DEXUS — Investor Presentation 2008

Feb 20, 2008

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DEXUS Funds Management Limited ABN 24 060 920 783 Australian Financial Services Licence Holder

21 February 2008

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

Level 9 343 George Street Sydney NSW 2000

PO Box R1822 Royal Exchange NSW 1225 Telephone 61 2 9017 1100 Direct 61 2 9017 1266 Facsimile 61 2 9017 1132 Email ben.lehmann@dexus.com

Dear Sir / Madam

DEXUS Property Group (formerly DB RREEF Trust) (ASX: DRT) Half Year Results Presentation for the period ending 31 December 2007

DEXUS Funds Management Limited, as responsible entity for DEXUS Property Group, provides a copy of the half year results presentation for the period ending 31 December 2007.

For further information, please contact:

CEO, DEXUS Property Group:	Victor Hoog Antink	(02) 9017 1129
Fund Manager, DEXUS Property Group:	Ben Lehmann	(02) 9017 1266
Investor Relations:	Karol O’Reilly	(03) 8611 2930
Media Relations:	Emma Parry	(02) 9017 1133

Yours sincerely

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Tanya Cox Company Secretary

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DEXUS Property Group HY results

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Victor Hoog Antink
Chief Executive Officer
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DEXUS Funds Management Limited ABN 24 060 920 783 Australian Financial Services Licence Holder

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DEXUS – our business today

• Assets under management: $15 billion

• No 1 in quality office space

• 3rd largest in industrial

• Leading third party property funds management

• Market leader in sustainability

• Highly experienced team: 250+

DEXUS House, 343 George St, Sydney

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2

Our corporate strategy

Operational focus

Property fundamentals – owner, manager, developer

Sector focus

Listed property portfolio: Office & Industrial Unlisted funds: Office, Industrial & Retail

Geographic focus

Target growth in selected markets

Our approach

A commitment to service excellence

Partnership approach with our customers

Strong alignment of interest with investors

3

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New corporate structure and brand

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Our new brand

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ASX: DXS effective 25 Feb 2008

www.dexus.com

5

Rationale

• Next logical step in the execution of strategy

• 100% internalised management to capture full value created

• Strengthen alignment of interests with all stakeholders

• Build on our existing leadership positions

• No separation issues as all systems and platforms operate independently

• Maintain strategic relationship with RREEF

• Position Group for growth

6

Acquiring Deutsche Bank’s interest

• Acquiring DB’s 50% interest in DB RREEF Holdings

– the Responsible Entity for DRT with $15.2bn of FUM

• Price: A$130 million

• Effective: 21 February 2008

• Represents:

• 1.64% of FUM at 31 Dec 07 plus NTA

– 10.5x of FY08 EBIT (stand alone business)

• Funded by existing debt facilities

7

Benefits of fully internalising

• Enhances capacity to deliver full value from real estate value chain

• Delivers additional stable earnings growth for no increase in risk profile

• Eliminates brand confusion

• Enables DEXUS to establish its own brand

• Simplifies the Group’s corporate structure

• Enables the Group to acquire and establish its own international presence

8

Continuity of the Board is maintained

• Board will remain the same, ensuring continuity and expertise

• Independent Directors have invited DB nominated Directors to remain

• Directors subject to re-election by investors

• Maintaining existing corporate governance structure

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Christopher
Beare
- Chairman
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Elizabeth Alexander AM

Barry Stewart Brownjohn Ewen OAM

Victor Brian Charles Andrew Hoog Antink Scullin Leitner III Fay* - CEO

• Alternate to Charles Leitner III

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Group Overview

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Strong financial performance

• 31 Dec 07

• Distribution � AIFRS operating profit[1] $432.7m

• � Distributions paid $173.0m

• � Distribution per security 5.9 cps 5.4%

• Strong property portfolio � Revaluations $337.1m

• � NTA per security $1.90 15.2%

• Active capital management � Gearing (look through basis) 31.3%

• Attributable to security holders

11

Sources of operating income for half year

Property Assets

Operating income

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$9bn $271m
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Operational Highlights

• Portfolio occupancy 95.1%

• Lease duration 4.9 yrs

• Transactions

• Owned assets[1] $1.7bn

• Third Party Funds $1.1bn

• Development pipeline

• Owned assets $2.1bn

• Third Party Funds $1.3bn

• Funds Under Management

• Owned assets $9.0bn

• Third Party Funds $6.2bn

• Includes post balance date acquisition

13

Development activity increasing value

• Total future development cost $2.1bn

• Active recycling of completed developments

• Disposal of 50% of Coles, Laverton development

• 2008 substantial commencement of office pipeline

• 123 Albert Street, Brisbane (6 Star Green Star)

