DEXUS — Interim / Quarterly Report 2010

Feb 16, 2010

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DEXUS Property Group
ASX release
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17 February 2010

ASX release and presentation for the half year ending 31 December 2009

DEXUS Funds Management Limited, as responsible entity for DEXUS Property Group (DXS), provides the following documents to the Australian Securities Exchange:

• ASX Release – DEXUS Property Group – 2009 Half Year Results to 31 December 2009; and

• Presentation – 2009 Half Year Results Presentation and Appendices

We have also published the December 2009 DEXUS Property Group Property Synopsis Spreadsheet on our web site. The Property Synopsis spreadsheet contains details for each property, a Reconciliation of Operating EBIT, FFO and Distribution and other information as at 31 December 2009. The web address is http://www.dexus.com/Investor-Centre/DXS/Property-Synopsis

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 Karol O’Reilly T: (03) 8611 2930 M: 0405 134 856

About DEXUS

DEXUS is one of Australia’s leading diversified property groups specialising in 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 as one of the Global 100 Most Sustainable Corporations at the World Economic Forum in Davos and recently achieved listing on the DJSI World and Asia Pacific Indexes. 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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DEXUS Property Group (ASX: DXS)
ASX release
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17 February 2010

DEXUS Property Group 2009 Half Year Results

Announcing DEXUS Property Group’s 2009 half year results, CEO Victor Hoog Antink said: “Despite difficult operating conditions in 2009, our half year results reflect the resilience and inherent value of our quality property portfolio. Operating EBIT, over 98% of which is derived from net property rental income, was down just 1.1% on the previous comparable period, and portfolio fundamentals remained stable. This can be attributed to built-in rental growth in our Australian portfolios which offset the impact of weaker operating conditions in North America.”

Key financial results:

• Operating EBIT down 1.1% to $240.5m

• Net loss after tax and revaluations to security holders : $107.0m

• Funds from operations down 4% to $181.1m

• Gearing stable at 31.9%

• FFO per security 3.8 cents

• Distribution per security 2.65 cents

• FY 2010 earnings guidance maintained at 7.3 cents

During the half we made significant progress on a number of our key objectives designed to further enhance the high quality of our portfolio and our balance sheet and drive performance through a focus on asset and property management. These initiatives included:

• Internalising our industrial property management platform

• Commencing two industrial pre-committed developments at Greystanes: $53m

• Acquiring prime industrial property in preferred Sydney market: $46m

• Completing rezoning at our Laverton industrial site in Victoria

• Selling smaller non-core office and industrial assets: $108m

• Developing our two 6 Star office projects

• Selling our remaining retail property: $256m

• Completing the Whirlpool US industrial acquisition program: US$202m

• Selling assets in non core US markets: US$206m and

• Commencing the US repositioning strategy

All this activity has been underpinned by the strength of our financial position. DEXUS continues to maintain a strong balance sheet with the diversification and duration of our funding sources having been further improved. In July 2009, DEXUS was one of the first Australian companies to issue Medium Term Notes since the market closed in late 2007. In September 2009, DEXUS became only the second A-REIT to issue into the US public bond market, securing a new source of funding in one of the deepest and most liquid bond markets in the world.

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1

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DEXUS Property Group (ASX: DXS)
ASX release
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While the capital raisings last year have proven to be the appropriate response to the financial markets crisis by ensuring our business remains financially sound and well positioned for the future, it has come at the cost of lower per unit earnings. This is reflected in our FFO per unit of 3.8 cents per security for the half year.

Gearing remains stable at 31.9%, well within our target of below 40%. Additionally, all our financial metrics are well within covenant limits and we continue to maintain DEXUS’s Standard & Poor’s credit rating of BBB+ and we received a Moody’s Baa1 (Stable outlook) rating earlier in the period.

Revaluations

Revaluations were undertaken on all properties which resulted in a 4% reduction in the Group’s overall portfolio value. This was principally due to a 10% reduction in the value of our North American portfolio and, in accordance with new accounting standards, fair valuing developments during construction caused a reduction in value on projects. Since the peak in December 2007, average cap rates have now expanded by 170 basis points. Our view is that we are now at the end of the domestic devaluation cycle, nearing the bottom of the cycle in the US and that the write downs in relation to development projects should effectively be regained as the projects reach completion.

Key operational results

• Like for like income growth (Overall down 0.3%)

• Australia up 2.4% (2008: 3.2%)

• North America down 10.8% (2008: down 2.2%)

• Occupancy (by area)

• Australia 97.2% (2008: 97.3%)

• North America 87.8% (2008: 90.8%)

• Lease duration (by income)

• Australia 5.2 years (2008: 5.2 years)

• North America 4.7 years (2008: 4.3 years)

Office sector - Australia and New Zealand:

• Portfolio value $4.0bn (2008: $4.5bn)

• Like for like income growth 2.7% (2008: 3.1%)

• Occupancy (by area) 95.8% (2008: 98.0%)

• Lease duration (by income) 5.4 years (2008: 5.5 years)

DEXUS’s high quality office portfolio continued to perform well in all key operating metrics and net property income increased 2.4% over the year to $121.9m.

The strong appeal of our quality office portfolio combined with a focus on leasing resulted in occupancy of 95.8%, which is significantly above the national market average of 92%. New leases and renewals were negotiated over 40,226 square metres or 8% of the portfolio, delivering an average rental increase of 9.2%. Average tenant incentives increased to 23.6% in line with market, however we believe incentives have over run and will level off and decline as demand returns and vacancy falls later in 2010 and into 2011.

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DEXUS Property Group (ASX: DXS)
ASX release
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Tenant retention rates declined to 61%, reflecting weaker tenant demand and, as foreshadowed last year end, three major tenants relocating. We expect like for like growth to be flat for the full year with renewed growth in 2011.

Construction of 123 Albert Street, Brisbane and 1 Bligh Street, Sydney are both on track and on budget and due for completion in December 2010 and May 2011 respectively. As tenant demand returns, strong interest in both developments is converting to leasing success. Of the 8 floors remaining at 123 Albert Street, we have signed Heads of Agreement on one additional floor – taking the area leased to 72% - and are negotiating in respect of 3 additional floors.

Both buildings are designed to deliver world’s best practice sustainability features and provide the highest levels of tenant amenity and workspace quality. During the period 123 Albert Street achieved a 6 Star Green Star certification and 1 Bligh Street is currently in the final stages of its Green Star Rating certification.

Industrial sector - Australia

• Portfolio value $1.5bn (2008: $1.6bn)

• Like for like income growth 1.9% (2008: 3.4%)

• Occupancy (by area) 97.7% (2008: 96.8%)

• Lease duration (by income) 4.7 years (2008: 4.5 years)

The Australian industrial portfolio performed well during the period, driven by our team’s efforts in leasing, portfolio and asset management. Underlying portfolio NPI on a like for like basis increased by 1.9%, while NPI of $52.7m was down by 1.3% due to property sales in the period.

