DEXUS — Interim / Quarterly Report 2012

Feb 14, 2012

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DEXUS Property Group - ASX release
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15 February 2012

DEXUS Property Group (ASX: DXS) 2012 half year results

DEXUS Property Group (DXS) provides the following documents to the ASX Limited:

• ASX Release – DEXUS Property Group – 2012 Half Year Results to 31 December 2011; and

• Presentation – 2012 Half year results presentation and appendices

We also publish the December 2011 DEXUS Property Group property synopsis spread sheet on our website in the DXS Investor Centre at www.dexus.com/dxs/propertyreports

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 $14bn. 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 release
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15 February 2012

DEXUS Property Group announces half year result and reconfirms full year guidance

RESULTS HIGHLIGHTS

• Statutory net profit: $145.7 million

• Funds from Operations[1] (FFO) of $184.3 million or 3.81 cents per security

• Net tangible assets per security stable at $1.01

• Conservative gearing of 29.0% (BBB+ and Baa1 rating) and reduced refinancing risk

• Reconfirmed FFO guidance of 7.65 cents per security for the year ending 30 June 2012

DEXUS Property Group today announced net profit attributable to stapled security holders after tax of $145.7 million for the six months ended 31 December 2011 ($294.4 million 1H/FY11). The change on the prior period primarily reflects unrealised mark-to-market movements in hedging contracts as a result of lower market interest rates.

Underlying earnings as measured by FFO increased 3% to $184.3 million for the six months ended 31 December 2011. The result is in line with prior guidance and reflects the sound operational performance of the Group and Net Tangible Assets (NTA) remaining stable over the period.

Chief Executive Officer, Victor Hoog Antink said: “DEXUS continues to deliver on strategy. These results are in line with guidance and underpinned by like-for-like net operating income growth of 2.4%. Our focus on leasing has seen us already secure more than 99% of FY12 rental revenue.

The office team proactively managed forward lease expiries and made significant progress on rental targets for our two recently completed premium office towers in Sydney and Brisbane. In industrial we continued to be active, developing prime quality warehouses to meet tenant demand. In the US, the internalisation of portfolio and leasing management has delivered significant operational success.

In a challenging operating environment, our focus on the fundamentals of asset management and development together with our conservative capital management approach resulted in a total shareholder return[2] for the calendar year to 31 December 2011 of 10.8%; 12.3% ahead of A-REIT peers and 21.4% ahead of the ASX 200 S&P index. This extends DEXUS’s record of above market returns having outperformed our A-REIT peers on a rolling three year basis to December every year since stapling, on average by 5.7% per year.

The business is well positioned to perform despite market uncertainty and capitalise on the opportunities arising from reduced competition and tighter supply in our key markets."

1 Funds From Operations ( FFO) is often used as a measure of real estate operating performance after finance costs and taxes. DXS’s FFO comprises profit/loss after tax attributable to stapled security holders measured under Australian Accounting Standards and adjusted for: property revaluations, impairments, derivative and FX mark to market impacts, amortisation of certain tenant incentives, gain/loss on sale of certain assets, straight line rent adjustments, deferred tax expense/benefit and DEXUS RENTS Trust capital distribution. A full reconciliation of FFO is contained in our 2012 half year results appendices and is also available at www.dexus.com/dxs/propertyreports

2 ASX share price appreciation plus dividends paid: Source UBS and S&P

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DEXUS Property Group (ASX:DXS)
ASX release
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FINANCIAL RESULTS

• FFO $184.3 million (1H/FY11: $179.0 million)

• FFO per security 3.81 cents (1H/FY11: 3.70 cents)

• Distribution per security 2.67 cents (1H/FY11: 2.59 cents)

• Total assets $8.1 billion (1H/FY11: $7.9 billion)

Chief Financial Officer, Craig Mitchell said: “The increase in FFO per security to 3.81 cents resulted from continued sound operational performance from our portfolio. At 31 December 2011, NTA remained stable at $1.01. DEXUS continues to operate with, and benefit from, a strong capital and risk management framework. During the period, approximately $800 million of debt was refinanced with bank debt. This activity has reduced our refinancing requirement with less than $178 million of expiries by June 2013. At 31 December 2011, headroom was approximately $640 million and the Group’s gearing was 29.0%. The average term to maturity of the debt portfolio was 4.3 years. The Group is comfortably inside all covenant limits and the Group’s credit ratings of Baa1 and BBB+, both with stable outlooks, were reaffirmed during the period.”

PORTFOLIO HIGHLIGHTS

Key portfolio metrics

Key portfolio metrics
	Office	Industrial	Industrial US	Total
Occupancy (by area)	97.2%	96.1%	90.2%	92.0%
Tenant retention3	73%	77%	50%	-
WALE (years)	5.1	4.3	4.4	4.8
Like-for-like NOI growth	5.1%	(1.7)%	0.0%	2.4%4
Average cap rate	7.3%	8.6%	7.3%	7.5%4
Total return – 1 year	9.3%	9.3%	13.0%	10.0%

OPERATING RESULTS

Office

• Portfolio value $4.6 billion (June 2011: $4.5 billion)

• Like-for-like Net Operating Income (NOI) 5.1% (December 2010: 3.1%)

• Occupancy (by area) 97.2% (June 2011: 96.2%)

• Lease duration (by income) 5.1 years (June 2011: 5.3 years)

Our office portfolio performed well during the period delivering total returns of 9.3%[3] . Despite declining business sentiment, we achieved an NOI increase of 10.8% to $141.0 million over the period (December 2010: $127.2 million). This result was underpinned by 5.1% growth in like-for-like NOI and completion of the two 6 Star Green Star premium office developments at 1 Bligh Street, Sydney and 123 Albert Street, Brisbane.

3 Rolling 12 month 4 Excludes Europe

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DEXUS Property Group (ASX:DXS)
ASX release
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During a period of limited current lease expiry, our focus was on future expiries and progressing leasing of our recently completed developments. In total, 31 leases were signed for approximately 26,284 square metres (DXS share) at rates on average 4.0% higher than expiring rent levels and with average incentives remaining stable over the last six months at 16.5%.

We secured lease renewals over 19,572 square metres, 91% of which were leases expiring in future periods and 6,712 square metres of new leases were signed. In addition 5,688 square metres of leases were finalised at the two recently completed developments at 1 Bligh Street, Sydney and 123 Albert Street, Brisbane.

At 1 Bligh Street (33% owned by DXS), in addition to the previously announced three floor lease we are currently in exclusive negotiations for a further four floors. This will take the building to 82% leased.

123 Albert Street in Brisbane (100% owned by DXS) is now 100% leased following the signing of a seven year lease with Queensland Treasury Corporation over the last 10% of net lettable area.

Following this activity, the portfolio was 97.2% leased at 31 December 2011 with a WALE of 5.1 years. During the period, the weighted average capitalisation rate for the portfolio tightened by six basis points to a weighted average rate of 7.3%. This resulted in a 0.7% increase in office property book values.

We are currently seeking lease commitments from tenants prior to commencing a 20,000 square metre development at 172 Flinders Street, Melbourne and a 21,000 square metre development on behalf of DEXUS Wholesale Property Fund (DWPF).

Industrial

• Portfolio value $1.7 billion (June 2011: $1.6 billion)

• Like-for-like NOI down (1.7%) (December 2010: 1.4%)

• Occupancy (by area) 96.1% (June 2011: 96.2%)

• Lease duration (by income) 4.3 years (June 2011: 4.7 years)

During the period, we continued to proactively manage future lease expires in our core Australian industrial portfolio. Headline NOI increased to $58.4 million (December 2010: $56.8 million) primarily as a result of the completion of developments.

In the six months to 31 December 2011, 32 leases covering 109,525 square metres were completed. This comprised 68,350 square metres of leases signed on new developments and 41,175 square metres of leases signed on existing properties. Leases on existing properties were struck at an average rent of $145 per square metre and with an average incentive of 6.7%. Tenant retention during the period increased 17% to 77%. Likefor-like NOI during the period was down 1.7% and was impacted by the lease expiry at Garigal Road in Sydney, a property we have earmarked for sale to an owner occupier[5] .

113,000 square metres of developments have either been completed or are underway for an estimated total cost of $136.0 million. Three developments (55,000sqm) reached practical completion during the period with a total cost of $71.0 million delivering a yield on cost of 9.5%. Development on 70% of this space commenced on a speculative basis and was subsequently leased. Four developments totalling 58,000 square metres are currently underway with a total cost of $65.0 million and an average forecast yield on cost of 8.6%. Two of these projects totalling 28,000 square metres remain to be leased. In addition, we sold a 3.5 hectare parcel of land and a 6,534 square metre recently developed industrial facility, resulting in a $2.7 million trading profit.

5 Excluding this property, portfolio like-for-like NOI was 0.6%.

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DEXUS Property Group (ASX:DXS)
ASX release
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The total Australian industrial portfolio capital value remained stable during the period with the capitalisation rate unchanged at 8.6%.

US industrial

• Portfolio value US$1.3 billion or A$1.3 billion (June 2011: US$1.3bn or A$1.2bn)

• Like-for-like NOI 0.0% (December 2010: down 8.3%)

• Occupancy (by area) 90.2% (June 2011: 84.4%)

• Lease duration (by income) 4.4 years (June 2011: 4.4 years)

Headline NOI declined US$0.8 million to US$38.6 million (December 2010: US$39.4 million) largely due to the impact of net property sales. During the period, the team achieved a significant increase in occupancy of 5.8% to 90.2%. This was primarily due to a 12.8% increase in the central portfolio occupancy to 87% and followed internalisation of leasing management in June 2011. In the six months 3.3 million square feet of new and expiring space was leased in 117 transactions.

During the period, four properties were sold for US$32 million at approximately 30.2% above book value. In addition, two properties valued at US$37 million were acquired in our core markets on an average cap rate of 7.2%.

