Slide 1: ASX cover letter
18 February 2009 DEXUS Funds Management Limited ABN 24 060 920 783 AFSL: 238163 For personal use only Level 9, 343 George Street Sydney NSW 2000 PO Box R1822 The Manager Royal Exchange NSW 1225 Australian Stock Exchange Limited Telephone 02 9017 1100 20 Bridge Street Direct 03 8611 2930 Sydney NSW 2
Slide 2: DEXUS Property Group announces Half Year 2008 results
DEXUS Property Group (ASX: DXS) Half Year 2008 Results 18 February 2009 DEXUS Property Group announces Half Year 2008 results For personal use only Key financial highlights: Earnings from operating activities $251.4m (2007: $254.4m) Funds from operations (FFO) $188.7m (2007: $172.9m) Total dis
Slide 3: ASX release continued: operational highlights
DEXUS Property Group (ASX: DXS) Half Year 2008 Results of a 33% interest to Cbus Property, which reduces DEXUS’s committed development exposure by more than $200 million. For personal use only DEXUS has a sound capital management framework, limited secured debt and no off balance sheet debt. Gearing
Slide 4: ASX release continued: developments and operational initiatives
DEXUS Property Group (ASX: DXS) Half Year 2008 Results 6 Star Green Star and 5 Star NABERS Energy ratings, delivering world’s best practice in sustainability and providing the highest levels of tenant amenity and quality workspace. For personal use only In addition to Rio Tinto’s 68% pre-commitment
Slide 5: ASX release continued: sustainability
DEXUS Property Group (ASX: DXS) Half Year 2008 Results duration increased to 4.3 years (June 3.9 years). The Whirlpool program is on track and the remaining three properties are scheduled to be acquired later in 2009, with an estimated value of A$329 million. For personal use only Sustainability DEX
Slide 6: Half Year Results December 2008
DEXUS Property Group Half Year Results 31 December 2008 For personal use only DEXUS Funds Management Limited ABN 24 060 920 783 Australian Financial Services Licence Holder
Slide 7: Half Year Results 2008
For personal use only Half Year Results 2008 Victor Hoog Antink Chief Executive Officer
Slide 8: State of the market – DEXUS focus
State of the market – DEXUS focus For personal use only Market Challenging and volatile environment – Impacting capital markets – Impacting all business operations DEXUS focus Actively managing our property portfolio to extract value and deliver sustainable income Pro-actively managing our bal
Slide 9: Well positioned: solid portfolio, focused team
Well positioned: solid portfolio, focused team For personal use only Strategic focus – leading owner, manager, developer DEXUS Group operating model1 – superior quality office and industrial portfolio – key locations in selected markets Strong tenant relationships – quality covenants – high rete
Slide 10: Prudent & proactive capital management
Prudent & proactive capital management For personal use only Proactive capital management - $1.5bn secured Debt – refinanced all 2009 debt maturities to Feb 2010 - $950m – additional $250 million facility obtained – Standard & Poors rating BBB+ reaffirmed in Nov 2008 Equity – $300 million placemen
Slide 11: Results at a glance
Results at a glance For personal use only Financial Dec 08 Dec 07 – operating earnings $251.4m $254.4m – FFO per security 5.4c 5.9c – DPS 3.8c 5.9c – revaluations (devaluations) ($773m) $337m – gearing 37.3% 31.3% Operational – like-for-like property income 1.5% 4.4% – portfolio occupancy 93.1%
Slide 12: Agenda
Agenda For personal use only Financial performance Craig Mitchell Office portfolio Louise Martin Industrial portfolio Andrew Whiteside International portfolio Paul Say Third party funds management Victor Hoog Antink Summary and outlook Victor Hoog Antink Half Year Results presentation 20
Slide 13: Financial performance
For personal use only Financial performance Craig Mitchell Chief Financial Officer
Slide 14: Non-cash items dominate NPAT
Non-cash items dominate NPAT For personal use only Dec 08 Dec 07 $’m $’m NPAT to stapled security holders (954.3) 432.7 Add back: Non cash: unrealised MTM loss on derivatives 427.9 72.3 Non cash: devaluations/(revaluations) of investment property/PPE 773.0 (337.1) Non cash: deferred tax benefit (83.
