DEXUS — Interim / Quarterly Report 2013

Feb 13, 2013

==> picture [596 x 103] intentionally omitted <==

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

DEXUS Property Group (ASX: DXS)
ASX release
----- End of picture text -----

14 February 2013

2013 Half year results presentation

DEXUS Funds Management Limited, as responsible entity for DEXUS Property Group (DXS), provides the 2013 half year results presentation.

The property synopsis spread sheet is also available on our website at www.dexus.com

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’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 owns high quality Australian office and industrial properties and has an established a successful third party funds management business that invests in office, industrial and retail properties. 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)

==> picture [595 x 105] intentionally omitted <==

DEXUS PROPERTY GROUP 2013 HALF YEAR RESULTS PRESENTATION

==> picture [454 x 86] intentionally omitted <==

==> picture [454 x 86] intentionally omitted <==

==> picture [149 x 18] intentionally omitted <==

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

DEXUS Funds Management Limited
ABN 24 060 920 783
AFSL 238163 as responsible entity for DEXUS Property Group DEXUS Property Group 2013 Half Year Results Presentation
----- End of picture text -----

==> picture [19 x 6] intentionally omitted <==

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

Slide 1
----- End of picture text -----

AGENDA

• Strategy

• Group highlights

• Financial results

• Capital management

• Third party funds management

• Portfolio results

• Transactions and market outlook

• Summary

• Appendices

Slide 2

DEXUS Property Group 2013 Half Year Results Presentation

STRATEGY

A clear and focused strategy

==> picture [428 x 76] intentionally omitted <==

==> picture [428 x 76] intentionally omitted <==

==> picture [428 x 76] intentionally omitted <==

DEXUS Property Group 2013 Half Year Results Presentation

==> picture [19 x 6] intentionally omitted <==

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

Slide 3
----- End of picture text -----

STRATEGY

Progress on strategic objectives and initiatives

STRATEGIC OBJECTIVES HY13 PROGRESS INITIATIVES IMPLEMENTED

==> picture [396 x 226] intentionally omitted <==

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

OFFICE
 Proactively managing and driving performance
Being the leading owner  Redeploying excess capital into core Australian office markets
and manager of   Enhancing tenant relationships through implementing new systems and practices
Australian office
CORE CAPABILITIES
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
Being the wholesale  Growing third party funds management business through
partner of choice in ― Developing new capital partners
office, industrial and  ― Partnering with third party funds on investment opportunities
retail
CAPITAL & RISK
MANAGEMENT  Progressing the exit of non-core offshore markets
Actively managing our  Reducing the cost and improving the access to capital
capital in a prudent and   Progressing the recycling of non-core Australian properties
disciplined manner
----- End of picture text -----

Slide 4

DEXUS Property Group 2013 Half Year Results Presentation

GROUP HIGHLIGHTS

For the six months ended 31 December 2012

==> picture [427 x 218] intentionally omitted <==

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

DXS investor returns
29.5% 8.2%
Total security holder return for year Growth in distribution per security
to 31 December 2012
Capital Third party funds
DXS Group Property portfolio
management management
1.0% 238,662 sqm $1.7bn 29.0% 6.5%
FFO per security leased [1] in total Total transactions Gearing [2] increase in funds
growth across the Group under management
$1.03 2.6% 146,114sqm $205m $400m
Net tangible asset Office like-for-like Industrial development Medium term notes Equity raised for
backing per security income growth complete or underway issued DWPF
----- End of picture text -----

1. Including Heads of Agreement.

2. Pro-forma gearing including the impact of the settlement of the US portfolio sale, the acquisition of interests in three Sydney properties and the acquisition of 40 Market Street, Melbourne and Carole Park industrial estate, South Brisbane.

DEXUS Property Group 2013 Half Year Results Presentation Slide 5

==> picture [454 x 319] intentionally omitted <==

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

TITLE SLIDE HEADER F NANCIAL RESULTS
----- End of picture text -----

Slide 6

DEXUS Property Group 2013 Half Year Results Presentation — Slide 6

FINANCIAL RESULTS

		Six months to	Six months to
		31 Dec 2012	31 Dec 2011
Key financial metrics	Statutory net profit	$267.0m	$145.7m
	FFO1	$182.2m	$184.3m
	FFO per security	3.85c	3.81c
	Distribution per security	2.89c	2.67c
	Gearing	29.0%2	29.0%
	NTA per security	$1.03	$1.01

1. FFO (Funds from Operations): net profit adjusted to exclude property revaluations, unrealised mark-to-market changes, changes in deferred tax, amortisation of tenant cash and fit-out incentives, gain/loss on sale of certain assets and rent straight-lining. Refer to the glossary for the detailed explanation and slide 8 for a reconciliation to net profit.

2. Pro-forma gearing including the impact of the settlement of the US portfolio sale, the acquisition of interests in three Sydney properties and the acquisition of 40 Market Street, Melbourne and Carole Park industrial estate, South Brisbane.

DEXUS Property Group 2013 Half Year Results Presentation

Slide 7

FINANCIAL RESULTS

	Six months to 31 Dec 2012 $m	Six months to 31 Dec 2011 $m
Statutory net profit	267.0	145.7
Net fair value gain of investment properties1	(120.4)	(60.0)
Impairment of inventories	—	2.0
Net fair value loss of derivatives	11.9	74.6
Finance break costs attributable to US sales transaction	12.4	—
Net loss/(gain) on sale of investment properties	1.5	(2.9)
Incentive amortisation and rent straight-line	14.3	16.7
RENTS capital distribution	—	(5.3)
Deferred tax (benefit)/expense	(4.5)	12.3
Impairment of goodwill and other	—	1.2
Funds From Operations (FFO)	182.2	184.3

1. Includes $4.7 million of revaluations related to DXS’s share of its equity accounted investments and $18.7 million of net revaluations relating to discontinued operations (US and Europe). Further details are included in the DXS Group financial statements.

Slide 8

DEXUS Property Group 2013 Half Year Results Presentation

FINANCIAL RESULTS Funds From Operations

• Operating EBIT from continued operations up $12.9m to $203.3m

• Office like-for-like income growth of 2.6%

• Industrial like-for-like income growth of 1.1%

• Finance costs $10.1m lower as a consequence of the US central portfolio sale

	Six months to 31 Dec 2012 $m	Six months to 31 Dec 2011 $m
Office Industrial	151.8 57.8	141.3 58.4
Net profit from management operations1	11.5	13.2
Group corporate & asset management1	(17.8)	(22.5)
Operating EBIT – continued operations Discontinued operations2	203.3 17.0	190.4 40.8
Operating EBIT Finance costs3	220.3 (53.6)	231.2 (63.7)
Incentive amortisation and rent straight-line	14.3	16.7
Other	1.2	0.1
Funds From Operations	182.2	184.3
FFO per security	3.85	3.81
Distribution per security	2.89	2.67

1. Refer to slide 10 for further detail.

2. US and European industrial and including US corporate costs. 3. Including interest revenue and RENTS.

DEXUS Property Group 2013 Half Year Results Presentation

Slide 9

FINANCIAL RESULTS Corporate revenue and expenses

Net profit from management operations

	HY13	Property	Development	Funds	Total
		management	& trading	management	($m)
	Revenue	15.9	16.1	13.4	45.4
	Operating expenses1	(12.6)	—	(6.5)	(19.1)
	Cost of sales — active trading	—	(14.8)	—	(14.8)
	Total operating expenses	(12.6)	(14.8)	(6.5)	(33.9)
	Net profit from management operations	3.3	1.3	6.9	11.5

HY13 Total ($m) Group corporate expenses (11.1) DXS asset management (6.7) Group corporate & asset management (17.8) Group corporate & asset management	Management Expense Ratio (MER)
	HY13 Gross MER2 Total ($m)
	A) Group corporate & asset management (17.8)
	B) Funds under management 6,534
	Gross MER = 2*A/B 54bps

1. Comprises property management salaries of $5.2m and corporate & administration expenses of $13.9m.

2. Gross Management Expense Ratio: calculated as annualised domestic costs arising from managing DXS assets and corporate activity/divided by domestic funds under management.

Slide 10

DEXUS Property Group 2013 Half Year Results Presentation

FINANCIAL RESULTS Net tangible assets and Return on Equity (ROE)

Change in net tangible assets

==> picture [399 x 161] intentionally omitted <==

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

cents
104
1.0 (0.2)
103 102.9
0.8
102
1.6 (0.3)
101
100.0
100
99
98
NTA at Property Mark-to-market Sale of US Retained Other NTA at
30 June 2012 Revaluations of derivatives portfolio distribution 31 December 2012
reinvested
----- End of picture text -----

• Delivered an ROE of 5.9% for the six months to 31 December 2012

• Ahead of the Group’s through the cycle ROE target of 9-10% on an annualised basis

DEXUS Property Group 2013 Half Year Results Presentation

Slide 11

==> picture [454 x 319] intentionally omitted <==

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

TITLE SLIDE HEADER CAPITAL MANAGEMENT
----- End of picture text -----

Slide 12

DEXUS Property Group 2013 Half Year Results Presentation — Slide 12

CAPITAL MANAGEMENT Key highlights

FY13 focus	HY13 performance
Reduce cost of funds  Reduced cost of funds by 30bps to 5.8%
Maintain strong diversity of debt and duration of greater than four years	 Successfully restructured US debt facilities associated with the sale of US properties  Issued $205 million medium term notes at a cost of 5.7% with a duration of 5.8 years  Enhanced our approach to interest rate hedging
Maintain strong credit rating metrics	 Credit metrics remain strong following major transactions
Continue on-market securities buy-back, where accretive to investor returns	 Continued buy-back — now 64% complete
Utilise headroom for quality acquisitions or cancel excess facilities	 Headroom retained above target level to facilitate transaction settlements

DEXUS Property Group 2013 Half Year Results Presentation

Slide 13

CAPITAL MANAGEMENT Cost of debt and duration

==> picture [398 x 206] intentionally omitted <==

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

31 Dec 2012 30 Jun 2012 Diversified mix of facilities [3]
Cost of debt [1] 5.8% 6.1% USPP 5%
Duration of debt 4.1 years 4.2 years
144A 12%
Hedged debt 70% 73%
Gearing [2] 29.0% [3] 27.2% MTN 22%
Headroom (approximately) [4] $0.5bn $0.6bn
S&P/Moody’s credit rating BBB+/Baa1 BBB+/Baa1
Debt maturity profile [3]
500
400
300
200
100
‐
Jun‐13 Dec‐13 Jun‐14 Dec‐14 Jun‐15 Dec‐15 Jun‐16 Dec‐16 Jun‐17 Dec‐17 Jun‐18 FY18+
Bank DCM
A$m
----- End of picture text -----

==> picture [141 x 44] intentionally omitted <==

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

USPP 5%
Bank -
unsecured
144A 12%
61%
MTN 22%
----- End of picture text -----

1. Weighted average.

2. Refer to glossary for gearing definition.

3. Pro-forma including the impact of the settlement of the US portfolio sale, the acquisition of interests in three Sydney properties and the acquisition of 40 Market Street, Melbourne and Carole Park industrial estate, South Brisbane. All other debt metrics are broadly consistent on a pro-forma basis.

