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NOT FOR RELEASE TO US WIRE SERVICES OR DISTRIBUTION IN THE UNITED STATES. Contents 03 Executive summary 04 Portfolio update 11 New investments 16 Equity raise 25 Appendix Highbrook Business Park NOT FOR RELEASE TO US WIRE SERVICES OR

SLIDE 1 NOT FOR RELEASE TO US WIRE SERVICES OR DISTRIBUTION IN THE UNITED STATES.

SLIDE 2

03 Executive summary 04 Portfolio update 11 New investments 16 Equity raise 25 Appendix

Highbrook Business Park

NOT FOR RELEASE TO US WIRE SERVICES OR DISTRIBUTION IN THE UNITED STATES.

SLIDE 3

Equity raising to fund growth opportunities

Portfolio repositioning complete and strong underlying performance: ＋ Occupancy of 99.4% ＋ 93,667sqm of new leasing and market reviews completed with 6.8%1 rental growth ＋ Development workbook remains strong; 15 build-to-lease warehouses completed over last 12 months are 100% leased ＋ Interim revaluation expected to be around $170 million2 $169 million of new investments in line with strategy: ＋ Mt Wellington - $65 million, prime infill location with two year leaseback to Turners & Growers, expected to settle in September 2019 ＋ Favona Road - $29 million settlement to take place late September 2019 ＋ Development package - $75 million3 – five new projects on existing GMT estates totalling 26,601sqm with a yield on additional cost of 7.4%4 Raising $165 million of equity, providing capacity for further acquisitions and developments, while remaining at lower end of target gearing range: ＋ $150 million underwritten5 Placement and $15 million Retail Offer, with the ability to accept up to $10 million of oversubscriptions at the Manager’s sole discretion ＋ Proceeds will initially repay bank debt and reduce pro-forma committed gearing to approximately 21%6 ＋ New Units to be offered under the Placement at a fixed price of $2.10 per unit ＋ Retail Offer will also be at $2.10 per unit ＋ Goodman Group, GMT’s largest unitholder (21.59%), has committed to participate in the Placement at the fixed price of $2.10 on an effective pro-rata basis GMT retaining strong financial metrics: ＋ FY20 earnings guidance, post impact of equity issuance, reaffirmed; cash earnings to be materially consistent with FY19 ＋ Distribution guidance maintained at 6.65 cpu, with NTA forecast to increase by approximately 15 cpu, primarily as a result of the expected September revaluation ＋ Pro-forma gearing level of 21%6 on a fully committed basis provides significant financial flexibility to continue accretive investment programme

Equity Raise 2019

Executive summary

6 Pro-forma committed gearing post expected September revaluations and equity raise. Excludes impact of any proceeds raised from the UPP which at $15 million would further reduce committed gearing to 20.7% 3 Total project cost including land, construction, leasing and marketing costs and all management and professional fees 1 Average increase in contracted face rental levels across leasing and market reviews completed in period 1 April 2019 to 31 August 2019 4 Yield on total project cost excluding land. Yield on total project cost including land is 6.1% 5 Excluding 21.59% of units held by entities associated with Goodman Group who have already committed to take up their pro-rata share of the Placement 2 Forecast revaluation including changes in value of leasehold right of use asset net of lease liability at Westney Industry Park NOT FOR RELEASE TO US WIRE SERVICES OR DISTRIBUTION IN THE UNITED STATES.

SLIDE 4

Premium Apparel – Highbrook Business Park

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SLIDE 5

Auckland industrial market

＋ Auckland industrial market near capacity with 1.9% vacancy rate1 ＋ Prime industrial rental growth of 5.6% in year to June 20191 ＋ Prime locations, close to consumers, expected to deliver best returns ＋ Industrial market showing strongest investment performance and investor confidence of all property sectors ＋ Sector performance reflected in expected GMT interim revaluation

f around $170 million (+6.4%)

＋ GMT portfolio cap rate expected to firm around 30 bps to 5.4% in September

1 JLL 2Q19

70 80 90 100 110 120 130 140 150 2014 2015 2016 2017 2018 2019

Auckland warehouse rents ($psm)

Prime Industrial Secondary Industrial

Source: JLL (June 19)

NOT FOR RELEASE TO US WIRE SERVICES OR DISTRIBUTION IN THE UNITED STATES. Equity Raise 2019

Portfolio update

SLIDE 6

$3.1bn

Committed property portfolio

GMT’s portfolio is positioned for growth, with assets located in efficient and desirable distribution locations

1.1m sqm

Net lettable area

1 2

1 March 2019 portfolio adjusted for forecast September 2019 revaluation, announced developments and contracted acquisitions 2 March 2019 portfolio adjusted for announced developments and contracted acquisitions NOT FOR RELEASE TO US WIRE SERVICES OR DISTRIBUTION IN THE UNITED STATES.

