Dexus · ASX:DXS

Dexus — DEXUS Property Group — H1 2010 Earnings Presentation

81 slides from Dexus's earnings presentation, Feb 17, 2010

1. Slide 1: ASX release cover note

   DEXUS Property Group ASX release 17 February 2010 ASX release and presentation for the half year ending 31 December 2009 For personal use only DEXUS Funds Management Limited, as responsible entity for DEXUS Property Group (DXS), provides the following documents to the Australian Securities Exchange:

2. Slide 2: DEXUS Property Group 2009 Half Year Results

   DEXUS Property Group (ASX: DXS) ASX release 17 February 2010 DEXUS Property Group 2009 Half Year Results For personal use only Announcing DEXUS Property Group’s 2009 half year results, CEO Victor Hoog Antink said: “Despite difficult operating conditions in 2009, our half year results reflect the res

3. Slide 3: Gearing, revaluations and key operational results

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

4. Slide 4: Office sector and developments

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

5. Slide 5: North America and non-core portfolios

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

6. Slide 6: Guidance and contacts

   DEXUS Property Group (ASX: DXS) ASX release In the US, we expect results in the second half of the year to be consistent with those in the first six months, with stabilisation and potential growth in the 2011 year. Our focus remains on building our US management capability, managing our portfolio to

7. Slide 7: 2009 Half Year Results Presentation

   2009 For personal use only DEXUS Property Group HALF YEAR RESULTS PRESENTATION DEXUS Funds Management Limited ABN 24 060 920 783 AFSL 2009 238163 as responsible Half Year entity for DEXUS Results presentation — SlideProperty 1 Group

8. Slide 8: Victor Hoog Antink, Chief Executive Officer

   TITLE SLIDE DEXUS HEADER GROUP PROPERTY (Trebuchet Bold 28pt) For personal use only Victor Hoog (Trebuchet Sub title Antink 16 pt) Chief Executive Officer Victor Hoog Antink Chief Executive Officer DXS 2009 Annual Results — Slide 2

9. Slide 9: Results Summary

   RESULTS SUMMARY Financial and operational performance For personal use only Financial Portfolio weighting1 ƒ Operating EBIT: $240.5m — Stable operating income ƒ FFO per security: 3.8c — Dilution impact of capital raisings ƒ Shareholder total return (3yrs to Dec 2009) — Outperformed index2 by 8.8% pa

10. Slide 10: Operational Achievements

    OPERATIONAL ACHIEVEMENTS Delivering on strategy For personal use only ƒ Sold $108m in Australia and US$206m in US ƒ Commenced US repositioning to fewer markets ƒ Sold remaining retail property A$256m ƒ Acquired Australian industrial property A$46m ƒ Acquired 3 remaining Whirlpool properties US$202m

11. Slide 11: Achievements in CR&S and Employee Engagement

    RESULTS SUMMARY Achievements in CR&S and Employee Engagement For personal use only Corporate Responsibility & Sustainability (CR&S) ƒ Inclusion in DJSI World Index, SAM 2010 Real Estate Sector Mover ƒ 100 Most Sustainable Corporations at Davos - 2 yrs running ƒ Resource consumption Energy GHG — Offi

12. Slide 12: Financial Performance

    TITLE SLIDE HEADER FINANCIAL (Trebuchet Bold 28pt) For personal use only PERFORMANCE Sub title (Trebuchet 16 pt) Craig Mitchell Victor Hoog Antink Chief ChiefExecutive Officer Financial Officer DXS 2009 Annual Results — Slide 6

13. Slide 13: Financial Results at a Glance

    FINANCIAL RESULTS At a glance For personal use only HY Dec 2009 HY Dec 2008 $’m $’m Operating EBIT 240.5 243.2 Net loss after tax to stapled security holders1 (107.0) (975.2) Funds from Operations 181.1 188.7 Funds from Operations per security 3.8c 5.4c 1. Refer to a full reconciliation at http://ww

14. Slide 14: Core Operating Metrics

    CORE OPERATING METRICS For personal use only HY Dec 2009 HY Dec 2008 $’m $’m Office – Aust/NZ 121.9 119.1 Industrial – Aust 52.7 53.4 Industrial – North America 54.0 66.0 Management EBIT 6.3 5.4 Non core1 18.6 19.3 Other (13.0) (20.0) Operating EBIT 240.5 243.2 Finance costs (68.1) (76.6) Other2 8.7

