DEXUS — Investor Presentation 2013

Aug 18, 2013

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DEXUS Property Group (ASX: DXS)
ASX release
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19 August 2013

2013 Annual results presentation

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

For further information please contact: Investor relations Media relations David Yates T: +61 2 9017 1424 Louise Murray T: +61 2 9017 1446 M: 0418 861 047 M: 0403 260 754 E: david.yates@dexus.com E: louise.murray@dexus.com

About DEXUS

DEXUS Property Group (DEXUS) is one of Australia’s leading real estate groups, investing directly in high quality Australian office and industrial properties. With over $13 billion of assets under management, DEXUS also actively manages office, industrial and retail properties located in key Australian markets on behalf of third party capital partners. DEXUS manages an office portfolio of over 900,000 square metres across Sydney, Melbourne, Brisbane and Perth and is one of the largest institutional owners of office buildings in the Sydney CBD, Australia’s largest office market. DEXUS is a Top 50 entity by market capitalisation listed on the Australian Securities Exchange under the stock market trading code ‘DXS’ and is supported by more than 18,000 investors from 15 countries. With over 25 years of experience in commercial property investment, development and asset management, DEXUS has a proven track record in capital and risk management, providing service excellence to tenants and delivering superior risk-adjusted returns to investors. www.dexus.com

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

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

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2013 annual results PresentatIOn
DEXUS
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DEXUS Funds Management Limited ABN 24 060 920 783 AFSL 238163 as responsible entity for DEXUS Property Group

AGENDA

• Strategic progress

• Group highlights

• Financial results

• Capital management

• Third party funds management

• Portfolio results

• Transactions

• Market outlook

• Summary

• Appendices

Australia Square, 264-278 George Street, Sydney, NSW

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DEXUS Property Group 2013 Annual Results Presentation

Slide 2

STRATEGIC PROGRESS

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Slide 3

DEXUS Property Group 2013 Annual Results Presentation

STRATEGIC PROGRESS Progressed FY13 strategic objectives

STRATEGIC OBJECTIVES FY13 ACHIEVEMENTS

 De-risked FY14 and FY15 lease expiries OFFICE  Achieved leasing success at newly acquired properties Being the leading  Redeployed $1.1 billion into Australian office properties owner and manager of Australian office  On 25 July 2013, DEXUS entered into a forward contract to acquire a 14.9% interest in the ASX-listed Commonwealth Property Office Fund CORE CAPABILITIES  Introduced best-in-class property management platform with CBRE  Invested in technology to improve efficiencies Having the best people, strongest  Relocated head office to Australia Square tenant relationships and most efficient  Strengthened the executive team through key appointments systems DEXUS Property Group 2013 Annual Results Presentation Slide 4

STRATEGIC PROGRESS

Progressed FY13 strategic objectives

STRATEGIC OBJECTIVES FY13 ACHIEVEMENTS

STRATEGIC OBJECTIVES	FY13 ACHIEVEMENTS
CAPITAL PARTNERSHIPS	Grew third party funds business by 9.5% to $6.1 billion
	Established and grew a new industrial capital partnership
Being the wholesale partner of choice in	DEXUS Wholesale Property Fund (DWPF) raised over $820 million in equity
office, industrial and retail	DXS in partnership with DWPF, acquired four core office properties
CAPITAL & RISK	Secured $1 billion of new debt funding, reducing cost and improving diversity
MANAGEMENT	of debt
Actively managing	Ended the 2012 on-market securities buy-back and announced the initiation
our capital in a	of a new buy-back in July 2013
prudent and disciplined manner	Commenced recycling of non-core Australian properties

Slide 5

DEXUS Property Group 2013 Annual Results Presentation

For the year ended 30 June 2013

GROUP HIGHLIGHTS

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DXS investor returns
22.1% 12.1% 11.2%
Total security holder return for Growth in distribution Return on equity
year to 30 June 2013 per security
Capital Total Group
DXS Group
management property portfolio
1.3% 29.0% 629,209 sqm $2.9bn
FFO per security Gearing Leased [1 ] in total Total transactions
growth across the Group
$1.05 US$300m 1.8% 81,024 sqm
Industrial
Net tangible asset US Private Placement DXS office like-for-like
developments
backing per security notes secured income growth
completed
1. At 100%. Including Heads of Agreement, across total Group office, industrial and retail properties.
DEXUS Property Group 2013 Annual Results Presentation Slide 6
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1. At 100%. Including Heads of Agreement, across total Group office, industrial and retail properties.

GROUP HIGHLIGHTS Financial results

		30 June 2013	30 June 2012	Change
Key financial metrics	Statutory net profit	$514.5m	$181.1m	+$333.4m
	FFO1	$365.4m	$367.8m	-$2.4m
	FFO per security	7.75c	7.65c	+1.3%
	Distribution per security	6.0c	5.35c	+12.1%
	Gearing	29.0%	27.2%	+1.8%
	NTA per security	$1.05	$1.00	+5.2 cents

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, rent straightlining, rental guarantees and coupon income. Refer to the glossary for the detailed explanation of FFO and Slide 9 for a reconciliation to net profit. Refer to Slide 53 for Property Council of Australia reconciliation.

Slide 7

DEXUS Property Group 2013 Annual Results Presentation

FINANCIAL RESULTS TITLE SLIDE HEADER

Sub title (Trebuchet 18 pt)

DXS 2009 Annual Results — Slide 8 DEXUS Property Group 2013 Annual Results Presentation Slide 8

FINANCIAL RESULTS

	30 June 2013 $m	30 June 2012 $m
Statutory net profit	514.5	181.1
Net fair value gain of investment properties1	(220.6)	(82.8)
Impairment of inventories	2.2	14.9
Net fair value loss of derivatives	17.7	97.1
Net loss on sale of investment properties	3.6	32.6
Finance break costs attributable to sales transactions	18.8	44.3
FX translation reserve transfer2	21.5	41.5
Incentive amortisation and rent straightline	30.5	31.7
RENTS capital distributions	–	(10.2)
Deferred tax (benefit)/expense and other	(22.8)	17.6
Funds From Operations (FFO)	365.4	367.8

1. 30 June 2013 includes $12.9 million of revaluations related to DXS’s share of its equity accounted investments and $21.9 million of net revaluations relating to discontinued operations (US and Europe). Further details are included in the DXS Group financial statements. 2. Foreign currency translation reserve transfer on disposal of foreign operations.

Slide 9

DEXUS Property Group 2013 Annual Results Presentation

FINANCIAL RESULTS Funds From Operations

• Operating EBIT from continued operations up $29.5m to $418.3m

• Office like-for-like income growth of 1.8%

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

• Finance costs $21.1m lower as a consequence of the US sale, partially offset by acquisitions

• Distributions up 12.1% due to higher earnings and increased payout ratio for second half

	30 June 2013 $m	30 June 2012 $m
Office Industrial	317.4	289.9 120.0
	117.1
Net profit from management operations1	22.0	26.2
Group corporate & asset management1	(38.2)	(47.3)
Operating EBIT – continued operations Discontinued operations2	418.3	388.8 79.1
	25.0
Operating EBIT Finance costs3	443.3	467.9 (132.3)
	(111.2)
Incentive amortisation and rent straight-line	30.5	31.7
Other	2.8	0.5
Funds From Operations	365.4	367.8
FFO per security	7.75	7.65
Distribution per security	6.00	5.35

1. Refer to slide 11 for further detail. 2. US and European industrial and including US corporate costs. 3. Including interest revenue and RENTS.

DEXUS Property Group 2013 Annual Results Presentation Slide 10

FINANCIAL RESULTS Corporate revenue and expenses

Net profit from management operations

	FY13	Property	Property	Development		Funds	Total
		management		**& trading1 **	management		($m)
	Revenue		32.0	25.5		27.7	85.2
	Operating expenses2 Cost of sales — active trading	(25.3) –		(1.4) (22.9)		(13.6) –	(40.3) (22.9)	11.2% Return
	Total operating expenses	(25.3)		(24.3)		(13.6)	(63.2)	on Equity
	Net profit from management operations		6.7	1.2		14.1	22.0	exceeding
								DEXUS’s target
	Group corporate & asset management		Management Expense Ratio (MER)					of 9-10%
	FY13 Group corporate expenses	Total ($m) (25.2)	FY13 Gross MER3 A) Group corporate &		asset management		Total ($m) (38.2)	through the cycle
	DXS asset management	(13.0)	B) Funds under management				7,251
	Group corporate & asset management	(38.2)	Gross	MER = A/B			53bps

1. Includes trading profits of $1.5m and net development expense of $0.3m.

2. Comprises property management salaries of $9.8m and corporate & administration expenses of $30.5m.

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

Slide 11

DEXUS Property Group 2013 Annual Results Presentation

CAPITAL MANAGEMENT TITLE SLIDE HEADER

Sub title (Trebuchet 18 pt)

DXS 2009 Annual Results — Slide 12 DEXUS Property Group 2013 Annual Results Presentation Slide 12

CAPITAL MANAGEMENT FY13 achievements

Actively managing our capital in a prudent and disciplined manner

FOCUS	FY13 ACHIEVEMENTS
Reduce cost of debt	 Reduced average cost of debt 20bps to 5.9%
Maintain strong diversity of debt and duration of greater than four years	 Increased debt duration to 5.4 years and increased diversity — Raised over $1 billion of debt with an average duration of seven years — Diversified debt sources through access to MTN and USPP markets
Maintain strong credit rating metrics	 Credit ratings reaffirmed as Standard & Poor’s BBB+ and Moody’s Baa1
Continue on-market securities buy-back, where accretive to investor returns	 Acquired 137m securities in 2012 and announced a new $245m (5%) buy-back program on 2 July 2013
Utilise headroom for quality acquisitions or cancel excess facilities	 Reduced headroom by 50% as part of commitment to reduce weighted average cost of debt

