Goodman European Logistics Fund (GELF) notes the rating assigned by Moody’s Investor
Service (Moody’s). GELF was assigned a first-time issuer rating of Baa3 with a ‘stable outlook’.

Moody’s noted that GELF’s high-quality portfolio of modern prime logistics properties with
continuously high occupancy rates provides the fund with ‘sustained positive cash flows’ and
said that the fund has a lower business risk profile than similarly rated peers, because its
development activity represents only a small proportion of its assets.

Emmanuel Van der Stichele, Fund Director GELF said: “We are pleased to have obtained an
investment grade rating from Moody’s. This is a real endorsement of GELF, our business
strategy and the strength of the Continental European portfolio. The rating is a significant
milestone in GELF’s strategy of diversifying its sources of capital.”

GELF has 92 assets in its portfolio totaling 3 million sqm of warehouse space across continental
Europe and is valued at €1.7 billion, making it one of the largest unlisted real estate funds in
Europe.

Please see the attached announcement made by Moody’s for further information.

- Ends -

For further information, please contact Goodman:
Majella O Doherty
Communications Manager
+32 2 263 4068
Majella.odoherty@goodman.com

About Goodman European Logistics Fund (GELF)
Goodman European Logistics Fund, FCP-FIS (GELF or ‘the Fund’) is a Luxembourg-based
investment vehicle operating a €1.7 billion pan-European logistics real estate platform, spread
over 11 countries. The Fund, managed by Goodman, focuses on high quality logistics and
warehouse properties. GELF offers well-informed, institutional investors a right of first refusal
over assets developed by Goodman Group in Continental Europe. GELF is now one of the
largest unlisted European funds dedicated to logistics real estate.

Rating Action: Moody's assigns Baa3 to Goodman European Logistics
Fund, stable outlook

Global Credit Research - 21 May 2012

First-time rating

London, 21 May 2012 -- Moody's Investors Service has today assigned a first-time issuer rating of Baa3 with a
stable outlook to Goodman European Logistics Fund (GELF). GELF is an unlisted real estate fund that makes direct
investments in modern prime logistics properties across 11 countries in Europe.

RATINGS RATIONALE

"GELF's Baa3 rating primarily reflects the strong brand name and franchise value brought to the fund by its external
manager and largest unit-holder, Goodman Group, a listed Australian industrial real estate investment trust, or REIT,
and recognised leader in logistics property," says Lynn Valkenaar, a Moody's Vice President -- Senior Analyst and
lead analyst for GELF. "Other key strengths underpinning the rating are (1) GELF's high-quality portfolio of modern
prime logistics properties, which have persistently high occupancy rates and broad geographic diversification,
providing the fund with sustained positive cash flows from operations; and (2) a lower business risk profile than
similarly rated peers, because the fund's development activity represents only a small proportion of its assets," adds
Ms Valkenaar.

GELF's financial strength also supports the rating. At financial year end 2011, the fund's effective leverage (total
debt/gross assets, as adjusted by Moody's) was a moderate 43% and its fixed charge coverage (adjusted
EBITDA/gross interest expense + capitalised interest + ground rents, as adjusted by Moody's) was 2.8x.

These strengths are counterbalanced by the fund's smaller scale relative to similarly rated peers and its exposure to
income concentration risk, with its top 10 customers accounting for almost half of its revenues in the financial year
2011.

Moody's also factors into the rating its cautious outlook for European logistics property this year. Tenant demand is
related to economic growth as well as the growth in world trade, both of which are expected to remain below longterm
averages in 2012. Therefore, there is at present considerable uncertainty surrounding tenant demand. On the
other hand, large consumers of logistics space are seeking to consolidate into bigger, modern facilities such as
those offered by GELF. As a result, Moody's expects that GELF will continue to experience downward pressure on
rents in some locations, although it will benefit from rental growth in others, as in 2011.

Moody's considers that GELF's liquidity is currently adequate, with the fund's earliest debt maturity in December
2013. However, the fund faces a "liquidity review" in 2016, when unit-holders wishing to withdraw their equity stake
may do so. The rating assumes that the liquidity review will provide no disruption to the business, nor will it
negatively affect the fund's financial strength. This view reflects (i) proven unit-holder support, as evidenced by
GELF's multiple equity raises over the past 5.5 years; (ii) the fact that Goodman Group already provides limited but
ongoing liquidity to other unit-holders on a quarterly basis; (iii) the maintenance of strong corporate governance
principles that are aimed to align Goodman Group's interests with those of the unit holders; and (iv) that GELF's
bank covenants ensure that any cash proceeds from the sale of assets must amortise debt in priority to refunding
unit-holders' investments.

The stable outlook reflects GELF's sound financial position, steady cash flow generation and the expert
management provided by Goodman Group (Baa2 stable). The European logistics market has not yet fully recovered
from lower levels of growth in world trade and economic output in Europe. However, in Moody's view, GELF's
deleveraging plan should protect its financial metrics from the downward pressure on rents that is expected to
continue in some of its locations through 2012. The stable outlook also assumes that GELF's financial covenants will
continue to protect unsecured lenders effectively from the liquidity review in 2016 and that the fund will maintain an
adequate liquidity profile at all times.

WHAT COULD CHANGE THE RATING UP/DOWN

Although unlikely in the near term, upward pressure on the rating or outlook could arise as GELF develops greater
scale and tenant diversification in conjunction with (i) reducing its leverage, as measured by gross assets/total debt
(as adjusted by Moody's), to materially below 40% and maintaining fixed charge coverage above 2.75x on a
sustainable basis; (ii) maintaining the ratio of secured debt/gross assets below 20%; and (iii) preserving its policy to
largely acquire completed investments rather than develop them.

Downward pressure on the rating could arise if (i) GELF's business risk profile weakens as a result of an increased
concentration of tenant income or an enlarged development programme that exceeds 7.5% of gross assets on a
sustained basis; (ii) its financial covenants cease to protect unsecured lenders effectively from liquidity reviews or
Moody's develops other liquidity concerns; or (iii) the fund's financial metrics deteriorate such that it fails to maintain
(a) its fixed charge coverage ratio comfortably above 2.2x; (b) effective leverage at or below 45%; or (c) secured
debt/gross assets below 25%.

The principal methodology used in rating GELF was Moody's Approach for REITs and Other Commercial Property
Firms, published in July 2010. Please see the Credit Policy page on www.moodys.com for a copy of this
methodology.

Goodman European Logistics Fund is registered in Luxembourg as an unlisted "fonds commun de placement" that
specialises in logistics property investments. The fund reported EUR124 million (approximately USD 95 million) in
revenues and EUR 1.7 billion in total assets in the financial year ended 31 December 2011.

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For ratings issued on a program, series or category/class of debt, this announcement provides relevant regulatory
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Lynn Valkenaar
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Corporate Finance Group
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United Kingdom
JOURNALISTS: 44 20 7772 5456
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Corporate Finance Group
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Goodman European Logistics Fund (GELF) notes Moody’s Baa3 rating

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