SLIDE 7

FY14 FY19 31 Aug 2019

Industrial weighting 71% 100% 100% Occupancy 97.3% 98.2% 99.4% WALT 5.5 years 5.2 years 5.6 years Portfolio value $2.1bn $2.6bn $3.1bn4 Land weighting 10.8% 2.2% 1.7%4

＋ GMT is now 100% focused on the Auckland industrial market following $1.2 billion of asset sales over five years ＋ Transformation is positively impacting performance of underlying portfolio with occupancy of 99.4% ＋ 93,667 sqm of leasing and market reviews completed on existing portfolio so far in FY20: — average rental growth of 6.8%1 with retention rate of 73%2 — average face rent on prime3 warehouse space of $133 psm with 6.0% average incentive

Portfolio transformation driving results

Portfolio metrics

3 Excludes value-add estates 2 Retention rate calculated over 24 month period to 31 August 2019 1 Average increase in contracted face rental levels across leasing and market reviews completed in FY20 to 31 August 2019 4 March 2019 adjusted for new development package, contracted acquisitions and expected revaluation NOT FOR RELEASE TO US WIRE SERVICES OR DISTRIBUTION IN THE UNITED STATES.

Gateway Warehouses – Highbrook Business Park

Equity Raise 2019

Portfolio update

SLIDE 8

Current development programme

＋ 15 warehouses completed by GMT on a build-to-lease basis in FY19 are 100% leased ＋ Current development programme1 of 44,000 sqm is leasing well with 50% committed and average time to completion of six months2 — average warehouse face rent achieved on current workbook of $136 psm and incentives of 4.6%

1 Prior to developments announced today

Gateway Warehouses Underwood 2,600 El Kobar Units Warehouse area 6,109 sqm 2,630 sqm 1,340 sqm Warehouse rent $140 psm $145 psm $155 psm Incentive 5.0% 3.0% 4.2% Review structure Fixed 2.75% Fixed 3.0% Fixed 3.0% Market review 5 years 6 years 5 years

2 Weighted by total project cost

Recent leasing examples

NOT FOR RELEASE TO US WIRE SERVICES OR DISTRIBUTION IN THE UNITED STATES. Equity Raise 2019

Portfolio update

SLIDE 9

Purchase metrics Purchase price $122m Land area (sqm) 201,081 sqm Average lease term 2.1 years2 Initial yield 4.6%

Recent acquisitions

＋ Recent acquisitions of Roma Road, Mt Roskill and Favona Road, Mangere are in line with GMT’s strategy to acquire infill sites, close to distribution networks and consumer base ＋ Sites provide a holding yield with potential for redevelopment in the medium to long term ＋ Including recent acquisitions, value add (redevelopment) sites represent approximately 12% of GMT portfolio value and yield 5.0%1 ＋ Medium term repositioning strategy underway with both assets

Favona Road (approximate boundary)

1 Includes the acquisitions of Favona Road and Mt Wellington, reflects expected September 2019 revaluation 2 Excludes Turners & Growers break option at Favona Road

Roma Road (approximate boundary)

NOT FOR RELEASE TO US WIRE SERVICES OR DISTRIBUTION IN THE UNITED STATES. Equity Raise 2019

Portfolio update

SLIDE 10

200,000 sqm+

f prime industrial space

$500m+

additional spend

1 2

GMT’s portfolio of greenfield and value add sites provides the opportunity for more than $500 million of additional development spend

Value add 82% Greenfield 18%

GMT’s future development sites by NLA

Tamaki Estate Penrose & Connect Mt Wellington Favona Road Roma Road

1 Net lettable area 2 Total project cost excluding land NOT FOR RELEASE TO US WIRE SERVICES OR DISTRIBUTION IN THE UNITED STATES.