Slide 13

DEXUS Property Group 2013 Annual Results Presentation

CAPITAL MANAGEMENT Reduced cost and duration of debt

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Key metrics 30 June 2013 30 June 2012 Diversified mix of facilities [4 ]
Cost of debt [1 ] 5.9% 6.1%
USPP
Duration of debt 5.4 years 4.2 years 17%
Hedged debt 64% 73% Bank -
unsecured
Gearing [2 ] 29.0% 27.2% 144A 9% 51%
Headroom (approximately) [3 ] $0.3bn $0.6bn
S&P/Moody’s credit rating BBB+/Baa1 BBB+/Baa1
Debt maturity profile [4 ] MTN
23%
800
600
400
200
0
Dec-13 Jun-14 Dec-14 Jun-15 Dec-15 Jun-16 Dec-16 Jun-17 Dec-17 Jun-18 FY19+
Bank Capital Markets
1. Weighted average for the period.
2. Refer to glossary for gearing definition.
3. Undrawn facilities plus cash.
4. Pro-forma facilities, adjusted for US$300m USPP that settled in July 2013 and associated bank facility cancellations.
DEXUS Property Group 2013 Annual Results Presentation Slide 14
A$m
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CAPITAL MANAGEMENT FY14 focus

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FY14 CAPITAL MANAGEMENT FOCUS
 Maintain strong credit rating metrics
 Optimise cost of funds
 Utilise on market securities buy-back, where accretive to investor returns
39 Martin Place, Sydney, NSW
DEXUS Property Group 2013 Annual Results Presentation Slide 15
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THIRD PARTY FUNDS MANAGEMENT TITLE SLIDE HEADER

Sub title (Trebuchet 18 pt)

DXS 2009 Annual Results — Slide 16 DEXUS Property Group 2013 Annual Results Presentation

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Slide 16
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THIRD PARTY FUNDS MANAGEMENT Growth through partnership with wholesale investors

12 Creek Street, Brisbane, QLD

• Funds under management grew by 9.5% to $6.1 billion

• Established Australian Industrial Partnership in October 2012 and grew the partnership to joint ownership of $0.5 billion across 18 industrial properties

• DXS in partnership with DWPF acquired four Australian office properties

• Built scale and increased market presence through retail centre redevelopments

Funds under management

Asset diversification

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$7 100%
+9.5% $0.2bn 90%
$6 80%
$5 $1.6bn 70% 56% 51%
$1.8bn
$4 60%
50%
$3 $3.8bn $4.3bn 40% 11% 15%
$2 30%
20%
$1 33% 34%
10%
$0 0%
2012 1 2013 2012 2013
DWPF Mandates AIP Office Industrial Retail
$ billion
$6.1bn
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1. Mandates for 2012 include a $0.2 billion US mandate.

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Slide 17

DEXUS Property Group 2013 Annual Results Presentation

THIRD PARTY FUNDS MANAGEMENT

DWPF — Delivering on strategy with consistent outperformance

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 Diversified portfolio composition through $728 million of acquisitions DEXUS Wholesale Property Fund
 Improved portfolio quality through activating part of its $650 million 100%
development pipeline 80% 51% 47%
 Attracted strong investor support 60%
— Six new investors 40% 12% 12%
—
Over $820 million of equity raised 20% 37% 41%
 Out-performed benchmark over one, three and five years
0%
 Awarded an A/Stable long term credit rating by Standard & Poor’s 2012 2013
Office Industrial Retail
DWPF equity raised since 2010 DWPF acquisitions $m [1 ]
600 $2.2bn 2,400
2,000 12 Creek Street, Brisbane (50%) 120.8
400 1,600 39 Martin Place, Sydney [2] (50%) 74.9
$1.3bn
1,200 480 Queen Street, Brisbane (50%) 272.0
200 800
Kings Square, Perth (50%) 217.4
400
- - 295 Archerfield Road, Richlands 8.3
(400) 4 Inglis Road, Ingleburn 34.3
(200) (800) Total 727.7
Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4
FY11 FY11 FY11 FY12 FY12 FY12 FY12 FY13 FY13 FY13 FY13
Equity raised Transfer/redemption DRP Net equity raised Gross equity raised (inc DRP)
1. Acquisition price excluding acquisition costs.
2. Includes Martin Place Shopping Circle.
DEXUS Property Group 2013 Annual Results Presentation Slide 18
Equity (per quarter) $m
Equity (cumulative over period) $m
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THIRD PARTY FUNDS MANAGEMENT FY13 achievements and FY14 focus

Being the wholesale partner of choice in Australian office, industrial and retail

• FY13 FOCUS FY13 ACHIEVEMENTS  Created the $243 million Australian Industrial Partnership

• Continue to develop new capital partnerships DWPF partnered with DXS to acquire four office properties

• Continue to achieve investment objectives to  Increased funds under management by 9.5% enhance returns for our established funds DWPF out-performed index by 0.28% over FY13  DWPF raised over $820 million in new capital and

• Raise further capital for DWPF introduced six new investors

FY14 THIRD PARTY FUNDS MANAGEMENT FOCUS

• Continue to drive the performance of capital partners

• Seek further investment opportunities with capital partners

• Attract additional sources of capital for long term co-investment

Slide 19

DEXUS Property Group 2013 Annual Results Presentation

PORTFOLIO RESULTS TITLE SLIDE HEADER

Sub title (Trebuchet 18 pt)

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DXS 2009 Annual Results — Slide 20 DEXUS Property Group 2013 Annual Results Presentation Slide 20
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PORTFOLIO RESULTS Total portfolio

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$7.3 bn 84
FUM  $300m Properties
95.3% 4.8 years
Occupancy [1]  1.9% WALE [2]  0.1 years
4.7 stars 7.47%
NABERS Energy rating Average cap rate
exceeding Dec 12 target  17bps
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Total DXS portfolio composition

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$7.0bn $7.3bn
8%
22% 20%
22%
78% 80%
70%
2012 2013 Target
Office Industrial Other
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1. By area. 2. By income.

Slide 21

DEXUS Property Group 2013 Annual Results Presentation

PORTFOLIO RESULTS

Total portfolio — FY13 valuation metrics

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 Total portfolio valuation uplift of $196.5m [1 ] Capitalisation rates 30 June 2013 30 June 2012
predominantly driven by leasing success DXS office portfolio 7.17% 7.30%
—
Office portfolio valuations up 3.5% or $190.7m
DXS industrial portfolio 8.55% 8.59%
—
Industrial portfolio valuations up 0.4% or $5.8m
Total DXS portfolio [1 ] 7.47% 7.64%
123 Albert Street, Brisbane Australia Square, Sydney 30 The Bond, Sydney
Valuation increased 7.5% or $28.1m Valuation increased 9.5% or $26.5m Valuation increased 23.3% or $33.8m
Property stabilised following development Over 23,000sqm leased or renewed Lend Lease exercised 5 year option
1. Excluding discontinued operations (US and Europe).
DEXUS Property Group 2013 Annual Results Presentation Slide 22
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PORTFOLIO RESULTS Office — FY13 achievements

FY13 FOCUS	FY13 ACHIEVEMENTS
Progress 8 Nicholson Street, Melbourne and 30 The Bond, Sydney	 Retained tenants at 8 Nicholson Street, Melbourne and 30 The Bond, Sydney for a further five years
Focus on leasing in Sydney western core	 Secured tenants at — 45 Clarence Street: 5 tenants over 6,343sqm — 383 Kent Street: 4 tenants over 7,953sqm — 309 Kent Street1: 6 tenants over 1,615sqm — 1 Margaret Street: 1 tenant over 2,325sqm — 44 Market Street: 8 tenants over 2,007sqm
Continue recycling non-strategic properties into core properties and markets	 Sold — 144 Wicks Road, Macquarie Park, NSW Exchanged contracts to sell — 40-50 Talavera Road, Macquarie Park, NSW

1. Shown at 50% ownership, 100% is 3,229sqm.

Slide 23

DEXUS Property Group 2013 Annual Results Presentation

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PORTFOLIO RESULTS
Office — operating performance
 Active period of leasing with 130 leases completed,
driving solid results across the portfolio
1.8%
156,024 sqm 5.0 years
Like-for-like
Leased [1 ] in total WALE [2 ]
income growth
(2012: 75,668sqm) (2012: 4.9 years)
(2012: 5.4%)
94.4% 72% 10.6%
Occupancy [3 ] Retention Total return
(2012: 97.1%) (2012: 66%) (2012: 9.5%)
1. At 100%, including Heads of Agreement of 34,709sqm.
2. By income.
3. By area. 123 Albert Street, Brisbane, QLD
DEXUS Property Group 2013 Annual Results Presentation Slide 24
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PORTFOLIO RESULTS Office — key leasing achievements

• Leased[1] 156,024sqm across 31 properties

Pending page content reserve for image

• Retained 58 tenants over 116,348sqm on average 11 months prior to expiry

• Signed 39,676sqm of new leases in 72 transactions

• New rents were down 0.1% on average than prior rents with average incentives of 12.2%

Key office leases completed

Property	Tenant	Area2 (sqm)	Term	Expiry
8 Nicholson Street,Melbourne	Vic State Gov’t	23,528	5	Jun 18
30 The Bond,Sydney	Lend Lease	17,547	5	Mar 19
Australia Square, Sydney	HWL Ebsworth Origin Energy	3,096 2,577	13 5	Jul 26 Aug 19	82%
	DEXUS Property Group	1,032	8	Apr 21
240 St Georges Terrace,Perth 88 Shortland Street,Auckland	Ninemsn Woodside3 Minter Ellison Rudd Watts	1,546 4,281 3,901	6 5 8	May20 Dec 18 Aug21	Of space committed4 at
45 Clarence Street,Sydney	Bank of Western Australia	2,500	5	Mar 19	50 Carrington St
Southgate Towers,Melbourne The Zenith,Chatswood	CEO TCA	3,847 3,161	7 5	Oct 22 Mar 18	and 39 Martin Pl
201 Elizabeth Street, Sydney	State Property Authority	1,637	4	Apr 17	in Sydney
	Gucci Australia	536	5	Oct18
383Kent Street, Sydney	GrantThornton	6,300	10	Oct23/Oct24
1Margaret Street, Sydney	Travelex	2,325	3	Oct16