• Space 1 Bligh, Sydney (6 Star Green Star)

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Business Model

• Quality workspace

• Service excellence

• Customised solutions

• Proactive management

• Sustainability features

• Maximising returns

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�
�
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• Managing risk

• Creating new investment opportunities

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• Preferred employer

• Reward & recognition

• Career development

• Work-life balance

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Our CR&S achievements

• On track to meet sustainability targets for 07/08

• Office: Space and 123 Albert St – 6 Star Green Star

• Industrial: Rainwater Harvesting projects

• Achieved Australian SAM Sustainability Index (AuSSI) membership

• FTSE for Good Index since 2006

• Founding signatory of Green Star Business Partnership

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Well positioned for future growth

• Highest quality portfolio

• 92% Premium or A-grade office

• 74% of assets in Australia

• Strong balance sheet

• High sustainable property earnings

• Developing $2.1bn

• Proven management team

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Financial Performance

Craig Mitchell Chief Financial Officer

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Consistent improvement in key indicators

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Earnings from stable cash flows

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600
$332m $(72)m
500
$438m
400
Unrealised
Gains & Other
distribution
300 adjustments
$260m $5m $6m $3m $(82)m $260m
International $(20)m
200
Assets $6m
Minority
$65m Interest $5m
Australia &
100 New Zealand
Assets Distribution
$195m $173m
0
1
Net Property Funds Realised Other Income Net Finance Other Taxes Valuation Derivative FV Profit
2
Income Management Development Cost Expense Increase Adj
Income Income
$m
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1. Includes $8.9m of deferred tax benefits, therefore underlying tax expense equals $2.9m

2. Includes $337.1m of property revaluations and ($4.7m) of capital items

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Revaluation drivers NTA growth

• Total revaluations of $337m or 4.3% increase

• Australian portfolio increased by $382m or 6.8%

• European portfolio decreased by €21m (A$35m) or 9.5%

• North American portfolio decreased by US$9m (A$10m) or 0.5%

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Capital Management

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Proactive capital management

• Strong internal capital management processes

• Capital Market Committee

• Board Finance Committee

• Refinanced majority of 2008 debt in 2007

• No debt maturities in FY08

• only $300m in CY08 or 8% of debt

• Transparent debt structure

• no off balance sheet debt

30 The Bond, Sydney NSW

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See Appendix for further details and sensitivity analysis

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Strong financial risk management

	Dec 06	Dec 07
Gearing (look through basis)1	38.9%	31.3%
Interest Cover	2.9x	3.0x
Headroom	Approx. $300m	Approx. $700m
Duration of debt	3.1 yrs	3.2 yrs
Interest hedge duration	5.9 yrs	7.2 yrs
Weighted average cost of debt2	5.70%	5.50%
Debt hedged	91%	88%
Foreign balance sheet hedged	95%	95%
Foreign income hedged3	100%	94%
S&P Rating	BBB+ / A-2	BBB+ / A-2

1. Gearing = Interest Bearing Liabilities (excluding deferred borrowing costs) less cash / Total Tangible Assets (excluding derivatives and deferred and current tax assets) less cash

2. Inclusive of margins and fees

3. Refer appendix

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Our Portfolio

Ben Lehmann Fund Manager

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Well positioned and leveraging market conditions

• Australian real estate fundamentals strong

• US and European real estate conditions softening

• Like on like growth 4.4%

• 5% under rented

• 30% exposed to market over next two years

• Development momentum

11 Talavera Road, Macquarie Park, NSW

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Office

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Office highlights

• Very strong fundamentals

• Market rent growth strong

• Solid like on like growth

• Portfolio under rented

• Capital growth primarily driven by income

• Pre-eminent development projects underway

201 Elizabeth Street, Sydney, NSW

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Very strong office market

• Strong business expansion has led to strong office take-up

• Occupancy levels increased nationally

• Rents increasing in all major office markets

• Sydney market has tightened sharply with A grade space 98.3% occupied

Geographical Allocation

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$4.3bn
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Source: DEXUS Group Research

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Highest quality portfolio

• 25[1] office buildings = 92% Premium & A grade

• Net property income $116m

• Like for like 5% increase

• 9% under rented

• vs market 96.1%[3]

• Occupancy 98%[2]

