DEXUS — AGM Information 2023

Oct 24, 2023

Dexus (ASX: DXS)

ASX release

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25 October 2023

2023 AGM Chair and CEO Address

Dexus releases the attached Chair and CEO address for the Dexus Annual General Meeting (AGM) which is being held today at 2.00pm (AEDT).

The meeting will be webcast and can be viewed by using the following link: https://meetings.linkgroup.com/DXS23

Authorised by the Board of Dexus Funds Management Limited

For further information please contact:

Investors Rowena Causley Head of Listed Investor Relations +61 2 9017 1390 +61 416 122 383 rowena.causley@dexus.com

Media

Louise Murray Senior Manager, Corporate Affairs & Communications +61 2 9017 1446 +61 403 260 754 louise.murray@dexus.com

About Dexus

Dexus (ASX: DXS) is a leading Australasian fully integrated real asset group, managing a high-quality Australasian real estate and infrastructure portfolio valued at $61.0 billion (pro forma post final completion of the AMP Capital acquisition). We believe that the strength and quality of our relationships will always be central to our success and are deeply connected to our purpose: Unlock potential, create tomorrow. We directly and indirectly own $17.4 billion of office, industrial, healthcare, retail and infrastructure assets and investments. We manage a further $43.6 billion of investments in our funds management business (pro forma post final completion of the AMP Capital acquisition) which provides third party capital with exposure to quality sector specific and diversified real asset products. The funds within this business have a strong track record of delivering performance and benefit from Dexus’s capabilities. The group’s $17.4 billion real estate development pipeline provides the opportunity to grow both portfolios and enhance future returns. Our sustainability aspiration is to unlock the potential of real assets to create lasting positive impact and a more sustainable tomorrow, and is focused on the priorities of customer prosperity, climate action and enhancing communities. Dexus is supported by more than 34,000 investors from 25 countries. With four decades of expertise in property investment, funds management, asset management and development, we have a proven track record in capital and risk management and delivering returns for investors. www.dexus.com

Dexus Funds Management Ltd ABN 24 060 920 783, AFSL 238163, as Responsible Entity for Dexus (ASX: DXS) Level 30, 50 Bridge Street, Sydney NSW 2000

Dexus 2023 Annual General Meeting

Good afternoon everyone and welcome to our 2023 Annual General Meeting. I’m Warwick Negus, Chair of the Board of Directors of Dexus Funds Management Limited.

On behalf of the Dexus Board, I would like to welcome you to our AGM. It’s great to see some of you in person again and to welcome you to our new Sydney office, Quay Quarter Tower. It is a fantastic asset in which our Dexus Wholesale Property fund has an ownership stake, and where we are also responsible for managing the property.

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I’ll table my appointment as Chair of today’s meeting and open the meeting.

We appreciate that not all Security holders can attend in person and have provided the opportunity for everyone to participate in the meeting through our hybrid meeting format.

On behalf of the Board, I would like to acknowledge the Traditional Custodians of the land on which we are presenting from today and pay our respects to their Elders past and present. I would also like to extend that respect to, and welcome, any First Nations people who are joining our meeting today.

Today I’m joined by our independent directors Penny Bingham-Hall, Paula Dwyer, Mark Ford, Rhoda Phillippo who will be joining us via video, Nicola Roxon, Elana Rubin, and Dexus’s CEO and Executive Director Darren Steinberg.

I would also like to welcome our company secretaries and representatives from the Group Management Committee, along with a representative from our Auditors at PwC and lawyers at King & Wood Mallesons.

Before we start the meeting, I would like to acknowledge Patrick Allaway who retired from the Board in March 2023 and thank him for his contribution to the Board, including the Board Audit, Board Risk and Board Nomination Committees.

I will now commence the meeting with my address which will provide you with an overview of our positioning and key aspects of our 2023 result. I’ll then hand over to Darren who will discuss our most recent achievements. We will then turn to the formal aspects relating to the resolutions which were outlined in the Notice of Meeting and Explanatory Memorandum sent out in mid-September.

Our vision is to be globally recognised as Australasia’s leading real asset investment manager.

Our strategy is delivered through two strategic objectives. One is ‘resilient income streams’ that are delivered through investing in high-quality assets on our balance sheet. The other is being an ‘investment manager of choice’ through our funds management business which we continue to grow and diversify. This strategy enhances our ability to operate successfully through economic cycles.

We have built a scalable and efficient business across a full-service model with expertise in transactions, product creation, sourcing capital, asset management and development. All of this is underpinned by our commitment to ESG and prudent capital management.