15. Slide 15: Valuations

    VALUATIONS For personal use only ƒ Devaluations affect NTA by 6 cents Fair value Change WACR movement % % NTA now 95c $’m Office – Aus (22) (1%) 7.6 ƒ Portfolio valuations have likely bottomed Industrial – Aus (21) (2%) 8.8 — Australia has stabilised Industrial – US1 (153) (10%) 8.7 — North America

16. Slide 16: Capital Management

    CAPITAL MANAGEMENT Pro-actively maintaining a strong balance sheet For personal use only ƒ Gearing 31.9% Maturity profile ƒ Accessing multiple debt sources (MTN, US Bonds) ƒ Undrawn facilities $1.5bn ƒ 2010 maturities of $1.1bn ƒ Next debt refinancing: mid to late 2010 ƒ All metrics well within key

17. Slide 17: Looking Forward

    LOOKING FORWARD For personal use only ƒ Australian earnings and valuations are stabilising ƒ North America shows early signs of stabilisation ƒ Strong capital structure GPT/GMT, 1 Farrer Place, Sydney NSW 2009 Half Year Results presentation — Slide 11

18. Slide 18: Office Portfolio

    TITLE OFFICE SLIDE HEADER PORTFOLIO (Trebuchet Bold 28pt) For personal use only Louise Martin Sub title (Trebuchet 16 pt) Head of Office Victor Hoog Antink Chief Executive Officer DXS 2009 Annual Results — Slide 12

19. Slide 19: Office: Solid performance – challenging times

    OFFICE Solid performance – challenging times For personal use only ƒ Stable portfolio performance continues due to: — Active management – team focus — Quality portfolio – retains appeal — Tenant mix – diversity ƒ Demand drivers improving ƒ Strength returning to our core markets Woodside Plaza, 240 S

20. Slide 20: Office: Sound portfolio fundamentals

    OFFICE Sound portfolio fundamentals For personal use only ƒ Stable income – NPI at $122m DXS office value movement history ƒ Like for like growth at 2.7% ƒ Occupancy rate well above market benchmark ƒ Retention rates reflect market conditions ƒ Value bottomed at December 2009 Net Property Like-for-

21. Slide 21: Office Sustainability

    OFFICE SUSTAINABILITY Continuous commitment and improvement For personal use only ƒ Resource consumption reductions1 Improved sustainability performance – consumption reductions 3yrs 1yr — Energy 13.0% 8.6% — Water 21.9% 10.3% — GHG 11.8% 6.8% ƒ Average portfolio NABERS energy rating 3.2 Star and wa

22. Slide 22: Office: Leasing outcomes driving growth in FY11

    OFFICE Leasing outcomes driving growth in FY11 For personal use only ƒ Started FY10 with 10% expiries – ⅔ completed Stable income profile ƒ 40,226sqm leased in investment portfolio (ownership level) – 57 transactions1 ƒ Average rental increase was 9.2% ƒ Average tenant incentive was 23.6%2 ƒ Current

23. Slide 23: Office Developments

    OFFICE DEVELOPMENTS On schedule For personal use only ƒ 123 Albert Street, Brisbane – 38,000sqm — On schedule for completion Dec 2010 — 68% leased at 31 Dec 2009 — Of the remaining 8 floors: ¾ 1 floor is under Heads of Agreement ¾ 3 floors in final negotiations — Forecast yield on cost 6.8% ƒ 1 Blig

24. Slide 24: Office: 2010 focus

    OFFICE 2010 focus For personal use only ƒ Demand now returning with lag effect Australian CBD demand on income ('000 sqm net absorption & number of jobs) Economic slowdowns Demand Jobs lost/gained ƒ Growth expected in FY11 due to: 700 600 — Rising business confidence & earnings 500 — Employment grow

25. Slide 25: Industrial Portfolio

    TITLE SLIDE HEADER INDUSTRIAL PORTFOLIO (Trebuchet Bold 28pt) For personal use only Andrew Whiteside Sub title (Trebuchet 16 pt) Head of Industrial Victor Hoog Antink Chief Executive Officer DXS 2009 Annual Results — Slide 19

