DEXUS — Investor Presentation 2015

Aug 11, 2015

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DEXUS Property Group (ASX:DXS)
ASX release
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12 August 2015

2015 Annual results presentation

DEXUS Funds Management Limited, as responsible entity for DEXUS Property Group provides the attached 2015 annual results presentation.

For further information please contact:

Investor relations

Media relations

Rowena Causley T: +61 2 9017 1390 Louise Murray T: +61 2 9017 1446 M: +61 416 122 383 M:+61 403 260 754 E: rowena.causley@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 $19.1 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 located predominantly 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 21 countries. With more than 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

2015 ANNUAL RESULTS PRESENTATION – 12 AUGUST 2015

DEXUS Funds Management Limited ABN 24 060 920 783 AFSL 238163 as responsible entity for DEXUS Property Group DEXUS Property Group – [presentation title]

Slide 1

CONTENTS

 DEXUS today

• Group highlights

Darren Steinberg, CEO

• Financial results

Craig Mitchell, Executive Director Finance & COO

• Capital management

• Property portfolio

• Development

Kevin George, EGM Office and Industrial

• Trading

• Third party funds management

• Transactions and market outlook

• Summary

Craig Mitchell

Ross Du Vernet, EGM Strategy, Transactions & Research

Darren Steinberg

• Questions

DEXUS Property Group – 2015 Annual Results Presentation and Appendices

Slide 2

DEXUS TODAY

Australia’s largest prime office portfolio

A significant and growing Third Party Funds Management business

A deep pipeline of value enhancement opportunities 8.6% p.a. growth in distributions and 15.8% p.a. TSR[1] since FY12

Underpinned by a strong balance sheet

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1. Compound annual total security holder return over the three years to 30 June 2015.

DEXUS Property Group – 2015 Annual Results Presentation and Appendices

Slide 3

– GROUP HIGHLIGHTS For the year ended 30 June 2015

KEY RESULTS ACHIEVED

11.5%

Return on equity

9.3% Growth in FFO and distribution per security

HOW RESULTS WERE ACHIEVED

394,133sqm Leased across DEXUS total portfolio[1 ]

10%

Increase in third party funds under management

41bps

Management expense ratio[2]

$42.6m Trading profits[3] realised

1. At 100% including Heads of Agreement across DEXUS office and industrial portfolios.

2. Management Expense Ratio is calculated as costs arising from managing DEXUS assets and corporate activity for the 12 months divided by closing balance sheet funds under management at the end of the financial year.

3. Trading profits generated less FFO tax expense that is being recognised for Rosebery in the year.

DEXUS Property Group – 2015 Annual Results Presentation and Appendices

Slide 4

– GROUP HIGHLIGHTS Key earnings drivers

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PROPERTY FUNDS MANAGEMENT TRADING
PORTFOLIO & PROPERTY SERVICES
FY15 Positive like-for-like
$35-40 million Approximately
TARGET income growth $40 million
$645.6 million $37.9 million $42.6 million [2 ]
FY15
95.3% office portfolio occupancy DEXUS Office Partnership
RESULT Total portfolio +0.3% L-F-L delivered a levered one-year
income growth [3 ] total return to DEXUS of 20.4%
89% FFO [1 ] 5% FFO [1 ] 6% FFO [1]
UNDERLYING BUSINESS TRADING
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1. FFO contribution is calculated before Finance costs and Group corporate costs.

2. Trading profits generated less FFO tax expense that is being recognised for Rosebery in the year.

3. Like-for-like income growth is calculated on an effective basis.

DEXUS Property Group – 2015 Annual Results Presentation and Appendices

Slide 5

FINANCIAL RESULTS

DEXUS Property Group – [presentation title] 2015 Annual Results Presentation and Appendices

Slide 6

– FINANCIAL RESULTS Key financial metrics

FINANCIAL RESULTS – Key fi	nancia	l metrics
Business contributions to FY15 FFO		FY14	FY15	Change
Underlying FFO1 $m 442.3 501.9 13.5% Trading profits (net of tax)2 $m 4.3 42.6 890.7%			501.9
Funds from Operations (FFO) $m 446.6 544.5 21.9%
Underlying FFO per security3 cps 53.9 54.8 1.7% FFO per security3 cps 54.4 59.5 9.3%
Other key financial performance metrics		FY14	FY15	Change
Adjusted Funds from Operations (AFFO)4 $m 310.7 369.8 19.0% Distribution per security3 cps 37.56 41.04 9.3% Statutory Net profit $m 406.6 618.7 52.2%
Distribution per security3	cps	37.56	41.04
Statutory Net profit	$m	406.6	618.7
Other key metrics FY14 FY15 Change
Gearing5 33.7% 28.5%6 5.2ppt NTA per security3 $6.36 $6.68 5.0%

1. ‘Underlying’ FFO contribution excludes Trading profits (net of tax).

2. Trading profits generated less tax expense recognised for Rosebery in the year.

3. Prior period per security figures are adjusted for the one-for-six security consolidation completed in November 2014.

4. AFFO is calculated in line with the Property Council of Australia definition and comprises PCA FFO and adjusted for: maintenance capex, incentives (including rent free incentives) given to tenants during the period and other items which have not been adjusted in determining FFO. Refer to slide 38 for a detailed breakdown.

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

6. Pro-forma gearing is 29.3% post the receipt of proceeds from the divestment of the Rosebery and Mascot trading properties and the acquisition of the Waterfront Place complex which is expected to settle in October 2015.

DEXUS Property Group – 2015 Annual Results Presentation and Appendices

Slide 7

– FINANCIAL RESULTS Funds From Operations

FINANCIAL RESULTS –Funds F	rom Operat	ions
	30 Jun 2014 $m	30 Jun 2015 $m	Change $m	Change %
Office property FFO 455.4 533.3 Industrial property FFO 122.8 112.3		533.3	77.9 17.1% (10.5) (8.6)%
Total property FFO 578.2 645.6 Management operations 27.9 37.9 Group corporate (27.5) (30.4) Net Finance costs (139.4) (150.8) Other1 3.1 (0.4)			67.4 11.7%
			10.0 35.8%
			(2.9) 10.5% (11.4) 8.2%
Other1		(0.4)	(3.5)	(112.9)%
Underlying FFO2 Trading profits (net of tax)3	442.3 4.3	501.9	59.6 38.3	13.5% 890.7%
		42.6
FFO	446.6	544.5	97.9	21.9%
Adjusted Funds from Operations (AFFO)	310.7	369.8	59.1	19.0%
Distribution payout (% AFFO) 101.5% 100.5%4 Distribution 315.4 **385.64 **			70.2 22.3%

1. ‘Other’ income includes Development management fees.

2. ‘Underlying’ FFO excludes Trading profits (net of tax).

3. Trading profits generated less FFO tax expense recognised for Rosebery in the year.

4. The AFFO payout ratio has been adjusted to exclude the $13.9m of distributions paid on new securities issued through the institutional placement and SPP announced in April 2015 which were fully entitled to the distribution for the six months ending 30 June 2015. The AFFO payout ratio was 104.3% including this amount.

DEXUS Property Group – 2015 Annual Results Presentation and Appendices

Slide 8

– CAPITAL MANAGEMENT FY15 achievements and FY16 focus

FY15 ACHIEVEMENTS

Key metrics	30 Jun 14	30 Jun 15	Change
Gearing (look-through)1	33.7%	28.5%2	5.2 ppt
Cost of debt3	5.4%	5.2%	20 bps
Duration of debt	5.2 years	5.7 years	0.5 years
Hedged debt (ex caps)4	51%	69%	18 ppt
S&P/Moody’s credit rating	A-/A3	A-/A3	No change

FY16 FOCUS

Improve diversification and length of the debt profile

Maintain an average cost of debt of circa 4.9% in FY16

Maintain conservative gearing

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

2. Pro-forma gearing is 29.3% post the disposal of Rosebery/Mascot and the acquisition of the Waterfront Place Complex which is expected to settle in October 2015.

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

4. Average for the period. Hedged debt (including caps) was 76% for 12 months to 30 June 2015 and 60% for 12 months to 30 June 2014. DEXUS was 95% hedged (including caps) as at 30 June 2015.

