DEXUS — Investor Presentation 2012

Aug 15, 2012

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DEXUS Property Group (ASX: DXS)
ASX release
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16 August 2012

2012 annual results and strategic review presentation

DEXUS Funds Management Limited, as responsible entity for DEXUS Property Group (DXS), provides the 2012 annual results and strategic review presentation.

For further information please contact:

Investor Relations

Media Relations

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

About DEXUS

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

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

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2012 DEXUS ProPErty GroUP AnnUAl rESUltS & StrAtEGic rEviEw

16 AUGUSt

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2012
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DEXUS Property Group
ANNUAL RESULTS and
STRATEGIC REVIEW
16 August 2012
DEXUS Funds Management Limited
ABN 24 060 920 783
DEXUS Property Group 2012 Annual Results and Strategic Review — Slide 1 AFSL 238163 as responsible entity for DEXUS Property Group
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AGENDA

• Group highlights

• Financial results

• Capital management

• Third party funds management

• Portfolio results

• Market outlook

• Strategic review

• Summary

• Appendices

DEXUS Property Group 2012 Annual Results and Strategic Review — Slide 2

GROUP HIGHLIGHTS
For the year ended 30 June 2012

DXS investor returns

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12.2% 3.3%
Total security holder return for year and outperformed Growth in distribution per security
A-REIT index [1] over 1, 3 and 5 years
Capital Third party funds
DXS Group Property portfolio
management management
Top quartile
3.4% 1 million $1.6bn 27.2% investment
FFO per security sqm leased [2] Total transactions Gearing at performance for
growth in total across the Group 30 June 2012 DWPF and STC
$10m 5.4% US$770m 70-80% $420m+
in cost savings Office like-for-like US central portfolio FFO payout ratio Equity raised for
secured NOI growth sold from FY13 DWPF
1. S&P/ASX 200 Property Accumulation index.
2. Including heads of agreement.
DEXUS Property Group 2012 Annual Results and Strategic Review — Slide 3
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GROUP HIGHLIGHTS
Achievements post balance date

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Property portfolio
Exchanged contracts for the Exchanged contracts for the
$58.5m $241.6m
acquisition of acquisition of
50 Carrington Street, Sydney 12 Creek Street, Brisbane [2 ]
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Third party funds management

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$360m [1]
New capital partnership secured with the
National Pension Service of Korea investing jointly with
DXS in existing key industrial estates
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1.Initial partnership amount, which includes DEXUS’s 50% interest in the properties. The partnership has the potential to grow to $800 million over the next 5 years.
2.Acquired jointly owning a 50% interest with DWPF. DXS interest is $120.8 million.

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DEXUS Property Group 2012 Annual Results and Strategic Review — Slide 4
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GROUP HIGHLIGHTS
Solid financial results in line with guidance

		30 June 2012	30 June 2011
Key financial metrics	Statutory net profit	$181.1m	$553.0m
	FFO1	$367.8m	$358.0m
	FFO per security	7.65c	7.40c
	Distribution per security	5.35c	5.18c
	Gearing	27.2%	28.4%
	NTA per security	$1.00	$1.01

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

DEXUS Property Group 2012 Annual Results and Strategic Review — Slide 5

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FINANCIAL RESULTS
TITLE SLIDE HEADER
Sub title (Trebuchet 18 pt)
Presenter title
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DEXUS Property Group 2012 Annual Results and Strategic Review — Slide 6

FINANCIAL RESULTS

	30 June 2012	30 June 2011
	$m	$m
Funds From Operations (FFO)	367.8	358.0
(Loss) from the US central portfolio sale	(117.0)	—
(Loss)/gain on sale of investment properties	(11.0)	7.1
Net property revaluation gains	67.9	182.0
Net fair value (loss)/gain of derivatives	(97.1)	44.2
Other	(29.5)	(38.3)
Statutory net profit	181.1	553.0

Further details are included in the appendices.

DEXUS Property Group 2012 Annual Results and Strategic Review — Slide 7

FINANCIAL RESULTS
Funds From Operations

� Group operating EBIT up $30.7m � Group like-for-like NOI up 3.3% � Office NOI up $34.6m following completion of Bligh and Albert Street developments and like-for-like NOI growth of 5.4% � Interest expense up due to completion of developments (capitalisation of interest ceased)	30 June 2012 $m 30 June 2011 $m
	Office 289.8 255.2 Industrial 120.0 116.4 Industrial US1 74.7 76.1 Non-core1,2 8.9 15.2 Currency impact on NOI — 4.3 Net operating costs (27.7) (30.6) Other operating income 2.2 0.6
	Operating EBIT 467.9 437.2
	Finance costs1 (120.3) (89.0) Currency impact on finance costs — (3.8) Incentive amortisation and straight-lining3 31.7 28.8 RENTS (12.0) (12.5) Other 0.5 (2.7)
	Funds From Operations(FFO) 367.8 358.0
	FFOper security 7.65 7.40
	Distributionper security 5.35 5.18

1. Constant currency: refer to Appendices for exchange rates.

2. European industrial.

3.Includes cash and fit-out amortisation and straight-line rent adjustment.
DEXUS Property Group 2012 Annual Results and Strategic Review — Slide 8

FINANCIAL RESULTS Change in net tangible assets

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DEXUS Property Group 2012 Annual Results and Strategic Review — Slide 9
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FINANCIAL RESULTS

Return on equity (ROE) impacted by strategic exit and interest rate volatility

• FY12 ROE of 4.5%

• Impacted by US sale transaction costs and mark-to-market interest costs

• Excluding these impacts ROE would have been 8.2%

• Positioned for more normalised ROE of 9%-10% through the cycle

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FY12 ROE
ROE: 4.5%
Distributions 5.35c Funds From Operations $367.8m
Opening NTA NTA decrease Total movement
100.8c 0.8 c in NTA $(94)m
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DEXUS Property Group 2012 Annual Results and Strategic Review — Slide 10
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FINANCIAL RESULTS Restructure leads to more efficient platform

• $10m in cost savings through efficiencies[1 ]

• FY12 net MER[2] of 30bps and forecast to be around 20bps in FY13

• Comparable costs in FY13 expected to be the same as in FY09

	FY12	Third	Group	DXS	DXS	Group	Total
		party	property	asset	development	corporate
		mgt	mgt	mgt	& trading		($m)
		($m)	($m)	($m)	($m)	($m)
	Revenue	28.3	32.3	—	52.4	—	113.0
	Apportioned compensation	(12.0)	(25.0)	(12.5)	(1.9)	(16.5)	(67.9)
	CEO transition and redundancies	—	—	—	—	(6.5)	(6.5)
	Other expenses Total operating expenses	(1.0) (13.0)	(4.2) (29.2)	(2.2) (14.7)	(0.7) (2.6)	(14.2) (37.2)	(22.3) (96.7)		FY12 net MER Net operating costs Add back CEO transition	$m (27.7)
	Cost of sales — active trading	—	—	—	(44.0)	—	(44.0)		and redundancies	6.5
	Total operating expenses	(13.0)	(29.2)	(14.7)	(46.6)	(37.2)	(140.7)		Adj net operating costs	(21.2)
	Net operating profit/(costs)	15.3	3.1	(14.7)	5.8	(37.2)	(27.7)		Funds under management	7,023
									Net MER	30bps

1. Through the business restructure and cost saving initiatives implemented in 2012. Of the $10m in cost savings, $1m represents a reduction in capitalisation, $2m was saved in FY12 and the remaining $7m is savings in FY13.

2. Management Expense Ratio: calculated as total net operating profit/(costs) divided by funds under management.

3. DEXUS Property Group 2012 Annual Results and Strategic Review — Slide 11

CAPITAL
MANAGEMENT

DEXUS Property Group 2012 Annual Results and Strategic Review — Slide 12

CAPITAL MANAGEMENT
Key highlights

FY12 focus

• Reduce cost of funds

FY12 performance

• Refinanced $850m of facilities at margins below 2%

• Increase debt duration � Reduced cost of funds by 50bps

• Successfully redeployed US central portfolio sale proceeds

• Restructured associated US debt facilities

• Repurchased $204m of RENTS[1] hybrid securities in June 2012, prior to the step-up, resulting in the wind-up of RENTS

• Commenced $200m on-market securities buy-back in April 2012 with 35% of target completed as at 16 August 2012

• Announced a change to distribution payout policy from 70% to a range of 70-80% of FFO, effective FY13

1. Real-estate perpetual ExchaNgeable sTep-up Securities.

DEXUS Property Group 2012 Annual Results and Strategic Review — Slide 13

CAPITAL MANAGEMENT Reduced cost of debt and maintained duration

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30 June 2012 30 June 2011
Cost of debt [1 ] 6.1% 6.6%
Duration of debt [1 ] 4.2 years 4.2 years
Hedged debt 73% 82%
Gearing [2 ] 27.2% 28.4%
Headroom (approximately) [3 ] $600m $600m
S&P/Moody’s credit rating BBB+/Baa1 BBB+/Baa1
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Debt maturity profile [4 ] Diversified mix of facilities [4 ]
500 Mortgage
450 USPP 5% notes 3%
400 Bank -
unsecured
350 144A 14% 63%
300
250
$m
200
150 MTN 15%
100
50
0
Dec-12 Jun-13 Dec-13 Jun-14 Dec-14 Jun-15 Dec-15 Jun-16 Dec-16 Jun-17 FY17+
Bank - drawn Capital markets Bank - undrawn
1. Weighted average. 3. Undrawn facilities plus cash.
2. Refer to glossary for gearing definition. 4. Including $30m of medium term notes that were secured post 30 June 2012.
DEXUS Property Group 2012 Annual Results and Strategic Review — Slide 14
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CAPITAL MANAGEMENT
FY13 focus

• Reduce cost of funds

• Maintain strong diversity of debt and duration of greater than four years

• Maintain strong credit rating metrics

• Continue on-market securities buy-back, where accretive to investor returns

• Utilise headroom for quality acquisitions or cancel excess facilities

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123 Albert Street, Brisbane, QLD
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DEXUS Property Group 2012 Annual Results and Strategic Review — Slide 15
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THIRD PARTY FUNDS
MANAGEMENT
TITLE SLIDE HEADER
Sub title (Trebuchet 18 pt)
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Presenter title
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DEXUS Property Group 2012 Annual Results and Strategic Review — Slide 16

New capital partnership established with leading global pension fund

THIRD PARTY FUNDS MANAGEMENT

FY12 focus

• Establish new capital partnerships

FY12 performance

• Established a long term capital partnership with the National Pension Service of Korea (NPS)

• Initial partnership of $360m

• 50% ownership of 13 industrial properties

• Partnership has the potential to grow to $800m over the next 5 years

• In line with strategy

Note: JV values shown at 100%.

