DEXUS — Interim / Quarterly Report 2013

May 1, 2013

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DEXUS Property Group (ASX: DXS)
ASX release
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2 May 2013

March 2013 quarterly update and Sydney office tour

DEXUS Funds Management Limited, as responsible entity for DEXUS Property Group (DXS), provides the March 2013 quarterly update and Sydney office tour.

For further information please contact: Investor relations Media relations

David Yates T: +61 2 9017 1424 Louise Murray T: +61 2 9017 1446 M: 0418 861 047 M: 0403 260 754 E: david.yates@dexus.com E: louise.murray@dexus.com

About DEXUS

DEXUS Property Group (DEXUS) is one of Australia’s leading real estate groups, investing directly in high quality Australian office and industrial properties. With a total of $13.1 billion of assets under management, DEXUS also actively manages office, industrial and retail properties located in key Australian markets on behalf of third party capital partners. DEXUS has an office portfolio of over 900,000 square metres across Sydney, Melbourne, Brisbane and Perth and is the largest institutional owner of office buildings in the Sydney CBD, Australia’s largest office market. DEXUS is a Top 50 entity by market capitalisation listed on the Australian Securities Exchange under the stock market trading code ‘DXS’ and is supported by more than 18,000 investors from 15 countries. With over 25 years of experience in commercial property investment, development and asset management, DEXUS has a proven track record in capital and risk management, providing service excellence to tenants and delivering superior risk-adjusted returns to investors. 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 MARCH 2013 QUARTERLY UPDATE AND SYDNEY OFFICE TOUR

MAY 2013

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CONTENTS
DXS PORTFOLIO		1
QUARTERLY UPDATE PRESENTATION		2
SYDNEY OFFICE TOUR		20
DXS OFFICE PORTFOLIO OVERVIEW		20
GROSVENOR PLACE, 225 GEORGE STREET, SYDNEY		22
GOVERNOR PHILLIP TOWER & GOVERNOR MACQUARIE TOWER,		26
1 FARRER PLACE, SYDNEY
AUSTRALIA SQUARE, 264-278 GEORGE	STREET, SYDNEY	30
CAPITAL PARTNERSHIPS CASE STUDY		36
NO. OF PROPERTIES	BOOK VALUE	NET LETTABLE AREA
81	$7.1bn	1.7 million sqm
OCCUPANCY BY AREA	WALE BY	INCOME	TENANT RETENTION1
94.9%	4.8	years	59%

Cover: Australia Square, 264-278 George Street, Sydney, NSW. This page: Sydney CBD looking south All figures are as at 31 March 2013 including all FY13 transactions, unless otherwise stated. 1 Rolling 12 months.

DXS PORTFOLIO

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BRISBANE 9%
PERTH 7%
ADELAIDE 1% SYDNEY 63%
CANBERRA 1%
MELBOURNE 18%
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1

DEXUS PROPERTY GROUP MARCH 2013 QUARTERLY UPDATE AND SYDNEY OFFICE TOUR

DEXUS PROPERTY GROUP
MARCH 2013 QUARTERLY UPDATE

DEXUS Funds Management Limited ABN 24 060 920 783 AFSL 238163 as responsible entity for DEXUS Property Group DEXUS Property Group March 2013 Quarterly Update

Slide 1

AGENDA

• Overview

• Capital management

• Market outlook

Darren Steinberg

Michael Christensen

Ross Du Vernet

• Transactions

Ross Du Vernet

• Portfolio update

• Office workspace

• DEXUS’s new workspace

• Summary

Kevin George, Amanda Kenny, Richard Garing,
 Mark Cuddy, Scott Travers, Andrew Whiteside

Kevin George

Kevin George

Darren Steinberg

DEXUS Property Group March 2013 Quarterly Update

Slide 2

2 DEXUS PROPERTY GROUP MARCH 2013 QUARTERLY UPDATE AND SYDNEY OFFICE TOUR

OVERVIEW DEXUS today

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DEXUS Property Group platform
$13.1bn AUM
DXS portfolio Third Party Funds Management
Aust
industrial
Other p'ship
Industrial 22% Office 78% Brisbane Perth 7% 3% Mandate 27% 3% Retail 52% Office 34%
9%
Other
<1%
$7.1bn $7.1bn $6.0bn $6.0bn
Melbourne
18%
Industrial
Sydney DWPF 14%
63% 70%
Asset Development Transactions Finance, Research Legal & Funds IR, Marketing & Corporate
management management Treasury & compliance management Communication responsibility &
& leasing Tax sustainability
DEXUS Property Group March 2013 Quarterly Update Slide 3
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OVERVIEW

Progress on strategic objectives and initiatives

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STRATEGIC OBJECTIVES PROGRESS INITIATIVES IMPLEMENTED
OFFICE � Improved leasing results in a challenging market
Being the leading owner � Sold remaining US non-core property
Australian office and manager of � � Acquired strategic premium office investment in Brisbane CBD
CORE CAPABILITIES
Having the best people, � Embedded facilities management platform across total portfolio
strongest tenant � Relocated to new flexible workspace at Australia Square
relationships and most � � Continued focus on systems, processes and customer service
efficient systems
CAPITAL PARTNERSHIPS
Being the wholesale � Increased scale of third party funds management business
office, industrial and partner of choice in � � Jointly acquired strategic premium office investment with DWPF
retail
CAPITAL & RISK
MANAGEMENT � Announced the final share buy-back notice
capital in a prudent and Actively managing our � � Improved debt diversity and duration
disciplined manner
DEXUS Property Group March 2013 Quarterly Update Slide 4
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DEXUS PROPERTY GROUP MARCH 2013 QUARTERLY UPDATE AND SYDNEY OFFICE TOUR

OVERVIEW

Key achievements for the quarter ended 31 March 2013

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Third party funds
Property portfolio Capital management
management
91,741 sqm 30,204 sqm 29.4% $384m
Leased in total [1 ] Industrial development Gearing [2] New equity raised for
complete DWPF [4 ]
10.6% $2.4bn US$300m 8.4%
Office 12 month Total YTD US private placement Increase in
total return transactions notes issued [3] FUM YTD
1. Includes Heads of Agreement. 3. Priced on 30 April 2013 with settlement expected in July 2013.
2. As at 31 March 2013. 4. For the quarter ended 31 March 2013 including DRP of $34m.
DEXUS Property Group March 2013 Quarterly Update Slide 5
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TITLE SLIDE HEADER CAPITAL MANAGEMENT
DEXUS Property Group 2013 Half Year Results Presentation — Slide 6 March 2013 Quarter y Update Slide 6
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4 DEXUS PROPERTY GROUP MARCH 2013 QUARTERLY UPDATE AND SYDNEY OFFICE TOUR

CAPITAL MANAGEMENT Update

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� Repaid short-dated 144A debt following the sale of the Capital management 31 Mar 13 31 Dec 12
last remaining US industrial property in April 2013 Gearing 29.4% 29.0%
� Priced US$300m US Private Placement notes Cost of debt [1] 5.8% 5.8%
— Tenors of 10, 12 and 15 years, averaging 13 years duration Duration of debt 4.1 years 4.1 years
— After conversion to A$, priced at an average margin of Headroom $0.3bn $0.5bn
185bps over BBSW S&P/Moody’s credit rating BBB+/Baa1 BBB+/Baa1
—
Material over-subscription with 14 investors participating
—
Increases debt diversity and extends duration of debt
� Maintained cost of funds at 5.8% Diversified mix of facilities [2 ]
� No short term debt maturities until July 2014 USPP 17% Bank -
unsecured
� Elected to close DXS buy-back of securities — buying back 52%
$128.45m at a VWAP of $0.9371 (64.2% complete) 144A 9%
A$m Debt maturity profile [2 ]
800
600 MTN
22%
400
200
-
Bank Capital Markets
1. Weighted average across the period, inclusive of fees and margins on a drawn basis.
2. Adjusted for US$300m USPP issue and related cancellation of bank facilities, and US$50m 144A repayment
via make whole in relation to sale of US property (Glendale) post March 2013.
DEXUS Property Group March 2013 Quarterly Update Slide 7
Jun-13 Dec-13 Jun-14 Dec-14 Jun-15 Dec-15 Jun-16 Dec-16 Jun-17 Dec-17 Jun-18 FY19+
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TITLE SLIDE HEADER MARKET OUTLOOK

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DEXUS Property Group 2013 Half Year Results Presentation — Slide 8 March 2013 Quarter y Update Slide 8
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DEXUS PROPERTY GROUP MARCH 2013 QUARTERLY UPDATE AND SYDNEY OFFICE TOUR

MARKET OUTLOOK

— Australian CBD office markets what will drive demand?

