DEXUS - Interim / Quarterly Report 2016

==> picture [596 x 102] intentionally omitted <==

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

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

17 August 2016

2016 Property Synopsis and Debt Summary

DEXUS Property Group provides its 2016 Property Synopsis and Debt Summary book.

An excel file will also be available at www.dexus.com

For further information please contact: Investor relations Media relations Rowena Causley T: +61 2 9017 1390 Louise Murray T: +61 2 9017 1446 M: +61 416 122 383 M:+61 403 260 754 E: [email protected] E: [email protected]

About DEXUS

DEXUS Property Group is one of Australia’s leading real estate groups, investing directly in high quality Australian office and industrial properties. With $22.2 billion of assets under management, the Group also actively manages office, industrial and retail properties located in key Australian markets on behalf of third party capital partners. The Group manages an office portfolio of 1.8 million square metres located predominantly across Sydney, Melbourne, Brisbane and Perth and is the largest 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 31,000 investors from 21 countries. With more than 30 years of expertise in property investment, development and asset management, the Group has a proven track record in capital and risk management, providing service excellence to tenants and delivering superior risk-adjusted returns for its investors. View our new website at www.dexus.com

Download the DEXUS IR app to your preferred mobile device to gain instant access to the latest stock price, ASX Announcements, presentations, reports, webcasts and more.

==> picture [50 x 18] intentionally omitted <==

==> picture [49 x 18] intentionally omitted <==

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

==> picture [595 x 106] intentionally omitted <==

DEXUS

PROPERTY SYNOPSIS AND DEBT SUMMARY 2016

The DEXUS portfolio consists primarily of high quality central business district office properties, held long term and leased to derive stable and secure ongoing income streams.

DEXUS PROPERTY GROUP

The owned portfolio consists primarily of high quality central business district office properties, held long term and leased to derive stable and secure ongoing income streams. Developments, acquisitions and divestments are undertaken to enhance the quality and value of the portfolio.

ABOUT DEXUS

ABOUT THIS REPORT

DEXUS’s 2016 Property Synopsis and Debt Summary book forms part of DEXUS’s 2016 Annual Reporting Suite. The 2016 Annual Reporting Suite for the year ended 30 June 2016 demonstrates how DEXUS manages its financial and non-financial performance in line with its strategy. The 2016 Annual Reporting Suite also includes:

2016 DEXUS Annual Report
2016 DEXUS Combined Financial Statements
2016 DEXUS Performance Pack
2016 DEXUS Annual Results Presentation

The 2016 Property Synopsis and Debt Summary should be read in conjunction with the 2016 Annual Report

DEXUS Property Group (DEXUS) is an Australian Real Estate Investment Trust, with $22.2 billion of assets under management. Listed on the Australian Securities Exchange, DEXUS manages and directly invests in high quality Australian office and industrial properties, and also actively manages office, industrial and retail properties across Australia on behalf of third party capital partners.

DEXUS generates both rental income from its own properties and fees for undertaking leasing, property management and development on behalf of third party clients. In addition, DEXUS has a trading trust that enables the development and repositioning of properties to enhance value and sell for a profit.

The total property portfolio of $22.2 billion as at 30 June 2016 includes $11.0 billion of owned property and $11.2 billion of property managed for third party clients, with a $4.7 billion development pipeline across the group.

DEXUS is Australia’s preferred office partner with 1.8 million square metres of office space spanning 58 office properties around Australia. DEXUS’s office buildings are located in the central business districts of Sydney, Melbourne, Brisbane, Perth, Adelaide and Canberra.

DEXUS’s 420-strong team of property professionals are located in offices in Sydney, Melbourne, Brisbane and Perth.

WWW.DEXUS.COM

IN THIS REPORT

DEXUS PROPERTY GROUP	IFC
DEBT SUMMARY	2
OFFICE PORTFOLIO	6
INDUSTRIAL PORTFOLIO	40
DIRECTORY	IBC

==> picture [356 x 318] intentionally omitted <==

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

TOTAL PROPERTIES
146
TOTAL NLA
4.3m sqm Cairns
Townsville
CUSTOMERS
4,851
Brisbane
Perth
Adelaide Sydney
Canberra
Melbourne
OFFICE $14.9bn
INDUSTRIAL $3.1bn
RETAIL $4.2bn
----- End of picture text -----

DEXUS PROPERTY SYNOPSIS AND DEBT SUMMARY 2016

==> picture [161 x 120] intentionally omitted <==

==> picture [162 x 120] intentionally omitted <==

Total Group Portfolio $22.2bn

DEXUS Portfolio $11.0bn

OFFICE $14.9bn

OFFICE $9.2bn

INDUSTRIAL $3.1bn RETAIL $4.2bn INDUSTRIAL $1.8bn

DEVELOPMENT PIPELINE GROUP $4.7bn

DEVELOPMENT PIPELINE DEXUS $1.7bn

==> picture [162 x 120] intentionally omitted <==

Funds Management Portfolio $11.2bn

OFFICE $5.7bn

INDUSTRIAL $1.3bn RETAIL $4.2bn

DEVELOPMENT PIPELINE FUNDS MANAGEMENT $3.0bn

==> picture [6 x 9] intentionally omitted <==

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

2
----- End of picture text -----

DIRECTORS’ REPORT DEBT SUMMARY

DEXUS has a proud record of maintaining a prudent and conservative balance sheet and delivering consistent capital management outcomes.

DEXUS PROPERTY SYNOPSIS AND DEBT SUMMARY 2016

DEBT OVERVIEW

Key metrics	30 June 2016	30 June 2015	Change
Total debt1	$3,687m	$2,774m	á$913m
Cost of debt2	4.8%	5.2%	â0.4%
Gearing (look-through)3 Headroom (approximately)5 Debt duration S&P/Moody’s rating Covenant gearing (covenant6<55%)	30.7%4 $0.4bn 5.5 years A-/A3 30.3%	28.5% $0.8bn 5.7 years A-/A3 27.2%	á2.2% â$0.4bn â0.2 years – á3.1%
Interest cover (covenant6,7>2.0x)	4.4x	4.8x	â0.4x
Priority debt (covenant6<30%)	0%	0%	–

==> picture [102 x 98] intentionally omitted <==

DIVERSIFIED MIX OF DEBT FACILITIES[8]

Bank Facilities 48%
Commercial Paper 3%
MTN 17%
USPP 24%
144A 8%

==> picture [60 x 36] intentionally omitted <==

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

GEARING
30.7% 4
----- End of picture text -----

==> picture [158 x 244] intentionally omitted <==

==> picture [94 x 43] intentionally omitted <==

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

DEBT DURATION
5.5 years
----- End of picture text -----

==> picture [158 x 244] intentionally omitted <==

Total debt does not include $86m of debt in an equity accounted investment.
Weighted average for the period.
Adjusted for cash and for debt in equity accounted investments.
Proforma gearing is expected to reduce to circa 27% post the receipt of proceeds from the sale of 57-65 Templar Road, Erskine Park; The Zenith, Chatswood; 108 North Terrace, Adelaide; the first 50% tranche of Southgate Complex, Melbourne; and 79-99 St Hilliers Road, Auburn.
Undrawn facilities plus cash.
As per public bond covenants.
Look-through interest cover is 4.2x.
Including domestic MTNs in equity accounted investments.

DEBT MATURITY PROFILE

==> picture [509 x 238] intentionally omitted <==

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

$m
800
600
400
200
0
FY17 FY18 FY19 FY20 FY21 FY22 FY23 FY24 FY25 FY26 FY27 FY28 FY29
Capital markets
CPA MTN
Bank
----- End of picture text -----

HEDGE MATURITY PROFILE

==> picture [504 x 220] intentionally omitted <==

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

$m %
2,500 8.0
2,000
6.0
1,500
4.0
1,000
2.0
500
0 0
FY16 FY17 FY18 FY19 FY20 FY21 FY22
Net fixed debt Interest rate swaps
Interest rate caps Weighted average hedge rate
----- End of picture text -----

DEXUS PROPERTY SYNOPSIS AND DEBT SUMMARY 2016

INTEREST RATE HEDGING PROFILE

	FY16	FY17	FY18	FY19	FY20	FY21	FY22
Interest rate hedging1	$’m	$’m	$’m	$’m	$’m	$’m	$’m
A$ net fxed debt2	653	769	701	530	423	371	338
A$ interest rate caps	232	70	200	200	-	-	-
A$ interest rate swaps Total hedged A$m Weighted average hedge rate (excl margin)3	1,380 2,264 3.43%	1,475 2,314 3.43%	1,412 2,312 3.44%	1,232 1,962 3.49%	670 1,093 3.42%	121 492 3.01%	- 338 2.76%

Average amount hedged for the period (excluding caps) was 64%. Average for the full year (including caps) was 71%. DEXUS was 70% hedged (including caps) as at 30 June 2016.
Gross fixed coupon 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.

DEBT FACILITIES[1 ]

	Facility limit	Drawn	Maturity
Bilateral bank debt	A$’m 50.0 250.0 300.0 50.0 300.0	A$’m 50.0 228.0 246.0 47.0 300.0	dates Jan 17 Oct 17 - Dec 17 Jan 18 - Mar 18 Aug 18 Jan 19	Currency A$ A$ A$ A$ A$
	520.0	170.0	Nov 19 - Jun 20	A$
	280.0	265.0	Apr 21 - May 21	A$
	100.0	100.0	Aug 22	A$
Commercial Paper2	100.0	100.0	Sep 18	A$
Medium term notes	210.0	210.0	Apr 17	A$
US senior notes (144A)3 US senior notes (USPP)3	205.0 50.0 109.5 304.9 39.2 290.9 225.0	205.0 50.0 109.5 304.9 39.2 290.9 225.0	Sep 18 Nov 22 Nov 25 Mar 21 Dec 16 - Mar 17 Jul 23 - Jul 28 Feb 24 - Feb 27	A$ A$ A$ US$ US$ US$ US$
	285.9	285.9	Dec 24 - Dec 26	US$
	100.0	100.0	Jun 28	A$
Subtotal	3,770.3	3,326.3
Currency translation and fair value adjustments	373.1	373.1
Deferred borrowing costs Total interest bearing liabilities Bank Guarantee utilised Cash	(12.6) 4,130.8	(12.6) 3,686.8 32.1 (18.1)
Headroom including cash		430.0

Debt facilities do not include Medium term notes included in an equity accounted investment: A$74.8m December 2019, A$11.5m December 2022.
Maturity date of commercial paper standby facility.
144A and USPP amount shown at the cross currency swap contract rate.

==> picture [596 x 592] intentionally omitted <==

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

6
DIRECTORS’ REPORT
OFFICE
PORTFOLIO
----- End of picture text -----

DEXUS’s office portfolio comprises $9.2 billion of high quality Australian office properties predominantly focused in the core markets of Sydney, Melbourne, Brisbane and Perth.

DEXUS PROPERTY SYNOPSIS AND DEBT SUMMARY 2016

==> picture [254 x 213] intentionally omitted <==

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

Brisbane
Perth
Adelaide Sydney
Canberra
Melbourne
----- End of picture text -----

SYDNEY

BRISBANE

PERTH

28 properties 4 properties 6 properties 815,430sqm 131,086sqm 251,027sqm 52% area 8% area 16% area $5,420m $682m $1,524m 60% value 8% value 17% value

MELBOURNE

CANBERRA

ADELAIDE

8 properties 2 properties 2 properties 274,275sqm 40,068sqm 51,112sqm 18% area 3% area 3% area $1,199m $98m $125m 13% value 1% value 1% value

KEY METRICS

	FY16	FY15	FY14	FY13	FY12
Portfolio value ($bn)	9.2	7.8	7.7	5.7	4.7
Total properties	50	49	53	36	28
Net lettable area (sqm) Like-for-like income growth (%) Occupancy by income (%) Occupancy by area (%) Portfolio WALE by income (years) Tenant retention (%)	1,562,997 1.0 96.3 96.3 4.7 62	1,403,255 0.2 95.3 95.5 4.3 61	1,490,070 3.61 94.6 94.3 4.7 611	951,380 1.8 94.6 94.4 5.0 72	759,737 5.4 96.8 97.1 4.9 66
Weighted average capitalisation rate (%)	6.16	6.71	6.871	7.17	7.30
1 year total return (%)	16.0	9.6	9.21	10.6	9.5

Excluding DEXUS Office Partnership properties.

==> picture [182 x 291] intentionally omitted <==

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

PROPERTY TYPE BY
BOOK VALUE
Premium NSW
38% 60%
A Grade VIC
53% 13%
B Grade QLD
5% 17%
Office Park WA
2% 8%
Land SA
<1% 1%
Car park ACT
2% 1%
----- End of picture text -----

GEOGRAPHICAL WEIGHTING BY BOOK VALUE

==> picture [107 x 107] intentionally omitted <==

DIVERSITY OF TENANTS BY INCOME

Legal services Car park services 10.8% 5.2%
Information media and Federal Government telecommunications 5.1% 8.4%
Metal ore mining
Banks & building societies 4.6%
8.0%
Business services
State Government other 6.6% 4.0%
Oil and gas Other finance 6.1% 3.9%
6.1%
Accounting services Other 6.0% 31.3%

OFFICE LEASE EXPIRY PROFILE

DEXUS OFFICE PORTFOLIO

==> picture [484 x 402] intentionally omitted <==

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

15.6 [%]
14.2 [%]
12.7 [%]
11.9 [%] 11.8 [%]
11.2 [%] 11.1 [%]
10.1 [%]
9.3 [%] 9.5 [%]
8.3 [%] 8.5 [%]
3.7 [%] 3.7 [%]
Available FY17 FY18 FY19 FY20 FY21 FY22
Income
Area
15.0 [%]
SYDNEY CBD OFFICE PORTFOLIO
14.1 [%]
12.9 [%] 13.1 [%] 12.9 [%]
11.9 [%]
10.7 [%]
9.9 [%]
9.4 [%]
8.6 [%]
8.3 [%]
7.7 [%]
3.1 [%]
2.7 [%]
Available FY17 FY18 FY19 FY20 FY21 FY22
Income
Area
----- End of picture text -----

SYDNEY SUBURBAN OFFICE PORTFOLIO

==> picture [484 x 184] intentionally omitted <==

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

21.3 [%] 21.2 [%] 21.6 [%]
19.9 [%]
19.3 [%] 19.1 [%]
10.7 [%]
8.8 [%] 8.4 [%]
7.6 [%]
5.7 [%]
4.7 [%]
3.6 [%] 3.1 [%]
Available FY17 FY18 FY19 FY20 FY21 FY22
Income
Area
----- End of picture text -----

DEXUS PROPERTY SYNOPSIS AND DEBT SUMMARY 2016

MELBOURNE OFFICE PORTFOLIO

==> picture [483 x 193] intentionally omitted <==

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

23.1 [%]
19.8 [%]
9.0 [%] 8.4 [%] 8.3 [%] 9.5 [%] 8.5 [%] 8.7 [%] 8.1 [%]
7.4 [%]
6.4 [%]
5.1 [%]
2.4 [%] 2.1 [%]
Available FY17 FY18 FY19 FY20 FY21 FY22
Income
Area
----- End of picture text -----

==> picture [505 x 467] intentionally omitted <==

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

BRISBANE OFFICE PORTFOLIO 28.9 [%] 29.3 [%]
8.2 [%]
7.3 [%]
6.3 [%]
5.3 [%] 5.2 [%] 5.1 [%]
3.4 [%] 3.3 [%] 3.6 [%] 3.7 [%]
2.4 [%] 2.6 [%]
Available FY17 FY18 FY19 FY20 FY21 FY22
Income
Area
PERTH OFFICE PORTFOLIO 48.2 [%]
46.0 [%]
12.8 [%] 13.5 [%]
10.9 [%] 10.0 [%]
2.1 [%] 3.4 [%] 3.2 [%] 6.3 [%]
1.1 [%] 4.3 [%] 4.3 [%] 4.9 [%]
Available FY17 FY18 FY19 FY20 FY21 FY22
Income
Area
----- End of picture text -----

SUSTAINABILITY HIGHLIGHTS

NABERS is a national rating system that measures the energy efficiency, water usage, waste management and indoor environment quality of a building or tenancy and its impact on the environment.

DEXUS continues its commitment to improving the sustainability of its office properties, achieving an average 4.8 star NABERS Energy rating and an average 3.7 star NABERS Water rating in its office portfolio, including newly acquired properties.

In FY16 DEXUS achieved NABERS Energy ratings of 5.5 stars at 10 properties and now has 28 office properties in its portfolio with a NABERS Energy rating of 5 stars or above, improving customer appeal and reducing outgoings for tenants.

NABERS RATINGS

		NABERS Energy	NABERS	Water
	30 June	30 June	30 June	30 June
	2016	2015	2016	2015
Rating status	Inc GP	Ex GP Inc GP	Ex GP
11 Talavera Road, Macquarie Park	5.0	5.0 5.0	4.5 3.5	4.0
201 Miller Street, North Sydney	5.0	5.0 5.0	5.0 4.0	4.0
Victoria Cross, 60 Miller Street, North Sydney	5.0	5.0 5.0	5.0 3.5	4.0
101 George Street, Parramatta	5.5	5.0 5.5	5.0 4.0	4.0
130 George Street, Parramatta	5.0	5.0 5.0	5.0 4.0	4.0
150 George Street, Parramatta	5.5	5.5 5.5	5.0 3.5	3.5
1 Bligh Street, Sydney	5.0	5.0 5.0	5.0 4.5	4.5
56 Pitt Street, Sydney	5.0	5.0 4.5	4.5 4.0	4.0
175 Pitt Street, Sydney	5.5	5.0 5.5	5.5 3.5	4.5
45 Clarence Street, Sydney	5.5	5.0 5.5	5.0 3.5	3.5
39 Martin Place, Sydney	4.0	4.0 3.5	3.5 3.5	3.0
60 Castlereagh Street, Sydney	5.0	4.5 5.0	4.5 3.5	3.0
Governor Phillip Tower, 1 Farrer Place, Sydney	4.0	2.5 4.0	3.0 2.5	3.5
Governor Macquarie Tower, 1 Farrer Place, Sydney1	Exempt	Exempt 4.5	3.5 2.5	3.5
Australia Square — Tower, 264 George Street, Sydney	4.5	4.5 4.5	4.0 3.5	3.5
Australia Square — Plaza, 87 Pitt Street, Sydney	5.5	5.0 5.5	5.5 3.5	4.0
Grosvenor Place, 225 George Street, Sydney	4.0	4.0 4.5	4.5 4.0	4.0
309 Kent Street, Sydney	5.0	5.0 5.0	5.0 4.0	4.0
321 Kent Street, Sydney	5.0	5.0 5.0	5.0 3.5	3.5
383-395 Kent Street, Sydney	4.5	4.5 4.5	4.0 4.0	4.0
One Margaret Street, Sydney	5.5	5.0 5.5	5.0 3.5	3.0
44 Market Street, Sydney	5.0	5.0 5.0	4.5 3.5	4.0
30-34 Hickson Road, Sydney	5.5	5.5 5.5	5.5 3.5	3.5
201-217 Elizabeth Street, Sydney	4.5	3.5 4.5	3.5 3.5	3.5
14-18 Lee Street, Sydney	5.0	5.0 5.0	5.0 4.5	4.5

DEXUS PROPERTY SYNOPSIS AND DEBT SUMMARY 2016

ENERGY INTENSITY 39.7%

WATER INTENSITY GHG INTENSITY 16.3% 43.2%

SINCE BASE YEAR FY08

		NABERS Energy	NABERS Energy		NABERS Water	NABERS Water
	30 June			30 June	30 June	30 June
	2016			2015	2016	2015
Rating status	Inc GP	Ex GP	Inc GP		Ex GP
2-4 Dawn Fraser Avenue, Sydney Olympic Park 108 North Terrace, Adelaide1 11 Waymouth Street, Adelaide Waterfront Place, 1 Eagle Street, Brisbane 10 Eagle Street, Brisbane 12 Creek Street, Brisbane	5.0 Exempt 5.5 5.0 4.5 3.5	5.0 Exempt 5.5 5.0 4.5 3.5	5.0 Exempt 5.5 n/a 4.5 3.0		5.0 5.5 Exempt Exempt 5.5 4.0 n/a 4.5 4.5 4.0 3.0 3.5	5.5 Exempt 4.5 n/a 4.0 4.0
123 Albert Street, Brisbane	5.5	5.5		5.5	5.5 4.0	4.5
145 Ann Street, Brisbane	5.5	5.5		5.5	5.5 4.5	n/a
Finlay Crisp Centre, Canberra – Allara House	4.5	4.5		4.5	4.5 4.0	4.5
Finlay Crisp Centre, Canberra - Customs House	4.5	4.5		4.5	4.5 4.0	4.0
Finlay Crisp Centre, Canberra - Nara House	4.5	4.5		4.5	4.5 4.5	3.5
Garema Court, 140-180 City Walk, Canberra 180 Lonsdale Street, Melbourne 222 Lonsdale Street, Melbourne 385 Bourke Street, Melbourne 172 Flinders Gate, Melbourne 189 Flinders Gate, Melbourne 8 Nicholson Street, Melbourne	5.0 4.5 4.0 4.0 3.5 3.5 4.0	4.5 4.5 4.0 3.5 3.0 2.5 3.0		5.0 4.0 4.0 3.5 3.5 4.0 3.5	5.0 5.0 4.0 5.0 4.0 4.5 3.5 3.0 3.0 3.0 3.0 1.0 2.5 3.5	5.5 4.0 4.5 2.5 3.5 2.0 3.5
Southgate Complex — HWT Tower	5.0	4.5		4.5	4.0 4.0	4.0
Southgate Complex — IBM Tower	4.5	4.0		4.5	4.0 3.5	2.5
240 St Georges Terrace, Perth	5.0	4.5		5.0	4.5 3.0	3.0
58 Mounts Bay Road, Perth 46 Colin Street, West Perth Total	5.0 4.0 4.8	5.0 3.5 4.5		5.0 4.0 4.7	5.0 4.5 3.5 2.0 4.4 3.7	4.5 n/a 3.8

Exempt rating applied due to refurbishment and/or property being <75% occupied during the rating period.