1. At 100%, including Heads of Agreement of 34,709sqm.

2. By ownership.

3. Woodside notified its intention to exercise a five year option subject to rent.

4. From 61% for 50 Carrington Street and 75% for 39 Martin Place at the time of acquisition.

Slide 25

DEXUS Property Group 2013 Annual Results Presentation

PORTFOLIO RESULTS

Office — lease expiry profile by income

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16%
14% 13.2%
12.2% [1]
12% 10.7% [1 ] 10.4%
10% 9.6% 9.4%
8%
6% 5.4% 5.6%
4%
2%
0%
Vacant FY14 FY15 FY16 FY17 FY18
Key future expiries – at 30 June 2013
Vacant % FY14 % FY15 % FY16 % FY17 %
ex-ATO
0.7 [Corrs ] 0.9 [NSW Gov’t ] 1.7 [IBM ] 2.0 [Mallesons ] 2.0
14 Moore St GPT/GMT GPT/GMT Southgate GPT/GMT
ex-JP Morgan 0.6 [CMC Markets ] 0.5 [Lloyds ] 1.0 [Merrill Lynch ] 0.9 [Promina ] 0.7
Grosvenor Place GPT/GMT 45 Clarence St GPT/GMT 321 Kent St
ex-Goldman/other
0.4 [PKF and XL ] 0.3 [DLA Piper ] 0.7 [Covermore ] 0.6
GPT/GMT 1 Margaret St 201 Elizabeth St [0.8 Ashurst ] Grosvenor Place Victoria Cross
ex-Chep/other 0.4 [Corrs ] 0.7 [International SOS ] 0.5
11 Talavera Rd Woodside Plaza [0.3 Deloitte ] Woodside Plaza [0.6 Sparke Helmore ] 321 Kent St 45 Clarence St
1. 30 June 2012.
DEXUS Property Group 2013 Annual Results Presentation Slide 26
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PORTFOLIO RESULTS Office — summary

 Secured future cash flows through substantial leasing

 Optimised leasing outcomes to preserve and enhance value

 Experienced team with substantial leasing and agency expertise

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Slide 27

DEXUS Property Group 2013 Annual Results Presentation

PORTFOLIO RESULTS Industrial — strong operating performance

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PORTFOLIO RESULTS
Industrial — strong operating performance
57-75 Templar Road, Erskine Park, NSW
Strong leasing across 122 transactions drives a 4.2%
increase in occupancy [[1 ]]
Quarry at Greystanes now 100% leased
327,432 sqm 4.1 years
Leased [2 ] in total WALE [3]
(2012: 300,939sqm) (2012: 4.4 years)
95.9% 70% Quarry at Greystanes, 3 Basalt Road, Greystanes, NSW
Occupancy [1 ] Retention
(2012: 91.7%) (2012: 59%)
1.1%
8.8%
Like-for-like
Total return
income growth
(2012: 8.0%)
(2012: -1.6%)
By area.
At 100%, including Heads of Agreement of 57,752sqm.
By income.
DEXUS Property Group 2013 Annual Results Presentation Slide 28
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• Strong leasing across 122 transactions drives a 4.2% increase in occupancy[[1 ]]

• Quarry at Greystanes now 100% leased

• By area. 2. At 100%, including Heads of Agreement of 57,752sqm. 3. By income. DEXUS Property Group 2013 Annual Results Presentation Slide 28

PORTFOLIO RESULTS Industrial — FY13 achievements

• FY13 FOCUS FY13 ACHIEVEMENTS Increase occupancy at Sydney properties  Increased Sydney portfolio occupancy[1] by 5.6%  Completed six development projects

• Complete development projects — 43,879sqm of trading properties

• — 43,800sqm of trading properties — 37,145sqm of projects at Quarry at Greystanes

• — 31,500sqm at Quarry at Greystanes — Six developments underway to deliver 90,139sqm with end cost of $111m

• Delivered $1.5 million in trading profits, deferring the

• Secure $4m in trading profits sale of trading properties in order to maximise returns

• By area.

Slide 29

DEXUS Property Group 2013 Annual Results Presentation

PORTFOLIO RESULTS

Industrial — summary

 Increased portfolio occupancy

 Leveraged strong tenant relationships

 Built on our track record in industrial development

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2-6 Basalt Road, Greystanes, NSW
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DEXUS Property Group 2013 Annual Results Presentation

Slide 30

PORTFOLIO RESULTS

Development and fund-through pipeline — Group

	DXS developments and fund-throughs	Total est cost1	**Est cost to complete1 **
	Completed developments for trading	$55m	$6m
	Development under construction	$111m	$46m
	Future developments	$556m	$423m
	Fund-through investments2	$489m	$411m
	Total DXS pipeline	$1,211m	$886m	$2.9billion
				Total Group
	Third party developments and fund-throughs	**Total est cost1 **	**Est cost to complete1 **	pipeline
	Office and industrial developments3	$77m	$75m
	Retail developments	$1,079m	$1,042m
	Fund-through investments2	$489m	$411m
	Total third party pipeline	$1,645m	$1,528m

1. Costs shown at 100%. 2. At ownership. 3. Excludes land costs. DEXUS Property Group 2013 Annual Results Presentation

Slide 31

Development pipeline — DXS portfolio

PORTFOLIO RESULTS

			Total estimatedproject cost	Total estimatedproject cost	Total estimatedproject cost	Total estimatedproject cost	Total estimatedproject cost	Total estimatedproject cost	Total estimatedproject cost	Total estimatedproject cost
DXS developments and fund-throughs	Total est cost1	Est cost to **complete1 **	FY14					FY15		FY16+
57-65 Templar Road, Erskine Park	$38m	$5m	$38m
163-183 Viking Drive, Wacol	$33m	$4m	$17m			$16m
DEXUS Industrial Estate, Laverton North	$162m	$110m	$26m			$136m
Quarry at Greystanes	$120m	$77m				$69m	$51m
Phillip Street, Parramatta	$120m	$112m				$120m
12 Creek St, Brisbane2	$19m	$19m				$19m
180 Flinders Street, Melbourne	$230m	$148m				$230m
480 Queen Street, Brisbane2	$272m	$223m				$272m
Kings Square, Perth2	$217m	$188m				$217m
Total DXS pipeline	$1,211m	$886m
DXS value add and repositioning	**Inventory3 **				DXS capital expenditure				Est FY14
50 Carrington Street, Sydney	$59m				Maintenance capital expenditure				$40-50m
40 Market Street, Melbourne	$47m				Tenant incentives and leasing costs				$40-50m
57-101 Balham Road, Archerfield	$22m				Total capital expenditure				$80-100m
154 O’Riordan Street, Mascot	$14m
Total DXS value add properties	$142m

1. Costs shown at 100% including land.

2. DXS share.

3. Acquisition or transfer price excluding costs and does not represent the trading price for the property. DEXUS Property Group 2013 Annual Results Presentation Slide 32

PORTFOLIO RESULTS

Developments — summary

 Diversified development pipeline for DEXUS and its capital partners

 Substantially de-risked development projects

 Significant pipeline underway will enhance earnings

Slide 33

DEXUS Property Group 2013 Annual Results Presentation

PORTFOLIO RESULTS FY14 focus

FY14 OFFICE AND INDUSTRIAL FOCUS

• Deliver like-for-like income growth of circa 4% for office and circa 2% for industrial portfolio

• Reduce Sydney office portfolio lease expiries in FY15 and FY16 to under 7.5% and 10% respectively

• Launch initiatives to enhance the tenant experience and develop tenant loyalty

FY14 DEVELOPMENT FOCUS

• Deliver over 75,000 square metres of industrial developments

• Deliver trading profits of $4-5 million

DEXUS Property Group 2013 Annual Results Presentation Slide 34

TRANSACTIONS TITLE SLIDE HEADER

Sub title (Trebuchet 18 pt)

Artist’s impression of Kings Square, Perth, WA

DXS 2009 Annual Results — Slide 35 DEXUS Property Group 2013 Annual Results Presentation

Slide 35

TRANSACTIONS Rebalanced portfolio composition, enhancing quality of earnings

• Exited US industrial market ahead of expected timeframe

• Realised US$617 million (A$598 million) achieving a 12% premium

$2.9billion Total transactions

• Exited European industrial market

• Divested $42.1 million of non-core Australian assets

• Reinvested $1.1bn into Australian office markets

  • $550m core office[1]

• $489m fund-through[2] strategic office investments

• $105m value-add[3] office

$0.9billion DXS divestments

$1.1billion DXS office acquisitions $0.9billion Third party transactions

1. Including 50% interest in 12 Creek Street, Brisbane; 39 Martin Place, Sydney and 2-4 Dawn Fraser Avenue, Sydney Olympic Park, and a 25% interest in 225 George Street, Sydney. 2. 50% interest in 480 Queen Street, Brisbane and Kings Square, Perth. 3. 50 Carrington Street, Sydney and 40 Market Street, Melbourne.