Following the AMP Capital transaction this year, we took the opportunity to review our company purpose and values.

Our new purpose “Unlock potential, create tomorrow” captures our unique capability to expand what is possible and use that potential to deliver long-term value for our people, customers, investors and communities.

Our new set of values, “rally to achieve together” and “build trust through action” describe how our people bring our evolving culture to life.

We have created a real asset platform of scale with strong representation across all major asset subsectors, including high-quality assets across the traditional real estate sectors of office, industrial and retail, as well as healthcare, and a substantial infrastructure business.

As a result of the AMP Capital transaction, we have also bolstered our capabilities in each sector. Today Dexus is a fully integrated real asset group with $61 billion of funds under management. This includes our $17.4 billion investment property portfolio and our $43.6 billion funds management business.

2023 has been a challenging environment for real estate, with sector valuations declining in response to higher interest rates and some transactional evidence. This has impacted our Statutory result for the year.

Positively however, Dexus maintained strong office occupancy above 95% and our industrial portfolio is effectively full. This has ensured strong cashflows, with Adjusted Funds From Operations of $555 million.

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Our distribution of 51.6 cents per security for FY23, reflecting a decline of 3.0% on FY22, was delivered at the top end of our market guidance range. We continued to sell assets, with 44 assets sold across the platform for $4.1 billion. Our balance sheet is in good shape with gearing of 27.9% and high interest rate hedging levels.

In our funds management business, notwithstanding difficult market conditions we raised $1.6 billion of new equity including $185 million to launch a new airport fund, which is the first new fund for the infrastructure business since it was acquired by Dexus.

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I would also like to address the Dexus security price. Dexus underperformed the A-REIT index in FY23 (with a (6.3)% Total Security holder Return) as news flow out of the US market negatively affected stocks with material office exposure globally. It is worth noting that the experience we are having here in Australian office appears quite different to that of the US.

As I have just mentioned, we have continued to actively sell assets to improve the quality of our balance sheet portfolio, with $1.8 billion sold from the balance sheet during the year. These divestments enhance our capital position and provide capacity for investment in higher returning opportunities across our balance sheet investment portfolio and funds management business.

We see development as a key driver of growth and contributor to long-term returns. We invest for the longterm, and our development projects will produce iconic, irreplaceable assets that are expected to deliver superior returns over the long-term.

Some of the key assets in our development pipeline include:

• Waterfront Brisbane , a major redevelopment of the Eagle Street Pier and Waterfront Place precinct sites and will make way for two office towers, creating a vibrant retail and public space

• Atlassian Central , a next-generation office building that will push the boundaries of what the future of workplace looks like and how it works, adopting global leading sustainability credentials

• Jandakot Airport , a large industrial site adjacent to the general aviation airport in Western Australia. The site is being actively built out and is attracting national customers such as Amazon and Hello Fresh

We continue to be globally recognised for our leadership in ESG. During the year, we also renewed our sustainability strategy which is supported by the three priority areas where we believe we can make the most impact. These include:

1. Customer prosperity - Supporting the prosperity of our customers through the investment, design, development and management of real assets. Our products and services aim to support occupant wellbeing and sustainability performance

2. Climate action - Focusing on climate action to accelerate the transition to a decarbonised economy, while also safeguarding and advancing our people, assets, property and financial returns

3. Enhancing communities - Helping the communities around our assets through inclusive and accessible design and placemaking, and investment in infrastructure that creates social value

In conclusion, we are in a challenging period which will continue into the 2024 financial year, with inflation, rising interest rates and the global environment all contributing to continued economic uncertainty.

Based on current expectations and barring unforeseen circumstances, Dexus expects distributions of circa 48 cents per security for the 12 months ended 30 June 2024, below FY23, with the reduction mainly driven by lower trading profits. Pleasingly, excluding trading profits our AFFO is forecast to be broadly in line with that delivered in FY23.

Despite the challenging environment, our underlying business is performing well, and we have continued to execute on our strategy, diversifying our capital sources, growing our funds business, improving our liquidity through asset sales, commencing next generation developments and maintaining a strong balance sheet. We are well positioned for the future.

2023 was a challenging year across the real estate industry and a time where a lot was asked of our employees. We brought together two groups - being Dexus and AMP Capital - and began a process of integration. I would like to thank all of our employees for their efforts and the spirit in which they have undertaken our various activities. We have been continually impressed by the strength of the Dexus culture and its people.

