DEXUS - Investor Presentation 2014

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

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

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

21 October 2014

2014 Investor Day presentation

DEXUS Property Group (DEXUS) provides the presentation and tour booklet that will be presented today at its inaugural Investor Day event.

A webcast of the presentation will commence at 10.00am and will be available from www.dexus.com

For further information please contact: Investor relations Media relations David Yates T: +61 2 9017 1424 Louise Murray T: +61 2 9017 1446 M: +61 418 861 047 M:+61 403 260 754 E: [email protected] E: [email protected]

About DEXUS

DEXUS Property Group is one of Australia’s leading real estate groups, investing directly in high quality Australian office and industrial properties. With $18 billion of assets under management, the Group also actively manages office, industrial and retail properties located in key Australian markets on behalf of third party capital partners. The Group manages an office portfolio of 1.7 million square metres predominantly focused across Sydney, Melbourne, Brisbane and Perth and is the largest owner of office buildings in the Sydney CBD, Australia’s largest office market. DEXUS is a Top 50 entity by market capitalisation listed on the Australian Securities Exchange under the stock market trading code ‘DXS’ and is supported by more than 32,000 investors from 20 countries. With nearly 30 years of expertise in property investment, development and asset management, the Group has a proven track record in capital and risk management, providing service excellence to tenants and delivering superior risk-adjusted returns for its investors. www.dexus.com

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

==> picture [58 x 21] intentionally omitted <==

==> picture [55 x 20] intentionally omitted <==

==> picture [25 x 23] intentionally omitted <==

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

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

DEXUS PROPERTY GROUP 2014 INVESTOR DAY

OCTOBER 2014

==> picture [596 x 108] intentionally omitted <==

AGENDA

9.45am for 10.00am start Meet at Level 25, Australia Square 264 George Street, Sydney 10.00am – 11.30am DEXUS presentation – Session 1 11.30am – 11.45am Q&A panel and morning tea break 11.45am – 1.15pm DEXUS presentation – Session 2 1.15pm – 2.00pm Q&A panel and lunch break

2.00pm – 5.00pm

DEXUS Property Tours

¡
225 George Street
1 Farrer Place

– 60 Castlereagh Street

5 Martin Place
175 Pitt Street
¡ Sydney Industrial Tour
Quarry at Greystanes
Quarrywest, Greystanes
154 O’Riordan Street, Mascot
5-15 Rosebery Avenue, Rosebery
25-55 Rothschild Avenue, Rosebery

COVER: Sydney CBD, NSW. All data as at 30 September 2014 unless otherwise stated.

1 DEXUS PROPERTY GROUP – 2014 Investor Day

==> picture [211 x 174] intentionally omitted <==

==> picture [387 x 140] intentionally omitted <==

==> picture [254 x 36] intentionally omitted <==

==> picture [141 x 314] intentionally omitted <==

==> picture [22 x 10] intentionally omitted <==

==> picture [176 x 314] intentionally omitted <==

OFFICE INDUSTRIAL RETAIL

==> picture [37 x 212] intentionally omitted <==

==> picture [37 x 210] intentionally omitted <==

==> picture [71 x 208] intentionally omitted <==

==> picture [72 x 205] intentionally omitted <==

==> picture [72 x 163] intentionally omitted <==

==> picture [596 x 281] intentionally omitted <==

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

147 >4,000 4.2m sqm
PROPERTIES TENANTS TOTAL NLA
----- End of picture text -----

DEXUS PROPERTY GROUP – 2014 Investor Day 2

==> picture [496 x 336] intentionally omitted <==

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

DEXUS PROPERTY GROUP
2014 INVESTOR DAY – 21 OCTOBER 2014
LEVERAGING OUR CAPABILITIES
----- End of picture text -----

==> picture [496 x 54] intentionally omitted <==

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

DEXUS Funds Management Limited
ABN 24 060 920 783
AFSL 238163 as responsible entity for DEXUS Property Group DEXUS Property Group 2014 Investor Day Slide 1
----- End of picture text -----

RUN OF THE DAY

SESSION 1	SPEAKERS
10.00am Overview Quarterly update	Darren Steinberg, Craig Mitchell Kevin George, Andy Collins, Amanda Kenny, Mark Cuddy Andrew Whiteside, Amanda Kenny, Richard Garing, Liann Lim Andrew Whiteside, Brenton McEwan, James Mah-Chut
10.30am Q&A panel
10.45am Development Trading
11.15am Q&A panel and morning tea
SESSION 2
11.40am DEXUS Research Transactions Third Party Funds Management Retail Property Services People and Culture	SESSION 2 Ross Du Vernet, Peter Studley, Amanda Kenny Ross Du Vernet, Ross Lees Craig Mitchell Stewart Hutcheon Deborah Coakley, Linda Smith, Paul Wall Deborah Coakley
1.00pm Q&A panel
SESSION 3
2.00-5.00pm Office and Industrial property tours

Slide 2

DEXUS Property Group 2014 Investor Day

3 DEXUS PROPERTY GROUP – 2014 Investor Day

– OVERVIEW Focus on delivery of strategy

==> picture [464 x 245] intentionally omitted <==

==> picture [496 x 110] intentionally omitted <==

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

DEXUS Property Group 2014 Investor Day Slide 3
–
OVERVIEW Earnings composition
----- End of picture text -----

==> picture [411 x 146] intentionally omitted <==

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

FUNDS MANAGEMENT
PROPERTY PORTFOLIO & PROPERTY SERVICES TRADING
Maximising performance Driving performance and Delivering trading profits
FY15 DRIVERS
from the DEXUS property generating revenue from from identified properties
portfolio funds management and
property services
FY15 FORECAST Target positive like for like $35-40 million approx. $40 million
income growth
EARNINGS TARGET 80-90% 10-20%
----- End of picture text -----

DEXUS Property Group 2014 Investor Day Slide 4

DEXUS PROPERTY GROUP – 2014 Investor Day 4

`–` OVERVIEW Earnings composition in detail

FUNDS MANAGEMENT & PROPERTY SERVICES

TRADING

Funds Management & Property Services revenues have increased from additional capital partners and expanded business
Since 2010, DEXUS has had a trading strategy and included trading profits in FFO
Established confidence in capability across the Group to increase annual trading profit target from $4-5m to circa $20m going forward
Property services revenue to increase from growth in retail business and developments combined with leasing fees

==> picture [459 x 153] intentionally omitted <==

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

Funds management & property services profit Trading profits
circa $35-$40m circa $40m >$40m
Expected increase
since FY12 of >100%
$27.9m
$20.8m
$17.9m
$5.8m $4.3m
$1.5m
FY12 FY13 FY14 FY15 FY12 FY13 FY14 FY15 FY16
Property Services Funds Management Forecast Trading profits delivered Forecast
----- End of picture text -----

Funds management & property services profit

==> picture [240 x 7] intentionally omitted <==

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

DEXUS Property Group 2014 Investor Day Slide 5
----- End of picture text -----

`–` OVERVIEW Management Expense Ratio (MER) is on positive downward trend

MER[1] is benefitting from
Increased scalability of the business
Containment in Corporate & Asset Management costs

MER[1] vs Corporate & Asset Management costs

==> picture [405 x 172] intentionally omitted <==

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

70.0
60.0 67bps
53bps 49bps Sub 45bps
50.0
40.0
30.0
$47.3m
20.0 $38.2m $38.3m
10.0
-
2
FY12 FY13 FY14 FY15 (Guidance)
Corporate & Asset Mgt Costs Gross MER %
----- End of picture text -----

MER is calculated as Corporate and Asset management costs divided by DEXUS listed funds under management. 2. Assumption that Corporate & Asset Management costs will remain approximately in line with FY14. DEXUS Property Group 2014 Investor Day Slide 6

5 DEXUS PROPERTY GROUP – 2014 Investor Day

`–` OVERVIEW Distribution growth

FY14 distribution per security grew by 4.3%
FY15 distribution per security guidance of 6.79 cents represents growth of 8.5%
Strong platform with levers for future distribution growth
Distribution payout: target 100% of free cash flow

Distribution growth – cents per security

==> picture [445 x 210] intentionally omitted <==

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

7.0
Average growth rate
of 8.3% p.a.
6.0
6.79
6.26
5.0 6.00
5.35
4.0
FY12 FY13 FY14 FY15 (Guidance)
CASH FLOW DEFICIT $(3.6)m $(7.6)m $(3.0)m
PAYOUT OF FREE 101% 103% 101% Target 100%
CASH FLOW
Slide 7
----- End of picture text -----

DEXUS Property Group 2014 Investor Day

`–` OVERVIEW Capital management achievement

Secured US$250m long-dated US Private Placement (USPP)

==> picture [466 x 52] intentionally omitted <==

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

Duration of debt [1] Supports credit
Average duration of Average margin of
increases to ratings
11.6 years 135bps
5.8 years upgrade
----- End of picture text -----

Debt maturity profile[2]

Diversified mix of debt facilities

==> picture [466 x 201] intentionally omitted <==

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

144A Dec 2014
A$m 7% forecast
1,600
1,400 USPP Bank
facilities
1,200 24% 7% 43%
1,000 17%
40%
800 3%
600
18%
400 15%
CP
200 3% June 2014
actual
-
Dec-14 Jun-15 Dec-15 Jun-16 Dec-16 Jun-17 Dec-17 Jun-18 Dec-18 Jun-19 Jun-19+
MTN
17% CPA bridge
Capital markets CPA MTNs Bank CPA acquisition bridge facility facility
7%
1. 31 December 2014 forecast.
2. Pro-forma USPP secured in September 2014.
DEXUS Property Group 2014 Investor Day Slide 8
----- End of picture text -----

DEXUS PROPERTY GROUP – 2014 Investor Day 6

==> picture [366 x 340] intentionally omitted <==

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

–
QUARTERLY UPDATE TO 30 SEPTEMBER 2014
----- End of picture text -----

==> picture [131 x 15] intentionally omitted <==

==> picture [131 x 23] intentionally omitted <==

==> picture [131 x 282] intentionally omitted <==

==> picture [496 x 53] intentionally omitted <==

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

L to R: 30 The Bond, Hickson Road, Sydney, 1 Bligh Street, Sydney, NSW and Woodside Plaza, St Georges Terrace, Perth, WA
DEXUS Property Group 2014 Investor Day Slide 9
----- End of picture text -----

`–` QUARTERLY UPDATE Continued momentum in office leasing enquiry

==> picture [431 x 266] intentionally omitted <==

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

Key office leasing achievements in quarter
72 48,087 sqm 14 Lee Street, Sydney 60 Miller Street, North Sydney
Leasing transactions Leased [1] in total
95.1% 4.7 years
Occupancy [2] WALE [2]
(June 2014: 94.6%) (June 2014: 4.7yrs) State Govt of NSW NDY Management
13,662sqm 1,938sqm
The Zenith, Chatswood 10 Eagle Street, Brisbane
61% 15.9%
Tenant retention Avg incentive
(June 2014: 61%) (June 2014: 18.6% [3] )
State Govt of NSW Talisman Australasia
2,121sqm 1,822sqm
1. At
----- End of picture text -----

At 100%, including Heads of Agreement (HoA) of 31,450sqm. 2. By income. 3. Excluding CPA portfolio.

==> picture [107 x 6] intentionally omitted <==

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

DEXUS Property Group 2014 Investor Day
----- End of picture text -----

==> picture [27 x 6] intentionally omitted <==

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

Slide 10
----- End of picture text -----

7 DEXUS PROPERTY GROUP – 2014 Investor Day

==> picture [496 x 372] intentionally omitted <==

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

–
QUARTERLY UPDATE Activity across CPA properties
 CPA properties have been managed by DEXUS since April 2014 385 Bourke Street, Melbourne
 All properties successfully transitioned
 Further repositioning opportunities identified
QV Building, Melbourne 56 Pitt Street, Sydney 175 Pitt Street, Sydney
Active leasing enquiry across
circa 10,000sqm of space
Delivered $35m
Occupancy  to 100% Occupancy  to 91.9% Introduced new redevelopment on time
from 96.9% at April 2014 from 85.7% at April 2014 café operator to lobby and within budget
DEXUS Property Group 2014 Investor Day Slide 11
----- End of picture text -----

`–` QUARTERLY UPDATE Managing office occupancy and expiry risk

Maintained office occupancy[1] rates well above national average and 90% since 2004 reflective of quality portfolio
No more than 12.2%[1] of the Group’s existing office leases expire in any single fiscal period for the next three financial years
High proportion of fixed rent reviews
No single tenant represents >4.3% of income

==> picture [137 x 20] intentionally omitted <==

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

Historical outperformance vs.
National office occupancy rates [3]
----- End of picture text -----

==> picture [230 x 104] intentionally omitted <==

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

100%
95%
90%
85%
80%
2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014
DEXUS National
----- End of picture text -----

DEXUS Office portfolio lease expiry[1]

==> picture [496 x 167] intentionally omitted <==

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

14%
12.2%
12%
10.0%
10%
8.2% [2] end FY15 target
end FY15 target
8%
6% 4.9% 5.2%
4%
2%
0%
Vacant FY15 FY16 FY17
1. By income.
2. At 30 June 2014.
3. Source: DEXUS Research and Jones Lang LaSalle.
DEXUS Property Group 2014 Investor Day Slide 12
----- End of picture text -----

DEXUS PROPERTY GROUP – 2014 Investor Day 8

`–` QUARTERLY UPDATE Case study: Demonstrating leasing capability

CASE STUDY - 1 Farrer Place, Sydney

DEXUS APPROACH

Faced with State Government vacating 20,000sqm at Governor Macquarie Tower in December 2014 and major tenant expiries in Governor Phillip Tower
Leveraged strong tenant relationships to target potential tenants and secure existing tenants
Undertaking property refresh focusing on ground floor amenity

OUTCOMES SO FAR

Mitigated 64% of leasing risk over past nine months
Governor Macquarie Tower – secured a long term lease across circa 9,500sqm with Minter Ellison
Governor Phillip Tower – renewed long term leases with two existing tenants across circa 15,500sqm
Increased WALE from 3.3 years at September 2013 to 5.4 years at September 2014

DEXUS Property Group 2014 Investor Day Slide 13

==> picture [213 x 272] intentionally omitted <==

==> picture [222 x 53] intentionally omitted <==

`–` QUARTERLY UPDATE Concentrated activity across DEXUS Industrial portfolio

==> picture [467 x 230] intentionally omitted <==

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

Key industrial leasing achievements
20 51,209 sqm Axxess Corporate Park, Mount Waverley DEXUS Industrial Estate, Laverton North
Leasing transactions Leased [1] in total
91.8% 53%
Occupancy [2] Tenant retention
(June 2014: 93.0%) (June 2014: 41%)
15 new tenants 9,447sqm Linpac Packaging 11,886sqm
15-23 Whicker Road, Gillman
3.9 years 9.1%
WALE [2] Average incentive
(June 2014: 4.0 years) (June 2014: 11.0%)
Bevchain 22,924sqm
----- End of picture text -----

At 100%, including HoA of 13,936sqm. 2. By income.

