DEXUS — Investor Presentation 2014

Aug 13, 2014

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DEXUS Property Group (ASX: DXS)
ASX release
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14 August 2014

2014 Annual results presentation

DEXUS Funds Management Limited, as responsible entity for DEXUS Property Group provides the 2014 annual results presentation.

For further information please contact: Investor relations Media relations David Yates T: +61 2 9017 1424 Louise Murray T: +61 2 9017 1446 M: +61 418 861 047 M:+61 403 260 754 E: david.yates@dexus.com E: louise.murray@dexus.com

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 $17.8 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.

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

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DEXUS PROPERTY GROUP

– 2014 ANNUAL RESULTS PRESENTATION 14 AUGUST 2014

DEXUS Funds Management Limited ABN 24 060 920 783 AFSL 238163 as responsible entity for DEXUS Property Group DEXUS Property Group 2014 Annual Results Presentation

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Slide 1
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AGENDA

• Group highlights

• Financial results

• Capital management

• Third party funds management

• Portfolio results

• Trading and transactions

• Market outlook

• Summary

• Appendices

Slide 2

DEXUS Property Group 2014 Annual Results Presentation

– GROUP HIGHLIGHTS Delivering on focused strategy since 2012

Significant transformation of listed portfolio

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$bn
10
$5.7bn
total transactions 8
6
Fully divested
4
offshore markets
2
0
Successful
2012 2014
takeover of CPA Office Industrial Offshore
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Strong employee engagement

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Enhanced 88%
87% engagement
culture and core 86%
capabilities 84%
82%
Introduced
80%
IT and process
78%
efficiencies
76%
Implemented 74%
leadership 72%
programs 2011 2012 2013
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Significant growth of third party funds platform

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$bn
10
$4.3bn
total transactions 8
6
>50%
4
increase in FUM
2
Delivered 0
continued 2012 2014
outperformance DWPF Australian Mandate
US Mandate Capital Partners
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Strong capital management

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Upgraded 100%
credit ratings 80%
60%
Solid balance
40%
sheet
20%
Improved debt 0%
duration & 2012 2014
diversity Capital markets Bank debt
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DEXUS Property Group 2014 Annual Results Presentation

Slide 3

– GROUP HIGHLIGHTS For the year ended 30 June 2014

9.9%

Total security holder return

7.6% Growth in FFO per security

4.3% Growth in distribution per security

524,000sqm Total space leased[1] across the Group

3.6% DEXUS office portfolio like-for-like income growth

$1.7bn

New funding secured

1. At 100% including Heads of Agreement across total Group office, industrial and retail properties.

Slide 4

DEXUS Property Group 2014 Annual Results Presentation

– GROUP HIGHLIGHTS Completion of CPA transaction

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CPA transaction Transaction completed in $3.4bn 9 months transaction significantly increased and introduced new the Group’s office market share capital partner Identified and acting on Acquired on a forecast 22 10-year unlevered IRR in excess of value enhancement and 9.5% leasing opportunities Sold interests in five[1] Successfully completed properties for more than integration $30m of 20 properties onto the above underwrite assumptions DEXUS platform Completed Expect to deliver 35 circa 2% accretion leasing transactions to FFO in FY15 in line with forecasts since acquisition

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1. Including 655 Collins Street, Melbourne, 750 Collins Street, Melbourne and a 50% interest in 2 Southbank Boulevard, Melbourne under the terms of a Memorandum of Understanding announced on 6 January 2014, together with 50% interests in 10 Shelley Street, Sydney and 201 Kent Street, Sydney (settles on 1 September 2015) to co-owners following the exercising of pre-emptive rights. DEXUS Property Group 2014 Annual Results Presentation Slide 5

– GROUP HIGHLIGHTS Strong start to FY15

DEXUS TRANSACTIONS

THIRD PARTY FUNDS

IDENTIFIED TRADING PROPERTIES SOLD 30 Distribution Drive, Laverton EXCHANGED TO SELL 50 Carrington Street, Sydney to deliver approx. $40m 5-13 Rosebery Avenue, Rosebery of trading profits 25-55 Rothschild Avenue, Rosebery for FY15 154 O’Riordan Street, Mascot PROGRESSING SALE 40 Market Street, Melbourne

OTHER PROPERTIES

PROGRESSING SALE

Entered into exclusive due diligence for the sale of 201 Elizabeth Street, Sydney EXCHANGED TO SELL Lumley Centre, Auckland, New Zealand for NZ$146m, a 14.5% premium[1]

$159.7m Acquisition of two shopping centres for DWPF at Sturt Mall, Wagga Wagga and Deepwater Plaza, Woy Woy

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Acquired a further development site at Radius Industrial Estate, Larapinta across 42,780sqm in the newly formed DEXUS Industrial Partnership

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1. To 30 June 2013 valuation.

Slide 6

DEXUS Property Group 2014 Annual Results Presentation

TITLE PAGE (TREBUCHET MS (HEADING) 20 BOLDF NANCIAL RESULTS

DEXUS Property Group 2014 Annu – Presentation Title — Slide 7l Resul s Presentation Slide 7

FINANCIAL RESULTS – Key financial metrics	FINANCIAL RESULTS – Key financial metrics
Key financial metrics	30 June 2014	Previous corresponding period
FFO1	$410.6m	12.4%
FFO per security	8.34c	7.6%
Distribution per security	6.26c	4.3%
Statutory net profit	$406.6m	$514.5m
Gearing (look-through)2	33.7%	29.0%
NTA per security	$1.060	$1.052

1. DEXUS’s FFO comprises net profit/loss after tax attributable to stapled security holders calculated in accordance with Australian Accounting Standards and adjusted for: property revaluations, impairments, derivative and FX mark to market impacts, fair value movements of interest bearing liabilities, amortisation of certain tenant incentives, gain/loss on sale of certain assets, straight line rent adjustments, deferred tax expense/benefit, rental guarantees, coupon income and distribution income net of funding costs. Refer to the glossary for the detailed explanation of FFO and slide 44 for a reconciliation to net profit.

2. Adjusted for cash and for debt in equity accounted investments.

Slide 8

DEXUS Property Group 2014 Annual Results Presentation

– FINANCIAL RESULTS Funds From Operations

• FFO up 12.4% to $410.6m

• Office & Industrial like-for-like income growth of 3.1%:

• Office: 3.6%

• Industrial: 1.5%

• FFO per security up 7.6%

• Gross MER[4] of 49 bps

	30 June 2014 $m	30 June 2013 $m
Office portfolio 394.9 Industrialportfolio 117.3		309.2 112.3
Management operations1 27.9		20.8
Development & trading1 2.7		1.2
Group corporate1 (27.5) Finance costs2 (139.4)		(25.2) (111.2)
Incentive amortisation and rent straight-line 22.4		30.5
Other 12.3 Discontinued operations3 —		2.8 25.0
	—
FFO	410.6	365.4
FFO per security	8.34	7.75
Distribution payout ratio	75.1%	77.4%
Distribution per security	6.26	6.00

1. Refer to slide 45 for further detail.

2. Including interest revenue.

3. US and European industrial and including US corporate costs.

4. Management Expense Ratio.

DEXUS Property Group 2014 Annual Results Presentation

Slide 9

– FINANCIAL RESULTS Return on equity (ROE)

• ROE through the cycle target is 9-10%

• FY14 ROE of 6.7% impacted by CPA transaction

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Core business CPA transaction
Facilitation fee
(0.6)% 8.7% positive to NAV
3.4% (2.0)%
0.7%
5.9%
6.7%
7.4%
Income Revaluations Derivative ROE Impact ROE
Return MTM and other pre CPA of CPA 30-Jun-14
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Slide 10

DEXUS Property Group 2014 Annual Results Presentation

– CAPITAL MANAGEMENT FY14 achievements

• Achieved upgraded S&P and Moody’s credit ratings

• Immediate savings of circa 10bps on existing bank debt

• Savings of circa 10-25bps on future DCM issues

• Sourced $1.7 billion of new funding including $1.3 billion for CPA transaction

• Reduced cost of debt by 50bps by taking advantage of lower floating rates through lower interest rate hedging

	Key metrics	30 June 14	30 June 13
	Gearing (look-through)1	33.7%	29.0%
	Cost of debt2	5.4%	5.9%
	Duration of debt	5.2 years	5.4 years
	Hedged debt3 S&P/Moody’s credit rating	60% A-/A3	64% BBB+/Baa1

Diversified mix of facilities[4]

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� Maintained a solid balance sheet with gearing well inside 144A facilitiesBank
30-40% target range 7% 40%
Debt maturity profile [4]
A$m
1,200 USPP
17%
1,000
800
600
Commercial
400 Paper
3% Acquisition
200 MTN bridge
18% facility
- 15%
Dec-14 Jun-15 Dec-15 Jun-16 Dec-16 Jun-17 Dec-17 Jun-18 Dec-18 Jun-19 Jun-19+
Capital markets CPA MTNs Bank Acquisition bridge facility
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1. Adjusted for cash and for debt in equity accounted investments.