4. Undrawn facilities plus cash, excluding cash held in escrow.

Slide 14

DEXUS Property Group 2013 Half Year Results Presentation

==> picture [454 x 318] intentionally omitted <==

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

TITLE SLIDE HEADER HIRD PARTY FUNDS
MANAGEMENT
----- End of picture text -----

==> picture [176 x 7] intentionally omitted <==

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

DEXUS Property Group 2013 Half Year Results Presentation — Slide 15
----- End of picture text -----

==> picture [23 x 6] intentionally omitted <==

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

Slide 15
----- End of picture text -----

THIRD PARTY FUNDS MANAGEMENT Highlights

FY13 focus

• Continue to develop new capital partnerships

• Continue to achieve investment objectives to enhance returns for our established funds

• Raise further capital for DWPF

HY13 performance

• Third party funds under management increased 6.5%

• Strong support from DWPF investors raising over $400m of equity including $290m from a new investor

• DWPF acquired two office properties jointly with DXS and one industrial property (approx. $204m)[1]

• Launched NPS partnership and have transacted on an additional two properties in January

• DWPF out-performed benchmark[2] over 1, 3 & 5 years

• Excluding acquisitions costs and includes post balance date transaction.

• Mercer IPD Australian Pooled Property Fund Index.

• At 31 December 2012 including post balance date acquisition of a 50% interest in 39 Martin Place, Sydney.

Third party funds management platform[3]

==> picture [181 x 214] intentionally omitted <==

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

DWPF
$4.1bn
NPS
$0.2bn $5.9bn
Aust
mandate
$1.6
DWPF equity raised since 2012
600 $0.8bn 900
$0.7bn
400 600
200 300
0 0
-200 (300)
Q1 Q2 Q3 Q4 Q1 Q2
FY12 FY12 FY12 FY12 FY13 FY13
Equity raised DRP
Transfer / redemption Net equity raised
Gross equity raised (inc DRP)
Quarterly equity $ m
Cumulative equity $ m
----- End of picture text -----

Slide 16

DEXUS Property Group 2013 Half Year Results Presentation

TITLE SLIDE HEADER PORTFOLIO RESULTS

==> picture [454 x 86] intentionally omitted <==

==> picture [454 x 86] intentionally omitted <==

DEXUS Property Group 2013 Half Year Results Presentation — Slide 17

Slide 17

PORTFOLIO RESULTS Total portfolio

Total DXS portfolio1	31 Dec 2012	30 Jun 2012	Total DXS portfolio composition1	Total DXS portfolio composition1
			Non-core
Total value	$7.1bn	$6.4bn	1%
Total number of properties	82	74	Industrial 22%
Total NLA (sqm) Income growth (like-for-like)	1.7m 2.2%	1.8m 3.3%	$7.1bn	O
Occupancy by area	94.7%	93.4%
Occupancy by income	95.0%	95.8%
Weighted average lease expiry2	4.7 years	4.7 years
Weighted average cap rate	7.60%	7.64%

==> picture [124 x 63] intentionally omitted <==

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

Non-core
1%
Industrial
22%
Office
77%
$7.1bn
----- End of picture text -----

1. 30 June 2012 and 31 December 2012 details include all post balance date transactions, exclude cash and discontinued operations (US and Europe). 2. By income.

Slide 18

DEXUS Property Group 2013 Half Year Results Presentation

PORTFOLIO RESULTS Total portfolio — valuation metrics for the six months to 31 December 2012

• Total portfolio valuation uplift of $99.2m[1 ] primarily driven by leasing success

• Office portfolio valuations up 1.9% or $92.8m

• Industrial portfolio valuations up 0.4% or $6.4m

• Valuations tempered by high incentives and longer let-up times in the medium-term

• Cap rate compression evident in prime, highly occupied office and industrial properties

• Average office cap rates remain steady but under pressure to tighten from investor demand

• Secondary industrial cap rates under pressure to soften where leasing challenges exist

Office and industrial portfolio valuation metrics[1]

Office and industrialportfolio valuation metrics1
Valuation change 31 Dec 12 30 Jun 12 $ %	Cap rates 31 Dec 12 % 30 Jun 12 %	Discount rates 31 Dec 12 % 30 Jun 12 %
Office 92.8 1.9 Industrial 6.4 0.4	7.29 7.30 8.58 8.59	9.07 9.18 9.61 9.66
Total 99.2 1.5	7.60 7.64	9.20 9.30

1. Excluding discontinued operations (US and Europe).

DEXUS Property Group 2013 Half Year Results Presentation

==> picture [23 x 6] intentionally omitted <==

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

Slide 19
----- End of picture text -----

PORTFOLIO RESULTS

Total portfolio — historical cap rates

• Cap rate compression has traditionally occurred in periods of accelerating rental growth

• DEXUS portfolio cap rates last cyclical low of 7.1% for industrial and 5.9% for office

• Investor demand for high quality assets and independent valuation evidence is expected to drive cap rate compression over the next year

DXS office & industrial portfolio historical cap rate comparison

==> picture [399 x 149] intentionally omitted <==

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

10%
last cyclical low
9%
Industrial
8%
Office
7%
6%
5%
Jun-05 Dec-05 Jun-06 Dec-06 Jun-07 Dec-07 Jun-08 Dec-08 Jun-09 Dec-09 Jun-10 Dec-10 Jun-11 Dec-11 Jun-12 Dec-12
39 Martin Place, Sydney, NSW
----- End of picture text -----

Slide 20

DEXUS Property Group 2013 Half Year Results Presentation

PORTFOLIO RESULTS Office — operating performance

• Active period of leasing, with 63 leases over 61,882sqm[1]

• Occupancy of 95.2%[2]

• Maintained solid portfolio WALE of 4.9 years[3]

• Delivered strong like-for-like income growth of 2.6%[4]

• Strong total return of 10.3%

• New rents were on average 2.7% lower than prior rents with average incentives of 9.6%

• Excluding effective renewals, new rents were 4.9% higher with average incentives of 16.1%

• Including Heads of Agreement of 7,855sqm. 2. By area. 3. By income. 4. Excluding 123 Albert Street, Brisbane. Australia Square, 264-278 George Street, Sydney, NSW

==> picture [149 x 6] intentionally omitted <==

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

DEXUS Property Group 2013 Half Year Results Presentation
----- End of picture text -----

==> picture [164 x 341] intentionally omitted <==

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

Slide 21
----- End of picture text -----

PORTFOLIO RESULTS Office — key leasing achievements

 Leased 61,882sqm across 16 properties

• Retained 33 tenants over 50,000sqm on average 8.5 months prior to expiry

• Signed 11,000sqm of new leases

Key office leases completed

Property	Tenant	Area1	Income1	Term	Expiry
		(sqm)	%
8 Nicholson Street	Vic State Gov’t	23,528	2.3	5	Jun 18
11 Talavera Road	Ericsson	4,607	0.4	5	Dec 18
	Upstream Print Solutions	1,587	0.2	4	Feb 17
240 St Georges Terrace	Woodside	4,281	1.1	5	Dec 18
Southgate Towers	CEO	3,847	0.4	7	Oct 22
The Zenith	TCA	3,161	0.3	5	Mar 18
201 Elizabeth Street	State Property Authority	1,637	0.2	4	Apr 17
	Transgrid	1,627	0.2	3	Apr 16
Australia Square	DEXUS Property Group	1,032	0.2	8	Apr 21
	Abacus	516	0.1	5	Dec 17

50 Carrington Street, Sydney, NSW

1. By ownership.

==> picture [169 x 341] intentionally omitted <==

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

Pending page content reserve for image
Slide 22
----- End of picture text -----

DEXUS Property Group 2013 Half Year Results Presentation

PORTFOLIO RESULTS Office — leasing focus

FY13 focus

• Progress 8 Nicholson Street, Melbourne and 30 The Bond, Sydney

• Focus on leasing in Sydney western core

HY13 performance

• Retained tenant at 8 Nicholson Street for a further five years and progressing discussions with Lend Lease at 30 The Bond

• Secured tenants at:

• 45 Clarence Street: two new tenancies 1,698sqm

• 383 Kent Street: one new tenant 1,447sqm

==> picture [428 x 139] intentionally omitted <==

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

—
Office leasing focus 321 Kent Street: one new tenant 1,482sqm
Property Tenant Area [1] Expiry status Progress
(sqm)
FY13
14 Moore Street Comcare/ATO 10,969 Available/May 13 Part space under negotiation, marketing continuing
Australia Square Vacant 2,294 Available 1,200sqm under negotiation, marketing balance
45 Clarence Street Vacant 2,493 Available 2,200sqm under negotiation
GPT, 1 Farrer Place Vacant 1,528 Available Marketing continuing.
1 Bligh Street Vacant 1,000 Available HOA for suite on Lvl 17 (289sqm) and interest in remaining suites
FY14
30 The Bond Lend Lease 17,547 Mar 14 In discussions with current tenant
GPT, 1 Farrer Place Corrs 3,685 May 14 Marketing continuing
FY15
GMT, 1 Farrer Place NSW Gov’t 10,203 Dec 14 Actively marketing assuming vacancy
Woodside Plaza Deloitte 4,282 Jun 15 In discussions
----- End of picture text -----

1. By ownership.

DEXUS Property Group 2013 Half Year Results Presentation

==> picture [23 x 6] intentionally omitted <==

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

Slide 23
----- End of picture text -----

PORTFOLIO RESULTS Office lease expiry profile by income

==> picture [405 x 228] intentionally omitted <==

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

50%
December 12 position December 12 vacancy June 12 position
45%
40%
35%
30%
25%
47.5%
20%
15%
10%
5% 4.7% 9.0% 11.9% 13.7% 10.2%
3.0%
0%
FY13 FY14 FY15 FY16 FY17 FY18+
% % % % %
ATO 0.3 [Lend Lease ] 2.7 [NSW Gov’t ] 1.8 [IBM ] 1.3 [Mallesons] 1.9
14 Moore 30 The Bond GPT/GMT Southgate GPT/GMT
Bluestone 0.2 [Corrs] 1.0 [Lloyds] 0.9 [Merrill Lynch ] 0.9 [Promina] 0.8
321 Kent GPT/GMT 45 Clarence GPT/GMT 321 Kent
Nexia Court 0.2 [CMC Markets] 0.5 [Phillips] [Fox] 0.9 [Grant Thornton ] 0.7 [Covermore] 0.6
Australia Square GPT/GMT 201 Elizabeth 383 Kent Victoria Cross
Maersk 0.2 [Travelex] 0.4 [Bank West] 0.7 [Sparke Helmore] 0.7 [Internat’l] [SOS] 0.6
201 Elizabeth One Margaret 45 Clarence 321 Kent 45 Clarence
----- End of picture text -----

Slide 24

DEXUS Property Group 2013 Half Year Results Presentation

PORTFOLIO RESULTS Industrial — strong operating performance

• Leased 176,780sqm[1] across 58 leases

• Including 50,508sqm of development projects

• Improved occupancy[2] by 2.7% to 94.4%

• Portfolio WALE[3] of 4.0 years

• Achieved like-for-like income growth of 1.1%

• Delivered a total return of 7.8%

• Negotiated new rents at an average 0.7% lower than prior rents, despite portfolio being 5.8% over-rented

• Average incentives were 6.3%

• Including Heads of Agreement of 31,865sqm. 2. By area. 3. By income.

DEXUS Property Group 2013 Half Year Results Presentation

==> picture [208 x 341] intentionally omitted <==

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

DEXUS Industrial Estate, 25 Distribution Drive, Laverton North, VIC
DEXUS Industrial Estate, 27 Distribution Drive, Laverton North, VIC
Pending page content reserve for image
Slide 25
----- End of picture text -----

PORTFOLIO RESULTS Industrial — focus

HY13 performance

FY13 focus

• Increase occupancy at Sydney properties

• Increased Sydney portfolio occupancy by 1.3%[2]

• Complete development projects

  • Completed three development projects

• 43,800sqm of trading properties

• 13,630sqm of trading properties

• 31,500sqm of projects at the Quarry

• 31,680sqm of projects at the Quarry

• Secure $2m in trading profits[1]

• Total cost $54m and average target IRR of 18.1%

• Six developments underway for total cost[3] of $87.3m covering 100,804sqm

==> picture [306 x 149] intentionally omitted <==

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


Quarry at Greystanes, NSW
1. Trading profit guidance was revised to $2m in October 2012.
2. Since 30 June 2012.
3. DXS interest.
DEXUS Property Group 2013 Half Year Results Presentation
----- End of picture text -----

• On track to deliver trading profits

Slide 26

PORTFOLIO RESULTS Corporate responsibility and sustainability — value-add approach

• Achieved an average 4.7 star NABERS Energy rating exceeding the 4.5 star target

• Achieved an average 3.5 star NABERS Water rating

• Office portfolio delivered on average a 30% reduction in resource consumption and emission reduction since FY08

• DEXUS Property Group named CitySwitch NSW Signatory of the Year in Green Office awards

• Maximised sustainability credentials reduce let up times and increase tenant retention

	DXS office portfolio	Dec	Dec	Dec	Dec
	NABERS Energy rating NABERS Water rating Energy consumption % savings Water consumption % savings GHG emissions % savings	09 3.2 3.0 9.6 3.4 7.1	10 3.3 3.0 1.4 2.4 2.7	11 3.5 3.2 6.0 4.2 6.5	12 4.7 3.5 7.1 8.6 9.1

• 1 Bligh Street recognised globally

• First Australian building to win International High-Rise Award 2012, donating €50,000 prize money to establish a student scholarship program for sustainable commercial high-rise design

• 123 Albert Street recognised domestically

• Environmentally Sustainable Development, built form at UDIA Qld 2011 Awards for Excellence

• FuturArc Green Leadership Award 2012 in Commercial Architecture category

DEXUS Property Group 2013 Half Year Results Presentation

Slide 27

TITLE SLIDE HEADER RANSACTIONS AND MARKET OUTLOOK

==> picture [454 x 86] intentionally omitted <==

==> picture [454 x 86] intentionally omitted <==

Slide 28

DEXUS Property Group 2013 Half Year Results Presentation — Slide 28

TRANSACTIONS Active period of transaction activity

==> picture [454 x 279] intentionally omitted <==

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

$1.7bn
total transactions
across the Group
54
properties transacted
Transactions
significantly
improve quality
of earnings
DEXUS Property Group 2013 Half Year Results Presentation Slide 29
----- End of picture text -----

TRANSACTIONS

Active period of transaction activity

• DXS acquisitions totalling $676m

• $550m core office[1] at a cap rate of 7.2% and forecast 10 year IRR of 9.3%

• $105m value-add[2] office with a forecast 3 year IRR of over 12%

• $21m core industrial at a 7.75% cap rate and a forecast 10 year IRR of 9.5%

• Sold US$561m US portfolio of 26 properties at 13% premium to book value

• Pursuing the divestment of remaining six European and one US property over the next 12 months

• Including 12 Creek Street, Brisbane (DXS 50% interest $120.8m); 225 George Street, Sydney (DXS 25% interest $271.3m); 39 Martin Place, Sydney (DXS 50% interest $74.9m); 2 and 4 Dawn Fraser Avenue, Sydney Olympic Park (DXS 50% interest $82.7m).

• 50 Carrington Street, Sydney ($58.5m) and 40 Market Street, Melbourne ($46.7m).

==> picture [174 x 341] intentionally omitted <==

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

12 Creek Street, Brisbane, QLD
Slide 30
----- End of picture text -----

DEXUS Property Group 2013 Half Year Results Presentation

MARKET OUTLOOK Australian office markets

Relatively stable near term outlook

• Markets relatively well balanced due to low supply despite below average demand

• Anticipate recovery in demand from mid FY14 given impact of lower interest rates and improved white collar employment growth

• Vacancy in major markets not far from historic averages

==> picture [414 x 166] intentionally omitted <==

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

Net supply forecast – core markets Vacancy forecast 2012-2015
000sqm
500 12%
450
400 Supply 10%
gap
350 8%
300
250 6%
200
150 4%
100
2%
50
0 0%
-50 Sydney Melbourne Brisbane Perth
FY03 FY06 FY09 FY12 FY15
FY13 FY14 FY15 FY16 10 yr average
Net supply 10yr average supply
Source: Jones Lang LaSalle actual & DEXUS forecast.
DEXUS Property Group 2013 Half Year Results Presentation Slide 31
----- End of picture text -----

MARKET OUTLOOK

Capital values to be supported by yield spreads

• Yield spreads are above average and demand is strong, putting downward pressure on cap rates for prime assets

• Values should increase provided fundamentals do not deteriorate

• Spreads between prime and secondary cap rates to persist in the short term

==> picture [220 x 224] intentionally omitted <==

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

Pricing ― wide cap rate spread over 10 yr bond
5%
4%
3%
2%
average
1%
0%
-1%
-2%
Sep- Sep- Sep- Sep- Sep- Sep- Sep- Sep- Sep- Sep- Sep- Sep-
01 02 03 04 05 06 07 08 09 10 11 12
Office
Sydney CBD capital value index
14,000
12,000
10,000
8,000
6,000
4,000
2,000
0
Jun-80 Jun-84 Jun-88 Jun-92 Jun-96 Jun-00 Jun-04 Jun-08 Jun-12
----- End of picture text -----

Source: IPD, Jones Lang LaSalle, RBA, DEXUS Research.