DEXUS Property Group 2013 Annual Results Presentation

Slide 36

MARKET OUTLOOK TITLE SLIDE HEADER Sub title (Trebuchet 18 pt)

DXS 2009 Annual Results — Slide 37 DEXUS Property Group 2013 Annual Results Presentation

Slide 37

MARKET OUTLOOK

How growth will transition from investment to consumption and exports

Components of growth Australia

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8% 8%
6% 6%
4% 4%
2% 2%
0% 0%
-2% -2%
-4% -4%
FY04 FY06 FY08 FY10 FY12 FY14 FY16
Investment Consumption Stocks/net exports GDP Growth
Source: Deloitte AE, DEXUS Research.
DEXUS Property Group 2013 Annual Results Presentation Slide 38
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MARKET OUTLOOK

Office markets subdued in FY14 with upside in demand FY15

• Leasing enquiry and net absorption subdued, tenants taking longer to make decisions

• Vacancy rates have risen

• Supply is expected to be low in FY14 and FY15 (excluding Melbourne)

• Rents are likely to ease in FY14 with incentives increasing to secure quality tenants

• In Sydney, Brisbane and Perth a low construction pipeline in FY14 will limit movement in vacancy

• In Melbourne, above average levels of supply will lead to elevated vacancy in FY14 before improving

• Demand to improve in FY15

Office – supply/demand forecast (4 CBDs)

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‘000 sqm
500 12%
400
300 8%
200
100 4%
-
-100 0%
-200
-300 -4%
FY02 FY04 FY06 FY08 FY10 FY12 FY14 FY16
Demand Supply Vacancy
Office – gross effective rents
($/spm
$1,000
$800
$600
$400
$200
$0
Jun-03 Jun-04 Jun-05 Jun-06 Jun-07 Jun-08 Jun-09 Jun-10 Jun-11 Jun-12 Jun-13
Sydney Melbourne Brisbane Perth
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Source: Jones Lang LaSalle, DEXUS Research, Deloitte Access Economics June 2013.

Slide 39

DEXUS Property Group 2013 Annual Results Presentation

MARKET OUTLOOK Why office demand will improve

• Periods of subdued office demand are a recurring feature of the office market cycle

• Demand will improve due to

• Easing monetary policy and lower AUD stimulating confidence, economic growth, credit growth and revenues

• Past productivity measures will help profits

• Recovery in employment to be led by business services, accounting, legal, IT, health, education, finance

• More moderate growth than over the past decade

• More flexible workplaces a key theme over the next decade, embedded in view

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Employment growth by industry
Jobs per annum
30,000
20,000
10,000
0
-10,000
FY04-FY08 FY09-FY12 FY13 FY14-FY16
Business Services Education/Health/Rec Other
Finance Mining/Agriculture Government
Total
National whitecollar employment and office demand
‘000sqm
% pa
200 White collar employment RHS Forecast 10%
150
100 5%
50
- 0%
-50
-100 -5%
Office demand LHS
-150
-200 -10%
Jun-03 Jun-05 Jun-07 Jun-09 Jun-11 Jun-13
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Source: Jones Lang LaSalle, DEXUS Research, Deloitte Access Economics June 2013.
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DEXUS Property Group 2013 Annual Results Presentation

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Slide 40
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MARKET OUTLOOK

Two tier office market emerging with tenants favouring prime stock

• Prime vacancy is lower than secondary

• Tenants are migrating from poorer quality space to better quality space

• Two tier market most pronounced in Melbourne and Brisbane

• Perth and Sydney to follow as prime space leases up and secondary market weakens

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Trend in prime and secondary vacancy (four CBD’s)
14%
12%
10%
8%
6%
4%
2%
0%
Jun-03 Jun-05 Jun-07 Jun-09 Jun-11 Jun-13
Prime Secondary
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Prime and secondary vacancy June quarter 2013

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20%
17%
16%
12%
12% 10%
9% 9% 9%
8% 6% 7%
4%
0%
Sydney CBD Melbourne CBD Brisbane CBD Perth CBD
Prime Secondary
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Source: Jones Lang LaSalle, DEXUS Research, Deloitte Access Economics June 2013.

Slide 41

DEXUS Property Group 2013 Annual Results Presentation

MARKET OUTLOOK Industrial markets maintain good occupancy

• Demand in the industrial sector constrained

• Should improve late FY14 and FY15

• Demand to be driven by tenants relocating and seeking improved efficiencies and infrastructure investment esp. logistics and retail

• –

• Occupancy rates high limited availability of prime space

• Rents flat/easing in FY14, eventual upside in medium term due to increasing development costs

• Investor demand for industrial assets remains strong, however prime stock is limited

• Total return supported by high income yield

• Melbourne very competitive; Sydney subdued but stable; Brisbane has paused but has good medium term prospects

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Consumption – to drive rental growth
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% p.a.
20% 6%
forecast 4%
10%
2%
0% 0%
-2%
-10%
-4%
-20% -6%
FY90 FY92 FY94 FY96 FY98 FY00 FY02 FY04 FY06 FY08 FY10 FY12 FY14 FY16
NSW consumption spending RHS Outer West Rent Growth
National prime vacancy remains low
8%
6%
4%
2%
0%
H208 H109 H209 H110 H210 H111 H211 H112 H212
Prime Secondary
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Source: Jones Lang LaSalle, Savills, Deloitte Access Economics June 2013, DEXUS Research.

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DEXUS Property Group 2013 Annual Results Presentation Slide 42
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SUMMARY TITLE SLIDE HEADER
Sub title (Trebuchet 18 pt)
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DXS 2009 Annual Results — Slide 43 DEXUS Property Group 2013 Annual Results Presentation

Slide 43

SUMMARY Investment in Commonwealth Property Office Fund

On 25 July 2013, DEXUS entered into a forward contract to acquire a 14.9% interest in Commonwealth Property Office Fund (ASX: CPA)

• 350 million CPA units at $1.1334 per unit

• Efficient off balance sheet funding structure

• Accretive to earnings

• Investment consistent with DEXUS’s strategy of investing in high quality Australian office

• DEXUS has no current intention to make a take-over offer for CPA, however reserves its rights to change that intention in the future

Grosvenor Place, 225 George Street, Sydney NSW

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DEXUS Property Group 2013 Annual Results Presentation

Slide 44

SUMMARY

• Enhanced the quality and diversity of portfolio

• Market conditions remain uncertain

• Experienced office management team with strong corporate and leasing backgrounds will continue to drive high performance

• Market guidance for FY14[1]

• FFO per security 8.15 cents, representing 5.2% growth

• Distribution per security 6.12 cents

• 1 Bligh Street, Sydney, NSW

• Barring unforeseen circumstances. Assumptions include: 75% payout ratio, delivering circa 4% like-for-like income growth in the office portfolio, $4-5m in trading profits, cost of debt at 6.0% and excluding further on-market buy-back.

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Slide 45

DEXUS Property Group 2013 Annual Results Presentation

TITLE SLIDE HEADER DEXUS PROPERTY GROUP 2013 ANNUAL RESULTS APPENDICES Sub title (Trebuchet 18 pt)

DXS 2009 Annual Results — Slide 46 DEXUS Property Group 2013 Annual Results Presentation Slide 46

CONTENTS

Strategy

Portfolio results

Strategy		Portfolio results
FY14 strategic focus	48	Revaluation summary as at 30 June 2013	58
Group highlights		Developments	59-61
DEXUS today	49	Rent review profiles	62
Strong total security holder returns	50	Office portfolio	63-72
Financial results		Industrial portfolio	73-78
Net tangible assets and return on equity	51	Transactions
Change in net tangible assets	52	Acquisitions	79
FFO reconciliation	53	Divestments	80
Interest reconciliation	54	Market overview— office	81-89
Direct property portfolio movements	55	Market outlook	90
Capital management		FX rates	91
Interest rate hedging profile	56	Glossary	92
Debt overview and buy-back summary	57	Important information	93

Slide 47

DEXUS Property Group 2013 Annual Results Presentation

FY14 strategic focus — leveraging core capabilities to drive high performance

STRATEGY

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STRATEGIC OBJECTIVE INITIATIVES
OFFICE  Proactively managing and driving performance in the office portfolio
Being the leading owner  Enhancing the value of newly acquired properties
and manager of  Enhancing the tenant experience
Australian office  Implementing initiatives that develop tenant loyalty
 Implementing key process improvement programs
CORE CAPABILITIES
 Reinforcing a culture of service excellence and high performance
Having the best people,  Leveraging best-in-class industrial capabilities to drive portfolio performance,
strongest tenant
development and trading opportunities
relationships and most  Leveraging retail capabilities to drive developments and new opportunities for capital
efficient systems
partners
CAPITAL PARTNERSHIPS
 Continuing to support the performance of capital partners
Being the wholesale  Leveraging relationships and capabilities into new opportunities through
partner of choice in ―
Seeking further investment opportunities with capital partners
office, industrial and ―
Attracting additional sources of capital for long-term co-investment
retail
CAPITAL & RISK
 Maintaining a competitive cost of funding, improving the access and diversifying the
MANAGEMENT
sources of capital
Actively managing our  Selectively divesting non-strategic properties when supported by investment fundamentals
capital in a prudent and  Engaging in transactions that create value for DXS investors
disciplined manner
DEXUS Property Group 2013 Annual Results Presentation Slide 48
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GROUP HIGHLIGHTS DEXUS today

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DEXUS Property Group platform
$13.4bn AUM
Public and private capital 235 property professionals 123 properties 2,975,545sqm NLA
Office Industrial Retail Development pipeline [3]
$7.8bn $2.5bn $3.1bn $2.9bn
DXS portfolio investments Third Party Funds Management
$7.3bn $6.1bn
8% AIP 3% Industrial Office 34%
22% 20% Mandate DWPF 15%
26% 71%
22%
$6.1bn $6.1bn
78% 80%
70%
Retail 51%
Jun-12 1 Jun-13 Target 2
Office Industrial Other
1. 30 June 2012 includes the Australian Industrial Partnership and the acquisitions of 50 Carrington Street, Sydney and 12 Creek Street, Brisbane.
2. Target of 3-5 year timeframe.
3. Includes fund-through investments.
DEXUS Property Group 2013 Annual Results Presentation Slide 49
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GROUP HIGHLIGHTS Strong total security holder returns

DXS investor returns

• One year total security holder return of 22.1%[1 ]

• Outperformed A-REIT index[2] over 3 and 5 years

 Distribution per security growth of 12.1% for the 12 months ended 30 June 2013

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DEXUS total security holder return Distribution — cents per security
40% 6.2
6.00
6.0
30% 5.8
24.2%
22.1% 5.6
20% 18.4% 5.4 5.35
5.18
13.4% 5.2 5.10
10% 5.0
2.6% 4.8
0.3%
0% 4.6
1 Year 3 Years 5 Years 2010 2011 2012 2013
DEXUS Property Group S&P/ASX 200 Property Accumulation Index
1. DXS share price appreciation plus distributions paid. Source UBS.
2. S&P/ASX 200 Property Accumulation Index.
DEXUS Property Group 2013 Annual Results Presentation Slide 50
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FINANCIAL RESULTS Net tangible assets and Return on Equity

Change in net tangible assets

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cents
106 1.7 (0.2)
105.2
105
4.1 (0.4) —
104
103
102
101
100.0
100
99
98
NTA at Property Mark-to-market Sale of properties Retained Other NTA at
30 June 2012 Revaluations1 of derivatives & discontinued distribution 30 June 2013
operations 2 reinvested
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• Delivered a Return on Equity (ROE)[3] of 11.2% for the 12 months to 30 June 2013

• Exceeded the Group’s through the cycle ROE target of 9-10%

• Revaluations of continuing operations.

