DEXUS — Earnings Release 2009

Aug 17, 2009

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18 August 2009

The Manager Australian Securities Exchange Limited 20 Bridge Street Sydney NSW 2000

DEXUS Funds Management Limited ABN 24 060 920 783 AFSL: 238163 Level 9, 343 George Street Sydney NSW 2000 PO Box R1822 Royal Exchange NSW 1225 Telephone 02 9017 1100 Direct 03 8611 2930 Facsimile 03 8611 2910

Email: karol.oreilly@dexus.com

Dear Sir / Madam

– DEXUS Property Group (ASX: DXS) 2009 Annual Results ASX release and presentation

DEXUS Funds Management Limited, as responsible entity for DEXUS Property Group (DXS), provides the following documents to the Australian Securities Exchange:

• ASX Release – DEXUS Property Group – 2009 Annual Results to 30 June 2009; and

• Presentation – 2009 Annual Results Presentation and Appendices

For further information, please contact:

CEO, DEXUS Property Group: Victor Hoog Antink (02) 9017 1129 Chief Financial Officer: Craig Mitchell (02) 9017 1183 Investor Relations: Karol O’Reilly (03) 8611 2930 Media Relations: Emma Parry (02) 9017 1133

Yours sincerely

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Tanya Cox Company Secretary

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DEXUS Property Group (ASX: DXS)
ASX release
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18[th] August 2009

DEXUS Property Group 2009 Annual Results

Key financial results:

• Earnings from operating activities up 5.7% to $526.3 m

• Net loss attributable to security holders $1.46 bn, driven by non-cash items

• FFO per security 10.43 cents

• Distribution per security 7.3 cents

• Gearing reduced to 31.2%

Announcing DEXUS Property Group’s 2009 Annual results, CEO Victor Hoog Antink said: “In challenging market conditions, the active management focus of our experienced team continues to deliver good results, with operating earnings up 5.7% to $526.3 million. This result reflects the underlying quality of our Australian office and industrial portfolios, which delivered solid like for like growth of 4.5% and 4.1% respectively.

The economic downturn has resulted in a slight decline in occupancy and retention rates, while lease duration remained steady overall. Despite weaker tenant demand we have achieved solid leasing activity, a reflection of our proactive management approach and strong relationships with our tenants.”

Adverse market conditions were reflected in a softening of capitalisation rates and weaker underlying property fundamentals, causing a decline in property valuations world-wide. DEXUS revalued the entire property portfolio at 30 June 2009, resulting in devaluations totalling $1.6 billion. The property devaluations, together with unrealised mark to market derivative losses of $244 million and a $130 million deferred tax benefit primarily arising from US property devaluations, contributed to a net loss attributable to security holders of $1.46 billion. As at 30 June total assets stood at $8.4 billion of which 92%, or $7.7 billion, are investment properties.

Key operational results

• Overall like for like income growth 1.7% (2008: 4.5%)

• Australia: up 4.4% (2008: 3.8%)

• International: down 4.9% (2008: 7.2%)

• Occupancy (by area) 91.5% (2008: 93.8%)

• Australia 97.2% (2008: 98.3%)

• International 88.0% (2008: 90.9%)

• Lease duration (by income) 4.8 years (2008: 4.8 years)

• Australia 5.1 years (2008: 5.3 years)

• International 4.2 years (2008: 3.9 years)

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DEXUS Property Group (ASX: DXS)
ASX release
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Office sector highlights:

• Portfolio value $4 billion (2008: $4.6 bn)

• Like for like income growth 4.5% (2008: 4.4%)

• Occupancy (by area) 97.6% (2008: 97.7%)

• Lease duration (by income) 5.4 years (2008: 5.7 years)

DEXUS’s high-quality office portfolio continued to perform well in all key operating metrics driven by our experienced team. Our proactive leasing and property management approach resulted in high occupancy and high retention rates of 75%, a testament to the quality of our tenant relationships and focus on de-risking income in our portfolio.

Office net property income (NPI) increased by 1.7% over the year to $246.8 million, representing 47% of the Group’s NPI. New leases and renewals were negotiated over 36,500 square metres of existing office space, which represents 6.6% of the portfolio, delivering an average rental increase of 6.6% and average tenant incentives of 12.6%.

During the period, substantial progress was made with the construction and leasing of our three office developments. The office redevelopment at 60 Miller Street, North Sydney was completed and fully leased prior to practical completion in March 2009.

Construction of 123 Albert Street, Brisbane and 1 Bligh Street, Sydney are on budget and on schedule for completion in December 2010 and May 2011 respectively. Having secured major tenant precommitments at both these developments, we are actively marketing the remaining space in these premium grade office towers, which are designed to deliver world’s best practice sustainability and provide the highest levels of tenant amenity and workspace quality.

Industrial sector highlights - Australia

• Portfolio value $1.5 billion (2008: $1.6 bn)

• Like for like income growth 4.1% (2008: 2.3%)

• Occupancy (by area) 96.9% (2008: 98.6%)

• Lease duration (by income) 4.3 years (2008: 4.4 years)

The Australian industrial portfolio continued to perform well during the period, driven by the inherent quality and diversification of the portfolio and a proactive approach to leasing and property management. The diversity of our tenant profile across key sectors of the economy, strong covenants and long tenure continued to deliver solid results.

Valued at $1.5 billion, the industrial portfolio’s NPI increased by 3.3% to $109.2 million, representing 21% of the Group’s NPI. Our active management approach saw new leases, renewals and heads of agreement negotiated on 203,000 square metres or 19% of the portfolio by area.

Despite tougher economic conditions impacting tenant demand in the sector, average rents in the DEXUS portfolio declined marginally by 1%. The average tenant incentive was 3% and tenant retention reduced slightly to 75% (2008: 78%).

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DEXUS Property Group (ASX: DXS)
ASX release
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Retail sector highlights

• Portfolio value $270 million (2008: $280m)

• Like for like income growth 4.5% (2008: 7.4%)

• Occupancy (by area) 99.9% (2008: 99.2%)

• Lease duration (by income) 4.5 years (2008: 4.5 years)

Following the sale of the retail portfolio in October 2007, DEXUS retained a 50% interest in Westfield Whitford City in WA, which continues to deliver strong performance in the period. The centre represents 3% of the Group’s NPI and will ultimately be sold, consistent with our strategy to concentrate on office and industrial.

International industrial sector highlights

• Portfolio value $1.9 billion (2008: $2.2 bn)

• Like for like income down 4.9% (2008: 7.2%)

• Occupancy (by area) 88.0% (2008: 90.9%)

• Lease duration (by income) 4.2 years (2008: 3.9 years)

The international portfolio is valued at $1.9 billion and contributed $155.9 million (2008:131.9m) of NPI, representing 29% of the Group’s NPI. On a constant currency basis the international portfolio’s NPI was down 1.4% to $130 million. The key contributors were a decline in like for like earnings of 4.6% in North America and 6.4% in Europe, offset by additional income from the Whirlpool properties.

2009 was a particularly challenging year for international property markets with operating conditions and investor sentiment deteriorating significantly resulting in sharp declines in property valuations. As a result, our North American portfolio was devalued over the year by 27% and the European portfolio was devalued by 28.3%. North American capitalisation rates expanded by 130 basis points for the year to an average of 8.2% and European cap rates expanded by 170 basis points to 8.1%.

North America

The North American portfolio is valued at $1.7 billion and contributed $132.8 million (2008: $110m) of NPI, representing 25% of the Group’s NOI. Our focus remains on actively managing our portfolio, demonstrated by strong leasing activity during the year with 343,000 square metres leased, representing 15% of the North American portfolio. Declining economic conditions have led to decreasing tenant demand, downsizing and some bankruptcies, which caused tenant retention to decline by 6% to 68%. Overall occupancy is down 4% to 88% while the average lease duration increased to 4.3 years (2008: 3.9 years).

Subsequent to year end a fourth Whirlpool property in Columbus, Ohio was acquired for US$65 million, in accordance with the acquisition program. The final two Whirlpool properties in Atlanta and Seattle are due to be acquired by December 2009.