DEXUS Property Group 2014 Investor Day

Slide 14

9 DEXUS PROPERTY GROUP – 2014 Investor Day

`–` QUARTERLY UPDATE Key messages

Momentum in office leasing enquiry continuing for quality product
Concentrated focus on reducing incentives and securing effective deals
De-risking of forward office lease expiries on track
Industrial demand focused on facilities aligned to key transport corridors

==> picture [126 x 6] intentionally omitted <==

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

10 Eagle Street and 12 Creek Street, Brisbane QLD
----- End of picture text -----

==> picture [183 x 297] intentionally omitted <==

==> picture [240 x 7] intentionally omitted <==

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

DEXUS Property Group 2014 Investor Day Slide 15
----- End of picture text -----

==> picture [496 x 339] intentionally omitted <==

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

Q&A – Panel session
----- End of picture text -----

==> picture [107 x 6] intentionally omitted <==

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

DEXUS Property Group 2014 Investor Day
----- End of picture text -----

==> picture [27 x 6] intentionally omitted <==

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

Slide 16
----- End of picture text -----

DEXUS PROPERTY GROUP – 2014 Investor Day 10

==> picture [497 x 374] intentionally omitted <==

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

TITLE PAGE (TREBUCHET MS (HEADING) 20 BOLDDEVELOPMENT
DEXUS Property Group 2014 Investor Day – Presentation Title — Slide 17 Slide 17
----- End of picture text -----

==> picture [294 x 13] intentionally omitted <==

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

–
DEVELOPMENT Contribution to DEXUS’s earnings
----- End of picture text -----

==> picture [415 x 177] intentionally omitted <==

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

FUNDS MANAGEMENT
PROPERTY PORTFOLIO & PROPERTY SERVICES TRADING
Maximising performance Driving performance and Delivering trading profits
FY15 DRIVERS
from the DEXUS property generating revenue from from identified properties
portfolio funds management and
property services
DEVELOPMENT  NTA Generate development
CONTRIBUTION  Net Operating Income management fees Packaging properties for
 Quality of portfolio  AUM trading profits
DEVELOPMENT Up to 15%
PARAMETERS of DEXUS portfolio allocated to development/trading/value-add
----- End of picture text -----

Slide 18

DEXUS Property Group 2014 Investor Day

11 DEXUS PROPERTY GROUP – 2014 Investor Day

`–` DEVELOPMENT Enhancing portfolio quality and returns

==> picture [466 x 249] intentionally omitted <==

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

Delivered core office product with attractive metrics A leading developer of quality industrial
product in core markets
Woodside Plaza, Perth 2004 30 The Bond, Sydney
providing strong providing strong
returns of 11.9% over returns of 10.9% over 2012 120,100
the past 5 years the past 5 years
2011 2013 81,000
1 Bligh Street, 123 Albert Street,
Sydney Brisbane
Achieved $30m Achieved $23m
value uplift value uplift 2014 90,200
2015
Circa
Future
440,000
0 200,000 400,000 600,000
5 Martin Place, Sydney Kings Square, Perth sqm
Target 10yr IRR >10% Target 10yr IRR circa10%
2016
480 Queen Street, Brisbane
Target 10yr IRR circa10%
Near term development projects
----- End of picture text -----

DEXUS Property Group 2014 Investor Day Slide 19

`–` DEVELOPMENT DEXUS development pipeline

$3.5 bn Group development pipeline $1.3bn $2.2bn DEXUS portfolio Third Party Funds FY15 FY16 FY17+  Provides access to stock to 5 Martin Place, Sydney $101m[1 ] ($46m) improve portfolio quality and 480 Queen Street, Brisbane $272m[1] ($166m) diversity  Attracts revenues Kings Square, Perth $217m[1] ($123m) through development DEXUS Laverton North $140m (S113m) management fees  Delivers on Quarry at Greystanes $49m ($29m) capital partner strategies Radius Industrial Estate, Larapinta $16m ($11m)  Leverages scale Quarrywest at Greystanes $96m ($66m) Developments committed Future opportunities: 105 Phillip St, Parramatta $120m ($111m), 12 Creek Street, Brisbane $19m ($19m), 180 Flinders Street, Melbourne $230m ($148m) Developments awaitingpre-commitment

Note: Development pipeline shows total estimated project cost and (est. cost to complete). 1. DEXUS interest in development costs.

Slide 20

DEXUS Property Group 2014 Investor Day

DEXUS PROPERTY GROUP – 2014 Investor Day 12

==> picture [496 x 372] intentionally omitted <==

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

–
DEVELOPMENT 5 Martin Place, Sydney
Practical completion due mid 2015
Target 10yr IRR >10%
42% of office space pre-committed
DEXUS ownership 25%
DEXUS Property Group 2014 Investor Day Slide 21
----- End of picture text -----

`–` DEVELOPMENT 5 Martin Place, Sydney

DEXUS APPROACH

Acquired a 50% interest[1] in April 2014 as part of CPA transaction
Continuing an existing relationship with Cbus Property, previously established through 1 Bligh Street, to reposition the leasing and marketing approach
Targeted marketing for larger tenants seeking campusstyle office accommodation
Leveraging strong relationships and Group’s scale in office

OUTCOMES

Refreshed the leasing marketing strategy with stronger articulation of the property’s benefits
Led a redesign of retail to drive higher value
Strong momentum with potential tenants

==> picture [216 x 244] intentionally omitted <==

DEXUS and DEXUS Office Partner 50/50 interest.

Slide 22

DEXUS Property Group 2014 Investor Day

13 DEXUS PROPERTY GROUP – 2014 Investor Day

`–` DEVELOPMENT 480 Queen Street, Brisbane

DEXUS APPROACH

Acquired in April 2013 as a fund-through development[1] on good pricing metrics
Accessed quality product in a market with limited new premium offerings in the medium term
Building a high calibre tenancy profile that will underpin the long term investment value
Satisfying the demand of key corporations looking to reposition their business through workplace solutions

OUTCOMES

Secured pre-commitments across circa 40,000sqm including PricewaterhouseCoopers, Allens, HWL Ebsworth
Increased total space pre-committed[2] to 76% at September 2014 from 38% since acquisition

==> picture [232 x 264] intentionally omitted <==

Grocon has provided DEXUS and DWPF (50%/50% ownership) with a two-year income guarantee on any remaining vacancies at practical completion. 2. Includes Heads of Agreement.

DEXUS Property Group 2014 Investor Day

Slide 23

==> picture [496 x 368] intentionally omitted <==

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

–
DEVELOPMENT 480 Queen Street, Brisbane
Practical completion due early 2016 76% [1] of space pre-committed
Target 10yr IRR circa 10%
DEXUS ownership 50%
1. Includes Heads of Agreement.
DEXUS Property Group 2014 Investor Day Slide 24
----- End of picture text -----

DEXUS PROPERTY GROUP – 2014 Investor Day 14

==> picture [496 x 372] intentionally omitted <==

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

–
DEVELOPMENT Kings Square, Perth
55% of space pre-committed
DEXUS ownership 50% Practical completion due mid 2015
Target 10yr IRR circa 10%
DEXUS Property Group 2014 Investor Day Slide 25
----- End of picture text -----

`–` DEVELOPMENT Kings Square, Perth

==> picture [246 x 139] intentionally omitted <==

DEXUS APPROACH

Acquired KS1, KS2, KS3 in May 2013 as a fundthrough development
De-risked the development through a five year income guarantee[1] , which aligns with improving mid-term market outlook
Delivering affordable space in emerging urban renewal and re-development supported by new infrastructure
Gaining a firm understanding of requirements of potential tenants, with leasing strategies in place

==> picture [228 x 129] intentionally omitted <==

OUTCOMES

Works circa 50% complete, with 55% of office space pre-committed
Secured additional space for Shell across circa 5,500sqm, KS2 now 100% leased
Secured HoA for 59% of retail space
Leighton Holdings has provided DEXUS and DWPF (50%/50% ownership)with a five year income guarantee on any remaining vacancies at practical completion. DEXUS Property Group 2014 Investor Day Slide 26

15 DEXUS PROPERTY GROUP – 2014 Investor Day

==> picture [496 x 371] intentionally omitted <==

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

–
DEVELOPMENT Quarry and Quarrywest at Greystanes
Quarry at Greystanes
Quarrywest at Greystanes
DEXUS Property Group 2014 Investor Day Slide 27
----- End of picture text -----

`–` DEVELOPMENT Quarry and Quarrywest at Greystanes

DEXUS APPROACH

Acquired Quarry at Greystanes in 2007
Patient and disciplined approach enabled DEXUS to act quickly to access Quarrywest at Greystanes - adjoining parcel of land
Acquired Quarrywest off-market in June 2014 to seed a new partnership with the Future Fund and providing opportunity for 129,400sqm of prime development

OUTCOMES

The creation of a premium industrial estate providing 319,000sqm of industrial facilities

==> picture [270 x 189] intentionally omitted <==

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

Quarrywest at Greystanes
Quarry at Greystanes
----- End of picture text -----

Secured high calibre tenants including Brady Australia, Fujitsu, Cameron Transport, Blackwoods, Roche Diagnostics
Site preparation underway at Quarrywest, construction commencing Q2 2015

Slide 28

DEXUS Property Group 2014 Investor Day

DEXUS PROPERTY GROUP – 2014 Investor Day 16

==> picture [476 x 367] intentionally omitted <==

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

–
DEVELOPMENT Strategic masterplanning across O&I portfolio
 DEXUS develops dynamic asset plans to respond to evolving precincts
Sydney CBD masterplanning Sydney industrial masterplanning
DEXUS Property Group 2014 Investor Day Slide 29
----- End of picture text -----

`–` DEVELOPMENT City Retail

DEXUS APPROACH

Identifying refurbishment opportunities
Improving tenant amenity/access to services
Increasing investment value
Optimising lettable space

==> picture [225 x 135] intentionally omitted <==

GATEWAY AND GROSVENOR PLACE, CIRCULAR QUAY, SYDNEY – CASE STUDY

City Retail is involved with development projects at various stages of development and operations
Major redevelopments cradle to grave delivery – from conceptual design to construction phases
Operational aspects – tenancy presentation and fit-out guidelines
Leveraging capabilities of City Retail leasing team

DEXUS Property Group 2014 Investor Day

Slide 30

17 DEXUS PROPERTY GROUP – 2014 Investor Day

==> picture [496 x 372] intentionally omitted <==

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

–
DEVELOPMENT Sydney CBD city retail precinct masterplanning
Sydney CBD Gateway development masterplan
Gateway and
Grosvenor Place
Circular Quay,
Sydney
DEXUS Property Group 2014 Investor Day Slide 31
----- End of picture text -----

`–` DEVELOPMENT Gateway retail development: Alfred Street

==> picture [466 x 233] intentionally omitted <==

Slide 32

DEXUS Property Group 2014 Investor Day

DEXUS PROPERTY GROUP – 2014 Investor Day 18

– DEVELOPMENT Gateway retail development: food court

==> picture [466 x 263] intentionally omitted <==

DEXUS Property Group 2014 Investor Day Slide 33

– DEVELOPMENT Gateway retail development: Jesse Street gardens

==> picture [466 x 255] intentionally omitted <==

Slide 34

DEXUS Property Group 2014 Investor Day

19 DEXUS PROPERTY GROUP – 2014 Investor Day

– DEVELOPMENT Gateway retail development: Loftus Street entry

==> picture [471 x 271] intentionally omitted <==

DEXUS Property Group 2014 Investor Day Slide 35

– DEVELOPMENT Grosvenor Place: fly-through video

==> picture [407 x 268] intentionally omitted <==

Slide 36

DEXUS Property Group 2014 Investor Day

DEXUS PROPERTY GROUP – 2014 Investor Day 20

– DEVELOPMENT Key messages

An integrated function across the Group platform designed to improve portfolio quality and enhance investment returns
An established development pipeline across the DEXUS portfolio that is substantially de-risked
A diverse team with broad capability with development expertise to add value at each level of the development process

==> picture [496 x 173] intentionally omitted <==

==> picture [496 x 33] intentionally omitted <==

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

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

==> picture [496 x 21] intentionally omitted <==

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

DEXUS Property Group 2014 Investor Day Slide 37
----- End of picture text -----

==> picture [496 x 341] intentionally omitted <==

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

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

==> picture [107 x 6] intentionally omitted <==

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

DEXUS Property Group 2014 Investor Day
----- End of picture text -----

==> picture [27 x 6] intentionally omitted <==

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

Slide 38
----- End of picture text -----

21 DEXUS PROPERTY GROUP – 2014 Investor Day

`–` TRADING Types of trading opportunities

‘Trading’ is the activity of developing/repositioning assets with a view to selling for profit

==> picture [455 x 245] intentionally omitted <==

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

TYPE OF Repositioning/ Change of use
TRADING Development
OPPORTUNITY value-add (resi/mixed-use/retail)
Transfer to trading
Acquire, Acquire,
KEY ELEMENTS package/develop
reposition, sell develop, sell
and sell
 50 Carrington Street,  163-183 Viking Drive,  154 O’Riordan Street,
Sydney Wacol Mascot
PROPERTIES  40 Market Street,  30 Distribution Drive,  5-13 Rosebery Avenue and
SOLD OR
EXCHANGED Melbourne Laverton North 25-55 Rothschild Avenue,
Rosebery
 57 -101 Balham Road,  94-106 Lenore Drive,
Archerfield Erskine Park
Includes residential
----- End of picture text -----