Overall US portfolio value increased by 1.9% (US$25 million) with capitalisation rates decreasing on average by 26 basis points since June 2011 to 7.3%. US$14 million of this increase was from the central portfolio where our efforts were focused on leasing, in order to realise greater value as part of the repositioning program.

In August 2011, we signed a milestone 20 year lease with Southern California Edison (SCE) for the use of the rooftop of the Whirlpool facility in Perris to house a major solar power system encompassing 36,000 solar panels covering 1.5 million square feet. Construction on this, the world’s largest solar rooftop, has commenced and is expected to take six months. This innovative project delivers sustainability and social benefits as well as additional lease income.

European industrial - non-core

The European portfolio valued at €70 million or A$89 million (June 2011: €129 million or A$174 million), contributed €4.1 million (December 2010: €5.8 million) or 2.2% of the Group’s NOI. Consistent with our stated strategy, during the period, six of the 18 properties were sold for €56 million. In the remaining 12 properties, 36,000 square metres of space was leased. This resulted in occupancy of these properties increasing by 4.8% to 75.5% at period end.

Third Party Investment Management

The Group’s third party investment management platform comprises DEXUS Wholesale Property Fund (DWPF) at $3.8 billion, two Australian mandates totalling $2.3 billion and $0.2 billion of US industrial mandates where we provide property management services.

Activity for DWPF during the period was significant with the acquisition of $298 million of properties including 452 Flinders Street in Melbourne and two industrial properties located in New South Wales and Queensland. In addition, DWPF raised $231 million of new equity and capped off the period being named the top performing wholesale fund for the year to December 2011. Our third party mandates (STC & AXA) also outperformed their benchmarks contributing to the outpeformance of our third party investment

management business on a one and three year basis of 11.0% and 5.7% against their benchmarks of 8.8% and 3.6% respectively. During the period, STC sold its half share of QV1 in Perth for $310 million and we were given notice that the AXA mandate will be withdrawn effective May 2012.

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DEXUS Property Group (ASX:DXS)
ASX release
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Corporate Responsibility & Sustainability

DEXUS continues to deliver improvements in resource consumption and progress our NABERS Energy rating program. At 31 December 2011, our office portfolio was rated an average 3.5 star NABERS Energy rating (by area). The program, estimated to cost $32 million, is 79% complete and on track to increase the average portfolio rating to 4.5 stars by the end of 2012.

We have continued to deliver reductions in resource consumption. As at 31 December, greenhouse gases on a square metre basis for the Group’s Australia and New Zealand total portfolio are down by 9.1%, energy is down by 7.3% and water is down by 6.5% over the last two years. Year to date our US portfolio has recorded an 11.6% reduction in energy use.

The Group’s two 6 Star Green Star design rated developments at 1 Bligh Street and 123 Albert Street are expected to achieve 6 star as built ratings later in 2012. We also continued to build on sustainability innovation in our industrial business with biodiversity initiatives incorporated into our new developments. Consistent with our commitment to operating sustainably we are undertaking further carbon reduction initiatives in our head office operations and have purchased verified carbon offsets for our current emissions, with carbon neutral certification pending later this month.

OUTLOOK

Chief Executive Officer, Victor Hoog Antink said: “While the broader economic outlook and subsequent impact on markets remains uncertain, we are confident that our business and portfolio is well positioned to respond to these conditions. Occupancy remains high and with more than 99% of 2012 rental revenue already secured, our portfolio is substantially protected from adverse impacts should economic conditions be challenging. As a result, we are today reconfirming[6] guidance of forecast earnings (FFO) for the year ending 30 June 2012 at 7.65 cents per security and distributions, being 70% of FFO, are reconfirmed at 5.35 cents per security.”

Contacts:

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 $14bn. 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)

6 Barring unforeseen changes to operating conditions

5

2012

DEXUS Property Group HALF YEAR REsuLts pREsEntAtion

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TITLE SLIDE HEADER 2012 Sub title

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DEXUS Property Group
HALF YEAR RESULTS
PRESENTATION
Victor Hoog Antink 15 February 2012
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
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DEXUS HY12 RESULTS

• Victor Hoog Antink, CEO

• Key financial outcomes

• Overview of business performance

� Craig Mitchell, CFO

• Financial performance

• Capital management

• Third Party Investment Management

• Paul Say, CIO & Head of Office

• Portfolio overview

� Victor Hoog Antink, CEO

• 2012 outlook and guidance

DEXUS Property Group 2012 Half Year Results Presentation — Slide 2

KEY FINANCIAL OUTCOMES Results in line with prior guidance

		Dec 2010	Dec 2011
Key financial metrics	Statutory profit	$294.4m	$145.7m
	FFO1	$179.0m	$184.3m
	FFO per security	3.70c	3.81c
	Distribution per security	2.59c	2.67c
	Gearing	29.1%	29.0%
	NTA per security	$0.98	$1.01
Key portfolio metrics	Occupancy (by area)	90.0%	92.0%
	WALE (by income) years	5.1	4.8
	Like-for-like income growth	0.3%	2.4%
	Portfolio value2	$7.3bn	$7.6bn
	Total assets under management	$13.6bn	$14.0bn
FFO guidance	Reaffirm guidance		**FY12: 7.65c3 **
Distribution guidance	Reaffirm guidance		FY12: 5.35c3, 4

1. Funds From Operations: statutory profit adjusted to exclude property revaluations, unrealised mark to market changes, changes in deferred tax, amortisation of tenant cash and fit out incentives and rent straight lining. Refer to the glossary for the detailed explanation and appendices for a reconciliation to statutory profit.

2. Excluding cash.

3. Barring unforseen circumstances.

4. FFO payout ratio 70%.

DEXUS Property Group 2012 Half Year Results Presentation — Slide 3

2012 — PROGRESS AGAINST GOALS

Office

Industrial

FY12 goals

1H/FY12 progress

• Leasing of new developments — 100% by 31 December 2011 — 80% by 30 June 2012

• 123 Albert 100% leased

• � 1 Bligh 82% leased/exclusive negotiations

• Progress Melbourne developments � Ongoing

• � 80,000sqm of development � 55,000sqm ($71m) complete � 58,000sqm ($65m) underway

• � Trading profit at least $4m � Profit of $2.7m

US industrial

• Increase central portfolio occupancy >6%

• Central portfolio occupancy increased 12.8%

• � Total US portfolio occupancy now 90.2%

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Southgate Complex, 3 Southgate Avenue, Southbank, VIC , 3 Southbank Avenue, Southbank, VIC

DEXUS Property Group 2012 Half Year Results Presentation — Slide 4

2012 — PROGRESS AGAINST GOALS

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FY12 goals 1H/FY12 progress
� Top quartile performance � DWPF top performing wholesale fund
Third Party � $600m property transactions
� New capital partner opportunities � Ongoing
� Increase duration � Duration 4.3 years
Funds & Capital � Refinanced $800m of debt
� Reduce cost of funds � Interest cost 6.2%
1 Bligh Street and Gateway, 1 Macquarie Place, Sydney, NSW
DEXUS Property Group 2012 Half Year Results Presentation — Slide 5
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2012 — STRONG SHAREHOLDER RETURNS
Stakeholders and environment

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Sector Achievement
� NABERS 4.5 star upgrade program on track for completion
Sustainability � DXS portfolio: Energy GHG �� 4.7% 6.7%
Water � 5.9%
Consistently outperformed A-REIT index
Calendar year 2011 Total shareholder returns to 31 Dec 2011 [1]
� Core portfolio: IRR 10.0%
� Return on equity 8.4%
� Total shareholder return 10.8% [1 ]
Investors
1. Source: UBS and S&P.
DEXUS Property Group 2012 Half Year Results Presentation — Slide 6
Stakeholders
Environment &
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FINANCIAL TITLE SLIDE HEADER Sub title PERFORMANCE

Craig Mitchell
Chief Financial Officer
Victor Hoog Antink
Chief Executive Officer

DEXUS Property Group 2012 Half Year Results Presentation — Slide 7

FINANCIAL RESULTS AT A GLANCE

	Dec 2010	Dec 2011	Change
	$m	$m	$m
Funds From Operations (FFO)	179.0	184.3	5.3
Less: Retained earnings1	(53.7)	(55.1)	(1.4)
Income distribution	125.3	129.2	3.9
NTA changes in statutory profit	163.9	11.8	(152.1)
Other2	5.2	4.7	(0.5)
Statutory profit	294.4	145.7	(148.7)

1. FFO retained in accordance with our distribution policy.

2. RENTS capital distribution included in FFO ($5.3m, classified as an equity related movement in the financial statements) and impairment of goodwill ($0.6m).

DEXUS Property Group 2012 Half Year Results Presentation — Slide 8

FUNDS FROM OPERATIONS

	Dec 2010	Dec 2011
	$m	$m
Office NOI	127.2	141.0
Industrial NOI	56.8	58.4
Industrial US NOI1	38.2	37.6
Industrial EU NOI1	7.8	5.4
Currency impact on NOI	3.7	–
Management business contribution to FFO	(10.3)	(11.8)
Trading profits	–	2.7
Other net operatingcosts	(3.6)	(2.1)
Operating EBIT	219.8	231.2
Finance costs1 Currency impact on finance costs Incentive amortisation and rent straight line2 RENTS	(44.7) (3.8) 14.5 (6.2)	(57.4) – 16.7 (6.3)
Other	(0.6)	0.1
Funds From Operations(FFO)	179.0	184.3
FFOper security	3.70	3.81
Distributionper security	2.59	2.67

• Group like-for-like NOI up $5m

• Operating EBIT higher due to like-for-like income growth and completion of developments offset by the impact of property sales in US and Europe

• Interest expense higher due to completion of developments, offset by property sales and reduction in interest costs

• FFO increased 3.0%

• Constant currency: items shown at constant currency for Dec 10 have been restated using the Dec 11 average FX rates for comparative purposes. 2. Includes cash and fit out incentive amortisation.