Europe

The European portfolio is valued at $241 million, contributing $23.1 million or 4% of the Group’s NPI. Following a continued focus on leasing and tenant retention, occupancy and lease durations are at 87.8% and 3.1 years respectively.

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DEXUS Property Group (ASX: DXS)
ASX release
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Third Party Funds

The Group’s third party funds under management total $5.6 billion. In 2010, it is expected that lower asset values, along with declining development and leasing fees will continue to adversely impact fee income.

Delivering on strategy

During the year, DEXUS continued to implement our strategy to actively manage our properties and balance sheet to extract maximum value and deliver sustainable income.

Commenting on these initiatives, Victor Hoog Antink said: “We have progressed initiatives to implement our internal property management model, building on our leadership positions in the office and industrial sectors. We also continued to apply an active and prudent approach to capital management during the period, further strengthening the balance sheet and improving the diversification and duration of our financing sources to increase the liquidity and financial flexibility of the Group.”

Portfolio strategy initiatives

� Completed the integration of our full service property management model in the Australian office portfolio in May 2009, delivering a fully integrated DEXUS managed asset and property management business model, offering our tenants a market leading full service capability. In our Australian industrial portfolio we are progressing the internalisation of property management, which is due to complete later in the financial year.

� Commenced the $600 million sales program of selected non-core assets in Australia, North America and Europe over the next two years. In Australia, twelve properties have been sold totalling $95 million and one property has been contracted for sale in Germany. We are currently in active negotiations in respect of a number of properties in North America and have commenced marketing our European properties for sale.

� Repositioning the international portfolio to implement our property management model:

North America - the asset sales program will see the progressive reduction of DEXUS’s overall exposure in the US and repositioning of the portfolio to concentrate on four key metropolitan markets on the West Coast. This is consistent with our strategy to achieve scale in key markets and fully implement our property management model.

Europe - as announced in April 2009, all existing European assets are being marketed for sale.

� Maintained our market leadership position in Corporate Responsibility and Sustainability.

DEXUS continued to drive sustainability performance over the period focusing on resource efficiency projects, community engagement and sustainable developments. In January 2009, DEXUS was named one of the world’s 100 most sustainable corporations in the fifth annual “Global 100” list, announced at the Davos World Economic Forum in Switzerland.

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DEXUS Property Group (ASX: DXS)
ASX release
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Improved financial strength through active capital management

• Refinanced and secured new debt facilities totalling $860 million

• Revised our distribution policy to a payout ratio of 70% of FFO, with 30% being retained for operational and leasing capex

• Completed equity raisings of over $1 billion in December 2008 and April 2009

• Entered into a joint venture with Cbus to acquire a 33% interest in 1 Bligh Street, which realised $60 million and reduced the Group’s future development exposure by $210 million

These capital management measures have seen DEXUS further reduce gearing to 31.2%, well within our target of below 40%. Additionally, all our financial metrics are well within covenant limits maintaining DEXUS’s Standard & Poor’s credit rating of BBB+.

Outlook

Victor Hoog Antink said, “Our quality portfolio, experienced management team and focused strategy means we are well-positioned to respond to the current market conditions and deliver sustainable returns for our investors.

• We expect conditions to continue to be challenging in the coming year and our focus will remain on:

• actively managing our property portfolio to create value and deliver sustainable income

• driving a high performance culture and delivering service excellence for our customers

• actively managing our capital structure and balance sheet and continuing to diversify funding sources

Guidance

Barring adverse changes to operating conditions, the Group is positioned to deliver earnings (FFO) of 7.3 cents per security and distributions being 70% of FFO, approximately 5.1 cents per security in the year ending 30 June 2010”.

For further information, please contact:

Karol O’Reilly, Investor Relations: (03) 8611 2930 or 0405 134 856

Emma Parry, Media Relations: (02) 9017 1133 or 0421 000 329

About DEXUS

DEXUS is one of Australia’s leading diversified property groups specialising in world-class office, industrial and retail properties with total assets under management of $13.5 billion in Australia, New Zealand, North America and Europe. In Australia, DEXUS is the largest owner, manager, developer of office, the third largest in industrial and a leading manager and developer of shopping centres.

DEXUS is committed to being a market leader in Corporate Responsibility and Sustainability and was recently recognised as one of the Global 100 Most Sustainable Corporations at the World Economic Forum in Davos. www.dexus.com

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DXS 2009 Annual Results — Slide 1

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2009 Annual Results

Victor Hoog Antink Chief Executive Officer

DXS 2009 Annual Results — Slide 2

2009 Results highlights

� Financial results

• Operating earnings $526m up 5.7%

• – FFO per security 10.43¢

• – Devaluations $1.6bn

• – Total assets $8.4bn

• Operating results

O	perating results	Australia	International	Group
–	Like for like income (%)	4.4	(4.9)	1.7
	2008	3.8	7.2	4.5
–	Occupancy1 (%)	97.2	88.0	91.5
	2008	98.3	90.9	93.8
–	Lease duration1 (yrs)	5.1	4.2	4.8
	2008	5.3	3.9	4.8

� Active capital management strengthening balance sheet

• Equity raised $1.1bn

• – New and refinanced debt $860m

• – Gearing lowered 31.2%

• Occupancy by area, lease duration by income

DXS 2009 Annual Results — Slide 3

Delivering on strategy

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Australia’s leading owner, manager, developer of superior quality office and industrial properties

• No. 1 in office and No.3 in industrial in Australia

• Quality portfolio delivering strong results

• Progressed selected non-core asset sales

• Repositioning international portfolio

• Property management model integration

• Completed in office portfolio

• Underway in Australian industrial portfolio

• Recognised leadership position in Corporate Responsibility & Sustainability

• Creating the next generation of quality office and industrial workspaces

• � 6 Star office developments: 1 Bligh Street and 123 Albert Street � Quality industrial development pipeline: Laverton and Greystanes

DXS 2009 Annual Results — Slide 4

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Financial performance

Craig Mitchell Chief Financial Officer

DXS 2009 Annual Results — Slide 5

Financial results

		June 2009	June 2008
		$’m	$’m
	Operating earnings	526.3	498.0
	Finance costs and other1	(185.8)	(175.1)
	Profit after tax and minority interests, before non-cash items	340.5	322.9
	Non-cash items	(1,799.6)	115.4
	Net profit/(loss) attributable to stapled security holders	(1,459.1)	438.3

1. Includes finance costs, other income/expenses, current tax expense and minority interests

DXS 2009 Annual Results — Slide 6

High quality portfolio delivering sustainable results

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• Property assets represent 92% of total assets

• Rental income represents 96% of operating earnings

DXS 2009 Annual Results — Slide 7

Rental income drives operating earnings

	June 2009	June 2008
	$’m	$’m
Office – Australia/New Zealand	246.8	242.6
Industrial – Australia	109.2	105.7
Industrial – International (at Constant currency)	130.0	131.9
Currency impact on Industrial – International	25.9	-
Retail – Australia	16.1	27.6
Development gains	-	5.9
Management EBIT	21.0	16.2
Responsible Entityfees	(22.7)	(31.9)
Operating earnings	526.3	498.0
Net finance cost and other1	(185.8)	(175.1)
Distribution adjustments
- Cum-distribution adjustment for equity raisings	59.3	-
- Incentive amortisation/other	24.0	32.5
Funds from Operations(including cum-distribution adjustment for equity raisings)	423.8	355.4
FFOper security(cents)	10.43	11.90

1. Includes finance costs, other income/expenses, current tax expense and minority interests

DXS 2009 Annual Results — Slide 8

Portfolio fundamentals drive valuations

• Portfolio revaluation decrease of $1.6bn or 16.7%

• Average capitalisation rates have continued to soften across the portfolio

• 130 bps in the last 12 months

• 170 bps since the peak in Dec 2007

• Average cap rate at 8%

• Softer property fundamentals becoming more influential on valuations

DEXUS weighted average capitalisation rates

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• Weaker income assumptions impacting valuations