DEXUS Property Group 2012 Annual Results and Strategic Review — Slide 17

	eading global pension	eading global pension	fund
	Partnership	Initial no.	Initial	Potential
	properties	properties	partnership	partnership
			total A$m	total A$m
	Laverton/Altona	8	234	450
	Greystanes Total	5 13	126 $360m	350 $800m
			27 Distribution Drive,	Laverton North, VIC
			5 Basalt Road, Greystanes, NSW

THIRD PARTY FUNDS MANAGEMENT

Outperformance in established platform

• Strong support from DWPF investors in an active year

• Raised over $420m of equity in FY12

• Further equity in the pipeline for FY13

• Top quartile performing fund achieving 9.7% total return[1 ]

• STC mandate outperformed its benchmark

• AXA mandate concluded on 31 May 2012

FY13 focus

• Continue to develop new capital partnerships

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

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DWPF equity raised since 2010
600 $1,392m 1,500
1,250
400 1,000
$660m 750
200 500
250
0 0
(250)
-200 (500)
Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4
FY10 FY10 FY10 FY11 FY11 FY11 FY11 FY12 FY12 FY12 FY12
Equity Raised DRP Transfer/Redemption Net Equity Raised Gross Equity Raised (inc DRP)
Quarterly equity $m Cumulative equity $m
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Third party funds management platform[2]

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DWPF
US mandate $3.9bn
$0.2bn
NPS $5.9bn
partnership
$0.2bn
STC $1.6bn
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1. 12 month return to 30 June 2012 (post fees).

2. As at 30 June 2012, excludes cash and adjusted for the inclusion of NPS partnership and DWPF’s 50% interest in 12 Creek Street, Brisbane.

DEXUS Property Group 2012 Annual Results and Strategic Review — Slide 18

PORTFOLIO RESULTS

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TITLE SLIDE HEADER
Sub title (Trebuchet 18 pt)
Presenter title
DEXUS Property Group 2012 Annual Results and Strategic Review — Slide 19
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PORTFOLIO RESULTS

Total portfolio — improved income and occupancy metrics

Total DXS portfolio	30 June 2012	30 June 2011
Total value1	$7.0bn	n/a
Total value	$6.9bn	$7.5bn
Total number of properties	106	175
Total NLA (sqm) Income growth (like-for-like)	2.5m 3.3%	4.2m 1.9%
Occupancy by area	93.4%	88.7%
Occupancy by income	95.8%	93.6%
Weighted average lease expiry2	4.7 years	5.0 years
Weighted average cap rate	7.51%	7.60%3

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Total DXS portfolio composition [1]
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US
industrial
8%
Office 70%
Industrial
22%
$7.0bn
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1. Including the acquisitions of 50 Carrington Street, Sydney and a 50% interest in 12 Creek Street, Brisbane and the impact of the new capital partnership on the portfolio.

2. By income.

3. Adjusted to exclude the US central portfolio. Including the US central portfolio, the WACR was 7.7%.
DEXUS Property Group 2012 Annual Results and Strategic Review — Slide 20

Total portfolio — transactions refocus and rebalance portfolio

PORTFOLIO RESULTS

• $1.6bn in transactions, involving 95 properties[1] across the Group

• US industrial:

• Sold central portfolio comprising 65 properties for US$770m

• Sold a further 5 US properties for US$34.6m

• Remaining portfolio of 24 west coast properties and 3 land parcels in Texas

• Europe:

• Sold 71% of the portfolio for €82m

• Remaining portfolio of 6 properties

• Office:

• The sales of Garema Court, Canberra and The Zenith, Chatswood, have been postponed and are targeted for sale over the next 12-18 months

• Industrial:

• Sold 4 properties for $90m including 1 non-core property and 3 trading properties

• Acquired Erskine Park and Wacol trading properties

• Third party funds management:

• DWPF acquired 452 Flinders Street, Melbourne for $201.5m and 2 industrial properties for $96.5m

• STC sold QV1 in Perth for $310m

• Further details relating to divestments and acquisitions during FY12, are included in the appendices.

DEXUS Property Group 2012 Annual Results and Strategic Review — Slide 21

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452 Flinders Street, Melbourne, Vic
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PORTFOLIO RESULTS Total portfolio — post balance date acquisitions

• Post 30 June 2012 we exchanged contracts to acquire:

• 12 Creek Street, (jointly with DWPF), is located in the “Golden Triangle” in the Brisbane CBD and has strong tenant covenants

• 50 Carrington Street is located in the core of the Sydney CBD and is a value-add proposition

• Both acquisitions are accretive to investor returns and improve the office portfolio’s geographic and tenant diversification

• Acquisitions to be funded from existing debt facilities

Location of 12 Creek Street, Brisbane

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Acquisitions	12 Creek Street 50 Carrington Street	12 Creek Street 50 Carrington Street
Acquisition price (ex costs)	$241.6m1	$58.5m
Acquisition rate per sqm	$7,497	$5,180
Initial yield	7.7%	5.2%
Cap rate	7.75%	8.0%
Target IRR	10.2%2	11.2%3
Occupancy by area/income	94.6%/95.1%	61.3%/62.3%
Weighted average lease expiry	4.5 years	2.2 years
NABERS Energy rating	2.5 stars	3.0 stars

Location of 50 Carrington Street, Sydney

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1. 100% interest acquisition price. DXS ownership interest is 50%.

2. 10 year IRR including DEXUS funds management fees.

3. 3 year IRR.

DEXUS Property Group 2012 Annual Results and Strategic Review — Slide 22

PORTFOLIO RESULTS Total portfolio — valuation metrics

• Capitalisation rates tightened by an average of 9bps across the portfolio

• Australian office cap rate spreads over bond rates reached the highest on record

• Independent valuers are taking a more subdued view on market rents and short-term growth

• Pressure on office properties with shorter WALEs as incentives remain elevated

Sydney CBD office discount rate vs. 10 year bond rate

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11% 14%
9% 12%
7% 10%
5% 8%
3% 6%
Jun-91 Jun-94 Jun-97 Jun-00 Jun-03 Jun-06 Jun-09 Jun-12
Valuation discount rate RHS 10 Bond LHS
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	Cap rate	Cap rate	Discount rate	Discount rate	Valuation
	30 June 12	30 June 11	30 June 12	30 June 11	change1
	%	%	%	%	%
Office	7.30	7.37	9.18	9.12	2.0
Industrial	8.59	8.64	9.45	9.74	(3.4)
US industrial2	6.32	6.62	8.13	8.98	7.3
Total	7.51	7.60	9.16	9.25	1.0

1. Valuation change includes investment property, development property and investments accounted for using the equity method.

2. Metrics represent the remaining US west cost portfolio only.

DEXUS Property Group 2012 Annual Results and Strategic Review — Slide 23

PORTFOLIO RESULTS Office — operating performance

FY12 focus

• Like-for-like income growth >FY11

FY12 performance

• Achieved strong like-for-like income growth of 5.4%

• Residual leasing at 1 Bligh Street

• Secure lease pre-commitments for development at 180 Flinders Street, Melbourne[1]

Office portfolio	30 June	30 June
	2012	2011
Occupancy by area2	97.1%	96.2%
Occupancy by income	96.8%	95.3%
Average incentive3	17.3%	16.0%
Average rental increase3	4.6%	4.6%
Over/under rented	3.3% under	3.0% under
Weighted average lease expiry4	4.9 years	5.3 years
Weighted average cap rate Total return — 1 year	7.30% 9.5%	7.37% 9.0%

• 1 Bligh Street

  • 90% committed with strong enquiry for remaining space

    • Achieved IRR of 10.6% to date

• Secured DA and commenced marketing for lease pre-commitments at 180 Flinders Street, Melbourne

• Achieved average rental increases on new leases of 4.6% with an average fixed increases of 4.1%

• Maintained long WALE of 4.9 years

• Previously known as Flinders Gate or 172 Flinders Street, Melbourne. 3. Excluding development leasing. 2. By ownership. 4. By income.

DEXUS Property Group 2012 Annual Results and Strategic Review — Slide 24

PORTFOLIO RESULTS Office — key leasing achievements

� Exceeded leasing expectations in FY12

• Leased 75,668sqm (13% of portfolio) including heads of agreement over 19,078sqm

• Successfully leased Garema Court to a new Government[3] tenant with no downtime

• Increased tenant retention from 53% to 66%

� Proactive forward leasing

• PKF secured for 10 years to 2025

	Key leases completed Garema Court	Tenant Government3	Area1 (sqm) 10,873	Income2 % 1.2	Term 12	Expiry Mar 24
	1 Bligh Street	Bloomberg	2,643	0.3	12	Dec 24
		Oil Search	4,891	0.5	12	Sep 24
		CPO4	4,891	0.5	12.7	Feb 25
	1 Margaret Street	PKF	6,756	1.3	10	Jul 25
	60 Miller Street	Covermore	4,387	0.6	5	Mar 17
	123 Albert Street	QTC	3,813	0.6	7	Mar 19

• Covermore secured for 5 years to 2017

• Reduced FY13 leasing exposure by 29%

• At 100%. 3. Department of Regional Australia, Local Government, Arts and Sport. 2. At ownership level. 4. Commonwealth Parliamentary Offices. DEXUS Property Group 2012 Annual Results and Strategic Review — Slide 25

PORTFOLIO RESULTS

Office — FY13 focus proactive leasing

FY13 focus

• Progress retention and leasing strategies at 8 Nicholson Street, Melbourne and 30 The Bond, Sydney

• Focus on leasing in Sydney western corridor

• Continue recycling non-core properties into core properties and markets

	Leasing focus	Tenant	Area1	Ownership	Expiry status	Progress
			(sqm)
	FY13 1 Bligh Street	Vacant	4,482	33%	Available	Marketing
	45 Clarence Street	Vacant	3,735	100%	Available	Marketing
	Australia Square	Vacant	7,045	50%	Available	Part under negotiation, marketing balance
	14 Moore Street	Comcare	7,267	100%	Sep 12-May 13	Marketing
	8 Nicholson Street	Government	23,528	100%	Jun 13	Under negotiation for renewal
	FY14 Woodside Plaza	Woodside	4,281	100%	Nov 13	In discussions with current tenant
	30 The Bond	Lend Lease	17,547	100%	Mar 14	In discussions with current tenant
	GPT, 1 Farrer Place	Corrs	7,371	50%	May 14	Marketing
	FY15 GMT, 1 Farrer Place	NSW Gov	20,406	50%	Dec 14	In discussions with current tenant