DEXUS Property Group 2014 Investor Day Slide 39


ue-add - 50 Carrington Street, Sydney

Key metrics Date	Acquisition November 2012	Divestment Exchanged July 2014
Price	$58.5m	$88.0m
Price per sqm	$5,180	$7,793
NABERS Energy rating	3.0 stars	4.5 stars
Occupancy	61%	100%
WALE	2.2 years	4.1 years
IRR	11.2%	13.2%
Trading profit		Delivered $12.0m

`–` TRADING Case study: Repositioning/value-add - 50 Carrington Street, Sydney

DEXUS APPROACH

Packaging the value-add
Identifying the opportunity
Market and feasibility analysis
Qualifying the opportunity – risk vs reward
Setting the trading strategy
Creating the leasing and marketing strategy
Realisation of value

OUTCOMES

Achieved 100% occupancy on divestment
Improved WALE
Exchanged for sale in July 2013 for $88m
Deliver trading profit of $12m in FY15

Slide 40

DEXUS Property Group 2014 Investor Day

DEXUS PROPERTY GROUP – 2014 Investor Day 22

==> picture [227 x 372] intentionally omitted <==

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

Australia Square, 264 George Street, Sydney NSW
Australia Square, 264 George Street, Sydney NSW - fitted suite
----- End of picture text -----

`–` TRADING Building entrepreneurial mindset and DNA across the Group

50 Carrington played an integral part in growing the entrepreneurial mindset across the Group
Established foundations and capabilities in leasing, development, asset management and transactions
The tasks involved in Trading are an extension of DEXUS’s core capabilities
Adopted an entrepreneurial approach through the packaging of capabilities to match the opportunity, repositioning the property to enhance value
Since completion, the entrepreneurial thinking has extended beyond the trading function of the business exemplified by the Australia Square on-floor refurbishments
A number of other buildings within the DEXUS and Third Party Funds portfolios have adopted similar refurbishment scopes and strategies

==> picture [27 x 6] intentionally omitted <==

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

Slide 41
----- End of picture text -----

DEXUS Property Group 2014 Investor Day

`–` TRADING Change of use and residential approach

DEXUS has developed a residential capability to focus on change of use
Residential approach adopts a disciplined, conservative methodology to mitigate development risks
Expect to deliver low risk, high value projects initially with a JV partner
Complete packaging activities early to create value, then wait to take advantage of the market cycles
Residential phases Thresholds for project launch

Thresholds for project launch

==> picture [284 x 199] intentionally omitted <==

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

KEY RISKS
----- End of picture text -----

DA consent
Negotiate vacant possession
Negotiate D&C contract
Credit approved finance
JV agreement

==> picture [107 x 6] intentionally omitted <==

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

DEXUS Property Group 2014 Investor Day
----- End of picture text -----

==> picture [27 x 6] intentionally omitted <==

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

Slide 42
----- End of picture text -----

23 DEXUS PROPERTY GROUP – 2014 Investor Day

`–` TRADING Case study: Change of use - Rosebery NSW[1]

DEXUS APPROACH

DEXUS conducted packaging activities
Transfer to trading trust (DXO)
Negotiations with Council
DEXUS negotiated improved floor space ratio and heights controls
Completed preliminary feasibility using Architect, Town Planner and Quantity Surveyor
Commenced JV discussions
High value, low risk development
Strong and established residential market
DA risk minimal & vacant possession risk acceptable

OUTCOMES

Properties to deliver trading profit with limited risk and requiring no capital

==> picture [204 x 128] intentionally omitted <==

==> picture [204 x 107] intentionally omitted <==

5-13 Rosebery Avenue and 25-55 Rothschild Avenue, Rosebery.

DEXUS Property Group 2014 Investor Day Slide 43

– TITLE PAGE (TREBUCHET MS (HEADING) 20 BOLDRADING Preliminary concept scheme: 32 Flinders Street, Melbourne

Slide 44

DEXUS Property Group 2014 Investor Day – Presentation Title — Slide 44

DEXUS PROPERTY GROUP – 2014 Investor Day 24

– TRADING Preliminary concept scheme: 32 Flinders Street, Melbourne

==> picture [496 x 323] intentionally omitted <==

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

 Proposing two buildings
— Tower
— Low rise
 549 apartments
 56 levels
Indicative delivery program
DEXUS Property Group 2014 Investor Day Slide 45
----- End of picture text -----

– TRADING Preliminary concept scheme: 32 Flinders Street, Melbourne

==> picture [162 x 262] intentionally omitted <==

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

Tower sky-rise
Tower mid-rise
Flinders Lane low-rise
----- End of picture text -----

==> picture [167 x 280] intentionally omitted <==

==> picture [240 x 7] intentionally omitted <==

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

DEXUS Property Group 2014 Investor Day Slide 46
----- End of picture text -----

25 DEXUS PROPERTY GROUP – 2014 Investor Day

==> picture [218 x 372] intentionally omitted <==

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

94-106 Lenore Drive, Erskine Park NSW
163-183 Viking Drive, Wacol QLD
----- End of picture text -----

`–` TRADING Key messages

Contracted FY15 and FY16 trading profits
Future trading opportunities to consist of
Identified properties in existing portfolio (four identified near-term)
New acquisitions specifically for trading
Likely to undertake a residential development in the next few years initially with a JV partner, subject to market conditions
Current priorities include securing FY17 trading profits and progressing high priority opportunities

==> picture [496 x 55] intentionally omitted <==

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

DEXUS Property Group 2014 Investor Day Slide 47
----- End of picture text -----

==> picture [496 x 349] intentionally omitted <==

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

TITLE PAGE (TREBUCHET MS (HEADING) 20 BOLDQ&A – Morning tea
----- End of picture text -----

==> picture [496 x 53] intentionally omitted <==

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

DEXUS Property Group 2014 Investor Day – Presentation Title — Slide 48 Slide 48
----- End of picture text -----

DEXUS PROPERTY GROUP – 2014 Investor Day 26

==> picture [497 x 374] intentionally omitted <==

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

TITLE PAGE (TREBUCHET MS (HEADING) 20 BOLDDEXUS RESEARCH
DEXUS Property Group 2014 Investor Day – Presentation Title — Slide 49 Slide 49
----- End of picture text -----

==> picture [497 x 373] intentionally omitted <==

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

–
DEXUS RESEARCH Office indicators point to improving demand
Net absorption by market
‘000sqm
200
150
100
50
0
-50
-100
-150
Sep-04 Sep-05 Sep-06 Sep-07 Sep-08 Sep-09 Sep-10 Sep-11 Sep-12 Sep-13 Sep-14
Sydney Melbourne Brisbane Perth Trend
Source: JLL Research.
DEXUS Property Group 2014 Investor Day Slide 50
----- End of picture text -----

27 DEXUS PROPERTY GROUP – 2014 Investor Day

==> picture [497 x 374] intentionally omitted <==

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

–
DEXUS RESEARCH Role of research of Research at DEXUS
Strategy
Transactions
&
Development
Management
Reporting
DEXUS Property Group 2014 Investor Day Slide 51
----- End of picture text -----

==> picture [497 x 373] intentionally omitted <==

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

–
DEXUS RESEARCH Involvement in a transaction: Radius Drive, Larapinta, QLD
Source: Google Earth.
DEXUS Property Group 2014 Investor Day Slide 52
----- End of picture text -----

DEXUS PROPERTY GROUP – 2014 Investor Day 28

– DEXUS RESEARCH Case study: Transformation of the Sydney CBD market

Research tracks infrastructure projects and amenity, developments, withdrawals and lease expiries to identify target areas for investment and inform leasing strategy

Infrastructure projects New developments Stock withdrawals Source: Google Earth. DEXUS Property Group 2014 Investor Day Slide 53

`–` DEXUS RESEARCH Capital transactions database

Established a database that tracks Australian transaction volumes across office, industrial and retail
Monitors trends in transactions to assist with strategy
Tracks recent transaction evidence to assist in pricing of potential acquisitions

==> picture [246 x 243] intentionally omitted <==

Source: Google Earth.

DEXUS Property Group 2014 Investor Day

Slide 54

29 DEXUS PROPERTY GROUP – 2014 Investor Day

`–` DEXUS RESEARCH Delivering better business outcomes: Market Leasing Database

DEXUS’s Market Leasing Database covers key office markets and tracks tenants expiring in the future
Informs DEXUS leasing strategy and how the team negotiates with tenants
Enhances tenant lead generation
Assists with portfolio asset planning and investment strategies

==> picture [260 x 256] intentionally omitted <==

Source: Google Earth.

DEXUS Property Group 2014 Investor Day Slide 55

`–` DEXUS RESEARCH Key messages

Research capability touches all parts of the business and plays a key role in the investment process
Well resourced team of professionals with access to the best available information and expertise
Assists in identifying opportunities and providing sound reasoning for decisions
Keeps clients and investors informed of key trends

==> picture [496 x 177] intentionally omitted <==

==> picture [496 x 10] intentionally omitted <==

Slide 56

DEXUS Pro p ert y Grou p 2014 Investor Da y

DEXUS PROPERTY GROUP – 2014 Investor Day 30

==> picture [496 x 348] intentionally omitted <==

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

TITLE PAGE (TREBUCHET MS (HEADING) 20 BOLDRANSACTIONS
----- End of picture text -----

==> picture [496 x 53] intentionally omitted <==

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

DEXUS Property Group 2014 Investor Day – Presentation Title — Slide 57 Slide 57
----- End of picture text -----

`–` TRANSACTIONS Market context

==> picture [466 x 270] intentionally omitted <==

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

Strong demand Buyers becoming Recent
Transaction High level of
for assets with increasingly transactions
volumes at competition from
long WALE and willing to accept support valuation
record highs all buyer types
quality tenants lower returns increases
Transaction volumes by domestic & foreign investors
$bn
$6.0
$5.0
$4.0
$3.0
$2.0
$1.0
$0.0
2008 2009 2010 2011 2012 2013
Syndicates Superannuation Funds Listed A-REITs Unlisted Property Trusts Foreign
Source: Jones Lang LaSalle, DEXUS Research.
----- End of picture text -----

==> picture [107 x 6] intentionally omitted <==

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

DEXUS Property Group 2014 Investor Day
----- End of picture text -----

Slide 58

31 DEXUS PROPERTY GROUP – 2014 Investor Day

`–` TRANSACTIONS Approach and process

==> picture [439 x 276] intentionally omitted <==

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

1 Origination Research lead Opportunity lead
Proprietary research - target sectors, Relationships, situations requiring scale,
sub-markets, asset characteristics etc. speed, or certainty
Asset classes Investment strategy
2 Focus and Strategy
Office Industrial Retail Core Development(manufacture core) Trading
3 Funding
Balance Sheet DWPF Joint ventures / mandates
Investment committee review &
4 Execution submission of Expression of Interest
Detailed due diligence & asset
planning undertaken
Approval
Fully integrated DEXUS platform provides framework for identification,
origination, evaluation and execution of acquisition opportunities
across entire asset and product spectrum
----- End of picture text -----

==> picture [240 x 7] intentionally omitted <==

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

DEXUS Property Group 2014 Investor Day Slide 59
----- End of picture text -----

`–` TRANSACTIONS Pipeline and outcomes over the past 12 months

ACQUISITIONS[1]

==> picture [466 x 288] intentionally omitted <==

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

ASSET OFFICE INDUSTRIAL RETAIL OUTCOMES
REVIEWED 141 ASSETS 122 ASSETS 49 ASSETS
9 Properties $473m
INVESTMENT INVESTMENT VALUE-ADD/DEVELOPMENT  34% Office
TYPE 43% 57%  32% Industrial
 34% Retail
ON MARKET OFF MARKET
ORIGINATION
44% 56%
DIVESTMENTS [2]
PROPERTY TYPE 9 PROPERTIESOFFICE 12 PROPERTIESINDUSTRIAL 21 Properties $1.6bn
13% Premium to
OWNER DEXUS PORTFOLIO THIRD PARTY FUNDS book value
15 PROPERTIES 6 PROPERTIES
1. Direct property transactions over past 12 months. Excludes entity transactions.
2. For CPA properties sold, premium achieved relates to underwritten value. Includes properties under contract.
----- End of picture text -----

==> picture [107 x 6] intentionally omitted <==

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

DEXUS Property Group 2014 Investor Day
----- End of picture text -----

==> picture [27 x 6] intentionally omitted <==

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

Slide 60
----- End of picture text -----

DEXUS PROPERTY GROUP – 2014 Investor Day 32

`–` TRANSACTIONS Leveraging capabilities to access a range of transactions

==> picture [479 x 192] intentionally omitted <==

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

2012 2012 2013 2013 2014
NOVEMBER NOVEMBER FEBRUARY MAY APRIL
CORE VALUE-ADD CLOSED- FUND- M&A
PRODUCT REPOSITIONING END FUND THROUGHS
225 George Street,
50 Carrington Street, Sydney (25%) 480 Queen Street,
12 Creek Street, Sydney 2-4 Dawn Fraser Avenue Brisbane CPA portfolio
Brisbane 40 Market Street, Sydney (50%) Kings Square, $3.4 billion
Melbourne 39 Martin Place, Perth
Sydney
Core properties Value-add properties Fund-through development properties
----- End of picture text -----

==> picture [496 x 55] intentionally omitted <==

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

DEXUS Property Group 2014 Investor Day Slide 61
----- End of picture text -----

`–` TRANSACTIONS Recycling and reinvesting across DEXUS portfolio

==> picture [496 x 321] intentionally omitted <==

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

 DEXUS has
—
Successfully deployed significant capital early in the cycle
—
Acted quickly and evolved its approach to gain access to product
—
Maintained target hurdle rates for acquisitions
—
Benefitted from investing early in the cycle
DEXUS Portfolio transactions [1]
$m
3,000
2,500 $2.7bn
41 properties
2,000
$2.1bn
1,500
67 properties
1,000
500 $1.0bn
90 properties Acquisitions
-
Divestments
-500
-1,000
-1,500
FY12 FY13 FY14
Industrial Office Offshore
1. Includes proportional share of CPA properties acquired/sold.
DEXUS Property Group 2014 Investor Day Slide 62
----- End of picture text -----

33 DEXUS PROPERTY GROUP – 2014 Investor Day

– TRANSACTIONS Assisting third party funds & capital partners to grow

DEXUS has
Satisfied third party investment objectives across sectors
Enabled informed decisions on asset selection and transactional execution
Leveraged strong relationships to deliver on transactional outcomes
Partnered with third party funds/capital partners to access product

==> picture [496 x 233] intentionally omitted <==

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

Third party funds transactions
$m
3,000 $2.7bn
2,500 35 properties
2,000
1,500
$0.8bn
1,000 10 properties
$0.7bn
500 5 properties
Acquisitions
- Divestments
-500
-1,000
-1,500
FY12 FY13 FY14
Office Industrial Retail
DEXUS Property Group 2014 Investor Day Slide 63
----- End of picture text -----

`–` TRANSACTIONS What’s next?

