DEXUS — Interim / Quarterly Report 2013

Oct 23, 2012

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DEXUS Property Group (ASX: DXS)
ASX release
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24 October 2012

September 2012 quarterly update and Sydney CBD office tour

DEXUS Property Group is hosting a quarterly update presentation and Sydney CBD office tour today for institutional investors and brokers and provides the attached ASX release, presentation and tour booklet.

For further information please contact:

Investor Relations Media Relations

David Yates T: +61 2 9017 1424 M: 0418 861 047 E: david.yates@dexus.com

Emma Parry

T: +61 2 9017 1133 M: 0421 000 329 E: emma.parry@dexus.com

About DEXUS

DEXUS’s vision is to be globally recognised as the leading real estate company in Australia, with market leadership in office, and has $13 billion of assets under management. DEXUS invests in high quality Australian office and industrial properties and, on behalf of third party clients, is a leading manager and developer of industrial properties and shopping centres in key markets. The Group’s stock market trading code is DXS and more than 18,000 investors from 15 countries invest in the Group. At DEXUS we pride ourselves on the quality of our properties and people, delivering world-class, sustainable workspaces and service excellence to our tenants and delivering enhanced returns to our investors. DEXUS is committed to being a market leader in Corporate Responsibility and Sustainability. www.dexus.com

DEXUS Funds Management Ltd ABN 24 060 920 783, AFSL 238163, as Responsible Entity for DEXUS Property Group (ASX: DXS)

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DEXUS Property Group (ASX:DXS)
ASX release
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24 October 2012

September 2012 quarter portfolio update

DEXUS Property Group today announced its portfolio update for the quarter ended 30 September 2012. In an active quarter, the Group has executed a number of key strategic and operational initiatives, commencing on the delivery of the new strategy announced in August 2012.

Delivering on strategy

DEXUS CEO, Darren Steinberg said: “We have made solid progress on our objective of being the leading owner and manager of Australian office demonstrated through our team’s dedication and focus on retention and proactive negotiations with tenants. This has produced positive results, for example at our newly acquired properties in Sydney and Brisbane, where we secured early leasing access prior to settlement. We have focused our resources on leasing in anticipation of a soft period of growth in FY13 across our key Australian office markets of Sydney and Melbourne.

We have also made progress on our objective of having the best people and systems and strengthening our core capabilities. Our teams have embraced the focus on service excellence and high performance evidenced through increased communication, information exchange and teamwork across all our assets, producing positive results for the quarter across our portfolio. During the quarter, we implemented new tools and systems to improve our service offering, while adopting best in class systems to help drive total return outperformance.

Following an extensive review of our head office accommodation options, we are pleased to confirm our decision to move into a DEXUS owned building and will be relocating to levels 25 and 26 of Australia Square in Sydney, in the second quarter of 2013. The move will enable the creation of a new workplace that supports our culture of service excellence and high performance, through the adoption of leading technologies in a destination that aligns with our new vision and strategy.”

A key milestone in achieving our objective to be a wholesale partner of choice was the settlement of the transaction relating to the formation of the partnership with the National Pension Service of Korea (who were advised by Heitman), demonstrating our commitment to the Australian industrial sector.

PORTFOLIO HIGHLIGHTS

In a quarter of strong leasing, we leased or renewed a total of approximately 200,000 square metres[1] of space across 87 transactions, increasing occupancy from 93.4% at 30 June 2012 to 94.7% at 30 September 2012.

Office

• Leased 45,234 square metres[1] across 36 transactions including the securing of a 5-year option over 23,528 square metres with the Department of Finance at 8 Nicholson Street, Melbourne

• Secured heads of agreement for four new tenants at 1 Bligh Street, which is now 93% committed

Industrial

• Leased 96,931 square metres[1] across 29 transactions including securing heads of agreement for a seven year pre-lease for a new 18,670 square metre development at Laverton North

• At Gillman in South Australia, a further 30,057 square metres was leased at new rents averaging 32% higher than prior passing rents, increasing the property’s occupancy to 96%

• Including Heads of Agreement.

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DEXUS Property Group (ASX:DXS)
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US industrial

• Progressed the sale of the remaining US portfolio with negotiations now underway and terms expected to be agreed prior to Christmas

• Leased 55,873 square metres[2] across 22 transactions, increasing occupancy to a historical high of 98.8%

PORTFOLIO UPDATE

Total portfolio metrics as at 30 September 2012

• $7.0 billion

• Portfolio value:

• Total area:

• Total area: 2.5 million square metres

• Area leased during quarter: 198,038 square metres

 Total area: 2.5 milli  Area leased during quarter: 198,038	on square metres square metres
	30 September 2012	30 June 2012
Occupancy by area	94.7%	93.4%
Occupancy by income	95.5%	95.8%
WALE by income	4.8 years	4.7 years
Retention rate (year to date)	78%	65%
Retention rate (rolling 12 months)	66%	65%

~~h )~~

Valuations were completed at six properties at 30 September 2012 including three office and three industrial properties. An average six basis point tightening in capitalisation rates has driven a valuation uplift of $21.6 million, representing a 3.6% increase in book value for the properties

valued. The properties included 1 Margaret Street, Sydney (up $9.6m); 60 Miller Street, North Sydney (up $4.9m); 1 Bligh Street, Sydney (up $4.7m); 15-23 Whicker Road, Gillman (up $1.4m); 27-29 Liberty Road, Huntingwood (up $0.7m); 30 Bellrick Street, Acacia Ridge (up $0.3m).

Office

• Portfolio value: $4.9 billion[3]

• Total area: 623,391 square metres[3]  Area leased during quarter: 45,234 square metres

 Area leased during quarter: 45,234 s	quare metres
	30 September 2012	30 June 2012
Occupancy by area	96.2%	97.1%
Occupancy by income	96.2%	96.8%
WALE by income	5.0 years	4.9 years
Average incentive	8.0%	17.3%
Average rental increase in rent	4.2%	4.6%
Retention rate (year to date)	77%	66%
Retention rate (rolling 12 months)	72%	66%

Darren Steinberg said: “While office market demand remains tempered, we are seeing some positive signs in core markets and solid interest in high quality buildings. Increased demand is coming from the legal, insurance and business sectors, as well as suburban based tenants looking to move to CBD locations due to competitive conditions and a reduced price differential.”

During the September quarter 45,234 square metres of office space was leased across 36 transactions, including securing heads of agreement over 11,835 square metres.

1. Including Heads of Agreement. 3. Including the acquisitions of 12 Creek Street, Brisbane (50% interest) and 50 Carrington Street, Sydney.

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DEXUS Property Group (ASX:DXS)
ASX release
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The major success was the retention of the Department of Finance at 8 Nicholson Street, Melbourne for a further five years, at passing rents and an extended lease term to June 2018.

Occupancy by area for the office portfolio decreased 0.9%, but remains strong at 96.2%, 4.5% higher than the national CBD average of 91.7%. This follows the departure of Comcare at 14 Moore Street in Canberra, which is currently being actively marketed for lease.

At 50 Carrington Street, Sydney, we secured early access prior to settlement on 30 November 2012 and commenced our strategic leasing plan for the building. This proactive approach has resulted in terms being agreed on lease renewals with two existing tenants across a total of 1,781 square metres, increasing the WALE from 2.2 years at acquisition to 2.9 years. In addition we have commenced the refurbishment of two vacant floors as part of a $5.3 million capital expenditure program to reposition the property which will include a lobby and lift upgrade. We are targeting niche businesses who seek modern office accommodation in a central, convenient location.

At 12 Creek Street, Brisbane, we also secured early leasing access prior to settlement on 31 October 2012 and have actively negotiated lease extensions with a number of tenants over a total of 2,060 square metres. This proactive approach has increased the property’s weighted average lease term from 4.5 years at acquisition to 5.5 years.

Other key leasing achievements during the quarter included:

• Secured heads of agreement over 3,847 square metres with an existing tenant at Southgate

• Secured heads of agreement for four new tenants across 1,419 square metres on levels 17 and 18 at 1 Bligh Street, Sydney, which is now 93% committed

The office portfolio capital value increased $19.2 million following the revaluation of three properties with the weighted average capitalisation rate for these properties tightening by 13 basis points.

The NABERS Energy rating for the DXS office portfolio increased from 3.9 stars at 30 June 2012 to 4.3 stars at 30 September 2012 and we are on track to achieve our 4.5 star target by 31 December 2012.