26. Slide 26: Industrial: Increased activity and consistent performance

    INDUSTRIAL Increased activity and consistent performance For personal use only ƒ Delivering continued performance in a tough market — Key metrics improved — Positive income growth — Asset values now stable ƒ Repositioning portfolio through sales and acquisitions ƒ Development activity capitalising o

27. Slide 27: Industrial: Sound portfolio fundamentals

    INDUSTRIAL Sound portfolio fundamentals For personal use only ƒ Consistent income growth DXS industrial value movement history ƒ High occupancy and tenant retention ƒ Lease duration up 9% since June 2009 ƒ Cap rates peaked, asset values now stabilised ƒ Portfolio underpinned by strong passing rents

28. Slide 28: Industrial: Active management delivering results

    INDUSTRIAL Active management delivering results For personal use only ƒ Intensive leasing focus Stable income profile — 72,000sqm1 existing space and 36,000sqm pre-leased — Average rents down 1.1%, incentives at 6.0%2 ƒ Property transactions – repositioning portfolio — $62m disposals since May: yiel

29. Slide 29: Industrial: Staged developments underway

    INDUSTRIAL Staged developments underway - acted early to capture growth For personal use only ƒ Greystanes 47.2ha (15% pre-leased) — Major project approval in Nov 2009 — Two tenant pre-commitments at 8.8% yield — EQBD Converting – 18,600sqm, 10 yrs — Symbion Pharmacy Services – 17,300sqm, 15 yrs ƒ L

30. Slide 30: Industrial: 2010 focus

    INDUSTRIAL 2010 focus For personal use only ƒ Early signs of market activity returning Industrial drivers Industrial Activity (RHS) Sydney rent Melbourne rent ƒ 2010 improving with stronger growth 30% 15% expected in FY11 20% 10% ƒ Experienced team building leadership 10% 5% position 0% 0% -10% -5%

31. Slide 31: North American Industrial Portfolio

    TITLE NORTH SLIDE HEADER AMERICAN (Trebuchet Bold 28pt) For personal use only INDUSTRIAL PORTFOLIO Sub title (Trebuchet 16 pt) Paul Say HeadHoog Victor of Corporate Antink Development Chief Executive & North America Officer DXS 2009 Annual Results — Slide 25

32. Slide 32: North America: Market conditions weak but improving

    NORTH AMERICA Market conditions weak but improving For personal use only ƒ Leading economic indicators Substantial improvement in business confidence turning positive — Property markets lag economy — Wide variances from market to market ƒ Portfolio performance in line with expectations Source: Deuts

33. Slide 33: North America: Portfolio fundamentals reaching cyclical lows

    NORTH AMERICA Portfolio fundamentals reaching cyclical lows For personal use only ƒ Portfolio continues to track industry benchmarks North America value movement history ƒ Portfolio earnings down — US$ half year income down 6.6% ƒ Occupancy down — Impacted by assets sales and Whirlpool but like for

34. Slide 34: North America: Half year results reflect improving confidence

    NORTH AMERICA Half year results reflect improving business confidence For personal use only ƒ Continued focus on leasing & retention Stable income profile — 2.3m sf (214,000sqm) leased — 67 transactions (include 31 new lease deals) — First positive absorption in 6 quarters Looking forward ƒ FY10 inc

35. Slide 35: North America: Capital transactions

    NORTH AMERICA Capital transactions For personal use only ƒ Whirlpool program now complete — Atlanta, Seattle & Columbus acquired for US$202.6m — New 10 year triple net leases ƒ US property sales initiate portfolio repositioning — 22 properties sold for US$206m — Transactions driven by leasing and va

36. Slide 36: North America: Preferred west coast markets

    NORTH AMERICA Preferred west coast markets For personal use only ƒ Preferred markets: Los Angeles, San Francisco, Seattle ƒ Major gateways for US trade with Asia — Represents 70% of US trade ƒ California is major market — US largest economy (8th largest in world) — Lower cost and more flexible emplo

37. Slide 37: North America: Repositioning portfolio over time

    NORTH AMERICA Repositioning portfolio over time For personal use only Objectives North American markets ƒ To build local DEXUS capability over time — Establish DEXUS office — RREEF continue as asset and transaction managers — CBRE directly appointed for property management ƒ Reposition the portfolio