• DEXUS Property Group 2012 Half Year Results Presentation — Slide 9

NET TANGIBLE ASSETS CHANGES

Dec 2011 $m cps Opening net tangible assets 4,878 101 Revaluation of real estate 58 1 Retained earnings1 55 1 Amortisation of tenant incentives2 (17) – Fair value movements3 (84) (2) NTA changes in statutory profit 12 – Movement in FX reserve (2) – Total movement in NTA 10 – Closing net tangible assets 4,888 101	Investment property Portfolio Cap rate Valuation movement Office 60% 7.3% $33m Industrial 22% 8.6% $5m Industrial US 17% 7.3% $24m Industrial EU 1% n/a ($4m) Total 100% 7.5%4 $58m � Growth in underlying NTA offset by interest rate hedge mark-to-market movements following decrease in Australian and US interest rates

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

2. Includes straight lining rent.

3. Includes primarily fair value movements of derivatives, deferred tax and gain on sale of assets.

4. Excludes Europe.

DEXUS Property Group 2012 Half Year Results Presentation — Slide 10

CAPITAL MANAGEMENT Active and conservative management

� Operating cash flows match distributions

• Distributions funded by free cash flow

• Stay in business capex funded by retained earnings

• Investments funded by recycling existing capital

• Refinanced $800m of facilities

• $178m debt maturities in next 18 months[3 ]

• Reduced cost of debt to 6.2%

• $204m RENTS (June 2012)

• Notice to be given prior to 25 May

Operating cashflows	$m
Cashflow from operations1	177.7
Stay in business capital2	(44.3)
Distributionpaid	(125.3)
Net surplus	8.1
Investing cashflows
Acquisitions (incl. inventory)	(58.8)
Disposals	125.1
Development spend	(67.1)
Net investment activities	(0.8)

Debt expiry profile[3 ] — average 4.3 years

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1. Excludes capitalised interest, payments for inventory and proceeds from sale of inventory. Includes RENTS.

2. Includes maintenance capex and leasing capex (excludes rent free incentives).

3. Includes a $200m facility that commenced in January 2012, maturing in the June 2015 period.

DEXUS Property Group 2012 Half Year Results Presentation — Slide 11

THIRD PARTY INVESTMENT MANAGEMENT Significant activity

� Activity in mandates

• AXA advised withdrawal of mandate arrangement effective May 2012

• Mandates outperforming benchmarks

• Sold QV1, Perth $310m on behalf of STC mandate

� Good interest from wholesale investors for partnering opportunities

Product type

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Sector allocation

� DWPF top performing wholesale fund in 2011[1 ]

— Acquired $298m properties[2 ]

— $201.5m office and $96.5m industrial

• Raised $231m new equity

• Standard & Poor’s A (Stable) rated

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1. For the year to 31 December 2011. Mercer IPD Australian Pooled Property Fund Index (net returns, net asset weighted). 2. Purchase price excluding acquisition costs.

DEXUS Property Group 2012 Half Year Results Presentation — Slide 12

TITLE SLIDE HEADER PORTFOLIO Sub title OVERVIEW Victor Hoog Antink Paul Say Chief Executive Officer Chief Investment Officer & Head of Office

DEXUS Property Group 2012 half year results presentation — Slide 13
DEXUS Property Group 2012 Half Year Results Presentation — Slide 13

DXS PORTFOLIO

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SECTOR — AUM/target allocation CORE PORTFOLIO ACTIVE PORTFOLIO
$4.6bn $0.0bn
Office $4.6bn 60%
>85% AUM – target 9% IRR <15% AUM – target 15% IRR
$1.5bn $0.2bn
Industrial $1.7bn 20%
>80% AUM – target 10% IRR <20% AUM – target 15% IRR
$1.2bn $0.1bn
US industrial $1.3bn 20%
target 8.5% IRR
DEXUS Property Group 2012 Half Year Results Presentation — Slide 14
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PORTFOLIO HIGHLIGHTS Core portfolio delivers 10% total return

Portfolio allocation

Core portfolio total returns

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Office

Below IPD 3 year benchmark by 0.9% 7.5% 1.7% 9.3% Industrial Outperformed IPD 3 year benchmark by 0.7% 8.6% 0.7% 9.3%

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Industrial US
Below NCREIF 1 year benchmark by 1.6%
7.0% 5.7% 13.0%
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Notes: Returns are for 12 months to December 2011 and percentages inside core portfolio total return bars are income and capital returns respectively.

DEXUS Property Group 2012 Half Year Results Presentation — Slide 15

OFFICE PORTFOLIO — CORE Managing risk as uncertainty returns

• Markets pause due to global uncertainty

• Tenants taking longer to make decisions

• Market rents stable

• Leasing incentives remain unchanged

• Investors continue to chase prime office

• Long term market fundamentals remain in place

• Demand for prime CBD stock robust

• Valuations lagging improving investor demand

• Emerging acquisition opportunities

• DEXUS managing market volatility

• Maintaining occupancy with forward leasing concentrated in softer markets

• Target value add opportunities

452 Flinders Street, Melbourne, VIC

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DEXUS Property Group 2012 Half Year Results Presentation — Slide 16

OFFICE PORTFOLIO — CORE Strong tenant relationships drive leasing performance

• Strong portfolio leasing performance

• 26,284sqm leased (in 31 transactions)

• 5.1% like-for-like NOI

• Leases on average 4.0% higher than expiring

• Average incentive 16.5%

• Retention rate 73%

• Occupancy up to 97.2%

— NPV positive against budget

• Traction in managing future “at risk” leasing

— Eg: Zenith, Chatswood

— Austrac renewed 2,636sqm[1]

— Now 99.5% leased and 4.5 year WALE

• FY12 remaining rent at risk: $1m

The Zenith, Pacific Highway, Chatswood, NSW

1. DXS ownership.

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DEXUS Property Group 2012 Half Year Results Presentation — Slide 17

OFFICE PORTFOLIO — ACTIVE Soft market conditions create active investment opportunity

� Development & acquisition pipeline

• 123 Albert Street 100% leased

• 1 Bligh Street 82% leased/exclusive negotiation

— $500m property transactions

— Flinders Gate development – seeking pre-commitment

� 4.5 Star NABERS Energy program on track — future proofing our portfolio

• Expect 4.5 star average rating by December 2012

• Project cost $32m: 79% complete

— Following upgrade works at 1 Margaret Street and 321 Kent Street, Sydney – net cost $1.8m

• Energy consumption reduced 30%

• Outgoings savings approximately $7.50psm p.a.

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Artist’s impression: Flinders Gate Complex, Melbourne, VIC

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DEXUS Property Group 2012 Half Year Results Presentation — Slide 18

INDUSTRIAL PORTFOLIO Core portfolio stable, limited availability provides opportunity

� Core markets holding steady

• Very low availability (less than 4%) of prime stock in key markets

• Market rents steady while decision times increased

• New demand from 3PL users and e-tailers

� Strong leasing performance

• 109,500sqm leased (in 32 transactions)

• Like-for-like NOI (1.7%)

Lease expiry (by income)

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• Tenant retention rate 77%

• Occupancy 96.1%

• Good traction on forward renewal leasing

• FY12: $1.9m remaining rent at risk

Quarry Industrial Estate, 6 Bellevue Circuit, Greystanes, NSW

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DEXUS Property Group 2012 Half Year Results Presentation — Slide 19

INDUSTRIAL — ACTIVE Focusing activity on industrial hotspots

• DEXUS development projects meeting market needs

• 55,000sqm developments completed during period

• 100% leased (70% commenced on spec)

• Average yield on cost of 9.5%

• 58,000sqm developments underway

• 50% pre-committed, strong interest in balance

• 8.6% forecast average yield on cost

Active industrial portfolio

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• Land bank of 108ha ($162m current value)

• During period: 11ha developed, 3.5ha sold

• Sold $22m in completed developments and land

• Delivered $2.7m trading profits

Spec development, DEXUS Industrial Estate, Laverton North, VIC

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DEXUS Property Group 2012 Half Year Results Presentation — Slide 20

US INDUSTRIAL — PORTFOLIO UPDATE Local team drive leasing outperformance

• Secondary markets improving despite sentiment remaining low

• Market conditions remain positive in coastal markets

• Improved leasing demand in Dallas, Minneapolis, and Phoenix

• Investors turning to secondary assets

• Very strong first half leasing results

• Portfolio occupancy increased to 90.2% from 84.4% following management internalisation

• Central portfolio occupancy increased 12.8%

• FY12 remaining rent at risk <$1m

• Debtors at lowest level since portfolio acquired

• Value delivered at Fresca Drive, La Palma performed ahead of schedule: 14% IRR

5911 Fresca Drive, La Palma, CA

DEXUS Property Group 2012 Half Year Results Presentation — Slide 21

US INDUSTRIAL — REPOSITIONING Increased occupancy consistent with repositioning program

• Progress in repositioning program

• US$37m core market acquisitions: average cap rate 7.2%

• Sold US$32m central portfolio properties, 30% above book

• Improved operating metrics increases central portfolio realisation options

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Note: Core portfolio includes Whirlpool properties.
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431 North 44th North Avenue, Phoenix, AZ
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DEXUS Property Group 2012 Half Year Results Presentation — Slide 22
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OUTLOOK

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Victor Hoog Antink
Chief Executive Officer
DEXUS Property Group 2012 Half Year Results Presentation — Slide 23
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2012 OUTLOOK AND GUIDANCE

� Outlook

• Continued uncertainty

� DEXUS is well positioned:

• Quality properties

• Minimal leasing risk

• Strong financial position

• Low refinancing risk

� Guidance[1]

• FY12 FFO per security reaffirmed: 7.65 cents

• Distribution per security[2 ] reaffirmed: 5.35 cents

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1 Bligh Street, Sydney, NSW
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1. Barring unforeseen circumstances.