Demand cycle expected to improve

• Business conditions remain challenging and this is expected to continue for the next six months

• Sentiment has improved — easing monetary policy and recent stock market performance

• Expect an uptick in demand in late FY14, on the back of improved white collar employment growth

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4 CBD net absorption vs. stock market performance
'000 sqm ‘000
500
7
400
300 5
200
3
100
1
-
-1
-100
-200 -3
Mar-07 Mar-08 Mar-09 Mar-10 Mar-11 Mar-12 Mar-13 Mar-14
4 CBDs net absorption 4CBD jobs gain/loss (RHS) S&P/ASX 200(RHS) Indicative net absorption
Source: IRESS, DAE, Jones Lang LaSalle, DEXUS Research.
DEXUS Property Group March 2013 Quarterly Update Slide 9
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MARKET OUTLOOK — Australian CBD office markets outlook

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4 CBD’s supply
'000sqm
500
10yr average = 294,000sqm Future supply
400
300
200
100
-
FY07 FY08 FY09 FY10 FY11 FY12 FY13 FY14 FY15
Brisbane Perth Sydney Melbourne
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Outlook supported by underlying fundamentals

• Sydney: supply low in short term, keeping vacancy relatively stable. Improvement expected in late FY14

• Melbourne: supply currently elevated with vacancy rising, investors seeing through current weak fundamentals

• Brisbane: supply low in the next two years, improvement in demand should reduce vacancy

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Prime cap rates tightening in core CBD office markets
Mar-13 Mar-11
Per
Mel
Bris
Syd
5.0% 5.5% 6.0% 6.5% 7.0% 7.5% 8.0%
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• Perth: little supply in short term, slowing resource investment dampening demand — a two-tier market is emerging, secondary vacancies rising

• Core CBD office markets: value growth supported by further cap rate compression for prime CBD assets, to be followed by metropolitan, fringe and secondary assets

Source: Jones Lang LaSalle, DEXUS Research.

DEXUS Property Group March 2013 Quarterly Update

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Slide 10
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6 DEXUS PROPERTY GROUP MARCH 2013 QUARTERLY UPDATE AND SYDNEY OFFICE TOUR

MARKET OUTLOOK Brisbane CBD office market

Brisbane demand, supply and vacancy

Positioned for positive longer term growth

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‘000 sqm
160 16%
120 12%
80 8%
40 4%
- 0%
-40 -4%
FY01 FY03 FY05 FY07 FY09 FY11 FY13 FY15 FY17
Net Abs. Net Supply Vacancy (RHS) QLD future WCE
growth rate slower
WC employment growth than in the past
— past & future but still stronger than NSW & VIC
1.6%
WA
3.0%
2.3%
QLD
3.1%
1.1%
VIC
2.3%
1.1%
NSW
1.6%
0.0% 0.5% 1.0% 1.5% 2.0% 2.5% 3.0% 3.5%
Next 10 Past 10
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• Subdued tenant demand in FY13

• Has had a minor impact on prime vacancy, due to lack of prime stock completing over next two years

• Tenant demand expected to remain subdued in short term, with stronger demand anticipated mid-decade

• A two-tier market emerging — leading to higher secondary vacancies

• Cap rates above 10-year average, with tightening expected over the next 24 months

• Market is well positioned for growth in the medium to long term

• Underpinned by resource sector growth, above average population and white collar employment growth

Source: DAE, Jones Lang LaSalle, DEXUS Research.

DEXUS Property Group March 2013 Quarterly Update

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Slide 11
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TRANSACTIONS

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480 Queen Street
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DEXUS Property Group March 2013 Quarterly UpdateSlide 12

7

DEXUS PROPERTY GROUP MARCH 2013 QUARTERLY UPDATE AND SYDNEY OFFICE TOUR

One of the most active players in the Australian market

	lian market
	$ million DXS DWPF Total Group � Reinvested into acquisitions totalling $1.4bn
	Core office	549.6	195.7	745.3
	Value-add office	105.2	-	105.2
	Fund-through investment	272.0	272.0	543.9
	Industrial	21.0	8.3	29.3
	Total	947.8	476.0	1,423.7
	225 George Street, Sydney, NSW
	**Slide **	13

TRANSACTIONS

• Revised strategy has led to a considerable amount of transaction activity

– Re-mix DXS portfolio to focus on CBD office

• Continue to support new and existing wholesale clients

• Involved in $2.4 billion of transactions since announcing revised strategy in August 2012

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� Substantially progressed our exit from 225 George Street, Sydney, NSW
non-core markets
–
US west coast industrial portfolio sold for $597.7m
at a 12% premium to book value
–
Non-core industrial assets sold for $58.4m
� Continuing to progress the sale of the European
industrial properties
DEXUS Property Group March 2013 Quarterly Update Slide 13
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TRANSACTIONS
Acquired 480 Queen Street, Brisbane
$544m [1 ] Jointly acquired 55,561sqm 7.25% [1]
strategic office with DWPF of premium grade
cap rate
investment office building [2 ]
1. Final consideration and capitalisation rate dependent on the achievement of leasing prior to project
completion and any adjustments for leasing completed during the income guarantee period.
2. Includes 1,661sqm of retail space.
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2. Includes 1,661sqm of retail space.
DEXUS Property Group March 2013 Quarterly Update Slide 14
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8 DEXUS PROPERTY GROUP MARCH 2013 QUARTERLY UPDATE AND SYDNEY OFFICE TOUR

TRANSACTIONS

480 Queen Street, Brisbane — property profile and pricing structure

• DXS and DWPF to jointly acquire 480 Queen Street, Brisbane fund-through investment

• 55,561sqm[1] premium office asset to be developed by Grocon

• Project acquired via a de-risked fund-through structure

• Purchase price a factor of lease commitments at practical completion (PC)

• Anchor tenant leases capped at 7.0%, new leases pre-PC capped at 7.1%

• Vacancy at PC priced at circa $6,000/sqm[2 ]

• Two year rent guarantee on vacancy from PC to February 2018 (implies a 5 year WALE with no new leasing)

• 7.0% p.a. coupon received on development payments until September 2014, then 7.25% p.a. until PC

• Caps and collars on rents and incentives to protect asset value and avoid price manipulation

• Look forward purchase price and cost to complete tests

• Developer profit back-ended

• Significant security package attained from the developer

• High degree of transparency and control in project decisions

• Forecast IRR circa 10%

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1. Includes 1,661sqm of retail space.
2. Average rate includes retention for incentives on vacant tenancies of circa $2,000/sqm.
DEXUS Property Group March 2013 Quarterly Update Slide 15
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TRANSACTIONS

480 Queen Street, Brisbane — elevation and location map

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DEXUS Property Group March 2013 Quarterly UpdateSlide 16

9

DEXUS PROPERTY GROUP MARCH 2013 QUARTERLY UPDATE AND SYDNEY OFFICE TOUR

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TITLE SLIDE HEADER PORTFOLIO UPDATE
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DEXUS Property Group 2013 Half Year Results Presentation — Slide 17 March 2013 Quarter y Update Slide 17
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PORTFOLIO UPDATE
Total DXS portfolio
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Total DXS portfolio composition [1]
81 1.7 million sqm 4.6 stars [3 ]
Properties [ 1] Net lettable area NABERS Energy Office
$5.5bn
78%
$7.1bn
94.9% 4.8 years [2] 7.6% Industrial
$1.6bn
Occupied [1] WALE Average cap rate 22%
1. 31 December 2012 and 31 March 2013 details include all post balance date transactions but
exclude cash and discontinued operations (US and Europe).
2. By income. Other <1%
3. Office portfolio rating at 31 March 2013 excluding properties acquired during FY13.
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DEXUS Property Group March 2013 Quarterly Update Slide 18
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10 DEXUS PROPERTY GROUP MARCH 2013 QUARTERLY UPDATE AND SYDNEY OFFICE TOUR