SUMMARY OF PROPERTIES

Property address State	Property address State	Metro area	Building Type	Ownership %
Finlay Crisp Centre, 1 Constitution Avenue, Canberra	ACT	Canberra CBD	B Grade - offce	50%
Garema Court, 140-180 City Walk, Canberra ACT		Canberra CBD	A Grade - offce	100%
11 Talavera Road, Macquarie Park NSW		Macquarie Park	Offce Park	100%
Victoria Cross, 60 Miller Street, North Sydney NSW		North Sydney	A Grade - offce	100%
100 Mount Street, North Sydney NSW		North Sydney	Land	50%
201 Miller Street, North Sydney NSW		North Sydney	A Grade - offce	50%
101 George Street, Parramatta NSW		Parramatta CBD	A Grade - offce	50%
105 Phillip Street, Parramatta NSW		Parramatta CBD	Land	100%
130 George Street, Parramatta NSW		Parramatta CBD	B Grade - offce	100%
150 George Street, Parramatta NSW		Parramatta CBD	A Grade - offce	50%
2 & 4 Dawn Fraser Avenue, Sydney Olympic Park NSW		Sydney Olympic Park	A Grade - offce	75%
Australia Square Complex, 264-278 George Street, Sydney NSW		Sydney CBD	A Grade - offce	50%
Governor Phillip & Macquarie Tower Complex, 1 Farrer Place, Sydney NSW		Sydney CBD	Premium Grade - offce	50%
Grosvenor Place, 225 George Street, Sydney NSW		Sydney CBD	Premium Grade - offce	37.5%
One Margaret Street, Sydney NSW		Sydney CBD	A Grade - offce	100%
1 Bligh Street, Sydney NSW		Sydney CBD	Premium Grade - offce	33%
5 Martin Place, Sydney NSW		Sydney CBD	Premium Grade - offce	25%
14-18 Lee Street, Sydney NSW		Sydney CBD	A Grade - offce	50%
30 The Bond, 30-34 Hickson Road, Sydney NSW		Sydney CBD	A Grade - offce	100%
39 Martin Place, Sydney NSW		Sydney CBD	B Grade - offce	50%
44 Market Street, Sydney NSW		Sydney CBD	A Grade - offce	100%
45 Clarence Street, Sydney NSW		Sydney CBD	A Grade - offce	100%
56 Pitt Street, Sydney NSW		Sydney CBD	B Grade - offce	50%
60 Castlereagh Street, Sydney NSW		Sydney CBD	A Grade - offce	50%
175 Pitt Street, Sydney NSW		Sydney CBD	A Grade - offce	50%
201-217 Elizabeth Street, Sydney NSW		Sydney CBD	A Grade - offce	50%
309-321 Kent Street, Sydney NSW		Sydney CBD	A Grade - offce	50%
383-395 Kent Street, Sydney NSW		Sydney CBD	A Grade - offce	100%
Waterfront Place Complex, 1 Eagle Street & Naldham House Brisbane QLD		Brisbane CBD	Premium Grade	50%
10 Eagle Street, Brisbane QLD		Brisbane CBD	A Grade - offce	50%
12 Creek Street, Brisbane QLD		Brisbane CBD	A Grade - offce	50%
123 Albert Street, Brisbane QLD		Brisbane CBD	Premium Grade - offce	100%
145 Ann Street, Brisbane QLD		Brisbane CBD	A Grade - offce	50%
480 Queen Street, Brisbane QLD		Brisbane CBD	Premium Grade - offce	50%
11 Waymouth Street, Adelaide SA		Adelaide	Premium Grade - offce	50%
108 North Terrace, Adelaide SA		Adelaide	A Grade - offce	50%
Flinders Gate Complex, 172 Flinders Street and 189 Flinders Lane, Melbourne VIC		Melbourne CBD	B Grade - offce	100%
Southgate Complex, 3 Southgate Avenue, Southbank VIC		Melbourne CBD	A Grade - offce	100%
8 Nicholson Street, Melbourne VIC		Melbourne CBD	A Grade - offce	100%
180-222 Lonsdale Street, Melbourne VIC		Melbourne CBD	A Grade - offce	25%
385 Bourke Street, Melbourne VIC		Melbourne CBD	A Grade - offce	50%
Kings Square, Wellington Street, Perth WA		Perth CBD	A Grade - offce	50%
46 Colin Street, West Perth WA		Perth CBD	A Grade - offce	50%
58 Mounts Bay Road, Perth WA		Perth CBD	A Grade - offce	25%
240 St. Georges Terrace, Perth WA		Perth CBD	Premium Grade - offce	100%
383-395 Kent Street, Sydney NSW		Sydney CBD	Carpark	100%
Flinders Gate Complex, 172 Flinders Street, Melbourne VIC		Melbourne CBD	Carpark	100%
34-60 Little Collins Street, Melbourne VIC		Melbourne CBD	Carpark	100%
HWT 32-44 Flinders Street, Melbourne VIC		Melbourne CBD	Carpark	100%

DEXUS PROPERTY SYNOPSIS AND DEBT SUMMARY 2016

Lettable area adjusted for ownership ‘000sqm	Acquisition date	Book value 30 June 16 $m	Independent valuation date	Independent valuation $m	Cap rate %	Leased by area %	Weighted average lease expiry by income (years)	AIFRS NOI 12 mths to 30 June 16 $m
14.3	Apr-14	40.5	Jun-16	40.5	9.25%	100%	3.3	5.1
11.4	Aug-00	58.0	Dec-14	57.0	7.00%	98%	7.5	3.4
35.8	Jun-02	173.6	Dec-15	172.0	7.50%	91%	3.2	11.0
19.5	Dec-98	166.5	Jun-15	160.0	6.63%	99%	3.8	9.4
3.1	Apr-16	49.6			6.50%			0.0
7.4	Apr-14	54.4	Jun-16	54.4	7.00%	96%	2.1	2.7
9.0	Apr-14	52.1	Dec-15	52.3	7.25%	100%	2.5	3.8
	May-97							0.0
19.8	May-97	113.0	Jun-16	113.0	6.75%	100%	7.5	5.3
11.0	Apr-14	53.5	Jun-16	53.5	7.75%	100%	2.4	4.6
25.6	Feb-13	110.6	Jun-16	110.6	7.75%	100%	1.5	10.0
26.6	Aug-00	382.2	Dec-15	376.0	5.72%	100%	4.4	17.2
42.3	Dec-98	854.3	Dec-15	833.0	5.29%	92%	6.6	30.4
31.5	Feb-13	530.5	Dec-15	516.8	5.33%	94%	5.7	19.6
20.9	Dec-98	250.0	Jun-16	250.0	5.88%	100%	5.4	12.7
14.2	Aug-00	311.6	Jun-16	311.6	5.13%	100%	6.1	12.0
8.4	Apr-14	149.3	Dec-15	139.0	5.12%	98%	9.4	2.8
7.3	Apr-14	44.0	Jun-16	44.0	6.75%	100%	4.0	3.0
19.7	May-02	219.0	Jun-16	219.0	6.00%	100%	3.0	11.4
8.1	Feb-13	111.3	Dec-15	111.0	5.88%	99%	3.1	5.5
30.1	Sep-87	301.0	Jun-16	301.0	6.25%	100%	4.0	15.6
32.1	Dec-98	350.0	Jun-16	350.0	6.00%	99%	3.5	15.9
10.1	Apr-14	112.5	Dec-15	111.0	6.00%	99%	2.8	5.5
13.5	Apr-14	169.7	Dec-15	167.0	5.87%	100%	5.7	6.8
12.8	Apr-14	167.1	Dec-15	166.0	5.87%	100%	3.8	7.7
19.2	Aug-00	197.5	Jun-16	197.5	5.88%	100%	3.6	8.5
23.4	Dec-98	237.9	Dec-15	233.3	6.33%	88%	2.1	15.0
18.0	Sep-87	180.4	Dec-15	179.0	6.13%	100%	4.9	8.1
33.7	Oct-15	359.9	Mar-16	356.9	6.21%	92%	5.0	16.2
14.0	Apr-14	114.1	Dec-15	108.5	6.50%	93%	4.3	6.5
16.0	Oct-12	139.5	Mar-16	137.4	6.50%	94%	4.9	7.7
39.4	Oct-84	430.5	Dec-15	430.0	6.50%	100%	4.8	24.6
14.0	Apr-14	136.5	Jun-16	136.5	6.38%	100%	6.0	9.0
28.1	Apr-13	343.8	Mar-16	337.5	5.88%	100%	9.1	1.4
15.5	Apr-14	83.0	Jun-16	83.0	7.00%	95%	2.5	6.4
10.1	Apr-14	41.8	Dec-15	43.1	8.13%	85%	3.5	1.9
8.8	Mar-99	36.3	Jun-14	31.1	7.50%	96%	1.4	1.6
76.5	Aug-00	515.6	Jun-16	515.6	6.26%	88%	4.1	30.0
22.8	Nov-93	123.0	Jun-16	123.0	6.00%	100%	12.0	9.9
26.5	Apr-14	206.1	Jun-15	186.7	6.01%	100%	4.0	11.2
30.0	Apr-14	239.8	Jun-16	239.8	6.05%	95%	4.2	9.8
26.4	May-13	226.0	Mar-16	227.5	6.90%	100%	6.6	6.2
4.4	Apr-14	11.5	Jun-16	11.5	8.50%	100%	1.3	2.5
5.6	Apr-14	57.8	Dec-15	57.8	7.00%	100%	5.1	4.6
47.2	Jan-01	387.0	Dec-15	400.0	7.00%	98%	2.3	35.3
	Sep-87	78.5	Dec-15	78.5	6.75%	100%	5.6	5.2
	Mar-99	53.5	Jun-14	52.8	6.50%	100%	4.4	3.4
	Nov-84	24.6	Jun-15	24.5	6.00%	100%	4.5	2.1
	Jun-98					100%		2.7

SUMMARY OF PROPERTIES CONTINUED

==> picture [249 x 224] intentionally omitted <==

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

Finlay Crisp Centre
1 Constitution Avenue, Canberra
----- End of picture text -----

Finlay Crisp Centre is a commercial complex located at the heart of Australia’s capital city in a prime position at the southern edge of Canberra’s CBD. Comprising three adjacent buildings, each with their own basement car parking, storage levels and entrance: Customs House is a 12-level building, while Allara House and Nara Centre are six levels each with a shared central forecourt ideal for meetings and breakout spaces.

==> picture [248 x 224] intentionally omitted <==

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

Garema Court
140-180 City Walk, Canberra
----- End of picture text -----

Garema Court is one of Canberra’s most recognisable office buildings situated at the heart of the city’s central business and shopping precincts. The seven level A Grade building features a modern entrance foyer with high ceiling and integrated café. Every level has large floor plates with full height windows that maximise natural light, and there is a wrap around outdoor terrace on an upper level.

	Building type	B Grade - office
	Title	Leasehold
	Site area (hectares)	0.9
	Lettable area ('000m²)	28.6
	Lettable area adjusted for ownership ('000m²)	14.3
	Typical floor area (m²)	1,050-1,300
	Number of buildings	3
	Car parking spaces	315
	NABERS Energy rating (with Green Power)	Allara 4.5 / Customs 4.5 / Nara 4.5
	NABERS Energy rating (without Green Power)	Allara 4.5 / Customs 4.5 / Nara 4.5
	NABERS Water rating	Allara 4.5 / Customs 4.0 / Nara 3.5
	Year built	1988
	Major tenant	Commonwealth of Australia
	Ownership (%)	50
	Co-owner	DEXUS Office Partner
	Metro area	Canberra
	Zoning	CZ1 Core Zone
	Acquisition date	April 2014
	Book value ($m)	40.5
	Independent valuation ($m)	40.5
	Independent valuation date	June 2016
	Market cap rate (%)	9.25
	Initial yield (%)	12.95
	Leased by area (%)	100
	Weighted lease term by income (years)	3.3

	Building type	A Grade - office
	Title	Leasehold
	Site area (hectares)	0.2
	Lettable area ('000m²)	11.4
	Typical floor area (m²)	1,625
	Number of buildings	1
	Car parking spaces	68
	NABERS Energy rating (with Green Power)	5.0
	NABERS Energy rating (without Green Power)	5.0
	NABERS Water rating	5.5
	Year built	1997
	Major tenant	Commonwealth of Australia
	Ownership (%)	100
	Metro area	Canberra CBD
	Zoning	CZ1 Core Zone
	Acquisition date	August 2000
	Book value ($m)	58.0
	Independent valuation ($m)	57.0
	Independent valuation date	December 2014
	Market cap rate (%)	7.00
	Initial yield (%)	7.76
	Leased by area (%)	98
	Weighted lease term by income (years)	7.5

DEXUS PROPERTY SYNOPSIS AND DEBT SUMMARY 2016

==> picture [249 x 224] intentionally omitted <==

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

11 Talavera Road, Macquarie
Park
----- End of picture text -----

11 Talavera Road is a campus-style commercial property in one of Sydney’s fastest growing business parks. 11 Talavera Road offers three A Grade buildings with a diverse mix of office space solutions and designs to suit varied needs, as well as on-site car parking. Its abundant on-site amenities make 11 Talavera an enviable workplace for employees, with two cafes, a restaurant, gym, swimming pool, tennis courts and a childcare centre.

==> picture [248 x 224] intentionally omitted <==

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

Victoria Cross
60 Miller Street, North Sydney
----- End of picture text -----

Victoria Cross is located in a prominent corner position within the North Sydney CBD. The property comprises 12 levels of office accommodation, two levels of retail and three levels of basement parking for 165 vehicles. A five storey annex building offers large floor plate sizes and significant refurbishment to the original office building including new foyer and lifts was completed in 2012.

Building type Office Park Title Freehold Site area (hectares) 3.6 Lettable area ('000m²) 35.8 Number of buildings 3 Car parking spaces 1,030 NABERS Energy rating (with Green Power) 5.0 NABERS Energy rating (without Green Power) 5.0 NABERS Water rating 3.5 Year built 2000 Major tenant George Weston Foods Ownership (%) 100 Metro area Macquarie Park Zoning B7 Business Park & B3 Commercial Core Acquisition date June 2002 Book value ($m) 173.6 Independent valuation date December 2015 Independent valuation ($m) 172.0 Market cap rate (%) 7.50 Initial yield (%) 7.24 Leased by area (%) 91 Weighted lease term by income (years) 3.2	Building type A Grade - office
	Title Freehold
	Site area (hectares) 0.4
	Lettable area ('000m²) 19.5
	Typical floor area (m²) 1,150
	Number of buildings 1
	Car parking spaces 165
	NABERS Energy rating (with Green Power) 5.0
	NABERS Energy rating (without Green Power) 5.0
	NABERS Water rating 3.5
	Year built 1987
	Major tenant Carnival
	Ownership (%) 100
	Metro area North Sydney
	Zoning B3 Commercial Core
	Acquisition date December 1998
	Book value ($m) 166.5
	Independent valuation date June 2015
	Independent valuation ($m) 160.0
	Market cap rate (%) 6.63
	Initial yield (%) 7.62
	Leased by area (%) 99
	Weighted lease term by income (years) 3.8

SUMMARY OF PROPERTIES CONTINUED

100 Mount Street, North Sydney

201 Miller Street, North Sydney

100 Mount Street is the location for a new development of a 34-level premium office tower spanning 41,419 square metres. This prime development site occupies one of the best locations in North Sydney on the corner of Mount and Walker Streets with a third street frontage to Spring Street. The site has prime retail exposure and benefits from its proximity to key transport infrastructure, excellent natural light and Harbour views.

201 Miller Street offers 22 levels of A Grade office space with 665 square metres typical floor plates, parking for 91 cars and floor-to-ceiling windows that flood workspaces with natural light and offer enviable views across Sydney Harbour. The building occupies a commanding position at the junction of Miller and Berry Streets and North Sydney’s largest retail precinct in Greenwood Plaza is close by.

	Building type	Land
	Title	Freehold
	Site area (hectares)	1.8
	Ownership (%)	50
	Co-owner	DEXUS Wholesale Property Fund
	Metro area	North Sydney
	Acquisition date	April 2016
	Book value ($m)	49.6
	Market cap rate (%)	6.50

	Building type	A Grade - office
	Title	Freehold
	Site area (hectares)	0.2
	Lettable area ('000m²)	14.8
	Lettable area adjusted for ownership ('000m²)	7.4
	Typical floor area (m²)	665
	Number of buildings	1
	Car parking spaces	91
	NABERS Energy rating (with Green Power)	5.0
	NABERS Energy rating (without Green Power)	5.0
	NABERS Water rating	4.0
	Year built	1972
	Major tenant	Gallagher Bassett Services
	Ownership (%)	50
	Co-owner	DEXUS Office Partner
	Metro area	North Sydney
	Zoning	B3 Commercial Core
	Acquisition date	April 2014
	Book value ($m)	54.4
	Independent valuation ($m)	54.4
	Independent valuation date	June 2016
	Market cap rate (%)	7.00
	Initial yield (%)	7.05
	Leased by area (%)	96
	Weighted lease term by income (years)	2.1

DEXUS PROPERTY SYNOPSIS AND DEBT SUMMARY 2016

101 George Street, Parramatta

101 George Street is an A Grade office building with ground floor retail on a prime corner location in Parramatta's thriving CBD with frontages to George and Charles Streets. The nine-level building has light-filled floor plates of approximately 2,000 square metres with interconnecting stairs between levels designed for flexible and collaborative working. The office tower is currently occupied by Commonwealth Bank of Australia.

	Building type Title Site area (hectares) Lettable area ('000m²)	A Grade - office Freehold 0.4 18.1
	Lettable area adjusted for ownership ('000m²)	9.0
	Typical floor area (m²)	1,945
	Number of buildings	1
	Car parking spaces	295
	NABERS Energy rating (with Green Power)	5.5
	NABERS Energy rating (without Green Power)	5.0
	NABERS Water rating Year built Major tenant Ownership (%) Co-owner Metro area Zoning Acquisition date	4.0 2006 Commonwealth Bank of Australia 50 DEXUS Office Partner Parramatta CBD B3 Commercial Core April 2014
	Book value ($m)	52.1
	Independent valuation ($m)	52.3
	Independent valuation date	December 2015
	Market cap rate (%)	7.25
	Initial yield (%) Leased by area (%) Weighted lease term by income (years)	8.19 100 2.5

105 Phillip Street, Parramatta

105 Phillip Street is a car park site (adjacent 130 George Street) with development consent for a 20,500 square metre office building with generous ground floor amenities.

	Building type Title Ownership (%) Metro area	Land Freehold 100 Parramatta CBD
	Zoning	B3 Commercial Core
	Acquisition date	May 1997

SUMMARY OF PROPERTIES CONTINUED

130 George Street, Parramatta

150 George Street, Parramatta

130 George Street is located at the heart of Parramatta’s financial district with panoramic views over Parramatta River towards Sydney, and the Blue Mountains. Accommodation in the contemporary B Grade tower is spread over 14 levels with large floor plates offering flexible office configuration options.

150 George Street is a distinctive A Grade office building located in Parramatta’s prime business district with frontages to George and Charles Streets. The contemporary 22-level tower features an exclusive terrace on level 6 and a full service concierge and above-ground car park with 492 parking spaces.

	Building type	B Grade - office
	Title	Freehold
	Site area (hectares)	1.0
	Lettable area ('000m²)	19.8
	Typical floor area (m²)	1,480
	Number of buildings	1
	Car parking spaces	353
	NABERS Energy rating (with Green Power)	5.0
	NABERS Energy rating (without Green Power)	5.0
	NABERS Water rating	4.0
	Year built	1984
	Major tenant	Commonwealth of Australia
	Ownership (%)	100
	Metro area	Parramatta CBD
	Zoning	B3 Commercial Core
	Acquisition date	May 1997
	Book value ($m)	113.0
	Independent valuation ($m)	113.0
	Independent valuation date	June 2016
	Market cap rate (%)	6.75
	Initial yield (%)	6.85
	Leased by area (%)	100
	Weighted lease term by income (years)	7.5

	Building type	A Grade - office
	Title	Freehold
	Site area (hectares)	0.5
	Lettable area ('000m²)	22.0
	Lettable area adjusted for ownership ('000m²)	11.0
	Typical floor area (m²)	1,200
	Number of buildings	1
	Car parking spaces	492
	NABERS Energy rating (with Green Power)	5.5
	NABERS Energy rating (without Green Power)	5.5
	NABERS Water rating	3.5
	Year built	1992
	Major tenant	Commonwealth Bank of Australia
	Ownership (%)	50
	Co-owner	DEXUS Office Partner
	Metro area	Parramatta CBD
	Zoning	B3 Commercial Core
	Acquisition date	April 2014
	Book value ($m)	53.5
	Independent valuation ($m)	53.5
	Independent valuation date	June 2016
	Market cap rate (%)	7.75
	Initial yield (%)	9.24
	Leased by area (%)	100
	Weighted lease term by income (years)	2.4

DEXUS PROPERTY SYNOPSIS AND DEBT SUMMARY 2016

2 & 4 Dawn Fraser Avenue, Sydney Olympic Park

2 & 4 Dawn Fraser Avenue comprises two adjoining A Grade office buildings with retail accommodation in a highly visible location opposite the Sydney Olympic Park railway station. The contemporary seven-level building features large, column free floor plates. The facility is well connected to Sydney via the M4 motorway for motorists with parking for 593 cars spread over six split level basement floors.