SLIDE 11

Sylvia Park Mt Wellington Highway SH1 SH1

T&G - Mt Wellington (approximate boundary)

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New investments

SLIDE 12

Strategy ＋ Prime location with direct access to SH1 and Mt Wellington Hwy ＋ Significant infill location with access to population of 830,000 within 20 minutes ＋ Existing improvements provide the ability to drive medium term cashflows ＋ 31% site cover allows ability for additional NLA to be added over time ＋ Opportunity to enhance relationship with key customer T&G Purchase price

$65m

Land area

57,579 sqm

Lettable area

17,989 sqm

Customer

T&G

Lease term

2 years + 2x1 year ROR

Initial yield

5.1%

Mt Wellington acquisition

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T&G - Mt Wellington (approximate boundary)

Equity Raise 2019

New investments

SLIDE 13

＋ Continuation of development programme announced today with five new build-to-lease projects: — two developments at Highbrook totalling 8,624 sqm — one development at M20 in Wiri totalling 9,630 sqm — two developments at Westney in Mangere totalling 8,347 sqm ＋ Developments under construction expected to total $215.6 million1 with exposure to uncommitted development product remaining low, equivalent to approximately 4.5% of GMT portfolio2

New developments

1 Total project cost including land, construction, leasing and marketing costs and all management and professional fees

Waiouru Point - Highbrook Business Park (Artist’s impression)

2 March 2019 portfolio adjusted for announced developments and contracted acquisitions

Highlights Net lettable area 26,601 sqm Total project cost $74.9m1 Yield on additional cost 7.4%3 Yield on total cost 6.1%3

3 Developments expected to be income producing from second half FY21 NOT FOR RELEASE TO US WIRE SERVICES OR DISTRIBUTION IN THE UNITED STATES. Equity Raise 2019

New investments

SLIDE 14

Highbrook development activity

$150m+

work in progress at Highbrook1

SH1 1km >

1 Total project cost including land, construction, leasing and marketing costs and all management and professional fees

Underwood 2,600 Business Parade 3,100 The Crossing Carpark Waiouru Point El Kobar Units Big Chill Expansion OfficeMax Expansion Panasonic Expansion Underwood 1,000 Island Units El Kobar 10,000 + Following the completion of the current development programme Highbrook will be 91% complete + Current Highbrook programme has an average remaining development period of eight months

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SLIDE 15

New developments

Westney

100% complete

M20

98% complete

Westney 4,500 68 Westney Rd M20 9,000

NOT FOR RELEASE TO US WIRE SERVICES OR DISTRIBUTION IN THE UNITED STATES. Equity Raise 2019

New investments

SLIDE 16

Gateway warehouse B – Highbrook Business Park

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SLIDE 17

Offer summary

Offer components + GMT is seeking to raise $150 million through an underwritten1 Placement and a $15 million Retail Offer + New Units will be offered to eligible investors under the Placement at a fixed price of $2.10 + Retail Offer open to all eligible unitholders with a registered address in New Zealand. Each eligible unitholder can apply for up to $50,000 of New Units + Structured to be fair for all existing Unitholders. All Unitholders (unless restricted due to legal constraints) will be able to participate fairly (through either the Placement or Retail Offer) and should scaling be required it will be by reference to existing unitholdings Gross proceeds + $165 million comprising:

Placement of $150 million
Retail Offer of $15 million with the ability to accept oversubscriptions of up to $10 million at the Manager’s sole discretion

Issue price + New Units to be offered under the Placement at a fixed price of $2.10 + New Units under the Retail Offer will also be issued at $2.10 + The fixed price represents a discount of:

4.3% to the last close ($2.195)
4.7% to the 5 day VWAP2 ($2.204)

Ranking + New Units will rank equally with existing GMT units Goodman Group commitment + Goodman Group has committed to participate in the Placement with the intention of maintaining its 21.59% unitholding (post Placement but prior to the allotment of GMT units under the Retail Offer)

1 Excluding 21.59% of units held by entities associated with Goodman Group who have already committed to take up their pro-rata share of the Placement 2 Average GMT unit price weighted by volume over five days NOT FOR RELEASE TO US WIRE SERVICES OR DISTRIBUTION IN THE UNITED STATES. Equity Raise 2019

Equity raise

SLIDE 18

23.7% 27.5% 21.2% $136.0m $82.1m $65.0m $170.0m $147.0m 19.7% 15% 17% 19% 21% 23% 25% 27% 29%

Reported 31 March 2019 Commitments Committed 31 March 2019 FY20 Developments Mt Wellington acquisition Committed gearing Revaluation Placement Pro-forma committed gearing

