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Independent Auditors Report

Thursday, 17 May 2012

Independent Auditors' Report 
to the unitholders of Goodman Property Trust

Report on the Financial Statements

We have a udited the financial statements of Goodman Property Trust ("the Trust") on pages 2 to 40, which comprise the statements of financial position as at 31 March 2012, the statements of comprehensive income, statements of changes in unitholders' funds and statements of cash flows for the year then ended, and the notes to the financial statements that include a summary of significant accounting policies and other explanatory information for both the Trust and the Group. The Group comprises the Trust and the entities it controlled at 31March 2012 or from time to time during the financial year.

Manager's Responsibility for the Financial Statements 

The Directors of Goodman (NZ) Limited ("the Manager") are responsible for the preparation of these financial statements in accordance with generally accepted accounting practice in New Zealand and that give a true and fair view of the matters to which they relate and for such internal controls as the Manager determines are necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

Auditors'Responsibility 

Our responsibility is to express an opinion on these financial statements based on our audit. We conducted our audit in accordance with International Standards on Auditing (New Zealand) and International Standards on Auditing. These standards require that we comply with relevant ethical requirements and plan and perform the audit to obtain reasonable assurance about whether the financial statements are free from material misstatement.

An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the financial statements. The procedures selected depend on the auditors' judgement, including the assessment of the risks of material misstatement of the financial statements, whether due to fraud or error. In making those risk assessments, the auditors consider the internal controls relevant to the Trust and the Group's preparation of financial statements that give a true and fair view of the matters to which they relate, in order to design a udit procedures that are a ppropriate in t he circumstances, but not for the purpose of expressing an opinion on the effectiveness ofthe Trust and the Group's internal control. An audit also includes evaluating the a ppropriateness of accounting policies used and the reasonableness of accounting estimates, as well as evaluating the overall presentation of the financial statements.

We believe that the a udit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion.

We have no relationship with, or interests in, Goodman Property Trust or any of its controlled entities other than in our capacities as auditors and providers of other assurance services. These services have not impaired our independence as auditors of the Trust and the Group.

Opinion 

In our opinion, the financial statements on pages 2 to 40:

(i) comply with generally accepted accounting practice in New Zealand;

(ii) comply with International Financial Reporting Standards; and

(iii) give a true and fair view ofthe financial position ofthe Trust and the Group as at 31 March 2012, and their financial performance and cash flows for the year then ended.

Report on Other Legal and Regulatory Requirements 

We also report in accordance with Sections 16(1)(d) and 16(1)(e) of the Financial Reporting Act 1993. In relation to our audit of the financial statements for the year ended 31 March 2012:

(i) we have obtained all the information and explanations that we have required; and

(ii) in our opinion, proper accounting records have been kept by the Trust as far as appears from an examination of those records.

Restriction on Distribution or Use 

This report is made solely to the Trust's unitholders, as a body, in accordance with the Trust Deed. Our audit work has been undertaken so that we might state to the Trust's unitholders those matters which we are required to state to them in an auditors' report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the Trust and the Trust's unitholders, as a body, for our audit work, for this report or for the opinions we have formed.

Chartered Accountants 
16 May 2012