Slide 15: Rental income drives operating earnings
Rental income drives operating earnings For personal use only Owned Assets Operating Earnings $9.0bn1 $251.4m Highly diversified property portfolio Rental income represents 98% of operating earnings Property assets represent 94% of total assets 1. Excludes intangible assets of $234m for manage
Slide 16: Performance of funds from operations
Performance of funds from operations For personal use only Dec 08 Dec 07 $’m $’m Office 119.1 123.0 Industrial - Australia 53.4 52.3 Industrial – International 77.6 65.6 Retail 7.7 19.9 Development gains - 5.9 Management EBIT1 5.3 4.9 Responsible Entity fees1 (11.7) (17.2) Operating earnings 251.4 2
Slide 17: Property values have continued to decline
Property values have continued to decline For personal use only Limited actual sales evidence for devaluations Valuation drivers for Dec 08 Australia – primarily due to cap rate softening North America & Europe – primarily due to operating fundamentals and cap rate softening Uncertainty surrou
Slide 18: Capitalisation rates continue to soften
Capitalisation rates continue to soften For personal use only Average capitalisation rates have softened by 72 bps in the last six months Entire portfolio revaluation decrease of $773 million or (8.1%) over last six months Cap rate Cap rate Change Property 1H09 De-valuation Jun 08 % Dec 08 % bps
Slide 19: Net asset value composition
Net asset value composition For personal use only Property devaluations of $702.2 million or 20 cents of NTA Impairment of PP&E of $70.8 million or 2 cents of NTA Mark to market losses on derivatives of $427.9 million or 12 cents of NTA NTA not impacted by currency movements due to hedging s
Slide 20: Active capital management
Active capital management For personal use only Refinanced all 2008 & 2009 debt maturities Gearing ratios – $950 million from ongoing and new banking relationships Additional commitments of $250 million Placement raising over $300 million – natural DRP participation 30% Distribution policy c
Slide 21: Pro-active debt management
Pro-active debt management For personal use only Committed undrawn facilities exceeded $700m Maturity profile Dec 08 ($m) Debt duration steady at 3.0 years Gearing (adjusted for cash) 37.3%2 No debt refinancing until Feb 2010 Committed development and acquisitions fully funded until 2011
Slide 22: Sound capital framework
Sound capital framework For personal use only Diversified investments and funding sources Facility mix Dec 08 – strong relationship with banking group Protection against movements in currency on debt and covenant headroom – balance sheet hedging – foreign currency denominated facilities Transp
Slide 23: Office Portfolio
For personal use only Office Portfolio Louise Martin Head of Office
Slide 24: Highlights – solid performance in difficult times
Highlights – solid performance in difficult times For personal use only High quality portfolio assets and good tenant diversification Solid portfolio performance Intensive management of portfolio with focus on cashflow Substantial progress of development pipeline and de-risking of developmen
Slide 25: Quality portfolio – strategic location, quality assets
Quality portfolio – strategic location, quality assets For personal use only High quality assets – 94% of office buildings are Premium or A-grade1 Geographic spread over 6 key locations – 69% of portfolio located in Sydney Allocation by asset class Geographical allocation by market 1. Includes O
Slide 26: Office market – well positioned in key markets
Office market – well positioned in key markets For personal use only Leasing demand expected to remain Supply and vacancy – Sydney CBD weak in 2009/10 ('000m 2) (% of stock) Total completions (LHS) Vacancy (RHS) Vacancy is forecast to rise in all major 200 Past 10 year 25% office markets average
Slide 27: Tenant diversification delivering sustained income
Tenant diversification delivering sustained income For personal use only Well diversified by tenant sector Economic diversity of tenants – top 20 tenants generate over 50% of income – secure income from Government tenants – income evenly spread across industry groups % of Sector Top ten office ten
Slide 28: Strong portfolio fundamentals