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1. FFO payout ratio 70%.

DEXUS Property Group 2012 Half Year Results Presentation — Slide 24

2012

DEXUS Property Group
HALF YEAR RESULTS
APPENDICES

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CONTENTS

Statutory profit breakdown	27	Disposals	42
Profit to Funds From Operations reconciliation	28	Debt and financial risk management	43-49
Funds From Operations	29	Portfolio composition	50-51
Management Business EBIT	30	Office portfolio	52-62
Interest reconciliation	31	Industrial portfolio	63-69
Statement of financial position	32	Industrial US portfolio	70-76
Direct property portfolio movements	33	Industrial Europe portfolio	77-78
Net asset value composition	34	FX rates	79
Valuations: metrics and revaluations	35-37	Glossary	80
Developments	38-40	Important information	81
Acquisitions	41

DEXUS Property Group 2012 Half Year Results Presentation — Slide 26 Appendices — Slide 26

STATUTORY PROFIT BREAKDOWN

$m	NOI	Mgmt	Internal fees	Other income	Net finance	RENTS	Current	Deferred	Revals/	Elims	Group
		business	& recoveries	& expenses	costs	**dist’n **	tax	tax	MTM /gain		consol
									on sale		Dec 11
Revenue from ordinary activities
Property revenue	322.8	0.1		0.2							323.1
Proceeds from sale of inventory		21.8									21.8
Management fees		44.3		(0.5)						(18.1)	25.7
Interest revenue					0.8						0.8
Net foreign exchangegain				0.8							0.8
Share of netprofits — equityaccounted	3.1										3.1
Net fair valuegain of investmentproperties									60.0		60.0
Netgain on sale of investmentproperties									2.9		2.9
Expenses
Propertyexpenses	(83.5)									5.5	(78.0)
Cost of sale of inventory		(19.1)									(19.1)
Internal Responsible Entityfees and recoveries			(12.6)							12.6	—
Finance costs					(58.2)				(74.1)		(132.3)
Depreciation		(1.2)									(1.2)
Impairment									(2.6)		(2.6)
Employee related expenses		(35.7)									(35.7)
Net fair value loss of derivatives									(0.5)		(0.5)
Other expenses		(6.7)		(2.6)							(9.3)
Profit before tax	242.4	3.5	(12.6)	(2.1)	(57.4)	—	—	—	(14.3)	—	159.5
Income tax benefit							0.1				0.1
Withholdingtax expense							(0.6)	(12.3)			(12.9)
Netprofit attr. to non-controllinginterests						(1.0)					(1.0)
Netprofit	242.4	3.5	(12.6)	(2.1)	(57.4)	(1.0)	(0.5)	(12.3)	(14.3)	—	145.7
		Operating EBIT = 231.2

DEXUS Property Group 2012 Half Year Results Presentation — Slide 27 Appendices — Slide 27

STATUTORY PROFIT TO FUNDS FROM OPERATIONS RECONCILIATION

$m	Group	Property	MTM of	Profit on	Deferred	Amortisation	RENTS capital	Other	Funds from
	consol	revals/	dervatives	sale of invest	tax	**add-back1 **	distribution		Operations
	Dec 11	impairment		prop					(FFO)
Revenue from ordinary activities
Property revenue	323.1					16.5			339.6
Proceeds from sale of inventory	21.8								21.8
Management fees	25.7								25.7
Interest revenue	0.8							(0.8)	—
Net foreign exchangegain	0.8								0.8
Share of netprofits — equityaccounted	3.1					0.2			3.3
Net fair valuegain of investmentproperties	60.0	(60.0)							—
Netgain on sale of investmentproperties	2.9			(2.9)					—
Expenses
Propertyexpenses	(78.0)								(78.0)
Cost of sale of inventory	(19.1)								(19.1)
Internal Responsible Entityfees and recoveries	—								—
Finance costs	(132.3)		74.1					0.8	(57.4)
Depreciation	(1.2)								(1.2)
Impairment	(2.6)	2.6							—
Employee related expenses	(35.7)								(35.7)
Net fair value loss of derivatives	(0.5)		0.5						—
Other expenses	(9.3)								(9.3)
Profit before tax	159.5	(57.4)	74.6	(2.9)	—	16.7	—	—	190.5
Income tax benefit	0.1								0.1
Withholdingtax expense	(12.9)				12.3				(0.6)
Netprofit attr. to non-controllinginterests	(1.0)						(5.3)		(6.3)
Other	—							0.6	0.6
Netprofit	145.7	(57.4)	74.6	(2.9)	12.3	16.7	(5.3)	0.6	184.3

1. Comprises add back of fit out and cash amortisation of 18.6 and straight line rent adjustment of (1.9).

DEXUS Property Group 2012 Half Year Results Presentation — Slide 28 Appendices — Slide 28

FUNDS FROM OPERATIONS RECONCILIATION

$m Office Industrial US Europe Mgmt Business Other costs Elims Operating EBIT Finance costs Amort add- back1 RENTS Other FFO	$m Office Industrial US Europe Mgmt Business Other costs Elims Operating EBIT Finance costs Amort add- back1 RENTS Other FFO	$m Office Industrial US Europe Mgmt Business Other costs Elims Operating EBIT Finance costs Amort add- back1 RENTS Other FFO	$m Office Industrial US Europe Mgmt Business Other costs Elims Operating EBIT Finance costs Amort add- back1 RENTS Other FFO	$m Office Industrial US Europe Mgmt Business Other costs Elims Operating EBIT Finance costs Amort add- back1 RENTS Other FFO	$m Office Industrial US Europe Mgmt Business Other costs Elims Operating EBIT Finance costs Amort add- back1 RENTS Other FFO	$m Office Industrial US Europe Mgmt Business Other costs Elims Operating EBIT Finance costs Amort add- back1 RENTS Other FFO	$m Office Industrial US Europe Mgmt Business Other costs Elims Operating EBIT Finance costs Amort add- back1 RENTS Other FFO	$m Office Industrial US Europe Mgmt Business Other costs Elims Operating EBIT Finance costs Amort add- back1 RENTS Other FFO	$m Office Industrial US Europe Mgmt Business Other costs Elims Operating EBIT Finance costs Amort add- back1 RENTS Other FFO	$m Office Industrial US Europe Mgmt Business Other costs Elims Operating EBIT Finance costs Amort add- back1 RENTS Other FFO	$m Office Industrial US Europe Mgmt Business Other costs Elims Operating EBIT Finance costs Amort add- back1 RENTS Other FFO	$m Office Industrial US Europe Mgmt Business Other costs Elims Operating EBIT Finance costs Amort add- back1 RENTS Other FFO	$m Office Industrial US Europe Mgmt Business Other costs Elims Operating EBIT Finance costs Amort add- back1 RENTS Other FFO
Property revenue 188.5 73.5 53.1 7.7 0.1 0.2 323.1 16.5 339.6
Proceeds from sale of inventory 21.8 21.8 21.8
Management fees 31.7 (0.5) (5.5) 25.7 25.7
Net fx gain 0.8 0.8 0.8
Profit from associates 3.1 3.1 0.2 3.3
Other income — —
Property expenses (50.6) (15.1) (15.5) (2.3) 5.5 (78.0) (78.0)
Cost of sale of inventory (19.1) (19.1) (19.1)
Finance costs — (57.4) (57.4)
Depreciation (1.2) (1.2) (1.2)
Employee related expenses (35.7) (35.7) (35.7)
Other expenses (6.7) (2.6) (9.3) (9.3)
Tax — (0.5) (0.5)
RENTS — (6.3) (6.3)
Other — 0.6 0.6
**FFO breakdown per slide 9 **	141.0	58.4	37.6	5.4	(9.1)	(2.1)	—	231.2	(57.4)	16.7	(6.3)	0.1	184.3

Total NOI = 242.4

1. Comprises add back of fit out and cash amortisation of 18.6 and straight line rent adjustment of (1.9).

DEXUS Property Group 2012 Half Year Results Presentation — Slide 29 Appendices — Slide 29

MANAGEMENT CONTRIBUTION TO FFO

Contribution to FFO ($m)	Management business Trust Total DXS Balance sheet property Funds management portfolio Corporate costs Total Other net trust expenses
Investment management	— 13.9 — 13.9 — 13.9
Property services	8.1 9.8 — 17.9 — 17.9
Active trading profits	2.7 — — 2.7 — 2.7
Other income	— — — — 0.5 0.5
Property management salaries	(3.7) (4.9) — (8.6) — (8.6)
Other salaries	(5.8) (5.4) (15.9) (27.1) — (27.1)
Other costs	(0.4) (0.2) (6.1) (6.7) (2.6) (9.3)
Depreciation & amortisation	— — (1.2) (1.2) — (1.2)
Contribution to FFO	0.9 13.2 (23.2) (9.1) (2.1) (11.2)
Add: Internal RE charge at cost	12.6 — — 12.6
Operating EBIT	13.5 13.2 (23.2) 3.5

DEXUS Property Group 2012 Half Year Results Presentation — Slide 30 Appendices — Slide 30

INTEREST RECONCILIATION

	Dec 2010	Dec 2011
	$m	$m
Interest paid/payable	60.8	67.5
Other finance costs	2.1	2.4
Realised interest rate swap expense1	15.4	3.3
Gross finance costs	78.3	73.2
Less: interest capitalised	(29.1)	(15.0)
Less: interest income	(0.7)	(0.8)
Net finance costs for distributable earnings (Slide 9)	48.5	57.4
Less: unrealised interest rate swap MTM (gain)/loss1	(51.6)	74.1
Add: interest income	0.7	0.8
Statutory finance costs/(income) (Financial Statements note 2)	(2.4)	132.3

1. Net fair value loss of interest rate swaps of $77.4m (per note 2) consists of realised interest rate swap expense of $3.3m plus unrealised interest rate swap MTM loss $74.1m.