DEXUS has already invested considerable capital this cycle
Considerable appetite and capacity amongst wholesale funds and clients - core and value-add focus
Focus for next 12 months
1 Asset recycling continued divestments likely
2 Selective research based investments in specific sub-markets and locations (office and industrial)
3 Acquiring/joint venturing undermanaged assets where we can leverage the DEXUS platform (office, industrial, retail)
4 Continued focus on situation investments
Distressed core assets (e.g. significant leasing risk)
Portfolio acquisitions
Scale transactions with limited competition

DEXUS Property Group 2014 Investor Day Slide 64

DEXUS PROPERTY GROUP – 2014 Investor Day 34

==> picture [496 x 372] intentionally omitted <==

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

–
TRANSACTIONS Key messages
 Highly competitive market for acquisitions
 Strong transaction capability embedded into the business
 Significant amount of capital invested early in the cycle
(DEXUS and its clients)
 No pressure to put further capital to work – focus is on
high conviction opportunities and supporting third party
AUM growth
Grosvenor Place, 225 George Street, Sydney NSW
DEXUS Property Group 2014 Investor Day Slide 65
----- End of picture text -----

==> picture [496 x 349] intentionally omitted <==

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

TITLE PAGE (TREBUCHET MS (HEADING) 20 BOLDHIRD PARTY FUNDS MANAGEM NT
----- End of picture text -----

Slide 66

DEXUS Property Group 2014 Investor Day – Presentation Title — Slide 66

35 DEXUS PROPERTY GROUP – 2014 Investor Day

`–` THIRD PARTY FUNDS MANAGEMENT Overview

Growing investor/fund base

Significant growth of third party funds platform

==> picture [226 x 267] intentionally omitted <==

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

DEXUS Industrial
Partner
DEXUS Office <$0.1bn
Partner DWPF
$1.6bn $5.3bn
Australian
48 Industrial
Partner
investors $0.3bn $8.9bn
Australian
Mandate
$1.7bn
Diversified by sector
Industrial
$1.1bn Office
12% $4.2bn
47%
92
properties
across office, $8.9bn
industrial and
retail
Retail
$3.6bn
41%
----- End of picture text -----

==> picture [214 x 116] intentionally omitted <==

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

$bn
10
>50% 8
growth through 6
new partnerships, 4
acquisitions and
developments 2
0
2012 2014
----- End of picture text -----

Significant committed development pipeline

==> picture [240 x 153] intentionally omitted <==

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

FY15 FY16 FY17+
$2.2bn $730m
Office
of committed and
uncommitted $1,200m
development Retail
projects
$290m
Industrial
DEXUS Property Group 2014 Investor Day Slide 67
----- End of picture text -----

`–` THIRD PARTY FUNDS MANAGEMENT Clients

==> picture [467 x 263] intentionally omitted <==

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

Australian Australian
DEXUS Wholesale DEXUS Office DEXUS Industrial
Industrial property
Property Fund Partnership Partnership
Partnership mandate
$5.3bn diversified $0.5bn partnership $3.2bn office Industrial partnership $ 1.7bn diversified
wholesale fund with 44 unit holders with major global pension fund partnership with CPPIB with Future Fund Australian super fundmandate with
Established 1995 Established Oct 2012 Established Dec 2013 Established June 2014 Managed since 1997
39 assets Acquired 19 assets 20 assets 3 development sites [2] 11 assets
$1.2bn development $100 million growth $101m development Targeting $1bn gross $675m development
pipeline since inception pipeline [1] assets pipeline
Long term benchmark Benchmark Acquired and de-listed Build or reposition to Long term benchmark
outperformance outperformance CPA portfolio April 2014 core strategy outperformance
----- End of picture text -----

Includes CPPIB share of 5 Martin Place, Sydney development cost.
Includes one site currently in due diligence.

Slide 68

DEXUS Property Group 2014 Investor Day

DEXUS PROPERTY GROUP – 2014 Investor Day 36

`–` THIRD PARTY FUNDS MANAGEMENT Growth in third party equity

 Attracted over $4.5bn of third party equity since 2010

DWPF attracted $2.7 billion of capital since 2010 from domestic and offshore investors
DEXUS Industrial Partnership established in FY14 and targeting $1bn gross assets
DEXUS Office Partnership established in FY14 with active growth plan

==> picture [447 x 156] intentionally omitted <==

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

Third party funds management equity movements
2,000 $4.5bn 4,750
1,500 3,750
2,750
1,000 $3.1bn
1,750
500
750
- (250)
(500) (1,250)
Dec-09 Jun-10 Dec-10 Jun-11 Dec-11 Jun-12 Dec-12 Jun-13 Dec-13 Jun-14
Equity Raised Transfer/Redemption DRP Cumulative Net Equity Raised Cumulative Gross Equity Raised (inc DRP)
Equity (per quarter) $m
Cumulative equity $m
----- End of picture text -----

==> picture [496 x 55] intentionally omitted <==

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

DEXUS Property Group 2014 Investor Day Slide 69
----- End of picture text -----

`–` THIRD PARTY FUNDS MANAGEMENT Profitability

 Significant growth of third party funds platform

Margin growth continues with increased funds under management and benefits of scale
FY15 Funds Management & Property Services profitability to be circa $35 - $40 million

	FY12	FY13	FY14
Funds management	$28.3m	$27.7m	$32.0m
Property management	$21.5m	$22.4m	$26.0m
Leasing & other	$9.4m	$9.6m	$10.1m
Total revenue	$59.2m	$59.7m	$68.1m
Less expenses	($41.3m)	($38.9m)	($40.2m)
Profit	$17.9m	$20.8m	$27.9m
Margin	30%	35%	41%
Third Party FUM - average	$5.9bn	$5.9bn	$7.4bn

Slide 70

DEXUS Property Group 2014 Investor Day

37 DEXUS PROPERTY GROUP – 2014 Investor Day

`–` THIRD PARTY FUNDS MANAGEMENT FY14 acquisitions

==> picture [496 x 323] intentionally omitted <==

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

Acquisitions on behalf
$480m of acquisitions secured for DWPF
of third party clients
Beenleigh Marketplace, Deepwater Plaza, Woy Woy [1] Sturt Mall, Wagga Wagga [1] $3.4bn
Beenleigh $88.4m $98.5m $61.2m (21 office properties)
Cap rate 7.50% 7.25% cap rate 7.50% cap rate off-market takeover with
partner CPPIB
441 Nudgee Rd, Hendra 1439 Lytton St, Hemmant AM60, Brisbane $60m (3 industrial sites [3] ,
$27.4m $39.6m $161.3m 43ha) acquired with partner
8.50% cap rate 8.25% cap rate 8.50% cap rate Future Fund
1. Acquired in July 2014.
2. Includes one site currently in due diligence.
DEXUS Property Group 2014 Investor Day Slide 71
----- End of picture text -----

`–` THIRD PARTY FUNDS MANAGEMENT Development pipeline

==> picture [221 x 147] intentionally omitted <==

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

~$2.2bn $430m
Total Pipeline Committed Dev.
Westfield, Miranda 5 Martin Place, Sydney
----- End of picture text -----

==> picture [102 x 82] intentionally omitted <==

==> picture [110 x 82] intentionally omitted <==

Quarry at Greystanes Drive Industrial Estate, Richlands

$490m ~$1,300m Fund-through Acq. Uncommitted

==> picture [113 x 80] intentionally omitted <==

==> picture [107 x 79] intentionally omitted <==

Willows, Townsville

480 Queen Street, Brisbane

==> picture [112 x 81] intentionally omitted <==

==> picture [109 x 82] intentionally omitted <==

Kings Square, Perth

DEXUS Industrial Estate, Laverton North

Slide 72

DEXUS Property Group 2014 Investor Day

DEXUS PROPERTY GROUP – 2014 Investor Day 38

`–` THIRD PARTY FUNDS MANAGEMENT What’s next?

Further develop our $8.9bn third party funds business
Grow relationships with like-minded partners
Develop new products for our diverse client base
Continue to leverage DEXUS integrated platform
Drive portfolio performance by delivering key asset management initiatives
Execute $2.2bn development pipeline to enhance returns
Strategic divestment of non-core assets
Secure value-driven acquisitions on behalf of clients

==> picture [496 x 126] intentionally omitted <==

==> picture [107 x 6] intentionally omitted <==

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

DEXUS Property Group 2014 Investor Day
----- End of picture text -----

==> picture [27 x 6] intentionally omitted <==

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

Slide 73
----- End of picture text -----

==> picture [186 x 38] intentionally omitted <==

==> picture [497 x 373] intentionally omitted <==

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

TITLE PAGE (TREBUCHET MS (HEADING) 20 BOLD RETAIL
DEXUS Property Group 2014 Investor Day – Presentation Title — Slide 74 Slide 74
----- End of picture text -----

39 DEXUS PROPERTY GROUP – 2014 Investor Day

– RETAIL Role of DEXUS Retail in relation to strategy

==> picture [443 x 71] intentionally omitted <==

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

ROLE OF RETAIL
Having the best CBD Having significant retail
Being a high performing Promoting practices to
retail offering to support scale to effectively
and leading specialist mitigate the risk
Premium and A grade execute strategic
retail manager of of workplace health and
office buildings and their objectives and attract
tenant bases the best people appropriate scale safety
----- End of picture text -----

DEXUS Property Group 2014 Investor Day Slide 75

– RETAIL DEXUS is a diverse retail specialist

==> picture [468 x 296] intentionally omitted <==

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

RETAIL PLATFORM
$3.6 billion [1]
Westfield JVs Sub-regional City Retail
DWPF co-ownership DWPF 100% DEXUS
Australian mandate Australian mandate Co-ownerships
50% share 100% share 7 significant retail assets
7 centres 8 centres + pipeline (38 office properties with retail)
1. Excludes City Retail.
----- End of picture text -----

Slide 76

DEXUS Property Group 2014 Investor Day

DEXUS PROPERTY GROUP – 2014 Investor Day 40

`–` RETAIL DEXUS is a diverse retail specialist

==> picture [305 x 229] intentionally omitted <==

==> picture [120 x 10] intentionally omitted <==

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

Property type by book value
----- End of picture text -----

==> picture [159 x 246] intentionally omitted <==

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

Super
Regional
15%
Major
Regional
8%
Sub
$3.6bn [1] Regional54%
15 properties
Regional
23%
Geographical weighting by book value
SA
8%
Vic
15%
Qld
39%
$3.6bn [1]
15 properties
NSW
38%
----- End of picture text -----

Excludes City Retail. DEXUS Property Group 2014 Investor Day Slide 77

`–` RETAIL Strategic acquisition capability in action: Beenleigh Marketplace

APPROACH

Acquired on good metrics and adding value
Acquired in December 2013 for $88.4m at a cap rate of 7.50%

INVESTMENT CRITERIA

Having a strong market position
Trade areas with future population/income growth
Bias to non-discretionary expenditure

OUTCOMES

Delivered on DWPF’s Investment Plan objectives
- Ability to add value/expand centres via redevelopment and repositioning
Significant population growth corridor
Dominant in trade area
Long term anchor tenants
MAT growth of 2.6% at 30 September 2014
Achieved strong rental reversions
Achieved 100% occupancy - first time in three years
Strong valuation uplift since acquisition
Commenced repositioning strategy to capture trade area growth and enhance total returns

==> picture [226 x 130] intentionally omitted <==

Slide 78

DEXUS Property Group 2014 Investor Day

41 DEXUS PROPERTY GROUP – 2014 Investor Day

`–` RETAIL Progressing the development pipeline

==> picture [230 x 144] intentionally omitted <==

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

UNDERWAY
Westfield Miranda, Sydney
----- End of picture text -----

Circa 20,000sqm retail extension approx $230m cost (DWPF 50%) 2013–2016

Construction commenced June 2013
Stages 1 and 2 opened October 2014
Stage 3 to open December 2014
Terms agreed for circa 90% of tenancies

==> picture [228 x 14] intentionally omitted <==

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

NEAR-TERM PIPELINE
----- End of picture text -----

Willows Shopping Centre, Townsville

Circa 7,000sqm retail extension approx $70m cost (DWPF 100%) 2015–2016

DA secured for Stage 1 for supermarket relocation and new specialty shop mall
AFL signed with Woolworths
Forecast commencement early 2015
Leasing to international mini-majors close to finalisation to open in April 2015

DEXUS Property Group 2014 Investor Day

Slide 79

`–` RETAIL FY15 focus

Focus on specialty renewals and tenant retention
Activate development pipeline
Service third party funds and capital partner transaction requirements
Deliver investment performance for third party funds and capital partners

==> picture [496 x 120] intentionally omitted <==

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

Smithfield Shopping Centre, Cairns QLD
----- End of picture text -----

==> picture [496 x 6] intentionally omitted <==

Slide 80

DEXUS Property Group 2014 Investor Day

DEXUS PROPERTY GROUP – 2014 Investor Day 42

==> picture [497 x 374] intentionally omitted <==

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

TITLE PAGE (TREBUCHET MS (HEADING) 20 BOLDPROPERTY SERVICES
DEXUS Property Group 2014 Investor Day – Presentation Title — Slide 81 Slide 81
----- End of picture text -----

`–` PROPERTY SERVICES Introduction

DEXUS adopts an active approach to property services which optimises investment returns through operational efficiencies, cost savings and additional income opportunities