• Retention rate 78%

• Average lease duration 5.9 yrs

• Increased portfolio value by 7.5% to $4.3bn

• Average capitalisation rate 5.9%

• Development pipeline of $866m

• $771m underway, $95m future pipeline

Lumley Centre, NZ

1. Properties in Space, 1 Bligh Sydney development have been consolidated

2. Excluding properties in the Space, 1 Bligh Sydney development

3. Source: Jones Lang LaSalle

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123 Albert Street, Brisbane

• Developing Brisbane’s next 6 Star Green Star office tower (38,000 sqm)

• Partnering with Rio Tinto as major tenant (67% pre-commit)

• Commenced Feb 08

• Scheduled for completion late 2010

• Laing O’Rourke to construct – GMP[1]

• Estimated development cost[2] of $350m

• Estimated yield on cost of 6.8%

Artist’s impression 123 Albert Street, Brisbane

1. Guaranteed maximum price

2. Total development cost including land

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Space 1 Bligh Sydney

• Developing Sydney’s next iconic CBD building 6 Star Green Star (42,000 sqm)

• Commencing in Mar 08

• Scheduled for mid-2011 completion

• Grocon to construct – GMP

• Estimated development cost[1] of $393m

• Estimated yield on cost of 7.3%

• Negotiations with potential tenants ongoing

Artist’s impression Space 1 Bligh, Sydney

1. Total development cost including land, DEXUS Group’s 68.2% share

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Industrial

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Industrial highlights

• Market conditions stable

• Rental growth

• Strong in US

• Moderate in Australia

• Flat in Europe

• Under-rented Portfolio

• Valuation stable

• Enhanced development pipeline

Axxess Corporate Park, Mt Waverley, VIC

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Stable industrial market

• Australia take-up above 10 year average

• New road infrastructure driving relocation of logistics and warehousing

• Construction activity is strong – limited speculative

• US warehousing is experiencing weaker demand due to a slower economy

• European warehousing demand to ease in line with modest economic growth

Geographical Allocation

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$4.1bn
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Source: DEXUS Group Research

35

Industrial portfolio – strong property fundamentals

� High occupancy levels continue

� Diversified portfolio

� High retention rates

		Net Property Income	Like for like	Occupancy2	% Over / Under Rented	Retention rates	Lease duration3	Portfolio value4	Avg cap rate
	Australia	A$59	2%	98.5%	2% Over	73%	4.5yrs	A$1.8bn	7.2%
	North America	US$47m	7%	92.3%	3% Under	78%	3.6yrs	A$2.0bn	6.5%
	Europe	€7m	n/a1	92.0%	0.5% Under	n/a1	3.9yrs	A$0.3bn	7.3%
	Overall	A$124m		94.7%			4.0yrs	A$4.1bn	6.9%

1. No meaningful comparable

2. By area

3. By income

4. Conversion rates: AUD/USD = 0.8816; AUD/EUR = 0.5980

36

Industrial - development

	Property	No of Projects	NLA	Est. Development	Est. Yield on
			(sqm)	Cost	Cost
	Underway
	�Australia	3	21,300	$25m	7.3%
	�North America	4	107,400	$175m	9.2%
	Total Underway	7	128,700	$200m	8.9%
	Future Pipeline
	�Australia	5	592,300	$970m	7.4%
	�North America	3	241,900	$63m	9.8%
	Total Future Pipeline	8	834,200	$1,033m	7.8%
	Total	15	962,900	$1,233m	8.0%

Conversion rate: AUD/USD = 0.8816 AUD/CAD = 0.8621

37

Greystanes - a strategic industrial development

• 47.6 hectares acquired Dec 07

• Land delivered over next 18 months

• Strategically located

• Realisation via:

• Stabilised asset development

• Land sales

• Estimated total cost of $268m[1]

• Estimated yield on cost of 7.4%[1]

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Site plan for Greystanes, NSW

1. Excludes land sales

38

Industrial - North America update

US portfolio update

• Acquired CalWest remaining 20% interest in JV

• Provides greater flexibility to manage portfolio

• Seeking to strategically recycle US portfolio

• Chicago acquisition

• Acquired Dec 07 US$29.5m yield 6.5%

• Three distribution buildings

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Whirlpool investment program update

• Acquired three facilities

• Orlando, Toronto and Southern California

• Three additional facilities are underway, estimated to be acquired 09

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• Further properties are being identified

Top: Chicago, Illinois, USA Below: Orlando, Florida, USA

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Third Party Funds

Victor Hoog Antink Chief Executive Officer

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Third Party Funds – highlights

