenant Trustee Services Limited
＋SolicitorsRussell McVeagh
＋AuditorPricewaterhouseCoopers
＋Tax advisors KPMG
Advisors
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Meeting formalities
＋Nominated chairman presiding
＋Notice of meeting properly given
＋Quorum confirmed
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Gateway warehouse –HighbrookBusiness Park
Year in review

Overview
＋Portfolio repositioning completed
＋GMT now 100% Auckland industrial
＋Strong investment performance
＋Record profit
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Annual Result 2019
Investment portfolio
Earnings and returns
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$90.4m
Cash earnings
Year ended 31 March 2019
6.65cpu
Cash distributions
Year ended 31 March 2019
36.1%
Total Unitholder return
1
Year ended 31 March 2019
1
GMT’s stock market performance including
unit price appreciation and distributions paid
$2.5bn
Market capitalisation
As at 30 June 2019

Governance
＋GMT designated an equity issuer under the new NZX listing rules
-Continues the Board’s strong governance focus
-Positive for investors with additional protections and reporting
requirements
-Permits wider use of electronic communication
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Corporate reporting
＋Annual report supplemented with dedicated
website
-Additional functionality including video content
-More timely
＋Business strategy, health and safety,
diversity, community engagement and
sustainability initiatives all described
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Financial performance

Financial highlights
$319.5m
Profit after tax
64.7% increase
$334.8m
Profit before tax
61.6% increase
$201.9m
Portfolio revaluation
8.2% increase in asset values
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157.0cpu
Net tangible asset backing
13.0% increase
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Balance sheet strength
＋Asset disposals have deleveraged the
balance sheet
-$370.5 million in FY19
-$1.2 billion since 2014
＋Sales programme now complete
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Capacity for growth
Loan to value ratio
＋Target gearing range is 25-35%
＋Committed gearing of 23.7% is
well below debt covenant
maximum of 50%
＋Gearing headroom provides
around $500 million of
investment capacity
1
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Loan to value ratio shown on a look-through basis (including interests in WPH) for FY15-FY18. WPH interests sold in FY19.

Treasury management
Funding sources
＋Variety of funding sources provides
diversity, these facilities have a
weighted term to expiry of five years
＋Weighted average cost of borrowings
was 4.9%
＋Undrawn bank facilities of around $300
million retained for operational flexibility
＋GMT credit rating of BBB reaffirmed
with debt rated BBB+
1
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Funding sources shown on a drawn basis as at 31 March 2019

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Operational review

Investment focus
＋GMT repositioned as an industrial property specialist
＋100% Auckland focused
＋Demographic trends, economic growth and the expansion of
online retailing are contributing to the strong demand for well-
located warehouse space
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E-commerce
＋NZ’s total retail spend on consumer
goods grew by 3% in 2018
＋Online spending increased 16% to
$4.2 billion
＋E-commerce now makes up 9% of
national retail spend
＋Auckland is the largest consumer market
accounting for $1.5 billion of online sales
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CourierPost, HighbrookBusiness Park

$2.6bn
Portfolio value
With assets located in strategic locations, close to consumers and transport
infrastructure, GMT’s portfolio is positioned for growth.
1.0m
sqm rentable area
Acquisition of FavonaRoad remains conditional
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HighbrookBusiness Park
1
$1.5bn
Asset value
2
107ha
Developable site area
99%
Occupancy
90%
Proportion developed
5,000+
People employed
100+
Customers
1
At 30 May 2019
2
On completion of current developments
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Estate
Highbrook Business Park
Completion
December 2018
Net lettable area
5,132 sqm
Completed projects
Plytech– new warehouse
Estate
Highbrook Business Park
Completion
March 2019
Net lettable area
(expansion space)
5,423 sqm
MOVE Logistics – expansion
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Completed projects
Quest serviced apartments
Gateway warehouses
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Estate
Highbrook Business Park
Completion
June 2019
Net lettable area
120 apartments
Estate
Highbrook Business Park
Completion
January 2019
Net lettable area
22,305 sqm
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Development capability
＋Goodman’s development
capability has helped create a
high-quality industrial portfolio
＋More than 85% of our properties
have been developed since
2004
＋$195 million of work in progress
Project commencements ($m)
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Total project cost including land allocation
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Future development pipeline
＋GMT’s land holdings reduced
to just 2.2% of portfolio value
＋Focus now on securing
strategic sites that offer future
development potential
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FavonaRoad, Mangere (approximate boundary)