Industrial

 Portfolio value: $1.5 billion[4]  Total area: 1,141,166 square metres  Area leased during quarter: 96,931 square metres

	30 September 2012	30 June 2012
Occupancy by area	94.0%	91.7%
Occupancy by income	93.0%	92.8%
WALE by income	4.3 years	4.4 years
Average incentive	5.1%	5.5%
Average rental decrease in rent	(0.9)%	(5.0)%
Retention rate (year to date)	66%	59%
Retention rate (rolling 12 months)	57%	59%

1. Including the NPS partnership transaction.

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DEXUS Property Group (ASX:DXS)
ASX release
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Solid demand continues for high quality industrial facilities located close to major road networks and the logistics trend continues for larger businesses seeking to integrate their diversified operations and consolidate their property and facility requirements to Sydney’s outer western markets. This has driven demand for newer facilities on the arterial intersections at Greystanes, Erskine Park and Eastern Creek.

During the September quarter 96,931 square metres of industrial space was leased across 29 transactions, including securing heads of agreement over 18,670 square metres. Continuing the positive leasing momentum at Gillman in South Australia, a further 30,057 square metres has been leased at rents averaging 32% higher than June 2012 passing rents, increasing the property’s occupancy to 96%.

Occupancy by area for the industrial portfolio increased from 91.7% at 30 June 2012 to 94.0% at 30 September 2012, primarily driven by the solid leasing at Gillman.

Other major leasing transactions included the leasing of a 3,551 square metre facility at Minna Close, Belrose to Nature’s Care for three years and forward lease renewals at Huntingwood (6,829 square metres) and Rosebery (7,604 square metres) for three and five year terms respectively.

During the quarter trading profits of $1.25 million were secured through the sale of two completed development properties as part of the partnership with the National Pension Service of Korea (NPS). The trading profit assumption for FY13 guidance has reduced from approximately $5 million to approximately $2 million, as we are considering our options whether to hold or sell several of our development projects, including Wacol in Queensland.

DEVELOPMENTS

Greystanes

We currently have two developments underway:

• A $24.5 million, 18,200 square metre speculative warehouse and we have secured two heads of agreement over 43% of the facility. The estimated yield on cost is 9.1% with an estimated project IRR of 20%. Practical completion is expected in November 2012.

• A $21 million development, in partnership with NPS, pre-leased to Brady Australia for a 10 year term and due for practical completion in November 2012.

Laverton North

We will be commencing two developments at Laverton in the next quarter for a total cost of $29.3 million, providing more than 30,500 square metres of lettable area. Toll has pre-committed to the larger of these two facilities, 18,670 square metres, for a seven year term.

Erskine Park

In July 2012, construction commenced at 57-75 Templar Road, Erskine Park for a 30,145 square metre speculative multi-unit industrial estate. Construction is due to be completed in March 2013. We have already received solid leasing enquiry for this development.

Wacol

Construction is continuing on our 7,830 square metre warehouse and distribution facility pre-leased to Nissan Australia and the adjacent 5,800 square metre speculative development, with practical completion due December 2012. In addition, works will commence on a new speculative development of 12,220 square metres in November 2012.

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DEXUS Property Group (ASX:DXS)
ASX release
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US industrial

• Portfolio value: US$0.6 billion

• Total area: 630,568 square metres

• Area leased during quarter: 55,873 square metres

	30 September 2012	30 June 2012
Occupancy by area	98.8%	97.1%
Occupancy by income	99.2%	98.2%
WALE by income	4.4 years	4.4 years
Average incentive	7.2%	7.1%
Average rental increase/(decrease) in rent	(17.4)%	(8.5)%
Retention rate (year to date)	90%	66%
Retention rate (rolling 12 months)	77%	66%

During the September quarter 55,873 square metres of US industrial space was leased across 22 transactions including forward renewal of FedEx over 16,800 square metres in Los Angeles for a further five years.

Occupancy by area has reached a historical high of 98.8% a further increase of 1.7% from 30 June 2012 and 11.9% ahead of the national average of 86.9%.

Darren Steinberg said: “In September we commenced a formal marketing campaign to sell the remaining US portfolio comprising 24 west coast properties and three land parcels in Texas, based on strong investor demand for the asset class. The process is progressing well, with negotiations now underway. We are expecting a premium for the portfolio and are targeting no dilution to NTA or FFO, with terms expected to be agreed prior to Christmas. We will ensure to keep the market fully up to date on the progress of the sale.”

CAPITAL MANAGEMENT

CAPITAL MANAGEMENT
	30 September 2012	30 June 2012
Gearing	29.3%	27.2%
Pro-forma gearing post transactions5	29.9%	n/a
Duration of debt	4.3 years	4.2 years
Current cost of debt6	6.0%	6.1%
Hedged debt	71%	73%
Undrawn facilities (approximately)	$0.4bn	$0.6bn

During the quarter we issued $180 million in medium term notes (MTNs) over four transactions. The average all-in yield was 5.75% at an average duration of 5.8 years. Debt duration following these transactions increased from 4.2 years at 30 June 2012 to 4.3 years at 30 September 2012 while the Group’s average cost of debt reduced marginally to 6.0%.

DEXUS CFO Craig Mitchell said “Over the past three months we have adopted a strategic and active approach in the MTN market taking advantage of improving conditions to refinance our short-dated bank debt with long-dated MTNs. This approach has helped us improve the cost, duration and diversity of the Group’s debt profile and considerably improved our margins for MTN debt.”

1. Post the settlement of the NPS partnership and the acquisitions of 12 Creek Street, Brisbane and 50 Carrington Street, Sydney. 6. Weighted average of the hedged rate and floating rates at period 5 end date, inclusive of fees and margins on a drawn basis.

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DEXUS Property Group (ASX:DXS)
ASX release
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The $200 million on-market securities buyback continued during the quarter and is now 64% complete following the purchase of 81.9 million securities since 30 June 2012 at an average price of $0.947 per security.

On 10 August 2012 the DEXUS treasury team was awarded Corporate Treasury Team of the Year at the Annual Capital/CFO Magazine awards, published by the Australian Financial Review . Particular recognition was given to the execution of the complex US central portfolio sale and the smooth settlement of the transaction.

THIRD PARTY FUNDS MANAGEMENT

Our partnership with the National Pension Service of Korea, who were advised by Heitman, has now been established following settlement of the transaction on 2 October 2012. The joint venture currently includes 13 properties in Sydney and Melbourne, primarily in the Quarry at Greystanes Estate in NSW and the DEXUS Industrial Estate at Laverton North in Victoria (see Appendix 1). The initial partnership investment amount is $360 million with the potential to increase to $800 million.

DEXUS Wholesale Property Fund (DWPF) continues to deliver strong performance with a total return for the 12 months to September 2012 of 8.6%, outperforming its benchmark over one, three and five year periods to 30 September 2012. The Fund is now in the final stages of a due diligence process with a new investor for a capital investment of approximately $300 million. The joint acquisition of 12 Creek Street, Brisbane also demonstrated our ability to partner with DWPF on investment opportunities and deliver an enhanced total return for DEXUS investors.

Our STC mandate also outperformed its benchmark over periods of one, three and five year periods to 30 September 2012.

SUMMARY

Darren Steinberg said: “It’s great to see the progress we are making in improving the business and that the strong commitment from the team is producing some positive results. In light of the performance during the quarter we are confident of delivering on our guidance[7] for earnings or FFO for the year ending 30 June 2013 of 7.75 cents per security, and a distribution of 5.8 cents per security.”

For further information please contact:

Investor Relations

Media Relations

David Yates T: +61 2 9017 1424 Emma Parry T: +61 2 9017 1133 M: 0418 861 047 M: 0421 000 329 E: david.yates@dexus.com E: emma.parry@dexus.com

About DEXUS Property Group

DEXUS’s vision is to be globally recognised as the leading real estate company in Australia, with market leadership in office, and has $13 billion of assets under management. DEXUS invests in high quality Australian office and industrial properties and, on behalf of third party clients, is a leading manager and developer of industrial properties and shopping centres in key markets. The Group’s stock market trading code is DXS and more than 18,000 investors from 15 countries invest in the Group. At DEXUS we pride ourselves on the quality of our properties and people, delivering world-class, sustainable workspaces and service excellence to our tenants and delivering enhanced returns to our investors. DEXUS is committed to being a market leader in Corporate Responsibility and Sustainability. www.dexus.com

DEXUS Funds Management Ltd ABN 24 060 920 783, AFSL 238163, as Responsible Entity for DEXUS Property Group (ASX: DXS)

1. Barring unforeseen circumstances and assuming a 75% payout ratio, delivering 2% like-for-like NOI growth in office portfolio, approx. $2m in trading profits, cost of debt at 6.0% and excluding impacts of any further on-market securities buyback.