Equity providing capacity for growth

Committed LVR ＋ Equity raise provides capacity for further acquisitions and development of GMT’s $500m+ pipeline, while remaining within the target gearing range of 25%-35% ＋ FY20 guidance post impact of equity issuance re-affirmed; cash earnings to be materially consistent with FY193 ＋ FY20 distribution expected to be maintained at 6.65 cpu ＋ Expected September revaluation primary driver of increase in NTA of approximately 15 cpu (NTA of 157 cpu at March 2019) ＋ Proceeds from equity raise will be used to repay bank debt and utilised in the short term to fund ongoing developments

1 Additional spend on developments announced in FY20 (includes Panasonic and OfficeMax expansions) 2 2 Placement proceeds post transaction costs of approximately $3 million (includes underwrite fees, legal fees, NZX issue costs, valuation costs) 1 3 For the five years ending on 31 March 2019 the Manager was required to use its base fee to subscribe for new units in GMT. Cash earnings as disclosed in those years excluded the base fee. Restating FY19 cash earnings to account for the base fee as if settled in cash results in cash earnings of 6.2cpu, on a consistent basis with its calculation in FY20 NOT FOR RELEASE TO US WIRE SERVICES OR DISTRIBUTION IN THE UNITED STATES. Equity Raise 2019

Equity raise

SLIDE 19

Key dates Date Placement Trading halt commences and bookbuild undertaken 18 September 2019 Trading halt lifted 19 September 2019 Placement settlement, allotment of Placement Units and trading of New Units on NZX 24 September 2019 Unit Purchase Plan Offer Record date – 5pm NZ time 17 September 2019 Expected release of the Offer document and application form 26 September 2019 Offer opens 26 September 2019 Offer closes 18 October 2019 Settlement and allotment for UPP Offer 24 October 2019

Indicative timetable

NOT FOR RELEASE TO US WIRE SERVICES OR DISTRIBUTION IN THE UNITED STATES. Equity Raise 2019

Equity raise

SLIDE 20

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SLIDE 21

Disclaimer

Not for release to US wire services or distribution in the United States. This presentation has been prepared by Goodman (NZ) Limited (Manager) as manager for Goodman Property Trust (GMT). This presentation has been prepared in relation to the offer of new units in GMT (New Units) by way of a: ＋ Placement to selected institutional investors (Placement); ＋ Retail offer to GMT’s existing unitholders with an address in New Zealand (Retail Offer), under clause 19 of Schedule 1 of the Financial Markets Conduct Act 2013; (together, the Offer). Information: This presentation contains summary information about GMT and its activities which is current as at the date of this presentation. The information in this presentation is of a general nature and does not purport to be complete nor does it contain all the information which a prospective investor may require in evaluating a possible investment in GMT or that would be required in a product disclosure statement for the purposes of the Financial Markets Conduct Act 2013. The historical information in this presentation is, or is based upon, information that has been released to NZX Limited (NZX). This presentation should be read in conjunction with GMT's other periodic and continuous disclosure announcements, which are available at www.nzx.com. NZX: The New Units will be quoted on the NZX Main Board once allotted. The NZX Main Board is a licensed market operated by NZX, a licensed market operator under the Financial Markets Conduct Act 2013. NZX accepts no responsibility for any statement in this presentation. Not financial product advice: This presentation is for information purposes only and is not financial or investment advice or a recommendation to acquire GMT securities, and has been prepared without taking into account the objectives, financial situation or needs of

individuals. Before making an investment decision, prospective investors should consider the appropriateness of the information having regard to their own objectives, financial situation and needs, and consult a broker, solicitor, accountant or other professional adviser if

necessary. Past performance: Past performance information given in this presentation is given for illustrative purposes only and should not be relied upon as (and is not) an indication of future performance. Future performance: This presentation contains certain "forward-looking statements" such as indications of, and guidance on, future earnings and financial position and performance. Forward-looking statements can generally be identified by the use of forward-looking words such as, 'expect', 'anticipate', 'likely', 'intend', 'could', 'may', 'predict', 'plan', 'propose', 'will', 'believe', 'forecast', 'estimate', 'target', 'outlook', 'guidance' and other similar expressions within the meaning of securities laws of applicable jurisdictions and include, but are not limited to,

perating cashflow, future effective tax rates, GMT’s development program and its plans and strategies, distribution guidance, estimated asset life, the outcome and effects of the Offer and the use of proceeds and statements about the property market. The forward-looking

