DEXUS — Investor Presentation 2010

Jun 6, 2010

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DEXUS Property Group - ASX release
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7 June 2010

DEXUS Property Group (ASX:DXS) US Property Tour presentation

DEXUS Property Group (DXS) provides a copy of the US Property Tour presentation.

For further information contact:

Media Relations Investor Relations Emma Parry T: (02) 9017 1133 Daniel Rubinstein T: (02) 9017 1336 M: 0421 000 329 M: 0466 016 725 E: emma.parry@dexus.com E: daniel.rubinstein@dexus.com Karol O’Reilly T: (03) 8611 2930 M: 0405 134 856 E: karol.oreilly@dexus.com

About DEXUS

DEXUS is one of Australia’s leading property groups specialising in owning, managing, developing world-class office, industrial and retail properties with total assets under management of $13 billion. In Australia, DEXUS is the number 1 owner/manager of office, number 3 in industrial and, on behalf of third party clients, a leading manager and developer of shopping centres. DEXUS is committed to being a market leader in Corporate Responsibility and Sustainability and has been recognised for the second year running as one of the Global 100 Most Sustainable Corporations at the World Economic Forum in Davos. www.dexus.com

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

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2010 DEXUS Property Group US Property Tour

DEXUS Funds Management Limited ABN 24 060 920 783 AFSL 238163 as responsible entity for DEXUS Property DEXUS Property Group, US Property Tour — Slide 1 Group

TITLE SLIDE HEADER DEXUS US (Trebuchet Bold 28pt) Sub title (Trebuchet 16 pt) Victor Hoog AntinkJane Lloyd, Managing Director, US Investments Chief Executive Officer

3691 North Perris Boulevard, Perris, CA

DXS 2009 Annual Results — Slide 2

DEXUS US VISION

• Our goal in the US is to become a market leader in industrial real estate on the west coast within three years by:

• Repositioning our existing portfolio to create critical mass, and

• Establishing a full service asset management platform

Our brand proposition

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Quality assets
Active portfolio management
Strong balance sheet
Tenants Investors Employees
preferred owner enhanced value preferred employer
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DEXUS Property Group, US Property Tour — Slide 3

US INDUSTRIAL The task at hand

• Establish US team

• Manage existing portfolio - improved operational performance

• Transition management of existing core portfolio

• Reposition portfolio to preferred west coast markets

13602 12[th] Street, Chino, CA

DEXUS Property Group, US Property Tour — Slide 4

INDUSTRIAL MARKETS Some perspective on relative size

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DEXUS Property Group, US Property Tour — Slide 5

US OPERATING ENVIRONMENT Weak but improving

• US industrial net absorption weak but forecast to improve with economy 2011-13

• US industrial transaction volumes remain low following 2007 peak

Source: RCA, RREEF, DEXUS Research

US Industrial absorption and US GDP

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US Industrial transactions

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• To Q1/10

DEXUS Property Group, US Property Tour — Slide 6

1. EXISTING PORTFOLIO MANAGEMENT

� What do we want?

• �

• How do we measure? What are we doing?

• Stabilized portfolio

• Consistent performance

• Long-term sustainable earnings growth

• —

• Rental growth, retention Building DEXUS team and receivables

• Regular visits to assets

• Benchmarking

• Weekly calls

• Focus on high risk areas

9371 Buffalo Avenue Rancho Cucamonga, CA

DEXUS Property Group, US Property Tour — Slide 7

2. ESTABLISHMENT OF US TEAM

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DEXUS Property Group, US Property Tour — Slide 8

3. TRANSITION PORTFOLIO AND ASSET MANAGEMENT

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DEXUS US – An Integrated Property Model
Jun 2010 Investment management (portfolio oversight)
Asset Leasing & Development IT, Finance,
Jan 2011
Management Transactions Management CR&S
CBRE Property management
ENHANCED PERFORMANCE AND VALUE
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DEXUS Property Group, US Property Tour — Slide 9

4. TRANSITION PORTFOLIO TO PREFERRED WEST COAST MARKETS Portfolio – April 2009

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DEXUS Property Group, US Property Tour — Slide 10

4. TRANSITION PORTFOLIO TO PREFERRED WEST COAST MARKETS Portfolio – current

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DEXUS Property Group, US Property Tour — Slide 11

4. TRANSITION PORTFOLIO TO PREFERRED WEST COAST MARKETS Portfolio – following repositioning

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DEXUS Property Group, US Property Tour — Slide 12

TARGET ASSET CRITERIA

� What type of assets do we want?

• A-Grade and quality B-Grade

• Institutional grade (high spec)

Core portfolio

• Assets that can become A-Grade

� Criteria

• Preferred west coast markets

• Location – transport nodes

• Specification

• Disciplined approach

� Why?

• Operational efficiencies

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• Investor requirements

• Setting market expectations

Source: Cushman & Wakefield Dec 2009 valuations

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DEXUS Property Group, US Property Tour — Slide 13

US INVESTMENTS Where we are and where we want to be

MARKETS	2010	2012/13
Markets	17 markets	Preferred west coast markets
People	12 people	20-25 people
	3 parties with multiple interests	One organization
		One culture
		One brand
Tenant relationships	Portfolio managed by 2 x third	Core portfolio managed by DEXUS
	party providers
Capital and value proposition	Diversification, recycling	Repositioned to west coast
		Strong management platform
Quality	A-Grade – 52%	A-Grade – 80%
	B-Grade – 37%	B-Grade – 15%
	C-Grade – 6%	C-Grade – 5%
	D-Grade – 5%	D-Grade – 0%
Sustainability	5 LEED certified	Core portfolio rated
		Program implemented
Brand	Multiple brands	One brand
	DEXUS/RREEF/CBRE	DEXUS

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DEXUS Property Group, US Property Tour — Slide 14

KEY PERFORMANCE INDICATORS

• Short-term

• Third party providers

• More aggressive deals

• Stronger enforcement/expectation on benchmarks

• Assemble team

• Selection

• DEXUS approach: service excellence

• Assume asset management responsibility

• Implement integrated management

• Future opportunities

• 3[rd] party funds management and development

3590 De Forest Circle, Mira Loma, CA

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DEXUS Property Group, US Property Tour — Slide 15

TITLE SLIDE HEADER QUESTIONS (Trebuchet Bold 28pt) Sub title (Trebuchet 16 pt) Victor Hoog Antink Chief Executive Officer

4190 Santa Ana Street, Ontario, CA

DXS 2009 Annual Results — Slide 16

2010 DEXUS Property Group US Property Tour

DEXUS Funds Management Limited ABN 24 060 920 783 AFSL 238163 as responsible entity for DEXUS Property DEXUS Property Group, US Property Tour — Slide 17 Group