Slide 32

DEXUS Property Group 2013 Half Year Results Presentation

MARKET OUTLOOK

Sydney CBD weak demand matched by low supply

==> picture [388 x 151] intentionally omitted <==

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

Sydney CBD office market
‘000sqm
250 14%
200 12%
150
10%
100
8%
50
6%
-
4%
-50
-100 2%
-150 0%
FY01 FY03 FY05 FY07 FY09 FY11 FY13 FY15 FY17
Net Abs. Net Supply Vacancy (RHS)
----- End of picture text -----

• Positive net absorption forecasts from FY14 onwards ― business services driven

• Limited supply in FY14 and FY15 ― scope for rents to rise

• Supply cycle peak in FY16 ― some risk if demand is flat

==> picture [454 x 52] intentionally omitted <==

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

Source: Jones Lang LaSalle actual & DEXUS forecast.
DEXUS Property Group 2013 Half Year Results Presentation Slide 33
----- End of picture text -----

MARKET OUTLOOK Industrial markets maintain good occupancy

• Fundamentals remain robust

• Supply low and vacancy rates stable

• Lead indicators positive, but yet to translate to demand and rents

Rental growth & consumption spending

Industrial ― supply levels low, vacancy stable

==> picture [423 x 111] intentionally omitted <==

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

% p.a.
20% 6% 8%
forecast 4%
10% 6%
2%
0% 0% 4%
-2%
2%
-10%
-4%
0%
-20% -6% H208 H109 H209 H110 H210 H111 H211 H112 H212
FY90 FY92 FY94 FY96 FY98 FY00 FY02 FY04 FY06 FY08 FY10 FY12 FY14 FY16 Prime Secondary
NSW consumption spending RHS Outer west rent growth
----- End of picture text -----

Source: Jones Lang LaSalle, Savills, DEXUS Research, Deloitte Access Economics Dec 12.

Slide 34

DEXUS Property Group 2013 Half Year Results Presentation

==> picture [454 x 318] intentionally omitted <==

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

TITLE SLIDE HEADER SUMMARY
----- End of picture text -----

==> picture [176 x 7] intentionally omitted <==

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

DEXUS Property Group 2013 Half Year Results Presentation — Slide 35
----- End of picture text -----

==> picture [23 x 6] intentionally omitted <==

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

Slide 35
----- End of picture text -----

SUMMARY

==> picture [172 x 135] intentionally omitted <==

• Achieved solid operational results in a challenging market

• Portfolio composition is on target to deliver superior risk-adjusted returns to investors

• Significant progress made on our objective of being the leading owner and manager of Australian office

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

==> picture [172 x 134] intentionally omitted <==

• Market guidance for FY13[1]

• FFO per security 7.75 cents

• Distribution per security 5.8 cents

• 1 Bligh Street and Governor Phillip Tower, 1 Farrer Place, Sydney, NSW

• 1. Barring unforeseen circumstances. Assumptions include: 75% payout ratio, delivering 2% like-for-like NOI growth in the office portfolio, $2m in trading profits, cost of debt at 6.0% and excluding further on-market buy-back.

• DEXUS Property Group 2013 Half Year Results Presentation

Slide 36

TITLE SLIDE HEADER DEXUS PROPERTY GROUP 2013 HALF YEAR RESULTS APPENDICES

==> picture [454 x 86] intentionally omitted <==

==> picture [454 x 86] intentionally omitted <==

DEXUS Property Group 2013 Half Year Results Presentation — Slide 37

==> picture [23 x 6] intentionally omitted <==

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

Slide 37
----- End of picture text -----

CONTENTS

Group highlights

Group highlights
DEXUS today	39
Strong total security holder returns	40
Financial results
Change in net tangible assets	41
Interest reconciliation	42
Direct property portfolio movements	43
Capital management Debt overview and buy-back summary Interest rate hedging profile	44 45-46
Debt balances by jurisdiction	47
Debt facility detail	48

Portfolio results

Portfolio results
Acquisitions	49
Divestments	50
Revaluation summary as at 31 December 2012	51-52
Developments	53-56
Rent review profiles	57
Office portfolio	58-65
Industrial portfolio	66-71
US Industrial portfolio	72
Australian office markets	73-78
Australian industrial markets	79
Market outlook	80
FX rates	81
Glossary	82
Important information	83

Slide 38

DEXUS Property Group 2013 Half Year Results Presentation

GROUP HIGHLIGHTS DEXUS today

==> picture [454 x 279] intentionally omitted <==

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

DEXUS Property Group platform
$13bn [2] AUM
Public and private capital 226 property professionals 120 properties 2,823,364sqm NLA
Office Industrial Retail Development pipeline
$7.5bn [2] $2.4bn [2] $3.1bn [2] $1.6bn
DXS portfolio investments Third Party Funds management
$7.1bn [2] $5.9bn [2]
8% 22% 1% 20% Industrial 14% Office 34% Mandate NPS 3% DWPF
22% 28% 69%
$5.9bn $5.9bn
77% 80%
70%
Retail 52%
Jun-121 Dec-12 2 Target3
Office Industrial US industrial
1. As at 30 June 2012 including the NPS partnership and the acquisitions of 50 Carrington Street, Sydney and 12 Creek Street, Brisbane.
2. At 31 December 2012 including post-balance date transactions.
3. Target of 3-5 year timeframe.
DEXUS Property Group 2013 Half Year Results Presentation Slide 39
----- End of picture text -----

GROUP HIGHLIGHTS Strong total security holder returns

==> picture [419 x 267] intentionally omitted <==

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

DXS investor returns Distribution — cents per security
3.0
2.89
2.9
 One year total security holder return of 29.5% [1] 2.8
— Outperformed A-REIT index [2] over 3 and 5 years 2.7 2.67
2.59
 Dec-12 distribution per security growth of 8.2% 2.6
2.5
2.4
2010 2011 2012
DEXUS total security holder return DEXUS accumulation price performance
40.0%
33.0% 135
29.5% 130
30.0%
125
120
20.0%
12.6% 115
9.3% 110
10.0% 105
100
0.0% 95
-10.0% -5.5% -8.3%
1 Year 3 Years 5 Years DXS S&P/ASX Prop 200
DEXUS Property Group S&P/ASX 200 Prop Accum Index
1. DXS share price appreciation plus distributions paid. Source UBS.
2. S&P/ASX Property 200 Accumulation Index.
DEXUS Property Group 2013 Half Year Results Presentation Slide 40
Dec-11 Jan-12 Feb-12 Mar-12 Apr-12 May-12 Jun-12 Jul-12 Aug-12 Sep-12 Oct-12 Nov-12 Dec-12
----- End of picture text -----

FINANCIAL RESULTS Change in net tangible assets

31 Dec 2012 $m 30 June 2012 $m cps Opening net tangible assets 4,784 4,878 100.0 Revaluation of real estate 120 68 2.5 Retained earnings1 46 110 0.9 Amortisation of tenant incentives2 (14) (32) (0.3) Fair value movements3 (19) (189) (0.4) NTA changes in comprehensive income 133 (43) 2.8 Impact of the securities buy-back (77) (51) 0.1 Total movement in NTA 56 (94) 2.9 Closing net tangible assets 4,840 4,784 102.9	Investment portfolio % of portfolio Cap rate % Valuation movement $m
	Office 70 7.29 92.8 Industrial 22 8.58 6.4 Industrial US 8 n/a 43.3 Europe <1 n/a (22.1) Total portfolio 100%

1. Based on payout ratio being 70% of FFO.

2. Includes rent straight-lining.

3. Primarily includes fair value movements of derivatives, deferred tax and gain/(loss) on sale of assets.

DEXUS Property Group 2013 Half Year Results Presentation

Slide 41

FINANCIAL RESULTS Interest reconciliation

	31 Dec 2012	31 Dec 2011
	$m	$m
Interest paid/payable	60.9	67.5
Other finance costs (amortised fees)	2.0	2.4
Realised interest rate swap (income)/expense1	(2.4)	3.3
Add: RENTS	—	6.3
Gross finance costs for cost of debt purposes	60.5	79.5
Less: interest capitalised	(6.1)	(15.0)
Less: interest income	(0.8)	(0.8)
Net finance costs for distributable earnings	53.6	63.7
Add: unrealised interest rate swap MTM loss2	10.4	74.0
Add: interest income	0.8	0.8
Less: RENTS	—	(6.3)
Add: finance break costs attributable to US sales transaction	12.4	—
Total statutory finance costs	77.2	132.2
Represented by:
Statutory finance costs from continuing operations (Fin Stats note 2)	51.8	57.6
Statutoryfinance costs from discontinued operations(Fin Stats note 5)3	25.4	74.6
Total statutory finance costs	77.2	132.2

1. Net fair value loss of interest rate swap of $11.2m (per note 2) includes realised interest rate swap expense of $0.9m. Finance costs from discontinued operations of $12.9m (per note 5) includes realised interest rate swap income $3.3m.

2. Net fair value loss of interest rate swaps of $11.2m (per note 2) includes unrealised interest rate swap MTM loss $10.3m. Net fair value loss of derivatives of $1.0m (per note 5) includes unrealised interest rate swap MTM loss $0.1m.

3. Statutory finance costs from discontinued operations of $25.4m (per note 5) consists of finance costs attributable to US sales transactions of $12.9m, finance break costs of $12.4m and unrealised interest rate swap MTM loss of $0.1m included within net fair value loss of derivatives.

Slide 42

DEXUS Property Group 2013 Half Year Results Presentation

FINANCIAL RESULTS Direct property portfolio movements

Office1 $m Industrial $m	Discontinued operations US industrial $m Other2 $m	DEXUS total1 $m
Opening direct property 4,680 1,659 Leasing incentive3 21 6 Maintenance capex 10 3 Acquisitions 189 — Developments4 10 51 Disposals5 — (171) FX 1 — Revaluations 93 6 Amortisation (24) (3) Straight-lining 2 1	539 45 2 — 2 2 — — — — (15) — (9) 1 43 (22) (2) — — —	6,923 29 17 189 61 (186) (7) 120 (29) 3
Closing direct property 4,982 1,552	560 26	7,120

1. Includes DXS’s share of equity accounted investments.

2. Includes Europe.

3. Includes rent free incentives.

4. Includes capitalised interest.

5. At book value.

DEXUS Property Group 2013 Half Year Results Presentation

Slide 43

CAPITAL MANAGEMENT

Debt overview and buy-back summary

Key metrics 31 Dec 2012 30 Jun 2012 Total debt $2,089m $1,941m Cost of debt1 5.8% 6.1% Gearing 29.0%2 27.2% Headroom (approximately)3 $0.5bn $0.6bn Debt duration 4.1 years 4.2 years S&P/Moody’s rating BBB+/Baa1 BBB+/Baa1 Covenant gearing (covenant4 <55%) 29.1% 27.8% Interest cover (covenant4 >2.0x) 4.0x 3.8x Priority debt (covenant4 <30%) 1.0% 1.1%	Buy-back summary 31 Dec 2012 30 Jun 2012
	Total buy-back commitment $200m $200m % of securities on issue 5% 5% Total securities bought back 137.1m 55.2m % of total commitment 64.3% 25.5% Total unit cost bought back $128.5m $51.0m Average price per security $0.937 $0.923

1. Weighted average for the period.

2. Pro-forma including the impact of the settlement of the US portfolio sale and the acquisition of interests in three Sydney properties and the acquisition of 40 Market Street, Melbourne and Carole Park industrial estate, South Brisbane. Gearing excluding these transactions was 28.6%.