2. DEXUS Property Group 2012 Half Year Results Presentation — Slide 31 Appendices — Slide 31

STATEMENT OF FINANCIAL POSITION

	June 2011	Dec 2011
	$m	$m
Cash & receivables	110	103
Direct property portfolio1	7,487	7,626
Other (including derivative financial instruments & intangibles)	391	410
Total assets	7,988	8,139
Payables & provisions	274	263
Interest bearing liabilities	2,215	2,295
Other (including derivative financial instruments)	192	265
Total liabilities	2,681	2,823
Less: non-controlling interests	204	204
Less: intangible assets	225	224
Net tangible assets (after non-controlling interests)	4,878	4,888
NTA per security (excluding non-controlling interests) ($)	1.01	1.01
Securities on issue (million)	4,839	4,839
Gearing (net of cash)	28.4%	29.0%

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

DEXUS Property Group 2012 Half Year Results Presentation — Slide 32 Appendices — Slide 32

DIRECT PROPERTY PORTFOLIO MOVEMENTS

Office1 $m Industrial $m US Industrial $m Other2 $m DEXUS total1 $m	Office1 $m Industrial $m US Industrial $m Other2 $m DEXUS total1 $m	Office1 $m Industrial $m US Industrial $m Other2 $m DEXUS total1 $m	Office1 $m Industrial $m US Industrial $m Other2 $m DEXUS total1 $m	Office1 $m Industrial $m US Industrial $m Other2 $m DEXUS total1 $m	Office1 $m Industrial $m US Industrial $m Other2 $m DEXUS total1 $m
Opening direct property	4,511	1,631	1,171	174	7,487
Leasing incentive3	16	3	9	1	29
Maintenance capex	16	7	5	—	28
Acquisitions	—	28	35	—	63
Developments4	21	27	—	—	48
Disposals5	—	(19)	(24)	(76)	(119)
FX	(1)	—	68	(5)	62
Revaluations	33	5	24	(4)	58
Amortisation	(22)	(3)	(7)	—	(32)
Straight lining	1	—	1	—	2
Closing direct property	4,575	1,679	1,282	90	7,626

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

2. Includes Europe.

3. Includes rent free incentives.

4. Includes capitalised interest. 5. At book value.

DEXUS Property Group 2012 Half Year Results Presentation — Slide 33 Appendices — Slide 3

NET ASSET VALUE COMPOSITION

• Property valuations of $58[1] million or 1.2 cents of NTA

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1. Includes impairment of inventory.
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DEXUS Property Group 2012 Half Year Results Presentation — Slide 34 Appendices — Slide 34
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VALUATION METRICS

	Cap rate	Cap rate	Cap rate	Discount rate	Discount rate	Discount	Valuation
	Jun 11	Dec 11	change	Jun 11	Dec 11	rate change	change1
	%	%	bps	%	%	bps	%
Office	7.4	7.3	(6)	9.1	9.1	2	0.7
Industrial	8.6	8.6	(1)	9.7	9.7	(5)	0.3
Industrial US2	7.6	7.3	(26)	9.1	8.7	(41)	1.9
Industrial EU3	—	—	—	—	—	—	(4.2)
Total	7.7	7.5	(11)	9.2	9.2	(7)	0.8

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

2. For US portfolio: stabilised cap rate used for Jun 11, market cap rate for Dec 11.

3. Due to certain assets being held at Directors’ valuation, weighted average cap rates and discount rates are not applicable for European portfolio.

DEXUS Property Group 2012 Half Year Results Presentation — Slide 35 Appendices — Slide 35

REVALUATION SUMMARY

	Office	Industrial	US Industrial	Europe	Total
	A$m	A$m	A$m	A$m	A$m
Investment properties	35	8	24	(4)	63
Development properties1	(2)	(3)	—	—	(5)
Equity accounted properties	—	—	—	—	—
Total P&L revaluations	33	5	24	(4)	58

1. Includes land and inventory.

DEXUS Property Group 2012 Half Year Results Presentation — Slide 36 Appendices — Slide 36

Appendices — Slide 36

REVALUATION SUMMARY AS AT DECEMBER 2011

	Office	Industrial	US Industrial	Europe	Total
	A$m	A$m	A$m	A$m	A$m
Carry value — investment properties
Externally revalued	710	323	533	53	1,619
Internally revalued	3,628	1,098	726	36	5,488
Sub total	4,338	1,421	1,259	89	7,107
Carry value — development properties1
Externally revalued	—	—	—	—	—
Internally revalued	25	258	24	—	307
Sub total	25	258	24	—	307
Carry value — equity accounted
Externally revalued	—	—	—	—
Internally revalued	212	—	—	—	212
Sub total	212	—	—	—	212
Total carry value	4,575	1,679	1,283	89	7,626

1. Includes inventory.

DEXUS Property Group 2012 Half Year Results Presentation — Slide 37 Appendices — Slide 37

DEVELOPMENTS — UNDERWAY

	Country	Area	Est. total	Est. cost to	Est. yield on	Est.
		sqm	cost1	completion	total cost	completion
			A$m	A$m	%	date
Industrial
Greystanes, NSW — Camerons Transport	AU	23,3402	30.1	14.8		June 2012
Greystanes, NSW — UPS	AU	5,437	8.6	5.2		July 2012
Laverton, VIC — Toll	AU	13,720	12.1	7.3		June 2012
Laverton, VIC — speculative facility	AU	15,564	13.8	8.8		July 2012
Total underway		58,061	64.6	36.1	8.6

1. Includes land, fully leased.

2. Camerons Transport has pre-committed to 46% of total area.

DEXUS Property Group 2012 Half Year Results Presentation — Slide 38 Appendices — Slide 38

Appendices — Slide 38

DEVELOPMENTS — UNCOMMITED PIPELINE

	Country	Building	Project	Project to est.	Target yield on
		area	est.	completion	project est. cost
		sqm	A$m	A$m	%
Office
172 Flinders Street (Flinders Gate), Melbourne1	AU	20,000	—	—	—
Total office		20,000
Industrial
Quarry at Greystanes, NSW2	AU	155,965	225	141	8.5
DEXUS Industrial Estate, Laverton North, VIC2,3	AU	175,654	203	137	8.5
Total industrial		331,619	428	278
Total pipeline		351,619	428	278

1. Pending DA approval.

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

DEXUS Property Group 2012 Half Year Results Presentation — Slide 39 Appendices — Slide 39

DEVELOPMENTS — COMPLETED

	Country	Area	Project	Est. cost to	Yield on	IRR	Completed
			cost1	completion	project cost	%	date
		sqm	A$m	A$m	%
Office
Southgate Complex, Southbank, VIC	AU	9,000	26	6	9.0	>15	November 2011
Total office		9,000	26	6	9.0
Industrial
Laverton, VIC — Fastline	AU	17,347	14	1			September 2011
Erskine Park, NSW — Spec Warehouse	AU	21,000	25	4			September 2011
Greystanes, NSW — Fujitsu Australia	AU	17,025	32	1			September 2011
Total industrial		55,372	71	6	9.5	19.0
Total underway		64,372	97	12

1.Includes land, fully leased.

DEXUS Property Group 2012 Half Year Results Presentation — Slide 40 Appendices — Slide 40

ACQUISITIONS

	Interest	Acquisition	Settlement
	%	A$m
Australia
3676 Ipswich Road, Wacol, QLD	100	n/a1	November 2011
United States
6711 Valley View Street, La Palma, CA	100	17.1	July 2011
2250 Riverside Avenue, Colton, CA	100	17.5	October 2011
Total acquisitions		34.6

1. Acquired as inventory.
DEXUS Property Group 2012 Half Year Results Presentation — Slide 41 Appendices — Slide 41

DISPOSALS

	No of properties	Gross proceeds
		A$m
Industrial	2	21.8
Industrial EU	6	76.0
Industrial US	4	32.1
Total disposals	12	129.9

Link to www.dexus.com/dxs/propertyreports to view details.

DEXUS Property Group 2012 Half Year Results Presentation — Slide 42 Appendices — Slide 42

KEY CAPITAL MANAGEMENT MEASURES

	June 2011	Dec 2011
Headroom (approximately)1	$0.6bn	$0.6bn
Average maturity of debt	4.2 years	4.3 years
Gearing2	28.4%	29.0%
Covenant gearing2(covenant3<55%)	29.1%	29.7%
Interest cover (covenant3> 2.0x)	3.1x	3.4x
Priority debt (covenant3< 30%)	5.3%	2.0%
S&P/Moody’s rating	BBB+ / Baa1	BBB+ / Baa1

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Facility mix
Mortgage loans
5%
USPP
8%
MTN
12%
144A
19%
Bank – unsecured
56%
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1. Undrawn facilities plus cash.

2. Refer to glossary for gearing definition.

3. As per public bond covenants.

4. DEXUS Property Group 2012 Half Year Results Presentation — Slide 43 Appendices — Slide 43

INTEREST RATE HEDGING PROFILE

• Average amount of debt hedged: 80%[1 ]

• Weighted average interest rate on hedged debt: 4.3%

• Weighted average fixed and floating rate: 6.2% (including margins and fees)

• Weighted average maturity of interest hedges: 5.7 years

Hedge maturity profiles

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1200
1200 8%
8%
1000 7%
1000 7%
6%
6% 800
800
5%
5%
A$m 600 4% US$m 600 4%
400 3% 400 3%
2% 2%
200 200
1% 1%
0 0% 0 0%
HY12 FY12 FY13 FY14 FY15 FY16 FY17 FY18 FY19 FY20 FY21 HY12 FY12 FY13 FY14 FY15 FY16 FY17 FY18 FY19 FY20 FY21
Average amount hedged A$m Weighted avg hedge rate Average amount hedged US$m Weighted avg hedge rate
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1.Includes RENTS.