108,000 square metres or 10% of the portfolio by area was negotiated in respect of new leases, renewals and Heads of Agreement. The average tenant incentive was slightly higher at 6%, while occupancy increased to 97.7% and tenant retention is still strong at 76% (2008: 78.8%).

Consistent with our objective of repositioning our industrial portfolio to enhance quality, we completed approximately $62m (since May 2009) of smaller, non-core property sales on a passing yield of 7.6% and acquired a major property in Sydney’s expanding Port Botany area for $46m on a yield of 9.3%. In addition, we commenced the construction of two pre-committed developments at our industrial estate in Greystanes in Western Sydney. These projects will have a total cost of approximately $53m and are forecast to yield 8.8% on completion.

Industrial sector – North America

• Portfolio value US$1.2bn (2008: US$1.5bn)

• Like for like income down 10.8% (2008: down 2.2%)

• Occupancy (by area) 87.8% (2008: 90.8%)

• Lease duration (by income) 4.7 years (2008: 4.3 years)

The North American portfolio is valued at US$1.2bn and contributed US$46.9m (2008: US$50.2m) of NPI, representing 22% of the Group’s NPI. Despite leasing 214,000 square metres during the half, tenant retention declined 10% to 60%. Consequently, overall occupancy is down 3% to 87.8% by area and NPI was down 10.8% on a US dollar like for like basis.

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DEXUS Property Group (ASX: DXS)
ASX release
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In the six months to 31 December 2009, three Whirlpool properties were acquired, thus completing the Whirlpool investment program, enhancing the quality of the portfolio and as a result increasing the average lease duration to 4.7 years (2008: 4.3 years).

As part of the property sales program 22 properties were sold for US$206m, thus reducing our North American footprint from 21 to 17 markets.

Despite the challenging market conditions, business confidence is improving and our focus in the US is managing our portfolio to maximise results, and is establishing an office on the West Coast to better direct our repositioning strategy of concentrating our US investment in our core West Coast markets.

Non-core property portfolios

The European industrial portfolio is valued at €133m, contributing €6.0m or 4% of the Group’s NPI with occupancy at 87.8%. The European properties will be sold when liquidity returns to these markets.

In December 2009, we sold our last retail property, a 50% interest in Whitford City Shopping Centre, for $256.5m with settlement to occur in March 2010.

Sustainability

DEXUS continued to drive sustainable performance in the period with a continued focus on resource efficiency projects, community engagement and sustainable developments. DEXUS was named again in 2010 as one of the world’s 100 most sustainable corporations in the 2010 “Global 100” list, announced at the Davos World Economic Forum, the only A-REIT to achieve listing for two years running.

Resource consumption reductions were achieved in all portfolios and we have progressed NABERS energy rating across our office portfolio to an average of 3.2 stars. We are committed to improving these ratings to an average of 4.5 Stars by 2012.

Employee engagement

CEO Victor Hoog Antink said: “Getting the best from both our properties and our balance sheet is only possible with a very capable and engaged team and I am pleased to report that this year’s annual employee survey saw DEXUS outperform the Australian Norm in the Top 19 of 20 categories - this is particularly pleasing in such a challenging year.”

Outlook

CEO Victor Hoog Antink said: “Looking forward our key focus will be on continuing to enhance the high quality and performance of our property portfolios and build on our leadership positions in Australian office and industrial. In Australia, while we are seeing signs of increased activity, we don’t expect to see growth coming through until FY11, due to the lag effect of leasing activity converting to income. We will continue to drive enhanced value through our development pipeline, with further pre-lease activity anticipated in our industrial land banks. For our premium office developments at 123 Albert Street and 1 Bligh Street, we are targeting to be 90% leased at practical completion.

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DEXUS Property Group (ASX: DXS)
ASX release
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In the US, we expect results in the second half of the year to be consistent with those in the first six months, with stabilisation and potential growth in the 2011 year. Our focus remains on building our US management capability, managing our portfolio to maximise results and repositioning our North American portfolio over time towards our core west coast markets.”

Guidance

Barring adverse changes to operating conditions, we confirm that the Group is positioned to deliver earnings (FFO) of 7.3 cents per security and distributions of 5.1 cents per security (70% of FFO) in the year ending 30 June 2010.

For further information, please 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 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 as one of the Global 100 Most Sustainable Corporations at the World Economic Forum in Davos and recently achieved listing on the DJSI World and Asia Pacific Indexes. 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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5

2009 DEXUS Property Group HALF YEAR RESULTS PRESENTATION

DEXUS Funds Management Limited ABN 24 060 920 783 AFSL 238163 as responsible entity for DEXUS Property 2009 Half Year Results presentation — Slide 1 Group

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

Victor Hoog Antink Chief Executive Officer

DXS 2009 Annual Results — Slide 2

RESULTS SUMMARY Financial and operational performance

Financial

• Operating EBIT: $240.5m

— Stable operating income

• FFO per security: 3.8c

• Dilution impact of capital raisings

• Shareholder total return (3yrs to Dec 2009)

— Outperformed index[2] by 8.8% pa

Portfolio weighting[1]

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Operational	Dec 2009	Dec 2008
— Occupancy (by area)	91.2%	93.1%
— WALE	5.0yrs	4.8yrs
— Like for like growth	(0.3%)	1.5%

1. Excluding Whitford City shopping centre, cash and other assets 2. S&P/ASX 200 Property Accumulation Index

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2009 Half Year Results presentation — Slide 3

OPERATIONAL ACHIEVEMENTS Delivering on strategy

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2009 Half Year Results presentation — Slide 4

RESULTS SUMMARY

Achievements in CR&S and Employee Engagement

Corporate Responsibility & Sustainability (CR&S)

• Inclusion in DJSI World Index, SAM 2010 Real Estate Sector Mover

• 100 Most Sustainable Corporations at Davos - 2 yrs running

Resource consumption Energy GHG — Office – Aus (8.6%) (6.8%) — Industrial – Aus (3.7%) (3.6%) — Industrial – US (13.6%) (10.5%)

• Resource consumption

• (3.6%)

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Employee engagement

• High engagement maintained

• Outperformed Australian Norm in Top 19 of 20 categories

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Members of DEXUS team at
Australia Square, Sydney
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2009 Half Year Results presentation — Slide 5

TITLE SLIDE HEADER FINANCIAL (Trebuchet Bold 28pt) PERFORMANCE Sub title (Trebuchet 16 pt) Craig MitchellVictor Hoog Antink Chief Executive OfficerChief Financial Officer

DXS 2009 Annual Results — Slide 6

	FINANCIAL RESULTS At a glance
	5.4c 3.8c Funds from Operations per security 243.2 240.5 Operating EBIT 188.7 (975.2) HY Dec 2008 $’m HY Dec 2009 $’m Net loss after tax to stapled security holders1 (107.0) Funds from Operations 181.1

1. Refer to a full reconciliation at http://www.dexus.com/Investor-Centre/DXS/Property-Synopsis

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2009 Half Year Results presentation — Slide 7