PORTFOLIO UPDATE

Corporate Responsibility and Sustainability — value-add approach

� DEXUS’s integrated CR&S framework assists in tenant retention and attraction through sustainability solutions — Reduces energy and water costs and mitigates against future cost increases	Improved ratings Dec 09
	NABERS Energy rating 3.2 NABERS Water rating 3.0

• Positions our portfolio to meet market expectations for Premium and A-grade buildings

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• The three year NABERS improvement program ended in December 2012 and achieved an average 4.6 star NABERS Energy rating at March 2013, exceeding the 4.5 star target

		30 June 2010	31 March 2013	31 March 2013
	Property	Without GP	With GP	Without GP
	45 Clarence Street, Sydney	3.0	5.5	5.0
	309 Kent Street, Sydney	3.5	5.5	4.5
	321 Kent Street, Sydney	3.0	5.5	5.0
	30 The Bond, Sydney	4.5	5.5	5.0
	Zenith, Chatswood	2.5	5.0	4.5
	130 George Street, Parramatta	—	5.0	4.5
	1 Margaret Street, Sydney	3.0	5.0	4.5
	44 Market Street, Sydney	2.0	5.0	4.5
	Garema Court, Canberra	3.0	5.0	4.5

DEXUS Property Group March 2013 Quarterly UpdateSlide 19

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Slide 20
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PORTFOLIO UPDATE

Office portfolio — office market leasing conditions

• Conditions remain challenging

• Experiencing stronger activity in A-grade office product on the back of strength in the Australian share market

• Sydney in the sub $800/sqm gross

• Melbourne in the sub $550/sqm gross

• Brisbane in the sub $700/sqm gross

• Patchy but competitive conditions in Premium grade office product

• Demand evident from business services and IT groups in Sydney and Melbourne

• Incentives overall remain at elevated levels

• Expect a relatively stable national vacancy outlook in the short term

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GPT & GMT, 1 Farrer Place, Sydney, NSW
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DEXUS Property Group March 2013 Quarterly Update

11

DEXUS PROPERTY GROUP MARCH 2013 QUARTERLY UPDATE AND SYDNEY OFFICE TOUR

PORTFOLIO UPDATE

Office portfolio — strong operating performance

	DXS office portfolio	31 Mar 13	31 Dec 12
	Occupancy by area Occupancy by income	95.1% 95.1%	95.2% 95.3%
	Occupancy by area (like-for-like)	95.5%	95.2%
	Occupancy by income (like-for-like)	95.7%	95.3%
	Number of leases signed	15	394
	Number of lease terms agreed	17	244
	Retention rate YTD1	74%	69%
	Retention rate 12 months1	69%	62%
	Weighted average lease expiry	5.0 years	4.9 years

Achievements

• Strong leasing activity securing 45,343sqm[1] across 32 transactions

• 30 The Bond: Lend Lease exercised a five year option over 17,547sqm commencing March 2014

• Lumley Centre, NZ: Minter Ellison Rudd Watts negotiated new lease until 2021 over 3,900sqm well ahead of expiry

• 383 Kent Street: terms agreed over 2,300sqm of vacancy

• Occupancy remained stable

• Pre-transactions occupancy increased 0.3% to 95.5%[2 ]

• WALE[3] increased to 5.0 years

• Valuation uplift of $23.1m secured from three properties, generating a 12 basis point cap rate tightening and 3.6% increase on prior book value

• Including Heads of Agreement (HOA). 4. For the six months ended 31 December 2012. 2. By area.

• By income, post-transactions.

DEXUS Property Group March 2013 Quarterly Update

Slide 21

PORTFOLIO UPDATE

Office portfolio — lease expiry profile

Lease expiry profile 31 March 2013[1]

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14% 13.1%
12.2%
11.8%
12% 10.7% 10.8%
10.0% 9.9%
10% 9.3%
8%
6% 5.4%
4.0%
4% 3.2%
1.8%
2%
0%
Vacant FY13 FY14 FY15 FY16 FY17
Mar-13 Jun-12
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• Executed 53% of leasing task for next two years

• Combined vacancy and FY13-14 expiries reduced from 23.9% to 11.2% at 31 March 2013

• Half of remaining FY13-14 expiries are currently under negotiation

• By income.

DEXUS Property Group March 2013 Quarterly Update

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Slide 22
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12 DEXUS PROPERTY GROUP MARCH 2013 QUARTERLY UPDATE AND SYDNEY OFFICE TOUR

PORTFOLIO UPDATE

Office portfolio — leasing focus

	Leasing focus	Tenant	Area (sqm)1	Ownership	Expiry	Status
			2 May 2013		status
	FY13 1 Bligh Street 50 Carrington Street GPT, 1 Farrer Place 14 Moore Street Grosvenor Place FY14 GPT, 1 Farrer Place Australia Square FY15 GMT, 1 Farrer Place 201 Elizabeth Street	Vacant Vacant Vacant Vacant Vacant Corrs Nine MSN NSW Gov’t DLA Piper	2,667 3,675 3,056 7,494 12,164 7,371 4,126 20,406 10,366	33% 100% 50% 100% 25% 50% 50% 50% 50%	Available Available Available Available Available May 14 May 14 Dec 14 Jul 14	Negotiations underway with a number of tenants for final floor and remaining suites Negotiations underway with several tenants on space ranging from 360sqm to 1,600sqm Floor refurbished and marketing underway Part under negotiation with multiple tenants for 4 floors HOA reached for 850sqm and under negotiation for 1,400sqm In discussion with potential tenants Active negotiations underway Continuing discussions with major occupiers and actively marketing the space Continuing discussions with tenant and marketing the space

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1. At 100%.
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DEXUS Property Group March 2013 Quarterly Update
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Slide 23
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PORTFOLIO UPDATE

Office portfolio — core capabilities case study

Leasing success at 45 Clarence Street, Sydney

• Vacancy of 3,735sqm (12%[1] ) on 1 July 2012, DEXUS brought the leasing in-house in September 2012

• Vacancy fully leased within five months through strong tenant and market relationships, intimate market knowledge and DEXUS’s experienced team

• Occupancy increased to over 98% (vacancy of <2%) as a result of three key leasing transactions

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• Asian Development Bank to relocate from One Margaret Street — demonstrating strength of DEXUS platform tenant relationships and service excellence

• Secured a tenant from North Sydney — strategic move to attract suburban tenants

• Australian Defence Credit Union to relocate from 1 York Street — demonstrating DXS’s ability to attract tenants upgrading to the A-grade Sydney market

1. Of total net lettable area.

DEXUS Property Group March 2013 Quarterly Update

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Slide 24
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45 Clarence Street, Sydney, NSW

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DEXUS PROPERTY GROUP MARCH 2013 QUARTERLY UPDATE AND SYDNEY OFFICE TOUR

PORTFOLIO UPDATE Industrial portfolio — market trends

• Take up has mainly been from 3[rd] Party Logistic (3PL) service providers and major wholesale/ retailers

• Strong industry trend to outsource warehousing and supply chain services

• Supply still remains constrained with low availability of new prime grade stock

• Currently there are only three facilities under construction (>5,000sqm) in outer western Sydney available for lease

• Business confidence remains subdued, impacting small to medium tenants

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DEXUS Property Group March 2013 Quarterly Update
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131 Mica Street, Carole Park, QLD
3 Basalt Road, Greystanes, NSW
Slide 25
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PORTFOLIO UPDATE
Industrial portfolio

• Solid leasing result in a challenging market

• Leased 50,074sqm[1] across 31 transactions

  • Pound Road West, Dandenong: secured HOA with Commonwealth Government for a seven year lease extension over 7,607sqm until April 2021

  • 57-65 Templar Road, Erskine Park: secured two HOAs for five year terms over 9,899sqm

	DXS industrial portfolio	31 Mar 13	31 Dec 12
	Occupancy by area Occupancy by income	94.8% 94.3%	94.4% 93.9%
	Number of leases signed	24	554
	Number of lease terms agreed	7	34
	Retention rate YTD1	73%	78%
	Retention rate 12 months1	57%	63%
	Weighted average lease expiry	4.0 years	4.0 years

  - `Kings Park Industrial Estate: secured two tenants for five year terms over 6,381sqm`

• Passing rents in line with expiring rents and low lease incentive levels (6.3% YTD)

• Occupancy[2] increased to 94.8%

• WALE[3] remains stable at 4.0 years

• Opportunities for change-in-use in Sydney portfolio

1.Including Heads of Agreement (HOA). 4.For the six months ended 31 December 2012.
2.By area.
3.By income.