1. At 100%.

DEXUS Property Group 2012 Annual Results and Strategic Review — Slide 26

PORTFOLIO RESULTS
Industrial — operating performance

FY12 focus

• Like-for-like income growth in line with FY11

• Complete 80,000sqm of development

• Secure trading profits of $4.0m

� Secure trading profits	of $4.0m
Industrial portfolio	30 June	30 June
	2012	2011
Occupancy by area Occupancy by income	91.7% 92.8%	96.2% 95.1%
Average incentive1	5.6%	3.1%
Average rental increase1	(5.0%)	(7.3%)
Over/(under) rented	4.8% over	4.6% over
Weighted average lease expiry2	4.4 years	4.7 years
Weighted average cap rate	8.59%	8.64%
Total return — 1 year	8.0%	9.4%

FY12 performance

• Like-for-like income down 1.6% primarily due to postponed sale of Garigal Road, Belrose

• Exceeded development targets

  • Developed 120,102sqm

  • Underway 75,285sqm

• Exceeded trading profit target securing $5.8m across 3 properties

  • Actively progressing 2 projects $53.5m/43,800sqm

• Occupancy impacted by departure of Elders at Gillman (72,115sqm) on 30 June 2012

  • 57% now leased or secured heads of agreement at rents 34% higher than prior rents

  • In discussions with prospective tenants for the remaining space

1. Excluding development leasing. 2. By income.

DEXUS Property Group 2012 Annual Results and Strategic Review — Slide 27

PORTFOLIO RESULTS

Industrial — leasing, development and trading contribute to results

• Leased over 300,000sqm of space

• 195,738sqm representing 17% of the portfolio and an additional 105,201sqm in developments

• Achieved retention rate of 59% retaining 54 tenants

• Maintained 100% occupancy at Kings Park estate through renewals over 37,300sqm (54% of GLA)

• Reduced FY13 leasing exposure by 43%

FY13 focus

• Increase occupancy at Sydney properties

• Complete development projects

• 43,800sqm of trading properties

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Kings Park Industrial Estate, Vardys Road, Marayong, NSW

• 31,500sqm of projects at the Quarry

• Secure $5m in trading profits

• Continue recycling non-core properties into core properties and markets

DEXUS Property Group 2012 Annual Results and Strategic Review — Slide 28

US industrial — driving operational performance while positioning for sale

PORTFOLIO RESULTS

FY12 focus

• Increase central portfolio occupancy >6% and position for sale

FY12 performance

• Completed sale of central portfolio following a 10.3% increase in occupancy

• Leased 505,192sqm in 184 transactions[1 ] (over 23% of total area)

	US industrial portfolio2	30 June	30 June
		2012	2011
	Occupancy by area	97.1%	97.7%
	Occupancy by income	98.2%	97.4%
	Average incentive Average rental decrease	7.1% (8.5%)	10.6% (7.4%)
	Over/(under) rented	12.2% over	24.1% over
	Weighted average lease expiry3	4.4 years	4.5 years
	Weighted average cap rate	6.32%	6.62%
	Total return — 1 year	10.0%	17.6%

• Strong like-for-like income growth of 3.8% across the west coast portfolio

• Nil arrears at 30 June 2012 for west coast portfolio

FY13 focus

• Maintain leasing focus on the west coast portfolio

• Progress exit strategy

• Includes the annualised impact of the central portfolio.

• All statistics in table relate to the remaining west coast portfolio only. 3. By income. DEXUS Property Group 2012 Annual Results and Strategic Review — Slide 29

PORTFOLIO RESULTS

Corporate responsibility and sustainability

• Completed the $31m sustainability NABERS Energy sustainability improvement program

• Four office properties awarded 5 star NABERS Energy ratings during the year

• Reduced energy usage at these properties by an average of 37%

• On track to achieve 4.5 star NABERS Energy and 3.5 star NABERS Water ratings by December 2012

	DXS office portfolio NABERS Energy rating2	Jun 08 n/a	Jun 09 n/a	Jun 10 3.2	Jun 11 3.6	Jun 12 3.9	Jun 131 4.5
	NABERS Water rating Energy consumption intensity	n/a 636	n/a 537	2.6 505	3.1 466	3.3 423	3.5 411
	Water consumption intensity GHG emissions intensity	881 141	813 121	769 115	696 103	644 93	625 91

Office resource consumption[3 ]

• 1 Bligh recognised for sustainability and design credentials through numerous awards

• DEXUS head office achieved carbon neutral status for the 2[nd] year in a row and increased its NABERS Energy rating[2] to 4 stars

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34% 27% 34%
Energy MJ/sqm Water L/sqm GHG kg CO2-e/sqm
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1. Target.
2. Without GreenPower.

3. DXS portfolio reduction in consumption from June 2008 to June 2012.

DEXUS Property Group 2012 Annual Results and Strategic Review — Slide 30

MARKET OUTLOOK

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TITLE SLIDE HEADER
Sub title (Trebuchet 18 pt)
Presenter title
DEXUS Property Group 2012 Annual Results and Strategic Review — Slide 31
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MARKET OUTLOOK Australian office markets

Relatively stable near term outlook

• Most major markets currently at, or near, equilibrium vacancy

• Expect cyclically slow tenant demand in FY13

• Impact of lower interest rates and employment growth is expected to result in a moderate recovery in tenant demand across most markets from FY14

Vacancy forecast 2011-2015

Net supply and demand 2012-2015

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10%
‘000sqm
8% 300 10%
8%
6% 200
6%
4% 100
4%
2% - 2%
0% -100 Sydney Melbourne Brisbane Perth 0%
Sydney Melbourne Brisbane Perth
2011 2012 2013 2014 2015 10 yr average Demand Supply
2012-15 2012 2013 2014 2015 Vacancy 2015
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Source: Jones Lang LaSalle actual & DEXUS forecast.

DEXUS Property Group 2012 Annual Results and Strategic Review — Slide 32

MARKET OUTLOOK
Australian industrial markets

Key markets well positioned

• Import growth is expected to underpin tenant demand

• Pre-commitment levels have reduced

• National prime vacancy has fallen and is expected to remain low in FY13

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Imports expected to grow steadily National prime vacancy declining
Per annum
30% 8%
20% 6%
10%
4%
0%
2%
-10%
-20% 0%
Jun-02 Jun-04 Jun-06 Jun-08 Jun-10 Jun-12 Jun-14 H208 H109 H209 H110 H210 H111 H211 H112
Prime Secondary
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Source: Jones Lang LaSalle, DEXUS Research, Savills Industrial Stock Survey, Deloitte Access Economics.
DEXUS Property Group 2012 Annual Results and Strategic Review — Slide 33
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MARKET OUTLOOK
Australian office and industrial — positioned for growth
Australian office markets Australian industrial markets
Tenant demand Improvement from FY14 in line with Improvement from FY14 in line with
employment growth projections projected growth in imports
National supply levels below average
Supply in 2012-14 Supply levels well below 10 year average
To remain below average levels For prime properties to remain relatively
Vacancy rates over the next three years low over the next three years
Buyer demand To remain strong for quality properties To remain strong for quality properties
At or above long term averages and
Cap rates expected to tighten over next two years Expected to tighten from current levels
Asset values For prime grade properties expected to For prime grade properties expected to
increase due to tighter yields increase due to tighter yields
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DEXUS Property Group 2012 Annual Results and Strategic Review — Slide 34

STRATEGIC REVIEW

DEXUS Property Group 2012 Annual Results and Strategic Review — Slide 35

STRATEGIC REVIEW

DEXUS to be globally recognised as Australia’s leading real estate company

• A proxy for high quality Australian office

• Wholesale partner of choice in office, industrial and retail

• Growth in Australian industrial exposure through third party funds

• Offshore exposure now non-core

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123 Albert Street, Brisbane, QLD
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DEXUS Property Group 2012 Annual Results and Strategic Review — Slide 36

STRATEGIC REVIEW DEXUS’s current position

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1. Excluding cash
2. Including post balance date acquisitions and impact of NPS partnership.
DEXUS Property Group 2012 Annual Results and Strategic Review — Slide 37
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STRATEGIC REVIEW

DEXUS’s key competitive strengths and opportunities

Key competitive strengths

• Highest quality listed office portfolio

• Core capabilities in office, industrial and retail asset management and development

• Strong and diversified tenant relationships

• Scalable, high performing third party funds platform

• Track record delivering consistent long term investor returns

Opportunities

• Office sector leadership

• Enhancing our core capabilities and focus at the property level to drive performance and deliver superior returns

• Leveraging access to capital through our third party funds platform

• Redeploying excess capital into core Australian markets

• Strong balance sheet and prudent capital management

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Sydney CBD including GPT, 1 Bligh Street, Gateway, Australia Square, Sydney, NSW
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DEXUS Property Group 2012 Annual Results and Strategic Review — Slide 38

STRATEGIC REVIEW

DEXUS intent for market leadership

CAPABILITY

• The leader in office retaining multi-sector capabilities in industrial and retail

• Best people, systems, processes and strongest tenant relationships

• Actively managing and recycling properties through the cycle to drive returns

• A renowned culture of service excellence and high performance

CAPITAL

• Most competitive cost of equity relative to peers

• Increased access to long term capital partnerships to invest through the cycle

• Better cost and access to debt funding through the cycle relative to peers

OPERATIONAL SCALE

• The leading manager of CBD office, concentrated in core Australian markets

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• The leader in asset and tenant deal flow with superior market intelligence

• Leading ability to pre-empt and satisfy tenant needs

• Lowest operating cost model relative to peers

DEXUS Property Group 2012 Annual Results and Strategic Review — Slide 39

STRATEGIC REVIEW

A clear and focused strategy

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DEXUS Property Group 2012 Annual Results and Strategic Review — Slide 40

Phases of execution and FY13 initiatives

STRATEGIC REVIEW

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DEXUS Property Group 2012 Annual Results and Strategic Review — Slide 41

STRATEGIC REVIEW Execution momentum has been established

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DEXUS Property Group 2012 Annual Results and Strategic Review — Slide 42

STRATEGIC REVIEW Target composition and focus

DXS portfolio[1] composition

• Concentrate on core Australian markets

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8%
20% 10-20%
22%
20%
80-90%
70%
60%
Prior target Current allocation New target
Office Industrial AU Industrial US
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• Exit from non-core offshore markets

• US to be exited within next 12-24 months

• Growth in Australian industrial exposure through third party funds

• Increased office exposure in DXS portfolio to enable active trading of office properties through the cycle

• Maximum of 15% development exposure in DXS portfolio

Maintain strong DXS balance sheet

• Target gearing range of 30-40%

• Maintain diverse range of financing options

• Target debt duration of >4 years

• Balance sheet properties only.