CORE OPERATING METRICS

	HY Dec 2009	HY Dec 2008
	$’m	$’m
Office – Aust/NZ	121.9	119.1
Industrial – Aust	52.7	53.4
Industrial – North America	54.0	66.0
Management EBIT	6.3	5.4
Non core1	18.6	19.3
Other	(13.0)	(20.0)
Operating EBIT	240.5	243.2
Finance costs	(68.1)	(76.6)
Other2	8.7	22.1
Funds from Operations	181.1	188.7
FFO per security (cps)	3.8	5.4

1. Retail and European industrial

2. Refer to a full reconciliation at http://www.dexus.com/Investor-Centre/DXS/Property-Synopsis

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2009 Half Year Results presentation — Slide 8

VALUATIONS

• Devaluations affect NTA by 6 cents NTA now 95c

• Portfolio valuations have likely bottomed

• Australia has stabilised

• North America still lags

• New accounting standards now fair value development properties

		Fair value	Change	WACR
		movement $’m	%	%
	Office – Aus	(22)	(1%)	7.6
	Industrial – Aus	(21)	(2%)	8.8
	Industrial – US1	(153)	(10%)	8.7
	Developments –Aus2	(68)	(14%)	n/a
	Non-Core3 Total4	(286) (22)	(5%) (4%)	8.0% 7.5

1. Includes US development properties of $11m

2. Includes a $27m decrement for Bligh Street which is equity accounted for statutory reporting purposes

3. Retail and European industrial

4. Refer full reconciliation in appendices

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2009 Half Year Results presentation — Slide 9

CAPITAL MANAGEMENT

Pro-actively maintaining a strong balance sheet

• Gearing 31.9%

Maturity profile

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[[1]]
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• Accessing multiple debt sources (MTN, US Bonds)

• Undrawn facilities $1.5bn

• 2010 maturities of $1.1bn

• Next debt refinancing: mid to late 2010

• All metrics well within key convenants[[1]]

• Refer to appendices for reporting on covenants

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2009 Half Year Results presentation — Slide 10

LOOKING FORWARD

• Australian earnings and valuations are stabilising

• North America shows early signs of stabilisation

• Strong capital structure

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GPT/GMT, 1 Farrer Place, Sydney NSW
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2009 Half Year Results presentation — Slide 11

TITLE SLIDE HEADER OFFICE PORTFOLIO (Trebuchet Bold 28pt) Louise Martin Sub title (Trebuchet 16 pt) Head of Office

Victor Hoog Antink Chief Executive Officer

DXS 2009 Annual Results — Slide 12

OFFICE

Solid performance – challenging times

• Stable portfolio performance continues due to:

— Active management – team focus

• Quality portfolio – retains appeal

• Tenant mix – diversity

• Demand drivers improving

• Strength returning to our core markets

Woodside Plaza, 240 St Georges Terrace, Perth WA

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2009 Half Year Results presentation — Slide 13

OFFICE Sound portfolio fundamentals

� Stable income – NPI at $122m DXS office value movement history

• Like for like growth at 2.7%

• Occupancy rate well above market benchmark

• Retention rates reflect market conditions

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� Value bottomed at December 2009

			Net Property	Like-for-	Occupancy	Occupancy	Over/under	Retention	Lease	Portfolio	Avg
			Income	like	(area)	(income)	rented	rates	duration	value	cap
									(income)		rate
	HY Dec	09	$121.9m	2.7%	95.8%	96.5%	4% under	61%	5.4 yrs	$4.0bn	7.6%
	HY Dec	08	$119.1m	3.1%	98.0%	98.2%	9% under	74%	5.5 yrs	$4.5bn	7.0%

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2009 Half Year Results presentation — Slide 14

OFFICE SUSTAINABILITY

Continuous commitment and improvement

� Resource consumption reductions[1]

Improved sustainability performance – consumption reductions

3yrs 1yr — Energy 13.0% 8.6% — Water 21.9% 10.3% — GHG 11.8% 6.8%

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• Average portfolio NABERS energy rating 3.2 Star and water rating 3.0 Star

• Commitment to average portfolio NABERS energy rating of 4.5 Star by 2012

• Rolling 12 month reductions to September

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2009 Half Year Results presentation — Slide 15

OFFICE

Leasing outcomes driving growth in FY11

• Started FY10 with 10% expiries – ⅔ completed

Stable income profile

• 40,226sqm leased in investment portfolio (ownership level) – 57 transactions[1]

• Average rental increase was 9.2%

• Average tenant incentive was 23.6%[2]

• Current vacancy 3.5%: half under negotiation

Looking forward

• Limited upside in 2H10

— Fixed increases offset by increased vacancy

• Strong effective rent growth expected from FY11 as demand increases and incentives decline

• 53,558sqm at 100% levels. Includes vacancies, new deals and renewals. Excludes leased developments

• Incentives: new tenants 26.8%, renewals 21.6%. Tenant incentives were given on 47 of 57 transactions averaging 27.2%. Across the 57 transactions, including those where no incentive was given, the average was 23.6%

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2009 Half Year Results presentation — Slide 16

OFFICE DEVELOPMENTS On schedule

• 123 Albert Street, Brisbane – 38,000sqm

• On schedule for completion Dec 2010

• 68% leased at 31 Dec 2009

• Of the remaining 8 floors:

  • 1 floor is under Heads of Agreement

  • 3 floors in final negotiations

• Forecast yield on cost 6.8%

• 1 Bligh Street, Sydney – 43,000sqm

• On target for completion May 2011

• 55% leased at 31 Dec 2009

• Forecast yield on cost 7.0%

Artist’s impression: 1 Bligh Street, Sydney NSW

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2009 Half Year Results presentation — Slide 17

OFFICE 2010 focus

• Demand now returning with lag effect on income

• Growth expected in FY11 due to:

• Rising business confidence & earnings

• Employment growth

• Limited new supply for Sydney & Melbourne

• Brisbane & Perth leveraged to resources

• Quality portfolio positioned to perform – ‘flight to quality’

Australian CBD demand

('000 sqm net absorption & number of jobs)

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Economic slowdowns Demand Jobs lost/gained
700
600
500
400
300
200
100
0
-100
-200
-300
1989 1992 1995 1998 2001 2004 2007 2010 2013
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• Building on leadership position in office

Source: Jones Lang LaSalle, Access Economics

1. Sydney 1.6% of stock vs average of 3.0%

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2009 Half Year Results presentation — Slide 18

TITLE SLIDE HEADER INDUSTRIAL PORTFOLIO (Trebuchet Bold 28pt) Andrew Whiteside Sub title (Trebuchet 16 pt) Head of Industrial

Victor Hoog Antink Chief Executive Officer

DXS 2009 Annual Results — Slide 19

INDUSTRIAL

Increased activity and consistent performance

• Delivering continued performance in a tough market

• Key metrics improved

• Positive income growth

• Asset values now stable

• Repositioning portfolio through sales and acquisitions

• Development activity capitalising on rebound in tenant demand

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DEXUS Industrial Estate, Laverton North Vic

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2009 Half Year Results presentation — Slide 20

INDUSTRIAL

Sound portfolio fundamentals

• Consistent income growth

DXS industrial value movement history

• High occupancy and tenant retention

• Lease duration up 9% since June 2009

• Cap rates peaked, asset values now stabilised

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• Portfolio underpinned by strong passing rents