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DEXUS Property Group (ASX:DXS)
ASX release
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Appendix 1: NPS partnership properties

Location/facility	A$m
Quarry at Greystanes, Sydney NSW
Solaris Paper	25.25
Symbion Health	32.10
Fujitsu	40.00
UPS Australia	7.80
Brady Australia1	10.20
DEXUS Industrial Estate, Laverton VIC
Fastline	15.90
Toll Transport	11.20
Visy Industries	19.00
Wrightson Seeds	7.00
Foster’s Group	36.00
Best Bar	11.75
Coles Limited2	100.00
Target Distribution Centre, Altona VIC	32.47
Total Joint Venturepre completion of Brady Australia facility	348.67
Brady Australia facility costs to complete1	10.80
Total Joint Venturepost completion of Brady Australia facility	359.47

1. The Brady Australia facility is currently under construction. Following settlement of the JV with NPS, the remaining development costs will be funded jointly by NPS and DEXUS.

2. DEXUS previously owned 50% of this property. NPS has acquired the balance 50% from the third party owner and now jointly owns the property with DEXUS. All other properties were 100% owned by DEXUS prior to the formation of the NPS partnership.

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2012 DEXUS PROPERTY GROUP SEPTEMBER QUARTERLY UPDATE

DEXUS Funds Management Limited ABN 24 060 920 783 AFSL 238163 as responsible entity for DEXUS Property Group

AGENDA

� Strategy

• Progress on strategic objectives

� Portfolio update

• Total portfolio

• Office

• Industrial

• US industrial

� Market outlook

• Australian office markets

• Sydney CBD office market

• Australian industrial markets

� Summary

123 Albert Street, Brisbane, QLD

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DEXUS Property Group 2012 September Quarterly Update — Slide 2 DEXUS Property Group 2012 September Quarterly Update — Slide 2

STRATEGY
A clear and focused strategy

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DEXUS Property Group 2012 September Quarterly Update — Slide 3

STRATEGY Earnings and portfolio targets

• Australian office — aspire for clear leadership

DXS earnings composition  DXS portfolio composition
target[1 ]target[1 ]

• Most efficient and profitable operation

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8%
10-20%
22%
80-90%
70%
Current allocation 2 New target
Office Industrial US industrial
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• Leadership in leasing, tenant relationships and deal flow

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• Australian industrial — retain leadership position

• Industrial exposure provides benefits to DXS investors in terms of yield

• NPS partnership demonstrates commitment to industrial

• Developments underway at Wacol, QLD and Erskine Park, NSW

• Portfolio composition to remain at upper end of target range in short to medium term

• Exit from non-core offshore markets

Maximum of 15% of funds under management
exposure to development in DXS portfolio

1. Target of 3-5 year timeframe. 2. As at 30 September 2012, including the NPS partnership and the acquisitions of 50 Carrington Street, Sydney and 12 Creek Street, Brisbane.

DEXUS Property Group 2012 September Quarterly Update — Slide 4

STRATEGY Progress on strategic objectives and initiatives

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STRATEGIC OBJECTIVES INITIATIVES FY13 PROGRESS
Total portfolio by value [1]
OFFICE � Proactively managing and driving performance �
Being the leading owner and manager of �� Redeploying excess capital into core Australian office markets Enhancing tenant relationships through implementing new � 8% or 33 offshore properties [2 ]
Australian office systems and practices �
70% or 30
22% or 44 office
industrial properties
CORE CAPABILITIES properties $7.0bn
Having the best people, � Implementing programs and systems to enhance core capabilities �
strongest tenant � Embedding a culture of service excellence and high performance �
relationships and most � Creating operational efficiencies and reducing costs �
efficient systems
CAPITAL PARTNERSHIPS Office portfolio by value [1]
Being the wholesale � Growing third party funds management business through 13% or 4 other 63% or 18
partner of choice in ― Developing new capital partners � properties Sydney
― properties
office, industrial and Partnering with third party funds on investment opportunities � 10% or 2
retail Brisbane
properties
$4.9bn
CAPITAL & RISK 14% or 6
MANAGEMENT � Progressing the exit of non-core offshore markets � Melbourne
Actively managing our � Reducing the cost and improving the access to capital � properties
capital in a prudent and � Progressing the recycling of non-core Australian properties �
disciplined manner
1. As at 30 September 2012, excludes cash and includes the acquisitions of 50 Carrington Street, Sydney and 12 Creek Street, Brisbane.
2. Includes US west coast and European portfolios.
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DEXUS Property Group 2012 September Quarterly Update — Slide 5

STRATEGY Progress on strategic objective — Office

• STRATEGIC OBJECTIVE INITIATIVES FY13 PROGRESS � Proactively managing and driving performance of � Achieved leasing success at newly acquired

• OFFICE the office portfolio properties, prior to settlement

• Being the leading � Redeploying excess capital into core Australian � Exchanged contracts to acquire 50 Carrington

• owner and manager office markets Street, Sydney and 12 Creek Street, Brisbane of Australian office � Enhancing tenant relationships through implementing � Progressed implementation of enhanced new systems and practices property services platform

• Progress in detail � Early leasing access to newly acquired properties producing positive results — At 50 Carrington Street, Sydney we have renewed 1,781sqm ahead of settlement due on 30 November 2012 – Commenced $5.3m capital program including refurbishment of two floors, lobby and lift upgrades and improved amenity

• – Increased WALE[1] from 2.2 years to 2.9 years

• — At 12 Creek Street, Brisbane[2] we have leased 2,060sqm ahead of settlement due on 31 October 2012 – Increased WALE[1] from 4.5 years to 5.5 years with occupancy up 0.8% to 95.4%

• � Established customer relationship management (CRM) system to enhance tenant relationships � Enhanced property services platform to be implemented prior to Christmas — Platform to improve property services and facilities management capabilities, accessing best in class technology to drive total return outperformance

• 1. Weighted average lease expiry by income. 2. Owned jointly with DEXUS Wholesale Property Fund. DEXUS Property Group 2012 September Quarterly Update — Slide 6

STRATEGY Progress on strategic objective — Core capabilities

STRATEGIC OBJECTIVE INITIATIVES FY13 PROGRESS CORE � Implemented the DEXUS Leasing Console CAPABILITIES � Implementing programs and systems to enhance core � Decision to relocate our head office to people, strongest Having the best � capabilities Embedding a culture of service excellence and high Australia Square tenant relationships performance � Announced a new remuneration framework and most efficient � Creating operational efficiencies and reducing costs � Appointment of new Head of office and industrial systems pre Christmas

Progress in detail

• Leasing console launched on 30 July

• Dashboard-style application, enabling leasing analysis and decisions to be made real-time

• Operates from an iPad and other portable devices, allowing on-the-run analysis

• 22 active users allowing team to focus on value-add and income generating activities

• 600+ lease calculations have been completed since 30 July, saving over 200 hours

• DEXUS head office to relocate to levels 25 and 26 of Australia Square from May 2013 — DEXUS to be located in a building owned by the Group and expected to save approx. $1m p.a. in rent

• The move will enable the creation of a new workplace that supports our culture of service excellence and high performance in a location that aligns with our new vision

• DEXUS’s new remuneration framework to be voted on at the AGM on 5 November

• The appointment of a new Head of office and industrial to be announced pre Christmas

DEXUS Property Group 2012 September Quarterly Update — Slide 7

STRATEGY

— Progress on strategic objective Capital partnerships

• STRATEGIC OBJECTIVE INITIATIVES FY13 PROGRESS CAPITAL � Growing third party funds management business

• PARTNERSHIPS � Capital partnership with NPS now established through

• Being the wholesale ― � In final stages for new capital for DWPF Developing new capital partners

• partner of choice in ― � Currently exploring other capital partnership office, industrial Partnering with third party funds on investment opportunities and retail opportunities

Progress in detail

• Partnership with the National Pension Service of Korea (NPS), advised by Heitman, has been established following settlement on 2 October

• Initial investment of $360m[1] with potential to increase to $800m

• DWPF delivered a 12 month[2] total return of 8.6%, outperforming its benchmark over 1, 3 and 5 years

• STC outperformed its benchmark over 1, 3 and 5 years

• DWPF in final stages with a new investor for approximately $300m of new capital

• DXS partnered with DWPF for the acquisition of 12 Creek Street, delivering an IRR[3] of 10.2% for DXS investors

• Capital partners seek � Governance: best practice corporate governance and strong conflict identification and management

• � Capability: experienced people with a strong reputation as well as defined, robust processes and established practices

• Performance: track record of outperformance together with financial strength and liquidity

• DEXUS seeks

• Fewer, deeper relationships with like minded parties

• Alignment with our investment strategy and participation through the cycle

• � Market based fees

• Partners who recognise our specialist skills and the value we add

• Joint venture ownership of 13 industrial properties in Sydney and Melbourne.

• 12 months ended 30 September 2012.

• Forecast 10 year unlevered internal rate of return including DEXUS funds management fees.