DEXUS Property Group March 2013 Quarterly UpdateSlide 26

14 DEXUS PROPERTY GROUP MARCH 2013 QUARTERLY UPDATE AND SYDNEY OFFICE TOUR

PORTFOLIO UPDATE — Developments track record

• A strong track record in delivering high quality product to the market

• Demonstrated development capabilities across office and industrial and in core markets

• Since FY11[1] completed $1.0bn of developments delivering

  • 322,000sqm of prime industrial space at cost of $400m

  • 82,000sqm of premium grade office space at cost[2] of $609m

  • Total $1.2bn pipeline including $112m (90,000sqm) underway

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Developments completed since FY11 [1]
sqm
140,000
120,000
100,000
80,000
60,000
40,000
20,000
-
FY11 FY12 FY13 FY14
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• DEXUS delivers new product to

• Enhance portfolio quality and increase WALE

• Support growth in FUM through capital partnerships

• Generate trading profits

  • Expect $1.3m in total for FY13

• Including developments underway. 2. DXS share of total development cost DEXUS Property Group March 2013 Quarterly Update Slide 27

PORTFOLIO UPDATE DXS development activity

	FY13	FY13	FY13	FY14	FY14	FY14	FY15	FY15	FY15	FY16+	FY16+	FY16+
57-65 Templar Road, Erskine Park	$37m (33%)
163-183 Viking Drive, Wacol	$18m (62%)		$16m (0%)
Quarry at Greystanes1	$51m (89%)		$70m (59%)				$51m
DEXUS Industrial Estate, Laverton North1	$27m (61%)						$135m
-------------------------------------------------	~~------------------------------------------------------~~						~~------------------------------------------------------~~
Phillip Street, Parramatta							$120m
12 Creek Street, Brisbane							$19m
180 Flinders Street, Melbourne								$230m
-------------------------------------------------	~~------------------------------------------------------~~						~~------------------------------------------------------~~
50 Carrington Street, Sydney	$59m2
40 Market Street, Melbourne	$47m2
57-101 Balham Road, Archerfield	$22m2
480 Queen Street, Brisbane	$272m3
Completed developments $106m Developments underway $112m Uncommitted development pipeline $555m Repositioning/value-add property $128m Fund-through office investment $272m Total $1.2bn Current occupancy for completed and underway developments represented in brackets above 1. Costs shown at 100%. 2. Purchase price excluding acquisition costs and capital spent since acquisition. 3. Estimated 50% DXS interest of purchase price excluding acquisition costs with final consideration dependent on achievement of leasing prior to project completion.

DEXUS Property Group March 2013 Quarterly Update Slide 28

15

DEXUS PROPERTY GROUP MARCH 2013 QUARTERLY UPDATE AND SYDNEY OFFICE TOUR

TITLE SLIDE HEADER OFFICE WORKSPACE

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DEXUS Property Group 2013 Half Year Results Presentation — Slide 29 March 2013 Quarter y Update Slide 29
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OFFICE WORKSPACE

Office space has evolved over the past 30 years towards flexible workspaces

• Enclosed offices � open plan configurations � hot-desking � ABW � Flexible Working Environment

• Workspace design is driven by tenant needs

• Cost savings through reduction in physical footprint

• Productivity gains through employee engagement, innovation and collaboration

• Improvements in mobile technology enables flexible working arrangements

DEXUS’s office portfolio is best set for flexible working environments

• Increasing trend for new tenants wanting office space with flexible design

• Flexible working environments require buildings with large efficient floor plates >1,000sqm

• A-grade building services to handle high density workspace ratios

• Technology enabled floors

• High amenity e.g. proximity to cafés, retail, end of trip facilities, concierge and security

• A flight to quality as tenants upgrade from tired secondary stock

• With 85% of the DXS portfolio comprising premium and A-grade product, DXS is set to benefit

DEXUS Property Group March 2013 Quarterly Update

Slide 30

16 DEXUS PROPERTY GROUP MARCH 2013 QUARTERLY UPDATE AND SYDNEY OFFICE TOUR

TITLE SLIDE HEADER DEXUS’S N W WORKSPACE

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DEXUS Property Group 2013 Half Year Results Presentation — Slide 31 March 2013 Quarter y Update Slide 31
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Slide 32
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DEXUS’S NEW WORKSPACE

In-line with strategy

• Supports the Group’s strategic objective of having the best people, strongest tenant relationships and most efficient systems

The best people and most efficient systems

• A working environment in tune with our needs, promoting productivity and fostering a high performance culture

• Space configuration reinforces the importance of face-to-face communication, collaboration, flexibility and choice

• Technology enables how and where people work and provides the latest communication solutions for faster more creative decision-making

The strongest tenant relationships

• It welcomes our tenants and other stakeholders into the office to interact

• It occupies a building we have an ownership interest in

• It demonstrates to our tenants what is possible from the footprint of a conventional office floor

DEXUS Property Group March 2013 Quarterly Update

17

DEXUS PROPERTY GROUP MARCH 2013 QUARTERLY UPDATE AND SYDNEY OFFICE TOUR

TITLE SLIDE HEADER SUMMARY

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DEXUS Property Group 2013 Half Year Results Presentation — Slide 33 March 2013 Quarter y Update
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Slide 33
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SUMMARY

• Achieved solid progress on all strategic objectives

• Experienced management team in place achieving results, in a challenging market

• Well positioned for growth with a strong and conservative balance sheet

• Market guidance[1] for FY13 reaffirmed

• FFO per security: 7.75 cents

• Distribution per security: 5.8 cents

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View of level 25, Australia Square, Sydney, NSW
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1. Barring unforeseen circumstances. Assumptions include: 75% payout ratio, delivering 2% like-for-like
NOI growth in the office portfolio, $1.3m in trading profits and cost of debt at 5.8%.
DEXUS Property Group March 2013 Quarterly Update
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Slide 34
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18 DEXUS PROPERTY GROUP MARCH 2013 QUARTERLY UPDATE AND SYDNEY OFFICE TOUR

DEXUS IR APP

• DEXUS IR app is available for iPhone, iPad and Android mobiles

• Provides current and future investors with instant access to corporate and stock information

• Creates broader awareness of DEXUS throughout the investment community

• Available free at the Apple App Store and at Google play

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DEXUS Property Group March 2013 Quarterly Update Slide 35
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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.

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DEXUS Property Group March 2013 Quarterly Update Slide 36
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19

DEXUS PROPERTY GROUP MARCH 2013 QUARTERLY UPDATE AND SYDNEY OFFICE TOUR

DXS OFFICE PORTFOLIO OVERVIEW

NO. OF PROPERTIES BOOK VALUE NET LETTABLE AREA 34 $5.5bn 682,232 sqm OCCUPANCY BY AREA WALE BY INCOME TENANT RETENTION[1] 95.1% 5.0 years 69%

WALE BY INCOME 5.0 years

NABERS ENERGY RATING NABERS WATER RATING 4.6 stars 3.5 stars

1 Rolling 12 months.

20 DEXUS PROPERTY GROUP MARCH 2013 QUARTERLY UPDATE AND SYDNEY OFFICE TOUR

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1 50 Carrington St 2 44 Market St Observatory
Park
3 383-395 Kent St 4 309-321 Kent St 7
8
5 One Margaret St 6 45 Clarence St
11
6 10
DXS 9
5
7 30 The Bond 8 Grosvenor Place 1
4
12
9 Australia Square 10 1 Bligh St
3
2
11 1 Farrer Place 12 39 Martin Place
Hyde Park
(North)
0 50 100 150
13 201 Elizabeth St
Metres
TOUR PROPERTIES 13
GROSVENOR STREET
WINDMILL STREET
MARGARET STREET
MARKET STREET
BOND 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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21

DEXUS PROPERTY GROUP MARCH 2013 QUARTERLY UPDATE AND SYDNEY OFFICE TOUR

GROSVENOR PLACE 225 GEORGE STREET, SYDNEY

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GROSVENOR STREET
MARGARET
JAMISON STREET
STREET
ALFRED STREET
BRIDGE STREET
CAHILL EXPRESSWAY
ESSEX STREET
TERN DISTRIBUTOR
YORK STREET PITT STREET
GEORGE STREET
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Grosvenor Place is a landmark premium grade office building located near Circular Quay in the Sydney CBD.