			Net	Like-for-	Occupancy	Occupancy	Over/under	Retention	Lease	Portfolio	Avg cap
			Property	like	(area)	(income)	rented	rates	duration	value	rate
			Income						(income)
	HY Dec	09	$52.7m	1.9%	97.7%	97.3%	6.6% over	76%	4.7 yrs	$1.5bn	8.8%
	HY Dec	08	$53.4m	3.4%	96.8%	96.6%	3.5% over	79%	4.5 yrs	$1.6bn	8.1%

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2009 Half Year Results presentation — Slide 21

INDUSTRIAL

Active management delivering results

• Intensive leasing focus

• 72,000sqm[1] existing space and 36,000sqm pre-leased

• Average rents down 1.1%, incentives at 6.0%[2]

• Property transactions – repositioning portfolio

• $62m disposals since May: yield of 7.6%

• $46m acquisition: passing yield of 9.3%

Stable income profile

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Looking forward

• FY10 largely de-risked

• FY11 80% locked away

• Includes vacancies, new deals and renewals

• Tenant incentives were given on 12 of 38 transactions, averaging 9%. The weighted average of all deals done was 6%

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2009 Half Year Results presentation — Slide 22

INDUSTRIAL

Staged developments underway - acted early to capture growth

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Greystanes approved development plan

• Greystanes 47.2ha (15% pre-leased)

• Major project approval in Nov 2009

• Two tenant pre-commitments at 8.8% yield

  • EQBD Converting – 18,600sqm, 10 yrs

  • Symbion Pharmacy Services – 17,300sqm, 15 yrs

� Laverton 149ha (3 stages) Stage 1 55ha - 65% developed Stage 2 29ha - DA approved for infrastructure Stage 3 65ha - re-zoned in Dec 2009

• Well positioned to fulfil growing tenant demand

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2009 Half Year Results presentation — Slide 23

INDUSTRIAL 2010 focus

• Early signs of market activity returning

• 2010 improving with stronger growth expected in FY11

• Experienced team building leadership position

• Further enhance & position portfolio for growth

Industrial drivers

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Industrial Activity (RHS) Sydney rent Melbourne rent
30% 15%
20% 10%
10% 5%
0% 0%
-10% -5%
-20% -10%
1988 1991 1994 1997 2000 2003 2006 2009 2012
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• Strengthen quality, diversity & flexibility with scale

• Active management delivering consistent performance

Source: Jones Lang LaSalle (Western precincts), Access Economics

• Key developments and tenant pre-commitments driving growth

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2009 Half Year Results presentation — Slide 24

TITLE SLIDE HEADER NORTH AMERICAN (Trebuchet Bold 28pt) INDUSTRIAL PORTFOLIO Sub title (Trebuchet 16 pt) Paul Say

Victor Hoog AntinkHead of Corporate Development Chief Executive Officer& North America

DXS 2009 Annual Results — Slide 25

NORTH AMERICA

Market conditions weak but improving

• Leading economic indicators turning positive

• Property markets lag economy

• Wide variances from market to market

• Portfolio performance in line with expectations

Substantial improvement in business confidence

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Source: Deutsche Bank, DEXUS Research Updated Feb 2010

• Market oversupply impacting rents and values

• Strategic portfolio repositioning underway

• US$206m in property sales

• US platform down from 21 to 17 markets

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2009 Half Year Results presentation — Slide 26

NORTH AMERICA Portfolio fundamentals reaching cyclical lows

• Portfolio continues to track industry benchmarks

North America value movement history

• Portfolio earnings down

• US$ half year income down 6.6%

• Occupancy down

• Impacted by assets sales and Whirlpool but like for like down

• Valuations US$1.2bn down 10%

• Average cap rate out 50bp to 8.7%, likely peaked

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			Net	Like-for-	Occupancy	Occupancy	Over/under	Retention	Lease	Portfolio	Avg cap
			Property	like	(area)	(income)	rented	rates	duration	value1	rate
			Income1						(income)
	HY Dec	09	US$46.9m	(10.8%)	87.8%	83.2%	6.3% over	60%	4.7 yrs	US$1.2bn	8.7%
	HY Dec	08	US$50.2m	(2.2%)	90.8%	90.0%	0.0%	70%	4.3 yrs	US$1.5bn	7.9%

1. Refer to appendices for exchange rates

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2009 Half Year Results presentation — Slide 27

NORTH AMERICA

Half year results reflect improving business confidence

• Continued focus on leasing & retention

Stable income profile

— 2.3m sf (214,000sqm) leased

• 67 transactions (include 31 new lease deals)

• First positive absorption in 6 quarters

Looking forward

• FY10 income trend expected to continue

— Full year impact of increased vacancy

• FY11 opportunity for new leasing, timing uncertain

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2009 Half Year Results presentation — Slide 28

NORTH AMERICA Capital transactions

• Whirlpool program now complete

• Atlanta, Seattle & Columbus acquired for US$202.6m

• New 10 year triple net leases

• US property sales initiate portfolio repositioning

• 22 properties sold for US$206m

• Transactions driven by leasing and valuation risk, scale and group strategy

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19700 38[th] Avenue East, Spanaway, Seattle

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2009 Half Year Results presentation — Slide 29

NORTH AMERICA Preferred west coast markets

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• Preferred markets: Los Angeles, San Francisco, Seattle

• Major gateways for US trade with Asia

• Represents 70% of US trade

• California is major market

• US largest economy (8[th] largest in world)

• Lower cost and more flexible employment base

• Combined population 43m people

• 30% of DEXUS assets already located in these markets

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2009 Half Year Results presentation — Slide 30

NORTH AMERICA

Repositioning portfolio over time

Objectives

North American markets

• To build local DEXUS capability over time

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• Establish DEXUS office

• RREEF continue as asset and transaction managers

• CBRE directly appointed for property management

• Reposition the portfolio

• National ‘footprint’ now down to 17 markets

• Future property sales to be reinvested in core markets

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2009 Half Year Results presentation — Slide 31

NORTH AMERICA 2010 focus

• Market conditions showing signs of improvement

• Transactions underpinning values

• Continued focus on leasing

• Recovery likely to be slow and patchy

Substantially through the worst leasing conditions in 20 years

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Source: RREEF Research / Torto Wheaton

3691 North Perris Boulevard, Perris, California

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2009 Half Year Results presentation — Slide 32

TITLE SLIDE HEADER THIRD PARTY FUNDS (Trebuchet Bold 28pt) MANAGEMENT Sub title (Trebuchet 16 pt) Victor Hoog Antink Victor Hoog Antink Chief Executive Officer Chief Executive Officer

DXS 2009 Annual Results — Slide 33

THIRD PARTY FUNDS MANAGEMENT

• Funds under management of $5.5 billion

• Early signs of fund inflows

• Equity from new and existing investors

• Domestic funds increasingly at under weight

• Australia attractive to international capital

• Institutional investors looking for:

• Largely core style investment

• Best of breed managers

Funds breakdown

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• Well positioned to introduce 3rd party investors as partners

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2009 Half Year Results presentation — Slide 34

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

DXS 2009 Annual Results — Slide 35

OBJECTIVES INTO 2011

�

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2009 Half Year Results presentation — Slide 36

OUTLOOK AND GUIDANCE

� Property operations

— Office: stable FY10 with growth in FY11

• Industrial: consistent growth FY10 and FY11

• US: stabilising in FY11

• Property values

• At or near bottom

• Value returning in FY11

FY10 guidance reconfirmed[1]

• FFO per security: 7.3 cents

• Distribution per security : 5.1 cents

• Barring unforeseen circumstances

Artist’s impression: 123 Albert Street, Brisbane Qld

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2009 Half Year Results presentation — Slide 37

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

DXS 2009 Annual Results — Slide 38

Disclaimer

• 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 and DXS, 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 DXS unitholder or potential investor may require in order to determine whether to deal in DXS 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 DXS is not guaranteed by DXFM or 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.