DEXUS Property Group – 2015 Annual Results Presentation and Appendices

Slide 9

PROPERTY PORTFOLIO

DEXUS Property Group – [presentation title] 2015 Annual Results Presentation and Appendices

Slide 10

– PROPERTY PORTFOLIO Total returns underpinned by valuation uplift

FY15 RETURNS

9.6% 11.3% Office portfolio Industrial portfolio one-year one-year total return total return

FY15 VALUES

1 Bligh St, Sydney 30 The Bond, Sydney Contributed to 11.5% Return on Equity Up $16.3m or 6.5% Up $18.5m or 10.3%

240 St Georges Tce, Perth

45 Clarence St, Sydney

Office portfolio Industrial portfolio Total portfolio

values values valuation uplift of up $213.5m up $27.5m $241.0m or 2.8% or 1.6% or 2.6%

CAPITALISATION RATES

	30 June 2015	Change from
		**30 June 20141 **
DEXUS Office	6.71%	16bps
DEXUS Industrial	7.77%	55bps
Total DEXUS portfolio	6.88%	25bps

Down $19.8m or 4.0%

Up $14.7m or 5.2%

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DEXUS Office Partnership properties
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Up $182.4m [2] or 5.2%
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1. 30 June 2014 excludes DEXUS Office Partnership portfolio.

2. Reflects 100% of the DEXUS Office Partnership valuation uplift, of which DEXUS has a 50% share.

DEXUS Property Group – 2015 Annual Results Presentation and Appendices

Slide 11

– PROPERTY PORTFOLIO Increased office leasing activity

211,071sqm[1 ] Total office space leased across 303 deals 108,990sqm 88,460sqm 13,620sqm 101 renewals 185 new deals 17 development deals Office leasing by business sector

Office leasing by tenancy size

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sqm
250,000 Other 15%
211,071
Rental & Real Finance 31%
186,379 estate
200,000
services 5%
154,321
Information
150,000
media &
telecoms 7%
100,000
Business
services 11%
47%
50,000 Public
41%
administration
32% Retail trade 20%
12%
0
FY13 FY14 FY15
up to 249sqm 250-749sqm 750-1,499sqm 1,500+sqm
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1. Including Heads of Agreement.

DEXUS Property Group – 2015 Annual Results Presentation and Appendices

Slide 12

– PROPERTY PORTFOLIO Office FY15 performance and leasing metrics

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95.3% 4.3yrs 150 George Street, Parramatta 14 Lee Street, Sydney
Occupancy WALE
(FY14: 94.6%) (FY14: 4.7 years)
KEY
METRICS
9.6% +0.2%
Total return Like-for-like
(FY14: 9.2% [1] ) income growth [2 ]
CBA 21,964sqm State Govt of NSW 13,662sqm
[[1]]
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15.0% Average incentives (FY14: 18.6% [[1]] )
INCENTIVES
Secured 85 effective deals
130 George Street, Parramatta 45 Clarence Street, Sydney
RETENTION 61% (FY14: 61% [1] )
AV. RENTAL +0.1% Face
GROWTH (3.2)% Effective
Commonwealth of Aust
13 tenants across 10,758sqm
UNDER- 12,273sqm
(0.3)% Face (FY14: (0.7)%)
RENTING
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1. Excluding DEXUS Office Partnership properties.

2. Like-for-like income growth is calculated on an effective basis.

DEXUS Property Group – 2015 Annual Results Presentation and Appendices

Slide 13

– PROPERTY PORTFOLIO Office lease expiry profile

 Active approach to leasing focused on maximising cash flow

 Increased office portfolio occupancy to 95.3%

• Securing 8.9% of office portfolio income during FY15 (vacancy and rent at risk)

 Reduced WALE is a result of shorter-term leasing deals

• Expectation that leases can be recalibrated on better terms in an improved market in the next few years

 Average expiry of 12.2% per annum over the next five years

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FY19 Key leasing risks
Woodside, 240 St Georges (5.2%)
25% Lend Lease, The Bond (1.7%)
HWT, Southgate (1.2%)
FY17 Key leasing risks
Promina, 321 Kent (0.6%) 20.0%
20% SA Govt, 11 Waymouth (0.5%)
Commonwealth Govt,
FY16 Key leasing risks
Customs House (0.5%)
Ashurst, Grosvenor (0.9%) FY18 Key leasing risks Average expiry of
IBM, Southgate (0.6%) VIC Govt, 8 Nicholson (1.6%) 12.2% p.a. over
15% Sparke Helmore, 321 Kent (0.5%) Carnival, Vic Cross (0.6%) next five years
12.7% IAG, 46 Colin (0.5%)
10% 9.7% 9.8%
8.8%
5% 4.7%
0%
Available FY16 FY17 FY18 FY19 FY20
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Note: Key leasing risks boxes represent Tenant; Property; and percentage of office income.

DEXUS Property Group – 2015 Annual Results Presentation and Appendices

Slide 14

– PROPERTY PORTFOLIO Industrial FY15 performance and leasing metrics

92.4% 4.0yrs Occupancy WALE (FY14: 93.0%) (FY14: 4.0 years) KEY METRICS 11.3% +0.7% Total return Like-for-like (FY14: 9.0%) income growth[2 ]

183,062sqm Total industrial space leased[1] across 75 deals LEASING 62,308sqm 95,104sqm 25,650sqm 30 renewals 44 new deals 1 development 10.8% Average incentives (FY14: 11.0%) INCENTIVES Secured 34 effective deals RETENTION 53% (FY14: 41%) AV. RENTAL (4.6)% Face GROWTH (7.7)% Effective OVER6.9% Face (FY14: 5.9%) RENTING

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AXXESS Corporate Park,
15-23 Whicker Road, Gillman
Mt Waverley
Bevchain 22,294sqm 46 tenants across 21,795sqm
DEXUS Industrial Estate,
Quarry at Greystanes
Laverton North
Yusen 12,506sqm Linpac Packaging 11,886sqm
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1. Including Heads of Agreement.

2. Like-for-like income growth is calculated on an effective basis.

DEXUS Property Group – 2015 Annual Results Presentation and Appendices

Slide 15

– PROPERTY PORTFOLIO FY16 office and industrial focus

Maintain >95% occupancy in the DEXUS office portfolio Reduce FY17 DEXUS office lease expiries to 10.0% Expect flat like-for-like income across the combined DEXUS portfolio Continue to focus on reducing incentives and undertake effective leasing deals

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DEXUS Property Group – 2015 Annual Results Presentation and Appendices

Slide 16

DEVELOPMENT

DEXUS Property Group – [presentation title] 2015 Annual Results Presentation and Appendices

Slide 17

– DEVELOPMENT FY15 achievements

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Ashurst moved in to 5 Martin Place, completed two Kings Square towers, and progressed 480 Queen Street 5 Martin Place, Sydney Kings Square, Perth Cost: $213m (50%) Cost: $111m (25%) Yield on cost[1] : 8.2% Yield on cost[1] : 7.3% Final completion: Sep-2015 Final completion: Sep-2015 Forecast Project IRR[3] : 15% Forecast Project IRR[2] : 29% WALE at PC: 7.5 years WALE at PC: 8.4 years 55% of office space committed with Ashurst moved in July 2015 100% of income secured under a 5yr Committed: 82% office 73% retail guarantee from practical completion Achieved pre-commitment for a 480 Queen Street, Brisbane warehouse facility at Quarrywest Cost: $288m (50%) Yield on cost[1] : 7.0-7.2% Completion: early 2016 Forecast Project IRR[4] : 17% WALE at PC: 9.5 years

11 tenants secured with 81% office space pre-committed Otto Brisbane leased restaurant space Topped out on 16 July 2015 100% of income secured under a 2yr guarantee from practical completion

1. Kings Square unlevered Project IRR assumes ‘as complete’ cap rate of 6.375%.

2. Initial net property income at completion divided by total development cost including capitalised interest.

3. 480 Queen St unlevered Project IRR assumes ‘as complete’ blended cap rate of 7.26%.