2. Weighted average across the period, inclusive of fees and margins on a drawn basis.

3. Average for the full year. Actual debt hedged at 30 June 2014 was 64%.

4. Including domestic MTNs in equity accounted investments.

DEXUS Property Group 2014 Annual Results Presentation Slide 11

– CAPITAL MANAGEMENT FY15 focus

Take advantage of improved credit ratings to reduce the cost of debt

Improve diversification and length of debt profile through refinancing bridge funding

Maintain gearing at the lower end of the target range of 30-40%

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Slide 12

DEXUS Property Group 2014 Annual Results Presentation

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TITLE PAGE (TREBUCHET MS (HEADING) 20 BOLDHIRD PARTY FUNDS MANAGEM NT
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DEXUS Property Group 2014 Annu – Presentation Title — Slide 13l Resul s Presentation Slide 13
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– THIRD PARTY FUNDS MANAGEMENT FY14 achievements

New partners

Attracted new partner CPPIB to form the DEXUS Office Partnership

Existing funds

100% of funds outperformed benchmarks in 2014 DWPF acquired $317m of new office, industrial & retail properties Strengthened retail team with key appointments

Retail

Attracted new partner Future Fund to form the DEXUS Industrial Partnership

DWPF raised $520m from new equity and DRP

Australian Industrial Partnership increased to $536m

Retail transactions reinforce position as a key sub-regional owner/manager

Third party funds under management

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DEXUS Industrial
Partner
DEXUS Office <$0.1bn
Partner
$1.7bn DWPF
$5.0bn
Australian
Industrial
Partner 50
$0.3bn
investors
Australian
Mandate
$1.7bn
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DWPF performance against benchmark

	Total return	One	Three	Five
	(post fees)	year	years	years
	DWPF	9.26%	9.16%	8.94%
	Benchmark1 Variance	8.78% +0.48%	8.62% +0.54%	7.75% +1.19%

1. Mercer IPD Post Fee Gross Asset Weighted Index (Gross returns, Gross Asset weighted).

Slide 14

DEXUS Property Group 2014 Annual Results Presentation

– THIRD PARTY FUNDS MANAGEMENT FY15 focus

Continue to achieve top quartile performance

Continue to deliver on investment plans and objectives

Leverage retail management team to enhance performance

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DEXUS Property Group 2014 Annual Results Presentation

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Slide 15
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TITLE PAGE (TREBUCHET MS (HEADING) 20 BOLDPORTFOLIO RESULTS

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Slide 16

DEXUS Property Group 2014 Annu – Presentation Title — Slide 16l Resul s Presentation

– PORTFOLIO RESULTS Increased office leasing activity[1]

12% greater leasing volume than prior year

38% of all office leasing achieved in Premium Grade

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Leasing by business sector Leasing by property grade
sqm
Other 9% 12% growth
200,000
Mining 4%
Electricity, Business 180,000
gas, water & services 32%
waste service 160,000
7%
140,000
120,000
Rental & real
estate services 100,000
8%
80,000
60,000
Public
administration 40,000
9%
20,000
Information
media & 0
telecoms 16% FY12 FY13 FY14
Finance 15%
Other A-Grade Premium
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1. Excludes CPA portfolio.
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DEXUS Property Group 2014 Annual Results Presentation

Slide 17

– PORTFOLIO RESULTS Total portfolio valuation metrics

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Southgate, Melbourne 44 Market St, Sydney
Up $25.2m or 5.8% Up $17.2m or 7.1%
Woodside Plaza, Perth 1 Margaret St, Sydney
Up $20.8m or 4.3% Up $9.4m or 4.6%
45 Clarence St, Sydney 201 Elizabeth St, Sydney
Up $15.8m or 6.1% Up $12.8m or 8.7%
1. Excludes CPA portfolio.
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• Total portfolio valuation uplift of $165.5m predominantly driven by leasing success

• Office portfolio valuations up 2.1% or $155.3m

• Industrial portfolio valuations up 0.7% or $10.2m

• 34bps tightening in total portfolio average cap rate

• Expect a further 25 basis point tightening in capitalisation rates for well leased properties with strong tenant covenants over the next 12 months

	Capitalisation rates	30 June 20141	30 June 2013	Change
	DEXUS office	6.87%	7.17%	�30bp
	DEXUS industrial	8.32%	8.55%	�23bp
	Total DEXUS portfolio	7.13%	7.47%	�34bp

Slide 18

DEXUS Property Group 2014 Annual Results Presentation

– PORTFOLIO RESULTS Office FY14 performance[1]

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4.9 years
174,109 sqm
WALE [3]
Leased [2] in total
(June 2013: 5.0 years)
95.2% 61%
Occupancy [3] Retention
(June 2013: 94.6%) (June 2013: 72%)
3.6% 9.2%
Like-for-like Total return [4]
income growth (June 2013: 10.6%)
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1. Excludes CPA portfolio. 2. At 100%, including Heads of Agreement (HOA) of 103,334sqm.

2. By income.

3. For the 12 months ended 30 June 2014.

1 Bligh Street, Sydney NSW

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DEXUS Property Group 2014 Annual Results Presentation

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Slide 19
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– PORTFOLIO RESULTS Office leasing drives strong performance

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Governor Macquarie Tower, Sydney 40 Market Street, Melbourne
Minter Ellison 9,503sqm Powercor 11,615sqm
Southgate Complex, Melbourne Governor Phillip Tower, Sydney
IBM 11,485sqm KWM 11,982sqm
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• Of the total 191 leasing transactions secured

• 127 new leasing deals

• 59 renewals

• 5 development deals

• Average incentives of 18.6%

• Completed 29 effective deals

• Average face rental growth of 3.1%

• Effective rents down on average 7.4%

Slide 20

DEXUS Property Group 2014 Annual Results Presentation

– PORTFOLIO RESULTS Office lease expiry profile

30 June 2014: excluding CPA portfolio

30 June 2014: including CPA portfolio

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14% 14%
13.2% [1]
12% 12%
11.9%
10% 9.6% [1] 10.4% 10.8% 10% 10.6%
8% 8%
8.2%
7.5%
6% 6%
5.4%
4% 4.8% 4%
2% 2%
0% 0%
Vacant FY15 FY16 FY17 Vacant FY15 FY16 FY17
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1. At 30 June 2013.

DEXUS Property Group 2014 Annual Results Presentation Slide 21

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–
PORTFOLIO RESULTS Industrial FY14 performance
Quarry at Greystanes, 1 Basalt Road, Greystanes NSW
4.0 years
139,716 sqm
WALE [2]
Leased [1] in total
(June 2013: 4.1 years)
93.0% 41%
Occupancy [2] Retention
(June 2013: 96.1%) (June 2013: 70%)
1.5% 9.0%
57-65 Templar Road, Erskine Park, NSW
Like-for-like Total return [3]
income growth (June 2013: 8.8%)
1. At 100%, including HOA of 48,859sqm.
2. By income.
3. For the 12 months ended 30 June 2014.
DEXUS Property Group 2014 Annual Results Presentation Slide 22
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– PORTFOLIO RESULTS Industrial leasing underpinned by flight to quality

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Quarry at Greystanes
Consortium Group 15,516sqm
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Wacol Industrial Estate
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Cotton On 12,246sqm
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• Completed 74 leasing transactions

• Average incentives of 11.0%

• Average face rents down 8.6%

• Driven by reversions on three short-term leases that were extended or re-leased

• Divested five non-core properties, improving portfolio quality

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DEXUS Industrial Estate, Dandenong 1 Foundation Place, Greystanes
Reece Plumbing 24,236sqm Allied Pickfords 8,672sqm
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DEXUS Property Group 2014 Annual Results Presentation