DEXUS Property Group 2012 September Quarterly Update — Slide 8

Progress on strategic objective — Capital and risk management

STRATEGY

Progress in detail � Sale of the remaining US portfolio is progressing well, with negotiations underway — Expect terms to be agreed prior to Christmas � Issued $180m in four separate MTN transactions — Average all-in yield of 5.75% and 5.8 year tenor — Improving the cost, duration and diversity of debt CAPITAL & RISK MANAGEMENT Actively managing our capital in a prudent and disciplined manner � Progressing the exit of non-core offshore markets � Reducing the cost and improving the access to capital � Progressing the recycling of non-core Australian properties STRATEGIC OBJECTIVE INITIATIVES	FY13 PROGRESS
	Progressed sale of remaining US portfolio Issued $180m in four MTN transactions Progressing on-market securities buy-back Non-core Australian properties to be divested over the next 3 years � � � �
	Capital management 30 Sep 12 30 Jun 12
	Cost of debt1 6.0% 6.1% Duration of debt2 4.3 years 4.2 years Hedged debt3 71% 73% Gearing 29.3% 27.2% Pro-forma gearing4 29.9% n/a Undrawn facilities (approx.) $400m $570m S&P/Moody’s credit rating BBB+/Baa1 BBB+/Baa1

• On-market buy-back continued with a total of $128m in securities bought back and now 64% complete

• DEXUS Treasury team awarded Corporate Treasury Team of the Year at the Annual Capital/CFO Magazine award

• Weighted average of the hedged rate and floating rates at period 3. end date, inclusive of fees and margins on a drawn basis. 4.

• Weighted average. DEXUS Property Group 2012 September Quarterly Update — Slide 9

• Average across the period. 4. Adjusted for the settlement of the NPS partnership and the acquisitions of 50 Carrington Street, Sydney and 12 Creek Street, Brisbane.

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PORTFOLIO UPDATE
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DEXUS Property Group 2012 September Quarterly Update — Slide 10

PORTFOLIO UPDATE Total portfolio

Achievements

• Leased a total of 198,038sqm[1] across the portfolio, in 87 transactions over the quarter

• 6 properties revalued during quarter

  • $21.6m valuation uplift or 3.6% on book value[2 ]

• On track to complete four industrial developments by 31 Dec 2012

• Greystanes: 31,510sqm over two facilities with cost of $45.5m and 8.8% yield on cost — 67% pre-leased

• Wacol: 13,630sqm over two facilities with cost of $17.8m and 9% yield on cost — 57% pre-leased

• Secured $1.25m of trading profits through the sale of two completed developments[4] as part of the NPS partnership

• Trading profit guidance for FY13 reduced from approx. $5m to approx. $2m as we are considering our options whether to hold or sell several development projects, including Wacol

	DXS portfolio	30 Sep 12	30 Jun 12
	Total number of properties3 Total NLA (sqm)	107 2.5m	106 2.5m
	Occupancy by area	94.7%	93.4%
	Occupancy by income	95.5%	95.8%
	Weighted average lease expiry	4.8 years	4.7 years
	Funds under management	30 Sep 12	30 Sep 12
	Total property portfolio3 Office portfolio3	DXS $7bn	Group $13bn
	Value	$4.9bn	$6.8bn
	% FUM	70%	53%
	Target	80-90%	n/a
	Development and repositioning
	Value	$0.2bn	n/a
	% FUM	3%	n/a
	Target	<15%	n/a

1. Includes heads of agreement (HOA). 3. Includes 50 Carrington Street, Sydney and 12 Creek Street, Brisbane. 2. Based on prior book values of properties valued. 4. Fastline and Toll facilities at Laverton North, VIC.

DEXUS Property Group 2012 September Quarterly Update — Slide 11

PORTFOLIO UPDATE Office

Achievements

• Leased 45,234sqm across 36 transactions, including heads of agreement (HOA) over 11,835sqm

• Department of Finance exercised a five year option over 23,528sqm at 8 Nicholson Street, Melbourne

• HOA over 3,847sqm at Southgate in Melbourne

• HOA over four suites totalling 1,419sqm at 1 Bligh Street, Sydney — now 93% committed

• Occupancy[3] decreased 0.9% to 96.2%

• Comcare vacated 14 Moore Street, Canberra with active negotiations now underway

• WALE increased to 5 years

• $19.2m valuation uplift from three properties, 3.6% increase on prior book value

• On track to achieve NABERS Energy 4.5 stars rating by 31 Dec 2012

	DXS office portfolio	30 Sep 12	30	Jun 121
	Number of properties2	30		30
	Occupancy by area3	96.2%		97.1%
	Occupancy by income Number of leases signed	96.2% 11		96.8% 48
	Number of lease terms agreed	25		30
	Retention rate YTD4 Retention rate 12 months4	77% 72%		66% 66%
	Weighted average lease expiry	5.0 years	4.9 years
	Office markets	Vacancy	Incentives
	Sydney	8.6%		26%
	Melbourne	8.3%		22%
	Brisbane	8.8%		24%
	Perth	4.0%		7%
	National average	8.3%		21%
	DXS portfolio average	3.8%		8.0%5

• At 30 Sep 2012 the average NABERS Energy rating is 4.3 stars

• As at 30 June 2012 except leases signed and terms agreed which represent 12 months to 30 June 2012. 2. Includes the acquisitions of 50 Carrington Street, Sydney and 12 Creek Street, Brisbane. 3. By ownership.

• By area. 5. DXS incentives for quarter ended 30 September 2012, average across all office leases.

DEXUS Property Group 2012 September Quarterly Update — Slide 12

PORTFOLIO UPDATE Office

	Leasing focus	Tenant	Area (sqm)1	Area (sqm)1	Ownership	Expiry	Status
			16 Aug 2012	24 Oct 2012		status
	FY13 1 Bligh Street	Vacant	4,482	3,063	33%	Available	1,419sqm secured under heads of agreement,
	45 Clarence Street	Vacant	3,735	3,735	100%	Available	part of remaining space under negotiation Refurbishment completed, part under
	Australia Square	Vacant	7,045	5,135	50%	Available	negotiation DEXUS to lease 2,064sqm from May 13.
	14 Moore Street	Comcare	7,267	7,267	100%	Sep 12 -	Marketing balance Active negotiations underway
						May 13
	8 Nicholson Street	Government	23,528	0	100%	Jun 13	Tenant exercised five year option
	FY14 Woodside Plaza	Woodside	4,281	4,281	100%	Nov 13	In discussions with current tenant
	30 The Bond	Lend Lease	17,547	17,547	100%	Mar 14	In discussions with current tenant
	GPT, 1 Farrer Place	Corrs	7,371	7,371	50%	May 14	Marketing
	FY15 GMT, 1 Farrer Place	NSW Gov’t	20,406	20,406	50%	Dec 14	Continuing discussions with tenant and marketing the space

1. At 100%.

DEXUS Property Group 2012 September Quarterly Update — Slide 13

PORTFOLIO UPDATE Industrial

Achievements

• Leased 96,931sqm across 29 transactions, including HOA over 18,670sqm

• Leased a further 30,057sqm at Whicker Road Gillman

• Currently 96% leased with average rents 32% higher than June 2012 passing rents

• Occupancy[2] increased 2.3% to 94.0%

• Other major leasing transactions include

• Minna Close: leased entire warehouse (3,551sqm) for three years commencing 10 September 2012

	DXS industrial portfolio	30 Sep 12	30	Jun 121
	Number of properties	44		45
	Occupancy by area2	94.0%		91.7%
	Occupancy by income Average incentive	93.0% 5.1%		92.8% 5.5%
	Number of leases signed	26		91
	Number of lease terms agreed	3		—
	Retention rate YTD3	66%		59%
	Retention rate 12 months3	57%		59%
	Weighted average lease expiry	4.3 years	4.4 years

• Huntingwood: renewed 6,829sqm for three years commencing 1 December 2012

• Rosebery: renewed 7,604sqm for five years commencing 1 March 2013

• HOA over a new 18,670sqm development for a seven year pre-lease at Laverton North

• $2.4m valuation uplift from three properties, a 4.3% increase on prior book value

• As at 30 June 2012 except leases signed and terms agreed which represent 12 months to 30 June 2012. 2. By ownership.

• By area.

