Stable cash flow from a diversified portfolio of high-quality Australian retail, office, and industrial property assets Exposure to discretionary consumer spending trends and the cyclical office and industrial property markets Minimal development exposure Target gearing policy (debt-to-gross assets) range of 10%-to-20% Conservative financial policies and operating strategy Potential for higher development exposure and gearing over time The stable outlook reflects our expectation that DEXUS Wholesale Property Fund (DWPF) will continue to grow and manage its high-quality asset base. We anticipate that DWPF will maintain a conservative approach to development exposure and capital management to support the 'A' credit profile over the medium-to-long term. This includes maintaining funds from operations (FFO) to debt at more than 15% and debt to EBITDA