DXS 2009 Annual Results — Slide 9

Strong capital management

• Distribution policy

• Payout ratio 70% of FFO

• Equity raising of more than $1bn

• Natural DRP participation continues

• Asset sales

• JV with Cbus at 1 Bligh Street

• Commenced $600m asset sale program over 2 years

• Committed developments and acquisitions fully funded until completion

Gearing at 30 June 2009 - 31.2%

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DXS 2009 Annual Results — Slide 10

Pro-active debt management

• Undrawn facilities of $1.45bn

• Refinanced debt in FY09 of $860m

• Active negotiations of 2010 maturities

• 5 year MTN issue of $160m July 2009

• Debt duration steady at 2.6 years[1]

• All metrics well within key covenants[2]

• S&P rating reaffirmed at BBB+

• Focus 2010

• Increasing the diversity and duration of debt

June 2009 Maturity profile[1]

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• Refinancing FY10 debt maturities

• Includes July 2009 MTN issue

• Refer to appendices for covenants

DXS 2009 Annual Results — Slide 11

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Office portfolio

Louise Martin Head of Office

DXS 2009 Annual Results — Slide 12

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Highlights – solid performance in difficult times

• Solid portfolio performance in times of difficult

• economic conditions

• Active management

• Substantial progress of developments

• Highest quality portfolio

• Quality integrated team

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GPT/GMT, 1 Farrer Place, Sydney, NSW
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DXS 2009 Annual Results — Slide 13

Strong portfolio fundamentals

• Solid like on like growth NPI

• Occupancy rates above market

• Limited market exposure

• Retention rates maintained

• Good lease duration

• Capitalisation rates have softened

• Sustainability initiatives delivering savings: energy (6%), water (15%) and GHG (7%)

DXS office occupancy rate vs market

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Australian average source: Access Economics, Jones Lang LaSalle

Year	Net	Like-	Occupancy	Occupancy	% Over/Under	Exposure to	Retention	Lease	Portfolio	Avg cap
	Property	for-like	(area)	(income)	Rented	Open Market	rates	duration1	value	rate
	Income					Reviews
FY09	$246.8m	4.5%	97.6%	97.6%	6% Under	FY10-1%	75%	5.4 yrs	$4.0bn	7.7%
FY08	$242.6m	4.4%	97.7%	97.9%	13% under	FY09–4%	72%	5.7 yrs	$4.6bn	6.4%

1. By income

DXS 2009 Annual Results — Slide 14

Office leasing – strong performance, active management

• 52,475sqm leased (including 15,902sqm in developments)[1]

• 36,500sqm leased in investment portfolio – 103 transactions[2]

• Average rental increase was 6.6%[2]

• Average tenant incentive was 12.6%[3]

• Major deals with NSW Police, Clayton UTZ, Carnival and IPA Personnel

Rent review profile

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• 87% (FY10) and 87% (FY11) are fixed, CPI or cap/collar

• FY10 expiries 10% – 24% already negotiated

• 77,070sqm and 31,400sqm respectively at 100% levels

• Includes vacancies, new deals and renewals. Excludes leased developments

• Tenant incentives were given on 69 of 106 transactions averaging 12.6%. Across the 106 transactions, including those where no incentive was given, the average was 7.2%

DXS 2009 Annual Results — Slide 15

Diversification delivering sustained income

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94% prime Market
assets diversification
Economic Smooth expiry
diversity profile
of tenants
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DXS 2009 Annual Results — Slide 16

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Office developments and non-core asset sales

• 123 Albert Street, Brisbane – 38,000sqm

• 68% leased, marketing underway

• On schedule for completion Dec 2010

• 1 Bligh Street, Sydney – 42,000sqm

• 55% leased, marketing underway

• On schedule for completion May 2011

• Non core sales – 343 George Street, Sydney

• $55 million, 7.1% initial yield

• 0.7% discount to book value

Development: 123 Albert Street, Brisbane, Qld

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DXS 2009 Annual Results — Slide 17

Australian CBD office outlook

• Office demand is currently weak, but expected to recover in FY11

• Supply under construction for Sydney and Melbourne CBD’s well below average

• Brisbane and Perth are experiencing a deeper slowdown

• Vacancy rates are expected to tighten quickly in recovery phase

• Effective rents are expected to grow from FY11

Australian demand periodically weakens and recovers

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Source: Jones Lang LaSalle, Access Economics

DXS 2009 Annual Results — Slide 18

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2010 office focus

• FY10 will continue to be challenging

• Quality portfolio to withstand difficult times

• Active management through integrated model

• Property, asset and development management

• Leasing focus

• Tenant retention through service excellence

• Operational efficiencies

• Sustainability performance initiatives

• Delivering sustainable results

309-321 Kent Street, Sydney, NSW

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DXS 2009 Annual Results — Slide 19

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Industrial portfolio

Andrew Whiteside Head of Industrial

DXS 2009 Annual Results — Slide 20

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Highlights – active management delivering results

• Sound portfolio fundamentals

• Stable income profile

• Strong passing income

• Active management approach

• Intensive leasing and management of leasing risk

• Solid growth in NPI

• Driving value and positioned for growth

• Repositioned the team

• Adapted development approach

• Progressed asset sales

Pound Road West, Dandenong, Vic

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DXS 2009 Annual Results — Slide 21

Portfolio fundamentals – relative outperformance

• 4.1% like for like income growth

Stable income profile

• 3.6% growth from rent reviews

• Limited market risk in FY10

• High occupancy and tenant retention

• Book value supported by strong passing yield 8.9%

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	Net	Like-	Occupancy	Occupancy	% Over/Under	Mkt review	Retention	Lease	Portfolio	Avg cap
	Property	for-like	(area)	(income)	Rented	next 12	rates	duration1	value	rate
	Income					months
FY09	$109.2m	4.1%	96.9%	96.4%	4.9% over	8%	75%	4.3 yrs	$1.5bn	8.8%
FY08	$105.7m	2.3%	98.6%	98.5%	4.0% over	11%	78%	4.4 yrs	$1.6bn	7.5%

1. By income

DXS 2009 Annual Results — Slide 22

Industrial leasing – intensive activity

� Strong leasing with 203,000sqm leased

• 113 deals: 85% negotiated in-house

• Average rents down 1%, incentives at 3%

• Major leasing deals:

• Toll, DHL and Atlas Copco, Hagemeyer OO, BOC, Getronics, Tyco

• Lease expiry beyond FY12 increased

• FY10 largely de-risked

• No major expiries >1% income

Lease expiry profile (by income)

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• Largest current vacancy <3,500sqm

DXS 2009 Annual Results — Slide 23

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Diversified portfolio – driving growth

• Quality assets, strategically located in key markets

• Secure income diversified by sector

• Development capability, proven market appeal

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Geographic weighting Flexible product
SEL, Greystanes Estate, Greystanes, NSW
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DXS 2009 Annual Results — Slide 24

Industrial sector outlook

• Limited supply with low vacancy in prime space in key markets

• Current slowdown continues to affect leasing demand

• Weak rental growth expected in FY10

• Business sentiment and pre-leasing enquiry starting to improve with economic recovery expected FY11

• Well-positioned in key markets for growth

Industrial drivers

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Source: Jones Lang LaSalle (Western precincts), Access Economics

DXS 2009 Annual Results — Slide 25

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2010 industrial focus

• Focus on the fundamentals

• Experienced team, delivering results

• Active management driving income

• Expanding integrated platform

• Positioned for future growth

• Quality, diversified portfolio with capacity

• Repositioning portfolio via divestment of non-core assets

• Focus on securing tenant pre-commitments

DEXUS Industrial Estate, Laverton North, Vic

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DXS 2009 Annual Results — Slide 26

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International industrial portfolio

Paul Say Head of International

DXS 2009 Annual Results — Slide 27

Challenging market conditions but early signs of stabilisation

• Recession has reduced demand and increased supply

• Oversupply is now impacting rents

• Lower market rents the key factor in valuations

• Some early signs of improved confidence emerging

US Business and Consumer Confidence

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Source: Deutsche Bank, DEXUS Research

