Ann: AGM Presentation 2022 and notes, page-4

I am intrigued as to where you go this 3% capitalization figure- I have just read the two announcements put out at the agm, and though i didnt read every word, I did not see this figure - I did notice a big revaluation however, of some $600 m, to $1.5 billion and seemed to be a contradiction whether this included the $240 m new manufacturing trust - I dont think it does, as a higher figure for property is mentioned soon after!

The $600m does seem to be a big figure, albeit they have a lot of ongoing development, with 70 000 sq m ongoing- one would have to go through financials to see how much capital expenditure they have put into it, but that is unlikely to be broken down -perhaps in Goodman it is ?- but new tenancies are also growing.

They tend to be a conservative lot in general, so I dont believe they would value at 3%, though with ongoing growth in tenancies to come they may well, and it could well be justified-someone with industrial property experience might tell us what the ongoing 70 000 m2 is likely to lease for, bearing in mind it is new and trendy in terms of sustainability!!

The developmental land at Oakdale East, Craigieburn, and even in Pennsylvania is interesting.