Grosvenor Place was designed by renowned architect Harry Seidler and has won a number of architectural awards for its unique design since opening in 1987.

Grosvenor Place comprises 85,515 square metres of office accommodation over 44 levels together with 1,611 square metres of retail space, parking for 566 cars and an impressive three storey lobby. Grosvenor Place has a 4 star NABERS Energy rating and 4 star NABERS Water rating.

The office building provides large 1,900 square metre floor plates (including two large crescent shaped floor plates) on an island site location. The complex also includes the heritage listed Royal Naval House and Johnson’s Building, and the Morrison Hotel. The ground floor lobby and retail areas underwent a $30 million refurbishment in 2008, repositioning the property.

Major tenants in Grosvenor Place include Deloitte, Norton Rose and McCann World Group.

Acquisition strategy

DEXUS acquired a 25% interest in Grosvenor Place in February 2013 for $271.25 million in an off-market transaction. The property represented a unique opportunity to own an interest in a tightly held quality premium Sydney CBD office property.

The acquisition was a key milestone in the Group’s strategy and enhances both the quality and diversification of DEXUS’s office portfolio.

DEXUS has progressed its strategic objective of being the leader in Australian office through this acquisition which has resulted in the

22 DEXUS PROPERTY GROUP MARCH 2013 QUARTERLY UPDATE AND SYDNEY OFFICE TOUR

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Group having ownership of four of the seven premium grade office buildings in the Sydney CBD (including DWPF’s Gateway building). Ownership of premium grade space provides DEXUS with an insight into large tenant movements and leasing activity, helping it to drive leasing across its Sydney office portfolio which also includes premium grade office space at 1 Farrer Place, 1 Bligh Street and A-grade office space at Australia Square.

PROPERTY DETAILS AT 31 MARCH 2013

Building type		Premium Grade Office
Title		Leasehold
Metro area		Sydney
Zoning		City Centre
Year built		1988
Lettable area (100%) (sqm)		85,515
Site area (hectares)		0.8
Typical floor area (sqm)		1,900
Number of buildings		4
Car parking spaces		566
NABERS Energy rating (with GreenPower)		4.0
NABERS Energy rating (without GreenPower)		4.0
NABERS Water rating		4.0
Major tenants		Deloitte 33%
		Norton Rose 11%
		McCann World Group 5%
Ownership		DXS 25%
Co-owners	Commonwealth Property Office Fund 25%
		Investa 25%
	Commonwealth Superannuation Corporation 25%

PROPERTY STATISTICS

PROPERTY STATISTICS
Acquisition date	Feb 2013
Book value (A$m)	271.25
Independent valuation date	Feb 2013
Independent valuation (A$m)	271.25
Market cap rate (%)	6.50
Initial yield (%)	5.40
Discount rate (%)	8.75
Leased by area (%)	86
Weighted lease term byincome (years)	5.2

LEASE EXPIRY PROFILE (BY INCOME)

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Available FY13 FY14 FY15 FY16 FY17 FY18 FY19 FY20 FY21 FY22+
32%
15% 16%
11%
9%
6%
4%
3%
1% 1% 1%
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DEXUS PROPERTY GROUP MARCH 2013 QUARTERLY UPDATE AND SYDNEY OFFICE TOUR 23

GROSVENOR PLACE, 225 GEORGE STREET, SYDNEY

Grosvenor Place, 225 George Street tenancy profile

Level 45	Plant room	Plant room	Plant room	Plant room	Plant room	Plant room
Level 44	BlackRock
Level 43	BlackRock
Level 42	Barclays Capital			Timber Hill
Level 41	Ashurst
Level 40	Ashurst
Level 39	Ashurst
Level 38	Ashurst
Level 37	Ashurst
Level 36	Ashurst
Level 35	Ashurst
Level 34	Plant room			Vacant
Level 33	Plant room			Vacant
Level 32	Vacant
Level 31	Vacant			ITOCHU
Level 30	Vacant
Level 29	Vacant			Vacant
Level 28	Vacant
Level 27	Vacant		Multiple tenants Vacant		Vacant
Level 26	Deloitte
Level 25	Deloitte
Level 24	Deloitte
Level 23	RGA
Level 22	Fidessa	JN Solutions		Babson Capital		Credit Agricole
Level 21	Colliers International			Main Investments
Level 20	Norton Rose
Level 19	Norton Rose
Level 18	Norton Rose
Level 17	Norton Rose
Level 16	Norton Rose
Level 15	Deloitte
Level 14	Deloitte
Level 13	Ferrier Hodgson
Level 12	Colliers International
Level 11	Plant room			Deloitte
Level 10	Plant room			Deloitte
Level 9	Deloitte
Level 8	Deloitte
Level 7	Deloitte
Level 6	Deloitte
Level 5	Deloitte
Level 4	Deloitte
Level 3	Deloitte
Level 2	Deloitte
Level 1	Deloitte
Ground	Foyer
Basement	Carpark (5 levels)

Johnson’s building tenancy profile

JB 6	DEGW
JB 5	Digitale
JB 4	Madston Black
JB 3	GPPL
JB 2	Angley& Arrowsmith
JB 1/2	233 George Street

Royal Naval House tenancy profile

RNH 4	McCann World Group
RNH 3	McCann World Group
RNH 2	McCann World Group
RNH 1	McCann World Group
RNH G	McCann World Group

Lobby tenancy profile

Retail 3 Lower lobby	Retail 3 Lower lobby	Bar Bene
Retail 2 Upper lobby		Euro
Retail 1 Upper lobby		Oriental Elements
Quadrant building
Giovannis Restaurant
George Street
	Florist

24 DEXUS PROPERTY GROUP MARCH 2013 QUARTERLY UPDATE AND SYDNEY OFFICE TOUR

Typical floor plate – Level 28

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25

DEXUS PROPERTY GROUP MARCH 2013 QUARTERLY UPDATE AND SYDNEY OFFICE TOUR

GOVERNOR PHILLIP TOWER & GOVERNOR MACQUARIE TOWER, 1 FARRER PLACE, SYDNEY

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BRIDGE STREET
HUNTER STREET
O’CONNELL STREET
BLIGH STREET
PHILLIP STREET
MACQUARIE STREET
PITT STREET
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One of Sydney’s most prestigious office buildings, 1 Farrer Place is an exceptional landmark offering premium grade office accommodation with superior finishes and services.

The complex includes 37 levels of premium office space in Governor Phillip Tower and 25 levels in Governor Macquarie Tower, the Phillip Street Terraces (five restored historic terraces) and nine levels of basement parking for 654 vehicles.

Located in a highly accessible area of Sydney’s financial business district, in close proximity to the Circular Quay transport hub, the complex provides panoramic views over the Royal Botanic Gardens, Sydney Harbour and the CBD skyline. The towers offer a total net lettable area of approximately 86,625 square metres, with large light-filled column-free floors plates averaging 1,460 square metres. The foyer features Australian works of art in a spacious, light-filled atrium furnished with leather lounges, granite floors and high walls of Sydney sandstone.

The towers are supported by premium building services including a 24-hour concierge, on-site management, cafés and emergency back-up power sources for essential services and tenant requirements.

The complex was designed by international architects Denton Corker Marshall and completed in 1993. The site was selected over 200 years ago by Governor Phillip to accommodate Australia’s First Government House and was one of six sites in the Sydney area listed on the Australian National Heritage list.

