DEXUS — Earnings Release 2011

Aug 16, 2011

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DEXUS Property Group - ASX release
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17 August 2011

DEXUS Property Group (ASX: DXS) 2011 Annual results release, presentation and appendices

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

• Annual results release – DEXUS Property Group reports increase in profit to $553.0 million

• 2011 Annual results presentation and appendices

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
Ben Leeson	T: (02) 9017 1343	David Brewin	T: (02) 9017 1256
	M: 0403 260 754		M: 0411 162 457
	E: ben.leeson@dexus.com		E: david.brewin@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 $13.7bn. In Australia, DEXUS is the market leader in office and 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. 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/media release
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17 August 2011

DEXUS Property Group reports increase in profit to $553.0 million

DEXUS Property Group today announced a net profit attributable to stapled security holders after tax of $553.0 million for the year ended 30 June 2011, an increase of $521.6 million over the prior year. Funds From Operations (FFO) increased 2.3% to $358.0 million for the year.

RESULTS HIGHLIGHTS

• Delivering on FY11 guidance: FFO of 7.4 cents and distribution of 5.18 cents per security

• Favourable property revaluations: 6.3% increase in net tangible assets per security to $1.01

• Strong capital management: BBB+ and Baa1 rating and conservative gearing of 28.4%

Chief Executive Officer, Victor Hoog Antink said: “Our full year result reflects early improvements in property operating environments across the board, stabilising and improving debt market conditions and increased investor demand for real estate. In particular, our core office portfolio and active industrial businesses benefited from a combination of improved market conditions and a business platform positioned to capitalise on those improvements.

Our office team focused on leveraging our market scale and stronger market conditions particularly for CBD A-Grade space. In industrial, our strong capital platform enabled us to be one of the most active participants in the market in terms of acquisitions and developments. In the US, while operating conditions continue to be mixed, the value of our US portfolio increased significantly.

As a result of our stable core earnings profile, improving Australian office market fundamentals and a strong capital platform, DEXUS has delivered a total shareholder return[1] of 21.3% during the 2011 financial year, well above the A-REIT index.”

FINANCIAL RESULTS

• FFO $358.0m (2010: $350.0m)

• FFO per security 7.4 cents (2010: 7.3 cents)

• Distribution per security 5.18 cents (2010: 5.10 cents)

• Total assets $8.0bn (2010: $7.9bn)

Chief Financial Officer, Craig Mitchell said: “The increase in FFO per security to 7.4 cents resulted from solid operational performance in our Australian and core US portfolios, with like-for-like Net Operating Income (NOI) increasing 1.9% across the Group. NTA increased 6 cents per security to $1.01 as at 30 June 2011. This increase included 4 cents from property revaluations with average capitalisation rates tightening by 30 basis points (bps) to 7.7% and a 2 cent contribution from retained earnings[2] .

In relation to our debt portfolio, during the year we refinanced $830 million of debt, and at the same time increased the duration and reduced the cost of debt.”

1 ASX Share price appreciation plus dividends paid

2 Based on the payout ratio, being 70% of FFO

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DEXUS Property Group (ASX:DXS)
ASX/media release
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PORTFOLIO HIGHLIGHTS

Key portfolio metrics:

tfolio metrics:
	Office	Industrial	Industrial US	Total~~1~~
Occupancy (by area) %	96.2%	96.2%	84.4%	88.7%
Tenant retention %	53%	61%	55%	-
WALE (years)	5.3	4.7	4.4	5.0
Like-for-like growth %	3.3%	1.1%	(4.5)%	1.9%
Average cap rate %	7.4%	8.6%	7.6%	7.7%
Total return – 1 year	9.0%	9.4%	14.3%	10.2%

1. Includes Europe

OPERATING RESULTS: CORE RETURNS

Office

• Portfolio value $4.5bn (2010: $4.1bn)

• Like-for-like NOI growth 3.3% (2010: 0.4%)

• Occupancy (by area) 96.2% (2010: 95.7%)

• Lease duration (by income) 5.3 years (2010: 5.4 years)

Our office portfolio performed strongly during the year delivering core total returns of 9.0% driven by higher occupancy, lower incentive costs and improved revaluations. NOI increased 4.1% to $255.2 million over the period (2010: $245.1 million) underpinned by 3.3% growth in like-for-like NOI. Our strategy of taking a more aggressive stance on leasing and incentives has paid dividends, particularly in leveraging the strength in the Sydney A Grade CBD market. Tenant retention of 53% reflected our approach to let existing tenants leave at lease expiry in order to capture higher rents. The success of this was reflected in 113 new leases signed for approximately 74,000sqm (DXS share) at rates on average 4.6% higher than expiring rent levels and with average incentives of 16.4% (down from 20.5% in 2010). At year end, the portfolio was 96.2% leased which is 0.5% higher than a year earlier.

During the year, the weighted average capitalisation rate for the portfolio decreased by 25 bps to a weighted average rate of 7.4%. This resulted in a 2.8% increase in office property book values.

Industrial

• Portfolio value $1.6bn (2010: $1.5bn)

• Like-for-like NOI growth 1.1% (2010: 1.6%)

• Occupancy (by area) 96.2% (2010: 98.4%)

• Lease duration (by income) 4.7 years (2010: 4.9 years)

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DEXUS Property Group (ASX:DXS)
ASX/media release
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During the year we focused on de-risking the lease profile of our core Australian industrial portfolio. In addition, we continued to be active by disposing of properties and re-deploying the capital into our preferred markets with a view to increasing our long term returns. Headline NOI has increased to $116.4 million (2010: $109.9 million) with like-for-like NOI growth of 1.1% (2010: 1.6%) driven by strong leasing results in our Victorian portfolio.

During the year we completed 109 leasing transactions of more than 160,000sqm. The average decrease in new rents below expiring rents was 7.3%. This reversion included the impact of securing 91,000sqm of FY12 lease expires. While rental rates on these leases were 9% lower than expiring rents the rates achieved represented a significant premium to market rates (12% higher).

The total Australian industrial portfolio capital value remained relatively stable during the year with the capitalisation rate tightening on average 12bps to an average of 8.6%.

Industrial - US

• Portfolio value US$1.3bn or A$1.2bn (2010: US$1.2bn or A$1.5bn)

• Like-for-like NOI down 4.5% (2010: down 12.3%)

• Occupancy (by area) 84.4% (2010: 86.4%)

• Lease duration (by income) 4.4 years (2010: 4.9 years)

Headline NOI declined US$8.7 million to US$78.6 million (2010: US$87.3m) due to a combination of likefor-like income (down 4.5%) and property sales. In a two-tiered market, our core portfolio continued to perform well with occupancy increasing 3% to 99%, following the internalisation of management in January 2011. Central portfolio markets remained challenging with occupancy at 74%. Leasing management of the central portfolio was internalised in June 2011. This, combined with a forecast stabilisation in central markets, is expected to result in increased occupancy during the 2012 year.

During the year, 11 properties were sold for US$148.2 million at an average 13% premium to book value and an average yield of 3.0%. US$59.0 million of this was reinvested in core markets through the acquisition of three properties at an average yield of 7.1%. The portfolio experienced a 7.4% increase in value with capitalisation rates decreasing on average 80 bps to 7.6%.

European industrial - non-core

The European portfolio valued at €129 million or A$174 million (2010: €137m or A$197m), contributed €11.6 million (2010: €10.6m) or 3% of the Group’s NOI. At 30 June 2011 portfolio occupancy (by area) was 79.7% up from 78.1% at June 30 2010. We are currently in advanced negotiations for the sale of approximately half of the properties.

OPERATING RESULTS: VALUE ADD ACTIVITY

Office - developments

The Group’s two 6 star Green Star premium office developments reached practical completion in July 2011. 1 Bligh Street is 55% leased with a further 11% under advanced negotiations. The $667 million development (DEXUS share: $227 million) is forecast to deliver a fully leased yield on cost of 7.0%.

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DEXUS Property Group (ASX:DXS)
ASX/media release
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123 Albert Street in Brisbane, with a development cost of $382 million, is currently 90% leased with strong interest on the balance of the space. 123 Albert Street is forecast to deliver a 6.7% yield on cost. In Melbourne, development applications have been lodged on two properties: an 18,500sqm office development at Flinders Gate car park and a 20,000sqm office development at 360 Collins Street on behalf of DEXUS Wholesale Property Fund (DWPF). Development approvals are expected imminently.

Industrial - development

During the year we completed three pre-leased developments with a total value of $61 million delivering a yield on cost of 8.7%. The development leased to Loscam at Laverton, is under conditional contract for sale at an implied 7.95% capitalisation rate.

We are currently undertaking three developments with a total value of $71 million over 55,000sqm with 17,025sqm leased to date.

Third Party Investment Management

The Group’s third party investment management platform comprises DWPF at $3.4 billion, two Australian mandates totalling $2.6 billion and $0.2 billion of US industrial mandates where we provide property management services. During the year all our managed funds outperformed their benchmarks with DWPF the best performing Australian wholesale property fund[3] outperforming its benchmark[4] by 1.66%. During the year, DWPF acquired $256 million of properties, raised $313 million of new equity in addition to over $500 million of equity transfers. DWPF secured its inaugural Standard & Poor’s rating of A (Stable) and launched an inaugural Medium Term Note program. This activity builds a solid foundation for further growth in our third party business with continued demand from existing and new investors for Australian real estate and our proven platform with strong governance.