• Includes gain or loss on sale of properties and revaluations on discontinued operations.

• 5.2 cents increase in NTA price plus 6.0 cents distribution divided by 30 June 2012 NTA price of $1.00.

Slide 51

DEXUS Property Group 2013 Annual Results Presentation

FINANCIAL RESULTS Change in net tangible assets

30 Jun 2013 $m 30 Jun 2012 $m cps Opening net tangible assets 4,784 4,878 100.0 Revaluation of real estate1 197 68 Retained earnings2 83 110 Amortisation of tenant incentives3 (30) (32) Fair value movements4 (9) (189) NTA changes in comprehensive income 241 (43) Impact of the securities buy-back (77) (51) Total movement in NTA 164 (94) 5.2 Closing net tangible assets 4,948 4,784 105.2	Investment portfolio % of portfolio Cap rate % Valuation movement $m
	Office 78% 7.17 190.7 Industrial 22% 8.55 5.8 Total portfolio1 100% 7.47 196.5

1. Property revaluations of continuing operations including $2.2m impairment to inventories.

2. Based on payout ratio of 70% of FFO for FY12 and 77.4% for FY13.

3. Includes rent straightlining.

4. Primarily includes fair value movements of derivatives, deferred tax and gain/(loss) on sale of assets and includes property revaluations of discontinued operations.

DEXUS Property Group 2013 Annual Results Presentation Slide 52

FINANCIAL RESULTS

— FFO reconciliation current and Property Council of Australia (PCA)

• From 1 July 2014, DXS will adopt a new definition for calculating FFO, in accordance with the PCA white paper “Voluntary best practice guidelines for disclosing FFO and AFFO”. The table below shows how DEXUS’s FY13 FFO would have been reported under the PCA definition

	reported under the PCA definition
	Reference	Item	DXS FFO	PCA FFO
			**$m **	**$m **
	Statutory AIFRS net profit after tax		514.5	514.5
	A Investment property and inventory
	A2	Losses from sales of investment property	3.6	3.6
	A3	Fair value gain on investment property	(220.6)	(220.6)
	A5	Impairment charges on inventory	2.2	2.2
	B Goodwill and intangibles
	B2	Reversal of impairment of goodwill or intangibles	(20.5)	(20.5)
	C Financial instruments
	C2	Fair value loss on the mark-to-market of derivatives	17.7	17.7
	D Incentives and rent straightlining
	D1	Amortisation of fit out incentives	29.9	29.9
	D2	Amortisation of cash incentives	3.7	3.7
	D4	Amortisation of rent-free periods	—	22.8
	D5	Rent straightlining	(3.1)	(3.1)
	E Tax
	E1	Non-FFO deferred tax benefits	(2.9)	(2.9)
	F Other unrealised or one-off Items
	F1	Recycling of foreign currency translation reserve (FCTR)	21.5	21.5
	F2	Other unrealised or one-off items1	19.4	19.4
	FFO		365.4	388.2
	FFO per security (cents)		7.75	8.23

Slide 53

DEXUS Property Group 2013 Annual Results Presentation

FINANCIAL RESULTS Interest reconciliation

	30 Jun 2013	30 Jun 2012
	**$m **	**$m **
Interest paid/payable	122.9	135.3
Other finance costs (amortised fees)	3.8	5.2
Realised interest rate swap (income)/expense1	(3.6)	4.0
Gross finance costs for cost of debt purposes	123.1	144.5
Less: interest capitalised	(10.7)	(22.5)
Net finance costs for distributable earnings	112.4	122.0
Add: unrealised interest rate swap MTM loss2	4.5	95.6
Add: finance costs attributable to sales transactions	18.8	44.3
Total statutory finance costs	135.7	261.9
Net fair value loss of derivatives	13.2	1.5
Total statutory finance costs including derivatives	148.9	263.4
Represented by:
Statutory finance costs from continuing operations (Fin Stats note 3)	98.6	118.0
Net fair value loss of derivatives (Statement of Comprehensive Income)	10.9	—
Finance costs from discontinued operations (Fin Stats note 12)	18.3	66.0
Net fair value loss of derivatives (Fin Stats note 12)	2.3	35.1
Finance costs attributable to sales transactions(Fin Stats note 12)3	18.8	44.3
Total statutory finance costs	148.9	263.4

1. Net fair value loss of interest rate swap of $7.5m (per Fin Stats note 3) includes realised interest rate swap expense of $3.0m. Finance costs from discontinued operations of $18.3m (per Fin Stats note 12) includes realised interest rate swap income $6.6m.

2. Net fair value loss of interest rate swaps of $7.5m (per Fin Stats note 3) includes unrealised interest rate swap MTM loss $4.5m. 3. Finance costs attributable to sales transactions in discontinued operations of $18.8m (per Fin Stats note 12) consists of finance costs attributable to US sales transactions of $2.6m, finance break costs of $15.1m and unrealised interest rate swap MTM loss of $1.1m included within net fair value loss of derivatives.

DEXUS Property Group 2013 Annual Results Presentation

Slide 54

FINANCIAL RESULTS

Direct property portfolio movements

Office1 $m Industrial $m	Discontinued operations US industrial $m Other2 $m	DEXUS total1 $m
Opening direct property 4,680 1,659 Leasing incentives3 52 9 Maintenance capex 26 7 Acquisitions 761 22 Developments4 37 93 Disposals5 (14) (229) FX 7 — Revaluations6 191 6 Amortisation (53) (6) Straight-lining — 3	539 45 2 — 2 1 — — — — (576) (18) (9) 2 44 (23) (2) — — —	6,923
		63
		36
		783
		130
		(837)
		—
		218
		(61)
		3
Closing direct property 5,687 1,564	— 7	7,258

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

2. Includes Europe.

3. Includes rent free incentives.

4. Includes capitalised interest.

5. At book value.

6. Includes impairments.

Slide 55

DEXUS Property Group 2013 Annual Results Presentation

CAPITAL MANAGEMENT Interest rate hedging profile

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Hedging profile 30 Jun 2013 30 Jun 2012
Average amount of debt hedged [1 ] 64% 73%
Average amount of debt hedged excluding caps [1 ] 60% 70%
Weighted average interest rate on hedged debt [2] 3.9% 4.3%
Weighted average fixed & floating rate [3] 5.9% 6.1%
Weighted average maturity of interest hedges 4.5 years 5.2 years
Hedge maturity profile
2,000 8.0%
1,500 6.0%
1,000 4.0%
500 2.0%
0 0.0%
FY13 FY14 FY15 FY16 FY17 Avg FY18+
Net fixed rate debt Interest rate caps Interest rate swaps Weighted average hedge rate
1. Average amount hedged for the period.
2. Includes fixed rate debt (without credit margin).
3. Includes fees and margins.
DEXUS Property Group 2013 Annual Results Presentation Slide 56
A$m equiv.
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CAPITAL MANAGEMENT Debt overview and buy-back summary

Key metrics	30 Jun 2013	30 Jun 2012
Total debt	$2,167m	$1,941m
Cost of debt1	5.9%	6.1%
Gearing	29.0%	27.2%
Headroom (approximately)2	$0.3bn	$0.6bn
Debt duration	5.4 years	4.2 years
S&P/Moody’s rating	BBB+/Baa1	BBB+/Baa1
Covenant gearing (covenant3 <55%)	29.1%	27.8%
Interest cover (covenant3>2.0x)	4.0x	3.8x
Priority debt (covenant3<30%)	0%	1.1%

2012 Buy-back program	FY12	FY13	Total
Total securities bought back	55.2m	81.9m	137.1m
% of total commitment	25.5%	38.8%	64.3%
Total unit cost bought back	$51.0m	$77.5m	$128.5m
Average price per security			$0.937

• The 2012 buy-back program was closed in April 2013 with 137.1m securities bought back

• On 2 July 2013 a new buy-back of up to 5% of securities on issue was announced, no securities have been bought back as at 19 August 2013

• Weighted average for the year.

• Undrawn facilities plus cash.

• As per public bond covenants.