26 DEXUS PROPERTY GROUP MARCH 2013 QUARTERLY UPDATE AND SYDNEY OFFICE TOUR

FY13 achievements to date

• n At 31 March 2013 the complex was 96.5% occupied

• n Leasing undertaken in FY13 includes the renewal of three existing tenants covering 2,589 square metres including:

• Egon Zehnder on part level 49 for 10 years

• HRL Morrison & Co on level 40 for five years

• Grant Samuel in GMT over levels 19 and 20 for five years

• n Governor Phillip Tower achieved a NABERS Energy rating (without GreenPower) of 3.5 stars and Governor Macquarie Tower achieved 4.0 stars with completed works including chiller replacement in both towers, fire stair lighting replacement in both towers and replacement of the lighting behind the marble wall in the Governor Macquarie Tower lobby

• n Major base building bathroom upgrades are being undertaken with nine floors already complete

• n Tenant facilities have been upgraded through the provision of a premium bike storage facility for over 250 bikes

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PROPERTY DETAILS AT 31 MARCH 2013

Building type		Premium Grade Office
Title		Freehold
Metro area		Sydney
Zoning		City Centre
Year built		1993
Lettable area (100%) (sqm)		86,625
Site area (hectares)		0.6
Typical floor area (sqm)		1,460
Number of buildings		3
Car parking spaces		654
NABERS Energy rating (with GreenPower)		GPT 4.5
		GMT 4.5
NABERS Energy rating (without GreenPower)		GPT 3.5
		GMT 4.0
NABERS Water rating		GPT 3.5
		GMT 3.5
Major tenant	King & Wood Mallesons 20%
		State of NSW 15%
	Corrs Chambers Westgarth 8%
Ownership		DXS 50%
Co-owners		General Property Trust 25%
	Australian Prime PropertyFund 25%

PROPERTY STATISTICS

PROPERTY STATISTICS
Acquisition date	Dec 1998
Book value (A$m)	670.0
Independent valuation date	Dec 2012
Independent valuation (A$m)	670.0
Market cap rate (%)	6.25
Initial yield (%)	6.30
Discount rate (%)	8.72
Leased by area (%)	96.5
Weighted lease term byincome (years)	3.6

LEASE EXPIRY PROFILE (BY INCOME)

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Available FY13 FY14 FY15 FY16 FY17 FY18 FY19 FY20 FY21 FY22+
24%
17%
16%
14% 14%
5%
4%
2% 2% 2%
0%
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DEXUS PROPERTY GROUP MARCH 2013 QUARTERLY UPDATE AND SYDNEY OFFICE TOUR 27

GOVERNOR PHILLIP TOWER & GOVERNOR MACQUARIE TOWER, 1 FARRER PLACE, SYDNEY

Governor Phillip Tower tenancy profile

Governor Phillip Tower tenancy profile	Governor Phillip Tower tenancy profile	Governor Phillip Tower tenancy profile	Governor Phillip Tower tenancy profile	Governor Phillip Tower tenancy profile	Governor Phillip Tower tenancy profile	Governor Phillip Tower tenancy profile	Governor Phillip Tower tenancy profile	Governor Phillip Tower tenancy profile
Level 64 Level 63 Level 62 Level 61 Plant room Plant room King & Wood Mallesons Plant room
		Plant room
		King & Wood Mallesons
Level 60		King & Wood Mallesons
Level 59	King& Wood Mallesons
Level 58	King& Wood Mallesons
Level 57	King& Wood Mallesons
Level 56	King& Wood Mallesons
Level 55	King& Wood Mallesons
Level 54	King& Wood Mallesons
Level 53	Robert Walters
Level 52	Plant room
Level 51	Plant room
Level 50	Boomerang			T. Rowe Price		Pangaea
Level 49	Vacant			Egon Zehnder		Posco
Level 48	Goldman Sachs JBWere
Level 47	Goldman Sachs JBWere
Level 46	Goldman Sachs JBWere
Level 45	CMC Markets
Level 44	CMC Markets
Level 43	Vacant
Level 42	NAB JBWere
Level 41	Merrill Lynch
Level 40	Halifax		HRL Morrison & Co		Merrill Lynch		Vacant
Level 39	Merrill Lynch
Level 38	Merrill Lynch
Level 37	Merrill Lynch
Level 36	Corrs Chambers Westgarth
Level 35	Corrs Chambers Westgarth
Level 34	Corrs Chambers Westgarth
Level 33	Corrs Chambers Westgarth
Level 32	Corrs Chambers Westgarth
Level 31	Plant room
Level 30	Vacant				Plant including storeroom
Level 29	Crescent Capital		Tulla Group		DEXUS		Origin Capital
Level 28	Heidrick & Struggles
Level 27	Moelis & Company
Level 26	Wilson HTM
Level 25	Nomura Australia Limited
Level 24	Nomura Australia Limited
Level 23	Nomura Australia Limited
Level 22	TCorp
Level 21	TCorp				Vacant
Level 21 to Ground

Governor Macquarie Tower tenancy profile

			Plant room
			Plant room
Level 42	Plant room		HMGMQEII Security
Level 41	HMGMQEII
Level 40	HMGMQEII
Level 39	HMGMQEII
Level 38	HMGMQEII
Level 37	HMGMQEII
Level 36	HMGMQEII
Level 35	HMGMQEII
Level 34	HMGMQEII
Level 33	HMGMQEII
Level 32	HMGMQEII
Level 31	HMGMQEII
Level 30	HMGMQEII
Level 29	Plant room
Level 28	Plant room
Level 27	HMGMQEII
Level 26	HMGMQEII
Level 25	HMGMQEII
Level 24	HMGMQEII
Level 23	Piper Alderman
Level 22	Piper Alderman
Level 21	Walker Corporation
Level 20	Grant Samuel
Level 19	Grant Samuel
Level 18	King& Wood Mallesons
Level 17	King& Wood Mallesons
Level 16	King& Wood Mallesons
Level 15	HMGMQEII
Level 12	John Frisco & Associates
Level 11 to Ground	Equilateral		HMGMQEII securityroom

28 DEXUS PROPERTY GROUP MARCH 2013 QUARTERLY UPDATE AND SYDNEY OFFICE TOUR

Typical floor plates

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Governor Phillip Tower
Skyrise levels 50-61 Highrise levels 41-49
1,600 sqm approx 1,550 sqm approx
ST.1 HYD TEA LIFTLIFTEL LIFT LOBBY COMLIFTLIFT LIFTGOODS LIFTGOODS HYD T'LIFT SAC RA P LIFTLIFTST.1 LIFT LOBBY LIFTLIFTHYD/CW EL TEA COM LIFTGOODS LIFTGOODS HYDRASA T,LIFT
CUPB'D MALE LIFT LIFT ST.2 FEMALE SA PD SA LIFT LIFT CUPB,D MALE ST.2 FEMALE SA
Midrise levels 32-40 Mediumrise levels 21-29
1,475 sqm approx 1,425 sqm approx
SAC PD RASAP ST.1TESA FEMALE HYD/CW EL TEHYDSA MALESA COM ST.2 SAGOODSLIFT GOODSLIFT LIFT LIFT LIFT LIFT LOBBY LIFT LIFT LIFT SA SAKESARAT'LIFT RASPSA ST.1 HYD/CW EL TEHYDSA MALESA HATCHCOM ST.2LIFTGOODS LIFTGOODS TESA FEMALETEA ST.3 SA SA PDLIFTLIFTLIFTKE LIFT LOBBY T'LIFTLIFTLIFTLIFTRA
Governor Macquarie Tower
Highrise levels 30-41 Lowrise levels 15-27
1,188 sqm approx 1,230 sqm approx
TEA SA-CE LOCKAIR LIFTCOM LIFTFIREMECH- ST 102 HYDRA-SSP TL LIFT LIFT COMLIFT LIFTFIREMECH- ST-102 RA-SSPHYD TL
SA-NCLNR/ HYD MALE LIFT HIGH RISELIFT LOBBY LIFT LIFTGOODS LIFTLOBBY GOODS LIFT LOW RISE LIFT LOBBY LIFT LIFT LIFT LIFTGOODS LIFT LOBBYGOODS
RA-NSA-W SA-CW ST 101SPLIFT LIFTELEC FEMALE HYDLIFTGOODSPESA-SKE SA-WLIFTSA-CW LIFT S SPT-101LIFT MALE SA-CEPD LIFTELEC FEMALE HYD LIFTGOODS PESA-SKE
HYD
TE TE TE
SP SA HVR SP SA HVR
FHR HYD HYD
HYD
FHR
FHR SP HVR FHR FIRE SP SA HVR
PD
SA-E
PE
PS TE
TE
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DEXUS PROPERTY GROUP MARCH 2013 QUARTERLY UPDATE AND SYDNEY OFFICE TOUR 29

AUSTRALIA SQUARE 264-278 GEORGE STREET, SYDNEY

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MARGARET
BOND STREET
STREET
BRIDGE STREET
O’CONNELL STREET
PITT STREET
YORK STREET
Wynyard Park
GEORGE STREET
----- End of picture text -----

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Australia Square, designed by world-renowned architect Harry Seidler, is one of Sydney’s most recognisable landmark properties occupying an island site in the CBD.