Corporate Responsibility & Sustainability

DEXUS continues to drive sustainable performance with improvements in resource consumption and progress in our NABERS Energy rating program. At June 2011 we have achieved a 3.6 star NABERS Energy rating for our office portfolio and we are on track to reach our 4.5 star target by the end of 2012. The Group’s two 6 Star Green Star design rated office developments are expected to achieve a 6 star as built rating later in 2011. We continued to progress sustainability innovation in our industrial business with environmentally sustainable design features incorporated into our new developments.

CAPITAL MANAGEMENT

DEXUS continues to operate with, and benefit from, a strong capital and risk management framework. During the year, $830 million of debt was refinanced in the domestic bank, US bond and US mortgage markets. The average term of debt refinanced was 6.3 years increasing average debt duration to 4.2 years. Gearing at 30 June 2011 was 28.4%, well below the Group’s target maximum of 40% and all debt facilities were comfortably inside covenant limits. In the next 12 months, DEXUS has $333 million of debt facilities expiring (excluding RENTS), with current undrawn lines of $600 million and commitments for $145 million of new facilities, we are well positioned to respond to any changes in debt market conditions.

3 Excluding single asset funds

4 Mercer IPD Pre Fee Gross Asset Weighted Index

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DEXUS Property Group (ASX:DXS)
ASX/media release
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OUTLOOK

Chief Executive Officer, Victor Hoog Antink said: “While the broader economic outlook and subsequent impact on markets is uncertain, we are confident that our business and portfolio is well positioned to respond to changing conditions. We expect that the fundamentals of our office and industrial markets, with low vacancy and limited forecast supply, will remain positive. As more than 95% of 2012 rental revenue is already secured, we believe that our business is well insulated in the near term from market uncertainty and over the longer term remains well positioned to benefit from improving market conditions.

Barring unforeseen changes to operating conditions, the forecast earnings (FFO) for the year ending 30 June 2012 is at least 7.65 cents per security, representing a 3.4% increase over FY11. Consequently, distributions, being 70% of FFO, are forecast to be at least 5.35 cents per security.”

Contacts:
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
Ben Leeson	T: (02) 9017 1343	David Brewin	T: (02) 9017 1256
	M: 0403 260 754		M: 0411 162 457
	E: ben.leeson@dexus.com		E: david.brewin@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 $13.7bn. In Australia, DEXUS is the market leader in office and 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. 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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TITLE SLIDE HEADER
2011
Sub title
DEXUS Property Group
ANNUAL RESULTS PRESENTATION
Victor Hoog Antink
17 August 2011
Chief Executive Officer
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DEXUS Funds Management Limited

ABN 24 060 920 783 AFSL 238163 as responsible entity for DEXUS Property Group

DEXUS FY11 RESULTS

 Victor Hoog Antink, CEO

• Key financial outcomes

• Overview of business performance

 Craig Mitchell, CFO

• Third Party Investment Management

• Capital Management

 Craig Mitchell, CFO

• Financial performance

 Victor Hoog Antink, CEO

• Outlook

• 2012 assumptions and guidance

 Paul Say, CIO

• Portfolio overview

• Core portfolio performance

• Value add/core plus activity

DEXUS Property Group 2011 Annual results presentation — Slide 2

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KEY FINANCIAL OUTCOMES

Results in line with prior guidance — stronger FY12

		June 2010	June 2011	% change
Key financial metrics	FFO	$350.0	$358.0	2.3%
	FFO per security	7.30c	7.40c	1.4%
	Distribution per security	5.10c	5.18c	1.6%
	Statutory profit	$31.4m	$553.0m	—
	Gearing	29.8%	28.4%	1.4%
	NTA per security	$0.95	$1.01	6.3%
Key portfolio metrics	Occupancy (by area)	89.9%	88.7%
	WALE (by income) years	5.1	5.0
	Like-for-like income growth	(2.3%)	1.9%
	Portfolio value	$7.3bn	$7.5bn
	Total assets under management	$13.3bn	$13.7bn
		June 2011 actual	June 2012guidance
FFO		FY11: 7.40c	FY12: at least 7.65c1	3.4%
Distributionguidance		FY11: 5.18c	FY12: at least 5.35c1	3.3%

1. Barring unforseen circumstances.

DEXUS Property Group 2011 Annual results presentation — Slide 3

DXS PORTFOLIO

Focused platform: robust core returns - leveraged to cyclical upside

		SECTOR — AUM/target allocation	CORE RETURNS	ACTIVE RETURNS
Environment & Stakeholders	Property Funds and Capital	Third Party $6.2bn managed Funding & capital management Industrial $1.6bn 20% Office $4.5bn 60% Industrial US $1.2bn 20%	Prime properties in major CBD’s (>85% AUM: target 9% IRR) Conservative approach, transparency and risk management DWPF $3.4bn and two mandates Sydney and Melbourne growth corridors(>80% AUM: target 10% IRR) Reposition to core markets (currently 50% FUM: target 8.5% IRR)	Development and trading (<15% AUM: target 15% IRR) Existing funds growth capital partnering Reduced funding costs Increased return in equity Development, trading & land(<20% AUM: target 15% IRR) Medium term focus

DEXUS Property Group 2011 Annual results presentation — Slide 4

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DEXUS PLATFORM
FY11 Key messages
SECTOR — AUM/target allocation KEY MESSAGE
Office $4.5bn 60%
 Office: performed well
Property Industrial $1.6bn 20%  Industrial: development momentum
 US: mixed, but values increasing
Industrial US $1.2bn 20%
Third Party $6.2bn managed  Strong track record & well positioned
Funds and
Capital
Funding & capital management  Balance sheet conservatively positioned
DEXUS Property Group 2011 Annual results presentation — Slide 5
DEXUS PLATFORM
Office
SECTOR — AUM/target allocation KEY MESSAGE
CORE
Office $4.5bn 60%
 Improving market with limited supply
Property Industrial $1.6bn 20%  Benefiting from tougher stance on leasing
 Market scale delivering benefits
Industrial US $1.2bn 20% ACTIVE
 Completed $609m developments
Funds and Third Party $6.2bn managed  Progressing Melbourne DAs
—
Capital 18,500sqm Flinders Gate
Funding & capital management —
20,000sqm for DWPF
Environment & Stakeholders
Environment & Stakeholders
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DEXUS Property Group 2011 Annual results presentation — Slide 6

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DEXUS PLATFORM
Industrial
SECTOR — AUM/target allocation KEY MESSAGE
CORE
Office $4.5bn 60%
 Consistent performance
Property Industrial $1.6bn 20%  Focus on forward leasing
 Portfolio recycling and repositioning
Industrial US $1.2bn 20%
ACTIVE
 Developments & trading
Third Party $6.2bn managed ―
Funds and $61m completed
Capital ― $71m under construction
Funding & capital management ― $390m pipeline
DEXUS Property Group 2011 Annual results presentation — Slide 7
DEXUS PLATFORM
Industrial US
SECTOR — AUM/target allocation KEY MESSAGE
CORE
Off iceice $4.5 bnbn 60%
 Active portfolio management
Property Industrial $1.6bn 20%  Core markets robust improvement
 Central markets lagging
Industrial US $1.2bn 20%  Portfolio transactions:
— US$148m sold
Third Party $6.2bn managed —
Funds and US$59m acquired
Capital
Funding & capital management
Environment & Stakeholders
Environment & Stakeholders
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DEXUS Property Group 2011 Annual results presentation — Slide 8

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DEXUS PLATFORM
Third Party Investment Management platform
SECTOR — AUM/target allocation KEY MESSAGE
Office $4.5bn 60% Third Party Investment Management
 All funds outperformed benchmarks
Property Industrial $1.6bn 20%
DEXUS Wholesale Property Fund
Industrial US $1.2bn 20%  $313m new equity & $500m+ for transfers
 $256m properties acquired
Funds and Third Party $6.2bn managed  DWPF top performing wholesale fund [1]
Capital
Environment & Stakeholders Funding & capital management
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1. Mercer IPD Pre Fee Gross Asset Weighted Index (excluding single asset funds).

DEXUS Property Group 2011 Annual results presentation — Slide 9

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DEXUS PLATFORM
Funding and business risk
SECTOR — AUM/target allocation KEY MESSAGE
Office $4.5bn 60%  Refinanced $830m of debt
 Reduced excess headroom
Property Industrial $1.6bn 20%
 Increased debt duration and diversity
Industrial US $1.2bn 20%
 Lower interest cost
Third Party $6.2bn managed
Funds and
Capital
Environment & Stakeholders Funding & capital management
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DEXUS Property Group 2011 Annual results presentation — Slide 10

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DEXUS PLATFORM Stakeholders and environment

ACHIEVEMENTS

Office  Completed two 6 Star Green Star developments. On target to reach 4.5 star NABERS Industrial Energy rating by end 2012  Leading innovation in sustainable industrial facilities Industrial US

People  New hires in core business units. Employee engagement 83% Tenants  Tenant satisfaction surveys driving outcomes Community  64% increase in volunteering hours

DEXUS Property Group 2011 Annual results presentation — Slide 11

DEXUS PLATFORM Stakeholders ― investors ACHIEVEMENTS  FY11 Core portfolios: IRR 10.2%  FY11 Return on equity: 11.8% Investors  FY11 Total shareholder return[1] : 21.3% (Outperformed A-REIT index 1, 3 and 5 years by 15.5%, 3.7% and 7.8% respectively) 1. S&P/ASX Property 200 Accumulation Index.