Customer focused
＋175+ customers in the portfolio
＋Represent a wide range of
industries and include:
-Automotive distributors
-Building product and material
suppliers
-Logistics and freight operators
-Warehousing providers
-Retail businesses
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New Zealand PostNisbetsFordOfficeMax
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＋NZ Post is GMT’s largest customer
＋National distribution network is at the
forefront of delivery services for online
retailing
＋Environmentalfocus is driving new
sustainability initiatives
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CourierPost, HighbrookBusiness Park, East Tamaki
New Zealand Post
Sarah Herrick, Sales Excellence Specialist
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CourierPost, HighbrookBusiness Park, East Tamaki
NZ Post —Occupy five facilities at Highbrook
Sarah Herrick, Sales Excellence Specialist
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OfficeMax New Zealand Limited
Kevin Obern, Managing Director
＋Office product reseller - moved to
Highbrookin 2008
＋Distributes around nine million items
annually
＋Facility being expanded by 7,344 sqm
to 26,245 sqm, to accommodate
business growth
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Annual Results 2019
Section title
Nisbets New Zealand Limited
David Edkins, Regional Manager NZ
＋Catering supplies distributor and new
customer for GMT
＋Showroom and warehouse facility
supports multi-channel retail strategy
＋Nisbets same-day dispatch and online
orders are freight free
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OfficeMax New Zealand Limited
Kevin Obern, Managing Director
＋Existing customer that moved from
legacy premises in Wiri to purpose
alternatives at Highbrook
＋Green star rated, 1,500 sqm office
provided greater flexibility with multi-
purpose spaces
＋10,100 sqm parts warehouse
maximises volumetric efficiency
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Ford Motor Company
Philip Fretton, Warehouse manager
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Technology trends
＋Modern racking systems, new forklift technology
and greater automation are all improving the
efficiency of industrial property
＋Consumers requirement for faster delivery is
contributing to the increased use of robotics in
the supply chain
＋Multi-level warehouses are being developed in
cities where land availability is low
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Summary and outlook
＋Portfolio quality and customer relationships underpin GMT’s
operational performance
＋Auckland industrial is the preferred investment market, a strategy
supported by strong customer demand
＋Asset sales have repositioned the portfolio and deleveraged the
balance sheet
＋The continuation of GMT’s development programmeis expected to
deliver sustainable long-term growth
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Questions

Formal business
Annual Result 2019
Financial result
As an ordinary resolution, that, Unitholders approve the re-appointment
of Keith Smith as an Independent Director of the Manager.
Resolution 1
As an ordinary resolution, that, Unitholders approve the re-appointment
of Peter Simmonds as an Independent Director of the Manager.
Resolution 2
36

Voting and close
Annual Result 2019
Financial result
We will now proceed to a poll and conclude the meeting
The result will be announced to the NZX
37

38
Thank you

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Tel +64 9 375 6060 | www.goodman.com/nz
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nzx release+
GMT Annual Meeting of Unitholders
Date 3 July 2019
Release Immediate

WELCOME
Good afternoon ladies and gentlemen and welcome to this annual meeting of Unitholders.
I’m Keith Smith, Independent Director and Chairman of Goodman (NZ) Limited, the
Manager of Goodman Property Trust.

The Board and management team are delighted to be back at Eden Park this year. With
good transport links and easy parking, it’s a popular venue for corporate events such as
these.

It has been a standout 12 months for GMT and today’s presentations will focus on the
completion of the portfolio repositioning, as well as the rapid progress being made with the
development programme.

The meeting will also consider two ordinary resolutions. These relate to the re-appointment
of both Peter Simmonds and me, as Independent Directors.