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2009 Half Year Results presentation — Slide 39

2009 DEXUS Property Group HALF YEAR RESULTS PRESENTATION

DEXUS Funds Management Limited ABN 24 060 920 783 AFSL 238163 as responsible entity for DEXUS Property 2009 Half Year Results presentation — Slide 40 Group

2009 DEXUS Property Group HALF YEAR RESULTS APPENDICES

DEXUS Funds Management Limited ABN 24 060 920 783 AFSL 238163 as responsible entity for DEXUS Property 2009 Half Year Results presentation — Slide 41 Group

INDEX

Balance Sheet	43-44
Income statement reconciliations	45-46
Valuations	47-48
FX rates	49
Key financial risk management measures	50-52
Debt profile	53
Hedging	54-55
Cross currency swap maturity	56
Portfolio composition	57
Acquisitions	58
Disposals	59
Developments	60-61
Whirlpool investment program	62
Major tenants	63-64
Lease expiry profiles	65-68
Office	69
Industrial – Australia	70
Europe	71
Glossary	72

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2009 Half Year Results presentation — Slide 42

BALANCE SHEET

	Dec 2009	June 2009
	$’m	$’m
Cash & receivables	105	120
Direct property portfolio	7,300	7,737
Other (including derivative financial instruments & intangibles)	426	494
Total assets	7,831	8,351
Payables & provisions	253	290
Interest bearing liabilities	2,405	2,509
Other (including derivative financial instruments)	232	406
Total liabilities	2,890	3,205
Less: non-controlling interests	205	207
Less: intangible assets	213	213
Net tangible assets (after non-controlling interests)	4,523	4,726
NTAper security (excludingnon-controllinginterests) ($)	0.95	1.01
Gearing (net of cash)	31.9%	31.2%

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2009 Half Year Results presentation — Slide 43

NET ASSET VALUE COMPOSITION

� Property devaluations of $286 million or 6 cents of NTA

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2009 Half Year Results presentation — Slide 44

INTEREST RECONCILIATION

		Dec 2009
	$’m	$’m
Interest paid/payable	60.8
Other finance costs	2.5
Interest expense		63.3
Realised interest rate swaps	23.9
Unrealised interest rate swaps MTM	(20.3)
Net fair value (gain) loss of interest rate swaps		3.6
Total interest expense		66.9
Less: interest capitalised		(18.3)
Add: finance costs attributable to asset disposal programme		9.2
Finance costs		57.8
Adjust: unrealised interest rate swaps MTM (above)		20.3
Less: finance costs attributable to asset disposal programme (above)		(9.2)
Less: interest income		(0.8)
Net finance costs		68.1

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2009 Half Year Results presentation — Slide 45

PROFIT TO FUNDS FROM OPERATIONS RECONCILIATION

MTM derivs & FX Group consolidated Property revals/ impairm’t Mgmt rights impairm’t Depr’n & amort’n Straight line rent adjust Deferred tax P/L on sale of invest prop RENTS capital dist’n Current Tax & Other Distributable earnings	MTM derivs & FX Group consolidated Property revals/ impairm’t Mgmt rights impairm’t Depr’n & amort’n Straight line rent adjust Deferred tax P/L on sale of invest prop RENTS capital dist’n Current Tax & Other Distributable earnings
Revenue from ordinary activities Propertyrevenue 338.4 14.3 (0.1) 352.6
Management fees 27.5 27.5
Interest revenue 0.8 (0.8) -
- (9.5) 9.5 Net fair valuegain of derivatives
Net foreign exchangegain 2.4 2.4
Other income 0.1 0.1
Total income 378.7 382.6
Expenses Property expenses (87.0) (87.0)
(20.3) (68.1) 0.8 9.2 (57.8) Finance costs
- 26.8 (26.8) Share of net profits of associates accounted for using the equitymethod
- 259.3 (259.3) Net fair value loss of investment properties
- 50.1 (50.1) Net loss on sale of investment properties
(1.4) 0.8 (2.2) Depreciation
Impairment (0.2) 0.2 -
Compensation related expenses (28.9) (28.9)
Other expenses (9.8) (9.8)
Total expenses (522.1) (195.2)
Profit before tax (143.4) 187.4
Tax expense Income tax benefit 2.8 0.9 (3.8) (0.1)
Withholdingtax benefit 32.4 (32.6) (0.2)
Total tax benefit/(expense) 35.2 (0.3) Net profit attributable to other non-controlling interests 1.2 (3.9) (2.0) (4.7)
(1.3) (1.3) - Translation of FX for hedge rates and other
(29.8) Net Loss (107.0) 286.1 0.2 15.1 (0.1) (31.7) 59.3 (3.9) (7.1) 181.1
Distribution (70% of FFO) 126.3 Securities for distribution (million) 4,766.1
Distribution per security (cents) 2.65
Link to	http://www.dexus.com/Investor-Centre/DXS/Property-Synopsis for the excel spreadsheet

2009 Half Year Results presentation — Slide 46

VALUATION METRICS

	Cap rate	Cap rate	Cap rate	IRR	IRR	IRR	Devaluation
	Dec 09	Jun 09	change	Dec	Jun	change	change1 %
	%	%	bps	09	09	bps
				%	%
Australian office	7.6	7.7	10	9.2	9.0	20	(2.0%)
Australian industrial	8.8	8.8	—	10.1	9.9	20	(1.9%)
Australian retail	7.0	6.8	(20)	n/a	9.0	n/a	(5.2%)
North American industrial2	8.7	8.2	(50)	9.2	9.4	(20)	(10.2%)
European industrial	8.2	8.1	(10)	8.7	8.8	(10)	(3.8%)
Total	8.0	8.0	—	9.4	9.2	20	(3.8%)3

1. Devaluation change includes investment property, development property and investments accounted for using the equity method

2. Stabilised cap rate used for North American Industrial

3. Devaluation change has been calculated in base currency and weighed using the closing FX rate. When calculated using AUD equivalents, the devaluation change remains (3.8%)

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2009 Half Year Results presentation — Slide 47