Strong portfolio fundamentals For personal use only Solid like on like growth NPI (%) Office lease expiry by income High occupancy rates Limited market exposure High retention rates Good lease duration Expiries for FY09 well managed Capitalisation rates softening Source: DEXUS forecast
Slide 29: Office leasing – strong performance, active management
Office leasing – strong performance, active management For personal use only 70% of FY09 expiries leased or renewed Rent review profile 25,000sqm leased - 64 transactions Average rental increase was 10.2%1 Major deals with Adobe, Dairy Australia and Australia Post Rent review profile de-ri
Slide 30: Office development underway and de-risked
Office development underway and de-risked For personal use only Developments are on track 123 Albert Street – 38,000sqm – 68% pre-committed to Rio Tinto – completion Dec 2010 – $250 million remaining to spend 60 Miller Street – 5,000sqm – 100% pre-leased – practical completion Feb 09 1 Bligh
Slide 31: 2009 office focus
2009 office focus For personal use only Active management through integrated model - property, asset and development management – leasing of vacancies – tenant retention through service excellence from our internal property management teams Continued implementation of sustainability programs at
Slide 32: Australian Industrial Portfolio
For personal use only Australian Industrial Portfolio Andrew Whiteside Head of Industrial
Slide 33: Highlights – active management delivering results
Highlights – active management delivering results For personal use only Sound portfolio fundamentals – strategic mix of assets/strong tenant profile Active management approach – locking in tenure/maximising sustainable cash flows Delivering strong results – 3.4% like for like income growth – p
Slide 34: Diversified portfolio – quality assets, strategic location
Diversified portfolio – quality assets, strategic location For personal use only Flexible product – strategically located Continued market appeal – 97% occupancy Geographic weighting Property type Half Year Results presentation 2008 29
Slide 35: Industrial activity and property returns
Industrial activity and property returns For personal use only 80% of industrial property returns comes from income historically % % pa growth Source: Access Economics, IPD/PCA and DEXUS Research Half Year Results presentation 2008 30
Slide 36: Quality portfolio – strong tenant profile
Quality portfolio – strong tenant profile For personal use only Economic diversity of tenants Top 10 customers (by income) (%) Well diversified by industry sector 70% of income secured on 5+ year terms Top 20 tenants make up 45% of rent Half Year Results presentation 2008 31
Slide 37: Portfolio fundamentals - sound performance
Portfolio fundamentals - sound performance For personal use only Solid like-for-like growth Rent review profile Strong rent review structure 3.7% YTD High occupancy maintained Limited exposure to market in the next 12 months Capitalisation rate softened 60bps Net Property Like-for- Occupan
Slide 38: Industrial leasing – intensive activity
Industrial leasing – intensive activity For personal use only Strong leasing with 115,000sqm leased Lease expiry profile June 08 to Dec 08 – 80% of FY09 expiries negotiated (%) Continued success with existing tenants – retention at 79% Average rental growth of 0.1% – 3.5% for new leases Majo
Slide 39: Developments – flexibility in key markets
Developments – flexibility in key markets For personal use only Strategic sites in two key locations – Laverton North, Melbourne – Greystanes, Western Sydney Staged approach with steady enquiry - proven appeal to users - project track record No committed developments underway Greystanes acquis
Slide 40: 2009 industrial focus
2009 industrial focus For personal use only Active focus on the fundamentals - experienced team focused on delivering on strategy and operational excellence - protecting value through active management - extracting value from operations Well positioned for the future - quality, flexible portfoli
Slide 41: International Industrial Portfolio
For personal use only International Industrial Portfolio Paul Say Head of Corporate Development