Equally, in 2023 the Board played a key role in overseeing important transactions and helping to produce outcomes for you, our Security holders. I would like to thank my Board colleagues for the contribution they have made. I would also like to formally welcome our two newest directors, Paula Dwyer and Rhoda Phillippo - both of whom you will hear from shortly in relation to their formal election to the Board.

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Finally, as announced to the ASX this morning, our Chief Executive Officer, Darren Steinberg, will step down in 2024. Darren is in his 12th year as CEO, and whilst there will be many opportunities in the coming year to formally thank him, today I wanted to let you, our Security holders know.

I have had the privilege of working alongside Darren over the past three years. His commitment to excellence and innovation is impressive. The very high standard of governance you see in Dexus is a reflection of the attitudes of the Board, CEO and senior management over a long period of time.

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The Board has been busy in 2023 with ongoing planning for succession and internal leadership development. We approach this decision with the benefit of a great deal of planning and will revert to Security holders in the coming months post the conclusion of a formal global search when this important decision is finalised.

I will now pass over to Darren to give his address.

CEO’s address

Thanks Warwick and good afternoon everyone.

Despite the uncertain global macroeconomic and geopolitical environment, we continued positive momentum across the group. On the balance sheet, we continue to progress our asset recycling program, settling on $1.3 billion of divestments and providing capacity to recycle capital into higher returning opportunities. Rent collections were strong at 99.7%.

Positive momentum continues across our expanded real assets funds platform.

Our funds management business has been actively recycling capital over the quarter, completing $1.0 billion of transactions across a number of funds, including the acquisition of Southport Private Hospital by Dexus Healthcare Property Fund and two residential investments in October 2023 by our opportunity fund, Dexus Real Estate Partnerhship1 (DREP1). We have also launched a capital raising for the second Dexus Real Estate Partnership opportunity fund following the successful close of the first fund (DREP1) in the series.

In developments, we are progressing construction at our city shaping development, Waterfront Brisbane and across a further 194,900 square metres at our industrial estates in Ravenhall, Victoria and Jandakot in Perth. We also completed 88,000 square metres of developments across key industrial precincts and healthcare assets.

We continue to be recognised as a Global Leader in Sustainability by the Global Real Estate Sustainability Benchmark (GRESB) with our unlisted funds, Dexus Healthcare Property Fund and Dexus Wholesale Property Fund named as Sector leaders in their respective areas and six real estate entities, including DXS, being awarded a 5 Star GRESB rating.

Looking at the performance of our property portfolio, in office we continue to see the key theme of flight to quality and flight-to-core with many customers upgrading and seeking to centralise into Prime grade offices in the core part of the CBDs.

In industrial continued low vacancy levels and lack of supply in the market has seen existing customers renewing their leasing deals or taking up options to stay where they are.

Portfolio occupancy remains high at 94.7% for office and 99.5% for industrial, with the weighted average lease expiries continuing to be strong across both portfolios.

While flexible working is entrenched, CBDs across Australia are largely back to normal in the middle part of the week. Our customers are looking to invest in their workplaces to support productivity, and quality workspaces in good locations remain in demand by companies seeking to differentiate themselves in order to attract talent.

Our funds business has evolved into a diverse real estate and infrastructure platform consisting of various products and catering to many types of investors. This year we added $10 billion of infrastructure and $8 billion of real estate investments via the AMP Capital transaction. Third party funds under management now totals $43.6 billion, having grown 68% from FY22.

As Warwick mentioned, we have created a real asset platform of scale with strong capability across all major asset sub-sectors in the country, making us fit for purpose to fulfil our investors’ strategies.

From an asset class perspective, there is a wide set of options for us to allocate third party capital. These include the traditional real estate sectors of office, retail and industrial, the pure infrastructure sectors of transport and energy, and the interesting sectors of health and social that sit between the two.

All of these five investment areas are benefiting from the key megatrends of urbanisation and social and demographic change, and reflect the themes sought after by our investors.

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So, to conclude, Dexus is well positioned to continue to deliver for our investors.

We have a high-quality portfolio that remains relevant to our customers, which generates stable, core-type returns. Our balance sheet supports our capacity to invest in new initiatives alongside third party clients.

Our funds management business has access to diversified sources of capital that will organically fuel growth over the next decade.

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And our current development pipeline provides embedded future value by improving the quality of the portfolio while providing inventory to grow our third party relationships.

All of this is enabled by our quality people, scalable and efficient operating platform and strong balance sheet.

Having been in the role of CEO for almost 12 years, I believe that it’s the right time for succession.