REVALUATION SUMMARY

	Office	Industrial	Retail	North America	Europe	Total
	$’m	$’m	$’m	$’m	$’m	$’m
P&L Revaluations — investment properties
External valuations	(10)	(13)	—	(75)	(8)	(106)
Internal valuations	(12)	(8)	(14)	(67)	—	(101)
Sub total	(22)	(21)	(14)	(142)	(8)	(207)
P&L revaluations — development properties
External valuations	—	—	—	(11)	—	(11)
Internal valuations	(33)	(8)	—	—	—	(41)
Sub total	(33)	(8)	—	(11)	—	(52)
P&L revaluations — equity accounted properties
External valuations	(27)	—	—	—	—	(27)
Internal valuations	—	—	—	—	—	—
Sub total	(27)	—	—	—	—	(27)
Total P&L revaluations	(82)	(29)	(14)	(153)	(8)	(286)
Carry value — investment properties
Externally revalued	427	275	—	779	213	1,694
Internally revalued	3,318	1,016	257	556	—	5,147
Sub total	3,745	1,291	257	1,335	213	6,841
Carry value — development properties
Externally revalued	—	—	—	36	—	36
Internally revalued	152	200	—	—	—	352
Sub total	152	200	—	36	—	388
Carry value — equity accounted
Externally revalued	71	—	—	—	—	71
Internally revalued	—	—	—	—	—	—
Sub total	71	—	—	—	—	71
Total carry value	3,968	1,491	257	1,371	213	7,300

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2009 Half Year Results presentation — Slide 48

EXCHANGE RATES USED IN STATUTORY ACCOUNTS

		Dec 2009	June 2009	Dec 2008
	USD	0.8969	0.8114	0.6928
	EUR	0.6241	0.5751	0.4919
Balance Sheet
	NZD	1.2354	1.2428	1.1955
	CAD	0.9434	0.9379	0.8441
	USD	0.8699	0.7348	0.7607
	EUR	0.5995	0.5398	0.5473
Profit & Loss
	NZD	1.2436	1.2257	1.2072
	CAD	0.9375	0.8580	0.8619

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2009 Half Year Results presentation — Slide 49

KEY FINANCIAL RISK MANAGEMENT MEASURES

	Dec 2009	June 2009
Gearing1	31.9%	31.2%
Covenant gearing1(covenant2 <55%)	32.5%	32.0%
Headroom (approx)3	$1.5bn	$1.5bn
Average maturity of debt	2.8 yrs	2.6 yrs4
Average maturity of interest hedge	6.1 yrs	6.2 yrs
Weighted average cost of debt5	6.1%	5.4%
Debt plus RENTS hedged6	90%	90%
Foreign balance sheet hedged7	95%	90%
Foreign income hedged	95%	93%
Interest cover (covenant2 > 2.0x)	3.0x	3.0x
Priority debt (covenant2 < 30%)	8.7%	8.1%
S&P / Moodys rating	BBB+ / Baa1	BBB+ / n/a8

1. Refer to glossary for gearing definition 2. As per public bond covenants (most conservative) 3. Undrawn facilities plus cash

2. Includes July 2009 MTN issue

3. Inclusive of margins and fees (includes RENTS) and margins calculated assuming all facilities are fully drawn

4. Average amount hedged for the financial year (includes RENTS)

5. Excludes working capital and cash 8. Moody’s rating assigned in Sept 2009

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2009 Half Year Results presentation — Slide 50

DEBT PROFILE

		Facility limit A$’m	Drawn A$’m	Maturity dates	Security	Currency
	Syndicated bank debt	300	59	Mar 10	Unsecured	Multi-ccy, A$ limit1
		234	—	Sept 10	Unsecured	Multi-ccy,US$ limit2
	Bilateral bank debt	360	—	Dec 10	Unsecured	Multi-ccy, A$ limit1
		145	—	Sept 11	Unsecured	Multi-ccy, A$ limit1
		178	—	May 12 – Jul 12	Unsecured	Multi-ccy, A$ limit1
		250	116	Dec 12	Unsecured	Multi-ccy, A$ limit1
		250	90	Sept 13	Unsecured	Multi-ccy, A$ limit1
		133	115	Dec 13	Unsecured	Multi-ccy, US$ limit2
	Secured bank debt	250	250	Oct 11	Secured	A$
	Mortgage loans	46	46	Feb 11	Secured	US$
		246	246	Sept 11	Secured	US$
		102	102	Oct 11 – Feb 14	Secured	US$
	Medium term notes (MTN)	250	250	Feb 10	Unsecured	A$
		200	200	Feb 11	Unsecured	A$
		160	160	Feb 14	Unsecured	A$
		6	6	Sept 10	Unsecured	US$
	US senior notes(144a)	333	333	Oct 14	Unsecured	US$
	US senior notes (USPP)	446	446	Feb 11 – Mar 173	Unsecured	US$
	Total	3,889	2,419
	Bank Guarantee utilised		7
	Cash		(71)
	Headroom		1,534

1. Capacity to draw in multi-currencies, facility limit denominated in AUD

2. Capacity to draw in multi-currencies, facility limit denominated in USD

3. $116m February 2011, $70m December 2011, $260m 2012-2017

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2009 Half Year Results presentation — Slide 51

FACILITY MIX

• No off balance sheet debt (no look through adjustments)

• All unsecured facilities rank pari passu

• All secured facilities are non-recourse to DEXUS

• US$ loans predominantly from insurance companies, secured by mortgages over property

Facility mix

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2009 Half Year Results presentation — Slide 52

DEBT PROFILE BY JURISDICTION

	Weighted	Interest bearing	Cross	Total liabilities	Interest
	average	liabilities	currency	after cross ccy	hedge
	cost of debt1	(incl RENTS)	swaps2	swaps2 (incl RENTS)	duration
	%	$’m	$’m	$’m	years
Australia/New Zealand	6.18%	A$1,145	A$(183)	A$962	4.6
USA	6.15%	US$1,242	—	US$1,242	6.9
Europe	5.71%	€59	€80	€139	4.6
Canada	5.98%	—	C$50	C$50	8.0
Average/total	6.10%	A$2,623	—	A$2,6223	6.1
Less amortised debt costs		(A$14)
Less RENTS		(A$204)
Current & non-current interest bearing liabilities		A$2,405

� Balance sheet naturally hedged through foreign liabilities

� Reduction in US$ cross currency swaps due to US$ debt issue

� Minimal foreign currency debt drawn under multi-currency facilities

1. Weighted average of fixed and floating rates for the current period, inclusive of margins, fees and margins calculated assuming all facilities are fully drawn

2. Cross currency swap principal amounts included at contract exchange rates. Refer slide 56 for maturity profile and rates

3. Differs to total interest bearing liabilities by the amount of the cross currency swap mark-to-markets

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2009 Half Year Results presentation — Slide 53

INTEREST RATE HEDGING PROFILE

	HY10	FY10	FY11	FY12	FY13	FY14	Avg
							FY15+4
A$’m average hedged1,3	741	742	771	724	567	485	216
A$ hedge rate (ex margin)2,3	5.16%	4.93%	5.02%	4.97%	5.29%	5.74%	6.18%
US$’m average hedged1	1,229	1,208	959	876	1,026	1,049	511
US$ hedge rate (ex margin)2	5.43%	5.17%	5.37%	6.05%	5.55%	5.43%	4.87%
€’m average hedged1	140	140	138	128	105	70	28
€ hedge rate (ex margin)2	4.52%	4.45%	4.40%	4.43%	4.54%	4.84%	4.13%
C$’m average hedged1	67	58	50	50	50	50	34
C$ hedge rate (ex margin)2	4.77%	5.04%	5.41%	5.41%	5.41%	5.41%	5.41%
Total hedged (A$’m)1,3	2,442	2,393	2,114	1,958	1,932	1,820	866
Hedge rate (ex margin)2,3	5.32%	5.05%	5.20%	5.48%	5.35%	5.50%	5.43%

• Note: the above rates do not include fees, credit margins or floating interest rate assumptions. Refer slide 53 for current period weighted average cost of debt.

