Ann: ASX Half Year Results Media Release HY Jan 2024, page-21

Hi Stayer,

I just had a bit of a dig back through the previous shareholder presentations because I remembered a slide from a couple of years ago that showed the timeline of their developments over the next decade.

The most recent one stated that there is still 390 thousand square metres of gross lettable area to be developed between Oakdale East and West and that this will occur progressively over the next 1 to 5 years (some of these sheds already have pre committed leases).

After that there's the Craigieburn site and then a couple that has been earmarked in America but I've really got no insight at all into how well they might be able to replicate the Goodman JV model in the states.

Your comments around the performance at Goodman vs BKW are interesting and lead into the discussion we've been having for several years on this forum as to the BKW share price vs the underlying asset value.

While the Goodman share price has left us for dead I would be interested to see the comparative increase in underlying net asset value for both companies over the same period as I reckon that Goodman would still have the lead but the gap would be much smaller showing the lack of appreciation the broader market has for BKW. To be clear I'm happy with the BKW model as it is but we could also say the comparison shows the advantage of being a pure play easy to understand investment vs a conglomerate.