I’d encourage you all to participate in today’s proceedings and take the opportunity to
communicate directly with those responsible for managing your investment. Directors and
staff will also be available after the meeting to answer any further questions you may have.

Before we proceed I would like to point out some housekeeping matters. The bathrooms
are located through the entrance foyer of this meeting room. In the unlikely event of an
emergency you will be required to evacuate and assemble outside the building in a

Level 2, 18 Viaduct Harbour Avenue, Auckland | PO Box 90940, Victoria Street West, Auckland 1142
Tel +64 9 375 6060 | www.goodman.com/nz
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designated safe area. Should this occur please exit the room through the rear doors and
follow the directions of Eden Park staff. Please also take this opportunity to switch your
mobile phones to silent.

As in previous years, I will refer to Goodman Property Trust throughout the meeting as the
“Trust” or “GMT”, and Goodman (NZ) Limited – the manager of that Trust – as the
“Manager”.

ATTENDANCE AND BOARD COMPOSITION
I would now like to introduce the members of the Board together with the executives of the
Manager, who are present today.

From my far left – Phil Pryke, Non-executive Director; Leonie Freeman, Independent
Director; Greg Goodman, Non-executive Director; Susan Paterson, Independent Director;
Andy Eakin, Chief Financial Officer; and John Dakin, Chief Executive Officer and Executive
Director.

Peter Simmonds is unable to attend this year’s meeting due to the timing of a minor medical
procedure and has given his apology.

The composition of the Board is unchanged since we met last year, with a majority of
Independent Directors being maintained.

It is an experienced group of Directors and the high-quality business we now share is a
result of the strategic initiatives they have implemented, including the successful
repositioning of the Trust over the last 5 years. A refreshed Board will govern the next
phase of GMT’s growth and we are signalling today that there will be retirements and new
appointments over the next few years, as we manage through this transition.

REPRESENTATIVE OF TRUSTEE; EXECUTIVES AND ADVISORS PRESENT
In addition to the Board and the executives of the Manager, there are representatives of

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our Trustee and other external advisors also present today.

They are listed on screen now and will be available to answer any questions if required,
later in the meeting.

MEETING FORMALITIES

I’d now like to work through some of the more formal aspects of the meeting before we
begin the presentations.
+ I’d like it noted that in accordance with the Trust Deed, I have been nominated by the
Trustee to act as chairman of this meeting and I have now tabled this nomination.
+ I also confirm that the meeting has been properly convened and notice has been
properly given to Unitholders.


For a quorum to be achieved, GMT’s Trust Deed requires at least five persons holding, or
representing by proxy, or as representative or attorney, at least ten per cent of the number
of Units on issue at the date of the meeting carrying the right to vote at the meeting.

I confirm that these requirements have been met; and that a quorum is present.

Now the formalities are dealt with we can proceed.

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Tel +64 9 375 6060 | www.goodman.com/nz
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YEAR IN REVIEW
GMT has been repositioned over the last five years with asset sales and new development
projects shifting the investment focus. The Trust’s $2.6 billion property portfolio is now
exclusively invested in the Auckland industrial market.
It’s the strongest performing property sector. We’ve refined GMT’s investment strategy to
capitalise on the growth in demand for warehouse space across the city. It’s a successful
approach that is delivering essential business infrastructure for our customers, strong
returns for our Unitholders and positive outcomes for other stakeholders.
It is also contributing to record financial results, with GMT achieving a profit before tax of
$334.8 million.
EARNINGS & DISTRIBUTIONS
Positive leasing results and a strong operating environment also helped GMT achieve its
earnings targets this year. The Trust generated $90 million of cash earnings, consistent
with earlier guidance of around seven cents per unit.
Cash earnings is a non-GAAP financial measure that is used to assess the operating
performance of a business. Aligning the distributions paid to Unitholders with these
underlying cashflows ensures GMT remains a financially sustainable business.

We expect to achieve a similar level of cash earnings next year and distributions are
expected to be maintained at 6.65 cents per unit.