4. 5 Martin Place unlevered Project IRR assumes ‘as complete’ cap rate of 5.625%. DEXUS Property Group – 2015 Annual Results Presentation and Appendices Slide 18

– DEVELOPMENT DEXUS pipeline

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$3.5bn
Group development pipeline
$1.2bn $2.3bn
DEXUS portfolio Third Party Funds
Refer to slide 24 for
$808m $420m full breakdown of
committed projects uncommitted projects third party
development
$296m pipeline
committed projects remaining spend
FY16 FY17 FY18+
5 Martin Place, Sydney $111m [1,2] ($9m)
480 Queen Street, Brisbane $288m [1 ] ($128m)
Kings Square, Perth $213m [1,2 ] ($42m)
Quarrywest at Greystanes $96m [1] ($56m)
$12m [3] ($5m) Quarry at Greystanes [4] $26m ($26m)
Radius Estate, Larapinta $15m [1] ($12m)
141 Anton Road, Hemmant $47m [1] ($31m)
Kathmandu at Laverton $26m ($13m) DEXUS Industrial Estate, Laverton North $108m (S72m)
Developments committed Future opportunities: 105 Phillip St, Parramatta [5] $120m ($110m), 12 Creek St,
Developments uncommitted Brisbane $24m ($24m), 180 Flinders St, Melbourne $142m ($142m)
Note: Development pipeline shows total estimated project cost and (est. cost to complete). 3. Lots WH11, WH12 and A4 are committed.
1. 4. Lot A2 is uncommitted.
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• Note: Development pipeline shows total estimated project cost and (est. cost to complete). 1. DEXUS interest in development costs. 2. Practical completion expected in September 2015. DEXUS Property Group – 2015 Annual Results Presentation and Appendices

• Also included in DEXUS trading pipeline. Property has DA approval for an office project.

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Slide 19
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TRADING

• 60% of FY15 trading profits before tax were generated from active repositioning of office properties

• 50 Carrington Street, Sydney and 40 Market Street, Melbourne

• Tax expense accrued for in FY15 for Rosebery

• Settled on properties that comprise FY16 trading profits to deliver approximately $60 million (post tax)

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FY16
FY15 FY17 FY18+
30 Distribution Drive, Laverton [1]
Sold for $19m ($1m profit, 16.3% IRR)
50 Carrington Street, Sydney [1]
Sold for $88m ($12m profit 13.2% IRR) Trading profits settled/secured
Trading profits being progressed and yet to be secured
40 Market Street, Melbourne [1]
Sold for $105m ($17m profit 26% IRR)
5-13 Rosebery Ave and 22-55 Rothschild Ave, Rosebery [1 ]
Sold for $190m ($17m profit in FY15, $74m profit in FY16)
154 O’Riordan Street, Mascot
Sold for $32m (approx. $12m profit)
57-65 Templar Rd, Erskine Park
32 Flinders Street, Melbourne
Lakes Business Park, Botany (Southern site)
105 Phillip Street, Parramatta [2 ]
14 properties in existing portfolio with development potential
$42.6m (post tax) Approx. $60m (post tax) Target $20m p.a. (pre tax)
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1. FY15 and FY16 trading profits quoted for each property are pre-tax.

2. Also included in DEXUS development pipeline as property has DA approval for an office project.

DEXUS Property Group – 2015 Annual Results Presentation and Appendices

Slide 20

– DEVELOPMENT AND TRADING FY16 focus

Deliver key office developments in Sydney, Perth and Brisbane

Progress industrial partnership developments Progress the high priority opportunities in the trading pipeline

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DEXUS Property Group – 2015 Annual Results Presentation and Appendices

Slide 21

THIRD PARTY FUNDS MANAGEMENT

DEXUS Property Group – [presentation title] 2015 Annual Results Presentation and Appendices

Slide 22

– THIRD PARTY FUNDS MANAGEMENT Delivering on clients’ objectives

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Third party funds under management
increased by 10% [1 ]
$863m $2.3bn
Transactions [2 ] Development pipeline
Acquired Leased 74,834sqm of
eight properties [2] on retail space and
behalf of third party commenced three retail
clients developments
DWPF continued to DEXUS Office
outperform benchmark Partnership portfolio
over three and five year achieved a 12.7%
periods unlevered total return
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1. Compared to 30 June 2014.

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Growth of third party funds platform
12
$9.6bn
10
8
$5.7bn
6
4
2
0
June 2012 June 2015
DWPF Australian Mandate US Mandate Capital Partners
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DWPF performance against benchmark

Total return	One	Three	Five
(post fees)	year	years	years
DWPF	9.83%	9.21%	9.77%
Benchmark3	9.95%	9.00%	9.12%
Variance	(0.12)%	+0.21%	+0.65%

1. Represents third party share of transactions undertaken. Includes the acquisition of Waterfront Place complex in Brisbane which is expected to settle in October 2015.

2. Mercer IPD Post Fee Net Asset Weighted Index (Net returns, Net Asset weighted).

DEXUS Property Group – 2015 Annual Results Presentation and Appendices

Slide 23

– THIRD PARTY FUNDS MANAGEMENT Pipeline of organic growth

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$2.3bn
Third Party Development [1] Pipeline
$1.5bn $805m
Total committed projects Total uncommitted projects
$650m Uncommitted projects
focused on retail properties
Remaining spend on committed projects
Remaining spend on committed projects in Third Party Funds
Committed projects FY16 FY17 FY18/19
Office - 5 properties $310m
Retail - 5 properties $220m
Industrial - 5 properties $120m
Remaining spend on committed
$650m
Third Party projects
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1. Third party funds’ or partners’ share of development spend and including DEXUS third party funds’ or partners’ share of Westfield redevelopments.

DEXUS Property Group – 2015 Annual Results Presentation and Appendices

Slide 24

– THIRD PARTY FUNDS MANAGEMENT FY16 focus

Secure pre-commitments for third party development projects

Deliver on third party clients’ investment objectives Drive performance in the third party portfolios through active leasing

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DEXUS Property Group – 2015 Annual Results Presentation and Appendices

Slide 25

TRANSACTIONS AND MARKET OUTLOOK

DEXUS Property Group – [presentation title] 2015 Annual Results Presentation and Appendices

Slide 26

– TRANSACTIONS $2.0 billion of transactions[2] in a competitive market in FY15

DEXUS portfolio[1 ]

Third party funds portfolio

Invested early in the cycle

Satisfied clients’ investment objectives

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$m
$m Net [1]
2,500 Net [1] 2,500 $2.0bn
Acquisitions $1.5bn Acquisitions
2,000 2,000
Net
1,500 1,500
$275m
Net
1,000 Net [2] 1,000 $718m Net [2]
$(157)m Net $306m
500 500 $(70)m
Net
$(969)m
- -
-500 -500
-1,000 -1,000
Divestments Divestments
-1,500 -1,500
FY12 FY13 FY14 FY15 FY12 FY13 FY14 FY15
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 Across the platform, assessed 285 deals to acquire eight properties[2] in FY15

1. Includes proportional share of Commonwealth Property Office Fund (CPA) properties acquired/sold.

2. Includes acquisition of the Waterfront Place Complex, which is expected to settle in October 2015.

DEXUS Property Group – 2015 Annual Results Presentation and Appendices

Slide 27

– TRANSACTIONS Acquisition of Waterfront Place, Brisbane

• On 22 June 2015, DEXUS and DWPF announced they had entered into a conditional agreement to acquire Waterfront Place and Eagle Street Pier

• $635 million price reflects a 6.9% cap rate and a rate per square metre of $9,644

• Premium grade office tower and prime riverfront retail precinct

• Excellent long term core investment

• Eagle Street Pier offers one of the best development sites in the Brisbane CBD

• 90% occupancy enables DEXUS to leverage its leasing expertise

• 68% of tenants are already in DEXUS’s portfolio

• Flight to quality trend continues in Brisbane market

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DEXUS Property Group – 2015 Annual Results Presentation and Appendices

Slide 28

– MARKET OUTLOOK Prime space benefiting from flight to quality

• Net absorption in prime buildings is far exceeding take-up in secondary

• Flight to quality will speed take-up of new supply in FY16

• Sydney and Melbourne, which comprise 69% of CBD stock by value, are in a state of balance

• Current vacancy rates are at or below the long term average in Sydney and Melbourne

Net absorption by grade (FY15)

Current vacancy vs long term average

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‘000sqm
200 20%
17.4%
150 15.2%
15%
100 9.8% 10.1%
10% 9.2%
8.3% 7.8% 7.8%
50
5%
0
0%
-50
Syd CBD Melb CBD Bris CBD Perth CBD
Syd CBD Melb CBD Bris CBD Perth CBD
20 Yr Avg Jun-15
Prime Secondary
% of CBD market 46% 23% 12% 12%
% of DEXUS portfolio [1 ] 50% 14% 12% 10%
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Source: JLL Research, DEXUS Research and MSCI-IPD.

1. As at 30 June 2015 and excluding the acquisition of the Waterfront Place Complex which is expected to settle in October 2015.