	Building type Title Site area (hectares) Lettable area ('000m²)	A Grade - office Leasehold 0.6 34.2
	Lettable area adjusted for ownership ('000m²)	25.6
	Typical floor area (m²)	2,656-1,965
	Number of buildings	2
	Car parking spaces	593
	NABERS Energy rating (with Green Power)	5.0
	NABERS Energy rating (without Green Power)	5.0
	NABERS Water rating Year built Major tenant Ownership (%) Co-owner Metro area Zoning Acquisition date	5.5 2008 Commonwealth Bank of Australia 75 DEXUS Office Partner Sydney Olympic Park B4 Mixed Use February 2013
	Book value ($m)	110.6
	Independent valuation ($m)	110.6
	Independent valuation date	June 2016
	Market cap rate (%)	7.75
	Initial yield (%) Leased by area (%) Weighted lease term by income (years)	9.14 100 1.5

==> picture [248 x 224] intentionally omitted <==

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

Australia Square Complex
264-278 George Street, Sydney
----- End of picture text -----

Australia Square merits its iconic status for its architectural and commercial heritage. Australia Square’s A Grade services, open floor spaces, abundant natural light, impressive views of the city and Sydney Harbour are combined with a vibrant open-air plaza. Retail services include a choice of 17 different dining options, including O'Bar and Dining located on Level 47 and Ryan's Bar in the external plaza.

	Building type Title Site area (hectares) Lettable area ('000m²)	A Grade - office Freehold 0.6 53.3
	Lettable area adjusted for ownership ('000m²)	26.6
	Typical floor area (m²)	1,020
	Number of buildings	2
	Car parking spaces	385
	NABERS Energy rating (with Green Power)	ASQ Tower 4.5 / ASQ Plaza 5.5
	NABERS Energy rating (without Green Power)	ASQ Tower 4.0 / ASQ Plaza 5.0
	NABERS Water rating Year built Major tenant Ownership (%) Co-owner Metro area Zoning Acquisition date	ASQ Tower 3.5 / ASQ Plaza 3.5 1964 HWL Ebsworth 50 General Property Trust Sydney CBD B8 Metropolitan Centre August 2000
	Book value ($m)	382.2
	Independent valuation ($m)	376.0
	Independent valuation date	December 2015
	Market cap rate (%)	5.72
	Initial yield (%) Leased by area (%) Weighted lease term by income (years)	5.99 100 4.4

SUMMARY OF PROPERTIES CONTINUED

==> picture [249 x 224] intentionally omitted <==

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

Governor Phillip & Macquarie Tower
1 Farrer Place, Sydney
----- End of picture text -----

Governor Phillip & Macquarie Tower complex is one of Sydney's leading Premium Grade office buildings. 1 Farrer Place comprises two landmark towers with over 80,000 square metres of office space located in the heart of Sydney’s financial district, close to the NSW Parliament and Circular Quay transport hub. GPT has 37 levels of premium office space and GMT 25 levels, both offering unparalleled views over the Harbour, Botanic Gardens and the city.

==> picture [248 x 224] intentionally omitted <==

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

Grosvenor Place
225 George Street, Sydney
----- End of picture text -----

Regarded for its outstanding architectural merit and key location adjoining Circular Quay, Grosvenor Place is a landmark Premium Grade office building in the northern sector of the Sydney CBD. Grosvenor Place provides 44 levels of office accommodation, with typical 2,000 square metres floor plates, ground floor retail plaza and car parking for 516 cars.

Building type Premium Grade - office Title Freehold Site area (hectares) 0.6 Lettable area ('000m²) 84.6 Lettable area adjusted for ownership ('000m²) 42.3 Typical floor area (m²) 1,460 Number of buildings 3 Car parking spaces 654 NABERS Energy rating (with Green Power) GPT 4.0 / GMT Exempt NABERS Energy rating (without Green Power) GPT 2.5 / GMT Exempt NABERS Water rating GPT 2.5 / GMT 2.5 Year built 1993 Major tenant Dabserv Pty Ltd Ownership (%) 50 Co-owner General Property Trust & Australian Prime Property Fund Metro area Sydney CBD Zoning B8 Metropolitan Centre Acquisition date December 1998 Book value ($m) 854.3 Independent valuation date December 2015 Independent valuation ($m) 833.0 Market cap rate (%) 5.29 Initial yield (%) 4.23 Leased by area (%) 92 Weighted lease term by income (years) 6.6	Building type Premium Grade - office
	Title Leasehold
	Site area (hectares) 0.8
	Lettable area ('000m²) 84.1
	Lettable area adjusted for ownership ('000m²) 31.5
	Typical floor area (m²) 2,000
	Number of buildings 4
	Car parking spaces 516
	NABERS Energy rating (with Green Power) 4.0
	NABERS Energy rating (without Green Power) 4.0
	NABERS Water rating 4.0
	Year built 1988
	Major tenant Deloitte
	Ownership (%) 37.50
	Co-owner Investa, ARIA, DEXUS Office Partner
	Metro area Sydney CBD
	Zoning Sydney Core Scheme
	Acquisition date February 2013
	Book value ($m) 530.5
	Independent valuation date December 2015
	Independent valuation ($m) 516.8
	Market cap rate (%) 5.33
	Initial yield (%) 4.60
	Leased by area (%) 94
	Weighted lease term by income (years) 5.7

DEXUS PROPERTY SYNOPSIS AND DEBT SUMMARY 2016 21

One Margaret Street, Sydney

1 Bligh Street, Sydney

One Margaret Street offers 18 levels of A Grade office space with 1,000 square metres typical floor areas, superior finishes and views across the CBD, Barangaroo and Darling Harbour, and three levels of parking for 111 cars. An expansive foyer greets tenants and visitors while the splayed building orientation allows plenty of natural light to fill the building.

1 Bligh Street is Sydney’s most innovative, sustainable building offering an iconic, world-class location and amenity. Completed in 2011 the building features a spectacular top floor terrace, curvilinear double-skin, glass facade with a striking, naturally ventilated full height atrium, concierge services, a licensed café, childcare centre and premium end of trip facilities.

Building type A Grade - office Title Freehold Site area (hectares) 0.2 Lettable area ('000m²) 20.9 Typical floor area (m²) 1,000 Number of buildings 1 Car parking spaces 111 NABERS Energy rating (with Green Power) 5.5 NABERS Energy rating (without Green Power) 5.0 NABERS Water rating 3.5 Year built 1984 Major tenant BDO Services Ownership (%) 100 Metro area Sydney CBD Zoning B8 Metropolitan Centre Acquisition date December 1998 Book value ($m) 250.0 Independent valuation date June 2016 Independent valuation ($m) 250.0 Market cap rate (%) 5.88 Initial yield (%) 6.18 Leased by area (%) 100 Weighted lease term by income (years) 5.4	Building type Premium Grade - office
	Title Freehold
	Site area (hectares) 0.3
	Lettable area ('000m²) 42.5
	Lettable area adjusted for ownership ('000m²) 14.2
	Typical floor area (m²) 1,600
	Number of buildings 1
	Car parking spaces 94
	NABERS Energy rating (with Green Power) 5.0
	NABERS Energy rating (without Green Power) 5.0
	NABERS Water rating 4.5
	Year built 2011
	Major tenant Budage P/L
	Ownership (%) 33
	Co-owner DEXUS Wholesale Property Fund & Cbus Property
	Metro area Sydney CBD
	Zoning B8 Metropolitan Centre
	Acquisition date August 2000
	Book value ($m) 311.6
	Independent valuation date June 2016
	Independent valuation ($m) 311.6
	Market cap rate (%) 5.13
	Initial yield (%) 5.66
	Leased by area (%) 100
	Weighted lease term by income (years) 6.1

SUMMARY OF PROPERTIES CONTINUED

5 Martin Place, Sydney

14-18 Lee Street, Sydney

5 Martin Place is a first-class office building that marries the contemporary needs of businesses with the desire to celebrate and honour Sydney’s past. 5 Martin Place offers 19 levels of Premium Grade office space with 1,100-2,400 square metres typical floor plates, while the upper floors benefit from a full-height glass façade that fills the workspaces with natural light and offer views over Martin Place and the CBD.

Conveniently located adjacent to Central Station at the southern end of Sydney’s CBD, 14-18 Lee Street provides eight levels of A Grade office accommodation, a 90-space basement car park and retail on the ground floor. The building features generous floor plates of 2,000 square metres with large windows that maximise natural light.

	Building type	Premium Grade - office
	Title	Freehold
	Site area (hectares)	0.3
	Lettable area ('000m²)	33.4
	Lettable area adjusted for ownership ('000m²)	8.4
	Typical floor area (m²)	1,100-2,400
	Number of buildings	1
	Car parking spaces	10
	Year built	1916/2015
	Major tenant	Ashurst
	Ownership (%)	25
	Co-owner	DEXUS Office Partner, Cbus
		Property
	Metro area	Sydney CBD
	Zoning	B8 Metropolitan Centre
	Acquisition date	April 2014
	Book value ($m)	149.3
	Independent valuation ($m)	139.0
	Independent valuation date	December 2015
	Market cap rate (%)	5.12
	Initial yield (%)	5.00
	Leased by area (%)	98
	Weighted lease term by income (years)	9.4

	Building type	A Grade - office
	Title	Leasehold
	Site area (hectares)	0.4
	Lettable area ('000m²)	14.5
	Lettable area adjusted for ownership ('000m²)	7.3
	Typical floor area (m²)	2,000
	Number of buildings	1
	Car parking spaces	90
	NABERS Energy rating (with Green Power)	5.0
	NABERS Energy rating (without Green Power)	5.0
	NABERS Water rating	4.5
	Year built	1999
	Major tenant	State of NSW
	Ownership (%)	50
	Co-owner	DEXUS Office Partner
	Metro area	Sydney CBD
	Zoning	B8 Metropolitan Centre
	Acquisition date	April 2014
	Book value ($m)	44.0
	Independent valuation ($m)	44.0
	Independent valuation date	June 2016
	Market cap rate (%)	6.75
	Initial yield (%)	4.27
	Leased by area (%)	100
	Weighted lease term by income (years)	4.0

DEXUS PROPERTY SYNOPSIS AND DEBT SUMMARY 2016

==> picture [249 x 224] intentionally omitted <==

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

30 The Bond
30-34 Hickson Road, Sydney
----- End of picture text -----

30 The Bond is a contemporary nine level office tower located in Sydney's newest business, retail and dining precinct - Barangaroo. The A Grade building offers some of the largest floor plates in Sydney providing the best in workspace efficiency, integration and interaction. The lobby features internal stairs, glass lifts, suspended meeting rooms with large break out spaces.

39 Martin Place, Sydney

39 Martin Place is conveniently located on one of Sydney’s busiest pedestrian thoroughfares. The building occupies a prominent position on the corner of Elizabeth and Castlereagh Streets in Martin Place and offers 20 levels of B Grade office space, six retail outlets and basement parking for 68 cars.

Building type A Grade - office Title Freehold Site area (hectares) 0.4 Lettable area ('000m²) 19.7 Typical floor area (m²) 2,000 Number of buildings 1 Car parking spaces 113 NABERS Energy rating (with Green Power) 5.5 NABERS Energy rating (without Green Power) 5.5 NABERS Water rating 3.5 Year built 2004 Major tenant Lend Lease Management Services Ownership (%) 100 Metro area Sydney CBD Zoning B8 Metropolitan Centre Acquisition date May 2002 Book value ($m) 219.0 Independent valuation ($m) 219.0 Independent valuation date June 2016 Market cap rate (%) 6.00 Initial yield (%) 5.40 Leased by area (%) 100 Weighted lease term by income (years) 3.0	Building type B Grade - office
	Title Freehold with Leasehold
	Site area (hectares) 0.3
	Lettable area ('000m²) 16.2
	Lettable area adjusted for ownership ('000m²) 8.1
	Typical floor area (m²) 800
	Number of buildings 1
	Car parking spaces 68
	NABERS Energy rating (with Green Power) 4.0
	NABERS Energy rating (without Green Power) 4.0
	NABERS Water rating 3.5
	Year built 1972
	Major tenant Tiffany & Company
	Ownership (%) 50
	Co-owner DEXUS Wholesale Property Fund
	Metro area Sydney CBD
	Zoning B8 Metropolitan Centre
	Acquisition date February 2013
	Book value ($m) 111.3
	Independent valuation ($m) 111.0
	Independent valuation date December 2015
	Market cap rate (%) 5.88
	Initial yield (%) 6.41
	Leased by area (%) 99
	Weighted lease term by income (years) 3.1

SUMMARY OF PROPERTIES CONTINUED

44 Market Street, Sydney

45 Clarence Street, Sydney

44 Market Street sits on a premium site in Sydney’s CBD on the doorstep of bustling entertainment and retail precincts. 44 Market Street offers 26 levels of A Grade office space, offering flexible accommodation options ranging from small suites to entire floors and parking for 134 cars.

45 Clarence Street is a landmark office tower located in the western corridor of Sydney’s financial district. The 28 level A Grade building provides flexible work space solutions for tenants and clever interior architecture maximises natural light from all four aspects. 45 Clarence Street also features a contemporary foyer, ground floor café and five basement levels of parking.

Building type A Grade - office Title Freehold Site area (hectares) 0.3 Lettable area ('000m²) 30.1 Typical floor area (m²) 1,000 Number of buildings 1 Car parking spaces 134 NABERS Energy rating (with Green Power) 5.0 NABERS Energy rating (without Green Power) 5.0 NABERS Water rating 3.5 Year built 1978 Major tenant Commonwealth of Australia Ownership (%) 100 Metro area Sydney CBD Zoning B8 Metropolitan Centre Acquisition date September 1987 Book value ($m) 301.0 Independent valuation ($m) 301.0 Independent valuation date June 2016 Market cap rate (%) 6.25 Initial yield (%) 6.44 Leased by area (%) 100 Weighted lease term by income (years) 4.0	Building type A Grade - office
	Title Freehold
	Site area (hectares) 0.4
	Lettable area ('000m²) 32.1
	Typical floor area (m²) 1,250
	Number of buildings 1
	Car parking spaces 169
	NABERS Energy rating (with Green Power) 5.5
	NABERS Energy rating (without Green Power) 5.0
	NABERS Water rating 3.5
	Year built 1990
	Major tenant Bank of Western Australia
	Ownership (%) 100
	Metro area Sydney CBD
	Zoning B8 Metropolitan Centre
	Acquisition date December 1998
	Book value ($m) 350.0
	Independent valuation ($m) 350.0
	Independent valuation date June 2016
	Market cap rate (%) 6.00
	Initial yield (%) 6.34
	Leased by area (%) 99
	Weighted lease term by income (years) 3.5

DEXUS PROPERTY SYNOPSIS AND DEBT SUMMARY 2016

56 Pitt Street, Sydney

56 Pitt Street is a sustainable office tower that occupies a significant site in Sydney’s past. 56 Pitt offers 26 levels of B Grade office space with 800 square metres typical floor areas typified by natural light and with views across the CBD and Sydney Harbour. The workspaces are complemented by ground floor retail offerings and basement parking for 64 cars.

	Building type Title Site area (hectares) Lettable area ('000m²)	B Grade - office Freehold 0.2 20.1
	Lettable area adjusted for ownership ('000m²)	10.1
	Typical floor area (m²)	800
	Number of buildings	1
	Car parking spaces	64
	NABERS Energy rating (with Green Power)	5.0
	NABERS Energy rating (without Green Power)	5.0
	NABERS Water rating Year built Major tenant Ownership (%) Co-owner Metro area Zoning Acquisition date	4.0 1967 Commonwealth of Australia 50 DEXUS Office Partner Sydney CBD B8 Metropolitan Centre April 2014
	Book value ($m)	112.5
	Independent valuation ($m)	111.0
	Independent valuation date	December 2015
	Market cap rate (%)	6.00
	Initial yield (%) Leased by area (%) Weighted lease term by income (years)	6.47 99 2.8

60 Castlereagh Street, Sydney

60 Castlereagh Street is one of Sydney’s premier retail and office buildings located at the heart of the city’s business and leisure centre. The building’s efficient central core provides flexible 360 degree floor plates, while the curved windows make the most of the sweeping views across Sydney Harbour from the top four floors.

	Building type Title Site area (hectares) Lettable area ('000m²)	A Grade - office Freehold 0.2 27.0
	Lettable area adjusted for ownership ('000m²)	13.5
	Typical floor area (m²)	1,200-1,300
	Number of buildings	1
	Car parking spaces	61
	NABERS Energy rating (with Green Power)	5.0
	NABERS Energy rating (without Green Power)	4.5
	NABERS Water rating Year built Major tenant Ownership (%) Co-owner Metro area Zoning Acquisition date	3.5 1999 BNP Paribas 50 DEXUS Office Partner Sydney CBD B8 Metropolitan Centre April 2014
	Book value ($m)	169.7
	Independent valuation ($m)	167.0
	Independent valuation date	December 2015
	Market cap rate (%)	5.87
	Initial yield (%) Leased by area (%) Weighted lease term by income (years)	6.32 100 5.7

SUMMARY OF PROPERTIES CONTINUED

175 Pitt Street, Sydney

201-217 Elizabeth Street, Sydney

175 Pitt Street is a superior office building that delivers sustainable design and sought after amenities. 175 Pitt Street offers 22 levels of A Grade office space with 1,050 square metres typical floor area, panoramic from the upper levels, high-end ground and lower ground retail including luxury brands, financial institutions and a gym, as well as basement parking for 52 cars.

201-217 Elizabeth Street perfectly marries convenience with breath-taking views across Sydney Harbour and Hyde Park. 201-217 Elizabeth offers 34 levels of A Grade office spaces with 1,085 square metres typical floors. An innovative columnfree space with floor to ceiling windows welcomes in invigorating sunlight while offering an enviable outlook across the Sydney CBD.

	Building type	A Grade - office
	Title	Freehold
	Site area (hectares)	0.2
	Lettable area ('000m²)	25.7
	Lettable area adjusted for ownership ('000m²)	12.8
	Typical floor area (m²)	1,050
	Number of buildings	1
	Car parking spaces	52
	NABERS Energy rating (with Green Power)	5.5
	NABERS Energy rating (without Green Power)	5.0
	NABERS Water rating	3.5
	Year built	1975
	Major tenant	Australian Human Rights
		Commission
	Ownership (%)	50
	Co-owner	DEXUS Office Partner
	Metro area	Sydney CBD
	Zoning	B8 Metropolitan Centre
	Acquisition date	April 2014
	Book value ($m)	167.1
	Independent valuation ($m)	166.0
	Independent valuation date	December 2015
	Market cap rate (%)	5.87
	Initial yield (%)	6.20
	Leased by area (%)	100
	Weighted lease term by income (years)	3.8

	Building type	A Grade - office
	Title	Freehold
	Site area (hectares)	0.4
	Lettable area ('000m²)	38.3
	Lettable area adjusted for ownership ('000m²)	19.2
	Typical floor area (m²)	1,085
	Number of buildings	1
	Car parking spaces	175
	NABERS Energy rating (with Green Power)	4.5
	NABERS Energy rating (without Green Power)	3.5
	NABERS Water rating	3.5
	Year built	1979
	Major tenant	State of NSW
	Ownership (%)	50
	Co-owner	Perron Investments
	Metro area	Sydney CBD
	Zoning	B8 Metropolitan Centre
	Acquisition date	August 2000
	Book value ($m)	197.5
	Independent valuation ($m)	197.5
	Independent valuation date	June 2016
	Market cap rate (%)	5.88
	Initial yield (%)	5.85
	Leased by area (%)	100
	Weighted lease term by income (years)	3.6

DEXUS PROPERTY SYNOPSIS AND DEBT SUMMARY 2016

309-321 Kent Street, Sydney

309-321 Kent Street is part of a two-tower complex situated on the doorstep of Sydney’s revered lifestyle precinct at Darling Harbour. 309-321 Kent offers 17 levels of A Grade offices with column-free and flexible workspaces along a wide range of amenities including DEXUS concierge services, ground floor retail plaza, childcare centre, three cafes, hotel-style end of trip facilities.