38. Slide 38: North America: 2010 focus

    NORTH AMERICA 2010 focus For personal use only ƒ Market conditions showing signs of Substantially through the worst leasing conditions in 20 years improvement ƒ Transactions underpinning values ƒ Continued focus on leasing ƒ Recovery likely to be slow and patchy Source: RREEF Research / Torto Wheato

39. Slide 39: Third Party Funds Management

    TITLE THIRDSLIDE HEADER PARTY FUNDS (Trebuchet Bold 28pt) For personal use only MANAGEMENT Sub title (Trebuchet 16 pt) Victor Hoog Antink Victor Hoog Antink Chief Executive Chief Executive Officer Officer DXS 2009 Annual Results — Slide 33

40. Slide 40: Third Party Funds Management

    THIRD PARTY FUNDS MANAGEMENT For personal use only ƒ Funds under management of $5.5 billion Funds breakdown ƒ Early signs of fund inflows — Equity from new and existing investors — Domestic funds increasingly at under weight — Australia attractive to international capital ƒ Institutional investors l

41. Slide 41: Summary and Outlook

    TITLE SLIDE HEADER SUMMARY (Trebuchet Bold 28pt) For personal use only AND OUTLOOK Sub title (Trebuchet 16 pt) Victor Hoog Antink Victor Hoog Antink Chief Executive Chief Executive Officer Officer DXS 2009 Annual Results — Slide 35

42. Slide 42: Objectives into 2011

    OBJECTIVES INTO 2011 For personal use only Objectives ƒ Continue to focus on high quality Australian office assets ƒ Capitalise on demand from large industrial space users ƒ Continue to reposition US portfolio ƒ Dispose of European portfolio ƒ Outperform domestic operational benchmarks ƒ Build US op

43. Slide 43: Outlook and Guidance

    OUTLOOK AND GUIDANCE For personal use only ƒ Property operations — Office: stable FY10 with growth in FY11 — Industrial: consistent growth FY10 and FY11 — US: stabilising in FY11 ƒ Property values — At or near bottom — Value returning in FY11 FY10 guidance reconfirmed1 — FFO per security: 7.3 cents

44. Slide 44: Questions

    TITLE SLIDE HEADER QUESTIONS (Trebuchet Bold 28pt) For personal use only Sub title (Trebuchet 16 pt) Victor Hoog Antink Chief Executive Officer DXS 2009 Annual Results — Slide 38

45. Slide 45: Disclaimer

    Disclaimer For personal use only ƒ 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. ƒ Information in this prese

46. Slide 46: 2009 Half Year Results Presentation

    2009 For personal use only DEXUS Property Group HALF YEAR RESULTS PRESENTATION DEXUS Funds Management Limited ABN 24 060 920 783 AFSL 2009 238163 as responsible Half Year entity for DEXUS Results presentation — SlideProperty 40 Group

47. Slide 47: Half Year Results Appendices

    2009 For personal use only DEXUS Property Group HALF YEAR RESULTS APPENDICES DEXUS Funds Management Limited ABN 24 060 920 783 AFSL 2009 238163 as responsible Half Year entity for DEXUS Results presentation — SlideProperty 41 Group

48. Slide 48: Index

    INDEX For personal use only Balance Sheet 43-44 Income statement reconciliations 45-46 Valuations 47-48 FX rates 49 Key financial risk management measures 50-52 Debt profile 53 Hedging 54-55 Cross currency swap maturity 56 Portfolio composition 57 Acquisitions 58 Disposals 59 Developments 60-61 Whir

49. Slide 49: Balance Sheet

    BALANCE SHEET For personal use only Dec 2009 June 2009 $’m $’m Cash & receivables 105 120 Direct property portfolio 7,300 7,737 Other (including derivative financial instruments & intangibles) 426 494 Total assets 7,831 8,351 Payables & provisions 253 290 Interest bearing liabilities 2,405 2,509 Oth

50. Slide 50: Net Asset Value Composition

    NET ASSET VALUE COMPOSITION For personal use only ƒ Property devaluations of $286 million or 6 cents of NTA 2009 Half Year Results presentation — Slide 44