DEXUS Property Group – 2015 Annual Results Presentation and Appendices

Slide 29

– MARKET OUTLOOK Sydney CBD vacancy to fall below 6.5% by FY18

DEXUS EXPECTATIONS

444,000sqm of 281,000sqm of supply withdrawals over the next 3 years over the next 3 years

240,000sqm of net absorption over the next 3 years

Flight to quality above average take up in prime space

Vacancy to increase in FY16 Barangaroo effect

• 8.9% of stock,  42% of withdrawals around 1.5 times will be permanent average  Withdrawal rate

• Barangaroo higher than previous completion in FY17 decade average followed by decline (~43,000sqm p.a.) in supply in FY18

• Comparable with 20 year historic average net absorption of 87,000sqm p.a. (ex Tech Wreck & GFC)

• Past 12 months +158,000sqm net absorption of Prime

• Includes +21,000sqm net movement (secondary to prime)

• 265,000sqm of supply (73% committed)

• Limited supply FY1718 will see vacancy quickly reduce

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'000sqm
Net absorption Underlying demand Vacancy (RHS)
300 15%
200 10%
100 5%
0 0%
-100 -5%
20yr historic avg. net abs
of ~87,000sqm p.a. Forecast avg. net abs
-200 (ex Tech Wreck & GFC) of 80,000sqm p.a. next 3yrs -10%
-300 -15%
FY95 FY98 FY01 FY04 FY07 FY10 FY13 FY16
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----- Start of picture text -----

FY18
vacancy
rate below
6.5%
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Source: DEXUS Research, JLL Research, Deloitte Access Economics.

DEXUS Property Group – 2015 Annual Results Presentation and Appendices

Slide 30

– MARKET OUTLOOK Industrial market is supported by growth in fundamentals

• Industrial demand is stable and growing, supported by long term growth in key indicators

• Demand also comes from optimisation of transport, logistics and retailer activity

• Infrastructure, urban activation and residential re-use a key factor in certain markets going forward

Growth in key indicators - historical and projected

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Index: FY95 =100 Historical Projected
Last 20 years Next 5 years
400
6.8% 4.7%
350
6.0% 5.7%
300
5.1% 4.2%
250 1.4% 1.5%
200
150
100
FY95 FY00 FY05 FY10 FY15
Imports of goods Private consumption Retail turnover Population growth
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Source: DEXUS Research, ABS, *Deloitte Access Economics

DEXUS Property Group – 2015 Annual Results Presentation and Appendices

Slide 31

SUMMARY

DEXUS Property Group – [presentation title] 2015 Annual Results Presentation and Appendices

Slide 32

– SUMMARY Outlook

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PROPERTY PORTFOLIO FUNDS MANAGEMENT
TRADING
& PROPERTY SERVICES
 
Portfolio income underpinned  Trading business leverages
Solid annuity-style income
by high occupancy and fixed stream and increases ROE the Group’s core
rental increases capabilities
 Organic growth supported
 Focus on maintaining >95% by $2.3bn development  Secured FY16 trading
occupancy pipeline profits [1] of approximately
 $60m
Expectation of a further 
High quality diversified
25-50 basis points of cap rate  Progress opportunities for
third party partners
tightening FY17 and beyond
80%- 90% FFO [2 ] 10%-20% FFO [2]
UNDERLYING BUSINESS TRADING
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1. FFO contribution is calculated before Finance costs and Group Corporate costs.

2. Net of tax.

DEXUS Property Group – 2015 Annual Results Presentation and Appendices

Slide 33

SUMMARY

• In a strong position to take advantage of improving office markets, despite supply coming online in FY16

• Market guidance[1] for the 12 months ending 30 June 2016

• FFO per security growth of 5.5-6.0%, with FFO from the underlying business (ex trading profits net of tax) expected to grow by 3.0-3.5%

• Payout in line with free cash flow to deliver growth in distribution per security of 5.5-6.0%

• Barring unforeseen circumstances guidance is supported by the following assumptions: flat like-for-like income across the DEXUS combined portfolio, weighted average cost of debt of circa 4.9%, trading profits of approximately $60m net of tax, Management Operations FFO of $45-50m (including third party development management fees), approximately $150m net proceeds from non-core property divestments during FY16, excluding any buy-back of DEXUS securities, and excluding any further transactions.

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DEXUS Property Group – 2015 Annual Results Presentation and Appendices

Slide 34

APPENDICES

DEXUS Property Group – [presentation title] 2015 Annual Results Presentation and Appendices

Slide 35

CONTENTS

 Group highlights

 Portfolio results

• DEXUS today

• Office portfolio

 Financial results

• Industrial portfolio

• Reconciliation to statutory net profit

• Office & Industrial portfolio sustainability metrics

• Underlying FFO growth drivers

• DEXUS developments committed

• Management operations profit & ROE

• DEXUS uncommitted development pipeline

• Management operations profit & MER

 Transactions

• Cash flow reconciliation

• Trading versus non-trading opportunities

• Interest reconciliation

• Involved in $2.0bn of transactions

• Change in net tangible assets and revaluations

 Market outlook

• Direct property portfolio movements

 Capital management

 Exchange rates & securities used in statutory accounts

• FY15 overview

• Glossary

• Interest rate hedging profile

• Important information

DEXUS Property Group – 2015 Annual Results Presentation and Appendices

Slide 36

– GROUP HIGHLIGHTS DEXUS today

DEXUS THIRD PARTY FUNDS TOTAL PORTFOLIO PORTFOLIO GROUP PORTFOLIO $9.5bn $9.6bn $19.1bn Management of a diverse DEXUS owned and managed portfolio of office, industrial and portfolio of Australian office retail properties on behalf of and industrial properties third party partners and funds OFFICE: $7.8bn OFFICE: $4.6bn OFFICE: $12.4bn INDUSTRIAL: $1.7bn INDUSTRIAL: $1.2bn INDUSTRIAL: $2.9bn RETAIL: $3.8bn RETAIL: $3.8bn DEVELOPMENT PIPELINE (future growth ) DEVELOPMENT: $1.2bn DEVELOPMENT: $2.3bn DEVELOPMENT: $3.5bn

DEXUS Property Group – 2015 Annual Results Presentation and Appendices

Slide 37

– FINANCIAL RESULTS Reconciliation to statutory net profit

• From 1 July 2014, DEXUS has adopted 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 the breakdown of DEXUS’s FFO and AFFO under the PCA definition

Reference	Item	30 June 2014	30 June 2015
		$m	$m
Statutory AIFRS net profit after tax		406.6	618.7
A Investment property and inventory
A2	Losses from sales of investment property	8.3	3.1
A3	Fair value gainon investment property	(165.5)	(241.0)
B Goodwill and intangibles
B2	Reversalof impairment ofgoodwillor intangibles	(7.3)	-
C Financial instruments
C2	Fair valueloss onthemark-to-market ofderivatives	52.9	31.1
D Incentives and rent straight-lining
D1	Amortisation of fit out incentives	33.8	42.2
D2	Amortisation of lease fees	4.2	6.5
D4	Amortisation of rent-free periods	36.0	40.4
D5	Rent straight-lining	(15.6)	(9.2)
E Tax
E1	Non-FFO deferred taxbenefits	12.0	19.2
F Other unrealised or one-off Items
F1	Recycling of foreign currency translation reserve (FCTR)	(0.8)	2.1
F2	Otherunrealised orone-off items1	82.0	31.4
FFO		446.6	544.5
G Maintenance and leasing capex
G1	Maintenance capital expenditure	46.3	52.9
G2	Cash incentives and leasing costs paid	48.5	65.4
G3	Rent free incentives	41.1	56.4
AFFO		310.7	369.8
Distribution		315.4	385.6
**AFFO Payout ratio(Distribution/AFFO)2 **		101.5%	100.5%2

1. Includes $15.5 million coupon income and $15.9 million of unrealised fair value losses on interest bearing liabilities.

2. The FY15 AFFO payout ratio has been adjusted to exclude the $13.9m of distributions paid on new securities issued through the institutional placement and SPP announced in April 2015 which were fully entitled to the distribution for the six months ending 30 June 2015. The AFFO payout ratio was 104.3% including this amount.

DEXUS Property Group – 2015 Annual Results Presentation and Appendices

Slide 38

– FINANCIAL RESULTS Underlying FFO growth drivers

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

$m
13.5% growth
560
540
10.0
67.4
520
500
11.4 2.9 3.5
480
460
440
501.9
420
400 442.3
380
360
Trading profits Property portfolio FFO Management operations Financing
Other
FFO FFO
Property
FY14 Underlying portfolio FFO Mgmt operations Finance costs Corporate costs FY15 Underlying
----- End of picture text -----*

• ‘Other’ income includes Development management fees.