Slide 23

– PORTFOLIO RESULTS FY15 office and industrial focus

Maintain >95% occupancy in the office portfolio

Reduce DEXUS office lease expiries in FY16-FY17 to 8.5% and 9.5% respectively

Target positive like-for-like income growth across the combined DEXUS portfolio Focus on reducing incentives and securing effective leasing deals

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Slide 24

DEXUS Property Group 2014 Annual Results Presentation

– PORTFOLIO RESULTS Group development pipeline

• Delivering core office real estate on attractive metrics to enhance portfolio quality and value

$3.3 bn

Up to15% of DEXUS portfolio allocated to development/ trading/value-add

Group pipeline

• Creating investment grade industrial facilities to improve portfolio diversity

$2.0bn

$1.3bn

DEXUS portfolio Third Party Funds

.bn DEXUS portfolio .bn Third Party Funds trading/	.bn DEXUS portfolio .bn Third Party Funds trading/	.bn DEXUS portfolio .bn Third Party Funds trading/	value	facilities to improve portfolio diversity -add	facilities to improve portfolio diversity -add	facilities to improve portfolio diversity -add	facilities to improve portfolio diversity -add	facilities to improve portfolio diversity -add	facilities to improve portfolio diversity -add
				Total estimatedproject cost
DEXUS developments and fund-throughs	Total est cost1	Est cost to complete1		FY15		FY16			FY17+
5 Martin Place, Sydney	$100m	$92m		$100m
DEXUS Industrial Estate, Laverton North	$140m	$115m		$140m
Quarry at Greystanes	$49m	$30m		$49m
Radius Industrial Estate, Larapinta	$16m	$11m			$16m
Quarrywest at Greystanes	$96m	$66m		$96m
105 Phillip Street, Parramatta	$120m	$112m				$120m
12 Creek Street, Brisbane	$19m	$19m				$19m
180 Flinders Street, Melbourne	$230m	$148m		$230m
480 Queen Street, Brisbane	$272m	$180m		$272m
Kings Square, Perth	$217m	$143m		$217m
DEXUSpipeline	$1,259m	$916m
Developments underway Uncommitted development pipeline Fund-through office investments			DEXUS total portfolio capital expenditure2 Estimated FY15 Maintenance capital expenditure $55-65m Tenant incentives and leasing costs $55-65m Total capital expenditure $110-130m

1. DEXUS share.

2. Including CPA portfolio.

DEXUS Property Group 2014 Annual Results Presentation

Slide 25

– PORTFOLIO RESULTS Overview of key developments

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Key office developments underway	5 Martin Pl	Kings Square	480 Queen St
Property grade	Premium office	A-grade office	Premium office
DEXUS ownership	25%	50%	50%
Area (sqm)	33,740	52,781	55,561
Expected end value (100%)	$400m	$434m	$544m
Practical completion (PC) date	Mid 2015	Mid 2015	Early 2016
% pre-committed	42%	55%	62%
Rental income guarantee from PC	n/a	5 years1	2 years2
Target 10 year IRR	>10%	9-10%	9-10%

Fund-through developments

• 480 Queen Street, Brisbane: secured Allens and PricewaterhouseCoopers

• Kings Square, Perth: KS2 now 100% leased to Shell

Quarrywest development

• Acquired Quarrywest site comprising 25.6 hectares in a 50:50 partnership with the Future Fund in June 2014 for $50.5 million to provide a further circa 115,000sqm of product by 2018

• Leighton Holdings has provided DEXUS and DWPF with a five year income guarantee on any remaining vacancies at practical completion.

• Grocon has provided DEXUS and DWPF with a two year income guarantee on any remaining vacancies at practical completion.

Slide 26

DEXUS Property Group 2014 Annual Results Presentation

TITLE PAGE (TREBUCHET MS (HEADING) 20 BOLDRADING AND TRANSAC IONS

DEXUS Property Group 2014 Annu – Presentation Title — Slide 27l Resul s Presentation

Slide 27

– TRADING Trading and repositioning

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

• Focus on generating profits from new opportunities and unlocking value in existing properties

• DEXUS has strong core capabilities and experience to support the trading strategy

• Development — leading capability in office and industrial development

• Transactions — strong track record in deal origination and execution

• Activities are undertaken in a tax paying entity (DXO) within DEXUS stapled group

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50 Carrington Street, Sydney NSW

Slide 28

DEXUS Property Group 2014 Annual Results Presentation

– TRADING Core investment grade product focus

• Incremental capital invested in trading activities is focused on core investment grade product

• Focus on assets (new and existing) where DEXUS can leverage

• Asset management skills

• Tenant relationships

• Market knowledge

• Focus on properties where current use is office or industrial

Characteristics of trading opportunities and strategies

			OFFICE		INDUSTRIAL
			Core investment grade markets
			Buying vacancy & leasing risk
			Unlocking alternative use value
		Development & redevelopment			Redevelopment
		Price below replacement cost			Land development

DEXUS Property Group 2014 Annual Results Presentation Slide 29

– TRADING Identified trading and repositioning pipeline

• Near term trading profits considerably ‘de-risked’ - meaningful contribution expected — FY14: delivered $4.3 million of trading profits in line with $4-5 million target — FY15: expect to deliver approximately $40 million of trading profits — FY16/17[1] : approximately $90 million pre-tax trading profits under contract

• Significant pipeline of opportunity

• sourced from existing portfolio and acquisitions

• 20 projects with potential for trading or repositioning in the future

		Expected timing of trading profit contribution (pre-tax)	Expected timing of trading profit contribution (pre-tax)	Expected timing of trading profit contribution (pre-tax)	Expected timing of trading profit contribution (pre-tax)
Identified property	Status	FY15		FY16/17
30 Distribution Drive,Laverton	Sold
50 Carrington Street,Sydney	Exchanged
40 Market Street,Melbourne	Progressing
1-15 RoseberyAvenue,Rosebery	Exchanged
25-55 Rothschild Avenue, Rosebery	Exchanged
154 O’Riordan Street, Mascot	Exchanged
57-65 Templar Road,Erskine Park	Yet to be secured
Expected trading profits (pre-tax)		approx $40m		approx $90m

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Trading profits secured or exchanged and under contract Progressing trading profits Trading profits yet to be secured

1. Carried forward tax losses expected to be substantially extinguished by end of FY15.

Slide 30

DEXUS Property Group 2014 Annual Results Presentation

– TRANSACTIONS Re-shaping the portfolio

Transactions since 2012

200+ Properties

5 $10bn countries Total combined value

• Transactions have been critical in rebalancing the DEXUS portfolio and growing third party funds

• Significant capital deployed early in the cycle

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DEXUS Portfolio Third Party Funds
$mil Recycling and reinvesting $mil Assisting partners to grow
3,000 3,000
$1.0bn $2.1bn $2.7bn $0.7bn $0.8bn $2.7bn
2,500 90 properties 67 properties 41 properties 2,500 5 properties 10 properties 35 properties
2,000 2,000
1,500 1,500
1,000 1,000
500 500
- -
-500 -500
-1,000 -1,000
-1,500 -1,500
FY12 FY13 FY14 FY12 FY13 FY14
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DEXUS Property Group 2014 Annual Results Presentation Slide 31
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TITLE PAGE (TREBUCHET MS (HEADING) 20 BOLDMARKET OUTLOOK

Slide 32

DEXUS Property Group 2014 Annu – Presentation Title — Slide 32l Resul s Presentation

– MARKET OUTLOOK Office demand indicators point to improving demand

• Office cycle in Sydney and Melbourne has bottomed and demand is beginning to improve

• Lead indicators point to an improvement in office demand in FY15

• Employment growth, business confidence, profits and gains in the share market are all positive

• Tenants’ flight to quality is driving demand for high quality space

Business confidence positive

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3% 30
20
2%
10
1%
0
-1%
-10
-2%
-20
-3% -30
Jun-04 Jun-06 Jun-08 Jun-10 Jun-12 Jun-14
Sydney CBD demand % of stock (LHS)
Business confidence index (finance & business)
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Employment is strengthening - ANZ job ads

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3% 20%
2% 10%
1% 0%
-1% -10%
-2% -20%
-3% -30%
Jun-04 Jun-06 Jun-08 Jun-10 Jun-12 Jun-14
Sydney CBD demand % of stock (LHS) ANZ job ads % qtr
Source: JLL Research, ANZ, ABS, NAB, Bloomberg.
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Office demand aligned with share market