DEXUS Property Group 2012 Half Year Results Presentation — Slide 44 Appendices — Slide 4

INTEREST RATE HEDGING PROFILE

	HY12	FY12	FY13	FY14	FY15	FY16 Avg FY17+3	FY16 Avg FY17+3
A$ fixed coupon debt (A$m)1	180	180	180	180	180	180	27
A$ interest rate swaps (A$m)1	747	730	738	674	600	448	114
A$ total hedged (A$m)1	927	910	918	854	780	628	141
A$ hedge rate (ex margin)2	4.95%	4.99%	5.27%	5.57%	5.82%	6.08%	5.98%
US$ fixed coupon debt (US$m)1	887	865	821	770	459	322	238
US$ interest rate swaps (US$m)1	90	66	79	141	347	383	96
US$ total hedged (US$m)1	977	931	900	911	806	705	334
US$ hedge rate (ex margin)2	3.70%	3.65%	3.78%	3.82%	4.03%	4.00%	3.78%
€m average hedged	107	85	50	50	48	30	0
€hedge rate (ex margin)1	4.35%	4.27%	4.27%	4.27%	4.25%	4.03%	n/a
Total hedged (A$m)	2,018	1,932	1,893	1,872	1,694	1,411	492
Hedge rate (ex margin)1	4.32%	4.32%	4.53%	4.63%	4.86%	4.93%	4.39%

• Refer slide 47 for current period weighted average cost of debt including floating rate component, credit margins and fees

1. Average amount during the period 2. Weighted average rate of fixed debt and swaps for the period. 3. Hedging period FY17 — FY21.

• DEXUS Property Group 2012 Half Year Results Presentation — Slide 45 Appendices — Slide 45

FIXED DEBT PROFILE

	HY12	FY12	FY13	FY14	FY15	FY16	FY17	FY18	FY19	FY20	FY21
A$m fixed coupon debt (avg)	180	180	180	180	180	180	135	-	-	-	-
A$ fixed debt rate (coupon)	8.75%	8.75%	8.75%	8.75%	8.75%	8.75%	8.75%
Average term (yrs)	5.3
US$m fixed coupon debt (avg)	887	865	821	770	459	322	273	250	250	250	167
US$ fixed debt rate (coupon)	6.16%	6.19%	6.24%	6.24%	5.85%	5.61%	5.60%	5.60%	5.60%	5.60%	5.60%
Average term (yrs)	4.7

• Note: DXS holds interest bearing liabilities at amortised cost in accordance with AASB 139 as the liabilities do not meet the criteria to fair value account. The fair value of fixed interest bearing liabilities is disclosed in the full year Financial Statements as a note. Refer to 30 June 2011 accounts note 30(2)(d) as an example.

DEXUS Property Group 2012 Half Year Results Presentation — Slide 46 Appendices — Slide 46

DEBT BALANCES BY JURISDICTION

	Interest	Cross	RENTS	Total liabilities after	Weighted
	bearing	currency	$m	cross ccy swaps	average cost of
	liabilities	swaps1		& RENTS2,3	debt4
	$m	$m		$m	%
Australia/New Zealand	A$1,111	A($92)	A$204	A$1,222	7.5%
USA	US$1,172	—	—	US$1,172	5.1%
Europe	€38	€40	—	€78	4.7%
Total	A$2,313	—	A$204	A$2,516	6.2%
Less amortised debt costs	(A$19)
Current & non-current interest
bearing liabilities	A$2,295

1. Cross currency swap principal amounts included at contract exchange rates. Refer slide 49 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. C$30 of Canadian cross currency swaps remained in place as at 31 Dec 2011, to be repaid with sale proceeds currently held in escrow.

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

DEXUS Property Group 2012 Half Year Results Presentation — Slide 47 Appendices — Slide 47

DEBT FACILITY DETAIL

	Facility limit	Drawn	Maturity dates	Security	Currency
	A$m	A$m
Bilateral bank debt	128	—	May 12 – Jul 12	Unsecured	A$
	368	148	Sep 13 – Dec 13	Unsecured	A$, US$
	200	155	Jan 14 – Sep 14	Unsecured	A$
	225	222	Oct 15 - Dec 15	Unsecured	A$
	195	187	Jun 16 – Sep 16	Unsecured	A$
	252	196	Oct 16 – Dec 16	Unsecured	A$, US$
	250	140	Mar 17 – Jul 17	Unsecured	A$
Mortgage loans	155	155	Jan 14 – Dec 17	Secured	US$
Medium term notes(MTN)	160	160	Jul 14	Unsecured	A$
	180	180	Apr 17	Unsecured	A$
US senior notes (144a)	295	295	Oct 14	Unsecured	US$
	246	246	Mar 21	Unsecured	US$
US senior notes (USPP)	49	49	Mar 12 – Feb 13	Unsecured	US$
	180	180	Dec 14 – Mar 17	Unsecured	US$
Total	2,882	2,313
Bank Guarantee utilised		3
Cash		(77)
Headroom		643

Note: profile not adjusted for bank facilities completed after December 2011.

1. USPP maturities: US$7m Mar 12, US$43m Feb 13, US$78m Dec 14, US$11m Mar 15, US$53m Feb 16, US$19m Dec 16, US$22m Mar 17

DEXUS Property Group 2012 Half Year Results Presentation — Slide 48 Appendices — Slide 48

FOREIGN INCOME HEDGING &
CROSS CURRENCY SWAP MATURITY PROFILE

Minimal foreign exchange risk due to natural hedging:

• Foreign balance sheet hedged[1] : 85 % � Foreign income hedged[2] : 80%

	HY12	FY12	FY13	FY14
Foreign income hedging profile
Foreign exchange contracts (US$m)	1.4	4.4	2.7	2.5
Average A$/US$ rate	0.6827	0.7098	0.6657	0.6798
Foreign exchange contracts (NZ$m)	—	—	—	—
Average A$/NZ$ rate	—	—	—	—
Cross currency swap maturity profile
€ maturities (€m)			40
€ contract rate			0.7460
CAD maturities (C$m)		30	—
C$ contract rate		0.9346	—

1. Excludes working capital and unrealised fair value of derivatives and fixed rate debt.

2. Hedging as % of total foreign exposure, including foreign interest expense (“natural hedging”) and foreign exchange contracts.

DEXUS Property Group 2012 Half Year Results Presentation — Slide 49 Appendices — Slide 49

PORTFOLIO COMPOSITION

Income and lease expiry

	% Total	FY12	FY13	FY14	FY15	FY16+
	income
Office	59%	2%	8%	7%	7%	35%
Industrial	23%	2%	4%	4%	3%	10%
Industrial US	16%	1%	2%	2%	2%	9%
Industrial EU	2%	1%	0%	0%	0%	1%
Total	100%	6%	14%	13%	12%	55%

DEXUS Property Group 2012 Half Year Results Presentation — Slide 50 Appendices — Slide 50

CORE PORTFOLIO
Metrics

	Office	Industrial	Industrial US	Portfolio
Like-for-like income growth1	5.1% (�2.0%)	(1.7%) (�3.1%)	0% (�8.3%)	2.4%2
Occupancy by area	97.2% (�1.0%)	96.1% (�0.1%)	90.2% (�5.8%)	92.0%
Average incentive	16.5% (�0.1%)	6.7% (�3.6%)	15.1% (�1.3%)
Retention1,3	73% (�3.0%)	77% (�6.0%)	50% (�15.0%)
Area leased sqm (% portfolio)	31,9725 (5%)	109,529 (9%)	305,179 (14%)
Average rental increase	4.0% (�0.6%)	(5.9%) (�1.4%)	(14.5%) (�1.8%)
Average fixed increase on leased portfolio	4.2% (�0.5%)	3.3% (�0.1%)	2.0%
Over/(under) rented1	(2.9%) (�0.6%)	6.0% (�1.0%)	16.3% (�9.4%)
Total value	$4,575m	$1,679m	$1,283m	$7,626m
Value per sqm4	$7,674	$1,281	$588
Average cap rate	7.3%	8.6%	7.3%	7.5%2

1. Variances compared to Dec 10 period. All other variances compared to Jun 11.

2. Excludes Europe.

3. Rolling 12 months.

4.Includes DXS’s share of equity accounted investments.
5.Includes 5,688sqm development leasing

DEXUS Property Group 2012 Half Year Results Presentation — Slide 51 Appendices — Slide 51

OFFICE

Key portfolio statistics

	Dec 20102	Dec 20112
Net operating income	$127.2m	$141.0m
NOI change	4.3%	10.8%
Like-for-like	3.1%	5.1%
Occupancy (area)	96.5%	97.2%
Occupancy (income)	97.0%	96.5%
Over/(under) rented	(3.5%)	(2.9%)
Retention rates1	76%	73%
Lease duration (income)	5.6yrs	5.1yrs
Portfolio value	$4.3bn	$4.6bn
Average cap rate	7.5%	7.3%

View of Circular Quay including 1 Bligh, Gateway and Australia Square, Sydney, NSW

1. Rolling 12 months.

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

==> picture [201 x 300] intentionally omitted <==

DEXUS Property Group 2012 Half Year Results Presentation — Slide 52 Appendices — Slide 52

OFFICE
Portfolio composition — leased by area

	Occupancy	Expiries	Renewals	New	Other	L4L closing	Transaction	Occupancy
	30 June 2011	sqm	sqm	sqm	sqm	occupancy	impact1	31 Dec 2011
Current period leases	96.2%	(6,560)	1,686	12,400	(394)	97.0%	0.2%	97.2%
Future periods leases	—	(17,886)	17,886	—	—	—	—	—
Total square metres	536,899	(24,446)	19,572	12,400	(394)	544,031	35,247	579,278
Retention
— Rolling 12 months2								73%