DEXUS Property Group 2011 Annual results presentation — Slide 12

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FINANCIAL TITLE SLIDE HEADER PERFORMANCE Sub title

Craig Mitchell Chief Financial OfficerVictor Hoog Antink Chief Executive Officer

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FINANCIAL RESULTS AT A GLANCE

	June 2010	June 2011	Change
	$m	$m	$m
Funds From Operations (FFO)	350.0	358.0	8.0
Less: Retained earnings1	(105.6)	(107.3)	(1.7)
Income distribution	244.4	250.7	6.3
NTA changes in comprehensive income	(234.1)	292.8	526.9
Other2	21.1	9.5	(11.6)
Statutory profit	31.4	553.0	521.6

1. FFO retained in accordance with our distribution policy.

2. RENTS capital distribution included in FFO (FY11 $10m, classified as an equity related movement in the financial statements) and movements in intangibles (FY11 ($1m)).

DEXUS Property Group 2011 Annual results presentation — Slide 14

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FUNDS FROM OPERATIONS

	June 2010	June 2011
	$m	$m
Office	245.1	255.2	Group like-for-like NOI up $8m
Industrial	109.9	116.4
Industrial US1	99.2	89.1	Management business contribution
Non-core1,2 Currency impact on NOI	30.2 -	18.5 (12.0)	and other operating costs impacted by US internalisation and one-off
Management business contribution to FFO	(12.9)	(22.7)	costs
Other operatingcosts	(10.2)	(7.3)
Operating EBIT	461.3	437.2	Operating EBIT broadly unchanged
Finance costs1 Currency impact on finance costs	(125.9) -	(103.3) 10.5	before net asset disposals and currency movements, which are
Cash and fit-out incentive amortisation	30.4	30.9	offset in interest expense
RENTS	(10.5)	(12.5)
Other	(5.3)	(4.8)
Funds From Operations(FFO)	350.0	358.0	Funds From Operations
FFOper security	7.3	7.4	increased 2.3%
Distributionper security	5.1	5.2

1. Constant currency: refer to Appendices for exchange rates.

2. Retail (FY10) and European industrial.

DEXUS Property Group 2011 Annual results presentation — Slide 15

NET TANGIBLE ASSETS CHANGES

June 2011 $m cps Opening net tangible assets 4,576 95 Revaluation of real estate 182 4 Retained earnings1 107 2 Amortisation of tenant incentives (31) (1) Fair value movements2 35 1 NTA changes in comprehensive income 293 6 Movement in DRP and FX reserve 9 Total movement in NTA 302 6 Closing net tangible assets 4,878 101
	Investment property Portfolio Cap rate Valuation movement
	Office 60% 7.4% $123m Industrial 22% 8.6% -$14m Industrial US 16% 7.6% $81m Industrial EU 2% n/a -$8m Total 100% 7.7% $182m

1. Based on payout ratio being 70% of FFO.

2. Includes primarily loss on sale of assets and fair value movements of derivatives.

DEXUS Property Group 2011 Annual results presentation — Slide 16

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WHICH MEANS FOR INVESTORS
FY11 Return on Equity
ROE: 11.8%
Funds From Operations $358m 70% payout ratio Distributions 5.2c
Total movement in NTA $302m NTA increase 6.0c
Opening NTA 95c
Quarry Industrial Estate, Reconciliation Road, Greystanes, NSW
DEXUS Property Group 2011 Annual results presentation — Slide 17
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PORTFOLIO TITLE SLIDE HEADER
Sub title
OVERVIEW
Paul SayVictor Hoog Antink
Chief Executive OfficerChief Investment Officer & Head of Office
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DXS PORTFOLIO

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SECTOR — AUM/target allocation CORE RETURNS ACTIVE RETURNS
Office $4.5bn 60% $3.9bn $0.6bn
Property Industrial $1.6bn 20% $1.4bn $0.2bn
Industrial US $1.2bn 20% $1.2bn ―
Third Party $6.2bn managed
Funds and
Capital
Environment & Stakeholders Funding & capital management
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DEXUS Property Group 2011 Annual results presentation — Slide 19

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PORTFOLIO HIGHLIGHTS
Core portfolio delivers 10.2% total return while active pipeline rebuilds
Portfolio allocation Core portfolio total returns
Office
In-line with IPD 3 year benchmark
7.4% 1.6% 9.0%
$7.5bn Target 9%
Industrial
Outperformed IPD 3 year benchmark: 1.2%
8.7% 0.7% 9.4%
Target 10%
Portfolio value Total Core returns
Office $4.5bn $3.9bn Industrial US
Industrial $1.6bn $1.4bn Below NCREIF 1 year benchmark: (0.4%)
Industrial US $1.2bn $1.2bn 7.2% 7.1% 14.3%
Other $0.2bn
Total $7.5bn $6.6bn Target 8.5%
Notes: Returns are for FY11 and percentages inside core portfolio total return bars are income and capital returns respectively.
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DEXUS Property Group 2011 Annual results presentation — Slide 20

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OFFICE PORTFOLIO — CORE Driving operational performance

• FY11 total return: 9.0%

• Strong like-for-like growth underpins 7.4% income returns

• Firming cap rates and 5.3 year WALE drive 1.6% capital return

• Local market expertise creates competitive advantage

• Tougher leasing stance delivers results

• Average incentive: 16.4% (20% lower than FY10)

• Leases signed on average 9% above market benchmark

• Scale and critical mass supports competitive advantage

Governor Phillip Tower, 1 Farrer Place, Sydney, NSW

DEXUS Property Group 2011 Annual results presentation — Slide 21

OFFICE PORTFOLIO — CORE

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Sydney CBD — dominant owner/manager in Sydney’s western corridor
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DEXUS Property Group 2011 Annual results presentation — Slide 22

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OFFICE PORTFOLIO — CORE

Sydney CBD — dominant owner/manager in Sydney’s western corridor

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44 Market Street
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44 Market Street, Sydney:

• Occupancy increased to 97%

• Valuation up 7.4%

• Rents up 10% (5% above market)

• WALE up to 5.8 years

• Incentives 4% below market

• FY11 total return 11.3%

DEXUS Property Group 2011 Annual results presentation — Slide 23

OFFICE PORTFOLIO — ACTIVE

Continue to enhance portfolio quality and earnings stability

• 4.5 Star NABERS program on track — future proofing our portfolio

• 1 Bligh (DXS 33.3% interest: $227m)

• Targeting stabilisation in 12 months

• 123 Albert (DXS 100% interest: $382m)

• Stabilised with 90% occupancy

• Actively reinvesting into development pipeline

• $200m Melbourne project seeking pre-commitment

1 Bligh Street, Sydney, NSW

DEXUS Property Group 2011 Annual results presentation — Slide 24

12

INDUSTRIAL PORTFOLIO

Core portfolio stable, strong market drives active investment

• Market rent growth is lagging contracted rent growth

• Forward leasing adds value

• Significant progress in de-risking FY12

• Industrial cycle — limited supply and competition

• $61m development activity completed: 8.7% yield

• $71m development underway, targeting >20% IRR

• $390m pipeline targeting >20% IRR

• Leading CR&S innovation

2-4 Military Road, Matraville, NSW

DEXUS Property Group 2011 Annual results presentation — Slide 25

INDUSTRIAL — ACTIVE Sydney industrial hotspots — Erskine Park

• Local market knowledge and focus creates value

• Acquired 7.6 ha Aug 2010: $15.9m ($197/sqm)

• Sold two lots at $290/sqm

• Strong enquiry for 21,000sqm “spec” warehouse

• Target project IRR: >20%

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DEXUS Property Group 2011 Annual results presentation — Slide 26
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INDUSTRIAL US PORTFOLIO

Driving returns through prudent timing of repositioning strategy

 Mixed operational results

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• Strong core portfolio offset by weaker central portfolio

• Occupancy in core portfolio benefited following internalisation

 Repositioning progress

• Sold US$148.2m central portfolio 13% above book

• US$59.0m core market acquisitions: average yield 7.1%

Note: Core portfolio includes Whirlpool properties.

DEXUS Property Group 2011 Annual results presentation — Slide 27

DEXUS PORTFOLIO OVERVIEW Portfolio diversification and management focus

• Proactively managing our core portfolio to maximise earnings growth and minimise volatility

• Positioned to respond to market opportunity and access enhanced returns

• Up to 20% of portfolio into new development and trading opportunities

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123 Albert Street, Brisbane, QLD

DEXUS Property Group 2011 Annual results presentation — Slide 28

14

FUNDS AND CAPITAL TITLE SLIDE HEADER MANAGEMENT Sub title

Craig Mitchell Chief Financial OfficerVictor Hoog Antink Chief Executive Officer

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THIRD PARTY INVESTMENT MANAGEMENT Significant activity

• Period of activity and progress

• DWPF top performing wholesale fund[1]

  • Acquired $256m industrial properties

  • Raised $313m new equity and $500m+ transfers

  • Standard & Poor’s A (Stable) rated

• Mandates outperforming benchmarks

• Focus on existing investors, continued outperformance

• Platform value to DXS

• Create new partnerships

• Greater scale and market penetration

• Leverage DXS integrated platform

• Enhanced return on equity

Product type

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Sector allocation

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1. Mercer IPD Pre Fee Gross Asset Weighted Index (excluding single asset funds).