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3% 50%
40%
2% 30%
20%
1% 10%
0%
-1% -10%
-20%
-2% -30%
-40%
-3% -50%
Jun-04 Jun-06 Jun-08 Jun-10 Jun-12 Jun-14
Sydney CBD demand % of stock (LHS) S&P/ASX 200 index % pa
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DEXUS Property Group 2014 Annual Results Presentation

Slide 33

– MARKET OUTLOOK Expect improving office demand to help absorb supply

• Office vacancy has risen in the past two years

• Sydney and Melbourne near long term average

• Brisbane and Perth moved above average due to contraction in the resource sector

• Supply levels over the next three years are significant, but older stock withdrawal will reduce net supply

• Supply is 55% pre-committed

• Perth will experience a higher level of supply than east coast markets

• Rent cycle appears to be bottoming and the short term outlook is mild

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Office vacancy rates by market
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% of stock
Current Ave vacancy past 20yr
20%
15%
10%
5%
0%
SYD MEL BRI PER
Office supply over next 3 years
% of stock
Total supply next 3 yr Net supply Ave demand past 20yr
15%
10%
5%
0%
SYD MEL BRI PER
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Source: DEXUS Research, JLL Research, *Sydney excludes one off impact of GFC in FY09.

Slide 34

DEXUS Property Group 2014 Annual Results Presentation

– MARKET OUTLOOK Industrial positioned to benefit from economic activity

• Lead indicators are improving, such as business confidence, retail sales, wholesale output and transport activity

• Demand led by logistics providers and retailers

• Take-up of new premises will continue to benefit from supply chain trends & movement of goods

• Supply a stabilising influence - around long term average levels

Wholesale and transport sector output to strengthen

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Wholesale Transport
8%
6%
4%
2%
0%
-2%
FY04 FY06 FY08 FY10 FY12 FY14 FY16
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Industrial take-up relatively consistent through cycles

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‘000sqm WMEL OWSYD Average
1,000
800
10yr average
600
400
200
-
2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013
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Source: DEXUS Research, Deloitte Access Economics, JLL Research.

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DEXUS Property Group 2014 Annual Results Presentation
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Slide 35
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TITLE PAGE (TREBUCHET MS (HEADING) 20 BOLDSUMMARY
DEXUS Property Group 2014 Annu – Presentation Title — Slide 36l Resul s Presentation Slide 36
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– SUMMARY FY15 drivers

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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%
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DEXUS Property Group 2014 Annual Results Presentation

Slide 37

SUMMARY

• Expect economic conditions to strengthen

• However will face competitive leasing markets where vacancy remains elevated

• Well positioned to deliver earnings growth through the cycles

• Market guidance[1] for FY15

• Adoption of the Property Council of Australia’s (PCA) recommended approach for calculating FFO from 1 July 2014

Distribution — cents per security

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7.0
Average growth rate of 6%pa
6.0
6.79
6.26
5.0 6.00
5.10 5.18 5.35
4.0
FY10 FY11 FY12 FY13 FY14 FY15
(Guidance)
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• PCA FFO per security of 9.84 cents, reflecting 8.5% growth[2 ] from FY14

• Distribution per security of 6.79 cents, in line with free cash flow, reflecting 8.5% growth[3 ] from FY14

• Barring unforeseen changes to operating conditions assumptions include: Targeting positive like-for-like income growth across the office and industrial portfolios, weighted average cost of debt of circa 5.4%, trading profits of approximately $40m and Management Operations revenue of approximately $35-40m.

• Based on FY14 PCA FFO of 9.07 cents per security, refer to slide 48 for further details.

• Based on FY14 distribution of 6.26 cents per security, refer to slide 48 for further details.

Slide 38

DEXUS Property Group 2014 Annual Results Presentation

APPENDICES

DEXUS Property Group 2014 Annual Results Presentation

Slide 39

CONTENTS

Portfolio results

Strategy	41	Portfolio results
Group highlights		Office portfolio	54
DEXUS today	42	Industrial portfolio	60
Total security holder returns	43	Completed development pipeline	65
Financial results		Uncommitted development pipeline	66
Reconciliation to statutory net profit	44	Transactions
Corporate revenue and expenses	45	Another active year	67
Change in net tangible assets and revaluations	46	Market outlook	68
FFO and PCA FFO reconciliation	47	Exchange rates and securities	73
FFO and distribution per security	48	Glossary	74
Cash flow reconciliation	49	Important information	75
Interest reconciliation	50
Direct property portfolio movements	51
Capital management
Interest rate hedging profile	52
Debt overview and buy back summary	53

Slide 40

DEXUS Property Group 2014 Annual Results Presentation

STRATEGY

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DEXUS Property Group 2014 Annual Results Presentation

Slide 41

– GROUP HIGHLIGHTS DEXUS today[1]

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DEXUS Property Group portfolio
$17.8bn AUM
Public and private capital 276 property professionals 145 properties 4,181,656sqm NLA
Office Industrial Retail Development pipeline [2]
$11.9bn $2.5bn $3.4bn $3.3bn
DEXUS portfolio Third Party Funds Management portfolio
$9.1bn $8.7bn
Industrial
Industrial $1.1bn
$1.4bn 12%
15% Office
$4.2bn
48%
$9.1bn $7.7bnOffice $8.7bn
85%
Retail
$3.4bn
40%
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1. As at 30 June 2014. 2. Including fund-through investments.

Slide 42

DEXUS Property Group 2014 Annual Results Presentation

– GROUP HIGHLIGHTS Total security holder returns

DEXUS investor returns

• One year total security holder return of 9.9%[1]

• Distribution per security growth of 4.3% for the 12 months ended 30 June 2014

DEXUS total security holder return

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20%
15% 13.5% 14.6% 15.3% 14.8% 14.3%
12.7%
11.1%
9.9%
10%
5%
0%
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	DEXUS Property Group 2014 Annual Results Presentation Slide 43 1. DEXUS security price appreciation plus distributions paid. Source UBS. 6 Months 1 Year 3 Years 5 Years DEXUS Property Group S&P/ASX 200 Property Accumulation Index	DEXUS Property Group 2014 Annual Results Presentation Slide 43 1. DEXUS security price appreciation plus distributions paid. Source UBS. 6 Months 1 Year 3 Years 5 Years DEXUS Property Group S&P/ASX 200 Property Accumulation Index	DEXUS Property Group 2014 Annual Results Presentation Slide 43 1. DEXUS security price appreciation plus distributions paid. Source UBS. 6 Months 1 Year 3 Years 5 Years DEXUS Property Group S&P/ASX 200 Property Accumulation Index
	FINANCIAL RESULTS – Reconciliation to statutory net profit
		30 June 2014 $m	30 June 2013 $m
	Statutory net profit	406.6	514.5
	Net fair value gain of investment properties1	(165.5)	(220.6)
	Net fair value movements of derivatives & interest bearing liabilities2	40.6	17.7
	Net loss on sale of investment properties	8.3	3.6
	CPA transaction costs	76.7	—
	Finance break costs attributable to sales transactions	4.5	18.8
	FX translation reserve transfer3	(0.8)	21.5
	Incentive amortisation and rent straight line	22.4	30.5
	Deferred tax expense /(benefit) and other	17.8	(20.6)
	Funds From Operations (FFO)	410.6	365.4

1. 30 June 2014 includes $19.8m of revaluations related to DEXUS’s share of its equity accounted investments. Further details are included in the DEXUS 2014 Financial Statements. 2. Comprises net fair value gain on interest bearing liabilities of $12.3m and net fair value loss on derivatives of $52.9m. 3. Foreign currency translation reserve transfer on disposal of foreign operations.

Slide 44

DEXUS Property Group 2014 Annual Results Presentation

– FINANCIAL RESULTS Corporate revenue and expenses

Management operations

Management Expense Ratio (MER)

FY14	Property	Funds	Mgmt	Development
($m)	Mgmt	Mgmt	Operations	& Trading2
Revenue	36.1	32.0	68.1	70.7
Operating expenses1	(26.3)	(13.9)	(40.2)	(3.0)
Cost of sales — trading	—	—	—	(65.0)
Total operating expenses	(26.3)	(13.9)	(40.2)	(68.0)
Net profit	9.8	18.1	27.9	2.7

FY14	Total
Gross MER3	($m)
Group corporate	(27.5)
Asset management4	(10.8)
Total corporate & AM	(38.3)
Average FUM	7,820
Gross MER = A/B	49bps

1. Comprises property management salaries of $8.9m and corporate & administration expenses of $31.3m.

2. Net profit comprises $4.3m from trading offset by $1.6m net development costs.

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

4. Asset Management reflects office and industrial “corporate and administration expenses” as shown in Note 34(b) to the DEXUS 2014 Financial Statements.