3. Undrawn facilities plus cash.

4. As per public bond covenants.

Slide 44

DEXUS Property Group 2013 Half Year Results Presentation

CAPITAL MANAGEMENT

Interest rate hedging profile

Change in approach to interest rate hedging

• Established targets for diversification of sources of hedging, reducing the sensitivity of returns to rate movements

• In line with this strategy, hedging was added during the period via fixed rate debt and interest rate caps

==> picture [229 x 86] intentionally omitted <==

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

31 Dec 31 Dec
2012 2011
Average amount of debt hedged [1] 70% 80%
Average amount of debt hedged excluding caps [1] 67% 77%
Weighted average interest rate on hedged debt 3.7% 4.3%
Weighted average fixed & floating rate [2] 5.8% 6.2%
Weighted average maturity of interest hedges 4.0 years 5.7 years
----- End of picture text -----

Hedge maturity profile

==> picture [381 x 152] intentionally omitted <==

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

A$m 1,800 8.0%
equiv 1,600 7.0%
1,400 6.0%
1,200 5.0%
1,000
4.0%
800
3.0%
600
400 2.0%
200 1.0%
0 0.0%
HY13 FY13 FY14 FY15 FY16 FY17 FY18 FY19 FY20
Net fixed rate debt (A$m equiv) Interest rate caps (A$m equiv) Interest rate swaps (A$m equiv) Weighted average hedge rate
Average amount hedged for the period.
Includes fees and margins.
Slide 45
----- End of picture text -----

1. Average amount hedged for the period.

2. Includes fees and margins. DEXUS Property Group 2013 Half Year Results Presentation

CAPITAL MANAGEMENT Interest rate hedging profile

	HY13	FY13	FY14	FY15	FY16	FY17	Avg FY18+4
A$ net fixed coupon debt (A$m)1,2	213	271	330	330	330	300	41
A$ interest rate swaps (A$m)1	817	804	574	400	298	260	66
A$ interest rate caps (A$m) 1	70	78	240	240	232	70	0
A$ total hedged (A$m)1	1,099	1,154	1,144	970	860	630	106
A$ hedge rate (ex margin)3	4.02%	3.98%	4.15%	4.34%	4.40%	4.48%	4.93%
US$ net fixed coupon debt (US$m)1,2	250	146	—	—	—	—	—
US$ interest rate swaps (US$m)1	113	56	—	—	—	—	—
US$ total hedged (US$m)1	363	202	—	—	—	—	—
US$ hedge rate (ex margin)3	2.91%	2.94%	—	—	—	—	—
Total hedged (A$m) 1	1,448	1,349	1,144	970	860	630	106
Hedge rate (ex margin)3	3.74%	3.83%	4.15%	4.34%	4.40%	4.48%	4.93%

• Refer slide 47 for current period weighted average cost of debt including floating rate component, credit margins and fees

• Average amount during the period.

• Gross fixed coupon debt less the amount converted to floating rate basis via coupon-matched swaps.

• Weighted average rate of fixed debt, swaps and caps for the period. Caps included at a rate equal to the lower of cap strike and forecast floating rate for the applicable period.

• Hedging period FY18—FY22.

Slide 46

DEXUS Property Group 2013 Half Year Results Presentation

CAPITAL MANAGEMENT Debt balances by jurisdiction

	Interest bearing	Interest bearing	Cross currency	Cross currency	Total liabilities	Total liabilities	Weighted	average
	liabilities		swaps1		after cross ccy		cost	of debt3
		$m		$m		swaps2		%
						$m
Australia/New Zealand		A$1,479		A$64		A$1,543		6.3%
USA		US$595	(US$65)			US$530		4.5%
Europe		€36		—		€36		1.0%
Total		A$2,101		—		A$2,099		5.8%
Less amortised debt costs		(A$12)
Current & non-current interest bearing liabilities		A$2,089
Cross currency swap maturity profile	FY14	FY15	FY16	FY17	FY18	FY19	FY20	FY21
€ maturities (€m)	—	78	—	41	—	—	—	250
€ contract rate	—	1.0231	—	1.0470	—	—	—	1.0470

1. As at 31 December 2012. Note: Additional US$304m cross currency swaps were transacted in December 2012 (AUD/USD 1.0470) on a forward start basis, commencing in line with settlement of US sale and maturing in line with US$ debt maturities.

2. Cross currency swap principal amounts included at contract exchange rates. Differs to total interest bearing liabilities by the amount of the cross currency swap mark-to-market.

3. Weighted average of fixed and floating rates for the current period, inclusive of fees and margins on a drawn basis.

DEXUS Property Group 2013 Half Year Results Presentation

Slide 47

CAPITAL MANAGEMENT

Debt facility detail

		Facility limit	Drawn	Pro-forma	Maturity dates	Security	Currency
		A$m	A$m	facility limit
	Bilateral bank debt	1,498	993	1,520	Jan 15—Feb 18	Unsecured	A$ US$
	Mortgage loans	74	74	—	—	Secured	US$
	Medium term notes (MTN)	160	160	160	Jul 14	Unsecured	A$
		210	210	210	Apr 17	Unsecured	A$
		175	175	175	Sep 18	Unsecured	A$
	US senior notes (144A)	120	120	482	Oct 14	Unsecured	US$
		241	241	241	Mar 21	Unsecured	US$
	US senior notes (USPP)	125	125	125	Dec 14—Mar 17	Unsecured	US$
	Total1,3	2,606	2,101	2,482
	Bank guarantee utilised		1
	Headroom		504

1. USPP maturities: US$78m Dec 14, US$11m Mar 15, US$19m Dec 16, US$22m Mar 17.

2. US$50m retained until the sale of Glendale which is expected within 12 months. 3. Total adjusted for discounts on 144A ($1m) and premiums on MTNs ($5m).

Slide 48

DEXUS Property Group 2013 Half Year Results Presentation

PORTFOLIO RESULTS Acquisitions

Acquisitions	Sector	Interest	Acquisition	Initial yield	Cap rate	Settlement
		%	A$m1	%	%
50 Carrington Street, Sydney, NSW	Office	100	58.5	5.2	8.0	Nov 2012
12 Creek Street, Brisbane, QLD	Office	50	120.8	7.9	7.75	Oct 2012
40 Market Street, Melbourne, VIC	Office	100	46.7	8.9	8.5	Jan 2013
131 Mica Street, Carole Park, QLD	Industrial	100	21.0	7.7	7.75	Jan 2013
225 George Street, Sydney, NSW	Office	25	271.3	5.4	6.5	Feb 2013
39 Martin Place, Sydney, NSW2	Office	50	74.9	5.7	7.6	Feb 2013
2 & 4 Dawn Fraser Avenue, Sydney Olympic Park, NSW	Office	50	82.7	7.8	8.0	Feb 2013
Total DXS			675.9
12 Creek Street, Brisbane, QLD	Office DWPF	50	120.8			Oct 2012
295 Archerfield Road, Richlands, QLD	Industrial DWPF	100	8.3			Nov 2012
39 Martin Place, Sydney, NSW2	Office DWPF	50	74.9			Feb 2013
Industrial portfolio (Laverton & Greystanes)	Industrial NPS	50	129.7			Oct 2012
Coles Distribution Centre, Laverton, VIC	Industrial NPS	50	50.0			Oct 2012
Total Third Party Funds			383.7
Total Group			1,059.6

1. Acquisition price excluding acquisition costs.

2. Includes Martin Place Shopping Circle $3.38m (50% interest). DEXUS Property Group 2013 Half Year Results Presentation

Slide 49

PORTFOLIO RESULTS Divestments

Divestments	No. properties	Book value	Proceeds	Proceeds
		A$m	Local Ccy	A$m
			$m
Industrial1	16	170.6	A$171.0	171.0
US industrial — west coast portfolio	26	522.9	US$561.0	540.3
Total DXS		693.5		711.3
112 Talavera Road, Macquarie Park, NSW		50.52	A$50.5	50.5
Total Third Party Funds		50.5	A$50.5	50.5
Total Group		744.0		761.8

1. Includes post balance date disposal.

2. Book value at 30 June 2012.

Slide 50

DEXUS Property Group 2013 Half Year Results Presentation

PORTFOLIO RESULTS

Revaluation summary as at 31 December 2012

Office A$m Industrial A$m	Discontinued operations US industrial A$m Europe A$m	Total A$m
Investment properties1 90.7 5.7 Development properties1 (2.6) 0.7 Equity accounted properties 4.7 —	43.3 (22.1) — — — —	117.6 (1.9) 4.7
Total P&L revaluations 92.8 6.4	43.3 (22.1)	120.4

1. Includes investment properties classified as held for sale and discontinued operations.

DEXUS Property Group 2013 Half Year Results Presentation

Slide 51

PORTFOLIO RESULTS

Revaluation summary as at 31 December 2012

Office A$m Industrial A$m	Discontinued operations US industrial A$m Europe A$m	Total A$m
Carry value — investment properties Externally revalued 1,005 435 Internally revalued 3,532 958 Sub total 4,537 1,393	— — 560 26 560 26	1,440 5,076 6,516
Carry value — development properties Externally revalued — — Internally revalued 86 159 Sub total 86 159	— — — — — —	— 245 245
Carry value — equity accounted Externally revalued 231 — Internally revalued 128 — Sub total 359 —	— — — — — —	231 128 359
Total carry value 4,982 1,552	560 26	7,120