• As at 30 June 2012 including the post balance date acquisitions and impact of NPS partnership.

• Target of 3-5 year timeframe.

DEXUS Property Group 2012 Annual Results and Strategic Review — Slide 43

STRATEGIC REVIEW Target composition and focus

DXS earnings shift

• Quality of earnings to change and be more focused on Australian office

• Exposure to upside in fee income from third party funds management and property management sources

• Reduced contribution from trading activities over time

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DXS earnings composition DXS earnings composition
at 30 June 2012 target [1 ]
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Sydney CBD view from Gateway, 1 Macquarie Place, Sydney, NSW

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1. Target of 3-5 year timeframe.
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DEXUS Property Group 2012 Annual Results and Strategic Review — Slide 44

STRATEGIC REVIEW
Target core markets and assets for the DXS portfolio

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AUSTRALIAN OFFICE AUSTRALIAN INDUSTRIAL
� Concentrate on core CBD office � Concentrate on key industrial
markets of Sydney, Melbourne, metropolitan markets of Sydney,
Brisbane and Perth Melbourne and Brisbane
� Pursue selective recycling of � Located close to intermodal,
non-core properties and infrastructure and employment hubs
markets
� Prime grade properties
— Secure cash flows with quality � Modern, functional high
tenants and low capex quality distribution and
requirements warehouse facilities
� A or B-grade properties
—
Repositioning value-add
opportunities � Development
— Undertake selective value-add
� Development opportunities
—
Develop product of scale and
quality suitable for long term
ownership
DEXUS Property Group 2012 Annual Results and Strategic Review — Slide 45
Target markets
Target asset quality and type
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STRATEGIC REVIEW

Clear operational and financial targets

• Enhanced KPIs for all senior executives incorporating operational and financial targets

• Additional KPIs aligned to strategic objectives

Operational KPIs		Financial KPIs Target	Financial KPIs Target	DELIVERING SUPERIOR RISK-ADJUSTED RETURNS FOR INVESTORS
Property specific targets		FFO growth per security Return on equity Total security holder return	3-5% per annum through the cycle 9-10% per annum through the cycle Long term top quartile performance relative to peer group
� Total return and IRR focus on stabilised properties � Return on cost, IRR and margin for developments Portfolio specific targets � Like-for-like NOI growth � Reducing leasing risk Corporate and capital specific targets � Cost of funds � Management expense ratio

DEXUS Property Group 2012 Annual Results and Strategic Review — Slide 46

SUMMARY

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DEXUS Property Group 2012 Annual Results and Strategic Review — Slide 47
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SUMMARY

• Clear strategy with execution momentum established

• Australian office and industrial markets expected to be positioned for growth from FY14

• Well positioned with strong conservative balance sheet

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

• Guidance for year ending 30 June 2013[1]

• FY13 FFO per security of 7.75 cents

• FY13 FFO payout ratio of 75%

• FY13 distribution per security growth of 8.4% to 5.8 cents

  • 1 Bligh Street, Sydney, NSW

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1. Barring unforeseen circumstances. Assumptions include: delivering 2% like-for-like NOI growth in office portfolio, $5m in trading profits, cost of debt remaining at 6.1% and excluding impacts of further on-market buy-back.

DEXUS Property Group 2012 Annual Results and Strategic Review — Slide 48

2012 ANNUAL RESULTS APPENDICES

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DEXUS Property Group 2012 Annual Results and Strategic Review — Slide 49
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CONTENTS

Group highlights

Portfolio results

Group highlights		Portfolio results
Strong total security holder returns	51	Acquisitions	63
DEXUS organisational structure	52	Divestments	64
Financial results		Revaluation summary as at 30 June 2012	65
Funds From Operations breakdown	53	Developments	67
Statutory profit breakdown	54	Income and lease expiry	71
Profit to Funds From Operations reconciliation	56	Rent review profiles	72
Change in net tangible assets	57	Office portfolio	73
Return on equity	58	Industrial portfolio	77
Interest reconciliation	59	US industrial portfolio	80
Direct property portfolio movements	60	Australian office markets	84
Capital management		Australian industrial markets	91
Debt covenants and buy-back summary	61	US industrial markets	92
Interest rate hedging profile	62	FX rates	93
		Glossary	94
		Important information	95

DEXUS Property Group 2012 Annual Results and Strategic Review — Slide 50

GROUP HIGHLIGHTS Strong total security holder returns

DXS investor returns

• FY12 total security holder return of 12.2%

• Outperformed A-REIT index[1] over 1, 3 and 5 years

• FY12 distribution per security growth of 3.3%

DEXUS total security holder return

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Distribution — cents per security
5.4 5.35
5.3
5.18
5.2
5.1
5.1
5.0
4.9
2010 2011 2012
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DEXUS accumulation price performance
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15% 12.2% 14.1% 12.3% 115
11.0%
10% 110
5% 105
0% 100
-5% -1.8% 95
-4.9%
-10% 90
1 Year 3 Years 5 Years
DEXUS Property Group S&P/ASX 200 Prop Acc. Index
DEXUS Property Group S&P ASX Prop Accum 200
1. S&P/ASX Property 200 Accumulation Index.
DEXUS Property Group 2012 Annual Results and Strategic Review — Slide 51
Jun-11 Jul-11 Aug-11 Sep-11 Oct-11 Nov-11 Dec-11 Jan-12 Feb-12 Mar-12 Apr-12 May-12 Jun-12
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GROUP HIGHLIGHTS
DEXUS organisational structure

• Enhanced bench strength at executive level to drive future direction

• Streamlined structure bringing executives closer to properties and tenants

• Leveraged synergies through combining office and industrial skill sets

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Chief Executive Officer
General
EGM, Office & Industrial EGM Property Services & Financial Chief Counsel & Transactions & EGM Strategy, EGM, Investor Relations & EGM, Human Resources
COO Officer Company Research Comms
Secretary
Office &
Industrial Asset Industrial Office & Property Services Third Party Funds Compliance & Risk Transactions Capital
Development Management Governance
Management
Research
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DEXUS Property Group 2012 Annual Results and Strategic Review — Slide 52

FINANCIAL RESULTS

Funds from operations breakdown

$m		Office	AU	US	EU	Mgmt net	Other	Elims	Operating		Finance	Fit-out/	RENTS	Other	FFO
		NOI	industrial	industrial	industrial	operating	(FX)		EBIT		costs	cash amort
			NOI	NOI	NOI	cost						& SLR
Propertyrevenue		382.3	149.8	105.6	12.3	3.6	—	—	653.6			31.1			684.7
Proceeds from sale of
inventory						49.8			49.8						49.8
Management fee income						63.2	—	(12.5)	50.7						50.7
Total revenue from
ordinary activities		382.3	149.8	105.6	12.3	116.6	—	(12.5)	754.1			31.1			785.2
Net foreign exchangegain							2.2		2.2						2.2
Share of net profits of
associates*		6.3							6.3			0.6			6.9
Other income															—
Total income		388.6	149.8	105.6	12.3	116.6	2.2	(12.5)	762.6			31.7			794.3
Propertyexpenses		(98.8)	(29.8)	(30.9)	(3.4)	(3.6)		11.6	(154.9)						(154.9)
Cost of sale of inventory						(44.0)			(44.0)						(44.0)
Finance costs											(120.3)				(120.3)
Depreciation and
amortisation						(2.8)			(2.8)						(2.8)
Employee benefits expense						(74.4)			(74.4)						(74.4)
Other expenses						(19.5)		0.9	(18.6)						(18.6)
Total expenses		(98.8)	(29.8)	(30.9)	(3.4)	(144.3)	—	12.5	(294.7)		(120.3)	—			(415.0)
Profit/(loss) before tax		289.8	120.0	74.7	8.9	(27.7)	2.2	—	467.9		(120.3)	31.7			379.3
Income tax benefit/
(expense)														1.9	1.9
Withholding tax benefit/
(expense)														(2.5)	(2.5)
Total tax benefit/(expense)														(0.6)	(0.6)
RENTS													(12.0)		(12.0)
Other														1.1	1.1
FFO		289.8	120.0	74.7	8.9	(27.7)	2.2	—	467.9		(120.3)	31.7	(12.0)	0.5	367.8

DEXUS Property Group 2012 Annual Results and Strategic Review — Slide 53

FINANCIAL RESULTS Statutory profit breakdown

$m	NOI	Mgmt	Internal fees	Other	Net	RENTS	Current	Deferred	Revals/	Elims	Group
		business	& recoveries	income &	finance	**dist’n **	tax	tax	MTM/gain		consolidated
		EBIT		expenses	costs				on sale		30 June 12
Revenue from ordinary activities
Property revenue	650.0	3.6									653.6
Proceeds from sale of inventory		49.8									49.8
Management fees		89.8								(39.1)	50.7
Interest revenue					1.7						1.7
Net foreign exchange gain				2.2							2.2
Share of net profits of associates accounted
for using the equity method	6.3								7.5		13.8
Net fair value gain of investment properties									75.3		75.3
Total income	656.3	143.2	—	2.2	1.7	—	—	—	82.8	(39.1)	847.1

