DEXUS — Major Shareholding Notification 2010

Nov 7, 2010

Form 604 Corporations Act 2001 Section 671B

Notice of change of interests of substantial holder

Cohen & Steers Inc and all bodies controlled by Cohen & Steers Inc (refer Annexure B)

2. Previous and present voting power

The total number of votes attached to all the voting shares in the company or voting interests in the scheme that the substantial holder or an associate (2) had a relevant interest (3) in when last required, and when now required, to give a substantial holding notice to the company or scheme, are as follows:

Class of securities (4)	Previous notice		Present notice
	Person's votes	Voting power (5)	Person's votes	Voting power (5)
lOrdinarv units	241.715.483	5.01% of 4.820.822.000	291.659.124	6.03% of 4.839,024,000

3. Changes in relevant interests

Particulars of each change in, or change in the nature of, a relevant interest of the substantial holder or an associate in voting securities of the company or scheme, since the substantial holder was last required to give a substantial holding notice to the company or scheme are as follows:

Date of change	Person whose relevant interest	Nature of change (6)	Consideration given in relation to change (7)	Class and number of securities affected	Person's votes affected
Refer Annexure A

4. Present relevant interests

Particulars of each relevant interest of the substantial holder in voting securities after the change are as follows:

Holder of relevant interest	Registered holder of securities	Person entitled to be registered as holder $\langle 8 \rangle$	Nature of relevant interest Class and number of (6)	securities	Person's votes
Cohen & Steers Inc.	N/A	N/A	Deemed relevant interest via control of CSCM (s608(3)(b) of Corporations Act) and control of CSE (s608(3)(a) of Corporations Act).	291,659,124 fully paid ordinary units	291,659 124
Cohen & Steers Capital Management Inc (CSCM)	N/A	N/A	Disposal power (s608(1) of Corporations Act)	279,519,414 fully paid ordinary units	279,519,414
Cohen & Steers Europe S.A. (CSE)	N/A	N/A	Disposal power (s608(1) of Corporations Act)	7,902,149 fully paid ordinary units	7,902,149
Cohen & Steers Asia Limited (CSAL)	N/A	N/A	Disposal power (s608(1) of Corporations Act)	4,237 561 fully paid ordinary units	4,237,561

5. Changes in association

The persons who have become associates (2) of, ceased to be associates of, or have changed the nature of their association (9) with, the substantial holder in relation to voting interests in the company or scheme are as follows:

$- \cdots$ Name and ACN/ARSN (if applicable) ---	$- - - -$ . Nature of association
------	----- ----
------- .	___

6. Addresses

The addresses of persons named in this form are as follows:

Name	Address
Cohen & Steers Inc	280 Park Avenue INew York NY 10017
Cohen & Steers Capital Management	280 Park Avenue New York NY 10017
Cohen & Steers Europe S.A.	Chaussee de la Hulpe166 Brussels B-1170 Belgium
Cohen & Steers Asia Limited	l1202 Citibank Tower⊹ Citibank Plaza 3 Garden Road. Central Hong Kong

Signature

	print name Lisa D. Phelan	capacity	Chief Compliance Office
sign here	Lisa Phe	date	November 5, 2010

DIRECTIONS

• If there are a number of substantial holders with similar or related relevant interests (eg. a corporation and its related corporations, or the manager and
  trustee of an equity trust), the names could be included in an ann $(1)$ they may be referred to throughout the form as a specifically named group if the membership of each group, with the names and addresses of members is clearly set out in paragraph 6 of the form.
• $(2)$ See the definition of "associate" in section 9 of the Corporations Act 2001.
• $(3)$ See the definition of "relevant interest" in sections 608 and 671B(7) of the Corporations Act 2001.
• The voting shares of a company constitute one class unless divided into separate classes. $(4)$
• The person's votes divided by the total votes in the body corporate or scheme multiplied by 100. $(5)$
• $(6)$ Include details of:
• any relevant agreement or other circumstances because of which the change in relevant interest occurred. If subsection 671B(4) applies, a copy $(a)$ of any document setting out the terms of any relevant agreement, and a statement by the person giving full and accurate details of any contract, scheme or arrangement, must accompany this form, together with a written statement certifying this contract, scheme or arrangement; and
• $(b)$ any qualification of the power of a person to exercise, control the exercise of, or influence the exercise of, the voting powers or disposal of the securities to which the relevant interest relates (indicating clearly the particular securities to which the qualification applies).