Slide 42: Active management in a challenging market
Active management in a challenging market For personal use only Challenging market conditions impacting Total property portfolio by value1 results – like on like earnings down – valuations written down Sound portfolio fundamentals – quality assets – flexible asset mix – diverse tenant profile
Slide 43: Sector now feeling impact of global economic slowdown
Sector now feeling impact of global economic slowdown For personal use only Diminishing global trade and domestic Sharp decline in US confidence in Q4 demand – sharp turndown in US market sentiment – Europe continues to be challenging – sub-prime debt markets hit hardest Valuations down sharply
Slide 44: Quality, diversified & adaptable portfolio
Quality, diversified & adaptable portfolio For personal use only Quality institutional grade properties Economic diversity of tenants Highly diversified portfolio Strategically located Economic diversification in tenant base Strong tenant relationships % of Top 10 North American tenants (b
Slide 45: Portfolio metrics
Portfolio metrics For personal use only Strong leasing activity has seen North American lease expiry profile by income 210,000sqm leased in 59 deals Earnings profile – like on like earnings down: – occupancy slightly down by 1% to 90.8% – additional tenant incentives – fixed rent reviews of 2-3%
Slide 46: International outlook: continued volatility
International outlook: continued volatility For personal use only Our portfolio fundamentals remain sound – quality portfolio delivering results – strong tenant relations Preparing to actively reposition international portfolios when market conditions improve Active management is a key priorit
Slide 47: Third Party Funds Management
For personal use only Third Party Funds Management Victor Hoog Antink
Slide 48: Third party management business - highlights
Third party management business - highlights For personal use only One of the largest third party platforms in Australia at $6.1 billion Well diversified by investor base and asset class Annuity income stream – no reliance on performance fees $240 million developments underway Source of Fund
Slide 49: Summary and Outlook
Summary and Outlook For personal use only Victor Hoog Antink Chief Executive Officer
Slide 50: Well positioned to respond to market cycles
Well positioned to respond to market cycles For personal use only Focused strategy High quality portfolio Delivering core property earnings Prudently managed balance sheet Experienced management team The Zenith, 821 Pacific Highway, Chatswood, NSW Half Year Results presentation 2008 45
Slide 51: 2009 focus
2009 focus For personal use only Maximising cash-flows – active portfolio management – enhancing our property portfolio – active capital management – strengthening our balance sheet FY09 guidance – earnings of 10.8 cents per security – distribution of 7.6 cents per security Half Year Results pre
Slide 52: Questions
For personal use only Questions
Slide 53: Important information
Important information For personal use only 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
Slide 54: Half Year Results 2008 — Appendices
DEXUS Property Group For personal use only Half Year Results 2008 — Appendices
Slide 55: Balance sheet
Balance sheet For personal use only DEXUS Property Group Dec 08 Jun 08 $’m $’m Cash & receivables 145 136 Property assets 8,948 8,738 Other (including derivative financial instruments & intangibles) 482 475 Total assets 9,575 9,349 Payables & provisions 277 323 Interest bearing liabilities 3,455 3,0
Slide 56: Net property income reconciliation to P&L
Net property income reconciliation to P&L For personal use only 31 Dec 08 $’m Property revenue 342.8 Less: Property expenses (82.6) Plus: Net property income from equity a/c investments — Less: Amortisation, depreciation and eliminations (2.4) Total NPI 257.8 Represented by: Office 119.1 Industrial
Slide 57: Interest reconciliation
Interest reconciliation For personal use only 31 Dec 08 $’m $’m Interest paid/payable 100.3 Other finance costs 1.5 Interest expense 101.8 Realised interest rate swaps (5.0) Unrealised interest rate swaps MTM 407.2 Net fair value loss (gain) of interest rate swaps 402.2 Total interest expense 504.0