DEXUS Property Group 2012 Annual Results and Strategic Review — Slide 54

FINANCIAL RESULTS Statutory profit breakdown

$m	NOI	Mgmt	Internal fees	Other	Net	RENTS	Current	Deferred	Revals/	Elims	Group
		business	& recoveries	income &	finance	**dist’n **	tax	tax	MTM/gain		consolidated
		EBIT		expenses	costs				on sale		30 June 12
Expenses
Propertyexpenses	(162.9)	(3.6)								11.6	(154.9)
Cost of sale of inventory		(44.0)									(44.0)
Internal RE fees and recoveries			(26.6)							26.6	—
Finance costs					(122.0)				(139.9)		(261.9)
Depreciation		(2.8)									(2.8)
Impairment									(15.5)		(15.5)
Employee related expenses		(74.4)									(74.4)
Net loss on sale of investmentproperties									(32.6)		(32.6)
Net fair value loss of derivatives									(1.5)		(1.5)
Other expenses		(13.7)		(5.8)1						0.9	(18.6)
FX loss transferred from reserves									(41.5)		(41.5)
Total expenses	(162.9)	(138.5)	(26.6)	(5.8)	(122.0)	—	—	—	(231.0)	39.1	(647.7)
Profit before tax	493.4	4.7	(26.6)	(3.6)	(120.3)	—	—	—	(148.2)	—	199.4
Tax expense
Income tax benefit							1.1	19.1			20.2
Withholdingtax expense							(2.5)	(34.2)			(36.7)
Total tax benefit/(expense)	—	—	—	—	—	—	(1.4)	(15.1)	—	—	(16.5)
Net profit attributable to other non-controllinginterests						(1.8)					(1.8)
Netprofit	493.4	4.71	(26.6)1	(3.6)	(120.3)	(1.8)	(1.4)	(15.1)	(148.2)	—	181.1

Operating EBIT (slide 8) = 467.9

1. These three items comprise the net operating profit/costs of ($27.2m) per slide 11.

DEXUS Property Group 2012 Annual Results and Strategic Review — Slide 55

FINANCIAL RESULTS

Profit to funds from operations reconciliation

$m Group consolidated 30 June 12 Loss on sale of US central portfolio Property revals/ Impairmt MTM deriv/ FX Loss on sale of inv prop Amort'n & straight-line rent adj Deferred tax RENTS capital dist'n and other FFO	$m Group consolidated 30 June 12 Loss on sale of US central portfolio Property revals/ Impairmt MTM deriv/ FX Loss on sale of inv prop Amort'n & straight-line rent adj Deferred tax RENTS capital dist'n and other FFO	$m Group consolidated 30 June 12 Loss on sale of US central portfolio Property revals/ Impairmt MTM deriv/ FX Loss on sale of inv prop Amort'n & straight-line rent adj Deferred tax RENTS capital dist'n and other FFO	$m Group consolidated 30 June 12 Loss on sale of US central portfolio Property revals/ Impairmt MTM deriv/ FX Loss on sale of inv prop Amort'n & straight-line rent adj Deferred tax RENTS capital dist'n and other FFO	$m Group consolidated 30 June 12 Loss on sale of US central portfolio Property revals/ Impairmt MTM deriv/ FX Loss on sale of inv prop Amort'n & straight-line rent adj Deferred tax RENTS capital dist'n and other FFO	$m Group consolidated 30 June 12 Loss on sale of US central portfolio Property revals/ Impairmt MTM deriv/ FX Loss on sale of inv prop Amort'n & straight-line rent adj Deferred tax RENTS capital dist'n and other FFO	$m Group consolidated 30 June 12 Loss on sale of US central portfolio Property revals/ Impairmt MTM deriv/ FX Loss on sale of inv prop Amort'n & straight-line rent adj Deferred tax RENTS capital dist'n and other FFO	$m Group consolidated 30 June 12 Loss on sale of US central portfolio Property revals/ Impairmt MTM deriv/ FX Loss on sale of inv prop Amort'n & straight-line rent adj Deferred tax RENTS capital dist'n and other FFO	$m Group consolidated 30 June 12 Loss on sale of US central portfolio Property revals/ Impairmt MTM deriv/ FX Loss on sale of inv prop Amort'n & straight-line rent adj Deferred tax RENTS capital dist'n and other FFO	$m Group consolidated 30 June 12 Loss on sale of US central portfolio Property revals/ Impairmt MTM deriv/ FX Loss on sale of inv prop Amort'n & straight-line rent adj Deferred tax RENTS capital dist'n and other FFO
Revenue from ordinaryactivities
Propertyrevenue	653.6					31.1			684.7
Proceeds from sale of inventory	49.8								49.8
Management fee income	50.7								50.7
Interest revenue	1.7							(1.7)	—
Total revenue from ordinaryactivities	755.8	—	—	—	—	31.1	—	(1.7)	785.2
Net foreign exchangegain	2.2								2.2
Share of net profits of associates accounted for using the equitymethod	13.8		(7.5)			0.6			6.9
Net fair valuegain of investmentproperties	75.3		(75.3)						—
Other income	-								—
Total income	847.1	—	(82.8)	—	—	31.7	—	(1.7)	794.3
Expenses
Propertyexpenses	(154.9)								(154.9)
Cost of sale of inventory	(44.0)								(44.0)
Responsible Entityfees	-								—
Finance costs	(261.9)	44.3		95.6				1.7	(120.3)
Depreciation and amortisation	(2.8)								(2.8)
Impairment	(15.5)		14.9					0.6	—
Employee benefits expense	(74.4)								(74.4)
Net loss on sale of investmentproperties	(32.6)	23.5			9.1				—
Net fair valuegain/(loss)of derivatives	(1.5)			1.5					—
Other expenses	(18.6)								(18.6)
Foreign currencyloss transferred from reserves	(41.5)	39.6			1.9				—
Total expenses	(647.7)	107.4	14.9	97.1	11.0	—	—	2.3	(415.0)
Profit/(loss)before tax	199.4	107.4	(67.9)	97.1	11.0	31.7	—	0.6	379.3
Tax benefit/(expense)
Income tax benefit/(expense)	20.2	0.8					(19.1)		1.9
Withholdingtax benefit/(expense)	(36.7)	8.8					25.4		(2.5)
Total tax benefit/(expense)	(16.5)	9.6	—	—	—	—	6.3	—	(0.6)
Netprofit attributable to other minorityinterests	(1.8)							(10.2)	(12.0)
Other	—							1.1	1.1
Profit/(loss) after tax and minority interest	181.1	117.0	(67.9)	97.1	11.0	31.7	6.3	(8.5)	367.8

Refer to reconciliation in the Property Synopsis at www.dexus.com/synopsis for full details.

DEXUS Property Group 2012 Annual Results and Strategic Review — Slide 56

FINANCIAL RESULTS
Change in net tangible assets

30 June 2011 $m 30 June 2012 $m cps Opening net tangible assets 4,576 4,878 100.8 Revaluation of real estate 182 68 1.4 Retained earnings1 107 110 2.3 Amortisation of tenant incentives2 (29) (32) (0.7) Fair value movements3 33 (189) (3.9) NTA changes in comprehensive income 293 (43) (0.9) Impact of the securities buy-back — (51) 0.1 FX reserve4 9 — — Total movement in NTA 302 (94) 100.0 Closing net tangible assets 4,878 4,784	Investment portfolio % of portfolio Cap rate Valuation movement
	Office 67% 7.30% 93.5 Industrial 24% 8.59% (57.8) Industrial US 8% 6.32% 36.5 Europe 1% (4.3) Total portfolio 100% 67.9

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

2. Includes rent straight-lining

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

4. Includes the impact of the DRP and FX reserves.

DEXUS Property Group 2012 Annual Results and Strategic Review — Slide 57

FINANCIAL RESULTS
Return on equity

ROE track record

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GFC impacted US sale
27.1% 26.3% impacted
30%
20% 14.3%
average 6.0% 11.8%
10% 3.8% 4.5%
-0.5%
0%
FY05 FY06 FY07 FY08 FY09 FY10 FY11 FY12
-10%
-20%
-30%
-40%
-39.0%
Total Average
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DEXUS Property Group 2012 Annual Results and Strategic Review — Slide 58

FINANCIAL RESULTS Interest reconciliation

	30 June 2012	30 June 2011
	$m	$m
Interest paid/payable	135.3	124.4
Other finance costs	5.2	4.4
Realised interest rate swap expense1	4.0	26.5
Gross finance costs	144.5	155.3
Less: interest capitalised	(22.5)	(61.0)
Less: interest income	(1.7)	(1.5)
Net finance costs for distributable earnings (Slide 8)	120.3	92.8
Less: unrealised interest rate swap MTM loss/(gain)1	95.6	(41.6)
Add: finance costs attributable to asset disposal programme	44.3	—
Add: interest income	1.7	1.5
Statutory finance costs (Fin Stats note 3)	261.9	52.7

1. Net fair value loss of interest rate swaps of $99.6m (per note 3) consists of realised interest rate swap expense $4.0m plus unrealised interest rate swap MTM loss $95.6m.

DEXUS Property Group 2012 Annual Results and Strategic Review — Slide 59

FINANCIAL RESULTS

Direct property portfolio movements

	Office1	Industrial	US industrial	Other2	DEXUS total1
	$m	$m	$m	$m	$m
Opening direct property	4,511	1,631	1,171	174	7,487
Leasing incentive3	37	6	19	1	63
Maintenance capex	39	14	10	1	64
Acquisitions	—	22	35	—	57
Developments4	40	92	—	—	132
Disposals5	—	(44)	(798)	(118)	(960)
FX	1	—	78	(8)	71
Revaluations	94	(58)	36	(4)	68
Amortisation	(44)	(6)	(14)	(1)	(65)
Straight-lining	2	2	2	—	6
Closing direct property	4,680	1,659	539	45	6,923

1. Includes DXS’s share of equity accounted investments. 2. Includes Europe.

2. Includes rent free incentives.

3. Includes capitalised interest.

4. At book value.

DEXUS Property Group 2012 Annual Results and Strategic Review — Slide 60

CAPITAL MANAGEMENT Debt covenants and buy-back summary

Key metrics	30 June 2012	30 June 2011
Gearing1	27.2%	28.4%
Pro-forma gearing — 100% buy-back1,2	29.4%	n/a
S&P/Moody’s credit rating	BBB+ / Baa1	BBB+ / Baa1
Covenant gearing1(covenant3<55%)	27.8%	29.1%
Interest cover (covenant3>2.0x)	3.8x	3.1x
Priority debt (covenant3<30%)	1.1%	5.3%
Buy-back summary	30 June 2012	16 August 2012
Total buy-back commitment	$200m	$200m
% of securities on issue	5%	5%
Total securities bought back	55.2m	76.5m
% of total commitment	25.5%	35.3%
Total cost of units bought back	$51.0m	$70.6m
Average price per security	$0.923	$0.923

1. Refer to glossary for gearing definition. 2. Assuming completion of balance of $200m buy-back. 3. As per public bond covenants.