DEXUS Property Group 2011 Annual results presentation — Slide 30

15

CAPITAL MANAGEMENT Cash flow management

• Operating cash flows match distributions

• Distributions funded by free cash flow

• Stay in business capex funded by retained earnings

• Investments funded largely by recycling existing capital

		$’m
	Operating cashflows
	Cashflow from operations1 Stay in business capital	345.3 (101.8)
	Distributionpaid	(228.9)
	Net surplus/(deficit)2	14.6
	Investing cashflows
	Acquisitions (incl. inventory)	(78.7)
	Disposals	170.5
	Development spend	(335.4)
	Net investment activities	(243.6)

1. Excludes capitalised interest, inventory acquisitions and includes RENTS distribution.

2. Includes $14.5m cash retained through DRP (August 2010).

DEXUS Property Group 2011 Annual results presentation — Slide 31

CAPITAL MANAGEMENT

Active and conservative management

• Cost of debt: 6.6%

• Improved duration to >4 years

• Refinanced $830m average duration >6 years

• Continue to diversify funding sources

• Re-tapped US 144A market US$250m

• US mortgage debt US$77m

— US mortgage	debt US$7	7m
	June 2009	June 2010	June 2011
Gearing	31%	30%	28%
Headroom	$1.5bn	$1.2bn	$0.6bn
Debt duration (years)	2.6	3.2	4.2
Cost of debt	6.5%1	6.6%	6.6%
Bank/non-bank debt	64%/36%	54%/46%	54%/46%
Hedged	90%	90%	82%

Maturity profile

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1. Re-stated to reflect drawn cost of debt.

DEXUS Property Group 2011 Annual results presentation — Slide 32

16

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OUTLOOK
Victor Hoog Antink
Chief Executive Officer
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OUTLOOK

MARKET

• Office: Tempered but continued positive outlook

• Industrial: Stable core markets, demand from changes in supply chain dynamics

• US: Continued patchy recovery

DEXUS PLATFORM

• High quality diverse portfolio

• Through the cycle earnings resilience

• Strong management platform

• Active and conservative approach to managing capital and cost of capital

DEXUS Property Group 2011 Annual results presentation — Slide 34

17

AREAS OF FOCUS

 Office

• Like-for-like income growth >FY11

• Residual leasing at 1 Bligh

 US industrial

• Increase central market occupancy >6% and position for sale

• Secure pre-lease commitments for DA’s

 Funds

 Industrial

• Establish new capital partner relationships

• Consistent like-for-like income growth

• Complete 80,000sqm of developments including 55,000sqm currently underway

• Trading profits >$4m

 Capital Management

• Reduce cost of funds

• Increase duration

DEXUS Property Group 2011 Annual results presentation — Slide 35

2012 ASSUMPTIONS AND GUIDANCE

 Assumptions

• No additional leasing income from 1 Bligh Street

• $4m of trading profits

• Leasing: $40m income at risk (40% already secured)

• Europe sold in FY12

 Guidance[1]

• FY12 FFO per security: at least 7.65 cents

• Distribution per security[2] : at least 5.35 cents

123 Albert Street, Brisbane, QLD

1. Barring unforeseen circumstances.

2. FFO payout ratio 70%.

DEXUS Property Group 2011 Annual results presentation — Slide 36

18

2011

DEXUS Property Group

ANNUAL RESULTS APPENDICES

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CONTENTS

Statutory profit breakdown	39	Debt and financial risk management	56
Profit to Funds From Operations reconciliation	41	Portfolio composition	61
Management Business EBIT	43	Office portfolio	63
Interest reconciliation	44	Industrial portfolio	74
Statement of financial position	45	Industrial US portfolio	81
Net asset value composition	46	Industrial Europe portfolio	88
Valuations: metrics and revaluations	47	FX rates	90
Developments	51	Glossary	91
Acquisitions	54	Important information	92
Disposals	55

DEXUS Property Group 2011 Annual results presentation —appendices — Slide 38Slide 38

19

STATUTORY PROFIT BREAKDOWN

$m	NOI	Mgmt	Internal fees	Other	Net	RENTS	Current	Deferred	Revals/	Elims	Group
		business	& recoveries	income &	finance	dist’n	tax	tax	MTM/gain		consolidated
				expenses	costs				on sale		June 11
Revenue from ordinary activities
Propertyrevenue	628.0	0.2		0.2						0.7	629.1
Proceeds from sale of inventory		3.4									3.4
Management fees		87.7								(37.0)	50.7
Interest revenue					1.5						1.5
Net fair valuegain of derivatives									2.6		2.6
Net foreign exchangegain				0.5							0.5
Share of net profits of associates accounted for usingthe equitymethod	0.5								33.6		34.1
Net fair valuegain of investmentproperties									148.4		148.4
Netgain on sale of investmentproperties									7.1		7.1
Other income				0.7							0.7
Total income	628.5	91.3	—	1.4	1.5	—	—	—	191.7	(36.3)	878.1

DEXUS Property Group 2011 Annual results presentation —appendices — Slide 39Slide 39

STATUTORY PROFIT BREAKDOWN

$m	NOI	Mgmt	Internal fees	Other	Net	RENTS	Current	Deferred	Revals/	Elims	Group
		business	& recoveries	income &	finance	dist’n	tax	tax	MTM/gain		consolidated
				expenses	costs				on sale		June 11
Expenses
Propertyexpenses	(161.3)									9.4	(151.9)
Cost of sale of inventory		(3.4)									(3.4)
Internal Responsible Entityfees and recoveries			(26.2)							26.2	-
Finance costs					(94.3)				41.6		(52.7)
Depreciation		(2.7)							(1.1)		(3.8)
Impairment									(0.2)		(0.2)
Employee related expenses		(67.4)									(67.4)
Other expenses		(14.3)		(8.7)						0.7	(22.3)
Total expenses	(161.3)	(87.8)	(26.2)	(8.7)	(94.3)	—	—	—	40.3	36.3	(301.7)
Profit before tax	467.2	3.5	(26.2)	(7.3)	(92.8)	—	—	—	232.0	—	576.4
Tax expense
Income tax benefit							(0.1)	5.0			4.9
Withholdingtax expense							(2.6)	(23.6)			(26.2)
Total tax benefit/(expense)	—	—	—	—	—	—	(2.7)	(18.6)	—	—	(21.3)
Net profit attributable to other non-controlling
interests						(2.1)					(2.1)
Netprofit	467.2	3.5	(26.2)	(7.3)	(92.8)	(2.1)	(2.7)	(18.6)	232.0	—	553.0
	Operating EBIT		(slide 15) = 437.2

DEXUS Property Group 2011 Annual results presentation —appendices — Slide 40Slide 40

20

PROFIT TO FUNDS FROM OPERATIONS RECONCILIATION

$m	Group	Property	MTM	P/L on sale	Deferred	Depr’n &	RENTS	Straight	Other	Funds From
	consolidated	revals/	derivs	of invest	tax	amort’n	capital	line rent		Operations
	June 11	impairm’t		prop			dist’n	adjust		(FFO)
Revenue from ordinary activities
Property revenue	629.1					30.9		(2.3)		657.7
Proceeds from sale of inventory	3.4									3.4
Management fees	50.7									50.7
Interest revenue	1.5								(1.5)	—
Net fair value gain of derivatives	2.6		(2.6)							—
Net foreign exchange gain	0.5									0.5
Share of net profits of associates accounted for using the equity method	34.1	(33.6)								0.5
Net fair value gain of investment properties	148.4	(148.4)								—
Net gain on sale of investment properties	7.1			(7.1)						—
Other income	0.7									0.7
Total income	878.1	(182.0)	(2.6)	(7.1)	—	30.9	—	(2.3)	(1.5)	713.5

DEXUS Property Group 2011 Annual results presentation —appendices — Slide 41Slide 41

PROFIT TO FUNDS FROM OPERATIONS RECONCILIATION

$m	Group	Property	MTM	P/L on sale	Deferred	Depr’n &	RENTS	Straight	Other	Funds From
	consolidated	revals/	derivs	of invest	tax	amort’n	capital	line rent		Operations
	June 11	impairm’t		prop			dist’n	adjust		(FFO)
Expenses
Propertyexpenses	(151.9)									(151.9)
Cost of sale of inventory	(3.4)									(3.4)
Finance costs	(52.7)		(41.6)						1.5	(92.8)
Depreciation	(3.8)	1.1								(2.7)
Impairment	(0.2)	0.2								—
Employee related expenses	(67.4)									(67.4)
Other expenses	(22.3)									(22.3)
Total expenses	(301.7)	1.3	(41.6)	—	—	—	—	—	1.5	(340.5)
Profit before tax	576.4	(180.7)	(44.2)	(7.1)	—	30.9	—	(2.3)	—	373.0
Tax expense
Income tax benefit	4.9				(5.0)					(0.1)
Withholdingtax expense	(26.2)				23.6					(2.6)
Total tax benefit/(expense)	(21.3)				18.6					(2.7)
Netprofit attributable to other non-controllinginterests	(2.1)						(10.4)			(12.5)
Other									0.2	0.2
Netprofit/FFO	553.0	(180.7)	(44.2)	(7.1)	18.6	30.9	(10.4)	(2.3)	0.2	358.0
Distribution (70% of FFO)
Securities for distribution(million)
Distributionper security (cents)

Refer to reconciliation in the Property Synopsis at www.dexus.com/synopsis for full details.