==> picture [496 x 265] intentionally omitted <==

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

 Improving building operational efficiency
 Assisting to attract and retain tenants
 Enhancing property value and relationships
 Establishing alternative income streams
 Building process improvement capability and problem solving skills
Property Services, Alternative Sustainable Continuous
operations strategy & income spaces, services improvement
innovation and procurement
DEXUS Property Group 2014 Investor Day Slide 82
----- End of picture text -----

43 DEXUS PROPERTY GROUP – 2014 Investor Day

`–` PROPERTY SERVICES DEXUS’s integrated property services platform

==> picture [467 x 264] intentionally omitted <==

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

DEXUS portfolio management structure Benefits of DEXUS’s property services platform
 Leverages DEXUS’s strategic focus and scale
 Delivers cost savings through centralised
procurement, project management and
Asset sustainability services
DEXUS O&I Management INVESTORS  Delivers agility and scalability
 Reduces insurance premiums through a
bespoke risk management system
 Delivers enhanced returns through innovative
and leading systems
DEXUS
Property
Property
Management  Delivers consistent customer service
Services
 Creates efficiencies and process
TENANTS improvement through scale
 Provides access to dedicated 24/7 tenant
service centre
Facilities
Outsourced Management
----- End of picture text -----

DEXUS Property Group 2014 Investor Day Slide 83

`–` PROPERTY SERVICES Delivering cost savings & revenue generating initiatives

Sustainability repositioning of
Centralised procurement Energy Savings Certificates trading assets
delivers $2.1m of savings (ESC) generate $470,000 CASE STUDY: 50 Carrington
in FY14 of revenue in FY14 Street, Sydney
Achieved through: Achieved through: Repositioned property through:  Centralised procurement team  Implementing energy efficiency  Implemented sustainability upgrades  Re-tendered service contracts measures which generated energy cost savings mechanical, fire and lift services  Proactively managing building  Achieved 4.5 star NABERS Energy
Established preferred supplier operations rating, increasing from 3.0 stars at panels  Transacted $470,000 of ESC in first acquisition within 18 months
Further pricing benefits year of scheme  Repositioning and leasing strategy expected in FY15 from CPA  Further revenue generation contributed to trading profit outcome properties expected annually to 2020  Continuing to identify further opportunities to improve energy efficiency and cost savings through sustainability upgrades and employing new technology
Scheme administered by NSW Independent Pricing and Regulatory Tribunal.

Slide 84

DEXUS Property Group 2014 Investor Day

DEXUS PROPERTY GROUP – 2014 Investor Day 44

`–` PROPERTY SERVICES Improving through innovation

==> picture [443 x 209] intentionally omitted <==

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

EMBEDDED NETWORK
Southgate Complex, Melbourne
Targeting $250,000 p.a. in revenue
----- End of picture text -----

Offered managed electricity services to tenants at attractive rates
Established a seamless connection process for new tenants
Provided an additional property income stream
Initial Southgate trial successful and further five sites underway

==> picture [496 x 55] intentionally omitted <==

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

DEXUS Property Group 2014 Investor Day Slide 85
----- End of picture text -----

`–` PROPERTY SERVICES Key messages

Active approach to property services has created efficiencies and delivered costs savings
Dedicated team established to explore and realise opportunities for other sources of revenue
Delivering customer service and operational improvements through innovation

==> picture [205 x 121] intentionally omitted <==

==> picture [27 x 6] intentionally omitted <==

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

Slide 86
----- End of picture text -----

==> picture [107 x 6] intentionally omitted <==

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

DEXUS Property Group 2014 Investor Day
----- End of picture text -----

==> picture [186 x 146] intentionally omitted <==

==> picture [186 x 120] intentionally omitted <==

==> picture [186 x 18] intentionally omitted <==

==> picture [195 x 38] intentionally omitted <==

45 DEXUS PROPERTY GROUP – 2014 Investor Day

==> picture [496 x 348] intentionally omitted <==

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

TITLE PAGE (TREBUCHET MS (HEADING) 20 BOLD PEOPLE & CULTURE
----- End of picture text -----

==> picture [496 x 53] intentionally omitted <==

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

DEXUS Property Group 2014 Investor Day – Presentation Title — Slide 87 Slide 87
----- End of picture text -----

`–` PEOPLE & CULTURE Developing capabilities and a high performing culture

DEXUS is focused on developing a high-performing culture
Outcomes of a high-performing culture:
Motivated employees deliver sustained results
Talent retention and attraction Objective
The ability to adapt and respond to change

==> picture [247 x 42] intentionally omitted <==

==> picture [215 x 152] intentionally omitted <==

==> picture [456 x 92] intentionally omitted <==

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

Values Leadership Diversity &
refresh program inclusion
Developing a high-performing culture journey
FY13 Measurement FY16
----- End of picture text -----

==> picture [107 x 6] intentionally omitted <==

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

DEXUS Property Group 2014 Investor Day
----- End of picture text -----

==> picture [27 x 6] intentionally omitted <==

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

Slide 88
----- End of picture text -----

DEXUS PROPERTY GROUP – 2014 Investor Day 46

`–` PEOPLE & CULTURE Measuring high performance

==> picture [465 x 188] intentionally omitted <==

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

Stages of measurement Integrated approach to
developing high performance
FY13 FY14 FY15 – FY16
Lifestyles Organisational
87%
Inventory Culture
Overall staff leadership Inventory (OCI) LEADERSHIP
engagement assessment assessment
 DEXUS has identified a direct correlation between employee Objective
engagement and high performance CULTURE
 DEXUS’s high employee engagement score indicates HIGH
PERFORMANCE
— Individual motivation and satisfaction
— Sustainable office morale and team collaboration
----- End of picture text -----

Customer service focus
— Allocation of discretionary effort
— Brand advocacy
— Self-led personal development

==> picture [496 x 55] intentionally omitted <==

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

DEXUS Property Group 2014 Investor Day Slide 89
----- End of picture text -----

==> picture [286 x 11] intentionally omitted <==

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

–
PEOPLE & CULTURE Relaunch of DEXUS values
----- End of picture text -----

==> picture [93 x 93] intentionally omitted <==

==> picture [93 x 92] intentionally omitted <==

==> picture [92 x 93] intentionally omitted <==

==> picture [93 x 92] intentionally omitted <==

==> picture [93 x 93] intentionally omitted <==

DEXUS Property Group 2014 Investor Day

Slide 90

47 DEXUS PROPERTY GROUP – 2014 Investor Day

`–` PEOPLE & CULTURE Developing our leaders

DEXUS LEADERSHIP PROGRAM

Leadership Academy Commercial & market Customer leadership leadership targeting Top 50 leaders Continually defining and Identify multiple creating value opportunities and drive performance performance Management Essentials STRATEGY DELIVERY

Management Essentials for new leaders Project Connect across the DEXUS platform

People leadership Change leadership Positive personal impact Critical thinking, to recruit, grow, coach, innovation and agility motivate and manage a talent culture

DEXUS Property Group 2014 Investor Day Slide 91

`–` PEOPLE & CULTURE Diversity @ DEXUS

DEXUS is creating a culture of diversity and inclusion

==> picture [462 x 222] intentionally omitted <==

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

Inclusive
Expands DEXUS’s Leadership Corporate
Responsibility &
talent base program Inclusion
Committee
Drives innovation
DEXUS
Diversity
awareness events diversity & Talent acquisition
Enhances inclusion
productivity
Deepens DEXUS’s
understanding of its
customers Plus One initiative Male Champions of
Change (PCA)
----- End of picture text -----

Slide 92

DEXUS Property Group 2014 Investor Day

DEXUS PROPERTY GROUP – 2014 Investor Day 48

`–` PEOPLE & CULTURE Diversity @ DEXUS

Exceeded FY15 target of 33% female participation for Non-Executive Directors
Progressing female participation rate for senior management
High conversion rate for female applicants across the Group

==> picture [188 x 9] intentionally omitted <==

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

Female participation as at 30 September 2014
----- End of picture text -----

==> picture [179 x 131] intentionally omitted <==

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

FY15 target 33%
Non-Executive Directors 43%
Senior Management 28%
New FTE hires: March – September 2014
 449 Applicants
Male  Hired 7%
 246 Applicants
Female  Hired 15%
----- End of picture text -----

==> picture [364 x 117] intentionally omitted <==

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

DEXUS employees DEXUS Board DEXUS senior management
by gender by gender by gender
42.9%
50.4% 49.6% 57.1% 28.5% 71.5%
Male Female Male Female Male Female
----- End of picture text -----

==> picture [240 x 7] intentionally omitted <==

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

DEXUS Property Group 2014 Investor Day Slide 93
----- End of picture text -----

==> picture [496 x 369] intentionally omitted <==

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

–
PEOPLE & CULTURE Key messages
 Developing a high performance culture to drive excellent
results
 Creating strong leadership to deliver sustained performance
 Creating a diverse and inclusive workforce to improve
organisational effectiveness
DEXUS Property Group 2014 Investor Day Slide 94
----- End of picture text -----

49 DEXUS PROPERTY GROUP – 2014 Investor Day

TITLE PAGE (TREBUCHET MS (HEADING) 20 BOLDCLOSING REMARKS

==> picture [496 x 53] intentionally omitted <==

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

DEXUS Property Group 2014 Investor Day – Presentation Title — Slide 95 Slide 95
----- End of picture text -----

CLOSING REMARKS

Demonstrated capability across the platform delivering significant results since 2012
DEXUS has sufficient scope through its diversified platform to deliver sustainable earnings growth
Confident of market guidance[1] for FY15
PCA FFO per security of 9.84 cents, reflecting 8.5% growth from FY14
Distribution per security of 6.79 cents, reflecting 8.5% growth from FY14

==> picture [496 x 154] intentionally omitted <==

==> picture [496 x 44] intentionally omitted <==

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

1. Assumptions: Targeting positive like-for-like income growth across the office and industrial portfolios, weighted average cost of debt of 5.4%, trading profits of
approximately $40m, Management Operations revenue of approximately $35-40m, and excluding any buy-back of DEXUS securities
DEXUS Property Group 2014 Investor Day Slide 96
----- End of picture text -----

DEXUS PROPERTY GROUP – 2014 Investor Day 50

IMPORTANT INFORMATION

This presentation is issued by DEXUS Funds Management Limited (DXFM) in its capacity as responsible entity of DEXUS Property Group (ASX:DXS). It is not an offer of securities for subscription or sale and is not financial product advice.
Information in this presentation including, without limitation, any forward looking statements or opinions (the Information) may be subject to change without notice. To the extent permitted by law, DXFM, DEXUS Property Group and their officers, employees and advisers do not make any representation or warranty, express or implied, as to the currency, accuracy, reliability or completeness of the Information and disclaim all responsibility and liability for it (including, without limitation, liability for negligence). Actual results may differ materially from those predicted or implied by any forward looking statements for a range of reasons outside the control of the relevant parties.
The information contained in this presentation should not be considered to be comprehensive or to comprise all the information which a DEXUS Property Group security holder or potential investor may require in order to determine whether to deal in DEXUS Property Group stapled securities. This presentation does not take into account the financial situation, investment objectives and particular needs of any particular person.
The repayment and performance of an investment in DEXUS Property Group is not guaranteed by DXFM, any of its related bodies corporate or any other person or organisation.
This investment is subject to investment risk, including possible delays in repayment and loss of income and principal invested.

==> picture [496 x 55] intentionally omitted <==

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

DEXUS Property Group 2014 Investor Day Slide 97
----- End of picture text -----

==> picture [497 x 373] intentionally omitted <==

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

DEXUS PROPERTY GROUP
2014 INVESTOR DAY – 21 OCTOBER 2014
LEVERAGING OUR CAPABILITIES
DEXUS Funds Management Limited
ABN 24 060 920 783
AFSL 238163 as responsible entity for DEXUS Property Group DEXUS Property Group 2014 Investor Day Slide 98
----- End of picture text -----

51 DEXUS PROPERTY GROUP – 2014 Investor Day

NOTES

DEXUS PROPERTY GROUP – 2014 Investor Day 52

DEXUS PROPERTY GROUP SYDNEY OFFICE PORTFOLIO

53 DEXUS PROPERTY GROUP – 2014 Investor Day

DEXUS PROPERTY GROUP – 2014 Investor Day 54

GROSVENOR PLACE, 225 GEORGE STREET, SYDNEY

==> picture [251 x 251] intentionally omitted <==

Grosvenor Place is a landmark Premium Grade office building located near Circular Quay in the Sydney CBD providing office space over 44 levels, ground floor retail space and car parking for 566 cars. Designed by renowned architect Harry Seidler, the complex also includes The Morrison Hotel and the heritage listed Royal Naval House and Johnson's Building.

The Grosvenor Place complex sits on an entire CBD block overlooking Circular Quay. Grosvenor Place has earned a reputation as one of Sydney's most functional Premium Grade office towers.

PROPERTY DETAILS AT 30 JUNE 2014

Building type Premium Grade Office ______________
Title Leasehold
______________
Site Area (hectares) 0.8
______________
Lettable area adjusted ('000 m2) 32.0
______________
Typical floor area (m2) 2,000 ______________
Number of buildings 4 ______________
Car parking spaces 566 ______________
NABERS Energy rating: (with GreenPower) 4.0 ______________
NABERS Energy rating: (without GreenPower) 4.0 ______________
NABERS Water rating 4.0 ______________
Year built 1988
______________
Major tenant Deloitte Services Pty Ltd ______________
Ownership (%) 37.5 ______________
Co-owner Investa, ARIA, DEXUS Office Partner

PROPERTY STATISTICS AT 30 JUNE 2014

Metro Area Sydney ______________
Zoning Sydney Core Scheme ______________
Acquisition date Feb 2013 ______________
Book value: $m $441.60 ______________
Independent valuation date Mar 2013 ______________
Independent valuation: $m $271.50 ______________
Market cap rate (%) 6.10 ______________
Initial yield (%) 5.89 ______________
Leased by area (%) 90 ______________
Weighted lease term by income: (year/s) 5.0 ______________
Note: Independent valuation $m represents DXS 25% interest prior to
acquisition of the CPA interest.

Its distinctive design features large, highly efficient 1,900 square metre floor plates sitting above a three storey lobby. Floor-toceiling windows frame views that capture the beauty of Sydney in a 360 degree panorama. On-site amenities include an undercover casual dining forecourt, The Morrison Hotel, Giovanni's restaurant and a florist. The addition of class-leading shower and change room facilities is planned during 2014.