statements contained in this presentation are not guarantees or predictions of future performance and involve known and unknown risks and uncertainties and other factors, many of which are beyond the control of GMT, and may involve significant elements of subjective judgement and assumptions as to future events which may or may not be correct. There can be no assurance that actual outcomes will not materially differ from these forward-looking statements. A number of important factors could cause actual results or performance to differ materially from the forward-looking statements, including the risk factors set out in this presentation. Investors should consider the forward-looking statements contained in this presentation in light of those disclosures. The forward-looking statements are based on information available to GMT as at the date of this presentation. Except as required by law or regulation (including the NZX Listing Rules), GMT has no obligation to provide any additional or updated information whether as a result of new information, future events or results or otherwise. Indications of, and guidance on, future earnings or financial position or performance are also forward-looking statements. Investment risk: An investment in securities in GMT is subject to investment and other known and unknown risks, some of which are beyond the control of GMT. GMT does not guarantee any particular rate of return or the performance of GMT.

NOT FOR RELEASE TO US WIRE SERVICES OR DISTRIBUTION IN THE UNITED STATES.

SLIDE 22

Disclaimer

Not an offer: This presentation is not a product disclosure statement or other offering document under New Zealand law (and will not be lodged with the Registrar of Financial Service Providers) or any other law. This presentation is for information purposes only and is not an invitation or offer of securities for subscription, purchase or sale in any jurisdiction (and will not be lodged with the U.S Securities Exchange Commission). Any decision to purchase New Units in the Retail Offer must be made on the basis of the information to be contained in a separate offer document to be prepared and issued to eligible retail unitholders. The offer document for the Retail Offer will be available to eligible retail unitholders in New Zealand following its lodgement with NZX. Any eligible retail unitholder who wishes to participate in the Retail Offer should consider the offer document in deciding to apply under that offer. Anyone who wishes to apply for New Units under the Retail Offer will need to apply in accordance with the instructions contained in the offer document and the application form. This presentation does not constitute investment or financial advice (nor tax, accounting or legal advice) or any recommendation to acquire New Units and does not and will not form any part of any contract for the acquisition of New Units. This presentation may not be released or distributed in the United States. This presentation does not constitute an offer to sell, or a solicitation of an offer to buy, any securities in the United States. The New Units have not been and will not be registered under the U.S. Securities Act of 1933 (the U.S. Securities Act) or the securities laws of any state or other jurisdiction of the United States. Accordingly, the New Units to be offered and sold in the Placement may not be offered or sold, directly or indirectly, in the United States except in transactions exempt from, or not subject to, the registration requirements of the U.S. Securities Act and any other applicable state securities laws. In addition, the New Units to be offered and sold in the Retail Offer will only be offered and sold to eligible unit holders in New Zealand in “offshore transactions” (as defined in Regulation S under the U.S. Securities Act in reliance on Regulation S under the U.S. Securities Act. Financial data: All dollar values are in New Zealand dollars (NZ$ or NZD) unless otherwise stated. This presentation contains pro forma historical financial information. The pro forma historical financial information provided in this presentation is for illustrative purposes only and should not be relied upon as, and is not represented as, being indicative of GMT’s future financial

condition. In addition, the pro forma historical financial information included in this presentation does not purport to be in compliance with Article 11 of Regulation S-X of the rules and regulations of the U.S. Securities and Exchange Commission.