DEXUS Property Group 2011 Annual results presentation —appendices — Slide 42Slide 42

21

MANAGEMENT EBIT

Profit and Loss	Balance sheet property	Third party portfolio	Corporate costs	Total
	$m	$m	$m	$m
Investment management	—	27.0	—	27.0
Internal RE charge at cost	26.2	—	—	26.2
Property services	15.1	19.7	—	34.8
Property management salaries	(8.7)	(9.9)	—	(18.6)
All other salaries and costs	(9.8)	(10.8)	(45.3)	(65.9)
Operating profit/(costs)	22.8	26.0	(45.3)	3.51
Assets under management $bn				13.7

1. Management business contribution to FFO of -$22.7m comprises operating profit of $3.5m less internal RE charge at cost of $26.2m

DEXUS Property Group 2011 Annual results presentation —appendices — Slide 43Slide 43

INTEREST RECONCILIATION

	June 2010	June 2011
	$m	$m
Interest paid/payable	119.5	124.4
Other finance costs	5.2	4.4
Realised interest rate swap expense1	44.1	26.5
Gross finance costs	168.8	155.3
Less: interest capitalised	(41.4)	(61.0)
Less: interest income	(1.5)	(1.5)
Net finance costs for distributable earnings (Slide 14)	125.9	92.8
Less: unrealised interest rate swap MTM loss/(gain)1	53.6	(41.6)
Add: finance costs attributable to asset disposal programme	9.7	—
Add: interest income	1.5	1.5
Statutory finance costs (Fin Stats note 3)	190.7	52.7

1. Net fair value gain of interest rate swaps of $15.2m (per note 3) consists of realised interest rate swap expense ($26.5m) plus unrealised interest rate swap MTM gain $41.6m.

DEXUS Property Group 2011 Annual results presentation —appendices — Slide 4Slide 44

22

STATEMENT OF FINANCIAL POSITION

	June 2010	June 2011
	$m	$m
Cash & receivables	89	110
Direct property portfolio1	7,307	7,487
Other (including derivative financial instruments & intangibles)	475	391
Total assets	7,871	7,988
Payables & provisions	281	274
Interest bearing liabilities	2,240	2,215
Other (including derivative financial instruments)	343	192
Total liabilities	2,864	2,681
Less: non-controlling interests	205	204
Less: intangible assets	226	225
Net tangible assets(after non-controlling interests)	4,576	4,878
NTAper security (excludingnon-controllinginterests) ($)	0.95	1.01
Gearing (net of cash)	29.8%	28.4%

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

DEXUS Property Group 2011 Annual results presentation —appendices — Slide 45Slide 45

NET ASSET VALUE COMPOSITION

• Property valuations of $182 million or 4 cents of NTA

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DEXUS Property Group 2011 Annual results presentation —appendices — Slide 46Slide 46

23

VALUATION METRICS

	Cap rate	Cap rate	Cap rate	Discount rate	Discount rate	Discount rate	Valuation
	June 10	June 11	change	June 10	June 11	change	change1
	%	%	bps	%	%	bps	%
Office	7.6	7.4	(25)	9.2	9.1	(11)	2.8
Industrial	8.8	8.6	(12)	9.7	9.7	6	(0.9)
Industrial US2	8.4	7.6	(80)	8.9	9.1	21	7.4
Industrial EU3	8.0	—	—	8.7	—	—	(4.4)
Total	8.0	7.7	(32)	9.2	9.2	4	2.5

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

2. Stabilised cap rate used for the US industrial.

3. Due to certain assets being held at Directors’ valuation, weighted average cap rate and discount rate as at 30 June 2011 are not applicable. DEXUS Property Group 2011 Annual results presentation —appendices — Slide 47Slide 47

REVALUATION SUMMARY

	Office	Industrial	US Industrial	Europe	Total
	A$m	A$m	A$m	A$m	A$m
Investment properties	82	5	81	(8)	160
Development properties	7	(19)	—	—	(12)
Equity accounted properties	34	—	—	—	34
Total P&L revaluations	123	(14)	81	(8)	182

DEXUS Property Group 2011 Annual results presentation —appendices — Slide 48Slide 48

24

REVALUATION SUMMARY AS AT JUNE 2011

	Office	Industrial	US Industrial	Europe	Total
	A$m	A$m	A$m	A$m	A$m
Carry value — investment properties
Externally revalued	678	324	186	69	1,257
Internally revalued	3,238	991	980	105	5,314
Sub total	3,916	1,315	1,166	174	6,571
Carry value — development properties
Externally revalued	18	—	—	—	18
Internally revalued	367	316	5	—	688
Sub total	385	316	5	—	706
Carry value — equity accounted
Externally revalued	210	—	—	—	210
Internally revalued	—	—	—	—	—
Sub total	210	—	—	—	210
Total carry value	4,511	1,631	1,171	174	7,487

DEXUS Property Group 2011 Annual results presentation —appendices — Slide 49Slide 49

REVALUATION SUMMARY AS AT DECEMBER 2010

	Office	Industrial	US	Europe	Total
	A$m	A$m	A$m	A$m	A$m
Carry value — investment properties
Externally revalued	1,048	335	838	173	2,408
Internally revalued	2,769	992	409	—	4,156
Sub total	3,817	1,327	1,247	173	6,564
Carry value — development properties
Externally revalued	343	—	—	—	343
Internally revalued	—	282	6	—	288
Sub total	343	282	6	—	631
Carry value — equity accounted
Externally revalued	148	—	—	—	148
Internally revalued	—	—	—	—	—
Sub total	148	—	—	—	148
Total carry value	4,308	1,609	1,253	173	7,343

DEXUS Property Group 2011 Annual results presentation —appendices — Slide 50Slide 50

25

DEVELOPMENTS — UNDERWAY

	Country	Area	Est. total	Est. cost to	Est. yield on	Est. completion
			cost1	completion	total cost	date
		sqm	A$m	A$m	%
Office
Southgate Complex, Southbank VIC	Australia	9,000	26	16	8.8	November 2011
Total office		9,000	26	16
Industrial
Laverton VIC — Spec Warehouse	Australia	17,347	14	6	9.1	September 2011
Erskine Park NSW — Spec Warehouse	Australia	21,000	25	11	9.4	September 2011
Greystanes NSW — Fujitsu Australia	Australia	17,025	32	5	9.9	October 2011
Total industrial		55,372	71	22
Total underway		64,372	97	38

1. Includes land, fully leased.

DEXUS Property Group 2011 Annual results presentation —appendices — Slide 51Slide 51

DEVELOPMENTS — UNCOMMITED PIPELINE

	Country	Building area	Project est.	Project to est.	Projected yield on
				completion	project est. cost
		sqm	A$m	A$m	%
Office
172 Flinders Street (Flinders Gate), Melbourne1	Australia	18,500	—	—	—
Total office		18,500
Industrial
Greystanes NSW2	Australia	184,456	264	172	8.9
DEXUS Industrial Estate, Laverton North VIC2,3	Australia	146,606	188	123	8.9
Total industrial		331,062	452	295
Total pipeline		349,562

1. Pending DA approval.

2. Greystanes and DEXUS Industrial Estate Laverton land apportioned out for committed developments underway. 3. Project estimated cost includes cost of land sales.

3. DEXUS Property Group 2011 Annual results presentation —appendices — Slide 52Slide 52

26

DEVELOPMENTS — COMPLETED

	Country	Building area	Project cost	Yield on	IRR	Completed
		sqm	A$m	project costs %	%	date
Office
1 Bligh Street, Sydney NSW1	Australia	43,184	227	7.0	11.5	July 2011
123 Albert Street, Brisbane QLD	Australia	38,760	382	6.7	5.6	July 2011
Total office		81,944	609
Industrial
Greystanes NSW — Solaris	Australia	18,600	22.5	8.7	18.3	August 2010
Greystanes NSW — Symbion Health	Australia	17,297	28.6	8.5	13.9	February 2011
Laverton VIC — Loscam	Australia	6,534	10.2	9.1	8.6	July 2011
Total industrial		42,431	61.3

1. Early occupancy for Clayton Utz occurred on 10 June 2011. Practical completion occurred on 7 July 2011. IRR based on stabilisation.

DEXUS Property Group 2011 Annual results presentation —appendices — Slide 53Slide 53

ACQUISITIONS

	Interest	Acquisition	Settlement
	%	A$m
Australia
Templar Road, Erskine Park, NSW	100	15.9	Aug 2010
Balham Road, Archerfield, QLD	100	21.7	Nov 2010
United States
City of Industry Centre, California	100	14.7	Oct 2010
La Mirada, California	100	25.8	Jan 2011
Total acquisitions		78.1

DEXUS Property Group 2011 Annual results presentation —appendices — Slide 54Slide 54

27

DISPOSALS

	No of properties	Proceeds
		A$m
Industrial	3	26.6
Industrial EU	1	7.6
Industrial US	11	143.6
Total disposals	15	177.8

Link to www.dexus.com/synopsis to view details.

DEXUS Property Group 2011 Annual results presentation —appendices — Slide 5Slide 55

KEY CAPITAL MANAGEMENT MEASURES

	June 2010	June 2011
Headroom (approximately)1	$1.2bn	$0.6bn
Average maturity of debt	3.2 years	4.2 years
Gearing2	29.8%	28.4%
Covenant gearing2(covenant3 <55%)	30.4%	29.1%
Interest cover (covenant3 > 2.0x)	3.1x	3.1x
Priority debt (covenant3 < 30%)	8.3%	5.3%
S&P/Moody’s rating	BBB+ / Baa1	BBB+ / Baa1

Facility mix

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1. Undrawn facilities plus cash. 2. Refer to glossary for gearing definition.