	Building type Title Site area (hectares) Lettable area ('000m²)	A Grade - office Freehold 0.6 46.7
	Lettable area adjusted for ownership ('000m²)	23.4
	Typical floor area (m²)	1,060
	Number of buildings	2
	Car parking spaces	497
	NABERS Energy rating (with Green Power)	309 Kent 5.0 / 321 Kent 5.0
	NABERS Energy rating (without Green Power)	309 Kent 5.0 / 321 Kent 5.0
	NABERS Water rating Year built Major tenant Ownership (%) Co-owner Metro area Zoning Acquisition date	309 Kent 4.0 / 321 Kent 3.5 1976 Insurance Australia 50 AMP Sydney CBD B8 Metropolitan Centre December 1998
	Book value ($m)	237.9
	Independent valuation ($m)	233.3
	Independent valuation date	December 2015
	Market cap rate (%)	6.33
	Initial yield (%) Leased by area (%) Weighted lease term by income (years)	5.62 88 2.1

383-395 Kent Street, Sydney

383-395 Kent Street stands proud in the heart of Sydney’s CBD between Town Hall and Wynyard train stations. 383-395 Kent offers 12 levels of A Grade office space with 1,577 square metres typical refurbished floor plates, superior finishes, floor to ceiling windows to maximise natural light and expansive views across Darling Harbour and the CBD.

	Building type Title Site area (hectares) Lettable area ('000m²)	A Grade - office Freehold 0.4 18.0
	Typical floor area (m²)	1,577
	Number of buildings	1
	Car parking spaces	30
	NABERS Energy rating (with Green Power)	4.5
	NABERS Energy rating (without Green Power)	4.5
	NABERS Water rating	4.0
	Year built Major tenant Ownership (%) Metro area Zoning Acquisition date Book value ($m) Independent valuation ($m)	2002 Grant Thornton 100 Sydney CBD B8 Metropolitan Centre September 1987 180.4 179.0
	Independent valuation date	December 2015
	Market cap rate (%)	6.13
	Initial yield (%)	6.70
	Leased by area (%)	100
	Weighted lease term by income (years)	4.9

SUMMARY OF PROPERTIES CONTINUED

==> picture [249 x 224] intentionally omitted <==

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

Waterfront Place Complex
1 Eagle Street, Brisbane
----- End of picture text -----

Waterfront Place is a commercial complex comprising three adjacent buildings including a landmark 37-level Premium Grade office tower, Eagle Street Pier and Naldham House. Adjoining the office tower is Eagle Street Pier, a two-level retail, food and beverage complex considered one of Brisbane's premier dining destinations.

10 Eagle Street, Brisbane

10 Eagle Street features sustainable design and functionality to create a soughtafter building in the commercial heart of Brisbane. 10 Eagle offers 32 levels of A Grade office space, flexible configurations and expansive views across the river and city. Premium amenities include DEXUS concierge services, new end-of-trip facilities and on-site building management.

Building type Premium Grade Title Freehold Lettable area ('000m²) 67.3 Lettable area adjusted for ownership ('000m²) 33.7 Typical floor area (m²) 1,800 Number of buildings 3 Car parking spaces 475 NABERS Energy rating (with Green Power) 4.5 NABERS Energy rating (without Green Power) 4.5 NABERS Water rating 4.0 Year built 1990 Major tenant Minter Ellison Ownership (%) 50 Co-owner DEXUS Wholesale Property Fund Metro area Brisbane CBD Acquisition date October 2015 Book value ($m) 359.9 Independent valuation ($m) 356.9 Independent valuation date March 2016 Market cap rate (%) 6.21 Initial yield (%) 6.07 Leased by area (%) 92 Weighted lease term by income (years) 5.0	Building type A Grade - office
	Title Freehold
	Site area (hectares) 0.3
	Lettable area ('000m²) 28.0
	Lettable area adjusted for ownership ('000m²) 14.0
	Typical floor area (m²) 950
	Number of buildings 1
	Car parking spaces 190
	NABERS Energy rating (with Green Power) 4.5
	NABERS Energy rating (without Green Power) 4.5
	NABERS Water rating 4.0
	Year built 1978
	Major tenant S & K Car Park Management
	Ownership (%) 50
	Co-owner DEXUS Office Partner
	Metro area Brisbane CBD
	Zoning MPI - City Centre
	Acquisition date April 2014
	Book value ($m) 114.1
	Independent valuation ($m) 108.5
	Independent valuation date December 2015
	Market cap rate (%) 6.50
	Initial yield (%) 6.94
	Leased by area (%) 93
	Weighted lease term by income (years) 4.3

DEXUS PROPERTY SYNOPSIS AND DEBT SUMMARY 2016

12 Creek Street, Brisbane

12 Creek Street is one of Brisbane’s most striking office towers on the doorstep of the city’s dining and entertainment precincts. Known as Blue Tower, 12 Creek Street offers 32 levels of A Grade office space with sweeping views across the Brisbane River and CBD, ground floor retail outlets and parking for 293 cars.

	Building type Title Site area (hectares) Lettable area ('000m²)	A Grade - office Freehold 0.3 32.1
	Lettable area adjusted for ownership ('000m²)	16.0
	Typical floor area (m²)	1,010-1,088
	Number of buildings	2
	Car parking spaces	293
	NABERS Energy rating (with Green Power)	3.5
	NABERS Energy rating (without Green Power)	3.5
	NABERS Water rating Year built Major tenant Ownership (%) Co-owner Metro area Zoning Acquisition date	3.5 1984 BDO Services 50 DEXUS Wholesale Property Fund Brisbane CBD MPI - City Centre October 2012
	Book value ($m)	139.5
	Independent valuation ($m)	137.4
	Independent valuation date	March 2016
	Market cap rate (%)	6.50
	Initial yield (%) Leased by area (%) Weighted lease term by income (years)	7.03 94 4.9

123 Albert Street, Brisbane

123 Albert Street is Brisbane's first Premium Grade tower to achieve a 6 Star Green Star rating and offers some of the largest column-free floor plates available in the city’s CBD. The 26-level contemporary glass and steel building commands a prominent corner location. The building features a spacious, futuristic ground floor lobby with lounge areas and five onsite food and coffee outlets.

	Building type Title Site area (hectares) Lettable area ('000m²)	Premium Grade - office Freehold 0.4 39.4
	Typical floor area (m²)	1,513-1,604
	Number of buildings	1
	Car parking spaces	382
	NABERS Energy rating (with Green Power)	5.5
	NABERS Energy rating (without Green Power)	5.5
	NABERS Water rating	4.0
	Year built Major tenant Ownership (%) Metro area Zoning Acquisition date Book value ($m) Independent valuation ($m)	2011 Rio Tinto 100 Brisbane CBD MPI - City Centre October 1984 430.5 430.0
	Independent valuation date	December 2015
	Market cap rate (%)	6.50
	Initial yield (%)	6.65
	Leased by area (%)	100
	Weighted lease term by income (years)	4.8

SUMMARY OF PROPERTIES CONTINUED

145 Ann Street, Brisbane

480 Queen Street, Brisbane

145 Ann Street is a distinctive A Grade commercial tower in a highly sought after location of Brisbane’s CBD near the historic King George Square, Queen Street Mall and the courts. The 27-level tower features an impressive double height reception with large, column-free floor plates enhanced by an abundance of natural light through low-sill windows.

480 Queen Street is one of the most prestigious office buildings in Brisbane’s Golden Triangle already home to a number of Australia’s leading financial, legal, accounting and resources firms. Activity based amenities within the building include a vibrant retail and dining destination, a nature based in-building parkland, and a spectacular rooftop hospitality area. 480 Queen Street is well connected to a wide range of public transport options and the Airport Link Tunnel.

	Building type	A Grade - office
	Title	Leasehold
	Site area (hectares)	0.3
	Lettable area ('000m²)	28.1
	Lettable area adjusted for ownership ('000m²)	14.0
	Typical floor area (m²)	1,100
	Number of buildings	1
	Car parking spaces	103
	NABERS Energy rating (with Green Power)	5.5
	NABERS Energy rating (without Green Power)	5.5
	NABERS Water rating	4.5
	Year built	2012
	Major tenant	GHD Services
	Ownership (%)	50
	Co-owner	DEXUS Office Partner
	Metro area	Brisbane CBD
	Zoning	MPI - City Centre
	Acquisition date	April 2014
	Book value ($m)	136.5
	Independent valuation ($m)	136.5
	Independent valuation date	June 2016
	Market cap rate (%)	6.38
	Initial yield (%)	6.58
	Leased by area (%)	100
	Weighted lease term by income (years)	6.0

	Building type	Premium Grade - office
	Title	Freehold
	Site area (hectares)	0.4
	Lettable area ('000m²)	56.2
	Lettable area adjusted for ownership ('000m²)	28.1
	Typical floor area (m²)	1,731-2,849
	Number of buildings	1
	Car parking spaces	272
	Year built	2016
	Major tenant	BHP
	Ownership (%)	50
	Co-owner	DEXUS Wholesale Property Fund
	Metro area	Brisbane CBD
	Zoning	MPI - City Centre
	Acquisition date	April 2013
	Book value ($m)	343.8
	Independent valuation ($m)	337.5
	Independent valuation date	March 2016
	Market cap rate (%)	5.88
	Initial yield (%)	6.14
	Leased by area (%)	100
	Weighted lease term by income (years)	9.1

DEXUS PROPERTY SYNOPSIS AND DEBT SUMMARY 2016

11 Waymouth Street, Adelaide

11 Waymouth Street is a Premium grade commercial tower strategically located in the heart of the Adelaide CBD. The building provides 20 levels of high quality office accommodation, an efficient central core, full height double glazed windows that maximise the natural light, ground level retail, an outdoor colonnade dining area and upper plaza space.

	Building type Title Site area (hectares) Lettable area ('000m²)	Premium Grade - office Freehold 0.4 31.0
	Lettable area adjusted for ownership ('000m²)	15.5
	Typical floor area (m²)	1,450-1,700
	Number of buildings	1
	Car parking spaces	188
	NABERS Energy rating (with Green Power)	5.5
	NABERS Energy rating (without Green Power)	5.5
	NABERS Water rating Year built Major tenant Ownership (%) Co-owner Metro area Zoning Acquisition date	4.0 2007 State of SA 50 DEXUS Office Partner Adelaide Capital City Zone April 2014
	Book value ($m)	83.0
	Independent valuation ($m)	83.0
	Independent valuation date	June 2016
	Market cap rate (%)	7.00
	Initial yield (%) Leased by area (%) Weighted lease term by income (years)	8.25 95 2.5

108 North Terrace, Adelaide

108 North Terrace is situated at the north edge of Adelaide’s CBD surrounded by the city’s premier entertainment and cultural district. The A Grade office tower offers 11 levels of high-quality office accommodation, quality finishes, extensive views across the Adelaide CBD, parking for 127 cars and a 4.0 star NABERS Energy rating.

	Building type Title Site area (hectares) Lettable area ('000m²)	A Grade - office Freehold 0.2 20.1
	Lettable area adjusted for ownership ('000m²)	10.1
	Typical floor area (m²)	1,900
	Number of buildings	1
	Car parking spaces	127
	NABERS Energy rating (with Green Power)	Exempt
	NABERS Energy rating (without Green Power)	Exempt
	NABERS Water rating Year built Major tenant Ownership (%) Co-owner Metro area Zoning Acquisition date	Exempt 1999 HP 50 DEXUS Office Partner Adelaide Capital City Zone April 2014
	Book value ($m)	41.8
	Independent valuation ($m)	43.1
	Independent valuation date	December 2015
	Market cap rate (%)	8.13
	Initial yield (%) Leased by area (%) Weighted lease term by income (years)	7.03 85 3.5

SUMMARY OF PROPERTIES CONTINUED

==> picture [249 x 224] intentionally omitted <==

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

Flinders Gate Complex
Flinders Street, Melbourne
----- End of picture text -----

The Flinders Gate office complex, comprising of two boutique buildings adjoins Melbourne's renowned Adelphi Hotel. With features, flexibility and fit out in an outstanding central CBD location, the building is directly opposite Federation Square on Flinders Street, and the stage door to the historic Regent Theatre on Flinders Lane.

==> picture [122 x 123] intentionally omitted <==

==> picture [123 x 123] intentionally omitted <==

==> picture [5 x 123] intentionally omitted <==

==> picture [5 x 102] intentionally omitted <==

==> picture [92 x 11] intentionally omitted <==

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

Southgate Complex
----- End of picture text -----

3 Southgate Avenue, Southbank

The Southgate Complex is a landmark office and retail property located on the Yarra River in the Southbank arts and leisure precinct of Melbourne. The complex offers two high quality A Grade office towers, HWT Tower and IBM Centre, a three level retail plaza and two levels of basement car parking.

Building type B Grade - office Title Freehold Site area (hectares) 0.4 Lettable area ('000m²) 8.8 Typical floor area (m²) 650 Number of buildings 2 NABERS Energy rating (with Green Power) 172 Flinders 3.5 / 189 Flinders 3.5 NABERS Energy rating (without Green Power) 172 Flinders 3.0 / 189 Flinders 2.5 NABERS Water rating 172 Flinders 3.0 / 189 Flinders 1.0 Year built 1920 Major tenant Billard Leece Partnership Ownership (%) 100 Metro area Melbourne CBD Zoning Capital City Zone (CCZ1) Acquisition date March 1999 Book value ($m) 36.3 Independent valuation ($m) 31.1 Independent valuation date June 2014 Market cap rate (%) 7.50 Initial yield (%) 5.70 Leased by area (%) 96 Weighted lease term by income (years) 1.4	Building type A Grade - office
	Title Freehold
	Site area (hectares) 2.1
	Lettable area ('000m²) 76.5
	Typical floor area (m²) 1,250
	Number of buildings 3
	Car parking spaces 1,041
	NABERS Energy rating (with Green Power) IBM 4.5 / HWT 5.0
	NABERS Energy rating (without Green Power) IBM 4.0 / HWT 4.5
	NABERS Water rating IBM 3.5 / HWT 4.0
	Year built 1992
	Major tenant The Herald and Weekly Times
	Ownership (%) 100
	Metro area Melbourne CBD
	Zoning Capital City Zone (CCZ1)
	Acquisition date August 2000
	Book value ($m) 515.6
	Independent valuation ($m) 515.6
	Independent valuation date June 2016
	Market cap rate (%) 6.26
	Initial yield (%) 5.81
	Leased by area (%) 88
	Weighted lease term by income (years) 4.1

DEXUS PROPERTY SYNOPSIS AND DEBT SUMMARY 2016

8 Nicholson Street, Melbourne

8 Nicholson Street is a freestanding A Grade 18-storey office tower situated on the eastern edge of the Melbourne CBD. This building has three levels of basement parking and is well connected by several tram routes, and train services with Parliament Station a short walk away. The area is also very well serviced by a range of convenience retail and food outlets.

	Building type Title Site area (hectares) Lettable area ('000m²)	A Grade - office Freehold 0.3 22.8
	Typical floor area (m²)	1,650
	Number of buildings	1
	Car parking spaces	91
	NABERS Energy rating (with Green Power)	4.0
	NABERS Energy rating (without Green Power)	3.0
	NABERS Water rating Year built Major tenant Ownership (%) Metro area Zoning Acquisition date Book value ($m) Independent valuation date	3.5 1991 State of Victoria 100 Melbourne CBD Business 2 Zone 1 (B2Z) November 1993 123.0 June 2016
	Independent valuation ($m)	123.0
	Market cap rate (%)	6.00
	Initial yield (%)	8.35
	Leased by area (%)	100
	Weighted lease term by income (years)	12.0

==> picture [248 x 224] intentionally omitted <==

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

180-222 Lonsdale Street,
Melbourne
----- End of picture text -----

180-222 Lonsdale Street comprises two A Grade office towers offers 58,600 square metres of space, with 180 Lonsdale recently undergoing extensive refurbishment. In addition, the property offers a childcare, a gymnasium and a medical centre, and with QV shopping, there's immediate access to well over 110 retailers, major department stores, food outlets, restaurants.

	Building type Title Site area (hectares) Lettable area ('000m²)	A Grade - office Freehold 1.8 106.2
	Lettable area adjusted for ownership ('000m²)	26.5
	Typical floor area (m²)	1,800-3,900
	Number of buildings	2
	Car parking spaces	2,997
	NABERS Energy rating (with Green Power)	180 Lonsdale 4.5 / 222 Lonsdale
		4.0 / QV 2.5
	NABERS Energy rating (without Green Power) NABERS Water rating Year built Major tenant Ownership (%) Co-owner	180 Lonsdale 4.5 / 222 Lonsdale 4.0 / QV 2.5 180 Lonsdale 5.0 / 222 Lonsdale 4.5 2003-2004 Sensis 25 DEXUS Office Partner / Victoria Square
	Metro area	Melbourne CBD
	Zoning	Capital City Zone
	Acquisition date	April 2014
	Book value ($m)	206.1
	Independent valuation date Independent valuation ($m) Market cap rate (%) Initial yield (%) Leased by area (%)	June 2015 186.7 6.01 6.29 100
	Weighted lease term by income (years)	4.0

SUMMARY OF PROPERTIES CONTINUED

385 Bourke Street, Melbourne

385 Bourke Street is located in the heart of Melbourne's CBD, opposite the GPO. The elevated corner position above Melbourne's well-known Galleria Retail Centre takes in 41 floors, providing businesses with a clear view of the city and its surrounds. With a vibrant retail and dining area within the Galleria Retail Centre below, the amenity of the location is outstanding.

==> picture [248 x 224] intentionally omitted <==

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

Kings Square
Wellington Street, Perth
----- End of picture text -----

Kings Square comprises three A Grade office buildings located in Perth’s emerging mixed-use precinct adjacent to the CBD. The buildings comprise Kings Square 1 (19 levels), Kings Square 2 (11 levels) and Kings Square 3 (9 levels) providing in excess of 50,000 square metres combined office and retail space and extensive end-of-trip facilities including hundreds of bicycle racks, lockers and fully-equipped shower and change facilities, as well as a large onsite childcare service.

	Building type	A Grade - office
	Title	Freehold
	Site area (hectares)	0.6
	Lettable area ('000m²)	60.0
	Lettable area adjusted for ownership ('000m²)	30.0
	Typical floor area (m²)	1,300
	Number of buildings	1
	Car parking spaces	240
	NABERS Energy rating (with Green Power)	4.0
	NABERS Energy rating (without Green Power)	3.5
	NABERS Water rating	3.0
	Year built	1983
	Major tenant	Unisuper Management
	Ownership (%)	50
	Co-owner	DEXUS Office Partner
	Metro area	Melbourne CBD
	Zoning	Capital City Zone
	Acquisition date	April 2014
	Book value ($m)	239.8
	Independent valuation ($m)	239.8
	Independent valuation date	June 2016
	Market cap rate (%)	6.05
	Initial yield (%)	5.62
	Leased by area (%)	95
	Weighted lease term by income (years)	4.2

	Building type	A Grade - office
	Title	Freehold
	Site area (hectares)	0.6
	Lettable area ('000m²)	52.7
	Lettable area adjusted for ownership ('000m²)	26.4
	Typical floor area (m²)	1,400
	Number of buildings	3
	Car parking spaces	136
	Year built	2015
	Major tenant	Shell
	Ownership (%)	50
	Co-owner	DEXUS Wholesale Property Fund
	Metro area	Perth CBD
	Zoning	City Centre
	Acquisition date	May 2013
	Book value ($m)	226.0
	Independent valuation ($m)	227.5
	Independent valuation date	March 2016
	Market cap rate (%)	6.90
	Initial yield (%)	7.79
	Leased by area (%)	100
	Weighted lease term by income (years)	6.6

DEXUS PROPERTY SYNOPSIS AND DEBT SUMMARY 2016

46 Colin Street, West Perth

58 Mounts Bay Road, Perth

Located in West Perth, this modern, five-level A Grade commercial building fronts Colin Street and Emerald Terrace. 46 Colin Street offers unusually large floor plates enabling attractive and flexible office space with 161 spaces there’s an abundance of on-site car parking.

58 Mounts Bay Road, also known as Alluvion, is a contemporary A Grade office building located in the central forefront of the Perth CBD with dual access on St George Terrace. The 20-level tower features an impressive triple height marble clad ground floor lobby with a plaza café on the external landscaped terrace.