DEXUS Property Group 2012 Annual Results and Strategic Review — Slide 61

CAPITAL MANAGEMENT

Interest rate hedging profile

	30 June 2012	30 June 2011
Average amount of debt hedged1	73%	82%
Weighted average interest rate on hedged debt	4.3%	4.8%
Weighted average fixed & floating rate2	6.1%	6.6%
Weighted average maturity of interest hedges	4.9 years	5.8 years
Foreign balance sheet hedged	81%	92%

Hedge maturity profile

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A$m 2,000 6%
equiv
1,800
5%
1,600
1,400 4%
1,200
1,000 3%
800
2%
600
400
1%
200
0 0%
FY12 FY13 FY14 FY15 FY16 FY17 FY18 FY19 FY20 FY21
Average amount hedged A$m equiv Weighted avg hedge rate
----- End of picture text -----

Note: all prior disclosed Foreign Exchange Contracts were closed out prior to 30 June 2012.  Foreign income exposure going forward is less than 4% of total distributable earnings.

1. Average amount hedged for the financial year (includes RENTS).

2.Includes fees and margins.

DEXUS Property Group 2012 Annual Results and Strategic Review — Slide 62

PORTFOLIO RESULTS Acquisitions

Acquisitions	Sector	Interest %	Acquisition	Settlement
			A$m1
3676 Ipswich Road, Wacol, QLD	Industrial AU	100%	n/a	November 2011
57-75 Templar Road, Erskine Park, NSW	Industrial AU	100%	n/a	June 2012
6711 Valley View Street, La Palma, CA	US industrial	100%	17.1	July 2011
2250 Riverside Avenue, Colton, CA	US industrial	100%	17.5	October 2011
Total DXS			34.6
452 Flinders Street, Melbourne, VIC	Office DWPF		201.5	November 2011
Sir Joseph Banks Corporate Park, Botany, NSW	Industrial DWPF		76.8	November 2011
34 Manton Street, Morningside, QLD	Industrial DWPF		19.7	December 2011
Total Third Party Funds			298.0
Total Group			332.6

1. Purchase price excludes acquisition costs.

DEXUS Property Group 2012 Annual Results and Strategic Review — Slide 63

PORTFOLIO RESULTS

Divestments

Divestments	No. properties	Book value	Proceeds	Proceeds
		A$m	Local Ccy	A$m
			M
Industrial1	4	84.5	A$90.3	90.3
Industrial EU	12	110.6	€82.0	107.5
US industrial — central portfolio	65	758.6	US$770.0	771.1
US industrial — other divestments	5	26.3	US$34.6	35.0
Total DXS		980.0		1,003.9
QV1 Tower, Perth	1	306.1	A$310.0	310.0
441 St Kilda Road, Melbourne	1	53.9	A$58.0	58.0
Total Third Party Funds		360.0		368.0
Total Group		1,340.0		1,371.9

1. Includes post balance date disposal.

DEXUS Property Group 2012 Annual Results and Strategic Review — Slide 64

Revaluation summary as at 30 June 2012

PORTFOLIO RESULTS

	Office	Industrial	US industrial	Europe	Total
	A$m	A$m	A$m	A$m	A$m
Investment properties	88	(4)	36	(4)	116
Development properties1	(2)	(54)	—	—	(56)
Equity accounted properties	8	—	—	—	8
Total P&L revaluations	94	(58)	36	(4)	68

1. Includes impairments

DEXUS Property Group 2012 Annual Results and Strategic Review — Slide 65

PORTFOLIO RESULTS

Revaluation summary as at 30 June 2012

	Office	Industrial	US industrial	Europe	Total
	A$m	A$m	A$m	A$m	A$m
Carry value — investment properties
Externally revalued	1,538	283	112	36	1,969
Internally revalued	2,896	1,209	404	9	4,518
Sub total	4,434	1,492	516	45	6,487
Carry value — development properties
Externally revalued	—	84	—	—	84
Internally revalued	25	83	23	—	131
Sub total	25	167	23	—	215
Carry value — equity accounted
Externally revalued	—	—	—	—	—
Internally revalued	221	—	—	—	221
Sub total	221	—	—	—	221
Total carry value	4,680	1,659	539	45	6,923

DEXUS Property Group 2012 Annual Results and Strategic Review — Slide 66

PORTFOLIO RESULTS Developments — completed

	Building area	Project cost	Yield on project	IRR1	Completed
	sqm	A$m	cost %	%	date
Office
Southgate Complex, Southbank VIC	9,783	26.0	9.4	17.2	November 2011
Total office	9,783	26.0
Industrial
Greystanes NSW — Fujitsu	17,004	31.4	10.1	34.1	September 2011
Greystanes NSW — Camerons (46%) Spec	23,353	29.7	9.1	31.8	May 2012
Greystanes NSW — UPS	5,437	8.7	8.0	5.9	July 2012
Laverton VIC — Loscam	6,534	10.5	8.9	30.3	July 2011
Laverton VIC — Fastline	17,347	14.1	9.2	16.1	September 2011
Laverton VIC — Toll	13,720	12.4	8.1	6.8	June 2012
Laverton VIC — ACFS	15,564	12.4	8.8	16.9	June 2012
Erskine Park — Schenker	21,143	24.9	9.2	18.1	September 2011
Total industrial	120,102	144.1	9.1

1. Project IRRs.

DEXUS Property Group 2012 Annual Results and Strategic Review — Slide 67

PORTFOLIO RESULTS Development pipeline and capital expenditure requirements

• DXS (owned) development pipeline is substantial

• Heavily skewed to long dated industrial projects

• NPS partnership is expected to result in DXS development capital requirement reducing by 50%

	DXS portfolio	Est. FY13
	Maintenance capital expenditure	$40m-$50m
	Tenant incentives and leasing costs	$40m-$50m
	Total capital expenditure	$80m–$100m

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DXS Approx size (sqm) FY13 FY14 FY15 FY16 FY17
Office 24,098 $159m
Industrial [1 ] 255,718 $205m
Total 279,816 Approximately $364m
Third party Approx size (sqm) FY13 FY14 FY15 FY16 FY17
Office 32,600 $203m
Retail 104,900 $615m
Industrial 36,800 $40m
Total 174,300 Approximately $858m
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1. Excluding NPS partnership.

DEXUS Property Group 2012 Annual Results and Strategic Review — Slide 68

PORTFOLIO RESULTS Developments — underway

	Area	Est. total	Est. cost to	Est. yield on	Est. completion
	sqm	cost1	completion	total cost	date
		A$m	A$m	%
Industrial
Greystanes NSW — Brady Australia	13,310	21.2	15.0	8.2	December 2012
Greystanes NSW — HOA’s (57%) Spec	18,200	24.4	11.0	9.1	October 2012
Erskine Park NSW — Spec	30,145	35.5	24.5	9.1	March 2013
Wacol — Nissan	7,830	10.6	5.9	8.5	December 2012
Wacol — Spec	5,800	7.4	4.2	9.3	December 2012
Total underway	75,285	99.1	60.6	8.9

1. Includes land, fully leased.

DEXUS Property Group 2012 Annual Results and Strategic Review — Slide 69

PORTFOLIO RESULTS Developments — uncommitted pipeline

	Country	Building area	Project est.	Project to est.	Projected yield on
		sqm	A$m1	completion	project est. cost
				A$m	%
Office
180 Flinders Street, Melbourne	Australia	24,098	240.0	160.0	7.4
Total office		24,098	240.0	160.0
Industrial
Greystanes NSW2	Australia	81,765	109.5	74.8	9.5
DEXUS Industrial Estate, Laverton North VIC2,3	Australia	173,953	175.3	130.7	12.7
Total industrial		255,718	284.8	205.5
Total pipeline		279,816	524.8	365.5

1. Includes land. 2. Greystanes and DEXUS Industrial Estate Laverton North excludes developments underway and completed and land sold. 3. Project estimated cost includes cost of land sales.

DEXUS Property Group 2012 Annual Results and Strategic Review — Slide 70

PORTFOLIO RESULTS

Portfolio lease expiry profile by income

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60%
50%
40%
30%
20%
10%
0%
FY13 FY14 FY15 FY16 FY17+
Office Industrial Industrial US Industrial EU
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DEXUS Property Group 2012 Annual Results and Strategic Review — Slide 71
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PORTFOLIO RESULTS Office and industrial rent review profile

Office rent review profile

Industrial rent review profile

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100%
80%
60%
40%
20%
0%
FY13 FY14 FY15
Fixed / CPI Market No Review Expiry
----- End of picture text -----

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

100%
80%
60%
40%
20%
0%
FY13 FY14 FY15
Fixed / CPI Market No Review Expiry
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DEXUS Property Group 2012 Annual Results and Strategic Review — Slide 72

Office portfolio composition (leased by area)

PORTFOLIO RESULTS

	Occupancy	Expiries	Renewals	New	Other	L4L closing	Transaction	Occupancy
	30 June 2011					occupancy	impact2	30 June 2012
		sqm	sqm	sqm	sqm
Current period leases	96.2%	(35,657)	12,211	30,699	(494)	96.9%	0.2%	97.1%
Future periods leases	—	(32,758)	32,758	—	—
Total square metres1	536,899	(68,415)	44,969	30,699	(494)	543,658	35,247	578,905
Retention
— Rolling 12 months3								66%

1. Excludes 123 Albert Street, Brisbane. 2. Inclusion of 123 Albert Street, Brisbane following practical completion. 3. By area.

DEXUS Property Group 2012 Annual Results and Strategic Review — Slide 73

PORTFOLIO RESULTS Office top 10 tenants

Tenant S&P rating % of income1	Diversity of tenants by income Government 16% Mining 16% Insurance 5% Parking 10% Property & Business Services 7% Legal & Accounting 18% Telecoms & IT 6% Finance 11% Other 11%
Woodside Energy BBB+ stable 7.4% S&K Car Park Management Not rated 6.2% Rio Tinto A- stable 5.0% Commonwealth of Australia AAA stable 4.9% State of NSW AAA stable 3.3% Lend Lease BBB- stable 2.8% State of Victoria AAA stable 2.4% IBM Australia AA- stable 2.3% Mallesons Not rated 2.2% Clayton Utz Not rated 2.2%

1. 30 June 2012 fully leased passing income annualised.