DEXUS Property Group 2014 Annual Results Presentation

Slide 45

– FINANCIAL RESULTS Change in net tangible assets and revaluations

	$m	cps
Opening net tangible assets (30 Jun 13)	4,948	105.2
Revaluation of real estate	165
Retained earnings1	95
Amortisation of tenant incentives2	(22)
Fair value movements3	(159)
NTA changes in comprehensive income	79
Equity issue to acquire CPA	850
Impact of the securities buy back	(75)
Acquisition of management rights	(42)
Total movement in NTA	812	0.8
Closing net tangible assets (30 Jun 14)	5,760	106.0

Investment portfolio	Valuation	Cap rate	% of
	change ($m)	(%)	portfolio
DEXUS office portfolio	155.3	6.87	2.1%
DEXUS industrial portfolio	10.2	8.32	0.7%
Total DEXUS portfolio	165.5	7.13	1.8%

1. Based on payout ratio of 75% of FFO.

2. Includes rent straight-lining.

3. Primarily includes fair value movements of derivatives and interest bearing liabilities, CPA transaction costs, deferred tax and gain/(loss) on sale of assets and includes property revaluations of discontinued operations.

Slide 46

DEXUS Property Group 2014 Annual Results Presentation

– FINANCIAL RESULTS FFO and PCA FFO reconciliation

• From 1 July 2014, DEXUS will adopt a new definition for calculating FFO, in accordance with the PCA white paper “Voluntary best practice guidelines for disclosing FFO and AFFO”. The table below shows how DEXUS’s FY14 FFO would have been reported under the PCA definition

Reference	Item	DEXUS FFO	PCA FFO
		$m	$m
Statutory AIFRS net profit after tax		406.6	406.6
A Investment property and inventory
A2	Losses from sales of investment property	8.3	8.3
A3	Fair value gain on investment property	(165.5)	(165.5)
B Goodwill and intangibles
B2	Reversal of impairment of goodwill or intangibles	(7.3)	(7.3)
C Financial instruments
C2	Fair value loss on the mark-to-market of derivatives	52.9	52.9
D Incentives and rent straight-lining
D1	Amortisation of fit out incentives	33.8	33.8
D2	Amortisation of cash incentives	4.2	4.2
D4	Amortisation of rent-free periods	—	36.0
D5	Rent straight-lining	(15.6)	(15.6)
E Tax
E1	Non-FFO deferred tax benefits	12.0	12.0
F Other unrealised or one-off Items
F1	Recycling of foreign currency translation reserve (FCTR)	(0.8)	(0.8)
F2	Other unrealised or one-off items1	82.0	82.0
FFO		410.6	446.6
FFO per security (cents)		8.34	9.07
Distribution		315.4	315.4
Payout ratio		75%	69%

1. Includes $76.7m of CPA transaction costs, $4.5m finance break costs attributable to sales transactions, $5.2m CPA distribution (net of funding cost), $7.9m coupon income and $12.3m of unrealised fair value gains on interest bearing liabilities.

DEXUS Property Group 2014 Annual Results Presentation

Slide 47

– FINANCIAL RESULTS FFO and distribution per security

FINANCIAL RESU	LTS – FFO a	nd distributio	n per securit	y
Cents per security	FY13	FY14 ex CPA	FY14	FY15	FY15 Growth
FFO (cps)	7.75	8.19	8.34	9.04	8.4%
PCA FFO (cps)	8.23	8.91	9.07	9.84	8.5%
Distribution (cps)	6.00	6.14	6.26	6.79	8.5%
Payout ratio – FFO	77%	75%	75%	75%
Payout ratio – PCA FFO	73%	69%	69%	69%
WANOS1	4,714.29	4,640.51	4,921.55	5,433.11

1. Weighted average number of securities on issue. FY15 assumes no further changes to the 30 June 2014 number of securities on issue.

Slide 48

DEXUS Property Group 2014 Annual Results Presentation

– FINANCIAL RESULTS Cash flow reconciliation

	30 June 2014 $m 30 June 2013 $m
Cash flow from operating activities add back: payment for inventory acquisition and capex less: cost of sale of inventory add back: capitalised interest add back: adjustment for net CPA distribution1 add back: equity accounted distribution receivable Adjusted cash flow from operating activities Payments from maintenance capex and fit-out incentives2 Gross distribution – Feb-14 (paid) and Aug-14 (declared) Cash deficit	418.3 193.5 23.1 160.8 (65.3) (22.9) 6.1 10.7 5.2 — 13.6 —
	401.0 342.1 (88.6) (67.6) (315.4) (282.1)
	(3.0) (7.6)

1. Included within cash flows from financing activities in the DEXUS 2014 Financial Statements.

2. Refer Note 35 of the DEXUS 2014 Financial Statements.

DEXUS Property Group 2014 Annual Results Presentation	Slide 49
FINANCIAL RESULTS – Interest	reconciliation

	30 June 2014 $m 30 June 2013 $m
Interest paid/payable Other finance costs (amortised fees) Realised interest rate swap (income)/expense1	141.2 122.9 4.8 3.8 0.5 (3.6)
Gross finance costs for cost of debt purposes Less: interest capitalised	146.5 123.1 (6.4) (10.7)
Net finance costs for distributable earnings Add: unrealised interest rate swap MTM loss1 Add: finance costs attributable to sales transaction Less: finance costs attributable to investments accounted for usingthe equitymethod	140.1 112.4 50.8 4.5 4.5 18.8 (5.4) —
Total statutory finance costs	190.0 135.7
Net fair value loss of derivatives Add: finance costs attributable to investments accounted for using the equity method Net fair valuegain on interest bearingliabilities	2.1 13.2 5.4 — (12.3) —
Total statutory finance costs including derivatives	185.2 148.9
Represented by: Statutory finance costs from continuing operations (Fin Stats note 3) Finance costs included within investments accounted for using the equity method Net fair value loss of derivatives (Statement of Comprehensive Income) Finance costs from discontinued operations Net fair value loss of derivatives (discontinued operations) Finance costs attributable to sales transaction (discontinued operations) Net fair valuegain on interest bearingliabilities(Statement of Comprehensive Income)	190.0 98.6 5.4 — 2.1 10.9 — 18.3 — 2.3 — 18.8 (12.3) —
Total statutory finance costs	185.2 148.9

1. Net fair value loss of interest rate swap of $51.3m (per note 3) includes realised interest rate swap expense of $0.5m and unrealised interest rate swap MTM loss of $50.8m.

Slide 50

DEXUS Property Group 2014 Annual Results Presentation

– FINANCIAL RESULTS Direct property portfolio movements

FINANCIAL RESULTS – Direct property portfolio movem	ents
Office1 $m Industrial2 $m	DEXUS total1 $m
Opening direct property 5,687 1,571 Leasing incentives3 80 13 Maintenance capex 38 8 Acquisitions 2,001 — Developments4 131 64 Disposals5 (393) (191) FX 12 — Revaluations 155 10 Amortisation (65) (8) Straight-lining 13 3	7,258 93
	46
	2,001 195
	(584)
	12
	165
	(73) 16
Closing direct property 7,659 1,470	9,129

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

2. Includes Europe.

3. Includes rent free incentives. 4. Includes capitalised interest. 5. At book value.

DEXUS Property Group 2014 Annual Results Presentation Slide 51

– CAPITAL MANAGEMENT Interest rate hedging profile

	Hedging profile	30 June 2014	30 June 2013
	Average amount of debt hedged1	60%	64%
	Average amount of debt hedged excluding caps1	51%	60%
	Weighted average interest rate on hedged debt2	3.7%	3.9%
	Weighted average fixed & floating rate3	5.4%	5.9%
	Weighted average maturity of interest hedges	5.7 years	4.5 years

Hedge maturity profile

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3,000 8.0%
2,500
6.0%
2,000
1,500 4.0%
1,000
2.0%
500
- 0.0%
FY14 FY15 FY16 FY17 FY18 FY19
Net fixed debt Interest Rate Caps Interest Rate Swaps Weighted Average Hedge Rate
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1. Average amount hedged for the period. The actual hedged position at 30 June 2014 was 64%. Excludes NZD debt.