51. Slide 51: Interest Reconciliation

    INTEREST RECONCILIATION For personal use only Dec 2009 $’m $’m Interest paid/payable 60.8 Other finance costs 2.5 Interest expense 63.3 Realised interest rate swaps 23.9 Unrealised interest rate swaps MTM (20.3) Net fair value (gain) loss of interest rate swaps 3.6 Total interest expense 66.9 Less:

52. Slide 52: Profit to Funds From Operations Reconciliation

    PROFIT TO FUNDS FROM OPERATIONS RECONCILIATION For personal use only Group Property Mgmt MTM Depr’n & Straight Deferred P/L on sale RENTS Current Distributable revals/ rights derivs & line rent of invest Tax & consolidated impairm’t impairm’t amort’n tax capital dist’n earnings FX adjust prop Other

53. Slide 53: Valuation Metrics

    VALUATION METRICS For personal use only Cap rate Cap rate Cap rate IRR IRR IRR Devaluation Dec 09 Jun 09 change Dec Jun change change1 % % % bps 09 09 bps % % Australian office 7.6 7.7 10 9.2 9.0 20 (2.0%) Australian industrial 8.8 8.8 — 10.1 9.9 20 (1.9%) Australian retail 7.0 6.8 (20) n/a 9.0 n/a

54. Slide 54: Revaluation Summary

    REVALUATION SUMMARY For personal use only Office Industrial Retail North Europe Total America $’m $’m $’m $’m $’m $’m P&L Revaluations — investment properties External valuations (10) (13) — (75) (8) (106) Internal valuations (12) (8) (14) (67) — (101) Sub total (22) (21) (14) (142) (8) (207) P&L re

55. Slide 55: Exchange Rates Used in Statutory Accounts

    EXCHANGE RATES USED IN STATUTORY ACCOUNTS For personal use only Dec 2009 June 2009 Dec 2008 USD 0.8969 0.8114 0.6928 EUR 0.6241 0.5751 0.4919 Balance Sheet NZD 1.2354 1.2428 1.1955 CAD 0.9434 0.9379 0.8441 USD 0.8699 0.7348 0.7607 EUR 0.5995 0.5398 0.5473 Profit & Loss NZD 1.2436 1.2257 1.2072 CAD 0

56. Slide 56: Key Financial Risk Management Measures

    KEY FINANCIAL RISK MANAGEMENT MEASURES For personal use only Dec 2009 June 2009 Gearing1 31.9% 31.2% Covenant gearing1 (covenant2 <55%) 32.5% 32.0% Headroom (approx)3 $1.5bn $1.5bn Average maturity of debt 2.8 yrs 2.6 yrs4 Average maturity of interest hedge 6.1 yrs 6.2 yrs Weighted average cost of d

57. Slide 57: Debt Profile

    DEBT PROFILE For personal use only Facility limit Drawn Maturity dates Security Currency A$’m A$’m Syndicated bank debt 300 59 Mar 10 Unsecured Multi-ccy, A$ limit1 234 — Sept 10 Unsecured Multi-ccy, US$ limit2 Bilateral bank debt 360 — Dec 10 Unsecured Multi-ccy, A$ limit1 145 — Sept 11 Unsecured M

58. Slide 58: Facility Mix

    FACILITY MIX For personal use only ƒ No off balance sheet debt Facility mix (no look through adjustments) ƒ All unsecured facilities rank pari passu ƒ All secured facilities are non-recourse to DEXUS 1. US$ loans predominantly from insurance companies, secured by mortgages over property 2009 Half Ye

59. Slide 59: Debt Profile by Jurisdiction

    DEBT PROFILE BY JURISDICTION For personal use only Weighted Interest bearing Cross Total liabilities Interest average liabilities currency after cross ccy hedge cost of debt1 (incl RENTS) swaps2 swaps2 (incl RENTS) duration % $’m $’m $’m years Australia/New Zealand 6.18% A$1,145 A$(183) A$962 4.6 US

60. Slide 60: Interest Rate Hedging Profile

    INTEREST RATE HEDGING PROFILE For personal use only HY10 FY10 FY11 FY12 FY13 FY14 Avg FY15+4 A$’m average hedged1,3 741 742 771 724 567 485 216 A$ hedge rate (ex margin)2,3 5.16% 4.93% 5.02% 4.97% 5.29% 5.74% 6.18% US$’m average hedged1 1,229 1,208 959 876 1,026 1,049 511 US$ hedge rate (ex margin)2