The complex comprises a 48 level circular A-grade office Tower, an adjoining 13-level B-grade Plaza building and one of Sydney’s most popular outdoor courtyards. The Tower provides 360 degree views of the city and Sydney Harbour from large light-filled, column-free floor plates of 1,020 square metres over 41 levels of office accommodation.

The complex offers hotel style concierge, 24 hour on-site security, a number of retail services including Australia Post, a variety of dining options including a revolving restaurant on level 47, cafés, bars and a gourmet food court. The Tower fronts on to George Street with car parking and loading dock access from Bond Street, and the Plaza building fronts Pitt Street.

The Tower’s internal spaces underwent a $110 million refurbishment in 1996. A $10 million refurbishment of the external ground areas was completed in 2004.

The Tower has strong historical leasing demand due to its iconic status and location. It currently provides a highly sustainable flexible workspace for tenants, with a 4.5-star NABERS Energy rating and a 4.0 star NABERS Water rating. The Plaza building provides tenants with 5.0 star NABERS Energy rated office accommodation and A-grade services at affordable rental levels.

A capital works upgrade program has been undertaken to reposition the property to ensure consistent long term returns. In April, DEXUS moved its head office to Level 25 and Level 26 in the Tower and adopted a fresh office layout, demonstrating the flexibility of the office space available at Australia Square.

30 DEXUS PROPERTY GROUP MARCH 2013 QUARTERLY UPDATE AND SYDNEY OFFICE TOUR

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FY13 achievements to date

• n A significant amount of leasing has been completed

• leased 19% of net lettable area through

• renewing terms with nine tenants for 6,353 square metres

• attracting 10 new tenants to the complex leasing 3,723 square metres

• n In line with the objective to reposition Australia Square, a capital works upgrade program has been undertaken including – a full lift upgrade in both the Tower and the Plaza

• a mechanical plant upgrade to the Plaza

• bathroom upgrades in both the Tower and the Plaza

• n DEXUS formed a joint management venture with the co-owner, where both parties internally manage the day to day operations of the complex. This joint venture leverages the scale and expertise of each owner and drives the performance of the complex

PROPERTY DETAILS AT 31 MARCH 2013

Building type	A-Grade Office
Title	Freehold
Metro area	Sydney
Zoning	City Centre
Year built	1964
Lettable area (100%) (sqm)	52,950
Site area (hectares)	0.6
Typical floor area (sqm)	1,020
Number of buildings	2
Car parking spaces	385
NABERS Energy rating (with GreenPower)	Tower 4.5
	Plaza 5.0
NABERS Energy rating (without GreenPower)	Tower 4.0
	Plaza 4.5
NABERS Water rating	Tower 4.0
	Plaza 4.0
Major tenants	Origin Energy Limited 9%
	Wilson Parking 8%
	HWL Ebsworth 6%
Ownership	DXS 50%
Co-owner	General PropertyTrust 50%
PROPERTY STATISTICS
Acquisition date	Aug 2000
Book value (A$m)	274.7
Independent valuation date	Dec 2011
Independent valuation (A$m)	278.8
Market cap rate (%)	6.92
Initial yield (%)	6.76
Discount rate (%)	8.88
Leased by area (%)	92.5
Weighted lease term byincome (years)	3.8

LEASE EXPIRY PROFILE (BY INCOME)

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Available FY13 FY14 FY15 FY16 FY17 FY18 FY19 FY20 FY21 FY22+
19%
13%
12%
11%
10%
8%
7%
6%
5% 5%
4%
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DEXUS PROPERTY GROUP MARCH 2013 QUARTERLY UPDATE AND SYDNEY OFFICE TOUR

AUSTRALIA SQUARE, 264-278 GEORGE STREET, SYDNEY

Tower building tenancy profile

Level 50	Plant room	Plant room	Plant room	Plant room	Plant room	Plant room	Plant room	Plant room	Plant room	Plant room	Plant room	Plant room	Plant room	Plant room	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	The Carlyle Group					Apostle Asset Management						Vacant
Level 40	Bluefin					Gryphon						Arcadian
Level 39	FSP			Rolex					Sumitomo				Lawson Elliot
Level 38	Lewis Land					Summit Equities						Resolution Capital
Level 37	Morningstar Australasia
Level 36	Morningstar Australasia
Level 35	Plant room
Level 34	Abacus PropertyGroup
Level 33	The Executive Centre
Level 32	Strada		Stonebridge					CSOR			TEC			Workplace Law
Level 31	Holden & Bolster								Finite
Level 30	JWS Services
Level 29	Nexia Court & Co
Level 28	Consolidated Travel
Level 27	Naiman Clarke								Berkley
Level 26	DEXUS PropertyGroup
Level 25	DEXUS PropertyGroup
Level 24	Vacant
Level 23	Nexia Court & Co
Level 22	Vacant
Level 21	Littlewoods Services
Level 20	Axiom	Chase Corp			Hallis			Mgmt Office		Calypso Technology			Sydney Neurosurgery
Level 19	Plant room
Level 18	Ferrari	Vacant			Korea Tourism			Airline Marketing			Airline Marketing			Vacant
Level 17	Broad Street	Sydney Desalination					Vacant		Hillgrove			Home Migration			ARUS
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
Levels 1,2 & 3	Carpark

Plaza building tenancy profile

Level 15	Plant room	Plant room	Plant room	Plant room
Level 14	Plant room
Level 13	Vacant
Level 12	Regus
Level 11	Bookings.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	Winton Partners	Allegro Funds Management		Guidewire
Level 1	Urbanest		PCG
Ground	Lobby

32 DEXUS PROPERTY GROUP MARCH 2013 QUARTERLY UPDATE AND SYDNEY OFFICE TOUR

Typical floor plates, showing DEXUS’s workspace plan

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Level 25
Level 26
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AUSTRALIA SQUARE, 264-278 GEORGE STREET, SYDNEY

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34 DEXUS PROPERTY GROUP MARCH 2013 QUARTERLY UPDATE AND SYDNEY OFFICE TOUR

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DEXUS PROPERTY GROUP MARCH 2013 QUARTERLY UPDATE AND SYDNEY OFFICE TOUR 35

CAPITAL PARTNERSHIPS CASE STUDY

AUSTRALIAN INDUSTRIAL PARTNERSHIP

A key strategic objective of DEXUS is to be the wholesale partner of choice in office, industrial and retail. The Australian Industrial Partnership between DEXUS and one of the world’s largest pension funds positions DEXUS as a leading wholesale partner of choice in the industrial sector.

DEXUS’s objective to seek strategic partnerships with long term, like-minded investors was enhanced in October 2012 through the formation of the Australian Industrial Partnership (AIP).

The AIP initial portfolio of $360 million comprised a 50% ownership in 13 industrial facilities located in the prime industrial hubs of Sydney and Melbourne. A further five properties were acquired by the partnership as at 31 March 2013, increasing the portfolio value to $470 million.

The long term partnership has the potential to double in size over a five year period, through an exclusive option to co-invest in the future development pipeline at the Quarry at Greystanes in NSW and the DEXUS Industrial Estate in Laverton North, VIC at prevailing market values.

The Australian Industrial Partnership provides an enhanced return on equity to DEXUS investors, with fee income at both the property and partnership level, and demonstrates DEXUS’s commitment to the Australian industrial sector.

The Australian Industrial Partnership properties in Greystanes and Laverton are anchored by strong multinational tenants.

This partnership encapsulates the benefits of the shifting investment landscape where Australia is becoming a long term investment destination for global capital. We have successfully teamed with a major international capital partner, further diversifying our capital sources.