See the definition of "relevant agreement" in section 9 of the Corporations Act 2001.

• $(7)$ Details of the consideration must include any and all benefits, money and other, that any person from whom a relevant interest was acquired has, or may, become entitled to receive in relation to that acquisition. Details must be included even if the benefit is conditional on the happening or not of a contingency. Details must be included on any benefit paid on behalf of the substantial holder or its associate in relation to the acquisitions, even if they are not paid directly to the person from whom the relevant interest was acquired.
• If the substantial holder is unable to determine the identity of the person (eg. if the relevant interest arises because of an option) write "unknown". $(8)$
• $(9)$ Give details, if appropriate, of the present association and any change in that association since the last substantial holding notice.

Dexus Property Group

3. Changes in relevant interests

Particulars of each change in, or change in the nature of, a relevant interest of the substantial holder or an associate in voting securities of the company
or scheme, since the substantial holder was last required to give

Date of	Person whose relevant interest	Nature of	Value of consideration	Class and number of	Person's votes
change	changed	change (6)	given in relation. to change (7) AUD	securities affected	affected
		Purchase of
7-Apr-10	CSCM	Securities	2,904,454.18	3,516,130	3,516,130
		Purchase of
9-Apr-10	CSCM	Securities	1,979,175.53	2,400,105	2,400,105
12-Apr-10	CSCM	Purchase of	418,126.26	500,000	500,000
		Securities Purchase of
13-Apr-10	CSCM	Securities	2,020,087.45	2,430,195	2,430,195
13-Apr-10	CSCM	Sale of Securities	372,746.00	447,073	447,073
19-Apr-10	CSE	Sale of Securities	152,962.05	193,302	193,302
		Purchase of
21-Apr-10	CSCM	Securities	2,311,962.00	2,889,959	2,889,959
		Purchase of
22-Apr-10	CSCM	Securities	240,360.00	300,000	300,000
29-Apr-10	CSCM	Purchase of Securities	2,270,394.82	2,830,912	2,830,912
		Purchase of
$4-May-10$	CSCM	Securities	45,951.49	56,105	56,105
$6$ -May-10	CSCM	Purchase of	248,104.65
		Securities Purchase of		311,810	311,810
7-May-10	CSCM	Securities	2,297,795.18	2,954,357	2,954,357
		Purchase of
7-May-10	CSE	Securities Purchase of	145,551.70	187,141	187,141
10-May-10	CSE	Securities	36,874.86	46,314	46,314
		Purchase of
$11-May-10$	CSCM	Securities	2,254,299.78	2,812,951	2,812,951
12-May-10	CSCM	Sale of Securities	173,075.15	213,862	213,862
13-May-10	CSCM	Sale of Securities	79,666.38	97,897	97,897
14-May-10	CSCM	Sale of Securities	960,138.79
				1,186,950	1,186,950
17-May-10	CSCM	Sale of Securities	1,065,804.91	1,363,052	1,363,052
		Purchase of
18-May-10	CSCM	Securities Purchase of	48 351 31	62,127	62.127
19-May-10	CSCM	Securities	1,547,317.51	2,000,000	2,000,000
		Purchase of
20-May-10	CSCM	Securities	2,178,918.97	2,776,074	2,776,074
21-May-10	CSCM	Sale of Securities	103,997.30
				136,907	136,907
24-May-10	CSCM	Sale of Securities	388,350.25	508,410	508,410
		Purchase of
25-May-10	CSE	Securities	132,415.40	175,424	175,424
26-May-10	CSCM	Purchase of Securities	2,605,442.31	3,500,000	3,500,000
		Purchase of
$2$ -Jun-10	CSCM	Securities	35,555.64	46,107	46,107

ME_70218064_2 (W2003)