• Third Party Funds grown by $1.6bn or 34% to $6.2bn

• Acquired $950m retail assets

• Strong recurring earnings base

• Performance of all funds remains strong

• Diverse wholesale investor base

• off-shore investors introduced in Oct 07

• equity raising over $1bn

• Delivering on a $1.3bn development pipeline

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Performance at 31 December 2007
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19%
18%
17%
16%
15%
14%
13%
3 Years 5 Years
Unlisted Benchmark
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Benchmark: Mercer Unlisted Property Funds Index (Gross Median Return)

41

Third Party Funds – a growing business

Total Third Party Funds $6.2bn DEXUS Wholesale Property Fund $3.2bn Mandates (AXA & STC) $2.8bn Syndicates $0.2bn

Sector Allocation

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Source of Funds
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42

Summary and outlook

Victor Hoog Antink Chief Executive Officer

DEXUS Property Group ABN 24 060 920 783 Australian Financial Services Licence Holder

Well positioned for future growth

• Fully integrated management structure

• Strong results across the business

• Diversified, quality investment portfolio

• Creating value through development

• Leading Third Party Funds platform

• Strong financial position with low level of gearing

44

Focus & outlook for the year ahead

• Actively manage high quality portfolio

• Further increase focus on service excellence

• Create value through the development process

• Expand selectively and prudently

• Deliver consistent growth and returns to our investors

� Reconfirm full year distribution guidance of 11.9 cps (5.3% increase)

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Questions

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Appendices

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Strong balance sheet

DEXUS Property Group	Note	30 Jun 2007	31 Dec 2007
Market capitalisation ($bn)		5,688	5,864
NTA per security (excluding minority interest) ($)		1.82	1.90
Gearing (net of cash)	1	35.6%	31.3%
		$m	$m
Cash & receivables		96	134
Investment properties		9,152	8,752
Other (including derivative financial instruments)		239	806
Total assets		9,487	9,692
Payables & provisions		290	286
Interest bearing liabilities		3,353	2,876
Other (including derivative financial instruments)		139	739
Total liabilities		3,782	3,901
Less minority interest		438	206
Net tangible assets (after minority interest)		5,267	5,585

1. Gearing is 31.3%. Interest Bearing Liabilities (excluding deferred borrowing costs) less cash / Total Tangible Assets (excluding derivatives and deferred/current tax assets) less cash

48

Portfolio growth composition

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10000
$570m $(1,001)m
9500
9000 $9,027m $337m $9,003m
$130m $(60)m
8500
8000
7500
7000
6500
6000
Jun-07 Acquisitions Disposals Capital FX / Cash & Valuation Dec-07
Expenditure Other Increase
$m
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Profit to distribution reconciliation

		31 Dec 2007
		$m
	Net Profit (after tax)	437.6
	Profit attributable to minority interest	(4.9)
	Profit attributable to stapled security holders	432.7
	Adjustments:
	Property revaluations	(337.1)
	Mark to market of derivatives	72.3
	Fitout and cash incentive amortisation	15.9
	Straight-line rent adjustments	(1.6)
	Deferred tax	(8.9)
	RENTS Capital Distribution	(6.5)
	Outside Equity Interest on Adjustments	(0.6)
	Profit or loss on sale of investment property	4.7
	Translation of FX for hedge rates / other	2.0
	Distribution adjustments	259.8
	Distribution	172.9
	DPU (cents)	5.9

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Net property income reconciliation to P&L

		31 Dec 2007
		$m
	Property revenue	339
	Less: Property expenses	(82)
	Plus: Net Property Income from equity accounted investments	4
	Less: Depreciation	(1)
	Total adjusted NPI	260
	Represented by:
	Office	116
	Industrial Australia	59
	Industrial North America	54
	Industrial Europe	11
	Retail	20
	Total NPI by sector as reported	260

51

Interest Reconciliation

		31 Dec 2007
		$m
	Net borrowing costs	99.4
	Less capitalised interest	(7.0)
	Other borrowing costs	1.7
	Fair value loss of interest rate swaps1	50.7
	Net interest expense2	144.8

1. This represents realised gains of $12.4m and unrealised losses of $63.1m

2. Interest expense net of unrealised gains is $81.7m

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Contribution to DEXUS Property Group