Property contact: _ Andy Collins Ph: +61 466 134 170 _ DEXUS Property Group

55 DEXUS PROPERTY GROUP – 2014 Investor Day

GOVERNOR PHILLIP & MACQUARIE TOWER, SYDNEY

==> picture [251 x 251] intentionally omitted <==

Governor Phillip & Macquarie Tower complex is one of Sydney's leading Premium Grade office buildings. GPT provides 37 levels of premium office space and GMT provides 25 levels of premium office space. The complex has basement parking for 654 cars.

In a prime location selected for Sydney's First Government House more than 200 years ago, 1 Farrer Place offers a positive and productive workplace for businesses, from formal and informal spaces to meet and reflect, to dramatic views from both towers.

The complex includes GPT, GMT, five historic terraces, two public open spaces, and the Museum of Sydney. The office towers provide highly efficient, column-free rectangular floor plates providing maximum freedom and flexibility. GPT's granite, glass and stainless steel façade is crowned by a six-storey grid of stainless steel blades. The lobby provides floor-to-ceiling expanses of glass looking over Farrer Place, polished granite floors and sandstone walls, creating a light and airy feel which is complemented by major artworks and comfortable seating.

PROPERTY DETAILS AT 30 JUNE 2014

Building type Premium Grade Office ______________
Title Freehold
______________
Site Area (hectares) 0.6
______________
Lettable area adjusted ('000 m2) 43.3
______________
Typical floor area (m2) 1,460 ______________
Number of buildings 3 ______________
Car parking spaces 654 ______________
NABERS Energy rating: (with GreenPower) GPT 4.5 / GMT 4.5 ______________
NABERS Energy rating: (without GreenPower) GPT 3.5 / GMT 4.0 ______________
NABERS Water rating GPT 3.5 / GMT 3.5 ______________
Year built 1993
______________
Major tenant King & Wood Mallesons ______________
Ownership (%) 50 ______________
Co-owner General Property Trust & Australian Prime
Property Fund ______________

PROPERTY STATISTICS AT 30 JUNE 2014

Metro Area Sydney ______________
Zoning B8 Metropolitan Centre ______________
Acquisition date Dec 1998 ______________
Book value: $m $679.20 ______________
Independent valuation date Dec 2012 ______________
Independent valuation: $m $670.00
______________ Market cap rate (%) 6.05
______________ Initial yield (%) 5.49
______________ Leased by area (%) 95
__________ Weighted lease term by income: (year/s) 5.6 ____________

Property contact: _ Mark Museth Ph: +61413 004 280 _ DEXUS Property Group _

GMT appears as a tower of stepped blocks of granite on a sandstone base. With its 14-metre height, GMT's lobby adjoins GPT's lobby. The complex offers secure parking over eight basement levels for up to 654 cars, end-of-trip and fitness facilities including a 253 space bike facilities, showers/lockers, a premium concierge, formal and informal meeting areas, 24-hour, 7-day onsite security control room.

The complex is a few minutes' walk from Circular Quay, Wynyard and Martin Place transport services. By car, there is easy access to all major arterial roads, including the Harbour Bridge approach and the Eastern Distributor.

==> picture [124 x 50] intentionally omitted <==

DEXUS PROPERTY GROUP – 2014 Investor Day 56

60 CASTLEREAGH STREET, SYDNEY

==> picture [251 x 251] intentionally omitted <==

60 Castlereagh Street is an A Grade office tower with 20 levels of office accommodation, basement parking and ground floor retail. Located in Sydney CBD's financial and legal precinct, the building provides large, column free floor plates with views over Sydney from the upper floors.

The building provides a convenient location with close proximity to Martin Place, Wynyard, Pitt Street Mall and the court precinct allowing for easy access to all major transport, retail and business requirements. With dual access from Castlereagh and Elizabeth Streets, the building's large lobby creates a sophisticated statement while on-floor the large floor plates provide an ideal platform for creating dynamic workspaces. The building offers hotel style end-of-trip facilities including lockers, bicycle racks and shower facilities encouraging a healthy and active work force.

PROPERTY DETAILS AT 30 JUNE 2014

Building type A Grade Office ______________
Title Freehold
______________
Site Area (hectares) 0.2
______________
Lettable area adjusted ('000 m2) 13.5
______________
Typical floor area (m2) 1,100-1,300 ______________
Number of buildings 1 ______________
Car parking spaces 60 ______________
NABERS Energy rating: (with GreenPower) 4.5 ______________
NABERS Energy rating: (without GreenPower) 4.5 ______________
NABERS Water rating 3.0 ______________
Year built 1999
______________
Major tenant BNP Paribas ______________
Ownership (%) 50 ______________
Co-owner DEXUS Office Partner ______________

PROPERTY STATISTICS AT 30 JUNE 2014

Metro Area Sydney ______________
Zoning B8 Metropolitan Centre ______________
Acquisition date Apr 2014 ______________
Book value: $m $131.00 ______________
Initial yield (%) 6.05 ______________
Leased by area (%) 90 ______________
Weighted lease term by income: (year/s) 5.1 ______________

Property contact: _ Jesse Curtis Ph: +61 2 9017 1354 _ DEXUS Property Group _

Sustainability:

60 Castlereagh Street has a 4.5 star NABERS Energy rating achieved through chiller and building management control systems upgrades which have significantly reduced energy consumption. Building initiatives such as electricity and water monitoring, recycling programs and the installation of end-of-trip facilities encourage an active participation from the building occupants to reduce consumption and meet overall building targets for sustainability.

57 DEXUS PROPERTY GROUP – 2014 Investor Day

5 MARTIN PLACE, SYDNEY

==> picture [251 x 251] intentionally omitted <==

5 Martin Place occupies a highly prominent location at the Due for completion in 2015, 5 Martin Place will be a 19 level corner of Martin Place and Pitt Street in Sydney’s CBD. Due for Premium Grade building comprising the redevelopment of completion in 2015, the complex involves the redevelopment of existing heritage buildings and extended new development. The existing heritage buildings, the construction of an additional nine redevelopment will provide a unique premium offering with large levels of Premium Grade office space and the restoration of the central atrium, large floor plates and prime CBD location in the historic Rowe Street laneway.heart of Martin Place.

PROPERTY DETAILS AT 30 JUNE 2014

Building type Development Site ______________
Title Freehold
______________
Site Area (hectares) 3.3
______________
Lettable area adjusted ('000 m2) 16.8
______________
Typical floor area (m2) 1,100-2,400 ______________
Number of buildings 1 ______________
Car parking spaces 10 ______________
Year built 1916
______________
Ownership (%) 25 ______________
Co-owner DEXUS Office Partner, Cbus Property ______________

PROPERTY STATISTICS AT 30 JUNE 2014

Metro Area Sydney ______________
Zoning B8 Metropolitan Centre ______________
Acquisition date Apr 2014 ______________
Book value: $m $46.80 ______________

Property contact: _ Peter Morley Ph: +61 415 298 278 _ DEXUS Property Group _

5 Martin Place will provide a unique premium offering with large central atrium, large, efficient floor plates and impressive triple height foyer. The complex will provide approximately 33,860 Sustainability: square metres of space.The redevelopment is currently targeting a 5.0 star NABERS

Energy rating, a NABERS Water rating of 3.5 stars and a 5 Star The heritage component will be extensively modernised while Green Star design rating through sustainable initiatives such as retaining its distinctive features, including the sandstone façades, multi-service chilled beams, high efficiency façade marble lobbies and interconnecting staircases. The original and movement activated lighting controls and regenerative power internal ‘light well’ will be reinstated to form the central atrium that will rise from level 1 to 11 while the upper floors will benefit system. from views over Martin Place and Sydney CBD.

The redevelopment is currently targeting a 5.0 star NABERS Energy rating and 5 Star Green Star design rating through sustainable initiatives such as multi-service chilled beams, high efficiency façade and movement activated lighting controls.

DEXUS PROPERTY GROUP – 2014 Investor Day 58

TENANT PRE-COMMITMENTS 5 MARTIN PLACE, SYDNEY TENANT PRE-COMMITMENTS

==> picture [266 x 266] intentionally omitted <==

==> picture [313 x 157] intentionally omitted <==

==> picture [312 x 157] intentionally omitted <==

==> picture [596 x 390] intentionally omitted <==

59 DEXUS PROPERTY GROUP – 2014 Investor Day

175 PITT STREET, SYDNEY

==> picture [251 x 251] intentionally omitted <==

175 Pitt Street is an A Grade office tower centrally located in Sydney's CBD with frontages on Pitt and King Streets. The building comprises 22 levels of office space, basement car parking with ground and lower ground retail. A substantial building upgrade was completed in 2010 providing superior building services.

The building provides a convenient location with close proximity to major retail, transport and dining precincts. The onsite retail incorporates a gym, banks and luxury brands. The recently completed end of trip facilities provide a premium experience for tenants with showers, secure bike parking, towel service and lockers, promoting an active workforce. The upper floors offer views along Pitt Street to the Harbour Bridge and Sydney Tower.

PROPERTY DETAILS AT 30 JUNE 2014

Building type A Grade Office ______________
Title Freehold
______________
Site Area (hectares) 0.2
______________
Lettable area adjusted ('000 m2) 12.8
______________
Typical floor area (m2) 1,050 ______________
Number of buildings 1 ______________
Car parking spaces 54 ______________
NABERS Energy rating: (with GreenPower) 5.5 ______________
NABERS Energy rating: (without GreenPower) 5.5 ______________
NABERS Water rating 4.5 ______________
Green Star rating: 4 Star (Office Design v2) ______________
Year built 1975
______________
Major tenant Kemp Strang ______________
Ownership (%) 50 ______________
Co-owner DEXUS Office Partner ______________

PROPERTY STATISTICS AT 30 JUNE 2014

Metro Area Sydney ______________
Zoning B8 Metropolitan Centre ______________
Acquisition date Apr 2014 ______________
Book value: $m $130.50 ______________
Initial yield (%) 7.31 ______________
Leased by area (%) 100 ______________
Weighted lease term by income: (year/s) 4.7 ______________

Property contact: _ Sophie StClair Ph: +61 434 184 500 _ DEXUS Property Group _

Sustainability:

A substantial refurbishment program has resulted in the building achieving a 5.0 star NABERS Energy rating. Sustainable initiatives such as monthly water and electricity monitoring, recycling programs and the installation of sensor controlled lighting in common areas has resulted in active tenant participation in meeting targets set by building management.

DEXUS PROPERTY GROUP – 2014 Investor Day 60

DEXUS PROPERTY GROUP SYDNEY INDUSTRIAL PORTFOLIO

==> picture [579 x 715] intentionally omitted <==

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

Riverstone
1 Quarrywest, Greystanes
2 436-484 Victoria Road, Gladesville Kings Park
3 79-99 St Hilliers Road, Auburn Glendenning 19
M
4 57-65 Templar Road, Erskine Park St Mary’s M7
5 1 Foundation Place, Greystanes 21
Blacktown
6 1 Garigal Road, Belrose
7 12 Frederick Street, St Leonards
8 145-151 Arthur Street, Flemington
9 154 O’Riordan Street, Mascot
17
M4
10 2 Alspec Place, Eastern Creek Huntingwood
11 2-4 Military Road, Matraville Erskine EasternCreek 13 26 27 28
25 10
12 25-55 Rothschild Avenue, Rosebery Park
Reconciliation Rd 5
13 27-29 Liberty Road, Huntingwood 4
1 20
14 3 Brookhollow Avenue, Baulkham Hills
Greystanes
15 DEXUS Industrial Estate, Egerton Street, Silverwater
16 5-13 Rosebery Avenue, Rosebery
Horsley Sm
17 52 Holbeche Road, Arndell Park
Park
18 Centrewest, 108-120 Silverwater Road, Silverwater
19 Kings Park Industrial Estate, Vardys Road, Marayong
M7
20 Quarry Industrial Estate, Reconciliation Road, Greystanes
21 66 Glendenning Road, Glendenning
22 Regents Park Industrial Estate,
391 Park Road, Regents Park
23 4 Inglis Road, Ingleburn
24 93 Williamson Road, Ingleburn
25 51 Eastern Creek Drive, Eastern Creek
26 10 Decker Place, Huntingwood
27 20 Huntingwood Drive, Huntingwood
28 26 Huntingwood Drive, Huntingwood Liverpool
M7
29 2 Costello Place, Seven Hills M5
Prestons
30 2-8 South Street, Rydalmere
31 46 Airds Road, Minto Mooreba
32 28-40 Lord Street, Botany
Listed
Third party
Key industrial markets 23 24
Supporting industrial corridors Ingleburn
Railway line (passenger and freight)
Minto
0 1 2 3 4
31 Kilometres
The Horsley Dr
Great Western Hwy
Richmond Rd
Hume Hwy
Richmond Rd
Knox Rd
Greystanes Rd
Sunnyholt Rd
Cumberland Hwy
Prospect Hwy
Reservoir Rd
----- End of picture text -----

61 DEXUS PROPERTY GROUP – 2014 Investor Day

==> picture [603 x 786] intentionally omitted <==

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

F3
6
Belrose
Pennant Hills
14
M7
M2
29 Brookvale
Seven
Hills
Artarmon
30 Ryde
7
Rosehill
2
M4
18 Silverwater Gladesville
15
mithfield
3
8
SYDNEY
Yennora
Regents
22 Park
M1
Rosebery
12 16
9
Mascot
Milperra
M5 32
Kingsgrove
ank
Matraville
Port Botany
Expansion
(under construction) 11
Botany Bay
5
Parramatta Rd
Warringah Rd
Victoria Rd
Parramatta Rd
Pennant Hills Rd
Gardeners Rd
Merrylands Rd
Pennant Hills Rd
Botany Rd
Liverpool Rd
Botany Rd
Princes Hwy
Foreshore Rd
Princes Hwy
Old Windsor Rd
Liverpool Rd
Lane Cove Rd
Pacific Hwy
Mona Vale Rd
King Georges Rd
Windsor Rd
Victoria Rd
Pacific Hwy
Woodville Rd
Botany Rd
Anzac Pde
Burns Bay Rd
Anzac Pde
Silverwater Rd
Roberts Rd
James Ruse Dr
Rookwood Rd
Way
F tsero
aPH cific
yw
----- End of picture text -----

DEXUS PROPERTY GROUP – 2014 Investor Day 62

QUARRY AND QUARRYWEST AT GREYSTANES

63 DEXUS PROPERTY GROUP – 2014 Investor Day

DEXUS PROPERTY GROUP – 2014 Investor Day 64

QUARRY AND QUARRYWEST AT GREYSTANES

Quarry at Greystanes is a premium industrial estate that over the past five years has been levelled, serviced and developed to provide of 240,000 square metres of purpose and speculative facilities for logistics, warehousing, manufacturing and storage users between 5,000 and 25,000 square metres.