2. Including fixed rate debt (without credit margin). 3. Including fees and margins.

Slide 52

DEXUS Property Group 2014 Annual Results Presentation

– CAPITAL MANAGEMENT Debt overview and buy back summary

Key metrics	**30 June 2014 **	30 June 2013
Total debt1	$2,932m	$2,167m
Cost of debt2	5.4%	5.9%
Gearing (look-through)3	33.7%	29.0%
Headroom (approximately)4	$0.5bn	$0.3bn
Debt duration	5.2 years	5.4 years
S&P/Moody’s rating	A-/A3	BBB+/Baa1
Covenant gearing (covenant5 <55%)	31.2%	29.1%
Interest cover (covenant5 >2.0x)	4.3x6	4.0x
Priority debt (covenant5 <30%)	0%	0%

Buy-back program	FY14 program	FY13 program
Total securities bought back	73.7m	137.1m
% of total commitment	31.4%	64.3%
Total unit cost bought back	$75.3m	$128.5m
Average price per security	$1.022	$0.937

• The 2014 buy back program was launched on 3 July 2013 and suspended on 11 October 2013 due to the CPA transaction

• No securities have been bought back since DEXUS made the takeover offer for CPA and the 2014 buy back program concluded on 3 July 2014

• Total debt does not include $185.7m of debt in an equity accounted investment.

• Weighted average for the year.

• Adjusted for cash and for debt in equity accounted investments.

• Undrawn facilities plus cash. Excluding forward start commitments.

• As per public bond covenants.

• Look-through interest cover is 4.1x.

DEXUS Property Group 2014 Annual Results Presentation

Slide 53

	tion Slide 54 – Office operating performance 30 June 2014 Post CPA 30 June 2014 Pre CPA 30 June 2013 94.6% 95.2% 94.6% 94.3% 95.7% 94.4% n/a 18.6% 12.2% n/a 3.1% (0.1%) n/a 61% 72% 0.7% 1.0% 3.8% 4.7 years 4.9 years 5.0 years n/a 6.87% 7.17% n/a 9.2% 10.6% 2 & 4 Dawn Fraser Avenue, Sydney Olympic Park, NSW
PORTFOLIO RESULTS
Office portfolio
Occupancy by income Occupancy by area Average incentive Average rental increase/(decrease) Retention rate rolling 12 mths Under rented (face) Weighted average lease expiry1 Weighted average cap rate Total return— 1 year
DEXUS Property Group 2014 Annual Results Presenta 1. By income.

– PORTFOLIO RESULTS Office lease expiry profile at 30 June 2014

Sydney CBD office portfolio

Sydney suburban office portfolio

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20% 20%
15% 13.9% 15% 15.2% 14.7% 13.9% 14.1%
12.9% 13.0% 13.0% 12.5%
11.1%
10.1%
10% 9.4% 10% 8.9%
7.8% 7.6%
6.9% 6.9%
4.9% 5.1% 5.3%
5% 5%
0% 0%
Available FY15 FY16 FY17 FY18 Available FY15 FY16 FY17 FY18
Area Income Area Income
Melbourne CBD office portfolio Brisbane CBD office portfolio Perth CBD office portfolio
19.5%
20% 18.0% 20% 20%
15.6%
15% 15% 15%
11.1% 11.5%
10% 8.4% 10% 10% 8.8% 7.9%8.3%
7.5% 7.6% 7.0%
5.4% 5.2% 6.3% 5.9% 5.2% 6.3% 4.8% 6.5% 6.5% 4.7%
5% 5% 3.5% 3.1% 5% 1.9%
0.2% 0.0% 0.2% 0.3% 0.7%
0% 0% 0%
Available FY15 FY16 FY17 FY18 Available FY15 FY16 FY17 FY18 Available FY15 FY16 FY17 FY18
Area Income
Area Income Area Income
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DEXUS Property Group 2014 Annual Results Presentation

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Slide 55
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– PORTFOLIO RESULTS Office portfolio diversification

Property type by book value

Geographical weighting by book value

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Development Premium
site 1% Grade 33%
Land 2%
Car park 3%
Office park 2%
B Grade 4%
A Grade 55%
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Sydney 61%
New Zealand
2%
Adelaide 2%
Canberra 1%
Perth 9%
Brisbane 11%
Melbourne
14%
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Slide 56

DEXUS Property Group 2014 Annual Results Presentation

– PORTFOLIO RESULTS Office top 10 tenants

Office tenant Woodside Energy	S&P rating BBB+ positive	% of income1 4.3%	100%		Other Tourism Diversity of office tenants by income
Commonwealth of Australia	AAA stable	4.1%	90%		Healthcare and social assistance
					Electricity, gas, water and waste service
Wilson Parking Australia Commonwealth Bank of Australia	Not rated AA-	4.0% 2.9%	80%		Employment Placement and Recruitment Services Engineering Consultancy Services Construction services
Rio Tinto	A- negative	2.7%	70%		Metal ore mining
State of NSW	AAA negative	2.5%			Insurance
Deloitte Services Pty Ltd Lend Lease Management Services	Not rated BBB- stable	1.8% 1.7%	50% 60%		Rental & Real Estate services Federal Government Banks & building societes Food Retailing
IBM Australia Limited	AA- stable	1.4%	40%		Investment banks
State Of Victoria	AAA stable	1.4%			Other finance
			30%		Business Services Other Retailing (non-food)
					State Government
			20%		Oil and Gas
			10%		Car park services Accounting services
					Information media and telecommunications
1. 30 June 2014 fully leased DEXUS portfolio passing	income.		0%		Legal services

DEXUS Property Group 2014 Annual Results Presentation Slide 57

PORTFOLIO RESULTS - Corporate Responsibility and Sustainability

• Maintained and improved NABERS Energy and Water ratings

• Weighted average 4.6 star NABERS Energy rating exceeding the 4.5 star target in DEXUS office portfolio[1]

• Weighted average 3.5 star NABERS Water rating in line with target in DEXUS office portfolio[1]

• Delivered 8.4% absolute energy savings across the Group’s like-for-like property portfolio

• On track to meet 10% reduction target in FY15

• Included on the 2013 Carbon Disclosure Project’s Performance Leadership Index and listed as a Sustainability Leader in the 2014 RobecoSAM Sustainability Yearbook

• Commenced DEXUS’s transition from Global Reporting Initiative (GRI) G3.1 protocol to its materialitybased G4 protocol with further stakeholder engagement on material issues planned for completion in FY15

• Achieved notable successes in sustained environmental performance:

• Celebrated 10 years of sustained efficient operation at 30 The Bond, Sydney, which achieved a 5.5 star NABERS Energy rating that showcases its innovative sustainability features and DEXUS’s focus on continuous improvement

• Successfully repositioned 50 Carrington, Sydney with targeted sustainability retrofit measures that improved its NABERS Energy rating by 1.5 stars to 4.5 stars in 18 months

• NABERS ratings on an absolute basis. On a like-for-like basis the DEXUS weighted average NABERS Energy and Water ratings at 30 June 2014 were 4.8 and 3.5 stars respectively. DEXUS Property Group 2014 Annual Results Presentation

Slide 58

PORTFOLIO RESULTS - Office portfolio sustainability metrics

PORTFOLIO RESULTS - Office portfolio s	ustainabili	ty metric	s
DEXUS office portfolio	Jun 08	Jun 12	Jun 13	Jun 14
NABERS Energy average rating1	—	3.9	4.7	4.8
NABERS Water average rating1	—	3.1	3.2	3.5
Energy consumption intensity (MJ/sqm)	609.5	414.8	401.1	385.5
Water consumption intensity (L/sqm)	856.2	635.1	637.9	670.8
Scope 1 & 2 Greenhouse gas emissions intensity (kgCO2-e/sqm)	133.9	93.1	85.3	81.2