The success of the asset sales programme means that the Trust is deleveraging in the
short term, creating capacity for selective acquisitions and development-led growth.

It’s a sustainable approach that reflects our long-term investment focus and absolute
commitment to owning the very best industrial assets, in key locations across Auckland.

INVESTMENT PERFORMANCE

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The portfolio repositioning has resonated positively with investors and, with a market
capitalisation of around $2.5 billion, GMT is now the largest listed property entity on the
NZX. The strength of the stock price, which is at a historic high of over $1.90 per unit,
contributed to a Total Unitholder Return of 36.1% for the year ended 31 March 2019.
With a return 12.1% higher than its benchmark of other NZX-listed property stocks, GMT
has outperformed the index and generated a performance fee for Goodman.
I’ve previously noted that Goodman is a supportive Manager with a substantial investment
in GMT. This cornerstone holding has increased to 21.6% with the requirement for the
Manager to use both the performance fee and its fund fee to subscribe for new units in the
Trust.
It is a positive outcome that reinforces the strong alignment of interests between Goodman
and other GMT investors.
GOVERNANCE
Goodman has always worked with the Independent Directors to ensure the governance
framework of the Trust remains contemporary and closely aligned with listed company best
practice.
The update to the NZX listing rules this year included changes to ensure consistency
with the Financial Markets Conduct Act. Under the new listing rules GMT’s unit trust
structure meant it could be classified as either:
+ an issuer of fund securities, or
+ an issuer of equity securities.
The Board believes that the additional governance and reporting requirements that apply
to equity security issuers are a real benefit to Unitholders and we have obtained NZX's
approval for GMT to be designated an equity security issuer.

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The changes also allow GMT to function as an e-reporting entity permitting wider use of
electronic communication, which should lead to greater investor engagement.
CORPORATE REPORTING
GMT’s annual report is an example of where technology has enhanced our reporting
practices. A dedicated website now provides the same information, with additional
functionality and video content, on the day of the result announcement.
Those of you that have reviewed the document will have noted that we have continued to
refine our corporate reporting. We’ve provided a concise summary of our business
strategy and have included more detail around the diversity of the team, our health and
safety practices, our community engagement, and the various initiatives that make up the
Trust’s sustainability programme.
I’m pleased to report our carbon rating has improved, we are doing more for our people,
supporting more community groups than ever and focusing our reporting on the things that
matter to our stakeholders.
I’d now like to pass over to Andy Eakin and John Dakin, who will give a more detailed
overview of the Trust’s recent financial and operational results.

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ANDY EAKIN’S ADDRESS
Thank you, Keith, and good afternoon ladies and gentlemen. I’m pleased to be reviewing
GMT’s recent financial performance with you today.

It’s been a record year, with the Trust benefiting from an investment strategy that is now
100% focused on the Auckland industrial sector. New development projects, positive
leasing results, and the completion of the asset sales programme are all operational
highlights.

While these factors are contributing to this year’s financial result, it is the portfolio
revaluation that has had the greatest impact, contributing around two thirds of the $319.5
million after-tax profit.

The 8.2% increase in asset values reflects the quality of the portfolio, strong property
market fundamentals, and intense competition from local and international investors for
high-quality assets.

While these gains are not distributed, they add to GMT’s net tangible asset backing
which has increased 13%, to $1.57 per unit at 31 March.

As Keith noted, investors are positive about our strategy and the Trust is currently trading
at a 22% premium to NTA.

DELEVERAGING THE BALANCE SHEET
We’ve taken advantage of the positive operating environment to progress the development
programme. We have also continued to refine the portfolio with asset sales and strategic
acquisitions.

The sale of office and other non-core assets has funded the Trust’s development and
investment activity in recent years, with GMT completing more than $1.2 billion of sales
since 2014.

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The largest of these transactions was the disposal of the Trust’s interests in the VXV
Portfolio, a high-quality commercial precinct adjoining Auckland’s Wynyard Quarter.

The sale, announced in May 2018, settled in December and GMT’s 51% share of the $635
million gross sale price was $323.9 million.