61. Slide 61: Foreign Income Hedging Profile

    FOREIGN INCOME HEDGING PROFILE For personal use only HY10 FY10 FY11 FY12 FY13 Combined hedging profile 95% US$ hedging profile1 100% Foreign exchange contracts (US$m)2 3.5 4.3 0.0 4.4 2.7 Average A$/US$ rate2 0.7165 0.7152 n/a 0.7098 0.6657 NZ$ hedging profile3 41% Foreign exchange contracts (NZ$m)

62. Slide 62: Cross Currency Swap Maturity Profile

    CROSS CURRENCY SWAP MATURITY PROFILE For personal use only FY10 FY11 FY12 € maturities (€m) 0 40 40 € contract rate n/a 0.6160 0.6145 CAD maturities (C$m) 35 15 0 C$ contract rate 0.8418 0.9657 n/a ƒ No US$ cross currency swaps currently in place 2009 Half Year Results presentation — Slide 56

63. Slide 63: Portfolio Composition (Income and Lease Expiry)

    PORTFOLIO COMPOSITION (INCOME AND LEASE EXPIRY) For personal use only % total FY10 FY11 FY12 FY13 FY14+ income Australian office 49% 4% 4% 5% 7% 29% Australian industrial 21% 2% 4% 4% 3% 8% Retail 4% 0% 1% 0% 1% 2% North American industrial 22% 4% 3% 3% 2% 10% European industrial 4% 1% 1% 1% 1% 0% T

64. Slide 64: Acquisitions

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

65. Slide 65: Disposals

    DISPOSALS For personal use only No of Properties Proceeds Notes A$’m Includes 1.6% of Bligh St Australian office 2 58.3 to DWPF Includes post balance Australian industrial 5 50.1 date disposals Australian retail 1 256.5 Settles March 2010 European industrial 1 1.6 Includes post balance North America

66. Slide 66: Developments Underway

    DEVELOPMENTS UNDERWAY For personal use only Country Area Est total Est. cost to Est. yield Est. Sqm cost1 completion on total completion A$’m A$’m cost date % Office 123 Albert Street, Brisbane QLD Australia 38,000 348 191 6.8 Dec 2010 1 Bligh Street, Sydney NSW1 Australia 43,000 214 121 7.0 May 201

67. Slide 67: Developments – Uncommitted Pipeline

    DEVELOPMENTS – UNCOMMITTED PIPELINE For personal use only Country Building Project est. Project to Projected area A$’m est. yield on sqm completion project est. A$’m cost % Industrial Greystanes, Western Sydney NSW1 Australia 202,265 328 194 9 DEXUS Industrial Estate, Laverton North VIC Australia 37

68. Slide 68: Whirlpool Investment Program Completed

    WHIRLPOOL INVESTMENT PROGRAM COMPLETED For personal use only Acquisition Area Acquisition date ‘000 sqm cost $m Acquired to date Orlando, Florida USA Jun 07 47 US$25.1 Toronto, Ontario Canada Dec 07 70 C$71.4 Perris, California USA Jan 08 157 US$128.6 Columbus, Ohio USA Jul 09 145 US$64.6 Seattle, W

69. Slide 69: Australia – Major Tenants by Income

    AUSTRALIA – MAJOR TENANTS BY INCOME For personal use only % of Sector % of Sector Australian Office Australian Industrial NPI NPI 1 Woodside Energy Ltd 8.2% 1 Wesfarmers Limited 6.4% 2 S&K CarPark Management Pty Ltd 7.3% 2 Elders Ltd 5.4% 3 State of NSW 4.7% 3 Visy Steel Products 3.7% 4 Commonwealth

70. Slide 70: International – Major Tenants by Income

    INTERNATIONAL – MAJOR TENANTS BY INCOME For personal use only % of Sector % of Sector North America Industrial Europe Industrial NPI NPI 1 Whirlpool Corporation 26.5% 1 Edeka Südwest 19.5% 2 US Government 1.7% 2 Solideal Deutschland GmbH 9.8% 3 Skechers USA, Inc. 1.4% 3 Karstadt Vermietungsges. GmbH