Building type A Grade - office Title Leasehold Site area (hectares) 0.6 Lettable area ('000m²) 8.8 Lettable area adjusted for ownership ('000m²) 4.4 Typical floor area (m²) 1,800 Number of buildings 1 Car parking spaces 161 NABERS Energy rating (with Green Power) 4.0 NABERS Energy rating (without Green Power) 3.5 NABERS Water rating 2.0 Year built 2002 Major tenant Insurance Australia Ownership (%) 50 Co-owner DEXUS Office Partner Metro area Perth CBD Zoning Office/Residential Acquisition date April 2014 Book value ($m) 11.5 Independent valuation ($m) 11.5 Independent valuation date June 2016 Market cap rate (%) 8.50 Initial yield (%) 22.19 Leased by area (%) 100 Weighted lease term by income (years) 1.3	Building type A Grade - office
	Title Freehold
	Site area (hectares) 0.3
	Lettable area ('000m²) 22.4
	Lettable area adjusted for ownership ('000m²) 5.6
	Typical floor area (m²) 1,570
	Number of buildings 1
	Car parking spaces 96
	NABERS Energy rating (with Green Power) 5.0
	NABERS Energy rating (without Green Power) 5.0
	NABERS Water rating 4.5
	Year built 2010
	Major tenant Clough Projects
	Ownership (%) 25
	Co-owner DEXUS Office Partner / Cape Bouvard Investments Pty Ltd
	Metro area Perth CBD
	Zoning City Centre
	Acquisition date April 2014
	Book value ($m) 57.8
	Independent valuation ($m) 57.8
	Independent valuation date December 2015
	Market cap rate (%) 7.00
	Initial yield (%) 8.28
	Leased by area (%) 100
	Weighted lease term by income (years) 5.1

SUMMARY OF PROPERTIES CONTINUED

240 St Georges Terrace, Perth

383-395 Kent Street, Sydney

240 St. Georges Terrace is a modern Premium Grade office tower located in the prestigious western-end of the Perth CBD. The 24-level office tower is highly specified and provides large, efficient floor plates. The low-sill windows maximise natural light and feature views over Kings Park, the Swan River and the Indian Ocean to Rottnest Island.

383-395 Kent Street is a contemporary A Grade office tower located in the Sydney CBD with convenient dual access on Kent and Sussex Streets. The 12-level building has an efficient central core providing large column free floor plates with floor to ceiling windows that enhance the natural light and take in views of Darling Harbour and the city.

	Building type	Premium Grade - office
	Title	Freehold
	Site area (hectares)	0.6
	Lettable area ('000m²)	47.2
	Typical floor area (m²)	2 000 ,
	Number of buildings	1
	Car parking spaces	247
	NABERS Energy rating (with Green Power)	5.0
	NABERS Energy rating (without Green Power)	4.5
	NABERS Water rating	3.0
	Year built	2003
	Major tenant	Woodside Energy
	Ownership (%)	100
	Metro area	Perth CBD
	Zoning	Central City Area
	Acquisition date	January 2001
	Book value ($m)	387.0
	Independent valuation ($m)	400.0
	Independent valuation date	December 2015
	Market cap rate (%)	7.00
	Initial yield (%)	6.83
	Leased by area (%)	98
	Weighted lease term by income (years)	2.3

	Building type	Carpark
	Title	Freehold
	Number of buildings	1
	Car parking spaces	823
	Year built	1977
	Major tenant	Wilson Parking
	Ownership (%)	100
	Metro area	Sydney CBD
	Zoning	B8 Metropolitan Centre
	Acquisition date	September 1987
	Book value ($m)	78.5
	Independent valuation ($m)	78.5
	Independent valuation date	December 2015
	Market cap rate (%)	6.75
	Initial yield (%)	6.69
	Leased by area (%)	100
	Weighted lease term by income (years)	5.6

DEXUS PROPERTY SYNOPSIS AND DEBT SUMMARY 2016

Flinders Gate Complex

172 Flinders Street, Melbourne

The Flinders Gate Complex is strategically located in the Melbourne CBD and comprises two small boutique office buildings located close to Flinders Street Station, Melbourne Town Hall and opposite Federation Square with immediate connections to Southbank. The associated car park has dual access to Flinders Street and Flinders Lane with 1,071 car parking spaces.

	Building type Title Number of buildings Car parking spaces	Carpark Freehold 1 1,071
	Year built	1998
	Major tenant	Wilson Parking
	Ownership (%)	100
	Metro area	Melbourne CBD
	Zoning	Capital City Zone 1
	Acquisition date	March 1999
	Book value ($m) Independent valuation date Independent valuation ($m) Market cap rate (%) Initial yield (%) Leased by area (%) Weighted lease term by income (years)	53.5 June 2014 52.8 6.50 6.80 100 4.4

34-60 Little Collins Street, Melbourne

The freestanding car park on Little Collins Street is in a prime central Melbourne location with dual access from the city’s main retail precincts of Bourke and Little Collins Streets. Currently operated by Wilson’s Parking, the facility has 1.9 metre height access with capacity for 940 cars and is open 24/7 with long and short stay options.

	Building type Title Number of buildings Car parking spaces	Carpark Leasehold 1 940
	Year built	1965
	Major tenant	Wilson Parking
	Ownership (%)	100
	Metro area	Melbourne CBD
	Zoning	Capital City Zone
	Acquisition date	November 1984
	Book value ($m) Independent valuation date Independent valuation ($m) Market cap rate (%) Initial yield (%) Leased by area (%) Weighted lease term by income (years)	24.6 June 2015 24.5 6.00 9.64 100 3.8

SUMMARY OF PROPERTIES CONTINUED

HWT

32-44 Flinders Street, Melbourne

The car park at 32 Flinders Street is located at the gateway to Melbourne’s city centre with dual access via Flinders Street and Flinders Lane. The parking is ideally located for major sporting events at Melbourne Park, the Rod Laver Arena and Melbourne Cricket Ground, and visitors to the green spaces of Treasury Gardens and Birrarung Marr Park.

	Building type	Carpark
	Title	Freehold
	Number of buildings	1
	Car parking spaces	539
	Year built	1998
	Major tenant	Wilson Parking
	Ownership (%)	100
	Metro area	Melbourne CBD
	Zoning	Capital City Zone 1
	Acquisition date	June 1998
	Leased by area (%)	100

DEXUS PROPERTY SYNOPSIS AND DEBT SUMMARY 2016

DEXUS SYDNEY CBD OFFICE PORTFOLIO

==> picture [596 x 592] intentionally omitted <==

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

40
DIRECTORS’ REPORT
INDUSTRIAL
PORTFOLIO
----- End of picture text -----

DEXUS is a key player in Australian industrial markets with a strong track record in delivering high quality industrial product to the market and actively managing its industrial properties to ensure the best possible returns for investors and strategic partners.

DEXUS PROPERTY SYNOPSIS AND DEBT SUMMARY 2016

==> picture [257 x 215] intentionally omitted <==

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

Brisbane
Adelaide Sydney
Melbourne
----- End of picture text -----

SYDNEY

BRISBANE

33 properties 5 properties 524,847sqm 103,501sqm 41% area 8% area $866m $82m 57% value 5% value

MELBOURNE

ADELAIDE

16 properties 1 property 582,192sqm 74,014sqm 45% area 6% area $548m $27m value 36% value 2% value

KEY METRICS

	FY16	FY15	FY14	FY13	FY12
Portfolio value ($bn)	1.8	1.7	1.4	1.6	1.7
Total properties	55	53	50	48	45
Gross lettable area (sqm) Like-for-like income growth (%) Occupancy by income (%) Occupancy by area (%) Tenant retention (%) Portfolio WALE by income (years)	1,284,554 (7.1) 90.4 89.3 32 4.1	1,294,735 0.7 92.4 91.7 53 4.0	1,254,585 1.5 93.0 93.1 41 4.0	1,251,152 1.1 96.1 95.9 70 4.1	1,239,101 (1.6) 92.8 91.7 59 4.4
Weighted average capitalisation rate (%)	7.38	7.77	8.32	8.55	8.59
1 year total return (%)	16.0	11.3	9.0	8.8	8.0

Excluding DEXUS Office Partnership properties.

==> picture [107 x 107] intentionally omitted <==

PROPERTY TYPE BY BOOK VALUE

==> picture [107 x 107] intentionally omitted <==

GEOGRAPHICAL WEIGHTING BY BOOK VALUE

==> picture [107 x 107] intentionally omitted <==

DIVERSITY OF TENANTS BY INCOME

Industrial Estate NSW 43% 57%
Distribution Centre VIC 22% 36%
Business Park QLD 27% 5%
Data Centre SA 4% 2%
Land 4%
Warehousing and storage Transport support services services 28.6% 5.2%
General wholesaling Construction services 12.1% 4.7%
Information media and Retailing (non-food) telecommunications 4.1%
8.8 Other
Road, rail, water, air and 21.8% space transport 8.6%
Other manufacturing 6.1%

INDUSTRIAL LEASE EXPIRY PROFILE

DEXUS INDUSTRIAL PORTFOLIO

==> picture [474 x 171] intentionally omitted <==

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

15.6 [%]
14.1 [%] 14.2 [%]
11.2 [%]
10.9 [%]
9.6 [%] 9.4 [%] 9.4 [%]
8.3 [%] 8.7 [%] 7.6 [%] 8.9 [%] 7.9 [%]
5.4 [%]
Available FY17 FY18 FY19 FY20 FY21 FY22
Income
Area
----- End of picture text -----

SYDNEY INDUSTRIAL PORTFOLIO

==> picture [506 x 211] intentionally omitted <==

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

18.3 [%]
17.1 [%] 16.7 [%]
14.1 [%] 14.4 [%] 14.6 [%]
12.0 [%] 11.4 [%] 11.7 [%]
10.0 [%]
4.1 [%] 4.3 [%]
3.3 [%] 3.2 [%]
Available FY17 FY18 FY19 FY20 FY21 FY22
Income
Area
----- End of picture text -----

MELBOURNE INDUSTRIAL PORTFOLIO

==> picture [474 x 168] intentionally omitted <==

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

15.2 [%]
14.1 [%]
11.7 [%] 11.7 [%]
11.2 [%]
10.4 [%]
8.8 [%] 8.9 [%]
7.7 [%]
6.7 [%]
6.2 [%]
4.7 [%] 4.3 [%] 4.0 [%]
Available FY17 FY18 FY19 FY20 FY21 FY22
Income
Area
----- End of picture text -----

DEXUS PROPERTY SYNOPSIS AND DEBT SUMMARY 2016

BRISBANE INDUSTRIAL PORTFOLIO

==> picture [474 x 188] intentionally omitted <==

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

35.5 [%]
33.6 [%]
14.0 [%]
11.5 [%]
9.0 [%]
7.9 [%]
1.9 [%] 1.3 [%] 1.6 [%]
2.9 [%]
0.0 [%] 0.0 [%] 0.0 [%] 0.0 [%]
Available FY17 FY18 FY19 FY20 FY21 FY22
Income
Area
----- End of picture text -----

ADELAIDE INDUSTRIAL PORTFOLIO

==> picture [505 x 198] intentionally omitted <==

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

46.8 [%]
44.7 [%]
23.9 [%]
22.2 [%]
19.8 [%] 20.0 [%]
5.3 [%] 5.2 [%] 5.8 [%] 6.2 [%]
0.0 [%] 0.0 [%] 0.0 [%] 0.0 [%]
Available FY17 FY18 FY19 FY20 FY21 FY22
Income
Area
----- End of picture text -----

SUSTAINABILITY HIGHLIGHTS

DEXUS continues to embed sustainability practices within industrial estate master planning for new developments and through targeted technology and controls upgrades. Master planning initiatives aim to reduce water and energy use including the use of solar hot water, rainwater for irrigation and toilets use and native landscaping.

During the year DEXUS completed air conditioning system upgrades across the industrial portfolio, replacing aging, inefficient package units, chillers and associated controls with new high efficiency technology at a number of industrial properties. DEXUS also continued to upgrade lighting systems to high efficiency LED or T5 fluorescent fixtures including retrofits to exit and emergency lighting, which will result in reduced energy consumption and carbon emissions.

ENERGY INTENSITY 51.6%

SINCE BASE YEAR FY08

WATER INTENSITY GHG EMISSION 15.3% 58.8%

SUMMARY OF PROPERTIES

Property address State	Property address State	Metro area	Building Type	Ownership %
52 Holbeche Road, Arndell Park	NSW	Sydney, Outer West	Distribution Centre	100%
79-99 St Hillier's Road,Auburn NSW		Sydney,Inner West	Business Park	100%
3 Brookhollow Avenue,Baulkham Hills NSW		Sydney,Outer West	Data Centre	100%
1 Garigal Road,Belrose NSW		Sydney,North	Business Park	100%
Lakes Business Park North,2-13 Lord Street,Botany NSW		Sydney,South	Business Park	100%
Lakes Business Park South,2-13 Lord Street,Botany NSW		Sydney,South	Business Park	100%
2 Alspec Place,Eastern Creek NSW		Sydney,Outer West	Distribution Centre	100%
145-151 Arthur Street,Flemington NSW		Sydney,Inner West	Business Park	100%
436-484 Victoria Road,Gladesville NSW		Sydney,North	Business Park	100%
1 Foundation Place,Greystanes NSW		Sydney,Outer West	Industrial Estate	100%
QuarryIndustrial Estate,1 Basalt Road,Greystanes NSW		Sydney,Outer West	Industrial Estate	50%
QuarryIndustrial Estate,2-6 Basalt Road,Greystanes NSW		Sydney,Outer West	Industrial Estate	50%
QuarryIndustrial Estate,3 Basalt Road,Greystanes NSW		Sydney,Outer West	Industrial Estate	50%
QuarryIndustrial Estate,5 Basalt Road,Greystanes NSW		Sydney,Outer West	Industrial Estate	50%
QuarryIndustrial Estate,8 Basalt Road,Greystanes NSW		Sydney,Outer West	Industrial Estate	50%
QuarryIndustrial Estate,1 Bellevue Circuit,Greystanes NSW		Sydney,Outer West	Industrial Estate	50%
QuarryIndustrial Estate,2 Bellevue Circuit,Greystanes NSW		Sydney,Outer West	Industrial Estate	50%
QuarryIndustrial Estate,4 Bellevue Circuit,Greystanes NSW		Sydney,Outer West	Industrial Estate	100%
QuarryIndustrial Estate,5 Bellevue Circuit,Greystanes NSW		Sydney,Outer West	Industrial Estate	50%
QuarryIndustrial Estate,6 Bellevue Circuit,Greystanes NSW		Sydney,Outer West	Industrial Estate	50%
QuarryIndustrial Estate,1 Turnbull Close,Greystanes NSW		Sydney,Outer West	Industrial Estate	50%
QuarryIndustrial Estate,2 Turnbull Close,Greystanes NSW		Sydney,Outer West	Industrial Estate	50%
QuarryIndustrial Estate,4 Turnbull Close,Greystanes NSW		Sydney,Outer West	Industrial Estate	50%
QuarryIndustrial Estate,1 Litton Close,Greystanes NSW		Sydney,Outer West	Industrial Estate	100%
Quarrywest,Prospect Highway,Greystanes NSW		Sydney,Outer West	Land	50%
Quarrywest,2A Basalt Road & 1 CharleyClose,Greystanes NSW		Sydney,Outer West	Industrial Estate	50%
Quarrywest,5 Dolerite Way,Greystanes NSW		Sydney,Outer West	Land	50%
27-29 LibertyRoad,Huntingwood NSW		Sydney,Outer West	Distribution Centre	100%
Kings Park Industrial Estate,Vardys Road,Marayong NSW		Sydney,Outer West	Industrial Estate	100%
2-4 MilitaryRoad,Matraville NSW		Sydney,South	Industrial Estate	100%
Centrewest Industrial Estate,Silverwater NSW		Sydney,Inner West	Industrial Estate	100%
DEXUS Industrial Estate,Egerton Street,Silverwater NSW		Sydney,Inner West	Industrial Estate	100%
12 Frederick Street,St Leonards NSW		Sydney,North	Industrial Estate	100%
50 & 70 Radius Drive Larapinta QLD		Brisbane,South	Distribution Centre	50%
8 Anton Road,Hemmant QLD		Brisbane	Land	50%
30 Bellrick Street,Acacia Ridge QLD		Brisbane	Distribution Centre	100%
131 Mica Street,Carole Park QLD		Brisbane	Distribution Centre	100%
112 Cullen Avenue,Eagle Farm QLD		Brisbane	Industrial Estate	50%
15-23 Whicker Road,Gillman SA		Adelaide	Distribution Centre	100%
Target Distribution Centre,30-68 Taras Avenue,Altona North VIC		Melbourne,West	Distribution Centre	50%
114 Fairbank Road,Clayton VIC		Melbourne,South East	Distribution Centre	100%
DEXUS Industrial Estate,47-69 Pound Road West,DandenongSouth VIC		Melbourne,South East	Industrial Estate	100%
Knoxfeld Industrial Estate,Henderson Road,Knoxfeld VIC		Melbourne,South East	Distribution Centre	100%
250 Forest Road South,Lara VIC		Melbourne,South West	Distribution Centre	100%
DEXUS Industrial Estate,BoundaryRoad,Laverton North VIC		Melbourne,West	Land	100%
DEXUS Industrial Estate,1 Foundation Road,Laverton North VIC		Melbourne,West	Industrial Estate	50%
DEXUS Industrial Estate,1-3 Distribution Drive,Laverton North VIC		Melbourne,West	Industrial Estate	50%
DEXUS Industrial Estate,2-10 Distribution Drive,Laverton North VIC		Melbourne,West	Industrial Estate	50%
DEXUS Industrial Estate,7-9 Distribution Drive,Laverton North VIC		Melbourne,West	Industrial Estate	50%
DEXUS Industrial Estate,11-17 Distribution Drive,Laverton North VIC		Melbourne,West	Distribution Centre	50%
DEXUS Industrial Estate,12-18 Distribution Drive,Laverton North VIC		Melbourne,West	Distribution Centre	50%
DEXUS Industrial Estate,25 Distribution Drive,Laverton North VIC		Melbourne,West	Industrial Estate	100%
DEXUS Industrial Estate,27 Distribution Drive,Laverton North VIC		Melbourne,West	Industrial Estate	50%
DEXUS Industrial Estate,28 Distribution Drive,Laverton North VIC		Melbourne,West	Industrial Estate	50%
Axxess Corporate Park, Cnr. Ferntree Gully& GilbyRoads,Mount Waverley VIC		Melbourne,South East	Business Park	100%

DEXUS PROPERTY SYNOPSIS AND DEBT SUMMARY 2016

Lettable area adjusted for ownership ‘000sqm	Acquisition date	Book value 30 June 16 $m	Independent valuation date	Independent valuation $m	Cap rate %	Leased by area %	Weighted average lease expiry by income (years)	AIFRS NOI 12 mths to 30 June 16 $m
9.6	Jul-98	15.8	Jun-15	14.2	7.00%	100%	4.3	0.9
	Sep-97							0.8
13.4	Dec-02	60.2	Jun-15	57.0	7.75%	100%	2.3	3.9
12.3	Dec-98	24.0	Jun-15	21.7	8.25%	100%	7.5	1.1
29.3	Jan-15	116.1	Dec-15	110.0	6.75%	93%	3.3	5.1
	Jan-15							2.0
16.9	Mar-04	28.3	Jun-15	26.8	7.00%	100%	4.3	2.0
19.2	Sep-97	29.6	Jun-15	28.9	7.75%	76%	3.0	1.4
18.4	Sep-97	44.5	Jun-16	44.5	7.75%	60%	1.3	1.4
30.7	Feb-03	51.3	Jun-15	51.0	7.25%	88%	2.9	3.7
9.7	Dec-07	16.0	Jun-16	16.0	7.00%	100%	4.3	1.0
11.7	Dec-07	19.6	Jun-16	19.6	7.00%	100%	3.4	1.3
9.1	Dec-07	15.9	Jun-16	15.9	7.00%	100%	2.6	1.1
2.7	Dec-07	4.9	Jun-16	4.9	7.00%	100%	3.5	0.3
9.3	Dec-07	15.9	Jun-16	15.9	6.75%	100%	4.2	1.1
8.9	Dec-07	19.6	Jun-16	19.6	6.25%	100%	12.5	1.2
6.7	Dec-07	13.8	Jun-16	13.8	6.50%	100%	6.5	0.9
1.9	Dec-07	5.0	Jun-16	5.0	6.25%	100%	7.7	0.1
8.6	Dec-07	20.9	Jun-16	20.9	6.25%	100%	9.7	1.4
8.5	Dec-07	26.0	Jun-16	26.0	6.75%	100%	10.3	1.8
0.9	Dec-07	2.2	Jun-16	2.2	6.25%	100%	14.3	0.1
3.1	Dec-07	6.7	Jun-16	6.7	6.25%	100%	14.3	0.3
5.1	Dec-07	10.3	Jun-16	10.3	6.25%	100%	12.5	0.6
20.8	Dec-07	34.9	Jun-16	34.9	6.25%	100%	10.0	0.0
	Jun-14	24.5	Jun-16	24.5	7.50%			0.0
36.0	Jun-14	31.9	Jun-16	31.9	6.25%	74%	8.0	0.0
	Jun-14	4.4	Jun-16	4.4	6.50%			0.0
6.7	Jul-98	8.0	Jun-16	8.0	7.75%	100%	0.6	0.5
68.9	May-90	94.1	Jun-15	94.0	7.75%	91%	1.3	6.2
30.2	Dec-09	70.0	Dec-15	62.9	6.75%	100%	7.1	3.1
14.3	May-10	23.1	Jun-16	23.1	7.50%	100%	3.2	1.9
17.3	May-97	28.3	Jun-15	28.3	8.50%	100%	1.4	2.2
	Jul-00							2.7
23.0	Aug-14	15.3	Jun-16	15.3	7.50%			(0.1)
	Dec-14	13.8			7.75%			0.0
17.8	Jun-97	16.8	Jun-15	20.2	8.25%	73%	0.5	1.1
13.3	Jan-13	25.2	Dec-15	25.0	6.50%	100%	11.5	1.6
6.0	Mar-15	11.2	Jun-16	11.2	7.50%	93%	4.6	0.7
74.0	Dec-02	27.0	Jun-15	25.7	11.00%	76%	1.8	2.3
20.7	Oct-95	13.0	Jun-16	13.0	8.00%	100%	0.8	1.9
18.6	Jul-97	15.8	Jun-15	15.9	8.50%	100%	3.3	1.3
79.5	Jan-04	82.1	Jun-15	78.7	7.40%	100%	5.9	4.9
51.8	Aug-96	45.7	Dec-15	44.3	7.75%	57%	4.2	1.2
117.3	Dec-02	57.6	Jun-15	57.5	8.50%	100%	7.0	5.1
	Jul-02	13.7	Jun-15	12.2
10.1	Jul-02	10.5	Jun-16	10.5	7.00%	100%	9.5	0.8
6.5	Jul-02	6.8	Jun-16	6.8	7.50%	100%	2.1	0.5
8.7	Jul-02	7.6	Jun-16	7.6	7.25%	100%	0.4	0.7
5.5	Jul-02	3.7	Jun-15	3.7	7.25%	100%	0.3	0.4
22.7	Jul-02	17.2	Jun-16	17.2	7.50%	100%	1.1	1.5
21.5	Jul-02	57.5	Jun-16	57.5	7.75%	100%	5.8	4.9
15.7	Jul-02	7.7	Dec-14	6.3	7.00%	100%	9.4	0.5
6.9	Jul-02	7.1	Jun-16	7.1	7.25%	100%	3.6	0.4
5.9	Jul-02	6.3	Jun-16	6.3	7.00%	100%	4.3	0.3
85.0	Oct-96	196.1	Dec-15	192.8	7.46%	75%	1.8	14.5

SUMMARY OF PROPERTIES CONTINUED

52 Holbeche Road, Arndell Park

79-99 St Hillier's Road, Auburn

52 Holbeche Road is a modern distribution centre with modern reception facilities located in Arndell Park, an established industrial suburb positioned on the Great Western Highway between Blacktown and Mount Druitt along the M4 corridor west of Sydney. The facility features covered loading bays and car parking for 54 vehicles.