Positive leasing results and careful asset management maximised the value of these office
assets and helped facilitate the successful sale to Blackstone, one of the world’s largest
real estate investors.

It was a defining transaction in a portfolio repositioning process that has focused
investment in the rapidly growing and supply-constrained Auckland industrial market. It’s
the country’s gateway city and its largest real estate market.

It’s also where we see the greatest growth potential.

In addition to the Wynyard Quarter assets, two other properties were sold during the year.
They were The Concourse in Henderson and 614 Great South Road in Greenlane.
Following the end of the financial year, the remaining office assets at Show Place Office
Park in Christchurch were also unconditionally sold.

These transactions are the last of the planned disposals and complete a highly
successful sales programme that has delivered strong returns and reduced gearing to a
historically low level.

At 31 March 2019 GMT had a loan to value ratio of 19.7% and committed gearing of just
23.7% after taking account of both developments and acquisitions that have been
committed to.

It’s a conservative level of debt that provides significant balance sheet capacity to grow
the business well into the future. It also ensures GMT has the necessary headroom to

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9



absorb any significant changes in asset values should markets soften.

TREASURY MANAGEMENT
A capital structure that includes a variety of debt funding sources adds to GMT’s financial
strength.

Our diversification programme began back in 2009 with the Trust ’s first retail bond. Since
then we have undertaken five further bond issues and have also accessed the US Private
Placement market.

GMT’s reliance on bank funding has reduced as result of these initiatives and the Trust
now has a very diverse debt book. It is also long-dated, with these facilities having a
weighted average term to expiry of around five years.

Recent asset sales have paid down bank debt and, at year-end, bank borrowings made
up just 2% of all drawn debt. GMT’s bank facilities have been reduced as a result, but we
have retained $300 million of funding capacity for operational flexibility.

One of the key features that has underpinned the success of our treasury programme is
the quality of GMT’s property portfolio. The excellent security it provides is reflected in the
Trust’s investment grade rating from Standard & Poor’s.

The rating agency re-affirmed the BBB rating for the Trust last year. Its debt, including its
bonds, is rated one notch higher at BBB+. Both assessments have remained stable since
they were first assigned, almost 10 years ago.

While the strategic focus of the last 12 months has been on development-led growth and
asset recycling, careful financial management has strengthened the balance sheet and
positioned GMT for sustainable long-term growth.

You’ve invested in a very high-quality business ladies and gentlemen and I hope you’re all
pleased with the results being achieved.

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I’ll now pass you over to John who will continue with the operational review.

Level 2, 18 Viaduct Harbour Avenue, Auckland | PO Box 90940, Victoria Street West, Auckland 1142
Tel +64 9 375 6060 | www.goodman.com/nz
11



JOHN DAKIN’S ADDRESS
Thanks Andy and good afternoon ladies and gentlemen.

We have repositioned GMT as an industrial property specialist to meet the growing
demand for warehouse and distribution space across Auckland. As you’ve already heard,
it’s a strategy that is delivering outstanding results.

In my address this afternoon I’ll talk more about this investment focus and discuss why our
development programme and strong customer relationships are so important to the
success of our business.

INVESTMENT STRATEGY
Demographic trends, economic growth, and the rapid expansion of online retailing are
creating an unprecedented level of demand for well-located and operationally efficient
warehouse space in many cities around the world.

Being able to meet customers’ requirements for logistics space close to consumers is a
real competitive advantage in these cities. The Trust’s Auckland focus and proven
development capability mean it is uniquely placed to benefit from these global trends.

As New Zealand’s largest city, Auckland has scale and depth that other regional centres
don’t have.

A rapidly growing population is expected to underpin economic growth over the next 25
years, increasing demand for jobs, housing, transport, and consumer goods at a greater
rate than the rest of the country.

While national retail spending grew steadily at 3% last year, the proportion of goods being
purchased online is growing at 16% per annum, a much faster rate. Online shopping was
estimated to total $4.2 billion last year, representing around 9% of New Zealand’s total
retail spend.