DXS 2009 Annual Results — Slide 28

International valuers adjusting quickly

• 100% of the international portfolio externally valued

Portfolio weighting

• International valuations down by 27.1% from June 2008

• US portfolio value down by 29.6% from Dec 2007

• Progressively declined over year

• 1H impact of cap rates

• 2H impact of rents

• Cap rate expansion appears to be peaking now

	Portfolio	FY09	Avg cap	IRR
	value	impact	rate
North America	A$1.7bn	(27.0%)	8.2%	9.4%
Europe	A$0.2bn	(28.3%)	8.1%	8.8%

DXS 2009 Annual Results — Slide 29

Portfolio returns down, in line with expectations

� Like on like earnings down 4.9%

• North America down 4.6%

• Germany up 5.8%

• France down 31.8%

� Active management approach delivered

• 88% occupancy, above market benchmarks

• 68% tenant retention rate, in line with targets

	Net Property	Like for like	Occupancy	% Over/Under	Fixed review	Retention	Lease
	Income		by area	Rented	next 12 months	rates	duration1
North America	A$132.8m	(4.6%)	88.0%	8.2% over	50%	68%	4.3 yrs
Europe	A$23.1m	(6.4%)	87.8%	2.8% over	16%	n/a	3.1 yrs

1. By income

DXS 2009 Annual Results — Slide 30

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Actively adding value through leasing

• Solid leasing activity: 382,300sqm leased

• 343,300sqm in USA (114 deals)

Summit Oaks 10 year lease Advanced Bionics

• 30,300sqm in Germany

• 8,700sqm in France

• Occupancy rates marginally down

• North America down 4%

• Europe up 3%

Kent West Corporate Park, Kent, Washington, USA

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DXS 2009 Annual Results — Slide 31

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Executing strategy remains key priority

• Repositioning the international portfolio

• Asset sales on track

• European campaign commenced

• US in active negotiation

• International strategy implementation

• Create critical mass in fewer markets

• Improved quality and sustainability

• Servicing major corporate and government tenants

Whirlpool, 3691 North Perris Boulevard, Perris, California, USA

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DXS 2009 Annual Results — Slide 32

2010 outlook

• Conditions to remain tough

• Cautious approach to earnings forecast

• Lower retention rates and occupancy

• Increased downtime allowances and lower rents for vacant space

• Active management focus can

• deliver upside via:

• Active leasing and retention strategies

US demand periodically weakens and recovers

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• Strategic non-core asset sales

Source: Torto Wheaton, RREEF 3Q09 forecast

DXS 2009 Annual Results — Slide 33

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Third party funds management Victor Hoog Antink Chief Executive Officer

DXS 2009 Annual Results — Slide 34

Third party funds management business

• Funds under management as at 30 June 2009 of $5.6 billion

• Lower asset values, development and leasing fees will impact FY10 income

• Annuity style income stream – no reliance on performance fees

Diversified investor base

Fund breakdown

• Wide network of capital partners now including Cbus

DXS 2009 Annual Results — Slide 35

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Summary and outlook

Victor Hoog Antink Chief Executive Officer

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DXS 2009 Annual Results — Slide 36

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Summary and outlook

Well positioned to create value

• Focused strategy

• Highest quality portfolio

• Quality risk managed developments

• Active integrated property management

• Strong balance sheet

• Active capital management

• Experienced management team

• FY10 guidance, barring adverse changes to operating conditions

• FFO: 7.3 cents per security

• Distribution 70% of FFO: 5.1 cents per security

GPT/GMT, 1 Farrer Place, Sydney, NSW

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DXS 2009 Annual Results — Slide 37

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Questions

DXS 2009 Annual Results — Slide 38

Disclaimer

• This presentation is issued by DEXUS Funds Management Limited (DXFM) in its capacity as responsible entity of DEXUS Property Group (ASX: DXS). It is not an offer of securities for subscription or sale and is not financial product advice.

• Information in this presentation including, without limitation, any forward looking statements or opinions (the Information) may be subject to change without notice. To the extent permitted by law, DXFM and DXS, and their officers, employees and advisers do not make any representation or warranty, express or implied, as to the currency, accuracy, reliability or completeness of the Information and disclaim all responsibility and liability for it (including, without limitation, liability for negligence). Actual results may differ materially from those predicted or implied by any forward looking statements for a range of reasons outside the control of the relevant parties.

• The information contained in this presentation should not be considered to be comprehensive or to comprise all the information which a DXS unitholder or potential investor may require in order to determine whether to deal in DXS stapled securities. This presentation does not take into account the financial situation, investment objectives and particular needs of any particular person.

• The repayment and performance of an investment in DXS is not guaranteed by DXFM or any of its related bodies corporate or any other person or organisation. This investment is subject to investment risk, including possible delays in repayment and loss of income and principal invested.

DXS 2009 Annual Results — Slide 39

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DXS 2009 Annual Results — Slide 40

DXS 2009 Annual Results Appendices — Slide 41

Index

	Page
Balance Sheet	43-44
Income statement reconciliations	45-50
Valuations	51-53
FX rates	54
Key financial risk management measures	55
Debt profile	56-58
Hedging	59-60
Cross currency swap maturity	61
Portfolio composition	62
Acquisitions	63
Disposals	64
Developments	65-67
Whirlpool investment program	68
Major tenants	69-70
Retail	71
Lease expiry graphs	72-75
Glossary	76
Important information	77-78

DXS 2009 Annual Results Appendices — Slide 42

Balance sheet

		June 2009	June 2008
		$’m	$’m
	Cash & receivables	120	136
	Property assets	7,743	8,738
	Other (including derivative financial instruments & intangibles)	488	475
	Total assets	8,351	9,349
	Payables & provisions	290	323
	Interest bearing liabilities	2,509	3,007
	Other (including derivative financial instruments)	406	184
	Total liabilities	3,205	3,514
	Less minority interest	207	206
	Less intangible assets	213	255
	Net tangible assets (after minority interest)	4,726	5,374
	NTA per security (excluding minority interest) ($)	1.01	1.77
	Gearing (net of cash)	31.2%	33.2%

DXS 2009 Annual Results Appendices — Slide 43

Net asset value composition

• Investment property devaluations of $1.52 billion or 38 cents of NTA

• Impairment of PP&E of $127 million or 4 cents of NTA

• Mark to market losses on derivatives of $244 million or 8 cents of NTA

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DXS 2009 Annual Results Appendices — Slide 44

Income statement reconciliation

			June 2009
			$’m
	Operating earnings		526.3
	Other income and expenses		(14.1)
	Operating EBIT		512.2
	Net finance costs		(158.5)
	Current income and withholding taxes		(9.5)
	Minority interests		(3.7)
	Profit after tax and minority interests, before non-cash items		340.5
	Revaluation of investment property		(1,517.6)
	Impairment of PP&E	(126.9)
	Impairment of management rights	(41.1)
	Impairment		(168.0)
	Unrealised MTM of derivatives		(243.7)
	Deferred income and withholding taxes		129.7
	Net profit attributable to stapled security holders		(1,459.1)
	Funds from operations		423.8

DXS 2009 Annual Results Appendices — Slide 45

Net property income reconciliation to P&L

		June 2009
		$’m
	Property revenue	708.5
	Less: Property expenses	(174.5)
	Plus: Net property income from equity a/c investments	-
	Less: Amortisation, depreciation and eliminations	(6.0)
	Total NPI	528.0
	Represented by:
	Office Australia/New Zealand	246.8
	Industrial Australia	109.2
	Industrial International	155.9
	Retail	16.1
	Total NPI by sector as reported	528.0
	Management EBIT	21.0
	Development gains	-
	Responsible entityfees	(22.7)
	Operating earnings	526.3

DXS 2009 Annual Results Appendices — Slide 46

Interest reconciliation

			June 2009
		$’m	$’m
	Interest paid/payable	164.1
	Other finance costs	5.6
	Interest expense		169.7
	Realised interest rate swaps	27.1
	Unrealised interest rate swaps MTM	222.5
	Net fair value loss (gain) of interest rate swaps		249.6
	Total interest expense		419.3
	Less interest capitalised		(35.1)
	Finance costs		384.2
	Less: Unrealised interest rate swaps MTM		(222.5)
	Less: Interest income		(3.2)
	Net finance costs		158.5