2. As per public bond covenants.

3. DEXUS Property Group 2011 Annual results presentation —appendices — Slide 56Slide 56

28

INTEREST RATE HEDGING PROFILE

• Average amount of debt hedged: 82%[1]

Hedge maturity profile

• Weighted average interest rate on hedged debt: 4.80%

==> picture [217 x 114] intentionally omitted <==

• Weighted average fixed & floating rate: 6.62% (including margins and fees)

• Weighted average maturity of interest hedges: 5.8yrs

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

DEXUS Property Group 2011 Annual results presentation —appendices — Slide 57Slide 57

INTEREST RATE HEDGING PROFILE

	FY11	FY12	FY13	FY14	FY15	FY16	Avg FY17+5
A$m average hedged1,3	740	840	752	730	660	508	131
A$ hedge rate (ex margin)2,3	4.76%	4.97%	5.40%	5.68%	5.96%	6.24%	5.99%
US$m average hedged1	1,037	989	1,000	1,011	906	721	413
US$ hedge rate (ex margin)2	4.87%	3.72%	3.89%	3.91%	4.11%	4.01%	4.12%
€m average hedged1	138	128	105	70	68	50	4
€ hedge rate (ex margin)2	4.40%	4.43%	4.55%	4.86%	4.21%	4.06%	4.10%
Total hedged (A$m)1,3	2,0214	1,983	1,920	1,898	1,723	1,349	575
Hedge rate (ex margin)2,3	4.80%	4.32%	4.54%	4.65%	4.82%	4.85%	4.55%

• Note: the above rates do not include fees, credit margins or floating interest rate assumptions Refer slide 60 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.

• Includes RENTS.

• Total includes Canadian hedges in place during the year (average C$46m at 5.41%, zero balance as at 30 June 2011). 5. Hedging out to 10 years.

DEXUS Property Group 2011 Annual results presentation —appendices — Slide 58Slide 58

29

FOREIGN INCOME HEDGING & CROSS CURRENCY SWAP MATURITY PROFILE

Minimal foreign exchange risk due to natural hedging:

	Foreign balance sheet hedged1:	92%		Foreign income	hedged2:	94%
			FY11	FY12	FY13	FY14
	Foreign income hedging profile
	Foreign exchange contracts (US$m)3		—	4.4	2.7	2.5
	Average A$/US$ rate3		—	0.7098	0.6657	0.6798
	Foreign exchange contracts (NZ$m)		2.0	—	—	—
	Average A$/NZ$ rate		1.1848	—	—	—
	Cross currency swap maturity profile
	€ maturities (€m)			40	40
	€ contract rate			0.6145	0.7460
	CAD maturities (C$m)			30
	C$ contract rate			0.9346

1. Excludes working capital and cash.

2. Hedging as % of total foreign exposure, including foreign interest expense (“natural hedging”) and Foreign Exchange Contracts. 3. Excludes contracts that have been reversed.

DEXUS Property Group 2011 Annual results presentation —appendices — Slide 59Slide 59

DEBT BALANCES BY JURISDICTION

	Interest bearing	Cross currency	RENTS	Total liabilities after cross	Total liabilities after cross	Weighted average
	liabilities	swaps1	$m	**ccy **	**swaps for hedging2 **	cost of debt3
	$m	$m			(incl RENTS)	%
					$m
Australia/New Zealand	A$993	A$(158)	A$204		A$1,039	7.31%
USA	US$1,254	—	—		US$1,254	6.27%
Europe	€53	€80	—		€133	4.90%
Canada4	—	C$30	—		C$30	5.93%
Average/total	A$2,232	—	A$204		A$2,415	6.62%
Less amortised debt costs	(A$17)
Current & non-current interest
bearing liabilities	A$2,215

1. Cross currency swap principal amounts included at contract exchange rates. Refer slide 59 for maturity profile and rates.

2. Differs to total interest bearing liabilities by the amount of RENTS plus the cross currency swap mark-to-market.

3. Weighted average of fixed and floating rates for the current period, inclusive of fees and margins on a drawn basis and includes RENTS.

4. C$30 of Canadian cross currency swaps remained in place as at 30 June 2011, to be repaid with sale proceeds currently held in escrow.

DEXUS Property Group 2011 Annual results presentation —appendices — Slide 60Slide 60

30

PORTFOLIO COMPOSITION Income and lease expiry

	% Total	FY12	FY13	FY14	FY15	FY16+
	income
Office	56%	4%	8%	7%	7%	30%
Industrial	25%	5%	4%	4%	3%	9%
Industrial US	16%	3%	2%	2%	1%	8%
Industrial EU	3%	1%	1%	0%	0%	1%
Total	100%	13%	15%	13%	11%	48%

DEXUS Property Group 2011 Annual results presentation —appendices — Slide 61Slide 61

CORE PORTFOLIO Metrics

	Office	Industrial	Industrial US	Portfolio2
Like-for-like income growth	3.3% (2.9%)	1.1% (0.5%)	(4.5%) (7.8%)	1.9%
Occupancy by area1	96.2% (0.5%)	96.2% (2.2%)	84.4% (2.0%)	88.7%
Average incentive	16.4% (4.1%)	3.1% (3.0%)	13.8% (2.8%)
Retention	53% (2.3%)	61% (18.7%)	55% (0.1%)
Area leased (% portfolio)	74,240sqm (13%)	162,398sqm (14%)	337,405sqm (13%)
Average rental increase	4.6% (1.5%)	(7.3%) (3.5%)	(12.7%) (1.1%)
Average fixed increase on leased portfolio	3.7% (0.2%)	3.4% (0.2%)	2.0%
Over/(under) rented	(3.0%) (0.6%)	4.6% (2.5%)	13.8% (5.6%)
Total value	$4,511m	$1,631m	$1,171m	$7,487m
Value per sqm1	$7,394	$1,238	$570
Average cap rate1	7.4%	8.6%	7.6%	7.7%

1. Excludes 123 Albert Street Brisbane and land.

2. Includes Europe.

DEXUS Property Group 2011 Annual results presentation —appendices — Slide 62Slide 62

31

OFFICE

Key portfolio statistics

	June 2010	June 2011
Net operating income	$245.1m	$255.2m
NOI change	(0.7%)	4.1%
Like-for-like	0.4%	3.3%
Occupancy (area)	95.7%	96.2%
Occupancy (income)	96.2%	95.3%
Over/under rented	2.4% under	3.0% under
Retention rates	56%	53%
Lease duration by income	5.4yrs	5.3yrs
Portfolio value	$4.1bn	$4.5bn
Average cap rate	7.6%	7.4%

Australia Square, George Street, Sydney, NSW

DEXUS Property Group 2011 Annual results presentation —appendices — Slide 63Slide 63

OFFICE

Portfolio composition — leased by area

	Occupancy	Expiries	Renewals	New	Other	L4L closing	Transactio	Occupancy
	30 June 2010	sqm	sqm	sqm	sqm	occupancy	n impact2	30 June 2011
Current period leases	95.7%	(38,920)	11,529	36,074	1,191	97.3%	(1.1%)	96.2%
Future periods leases	—	(22,533)	21,292	1,241	—	—	—	—
Total sqm1	518,980	(61,453)	32,821	37,315	1,191	528,854	8,044	536,898
Retention
— Rolling 12 months3								53%

1. Excludes 123 Albert Street Brisbane.

2. Inclusion of Bligh Street following practical completion. 3. By area.

3. DEXUS Property Group 2011 Annual results presentation —appendices — Slide 64Slide 64

32

OFFICE Portfolio diversification

Property type by book value

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Geographical weighting by book value
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Office & Car parks 4% Auckland 2%
business parks Land 1% Canberra 1%
4%
Perth 10%
B-grade 3%
Premium 39%
Brisbane 8%
A-grade 49%
Sydney 65%
Melbourne 14%
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DEXUS Property Group 2011 Annual results presentation —appendices — Slide 65Slide 65

OFFICE Top ten tenants

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||||||
|---|---|---|---|---|
|Tenant|S&P rating|% of NOI|[1]|Diversity of tenants by income|
|Woodside Energy|BBB+ negative|8.2%|
|Agriculture 6%|
|S&K Car Park Management|Not rated|6.8%|
|Wholesale|
|Commonwealth of Australia|AA stable|4.9%|trade 26%|
|Other 15%|
|State of NSW|AAA stable|4.3%|
|Lend Lease|BBB-|stable|3.0%|
|State of Victoria|AAA stable|2.6%|
|Property &|
|IBM Australia|A+ stable|2.6%|business 16%|
|Clayton Utz|Not rated|2.4%|
|Transport &|
|Mallesons|Not rated|2.4%|storage 20%|
|Manufacturing|
|The Herald & Weekly Times|Not rated|2.0%|17%|

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1. 30 June fully leased passing income annualised excluding pre-leased developments.