Slide 57

DEXUS Property Group 2013 Annual Results Presentation

Revaluation summary as at 30 June 2013

PORTFOLIO RESULTS

Office A$m Industrial A$m	Discontinued operations US industrial A$m Europe A$m	Total A$m
Investment properties 181.4 6.4 Development properties1 (3.6) (0.6) Equity accounted properties 12.9 —	43.9 (22.0) — — — —	209.7
		(4.2)
		12.9
Total P&L revaluations 190.7 5.8	43.9 (22.0)	218.4

1. Includes impairments.
DEXUS Property Group 2013 Annual Results Presentation	Slide 58

PORTFOLIO RESULTS Developments — completed

	Building area	Project cost	Yield on project	Leased	Completed
	sqm	**A$m2 **	cost %	%	date
Industrial1
Greystanes, NSW — UPS	5,465	8.4	8.2	100	Jul 12
Greystanes, NSW — Warehouse 9	18,247	24.1	9.3	100	Nov 12
Greystanes, NSW — Brady	13,433	19.1	9.5	100	Dec 12
Wacol, Qld — Nissan	7,823	10.2	8.8	100	Jan 13
Wacol, Qld — Spec 1	5,800	7.5	8.8	0	Feb 13
57-65 Templar Road, Erskine Park, NSW	30,256	37.6	8.7	62	Mar 13
Total industrial	81,024	106.9	9.0	79

1. At 100% ownership.

2. Includes land.

Slide 59

DEXUS Property Group 2013 Annual Results Presentation

PORTFOLIO RESULTS Developments — underway

	Area	Est. total	Est. cost to	Pre-leased	Est. yield	Est. completion
	sqm	cost2	completion	%	on total	date
		A$m	A$m		cost
					%
**Industrial1 **
Laverton North, Vic — Spec facility 4	11,854	9.8	1.4	0	8.0	Jul 2013
Laverton North, Vic — Toll 2	18,670	16.8	1.7	100	8.2	Jul 2013
Wacol, Qld — Heads of Agreement	12,220	15.4	3.6	100	8.7	Jul 2013
Greystanes, NSW — Roche	10,100	13.8	5.4	100	7.6	Dec 2013
Greystanes, NSW — Blackwoods	17,815	29.8	16.4	100	8.1	Dec 2013
Greystanes, NSW — Warehouse 10	19,480	26.0	17.8	0	8.0	Feb 2014
Total underway	90,139	111.6	46.3	65	8.1

1. At 100% ownership. 2. Includes land.

DEXUS Property Group 2013 Annual Results Presentation Slide 60

PORTFOLIO RESULTS Developments — uncommitted pipeline

DXS	Building area	Project est.	Est. cost to	Est. yield on est.
	sqm	A$m1	completion	project cost
			A$m	%
Office
180 Flinders Street, Melbourne, VIC	24,417	230	148	7.4
12 Creek Street, Brisbane, QLD2	4,820	19	19	9.2
105 Phillip Street, Parramatta, NSW	20,500	120	112	8.8
Total office	49,737	369	279	8.0
**Industrial3 **
Greystanes, NSW	39,000	51	37	8.5
DEXUS Industrial Estate, Laverton North, VIC4	125,200	136	107	8.1
Total industrial	164,200	187	144	8.2
Total pipeline	213,937	556	423	8.1

1. Includes land.

2. DXS share.

3. At 100% ownership

4. Project estimated cost includes cost of land sales.

Slide 61

DEXUS Property Group 2013 Annual Results Presentation

PORTFOLIO RESULTS Office and industrial rent review profiles

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Office rent review profile Industrial rent review profile
100% 100%
11% 16%
90% 90%
4%
10% 2%
80% 10% 80% 3%
7% 16%
70% 2% 13% 70%
3%
2%
60% 6% 60% 2% 13%
<1%
50% 50% 1%
40% 40% 79%
75%
70%
30% 58% 30% 63%
53%
20% 20%
10% 10%
0% 0%
FY14 FY15 FY16 FY14 FY15 FY16
Fixed / CPI Market No Review Expiry and Vacancy Fixed / CPI Market No Review Expiry and Vacancy
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DEXUS Property Group 2013 Annual Results Presentation

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Slide 62
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PORTFOLIO RESULTS Office operating performance

Office portfolio	30 June 2013	30 June 2012
Occupancy by area	94.4%	97.1%
Occupancy by income	94.6%	96.8%
Average incentive	12.2%	17.3%
Average rental (decrease)/increase	(0.1%)	4.6%
Retention rate rolling 12 mths	72%	66%
Under rented	3.8%	3.3%
Weighted average lease expiry1	5.0 years	4.9 years
Weighted average cap rate	7.17%	7.30%
Total return—1 year	10.6%	9.5%

1. By income.

Artist impression: Kings Square, Perth, WA

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DEXUS Property Group 2013 Annual Results Presentation

Office portfolio composition — leased by area

PORTFOLIO RESULTS

	Occupancy	Expiries	Renewals	New	Other	L4L closing	Transaction	Occupancy
	30 Jun 2012	sqm	sqm	sqm	sqm	occupancy	impact	30 Jun 2013
Current period leases	97.1%	(78,626)	41,339	28,029	(4,356)	94.9%	(0.5)%	94.4%
Future periods leases		(57,201)	56,777	424	—
**Total square metres1 **	578,905					565,291	56,589	621,880
Retention		(135,827)	98,116	28,453	(4,356)
— Year to date2								72%
**Office markets3 **	Vacancy	Incentives
Sydney	10.2%	29%
Melbourne	10.0%	22%
Brisbane	14.2%	26%
Perth	7.9%	10%
National CBD average	10.9%	22%
DXS portfolio average	5.4%	12%

1. Excludes trading properties (50 Carrington Street, Sydney and 40 Market Street, Melbourne). 2. By area. 3. Source: Jones Lang LaSalle Q2/13.

DEXUS Property Group 2013 Annual Results Presentation Slide 64

PORTFOLIO RESULTS Office lease expiry profile at 30 June 2013

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60%
55.8%
52.9%
50%
40%
30%
20%
15.5%
13.2%
10.2% 9.6% 10.4% 10.4%
10%
5.6% 5.4% 5.4% 5.6%
0%
Vacant FY14 FY15 FY16 FY17 FY18+
Area Income
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Slide 65

DEXUS Property Group 2013 Annual Results Presentation

PORTFOLIO RESULTS Office leasing focus

PORTFOLIO RESULTS Office leasing focus

PORTFOLIO RESULTS Office leasing focus

DEXUS Property Group 2013 Annual Results Presentation Slide 66 1. By ownership. Property Tenant Area1 (sqm) Expiry status Progress FY14 14 Moore Street Vacant 10,969 Available 10% HOA, leasing strategies with six interested parties GPT, 1 Farrer Place Vacant 1,528 Available Marketing continuing Grosvenor Place Vacant 2,473 Available Marketing continuing One Margaret Street Vacancy/PKF/XL Ins 3,431 Sep 13/Jun 14 Refurbishment complete, marketing continuing FY15 88 Shortland Street Lumley Insurance 5,217 Sep 14 In discussions GMT, 1 Farrer Place NSW Gov’t 10,203 Dec 14 Actively marketing assuming vacancy 45 Clarence Street Lloyds Int. 7,064 Mar 15/Apr 15 In discussions 201 Elizabeth Street DLA Piper 5,183 Jul 14 To be refurbished, marketing continues Woodside Plaza Deloitte 4,282 Jun 15 In discussions FY16 Grosvenor Place Ashurst 3,448 Jul 15 Marketing underway, agreed four month holdover with tenant GPT, 1 Farrer Place Merrill Lynch 3,277 Aug 15 In discussions 130 George Street C’wealth of Aust 7,210 Nov 15 In discussions Southgate – IBM Tower IBM 20,642 Dec 15 In discussions

PORTFOLIO RESULTS Office portfolio diversification

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Property type by book value
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Geographical weighting by book value
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Land 1% Canberra 1% Auckland 2%
Carparks 3% Perth 9%
Office & Premium 39%
business parks
3% Brisbane 10% Sydney 65%
B-grade 6%
Melbourne 13%
A-grade 48%
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Slide 67

DEXUS Property Group 2013 Annual Results Presentation

PORTFOLIO RESULTS Office top 10 tenants

	Tenant	S&P rating	**% of income1 **		Diversity of tenants by income	Diversity of tenants by income	Diversity of tenants by income
	Woodside Energy	BBB+ positive	6.5%
	S&K Car Park Management	Not rated	6.0%	Telecoms	& IT 6%	Insurance 5%	Legal	&
	Rio Tinto	A- negative	4.6%				Accounting 19%
	Commonwealth of Australia	AAA stable	3.6%	Parking 9%
	State of NSW	AAA negative	3.4%
	Lend Lease	BBB- stable	2.8%					Mining 14%
	State of Victoria	AAA stable	2.2%	Property & Business
	IBM Australia Limited	AA- stable	2.1%	Services 10%
	King &Wood Mallesons	Not rated	2.0%
	Clayton Utz	Not rated	2.0%	Government 12%		Finance 12%	Other 13%

1. 30 June 2013 fully leased passing income annualised.

DEXUS Property Group 2013 Annual Results Presentation Slide 68

PORTFOLIO RESULTS

Corporate Responsibility and Sustainability

• Achieved NABERS improvement program targets

• Average 4.7 star NABERS Energy rating exceeding the 4.5 star target in DXS office portfolio

• Average 3.5 star NABERS Water rating in line with target in DXS office portfolio

• Achieved $5.3 million p.a. from energy efficiency improvements and reductions in tenant outgoings

• Outperformed in IPD Green Building Index in both Green Star and NABERS Benchmarks

• Improved listing on FTSE4Good Index for both company and relative super sector ratings

• Achieved carbon neutrality at DEXUS head office and Melbourne office

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Note: Data in charts is unaudited.