Slide 58: Profit to funds from operations reconciliation
Profit to funds from operations reconciliation For personal use only Group Property MTM Incentive Straight Deferred P/L on sale RENTS Other Distributable Consolidated revals/ derivs & amort line rent tax of invest capital earnings Impairment FX adjust prop distribution Revenue from ordinary activiti
Slide 59: Funds management contribution
Funds Fundsmanagement Managementcontribution Contribution Arthur P For personal use only 31 Dec 08 $’m Internal Responsible Entity fee revenue (at cost) 11.71 Third party management fees and other revenue 31.82 Compensation related expenses (30.8)3 Other corporate expenses (7.4)4 Management EBIT 5.3
Slide 60: External revaluation summary
External revaluation summary For personal use only Property sector % of book value Valuation External Previous Change in Portfolio average externally valued ($’m) revaluation book value book value % cap rate2% ($’m) Office Australia — NSW 43.2 1,284 (98) 1,382 (7.1) 6.6 Australia — VIC 25.3 160 25 1
Slide 61: Revaluation summary
Revaluation summary For personal use only Office Industrial Retail North America Europe Total $m $m $m $m $m $m P&L Revaluations — investment properties External valuations (60) (14) — — (66) (140) Internal valuations (114) (64) — (384) — (562) Sub total (174) (78) — (384) (66) (702) P&L revaluation
Slide 62: Key financial risk management measures
Key financial risk management measures For personal use only Dec 08 Jun 08 Gearing1 37.3% 33.2% Interest cover 2.7x 3.0x Headroom (approx) $700m $500m Duration of debt 3.0 yrs 3.0 yrs Interest hedge duration 6.0yrs 6.2 yrs Weighted average cost of debt2 5.3% 5.4% Debt hedged 91% 86% Foreign balance
Slide 63: Debt profile
Debt profile For personal use only Facility limit Drawn amount Maturity dates Security1 Currency A$’m A$’m Syndicated bank debt 300 227 Mar 10 Unsecured Multi-ccy, A$ limit1 303 303 Sept 10 Unsecured Multi-ccy, US$ limit2 Bilateral bank debt 360 308 Dec 10 Unsecured Multi-ccy, A$ limit1 145 70 Sept
Slide 64: Debt profile by jurisdiction
Debt profile by jurisdiction For personal use only Weighted average Interest bearing Cross currency Interest hedge cost of debt1 liabilities swaps3 duration % millions millions years Australia/New Zealand 5.65 A$1,896 A$(1,012) 5.0 USA 4.72 US$969 US$610 6.4 Europe 4.65 €83 €100 5.4 Canada 4.93 — C$
Slide 65: Mark to markets
Mark to markets For personal use only A$ interest rate swap US$ interest rate swap mark to market movement mark to market movement 0 5.00% 80 8.00% 60 -50 7.00% 40 4.00% 20 -100 6.00% US$m A$m % 0 % 5.00% -150 -20 3.00% -40 -200 4.00% -60 -80 Net movement (A$101m) 3.00% -250 Net movement (US$182m) 2
Slide 66: Interest rate hedging profile
Interest rate hedging profile For personal use only Interest rate hedging HY09 FY09 FY10 FY11 FY12 FY13 Avg FY14+5 A$m average hedged1 822 696 776 791 643 499 313 A$ hedge rate (ex margin)2 4.50% 4.70% 4.59% 4.93% 4.86% 5.13% 6.08% A$ blended rate (inc margin)3 5.65% 5.47% 5.34% 6.41% 6.70% 6.88% 7.
Slide 67: Foreign income hedging profile
Foreign income hedging profile For personal use only Foreign income hedging HY09 FY09 FY10 FY11 FY12 FY13 Combined hedging profile 93% 90% 85% 87% 90% 90% US$ hedging profile1 97% 96% 92% 93% 97% 98% Foreign exchange contracts (US$m) 4.7 9.5 7.25 5.6 4.4 2.65 Average A$/US$ rate 0.6727 0.6844 0.6848
Slide 68: Cross currency swap maturity profile
Cross currency swap maturity profile For personal use only Cross currency swaps FY09 FY10 FY11 FY12 US$ maturities (US$m)1 78 120 172 240 US$ average rate2 0.8990 0.7040 0.7721 0.8121 € maturities (€m) 0 100 0 0 € average rate2 n/a 0.5046 n/a n/a CAD maturities (C$m) 0 70 0 0 US$ average rate2 n/a 0
Slide 69: Portfolio composition (revenue and lease expiry)
Portfolio composition (revenue and lease expiry) For personal use only Expiry year % of global rent FY09 FY10 FY11 FY12 FY13+ Australian office 47% 1% 4% 4% 4% 34% Australian industrial 18% 1% 2% 3% 4% 9% Retail 3% 1% 0% 1% 0% 1% North America industrial 27% 2% 5% 4% 4% 12% Europe industrial 5% 0% 1
Slide 70: Developments – completed