DEXUS Property Group 2012 September Quarterly Update — Slide 14

PORTFOLIO UPDATE

Industrial — 15-23 Whicker Road, Gillman, SA

DEXUS Property Group 2012 September Quarterly Update — Slide 15

PORTFOLIO UPDATE
US industrial

Achievements

• Leased 55,873sqm across 22 transactions at market rents and average incentives of 7.2%

• Occupancy[3] increased 1.7% to 98.8%

• Achieved 90% retention year to date

• Achieved 100% retention at Riverbend Corporate Park, Seattle where 91% of total area was due to expire in FY13

• WALE remains stable at 4.4 years

• Portfolio well positioned for sale

	DXS US industrial portfolio	30 Sep 12	30 Jun 121
	Number of properties2	27	27
	Occupancy by area	98.8%	97.1%
	Occupancy by income	99.2%	98.2%
	Average incentive	7.2%	7.1%
	Number of leases signed	20	49
	Number of lease terms agreed	2	1
	Retention rate YTD3	90%	66%
	Retention rate 12 months3	77%	66%
	Weighted average lease expiry	4.4 years	4.4 years
	US industrial market		Vacancy
	Los Angeles		6.4%
	Inland Empire		11.3%
	San Diego		14.3%
	Seattle		10.2%
	DXS portfolio average		1.2%

1. As at 30 June 2012 except leases signed and terms agreed which represent 12 months to 30 June 2012.

2. Comprises 24 properties in west coast markets and 3 land parcels in Texas. 3. By area.

DEXUS Property Group 2012 September Quarterly Update — Slide 16

MARKET OUTLOOK

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TITLE SLIDE HEADER
Sub title (Trebuchet 18 pt)
Presenter title
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DEXUS Property Group 2012 September Quarterly Update — Slide 17

MARKET OUTLOOK

Australian office markets — reasonably balanced mid-term outlook

Markets well positioned for soft period of demand

• Demand subdued due to weak business confidence and global uncertainty

• Demand is cyclical, expected to improve in FY14 as monetary policy stimulus improves business confidence and jobs growth

• Overall, national committed supply is low during 2013-2014, with vacancy levels close to long term averages

• In Sydney, low supply and below average demand should see vacancy trend sideways and down over the next three years

• In Melbourne, above average supply will cause vacancy to rise, limiting growth in the short term

• In Perth and Brisbane, below average supply will keep vacancy low over the next three years

Net committed supply as % of stock

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6% 6%
5% 5%
4% 4%
3% 3%
2% 2%
1% 1%
0% 0%
-1% -1% Sydney Syd Melbourne Mel Brisbane Bris Perth Per
2011 2011 2012 2012 2013 2013 2014 2014 2015 2015 10yr average 10yr average
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Vacancy forecast 2011-15

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

10% 10%
8% 8%
6% 6%
4% 4%
2% 2%
0% 0%
Sydney Syd Melbourne Mel Brisbane Bris Perth Per
2011 2012 2013 2014 2015 10yr average
2011 2012 2013 2014 2015 10 yr average
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Source: Jones Lang LaSalle actual and DEXUS forecast.

DEXUS Property Group 2012 September Quarterly Update — Slide 18

MARKET OUTLOOK Sydney CBD office — demand

Mixed demand outlook in the short term

• Jobs growth in the finance sector expected to remain weak over the next 12 months before improving as lower interest rates stimulate credit growth

• Government sector not a major contributor to jobs growth the CBD in the past — or future

• Business services, including lawyers and accountants to show steady growth medium term

• Medium to longer term view more positive

• Access Economics are forecasting a cyclical improvement in demand in the period 2014 and 2015, which means demand would be peaking at the same time as new supply in 2015

White collar employment by industry — Sydney CBD

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

number
14,000
12,000
10,000
8,000
6,000
4,000
2,000
0
-2,000
-4,000
-6,000
2000 2002 2004 2006 2008 2010 2012 2014
Business Services Finance Public Admin Other
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Net absorption — Sydney CBD
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‘000sqm
250
200
150
100
50
-
-50
-100
-150
2000 2002 2004 2006 2008 2010 2012 2014
Net Absorption Demand implied by WC jobs growth
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Source: Deloitte AE, DEXUS Research.

DEXUS Property Group 2012 September Quarterly Update — Slide 19

MARKET OUTLOOK
Sydney CBD office — supply and availability

Below average supply in the short term rising to
above average in 2015

• Current vacancy at 8.6%, below the 10 year average of 8.8%

• A large number of prime contiguous floors are available, primarily in the core

• Two projects due to complete in 2013 offset by a number of withdrawals

• Forecast supply is at a similar magnitude to historical supply cycles

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Total completions — Sydney CBD
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----- Start of picture text -----

‘000sqm
350
300
250
200
150
100
50
0
1990 1993 1996 1999 2002 2005 2008 2011 2014 2017
Total completions Barangaroo 20yr average
----- End of picture text -----

• Barangaroo office supply is:

• Approximately 5% of Sydney CBD’s stock

• 28% of Sydney CBD’s forecast gross supply over the next decade

DEXUS Property Group 2012 September Quarterly Update — Slide 20

MARKET OUTLOOK

Sydney CBD office — supply and availability

• Continual focus on leasing and managing lease expiry risk will be required in Sydney market

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—
Proactive asset managers with superior expertise will be the winners
Sydney supply, withdrawals and major backfill
000’s m [2 ]
120
80
40
0
-40
2013 2014 2015 2016 2017
Proposed. Withdrawn Refurbs Backfill. Committed. Uncommitted.
19 Pitt St 20 Martin Place e St g h St 33 Blig uarie St q 8-12 Chifley 99 Elizabeth St 255 Geore St g h St g MLC centre 363 Geore St g 135 Kin St g 52 Martin Pl 155 Clarence St e St g 48-50 Martin Pl 1 Martin Pl 19 Martin Pl Tower p 108-120 Pitt St ) 301 Kent St 38-44 York St 275 Kent St The Bond 10 Shelle St y 383 Geore St g 255 Elizabeth St 225 Geore St g Baranaroo 1 g aroo 2 Barang 55 Market St 33-35 Pitt St 182 Geore St g 60 Martin Place 1 Alfred St 115 Bathurst St 20 Martin Place e St g 333 George Central Park)( 680 Geore St g IMAX site)( aroo 3 Barang 19-31 Pitt St h St 33 Blig Thakral House)(
190-200 Geor 71-79 Mac 161 Castlerea 478-480 Geor 190-200 Geor
Governor Philli 1 Wheat Rd e St g 137-151 Clarence St
5 Martin Pl(
430-450 Pitt St 301 Geor
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DEXUS Property Group 2012 September Quarterly Update — Slide 21
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MARKET OUTLOOK Sydney CBD office — Barangaroo

• Western Precinct (WP) is undergoing a positive transformation with high quality tenants moving to the area

• Delivery of approx. 300,000sqm of premium office space, world class retail and dining, luxury residential apartments, cultural and entertainment offerings and a premium hotel

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Western precinct market rents vs Barangaroo rents
$1,200
$1,100
$1,000
$900
$800
$700
$600
$500
Current WP rent Barangaroo estimate rent
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• DEXUS properties to benefit from:

• Improved accessibility with new transport links including buses and ferries along with better access to Wynyard station

• Rents on existing buildings to re-rate due to higher benchmark rents on new developments

• Market rent reviews to capture expected uplift in precinct over the longer term

DEXUS western precinct lease expiry profile[1 ]

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Expiries SQM
10% 60,000
8%
40,000
6%
4%
20,000
2%
0% 0
FY13 FY14 FY15 FY16 FY17 FY18 FY19
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Source: DEXUS Research *gross face rents. 1. As percentage of total DEXUS office portfolio.

DEXUS Property Group 2012 September Quarterly Update — Slide 22

MARKET OUTLOOK

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Sydney CBD office — Barangaroo
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Barangaroo
central
Barangaroo
South
C4
C5
C3
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30 The Bond

• Different product from offering at Barangaroo – building expected to be re-rated

45 Clarence Street

• Benefit from close proximity and entrance via Margaret Street and proximity to Barangaroo

One Margaret Street

• New podium entrance into Wynyard Walk to be constructed near property providing direct and improved access to Wynyard railway station

Napoleon Plaza

• Proposed pedestrian open space area between the Sussex Street bridge and Wynyard Walk tunnel and will integrate with existing Westpac Place

Wynyard Walk

• Proposed underground tunnel connecting Wynyard railway station and lower Western Precinct with a bridge over Sussex Street

83 Clarence Street (Third party property)

• Rents in property benefitted from completion of Westpac Place and are expected to benefit from Barangaroo

309-321 and 383 Kent Street

• Potential increase in amenity from public transport links including buses and ferries

DEXUS Property Group 2012 September Quarterly Update — Slide 23

MARKET OUTLOOK Australian industrial markets — well positioned

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East Coast supply vs long term average
000’s m²
2,500
2,000
1,500 10 year average
1,000
500
0
2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
Sydney Melbourne Brisbane
National prime vacancy declining
8%
6%
4%
2%
0%
H208 H109 H209 H110 H210 H111 H211 H112
Prime Secondary
Source: Jones Lang LaSalle, Access Economics, DEXUS Research
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Lack of supply leading to low vacancy

• Subdued demand in the short term, expected to improve in FY14 in line with economic conditions and import growth

• Steady flow of inquiries in western Melbourne and outer western Sydney but overall pre-commitment market competitive

• Prime vacancy has fallen and is expected to stay low in FY13 and secondary vacancy remains high but is beginning to fall

  • Western Melbourne and outer western Sydney prime vacancy <1%

• Net prime face rents are expected to remain relatively stable in FY13, with incentives elevated in Melbourne

• Investment market for prime stock remains strong and well supported

• Opportunity for speculative development based on low construction tenders and lack of quality available stock

Source: Jones Lang LaSalle, Savills Industrial Stock Survey, DEXUS Research.