Investors should be aware that this presentation contains certain financial information and measures that are “non-GAAP financial information” under the New Zealand Financial Markets Authority Guidance Note on disclosing non-GAAP financial information and "non‐GAAP financial measures" within the meaning of Regulation G under the U.S. Securities Exchange Act of 1934, and are not recognised under New Zealand equivalents to International Financial Reporting Standards (NZ IFRS) and International Financial Reporting Standards (IFRS). The non-IFRS/GAAP financial information and financial measures include NTA and gearing. The disclosure of such non‐GAAP financial measures in the manner included in this Presentation would not be permissible in a registration statement under the U.S. Securities Act. The non-IFRS/non- GAAP financial information and financial measures do not have a standardised meaning prescribed by NZ IFRS or IFRS, and therefore, may not be comparable to similarly titled measures presented by other entities, nor should they be construed as an alternative to other financial measures determined in accordance with NZ IFRS or IFRS. Although the Manager believes the non-IFRS/non-GAAP financial information and financial measures provide useful information to users in measuring the financial performance and condition of GMT, investors are cautioned not to place undue reliance on any non-IFRS/non-GAAP financial information or financial measures included in this presentation. Disclaimer: None of the underwriters to the Placement (together, the underwriters), nor any of their, GMT, or the Manager’s respective advisers or any of their respective affiliates, related bodies corporate, directors, officers, partners, employees and agents, have authorised, permitted or caused the issue, submission, dispatch or provision of this presentation and, except to the extent referred to in this presentation, none of them makes or purports to make any statement in this presentation and there is no statement in this presentation which is based on any statement by any of them. For the avoidance of doubt, the underwriters and their respective advisers, affiliates, related bodies corporate, directors, officers, partners, employees and agents have not made or purported to make any statement in this presentation and there is no statement in this presentation which is based on any statement by any of them. To the maximum extent permitted by law, GMT, the Manager, the underwriters and their respective advisers, affiliates, related bodies corporate, directors, officers, partners, employees and agents exclude and disclaim all liability, for any expenses, losses, damages or costs incurred by you as a result of your participation in the Offer and the information in this presentation being inaccurate or incomplete in any way for any reason, whether by negligence or otherwise. To the maximum extent permitted by law, GMT, the Manager, the underwriters and their respective advisers, affiliates, related bodies corporate, directors, officers, partners, employees and agents make no representation or warranty, express or implied, as to the currency, accuracy, reliability or completeness of information in this presentation and, with regards to each underwriter, their respective advisers, affiliates, related bodies corporate, directors, officers, partners, employees and agents take no responsibility for any part of this presentation or the Offer. The underwriters and their respective advisers, affiliates, related bodies corporate, directors, officers, partners, employees and agents make no recommendations as to whether you or your related parties should participate in the Offer nor do they make any representations or warranties to you concerning the Offer, and you represent, warrant and agree that you have not relied on any statements made by any of the underwriters, or any of their advisers, affiliates, related bodies corporate, directors, officers, partners, employees or agents in relation to the Offer and you further expressly disclaim that you are in a fiduciary relationship with any of them. Statements made in this presentation are made only as the date of this presentation. The information in this presentation remains subject to change without notice. The Manager reserves the right to withdraw the Offer or vary the timetable for the Offer without notice.

NOT FOR RELEASE TO US WIRE SERVICES OR DISTRIBUTION IN THE UNITED STATES.

SLIDE 23

Disclaimer

International selling restrictions This presentation does not constitute an offer of New Units in GMT in any jurisdiction in which it would be unlawful. In particular, this presentation may not be distributed to any person, and the New Units may not be offered or sold, in any country outside New Zealand except to the extent permitted below. Australia This document, and the offer of New Units will only be made available in Australia to persons to whom a disclosure document is not required to be given under Chapter 6D or Chapter 7.9 of the Australian Corporations Act 2001 (Cth) (“Australian Corporations Act”). This document is not a prospectus, product disclosure statement or any other form of formal "disclosure document" for the purposes of the Australian Corporations Act, has not been not be lodged or registered with the Australian Securities and Investments Commission or the ASX, and is not required to, and does not, contain all the information which would be required in a disclosure document under the Australian Corporations Act. The persons referred to in this document may not hold Australian financial services licences and may not be licensed to provide financial product advice in relation to the securities. No "cooling-off" regime will apply to an acquisition of the New Units. If you acquire New Units in Australia then you agree not to sell, transfer, assign, offer, or otherwise alienate any New Units to any person located in, or a resident of, Australia within 12 months from the date of their allotment, except in circumstances where disclosure to investors would not be required under either Chapter 6D or Chapter 7.9 of the Corporations Act or such sale or offer is made pursuant to a disclosure document which complies with either Chapter 6D or Chapter 7.9 of the Corporations Act. Canada (Alberta, British Columbia, Ontario and Quebec provinces) The New Units may only be offered or sold, directly or indirectly, in the provinces of Alberta, British Columbia, Ontario and Quebec ( the “Private Placement Provinces”) or to residents thereof and not in, or to the residents of, any other province or territory of Canada. Such offers

r sales will be made pursuant to an exemption from the requirement to file a prospectus with the regulatory authorities in the Private Placement Provinces and will be made only by a dealer duly registered under the applicable securities laws of such provinces, as the case may

be, or in accordance with an exemption from the applicable registered dealer requirements. The New Units may be sold in the Private Placement Provinces only to purchasers purchasing, or deemed to be purchasing, as principal that are both accredited investors, as defined in National Instrument 45-106 Prospectus Exemptions or subsection 73.3(1) of the Securities Act (Ontario), and permitted clients, as defined in National Instrument 31-103 Registration Requirements, Exemptions and Ongoing Registrant Obligations. Any resale of the New Units must be made in accordance with an exemption from, or in a transaction not subject to, the prospectus requirements of applicable securities laws. Pursuant to section 3A.3 of National Instrument 33-105 Underwriting Conflicts (NI 33-105), the underwriters are not required to comply with the disclosure requirements of NI 33-105 regarding underwriter conflicts of interest in connection with this offering. Securities legislation in certain provinces or territories of Canada may provide a purchaser with remedies for rescission or damages if this document (including any amendment thereto) contains a misrepresentation, provided that the remedies for rescission or damages are exercised by the purchaser within the time limit prescribed by the securities legislation of the purchaser’s province or territory. The purchaser should refer to any applicable provisions of the securities legislation of the purchaser’s province or territory for particulars of these rights

r consult with a legal advisor.