DEXUS Holdings Pty Ltd

DEXUS Operations Trust

6 months 31 Dec 2007	6 months 31 Dec 2007	0.4 Other income and expenses 2.9 Interest income (50%) (2.1) Net profit before tax 4.5 Available franking credits 2.4 EBIT (pre MTM of derivatives) (5.2) Unrealised mark to market of derivatives (2.2) Interest expense 2.0 Equity accounted profit (50%) $m 6 months 31 Dec 2007	0.4 Other income and expenses 2.9 Interest income (50%) (2.1) Net profit before tax 4.5 Available franking credits 2.4 EBIT (pre MTM of derivatives) (5.2) Unrealised mark to market of derivatives (2.2) Interest expense 2.0 Equity accounted profit (50%) $m 6 months 31 Dec 2007
	$m		$m
Management fee revenue Interest income Equity accounted profit (50%) Net income after tax Tax expense Interest expense – loan notes EBIT	40.6 0.6 (1.7) (5.8) 10.8		0.4 2.9 (2.1) 4.5 2.4 (5.2) (2.2) 2.0
	2.0 3.9

53

Debt profile

	Facility	Facility Limit A$m	Drawn Amount1 A$m	Maturity Dates	Security2	Currency
	Syndicated debt	300	288	Sept 08	Unsecured	Multicurrency3
		300	122	Mar 10
		238	235	Sept 10
	Bilateral debt	360	318	Dec 10	Unsecured	Multicurrency3
		250	19	Dec 12
		250	9	Sept 13
		136	136	Dec 13
	Secured debt	88	88	Mar 09	Secured	US$
		255	255	Sept 11
		3	3	Oct 11 - Jan 15
	Medium term notes	250	250	Feb 10	Unsecured	A$
		200	200	Feb 11
		6	6	Sept 10		US$
	US private placement notes	454	454	Feb 11 – Mar 17	Unsecured	US$
	CMBS	500	500	Apr 09	Secured	A$
	Total	3,590	2,883

1. Excludes deferred borrowing costs

2. All unsecured facilities rank pari passu. The recourse of all secured facilities limited to the secured assets

3. Capacity to draw in A$, US$, EUR, GBP, CAD, NZ$, JPY, HKD, SGD

54

Capital Initiatives

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ABCP
Medium Term refinanced
Club facility established Notes issue
to refinance DIT CMBS 2 [nd] Medium US CMBS
A$m Syndicated US Private Term Notes repayment
4,000 Debt Facility Placement issue USPP Tap issue
launched
3,500
3,000
2,500
Unsecured Debt
2,000
Unsecured Debt
1,500
1,000
Secured Debt
500
Secured Debt
0
Jun-041 Dec-04 Jun-05 Dec-05 Jun-06 Dec-06 Jun-07 'Dec-07
Gearing - 44% 39% 40% 38% 39% 36% 31%
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1. Pre-stapling (combined funding profiles of DIT, DOT and DDF)

55

Prudent debt position

Facility Mix Dec 07

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• Very good diversification of funding sources

• Refinanced ABCP & US CMBS

• 76% of facilities unsecured – all rank pari passu

Maturity Profile Dec 07

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1200
1000
800
600
400
200
0
CY08 CY09 CY10 CY11 CY12 CY13+
Capital Markets Debt - Term Bank Debt
A$m
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• No refinancing in FY08

• Only $300m refinance in CY08

• Refinancing risk spread across 10 years

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Debt profile by jurisdiction as at 31 Dec 2007

		Weighted average cost	Interest bearing liabilities2	Interest hedge
		of debt1		duration
	Australia/New Zealand (A$)	6.07%	A$651m	4.8yrs
	North America (US$)3	5.21%	US$1,672m	8.2yrs
	Europe (€)4	4.68%	€200m	6.2yrs
	Average/Total	5.50%	A$2,883m	7.2yrs

1. Weighted average of fixed and floating rates for the current period, inclusive of margins & fees

2. Balance as at 31 Dec 07

3. AUD/USD conversion rate 0.8816. Includes CAD $70m at USD/CAD conversion rate of 0.9779

4. AUD/EUR conversion rate 0.5980

57

Interest rate hedging profile

	Interest rate hedging	1H08	FY08	FY09	FY10	FY11	FY12	Avg FY13+
	A$m hedged	626	682	531	621	543	430	258
	A$ hedge rate (%)1	5.90%	5.46%	4.57%	5.00%	5.31%	4.98%	5.83%
	A$m average rate(%)2	6.07%	5.86%	5.80%	6.21%	6.39%	6.62%	6.87%
	US$m hedged 3	1,473	1,640	1,633	1,652	1,544	1,546	869
	US$ hedge rate (%)1	5.13%	4.99%	5.04%	5.26%	5.35%	5.36%	5.29%
	US$ average rate(%)2	5.21%	4.96%	4.82%	5.06%	5.11%	5.12%	4.99%
	€m hedged	190	190	190	190	178	158	73
	€ hedge rate (%)1	4.60%	4.63%	4.66%	4.66%	4.67%	4.67%	4.69%
	€ average rate (%)2	4.68%	4.68%	4.64%	4.63%	4.66%	4.68%	4.99%
	Total hedged (A$m)4	2,618	2,863	2,705	2,816	2,594	2,450	1,370
	Hedge rate (%)1, 4	5.43%	5.21%	4.88%	5.15%	5.25%	5.22%	5.42%
	Average rate (%)2, 4	5.50%	5.35%	5.18%	5.50%	5.60%	5.67%	5.87%