DEXUS Property Group – 2015 Annual Results Presentation and Appendices

Slide 39

– FINANCIAL RESULTS Management operations profit and ROE

Management operations net profit

FY15 ($m)	Property Mgmt	Funds Mgmt	Mgmt Operations	**Dev’t & Trading2 **
Revenue	49.7	40.5	90.2	226.5
Operating expenses1	(36.5)	(15.8)	(52.3)	(6.2)
Cost of sales—trading	-	-	-	(177.5)
Total operating expenses	(36.5)	(15.8)	(52.3)	(183.7)
FY15 net profit	13.2	24.7	37.9	42.8
FY15 margin	27%	61%
FY14 margin	27%	57%

Return on Equity
	FY13	FY14	FY15	3yr Avg
Return on Equity3	11.2%	6.7%	11.5%	9.8%

1. Comprises property management salaries of $12.2m and management operations expenses of $46.3m.

2. Net profit from Development & Trading comprises $42.6m from trading (post tax) and $0.2m net development profit.

3. Return on Equity is calculated as the growth in NTA per security plus the distribution paid/payable per security divided by the opening NTA per security.

DEXUS Property Group – 2015 Annual Results Presentation and Appendices

Slide 40

– FINANCIAL RESULTS Management operations profit and MER

FINANCIAL RESULT	S –Manag	ement o
Gross MER	30-Jun-14	30-Jun-15
	$m	$m
Group corporate	(27.5)	(30.4)
Asset management	(10.8)	(9.1)
A. Total corporate & AM	(38.3)	(39.5)
B. Closing FUM (balance sheet FUM only)	7,8201	9,533
Gross MER = A/B	49bps	41bps
C. Total closing FUM	14,8551	19,078
Gross MER (on total FUM) A/C	26bps	21bps

Management operations and MER FY15 MER down 8bps from FY14

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$m bps
50 70
67bps
45 65
40
60
35
53bps 55
30 49bps 37.9
50
25
45
20
27.9
40
15
20.8 41bps
10 17.9 35
5 30
FY12 FY13 FY14 FY15
Mgt Ops Profit $m MER bps
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1. FY14 balance sheet FUM and Total FUM uses an average rather than closing balance to account for the purchase of the CPA portfolio in April 2014.

DEXUS Property Group – 2015 Annual Results Presentation and Appendices

Slide 41

– FINANCIAL RESULTS Cash flow reconciliation

FINANCIAL RESULTS –Cash flow reconciliation
	30 June 2015 $m 30 June 2014 $m
Cash flow from operating activities add back: payment for inventory acquisition and capex less: cost of sale of inventory less: proceeds from sale of Rosebery received in advance less: tax on sale of Rosebery not yet paid add back: capitalised interest add back: equity accounted distribution receivable add back: adjustment for net CPA distribution Adjusted cash flow from operating activities less: payments from maintenance capex and incentives1 less: gross distribution – Feb-15 (paid) and Aug-15 (declared) add back: distribution paid on new securities2 Cash deficit	661.4 418.3 53.3 23.1 (172.2) (65.3) (1.7) - (5.3) - 6.0 6.1 (55.9) 13.6 - 5.2
	485.6 401.0 (118.3) (94.8) (385.6) (315.4) 13.9 -
	(4.4) (9.2)

1. Includes cash and fitout incentives and lease fees.

2. Distributions paid on new securities issued through the institutional placement and SPP announced in April 2015, which were fully entitled to the distribution for the six months ending 30 June 2015

DEXUS Property Group – 2015 Annual Results Presentation and Appendices

Slide 42

– FINANCIAL RESULTS Interest reconciliation

FINANCIAL RESULTS –Interest reconciliation
	30 June 2014	30 June 2015
	$m	$m
Total statutory finance costs	190.0	192.4
Less: unrealised interest rate swap MTM loss1	(50.8)	(48.5)
Less: finance costs attributable to sales transaction	(4.5)	-
Add: finance costs attributable to investments accounted for using the equity method	5.4	7.9
Net finance costs for distributable earnings	140.1	151.8
Add: interest capitalised	6.4	7.2
Gross finance costs for cost of debt purpose	146.5	159.0

1. Net fair value loss of interest rate swap of $57.7 million (per note 4) includes realised interest rate swap expense of $9.2 million and unrealised interest rate swap MTM loss of $48.5 million.

DEXUS Property Group – 2015 Annual Results Presentation and Appendices

Slide 43

– FINANCIAL RESULTS Change in net tangible assets and revaluations

$m cps Opening net tangible assets (30 Jun14) 5,761 636.2 Revaluation of real estate 241 26.6 Retained earnings1 159 17.5 Amortisation of tenant incentives2 (80) (8.8) Issue of additional equity3 471 3.9 Fair value movements4 (67) (7.4) NTA changes in comprehensive income 724 31.8 Closing net tangible assets (30 Jun15) 6,485 668.0		Investment portfolio Valuation change $m Cap rate % % of portfolio
		DEXUS office portfolio 213.5 6.71% 82% DEXUS Industrial portfolio 27.5 7.77% 18%
		Total DEXUS portfolio 241.0 6.88% 100%

1. Represents FY15 FFO less distributions.

2. Includes rent straight-lining.

3. Net of transaction costs.

4. Primarily includes fair value movements of derivatives and interest bearing liabilities, deferred tax and movement in reserves, coupon payments and other.

DEXUS Property Group – 2015 Annual Results Presentation and Appendices

Slide 44

– FINANCIAL RESULTS Direct property portfolio movements

FINANCIAL RESULTS –Direct property portfolio mo	vements
Office1 $m Industrial1 $m	DEXUS total1 $m	Trading assets2 (inventory)
Opening direct property 7,659 1,470 Leasing incentives3 107 15 Maintenance capex 47 6 Acquisitions - 190 Transfer to inventories4 - - Developments5 253 35 Disposals6 (379) (27) FX (4) - Revaluations 214 27 Amortisation (82) (7) Straight-lining 7 2	9,129	316
	122	-
	53	-
	190	46
	-	32
	288	54
	(406)	(172)
	(4)	-
	241	-
	(89)	(1)
	9	-
Closing direct property 7,822 1,711	9,533	275

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

2. Assets held by DXO are also included in Office, Industrial and DEXUS total amounts. 3. Includes rent free incentives.

3. Transfers to inventories are eliminated within the Office, Industrial and DEXUS total amounts.

4. Includes capitalised interest.

5. At book value.

DEXUS Property Group – 2015 Annual Results Presentation and Appendices

Slide 45

– CAPITAL MANAGEMENT FY15 overview

CAPITAL MANAGEME	NT –FY15 o	verview
Key metrics	30 June 2014	30 June 2015
Total debt1	$2,932m	$2,774m
Cost of debt2	5.4%	5.2%
Gearing (look-through)3	33.7%	28.5%
Headroom (approximately)4	$0.5bn	$0.8bn
Debt duration	5.2 years	5.7 years
S&P/Moody’s rating	A-/A3	A-/A3
Covenant gearing (covenant5<55%)	31.2%	27.2%
Interest cover (covenant5,6>2.0x)	4.3x6	4.8x
Priority debt (covenant5<30%)	0%	0%

Debt maturity profile[7 ]

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$m
1,200
1,000
800
600
400
200
0
Jun-15 Dec-15 Jun-16 Dec-16 Jun-17 Dec-17 Jun-18 Dec-18 Jun-19 Dec-19 Jun-20 Jun-20+
Capital markets CPA MTNs Bank
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Diversified mix of facilities [7 ]
144A 8%
USPP 24%
Bank
facilities 48%
MTN 17%
Commercial
paper 3%
----- End of picture text -----

1. Total debt does not include $183m of debt in an equity accounted investment.

2. Weighted average for the year.

3. Adjusted for cash and for debt in equity accounted investments. Pro forma gearing is 29.3% post the receipt of proceeds from the divestment of the Rosebery and Mascot trading properties and the acquisition of Waterfront Place Complex, Brisbane which is expected to settle in October 2015.