DEXUS Property Group 2011 Annual results presentation —appendices — Slide 6Slide 66

33

OFFICE

NABERS upgrade program

	30 June 2010	30 June 2011
Capital expenditure1	$1.3m	$19.2m
NABERS Energy rating — with green power (period end)1	3.3	3.6
NABERS Energy rating — without green power (period end)1	2.8	3.0
NABERS Water rating (period end)1	3.0	3.1

Estimated cost to complete the NABERS upgrade program is $20 million[2]

1. DXS listed portfolio only.

2. DXS share.

DEXUS Property Group 2011 Annual results presentation —appendices — Slide 67Slide 67

OFFICE NABERS ratings

	OFFICE NABERS ratings
		June	2010		June 2011	June 2010	June 2011
		NABERS	Energy	NABERS Energy		NABERS Water	NABERS Water
	Rating status1	Inc GP	Ex GP	Inc GP	Ex GP
	The Zenith, 821 Pacific Highway, Chatswood	3.0	2.0	3.5	2.5	2.5	2.0
	11 Talavera Road, Macquarie Park	3.5	3.5	3.5	3.5	4.0	4.0
	40-50 Talavera Road, Macquarie Park	2.0	2.0	2.0	2.0	3.0	2.0
	130 George Street, Parramatta1	4.5	—	—	—	3.0	3.0
	Victoria Cross, 60 Miller Street, North Sydney	2.5	1.5	3.0	2.5	2.5	3.5
	45 Clarence Street, Sydney	3.5	3.0	3.5	3.0	3.0	3.0
	201-217 Elizabeth Street, Sydney	2.0	1.5	2.5	2.0	3.5	3.5
	Governor Phillip Tower, 1 Farrer Place, Sydney	3.0	2.0	4.0	3.0	2.5	3.0
	Governor Macquarie Tower, 1 Farrer Place, Sydney	3.0	2.0	4.5	3.5	3.5	4.0
	Australia Square — Tower	4.0	3.0	5.0	4.0	3.5	3.5
	Australia Square — Plaza	5.0	4.5	5.0	4.5	3.5	4.0
	309 Kent Street, Sydney	3.5	3.0	4.0	3.5	3.5	3.5
	321 Kent Street, Sydney	3.5	3.0	4.0	3.5	3.5	3.5

1. Ratings including and excluding Green Power (GP).

DEXUS Property Group 2011 Annual results presentation —appendices — Slide 68Slide 68

34

OFFICE NABERS ratings

	OFFICE NABERS ratings
		June	2010		June 2011	June 2010	June 2011
		NABERS	Energy	NABERS Energy		NABERS Water	NABERS Water
	Rating status	Inc GP	Ex GP	Inc GP	Ex GP
	383-395 Kent Street, Sydney	3.5	3.0	4.0	3.5	2.5	3.5
	One Margaret Street, Sydney	3.5	3.0	3.5	3.0	2.5	2.0
	44 Market Street, Sydney	1.5	1.0	2.5	2.0	2.5	2.5
	30-34 Hickson Road, Sydney	5.0	4.5	5.0	4.5	3.5	2.5
	Garema Court, 140-180 City Walk, Canberra	3.0	2.5	3.0	3.0	0.0	0.0
	14 Moore Street, Canberra	3.0	2.5	3.5	3.0	2.0	2.5
	172 Flinders Gate, Melbourne1	—	—	2.5	2.0	—	3.5
	189 Flinders Gate, Melbourne1	—	—	2.5	2.5	—	—
	8 Nicholson Street, Melbourne	1.5	1.5	3.0	3.0	3.5	4.5
	Southgate Complex — HWT Tower	3.5	3.0	3.5	3.5	3.5	3.0
	Southgate Complex — IBM Tower	3.5	3.0	4.0	3.5	3.0	3.0
	Woodside Plaza, 240 St Georges Terrace, Perth	4.0	4.0	2.0	1.5	3.0	3.0
	Total	3.2	2.8	3.6	3.1	2.6	3.1

1. Ratings including and excluding Green Power (GP).

DEXUS Property Group 2011 Annual results presentation —appendices — Slide 69Slide 69

OFFICE Resource consumption

DXS office energy intensity DXS office GHG intensity

DXS office water intensity

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Source: Ward Consulting

DEXUS Property Group 2011 Annual results presentation —appendices — Slide 70Slide 70

35

OFFICE

Lease expiry profile at 30 June 2011

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

20%
18.5%
18%
16.3%
16% 15.1%
14% 13.7% 13.3%
12.4%
12% 11.2% 11.5% 11.4% 10.8%
10.0%
10%
7.9%
8% 7.4%
5.9%
6% 4.7% 4.8% 5.2%4.4%
4% 3.8% 3.4% 2.8% 3.1%
2% 1.3%1.1%
0%
Vacant 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2021+
Area Income
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DEXUS Property Group 2011 Annual results presentation —appendices — Slide 71Slide 71

OFFICE

CBD office outlook — Sydney, Melbourne, Brisbane & Perth

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Net demand at risk of weakening Supply subdued
'000sqm Past net absorption Forecast 20 yr average Completed Under construction 20 year average
600 600
500 20 yr average 500 20 yr average
400
400
300
300
200
100 200
0 100
-100 0
-200 2000 2002 2004 2006 2008 2010 2012
2000 2002 2004 2006 2008 2010 2012
Gross effective rent — modest growth Vacancy relatively stable
$ Average - Syd, Mel, Bris, Per % Average - Syd, Mel, Bris, Per
800 12%
700 10%
600 8%
500 6%
400 4%
300
2%
200
0%
Dec-00 Dec-02 Dec-04 Dec-06 Dec-08 Dec-10 Dec-12
DEXUS Property Group 2011 Annual results presentation — Slide 72 Dec-00 Dec-02 Dec-04 Dec-06 Dec-08 Dec-10 Dec-12
Sources: Jones Lang LaSalle actual & DEXUS forecast.
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36

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OFFICE
Demand — supply balance
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Sydney CBD Melbourne CBD
('000m2) Net Supply (LHS) Demand (LHS) Vacancy (RHS) (% of stock) ('000m2) Net Supply (LHS) Demand (LHS) Vacancy (RHS) (% of stock)
200 16% 200 16%
150 14% 150 14%
12% 12%
100 10% 100 10%
50 8%
50 8%
6% 0 6%
0 4%
4% -50
-50 2%
2% -100 0%
-100 0% 2001 2003 2005 2007 2009 2011 2013
2001 2003 2005 2007 2009 2011 2013
Brisbane CBD Perth CBD
('000m2) Net Supply (LHS) Demand (LHS) Vacancy (RHS) (% of stock) ('000m2) Net supply (LHS) Demand (LHS) Vacancy (% of stock)
200 16% 200 16%
150 14% 150 14%
12% 12%
100 10% 100 10%
8% 50 8%
50 6% 0 6%
0 4%2% -50 4%2%
-50 0% -100 0%
2001 2003 2005 2007 2009 2011 2013 2001 2003 2005 2007 2009 2011 2013
DEXUS Property Group 2011 Annual results presentation — Slide 73
Sources: Jones Lang LaSalle actual & DEXUS forecast.
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INDUSTRIAL Key portfolio statistics

	June 2010	June 2011
Net operating income	$109.9m	$116.4m
NOI change	0.6%	5.9%
Like-for-like	1.6%	1.1%
Occupancy (area)	98.4%	96.2%
Occupancy (income)	97.9%	95.1%
Over/under rented	7.1% over	4.9% over
Retention rates	80%	61%
Lease duration by income	4.9yrs	4.7yrs
Portfolio value	$1.5bn	$1.6bn
Average cap rate	8.8%	8.6%

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Spec development, DEXUS Industrial Estate, Laverton North, VIC

DEXUS Property Group 2011 Annual results presentation —appendices — Slide 74Slide 74

37

INDUSTRIAL

Portfolio composition — leased by area

	Occupancy	Expiries	Renewals	New	Other	L4L closing	Transactio	Occupancy
	30 June 2010	sqm	sqm	sqm	sqm	occupancy	n impact	30 June
								2011
Current period leases	98.4%	(94,846)	44,083	19,087	649	95.5%	0.7%	96.2%
Future periods leases	—	(91,714)	70,241	28,987	—	—	—	—
Total sqm	1,075,337	(186,560)	114,324	48,074	649	1,051,825	7,423	1,059,248
Retention
— Rolling 12 months1								61%

1. By area.

DEXUS Property Group 2011 Annual results presentation —appendices — Slide 75Slide 75

INDUSTRIAL Portfolio diversification

Geographical weighting by book value

Property classification by book value

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

Adelaide &
Brisbane 6%
Melbourne Sydney 57%
37%
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----- Start of picture text -----

Distribution
centres 27% Business
parks 39%
Industrial
estates 34%
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DEXUS Property Group 2011 Annual results presentation —appendices — Slide 76Slide 76

38

INDUSTRIAL Top 10 tenants

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||||||
|---|---|---|---|---|
|Industrial|S&P rating|% of NOI|Diversity of tenants by income|
|Wesfarmers Limited|A-|stable|6.8%|
|Agriculture|
|Elders Ltd|BBB+ positive|5.8%|6%|
|Wholesale|
|Visy Pet Pty Ltd|Not rated|3.7%|Other 15%|trade 26%|
|IBM Australia Limited|A+ stable|3.2%|
|DHL|BBB+ stable|2.6%|
|Toll Transport Pty Ltd|Not rated|2.5%|Property &|
|business 16%|
|Fujitsu|A-|stable|2.5%|
|Transport &|
|Commonwealth of Australia|AA stable|2.4%|storage 20%|
|Manufacturing|
|Salmat Business Force Pty Ltd|Not rated|2.2%|17%|
|Foster’s Australia Ltd|BBB stable|2.0%|