• Sensitivity to a 25bps movement in interest rates[5] :

   - Hedging out to 10 years
  

  • A$ (+/-) 0.01 cents per unit

  • US$ (+/-) 0.02 cents per unit

  • € (+/-) 0.00 cents per unit

• Weighted average hedge rate including margin & fees

• Weighted average fixed and floating rate (end Jan 08) including estimated margin and fees

• Includes Canadian exposure at a conversion rate of USD/CAD 0.9779

• 58

• Conversion rates: AUD/USD 0.8816, AUD/EUR 0.5980, AUD/CAD 0.8621 5. FY08

Foreign income hedging profile

Foreign income hedging	1H08	FY08	FY09	FY10	FY11	FY12
Combined hedging profile	94%	95%	98%	95%	86%	88%
US$ hedging profile1	99%	98%	100%	99%	96%	97%
Foreign exchange contracts (US$m)	7.7	12.4	9.5	6.9	4.3	7.7
Average A$/US$ rate	0.7121	0.6978	0.6844	0.7169	0.7141	0.6996
NZ$ hedging profile2	78%	81%	69%	0%	0%	0%
Foreign exchange contracts (NZ$m)	3.9	7.9	7.5	0	0	0
Average A$/NZ$ rate	1.1382	1.1417	1.1311	N/A	N/A	N/A
€ hedging profile 3	87%	83%	73%	66%	68%	73%
Foreign exchange contracts (€m)	0	0	0	0	0	0
Average A$/ € rate	N/A	N/A	N/A	N/A	N/A	N/A
CAD hedging profile 4	78%	78%	78%	79%	77%	74%
Foreign exchange contracts (CAD)	0	0	0	0	0	0
Average A$/CAD rate	N/A	N/A	N/A	N/A	N/A	N/A

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

2. Hedging as % of NZ$ exposure, via FECs only

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

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

59

Revaluation summary1

	Total $m Europe $m North America $m Retail $m Industrial $m Office $m
92 - - - - 92 100% 100% 100% 100% 100% 100% Percentage of portfolio revalued 37 - - - - 37 Internally Revalued 55 - - - - 55 Externally Revalued Carry value – equity accounted 1 - - - - 1 - - - - - - Internal Valuations 1 - - - - 1 External Valuations P&L revaluations – equity accounted properties 8,369 330 1,871 277 1,694 4,197 6,723 - 1,839 - 1,356 3,528 Internally Revalued 1,646 330 32 277 338 669 Externally Revalued Carry value – investment properties 336 (34) (10) - 88 292 259 - (13) - 62 210 Internal Valuations 77 (34) 3 - 26 82 External Valuations P&L Revaluations – investment properties	259 - (13) - 62 210 77 (34) 3 - 26 82
	6,723 - 1,839 - 1,356 3,528 1,646 330 32 277 338 669 336 (34) (10) - 88 292
	37 - - - - 37 55 - - - - 55 1 - - - - 1
	92 - - - - 92 100% 100% 100% 100% 100% 100%

1. Excludes assets held as property, plant and equipment

60

Whirlpool - investment program update

Location	Estimated acquisition date	Area ‘000 sqm	Estimated acquisition cost (m)
Completed to date
Orlando, FL, USA	06/07	47	US$25.1
Toronto, ONT, Canada	12/07	70	C$71.4
Perris, CA, USA	01/08	157	US$128.6
			A$257.2
Locations secured
Columbus, OH, USA	Q1/09	145	US$69.6
Seattle, WA, USA	Q1/10	84	US$76.8
Atlanta, GA, USA	Q3/09	139	US$81.6
			A$258.6
Total		641	A$515.8