79-99 St Hillier's Road is a flexible industrial estate in a thriving retail district with great connectivity to wider Sydney. Situated only four kilometres south-east of the Parramatta CBD and approximately 20 kilometres west of the Sydney CBD, the estate includes an 8-metre clearance, rear loading and a combination of above ground and underground parking for 466 cars.

	Building type	Distribution Centre
	Title	Freehold
	Site area (hectares)	1.9
	Lettable area ('000m²)	9.6
	Number of buildings	1
	Car parking spaces	54
	Year built	1995
	Major tenant	DHL
	Ownership (%)	100
	Metro area	Sydney, Outer West
	Zoning	4(a) General Industrial
	Site coverage (%)	51
	Number of units	1
	Average unit size	9.6
	Office content (%)	6
	Acquisition date	July 1998
	Book value ($m)	15.8
	Independent valuation ($m)	14.2
	Independent valuation date	June 2015
	Market cap rate (%)	7.00
	Initial yield (%)	6.82
	Leased by area (%)	100
	Weighted lease term by income (years)	4.3

	Building type	Business Park
	Title	Freehold
	Site area (hectares)	3.5
	Number of buildings	2
	Car parking spaces	466
	Year built	1989
	Ownership (%)	100
	Metro area	Sydney, Inner West
	Zoning	B6 Enterprise Corridor
	Site coverage (%)	74
	Number of units	15
	Average unit size	1.7
	Office content (%)	42
	Acquisition date	September 1997

DEXUS PROPERTY SYNOPSIS AND DEBT SUMMARY 2016

3 Brookhollow Avenue, Baulkham Hills

This asset is located within the Norwest Business Park which is a leading technology and business park providing campus style office, high-technology and manufacturing-production facilities. It is located in close proximity to the M7 motorway with extensive frontage to both Norwest Boulevard and Brookhollow Avenue.

	Building type Title Site area (hectares) Lettable area ('000m²)	Data Centre Freehold 5.2 13.4
	Number of buildings	1
	Car parking spaces	163
	Year built	1995
	Major tenant	IBM Australia
	Ownership (%)	100
	Metro area	Sydney, Outer West
	Zoning Site coverage (%) Number of units Average unit size Office content (%) Acquisition date Book value ($m) Independent valuation date	Employment area 10(a) 26 1 13.4 10 December 2002 60.2 June 2015
	Independent valuation ($m)	57.0
	Market cap rate (%)	7.75
	Initial yield (%)	7.11
	Leased by area (%)	100
	Weighted lease term by income (years)	2.3

1 Garigal Road, Belrose

1 Garigal Road, Belrose is a high-profile high tech industrial facility that presents an excellent opportunity for corporate headquarters within the north-west of Sydney. The facility offers ample natural light, a large refurbished floor plate, National Park views and parking for 299 cars.

	Building type Title Site area (hectares) Lettable area ('000m²)	Business Park Freehold 2.6 12.3
	Number of buildings	1
	Car parking spaces	299
	Year built	1992
	Major tenant	Device Technologies Australia
	Ownership (%)	100
	Metro area	Sydney, North
	Zoning Site coverage (%) Number of units Average unit size Office content (%) Acquisition date Book value ($m) Independent valuation date	B7 Business Park 47 2 6.2 47 December 1998 24.0 June 2015
	Independent valuation ($m)	21.7
	Market cap rate (%)	8.25
	Initial yield (%)	6.86
	Leased by area (%)	100
	Weighted lease term by income (years)	7.5

SUMMARY OF PROPERTIES CONTINUED

Lakes Business Park

2-13 Lord Street, Botany

2 Alspec Place, Eastern Creek

Lakes Business Park is a premier corporate park in Sydney’s south-east providing efficient, high quality office and warehouse accommodation across five free standing buildings, 640 car spaces and an on-site cafe. The property comprises two adjoining sites - the Northern site is being actively managed and the Southern site was acquired as part of inventory for future trading opportunity.

2 Alspec Place is a contemporary warehouse and distribution facility located in Eastern Creek, a premier industrial logistics precinct in the Sydney metropolitan area, some 10 kilometres from the regional centre of Blacktown. The site has substantial hard stand areas for flexible logistics solutions, plus car parking for up to 144 vehicles.

	Building type	Business Park
	Title	Freehold
	Site area (hectares)	4.9
	Lettable area ('000m²)	29.3
	Number of buildings	6
	Car parking spaces	640
	NABERS Energy rating (with Green Power)	2 Lord 2.5
	NABERS Energy rating (without Green Power)	2 Lord 2.5
	Year built	1990-2002
	Major tenant	BRP
	Ownership (%)	100
	Metro area	Sydney, South
	Site coverage (%)	62
	Number of units	48
	Average unit size	0.6
	Office content (%)	76
	Acquisition date	January 2015
	Book value ($m)	116.1
	Independent valuation ($m)	110.0
	Independent valuation date	December 2015
	Market cap rate (%)	6.75
	Initial yield (%)	6.34
	Leased by area (%)	93
	Weighted lease term by income (years)	3.3

	Building type	Distribution Centre
	Title	Freehold
	Site area (hectares)	2.6
	Lettable area ('000m²)	16.9
	Number of buildings	1
	Car parking spaces	144
	Year built	2004
	Major tenant	Toll
	Ownership (%)	100
	Metro area	Sydney, Outer West
	Zoning	Employment
	Site coverage (%)	65
	Number of units	1
	Average unit size	16.9
	Office content (%)	2
	Acquisition date	March 2004
	Book value ($m)	28.3
	Independent valuation ($m)	26.8
	Independent valuation date	June 2015
	Market cap rate (%)	7.00
	Initial yield (%)	7.13
	Leased by area (%)	100
	Weighted lease term by income (years)	4.3

DEXUS PROPERTY SYNOPSIS AND DEBT SUMMARY 2016

145-151 Arthur Street, Flemington

145-151 Arthur Street is a rare A Grade industrial estate in the inner-west precinct of Homebush, well connected to the M4 motorway for strategic distribution. The nine modern warehouse units offer space ranging from 600-9,000 square metres, all approximately 10 metres in height and fitted with fire sprinklers, roller shutter doors and awnings.

	Building type Title Site area (hectares) Lettable area ('000m²)	Business Park Freehold 3.2 19.2
	Number of buildings	2
	Car parking spaces	401
	Year built	1985
	Major tenant	Rail Infrastructure Corporation
	Ownership (%)	100
	Metro area	Sydney, Inner West
	Zoning Site coverage (%) Number of units Average unit size Office content (%) Acquisition date Book value ($m) Independent valuation ($m)	IN1 General Industrial 60 9 2.1 56 September 1997 29.6 28.9
	Independent valuation date	June 2015
	Market cap rate (%)	7.75
	Initial yield (%)	6.59
	Leased by area (%)	76
	Weighted lease term by income (years)	3.0

436-484 Victoria Road, Gladesville

436-484 Victoria Road is a high-tech building in a prominent position in Sydney’s north-west growth corridor. The modern property boasts large floor plates suitable for office or warehouse needs and the refurbished building sits on a prominent position with extensive street frontage to Victoria Road.

	Building type Title Site area (hectares) Lettable area ('000m²)	Business Park Freehold 2.0 18.4
	Number of buildings	2
	Car parking spaces	414
	Year built	1991
	Major tenant	Downer Engineering
	Ownership (%)	100
	Metro area	Sydney, North
	Zoning Site coverage (%) Number of units Average unit size Office content (%) Acquisition date Book value ($m) Independent valuation ($m)	IN2 Light Industrial 97 10 1.9 68 September 1997 44.5 44.5
	Independent valuation date	June 2016
	Market cap rate (%)	7.75
	Initial yield (%)	4.61
	Leased by area (%)	60
	Weighted lease term by income (years)	1.3

SUMMARY OF PROPERTIES CONTINUED

1 Foundation Place, Greystanes

1 Foundation Place is a modern industrial estate located in the business hub of Greystanes offering freestanding units with high clearance and accompanying offices. The facility is 6 kilometres west of Parramatta and 26 kilometres west of the Sydney CBD, and is well connected to the major arterial routes of the M4 and M7 motorways.

==> picture [248 x 224] intentionally omitted <==

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

Quarry Industrial Estate
1 Basalt Road, Greystanes
----- End of picture text -----

1 Basalt Road is a modern premium multi-unit warehouse/office facility located in Sydney's premier industrial precinct, Quarry at Greystanes. Offering sustainable design and innovative building features, there are two units ideal for a variety of uses with average areas of 9,750 square metres, and on-site parking for 92 cars.

	Building type	Industrial Estate
	Title	Freehold
	Site area (hectares)	5.8
	Lettable area ('000m²)	30.7
	Number of buildings	4
	Car parking spaces	278
	Year built	2004
	Major tenant	Sirva
	Ownership (%)	100
	Metro area	Sydney, Outer West
	Zoning	IN1 General Industrial
	Site coverage (%)	53
	Number of units	5
	Average unit size	6.2
	Office content (%)	14
	Acquisition date	February 2003
	Book value ($m)	51.3
	Independent valuation ($m)	51.0
	Independent valuation date	June 2015
	Market cap rate (%)	7.25
	Initial yield (%)	6.61
	Leased by area (%)	88
	Weighted lease term by income (years)	2.9

	Building type	Industrial Estate
	Title	Freehold
	Site area (hectares)	3.4
	Lettable area ('000m²)	19.4
	Lettable area adjusted for ownership ('000m²)	9.7
	Number of buildings	1
	Car parking spaces	92
	Year built	2014
	Major tenant	Consortium Centre
	Ownership (%)	50
	Co-owner	AIP
	Metro area	Sydney, Outer West
	Zoning	IN2 Light Industrial
	Site coverage (%)	57
	Number of units	2
	Average unit size	9.7
	Office content (%)	6
	Acquisition date	December 2007
	Book value ($m)	16.0
	Independent valuation ($m)	16.0
	Independent valuation date	June 2016
	Market cap rate (%)	7.00
	Initial yield (%)	7.20
	Leased by area (%)	100
	Weighted lease term by income (years)	4.3

DEXUS PROPERTY SYNOPSIS AND DEBT SUMMARY 2016

==> picture [249 x 224] intentionally omitted <==

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

Quarry Industrial Estate
2-6 Basalt Road, Greystanes
----- End of picture text -----

2-6 Basalt Road is a modern warehouse and distribution facility with associated office space located in Quarry Industrial Estate, Greystanes – one of Sydney's premier industrial precincts. The facility is currently divided into two separate units that provide a combination of on-grade and recessed loading with all-weather coverage via large cantilever awnings.

	Building type Title Site area (hectares) Lettable area ('000m²)	Industrial Estate Freehold 4.3 23.4
	Lettable area adjusted for ownership ('000m²)	11.7
	Number of buildings	1
	Car parking spaces	111
	Year built	2012
	Major tenant	Yusen Logistics
	Ownership (%)	50
	Co-owner Metro area Zoning Site coverage (%) Number of units Average unit size Office content (%) Acquisition date	AIP Sydney, Outer West IN2 Light Industrial 55 2 11.6 5 December 2007
	Book value ($m)	19.6
	Independent valuation ($m)	19.6
	Independent valuation date	June 2016
	Market cap rate (%)	7.00
	Initial yield (%) Leased by area (%) Weighted lease term by income (years)	7.56 100 3.4

Quarry Industrial Estate 3 Basalt Road, Greystanes

3 Basalt Road is a modern warehouse and distribution facility located in one of Sydney's premier industrial precincts, Quarry Industrial Estate in Greystanes. The facility is subdivided into four individual units each with a minimum internal clearance of 10 metres. Features include a combination of recessed and on-grade loading docks with all-weather protection and modern functional design.

	Building type Title Site area (hectares) Lettable area ('000m²)	Industrial Estate Freehold 3.5 18.2
	Lettable area adjusted for ownership ('000m²)	9.1
	Number of buildings	1
	Car parking spaces	148
	Year built	2012
	Major tenant	Yusen Logistics
	Ownership (%)	50
	Co-owner Metro area Zoning Site coverage (%) Number of units Average unit size Office content (%) Acquisition date	AIP Sydney, Outer West IN2 Light Industrial 49 4 4.6 15 December 2007
	Book value ($m)	15.9
	Independent valuation ($m)	15.9
	Independent valuation date	June 2016
	Market cap rate (%)	7.00
	Initial yield (%) Leased by area (%) Weighted lease term by income (years)	7.67 100 2.6

SUMMARY OF PROPERTIES CONTINUED

Quarry Industrial Estate 5 Basalt Road, Greystanes

Quarry Industrial Estate 8 Basalt Road, Greystanes

5 Basalt Road is a purpose built temperature controlled distribution centre located in Sydney's premier industrial precinct, Quarry at Greystanes. The single level office and warehouse accommodation provides a combination of on-grade and recessed loading with all-weather coverage via large cantilever awnings. There is also a car park with space for 34 vehicles.

8 Basalt Road was the first facility to be built at the Quarry Industrial Estate in Greystanes, one of western Sydney’s premier industrial estates. The single level office and warehouse accommodation incorporates six recessed loading docks and seven on-grade roller shutter doors covered by a large external awning for allweather coverage.

	Building type	Industrial Estate
	Title	Freehold
	Site area (hectares)	1.2
	Lettable area ('000m²)	5.5
	Lettable area adjusted for ownership ('000m²)	2.7
	Number of buildings	1
	Car parking spaces	34
	Year built	2012
	Major tenant	UPS
	Ownership (%)	50
	Co-owner	AIP
	Metro area	Sydney, Outer West
	Zoning	IN2 Light Industrial
	Site coverage (%)	44
	Number of units	1
	Average unit size	5.5
	Office content (%)	7
	Acquisition date	December 2007
	Book value ($m)	4.9
	Independent valuation ($m)	4.9
	Independent valuation date	June 2016
	Market cap rate (%)	7.00
	Initial yield (%)	7.60
	Leased by area (%)	100
	Weighted lease term by income (years)	3.5

	Building type	Industrial Estate
	Title	Freehold
	Site area (hectares)	3.1
	Lettable area ('000m²)	18.7
	Lettable area adjusted for ownership ('000m²)	9.3
	Number of buildings	1
	Car parking spaces	79
	Year built	2010
	Major tenant	Solaris Paper
	Ownership (%)	50
	Co-owner	AIP
	Metro area	Sydney, Outer West
	Zoning	IN2 Light Industrial
	Site coverage (%)	60
	Number of units	1
	Average unit size	18.7
	Office content (%)	3
	Acquisition date	December 2007
	Book value ($m)	15.9
	Independent valuation ($m)	15.9
	Independent valuation date	June 2016
	Market cap rate (%)	6.75
	Initial yield (%)	6.99
	Leased by area (%)	100
	Weighted lease term by income (years)	4.2

DEXUS PROPERTY SYNOPSIS AND DEBT SUMMARY 2016

==> picture [110 x 11] intentionally omitted <==

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

Quarry Industrial Estate
----- End of picture text -----

1 Bellevue Circuit, Greystanes

1 Bellevue Circuit is a purpose built warehouse and office facility located in one of Sydney's premier industrial precincts, Quarry at Greystanes. The distribution centre features contemporary architectural design and provides high clearance warehousing, on-grade loading docks and large cantilevered awnings for allweather protection in the loading areas.

	Building type Title Site area (hectares) Lettable area ('000m²)	Industrial Estate Freehold 3.5 17.9
	Lettable area adjusted for ownership ('000m²)	8.9
	Number of buildings	1
	Car parking spaces	242
	Year built	2013
	Major tenant	Blackwoods
	Ownership (%)	50
	Co-owner Metro area Zoning Site coverage (%) Number of units Average unit size Office content (%) Acquisition date	AIP Sydney, Outer West IN2 Light Industrial 51 1 17.9 21 December 2007
	Book value ($m)	19.6
	Independent valuation ($m)	19.6
	Independent valuation date	June 2016
	Market cap rate (%)	6.25
	Initial yield (%) Leased by area (%) Weighted lease term by income (years)	6.37 100 12.5

Quarry Industrial Estate

2 Bellevue Circuit, Greystanes

2 Bellevue Circuit is a purpose built warehouse and office facility located in Sydney's premier industrial precinct, Quarry at Greystanes. 2 Bellevue Circuit provides two levels of contemporary office space with full height windows. The warehouse component has a high internal clearance, seven on-grade roller doors, three recessed loading docks plus production and dispatch areas.

	Building type Title Site area (hectares) Lettable area ('000m²)	Industrial Estate Freehold 2.5 13.4
	Lettable area adjusted for ownership ('000m²)	6.7
	Number of buildings	1
	Car parking spaces	200
	Year built	2012
	Major tenant	Brady
	Ownership (%)	50
	Co-owner Metro area Zoning Site coverage (%) Number of units Average unit size Office content (%) Acquisition date	AIP Sydney, Outer West IN2 Light Industrial 53 1 13.4 3 December 2007
	Book value ($m)	13.8
	Independent valuation ($m)	13.8
	Independent valuation date	June 2016
	Market cap rate (%)	6.50
	Initial yield (%) Leased by area (%) Weighted lease term by income (years)	6.76 100 6.5

SUMMARY OF PROPERTIES CONTINUED

==> picture [249 x 224] intentionally omitted <==

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

Quarry Industrial Estate
4 Bellevue Circuit, Greystanes
----- End of picture text -----

4 Bellevue Circuit is a purpose built warehouse facility with associated office space and car parking located in the Quarry at Greystanes industrial estate. The warehouse component has high internal clearance, seven on-grade roller doors, three recessed loading docks with production and dispatch areas. The office space is split over two levels and there is an onsite café.

==> picture [110 x 11] intentionally omitted <==

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

Quarry Industrial Estate
----- End of picture text -----

5 Bellevue Circuit, Greystanes

5 Bellevue Circuit is a purpose built distribution centre located in Sydney's premier industrial precinct. The facility is part of Quarry Industrial Estate at Greystanes which provides over 220,000 square metres of purpose built and speculative facilities for logistics, warehousing, manufacturing and storage users. 5 Bellevue Circuit comprises a vast single level warehouse facility and two levels of office space.

	Building type	Industrial Estate
	Title	Freehold
	Site area (hectares)	4.5
	Lettable area ('000m²)	1.9
	Number of buildings	1
	Year built	2015
	Major tenant	Fresh Solutions
	Ownership (%)	100
	Metro area	Sydney, Outer West
	Zoning	IN2 Light Industrial
	Number of units	1
	Average unit size	1.9
	Acquisition date	December 2007
	Book value ($m)	5.0
	Independent valuation ($m)	5.0
	Independent valuation date	June 2016
	Market cap rate (%)	6.25
	Initial yield (%)	7.48
	Leased by area (%)	100
	Weighted lease term by income (years)	7.7

	Building type	Industrial Estate
	Title	Freehold
	Site area (hectares)	3.8
	Lettable area ('000m²)	17.3
	Lettable area adjusted for ownership ('000m²)	8.6
	Number of buildings	1
	Car parking spaces	243
	Year built	2010
	Major tenant	Symbion Health
	Ownership (%)	50
	Co-owner	AIP
	Metro area	Sydney, Outer West
	Zoning	IN2 Light Industrial
	Site coverage (%)	46
	Number of units	1
	Average unit size	17.3
	Office content (%)	14
	Acquisition date	December 2007
	Book value ($m)	20.9
	Independent valuation ($m)	20.9
	Independent valuation date	June 2016
	Market cap rate (%)	6.25
	Initial yield (%)	6.85
	Leased by area (%)	100
	Weighted lease term by income (years)	9.7

DEXUS PROPERTY SYNOPSIS AND DEBT SUMMARY 2016

==> picture [249 x 224] intentionally omitted <==

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

Quarry Industrial Estate
6 Bellevue Circuit, Greystanes
----- End of picture text -----

6 Bellevue Circuit is a premium quality purpose built data centre warehouse with associated office space. As one of the first developments in the premium Quarry Industrial Estate at Greystanes, 6 Bellevue Circuit set a new benchmark for industrial architecture and construction. The facility comprises three levels of warehouse and data storage, and two levels of office accommodation.