DEXUS Property Group 2012 September Quarterly Update — Slide 24

SUMMARY

• Solid progress and execution of revised strategy

• Strong leasing results in office and industrial portfolios

• High exposure to deal flow, on and off-market

• We are confident we have the scale, expertise and strategy to continue to grow earnings

• Market guidance[1] for FY13 reaffirmed:

• FFO per security: 7.75 cents

• Distribution per security: 5.8 cents

1 Bligh Street, Sydney, NSW

• 1.Barring unforeseen circumstances and assuming a 75% payout ratio, delivering 2% like-for-like NOI growth in office portfolio, approx. $2m in trading profits, cost of debt at 6.0% and excluding impacts of any further on-market securities buy-back.

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DEXUS Property Group 2012 September Quarterly Update — Slide 25

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.

DEXUS Property Group 2012 September Quarterly Update — Slide 26

2012 DEXUS PROPERTY GROUP SYDNEY CBD OFFICE TOUR

OCTOBER 2012

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CONTENTS
DXS OFFICE PORTFOLIO		1
50 CARRINGTON STREET, SYDNEY		6
45 CLARENCE STREET, SYDNEY		10
AUSTRALIA SQUARE, 264-278 GEORGE	STREET, SYDNEY	14
NOTES		20
NO. OF PROPERTIES	BOOK VALUE		NET LETTABLE AREA
30	$4.9bn		623,391 sqm

Cover: 50 Carrington Street, Sydney, NSW This page: Sydney CBD looking east All figures are as at 30 September 2012 unless otherwise stated.

DXS OFFICE PORTFOLIO

1 12 month rolling tenant retention. Year to date tenant retention is 77%.

1

DEXUS PROPERTY GROUP SYDNEY CBD OFFICE TOUR

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DXS OFFICE PORTFOLIO
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201 Elizabeth St
50% owned, externally managed
1 Bligh St
33% owned, 100% managed
1 Bligh St
33% owned by DWPF, 100% managed
GMT/GPT
50% owned, 100% managed
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2 DEXUS PROPERTY GROUP SYDNEY CBD OFFICE TOUR

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44 Market St
100% owned, 100% managed
383–395 Kent St
100% owned, 100% managed
309–321 Kent St
50% owned, 100% managed
83 Clarence St
100% owned by STC, 100% managed
One Margaret St
100% owned, 100% managed
45 Clarence St
100% owned, 100% managed
50 Carrington St
100% owned, 100% managed
Australia Square Complex
50% owned, externally managed
30 The Bond
100% owned, 100% managed
Gateway
100% owned by DWPF, 100% managed
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3

DEXUS PROPERTY GROUP SYDNEY CBD OFFICE TOUR

DXS OFFICE PORTFOLIO

GEOGRAPHICAL WEIGHTING BY VALUE

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PERTH 9%
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----- Start of picture text -----

BRISBANE 10%
SYDNEY 63%
CANBERRA 2%
MELBOURNE 14% AUCKLAND 2%
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PROPERTY TYPE BY VALUE

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Premium 37%
A-Grade 51%
$4.9bn B-Grade 4%
Office & business parks 4%
Car parks & land 4%
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SUSTAINABILITY HIGHLIGHTS

AVERAGE NABERS ENERGY RATING 4.3 STARS AVERAGE NABERS WATER RATING 3.3 STARS

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ENERGY CONSUMPTION/INTENSITY WATER CONSUMPTION/INTENSITY GHG EMISSIONS/INTENSITY
700 900 150
140
600 800
7.6% 130
9.2%
500 700 120
110 9.3%
400 600
100
300 500 90
FY08 FY09 FY10 FY11 FY12 FY08 FY09 FY10 FY11 FY12 FY08 FY09 FY10 FY11 FY12
33.6% reduction 26.9% reduction 33.6% reduction
-e/sqm2
Litres/sqm
Kg CO
Megajoules/sqm
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4 DEXUS PROPERTY GROUP SYDNEY CBD OFFICE TOUR

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1 50 Carrington St 2 44 Market St Observatory
Park
7
3 383-395 Kent St 4 309-321 Kent St
8
5 One Margaret St 6 45 Clarence St
6 9
10
5
1
7 30 The Bond 8 1 Farrer Place Pl
DXS
4
9 1 Bligh St 10 Australia Square
3
2
0 50 100 150 Hyde Park
11 201 Elizabeth St Metres (North)
TOUR PROPERTIES
11
WINDMILL STREET
MARGARET STREET
MARKET STREET
ERSKINE STREET
KING STREET
ALFRED STREET
DRUITT STREET
BRIDGE STREET
WYNYARD STREET
CAHILL EXPRESSWAY
MARTIN PLACE
BATHURST STREET
PARK STREET
Circular Quay
HUNTER STREET
BENT STREET
SPRING ST
O’CONNELL STREET
BLIGH STREET
WESTERN DISTRIBUTOR
PHILLIP STREET
MACQUARIE STREET
PITT STREET
PHILLIP STREET
YORK STREET
ELIZABETH STREET
HICKSON ROAD
KENT STREET
SUSSEX STREET CLARENCE STREET
KENT STREET
CASTLEREAGH STREET
Wynyard Park CARRINGTON STREET
GEORGE STREET
KENT STREET
PITT STREET MALL
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5

DEXUS PROPERTY GROUP SYDNEY CBD OFFICE TOUR

50 CARRINGTON STREET SYDNEY

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50 Carrington Street is a core office property located in the heart of the Sydney CBD, with strong repositioning potential where we will be able to demonstrate our real estate expertise to drive enhanced performance.

DEXUS acquired 50 Carrington Street, Sydney for $58.5 million (excluding acquisition costs) or $5,180 per square metre and represents an acquisition capitalisation rate of 8.0%.

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MARGARET STREET
ERSKINE STREET
MARTIN PLACE
PIT
YORK STREET Wynyard Park CARRINGTON STREET
GEORGE STREET
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The office property is a 15-level A-Grade building providing 10,920 square metres of office accommodation and 372 square metres of ground floor retail space. The property features a flexible floor plate design with the ability to occupy part of a floor or two contiguous and interconnecting floors.

50 Carrington is located within the core precinct of the Sydney CBD overlooking Wynyard Park, approximately 100 metres from Martin Place.

The property has been acquired off-market from the Retail Employees Superannuation Trust (REST) and is expected to settle on 30 November 2012.

In line with our investment criteria, 50 Carrington Street provided a cost effective way of getting access to a high quality property, where the cost of acquisition plus repositioning is well below replacement cost.

6 DEXUS PROPERTY GROUP SYDNEY CBD OFFICE TOUR

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Artist’s impression of proposed entrance
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PROPERTY DETAILS AT 16 AUGUST 2012

LEASE EXPIRY BY INCOME AT 16 AUGUST 2012

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Acquisition price excluding costs (A$m) 58.5
Acquisition rate ($ per sqm) 5,180
Net lettable area (sqm) 11,292
Initial yield (%) 5.2
Cap rate (%) 8.0
Target IRR [1] (%) 11.2
Occupancy by area (%) 61.3
Occupancy by income (%) 62.3
Weighted lease term by income (years) 2.2
NABERS Energy rating 3.0
Major tenants Wham 22%
REST 22%
KANNFINCH 20%
Ownership DXS 100%
1 Three year project IRR.
Available FY13 FY14 FY15 FY16 FY17 FY18 FY19 FY20 FY21 FY22+
35%
21%
14%
12%
8%
3% 3% 2% 2%
0% 0%
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DEXUS PROPERTY GROUP SYDNEY CBD OFFICE TOUR 7

50 CARRINGTON STREET, SYDNEY

Key achievements since exchange

Since exchange of contracts to acquire the property we have developed and commenced our leasing marketing strategy and we have commenced capital works in line with our repositioning strategy.

We anticipate having our new base building display floors 90% complete before settlement on 30 November 2012 and we will be able to immediately launch the new 50 Carrington Street from 1 December 2012.