DXS 2009 Annual Results Appendices — Slide 47

Profit to funds from operations reconciliation

		Group	Property	Mgmt	MTM	**Depr’n & **	Straight	Deferred	P/L on sale	RENTS	Other	Distributable
		Consolidated	revals/	rights	derivs	amort’n	line rent	tax	of invest	capital distn		earnings
			impairmt	impairmt	& FX		adjust		prop
	Revenue from ordinary activities
	Propertyrevenue	708.5				31.7	(3.7)					736.5
	Interest revenue	3.2										3.2
	Management fees	63.7										63.7
	Net foreign exchangegain	2.2									(0.5)	1.7
	Other income	0.4										0.4
	Total income	778.0										805.5
	Expenses
	Propertyexpenses	(174.5)										(174.5)
	Finance costs	(384.2)			222.5							(161.7)
	Net fair value loss of investmentproperties	(1,517.6)	1,517.6									—
	Net loss on sale of investmentproperties	(1.9)							1.9			—
	Net loss on sale of investments	(0.5)							0.5			—
	Net fair value loss of derivatives	(21.2)			21.2							—
	Depreciation	(4.7)				2.3						(2.4)
	Impairment	(168.2)	126.9	41.1							0.2	—
	Compensation related expenses	(59.3)										(59.3)
	Other expenses	(21.5)										(21.5)
	Total expenses	(2,353.6)										(419.4)
	Profit before tax	(1,575.6)										386.1
	Tax expense
	Income tax benefit/(expense)	(12.6)						5.5				(7.1)
	Withholdingtax benefit/(expense)	132.8						(135.2)				(2.4)
	Total tax benefit/(expense)	120.2										(9.5)
	Netprofit attributable to other minorityinterests	(3.7)								(10.0)		(13.7)
	Translation of FX for hedge rates and other	—									1.6	1.6
	Cum-distribution adjustment	—									59.3	59.3
	Profit after tax and minority interest	(1,459.1)	1,644.5	41.1	243.7	34.0	(3.7)	(129.7)	2.4	(10.0)	60.6	423.8
	Distribution (70% of FFO)											296.7
	Weighted securities for distribution(million)											4,063.8
	Distributionper security (cents)											7.30

Link to http://www.dexus.com/Investor-Centre/DXS/Property-Synopsis for the excel spreadsheet

DXS 2009 Annual Results Appendices — Slide 48

Operating cash flow retained reconciliation

			June 09
			$’m
	Funds from operations, before cum-distribution adjustment		364.5
	Funds from operations retained at 30%	A	109.4
	Distribution payable, after cum-distribution adjustment		296.7
	Natural DRP take up at 30% (approx)	B	89.0
	FFO retained plus DRP take up	A + B	198.4
	Maintenance and leasing capex paid1		(104.0)
	Capitalised interest paid		(35.1)
	Cum-distribution adjustment paid2		(29.1)
	Operating cash flow retained3		30.2

1. Excludes non-cash rent free incentives

2. Adjusted for amount retained and DRP take up (ie. $59.3m x 70% less DRP of 30%)

3. Operating cash flow retained is based on FFO rather than direct cash and is not adjusted for certain non cash items such as rent free income and related amortisation, leasing fee amortisation, depreciation and bad debt provisions

DXS 2009 Annual Results Appendices — Slide 49

Funds management contribution

		June 2009
		$’m
	Internal Responsible Entity fee revenue (at cost)	22.7
	Third party management fees and other revenue	72.1
	Compensation related expenses1	(59.3)
	Other expenses	(14.5)
	Management EBIT	21.0
	Net interest expense	(8.2)
	Tax expense	(3.9)
	Net income after tax	8.9

1. Compensation related expenses includes all staff cost for DEXUS Group, including costs which are recoverable Note: the Jun 08 period is not comparable due to the internalisation on 21 Feb 08

DXS 2009 Annual Results Appendices — Slide 50

Valuation metrics

		Cap rate	Cap rate	Cap rate	IRR	IRR	IRR	Annual
		Jun 09	Jun 08	change	Jun 09	Jun 08	change	Devaluation
		%	%	bps	%	%	bps	Change1 %
	Australian office	7.7	6.4	130	9.0	8.5	50	(13.0%)
	Australian industrial	8.8	7.5	130	9.9	8.8	110	(13.1%)
	Australian retail	6.8	5.8	100	9.0	8.5	50	(4.0%)
	North American industrial2	8.2	6.9	130	9.4	7.7	170	(27.0%)
	European industrial	8.1	6.4	170	8.8	7.4	140	(28.3%)
	Total	8.0	6.7	130	9.2	8.3	110	(16.7%)3

1. Annual devaluation includes investment property, PP&E and investments accounted for using the equity method

2. Stabilised cap rate used for North American Industrial

3. Devaluation change has been calculated in base currency and weighed using the closing FX rate. When calculated using AUD equivalents, the devaluation change is (17.5%)

DXS 2009 Annual Results Appendices — Slide 51

External revaluation summary

— — — — (15) ($’m) Revaluation Impairment — — — 566 1,571 ($’m) Valuation % ($’m) ($’m) Property sector % of book value externally valued External Revaluation Previous book value Change in book value1 Office Australia — NSW 58.4 (274) 1,860 (15.5) Australia — VIC 100.0 (46) 612 (7.5) Australia — ACT — — — — Australia — WA — — — — New Zealand — — — —	Portfolio average cap rate2
	%
	7.3 8.5 8.4 8.5 8.0
(15) 2,137 Total Office 53.9 (320) 2,472 (13.6)	7.7
— — — — — — — 26 149 354 Industrial New South Wales 43.2 (65) 419 (15.6) Victoria 25.0 (18) 167 (10.8) South Australia 100.0 — 26 - Queensland — — — — Western Australia — — — —	8.8 8.9 9.3 8.5 9.0
— 529 Sub-total Industrial — Australia 35.1 (83) 612 (13.6)	8.8
— (78) 241 1,674 North America 100.0 (620) 2,372 (27.0) Europe 100.0 (104) 345 (28.3)	8.2 8.1
(78) 2,444 Total Industrial 71.5 (807) 3,329 (24.6)	8.5
— — Retail — — — —	6.8
(93) 4,581 Total investment properties3 59.8 (1,127) 5,801 (19.8)	8.0

1. Change in book value has been calculated in base currency and weighed using the closing FX rate

2. Average cap rate for total portfolio including external and internal valuations

3. Includes PP&E impairments, excludes investments accounted for using the equity method.

DXS 2009 Annual Results Appendices — Slide 52

Revaluation summary

			Office	Industrial	Retail	North America	Europe	Total
			$’m	$’m	$’m	$’m	$’m	$’m
	P&L Revaluations — investment properties
	External valuations		(320)	(83)	—	(620)	(104)	(1,127)
	Internal valuations		(269)	(110)	(11)	—	—	(390)
	Sub total		(589)	(193)	(11)	(620)	(104)	(1,517)
	P&L revaluations — PP&E
	External valuations		(15)	—	—	(78)	—	(93)
	Internal valuations		(1)	(33)	—	—	—	(34)
	Sub total		(16)	(33)	—	(78)	—	(127)
	Total P&L revaluations		(605)	(226)	(11)	(698)	(104)	(1,644)
	Carry value — investment properties
	Externally revalued		2,119	529	—	1,600	241	4,489
	Internallyrevalued		1,639	766	270	—	—	2,675
	Sub total		3,758	1,295	270	1,600	241	7,164
	Carry value PP&E
	Externally revalued		18	—	—	74	—	92
	Internallyrevalued1		186	210	—	—	—	396
	Sub total		204	210	—	74	—	488
	Carry value — equity accounted
	Externally revalued		—	—	—	—	—	—
	Internallyrevalued		85	—	—	—	—	85
	Sub total		85	—	—	—	—	85
	Total carry value1		4,047	1,505	270	1,674	241	7,737