	Building type Title Site area (hectares) Lettable area ('000m²)	Industrial Estate Freehold 3.9 17.0
	Lettable area adjusted for ownership ('000m²)	8.5
	Number of buildings	1
	Car parking spaces	62
	Year built	2011
	Major tenant	Fujitsu
	Ownership (%)	50
	Co-owner Metro area Zoning Site coverage (%) Number of units Average unit size Acquisition date Book value ($m)	AIP Sydney, Outer West IN2 Light Industrial 44 1 17.0 December 2007 26.0
	Independent valuation ($m)	26.0
	Independent valuation date	June 2016
	Market cap rate (%)	6.75
	Initial yield (%)	6.94
	Leased by area (%) Weighted lease term by income (years)	100 10.3

==> picture [248 x 224] intentionally omitted <==

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

Quarry Industrial Estate
1 Turnbull Close, Greystanes
----- End of picture text -----

1 Turnbull Close is a warehouse/office facility located in the premium industrial estate, Quarry at Greystanes. The facility incorporates single level office and warehouse accommodation featuring high clearance, a combination of recessed and on-grade access and innovative industrial design.

	Building type Title Site area (hectares) Lettable area ('000m²)	Industrial Estate Freehold 7.7 1.8
	Lettable area adjusted for ownership ('000m²)	0.9
	Number of buildings	1
	Year built	2015
	Major tenant	Supply Network
	Ownership (%)	50
	Co-owner	AIP
	Metro area Zoning Number of units Average unit size Acquisition date Book value ($m) Independent valuation ($m) Independent valuation date	Sydney, Outer West IN2 Light Industrial 1 1.8 December 2007 2.2 2.2 June 2016
	Market cap rate (%)	6.25
	Initial yield (%)	5.32
	Leased by area (%)	100
	Weighted lease term by income (years)	14.3

SUMMARY OF PROPERTIES CONTINUED

Quarry Industrial Estate 2 Turnbull Close, Greystanes

==> picture [110 x 11] intentionally omitted <==

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

Quarry Industrial Estate
----- End of picture text -----

4 Turnbull Close, Greystanes

2 Turnbull Close is a warehouse and office facility located in Sydney's premier industrial precinct, Quarry at Greystanes, featuring innovative industrial design and a number of sustainable elements. The facility provides single level office and warehouse accommodation featuring high internal clearance and a combination of recessed and on-grade access.

4 Turnbull Close is a warehouse and office facility located in Sydney's premier industrial precinct, Quarry at Greystanes, featuring innovative industrial design and a number of sustainable elements. The facility provides single level office and warehouse accommodation featuring high internal clearance and a combination of recessed and on-grade access.

	Building type	Industrial Estate
	Title	Freehold
	Site area (hectares)	11.3
	Lettable area ('000m²)	6.2
	Lettable area adjusted for ownership ('000m²)	3.1
	Number of buildings	1
	Year built	2015
	Major tenant	Supply Network
	Ownership (%)	50
	Co-owner	AIP
	Metro area	Sydney, Outer West
	Zoning	IN2 Light Industrial
	Number of units	1
	Average unit size	6.2
	Acquisition date	December 2007
	Book value ($m)	6.7
	Independent valuation ($m)	6.7
	Independent valuation date	June 2016
	Market cap rate (%)	6.25
	Initial yield (%)	6.20
	Leased by area (%)	100
	Weighted lease term by income (years)	14.3

	Building type	Industrial Estate
	Title	Freehold
	Site area (hectares)	1.8
	Lettable area ('000m²)	10.1
	Lettable area adjusted for ownership ('000m²)	5.1
	Number of buildings	1
	Car parking spaces	47
	Year built	2013
	Major tenant	Roche
	Ownership (%)	50
	Co-owner	AIP
	Metro area	Sydney, Outer West
	Zoning	IN2 Light Industrial
	Site coverage (%)	57
	Number of units	1
	Average unit size	10.1
	Office content (%)	2
	Acquisition date	December 2007
	Book value ($m)	10.30
	Independent valuation ($m)	10.3
	Independent valuation date	June 2016
	Market cap rate (%)	6.25
	Initial yield (%)	6.17
	Leased by area (%)	100
	Weighted lease term by income (years)	12.5

DEXUS PROPERTY SYNOPSIS AND DEBT SUMMARY 2016

Quarry Industrial Estate 1 Litton Close, Greystanes

1 Litton Close is the newest addition to Sydney’s premium industrial estate, Quarry at Greystanes. The site incorporates a warehouse facility with associated office space featuring innovative industrial design and sustainable elements. Built entirely on a single level, the warehouse features high internal clearance and a combination of recessed and on-grade access.

	Building type Title Site area (hectares) Lettable area ('000m²)	Industrial Estate Freehold 3.6 20.8
	Number of buildings	1
	Year built	2016
	Major tenant	Reece
	Ownership (%)	100
	Metro area	Sydney, Outer West
	Zoning	IN2 Light Industrial
	Number of units Average unit size Acquisition date Book value ($m) Independent valuation date Independent valuation ($m) Market cap rate (%) Initial yield (%)	1 20.8 December 2007 34.9 June 2016 34.9 6.25 6.96
	Leased by area (%)	100
	Weighted lease term by income (years)	10.0

==> picture [53 x 11] intentionally omitted <==

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

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

Prospect Highway, Greystanes

Quarrywest is an outstanding development site in the heartland of Sydney’s Western Suburbs with immediate motorway access and close proximity to established employment areas and the Parramatta and Blacktown CBD. Quarrywest provides up to 130,000 square metres of prime space.

	Building type Site area (hectares) Ownership (%) Co-owner	Land 25.6 50 DEXUS Industrial Partner
	Metro area	Sydney, Outer West
	Zoning	IN2 Light Industrial
	Acquisition date	June 2014
	Book value ($m)	24.5
	Independent valuation date	June 2016
	Independent valuation ($m)	24.5
	Market cap rate (%)	7.50

SUMMARY OF PROPERTIES CONTINUED

Quarrywest 2A Basalt Road & 1 Charley Close, Greystanes

==> picture [54 x 10] intentionally omitted <==

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

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

5 Dolerite Way, Greystanes

2A Basalt Road & 1 Charley Close are located in Sydney’s premier industrial estate, Quarrywest. The site incorporates two warehouse facilities with associated office space featuring innovative industrial design and sustainable elements. Built entirely on a single level, the warehouse accommodation will feature high internal clearance and a combination of recessed and on-grade access.

5 Dolerite Way is located in Sydney’s premier industrial estate, Quarrywest. A 10,100 square metre warehouse will be developed featuring innovative industrial design and sustainable elements. Development works have commenced with practical completion due February 2017. The facility has been 100% leased to Whites Group.

	Building type	Industrial Estate
	Title	Freehold
	Site area (hectares)	6.7
	Lettable area ('000m²)	36.0
	Number of buildings	2
	Year built	2016
	Major tenant	Toshiba
	Ownership (%)	50
	Co-owner	DEXUS Industrial Partner
	Metro area	Sydney, Outer West
	Zoning	IN2 Light Industrial
	Number of units	4
	Average unit size	9.0
	Acquisition date	June 2014
	Book value ($m)	31.9
	Independent valuation date	June 2016
	Independent valuation ($m)	31.9
	Market cap rate (%)	6.25
	Initial yield (%)	3.61
	Leased by area (%)	74
	Weighted lease term by income (years)	8.0

	Building type	Land
	Title	Freehold
	Year built	2016
	Major tenant	Whites
	Ownership (%)	50
	Co-owner	DEXUS Industrial Partner
	Metro area	Sydney, Outer West
	Zoning	IN2 Light Industrial
	Acquisition date	June 2014
	Book value ($m)	4.4
	Independent valuation date	June 2016
	Independent valuation ($m)	4.4
	Market cap rate (%)	6.50

DEXUS PROPERTY SYNOPSIS AND DEBT SUMMARY 2016

27-29 Liberty Road, Huntingwood

27 Liberty Road is a warehouse and distribution facility in an established industrial area in Sydney’s west. This building shares the industrial park with high-profile Australian corporations that also benefit from 27 Liberty Road’s close proximity to Western Sydney’s link roads.

	Building type Title Site area (hectares) Lettable area ('000m²)	Distribution Centre Freehold 1.4 6.7
	Number of buildings	1
	Car parking spaces	105
	Year built	1996
	Major tenant	Tyres 4 U
	Ownership (%)	100
	Metro area	Sydney, Outer West
	Zoning Site coverage (%) Number of units Average unit size Office content (%) Acquisition date Book value ($m) Independent valuation ($m)	4(d) Huntingwood Industrial Zone 49 1 6.8 19 July 1998 8.0 8.0
	Independent valuation date	June 2016
	Market cap rate (%)	7.75
	Initial yield (%)	8.22
	Leased by area (%)	100
	Weighted lease term by income (years)	0.6

==> picture [248 x 224] intentionally omitted <==

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

Kings Park Industrial Estate
Vardys Road, Marayong
----- End of picture text -----

Kings Park Industrial Estate is located adjoining Sydney’s rapidly growing northwest growth region and is well served by key connections to the M2 & M7. Kings Park is a large and well-established multi-unit industrial estate comprising nine office/warehouse buildings and a café. There is easy access to nearby Blacktown CBD.

	Building type Title Site area (hectares) Lettable area ('000m²)	Industrial Estate Freehold 13.7 68.9
	Number of buildings	10
	Car parking spaces	484
	Year built	1985
	Major tenant	Visy
	Ownership (%)	100
	Metro area	Sydney, Outer West
	Zoning Site coverage (%) Number of units Average unit size Office content (%) Acquisition date Book value ($m) Independent valuation ($m)	4(a) General Industrial 50 11 6.3 13 May 1990 94.1 94.0
	Independent valuation date	June 2015
	Market cap rate (%)	7.75
	Initial yield (%)	7.55
	Leased by area (%)	91
	Weighted lease term by income (years)	1.3

SUMMARY OF PROPERTIES CONTINUED

2-4 Military Road, Matraville

2-4 Military Road is a modern industrial estate located near Port Botany with easy access to the Eastern Distributor, the M5 Motorway and Sydney Airport. The complex comprises two freestanding, high clearance industrial office/warehouse buildings.

==> picture [248 x 224] intentionally omitted <==

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

Centrewest Industrial Estate
Silverwater Road, Silverwater
----- End of picture text -----

Located 35 kilometres west of the Sydney CBD, Centrewest Industrial Estate is a 2.4 hectare estate comprising six warehouse buildings, 12 individual units and ample parking for up to 270 vehicles. The complex is located within one of Sydney's premier inner west industrial precincts with excellent access to major arterial roads.

Building type Industrial Estate Title Freehold Site area (hectares) 5.4 Lettable area ('000m²) 30.2 Number of buildings 2 Car parking spaces 384 Year built 2000 Major tenant Fedex Ownership (%) 100 Metro area Sydney, South Zoning IN1 General Industrial Site coverage (%) 56 Number of units 2 Average unit size 15.1 Office content (%) 24 Acquisition date December 2009 Book value ($m) 70.0 Independent valuation ($m) 62.9 Independent valuation date December 2015 Market cap rate (%) 6.75 Initial yield (%) 6.84 Leased by area (%) 100 Weighted lease term by income (years) 7.1	Building type Industrial Estate
	Title Freehold
	Site area (hectares) 2.4
	Lettable area ('000m²) 14.3
	Number of buildings 6
	Car parking spaces 270
	Year built 1988
	Major tenant Active Mobility Solutions
	Ownership (%) 100
	Metro area Sydney, Inner West
	Zoning IN1 General Industrial
	Site coverage (%) 74
	Number of units 12
	Average unit size 1.5
	Office content (%) 48
	Acquisition date May 2010
	Book value ($m) 23.1
	Independent valuation ($m) 23.1
	Independent valuation date June 2016
	Market cap rate (%) 7.50
	Initial yield (%) 8.34
	Leased by area (%) 100
	Weighted lease term by income (years) 3.2

DEXUS PROPERTY SYNOPSIS AND DEBT SUMMARY 2016 61

==> picture [249 x 224] intentionally omitted <==

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

DEXUS Industrial Estate
Egerton Street, Silverwater
----- End of picture text -----

DEXUS Industrial Estate is located in one of Sydney's premier inner west industrial precincts, 35 kilometres from the Sydney CBD. The estate stretches across approximately 9 hectares and comprises multiple standalone office and warehouse facilities with parking for up to 290 vehicles.

	Building type Title Site area (hectares) Lettable area ('000m²)	Industrial Estate Freehold 8.8 17.3
	Number of buildings	5
	Car parking spaces	290
	Year built	1969
	Major tenant	Transaction Solution
	Ownership (%)	100
	Metro area	Sydney, Inner West
	Zoning Site coverage (%) Number of units Average unit size Office content (%) Acquisition date Book value ($m) Independent valuation ($m)	IN1 General Industrial 21 6 2.9 35 May 1997 28.3 28.3
	Independent valuation date	June 2015
	Market cap rate (%)	8.50
	Initial yield (%)	8.52
	Leased by area (%)	100
	Weighted lease term by income (years)	1.4

12 Frederick Street, St Leonards

12 Frederick Street is an industrial estate comprising thirteen warehouse and office units occupying approximately 19,400 square metres in St Leonards, located on the lower north-shore, this area is one North Sydney’s premier industrial/commercial precincts. The units feature modern design and high quality accommodation ranging in size from 900-2,050 square metres.

	Building type Title Site area (hectares) Lettable area ('000m²)	Industrial Estate Freehold 2.5 19.4
	Number of buildings	1
	Car parking spaces	357
	Year built	1974
	Ownership (%)	100
	Metro area	Sydney, North
	Zoning	IN1 General Industrial
	Site coverage (%) Number of units Average unit size Office content (%) Acquisition date	77 13 1.5 29 July 2000

SUMMARY OF PROPERTIES CONTINUED

50 & 70 Radius Drive Larapinta

141 Anton Road, Hemmant

50 and 70 Radius Drive is a brand new development in a strategic location. The industrial site is 4.3 hectares in size and is conveniently located midway along Logan Motorway, south-east Queensland’s crucial connector road infrastructure. 50 and 70 Radius will deliver 23,136 square metres of high-quality office and warehouse space.

141 Anton Road is a 12 hectare development site located in the highly sought after Trade Coast precinct of Hemmant approximately 12 kilometres east of Brisbane's CBD. The strategically located facility has the capacity to provide high quality office and warehouse facilities ranging from 11,000-60,000 square metres.

	Building type	Industrial Estate
	Title	Freehold
	Site area (hectares)	4.3
	Lettable area ('000m²)	23.1
	Lettable area adjusted for ownership ('000m²)	11.6
	Number of buildings	1
	Ownership (%)	50
	Co-owner	DEXUS Industrial Partner
	Metro area	Brisbane, South
	Zoning	General Industrial
	Number of units	2
	Average unit size	11.6
	Acquisition date	August 2014
	Book value ($m)	15.3
	Independent valuation ($m)	15.3
	Independent valuation date	June 2016
	Market cap rate (%)	7.50

	Building type	Land
	Title	Freehold
	Site area (hectares)	12.3
	Ownership (%)	50
	Co-owner	DEXUS Industrial Partner
	Metro area	Brisbane
	Zoning	General Industrial
	Acquisition date	December 2014
	Book value ($m)	13.8
	Market cap rate (%)	7.75

DEXUS PROPERTY SYNOPSIS AND DEBT SUMMARY 2016

30 Bellrick Street, Acacia Ridge

Located on the southern side of Bellrick Street in Acacia Ridge, this property presents an ideal corporate office and high-clearance warehouse environment. Key features include large floor plates, a large drive-through loading awning, three-phase power capacity, good hard stand truck turning and loading areas and approval for B double access.

	Building type Title Site area (hectares) Lettable area ('000m²)	Distribution Centre Freehold 3.5 17.8
	Number of buildings	5
	Car parking spaces	100
	Year built	1988
	Major tenant	Twentieth Superspace
	Ownership (%)	100
	Metro area	Brisbane
	Zoning Site coverage (%) Number of units Average unit size Office content (%) Acquisition date Book value ($m) Independent valuation ($m)	General Industry 51 3 5.9 9 June 1997 16.8 20.2
	Independent valuation date	June 2015
	Market cap rate (%)	8.25
	Initial yield (%)	8.35
	Leased by area (%)	73
	Weighted lease term by income (years)	0.5

131 Mica Street, Carole Park

131 Mica Street is a premium quality distribution centre located approximately 23 kilometres south-west of the Brisbane CBD. The facility comprises a modern industrial warehouse with high internal clearance and covered, all-weather hard stand areas. The associated office space has an impressive double height reception area with showroom and shared car parking.

	Building type Title Site area (hectares) Lettable area ('000m²)	Distribution Centre Freehold 2.7 13.3
	Number of buildings	1
	Year built	2006
	Major tenant	Blackwoods
	Ownership (%)	100
	Metro area	Brisbane
	Zoning	Regional Business and Industry
	Site coverage (%) Number of units Average unit size Acquisition date Book value ($m) Independent valuation ($m) Independent valuation date Market cap rate (%)	49 1 13.3 January 2013 25.2 25.0 December 2015 6.50
	Initial yield (%)	6.72
	Leased by area (%)	100
	Weighted lease term by income (years)	11.5

SUMMARY OF PROPERTIES CONTINUED

112 Cullen Avenue, Eagle Farm

15-23 Whicker Road, Gillman

Just moments from the Brisbane Airport, Gateway Motorway ramps, and Hamilton Harbour, this Cullen Avenue corporate park is an ideal location for businesses requiring an office and warehouse solution with spaces ranging in size from 270817 square metres.

The distribution centre at 15-23 Whicker Road is located approximately 12 kilometres north-west of Adelaide in the industrial area of Gillman, part of the City of Port Adelaide. The property’s location in the north-western suburb of Gillman allows for easy connection to the Adelaide CBD via the major transport corridors of Grand Junction Road and Port Road.

	Building type	Industrial Estate
	Site area (hectares)	2.8
	Lettable area ('000m²)	12.0
	Lettable area adjusted for ownership ('000m²)	6.0
	Number of buildings	1
	Car parking spaces	180
	Year built	1988
	Major tenant	BCC
	Ownership (%)	50
	Co-owner	DEXUS Industrial Partner
	Metro area	Brisbane
	Zoning	General Industry
	Site coverage (%)	28
	Number of units	7
	Average unit size	1.7
	Office content (%)	28
	Acquisition date	March 2015
	Book value ($m)	11.2
	Independent valuation ($m)	11.2
	Independent valuation date	June 2016
	Market cap rate (%)	7.50
	Initial yield (%)	6.64
	Leased by area (%)	93
	Weighted lease term by income (years)	4.6

	Building type	Distribution Centre
	Title	Freehold
	Site area (hectares)	9.7
	Lettable area ('000m²)	74.0
	Number of buildings	2
	Year built	1970
	Major tenant	Bevchain
	Ownership (%)	100
	Metro area	Adelaide
	Zoning	General Industry 2
	Site coverage (%)	76
	Number of units	2
	Average unit size	37.1
	Acquisition date	December 2002
	Book value ($m)	27.0
	Independent valuation ($m)	25.7
	Independent valuation date	June 2015
	Market cap rate (%)	11.00
	Initial yield (%)	10.88
	Leased by area (%)	76
	Weighted lease term by income (years)	1.8

DEXUS PROPERTY SYNOPSIS AND DEBT SUMMARY 2016

Target Distribution Centre 30-68 Taras Avenue, Altona North

This functional distribution warehouse was purpose built for Target in Altona North, Melbourne's largest industrial submarket. The 41,400 square metre single building has substantial hard stand areas providing flexible distribution solutions. There is also a car park with space for 210 vehicles.

	Building type Title Site area (hectares) Lettable area ('000m²)	Distribution Centre Freehold 10.2 41.4
	Lettable area adjusted for ownership ('000m²)	20.7
	Number of buildings	1
	Car parking spaces	210
	Year built	1996
	Major tenant	Wesfarmers
	Ownership (%)	50
	Co-owner Metro area Zoning Site coverage (%) Number of units Average unit size Office content (%) Acquisition date	AIP Melbourne, West Special Use Zone 4 41 1 41.4 5 October 1995
	Book value ($m)	13.0
	Independent valuation ($m)	13.0
	Independent valuation date	June 2016
	Market cap rate (%)	8.00
	Initial yield (%) Leased by area (%) Weighted lease term by income (years)	14.06 100 0.8

114 Fairbank Road, Clayton

114 Fairbank Avenue is a distribution centre located in Clayton, an established and well-regarded industrial precinct approximately 20 kilometres south-east of the Melbourne CBD. The centre is serviced by the major road networks of the M1 Monash Freeway and Dandenong Road to Moorabbin Airport and the Port of Melbourne.