Upon receipt of this document, each Canadian purchaser hereby confirms that it has expressly requested that all documents evidencing or relating in any way to the sale of the securities described herein (including for greater certainty any purchase confirmation or any notice) be drawn up in the English language only. Par la réception de ce document, chaque acheteur canadien confirme par les présentes qu’il a expressément exigé que tous les documents faisant foi ou se rapportant de quelque manière que ce soit à la vente des valeurs mobilières décrites aux présentes (incluant, pour plus de certitude, toute confirmation d’achat ou tout avis) soient rédigés en anglais seulement. Hong Kong WARNING: The contents of this document have not been reviewed by any regulatory authority in Hong Kong. You are advised to exercise caution in relation to the Placement. If you are in any doubt about any of the contents of this document, you should obtain independent professional advice. This document has not been, and will not be, registered as a prospectus under the Companies (Winding Up and Miscellaneous Provisions) Ordinance (Cap.32, Laws of Hong Kong) (the “C(WUMP)O”), nor has it been authorised by the Securities and Futures Commission in Hong Kong pursuant to the Securities and Futures Ordinance (Cap. 571) of Hong Kong (the “SFO”). No action has been taken in Hong Kong to authorise or register this document or to permit the distribution of this document or any documents issued in connection with it. Accordingly, (i) the New Units may not be offered or sold in Hong Kong by means of this document or any other document other than (a) to "professional investors" as defined in 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 C(WUMP)O or which do not constitute an offer to the public within the meaning of the C(WUMP)O; and (ii) no person shall issue or possess for the purposes of issue, whether in Hong Kong or elsewhere, any advertisement, invitation or document relating to the New Units 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 New Units 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. No person allotted New Units may sell, or offer to sell, such units in circumstances that amount to an offer to the public in Hong Kong within six months following the date of issue of such units.

NOT FOR RELEASE TO US WIRE SERVICES OR DISTRIBUTION IN THE UNITED STATES.

SLIDE 24

Disclaimer

Singapore This document and any other materials relating to the New Units has not been and will not be registered as a prospectus with the Monetary Authority of Singapore (“MAS”). Accordingly, the New Units may not be offered or sold or made the subject of an invitation for subscription

r purchase, nor may this document or any other document or material in connection with the offer or sale, or invitation for subscription or purchase, of the New Units be circulated or distributed, whether directly or indirectly, to any person in Singapore other than (i) to an

institutional investor pursuant to Section 274 of the Securities and Futures Act, Chapter 289 of Singapore (the “SFA”), or (ii) otherwise pursuant to, and in accordance with the conditions of, any other applicable provision of the SFA. Notification under Section 309B(1)(c) of the SFA - In connection with Section 309B of the SFA and the Securities and Futures (Capital Markets Products) Regulations 2018 (the “CMP Regulations 2018”) of Singapore, the Manager has determined the classification of the New Units as prescribed capital markets products (as defined in the CMP Regulations 2018) and Excluded Investment Products (as defined in MAS Notice SFA 04-N12: Notice on the Sale of Investment Products and MAS Notice FAA-N16: Notice on Recommendations on Investment Products). Switzerland GMT has not been approved by the Swiss Financial Market Supervisory Authority FINMA ("FINMA") as a foreign collective investment scheme pursuant to Article 120 paragraph 1 of the Swiss Collective Investment Schemes Act of June 23, 2006, as amended ("CISA") and no representative or paying agent in Switzerland has been appointed pursuant to Article 120 paragraph 4 CISA with respect to GMT. The New Units may only be offered, advertised or otherwise distributed, directly or indirectly, in, into or from Switzerland (i) exclusively to regulated qualified investors ("Regulated Qualified Investors") as defined in Article 10(3)(a) and (b) CISA, and (ii) in a manner which does not constitute a public offering within the meaning of Article 652a or 1156 of the Swiss Code of Obligations ("CO"). The New Units will not be listed on the SIX Swiss Exchange ("SIX") or on any other stock exchange or regulated trading facility in Switzerland. This presentation has been prepared without regard to the disclosure standards for prospectuses under the CISA, issuance prospectuses under Article 652a or 1156 CO or listing prospectuses under the listing rules of SIX or any other stock exchange or regulated trading facility in Switzerland. This presentation and any other offering or marketing material relating to the New Units may only be distributed or made available in, into or from Switzerland (i) exclusively to Regulated Qualified Investors, and (ii) in a manner which does not constitute a public