1. Excludes $6m of equipment

DXS 2009 Annual Results Appendices — Slide 53

Exchange rates used in 30 June accounts

			June 2009	June 2008
	Balance Sheet	USD	0.8114	0.9626
		EUR	0.5751	0.6096
		NZD	1.2428	1.2609
		CAD	0.9379	0.9715
	P&L	USD	0.7348	0.8962
		EUR	0.5398	0.6071
		NZD	1.2257	1.1636
		CAD	0.8580	0.9282

DXS 2009 Annual Results Appendices — Slide 54

Key financial risk management measures

		June 09	June 08
	Gearing1	31.2%	33.2%
	Covenantgearing1(covenant6 <55%)	32.0%	33.9%
	Headroom(approx)	$1.45bn	$500m
	Duration of debt2	2.6yrs	3.0yrs
	Interest hedge duration	6.2yrs	6.2yrs
	Weighted average cost of debt3	5.4%	5.4%
	Debt hedged4	90%	86%
	Foreign balance sheet hedged5	90%	93%
	Foreign income hedged	93%	91%
	Interest cover(covenant6 > 2.0x)	3.0x	3.0x
	Prioritydebt(covenant6 < 30%)	8.1%	9.2%
	S&P rating	BBB+	BBB+

1. Gearing = Interest Bearing Liabilities (excluding deferred borrowing costs) less cash/Total Tangible Assets (excluding derivatives and deferred and current tax assets) less cash. Covenant gearing is the same definition but does not exclude cash.

2. Includes July 2009 MTN issue

3. Inclusive of margins and fees

4. Average amount hedged for the financial year

5. Excludes working capital and cash

6. As per public bond covenants

DXS 2009 Annual Results Appendices — Slide 55

Debt profile

		Facility limit	Drawn	Maturity dates	Security1	Currency
		A$’m	A$’m
	Syndicated bank debt	300	131	Mar 10	Unsecured	Multi-ccy, A$ limit1
		259	259	Sept 10	Unsecured	Multi-ccy,US$limit2
	Bilateral bank debt	360	222	Dec 10	Unsecured	Multi-ccy, A$ limit1
		145	—	Sept 11	Unsecured	Multi-ccy, A$ limit1
		178	—	May 12 – Jul 12	Unsecured	Multi-ccy, A$ limit1
		250	84	Apr 12	Unsecured	Multi-ccy, A$ limit1
		250	167	Sept 13	Unsecured	Multi-ccy, A$ limit1
		148	67	Dec 13	Unsecured	Multi-ccy,US$limit2
	Secured bank debt	250	250	Oct 11	Secured	A$
		250	—	Dec 12	Secured	A$
		250	—	Jul 11	Secured	A$
		277	277	Sept 113	Secured	US$
		111	111	Feb 144	Secured	US$
		2	2	Oct 11 – Jan 15	Secured	US$
	Medium term notes5	250	250	Feb 10	Unsecured	A$
		200	200	Feb 11	Unsecured	A$
		6	6	Sept 10	Unsecured	US$
	USprivateplacement notes	493	493	Feb 11 – Mar 17	Unsecured	US$
	Total	3,979	2,519
	Bank Guarantee utilised		10
	Headroom		1,450

1. Capacity to draw in multi-currencies, facility limit denominated in AUD

2. Capacity to draw in multi-currencies, facility limit denominated in USD

3. Two year extension option to September 2011 has been exercised

4. US$75m refinanced in Jan 09 with US$90m secured bank debt

5. Excludes medium term note of A$160m maturing July 2014

DXS 2009 Annual Results Appendices — Slide 56

Facility mix

• Diversified funding sources

June 2009 Facility mix

• By type (MTN, USPP, bank debt)

• Within type (syndicated, bilateral, secured)

• Transparent debt structure

• No off balance sheet debt

  • (no look through adjustments)

• All unsecured facilities rank pari passu

• Includes July 2009 MTN issue

• Foreign banks hold 40% of the syndicated unsecured bank debt

DXS 2009 Annual Results Appendices — Slide 57

Debt profile by jurisdiction

		Weighted average	Interest bearing	Cross currency	Total liabilities after	Interest hedge
		cost of debt1	liabilities	swaps2	cross ccy swaps2	duration
			millions	millions	millions	years
	Australia/New Zealand	5.72%	A$1,230	A$(560)	A$670	4.5
	USA	5.22%	US$986	US$252	US$1,238	7.2
	Europe	4.93%	€43	€100	€143	5.1
	Canada	5.53%	–	C$70	C$70	8.5
	Average/total	5.36%	A$2,519	–	A$2,519	6.2
	Less amortised debt costs		(A$10)
	Current & non-current interest bearing liabilities		A$2,509

• Balance sheet naturally hedged through foreign liabilities

• Cross currency swaps used for cash management purposes, and to reduce the impacts of currency volatility

• No US$ debt drawn under A$ denominated multi-currency facilities

• Weighted average of fixed and floating rates for the current period, inclusive of margins and fees

• Cross currency swap principal amounts included at contract exchange rates. Refer slide 61 for maturity profile and rates

DXS 2009 Annual Results Appendices — Slide 58

Interest rate hedging profile

Interest rate hedging	FY09	FY10	FY11	FY12	FY13	FY14	Avg FY15+4
A$m average hedged1	796	776	791	643	499	485	216
A$ hedge rate (ex margin)2	5.03%	5.02%	5.32%	4.97%	5.25%	5.74%	6.19%
A$ blendedrate (incmargin)	5.72%	6.17%	7.31%	8.19%	8.74%	9.02%	9.32%
US$m average hedged1	1,5603	1,169	1,083	1,048	1,130	1,055	547
US$ hedge rate (ex margin)2	4.84%	5.91%	5.95%	6.16%	5.74%	5.64%	4.71%
US$blended rate(inc margin)	5.22%	5.93%	6.54%	7.61%	7.81%	7.81%	7.65%
€m average hedged1	169	140	138	128	105	70	28
€ hedge rate (ex margin)2	4.21%	5.20%	5.16%	5.24%	5.54%	6.27%	5.21%
€ blended rate(inc margin)	4.93%	6.50%	7.03%	7.78%	7.95%	8.03%	7.45%
C$m average hedged1	70	70	70	70	70	70	48
C$ hedge rate (ex margin)2	4.77%	4.77%	4.77%	4.77%	4.77%	4.77%	4.77%
C$blended rate(inc margin)	5.53%	6.19%	6.86%	7.61%	7.76%	7.76%	7.62%
Total hedged (A$m)1	3,088	2,535	2,439	2,231	2,149	1,982	989
Hedge rate (ex margin)2	4.90%	5.53%	5.63%	5.68%	5.58%	5.67%	5.05%
Blended rate(inc margin)	5.36%	6.06%	6.85%	7.79%	8.06%	8.14%	8.06%

Assumptions relating to blended rates:

The blended rate (inc margin) per currency consists of the weighted average of: a) average hedged amounts at the hedge rates provided above plus our forecast weighted average credit margin, and b) average unhedged amounts (being the difference between total forecast committed debt and the average hedged amount) at the forecast floating rates for each year plus our forecast weighted average credit margin. The forecast floating rates for each year are based on an interpolation from the market interest rate yield curve as at 30 June 2009. Note: some of these factors (particularly forecast floating rates) may not be a reliable indication of the future.