DEXUS Property Group 2012 Annual Results and Strategic Review — Slide 74

PORTFOLIO RESULTS

Office lease expiry profile at 30 June 2012

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

18%
16.5%
15.5%
16%
13.8%
14% 13.1%
12.4%
12.2%
12% 11.3%
10.7%
10.0% 10.2% 10.1%
10% 9.3% 9.3%
8.2%
8%
5.5%
6% 5.0% 5.2%
4.4%
3.6%
4% 2.9% 3.2% 3.2%
2.3% 2.1%
2%
0%
Vacant FY13 FY14 FY15 FY16 FY17 FY18 FY19 FY20 FY21 FY22 FY23+
Area Income
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DEXUS Property Group 2012 Annual Results and Strategic Review — Slide 75

PORTFOLIO RESULTS
Office - 1 Bligh Street leasing overview

• Significant increase in occupancy

• Increased from 56% to 90%[1 ]

• Key tenants include Bloomberg, Commonwealth Parliamentary Offices and Oil Search

• All executed leases will commence by 1 October 2012 except Bloomberg which commences 1 January 2013

• Strong interest in remaining space

• Weighted average lease term of 8.9 years

• Increased valuation by $7.5 million[2] in FY12

• Cap rate firmed from 6.50% to 6.38%

• Further potential firming to 6.25% when fully occupied

• Achieved IRR of 10.6% to date

• Awarded 6 Star Green Star As Built and received a number of local and international awards for design innovation, sustainability and construction

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Level 28 Bloomberg
Level 27 Bloomberg
Level 26 The Executive Centre
Level 25 Vacant
Level 24 Oil Search
Level 23 Oil Search
Level 22 Oil Search
Level 21 Commonwealth Parliamentary Offices
Level 20 Commonwealth Parliamentary Offices
Level 19 Commonwealth Parliamentary Offices
Level 18 HoA Vacant
Level 17 JSH Investments Vacant
Level 16 Plant room
Level 15 Clayton Utz
Level 14 Clayton Utz
Level 13 Clayton Utz
Level 12 Clayton Utz
Level 11 Clayton Utz
Level 10 Clayton Utz
Level 9 Clayton Utz
Level 8 Clayton Utz
Level 7 Clayton Utz
Level 6 Clayton Utz
Level 5 Clayton Utz
Level 4 Clayton Utz
Level 3 Clayton Utz
Level 2 Clayton Utz
Level 1 Clayton Utz
Bligh St Janus Café
O'Connell St Child care centre
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1.Including Heads of Agreement.

2.DXS 33.3% share.

DEXUS Property Group 2012 Annual Results and Strategic Review — Slide 76

PORTFOLIO RESULTS Industrial portfolio composition (leased by area)

	Occupancy	Expiries	Renewals	New	Other	L4L closing	Transaction	Occupancy
	30 June 2011	sqm	sqm	sqm	sqm	occupancy	impact	30 June 2012
Current period leases	96.2%	(219,866)	111,728	51,924	476	91.2%	0.5%	91.7%
Future periods leases	—	(42,887)	42,887	—	—
Total square metres	1,059,248	(262,753)	154,615	51,924	476	1,003,510	63,660	1,067,170
Retention
— Rolling 12 months1								59%

1. By area.

DEXUS Property Group 2012 Annual Results and Strategic Review — Slide 77

PORTFOLIO RESULTS Industrial top 10 tenants

Industrial S&P rating % of income1	Diversity of tenants by income ��������� �������� ���������� ���������� ������������� ��� ��������� ����������� ������������� ��������
Wesfarmers Limited A- stable 5.8% AWH Pty Ltd Not rated 4.1% Visy Industry Packaging Pty Ltd Not rated 3.5% IBM Australia Limited AA- stable 3.2% Toll Transport Pty Ltd AA stable 2.8% DHL BBB+ stable 2.7% Fujitsu Not rated 2.5% Commonwealth of Australia AAA stable 2.4% Salmat Business Force Pty Ltd Not rated 2.3% Foster’s Australia Ltd BBB+ stable 2.1%

1. 30 June 2012 fully leased passing income annualised.

DEXUS Property Group 2012 Annual Results and Strategic Review — Slide 78

PORTFOLIO RESULTS

Industrial lease expiry profile at 30 June 2012

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20%
17.8%
18% 17.3%
16%
14% 13.3% 13.6% 13.0%
12.1%
12% 11.4%
10.8%
10%
8.8%
8.3%
8% 7.2% 7.4% 7.5% 7.7%
6.4% 6.2%
5.8%
6%
4.5% 4.4%
4% 3.5% 3.7% 3.5% 3.7%
2.1%
2%
0%
Vacant FY13 FY14 FY15 FY16 FY17 FY18 FY19 FY20 FY21 FY22 FY22+
by Area by Income
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DEXUS Property Group 2012 Annual Results and Strategic Review — Slide 79

PORTFOLIO RESULTS US industrial portfolio metrics

West coast portfolio3 30 June 2012 Chg		Central portfolio — as sold1 22 June 2012 Chg
Number of properties 24 n/a Lettable area (sf) 6.787m 0.7% Book value US$550m 3.2% Income growth (like-for-like)2 3.8% 0.5% Occupancy by area 97.1% (0.6%) Occupancy by income 98.2% 0.8% Average incentive 7.1% (3.5%) Retention rates 66% (18%) Ave rental increase/decrease (8.5%) (1.1%) Average fixed increase on leased portfolio 3% n/a Over/(under) rented 12.2% (11.9%) Area leased (sf) 1.741m n/a Average cap rate 6.32% (30bps) Average passing yield 7.18% 0.5%		Number of properties sold 65 n/a Lettable area (sf) 16.61m n/a Sale price (before costs) US$770m n/a Book value prior to sale US$772m 2.6% Occupancy by area 89.7% 10.3% Occupancy by income 91.5% 8.6% Average incentive 16.1% 0.5% Retention rates 72% 26% Ave rental increase/decrease (15%) (1%) Average fixed increase on leased portfolio 3% n/a Over/(under) rented n/a n/a Area leased (sf) 3.697m n/a Average cap rate (Dec 11) 8.0% n/a Average passing yield (Dec 11) 7.0% n/a

1. The central portfolio represents the portfolio of properties sold to affiliates of Blackstone Real Estate Partners VII on 22 June 2012.

2. Annualised like-for-like NOI growth.

3.West Coast portfolio includes 24 properties and 3 Texas  land parcels.
DEXUS Property Group 2012 Annual Results and Strategic Review — Slide 80

PORTFOLIO RESULTS US industrial portfolio composition (leased by area)

	Occupancy	Expiries	Renewals	New	Other	L4L closing	Transaction	Occupancy
	30 June 2011	m sf	m sf	m sf	m sf	occupancy	impact	30 June 2012
Current period leases	84.4%	(3.5)	2.4	2.8	—	90.6%	6.5%	97.1%
Future periods leases		(0.2)	0.1	0.1	—
Total square feet (m)	20.0	(3.7)	2.5	2.9	—	21.5	(14.9)	6.6
Retention
― Rolling 12 months1								66%

1. By area.

DEXUS Property Group 2012 Annual Results and Strategic Review — Slide 81

PORTFOLIO RESULTS

US industrial top 10 tenants

S&P rating % of income1	4200 Santa Ana Street, Ontario, CA
Whirlpool Corporation BBB positive 34.7% Advanced Bionics Not rated 8.7% Living Spaces Not rated 6.1% FedEx Ground Package BBB stable 4.0% US Xpress Not rated 3.2% Domtar Paper Company BBB- stable 2.5% Iron Mountain BB- negative 2.1% Travelers Club Luggage Inc Not rated 1.6% Kittrich Corporation Not rated 1.5% Staples Inc BBB 1.4%

1. 30 June 2012 fully leased passing income annualised.

DEXUS Property Group 2012 Annual Results and Strategic Review — Slide 82

PORTFOLIO RESULTS

US industrial lease expiry profile at 30 June 2012

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30%
25.2%
25%
22.0%
19.1%
20%
15.3%
15% 13.0% 12.6%
11.7% 11.7%
9.3% 10.0% 10.5% 9.7%
10% 8.6% 7.8%
5% 2.9% 1.8% 1.8% 2.4% 2.4% 2.1%
0%
Vacant FY13 FY14 FY15 FY16 FY17 FY18 FY19 FY20 FY21+
By area By income
DEXUS Property Group 2012 Annual Results and Strategic Review — Slide 83
AUSTRALIAN OFFICE MARKETS
Business cycle supports growth in demand from FY14
Business credit growth & total employment growth vs office demand
(Sydney, Melbourne, Brisbane, Perth)
% pa % pa
40% 8%
30% 6%
20% 4%
10% 2%
0% 0%
-10% -2%
-20% -4%
Dec-82 Dec-86 Dec-90 Dec-94 Dec-98 Dec-02 Dec-06 Dec-10 Dec-14
Net absorption - 4CBDs (RHS) Business credit (LHS) Employment growth (RHS) Forecast
Source: Deloitte Access Economics, ABS, Jones Lang LaSalle, DEXUS Research.
DEXUS Property Group 2012 Annual Results and Strategic Review — Slide 84
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AUSTRALIAN OFFICE MARKETS
Sydney CBD weak demand matched by low supply

Sydney CBD office market

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

‘000sqm
250 14%
200 12%
150
10%
100
8%
50
6%
-
4%
-50
-100 2%
-150 0%
2000 2002 2004 2006 2008 2010 2012 2014 2016
Net Abs. Net Supply Vacancy (RHS)
----- End of picture text -----

	Sydney CBD office market	At 30 June 2012
	Total net lettable area Prime vacancy average	4.96 million sqm 9.3%
	DXS Sydney CBD office exposure1
	Net lettable area Number of properties % of portfolio by value Occupancy by area Occupancy by income Weighted average lease expiry	259,314sqm 12 52.1% 94.8% 94.9% 4.5 years

• Demand from banking sector will be subdued through FY13, however business services will continue to grow

• Incentives likely to remain elevated and effective rent growth mild in FY13 due to contiguous space options and backfill space from pre-committed towers (8 Chifley and 161 Castlereagh Street)

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

DEXUS Property Group 2012 Annual Results and Strategic Review — Slide 85

AUSTRALIAN OFFICE MARKETS Barangaroo impact on the Sydney CBD office market

Barangaroo to have long term positive impact on Sydney CBD

• Expected to deliver circa 266,000sqm of office space, representing 31% of the forecast gross Sydney CBD supply over the next decade

• Movement of pre-committing tenants will create backfill space from 2015, however much of the Westpac space is secondary stock and may be withdrawn for refurbishment or redevelopment

• The project comprises circa 5% of total CBD stock spread over two years. Assuming average take-up of 1.4% of stock p.a., impact on market vacancy could be in the vicinity of 2% to 3% in 2015-2017

• Net face rents reported to be in the $900-$1100sqm range, well above the average for the western corridor precinct

• We anticipate a competitive leasing market

Impact on western corridor precinct

• Project and associated infrastructure will improve amenity

• New benchmark for rental levels

• Backfill space will enter the market

Impact on DEXUS

• Increased demand from tenants seeking to locate between Barangaroo and Wynyard station

• Longer term opportunity for rents in the western corridor precinct properties to rebase higher

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DXS exposure to As at 30 June 2012
Sydney western corridor
precinct
Total net lettable area 144,400sqm
Total properties 6
2014-2016 major lease Lend Lease, 30 The Bond
expiries Lloyds, 45 Clarence
Bankwest, 45 Clarence
Wesfarmers, 309-321 Kent
Sparke Helmore, 309-321 Kent
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Sydney CBD office supply

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

‘000sqm
350
300
250
200
150
100
50
-
1989 1992 1995 1998 2001 2004 2007 2010 2013 2016
Gross supply Barangaroo supply
----- End of picture text -----

Sources: Jones Lang LaSalle actual & DEXUS forecast.