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Auckland is the country’s largest consumer market and these trends are contributing to
the rapid growth in demand for well-located industrial space.

With a value of $2.6 billion and around one million square metres of rentable area, the
scale of the portfolio means we have a property solution suitable for most businesses.

The current slide includes a satellite image of the city. The density of the metropolitan area
and its geographic constraints are clear.

Overlaid on the map are our estates. You’ll note the location of these relative to key
transport infrastructure such as the airport, port, motorway network and rail corridor.

Proximity to consumers is also an important factor in the property decisions of our
customers. Situated in prime locations, close to the main urban areas, the purchasing
power of the consumer catchment within a 20-minute truck drive of any of these properties
has been assessed at more than $13 billion.

HIGHBROOK BUSINESS PARK
Highbrook Business Park is our largest asset, making up more than 50% of the portfolio.
Around 90% developed, Highbrook features 80 buildings and is home to more than 100
different businesses. These companies employ more than 5,000 people who all share a
unique work environment, surrounded by parklands and recreational areas.

Master-planned to a world class standard, these facilities are modern, highly specified and
operationally efficient. It’s a long way removed from what we traditionally think of as
industrial property.

The next few images showcase some of the recent development projects at Highbrook.

These projects include a new design-build commitment from Plytech, an existing customer
that needed new premises to facilitate its business growth.

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Move Logistics was another customer who had expansion requirements.

It was a similar story for Quest, the serviced apartment operator at The Crossing. With few
competing options nearby, this has been a highly successful addition to the amenity
offering at the estate. To meet demand for short-stay accommodation we added 60 rooms,
doubling capacity.

The Crossing forms the heart of Highbrook and acts as its town centre, combining
commercial space together with retail and hospitality-type amenity around an open-air
plaza.

Along with these design-build developments we also completed a series of build-to-lease
projects last year. It’s been a successful approach, with the 14 warehouses – which were
developed on an uncommitted basis - leased either before the buildings were completed
or very shortly after.

The quality of the new properties is outstanding and the Gateway development, at the
entrance to Highbrook, was recognised with an excellence award at the annual Property
Council of New Zealand awards just a few weeks ago.

DEVELOPMENT CAPABILITY
Development capability has always differentiated our business. With around 85% of the
portfolio developed since 2004, we have built a modern industrial portfolio of a scale and
quality that would be hard to replicate.

It continues to be a successful strategy with $160 million of new projects announced last
year and around $195 million of work in progress. It’s a heightened level of development
activity that is supported by strong market fundamentals including a historically low
vacancy rate.

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We expect similar volumes of new development over the next few years, with demand from
existing customers indicating a further 50,000 sqm of industrial space will be required.

While the development programme extends and enhances the portfolio, it also contributes
to GMT’s financial results.

The six projects that were completed last year added 50,000 sqm of rentable area to the
portfolio. Forecast to generate over $9 million of annual rental income, these new facilities
also added over $26 million to the revaluation gain.

The rapid progress made in the development programme means land now makes up just
2.2% of the portfolio. With limited industrial zoned greenfield sites remaining in Auckland,
the immediate focus is on securing strategically located properties that offer future
opportunity through intensification of use or redevelopment.

The acquisition of the Foodstuffs Distribution Centre in Mt Roskill and conditional purchase
of three adjoining properties on Favona Road in Mangere during the year are examples of
this strategy.

Retaining a development capability is critical to our business growth and both these
locations are ideal sites for fulfilment and logistics companies. They are located close to a
large consumer population, an essential requirement for businesses who want to stay
competitive with the short delivery times.

CUSTOMER FOCUSED
Some of you would have seen our new video, making space for greatness. It encapsulates
Goodman’s brand purpose and reinforces our commitment to creating a high-quality
property portfolio and providing all our stakeholders with the opportunity to be successful.

[play video] https://www.youtube.com/embed/LTzAo6f7f50

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Tel +64 9 375 6060 | www.goodman.com/nz
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We have more than 175 customers within the portfolio and while these businesses are
individually unique, they all depend on our property expertise. They represent a wide range
of industries and include automotive distributors, building product and material suppliers,
logistics and freight operators, warehousing providers and retail businesses.