1. Inclusion of 123 Albert Street following practical completion. 2. By area.

• DEXUS Property Group 2012 Half Year Results Presentation — Slide 53 Appendices — Slide 53

OFFICE Portfolio diversification

Property type by book value

Geographical weighting by book value

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DEXUS Property Group 2012 Half Year Results Presentation — Slide 54 Appendices — Slide 54

OFFICE Top ten tenants

Diversity of tenants by income

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

|||||||
|---|---|---|---|---|---|
|Tenant|S&P rating|[1 ]|% of NOI|
|Woodside Energy|BBB+ negative|7.5%|
|S&K Car Park Management|Not rated|6.8%|Property & Business Services|Insurance 4%|Legal & Accounting|
|6%|17%|
|Commonwealth of Australia (Govt)|AAA stable|5.1%|Telecommunications|
|& IT|
|Rio Tinto|A- stable|4.7%|7%|
|State of NSW|AAA stable|4.2%|
|Parking|
|Lend Lease|BBB- stable|2.8%|10%|Mining 16%|
|State of Victoria|AAA stable|2.4%|
|IBM Australia|A+ stable|2.4%|Finance 11%|
|Mallesons|Not rated|2.3%|
|Not rated|2.1%|Government|
|Clayton Utz|Other|16%|
|13%|

----- End of picture text -----

1. As at 13 February 2012.

DEXUS Property Group 2012 Half Year Results Presentation — Slide 55 Appendices — Slide 5

OFFICE NABERS upgrade program

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

|||||
|---|---|---|---|
|30 June 2011|31 December 2011|
|Capital expenditure|[1,2 ]|$20.5m|$25.3m|
|NABERS Energy rating — with green power (period end)|[1 ]|3.4|3.5|
|NABERS Energy rating — without green power (period end)|[1 ]|3.0|3.0|
|NABERS Water rating (period end)|[1 ]|3.1|3.2|

----- End of picture text -----

• Estimated cost to complete the NABERS upgrade program is $6.7 million[3 ]

1. DXS listed portfolio only. 2. Cumulative spend at period end. 3. DXS share.

DEXUS Property Group 2012 Half Year Results Presentation — Slide 56 Appendices — Slide 56

OFFICE NABERS ratings

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

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

DEXUS Property Group 2012 Half Year Results Presentation — Slide 57 Appendices — Slide 57

OFFICE NABERS ratings

		NABERS Energy	NABERS Energy		NABERS Water	NABERS Water
	Jun	2011	Dec	2011	Jun 2011	Dec 2011
Rating status1	Inc GP	Ex GP	Inc GP	Ex GP
383-395 Kent Street, Sydney	4.0	3.5	4.0	3.5	3.5	3.5
One Margaret Street, Sydney	3.5	3.0	3.5	3.0	2.0	2.0
44 Market Street, Sydney	2.5	2.0	2.0	1.5	2.5	2.5
30-34 Hickson Road, Sydney	5.0	4.5	5.0	4.5	2.5	3.5
Garema Court, 140-180 City Walk, Canberra	3.0	3.0	3.5	3.5	—	—
14 Moore Street, Canberra	3.5	3.0	2.5	2.5	2.5	3.5
172 Flinders Gate, Melbourne1	2.5	2.0	3.0	2.5	3.5	3.0
189 Flinders Gate, Melbourne1	2.5	2.5	3.5	3.0	—	1.0
8 Nicholson Street, Melbourne	3.0	3.0	3.5	3.5	4.5	3.5
Southgate Complex — HWT Tower	3.5	3.5	4.0	3.5	3.0	3.5
Southgate Complex — IBM Tower	4.0	3.5	4.0	3.5	3.0	4.0
Woodside Plaza, 240 St Georges Terrace, Perth	2.0	1.5	2.0	1.5	3.0	3.0
Total	3.4	3.0	3.5	3.0	3.1	3.2

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

DEXUS Property Group 2012 Half Year Results Presentation — Slide 58 Appendices — Slide 58

OFFICE Resource consumption

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Source: Ward Consulting. DEXUS Property Group 2012 Half Year Results Presentation — Slide 59 Appendices — Slide 59

OFFICE
Lease expiry profile at 31 December 2011

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

25%
20% 19.2%
16.1%
15.2%
15%
12.5% 12.3% 12.8%
10.9% 10.9%
10.3% 10.6% 9.9% 10.4%
10%
8.5% 8.6%
5.2%
5% 2.8% 3.5% 4.0% 3.1% 4.4% 3.1% 3.5%
1.2%
1.0%
0%
Vacant FY12 FY13 FY14 FY15 FY16 FY17 FY18 FY19 FY20 FY21 FY22+
Area Income
DEXUS Property Group 2012 Half Year Results Presentation — Slide 60 Appendices — Slide 60
% of portfolio available lease
----- End of picture text -----

CBD office outlook — Sydney, Melbourne, Brisbane & Perth

OFFICE

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

Net demand has weakened in the past 6 months Completions subdued
('000m [2] )
('000m [2] ) 600
600
500
450 20 yr average 400 20 yr average
300 300
200
150
100
0 -
2000 2002 2004 2006 2008 2010 2012
-150
2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 Sydney & Melbourne Brisbane & Perth 20 yr Average
Sydney & Melbourne Brisbane & Perth 20 yr average
Gross effective rent — modest growth Vacancy relatively stable
12%
750
10%
600
8%
450 6%
300 4%
150 2%
0 0%
Dec-00 Dec-02 Dec-04 Dec-06 Dec-08 Dec-10 Dec-12 Dec-00 Dec-02 Dec-04 Dec-06 Dec-08 Dec-10 Dec-12
Four CBD vacancy
Average – Sydney, Melbourne, Brisbane, Perth
Sources: Jones Lang LaSalle actual and DEXUS forecast.
DEXUS Property Group 2012 Half Year Results Presentation — Slide 61 Appendices — Slide 61
----- End of picture text -----

OFFICE
Demand — supply balance

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

Sydney CBD Melbourne CBD
('000m [2] ) Net Supply Net Abs. Vacancy ('000m [2] ) Net Supply Net Abs. Vacancy
250 16% 200 16%
200 14% 150 14%
150 12% 12%
100
100 10% 10%
50 8% 50 8%
- 6% 6%
0
-50 4% 4%
-50
-100 2% 2%
-150 0% -100 0%
2000 2002 2004 2006 2008 2010 2012 2000 2002 2004 2006 2008 2010 2012
Brisbane CBD Perth CBD
('000m [2] ) Net Supply Net Abs. Vacancy ('000m [2] ) Net Supply Net Abs. Vacancy
250 16% 120 16%
14% 100 14%
200
80
12% 12%
150 60
10% 40 10%
100 8% 20 8%
6% - 6%
50 -20
4% -40 4%
- 2% -60 2%
-50 0% -80 0%
2000 2002 2004 2006 2008 2010 2012 2000 2002 2004 2006 2008 2010 2012
----- End of picture text -----

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

Sources: Jones Lang LaSalle actual and DEXUS forecast.
----- End of picture text -----

DEXUS Property Group 2012 Half Year Results Presentation — Slide 62 Appendices — Slide 62

INDUSTRIAL
Key portfolio statistics

	Dec 2010	Dec 2011
Net operating income	$56.8m	$58.4m
NOI change	7.8%	2.8%
Like-for-like	1.4%	(1.7)%
Occupancy (area)	97.4%	96.1%
Occupancy (income)	97.0%	95.1%
Over/(under) rented	5.0%	6.0%
Retention rates1	71%	77%
Lease duration (income)	4.5yrs	4.3yrs
Portfolio value	$1.6bn	$1.7bn
Average cap rate	8.7%	8.6%

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94-106 Lenore Drive, Erskine Park, NSW

1.Rolling 12 months.

DEXUS Property Group 2012 Half Year Results Presentation — Slide 63 Appendices — Slide 63

INDUSTRIAL Portfolio composition — leased by area

	Occupancy	Expiries	Renewals	New	Other	L4L	Transaction	Occupancy
	30 June	sqm	sqm	sqm	sqm	closing	impact	31 Dec 2011
	2011					occupancy
Current period leases	96.2%	(22,862)	15,822	4,887	561	96.1%	0.0%	96.1%
Future periods leases	—	(24,164)	21,363	2,801	—	—	—	—
Total square metres	1,059,248	(47,026)	37,185	7,688	561	1,057,656	17,004	1,074,660
Retention
— Rolling 12 months1								77%

1. By area.

DEXUS Property Group 2012 Half Year Results Presentation — Slide 64 Appendices — Slide 64

INDUSTRIAL Portfolio diversification

Property type by book value

Geographical weighting by book value

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DEXUS Property Group 2012 Half Year Results Presentation — Slide 65 Appendices — Slide 65

INDUSTRIAL Top 10 tenants

Diversity of tenants by income

Industrial	S&P rating1	% of NOI	Di	versity o	f tenants by income
Wesfarmers Limited	A- stable	6.5%			Agriculture
Elders Ltd	A- stable	5.6%			6%
Visy Pet Pty Ltd	Not rated	3.6%	Other 12%		Wholesale trade 27%
IBM Australia Limited	A+ stable	3.1%
DHL	BBB+ neg watch	2.6%
Toll Transport Pty Ltd	Not rated	2.5%	Property &
Fujitsu	A- stable	2.5%	business 16%
Commonwealth of Australia (Govt)	AAA stable	2.2%
Salmat Business Force Pty Ltd	Not rated	2.2%
Foster’s Australia Ltd	BBB stable	2.0%		Manufacturing	Transport & storage 21%
				18%

1. As at 13 February 2012.

DEXUS Property Group 2012 Half Year Results Presentation — Slide 66 Appendices — Slide 6

INDUSTRIAL Resource consumption

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Source: Ward Consulting.