Quarry at Greystanes provides a unique setting for industrial development with the original quarry walls forming the boundary of the site. DEXUS positions this estate as a premium industrial offering with the design of the buildings and infrastructure reflective of innovative design with a focus on sustainability.

This established estate is now home to high profile tenants including Brady Australia, Fujitsu, Solaris Paper, Symbion Health, Cameron Transport, Blackwoods, UPS, Consortium Centre and Roche Diagnostics.

In June 2014 DEXUS Property Group purchased the adjoining parcel of land to extend the estate across Reconciliation Road. The land is currently being levelled and prepared for development and DEXUS is actively marketing prelease opportunities for users from 1,500-30,000 square metres. The 25.64 hectare site will allow for 129,400 square metres of premium industrial development over the next three years.

Quarry and Quarrywest at Greystanes are strategically located with direct access to the M4 Motorway and within minutes of the M7 Interchange, offering corporations convenient accessibility to key business and employment areas. The site is also less than two kilometres from the established Greystanes employment hub.

==> picture [284 x 200] intentionally omitted <==

==> picture [299 x 200] intentionally omitted <==

65 DEXUS PROPERTY GROUP – 2014 Investor Day

==> picture [596 x 274] intentionally omitted <==

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

March 2012
----- End of picture text -----

==> picture [596 x 499] intentionally omitted <==

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

HARDSTAND HARDSTAND
PRECINCT B
WAREHOUSE
22,350m²
WAREHOUSE WAREHOUSE
13,750m² 12,000m²
OFFICE (2 LVLS)OFFICE 1,000m² OFFICE 1,000m²(2 LVLS) (OFFICE 1,500m²2 LVLS)
250m²
DO L ER I TE CLO S E
PRECINCT A HARDSTAND HARDSTAND
HARDSTAND HARDSTAND
OFFICE250m² WAREHOUSE13,900m² PRECINCT CWAREHOUSE13,800m² WAREHOUSE16,700m² PRECINCT DWAREHOUSE12,700m² HARDSTANDWAREHOUSE6,900m² HARDSTANDWAREHOUSE1,200m² OFFICE350m²
(2 LVLS)OFFICE 1,000m² (2 LVLS)OFFICE 1,500m² 1,500m² (2 LVLS)OFFICE OFFICE 1,000m²(2 LVLS) OFFICE500m² PRECINCT E
RECONCILIATION ROAD RECONCILIATION ROAD
COMPLETION MID 20151 TURNBULL CLOSESUPPLY NETWORK COMPLETION2 TURNBULLNETWORKMID 2015SUPPLYCLOSE DIAGNOSTICS4 TURNBULLROCHECLOSE 1 UNIT AVAILABLE FOR LEASEUNIT 4 - 3,770m²1 BASALT ROADUNIT 1-3 - TCC CO-ORDINATING2 BASALT RDFOR LEASEAVAILABLE AVAILABLE FOR PRELEASE1 LITTON CLOSE
AGENT CBRE BLACKWOODS1 BELLEVUECIRCUIT 2 BELLEVUEAUSTRALIACIRCUITBRADY
CAMERON
3 BASALT RD TRANSPORT
UNIT 1 - YUSEN LOGISTICSUNIT 2 - E.D.OATES 6 BASALT ROAD LITTON CLOSE
UNIT 3 - AUSMEDIC
UNIT 4 - WILSON & BRADLEY
FOR PRELEASEAVAILABLE3 LITTONCLOSE
5 BASALTUPS 2 LITTON CLOSEMAKITA EXPANSIONFUTURE
ROAD SOLARIS
PAPER
8 BASALT ROAD 5 BELLEVUESYMBIONCIRCUITHEALTH COMPLETION4 BELLEVUECIRCUITJEMENA
MID 2015
DATA CENTRE
6 BELLEVUE FUTURE
CIRCUIT EXPANSION
© copyright nettleton tribe partnership pty ltd
TO M4
BELLEVUE CIRCUIT
WAREHOUSE3,600m²
HARDSTAND
ROAD CONNECTIONTO SMITHFIELD,
WETHERILL PARK & M7
TURNBULL CLOSE
WAREHOUSE2,500m²
BASE OF EMBANKMENT
HARDSTAND
ROA
BASALT
D
BASALT R
ELLEVUE CIRCUIT
B
Jun 24, 2014 - 11:46am P:\3888\Sketch\3888_SK191.dwg
----- End of picture text -----

DEXUS PROPERTY GROUP – 2014 Investor Day 66

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

Quarry Industrial Estate, 1 Basalt Road, Greystanes

Quarry Industrial Estate, 1 Bellevue Circuit, Greystanes

Quarry Industrial Estate, 2 Bellevue Circuit, Greystanes

1 Basalt Road is a premium multi-unit facility in Sydney's premier industrial precinct, Quarry at Greystanes. Offering sustainable design and innovative features, this property provides up to four units that can be customised to suit a variety of uses from 4,500 square metres. Each unit has a minimum of two loading docks, three roller shutter doors and a warehouse dock office.

Details

1 Bellevue Circuit is a purpose built office/warehouse facility completed in 2013, located on the corner of Reconciliation Road and Bellevue Circuit in the premium industrial estate, Quarry at Greystanes. The facility provides high clearance warehousing, light filled corporate offices, on grade loading docks and large cantilevered awnings for all-weather protection in the loading areas.

Details

2 Bellevue Circuit is a purpose built office/warehouse facility located in the Quarry at Greystanes industrial estate. Completed in 2012, the facility consists of two levels of office, a production and dispatch areas and parking. The warehouse component has a high internal clearance, seven on grade roller doors and three recessed loading docks.

Details

_	_	_
Metro area Sydney, Outer West __________	Metro area Sydney, Outer West __________	Metro area Sydney, Outer West __________
Building type Industrial Estate __________	Building type Development Site __________	Building type Industrial Estate __________
Title Freehold __________	Title Freehold __________	Title Freehold __________
Ownership (%) DXS 50 __________	Ownership (%) DXS 50 __________	Ownership (%) DXS 50 __________
Co-owner AIP __________	Co-owner AIP __________	Co-owner AIP __________
Zoning IN2 Light Industrial __________	Zoning IN2 Light Industrial __________	Zoning IN2 Light Industrial __________
Year built 2014 __________	Year built 2013 __________	Year built 2012 __________
Lettable area adjusted ('000 m2) 9.7 __________	Site area (hectares) 3.5 __________	Site area (hectares) 2.5 __________
Number of buildings 1 __________	Lettable area adjusted ('000 m2) 8.9 __________	Lettable area adjusted ('000 m2) 6.7 __________
Number of units 2 __________	Site coverage (%) 51 __________	Site coverage (%) 53 __________
Major tenant Consortium Centre __________	Number of buildings 1 __________	Number of buildings 1 __________
Acquisition date Dec 2007 __________	Number of units 1 __________	Number of units 1 __________
Book value $m $14.60 __________	Average unit size ('000 m2) 8.9 __________	Average unit size ('000 m2) 6.7 __________
Independent valuation date Jun 2014 __________	Office content (%) 21 __________	Office content (%) 3 __________
Independent valuation $m $14.60 __________	Car parking 242 __________	Car parking 200 __________
Market cap rate (%) 7.75 __________	Major tenant Blackwoods __________	Major tenant Brady __________
Leased by area (%) 80 __________	Acquisition date Dec 2007 __________	Acquisition date Dec 2007 __________
Weighted lease term by income (year/s) 4.6 __________	Book value $m $16.20 __________	Book value $m $12.00 __________
	Independent valuation date Jun 2014 __________	Independent valuation date Jun 2014 __________
	Independent valuation $m $16.20 __________	Independent valuation $m $12.00 __________
	Market cap rate (%) 7.13 __________	Market cap rate (%) 7.38 __________
	Initial yield (%) 7.26 __________	Initial yield (%) 7.29 __________
	Leased by area (%) 100 __________	Leased by area (%) 100 __________
	Weighted lease term by income (year/s) 14.5 __________	Weighted lease term by income (year/s) 8.5 __________

67 DEXUS PROPERTY GROUP – 2014 Investor Day

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

==> picture [154 x 158] intentionally omitted <==

Quarry Industrial Estate, 2-6 Basalt Road, Greystanes

Quarry Industrial Estate, 3 Basalt Road, Greystanes

Quarry Industrial Estate, 4 Turnbull Close, Greystanes

2-6 Basalt Road is a modern office/warehouse facility completed in 2012 and located in the premium industrial estate, Quarry at Greystanes. The building is divided into two separate units and provides a combination of on grade and recessed loading with allweather coverage via large cantilever awnings.

Details

3 Basalt Road is a modern office/warehouse facility divided into four units catering to users from 3,500 square metre.Completed in 2012, the building is located in the premium industrial estate, Quarry at Greystanes. The warehouse accommodation for each unit features a minimum internal clearance of 10 metres, onsite parking, a combination of recessed and on grade loading docks with allweather protection and modern functional design.

Details

Completed in 2013, 4 Turnbull Close is a purpose built temperature controlled warehouse/office facility located in the premium industrial estate, Quarry at Greystanes. The facility incorporates single level office and warehouse accommodation featuring high clearance, a combination of recessed and on grade access and innovative industrial design.

Details

_	_	_
Metro area Sydney, Outer West __________	Metro area Sydney, Outer West __________	Metro area Sydney, Outer West __________
Building type Industrial Estate __________	Building type Industrial Estate __________	Building type Warehouse __________
Title Freehold __________	Title Freehold __________	Title Freehold __________
Ownership (%) DXS 50 __________	Ownership (%) DXS 50 __________	Ownership (%) DXS 50 __________
Co-owner AIP __________	Co-owner AIP __________	Co-owner AIP __________
Zoning IN2 Light Industrial __________	Zoning IN2 Light Industrial __________	Zoning IN2 Light Industrial __________
Year built 2012 __________	Year built 2012 __________	Year built 2013 __________
Site area (hectares) 4.3 __________	Site area (hectares) 3.8 __________	Site area (hectares) 1.8 __________
Lettable area adjusted ('000 m2) 11.7 __________	Lettable area adjusted ('000 m2) 9.1 __________	Lettable area adjusted ('000 m2) 5.1 __________
Site coverage (%) 55 __________	Site coverage (%) 44 __________	Site coverage (%) 57 __________
Number of buildings 1 __________	Number of buildings 1 __________	Number of buildings 1 __________
Number of units 2 __________	Number of units 4 __________	Number of units 1 __________
Average unit size ('000 m2) 5.8 __________	Average unit size ('000 m2) 2.3 __________	Average unit size ('000 m2) 5.1 __________
Office content (%) 5 __________	Office content (%) 15 __________	Office content (%) 2 __________
Car parking 111 __________	Car parking 150 __________	Car parking 47 __________
Green Star rating 4 Star __________	Major tenant Yusen __________	Major tenant Roche __________
Major tenant Camerons __________	Acquisition date Dec 2007 __________	Acquisition date Dec 2007 __________
Acquisition date Dec 2007 __________	Book value $m $14.70 __________	Book value $m $8.00 __________
Book value $m $16.80 __________	Independent valuation date Jun 2014 __________	Independent valuation date Jun 2014 __________
Independent valuation date Jun 2014 __________	Independent valuation $m $14.70 __________	Independent valuation $m $8.00 __________
Independent valuation $m $23.30 __________	Market cap rate (%) 7.75 __________	Market cap rate (%) 7.13 __________
Market cap rate (%) 7.75 __________	Initial yield (%) 7.81 __________	Initial yield (%) 7.52 __________
Initial yield (%) 3.12 __________	Leased by area (%) 100 __________	Leased by area (%) 100 __________
Leased by area (%) 46 __________	Weighted lease term by income (year/s) 4.6 __________	Weighted lease term by income (year/s) 14.5 __________
Weighted lease term by income (year/s) 1.4 __________

DEXUS PROPERTY GROUP – 2014 Investor Day 68

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

Quarry Industrial Estate, 5 Basalt Road, Greystanes

Quarry Industrial Estate, 5 Bellevue Circuit, Greystanes

Quarry Industrial Estate, 6 Bellevue Circuit, Greystanes

5 Basalt is a purpose built temperature controlled facility located in the premium industrial estate, Quarry at Greystanes completed in 2012. The building comprises a single level of office and warehouse accommodation and a combination of on grade and recessed loading with all-weather coverage via large cantilever awnings.

Details

5 Bellevue Circuit is a purpose built facility completed in 2011 as part of the Quarry at Greystanes industrial estate. The building incorporates two levels of office accommodation and one level of warehouse. The dispatch area incorporates three on grade roller shutter doors and three loading docks featuring cantilever awnings for all-weather protection.

Details

6 Bellevue Circuit is a purpose built data centre facility comprising three levels of warehouse and data storage and two levels of office accommodation. This high quality building was one of the first developments in the premium Quarry at Greystanes industrial estate.