The following slide features representatives from the four companies we profiled in this
year’s annual report. They provide contrasting examples of how we partner with our
customers to help them achieve their business ambitions.

Occupying four warehouse facilities at Highbrook, NZ Post is the largest customer in the
portfolio. It’s a relationship that extends back to 2006 when we developed the new
Auckland Mail Centre. Since then we have developed additional facilities for its
CourierPost, Contract Logistics and Datamail businesses.

NZ Post continues to evolve, developing its range of services and leveraging its
distribution network to facilitate the growth of e-commerce across New Zealand.

The positive relationship we have with this customer means they come to us first when
they have a new property requirement in Auckland. A good example was when we
provided the short-term space to facilitate the commissioning of the new Paxster delivery
vehicles when they arrived from Norway in 2017.

The electric vehicles, shown on screen now, are part of a plan for NZ Post to be carbon
neutral from 2030.

To help NZ Post achieve this goal, we are also working with them on new sustainability
initiatives that will improve the operational and environmental performance of the larger
buildings they lease at Highbrook.

OfficeMax is another long-term customer and a business that has had growing space
requirements over time.

Level 2, 18 Viaduct Harbour Avenue, Auckland | PO Box 90940, Victoria Street West, Auckland 1142
Tel +64 9 375 6060 | www.goodman.com/nz
16




The office product reseller was an early adopter of online sales and it currently distributes
around nine million items annually. Most of these products are packaged and processed
at Highbrook, the company’s location of choice for its corporate headquarters and North
Island distribution centre.

Developed in 2008, the current facility is being expanded from 18,900 sqm to over 26,000
sqm to accommodate the customer’s business growth.

It’s a common requirement and more than 53% of the new developments undertaken over
the last five years have been leased to existing customers. Retaining these companies
within the portfolio and growing the relationship is a positive factor in our own business
success.

Nisbets is one of the newest customers in the portfolio. The catering supplies distributor is
part of a global business that is successfully pursuing a multi-channel retail strategy.

This means its customers can purchase their products either in store, online or by phone.

In Europe, same day delivery of online orders is the standard that consumers are coming
to expect. Nisbets’ local business is striving to be market-leading in this regard, offering
same day dispatch from its showroom and warehouse facility at Highbrook.

It is yet another example of how the growth in online retailing is driving demand for well-
located warehouse and distribution space close to consumers.

As an automotive distributor, Ford Motor Company is a more traditional business. It is also
one that has grown strongly, with GMT’s development programme facilitating the move
from older legacy facilities at M20 Business Park in Wiri into purpose-built alternatives at
Highbrook.

The transition to new premises has allowed the customer to operate much more efficiently.

Level 2, 18 Viaduct Harbour Avenue, Auckland | PO Box 90940, Victoria Street West, Auckland 1142
Tel +64 9 375 6060 | www.goodman.com/nz
17




A green star rated head office provides a much better work environment for Ford’s 50
corporate staff. It is also more flexible, being easily reconfigured into seminar and
conference rooms for training and promotional events.

A dedicated warehouse for parts storage and distribution has also improved operational
efficiency. The modern racking system and new forklift technology provide full inventory
for the country with additional capacity for a growing model range.

We expect to see more of these technologies as businesses seek to maximise the
efficiency of their warehouse space. The constant requirement from consumers for faster
and more convenient delivery mean the use of robotics is also likely to become more
prevalent.

In overseas markets, automation is increasingly common and multi-level warehouses are
being built in cities where land availability is low.

Our modern industrial portfolio and strong customer partnerships mean GMT is well
positioned to benefit from these trends as they become established in New Zealand.

SUMMARY
Ladies and gentlemen, before we move to the formal business of the meeting I’d like to
reiterate the key messages of this afternoon’s presentations.

The strength of our customer relationships and the quality of the portfolio have driven the
Trust’s recent success.