1. Average amount hedged for the period

2. Weighted average hedge rate for the period

3. Average amount hedged for the period is greater than balance hedged as at 30 Jun 09 due to swap reversals during the period

4. Hedging out to 10 years

DXS 2009 Annual Results Appendices — Slide 59

Foreign income hedging profile

	Foreign income hedging	FY09	FY10	FY11	FY12	FY13
	Combined hedging profile	93%	87%	92%	94%	98%
	US$ hedging profile1	99%	91%	97%	100%	105%
	Foreign exchange contracts (US$m)	9.5	7.3	5.6	4.4	2.7
	Average A$/US$ rate	0.6844	0.6848	0.7084	0.7098	0.6657
	NZ$ hedging profile2	80%	39%	20%	0%	0%
	Foreign exchange contracts (NZ$m)	7.5	4.0	2.0	0.0	0.0
	Average A$/NZ$ rate	1.1311	1.1780	1.1847	N/A	N/A
	€ hedging profile3	67%	83%	94%	90%	89%
	Foreign exchange contracts (€m)	0	0	0	0	0
	Average A$/ € rate	n/a	n/a	n/a	n/a	n/a
	CAD hedging profile4	77%	75%	77%	73%	67%
	Foreign exchange contracts (CAD)	0	0	0	0	0
	Average A$/CAD rate	n/a	n/a	n/a	n/a	n/a

1. Hedging as % of US$ exposure, including foreign interest expense (“natural hedging”) and Foreign Exchange Contracts (“FECs”) 2. Hedging as % of NZ$ exposure, via FECs only

2. Hedging as % of € exposure. Natural hedging only

3. Hedging as % of CAD exposure. Natural hedging only

DXS 2009 Annual Results Appendices — Slide 60

Cross currency swap maturity profile

	Cross currency swaps	FY10	FY11	FY12
	US$ maturities (US$m)1	0	72	180
	US$ average rate2	n/a	0.8639	0.8654
	€ maturities (€m)	100	0	0
	€ average rate2	0.5049	n/a	n/a
	CAD maturities (C$m)	70	0	0
	C$ average rate2	0.8677	n/a	n/a

1. Excludes contracts that have been reversed

2. Average rate on contracts maturing in that period

DXS 2009 Annual Results Appendices — Slide 61

Portfolio composition (income and lease expiry)

Expiry year	% of total	FY10	FY11	FY12	FY13	FY14+
	income
Australian office	47%	4%	4%	4%	7%	28%
Australian industrial	21%	2%	3%	5%	2%	9%
Retail	3%	0%	1%	0%	0%	2%
North America industrial	25%	4%	3%	3%	3%	12%
Europe industrial	4%	1%	0%	1%	0%	2%
Total	100%	11%	11%	13%	12%	53%

DXS 2009 Annual Results Appendices — Slide 62

Acquisitions

	Property	Interest %	Acquisition	Notes
			A$m
	Australia
	Greystanes, Western Sydney	100%	139	Staged acquisition with the remaining
				$27m to be paid 2H FY10 as
				infrastructure is completed
	North America
	Whirlpool Columbus	100%	79	Acquired Jul 2009
	Total acquisitions		192

DXS 2009 Annual Results Appendices — Slide 63

Disposals

	Property	Sector	Date	Interest	Settlement	Notes
				%	A$m
	Pre 30 June 2009
	Atlanta Industrial Drive, Atlanta, USA	US Industrial	Oct 08	100%	71	Settled 30 Oct 08
	1 Bligh Street, Sydney, NSW	Office	Feb 09	33%	60	Settled 5 Feb 09
	Woodpark Road, Smithfield, NSW	AU Industrial	May 09	100%	6	Settled 26 Jun 09
	Redwood Gardens, Dingley, VIC	AU Industrial	May-Jun 09	23%	6	2 lots, settled 29 Jun 09
	Disposals pre 30 June 2009				79
	Post balance date
	68 Hasler Road, Herdsman, WA	AU Industrial	May 09	100%	11	Settled 8 Jul 09
	3-7 Bessemer Street, Blacktown, NSW	AU Industrial	Jun 09	100%	9	Settled 23 Jul 09
	1 Bligh Street, Sydney, NSW	Office	Feb 09	1.5%	3	Settled 31 Jul 09
	Redwood Gardens, Dingley, VIC	AU Industrial	May-Jul 09	24%	7	6 lots, settles Aug-Nov 09
	343 George Street, Sydney, NSW	Office	Jul 09	100%	55	Settles Oct 09
	Nordstraße, Löbau, Germany	EU Industrial	Jul 09	100%	2	Exchanged 27 Jul 09
	Total disposals				166

1. US$4.65m at 0.6791

DXS 2009 Annual Results Appendices — Slide 64

Developments – completed

	Property	Country	Area	Estimated	Estimated
			sqm	final cost	yield on cost
				A$m	%
	Industrial
	Best Bar – Laverton North, VIC	Australia	12,950	11.9	7.4
	Sperian - Redwood Gardens, Dingley, VIC	Australia	3,400	4.0	7.3
	Office
	60 Miller Street, North Sydney, NSW	Australia	4,532	26.1	8.6
	Total completed		20,882	42.0

DXS 2009 Annual Results Appendices — Slide 65

Developments – underway

	Property	Country	Area	Estimated	Estimated	Estimated yield	Estimated
				total cost	cost to	on total cost	completion
					completion		date
			sqm	A$m	A$m	%
	Office
	123 Albert Street, Brisbane, QLD	Australia	38,000	350	230	6.8	Dec 2010
	1 Bligh Street, Sydney, NSW1	Australia	42,000	210	129	7.0	May 2011
	Total underway		80,000	560	359

1. DEXUS Property Group’s interest of 33.3%, effective 31 July 2009

DXS 2009 Annual Results Appendices — Slide 66

Developments – uncommitted pipeline

	Property	Country	Building	Project	Project	Projected yield
			area	estimate	estimated to	on project
					completion	estimate cost
			sqm	A$m	A$m	%
	Office
	105 Phillip Street, Parramatta, NSW	Australia	20,380	100	80	8
	144 Wicks Road, North Ryde, NSW	Australia	48,000	180	150	7
	Industrial
	Greystanes, Western Sydney, NSW	Australia	254,134	420	270	9
	DEXUS Industrial Estate, Laverton North, VIC	Australia	373,104	380	310	9
	Axxess Corporate Park, Mt Waverley, VIC	Australia	16,094	55	50	9
	San Antonio, Texas	USA	18,906	25	20	10-12
	Beaumeade, Garland & Plano	USA	69,615	45	35	10-12
	Total pipeline1		800,233	1,205	915

1. Uncommitted pipeline excludes vacant land at 3 Brookhollow Avenue, Baulkham Hills, NSW

Development activities will only commence if they are fully funded and meet our investment criteria

DXS 2009 Annual Results Appendices — Slide 67

Whirlpool - investment program update

• The program’s overall blended yield is estimated to be 6.6%

	Location	Acquisition /	Area	Acquisition /
		estimated date		estimated cost
			‘000 sqm	$m
	Acquired to date
	Orlando, Florida, USA	Jun 07	47	US$25.1
	Toronto, Ontario, Canada	Dec 07	70	C$71.4
	Perris, California, USA	Jan 08	157	US$128.6
	Columbus, Ohio, USA	Jul 09	145	US$64.5
				A$336.71
	Pending acquisition
	Atlanta, Georgia, USA	Oct 09	83	US$82.0
	Seattle, Washington, USA	Nov 09	140	US$77.0
				A$196.0
	Total		642	A$532.7

1. Conversion rate: AUD/USD = 0.8594, AUD/CAD = 0.8621. Columbus translated at 30 Jun 09 rate, acquisition settled on 2 Jul 09

DXS 2009 Annual Results Appendices — Slide 68

Australian major tenants by income

Australian Office % of Sector NPI 1Woodside Energy Ltd 8.4% 2S&K CarPark Management Pty Ltd 7.9% 3State of NSW 5.3% 4Commonwealth of Australia 4.6% 5State of Victoria 3.4% 6Lend Lease Management Services 3.3% 7Dabserv Pty Limited (Mallesons) 2.9% 8IBM Australia Limited 2.7% 9 The Herald & Weekly Times Limited 2.1% 10 HBOS Australia Pty Ltd 2.0%	Australian Industrial % of Sector NPI
	1 Wesfarmers Limited 6.6% 2Elders Ltd 5.5% 3Visy Steel Products 3.8% 4IBM Global Services 3.2% 5Commonwealth of Australia 2.3% 6Toll Transport Pty Ltd 2.2% 7Fonterra 2.1% 8Fosters Group Limited 2.0% 9Alinta Limited 1.8% 10 Panasonic Australia Ltd 1.8%