The programme’s overall blended yield estimated to be 6.6%

Conversion rate: AUD/USD = 0.8816, AUD/CAD = 0.8621

61

Developments – summary of completed and underway

	Property	Country	Area	Estimated	Estimated		Estimated time period
			sqm	cost1 ($m)	yield on cost (%)	FY08	FY09	FY10	>FY11
	Completed
	DEXUS Industrial Estate, Laverton Nth – Fosters	Australia	45,271	32	7.4%
	Underway
	INDUSTRIAL
	DEXUS Industrial Estate, Laverton Nth – Best Bar	Australia	12,950	12.3	7.3%
	Redwood Gardens – Sperian Protection Australia	Australia	3,400	3.9	7.7%
	Pound Road West, Dandenong – Orica Australia	Australia	4,965	8.9	7.2%
	Atlantic Corporate Park, Virginia	USA	20,441	52.9	9.3%
	Summit Oaks, California	USA	12,949	50.3	8.4%
	Beaumeade, Virginia	USA	12,740	22.3	8.7%
	San Antonio, Texas – Stage 1	USA	61,277	49.2	9.0%
	OFFICE
	Space — I Bligh Street, Sydney	Australia	42,000	393.0	7.3%
	123 Albert Street, Brisbane	Australia	38,667	350.2	6.8%
	60 Miller Street, North Sydney	Australia	4,826	27.6	7.6%
	TOTAL Underway			971.0

1. Represent DEXUS Property Group’s interest of costs including land

62

Developments – pipeline summary

	Property	Country	Area	Estimated cost1	Estimated yield on		Estimated time period	Estimated time period
				($m)	cost (%)	FY08	FY09	FY10	>FY11
	Industrial
	DEXUS Industrial Estate, Laverton Nth	Australia	32.5ha	320	7.3%
	DEXUS Industrial Estate, Laverton Nth (land sales)	Australia	inc above	20	n/a
	144 Wicks Road, North Ryde	Australia	6.4ha	170	7.0%
	Axxess Corporate Park, Mt Waverley	Australia	12,000sqm	45	7.7%
	3 Brookhollow Avenue, Baulkham Hills	Australia	23,000sqm	95	8.0%
	Greystanes, NSW	Australia	17.3ha	270	7.4%
	Greystanes, NSW (land sales)	Australia	inc above	55	n/a
	San Antonio, Texas US – Stage 22	USA	83,000sqm	55	10%
	Vacant Land, Texas (Garland, Plano)	USA		5	8%
	Office
	105 Phillip Street, Parramatta	Australia	20,400sqm	95	8.5%
	TOTAL Pipeline			1,130

1. Represent DEXUS Property Group’s interest of development costs including land

63

Acquisitions summary

	Property	Date	Interest	Acquisition cost	Acquisition cost	Yield on	Notes
						Acquisition
						Cost
			%	$m	A$m
	Acquisitions - Australia
	Greystanes, NSW	12/07	100		23.6	n/a	$134.1m to be paid in four stages
	Acquisitions – North America
	Chicago, IL, USA	12/07	100	US$29.5	34.5	6.5%
	San Antonio, TX, USA	07/07	100	US$59.5	63.6		Settlement of existing assets
	San Antonio, TX, USA	07/07	96.5	US$6.6	7.6	n/a	Stage 1 development land acquired in JV with SBDC
	DEXUS Industrial LLC, USA	10/07	20	US$316.9	357.2		Acquisition of CalWest 20% minority interest in the US JV
	Toronto, Canada	12/07	100	C$71.4	79.9	6.3%	10 year lease to Whirlpool Limited
	Perris, CA, USA	01/08	100	US$128.6	145.4	6.5%	10 year lease to Whirlpool Limited
	TOTAL Acquisitions				711.8

1. Represent DEXUS Property Group's interest of development costs including land

2. Assuming options are exercised

64

Disposals

		Interest	Settlement amount
Property	Date	%	A$m	Notes
Retail portfolio sale (5 properties)	10/07	50	950.4	Sale to DWPF
DEXUS Industrial Estate, Laverton Nth – Coles Distribution Centre	12/07	50	58.0	Sale to AXA
TOTAL Disposals			1,008.4

65

Specific updates

� 105 Phillip Street, Parramatta, NSW

• Development ready to commence subject to suitable tenant demand

� Victoria Cross, North Sydney, NSW

• Construction of new adjoining building commenced Jan 08

• Scheduled for completion Feb 09

• Chicago, Illinois, USA

• Three new high quality distribution buildings

• Total area 255,387sqf (23,725sqm)

• Located in the O’Hare International Airport area

• Acquisition price US$29.5m (A$34.5m) plus acquisition costs

• Portfolio occupancy 40%

  • anticipated to be fully leased over six to 12 months

• Acquired on a stabilised yield of 6.5%.