The positive market dynamics created by a strong regional economy and the growth of
online retailing make Auckland industrial our preferred asset class.

The Trust’s $2.6 billion portfolio is now exclusively invested in this market.

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



The sale of office assets has repositioned the portfolio and created the balance sheet
capacity that is funding the development programme. It’s a disciplined approach, focused
on sustainable long-term growth.

We’re making space for greatness and our customers and other stakeholders are
embracing the opportunity it provides.

Thank you for your attention.

Level 2, 18 Viaduct Harbour Avenue, Auckland | PO Box 90940, Victoria Street West, Auckland 1142
Tel +64 9 375 6060 | www.goodman.com/nz
19



GENERAL BUSINESS

KEITH SMITH
Thanks John. It’s been a defining year for the Trust and the Board is extremely pleased
with the results being achieved.

We are also confident that the current strategy of development-led growth, funded from
the Trust’s substantial reserves, will support strong operating performances into the
future.

That concludes the presentations ladies and gentlemen, I would now like to open the
fl oor for questions.

PROCEDURE FOR QUESTIONS FROM UNITHOLDERS

If you’d like to ask a question of the Board or its advisors, please signal your intention to
do so by raising your hand and a member of staff will bring you a microphone. For the
record, I would also ask that you identify yourself before you speak; and, if you are a
proxy or representative for a Unitholder, please let us know that as well.

Ladies and gentlemen, as there are no further questions I will invite Susan Paterson to
chair the formal business of the meeting

Level 2, 18 Viaduct Harbour Avenue, Auckland | PO Box 90940, Victoria Street West, Auckland 1142
Tel +64 9 375 6060 | www.goodman.com/nz
20



FORMAL BUSINESS
SUSAN PATERSON
Thank you, Keith.

The formal business of today’s meeting relates to the election of two Independent
Directors.

Keith Smith and Peter Simmonds are retiring by rotation and being eligible, have offered
themselves for re-election. Both are highly effective members of the Board, and the other
Directors and I unanimously recommend that Unitholders vote in favour of their re-
appointment.

Following the call for nominations, none were received and therefore they stand
unopposed.

Before we conduct the poll, I will invite Keith to address the meeting.

[Keith to speak briefly]

Thank you, Keith.

As Peter is an apology, I will read the speech he prepared for today.

[Susan to speak briefly on Peters behalf]

The two Resolutions are set out in the Notice of Meeting and on the voting form you will
have received. As they have been notified, there is no requirement for a seconder.

A majority of not less than half of persons entitled to vote, and voting, is required to carry
each resolution.

Are there any questions on the two resolutions?

Level 2, 18 Viaduct Harbour Avenue, Auckland | PO Box 90940, Victoria Street West, Auckland 1142
Tel +64 9 375 6060 | www.goodman.com/nz
21



As there are no further questions we will proceed to a poll and formally conclude this
meeting.

VOTING AND CLOSURE

If you have not already voted you should complete your voting and proxy form and place
it in the boxes on the registration desk outside this meeting room. There are pens
available and Computershare staff will be on hand should you require replacement forms
or have any questions.

Refreshments are also being served and you are welcome to stay and enjoy the
hospitality while the poll is being conducted.

The result will be announced to the NZX in due course and a copy of the announcement
will also be available on our website.

Ladies and gentlemen, thank you very much for your attendance and participation this
afternoon. I now declare this meeting closed.

For further information please contact:

Keith Smith
Chairman
Goodman (NZ) Limited
(021) 920 659

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

About Goodman Property Trust:
GMT is an externally managed unit trust, listed on the NZX. It has a market capitalisation of around $2.5
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 is also the Trust’s largest investor with a cornerstone
unitholding of 21.6%.

Level 2, 18 Viaduct Harbour Avenue, Auckland | PO Box 90940, Victoria Street West, Auckland 1142
Tel +64 9 375 6060 | www.goodman.com/nz
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GMT is New Zealand’s leading industrial space provider. It has a substantial property portfolio, with a value
of $2.6 billion. The Trust holds an investment grade credit rating of BBB from Standard & Poor’s.