4. Undrawn facilities plus cash. Excluding forward start commitments. 5. As per public bond covenants.

5. Look-through interest cover is 4.5x.

6. Current position at 12 August 2015 including domestic MTNs in equity accounted investments.

DEXUS Property Group – 2015 Annual Results Presentation and Appendices

Slide 46

– CAPITAL MANAGEMENT Interest rate hedging profile

CAPITAL MANAGEMENT –Inte	rest rate hed	ging profile
Hedging profile	30 June 2014	30 June 2015
Average amount of debt hedged1	60%	76%
Average amount of debt hedged excluding caps1	51%	69%
Weighted average interest rate on hedged debt2	3.7%	3.7%
Weighted average fixed & floating rate3	5.4%	5.2%
Weighted average maturity of interest hedges	5.7 years	3.8 years

Hedge maturity profile[4 ]

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$m
2,500 8.0%
2,000
6.0%
1,500
4.0%
1,000
2.0%
500
- 0.0%
FY15 FY16 FY17 FY18 FY19 FY20
Net fixed debt Interest Rate Caps Interest Rate Swaps Weighted Average Hedge Rate
----- End of picture text -----

1. Average amount hedged for the period (including caps). DEXUS was 95% hedged (including caps) as at 30 June 2015.

2. Including fixed rate debt (without credit margin).

3. Including fees and margins.

4. Current position at 12 August 2015.

DEXUS Property Group – 2015 Annual Results Presentation and Appendices

Slide 47

– PORTFOLIO RESULTS Office portfolio lease expiry profile at 30 June 2015

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25%
20.0%
20% 18.6%
15%
12.7% 12.6%
11.6%
11.1%
9.7% 9.8%
10% 8.8% 8.4% 8.8%
7.9%
4.7% 4.5%
5%
0%
Available FY16 FY17 FY18 FY19 FY20 FY21
Income Area
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DEXUS Property Group – 2015 Annual Results Presentation and Appendices

Slide 48

– PORTFOLIO RESULTS Office portfolio lease expiry profile at 30 June 2015

Sydney CBD office portfolio

Sydney Suburban office portfolio

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15% 13.4% 12.9% 12.8% 12.5% 13.4%
10.8% 11.5%
10.3% 10.4% 10.5%
10% 8.0% 8.7%
5.3%
4.5%
5%
0%
Available FY16 FY17 FY18 FY19 FY20 FY21
Income Area
Melbourne office portfolio
30% 26.8%
25% 21.9%
20% 17.1% 16.8% 15.4%
15% 10.4% 12.1% 9.3% 8.9% 13.8%
10% 4.9% 6.0% 4.4% 4.6%
5%
0%
Available FY16 FY17 FY18 FY19 FY20 FY21
Income Area
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**DEXUS Office1 **	Value ($m)	Cap rate (%)	Yield (%)
Sydney CBD	$3,802.5	6.28%	6.43%
Sydney Suburban	$889.4	7.80%	7.72%
Melbourne	$1,080.4	6.95%	7.08%
Brisbane	$788.2	6.64%	6.78%
Perth	$557.6	7.07%	7.58%

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30%
24.2% 24.5% 23.8%
25%
20.3%
20%
15% 12.7% 12.4% 12.2%
11.0%
10% 5.7% 4.8% 6.8% 4.8% 5.1% 6.4%
5%
0%
Available FY16 FY17 FY18 FY19 FY20 FY21
Income Area
----- End of picture text -----

Brisbane office portfolio

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

10%
8.1% 7.8%
8%
6% 5.0% 5.0% 5.7% 6.0%
3.6% 3.4% 4.1% 4.3% 3.4% 3.9%
4% 2.3%
2.4%
2%
0%
Available FY16 FY17 FY18 FY19 FY20 FY21
Income Area
Perth office portfolio
80% 71.4% 70.1%
60%
40%
20% 13.1% 14.7%
0.3% 0.4% 2.4% 2.0% 3.6% 4.2% 1.4% 1.4% 0.0% 0.0%
0%
Available FY16 FY17 FY18 FY19 FY20 FY21
Income Area
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1. Includes stabilised properties only. Excludes Adelaide and Canberra office properties.

DEXUS Property Group – 2015 Annual Results Presentation and Appendices

Slide 49

– PORTFOLIO RESULTS Office portfolio diversification

DEXUS office by asset type

DEXUS office by location

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Land & Car parks 2% Adelaide 2%
developments Perth 10%
6%
Premium Grade
Office park 2% 31% Canberra 1%
Sydney 61%
B Grade 4%
Brisbane 12%
Melbourne 14%
A Grade 55%
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DEXUS Property Group – 2015 Annual Results Presentation and Appendices

Slide 50

– PORTFOLIO RESULTS Office portfolio top 10 tenants

Diversity of office tenants by income

Office tenant S&P rating % of income1 Woodside Energy BBB+ positive 4.4% Wilson Parking Australia Not rated 4.2% Commonwealth of Australia AAA stable 4.0% Commonwealth Bank of Australia AA- 2.9% Rio Tinto A- negative 2.9% Deloitte Services Pty Ltd Not rated 2.1% State of NSW AAA negative 1.8% Lend Lease Management Services BBB- stable 1.5% IBM Australia Limited AA- stable 1.5% State Of Victoria AAA stable 1.4% 0% 10% 20% 30% 40% 50% 60% 70% 80% 90% 100%

versy o oce enans y ncome Other Employment Placement and Recruitment Services Food and beverage manufacturing Engineering Consultancy Services Healthcare and social assistance Retailing (non-food) Food Retailing Other finance Rental & Real Estate services Construction services Electricity, gas, water and waste service Investment banks Business Services Other Metal ore mining Insurance Car park services Oil and Gas Federal Government Accounting services State Government Banks & building societes Legal services Information media and telecommunications

1. 30 June 2015 fully leased DEXUS portfolio passing income.

DEXUS Property Group – 2015 Annual Results Presentation and Appendices

Slide 51

PORTFOLIO RESULTS – Sydney CBD office properties with >98% occupancy

Property	Occupancy (by area)	Change in occupancy since FY14
One Margaret Street	100.0%	+16.6%
60 Castlereagh Street	100.0%	+9.5%
56 Pitt Street	98.5%	+6.8%
383-395 Kent Street	100.0%	+7.0%
Australia Square Complex	99.3%	+2.6%
39 Martin Place	98.3%	+1.1%
44 Market Street	100.0%	+0.7%
30 The Bond	100.0%	-
175 Pitt Street	100.0%	-
14-18 Lee Street, Sydney	100.0%	-

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DEXUS Property Group – 2015 Annual Results Presentation and Appendices

Slide 52

– PORTFOLIO RESULTS Industrial portfolio lease expiry profile at 30 June 2015

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18%
16.5% 16.4%
16%
13.5%
14%
12% 11.4% 11.4% 11.6%
10.1%
10% 9.3% 9.0%
8.3%
7.6%
8% 6.9% 7.2%
5.9%
6%
4%
2%
0%
Vacant FY16 FY17 FY18 FY19 FY20 FY21
Income Area
----- End of picture text -----

DEXUS Property Group – 2015 Annual Results Presentation and Appendices

Slide 53

– PORTFOLIO RESULTS Industrial portfolio lease expiry profile at 30 June 2015

Sydney industrial portfolio

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25%
21.0%
20% 17.5%
15% 12.6%
10% 10.2% 10.4% 8.7% 7.9% 11.7% 10.2% 9.1% 11.3% 11.8% 9.7% 12.1%
5%
0%
Available FY16 FY17 FY18 FY19 FY20 FY21
Income Area
----- End of picture text -----

Brisbane industrial portfolio

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

40% 37.3% 37.3%
30%
22.7%
20% 17.8%
10% - - 5.0% 4.3% - - 4.9% 3.2% 2.7% 2.7%
0%
Available FY16 FY17 FY18 FY19 FY20 FY21
Income Area
----- End of picture text -----

Melbourne industrial portfolio

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25%
20.6%
20%
14.6%
15% 13.1%
10.5% 10.3%
10% 10.5% 8.5% 8.2% 8.8%
5% 2.8% 2.9% 4.5% 3.7% 3.9%
0%
Available FY16 FY17 FY18 FY19 FY20 FY21
Income Area
Adelaide industrial portfolio
40% 35.8%
35.5%
32.6% 31.3%
30%
19.4% 19.9%
20%
12.1% 13.3%
10%
- - - - - -
0%
Available FY16 FY17 FY18 FY19 FY20 FY21
Income Area
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DEXUS	Value	Cap rate	Yield
**Industrial1 **	($m)	(%)	(%)
Sydney	$715.1	7.49%	6.02%
Melbourne	$517.3	7.94%	8.60%
Brisbane	$54.3	7.63%	8.02%
Adelaide	$25.7	11.00%	9.18%

1. Includes stabilised properties only.

DEXUS Property Group – 2015 Annual Results Presentation and Appendices

Slide 54

– PORTFOLIO RESULTS Industrial portfolio diversification

DEXUS industrial by asset type

DEXUS industrial by location

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Brisbane 4% Adelaide 2%
Data centre 3%
Development 3%
Industrial estate
Land 4% 38%
Melbourne
33% Sydney 61%
Business parks
34%
Distribution
centres 18%
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DEXUS Property Group – 2015 Annual Results Presentation and Appendices

Slide 55

– PORTFOLIO RESULTS Industrial portfolio top 10 tenants

Office tenant % of income1 Wesfarmers Limited 1.0% Toll Transport Pty Ltd 0.8% AWH Pty Ltd 0.7% IBM Australia 0.6% Visy Industry Packaging Pty Ltd 0.5% Blackwoods 0.4% Jemena Pty Ltd 0.4% Fonterra Co-Operative Group 0.4% Agility Logistics 0.3% Reece 0.3% 0% 10% 20% 30% 40% 50% 60% 70% 80% 90% 100%

Diversity of industrial tenants by income Other Postal and courier pick-up and delivery services Engineering Consultancy Services Business Services Other Electricity, gas, water and waste service Food and beverage manufacturing Scientific and Technical Services Pharmaceutical wholesaling Retailing (non-food) Transport support services Construction services Other manufacturing Information media and telecommunications Road, rail, water, air and space transport General wholesaling Warehousing and storage services

1. 30 June 2015 fully leased DEXUS portfolio passing income.