Slide 69

DEXUS Property Group 2013 Annual Results Presentation

PORTFOLIO RESULTS

Office portfolio sustainability metrics

**DXS office portfolio1 **	Jun 08	Jun 09	Jun 10	Jun 11	Jun 12	Jun 13
NABERS Energy rating	N/A	N/A	3.2	3.6	3.9	4.7
NABERS Water rating	N/A	N/A	2.6	3.1	3.3	3.5
Energy consumption/intensity (MJ/sqm)	636.3	536.6	504.9	465.5	419.2	404.8
Water consumption/intensity (L/sqm)	880.9	812.5	769.4	696.2	649.2	655.8
Greenhouse gas emissions/intensity (kgCO2-e/sqm)	140.8	120.5	114.8	103.0	91.9	85.2

1. Unaudited.
DEXUS Property Group 2013 Annual Results Presentation	Slide 70

PORTFOLIO RESULTS Office NABERS ratings

			NABERS	Energy		NABERS	Water
		June	2013	June	2012	June 2013	June 2012
	Rating status	Inc GP1	Ex GP1	Inc GP1	Ex GP1
	The Zenith, 821 Pacific Highway, Chatswood	5.0	4.5	4.0	3.0	4.0	3.0
	11 Talavera Road, Macquarie Park	4.5	4.0	3.5	3.5	4.5	4.0
	40-50 Talavera Road, Macquarie Park	3.0	3.0	1.5	1.5	3.0	2.0
	130 George Street, Parramatta	5.0	4.5	—	—	4.0	3.5
	Victoria Cross, 60 Miller Street, North Sydney	4.5	4.0	4.0	3.5	3.5	3.5
	45 Clarence Street, Sydney	5.5	5.0	5.0	5.0	3.5	3.5
	201-217 Elizabeth Street, Sydney	4.5	3.5	3.5	3.5	3.5	3.0
	Governor Phillip Tower, 1 Farrer Place, Sydney	4.5	3.5	4.5	3.5	3.5	3.5
	Governor Macquarie Tower, 1 Farrer Place, Sydney	4.5	4.0	4.5	4.0	3.5	3.5
	Australia Square — Tower	4.0	3.5	4.5	4.0	4.0	4.0
	Australia Square — Plaza	5.0	5.0	5.0	4.5	4.0	4.0
	309 Kent Street, Sydney	5.5	4.5	5.0	4.5	4.0	3.5
	321 Kent Street, Sydney	5.5	5.0	5.0	4.5	4.0	3.5
	383-395 Kent Street, Sydney	4.5	4.0	4.5	4.0	4.0	4.0
	One Margaret Street, Sydney	5.5	5.0	5.0	4.5	3.0	2.5
	44 Market Street, Sydney	5.0	4.5	3.5	2.5	3.0	2.5

1. GreenPower.

Slide 71

DEXUS Property Group 2013 Annual Results Presentation

PORTFOLIO RESULTS Office NABERS ratings

		NABERS	Energy		NABERS Water	NABERS Water
	June	2013	June	2012	June 2013	June 2012
Rating status	**Inc GP1 **	Ex GP1	Inc GP1	Ex GP1
30-34 Hickson Road, Sydney	5.5	5.0	5.0	4.5	3.5	3.5
Garema Court, 140-180 City Walk, Canberra	5.0	4.5	5.0	4.5	2.5	1.5
14 Moore Street, Canberra	4.5	3.5	4.0	3.5	3.0	3.0
172 Flinders Gate, Melbourne	3.5	3.0	3.0	2.5	3.0	3.0
189 Flinders Gate, Melbourne	4.0	3.5	4.0	3.5	1.5	1.5
8 Nicholson Street, Melbourne	3.5	3.0	3.5	3.5	3.5	3.5
Southgate Complex, Melbourne — HWT Tower	4.5	4.0	4.0	3.5	4.0	3.5
Southgate Complex, Melbourne — IBM Tower	4.5	4.0	4.0	3.5	3.5	4.0
Woodside Plaza, 240 St Georges Terrace, Perth	5.0	4.5	3.5	3.0	2.5	2.5
Average	4.7	4.2	3.9	3.5	3.5	3.3

1. GreenPower.

DEXUS Property Group 2013 Annual Results Presentation Slide 72

DEXUS Property Group 2013 Annual Results Presentation Slide 73 PORTFOLIO RESULTS Industrial operating performance Industrial portfolio 30 June 2013 30 June 2012 Occupancy by area 95.9 91.7% Occupancy by income 96.1 92.8% Average rental decrease (2.4%) (5.0%) Average incentive1 7.9% 5.6% Retention rate rolling 12 mths 70% 59% Over rented 4.8% 4.8% Weighted average lease expiry2 4.1 years 4.4 years Weighted average cap rate 8.55% 8.59% Total return — 1 year 8.8% 8.0% 1. Across all lease deals in the period, excluding development leasing. 2. By income. Quarry Industrial Estate, 8 Basalt Road, Greystanes, NSW Quarry Industrial Estate, 2-6 Basalt Road, Greystanes NSW

Industrial portfolio composition — leased by area

PORTFOLIO RESULTS

PORTFOLIO RESULTS Industrial portfolio composition — leased by area

PORTFOLIO RESULTS Industrial portfolio composition — leased by area

DEXUS Property Group 2013 Annual Results Presentation Slide 74 1. By area. Occupancy 30 Jun 2012 Expiries sqm Renewals sqm New sqm Other sqm L4L closing occupancy Transaction impact Occupancy 30 Jun 2013 Current period leases 91.7% (123,040) 64,452 92,098 94.6% 1.3% 95.9% Future periods leases (92,053) 86,812 5,241 Total square metres 1,067,170 (215,093) 151,264 97,339 903 1,101,583 (76,516) 1,025,068 Retention — Year to date1 70%

PORTFOLIO RESULTS

Industrial lease expiry profile at 30 June 2013

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45%
42.3%
41.3%
40%
35%
30%
25%
20%
16.0%
15.2%
15% 12.4% 13.8% 13.0% 13.9% 13.4%
10.7%
10%
4.1% 3.9%
5%
0%
Vacant FY14 FY15 FY16 FY17 FY18 +
Area Income
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Slide 75

DEXUS Property Group 2013 Annual Results Presentation

PORTFOLIO RESULTS Industrial portfolio diversification

Property type by book value

Geographical weighting by book value

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Development
Data centre 3% sites 4%
Land 4%
Business parks
29%
Distribution
centres 20%
Industrial
estates 40%
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Adelaide 2%
Brisbane 8%
Sydney 55%
Melbourne
35%
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DEXUS Property Group 2013 Annual Results Presentation Slide 76

PORTFOLIO RESULTS

Industrial top 10 tenants

	Industrial	**% of income1 **				Diversity of tenants by income
	Wesfarmers Limited	6.5%			Other 13%
	AWH Pty Ltd	3.9%	Telecommunications			Transport & Storage 25%
	IBM Australia Limited	3.4%		& IT 6%
	Toll Transport Pty Ltd	2.9%
	Visy Industry Packaging Pty Ltd	2.9%
	DHL	2.8%	Property & Business
	Commonwealth of Australia	2.4%	14%
	Salmat Business Force Pty Ltd	2.3%
	L’Oreal Australia Pty Ltd	1.9%
	Jemena Pty Ltd	1.7%	Manufacturing		19%	Wholesale	Trade 23%

1. 30 June 2013 fully leased passing income annualised.

Slide 77

DEXUS Property Group 2013 Annual Results Presentation

PORTFOLIO RESULTS Industrial resource consumption

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Note: Data in charts is unaudited.

DEXUS Property Group 2013 Annual Results Presentation

Slide 78

TRANSACTIONS Acquisitions

Acquisitions	Sector	Interest	Acquisition	Initial yield	Cap rate	Settlement
		%	**A$m1 **	%	%
12 Creek Street, Brisbane, QLD	Office	50	120.8	7.9	7.8	Nov 2012
50 Carrington Street, Sydney, NSW	Office	100	58.5	5.2	8.0	Nov 2012
40 Market Street, Melbourne, VIC	Office	100	46.7	8.9	8.5	Jan 2013
131 Mica Street, Carole Park, QLD	Industrial	100	21.0	7.7	7.8	Jan 2013
Grosvenor Place, 225 George Street, Sydney, NSW	Office	25	271.2	5.4	6.5	Feb 2013
39 Martin Place, Sydney, NSW2	Office	50	74.9	5.7	7.6	Feb 2013
2 & 4 Dawn Fraser Avenue, Sydney Olympic Park, NSW	Office	50	82.7	7.8	8.0	Feb 2013
480 Queen Street, Brisbane, QLD	Office	50	272.0	7.3	7.3	Apr 2013
Kings Square,Wellington Street,Perth,WA	Office	50	217.4	8.0	8.0	May2013
Total DXS			1,165.2
12 Creek Street, Brisbane, QLD	Office DWPF	50	120.8			Nov 2012
Coles Distribution Centre, Laverton, VIC	Industrial AIP	50	50.0			Oct 2012
295 Archerfield Road, Richlands, QLD	Industrial DWPF	100	8.3			Nov 2012
39 Martin Place, Sydney, NSW2	Office DWPF	50	74.9			Feb 2013
480 Queen Street, Brisbane, QLD	Office DWPF	50	272.0			Apr 2013
Kings Square, Wellington Street, Perth, WA	Office DWPF	50	217.4			May 2013
4 Inglis Road, Ingleburn, NSW	Industrial DWPF	100	34.3			Jun 2013
Other/land	Mandates/other	100	4.5			various
Total Third Party Funds			782.2
Total Group			1,947.4

1. Acquisition price excluding acquisition costs.

2. Includes Martin Place Shopping Circle $3.4m (50% interest).

DEXUS Property Group 2013 Annual Results Presentation Slide 79

TRANSACTIONS Divestments

**Divestments1 **	No. properties	Proceeds	Proceeds
		Local Ccy	A$m
		$m
Office2	2	A$42.1	42.1
Industrial3	23	A$221.6	221.6
US industrial — west coast portfolio	27	US$617.2	597.7
Industrial — European portfolio	6	€22.6	29.9
Total DXS	58		891.3
112 Talavera Road, Macquarie Park, NSW	1	A$50.5	50.5
144 Wicks Road, Macquarie Park, NSW	n/a4	A$13.9	13.9
Total Third Party Funds	1		64.4
Total Group	59		955.7

1. Includes properties contracted for sale up to 16 August 2013 and excludes post 30 June 2012 balance date transactions.

2. Includes the separate sales of 144 Wicks Road, Macquarie Park and 40-50 Talavera Road, Macquarie Park for total proceeds of $42.1m.

3. Includes the sale of a 50% interest in 17 properties to the Australian Industrial Partnership together with the sale of five land parcels and 89 Egerton Street, Silverwater.

4. 144 Wicks Road, Macquarie Park was jointly owned by DXS and DWPF and has been included in DXS’s property count only.