I am proud to have led Dexus through a decade of growth and performance. We have come a long way since 2012. We have created an amazing portfolio of assets and grown the group’s FUM from $12.5 billion to a diversified real asset platform of over $60 billion.

Dexus has a team of experienced and talented people and I will leave knowing that the business is in a strong position to continue to deliver long-term value for our investors, our customers and our people.

Before passing back to Warwick, I would also like to thank my fellow Directors and the Dexus team for their commitment and contribution during my time at Dexus. I have valued the continued support of you, our investors, and look forward to working with the new CEO to ensure a smooth transition.

ENDS

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2023 Annual General Meeting

Dexus Funds Management Limited | ABN 24 060 920 783 | AFSL 238163 as responsible entity for Dexus

• 1 Dexus Annual General Meeting - 25 October 2023

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Chair address
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2 Dexus Annual General Meeting - 25 October 2023

Welcome to the Dexus 2023 AGM

Warwick Negus Chair

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Hybrid AGM

Link Market Services online platform

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HELP NUMBER
Online Meeting Ask a Question Get Voting Card Exit Meeting
1800 990 363
POWERED BY LINK MARKET SERVICES
4 Dexus Annual General Meeting - 25 October 2023
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Acknowledgement of country

Dexus acknowledges the Traditional Custodians of the lands on which our business and assets operate, and recognises their ongoing contribution to land, waters and community.

We pay our respects to First Nations Elders past and present.

Artwork: The Places Where We Thrive

Artist: Amy Allerton, Indigico Creative, a Gumbaynggir Bundjalung, and Gamilaraay woman. Artwork description: The artwork tells the story of a vision for our communities, both large and small, where they are all thriving and strong as they build lives, homes and legacies for present and future generations. Every community is connected by spirit and by country, surrounded by flourishing waterways and vibrant land that is enriched and cared for by its people. Communities are empowered to unlock potential, find new ways to build and expand, as they dream and innovate to create tomorrow.

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5 Dexus Annual General Meeting - 25 October 2023

Dexus Board of Directors

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Warwick Negus
Chair
Darren Steinberg
Executive Director & CEO
Penny Bingham-Hall
Non-Executive Director
6 Dexus Annual General Meeting - 25 October 2023
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Paula Dwyer Nicola Roxon
Non-Executive Director Non-Executive Director
Mark Ford Elana Rubin AM
Non-Executive Director Non-Executive Director
Rhoda Phillippo
Non-Executive Director
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Patrick Allaway

Resigned 30 March 2023

• › Board member Since February 2020

• › Valuable member of various committees Board Nomination Committee, Board Audit Committee and Board Risk Committee

• › Extensive corporate advisory experience in the financial services, property, media and retail sectors

• › On behalf of the Board and Group Management Committee , thank you to Patrick Allaway for his contribution to Dexus

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7 Dexus Annual General Meeting - 25 October 2023

Agenda

Chair address

Warwick Negus

CEO address

Darren Steinberg

Questions

Formal business

Warwick Negus

Questions

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Quay Quarter Tower, 50 Bridge Street, Sydney NSWQuay Quarter Tower, 50 Bridge Street, Sydney NSW.
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8 Dexus Annual General Meeting - 25 October 2023

Our strategy

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Our purpose Unlock potential Create tomorrow Our purpose captures our unique capability to expand what is possible to deliver long-term value for our people, customers, investors and communities. Our values Rally to achieve together Build trust through action Our values describe the behaviours and mindsets that bring to life our culture.

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9 Dexus Annual General Meeting - 25 October 2023
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A real asset manager with deep sector experience

Supported by strong governance, a robust balance sheet and leading ESG credentials

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Real estate Infrastructure
Office Industrial Retail Healthcare Infrastructure
c. $24bn FUM c. $12bn FUM c. $10bn FUM c. $2bn FUM c. $11bn FUM
Top 5 across each real estate sector
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Data as at 30 June 2023, excludes $2.0 billion FUM relating to Real Estate Securities and Dexus Real Estate Partnership 1.