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DEXUS Office Energy Intensity DEXUS Office Water Intensity DEXUS Office GHG Emissions
700 900 160
Intensity
600 800 140
700
120
500
600
100
400 500
80
300 400
60
300
200
40
200
100 100 20
0 0 0
FY08 FY09 FY10 FY11 FY12 FY13 FY14 FY08 FY09 FY10 FY11 FY12 FY13 FY14 FY08 FY09 FY10 FY11 FY12 FY13 FY14
36.7% reduction 21.8% reduction 39.4% reduction
Note: Data in charts is unaudited.
1. NABERS ratings on a like-for-like basis
2. NABERS ratings on an absolute basis
Water Intensity (L/sqm) -e/sqm)2
Energy Intensity (MJ/sqm)
Scope 1 & 2 Emissions kg CO
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DEXUS Property Group 2014 Annual Results Presentation Slide 59
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Quarry Industrial Estate, Reconciliation Drive, Greystanes NSW
1 Foundation Place, Greystanes NSW
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– PORTFOLIO RESULTS Industrial operating performance

Industrial portfolio	30 June 2014	30 June 2013
Occupancy by income	93.0%	96.1%
Occupancy by area	93.1%	95.9%
Average rental decrease	(8.6%)	(2.4%)
Average incentive1	11.0%	7.9%
Retention rate rolling 12 mths	41%	70%
Over rented (face)	5.9%	4.8%
Weighted average lease expiry2	4.0 years	4.1 years
Weighted average cap rate	8.32%	8.55%
Total return — 1 year	9.0%	8.8%

1. Across all lease deals in the period, excluding development leasing. 2. By income.

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DEXUS Property Group 2014 Annual Results Presentation

– PORTFOLIO RESULTS Industrial lease expiry profile at 30 June 2014

Sydney industrial portfolio

Melbourne industrial portfolio

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20% 20%
16.9% 16.8% 18.0% 17.6% 17.3%
15% 13.8% 15% 13.8%
12.1% 12.4% 12.6%
10.9%
10% 9.0% 9.0% 9.4% 8.6% 10% 9.3% 9.1% 9.2%
5% 5% 4.0%
3.1%
0% 0%
Available FY15 FY16 FY17 FY18 Available FY15 FY16 FY17 FY18
Area Income Area Income
Brisbane industrial portfolio Adelaide industrial portfolio
60% 60%
54.4% 55.4%
50% 50%
41.9% 41.9%
40% 40%
30% 30%
23.0%
20.8% 19.9% 21.4%
20% 20%
10% 10%
2.7% 2.4%
0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0%
0% 0%
Available FY15 FY16 FY17 FY18 Available FY15 FY16 FY17 FY18
Area Income Area Income
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DEXUS Property Group 2014 Annual Results Presentation
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Slide 61
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– PORTFOLIO RESULTS Industrial portfolio diversification

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Property type by book value
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Geographical weighting by book value

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Land
Development 4%
sites
2%
Distribution
centres
24% Melbourne 40%
Sydney 55%
Industrial
estates
41%
Business parks
25%
Adelaide 2%
Brisbane 3%
Data centres
4%
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DEXUS Property Group 2014 Annual Results Presentation

– PORTFOLIO RESULTS Industrial top 10 tenants

	Industrial tenant	% of income1			Diversity of industrial tenants by income
	Wesfarmers Limited	0.9%	100%		Other
	AWH Pty Ltd	0.7%			State Government
			90%
	Toll Transport Pty Ltd	0.6%			Business Services Other
	IBM Australia	0.6%	80%		Retailing (non-food)
	DHL	0.5%	70%		Engineering Consultancy Services Postal and courier pick-up and delivery services
	Visy Industry Packaging Pty Ltd	0.4%			Not-for-profit
	Salmat Business Force Pty Ltd	0.4%	60%		Electricity, gas, water and waste service
	Blackwoods	0.4%	50%		Scientific and Technical Services Printing
	Jemena Pty Ltd	0.3%			Pharmaceutical wholesaling 2
	Fonterra Co-Operative Group	0.3%	40%		Information media and telecommunications
					Food and beverage manufacturing
			30%		Road, rail, water, air and space transport
			10% 20%		Construction services Transport support services Other manufacturing
					General wholesaling
	1. 30 June 2014 fully leased DEXUS portfolio passing income.		0%		Warehousing and storage services
	DEXUS Property Group 2014 Annual Results Presentation		Slide 63

PORTFOLIO RESULTS - Industrial resource consumption

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DEXUS Industrial Energy DEXUS Industrial Water DEXUS Industrial GHG
35 Intensity 400 Intensity 9 Emissions Intensity
30 350 8
7
300
25
6
250
20
5
200
15 4
150
3
10
100
2
5
50 1
0 0 0
FY08 FY09 FY10 FY11 FY12 FY13 FY14 FY08 FY09 FY10 FY11 FY12 FY13 FY14 FY08 FY09 FY10 FY11 FY12 FY13 FY14
21.7% reduction 12.7% increase 25.4% reduction
-e/sqm)2
Energy Intensity (MJ/sqm) Water Intensity (L/sqm)
Scope 1 & 2 GHG Emissions kg CO
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Note: Data in charts is unaudited.

DEXUS Property Group 2014 Annual Results Presentation Slide 64

– PORTFOLIO RESULTS Completed development pipeline

Completed Building area sqm	Project cost A$m2 Yield on cost % Leased % Completed date
Laverton North, Vic — Spec facility 4 11,854 Laverton North, Vic — Toll 2 18,670 Wacol, Qld — Cotton On 12,246 Greystanes, NSW — Roche 10,105 Greystanes, NSW — Blackwood 17,859 Greystanes, NSW — Warehouse 10 19,480	9.9 8.0 - Jul 2013 16.8 8.4 100 Jul 2013 16.2 8.3 100 Jul 2013 13.5 8.5 100 Dec 2013 29.8 7.9 100 Dec 2013 25.0 7.6 80 Apr 2014
Total completed 90,214	111.2

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

DEXUS Property Group 2014 Annual Results Presentation Slide 65

– PORTFOLIO RESULTS Uncommitted development pipeline

Pipeline Building area sqm	Project est. A$m1 Est. cost to completion A$m Est. yield on est. project cost %
Office 180 Flinders Street, Melbourne, VIC 24,417 12 Creek Street, Brisbane, QLD2 4,820 105 Phillip Street, Parramatta, NSW 20,500 Total office 49,737	230 148 7.4 19 19 9.2 120 112 8.5 369 279 7.9
Industrial Quarry at Greystanes, NSW3 21,066 Quarrywest at Greystanes, NSW2 57,500 DEXUS Industrial Estate, Laverton North, VIC3,4 119,500 Total industrial 198,066	34 21 8.5 96 66 tba 140 115 8.2 270 202 8.3
Total uncommitted 247,803	545 481 8.0

1. Including land.

2. DEXUS share.

3. At 100% ownership

4. Project estimated cost includes cost of land sales.

Slide 66

DEXUS Property Group 2014 Annual Results Presentation

	DWPF acquisitions	Purchase	Cap	Settlement
		price $m	rate	date
	441 Nudgee Rd, Hendra	27.4	8.5%	28 Oct 13
	1439 Lytton Road, Hemmant	39.6	8.25%	27 Nov 13
	Beenleigh Marketplace	88.4	7.5%	16 Dec 13
	42-60 Albert Street, Brisbane	161.3	8.5%	31 Jan 14
	Total	316.7
	DWPF divestments	Sale price $m	Cap rate	Settlement date
	104 Vanessa Street, Kingsgrove	12.6	n/a	30 May 14
	Total	12.6
	1. Excludes the sale of five CPA properties.
	2. Sale price was €6.1 million.
	3. Includes the sale of a 50% interest in one	property to AIP on a fund-through basis.
	441 Nudgee Road,	Hendra QLD

– TRANSACTIONS Another active year

	DEXUS divestments1	Sale price $m Cap rate Settlement date
	Wustermark, Germany 40 Talavera Rd, Macquarie Park 14 Moore Street, Canberra 10-16 South Street, Rydalmere 2 Minna Close, Belrose 30-32 Bessemer Street, Blacktown 85 Egerton Street, Silverwater 25 Donkin Street, Brisbane 57-101 Balham Road, Archerfield 163-183 Viking Drive, Wacol Industrial divestments3	8.92 n/a 13 Aug 13 28.2 10.0% 23 Aug 13 23.0 10.0% 4 Jun 14 43.25 8.6% 28 Feb 14 19.5 10.6% 30 Jun 14 16.6 8.9% 30 May 14 6.1 n/a 25 Jun 14 25.65 8.0% 30 Jun 14 24.5 9.5% 12 Mar 14 37.9 n/a 12 Mar 14 11.6 8.0% various
	Total	245.3
	AM60, 42-60 Albert Street, Brisbane QLD	1439 Lytton Street, Hemmant QLD