71. Slide 71: Australian & New Zealand Office Lease Expiry Profile

    AUSTRALIAN & NEW ZEALAND OFFICE Lease expiry profile For personal use only 18% 15.5% 14.8% 14.6% 14.1% 16% % of portfolio available for lease 13.3% 12.7% 11.8% 14% 10.7% 10.1% 12% 9.6% 9.7% 9.3% 9.0% 10% 7.1% 6.3% 8% 6.1% 5.3% 4.3% 4.2% 6% 3.9% 3.5% 4% 1.8% 1.4% 0.8% 2% 0% Vacant <1 Year <2 Years <3

72. Slide 72: Australian Industrial Lease Expiry Profile

    AUSTRALIAN INDUSTRIAL Lease expiry profile For personal use only 30% 24.4% % of portfolio available for lease 25% 21.3% 18.0% 20% 14.1% 13.7% 15% 10.7% 9.6% 9.1% 8.4% 7.8% 7.7% 10% 7.1% 7.1% 5.9% 6.0% 4.9% 4.2% 4.2% 4.1% 4.0% 2.7% 5% 2.3% 1.4% 1.4% 0% Vacant <1 Year <2 Years <3 Years <4 Years <5 Yea

73. Slide 73: North American Industrial Lease Expiry Profile

    NORTH AMERICAN INDUSTRIAL Lease expiry profile For personal use only 16.8% 18% 15.7% 16% 14.3% 14% 12.7% 12.2% 12.2% % of portfolio available for lease 11.4% 11.3% 10.8% 12% 10.6% 9.4% 9.5% 10% 7.7% 7.4% 8% 6.4% 5.9% 5.6% 6% 4.9% 3.4% 4% 2.8% 3.0% 2.3% 2.3% 1.6% 2% 0% Vacant <1 year <2 years <3 year

74. Slide 74: European Industrial Lease Expiry Profiles

    EUROPEAN INDUSTRIAL Lease expiry profiles For personal use only Germany 30.7% 35% 28.9% 28.3% 30% 25% 24.1% 18.3% 15.5% 20% 12.0% 12.3% 15% 9.3% 7.5% 10% 5.0% 3.8% 3.3% 1.1% 5% 0.0% 0.0% 0% Vacant <1 year <2 years <3 years <4 years <5 years <6 years <7 years Area Income France 35% 29.1% 24.2% 30% 22

75. Slide 75: Australia & New Zealand Office Portfolio Composition

    AUSTRALIA & NEW ZEALAND OFFICE For personal use only Property classification1 Diversity of tenants2 Geographical weighting1 1. By book value 2. By income 2009 Half Year Results presentation — Slide 69

76. Slide 76: Industrial – Australia Portfolio Composition

    INDUSTRIAL - AUSTRALIA For personal use only Geographical weighting1 Property classification2 1. By book value 2. By income 2009 Half Year Results presentation — Slide 70

77. Slide 77: Europe

    EUROPE For personal use only HY Dec 2009 HY Dec 2008 Net property income €6.0m €6.3m Like for like income growth (5.2%) (2.8%) Occupancy – by area 87.8% 87.7% Occupancy – by income 92.1% 90.6% Lease duration 2.6 yrs 3.3 yrs Portfolio value €133m €160m Average cap rate 8.2% 7.7% 1. Refer to slide 49

78. Slide 78: Glossary

    GLOSSARY For personal use only ƒ Constant currency: Items shown at Constant currency for Dec 09 have been restated using the Dec 08 average FX rates for comparative purposes. ƒ Distribution adjustments: Includes all distribution adjustments except for revaluations and impairments, unrealised MTM of

79. Slide 79: Important Information

    TITLE SLIDE INFORMATION IMPORTANT HEADER (Trebuchet Bold 28pt) For personal use only Sub title (Trebuchet 16 pt) Victor Hoog Antink Chief Executive Officer DXS 2009 Annual Results — Slide 73

80. Slide 80: Important Information

    IMPORTANT INFORMATION For personal use only ƒ 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. ƒ Information in

81. Slide 81: Half Year Results Appendices

    2009 For personal use only DEXUS Property Group HALF YEAR RESULTS APPENDICES DEXUS Funds Management Limited ABN 24 060 920 783 AFSL 2009 238163 as responsible Half Year entity for DEXUS Results presentation — SlideProperty 75 Group

DEXUS Property Group — H1 2010 Earnings Presentation on 6ix