Developments – completed For personal use only Property Country Area Estimated Estimated sqm final cost1 yield on cost ($m) (%) Industrial Sperian, Redwood Gardens, Dingley Australia 3,400 3.9 7.5 San Antonio USA 42,371 20.0 8.8 Office 60 Miller Street, North Sydney Australia 4,532 25.2 8.3 Total co
Slide 71: Developments – underway
Developments – underway For personal use only Property Country Area Estimated Estimated Estimated Estimated sqm total cost to yield on completion cost1 completion total cost date (A$m) (A$m) (%) 1 Bligh Street, Sydney Australia 29,323 210 150 7.0 Jun HY 2011 123 Albert Street, Brisbane Australia 38,
Slide 72: Acquisitions and disposals
Acquisitions and disposals For personal use only Property Interest % Acquisition amount Notes A$m Acquisitions — Australia Greystanes, Western Sydney 100% 113 Staged acquisition with the remaining $57m to be paid Dec HY 09 as infrastructure is completed. Total acquisitions 113 Date Interest % Settle
Slide 73: Whirlpool - investment program update
Whirlpool - investment program update For personal use only The program’s overall blended yield estimated to be 6.6% Location Estimated Area Acquisition and acquisition date ‘000 estimated sqm cost ($m) Acquired to date Orlando, FL, USA Jun 07 47 US$25.1 Toronto, ONT, Canada Dec 07 70 C$71.4 Perri
Slide 74: Developments – uncommitted pipeline
Developments – uncommitted pipeline For personal use only Property Country Building Project Project Projected yield area estimate1,2 estimated to on project sqm (A$m) completion1,2 estimate cost (A$m) (%) Office — Australia 105 Phillip Street, Parramatta Australia 20,380 100 80 8 144 Wicks Road, Nor
Slide 75: Australian major tenants by income
Australian major tenants by income For personal use only % of Sector % of Sector Office NPI1 Industrial NPI2 1 Woodside Energy Ltd 6.3% 1 Coles Myer Limited 6.6% 2 State of NSW 5.1% 2 Elders Ltd 5.6% 3 Commonwealth of Australia 4.6% 3 Visy Steel Products 3.8% 4 State of Victoria 3.3% 4 IBM Global Se
Slide 76: Major tenants by location and income
Major tenants by location and income1 For personal use only % of Europe % of North Europe NPI North America America NPI 1 Edeka Südwest 19.7% 1 Whirlpool Corporation 12.5% 2 Industriereifenkontor Lüdke 9.9% 2 AT&T Corporation 2.2% 3 Karstadt Vermietungsges. mbH 7.8% 3 US Government (TSA) 1.6% 4 Comp
Slide 77: Retail — Whitford City Shopping Centre, WA
Retail — Whitford City Shopping Centre, WA For personal use only Key statistics Book value $280m Ownership interest 50% Centre MAT ($psm) 7,516 Specialty MAT ($psm) 9,250 Total centre MAT growth ($psm) 6.2% Total centre MAT growth ($pa) 6.5% Total specialty MAT growth ($psm) 4.6% Total specialty MAT
Slide 78: Australia/New Zealand office — lease expiry
Australia/New Zealand office — lease expiry For personal use only As at 31 December 2008 25% 21.3% % of portfolio available for lease 20% 14.7% 13.5% 12.9% 15% 12.3% 11.6% 11.0% 10.9% 10.2% 9.4% 9.4% 8.9% 8.7% 8.2% 10% 7.9% 7.7% 6.8% 6.0% 5% 2.4% 2.3% 2.0% 1.8% 0% Vacant < 1 Year < 2 Years < 3 Years
Slide 79: Australian industrial — lease expiry
Australian industrial — lease expiry For personal use only As at 31 December 2008 18.8% 18.6% 20% 16.1% % of portfolio available for lease 16.0% 18% 15.1% 16% 14% 11.1% 10.5% 10.1% 12% 9.8% 9.3% 9.1% 10% 7.4% 6.5% 6.1% 8% 5.8% 5.7% 4.2% 4.2% 6% 4.0% 3.7% 3.4% 3.2% 4% 0.7% 0.6% 2% 0% Vacant <1 Year <
Slide 80: North American industrial – lease expiry
North American industrial – lease expiry For personal use only As at 31 December 2008 17.0% 15.8% 18% 14.9% % of portfolio available for lease 13.8% 16% 12.7% 12.0% 14% 10.5% 10.3% 10.0% 10.0% 10.0% 12% 9.2% 10% 8.2% 6.5% 8% 4.8% 4.7% 4.6% 6% 4.0% 3.8% 3.5% 3.6% 3.5% 3.3% 3.2% 4% 2% 0% Vacant <1 Yea
Slide 81: European industrial – lease expiry
European industrial – lease expiry For personal use only Germany As at 31 December 2008 45% 38.4% 37.6% % of portfolio available for lease 40% 35% 30% 25% 18.7% 17.9% 15.0% 20% 13.2% 12.0% 11.7% 15% 8.9% 7.2% 10% 5.1% 3.7% 3.6% 3.2% 1.8% 1.7% 5% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0% Vacant < 1
Slide 82: Important Information
For personal use only Important Information 77 Half Year Results presentation 2009
Slide 83: Important Information
Important Information For personal use only 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