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GMT Interim Report Securityholder Letter

Monday, 2 December 2013

Goodman Property Trust Interim Report 2013 
GMT Bond Issuer Limited Interim Report 2013


Goodman (NZ) Limited, the manager of Goodman Property Trust (“GMT” or “Trust”), is pleased to advise Secuityholders that the Interim Report for the six months ended 30 September 2013 is now available and can be accessed from the Trust’s website at http://www.goodman.com/nz

For Securityholders who have elected to receive a printed version, this will be mailed to you later this month.

Goodman+Bonds

GMT Bond Issuer Limited has also announced a new offer of 7 year, fixed rate senior secured bonds, which have an investment grade credit issue rating of BBB+ from Standard & Poor’s (“Goodman+Bonds”).

This offer is being undertaken to further diversify the Trust’s sources of funding and to extend the weighted term of its finance debt. Up to $75 million (with the ability to accept up to $25 million in oversubscriptions) of Goodman+Bonds will be offered.

Key features include: 
+ Goodman+Bonds issued by GMT Bond Issuer Limited have an investment grade credit rating of BBB+. GMT has a current corporate (issuer) credit rating of BBB from Standard & Poor’s1 
+ 7 year term (maturing December 2020) 
+ Senior ranking, sharing security over certain of the GMT Group’s real estate and other assets with existing bondholders and the banks party to the Trust’s main banking facility 
+ Fixed rate of interest paid semi-annually

It is anticipated that this issue of Goodman+Bonds will be listed on the New Zealand debt security market (NZDX) operated by NZX Limited (NZX) and permission has been sought from NZX for this to occur.

As there is no direct public offer, Securityholders who are considering investing in Goodman+Bonds need to call their financial advisor, a Joint Lead Manager or the Co-Manager listed on the back of this letter or any NZX Firm to register their interest and obtain a free copy of the Simplified Disclosure 
Prospectus dated 2 December 2013.

We encourage you to read the Simplified Disclosure Prospectus and consult with your financial or other professional adviser before making any investment decision.

Yours faithfully,


Keith Smith 
Chairman 
Goodman (NZ) Limited and GMT Bond Issuer Limited


1 A credit rating is not a recommendation to buy, sell or hold Goodman+Bonds and may be subject to revision, withdrawal or suspension at any time. For the latest ratings information please visit www.standardandpoors.com.

ARRANGER, JOINT LEAD MANAGER AND ORGANISING PARTICIPANT

Level 6 
80 Queen Street 
Auckland

Private Bag 92208 
Auckland 1142
Ph: 09 375 1391

JOINT LEAD MANAGER

Level 32, Vero Centre 
48 Shortland Street 
Auckland 1140

PO Box 1196 
Auckland 11450
Ph: 0800 226 263

CO-MANAGER

Level 9, Forsyth Barr House 
The Octagon 
Dunedin 9016

Private Bag 1999 
Dunedin 9054
Ph: 0800 367 227

The minimum holding of Goodman+Bonds is $5,000 and multiples of $1,000 thereafter. Application has been made to NZX for permission to list the Goodman+Bonds on the NZDX and all the requirements of NZX relating thereto that can be complied with on or before the date of this letter have been duly complied with. However, NZX accepts no responsibility for any statement in this letter. The NZDX is a registered market operated by NZX which is a registered exchange,) under the Securities Markets Act 1988. GMT Bond Issuer Limited has received a waiver from NZSX/NZDX Listing Rules 5.2.3 and 11.1.1.