Penny Ransom, Group General Manager Capital

• 1 Exchanged in August 2012 with settlement expected in June 2013.

• 2 Portfolio value at 31 March 2013.

• 3 Exchanged in January 2013 and settled on 1 February 2013.

• 4 Exchanged in January 2013 with settlement expected in June 2013.

• 5 Developments shown at estimated completion value.

• 6 Portfolio value at 31 March 2013.

Prime industrial locations

The Australian Industrial Partnership properties are located in Australian eastern seaboard key industrial hubs.

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Laverton North, VIC 48%
$470m Greystanes, NSW 45%
Altona, VIC 7%
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TENANT BASE

	Location	at 100%$m
	Quarry at Greystanes, NSW
	- Solaris Paper	25.3
	- Symbion Health	32.1
	- Fujitsu	40.0
	- UPS - Brady Australia DEXUS Industrial Estate, Laverton North VIC	7.8 21.0
	- Fastline	15.9
	- Toll1 - VIP Packaging	11.2 19.0
	- PGG Wrightson Seeds	7.0
	- Foster’s Group - Best Bar	36.0 11.7
	- Coles Limited	100.0
	Target Distribution Centre, Altona VIC	32.5
	Initialpartnership portfolio2	359.5
	Quarry at Greystanes, NSW
	- Cameron Transport3	29.8
	- Warehouse 9 (ED Oates, Ausmedic)4	24.9
	- Roche Diagnostics5	114.9
	- Blackwoods5	30.3
	DEXUS Industrial Estate, Laverton North, VIC
	- Speculative warehouse 45	110.2
	Totalpartnership portfolio6	469.6

36 DEXUS PROPERTY GROUP MARCH 2013 QUARTERLY UPDATE AND SYDNEY OFFICE TOUR

Quarry at Greystanes, NSW

DEXUS acquired land in Greystanes in 2008 and completed the first pre-lease development for Solaris Paper in 2010. A further six developments have since been completed with two more currently under construction. Seven facilities have been acquired by the Australian Industrial Partnership. An additional lot has been sold to an owner occupier to develop its own specialised facility. See map on page 38.

DEXUS Industrial Estate, Laverton North, VIC

DEXUS acquired the Laverton North land in two tranches in 2002 and 2006 as a three-stage greenfield site. Construction on stage one commenced in 2004 with seven facilities completed by 2011. Stage two commenced in 2011 with two facilities now complete and a further two underway. Seven facilities have been acquired by the Australian Industrial Partnership and the Loscam facility was sold in October 2011 for $11.7 million. See map on page 39.

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DEXUS Industrial Estate, 27 Distribution Drive, Laverton North, VIC

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L to R: 8 Basalt Road and 2-6 Basalt Road, Greystanes, NSW

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CAPITAL PARTNERSHIPS CASE STUDY

QUARRY AT GREYSTANES, NSW

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Reconciliation Dr 2-6 Basalt Rd 5 Bellevue Ct 2 Bellevue Ct Reconciliation Dr
Roche Diagnostics Cameron Transport Symbion Health Brady Australia Future development
Reconciliation Dr 3 Basalt Rd 1 Basalt Rd 1 Bellevue Ct Makita
Future development Ausmedic & ED Oates Future development Blackwoods Owner occupier
Reconciliation Dr 5 Basalt Rd 8 Basalt Rd 4 Bellevue Ct 6 Bellevue Ct 6 Bellevue Ct
Future development UPS Solaris Paper Future development Fujitsu Fujitsu expansion
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Ownership DXS – land for future development DXS 50% / Australian Industrial Partnership 50% Makita – owner occupier

Address	Tenant	Lettable Area	Status	Transaction Value	AIP property
		(sqm)1		($m)1
8 Basalt Road	Solaris Paper	18,654	Completed	25.3	Yes
5 Bellevue Court	Symbion Health	17,297	Completed	32.1	Yes
6 Bellevue Court	Fujitsu	17,004	Completed	40.0	Yes
5 Basalt Road	UPS	5,465	Completed	7.8	Yes
2 Bellevue Court	Brady Australia	13,433	Completed	21.0	Yes
2-6 Basalt Road	Cameron Transport (46%)	23,332	Completed	29.8	Yes
3 Basalt Road	ED Oates, Ausmedic	18,247	Completed	24.9	Yes
1 Bellevue Court	Blackwoods	17,815	Underway	30.32	Yes
Reconciliation Drive	Roche Diagnostics	10,100	Underway	14.92	Yes

1 At 100% ownership. 2 Estimated value on completion.

38 DEXUS PROPERTY GROUP MARCH 2013 QUARTERLY UPDATE AND SYDNEY OFFICE TOUR

DEXUS INDUSTRIAL ESTATE, LAVERTON NORTH, VIC

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BOUNDARY ROAD
Distribution Dr 2.4ha 2.7ha 1 Foundation Rd
Speculative warehouse 4
12-18 Distribution Dr VIP Packaging
Coles Limited
STAGE 1
Distribution Dr 9-15 Foundation Rd
Toll 2 Loscam
STAGE 2
1.0ha
8 Distribution Dr
3.5ha Fastline
1.9ha 1-3 Distribution Dr
BIO-RETENTION Best Bar
SYSTEM
STAGE 3
27 Distribution Dr
Toll
11-17 Distribution Dr
Foster’s Group 21.5ha 9.6ha
25 Distribution Dr
Australian Container 7-9 Distribution Dr
Freight Services PGG Wrightson Seeds
BIO-RETENTION
SYSTEM
15.6ha
5.1ha
N
100m 200m
DOHERTYS ROAD
Ownership DXS DXS – land for future development DXS 50% / Australian Industrial Partnership 50% Sold
DISTRIBUTION DRIVE CREEK
LAVERTON
SIGNAL-CONTROLLED INTERSECTION
PALMERS ROAD
FOUNDATION ROAD
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Address	Tenant	Lettable Area	Status	Transaction Value	AIP property
		(sqm)1		($m)1
1 Foundation Road	VIP Packaging	20,287	Completed	19.0	Yes
12-18 Distribution Drive	Coles Limited	42,954	Completed	100.0	Yes
11-17 Distribution Drive	Foster’s Group	45,493	Completed	36.0	Yes
7-9 Distribution Drive	PGG Wrightson Seeds	7,869	Completed	7.0	Yes
1-3 Distribution Drive	Best Bar	13,008	Completed	11.7	Yes
8 Distribution Drive	Fastline	17,470	Completed	15.9	Yes
27 Distribution Drive	Toll 1	13,801	Completed	11.2	Yes
25 Distribution Drive	Australian Container Freight Services	15,662	Completed	12.2	TBC
Distribution Drive	Toll 2	18,670	Underway	18.42	No
Distribution Drive	Speculative warehouse 4	11,854	Underway	10.22	Yes

1 At 100% ownership.

2 Estimated value on completion.

DEXUS PROPERTY GROUP MARCH 2013 QUARTERLY UPDATE AND SYDNEY OFFICE TOUR 39

NOTES

40 DEXUS PROPERTY GROUP MARCH 2013 QUARTERLY UPDATE AND SYDNEY OFFICE TOUR

ABOUT DEXUS

DEXUS Property Group (DEXUS) is one of Australia’s leading real estate groups, investing directly in high quality Australian office and industrial properties. With a total of $13.1 billion of assets under management, DEXUS also actively manages office, industrial and retail properties located in key Australian markets on behalf of third party capital partners. DEXUS has an office portfolio of over 900,000 square metres across Sydney, Melbourne, Brisbane and Perth and is the largest institutional owner of office buildings in the Sydney CBD, Australia’s largest office market. DEXUS is a Top 50 entity by market capitalisation listed on the Australian Securities Exchange under the stock market trading code “DXS” and is supported by more than 18,000 investors from 15 countries. With over 25 years of experience in commercial property investment, development and asset management, DEXUS has a proven track record in capital and risk management, providing service excellence to tenants and delivering superior risk-adjusted returns to investors.

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

www.dexus.com

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DEXUS PROPERTY GROUP MARCH 2013 QUARTERLY UPDATE AND SYDNEY OFFICE TOUR

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www.dexus.com