3-Jun-10	CSCM	Purchase of Securities	146,061.98	186,548	186,548
4-Jun-10	CSCM	Sale of Securities	403,548.61	501.931	501,931
15-Jun-10	CSCM	Sale of Securities	3,584,726.84	4,334,837	4,334,837
16-Jun-10	CSCM	Sale of Securities	743,736.11	892,040	892,040
18-Jun-10	CSCM	Sale of Securities	1,991,456.01	2,369,165	2,369,165
21-Jun-10	CSE	Purchase of Securities	284,327.13	331,893	331,893
22-Jun-10	CSCM	Sale of Securities	1,001,988.41	1,178,086	1.178,086
25-Jun-10	CSCM	Sale of Securities Purchase of	554,676.10	698,001	698,001
29-Jun-10	CSCM	Securities	1,372,667.62	1,738,693	1738,693
30-Jun-10	CSCM	Sale of Securities	191,260.09	245,165	245,165
$1$ -Jul-10	CSCM	Purchase of Securities Purchase of	1,320,497.04	1,686,086	1.686,086
$2$ -Jul-10	CSCM	Securities Purchase of	36,376.57	46,837	46,837
$2$ -Jul-10	CSE	Securities Purchase of	188,179.30	242,292	242,292
7-Jul-10	CSCM	Securities	2,343,510.00	3,000,000	3,000,000
7-Jul-10	CSCM	Sale of Securities Purchase of	41,257.39	52,303	52,303
8-Jul-10	CSCM	Securities Purchase of	1,789,228.96	2,227,062	2.227.062
$9$ -Jul-10	CSCM	Securities	1,007,759.37	1,250,000	1,250,000
$9$ -Jul-10	CSCM	Sale of Securities Purchase of	663,982.56	820,963	820,963
12-Jul-10	CSCM	Securities Purchase of	823,733.75	1,000,000	1,000,000
13-Jul-10	CSCM	Securities Purchase of	826,237.51	1,000,000	1,000,000
14-Jul-10	CSCM	Securities	309,638.74	370,706	370,706
14-Jul-10	CSCM	Sale of Securities Purchase of	324, 171.58	388,999	388,999
15-Jul-10	CSCM	Securities	753,251.77	906,173	906,173
22-Jul-10	CSCM	Sale of Securities	394,118.89	469,894	469,894
23-Jul-10	CSCM	Sale of Securities	2,295,276.92	2,750,000	2,750,000
26-Jul-10	CSCM	Sale of Securities	2,241,467.10	2,685,634	2,685,634
28-Jul-10	CSE	Sale of Securities Purchase of	11,604.43	13,856	13,856
3-Aug-10	CSCM	Securities Purchase of	179,440.90	214,449	214,449
3-Aug-10	CSE	Securities Purchase of	164,756.71	196,900	196,900
3-Aug-10	CSAL	Securities	113,768.32	135,964	135,964
4-Aug-10	CSCM	Sale of Securities Purchase of	173,666.61	210,615	210,615
5-Aug-10	CSE	Securities Purchase of	242,008.96	292,100	292,100
10-Aug-10	CSCM	Securities Purchase of	374,280.53	450,265	450,265
10-Aug-10	CSE	Securities Purchase of	20,579.96	24,758	24,758
12-Aug-10	CSCM	Securities	212,424.03	263 126	263,126

$\sim$

ME_70218064_2 (W2003)