DEXUS Property Group – 2015 Annual Results Presentation and Appendices

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– PORTFOLIO RESULTS Office and Industrial portfolio sustainability metrics

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DEXUS NABERS NABERS DEXUS Office Energy and GHG DEXUS Industrial Energy and GHG
office Energy Water 133.9 Emissions Intensity 33.0 Emissions Intensity
portfolio average average
rating rating 8.3
609.5
23.4
Jun 08 — —
76.9
Jun 12 3.9 [1] 3.1 [1]
5.4
Jun 13 4.7 [1] 3.2 [1] 366.4
Jun 14 4.8 [1] | 4.6 [2] 3.5 [1] | 3.5 [2]
Jun 15 4.7 [2] 3.8 [2] 39.9% reduction 28.9% reduction
42.6% reduction 34.3% reduction
FY08 FY09 FY10 FY11 FY12 FY13 FY14 FY15 FY08 FY09 FY10 FY11 FY12 FY13 FY14 FY15
NABERS Energy Ratings by area
(sqm)
6 stars 0 stars
DEXUS Office Water Intensity DEXUS Industrial Water Intensity
5.5 stars 0.5 stars 856.2 354.3
297.0
5 stars 1 stars 617.3
4.5 stars 1.5 stars
27.9% reduction 19.3% increase [3 ]
4 stars 2 stars
FY08 FY09 FY10 FY11 FY12 FY13 FY14 FY15 FY08 FY09 FY10 FY11 FY12 FY13 FY14 FY15
3.5 stars 2.5 stars
3 stars
-e/sqm 2 -e/sqm 2
Energy Intensity (MJ/sqm)
Energy Intensity (MJ/sqm)
Scope 1 & 2 GHG Emissions kg CO Scope 1 & 2 GHG Emissions kg CO
Water Intensity (L/sqm)
Water Intensity (L/sqm)
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Note: Data in charts is unaudited.

1. NABERS ratings on a like-for-like basis.

2. NABERS ratings on an absolute basis. 3. Water consumption is primarily under the control of tenants, with the increase in FY15 due to tenant demand for water at Kings Park Industrial Estate, NSW. DEXUS Property Group – 2015 Annual Results Presentation and Appendices Slide 57

– PORTFOLIO RESULTS DEXUS developments committed

Pipeline	Building area **sqm1 **	Project cost **A$m2 **	Yield on cost %	Leased %	Completion due
Office
5 Martin Place, Sydney, NSW	33,520	111	7.3%	82%	Sep-15
480 Queen Street, Brisbane, QLD	57,126	288	7.0-7.2%	81%	Early 2016
Kings Square, Perth, WA	52,781	213	8.2%	55%	Sep-15
Total office	143,427	612
Industrial
Quarry at Greystanes, NSW 3	1,800	5	Circa 7.9%	100%	Mid 2015
Supply Network at Quarry, NSW 4	7,900	7	Circa 7.9%	100%	Mid 2015
Quarrywest at Greystanes, NSW	129,400	96	Circa 8.3%	0%	Mid 2018
Kathmandu at Laverton, VIC	25,650	26	Circa 7.4%	100%	Mid 2016
Radius Industrial Estate, Larapinta, QLD	22,950	15	Circa 8.7%	0%	Early 2016
141 Anton Road, Hemmant, QLD	66,100	47	Circa 8.5%	0%	Mid 2017
Total industrial	253,800	196
Total developments committed	397,227	808

DEXUS total portfolio capital expenditure	Actual FY15	Estimated FY16
Maintenance capital expenditure	$52.9m	$60-70m
Cash incentives and leasing costs	$65.4m	$60-70m
Total capital expenditure	$119.5m	$120-140m

1. At 100%. 3. Includes Lot A4 awaiting tenant pre-commitment.

2. DEXUS interest.

3. Includes Lots WH11 and WH12 underway (100% tenant pre-committed).

DEXUS Property Group – 2015 Annual Results Presentation and Appendices

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– PORTFOLIO RESULTS DEXUS uncommitted development pipeline

PORTFOLIO RESULTS –DEXUS u	ncommitted	developmen	t pipeline
Pipeline	**Building area1 **	Project est.2,3	Est. cost to	Est. yield on
	sqm	$m	completion	est. project
			$m	cost %
Office
180 Flinders Street, Melbourne, VIC	19,000	142	142	7.0-7.5%
12 Creek Street, Brisbane, QLD	5,000	24	24	9.0-9.5%
105 Phillip Street, Parramatta, NSW4	20,000	120	110	8.25-8.75%
Total office	44,000	286	276
Industrial
DEXUS Industrial Estate, Laverton North, VIC5	84,100	108	72	8.0-8.5%
Quarry at Greystanes, NSW6	20,000	26	26	8.0-8.5%
Total industrial	104,100	134	98
Total uncommitted	148,100	420	374

1. At 100%. 2. Including land. 3. DEXUS share.

2. Also in DEXUS trading pipeline.

3. Stage 3 estimated cost includes cost of land sales and excludes Kathmandu facility which is now committed. 6. Includes Lot A2.

DEXUS Property Group – 2015 Annual Results Presentation and Appendices

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– TRANSACTIONS Trading versus non-trading opportunities

Origination		Acquisitions1	Acquisitions1	Acquisitions1	Acquisitions1			Balance Sheet Assets	Balance Sheet Assets	Balance Sheet Assets	Balance Sheet Assets
Activity /		Reposition			Develop			Reposition/			Divestment (non
Strategy		& Sell			& Sell			Develop & Sell			trading)
Type		Trading asset2 (inventory)			Trading asset2 (inventory)			Trading asset2 (transfer to inventory)3			Investment property (no transfer to trading)
		50 Carrington Street,			Wacol, Brisbane			Mascot, Sydney			Lumley Centre, NZ
		Sydney			Laverton North,			Rosebery, Sydney			201 Kent Street, Sydney
Properties		40 Market Street, Melbourne			Melbourne Erskine Park, Sydney			32 Flinders Street, Melbourne
		Archerfield, Brisbane						105 Phillip Street,
		Lakes Business Park						Parramatta
		(Southern site)
		Net profit/loss after tax			Net profit/loss after tax			Net profit/loss after tax			Profit/loss on sale held
Accounting Treatment		in FFO4			in FFO4			in FFO4 Transferred at fair			in passive trust (DIT/DOT/DDF)
								value			Reflected in NTA
											Not recognised in FFO

1. Assets or land acquired externally with the intention to sell for profit. 2. Activities are undertaken in a tax paying entity (DXO).

2. Intention changed to significantly participate in profit from change of use (residential, mixed-use or retail), development and subsequent sale. Future use may be uncertain.