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DEXUS Property Group 2011 Annual results presentation —appendices — Slide 7Slide 77

INDUSTRIAL

Resource consumption

DXS industrial energy intensity DXS industrial GHG intensity DXS indutrial water intensity

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DEXUS Property Group 2011 Annual results presentation —appendices — Slide 78Slide 78

39

INDUSTRIAL

Lease expiry profile at 30 June 2011

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18%
16.2%
16% 15.5% 15.7%
14.4%
14% 13.6% 13.4%
12% 11.3%
10.8%
9.9%
10% 9.3% 9.3%
8.7%
8%
6.5%
6% 4.9% 4.9% 5.6% 4.6%
4% 3.8% 3.8% 3.2% 3.3% 3.6% 3.9% 3.7%
2%
0%
Vacant 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2021+
Area Income
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DEXUS Property Group 2011 Annual results presentation —appendices — Slide 79Slide 79

INDUSTRIAL National outlook

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

Merchandise imports rising
Industrial imports and rent growth
% p.a. Imports Sydney rent growth
20% 40%
30%
10% 20%
10%
0% 0%
-10%
-10% -20%
DEXUS Property Group 2011 Annual results presentation — 1995 1997 1999 2001 2003 2005 2007 2009 2011 Slide 80 2013
----- End of picture text -----

==> picture [238 x 146] intentionally omitted <==

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Industrial supply subdued
('000m2) Completed Under Construction
3,000
2,500
2,000
1,500
1,000
500
0
2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011
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Sources: Jones Lang LaSalle actual, Access Economics & DEXUS forecast.

40

INDUSTRIAL US

Key portfolio statistics

	June 2010	June 2011
Net operating income	US$87.3m	US$78.6m
Net operating income1	A$99.1m	A$79.6m
NOI change (USD)	(10.5%)	(10.0%)
Like-for-like (USD)	(12.3%)	(4.5%)
Occupancy (area)	86.4%	84.4%
Occupancy (income)	84.3%	87.9%
Over rented	8.2%2	13.8%
Retention rates	56%	55%
Lease duration by income	4.9yrs	4.4yrs
Portfolio value	US$1.2bn	US$1.3bn
Portfolio value1	A$1.5bn	A$1.2bn
Average cap rate	8.4%	7.6%

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3691 North Perris Boulevard, Perris, CA

1. At prevailing US/AUD FX rates (not constant currency).

2. Adjusted for disposals and developments.

DEXUS Property Group 2011 Annual results presentation —appendices — Slide 81Slide 81

INDUSTRIAL US

Portfolio composition — leased by area

	Occupancy	Expiries	Renewals	New	Other	L4L closing	Transaction	Occupancy
	30 June	sf	sf	sf	sf	occupancy	impact	30 June 2011
	2010
Current period leases	86.4%	(3.4m)	1.7m	1.5m	(0.6m)	82.8%	1.6%	84.4%
Future periods leases	—	(0.5m)	0.4m	—	—	—	—	—
Total sf	22.2m	(3.9m)	2.1m	1.5m	(0.6m)	21.3m	(1.3m)	20.0m
Retention
― Rolling 12 months1								55%

1. By area.

DEXUS Property Group 2011 Annual results presentation —appendices — Slide 82Slide 82

41

INDUSTRIAL US Portfolio diversification

Geographical weighting by book value

Property classification by book value

==> picture [416 x 136] intentionally omitted <==

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

Land 1%
Whirlpool
16.9%
Industrial
estate 32%
Central
48.9%
Warehouse/
West coast distribution
34.2% 54%
Business/
office park
13%
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DEXUS Property Group 2011 Annual results presentation —appendices — Slide 83Slide 83

INDUSTRIAL US Portfolio data

	INDUSTRIAL US Portfolio data
		Area sf	Occupancy	Occupancy	WALE1	Retention
		(million)	30 June 2011	average FY11	30 June 2011	FY11
	West coast portfolio	3.9	96.2%	90.3%	3.6 years	84%
	Whirlpool portfolio	6.2	100.0%	100.0%	7.5 years	—
	Central portfolio	13.7	74.0%	77.4%	3.4 years	46%
	Total	23.7	84.4%	85.4%	4.4 years	55%

1. By income.

DEXUS Property Group 2011 Annual results presentation —appendices — Slide 84Slide 84

42

INDUSTRIAL US

Lease expiry profile at 30 June 2011

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

20%
18.1%
18%
15.6% 15.9%
16%
14%
12.6%
12.1%
12% 11.0% 10.9% 11.3%
10.1% 9.9% 9.6%
10% 8.7% 9.1% 8.9%
7.8%
8% 6.8% 6.5%
5.7%
6%
4% 3.2% 3.3%
2% 1.5% 1.4%
0%
Vacant 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021+
Area Income
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DEXUS Property Group 2011 Annual results presentation —appendices — Slide 85Slide 85

INDUSTRIAL US Major tenants by income

	S&P rating	% of NOI
Whirlpool	BBB- positive	21.29%
US Government	AA+ negative	3.20%
Advanced Bionics	Not rated	2.93%
Living Spaces	Not rated	2.08%
Fedex	BBB stable	1.65%
B&E Storage	Not rated	0.94%
Michaels Stores	B- stable	0.94%
States Logistics Services	Not rated	0.93%	1777 S Vintage Avenue, Ontario, CA
Kittrich Corporation	Not rated	0.84%
Domtar Paper Company	BBB- stable	0.84%

DEXUS Property Group 2011 Annual results presentation —appendices — Slide 86Slide 86

43

INDUSTRIAL US

Net demand positive

Total US Industrial — net demand positive

==> picture [480 x 165] intentionally omitted <==

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

Total US Industrial — net demand positive Rent growth outlook
Annual % change Availability
('000m [2] ) Net Supply (LHS) Net Demand (LHS) Vacancy (RHS) (% of stock) 12 rent index rate % 18
60 16%
Forecast
40 8 15
20 14%
4 12
0
-20 12% 0 9
-40
-4 6
-60 10%
-8 3
-80
-100 8% -12 0
June 06 Dec-06 Jun-07 Dec-07 Jun-08 Dec-08 Jun-09 Dec-09 Jun-10 Dec-10 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016
Rent growth (L) Availability LT Availability Average
----- End of picture text -----

Source: CBRE/Torto Wheaton and RREEF.

DEXUS Property Group 2011 Annual results presentation —appendices — Slide 87Slide 87

INDUSTRIAL EUROPE Key portfolio statistics

	June 2010	June 2011
Net operating income	€10.6m	€11.6m
Net operating income1	A$16.9m	A$16.0m
Like-for-like income growth	(13.6%)	15.7%
Occupancy — by area	78.1%	79.7%
Occupancy — by income	82.8%	84.9%
Lease duration	2.9yrs	3.0yrs
Portfolio value	€137m	€129m
Portfolio value1	A$197m	A$174m
Average cap rate2	8.0%	n/a

Top 5 tenants	% of NOI
EDEKA Handelsgellschaft Südwest GmbH	22.9
Solideal Deutschland GmbH	11.5
Compass Security Logistick GmbH	9.4
Woolworths	8.3
Coca Cola	6.5

1. At prevailing €/AUD FX rates (not constant currency).

2. Due to certain assets being held at Directors’ valuation, weighted average cap rate as at 30 June 2011 is not applicable.

DEXUS Property Group 2011 Annual results presentation —appendices — Slide 8Slide 88

44

INDUSTRIAL EUROPE

Lease expiry profile at 30 June 2011

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

35%
30% 28.6%
25.9% 26.4%
25% 22.5%
20.3%
20%
15.1%
15%
10% 8.1% 7.4% 6.9% 9.0% 7.7% 9.8%
4.1%
5% 2.7% 2.3% 3.2%
0.0% 0.0% 0.0% 0.0% 0.0% 0.0%
0%
Vacant 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021+
Area Income
----- End of picture text -----

DEXUS Property Group 2011 Annual results presentation —appendices — Slide 89Slide 89

EXCHANGE RATES USED IN STATUTORY ACCOUNTS

		June 2010	Dec 2010	June 2011
	USD	0.8523	1.0163	1.0739
Closing rates for	EUR	0.6979	0.7647	0.7405
Statement of Financial Position	NZD	1.2308	1.3171	1.2953
	CAD	0.8976	1.0167	1.0389
	USD	0.8800	0.9431	0.9865
	EUR	0.6285	0.7132	0.7247
Average rates for Net Operating Income	NZD	1.2554	1.2803	1.3037
	CAD	0.9306	0.9698	0.9868

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GLOSSARY

Constant currency:	Items shown at Constant currency for Jun 11 have been restated using the Jun 10 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).
Gearing:	Gearing is represented by Interest Bearing Liabilities (excluding deferred borrowing costs and including the fair value of cross currency
	swaps) less cash divided by Total Tangible Assets (excluding derivatives and deferred tax assets) less cash. Covenant gearing is the same
	definition but not adjusted for cash.
Management EBIT:	Comprises Responsible Entity fee revenue, third party fee revenue and corporate expenses including all staff costs for the DEXUS Group.
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.
Weighted Average
Lease Expiry (WALE):	A measure, in years, of the average term to expiry of in-place rent. Excludes vacancies.

DEXUS Property Group 2011 Annual results presentation —appendices — Slide 91Slide 91

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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