Slide 52

DEXUS Property Group 2013 Half Year Results Presentation

Development pipeline and capital expenditure requirements

PORTFOLIO RESULTS

DXS (owned) development pipeline is substantial — Heavily skewed to long dated industrial projects — NPS partnership is expected to result in DXS development capital requirement reducing by 50%	DXS portfolio Est. FY13
	Maintenance capital expenditure $40m-$50m Tenant incentives and leasing costs $40m-$50m Total capital expenditure $80m–$100m

 DXS (owned) development pipeline is substantial

Costs to complete	Costs to complete	Costs to complete	Costs to complete	Costs to complete	Costs to complete	Costs to complete
DXS	Approx size (sqm)	FY13	FY14	FY15	FY16	FY17
Office	49,104	$273.4m
Industrial	189,109	$118.8m
Total	238,213	Approximately $392.2m
Third party	Approx size (sqm)	FY13	FY14	FY15	FY16	FY17
Office	21,000	$135m
Retail	181,690	$1,034m
Industrial1	76,000	$75m
Total	278,690	Approximately $1,244m

1. Excluding NPS partnership.

DEXUS Property Group 2013 Half Year Results Presentation

==> picture [23 x 6] intentionally omitted <==

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

Slide 53
----- End of picture text -----

PORTFOLIO RESULTS Developments — completed

	Building area	Project cost	Yield on project	Leased	IRR1	Completed
	sqm	A$m	cost %	%	%	date
Industrial
Greystanes, NSW — Warehouse 9 Spec	18,247	25.3	8.9	43	16.0	Nov 2012
Greystanes, NSW — Brady	13,433	10.5	8.4	100	22.2	Dec 2012
Wacol, QLD — Nissan and Spec 1	13,630	18.2	8.7	57	18.8	Jan 2013
Total industrial	45,310	54.0	8.7		18.1

1. Project internal rate of return.

Slide 54

DEXUS Property Group 2013 Half Year Results Presentation

PORTFOLIO RESULTS Developments — underway

	Area	Est. total	Est. cost to	Pre-leased	Est. yield on	Est. completion
	sqm	cost1	completion	%	total cost	date
		A$m	A$m		%
Industrial
Erskine Park, NSW — Spec	30,145	36.2	12.4	0	8.8	Mar 2013
Wacol, QLD — Lot 2 Spec	12,220	15.4	9.7	0	9.1	May 2013
Laverton, VIC — Spec 4	11,854	4.7	1.9	0	9.6	May 2013
Laverton, VIC — Toll	18,670	9.4	6.5	100	9.2	Sep 2013
Greystanes, NSW — Roche	10,100	7.3	3.4	100	8.2	Oct 2013
Greystanes, NSW — under offer	17,815	14.3	4.5	0	8.2	Dec 2013
Total underway	100,804	87.3	38.3		8.8

1. Includes land.

DEXUS Property Group 2013 Half Year Results Presentation

Slide 55

PORTFOLIO RESULTS

Developments — uncommitted pipeline

DXS	Building area	Project est.	Project to est.	Est. yield on project
	sqm	A$m1	completion	est. cost
			A$m	%
Office
180 Flinders Street, Melbourne, VIC	24,417	230.4	148.3	7.4
12 Creek Street, Brisbane, QLD	4,090	17.7	17.7	8.6
105 Phillip Street, Parramatta, NSW	20,597	115.4	107.4	8.9
Total office	49,104	363.5	273.4	7.9
Industrial
Greystanes, NSW2	55,656	36.9	14.8	9.4
DEXUS Industrial Estate, Laverton North, VIC2,3	133,453	137.1	104.0	8.4
Total industrial	189,109	174.0	118.8	8.6
Total pipeline	238,213	537.5	392.2	8.2

1. Includes land.

2. Quarry at Greystanes and DEXUS Industrial Estate, Laverton North, exclude developments underway, completed and land sold. 3. Project estimated cost includes cost of land sales.

Slide 56

DEXUS Property Group 2013 Half Year Results Presentation

PORTFOLIO RESULTS Office and industrial rent review profile

Office rent review profile

==> picture [112 x 9] intentionally omitted <==

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

Industrial rent review profile
----- End of picture text -----

==> picture [198 x 186] intentionally omitted <==

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

100%
8%
90%
12% 9%
80% 4% 4% 12%
10%
70% 8%
3%
60%
50%
40% 77%
70%
30% 63%
20%
10%
0%
FY13 FY14 FY15
Fixed/CPI Market No review Expiry/vacancy
----- End of picture text -----

==> picture [208 x 185] intentionally omitted <==

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

100%
10%
90% 3%
2%
80% 17%
70% 4%
3% 14%
60% 5%
2%
50%
85%
40%
67%
30%
54%
20%
10%
0%
FY13 FY14 FY15
Fixed/CPI Market No review Expiry/vacancy
----- End of picture text -----

DEXUS Property Group 2013 Half Year Results Presentation

Slide 57

PORTFOLIO RESULTS

Office — operating performance

Office portfolio	31 Dec 2012	30 Jun 2012
Occupancy by area1	95.2%	97.1%
Occupancy by income	95.3%	96.8%
Average incentive2	9.6%	17.3%
Average rental increase2	(2.7%)	4.6%
Retention rate YTD	69%	66%
Retention rate rolling 12 mths	62%	66%
Over/under rented	4.0% under	3.3% under
Weighted average lease expiry3	4.9 years	4.9 years
Weighted average cap rate	7.29%	7.30%
Total return—1 year	10.3%	9.5%

==> picture [169 x 140] intentionally omitted <==

1. By ownership.

2. Includes 1 Bligh Street, Sydney and 123 Albert Street, Brisbane. 3. By income.

3. 44 Market Street, Sydney NSW

Slide 58

DEXUS Property Group 2013 Half Year Results Presentation

PORTFOLIO RESULTS

Office portfolio composition (leased by area)

==> picture [428 x 206] intentionally omitted <==

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

|||||||||||
|---|---|---|---|---|---|---|---|---|---|
|Occupancy|Expiries|Renewals|New|Other|L4L closing|Transaction|Occupancy|
|30 Jun 2012|sqm|sqm|sqm|sqm|occupancy|impact|[1]|31 Dec 2012|
|Current period leases|97.1%|(23,491)|2,232|9,146|422|95.2%|0.0%|95.2%|
|Future periods leases|(50,988)|48,996|1,992|—|
|Total square metres|[2]|578,905|(74,749)|51,228|11,138|422|567,214|15,358|582,572|
|Retention|
|—|Year to date|[3]|69%|
|Office markets|Vacancy|Incentives|
|Sydney|8.4%|27%|
|Melbourne|8.1%|23%|
|Brisbane|9.9%|24%|
|Perth|5.6%|8%|
|National average|8.8%|21%|
|DXS portfolio average|4.8%|9.6%|

----- End of picture text -----

1. Includes 12 Creek Street, Brisbane following settlement.

2. Excludes 12 Creek Street, Brisbane and trading asset (50 Carrington Street, Sydney). 3. By area.

DEXUS Property Group 2013 Half Year Results Presentation

Slide 59

PORTFOLIO RESULTS

Office top 10 tenants

==> picture [426 x 184] intentionally omitted <==

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

||||||
|---|---|---|---|---|
|Tenant|S&P rating|% of income|[1]|Diversity of tenants by income|
|Woodside Energy|BBB+ stable|7.0%|
|Other 11%|
|S&K Car Park Management|Not|rated|6.4%|Legal &|
|Accounting|
|Insurance 4%|18%|
|Rio Tinto|A-|stable|5.0%|
|Commonwealth of Australia|AAA stable|4.5%|Property &|
|Business|
|State of NSW|AAA negative|3.7%|Services 8%|
|Lend Lease|BBB-|stable|2.7%|
|Telecoms & IT|
|State of Victoria|AAA stable|2.3%|6%|
|Mining 16%|
|IBM Australia Limited|AA-|stable|2.3%|
|King &Wood Mallesons|Not rated|2.2%|
|Parking 11%|
|Clayton Utz|Not rated|2.1%|
|Government|
|Finance 11%|15%|

----- End of picture text -----

1. 31 December 2012 fully leased passing income annualised.