DXS 2009 Annual Results Appendices — Slide 69

International major tenants by income

North America Industrial % of Sector NPI 1 Whirlpool Corporation 16.5% 2 AT&T Corporation 2.2% 3 Savvis Communication Corporation 1.9% 4 US Government (TSA) 1.6% 5Skechers USA, Inc. 1.3% 6 Square D Company 1.2% 7 Graham Webb International 1.2% 8 Domtar Paper Company 1.1% 9 Fedex 1.0% 10 International Business Machines 1.0%	Europe Industrial % of Sector NPI
	1 Edeka Südwest 19.5% 2Industriereifenkontor Lüdke 9.8% 3Karstadt Vermietungsges. mbH 7.7% 4Compass 7.7% 5CAE 6.8%

DXS 2009 Annual Results Appendices — Slide 70

Retail — Whitford City Shopping Centre, WA

Key statistics
Book value	$270m
Capitalisation rate	6.75%
Ownership interest	50%
Centre MAT ($psm)	7,373
Specialty MAT ($psm)	9,077
Total centre MAT growth ($psm)	(0.1%)
Total centre MAT growth ($pa)	(1.5%)
Total specialty MAT growth ($psm)	0.5%
Total specialty MAT growth ($pa)	(2.7%)
Specialty occupancy cost	14.7%
Net property income	$16.1m
Like for like growth	4.5%
Occupancy (area)	99.9%
Average lease duration (income)	4.5yrs

DXS 2009 Annual Results Appendices — Slide 71

Australia/New Zealand office — lease expiry

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----- Start of picture text -----

20%
18%
16%
14%
12%
10%
8%
6%
4%
2%
0%
Vacant 30-Jun-10 30-Jun-11 30-Jun-12 30-Jun-13 30-Jun-14 30-Jun-15 30-Jun-16 30-Jun-17 30-Jun-18 30-Jun-19 30-Jun-19+
Area Income
18.8%
16.4%
14.8%
11.8% 11.9%
10.7% 10.9%
9.8% 10.1% 9.6% 10.1% 9.7% 9.6%
8.9%
7.8%
7.2%
5.7%
5.0%
2.4% 2.4% 3.0% 2.6%
0.5% 0.4%
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DXS 2009 Annual Results Appendices — Slide 72

Australian industrial — lease expiry

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----- Start of picture text -----

30%
25%
20%
15%
10%
5%
0%
Vacant 30-Jun-10 30-Jun-11 30-Jun-12 30-Jun-13 30-Jun-14 30-Jun-15 30-Jun-16 30-Jun-17 30-Jun-18 30-Jun-19 30-Jun-19+
25.3%
22.4%
16.9%
16.3%
15.0%
10.2%
9.2% 9.2%
7.7% 7.3% 7.3%
6.7% 6.7% 6.2%
5.2%
4.4%
3.1% 3.6% 3.0% 3.2% 3.3% 3.8%
2.0% 2.1%
----- End of picture text -----

Area Income

DXS 2009 Annual Results Appendices — Slide 73

North American industrial – lease expiry

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----- Start of picture text -----

18%
16%
14%
12%
10%
8%
6%
4%
2%
0%
Vacant 30-Jun-10 30-Jun-11 30-Jun-12 30-Jun-13 30-Jun-14 30-Jun-15 30-Jun-16 30-Jun-17 30-Jun-18 30-Jun-19 30-Jun-19+
Area Income
16.1% 16.3%
14.5%
14.0%
13.3%
12.9%
12.5%
12.0%
11.6%
11.2%
7.5% 7.8% 7.4%
6.7%
6.1%
5.0% 5.1%
4.7%
4.3%
3.6%
2.4%
2.1%
1.7% 1.4%
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DXS 2009 Annual Results Appendices — Slide 74

European industrial – lease expiry

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----- Start of picture text -----

Germany
35%
30%
25%
20%
15%
10%
5%
0%
Vacant 30-Jun-10 30-Jun-11 30-Jun-12 30-Jun-13 30-Jun-14 30-Jun-15 30-Jun-16 30-Jun-17 30-Jun-18 30-Jun-19 30-Jun-19+
Area Income
France
35%
30%
25%
20%
15%
10%
5%
0%
Vacant 30-Jun-10 30-Jun-11 30-Jun-12 30-Jun-13 30-Jun-14 30-Jun-15 30-Jun-16 30-Jun-17 30-Jun-18 30-Jun-19 30-Jun-19+
Area Income
32.7%
31.7%
27.9%
19.5%
14.8%
12.2%
9.7% 10.4% 10.5% 8.9%
5.1% 4.9%
4.0% 3.5% 3.1%
1.1%
0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0%
30.5% 31.3%
29.1%
25.7%
14.4% 15.3%
12.1%
10.2%
7.7% 7.8% 7.9% 7.9%
0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0%
----- End of picture text -----

DXS 2009 Annual Results Appendices — Slide 75

Glossary

• Constant currency : Items shown at Constant currency for FY09 have been restated using the June 08 average FX rates for comparative purposes.

• Distribution adjustments : Includes all distribution adjustments except for revaluations and impairments, unrealised MTM of derivatives and deferred tax.

• Distribution payout policy : Distribution paid will be 70% of funds from operations (FFO) subject to total taxable income being less than 70% of FFO.

• Gearing : Gearing is represented by Interest Bearing Liabilities (excluding deferred borrowing costs) less cash divided by Total Tangible Assets (excluding derivatives and deferred and current tax assets) less cash. Covenant gearing is the same definition but not adjusted for cash. Covenant gearing as at 30 June 2009 was 32.0%.

• Management EBIT : Comprises Responsible Entity fee revenue, third party fee revenue and corporate expenses including all staff costs for the DEXUS group. Following internalisation in Feb 08, Responsible Entity fee revenue and the corresponding fee paid are eliminated in the statutory financial statements.

• Non-cash items : Includes revaluations, impairment of PP&E, deferred tax benefit, derivative MTM and impairment of intangibles

• Operating earnings : Comprises net property income and Management EBIT less Responsible Entity fees paid.

• Portfolio value : Unless otherwise stated, Portfolio value is represented by investment properties, property, plant & equipment and investments accounted for using the equity method, and excludes cash and other assets.

• Responsible Entity fees : In this presentation Responsible Entity fees are shown at cost following internalisation in Feb 08. This Responsible Entity fee expense and the corresponding management fee revenue are eliminated in the statutory financial statements as the management company is a wholly owned consolidated entity.

• Securities on issue : FFO per security is based on the average weighted units on issue prior to the Theoretical Ex-Rights Price (TERP) adjustment. In accordance with AASB133 the weighted average number of securities for earnings (EPS) purposes is adjusted by a factor equal to the security price immediately prior to issue divided by the TERP.

DXS 2009 Annual Results Appendices — Slide 76

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Important Information

==> picture [721 x 7] intentionally omitted <==

DXS 2009 Annual Results Appendices — Slide 77

Important Information

• This presentation is issued by DEXUS Funds Management Limited (DXFM) in its capacity as responsible entity of DEXUS Property Group (ASX:DXS). It is not an offer of securities for subscription or sale and is not financial product advice.

• Information in this presentation including, without limitation, any forward looking statements or opinions (the Information) may be subject to change without notice. To the extent permitted by law, DXFM, DEXUS Property Group and their officers, employees and advisers do not make any representation or warranty, express or implied, as to the currency, accuracy, reliability or completeness of the Information and disclaim all responsibility and liability for it (including, without limitation, liability for negligence). Actual results may differ materially from those predicted or implied by any forward looking statements for a range of reasons outside the control of the relevant parties.

• The information contained in this presentation should not be considered to be comprehensive or to comprise all the information which a DEXUS Property Group security holder or potential investor may require in order to determine whether to deal in DEXUS Property Group stapled securities. This presentation does not take into account the financial situation, investment objectives and particular needs of any particular person.

• The repayment and performance of an investment in DEXUS Property Group is not guaranteed by DXFM, any of its related bodies corporate or any other person or organisation.

• This investment is subject to investment risk, including possible delays in repayment and loss of income and principal invested.

DXS 2009 Annual Results Appendices — Slide 78

DXS 2009 Annual Results Appendices — Slide 79