• Average amount hedged across the period

• Weighted average rate of fixed debt and swaps for the period 3. Includes RENTS

• Hedging out to 10 years

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2009 Half Year Results presentation — Slide 54

FOREIGN INCOME HEDGING PROFILE

		HY10	FY10	FY11	FY12	FY13
	Combined hedging profile	95%
	US$ hedging profile1	100%
	Foreign exchange contracts (US$m)2	3.5	4.3	0.0	4.4	2.7
	Average A$/US$ rate2	0.7165	0.7152	n/a	0.7098	0.6657
	NZ$ hedging profile3	41%
	Foreign exchange contracts (NZ$m)	2.0	4.0	2.0	0.0	0.0
	Average A$/NZ$ rate	1.1767	1.1780	1.1847	n/a	n/a
	€ hedging profile4	58%
	Foreign exchange contracts(€m)	-	-	-	-	-
	CAD hedging profile5	75%
	Foreign exchange contracts(CAD)	-	-	-	-	-

� The combined hedging profile is at least 85% hedged in years FY10 to FY13

1. Hedging as % of US$ exposure, including foreign interest expense (“natural hedging”) and Foreign Exchange Contracts (“FECs”) 2. Excludes FECs that have been reversed

2. Hedging as % of NZ$ exposure, via FECs only

3. Hedging as % of € exposure, by EUR interest expense only

4. Hedging as % of CAD exposure, by CAD interest expense only

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2009 Half Year Results presentation — Slide 55

CROSS CURRENCY SWAP MATURITY PROFILE

	FY10	FY11	FY12
€ maturities (€m)	0	40	40
€ contract rate	n/a	0.6160	0.6145
CAD maturities (C$m)	35	15	0
C$ contract rate	0.8418	0.9657	n/a

� No US$ cross currency swaps currently in place

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2009 Half Year Results presentation — Slide 56

PORTFOLIO COMPOSITION (INCOME AND LEASE EXPIRY)

	% total	FY10	FY11	FY12	FY13	FY14+
	income
Australian office	49%	4%	4%	5%	7%	29%
Australian industrial	21%	2%	4%	4%	3%	8%
Retail	4%	0%	1%	0%	1%	2%
North American industrial	22%	4%	3%	3%	2%	10%
European industrial	4%	1%	1%	1%	1%	0%
Total	100%	11%	13%	13%	14%	49%

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2009 Half Year Results presentation — Slide 57

ACQUISITIONS

	Interest %	Acquisition	Notes
		A$’m
Australia1
2-4 Military Road, Matraville NSW	100	46.12	Dec 2009
North America
Whirlpool, Columbus, Ohio	100	80.4	July 2009
Whirlpool, Seattle, Washington	100	76.5	Oct 2009
Whirlpool, Atlanta, Georgia	100	79.8	Nov 2009
Total acquisitions		282.8

1. Greystanes – staged acquisition with the remaining $27m to be paid H2FY10 as infrastructure is completed 2. Excludes stamp duty paid of $2.6 million

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2009 Half Year Results presentation — Slide 58

DISPOSALS

	No of Properties	Proceeds	Notes
		A$’m
Australian office	2	58.3	Includes 1.6% of Bligh St to DWPF
Australian industrial	5	50.1	Includes post balance date disposals
Australian retail	1	256.5	Settles March 2010
European industrial	1	1.6
North American industrial	22	231.5	Includes post balance date disposals
Total disposals	31	598.0

Link to http://www.dexus.com/Investor-Centre/DXS/Property-Synopsis for the excel spreadsheet

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2009 Half Year Results presentation — Slide 59

DEVELOPMENTS UNDERWAY

	Country	Area	Est total	Est. cost to	Est. yield	Est.
		Sqm	cost1	completion	on total	completion
			A$’m	A$’m	cost	date
					%
Office
123 Albert Street, Brisbane QLD	Australia	38,000	348	191	6.8	Dec 2010
1 Bligh Street, Sydney NSW1	Australia	43,000	214	121	7.0	May 2011
Total office		81,000	562	312
Industrial
Greystanes NSW - EQBD Converting	Australia	18,600	22	22	8.8	May 2010
Greystanes NSW - Symbion Pharmacy Services	Australia	17,300	31	31	8.8	Feb 2011
Total industrial		35,900	53	53
Total underway		116,900	615	365

1. Includes land

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2009 Half Year Results presentation — Slide 60

DEVELOPMENTS – UNCOMMITTED PIPELINE

	Country	Building	Project est.	Project to	Projected
		area	A$’m	est.	yield on
		sqm		completion	project est.
				A$’m	cost
					%
Industrial
Greystanes, Western Sydney NSW1	Australia	202,265	328	194	9
DEXUS Industrial Estate, Laverton North VIC	Australia	373,104	373	300	9
Axxess Corporate Park, Mt Waverley VIC	Australia	16,094	50	44	9
Total pipeline		591,463	751	538

Development activities will only commence if they are fully funded and meet our investment criteria

1. Greystanes land apportioned out for EQBD Converting & Symbion Pharmacy Services committed projects

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2009 Half Year Results presentation — Slide 61

WHIRLPOOL INVESTMENT PROGRAM COMPLETED

	Acquisition	Area	Acquisition
	date	‘000 sqm	cost
			$m
Acquired to date
Orlando, Florida USA	Jun 07	47	US$25.1
Toronto, Ontario Canada	Dec 07	70	C$71.4
Perris, California USA	Jan 08	157	US$128.6
Columbus, Ohio USA	Jul 09	145	US$64.6
Seattle, Washington USA	Oct 09	83	US$66.5
Atlanta, Georgia USA	Nov 09	140	US$71.5
Total		642	A$493.91

1. Conversion rate: AUD/USD = 0.8667, AUD/CAD = 0.8621

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2009 Half Year Results presentation — Slide 62