DEXUS Property Group 2012 Half Year Results Presentation — Slide 67 Appendices — Slide 67

INDUSTRIAL

Lease expiry profile at 31 December 2011

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

18%
15.9% 16.1% 15.7%
16%
14.2%
14%
12% 11.9% 11.9% 10.8% 11.7% 11.1% 11.4%
10.1%
10%
8.4%
8%
6.3%
5.6%
6% 4.9% 4.7% 4.6%
4% 3.9% 3.9% 2.9% 2.9% 3.6% 3.9% 3.7%
2%
0%
Vacant FY12 FY13 FY14 FY15 FY16 FY17 FY18 FY19 FY20 FY21 FY22+
Area Income
DEXUS Property Group 2012 Half Year Results Presentation — Slide 68 Appendices — Slide 68
% of portfolio available lease
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INDUSTRIAL National outlook

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

Merchandise imports rising Industrial supply subdued
$billion/month ('000m [2] )
2,500
25
2,000
1,500
10 Year Average
15
1,000
500
5
Nov-01 Apr-04 Sep-06 Feb-09 Nov-11 0
2005 2006 2007 2008 2009 2010 2011 2012
Imports
Sydney Melbourne Brisbane
Industrial imports and rent growth
% p.a.
20% 40%
30%
10% 20%
10%
0% 0%
-10%
-10% -20%
1995 1997 1999 2001 2003 2005 2007 2009 2011 2013
Imports Sydney rent growth
Sources: Jones Lang LaSalle actual, Access Economics and DEXUS forecast.
DEXUS Property Group 2012 Half Year Results Presentation — Slide 69 Appendices — Slide 69
----- End of picture text -----*

INDUSTRIAL US

Key portfolio statistics

	Dec 2010	Dec 2011
Net operating income	US$39.4m	US$38.6m
Net operating income1	A$41.6m	A$37.6m
NOI change (USD)	(16.0%)	(2.0%)
Like-for-like (USD)	(8.3%)	0%
Occupancy (area)	86.4%	90.2%
Occupancy (income)	87.4%	91.8%
Over/(under) rented	6.9%	16.3%
Retention rates2	65%	50%
Lease duration (income)	4.7yrs	4.4yrs
Portfolio value	US$1.3bn	US$1.3bn
Portfolio value1	A$1.3bn	A$1.3bn
Average cap rate	8.1%	7.3%

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1777 S Vintage Avenue, Ontario, CA

1. At prevailing US/AUD FX rates (not constant currency). 2. Rolling 12 months.

DEXUS Property Group 2012 Half Year Results Presentation — Slide 70 Appendices — Slide 70

INDUSTRIAL US Portfolio composition — leased by area

	Occupancy	Expiries	Renewals	New	Other	L4L closing	Transaction	Occupancy
	30 June	m sf	m sf	m sf	m sf	occupancy	impact	31 Dec 2011
	2011
Current period leases	84.4%	(1.9)	1.0	1.9	0.0	89.9%	0.3%	90.2%
Future periods leases		(0.3)	0.4	—	—
Total m sf	19.9	(2.2)	1.4	1.9	0.0	21.1	0.1	21.2
Retention
― Rolling 12 months1								50%

1. By area. DEXUS Property Group 2012 Half Year Results Presentation — Slide 71 Appendices — Slide 71

INDUSTRIAL US Portfolio diversification

Property type by book value

Geographical weighting by book value

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==> picture [193 x 121] intentionally omitted <==

DEXUS Property Group 2012 Half Year Results Presentation — Slide 72 Appendices — Slide 72

INDUSTRIAL US Portfolio data

31 December 2011	Area sf	Occupancy	Occupancy	WALE1	Retention
	(million)		average		rolling 12 mth
West coast portfolio	4.1	86.3%	89.2%	3.6 years	45%
Whirlpool portfolio	6.2	100.0%	100.0%	7.1 years	—
Central portfolio	13.1	86.8%	79.9%	3.5 years	52%
Total	23.4	90.2%	86.8%	4.4 years	50%

1. By income. DEXUS Property Group 2012 Half Year Results Presentation — Slide 73 Appendices — Slide 73

INDUSTRIAL US
Lease expiry profile at 31 December 2011

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

20% 18.7%
18% 16.6%
16%
14%
11.8%
12% 10.9% 10.9% 11.4% 10.6%
10% 9.8% 10.1% 8.9% 10.1% 9.3% 9.6% 10.1%
8.2%
8% 7.3%
6.1%
6% 5.1%
4% 3.2% 3.1% 2.7% 2.7%
1.5% 1.3%
2%
0%
Vacant FY12 FY13 FY14 FY15 FY16 FY17 FY18 FY19 FY20 FY21 FY22
Area Income
DEXUS Property Group 2012 Half Year Results Presentation — Slide 74 Appendices — Slide 74
% of portfolio available for lease
----- End of picture text -----

INDUSTRIAL US Major tenants by income

	S&P rating	% of NOI
Whirlpool	BBB- positive	24.3%
Advanced Bionics	Not rated	3.3%
US Government	AA+ negative	3.0%
Living Spaces	Not rated	2.3%
Fedex	BBB stable	1.9%
Fiesta Warehousing &
Distributors	Not rated	1.3%
US Xpress	B rating	1.3%
Michaels Stores	B-positive	1.1%
States Logistics Services	Not rated	1.0%
B&E Storage	Not rated	1.0%

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1401 E Cedar Street, Ontario, CA

DEXUS Property Group 2012 Half Year Results Presentation — Slide 75 Appendices — Slide 75

INDUSTRIAL US Net demand positive

Total US Industrial — net demand positive

Rent growth outlook

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('000m [2] ) (% of stock) Annual % change Availability
rent index rate %
60 16% 12 18
40 Forecast
20 14% 8 15
0
-20 12% 4 12
-40
-60 10% 0 9
-80
-100 8% -4 6
Dec-06 Sep-07 Jun-08 Mar-09 Dec-09 Sep-10 Jun-11
Net Supply (LHS) Net Demand (LHS) Vacancy (RHS) -8 3
-12 0
Rent Growth (L) Availability LT Availability Average
2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016
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Source: CBRE Economic Advisors Dec 2011.

DEXUS Property Group 2012 Half Year Results Presentation — Slide 76 Appendices — Slide 76

INDUSTRIAL EUROPE
Key portfolio statistics

	Dec 2010	Dec 2011
Net operating income	€5.8m	€4.1m
Net operating income1	A$8.1m	A$5.4m
Occupancy (area)	84.7%	75.5%
Occupancy (income)	90.5%	87.2%
Lease duration (income)	3.1yrs	2.1yrs
Portfolio value	€132m	€70m
Portfolio value1	A$173m	A$89m
Average cap rate2	7.8%	n/a

Top 5 tenants	% of NOI
Woolworths	14.4
Coca Cola	11.3
Deutsche Post Immobilien GmbH	10.4
Relais Colis	10.0
Schober Grundstücksverwaltung GmbH	8.6

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 31 December 2011 is not applicable.

DEXUS Property Group 2012 Half Year Results Presentation — Slide 77 Appendices — Slide 7

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INDUSTRIAL EUROPE
Lease expiry profile at 31 December 2011
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30% 28.1%
24.5%
25%
22.8%
20%
16.1%
14.9%
15%
12.8% 12.8%
11.9% 12.1%
11.1%
10.3% 10.5%
10%
7.2%
4.9%
5%
- -
0%
Vacant FY12 FY13 FY14 FY15 FY16 FY17 FY18
Area Income
% of portfolio available for lease
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DEXUS Property Group 2012 Half Year Results Presentation — Slide 78 Appendices — Slide 78

EXCHANGE RATES USED IN STATUTORY ACCOUNTS

		Dec 2010	June 2011	Dec 2011
	USD	1.0163	1.0739	1.0156
Closing rates for	EUR	0.7647	0.7405	0.7847
Statement of Financial Position	NZD	1.3171	1.2953	1.3145
	CAD	1.0167	1.0389	1.0364
	USD	0.9431	0.9865	1.0280
	EUR	0.7132	0.7247	0.7444
Average rates for Net Operating Income	NZD	1.2803	1.3037	1.2823
	CAD	0.9698	0.9868	1.0313

DEXUS Property Group 2012 Half Year Results Presentation — Slide 79 Appendices — Slide 79

GLOSSARY

Constant currency : Items shown at constant currency for Dec 10 have been restated using the Dec 11 average FX rates for comparative purposes. Distribution payout policy : Distribution paid will be 70% of Funds From Operations (FFO). Funds From Operations: Funds From Operations (FFO) is often used as a measure of real estate operating performance after finance costs and taxes. DXS’s FFO comprises profit/loss after tax attributable to stapled security holders measured under Australian Accounting Standards and adjusted for: property revaluations, impairments, derivative and FX mark to market impacts, amortisation of certain tenant incentives, gain/loss on sale of certain assets, straight line rent adjustments, deferred tax expense/benefit and DEXUS RENTS Trust capital distribution. 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 Business EBIT : Comprises Responsible Entity fee revenue, third party fee revenue, trading profits and corporate expenses including employee costs for the DEXUS Group. Management Business Contribution to FFO: Comprises third party fee revenue, trading profits and corporate expenses including employee costs for the DEXUS Group. Non-cash items : Includes property revaluations, impairment of goodwill, derivative MTM, gain on sale and deferred tax. Operating EBIT : Comprises net operating 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 business 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.

Constant currency : Distribution payout policy : Funds From Operations:

DEXUS Property Group 2012 Half Year Results Presentation — Slide 80 Appendices — Slide 80

IMPORTANT INFORMATION

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

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

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

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

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

DEXUS Property Group 2012 Half Year Results Presentation — Slide 81 Appendices — Slide 81

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TITLE SLIDE HEADER 2012
Sub title
DEXUS Property Group
HALF YEAR RESULTS
PRESENTATION
Victor Hoog Antink 15 February 2012
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
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www.dexus.com