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AM60, 42-60 Albert Street, Brisbane QLD 1439 Lytton Street, Hemmant QLD
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DEXUS Property Group 2014 Annual Results PresentationHalf Year Results Pr sentation Slide 67

– MARKET OUTLOOK FY15 Australian Office & Industrial market trends

	Australian office markets	Australian industrial markets
Tenant demand	Lead indicators point to improving demand in FY15	To improve in FY15 in line with confidence & growth in spending
Supply	National supply levels below average	Supply to remain around average levels
Vacancy rates	Prime vacancy rates to remain relatively stable at mildly above average levels	Prime vacancy to remain low on a historical basis
Buyer demand	To remain strong for quality properties	To remain strong, especially for prime
Cap rates	Tightening across most markets	Tightening across most markets
Asset values	Prime grade properties expected to increase due to tighter cap rates	Prime grade properties expected to increase due to tighter cap rates

Slide 68

DEXUS Property Group 2014 Annual Results Presentation

– MARKET OUTLOOK Sydney CBD office

Sydney CBD office market

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‘000sqm
240 12%
180 9%
120 6%
60 3%
- 0%
-60 -3%
-120 -6%
-180 -9%
-240 -12%
FY05 FY07 FY09 FY11 FY13 FY15 FY17 FY19
Net Absorption Net Supply Vacancy (RHS)
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Sydney CBD office market	At 30 June 2014
Total net lettable area Prime vacancy average	4.97 million sqm
	12.6%
DEXUS Sydney CBD exposure1
Net lettable area Number of properties % of portfolio by value Occupancy by area Occupancy by income Weighted average lease expiry	341,168sqm 17 49.2%
	95.1%
	94.9%
	4.8 years

• Demand expected to improve in FY15-17

• Vacancy to remain elevated due to new supply

• ‘Flight to quality’ will drive demand for high quality space

• Withdrawals of older stock should help stabilise market

• Including CPA properties. Source: JLL Research actual & DEXUS Research forecast.

DEXUS Property Group 2014 Annual Results Presentation Slide 69

– MARKET OUTLOOK Melbourne CBD office

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Melbourne CBD office market Melbourne CBD office market At 30 June 2014
‘000sqm Total net lettable area 4.48 million sqm
250 12.5%
Prime vacancy average 10.2%
200 10.0% DEXUS Melbourne CBD exposure [1]
150 7.5% Net lettable area 177,713sqm
Number of properties 9
100 5.0%
% of portfolio by value 14.3%
50 2.5%
Occupancy by area 88.9%
- 0.0%
Occupancy by income 91.6%
-50 -2.5% Weighted average lease expiry 4.5 years
FY05 FY07 FY09 FY11 FY13 FY15 FY17 FY19
Net Abs. Net Supply Vacancy (RHS)
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• Improving demand and below average supply expected to lead to a fall in vacancy in medium term

• Trend of tenants moving from suburbs to CBD continues

• Long term growth prospects improved by shift in development focus to core CBD

• Including CPA properties. Source: JLL Research actual & DEXUS Research forecast.

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DEXUS Property Group 2014 Annual Results Presentation

– MARKET OUTLOOK Brisbane CBD office

Brisbane CBD office market

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‘000sqm
150 18%
100 12%
50 6%
- 0%
-50 -6%
-100 -12%
FY05 FY07 FY09 FY11 FY13 FY15 FY17 FY19
Net Absorption Net Supply Vacancy (RHS)
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Brisbane CBD office market	At 30 June 2014
Total net lettable area Prime vacancy average	2.18 million sqm
	11.8%
DEXUS Brisbane CBD exposure1
Net lettable area Number of properties % of portfolio by value Occupancy by area Occupancy by income Weighted average lease expiry	83,518sqm
	5
	11.4%
	96.5% 94.1% 5.7 years

• Government and mining sector consolidation is tapering

• Solid demand prospects as QLD economy grows

• Withdrawals will be a key factor reducing net supply

• Two tier market as tenants migrate to high quality space

• Including CPA properties. Source: JLL Research actual & DEXUS Research forecast.

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DEXUS Property Group 2014 Annual Results Presentation Slide 71
–
MARKET OUTLOOK Perth CBD office
Perth CBD office market Perth CBD office market At 30 June 2014
‘000sqm Total net lettable area 1.61 million sqm
200 20% Prime vacancy average 12.0%
150 15% DEXUS Perth CBD exposure [1]
Net lettable area 57,246sqm
100 10%
Number of properties 4
50 5%
% of portfolio by value 9.0%
- 0%
Occupancy by area 99.8%
-50 -5%
Occupancy by income 98.1%
-100 -10% Weighted average lease expiry 4.3 years
FY05 FY07 FY09 FY11 FY13 FY15 FY17 FY19
Net Absorption Net Supply Vacancy (RHS)
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• Cyclical slowdown as the mining sector transitions from investment phase to production

• Vacancy likely to rise due to new supply

• Perth's longer term prospects will be underpinned by rising exports and solid population growth

• Including CPA properties. Source: JLL Research actual & DEXUS Research forecast.

Slide 72

DEXUS Property Group 2014 Annual Results Presentation

EXCHANGE RATES AND SECURITIES USED IN STATUTORY ACCOUNTS

		30 June 2014	30 June 2013	31 Dec 2012
Closing rates for Statement of Financial Position	NZD	1.0761	1.1871	1.2608
Average rates for Statement of Comprehensive Income	NZD	1.1061	1.2492	1.2729
		12 months to	12 months to
		30 June 2014	30 June 2013
Average weighted number of securities1		4,921,546,144	4,714,292,865
Closing number of securities		5,433,110,810	4,701,957,390

1. Used to calculate FFO per security.

	DEXUS Property Group 2014 Annual Results Presentation Slide 73
	GLOSSARY GLOSSARY
	Distribution payout policy: FY14 policy was to distribute between 70-80% of Funds From Operations (FFO), in line with free cash flow. Funds From Operations (FFO): FFO is often used as a measure of real estate operating performance after finance costs and taxes. DEXUS’s FFO comprises net profit/loss after tax attributable to stapled security holders calculated in accordance with Australian Accounting Standards and adjusted for: property revaluations, impairments, derivative and FX mark to market impacts, fair value movements of interest bearing liabilities, amortisation of certain tenant incentives, gain/loss on sale of certain assets, straight line rent adjustments, deferred tax expense/benefit, rental guarantees, coupon income and distribution income net of funding costs. PCA FFO: Calculated in accordance with guidelines provided by the Property Council of Australia (PCA). Under DEXUS’s application of PCA FFO for FY15, this measure represents FFO defined adjusted to include rent free amortisation. Gearing: Gearing is represented by Interest Bearing Liabilities (excluding deferred borrowing costs and including the fair value of cross currency swaps) less cash divided by Total Tangible Assets (excluding derivatives and deferred tax assets) less cash. Covenant gearing is the same definition but not adjusted for cash. Gearing (look through): Represents Gearing defined above adjusted to include debt in equity accounted investments. Non-cash items: Includes property revaluations, impairment of goodwill, derivative MTM, gain/loss on sale and deferred tax. Portfolio value: Unless otherwise stated, portfolio value is represented by investment properties, inventories and investments accounted for using the equity method, and excludes cash and other assets. Responsible Entity fees: In this presentation Responsible Entity fees are shown at cost following internalisation in Feb 08. This Responsible Entity fee expense and the corresponding management fee revenue are eliminated in the statutory financial statements as the management business is a wholly owned consolidated entity. Securities on issue: FFO per security is based on the average weighted units on issue prior to the Theoretical Ex-Rights Price (TERP) adjustment. In accordance with AASB133 the weighted average number of securities for earnings (EPS) purposes is adjusted by a factor equal to the security price immediately prior to issue divided by the TERP. Weighted Average Lease Expiry (WALE): A measure in years of the average term to expiry of in-place rent. Includes vacancies.

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DEXUS Property Group 2014 Annual Results Presentation

IMPORTANT INFORMATION

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

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

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

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

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

Slide 75

DEXUS Property Group 2014 Annual Results Presentation