A $5.3 million capital expenditure program plan includes:

• n upgrading the lobby and entrance experience of the property

• n significant mechanical plant to provide on floor comfort for tenants and improve the NABERS rating to 4.5 stars

• n upgrade works to lift cars

• n significant refurbishment changes to the base building floors and amenity

We believe the newly refurbished floors will attract solid demand from target niche groups looking for modern and unique building accommodation rather than the more traditional office style often found in the Sydney CBD.

The façade glass[2] in the low rise floors will be replaced to provide 30% more natural daylight to penetrate the floors and further improve tenants’ experience at 50 Carrington Street.

We have commenced a proactive leasing campaign and have been actively talking to tenants regarding upcoming lease expires. We have successfully renewed terms with two tenants for a total of 1,781 square metres and are finalising terms with another tenant for 396 square metres over a four year period.

As a result, we have already increased the building’s average lease expiry from 2.2 years to 2.9 years and maintained occupancy at 61.3%

Corporate Responsibilty and Sustainability

50 Carrington Street provides us with an opportunity to acquire a well located boutique property and demonstrate our capabilities to add value in repositioning the property and enhancing the property’s energy and water sustainability initiatives.

We have developed a strategic improvement plan to upgrade the building to a 4.5 star NABERS Energy rating through several initiatives including replacing the central plant equipment, installing variable speed drive controls and lighting upgrades.

As a result of these upgrade works, we are targeting over 200,000 kilowatt hours of energy savings per annum, equivalent to approximately $45,000 per annum.

Tenancy profile

Level 13	Wham	Wham
Level 12	Wham
Level 11	Australian Computer Society
Level 10	REST
Level 9	KANNFINCH
Level 8	O’Connell Leasing	TPD Nominees
Level 7	REST
Level 6	ADMA	Vacant
Level 5	Vacant
Level 4	Vacant
Level 3	Vacant
Level 2	Vacant
Level 1	Taiwan Cooperative Bank	Vacant
Mezzanine	KANNFINCH
Ground retail	The Austral Brick Co	Green Bean Espresso

2 Subject to council approval.

8 DEXUS PROPERTY GROUP SYDNEY CBD OFFICE TOUR

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Existing floor space
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Typical floor plate

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DEXUS PROPERTY GROUP SYDNEY CBD OFFICE TOUR

45 CLARENCE STREET SYDNEY

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45 Clarence Street offers modern A-Grade office facilities located in the western corridor of the Sydney CBD.

Benefiting from an extensive refurbishment, this 28 storey landmark tower offers a completely revitalised and technology driven office environment boasting large and efficient floor plates averaging 1,200 square metres.

45 Clarence Street also offers 162 car spaces and first class amenities including, five male and female showers, change rooms and locker facilities.

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MARGARET STREET
ERSKINE STREET
WESTERN DISTRIBUTOR
YORK STREET
CLARENCE STREET
KENT STREET
Wynyard Park
GEORGE STREET
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The building presents a bold entrance statement to impress all who step into its spacious and interactive lobby. Three distinct, yet open, spaces – a corporate entry, an airy and informal lounge area and a chic café – combine to create a truly inviting ambience.

45 Clarence Street is a landmark building with an address that maximises its position in the western corridor of the Sydney CBD. It is in a prime location, close to the corner of Margaret Street and will benefit from the proposed “Wynyard Walk” linking Wynyard railway station to Barangaroo via a pedestrian walkway under the city as well as the proposed new rail entrance to Wynyard on Clarence Street.

The property provides excellent vehicular access to the Sydney Harbour Bridge, Western Distributor and Eastern Suburbs.

10 DEXUS PROPERTY GROUP SYDNEY CBD OFFICE TOUR

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PROPERTY DETAILS AT 30 JUNE 2012

Building type	A-Grade office
Title	Freehold
Metro area	Sydney
Zoning	City centre
Site area (hectares)	0.4
Net lettable area (sqm)	32,091
Typical floor area (sqm)	1,250
Number of buildings	1
Car parking spaces	162
NABERS Energy rating
(with GreenPower)	5.0
NABERS Energy rating
(without GreenPower)	5.0
NABERS Water rating	3.5
Year built	1990
Major tenants	Lloyds International 26%
	Bank of Western Australia 14%
	International SOS 11%
Ownership	DXS 100%

PROPERTY STATISTICS AT 30 JUNE 2012

PROPERTY STATISTICS AT 30 JUNE 2012
Acquisition date	Dec 1998
Book value (A$m)	250.3
Independent valuation date	Jun 2011
Independent valuation (A$m)	247.5
Market cap rate (%)	7.13
Initial yield (%)	6.48
Discount rate (%)	9.00
Leased by area (%)	88
Weighted lease term byincome (year/s)	3.0

LEASE EXPIRY BY INCOME AT 30 JUNE 2012

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Available FY13 FY14 FY15 FY16 FY17 FY18 FY19 FY20 FY21 FY22+
42%
17%
14%
12%
5%
3% 3% 3%
1% 0% 0%
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DEXUS PROPERTY GROUP SYDNEY CBD OFFICE TOUR

45 CLARENCE STREET, SYDNEY

Key achievements

As a result of our proactive leasing approach we have successfully leased/renewed 49% of the property since 1 July 2011 including:

• n renewed terms with two tenants for 3,057 square metres with expiries now in FY16/FY17

• n extended two existing leases for 9,381 square metres, both for an additional two years

• n assisted growth plans for two tenants by offering them additional space within the building

• n introduced five new tenants occupying 2,765 square metres, on lease terms of five years or greater

• A highlight of this new leasing was the successful retention of two tenants within the DEXUS portfolio:

• n MYOB was previously at 383 Kent Street and were looking to reduce their tenancy size. Through our relationship and understanding of their business, we were able to meet their needs by offering them level 5 in 45 Clarence Street, Sydney

• n similarly we have negotiated with a tenant to relocate from Australia Square to 45 Clarence Street in June 2013

Corporate Responsibilty and Sustainability

In line with the office portfolio NABERS Energy rating program, we have completed a full upgrade to the chiller plant, installed a new Building Management and Controls System, retro-commissioning, lighting and metering installations.

As a result, we achieved a 5 star NABERS Energy rating without GreenPower and delivered optimum comfort conditions.

Since the upgrade from 3 stars to 5 stars, the building now uses more than 1.5 million kilowatt hours per annum less electricity and 3.7 million megajoules less gas. This equates to approximately $380,000 in annual savings or $11 per square metre of outgoings per annum.

In addition, through an active procurement program, we have been able to leverage our buying power with key suppliers to add a premium design and enhance performance and functionality while reducing costs by approximately $30 per square metre. Some key features include:

• n installing a modular ceiling system with less visible runners and express jointing

• n installing cushion backed carpet

• n installing dimmable T5 lighting fully compatible with lighting controls system that could save approximately $5,000 in energy per annum

Tenancy profile

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Signage Lloyds International
Level 28 Lloyds International
Level 27 Lloyds International
Level 26 Lloyds International
Level 25 Lloyds International
Level 24 Lloyds International Lloyds International [1]
Level 23 Lloyds International
Level 22 Lloyds International Bankwest
Level 21 Benfield (AXIS)
Level 20 Vacant
Level 19 Vacant
Level 18 Vacant
Level 17 Bankwest
Level 16 Bankwest
Level 15 Media Super QPL
Level 14 Brennan IT
Level 13 Plant room
Level 12 Kaplan Inovia AOA
Level 11 Bankwest
Jones Lang RGL
Level 10 Scotiabank Media Super LaSalle International
Level 9 Resimac
Level 8 International SOS ERA Legal
Level 7 IBM
Consulate
General of REED
Level 6 Brazil Personnel Revolution IT
Level 5 MYOB
Level 4 Kaplan
Level 3 International SOS
Level 2 International SOS
Level 1 International SOS
Ground RapidX
B1 Car park
B2 Car park
B3 Car park
B4 Car park
B5 Car park
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1 HOA agreed for 462 square metres with new tenant from June 2013.

12 DEXUS PROPERTY GROUP SYDNEY CBD OFFICE TOUR

Typical floor plates

The property provides a large flexible floor plate suitable for a number of different workspace scenarios. We have fully refurbished level 18, showcasing the diverse workspace opportunity the building provides for tenants. In addition, levels 19-20 are being refurbished to a blank canvas enabling tenants the opportunity to fit out in their own style.

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A single tenant floor plan Activity based work space
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13

DEXUS PROPERTY GROUP SYDNEY CBD OFFICE TOUR

AUSTRALIA SQUARE 264-278 GEORGE STREET, SYDNEY

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MARGARET STREET
BRIDGE STREET
O’CONNELL STREET
PITT STREET
YORK STREET
Wynyard Park
GEORGE STREET
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One of Sydney’s premier office properties, designed by Australian architect Harry Seidler, Australia Square is situated in the heart of the Sydney CBD.