Details

_	_	_
Metro area Sydney, Outer West __________	Metro area Sydney, Outer West __________	Metro area Sydney, Outer West __________
Building type Industrial Estate __________	Building type Industrial Estate __________	Building type Industrial Estate __________
Title Freehold __________	Title Freehold __________	Title Freehold __________
Ownership (%) DXS 50 __________	Ownership (%) DXS 50 __________	Ownership (%) DXS 50 __________
Co-owner AIP __________	Co-owner AIP __________	Co-owner AIP __________
Zoning IN2 Light Industrial __________	Zoning IN2 Light Industrial __________	Zoning IN2 Light Industrial __________
Year built 2012 __________	Year built 2010 __________	Year built 2011 __________
Site area (hectares) 1.2 __________	Site area (hectares) 3.8 __________	Site area (hectares) 3.9 __________
Lettable area adjusted ('000 m2) 2.7 __________	Lettable area adjusted ('000 m2) 8.6 __________	Lettable area adjusted ('000 m2) 8.5 __________
Site coverage (%) 44 __________	Site coverage (%) 46 __________	Site coverage (%) 44 __________
Number of buildings 1 __________	Number of buildings 1 __________	Number of buildings 1 __________
Number of units 1 __________	Number of units 1 __________	Number of units 1 __________
Average unit size ('000 m2) 2.7 __________	Average unit size ('000 m2) 8.6 __________	Average unit size ('000 m2) 8.5 __________
Office content (%) 7 __________	Office content (%) 14 __________	Car parking 115 __________
Car parking 34 __________	Car parking 243 __________	Major tenant Fujitsu __________
Major tenant UPS __________	Major tenant Symbion Health __________	Acquisition date Dec 2007 __________
Acquisition date Dec 2007 __________	Acquisition date Dec 2007 __________	Book value $m $23.30 __________
Book value $m $4.60 __________	Book value $m $18.10 __________	Independent valuation date Jun 2014 __________
Independent valuation date Jun 2014 __________	Independent valuation date Jun 2014 __________	Independent valuation $m $23.30 __________
Independent valuation $m $4.60 __________	Independent valuation $m $18.10 __________	Market cap rate (%) 7.25 __________
Market cap rate (%) 7.75 __________	Market cap rate (%) 7.13 __________	Initial yield (%) 7.28 __________
Initial yield (%) 7.66 __________	Initial yield (%) 7.36 __________	Leased by area (%) 100 __________
Leased by area (%) 100 __________	Leased by area (%) 100 __________	Weighted lease term by income (year/s) 12.3 __________
Weighted lease term by income (year/s) 5.5 __________	Weighted lease term by income (year/s) 11.7 __________

69 DEXUS PROPERTY GROUP – 2014 Investor Day

==> picture [144 x 156] intentionally omitted <==

Quarry Industrial Estate, 8 Basalt Road, Greystanes

Completed in 2010, 8 Basalt Road was the first development at Quarry at Greystanes, a premium industrial estate in Sydney's west. The facility incorporates a single level of office and warehouse accommodation, parking, six recessed loading docks and seven on grade roller shutter doors covered by a large external awning.

Details

Metro area Sydney, Outer West __________
Building type Industrial Estate __________
Title Freehold __________
Ownership (%) DXS 50 __________
Co-owner AIP __________
Zoning IN2 Light Industrial __________
Year built 2010 __________
Site area (hectares) 3.1 __________
Lettable area adjusted ('000 m2) 9.3 __________
Site coverage (%) 62 __________
Number of buildings 1 __________
Number of units 1 __________
Average unit size ('000 m2) 9.3 __________
Office content (%) 3 __________
Car parking 84 __________
Major tenant Solaris Paper __________
Acquisition date Dec 2007 __________
Book value $m $14.30 __________
Independent valuation date Jun 2014 __________
Independent valuation $m $14.30 __________
Market cap rate (%) 7.50 __________
Initial yield (%) 7.56 __________
Leased by area (%) 100 __________
Weighted lease term by income (year/s) 6.2 __________

DEXUS PROPERTY GROUP – 2014 Investor Day 70

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

154 O'Riordan Street, Mascot

25-55 Rothschild Avenue, Rosebery

5-15 Rosebery Avenue, Rosebery

154 O'Riordan Street is located in Mascot, an established industrial precinct approximately 9kms from the Sydney CBD and close to key transport hubs. The Sydney Kingsford Smith Airport is located 2 kilometres south and Port Botany is located approximately 5 kilometres to the south east.

25-55 Rothschild Avenue provides excellent main road exposure and three street frontages. Rothschild Avenue runs parallel to Botany Road, a major thoroughfare providing direct access to the CBD. Conveniently located to Southern Cross Drive, the Eastern Distributor and the Sydney Kingsford Smith Airport.

5-15 Rosebery Avenue provides excellent main road exposure and three street frontages. Rosebery Avenue runs parallel to Botany Road, a major thoroughfare providing direct access to the CBD. Conveniently located to Southern Cross Drive, the Eastern Distributor and the Sydney Kingsford Smith Airport.

Details

_	_	_
Metro area Sydney, South __________	Metro area Sydney, South __________	Metro area Sydney, South __________
Building type Industrial Estate __________	Building type Business Park __________	Building type Business Park __________
Title Freehold __________	Title Freehold __________	Title Freehold __________
Ownership (%) DXS 100 __________	Ownership (%) DXS 100 __________	Ownership (%) DXS 100 __________
Zoning B5 Business Development __________	Zoning B4 Mixed Use __________	Zoning B4 Mixed Use __________
Year built 1985 __________	Year built 1984 __________	Year built 1986 __________
Site area (hectares) 1.4 __________	Site area (hectares) 1.9 __________	Site area (hectares) 3 __________
Lettable area adjusted ('000 m2) 8.2 __________	Lettable area adjusted ('000 m2) 16.8 __________	Lettable area adjusted ('000 m2) 27.3 __________
Site coverage (%) 58 __________	Site coverage (%) 89 __________	Site coverage (%) 91 __________
Number of buildings 3 __________	Number of buildings 1 __________	Number of buildings 3 __________
Number of units 7 __________	Number of units 2 __________	Number of units 34 __________
Average unit size ('000 m2) 1.2 __________	Average unit size ('000 m2) 8.4 __________	Average unit size ('000 m2) 0.8 __________
Office content (%) 27 __________	Office content (%) 37 __________	Office content (%) 54 __________
Car parking 130 __________	Car parking 110 __________	Car parking 523 __________
Major tenant Gearhouse Broadcast __________	Major tenant Commonwealth Australia AQIS __________	Major tenant Trimex __________
Acquisition date Jun 1997 __________	Acquisition date Oct 2001 __________	Acquisition date Apr 1998 __________
Leased by area (%) 100 __________	Leased by area (%) 72 __________	Leased by area (%) 93 __________
Weighted lease term by income (year/s) 2.6 __________	Weighted lease term by income (year/s) 4.1 __________	Weighted lease term by income (year/s) 3 __________

71 DEXUS PROPERTY GROUP – 2014 Investor Day

NOTES

ABOUT DEXUS

DEXUS Property Group is one of Australia’s leading real estate groups, investing directly in high quality Australian office and industrial properties. With $18 billion of assets under management, the Group also actively manages office, industrial and retail properties located in key Australian markets on behalf of third party capital partners. The Group manages an office portfolio of 1.7 million square metres across Sydney, Melbourne, Brisbane and Perth and is the largest institutional owner of office buildings in the Sydney CBD, Australia’s largest office market. DEXUS is a Top 50 entity by market capitalisation listed on the Australian Securities Exchange under the stock market trading code ‘DXS’ and is supported by more than 32,000 investors from 20 countries. With nearly 30 years of expertise in property investment, development and asset management, the Group has a proven track record in capital and risk management, providing service excellence to tenants and delivering superior risk-adjusted returns to investors.

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

www.dexus.com

DEXUS PROPERTY GROUP – 2014 Investor Day 72

DEXUS PROPERTY GROUP 2014 INVESTOR DAY

==> picture [104 x 33] intentionally omitted <==

www.dexus.com

AI assistant

DEXUS — Investor Presentation 2014

64807_rns_2014-10-20_bae07c12-d497-46cb-a796-c84186fde8ac.pdf

21 October 2014

2014 Investor Day presentation

About DEXUS

AGENDA

RUN OF THE DAY

– OVERVIEW Earnings composition in detail

FUNDS MANAGEMENT & PROPERTY SERVICES

TRADING

Funds management & property services profit

– OVERVIEW Management Expense Ratio (MER) is on positive downward trend

MER[1] vs Corporate & Asset Management costs

– OVERVIEW Distribution growth

Distribution growth – cents per security

– OVERVIEW Capital management achievement

Secured US$250m long-dated US Private Placement (USPP)

– QUARTERLY UPDATE Continued momentum in office leasing enquiry

– QUARTERLY UPDATE Managing office occupancy and expiry risk

DEXUS Office portfolio lease expiry[1]

– QUARTERLY UPDATE Case study: Demonstrating leasing capability

CASE STUDY - 1 Farrer Place, Sydney

DEXUS APPROACH

OUTCOMES SO FAR

– QUARTERLY UPDATE Concentrated activity across DEXUS Industrial portfolio

– QUARTERLY UPDATE Key messages

– DEVELOPMENT Enhancing portfolio quality and returns

– DEVELOPMENT DEXUS development pipeline

– DEVELOPMENT 5 Martin Place, Sydney

DEXUS APPROACH

OUTCOMES

– DEVELOPMENT 480 Queen Street, Brisbane

DEXUS APPROACH

OUTCOMES

– DEVELOPMENT Kings Square, Perth

DEXUS APPROACH

OUTCOMES

– DEVELOPMENT Quarry and Quarrywest at Greystanes

DEXUS APPROACH

OUTCOMES

– DEVELOPMENT City Retail

DEXUS APPROACH

GATEWAY AND GROSVENOR PLACE, CIRCULAR QUAY, SYDNEY – CASE STUDY

– DEVELOPMENT Gateway retail development: Alfred Street

– TRADING Types of trading opportunities

– TRADING Case study: Repositioning/value-add - 50 Carrington Street, Sydney

DEXUS APPROACH

OUTCOMES

– TRADING Building entrepreneurial mindset and DNA across the Group

– TRADING Change of use and residential approach

Thresholds for project launch

– TRADING Case study: Change of use - Rosebery NSW[1]

DEXUS APPROACH

OUTCOMES

– TRADING Key messages

– DEXUS RESEARCH Capital transactions database

– DEXUS RESEARCH Delivering better business outcomes: Market Leasing Database

– DEXUS RESEARCH Key messages

– TRANSACTIONS Market context

– TRANSACTIONS Approach and process

– TRANSACTIONS Pipeline and outcomes over the past 12 months

ACQUISITIONS[1]

– TRANSACTIONS Leveraging capabilities to access a range of transactions

– TRANSACTIONS Recycling and reinvesting across DEXUS portfolio

– TRANSACTIONS What’s next?

– THIRD PARTY FUNDS MANAGEMENT Overview

Growing investor/fund base

Significant growth of third party funds platform

Significant committed development pipeline

– THIRD PARTY FUNDS MANAGEMENT Clients

– THIRD PARTY FUNDS MANAGEMENT Growth in third party equity

 Attracted over $4.5bn of third party equity since 2010

– THIRD PARTY FUNDS MANAGEMENT Profitability

 Significant growth of third party funds platform

– THIRD PARTY FUNDS MANAGEMENT FY14 acquisitions

– THIRD PARTY FUNDS MANAGEMENT Development pipeline

– THIRD PARTY FUNDS MANAGEMENT What’s next?

– RETAIL DEXUS is a diverse retail specialist

– RETAIL Strategic acquisition capability in action: Beenleigh Marketplace

DEXUS Investor Presentation 2014

`–` OVERVIEW Earnings composition in detail

`–` OVERVIEW Management Expense Ratio (MER) is on positive downward trend

`–` OVERVIEW Distribution growth

`–` OVERVIEW Capital management achievement

`–` QUARTERLY UPDATE Continued momentum in office leasing enquiry

`–` QUARTERLY UPDATE Managing office occupancy and expiry risk

`–` QUARTERLY UPDATE Case study: Demonstrating leasing capability

`–` QUARTERLY UPDATE Concentrated activity across DEXUS Industrial portfolio

`–` QUARTERLY UPDATE Key messages

`–` DEVELOPMENT Enhancing portfolio quality and returns

`–` DEVELOPMENT DEXUS development pipeline

`–` DEVELOPMENT 5 Martin Place, Sydney

`–` DEVELOPMENT 480 Queen Street, Brisbane

`–` DEVELOPMENT Kings Square, Perth

`–` DEVELOPMENT Quarry and Quarrywest at Greystanes

`–` DEVELOPMENT City Retail

`–` DEVELOPMENT Gateway retail development: Alfred Street

`–` TRADING Types of trading opportunities

`–` TRADING Case study: Repositioning/value-add - 50 Carrington Street, Sydney

`–` TRADING Building entrepreneurial mindset and DNA across the Group

`–` TRADING Change of use and residential approach

`–` TRADING Case study: Change of use - Rosebery NSW[1]

`–` TRADING Key messages

`–` DEXUS RESEARCH Capital transactions database

`–` DEXUS RESEARCH Delivering better business outcomes: Market Leasing Database

`–` DEXUS RESEARCH Key messages

`–` TRANSACTIONS Market context

`–` TRANSACTIONS Approach and process

`–` TRANSACTIONS Pipeline and outcomes over the past 12 months

`–` TRANSACTIONS Leveraging capabilities to access a range of transactions

`–` TRANSACTIONS Recycling and reinvesting across DEXUS portfolio

`–` TRANSACTIONS What’s next?

`–` THIRD PARTY FUNDS MANAGEMENT Overview

`–` THIRD PARTY FUNDS MANAGEMENT Clients

`–` THIRD PARTY FUNDS MANAGEMENT Growth in third party equity

`–` THIRD PARTY FUNDS MANAGEMENT Profitability

`–` THIRD PARTY FUNDS MANAGEMENT FY14 acquisitions

`–` THIRD PARTY FUNDS MANAGEMENT Development pipeline

`–` THIRD PARTY FUNDS MANAGEMENT What’s next?

`–` RETAIL DEXUS is a diverse retail specialist

`–` RETAIL Strategic acquisition capability in action: Beenleigh Marketplace

`–` RETAIL Progressing the development pipeline

`–` RETAIL FY15 focus

`–` PROPERTY SERVICES Introduction

`–` PROPERTY SERVICES DEXUS’s integrated property services platform

`–` PROPERTY SERVICES Delivering cost savings & revenue generating initiatives

`–` PROPERTY SERVICES Improving through innovation

`–` PROPERTY SERVICES Key messages

`–` PEOPLE & CULTURE Developing capabilities and a high performing culture

`–` PEOPLE & CULTURE Measuring high performance

`–` PEOPLE & CULTURE Developing our leaders

`–` PEOPLE & CULTURE Diversity @ DEXUS

`–` PEOPLE & CULTURE Diversity @ DEXUS