Slide 60

DEXUS Property Group 2013 Half Year Results Presentation

PORTFOLIO RESULTS

Office portfolio diversification

==> picture [454 x 604] intentionally omitted <==

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

Property type by book value Geographical weighting by book value
Car parks 4%
business parks Office & Land <1% Canberra 2% Auckland 2%
4% Perth 10%
B-grade 4%
Premium 37%
Brisbane 10%
A-grade 51%
Sydney 63%
Melbourne 13%
DEXUS Property Group 2013 Half Year Results Presentation Slide 61
PORTFOLIO RESULTS
Office lease expiry profile at 31 December 2012
30%
24.8%
25%
20%
16.9% 16.7%
15% 13.1% 13.7% 12.8%
11.9% 11.1% 11.5%
10.3% 10.2%
10% 8.7% 9.0% 8.9%
4.8% 4.7%
5%
3.1%
3.0% 2.5%
2.3%
0%
Vacant FY13 FY14 FY15 FY16 FY17 FY18 FY19 FY20 FY21+
Area Income
----- End of picture text -----

Slide 62

DEXUS Property Group 2013 Half Year Results Presentation

PORTFOLIO RESULTS Office resource consumption

==> picture [427 x 60] intentionally omitted <==

==> picture [427 x 59] intentionally omitted <==

DEXUS Property Group 2013 Half Year Results Presentation

Slide 63

PORTFOLIO RESULTS Office NABERS ratings

			**NABERS **	Energy		NABERS	Water
		Dec	2012	**Jun **	2012	Dec 2012	Jun 2012
	Rating status	Inc GP1	Ex GP1	Inc GP1	Ex GP1
	The Zenith, 821 Pacific Highway, Chatswood	5.0	4.5	4.0	3.0	4.0	3.0
	11 Talavera Road, Macquarie Park	4.5	4.0	3.5	3.5	4.5	4.0
	40-50 Talavera Road, Macquarie Park	3.0	3.0	1.5	1.5	3.0	2.0
	130 George Street, Parramatta	5.0	4.5	—	—	3.5	3.5
	Victoria Cross, 60 Miller Street, North Sydney	4.5	4.0	4.0	3.5	3.5	3.5
	45 Clarence Street, Sydney	5.5	5.0	5.0	5.0	3.5	3.5
	201-217 Elizabeth Street, Sydney	4.5	3.5	3.5	3.5	3.5	3.0
	Governor Phillip Tower, 1 Farrer Place, Sydney	4.5	3.5	4.5	3.5	3.5	3.5
	Governor Macquarie Tower, 1 Farrer Place, Sydney	4.5	3.5	4.5	4.0	3.5	3.5
	Australia Square — Tower	4.5	4.0	4.5	4.0	4.0	4.0
	Australia Square — Plaza	5.0	4.5	5.0	4.5	4.0	4.0
	309 Kent Street, Sydney	5.5	4.5	5.0	4.5	4.0	3.5
	321 Kent Street, Sydney	5.5	5.0	5.0	4.5	4.0	3.5
	383-395 Kent Street, Sydney	4.5	4.0	4.5	4.0	4.0	4.0
	One Margaret Street, Sydney	5.0	4.5	5.0	4.5	2.5	2.5
	44 Market Street, Sydney	5.0	4.5	3.5	2.5	3.0	2.5
	30-34 Hickson Road, Sydney	5.5	4.5	5.0	4.5	3.5	3.5

1. GreenPower.

Slide 64

DEXUS Property Group 2013 Half Year Results Presentation

PORTFOLIO RESULTS Office NABERS ratings

			NABERS	Energy		NABERS	Water
		Dec	2012	**Jun **	2012	Dec 2012	Jun 2012
	Rating status	Inc GP1	Ex GP1	Inc GP1	Ex GP1
	Garema Court, 140-180 City Walk, Canberra	5.0	4.5	5.0	4.5	2.5	1.5
	14 Moore Street, Canberra	4.5	3.5	4.0	3.5	3.0	3.0
	172 Flinders Gate, Melbourne	3.5	3.0	3.0	2.5	3.0	3.0
	189 Flinders Gate, Melbourne	4.0	3.5	4.0	3.5	1.5	1.5
	8 Nicholson Street, Melbourne	3.5	3.5	3.5	3.5	3.5	3.5
	Southgate Complex, Melbourne — HWT Tower	4.5	4.0	4.0	3.5	4.0	3.5
	Southgate Complex, Melbourne — IBM Tower	4.5	4.0	4.0	3.5	3.5	4.0
	Woodside Plaza, 240 St Georges Terrace, Perth	4.5	4.0	3.5	3.0	2.5	2.5
	Total	4.7	4.1	3.9	3.5	3.5	3.3

1. GreenPower.

DEXUS Property Group 2013 Half Year Results Presentation

==> picture [23 x 6] intentionally omitted <==

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

Slide 65
----- End of picture text -----

PORTFOLIO RESULTS
Industrial — operating performance
			Quarry Industrial Estate, 8 Basalt Road, Greystanes, NSW
Industrial portfolio	31 Dec	30 Jun
	2012	2012
Occupancy by area	94.4%	91.7%
Occupancy by income	93.9%	92.8%
Average rental increase1	(0.7%)	(5.0%)
Average incentive1	6.3%	5.6%
Retention rate YTD	78%	59%
Retention rate rolling 12 mths	63%	59%	Quarry Industrial Estate, 2-6 Basalt Road, Greystanes NSW
Over rented	5.8%	4.8%
Weighted average lease expiry2	4.0 years	4.4 years
Weighted average cap rate	8.58%	8.59%
Total return — 1 year	7.8%	8.0%
1. Across all lease deals in the period, excluding development	leasing.
2. By income.
DEXUS Property Group 2013 Half Year Results Presentation			Slide 66

PORTFOLIO RESULTS

Industrial portfolio composition (leased by area)

	Occupancy	Expiries	Renewals	New	Other	L4L closing	Transaction	Occupancy
	30 Jun 2012	sqm	sqm	sqm	sqm	occupancy	impact	31 Dec 2012
Current period leases	91.7%	44,955	24,400	56,465		94.0%	0.4%	94.4%
Future periods leases		51,063	50,769	295
Total square metres	1,067,170	96,018	75,168	56,759	4,481	1,098,597	(101,312)	997,285
Retention
— Year to date1								78%

==> picture [149 x 23] intentionally omitted <==

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

1. By area.
DEXUS Property Group 2013 Half Year Results Presentation
----- End of picture text -----

==> picture [23 x 6] intentionally omitted <==

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

Slide 67
----- End of picture text -----

PORTFOLIO RESULTS

Industrial top 10 tenants

	Industrial	% of income1	Diversity of tenants by income	Diversity of tenants by income
	Wesfarmers Limited	5.0%
			Other
	AWH Pty Ltd	4.3%	14%	Wholesale
	IBM Australia Limited	3.3%		Trade 27%
	Toll Transport Pty Ltd	2.9%	Telecoms & IT 7%
	Visy Industry Packaging Pty Ltd	2.9%
	DHL	2.8%
	Commonwealth of Australia	2.4%	Property &
			Business
	Salmat Business Force Pty Ltd	2.2%	12%
	L’Oreal Australia Pty Ltd	1.9%
	Jemena Pty Ltd	1.7%	Manufacturing 19%	Transport & Storage 21%

1. 31 December 2012 fully leased passing income annualised.

Slide 68

DEXUS Property Group 2013 Half Year Results Presentation

PORTFOLIO RESULTS

Industrial portfolio diversification

==> picture [431 x 615] intentionally omitted <==

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

Property type by book value Geographical weighting by book value
Adelaide &
Land 9%
Brisbane 8%
Distribution Business
centres 18% parks 33%
Sydney 57%
Melbourne
35%
Industrial
estates 40%
DEXUS Property Group 2013 Half Year Results Presentation Slide 69
PORTFOLIO RESULTS
Industrial lease expiry profile at 31 December 2012
25%
20% 19.2%
16.3% 16.5%
15% 14.0% 14.2% 14.5%
13.6%
12.8%
11.3%
10.8%
10% 9.2%
8.1%
6.1% 6.5%
5.6%
5.2%
5% 3.7% 4.0% 4.1% 4.3%
0%
Vacant FY13 FY14 FY15 FY16 FY17 FY18 FY19 FY20 FY21+
Area Income
----- End of picture text -----

==> picture [149 x 6] intentionally omitted <==

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

DEXUS Property Group 2013 Half Year Results Presentation
----- End of picture text -----

==> picture [262 x 25] intentionally omitted <==

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

PORTFOLIO RESULTS
Industrial lease expiry profile at 31 December 2012
----- End of picture text -----

Slide 70

DEXUS Property Group 2013 Half Year Results Presentation

PORTFOLIO RESULTS Industrial resource consumption

==> picture [279 x 118] intentionally omitted <==

DEXUS Property Group 2013 Half Year Results Presentation

Slide 71

PORTFOLIO RESULTS US industrial portfolio metrics

		West coast portfolio1	Heitman portfolio2	Glendale3
		31 Dec 2012	31 Dec 2012	31 Dec 2012
	Number of properties	26	25	1
	Lettable area (sf)	6.503m	6.012m	0.491m
	Income growth (like-for-like)	8.4%	7.0%	21.4%
	Occupancy by area	97.9%	97.8%	100.0%
	Occupancy by income	98.5%	98.3%	100.0%
	Average incentive	6.8%	7.9%	3.2%
	Retention rates (YTD area)	80.2%	80.7%	77.2%
	Ave rental increase/decrease	(15.3%)	(14.7%)	(6.0%)
	WALE (income)	4.0 years	4.1 years	3.3 years
	Over/(under) rented	12.6%	13.9%	2.8%
	Area leased (sf)	0.623m	0.531m	0.092m
	Average passing yield (12 months)	6.18%	6.09%	7.04%

1. West coast portfolio comprises 23 properties and 3 Texas land parcels. 1777 S. Vintage Avenue, Ontario which was sold on 21 November 2012 has been excluded from this schedule. 2. The Heitman portfolio represents the 25 properties (including 3 land parcels) sold to Heitman in February 2013, as announced on 20 December 2012.

2. Glendale is the only remaining US property and represents the properties located at 3350 Tyburn Street & 3332-3424 N. San Fernando Road, Los Angeles.