3. Profits will not be recognised in FFO on any previous impairment amounts.

DEXUS Property Group – 2015 Annual Results Presentation and Appendices

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– TRANSACTIONS Involved in $2.0bn of transactions in a competitive market

TRANSACTIONS –Involved in $2.0bn of t	ransactions in a competitive market
DEXUS acquisitions Purchase price $m Interest Cap rate Settlement date	DEXUS divestments Sale price $m Interest Settlement date
Waterfront Complex, QLD1 317.5 50% 6.9% 1 Oct 15 Lakes Business Park, NSW 153.5 100% 7.0% 16 Jan 15	201 Kent Street, NSW2 86.5 25% 1 Sep 14 50 Carrington Street, NSW 88.0 100% 1 Dec 14 40 Market Street, VIC 105.3 100% 5 May 15 154 O’Riordan Street, NSW 32.0 100% 31 Jul 15 Rosebery properties, NSW 190.0 100% 21 Jul 15 30 Distribution Drive, VIC 19.0 100% 1 Jul 14 79a Egerton Street, NSW 1.7 100% 23 Jan 15 Lumley Centre, NZ3 132.9 100% 18 Nov 14
Total 471.0
DWPF acquisitions Purchase price $m Interest Cap rate Settlement date Waterfront Complex, QLD1 317.5 50% 6.9% 1 Oct 15 42 Manton Street, VIC 9.2 100% 7.6% 24 Mar 15 Deepwater Plaza, NSW 98.5 100% 7.25% 25 Jul 14 Sturt Mall, NSW 61.2 100% 7.5% 28 Jul 14 Shepparton , VIC 70.6 100% 7.0% 18 Dec 14 Total 557.0 DEXUS Industrial Partnership acquisitions4 Purchase price4 $m Interest Cap rate Settlement date Radius Industrial Estate, QLD 9.2 100% n/a 1 Aug 14 141 Anton Road, QLD 25.2 100% n/a 22 Dec 14 112 Cullen Avenue, QLD 20.7 100% n/a 27 Feb 15 Total 55.1
	Total 741.9
	DWPF divestments Sale price $m Interest Settlement date
	1 International Drive, VIC 23.9 100% 23 Jul 15
	Total 23.9
	Other third party divestments Sale price $m Interest Settlement date
	201 Kent Street, NSW2 86.5 25% 1 Sep 14 66 Glendenning Road, NSW 19.2 100% 30 Apr 15 Capalaba Central, QLD 148.5 100% 30 Jun 15
	Total 167.7

1. Conditional agreement entered into, with settlement expected in October 2015.

1. DEXUS has a 50% interest in the DEXUS Industrial Partnership.

2. Pre-emptive right exercised by co-owner resulted in the divestment. 3. NZ$146m proceeds converted at NZD/AUD of $1.0984.

DEXUS Property Group – 2015 Annual Results Presentation and Appendices

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– MARKET OUTLOOK DEXUS’s view on position in Rental and Pricing Cycle

Position of prime Position of prime properties in Rental Cycle properties in Pricing Cycle

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• The pricing cycle, representing the movement in average prime yields, is strong

• The rental cycle, as defined by movement in effective rent, is weak, with most markets in, or slowly recovering from, a trough

• Property yields continue to compress as investors compete for prime assets

• As defined by movement in effective rent.

DEXUS Property Group – 2015 Annual Results Presentation and Appendices

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– MARKET OUTLOOK Sydney CBD office

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Sydney CBD office market Sydney CBD office market At 30 June 2015
‘000sqm Total net lettable area 5.00 million sqm
250 12%
Prime vacancy average 7.5%
200
9%
DEXUS Sydney CBD exposure
150
6%
100 Net lettable area 594,848
3%
50
Number of properties 17
- 0%
% of portfolio by value 50%
-50
-3%
-100 Occupancy by area 95.5%
-6%
-150
Occupancy by income 94.7%
-9%
-200
-250 -12% Weighted average lease expiry 4.5 years
FY05 FY07 FY09 FY11 FY13 FY15 FY17 FY19
Net Absorption Net Supply Vacancy (RHS)
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Sydney CBD office market

• Recovery well underway with demand to remain firm FY16-FY17

• Vacancy has fallen to c7.8% (FY15), which is better than expected

• Vacancy to temporarily lift FY16 due to significant new supply

• Positive demand and withdrawal of older stock to drive vacancy down to 6.5% in FY18

Source: JLL Research actual & DEXUS Research forecast.

DEXUS Property Group – 2015 Annual Results Presentation and Appendices

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– MARKET OUTLOOK Melbourne CBD office

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Melbourne CBD office market Melbourne CBD office market At 30 June 2015
‘000sqm Total net lettable area 4.57 million sqm
250 12.5%
Prime vacancy average 9.8%
200 10.0% DEXUS Melbourne CBD exposure [1 ]
Net lettable area 285,273
150 7.5%
Number of properties 7
100 5.0%
% of portfolio by value 14%
50 2.5%
Occupancy by area 94.6%
- 0.0%
Occupancy by income 93.1%
-50 -2.5% Weighted average lease expiry 3.9 years
FY05 FY07 FY09 FY11 FY13 FY15 FY17 FY19
Net Absorption Net Supply Vacancy (RHS)
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• Demand strengthening due to growth in education and professional services

• Tenant migration from the fringe to the CBD anticipated to continue

• Vacancy to tighten over the medium-term due to muted supply

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

DEXUS Property Group – 2015 Annual Results Presentation and Appendices

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– MARKET OUTLOOK Brisbane CBD office

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Brisbane CBD office market
Brisbane CBD office market At 30 June 2015
‘000sqm Total net lettable area 2.15 million sqm
150 18%
Prime vacancy average 10.2%
100 12% DEXUS Brisbane CBD exposure [1 ]
Net lettable area 460,005
50 6%
Number of properties 5
- 0% % of portfolio by value 12%
Occupancy by area 97.6%
-50 -6%
Occupancy by income 97.7%
-100 -12% Weighted average lease expiry 5.3 years
FY05 FY07 FY09 FY11 FY13 FY15 FY17 FY19
Net Absorption Net Supply Vacancy (RHS)
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• Government and mining sector consolidation is tapering

• Demand turning a corner with positive net absorption from FY15

• Two tier market as tenants migrate to high quality space

• Should benefit longer-term from significant withdrawals for residential conversion

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

DEXUS Property Group – 2015 Annual Results Presentation and Appendices

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– MARKET OUTLOOK Perth CBD office

Perth CBD office market

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‘000sqm
250 25%
200 20%
150 15%
100 10%
50 5%
- 0%
-50 -5%
-100 -10%
FY05 FY07 FY09 FY11 FY13 FY15 FY17 FY19
Net Absorption Net Supply Vacancy (RHS)
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Perth CBD office market	At 30 June 2015
Total net lettable area	1.64 million sqm
Prime vacancy average	15.9%
**DEXUS Perth CBD exposure1 **
Net lettable area	422,916
Number of properties	4
% of portfolio by value	10%
Occupancy by area	99.6%
Occupancy by income	99.7%
Weighted average lease expiry	3.5 years

• Cyclical slowdown as the mining sector transitions from investment phase to production

• Vacancy to rise due to new supply, and further cutbacks in mining sector

• Rents likely to weaken further

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

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

DEXUS Property Group – 2015 Annual Results Presentation and Appendices

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EXCHANGE RATES AND SECURITIES USED IN STATUTORY ACCOUNTS

30 June 2014 31 Dec 2014 30 June 2015	30 June 2014 31 Dec 2014 30 June 2015	30 June 2014 31 Dec 2014 30 June 2015	30 June 2014 31 Dec 2014 30 June 2015
Closing rates for Statement of Financial Position NZD 1.0761 1.0462 1.1294 USD 0.9420 0.8202 0.7680
Average rates for Statement of Comprehensive Income NZD 1.1061 1.0962 1.0756 USD 0.9184 0.8906 0.8367
Post consolidation equivalent amounts2	12 mths to 30 June 2014	6 mths to 31 Dec 2014	12 mths to 30 June 2015
Average weighted number of securities1 Closing number of securities	820,257,691 905,531,797	905,531,797 905,531,797	915,462,824
			970,806,349

1. Used to calculate FFO per security.

2. Where the number of securities held by a security holder following the consolidation resulted in a fraction of a security, the fraction was rounded up to the nearest whole number.

DEXUS Property Group – 2015 Annual Results Presentation and Appendices

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GLOSSARY GLOSSARY

Distribution payout policy: Policy is to distribute in line with free cash flow.

• Funds From Operations (FFO): FFO is in line with Property Council of Australia definition and 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 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.

• Adjusted FFO (AFFO): AFFO is calculated in line with the Property Council of Australia definition and comprises PCA FFO and adjusted for: maintenance capex, incentives (including rent free incentives) given to tenants during the period and other items which have not been adjusted in determining FFO.

• Gearing: Gearing is represented by Interest Bearing Liabilities (excluding deferred borrowing costs and including the currency gains and losses 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.

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 calculated based on the weighted average number of DEXUS securities for the relevant period.

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

DEXUS Property Group – 2015 Annual Results Presentation and Appendices

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IMPORTANT INFORMATION

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

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

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

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

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

DEXUS Property Group – 2015 Annual Results Presentation and Appendices

Slide 69