66

Retail

• Completed the sale of five retail assets to DWPF

• Portfolio income of $20m

• Whitford City Shopping Centre, WA, the remaining retail property

• Anticipated to be sold in financial year 2008/2009

Centre	Whitford City
Centre MAT ($psm)	7,074
Specialty MAT ($psm)	8,997
Total centre MAT growth ($psm)	9.6%
Total centre MAT growth ($pa)	12.3%
Total specialty MAT growth ($psm)	8.2%
Total specialty MAT growth ($pa)	10.2%
Specialty occupancy cost	13.2%
Net property income	$7.6m (7.0% like for like increase)
Occupancy	99.8% by area
Average lease duration	4.5yrs by area

67

Australia / New Zealand Office – Lease expiry as at 31 Dec 07

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

16.0%
14.0%
12.0%
10.0%
8.0%
6.0%
4.0%
2.0%
0.0%
Vacant < 1 Year < 2 Years < 3 Years < 4 Years < 5 Years < 6 Years < 7 Years < 8 Years < 9 Years < 10 >10 Years
Years
Area Income
14.0%
12.9%
12.3%
11.8% 12.0%
11.5%
10.8%
10.5%
9.8%
9.2% 9.1%
8.7%
8.1% 8.3% 8.2%
7.2% 7.3%
6.7%
5.4%
5.1%
4.7%
2.6%
2.0%
1.5%
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68

– Australian Industrial Lease expiry as at 31 Dec 07

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

30.0%
25.0%
20.0%
15.0%
10.0%
5.0%
0.0%
Vacant < 1 Year < 2 Years < 3 Years < 4 Years < 5 Years < 6 Years < 7 Years < 8 Years < 9 Years < 10 Years >10 Years
Area Income
26.9%
16.5%
15.5%
13.9%
13.3%
11.7% 11.6%
10.7%
10.2%
9.2%
8.7% 8.1% 8.4%
6.3%
5.5%
4.4%
3.0% 3.0% 3.0%
2.3% 2.3%
1.5% 1.7% 1.5%
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69

US Industrial – Lease expiry as at 31 Dec 07

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

25.0%
20.0%
15.0%
10.0%
5.0%
0.0%
Vacant <1 Year & <2 Years <3 Years <4 Years <5 Years <6 Years <7 Years <8 Years <9 Years <10 Years >10 Years
MTM
Area Income
22.20%
20.90%
15.60%
15.00%
13.40%
12.60%
10.50% 10.20%
9.80%
7.30% 7.50%
7.00%
6.40%
5.50%
4.90% 5.00%
3.70% 3.50% 3.70% 3.90% 4.00%
2.90%
2.50%
2.10%
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70

Europe Industrial – Lease expiry as at 31 Dec 07

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

40.0%
35.0%
Germany
30.0%
25.0%
20.0%
15.0%
10.0%
5.0%
0.0%
Vacant <1 Year <2 <3 <4 <5 <6 <7 <8 <9 <10 >10
& MTM Years Years Years Years Years Years Years Years Years Years
by area by income
35.0%
France
30.0%
25.0%
20.0%
15.0%
10.0%
5.0%
0.0%
Vacant <1 Year <2 <3 <4 <5 <6 <7 <8 <9 <10 >10
& MTM Years Years Years Years Years Years Years Years Years Years
by area by income
36.00%
35.00%
19.20% 19.20%
17.70%
13.70%
12.00%
10.40%
9.10%
7.80%
4.50% 5.70% 4.00% 5.30%
0.00% 0.00% 0.10% 0.20% 0.00% 0.00%
32.70%
29.70% 29.30%
28.30%
22.10% 22.20%
12.40%
10.30%
7.40%
5.50%
0.00% 0.00%
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71

Retail – Lease expiry as at 31 Dec 07

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

35.0%
30.0%
25.0%
20.0%
15.0%
10.0%
5.0%
0.0%
Vacant < 1 Year < 2 Years < 3 Years < 4 Years < 5 Years < 6 Years < 7 Years < 8 Years < 9 Years < 10 >10 Years
Years
Area Income
31.7%
25.7%
16.4% 16.3%
13.4% 13.6% 13.9% 13.4%
11.4%
9.9%
8.2% 7.9%
4.8% 4.7%
3.4% 3.0%
0.2% 0.4% 0.4% 0.6% 0.0% 0.0% 0.6% 0.1%
----- End of picture text -----

72

Third Party Funds – growth in FUM

==> picture [585 x 293] intentionally omitted <==

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

7000
$149m $28m $6,204m
6000 $1,115m $288m
5000
$4,624m
4000
3000
2000
1000
0
Jun 2007 Acquisitions Valuation Capital Other Dec 2007
Increase Expenditure
$m
----- End of picture text -----

73

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Important information

==> picture [721 x 80] intentionally omitted <==

Important information

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

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

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

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

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

75