$\cdot$

18-Aug-10	CSCM	Purchase of Securities	1,105,680.92	1,364,356	1.364.356
18-Aug-10	CSAL	Purchase of Securities	197,577.55	243,801	243,801
18-Aug-10	CSE	Sale of Securities	17,141.72	20,915	20,915
19-Aug-10	CSCM	Purchase of Securities	1,306,817.99	1,583,761	1,583,761
19-Aug-10	CSAL	Purchase of Securities	233,518.39	283,006	283,006
20-Aug-10	CSCM	Sale of Securities	1,485,742.17	1,803,605	1,803,605
20-Aug-10	CSE	Sale of Securities	279,211.83	338,947	338,947
24-Aug-10	CSCM	Purchase of Securities	4,166,240.00	5,000,000	5,000,000
25-Aug-10	CSCM	Purchase of Securities	156,996.74	191,196	191,196
25-Aug-10	CSCM	Purchase of Securities	3,235,405.07	3,966,339	3 966 339
26-Aug-10	CSAL	Sale of Securities Purchase of	105,412.67	129,535	129,535
27-Aug-10	CSCM	Securities Purchase of	814,219.50	1,000,000	1,000,000
30-Aug-10	CSCM	Securities	791,565.53	963,878	963,878
1-Sep-10	CSCM	Sale of Securities	670,592.60	800,000	800,000
$2-Sep-10$	CSCM	Sale of Securities	719,212.77	852,418	852,418
$7-Sep-10$	CSCM	Sale of Securities Purchase of	320,548.31	384,559	384,559
14-Sep-10	CSCM	Securities	97,129.73	115,733	115,733
14-Sep-10	CSCM	Sale of Securities	244,062.20	290,399	290,399
16-Sep-10	CSCM	Sale of Securities	1,144,295.98	1,350,000	1,350,000
21-Sep-10	CSCM	Sale of Securities	264,677.19	310,029	310,029
22-Sep-10	CSCM	Sale of Securities Purchase of	60,584.82	72,053	72,053
27-Sep-10	CSE	Securities Purchase of	324,601.17	390,500	390,500
30-Sep-10	CSCM	Securities Purchase of	262,255.23	308,509	308,509
4-Oct-10	CSCM	Securities Purchase of	211,884.43	250,168	250,168
5-Oct-10 6-Oct-10	CSCM CSCM	Securities Sale of Securities	84 546 63 100,262.42	100,500 118,832	100,500 118,832
$6$ -Oct-10	CSE	Sale of Securities	9,396.65	11,137	11,137
$6$ -Oct-10	CSAL	Sale of Securities	339,355.96	402,208	402,208
8-Oct-10	CSCM	Purchase of Securities	207,736.14	250,000	250,000
11-Oct-10	CSCM	Purchase of Securities	411,635.89	495,699	495,699
11-Oct-10	CSE	Purchase of Securities	522,596.90	629,320	629,320
11-Oct-10	CSCM	Sale of Securities	2,066,411.49	2,478,462	2,478,462
11-Oct-10	CSE	Sale of Securities Purchase of	275,470.18	330,400	330,400
12-Oct-10	CSE	Securities	14,289.10	17,190	17,190
12-Oct-10	CSCM	Sale of Securities	997,430.04	1,199,914	1,199,914

12-Oct-10	CSE	Sale of Securities	54,607.39	65,693	65,693
13-Oct-10	CSCM	Sale of Securities	2,099,429.34	2,538,983	2 538 983
13-Oct-10	CSE	Sale of Securities	43.018.19	51,907	51.907
20-Oct-10	CSCM	Purchase of Securities	53,841.28	64,384	64,384
21-Oct-10	CSCM	Purchase of Securities	9,759.07	11,779	11,779
21-Oct-10	CSAL	Purchase of Securities	124,549.26	150 124	150,124
22-Oct-10	CSE	Purchase of Securities	16,116.07	19,620	19,620
26-Oct-10	CSCM	Purchase of Securities	55,757.90	68,845	68,845
29-Oct-10	CSCM	Purchase of Securities	1,793,323.84	2,170,470	2.170.470
29-Oct-10	CSE	Purchase of Securities	98,376.81	119,066	119,066
1-Nov-10	CSCM	Purchase of Securities	3.936.649.98	4,735,848	4,735,848
1-Nov-10	CSE	Purchase of Securities	219,575.03	264, 152	264,152
2-Nov-10	CSCM	Purchase of Securities	1,941,664.24	2,350,362	2.350.362
2-Nov-10	CSE	Purchase of Securities	123,617.86	149,638	149,638
3-Nov-10	CSCM	Purchase of Securities	2,638,932.20	3,260,710	3,260,710
$3-Nov-10$	CSE	Purchase of Securities	197,847.68	244.464	244,464

This is annexure 'A' of 2 pages referred to in Form 604 Notice of change of interests of substantial holder.

Lisa D. Phelan Dehil ò $\frac{2}{\text{Signature}}$ $\mathbf{z}$

Senior Vice President and Chief Compliance Officer

November 5, 2010
Date

Annexure B

Bodies Corporate Controlled by Cohen & Steers

• $\ddot{1}$ Cohen & Steers Inc.- 280 park Avenue New York NY 10017
• 1. Cohen & Steers Capital Management- 280 park Avenue New York NY 10017
• Cohen & Steers Europe S.A. Chaussee de la Hulpe 166 Brussels B-1170 Belgium 3.
• $\overline{4}$ Cohen & Steers Asia Limited- 1202 Citibank Tower, Citibank Plaza 3 Garden Road, Central Hong Kong

This is annexure 'B' of 1 page referred to in Form 604 Notice of change of interests of substantial holder.

Lisa D. Phelan $\ell$ h Signature

November 5, 2010 Date

Senior Vice President and Chief Compliance Officer