	Building type Title Site area (hectares) Lettable area ('000m²)	Distribution Centre Freehold 3.6 18.6
	Number of buildings	1
	Car parking spaces	12
	Year built	1986
	Major tenant	Annex Holdings
	Ownership (%)	100
	Metro area	Melbourne, South East
	Zoning Site coverage (%) Number of units Average unit size Office content (%) Acquisition date Book value ($m) Independent valuation ($m)	Industrial 1 52 1 18.6 3 July 1997 15.8 15.9
	Independent valuation date	June 2015
	Market cap rate (%)	8.50
	Initial yield (%)	9.44
	Leased by area (%)	100
	Weighted lease term by income (years)	3.3

SUMMARY OF PROPERTIES CONTINUED

DEXUS Industrial Estate 47-69 Pound Road West, Dandenong South

47-69 Pound Road West has been purpose designed for high end logistic users. A stand-alone distribution centre in Melbourne's south-east industrial heartland, the building is cleverly laid out for seamless loading, unloading and logistics duties. The warehouse has enough space for B-Double truck access and comes with 10.5 metre height clearance.

==> picture [248 x 224] intentionally omitted <==

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

Knoxfield Industrial Estate
Henderson Road, Knoxfield
----- End of picture text -----

20 Henderson Road forms the Knoxfield Industrial Estate, comprising of two office/warehouses. Offering multiple desirable features, 20 Henderson Road has large hard stand areas, high clearance ceilings, generously sized truck and loading bays, as well as warehouse spaces in practical proportions.

	Building type	Industrial Estate
	Title	Freehold
	Site area (hectares)	16.2
	Lettable area ('000m²)	19.5
	Number of buildings	7
	Car parking spaces	191
	Year built	2001
	Major tenant	Award Brands
	Ownership (%)	100
	Metro area	Melbourne, South East
	Zoning	Business 3
	Site coverage (%)	49
	Number of units	7
	Average unit size	11.4
	Office content (%)	9
	Acquisition date	January 2004
	Book value ($m)	82.1
	Independent valuation ($m)	78.7
	Independent valuation date	June 2015
	Market cap rate (%)	7.40
	Initial yield (%)	7.52
	Leased by area (%)	100
	Weighted lease term by income (years)	5.9

	Building type	Distribution Centre
	Title	Freehold
	Site area (hectares)	7.4
	Lettable area ('000m²)	51.8
	Number of buildings	2
	Car parking spaces	275
	Year built	1990
	Major tenant	Lawrence & Hanson Group
	Ownership (%)	100
	Metro area	Melbourne, South East
	Zoning	Industrial 1
	Site coverage (%)	70
	Number of units	2
	Average unit size	26.0
	Office content (%)	3
	Acquisition date	August 1996
	Book value ($m)	45.7
	Independent valuation ($m)	44.3
	Independent valuation date	December 2015
	Market cap rate (%)	7.75
	Initial yield (%)	4.03
	Leased by area (%)	57
	Weighted lease term by income (years)	4.2

DEXUS PROPERTY SYNOPSIS AND DEBT SUMMARY 2016

250 Forest Road South, Lara

250 Forest Road South is an expansive distribution centre located in the industrial precinct of Lara between the ports of Melbourne and Geelong. The property comprises four warehouse buildings, each approximately 29,000 square metres in size, with a railway spur along the southern boundary. There is also a single office building and a car park for up to 122 vehicles.

	Building type Title Site area (hectares) Lettable area ('000m²)	Distribution Centre Freehold 24.6 117.3
	Number of buildings	4
	Car parking spaces	122
	Year built	1985
	Major tenant	AWH
	Ownership (%)	100
	Metro area	Melbourne, South West
	Zoning Site coverage (%) Number of units Average unit size Office content (%) Acquisition date Book value ($m) Independent valuation ($m)	Industrial 2 48 4 29.3 1 December 2002 57.6 57.5
	Independent valuation date	June 2015
	Market cap rate (%)	8.50
	Initial yield (%)	9.47
	Leased by area (%)	100
	Weighted lease term by income (years)	7.0

==> picture [248 x 224] intentionally omitted <==

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

DEXUS Industrial Estate
Boundary Road, Laverton North
----- End of picture text -----

A rare development opportunity of a freehold section of land on Boundary Road in Laverton North, one of Melbourne's fastest growing industrial precincts. The estate provides convenient access to the Princess/Westgate Freeway, Western Ring Road and the Deer Park Bypass.

	Building type Title Site area (hectares) Ownership (%)	Land Freehold 21.2 100
	Metro area	Melbourne, West
	Zoning	Industrial 2
	Acquisition date	July 2002
	Book value ($m)	13.7
	Independent valuation ($m)	12.2
	Independent valuation date	June 2015
	Weighted lease term by income (years)	9.4

SUMMARY OF PROPERTIES CONTINUED

DEXUS Industrial Estate 1 Foundation Road, Laverton North

1 Foundation Road is a modern single level office with an attached high bay steel portal framed warehouse located in Laverton North, one of Melbourne's fastest growing industrial precincts. The warehouse features seven on-grade roller shutter doors and two large skillion framed canopy structures.

==> picture [248 x 224] intentionally omitted <==

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

DEXUS Industrial Estate
1-3 Distribution Drive, Laverton
North
----- End of picture text -----

1-3 Distribution Drive is a modern industrial estate comprising a two-level office and attached warehouse located in Laverton North, one of Melbourne's fastest growing industrial precincts. The building features contemporary architecture with clean lines and full height windows in the office that maximises natural light and the warehouse is accessed via five on grade roller shutter doors.

Building type Industrial Estate Title Freehold Site area (hectares) 4.9 Lettable area ('000m²) 20.3 Lettable area adjusted for ownership ('000m²) 10.1 Number of buildings 1 Car parking spaces 72 Year built 2007 Major tenant Visy Ownership (%) 50 Co-owner AIP Metro area Melbourne, West Zoning Industrial 2 Site coverage (%) 41 Number of units 1 Average unit size 20.3 Office content (%) 14 Acquisition date July 2002 Book value ($m) 10.5 Independent valuation ($m) 10.5 Independent valuation date June 2016 Market cap rate (%) 7.00 Initial yield (%) 6.94 Leased by area (%) 100 Weighted lease term by income (years) 9.5	Building type Industrial Estate
	Title Freehold
	Site area (hectares) 3.0
	Lettable area ('000m²) 13.0
	Lettable area adjusted for ownership ('000m²) 6.5
	Number of buildings 1
	Year built 2007
	Major tenant Bestbar (Vic)
	Ownership (%) 50
	Co-owner AIP
	Metro area Melbourne, West
	Zoning Industrial 2
	Site coverage (%) 43
	Number of units 1
	Average unit size 13.0
	Office content (%) 25
	Acquisition date July 2002
	Book value ($m) 6.8
	Independent valuation ($m) 6.8
	Independent valuation date June 2016
	Market cap rate (%) 7.50
	Initial yield (%) 7.38
	Leased by area (%) 100
	Weighted lease term by income (years) 2.1

DEXUS PROPERTY SYNOPSIS AND DEBT SUMMARY 2016

==> picture [113 x 8] intentionally omitted <==

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

DEXUS Industrial Estate
----- End of picture text -----

2-10 Distribution Drive, Laverton North

2-10 Distribution Drive is a modern freestanding distribution centre providing two levels of office accommodation and a single level warehouse. The warehouse features high internal clearance, a combination of recessed and on-grade loading docks and large awnings providing all-weather protection.

	Building type Title Site area (hectares) Lettable area ('000m²)	Industrial Estate Freehold 3.7 17.5
	Lettable area adjusted for ownership ('000m²)	8.7
	Number of buildings	1
	Year built	2012
	Major tenant	Fastline
	Ownership (%)	50
	Co-owner	AIP
	Metro area Zoning Site coverage (%) Number of units Average unit size Office content (%) Acquisition date Book value ($m)	Melbourne, West Industrial 2 47 1 17.5 3 July 2002 7.6
	Independent valuation ($m)	7.6
	Independent valuation date	June 2016
	Market cap rate (%)	7.25
	Initial yield (%)	9.29
	Leased by area (%) Weighted lease term by income (years)	100 0.4

DEXUS Industrial Estate 7-9 Distribution Drive, Laverton North

7-9 Distribution Drive is part of an industrial estate that's home to a variety of top local and international brands in the packaging, retail, beverage and logistics sectors. 7-9 Distribution Drive is a high quality free standing facility consisting of a single level office and warehouse including three on-grade roller shutter doors and a semi enclosed canopy over the loading areas.

	Building type Title Site area (hectares) Lettable area ('000m²)	Industrial Estate Freehold 1.8 7.9
	Lettable area adjusted for ownership ('000m²)	3.9
	Number of buildings	1
	Year built	2007
	Major tenant	Wrightson Seeds (Australia)
	Ownership (%)	50
	Co-owner	AIP
	Metro area Zoning Site coverage (%) Number of units Average unit size Office content (%) Acquisition date Book value ($m)	Melbourne, West Industrial 2 43 1 7.9 31 July 2002 3.7
	Independent valuation ($m)	3.7
	Independent valuation date	June 2016
	Market cap rate (%)	7.25
	Initial yield (%)	7.91
	Leased by area (%) Weighted lease term by income (years)	100 0.3

SUMMARY OF PROPERTIES CONTINUED

DEXUS Industrial Estate 11-17 Distribution Drive, Laverton North

DEXUS Industrial Estate 12-18 Distribution Drive, Laverton North

11-17 Distribution Drive is a stand alone distribution centre comprising a single level office and attached warehouse in Melbourne’s fastest growing industrial precinct, Laverton North. The facility has a high bay steel portal framed warehouse with significant curtilage areas and features eight on-grade roller shutter doors and five recessed loading docks.

12-18 Distribution Drive is a 43,000 square metre distribution centre providing chilled warehouse facilities and two-levels of corporate office space. The purpose built centre features recessed loading docks with large awnings for all weather protection, plus a café with a partly shared outdoor seating area and significant car parking for staff and visitors.

Building type Distribution Centre Title Freehold Site area (hectares) 9.6 Lettable area ('000m²) 45.5 Lettable area adjusted for ownership ('000m²) 22.7 Number of buildings 1 Year built 2007 Major tenant Fosters Australia Ownership (%) 50 Co-owner AIP Metro area Melbourne, West Zoning Industrial 2 Site coverage (%) 48 Number of units 1 Average unit size 45.5 Office content (%) 8 Acquisition date July 2002 Book value ($m) 17.2 Independent valuation ($m) 17.2 Independent valuation date June 2016 Market cap rate (%) 7.50 Initial yield (%) 8.29 Leased by area (%) 100 Weighted lease term by income (years) 1.1	Building type Distribution Centre
	Title Freehold
	Site area (hectares) 16.6
	Lettable area ('000m²) 43.0
	Lettable area adjusted for ownership ('000m²) 21.5
	Number of buildings 1
	Year built 2007
	Major tenant Wesfarmers
	Ownership (%) 50
	Co-owner AIP
	Metro area Melbourne, West
	Zoning Industrial 2
	Site coverage (%) 26
	Number of units 1
	Average unit size 43.0
	Office content (%) 46
	Acquisition date July 2002
	Book value ($m) 57.5
	Independent valuation ($m) 57.5
	Independent valuation date June 2016
	Market cap rate (%) 7.75
	Initial yield (%) 8.58
	Leased by area (%) 100
	Weighted lease term by income (years) 5.8

DEXUS PROPERTY SYNOPSIS AND DEBT SUMMARY 2016

DEXUS Industrial Estate 25 Distribution Drive, Laverton North

DEXUS Industrial Estate 27 Distribution Drive, Laverton North

25 Distribution Drive is part of an industrial estate that's home to a variety of top local and international brands in the packaging, retail, beverage and logistics sectors. The facility includes offices with lobby areas and lift facilities, extensive sprinkler networks, generous warehouse spaces, recessed loading docks and container dooring, and large loading canopies and hard stand areas.

27 Distribution Drive is a premium quality, freestanding office and warehouse facility in Laverton North, Melbourne’s fastest growing industrial precinct. Built on a single level, the warehouse features high internal clearance and provides five recessed loading docks and five roller shutter doors covered with a large awning for all weather protection.

Building type Industrial Estate Title Freehold Site area (hectares) 1.6 Lettable area ('000m²) 15.7 Number of buildings 1 Year built 2012 Major tenant Natures Dairy Australia Ownership (%) 100 Metro area Melbourne, West Zoning Industrial 2 Site coverage (%) 48 Number of units 1 Average unit size 15.7 Office content (%) 5 Acquisition date July 2002 Book value ($m) 7.7 Independent valuation date December 2014 Independent valuation ($m) 6.3 Market cap rate (%) 7.00 Initial yield (%) 7.91 Leased by area (%) 100 Weighted lease term by income (years) 9.4	Building type Industrial Estate
	Title Freehold
	Site area (hectares) 2.5
	Lettable area ('000m²) 13.8
	Lettable area adjusted for ownership ('000m²) 6.9
	Number of buildings 1
	Year built 2012
	Major tenant Toll
	Ownership (%) 50
	Co-owner AIP
	Metro area Melbourne, West
	Zoning Industrial 2
	Site coverage (%) 54
	Number of units 1
	Average unit size 13.8
	Office content (%) 6
	Acquisition date July 2002
	Book value ($m) 7.1
	Independent valuation date June 2016
	Independent valuation ($m) 7.1
	Market cap rate (%) 7.25
	Initial yield (%) 7.38
	Leased by area (%) 100
	Weighted lease term by income (years) 3.6

SUMMARY OF PROPERTIES CONTINUED

DEXUS Industrial Estate

28 Distribution Drive, Laverton North

Axxess Corporate Park Cnr Ferntree Gully & Gilby Roads, Mount Waverley

28 Distribution Drive is a premium quality freestanding industrial estate with warehouse and office space located in Laverton North, 18 kilometres west of the Melbourne CBD. The warehouse component features 10-metre high internal clearance with ESFR sprinklers and provides four recessed loading docks and four roller shutter doors.

Axxess provides a combination of freestanding office buildings and traditional industrial office/warehouse units fronting onto Forster and Gilby Roads. The estate provides smaller units up to 1,000 square metres plus modern office/warehouses up to 6,000 square metres.

	Building type	Industrial Estate
	Title	Freehold
	Site area (hectares)	2.4
	Lettable area ('000m²)	11.9
	Lettable area adjusted for ownership ('000m²)	5.9
	Number of buildings	1
	Year built	2013
	Major tenant Ownership (%)	Linpac Packaging Australia 50
	Co-owner	AIP
	Metro area	Melbourne, West
	Zoning	Industrial 2
	Site coverage (%)	50
	Number of units	1
	Average unit size	11.9
	Office content (%)	4
	Acquisition date	July 2002
	Book value ($m)	6.3
	Independent valuation ($m)	6.3
	Independent valuation date	June 2016
	Market cap rate (%)	7.00
	Initial yield (%)	7.28
	Leased by area (%)	100
	Weighted lease term by income (years)	4.3

	Building type	Business Park
	Title	Freehold
	Site area (hectares)	19.6
	Lettable area ('000m²)	85.0
	Number of buildings	29
	Car parking spaces	1,240
	NABERS Energy rating (with Green Power)	315 Ferntree 3.0 / 321 Ferntree
		1.5
	NABERS Energy rating (without Green Power)	315 Ferntree 3.0 / 321 Ferntree
		1.5
	NABERS Water rating	315 Ferntree 5.5 / 321 Ferntree
		4.5
	Year built	1980
	Major tenant	Fonterra
	Ownership (%)	100
	Metro area	Melbourne, South East
	Zoning	Business 3 Zone
	Site coverage (%)	44
	Number of units	119
	Average unit size	0.7
	Office content (%)	25
	Acquisition date	October 1996
	Book value ($m)	196.1
	Independent valuation ($m)	192.8
	Independent valuation date	December 2015
	Market cap rate (%)	7.46
	Initial yield (%)	5.68
	Leased by area (%)	75
	Weighted lease term by income (years)	1.8

DEXUS PROPERTY SYNOPSIS AND DEBT SUMMARY 2016

DEXUS Diversified Trust ARSN 089 324 541

DEXUS Industrial Trust ARSN 090 879 137

DEXUS Office Trust ARSN 090 768 531

DEXUS Operations Trust ARSN 110 521 223

INVESTOR ENQUIRIES

Infoline: +61 800 819 675 Investor Relations: +61 2 9017 1330 Email: [email protected] Website: www.dexus.com

SECURITY REGISTRY

Link Market Services Limited

RESPONSIBLE ENTITY

DEXUS Funds Management Limited ABN 24 060 920 783

REGISTERED OFFICE OF RESPONSIBLE ENTITY

Level 25, Australia Square 264-278 George Street Sydney NSW 2000

PO Box R1822 Royal Exchange Sydney NSW 1225

Phone: +61 2 9017 1100 Fax: +61 2 9017 1101 Investor Relations: +612 9017 1330 Email: [email protected] Website: www.dexus.com

Level 12, 680 George Street Sydney NSW 2000 Locked Bag A14 Sydney South NSW 1235

Registry Infoline: +61 1800 819 675 Fax: +61 2 9287 0303 Email: [email protected] Website: www.linkmarketservices.com.au

Monday to Friday between 8.30am and 5.30pm (Sydney time).

For enquiries regarding your holding you can either contact the Security Registry, or access your holding details on our website www.dexus.com/update

AUSTRALIAN SECURITIES EXCHANGE

ASX code: DXS

DEXUS engages with its followers on LinkedIn – click Connect With Us on

DEXUS IR APP

Download the DEXUS IR App to gain instant access to the latest stock price, ASX Announcements, presentations, reports, webcasts and more.

==> picture [11 x 20] intentionally omitted <==

==> picture [8 x 6] intentionally omitted <==

Property expertise. Institutional rigour. Entrepreneurial spirit.

www.dexus.com

AI assistant

DEXUS — Interim / Quarterly Report 2016

64807_rns_2016-08-16_27c78a90-5de1-4642-9d7a-94ed24ffc1b1.pdf

17 August 2016

2016 Property Synopsis and Debt Summary

About DEXUS

DEXUS PROPERTY GROUP

ABOUT DEXUS

ABOUT THIS REPORT

WWW.DEXUS.COM

IN THIS REPORT

DIRECTORS’ REPORT DEBT SUMMARY

DEBT OVERVIEW

DIVERSIFIED MIX OF DEBT FACILITIES[8]

DEBT MATURITY PROFILE

HEDGE MATURITY PROFILE

INTEREST RATE HEDGING PROFILE

DEBT FACILITIES[1 ]

SYDNEY

BRISBANE

PERTH

MELBOURNE

CANBERRA

ADELAIDE

KEY METRICS

OFFICE LEASE EXPIRY PROFILE

DEXUS OFFICE PORTFOLIO

SYDNEY SUBURBAN OFFICE PORTFOLIO

MELBOURNE OFFICE PORTFOLIO

SUSTAINABILITY HIGHLIGHTS

NABERS RATINGS

SUMMARY OF PROPERTIES

SUMMARY OF PROPERTIES CONTINUED

SUMMARY OF PROPERTIES CONTINUED

100 Mount Street, North Sydney

201 Miller Street, North Sydney

101 George Street, Parramatta

105 Phillip Street, Parramatta

SUMMARY OF PROPERTIES CONTINUED

130 George Street, Parramatta

150 George Street, Parramatta

2 & 4 Dawn Fraser Avenue, Sydney Olympic Park

SUMMARY OF PROPERTIES CONTINUED

One Margaret Street, Sydney

1 Bligh Street, Sydney

SUMMARY OF PROPERTIES CONTINUED

5 Martin Place, Sydney

14-18 Lee Street, Sydney

39 Martin Place, Sydney

SUMMARY OF PROPERTIES CONTINUED

44 Market Street, Sydney

45 Clarence Street, Sydney

56 Pitt Street, Sydney

60 Castlereagh Street, Sydney

SUMMARY OF PROPERTIES CONTINUED

175 Pitt Street, Sydney

201-217 Elizabeth Street, Sydney

309-321 Kent Street, Sydney

383-395 Kent Street, Sydney

SUMMARY OF PROPERTIES CONTINUED

10 Eagle Street, Brisbane

12 Creek Street, Brisbane

123 Albert Street, Brisbane

SUMMARY OF PROPERTIES CONTINUED

145 Ann Street, Brisbane

480 Queen Street, Brisbane

11 Waymouth Street, Adelaide

108 North Terrace, Adelaide

SUMMARY OF PROPERTIES CONTINUED

3 Southgate Avenue, Southbank

8 Nicholson Street, Melbourne

SUMMARY OF PROPERTIES CONTINUED

385 Bourke Street, Melbourne

46 Colin Street, West Perth

58 Mounts Bay Road, Perth

SUMMARY OF PROPERTIES CONTINUED

240 St Georges Terrace, Perth

383-395 Kent Street, Sydney

Flinders Gate Complex

172 Flinders Street, Melbourne

DEXUS Interim / Quarterly Report 2016