AUSTRALIA – MAJOR TENANTS BY INCOME

Australian Office	Australian Office	% of Sector NPI	Australian Industrial	Australian Industrial	% of Sector NPI
1	Woodside Energy Ltd	8.2%	1	Wesfarmers Limited	6.4%
2	S&K CarPark Management Pty Ltd	7.3%	2	Elders Ltd	5.4%
3	State of NSW	4.7%	3	Visy Steel Products	3.7%
4	Commonwealth of Australia	4.4%	4	IBM Global Services	3.1%
5	Lend Lease Management Services	3.1%	5	DHL	2.5%
6	State of Victoria	3.0%	6	Toll Transport Pty Ltd	2.4%
7	Dabserv Pty Limited (Mallesons)	2.9%	7	Symbion Pharmacy Services	2.2%
8	IBM Australia Limited	2.7%	8	Salmat Business Force Pty Ltd	2.1%
9	The Herald & Weekly Times Limited	2.2%	9	Commonwealth of Australia	2.1%
10	PKF Services	1.5%	10	Fosters Group Limited	2.0%
Top 10		40.0%	Top 10		31.9%

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2009 Half Year Results presentation — Slide 63

INTERNATIONAL – MAJOR TENANTS BY INCOME

North America Industrial	North America Industrial	% of Sector NPI	Europe Industrial	% of Sector NPI
1	Whirlpool Corporation	26.5%	1 Edeka Südwest	19.5%
2	US Government	1.7%	2Solideal Deutschland GmbH	9.8%
3	Skechers USA, Inc.	1.4%	3Karstadt Vermietungsges. GmbH	7.7%
4	Square D Company	1.3%	4Compass Security Logistik GmbH	7.7%
5	Domtar Paper Company	1.2%	5 CAE	6.9%
6	Fedex Ground Package System	1.1%	Top 5	51.6%
7	General Services Admin.	1.1%
8	States Logistics Services, Inc.	1.0%
9	Michaels Stores, Inc.	0.9%
10	B&E Storage	0.9%
Top 10		37.1%

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2009 Half Year Results presentation — Slide 64

AUSTRALIAN & NEW ZEALAND OFFICE Lease expiry profile

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18%
16%
14%
12%
10%
8%
6%
4%
2%
0%
Vacant <1 Year <2 Years <3 Years <4 Years <5 Years <6 Years <7 Years <8 Years <9 Years <10 Years >10 Years
Area Income
15.5%
14.8% 14.6%
14.1%
13.3%
12.7%
11.8%
10.7%
10.1%
9.3% 9.6% 9.0% 9.7%
7.1%
6.3% 6.1%
5.3%
4.2% 4.3% 3.9%
3.5%
1.8%
1.4%
0.8%
% of portfolio available for lease
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2009 Half Year Results presentation — Slide 65

AUSTRALIAN INDUSTRIAL Lease expiry profile

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30%
25%
20%
15%
10%
5%
0%
Vacant <1 Year <2 Years <3 Years <4 Years <5 Years <6 Years <7 Years <8 Years <9 Years <10 Years >10 Years
Area Income
24.4%
21.3%
18.0%
14.1% 13.7%
10.7%
9.1% 9.6%
8.4%
7.8% 7.7%
7.1% 7.1%
5.9% 6.0%
4.9%
4.2% 4.0% 4.2% 4.1%
% of portfolio available for lease 2.3% 2.7% 1.4% 1.4%
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2009 Half Year Results presentation — Slide 66

NORTH AMERICAN INDUSTRIAL Lease expiry profile

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18%
16%
14%
12%
10%
8%
6%
4%
2%
0%
Vacant <1 year <2 years <3 years <4 years <5 years <6 years <7 years <8 years <9 years <10 years <11 years
Area Income
16.8%
15.7%
14.3%
12.7%
12.2% 12.2%
11.3% 11.4%
10.8%
10.6%
9.5% 9.4%
7.7%
7.4%
6.4%
5.9%
5.6%
4.9%
% of portfolio available for lease
3.4%
2.8% 3.0%
2.3%
2.3%
1.6%
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2009 Half Year Results presentation — Slide 67

EUROPEAN INDUSTRIAL Lease expiry profiles

Germany

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35%
30%
25%
20%
15%
10%
5%
0%
Vacant <1 year <2 years <3 years <4 years <5 years <6 years <7 years
Area Income
France
35%
30%
25%
20%
15%
10%
5%
0%
Vacant <1 year <2 years <3 years <4 years <5 years <6 years <7 years
Area Income
30.7%
28.3% 28.9%
24.1%
18.3%
15.5%
12.0% 12.3%
9.3%
7.5%
5.0%
3.8% 3.3%
1.1% 0.0% 0.0%
29.1%
24.2%
22.4% 22.2%
20.1%
18.1%
12.4% 12.4% 13.0%
10.2%
7.9% 7.9%
0.0% 0.0% 0.0% 0.0%
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2009 Half Year Results presentation — Slide 68

AUSTRALIA & NEW ZEALAND OFFICE

Property classification[1]

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1. By book value 2. By income

Diversity of tenants[2]

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Geographical weighting[1]

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2009 Half Year Results presentation — Slide 69

INDUSTRIAL - AUSTRALIA

Geographical weighting[1]

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1. By book value 2. By income

Property classification[2]

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2009 Half Year Results presentation — Slide 70

EUROPE

HY Dec 2009 HY Dec 2008

Net property income	€6.0m	€6.3m
Like for like income growth	(5.2%)	(2.8%)
Occupancy – by area	87.8%	87.7%
Occupancy – by income	92.1%	90.6%
Lease duration	2.6 yrs	3.3 yrs
Portfolio value	€133m	€160m
Average cap rate	8.2%	7.7%

1. Refer to slide 49 for exchange rates

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2009 Half Year Results presentation — Slide 71

GLOSSARY

• Constant currency : Items shown at Constant currency for Dec 09 have been restated using the Dec 08 average FX rates for comparative purposes.

• Distribution adjustments : Includes all distribution adjustments except for revaluations and impairments, unrealised MTM of derivatives, loss on sale and deferred tax.

• Distribution payout policy : Distribution paid will be 70% of funds from operations (FFO) subject to total taxable income being less than 70% of FFO.

• Gearing : Gearing is represented by Interest Bearing Liabilities (excluding deferred borrowing costs) 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.

• Management EBIT : Comprises Responsible Entity fee revenue, third party fee revenue and corporate expenses including all staff costs for the DEXUS group. Following internalisation in Feb 08, Responsible Entity fee revenue and the corresponding fee paid are eliminated in the statutory financial statements.

• Non-cash items : Includes property revaluations, impairment of intangibles, derivative MTM, loss on sale and deferred tax benefit.

• Operating EBIT : Comprises net property income, Management EBIT and other income less Responsible Entity fees and other expenses paid.

• Portfolio value : Unless otherwise stated, Portfolio value is represented by investment properties, development properties 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 company 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.

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2009 Half Year Results presentation — Slide 72

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

DXS 2009 Annual Results — Slide 73

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.

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2009 Half Year Results presentation — Slide 74

2009 DEXUS Property Group HALF YEAR RESULTS APPENDICES

DEXUS Funds Management Limited ABN 24 060 920 783 AFSL 238163 as responsible entity for DEXUS Property 2009 Half Year Results presentation — Slide 75 Group