The complex comprises a 48-level A-Grade circular office Tower building fronting onto George Street and a 13-level Plaza building that fronts Pitt Street. The complex is uniquely situated on an island site, set well back from neighbouring properties with abundant natural light penetration and Sydney Harbour and Bridge views.

The Complex offers high grade office accommodation with large and efficient floor plates appealing to open plan users and activity based workspace designs and provides superior building services and tenant amenities.

The Tower building provides large column free floor plates of over 1,000 square metres, with more than 60% of each floor having a Level A classification for natural light penetration. The building offers tenants a remarkable mix of iconic architecture complemented with the latest modern day amenity to rival the latest developments in the CBD.

The experienced concierge offers tenants a premium hotel style service and the property provides ample tenant and visitor parking and end of trip facilities.

The external Plaza courtyard is an additional feature of the property offering a food court with specialty food retailers, Australia Post, service retailers including hairdressers, newsagency and four ATM’s.

14 DEXUS PROPERTY GROUP SYDNEY CBD OFFICE TOUR

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The Plaza building is a B+ Grade property offering A-Grade services and amenity, benefiting from its proximity to the Tower building. The Plaza building offers 10,100 square metres of lettable area and has a high retention record with a number of tenants who have been in the building for over 10 years.

PROPERTY DETAILS AT 30 JUNE 2012

Building type	A-Grade Office
Title	Freehold
Metro area	Sydney
Zoning	City Centre
Site area (hectares)	0.6
Net lettable area1(sqm)	53,321
Typical floor area (sqm)	1,020
Number of buildings	2
Car parking spaces	385
NABERS Energy rating	Tower 4.5
(with GreenPower)	Plaza 5.0
NABERS Energy rating	Tower 4.0
(without GreenPower)	Plaza 4.5
NABERS Water rating	Tower 4.0
	Plaza 4.0
Year built	1964
Major tenants	Origin Energy 10%
	Wilson Parking 8%
	HWL Ebsworth Lawyers 6%
Ownership	DXS 50%
Co-owner	GPT Group50%

1 100% of the Complex.

PROPERTY STATISTICS AT 30 JUNE 2012

PROPERTY STATISTICS AT 30 JUNE 2012
Acquisition date	Aug 2000
Book value (A$m)	271.5
Independent valuation date	Dec 2011
Independent valuation (A$m)	278.8
Market cap rate (%)	6.92
Initial yield (%)	6.52
Discount rate (%)	9.00
Leased by area (%)	87
Weighted lease term byincome(year/s)	3.6

Australia Square is currently being repositioned, which will ensure that it maintains its prominent placing within the Australian office market.

The repositioning includes:

• n a full lift and controls refurbishment which will be completed in November 2012

• n newly designed full floor refurbishments including Seidler designed bathrooms which will be rolled out over time

• n in addition to the new cooling towers that have been installed recently, a mechanical works program is underway to enhance the systems performance and future proof the complex

DEXUS PROPERTY GROUP SYDNEY CBD OFFICE TOUR 15

AUSTRALIA SQUARE, 264-278 GEORGE STREET, SYDNEY

LEASE EXPIRY BY INCOME AT 30 JUNE 2012

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Available FY13 FY14 FY15 FY16 FY17 FY18 FY19 FY20 FY21 FY22+
19%
15%
12%
11% 11%
10%
7%
5% 5%
3%
2%
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Key achievements

The Tower building has strong historical leasing demand due to its iconic status and location. Since July 2011, we have retained 11 tenants and introduced seven new tenants occupying 10,400 square metres or close to 20% of the property’s net lettable area.

We are in active discussions with all tenants with upcoming expiries, working to provide solutions for growth opportunities and new fit-out options where required.

As a result of our leasing activity, the Complex is 90% occupied as at 30 September 2012 and the average lease duration is

• 3.9 years. Some of the key highlights include:

• n DEXUS agreed terms to lease levels 25-26 (2,064 square metres) and we will be relocating our head office in the second quarter of 2013

• n Renewed terms with Consolidated Travel on level 28 and suites 18.10 and 18.13 (total 1,432 square metres) for eight years and Littlewoods on level 21 (1,033 square metres) for a further five years

• n In the Plaza building, we successfully retained Curwoods Lawyers and enabled them to expand their accommodation to an additional floor (a total of 3,125 square metres) for a further six years with options available

Corporate Responsibilty and Sustainability

In line with the office portfolio NABERS Energy rating program we have a capital works program in place to enhance the performance and future proof the property.

The Tower building currently provides a highly sustainable workspace for tenants with a 4.5 star NABERS Energy rating (with GreenPower). The Plaza building provides a 5.0 star NABERS Energy rating and leverages from the Tower building’s reputation and amenities, at affordable rental levels.

At the conclusion of the repositioning program, which will include upgrading lifts, bathrooms, cooling towers, chillers and replacing the building management control systems, we expect to upgrade the Tower building from a 4.0 star NABERS Energy rating (without GreenPower) to 4.5 stars.

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16 DEXUS PROPERTY GROUP SYDNEY CBD OFFICE TOUR

Tower building tenancy profile

Level 50	Plant room
Level 49	Plant room
Level 48	Patersons Securities Limited
Level 47	O Bar and Dining
Level 46	Origin Energy
Level 45	Origin Energy
Level 44	Origin Energy
Level 43	Origin Energy
Level 42	Origin Energy
Level 41	Multiple tenants
Level 40	Multiple tenants
Level 39	Multiple tenants
Level 38	Multiple tenants
Level 37	Morningstar Australasia
Level 36	Morningstar Australasia
Level 35	Plant room
Level 34	Abacus
Level 33	The Executive Centre
Level 32	Multiple tenants
Level 31	Multiple tenants
Level 30	JWS Services
Level 29	Nexia Court & Co
Level 28	Consolidated Travel
Level 27	Multiple tenants
Level 26	DEXUS PropertyGroup(HOA)
Level 25	DEXUS PropertyGroup(HOA)
Level 24	Vacant
Level 23	Court & Co
Level 22	Vacant
Level 21	Littlewoods Services
Level 20	Multiple tenants
Level 19	Plant room
Level 18	Multiple tenants
Level 17	Multiple tenants
Level 16	Runge
Level 15	Vacant
Level 14	HWL Ebsworth Lawyers
Level 13	HWL Ebsworth Lawyers
Level 12	HWL Ebsworth Lawyers
Level 11	HWL Ebsworth Lawyers
Level 10	HWL Ebsworth Lawyers
Level 9	ninemsn
Level 8	ninemsn
Level 7	ninemsn
Level 6	ninemsn
Level 5	Lobby
Level 4	Retail
Level 3	Carpark
Level 2	Carpark
Level 1	Carpark

Plaza building tenancy profile

Level 15	Plant room	Plant room
Level 14	Plant room
Level 13	Vacant
Level 12	Regus
Level 11	Booking.com	Funds Services
Level 10	Johnson Pilton Walker
Level 9	Curwoods Lawyers
Level 8	Curwoods Lawyers
Level 7	Curwoods Lawyers
Level 6	Curwoods Lawyers
Level 5	Regus
Level 4	Regus
Level 3	Australian Financial MarketingAssociation
Level 2	Vacant	Allegro Funds Management
Level 1	Multiple tenants
	Lobby

DEXUS PROPERTY GROUP SYDNEY CBD OFFICE TOUR 17

AUSTRALIA SQUARE, 264-278 GEORGE STREET, SYDNEY

Site plan – Australia Square Complex

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Typical floor plate – Plaza building

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18 DEXUS PROPERTY GROUP SYDNEY CBD OFFICE TOUR

Natural light penetration – Tower building

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19

DEXUS PROPERTY GROUP SYDNEY CBD OFFICE TOUR

NOTES

20 DEXUS PROPERTY GROUP SYDNEY CBD OFFICE TOUR

ABOUT DEXUS

DEXUS’s vision is to be globally recognised as the leading real estate company in Australia, with market leadership in office, and has $13 billion of assets under management. DEXUS invests in high quality Australian office and industrial properties and, on behalf of third party clients, is a leading manager and developer of industrial properties and shopping centres in key markets. The Group’s stock market trading code is DXS and more than 18,000 investors from 15 countries invest in the Group. At DEXUS we pride ourselves on the quality of our properties and people, delivering world-class, sustainable workspaces and service excellence to our tenants and delivering enhanced returns to our investors. DEXUS is committed to being a market leader in Corporate Responsibility and Sustainability.

DEXUS Funds Management Ltd ABN 24 060 920 783, AFSL 238163, as Responsible Entity for DEXUS Property Group (ASX: DXS)

www.dexus.com

21

DEXUS PROPERTY GROUP SYDNEY CBD OFFICE TOUR

2012 DEXUS PROPERTY GROUP SYDNEY CBD OFFICE TOUR

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www.dexus.com