DEXUS Property Group 2013 Annual Results Presentation

Slide 80

MARKET OVERVIEW — OFFICE Employment growth to drive demand from FY15

White collar employment growth vs office demand (Sydney, Melbourne, Brisbane, Perth)

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% pa
6%
4%
2%
0%
-2%
-4%
FY97 FY99 FY01 FY03 FY05 FY07 FY09 FY11 FY13 FY15 FY17
Net absorption 4CBDs Employment growth
Source: Deloitte Access Economics, Jones Lang LaSalle, DEXUS Research.
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DEXUS Property Group 2013 Annual Results Presentation

MARKET OVERVIEW — OFFICE

Lack of supply is a positive for office markets in FY14 and FY15

Net supply vs 10 year average in Sydney, Melbourne, Brisbane and Perth

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‘000 m²
500
Forecast
400
Supply gap
300
Long term
average
200
100
-
-100
FY08 FY09 FY10 FY11 FY12 FY13 FY14 FY15 FY16 FY17
Perth Bris Melb Sydney 10yr average
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Source: Jones Lang LaSalle, DEXUS Research.

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DEXUS Property Group 2013 Annual Results Presentation Slide 82
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MARKET OVERVIEW — OFFICE

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Tenant flight to quality — moving from secondary to prime
Net absorption by grade over the past five years
m²
400,000
300,000
200,000
100,000
0
-100,000
-200,000
Sydney CBD Melbourne CBD Brisbane CBD Perth CBD
Secondary Prime
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Source: Jones Lang LaSalle, DEXUS Research.

Slide 83

DEXUS Property Group 2013 Annual Results Presentation

MARKET OVERVIEW — OFFICE

Current office vacancy rates close to long term average

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Current office vacancy rates compared to the long term average
% of stock
14.2%
Brisbane
7.7%
10.2%
Sydney
9.4%
10.0%
Melbourne
11.6%
7.9%
Perth
8.9%
0% 5% 10% 15%
Current 20 year average
Source: DEXUS Research, Jones Lang LaSalle Q2/13.
DEXUS Property Group 2013 Annual Results Presentation Slide 84
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— MARKET OVERVIEW OFFICE Sydney CBD office market — supply and availability

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

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—
Proactive asset managers with superior expertise will be the winners
Sydney supply, withdrawals and major backfill
110
Proposed Withdrawn Mooted Withdrawal Refurbs Backfill Pre-committed space Uncommitted space
70
30
-10
-50
FY13 FY14 FY15 FY16 FY17
Source: DEXUS Research, Savills.
115 Bathurst (Sydney Water) 20 Martin Pl 48-50 Martin Pl 190-200 George St 99 Elizabeth St 161 Castlereagh St 19 Martin Pl (MLC centre) 255 George St (NAB building) 255 Elizabeth St 1 Farrer Pl (GPT) 135 King St 20 Hunter St 123 Pitt Street 333 George St 155 Clarence St 8-12 Chifley 180 Thomas St 1 Farrer Pl (GPT) 2 Park St (Citi) (5 Martin Pl) 108-120 Pitt St 48-50 Martin Pl 1 Martin Pl 225 George St (Grosvenor) 3 Farrer Pl (GMT) 10 Shelley St (KPMG) 33-35 Pitt St 60 Martin Pl 10 Shelley St 20 Martin Pl 478-480 George St 190-200 George St Int'l Towers Sydney - Tower 3 Int'l Towers Sydney - Tower 2 30 The Bond (The Bond) 137-151 Clarence St 55 Market St 201 Sussex St 333 George St 680 George St (E&Y Tower) Int'l Towers Sydney - Tower 1
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DEXUS Property Group 2013 Annual Results Presentation

MARKET OVERVIEW — OFFICE

Sydney CBD office market to see a flight to quality

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Sydney CBD office market Sydney CBD office market At 30 Jun 2013
300 12% Total net lettable area 4.96 million sqm
Forecast
Prime vacancy average 11.3%
200
10% DXS Sydney CBD office exposure
100 Net lettable area 288,982sqm
8%
0 Number of properties 14
6% % of portfolio by value 54.0%
-100
Occupancy by area 94.4%
-200 4% Occupancy by income 93.9%
FY03 FY05 FY07 FY09 FY11 FY13 FY15 FY17
Net Abs. Net Supply Vacancy Weighted average lease expiry 4.9 years
Thousands
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Sydney CBD office market

• Next 12-18 months expected to see a flight to quality, benefiting prime grade office space

• Current leasing activity dominated by small and mid-sized business services and IT companies

• Tenant demand to improve late FY14

Source: Jones Lang LaSalle actual & DEXUS forecast.

DEXUS Property Group 2013 Annual Results Presentation Slide 86

MARKET OVERVIEW — OFFICE

Melbourne CBD office vacancy to remain elevated over next 3 years

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Melbourne CBD office market Melbourne CBD office market At 30 Jun 2013
20%
Total net lettable area 4.42 million sqm
200
Forecast
15% Prime vacancy average 8.7%
150
DXS Melbourne CBD office exposure
10%
100 Net lettable area 120,829sqm
50 5% Number of properties 7
% of portfolio by value 12.7%
- 0%
Occupancy by area 96.6%
-50 -5%
FY03 FY05 FY07 FY09 FY11 FY13 FY15 FY17 Occupancy by income 97.5%
Net Abs. Net Supply Vacancy Weighted average lease expiry 5.5 years
Thousands
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• Vacancy to peak in FY15, then decline

• Supply pipeline to decline FY16+

• Subdued rental outlook in the short term before improving FY16+

Source: Jones Lang LaSalle actual & DEXUS forecast.

Slide 87

DEXUS Property Group 2013 Annual Results Presentation

MARKET OVERVIEW — OFFICE

Brisbane CBD office market to have a supply gap in the short term

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Brisbane CBD office market Brisbane CBD office market At 30 Jun 2013
150 15% Total net lettable area 2.18 million sqm
100 Forecast 10% Prime vacancy average 9.9%
DXS Brisbane CBD office exposure
50 5%
Net lettable area 55,405sqm
- 0%
Number of properties 3
-50 -5% % of portfolio by value 10.2%
-100 -10% Occupancy by area 95.3%
FY03 FY05 FY07 FY09 FY11 FY13 FY15 FY17
Occupancy by income 94.5%
Net Abs. Net Supply Vacancy
Weighted average lease expiry 6.8 years
Thousands
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• Short term outlook impacted by subdued demand from government and mining sectors

• Vacancy to peak in FY14, then decline

• Demand expected to improve from FY15 driven by the service sectors

Source: Jones Lang LaSalle actual & DEXUS forecast.

DEXUS Property Group 2013 Annual Results Presentation Slide 88

MARKET OVERVIEW — OFFICE

Perth CBD office market to experience low supply levels in the short term

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Perth CBD office market Perth CBD office market At 30 Jun 2013
180 18% Total net lettable area 1.62 million sqm
Forecast
135 14% Prime vacancy average 6.0%
90 9% DXS Perth CBD office exposure
45 5% Net lettable area 47,264sqm
- 0%
Number of properties 2
-45 -5%
% of portfolio by value 9.0%
-90 -9%
Occupancy by area 100.0%
FY03 FY05 FY07 FY09 FY11 FY13 FY15 FY17
Net Abs. Net Supply Vacancy Occupancy by income 98.2%
Weighted average lease expiry 4.8 years
Thousands
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Perth CBD office market

• Demand subdued as resource sector transitions from investment to production

• Lack of supply in the next two years will keep vacancy relatively low

• Rental growth subdued in short term, coming from high base

Source: Jones Lang LaSalle actual & DEXUS forecast.

Slide 89

DEXUS Property Group 2013 Annual Results Presentation

MARKET OUTLOOK — OFFICE & INDUSTRIAL Australian market trends in FY14/FY15

Australian office markets	Australian industrial markets
Tenant demand To improve from late FY14 in line with confidence & employment forecasts	To improve FY14/FY15 in line with confidence & growth in consumption
Supply National supply levels below average	Supply to remain around average levels
Vacancy rates Prime vacancy rates to remain relatively stable at mildly above average levels	Prime properties to remain relatively low
Buyer demand To remain strong for quality properties	To remain strong for quality properties
Cap rates At or above long term averages and expected to tighten for prime grade/well covenanted properties	Mild tightening for prime grade/well covenanted properties, flat for secondary
Asset values Prime grade/well covenanted properties expected to firm due to tighter cap rates	Prime grade/well covenanted properties expected to firm due to tighter cap rates

DEXUS Property Group 2013 Annual Results Presentation Slide 90

EXCHANGE RATES AND SECURITIES USED IN STATUTORY ACCOUNTS

		30	Jun 2013	31 Dec 2012	30 Jun 2012
	USD		0.9275	1.0384	1.0191
Closing rates for Statement of Financial Position	EUR		0.7095	0.7868	0.8092
	NZD		1.1871	1.2608	1.2771
	USD		1.0267	1.0385	1.0320
Average rates for Statement of Comprehensive Income	EUR		0.7941	0.8153	0.7638
	NZD		1.2492	1.2729	1.2831
		6 months to		6 months to	12 months to
		31 Dec 2012		30 Jun 2013	30 Jun 2013
Average weighted number of securities1		4,726,427,218		4,701,957,390	4,714,292,865
Closing number of securities2		4,701,957,390		4,701,957,390	4,701,957,390

1. Used to calculate FFO per security.

2. Used to calculate distributions per security.

DEXUS Property Group 2013 Annual Results Presentation Slide 91

GLOSSARY

Distribution payout policy : For FY13 the distribution paid will be at 77.4% of Funds From Operations (FFO) in line with the current payout ratio policy 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 net profit/loss after tax attributable to stapled security holders calculated in accordance with 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, rental guarantees and coupon income. 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/loss 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, inventories 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 2013 Annual Results Presentation Slide 92

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.

Slide 93

DEXUS Property Group 2013 Annual Results Presentation

Property expertise. Institutional rigour. Entrepreneurial spirit.

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