ffering within the meaning of Article 652a or 1156 CO. This presentation is personal to the recipient only and not for general circulation in Switzerland.

Neither this presentation nor any other offering or marketing material relating to the New Units have been or will be filed with, or approved by, any Swiss regulatory authority. In particular, this presentation will not be filed with, and the offering of New Units will not be approved or supervised by FINMA. The investor protection afforded to investors of interests in collective investment schemes under the CISA and the supervision by FINMA in connection with the licensing for distribution or the appointment of a representative and a paying agent in Switzerland do not extend to acquirers of the New Units.

NOT FOR RELEASE TO US WIRE SERVICES OR DISTRIBUTION IN THE UNITED STATES.

SLIDE 25

NCI Packaging – Savill Link

NOT FOR RELEASE TO US WIRE SERVICES OR DISTRIBUTION IN THE UNITED STATES.

SLIDE 26

Balance sheet impact

Pro-forma balance sheet

$million Reported 31 March 2019 Committed 31 March 2019 New Developments Mt Wellington acquisition Expected revaluation Placement Investment property 2,633.4 170.0 Committed developments 97.1 82.11 Committed acquisitions 38.9 65.0 Total investment property assets 2,633.4 2,769.4 2,851.5 2,916.5 3,086.5 3,086.5 Bonds + USPP 556.8 Bank facilities net of cash 8.9 136.0 82.1 65.0 (147.0) Unamortised borrowing establishment costs (3.2) Investment property contracted for sale (43.5) Borrowings for LVR calculation 519.0 655.0 737.1 802.1 802.1 655.1 LVR 19.7% 23.7% 25.8% 27.5% 26.0% 21.2%2

1 Additional spend on developments announced in FY20 (includes Panasonic and OfficeMax expansions) 2 Pro-forma committed gearing post expected September revaluations and equity raise. Excludes impact of any proceeds raised from the UPP which at $15 million would further reduce committed gearing to 20.7% NOT FOR RELEASE TO US WIRE SERVICES OR DISTRIBUTION IN THE UNITED STATES. Equity Raise 2019

Appendix

SLIDE 27

Work in progress

27 Development Estate Total project cost ($m) Lettable area (sqm) Expected completion date Leased Underwood 1,000 Highbrook Business Park 3.6 1,026 Oct-19 Uncommitted El Kobar Units Highbrook Business Park 18.0 5,330 Dec-19 34% The Crossing Carpark Highbrook Business Park 12.7

Nov-19

50% Underwood 2,600 Highbrook Business Park 9.4 2,990 Dec-19 100% Business Parade 3,100 Highbrook Business Park 11.2 3,530 Dec-19 Uncommitted Big Chill Expansion Highbrook Business Park 13.2 5,203 Feb-20 100% Panasonic Expansion Highbrook Business Park 8.0 2,660 Mar-20 100% El Kobar 10,000 Highbrook Business Park 26.1 10,400 Sep-20 Uncommitted OfficeMax Expansion Highbrook Business Park 20.3 7,344 Jul-20 100% Savill Drive Units Savill Link 18.0 5,482 Mar-20 31% Total existing projects 140.7 43,965 Waiouru Point Highbrook Business Park 15.1 4,359 Oct-20 Uncommitted Island Units Highbrook Business Park 18.3 4,265 Feb-21 Uncommitted M20 9,000 M20 Business Park 25.0 9,630 Dec-20 Uncommitted Westney 4,500 Westney Industry Park 9.8 4,970 Oct-20 Uncommitted 68 Westney Road Westney Industry Park 6.6 3,377 Dec-20 Uncommitted Total new development package (announced 18 September 2019) 74.9 26,601 Total work in progress 215.6 70,566

Note: Values in the table above may not appear to sum accurately due to rounding NOT FOR RELEASE TO US WIRE SERVICES OR DISTRIBUTION IN THE UNITED STATES. Equity Raise 2019

Appendix