DEXUS Property Group 2012 Annual Results and Strategic Review — Slide 86

AUSTRALIAN OFFICE MARKETS Sydney CBD office market

Incentive and vacancy rates

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25% 50%
20% 40%
15% 30%
10% 20%
5% 10%
0% 0%
1989 1991 1993 1995 1997 1999 2001 2003 2005 2007 2009 2011 2013
Vacancy (LHS) Incentives
Sources: Jones Lang LaSalle actual & DEXUS forecast.
DEXUS Property Group 2012 Annual Results and Strategic Review — Slide 87
Vacancy rate
Incentive % of lease
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AUSTRALIAN OFFICE MARKETS Melbourne CBD facing supply additions in short term

Melbourne CBD office market

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

‘000sqm
200 15%
150
100 10%
50
- 5%
-50
-100 0%
2000 2002 2004 2006 2008 2010 2012 2014 2016
Net Abs. Net Supply Vacancy (RHS)
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	Melbourne CBD office market	At 30 June 2012
	Total net lettable area	4.33 million sqm
	Prime vacancy average	6.0%
	DXS Melbourne CBD office exposure1
	Net lettable area	108,831sqm
	Number of properties	6
	% of portfolio by value	13.6%
	Occupancy by area	94.8%
	Occupancy by income	98.6%
	Weighted average lease expiry	5.0 years

• Above average supply is expected to lead to a rise in vacancy over the next 2 years

• Incentives to remain elevated with weak effective rental growth

• Further supply additions delayed beyond 2016

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

DEXUS Property Group 2012 Annual Results and Strategic Review — Slide 88

AUSTRALIAN OFFICE MARKETS

Brisbane CBD expected to experience falling vacancy over the next 2 years

Brisbane CBD office market

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‘000sqm
250 15%
200
10%
150
100 5%
50
0%
-
-50 -5%
2000 2002 2004 2006 2008 2010 2012 2014 2016
Net Abs. Net Supply Vacancy (RHS)
� Mining and business services sectors to drive demand
growth in the medium term while government contracts
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Brisbane CBD office market At 30 June 2012
Total net lettable area 2.13 million sqm
Prime vacancy average 8.2%
DXS Brisbane CBD office exposure [1 ]
Net lettable area 55,417sqm
Number of properties 2
% of portfolio by value 10.2%
Occupancy by area 98.0%
Occupancy by income 97.0%
Weighted average lease expiry 7.6 years
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• A supply gap will emerge in 2013 & 2014 after the completion of two major projects in 2012

• Vacancy is expected to trend downwards

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Source: Jones Lang LaSalle actual & DEXUS forecast.
1. Including post balance date acquisitions.
DEXUS Property Group 2012 Annual Results and Strategic Review — Slide 89
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AUSTRALIAN OFFICE MARKETS

Perth CBD to experience supply shortage in the short term

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Perth CBD office markets
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‘000sqm
150 15%
100
10%
50
5%
0
0%
-50
-100 -5%
2000 2002 2004 2006 2008 2010 2012 2014 2016
Net Abs. Net Supply Vacancy (RHS)
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Perth CBD office market At 30 June 2012
Total net lettable area 1.62 million sqm
Prime vacancy average 2.7%
DXS Perth CBD office exposure [1 ]
Net lettable area 47,263sqm
Number of properties 1
% of portfolio by value 9.5%
Occupancy by area 100.0%
Occupancy by income 99.1%
Weighted average lease expiry 5.1 years
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• Demand likely to be weaker than previous few years due to slowing, but still elevated, resource investment

• Supply risks will increase mid-decade

• Vacancy is expected to remain low over the next 3 years because there are no major projects under construction

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

DEXUS Property Group 2012 Annual Results and Strategic Review — Slide 90

AUSTRALIAN INDUSTRIAL MARKETS National outlook

Container movements — Sydney Ports

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Twenty foot equivalent units
200,000
180,000
160,000
140,000
120,000
100,000
May-07 May-08 May-09 May-10 May-11 May-12
Imports by state of destination
30,000
25,000
20,000
15,000
10,000
5,000
0
Jun-92 Jun-96 Jun-00 Jun-04 Jun-08 Jun-12 Jun-16
VIC NSW QLD
Sources: Deloitte Access Economics, Jones Lang LaSalle actual & DEXUS forecast.
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East coast supply
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‘000sqm
3,000
2,000
1,000
0
2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
Sydney Melbourne Brisbane 10 year average
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Net face rents
$/sqm
150
100
50
0
1992 1994 1996 1998 2000 2002 2004 2006 2008 2010 2012
Inner west Syd Outer west Syd West Melb South Brisbane
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DEXUS Property Group 2012 Annual Results and Strategic Review — Slide 91
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INDUSTRIAL US MARKETS
Net demand positive

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Total US industrial — net demand positive
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Total US industrial — net demand positive US Industrial — rental growth outlook
Annual % change Availability
rent index rate %
3 15
70,000
14 2 13
50,000
30,000 12 1 11
10,000 10 0 9
(10,000) 8 (1) 7
(30,000)
6 (2) 5
(50,000)
4 (3) 3
(70,000)
(90,000) 2 (4) 1
(110,000) 0 (5) (1)
Completions Net Availability
(SF x 1000) Absorption Rate Annual % Change Rent Index Availability Rate LT Availability
(SF x 1000) (%)
(%)
2006.1 2006.3 2007.1 2007.3 2008.1 2008.3 2009.1 2009.3 2010.1 2010.3 2011.1 2011.3 2012.1 2012.3 2013.1 2013.3 2014.1 2014.3 2015.1 2015.3 2016.1 2006.1 2006.3 2007.1 2007.3 2008.1 2008.3 2009.1 2009.3 2010.1 2010.3 2011.1 2011.3 2012.1 2012.3 2013.1 2013.3 2014.1 2014.3 2015.1 2015.3 2016.1
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Source: CBRE/Torto Wheaton and DEXUS.
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DEXUS Property Group 2012 Annual Results and Strategic Review — Slide 92

EXCHANGE RATES USED IN STATUTORY ACCOUNTS

		30 June 2012	31 Dec 2011	30 June 2011
	USD	1.0191	1.0156	1.0739
Closing rates for Statement of Financial Position	EUR	0.8092	0.7847	0.7405
	NZD	1.2771	1.3145	1.2953
	USD	1.0320	1.0280	0.9865
Average rates for Net Operating Income	EUR	0.7638	0.7444	0.7247
	NZD	1.2831	1.2823	1.3037

DEXUS Property Group 2012 Annual Results and Strategic Review — Slide 93

GLOSSARY

Constant currency : Items shown at constant currency for June 11 have been restated using the June 12 average FX rates for comparative purposes. Distribution payout policy : For FY12 the distribution paid will be 70% of Funds From Operations (FFO). Commencing FY13 the distribution paid will be a range of between 70-80% of FFO.

Funds From Operations (FFO): Funds From Operations (FFO) is often used as a measure of real estate operating performance after finance costs and taxes. DXS’s FFO comprises profit/loss after tax attributable to stapled security holders measured under Australian Accounting Standards and adjusted for: property revaluations, impairments, derivative and FX mark to market impacts, amortisation of certain tenant incentives, gain/loss on sale of certain assets, straight-line rent adjustments, deferred tax expense/benefit and DEXUS RENTS Trust capital distribution. Gearing : Gearing is represented by Interest Bearing Liabilities (excluding deferred borrowing costs and including the fair value of cross currency swaps) less cash divided by Total Tangible Assets (excluding derivatives and deferred tax assets) less cash.�Covenant gearing is the same definition but not adjusted for cash. Non-cash items : Includes property revaluations, impairment of goodwill, derivative MTM, gain on sale and deferred tax. Operating EBIT : Comprises net operating income, management EBIT and other income less Responsible Entity fees and other expenses paid. Portfolio value : Unless otherwise stated, portfolio value is represented by investment properties, development properties and investments accounted for using the equity method, and excludes cash and other assets. Responsible Entity fees : In this presentation Responsible Entity fees are shown at cost following internalisation in Feb 08. This Responsible Entity fee expense and the corresponding management fee revenue are eliminated in the statutory financial statements as the management business is a wholly owned consolidated entity. Securities on issue : FFO per security is based on the average weighted units on issue prior to the Theoretical Ex-Rights Price (TERP) adjustment. In accordance with AASB133 the weighted average number of securities for earnings (EPS) purposes is adjusted by a factor equal to the security price immediately prior to issue divided by the TERP.

Weighted Average Lease Expiry (WALE): A measure, in years, of the average term to expiry of in-place rent. Includes vacancies.

DEXUS Property Group 2012 Annual Results and Strategic Review — Slide 94

IMPORTANT INFORMATION

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

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

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

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

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

DEXUS Property Group 2012 Annual Results and Strategic Review — Slide 95

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2012
DEXUS Property Group
ANNUAL RESULTS and
STRATEGIC REVIEW
16 August 2012
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DEXUS Funds Management Limited
ABN 24 060 920 783
DEXUS Property Group 2012 Annual Results and Strategic Review — Slide 1 AFSL 238163 as responsible entity for DEXUS Property Group
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2012 DEXUS ProPErty GroUP AnnUAl rESUltS & StrAtEGic rEviEw

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www.dexus.com