Slide 72

DEXUS Property Group 2013 Half Year Results Presentation

AUSTRALIAN OFFICE MARKETS

Business cycle supports growth in demand from FY14

Business credit growth and total employment growth vs office demand (Sydney, Melbourne, Brisbane, Perth)

==> picture [454 x 242] intentionally omitted <==

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

% pa % pa
5.0% 80%
4.0%
60%
3.0%
40%
2.0%
20%
1.0%
0%
0.0%
-20%
-1.0%
-2.0% -40%
FY95 FY96 FY97 FY98 FY99 FY00 FY01 FY02 FY03 FY04 FY05 FY06 FY07 FY08 FY09 FY10 FY11 FY12 FY13 FY14 FY15 FY16 FY17
Net absorption 4CBDs (LHS) Business credit (RHS) Employment growth (LHS) Forecast
Source: Deloitte Access Economics, ABS, Jones Lang LaSalle, DEXUS Research.
DEXUS Property Group 2013 Half Year Results Presentation Slide 73
----- End of picture text -----

AUSTRALIAN OFFICE MARKETS Sydney CBD office — supply and availability

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

• Proactive asset managers with superior expertise will be the winners

• Sydney supply, withdrawals and major backfill

==> picture [392 x 191] intentionally omitted <==

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

‘000sqm Proposed Withdrawn Refurbs Backfill Pre-committed space Uncommitted space
120
80
40
0
-40
FY13 FY14 FY15 FY16 FY17
190-200 George St 99 Elizabeth St 161 Castlereagh St 363 George St 52 Martin Pl 20 Martin Pl 19 Martin Pl (MLC centre) 255 George St (NAB building) 255 Elizabeth St 180 Thomas St 155 Clarence St 212-218 Cumberland St 8-12 Chifley 333 George St 1 Farrer Pl (GPT) (5 Martin Pl) 108-120 Pitt St 48-50 Martin Pl 38-44 York St, 383 George St 1 Martin Pl 135 King St 225 George St (Grosvenor) 190-200 George St 478-480 George St 60 Martin Pl 137-151 Clarence St Int'l Towers Sydney - Tower 3 Int'l Towers Sydney - Tower 2 20 Martin Pl 333 George St 30 The Bond (The Bond) 10 Shelley St (KPMG) 201 Sussex St 55 Market St 172-180 George St 1 Alfred St Int'l Towers Sydney - Tower 1 680 George St (E&Y Tower)
----- End of picture text -----

Slide 74

DEXUS Property Group 2013 Half Year Results Presentation

AUSTRALIAN OFFICE MARKETS Sydney CBD office market

	Sydney CBD office market	At 31 Dec 2012
	Total net lettable area Prime vacancy average	4.94 million sqm 8.43%
	DXS Sydney CBD office exposure1
	Net lettable area Number of properties % of portfolio by value Occupancy by area Occupancy by income Weighted average lease expiry	289,078sqm 14 54.2% 92.9% 92.7% 4.5 years

==> picture [454 x 54] intentionally omitted <==

Source: Jones Lang LaSalle actual & DEXUS forecast.

1. Including post balance date acquisitions.

DEXUS Property Group 2013 Half Year Results Presentation

Slide 75

AUSTRALIAN OFFICE MARKETS

Melbourne CBD vacancy to remain elevated over next 3 years

Melbourne CBD office market

==> picture [224 x 134] intentionally omitted <==

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

‘000sqm
250 15%
200
150
10%
100
50
- 5%
-50
-100
-150 0%
FY01 FY03 FY05 FY07 FY09 FY11 FY13 FY15 FY17
Net Abs. Net Supply Vacancy (RHS)
----- End of picture text -----

	Melbourne CBD office market	At 31 Dec 2012
	Total net lettable area Prime vacancy average	4.33 million sqm 8.1%
	DXS Melbourne CBD office exposure1
	Net lettable area Number of properties % of portfolio by value Occupancy by area Occupancy by income Weighted average lease expiry	120,897sqm 7 13.0% 99.0% 99.1% 5.4 years

• Above average supply is expected to lead to a rise in vacancy and weak effective rental growth in the short term

• Vacancy anticipated to fall from FY16 as the current supply pipeline completes

Source: Jones Lang LaSalle actual & DEXUS forecast. 1. Including post balance date acquisitions.

Slide 76

DEXUS Property Group 2013 Half Year Results Presentation

AUSTRALIAN OFFICE MARKETS

Brisbane CBD expected to supply gap short term

==> picture [454 x 280] intentionally omitted <==

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

Brisbane CBD office market Brisbane CBD office market At 31 Dec 2012
‘000sqm Total net lettable area 2.16 million sqm
160 15%
140 Prime vacancy average 9.9%
120
10% DXS Brisbane CBD office exposure [1]
100
80 Net lettable area 55,403sqm
60 5%
40 Number of properties 2
20 0% % of portfolio by value 9.2%
-
-20 Occupancy by area 98.7%
-40 -5% Occupancy by income 97.5%
FY01 FY03 FY05 FY07 FY09 FY11 FY13 FY15 FY17
Net Abs. Net Supply Vacancy (RHS) Weighted average lease expiry 7.2 years
 Short term demand outlook impacted by subdued
demand from government sector and mining
 Demand expected to exceed supply in FY14 and FY15
Source: Jones Lang LaSalle actual & DEXUS forecast.
1. Including post balance date acquisitions and excludes the trading property 40 Market Street, Melbourne.
DEXUS Property Group 2013 Half Year Results Presentation Slide 77
----- End of picture text -----

==> picture [446 x 236] intentionally omitted <==

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

AUSTRALIAN OFFICE MARKETS
Perth CBD to experience supply shortage in the short term
Perth CBD office markets Perth CBD office market At 31 Dec 2012
‘000sqm Total net lettable area 1.62 million sqm
150 20%
Prime vacancy average 5.6%
100 15% DXS Perth CBD office exposure [1]
50 10% Net lettable area 47,263sqm
Number of properties 1
0 5%
% of portfolio by value 8.8%
-50 0% Occupancy by area 100.0%
-100 -5% Occupancy by income 99.0%
FY01 FY03 FY05 FY07 FY09 FY11 FY13 FY15 FY17
Net Abs. Net Supply Vacancy (RHS) Weighted average lease expiry 5.3 years
 Demand likely to be weaker than previous few years due to
slowing, but still elevated, resource investment
----- End of picture text -----

• Vacancy is expected to remain low over the next 3 years because there are few major projects under construction however supply risks will increase mid-decade

Source: Jones Lang LaSalle actual & DEXUS forecast. 1. Including post balance date acquisitions.

Slide 78

DEXUS Property Group 2013 Half Year Results Presentation

AUSTRALIAN INDUSTRIAL MARKETS National outlook

==> picture [454 x 277] intentionally omitted <==

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

Container movements — Sydney ports East coast supply
20 foot equiv. units ‘000sqm
220,000 3,000
200,000
2,000
180,000
160,000 1,000
140,000
0
120,000 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
100,000 Sydney Melbourne Brisbane 10 year average
Aug-06 Aug-07 Aug-08 Aug-09 Aug-10 Aug-11 Aug-12
Imports by state of destination Net face rents
$/sqm
30,000 150
25,000
20,000 100
15,000
50
10,000
5,000 0
0 FY92 FY94 FY96 FY98 FY00 FY02 FY04 FY06 FY08 FY10 FY12
Jun-92 Jun-96 Jun-00 Jun-04 Jun-08 Jun-12 Jun-16 Inner west Syd Outer west Syd
VIC NSW QLD West Melb South Brisbane
Sources: Deloitte Access Economics, Jones Lang LaSalle actual & DEXUS forecast.
DEXUS Property Group 2013 Half Year Results Presentation Slide 79
----- End of picture text -----

MARKET OUTLOOK

Australian office and industrial — FY14 positioned for solid returns

Australian office markets Australian industrial markets Tenant demand Improving in FY14 in line with Improvement from FY14 in line with employment growth projections projected growth in imports Supply National supply levels below average Supply to remain around average levels Vacancy rates to remain relatively For prime properties to remain relatively Vacancy rates stable 8-10% low Buyer demand To remain strong for quality properties To remain strong for quality properties At or above long term averages and Cap rates expected to tighten for prime assets Expected to tighten from current levels For prime grade properties expected For prime grade properties expected Asset values to increase due to tighter cap rates to increase due to tighter cap rates

Slide 80

DEXUS Property Group 2013 Half Year Results Presentation

EXCHANGE RATES USED IN STATUTORY ACCOUNTS

		31 Dec 2012	30 Jun 2012	31 Dec 2011
	USD	1.0384	1.0191	1.0156
Closing rates for Statement of Financial Position	EUR	0.7868	0.8092	0.7847
	NZD	1.2608	1.2771	1.3145
	USD	1.0385	1.0320	1.0280
Average rates for Statement of Comprehensive Income	EUR	0.8153	0.7638	0.7444
	NZD	1.2729	1.2831	1.2823

DEXUS Property Group 2013 Half Year Results Presentation

Slide 81

GLOSSARY

Distribution payout policy : For FY12 the distribution paid was 70% of Funds From Operations (FFO). Commencing FY13 the distribution paid will be a range of between 70-80% of FFO.

Funds From Operations (FFO):

Funds From Operations (FFO) is often used as a measure of real estate operating performance after finance costs and taxes. DXS’s FFO comprises profit/loss after tax attributable to stapled security holders measured under Australian Accounting Standards and adjusted for: property revaluations, impairments, derivative and FX mark-to-market impacts, amortisation of certain tenant incentives, gain/loss on sale of certain assets, straight-line rent adjustments, deferred tax expense/benefit and DEXUS RENTS Trust capital distribution.

Gearing : Gearing is represented by Interest Bearing Liabilities (excluding deferred borrowing costs and including the fair value of cross currency swaps) less cash divided by Total Tangible Assets (excluding derivatives and deferred tax assets) less cash. Covenant gearing is the same definition but not adjusted for cash.

Non-cash items : Includes property revaluations, impairment of goodwill, derivative MTM, gain on sale and deferred tax. Operating EBIT : Comprises net operating income, management EBIT and other income less Responsible Entity fees and other expenses paid. Portfolio value : Unless otherwise stated, portfolio value is represented by investment properties, development properties and investments accounted for using the equity method, and excludes cash and other assets.

FFO per security is based on the average weighted units on issue.

Securities on issue : FFO per security is based on the average weighted units on issue. Weighted Average Lease Expiry (WALE): A measure, in years, of the average term to expiry of in-place rent. Includes vacancies.

Slide 82

DEXUS Property Group 2013 Half Year Results Presentation

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.

==> picture [454 x 52] intentionally omitted <==

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

DEXUS Property Group 2013 Half Year Results Presentation Slide 83
----- End of picture text -----