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Dexus today[1]

$61.0 billion[1 ] fully integrated real asset group

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Dexus portfolio Funds management portfolio
Opportunistic
Opportunistic & 1% Office
trading Real estate 28%
<1% Office securities and
71% other
Real estate securities 3%
<1%
Infrastructure <1% $17.4bn Infrastructure $43.6bn
25%
Retail
1% Industrial
18%
Healthcare
2% Healthcare
Industrial 3% Retail
23% 22%
1. Includes co-investments in pooled funds.
11 Dexus Annual General Meeting - 25 October 2023
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FY23 results highlights

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Resilient income streams Investment manager of choice
$555.0m AFFO
95.9% above market average of 87.2%Office occupancy [1] , [2] well $(752.7)m Statutory net loss after tax Added circa $18bn FUMthrough the Diversified funds offering
99.4% Industrial occupancy 27.9% gearing AMP transaction (including $10.8bn [3] of distribution capability and increased
infrastructure)
99.6% rent collections 86% hedged
Strategic $1.8bn bal. sheet
objectives divestments +40 Customer Net Raised ~$1.6bn [4] of Launched Dexus’s first infrastructure fund
announced, enhancing balance sheet strength and portfolio Promoter Score across the office and industrial third party equity through new and existing vehicles Wholesale Airport
quality and recycling into value portfolios Fund
creating opportunities
Commenced GRESB recognition Royal Adelaide Hospital
city-shaping +5.6% income growth Office LFL › DHPF global sector leader acquisition by three funds
demonstrates platform
developments +3.6% Industrial LFL › DOT, DOTA and DWPF
Atlassian Central, Sydney income growth [5] ranked in the global Top 40 growth synergies
and Waterfront Brisbane
1. Occupancy by income, excluding co-investments in pooled funds.
2. Australian CBD average by Property Council of Australia July 2023.
3. Based on FUM as at 30 June 2023 and pro forma post final completion of the AMP Capital transaction.
4. Represents new equity raised (excluding DRP and transfers).
5. Excluding divestments.
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Significant transactional activity

Reallocating into higher returning opportunities

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Balance sheet capital recycling
$5.4 billion
Total group real
$1.8 billion $1.1 billion FY23 balance sheet spend on development pipeline and co-investments
asset transactions
balance sheet divestments
$0.6 billion spent $0.5 billion invested [1]
announced since FY22
Development pipeline High-conviction sectors Co-investments
Healthcare
$103m Office
$4.1 billion (fringe)
$607m
Group real asset
divestments
Industrial -
business � Deliver high-quality � Increase exposure to high � Support and accelerate
parks & other $666m irreplaceable assets across conviction sectors with tail funds growth
Australian gateway cities winds
Industrial - � Provide diversification and
$1.3 billion logistics $404m � Profitable long-term returns � Increase diversification across the platform stable returns
Group real asset � Provide organic growth for through alternate sectors � $0.5 billion co-investments in
acquisitions balance sheet and funds AMP platform funds at an
average yield of circa 5%
1. Additional $0.2 billion of co-investments undertaken in July 2023.
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Creating next generation assets

Developments further enhance portfolio quality while providing inventory to grow our third party relationships

Brisbane Waterfront Brisbane - Artist impression

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Sydney
Atlassian Central - Artist impression
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Brisbane
123 Albert Street
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Sydney
Atlassian Central - Artist impression
Perth Melbourne
Jandakot Airport Palm Springs Road, Ravenhall
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Sustainability leadership and strategy

Continued ESG leadership and strategy refreshed for the future

ESG initiatives, benchmarks and ratings

4.9 Star

Global leader

NABERS Energy rating Dexus group office portfolio

Top 5% S&P Global ESG Score Real estate

S&P Global Sustainability Yearbook 2023

4.5 Star

Global sector leader

NABERS Water rating Dexus group office portfolio

Listed office GRESB 2022 Real Estate Assessment

Ranked within the top 20 global organisations in the Equileap 2023 Global Report on gender equality

4.8 Star

NABERS Indoor Environment rating Dexus group office portfolio

Ecovadis supplier verification

WELL Health & Safety rating achieved across 45 nominated office properties

Implemented across preferred group suppliers with coverage of 72% of preferred supplier spend engaged on the group platform by FY24

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Summary

• › Dexus has demonstrated strategic execution :

• Maintained a strong balance sheet through asset recycling

• Property portfolio continues to benefit from flight to quality

• Continued to grow and expand the Funds platform

• › We are in a challenging period as capital flows and market sentiment continue to be impacted by inflation, rising interest rates and geopolitical risks

• › Barring unforeseen circumstances, for the 12 months ended 30 June 2024[1] :

• Dexus expects distributions of circa 48.0 cents per security , below the 51.6 cents per security delivered in FY23 predominantly driven by lower trading profits

• AFFO excluding trading profits is expected to be broadly in line with that delivered in FY23

• › We are well positioned as a leading Australasian real asset manager

• Subject to no material deterioration in conditions and assumes circa $10 million of trading profits (post tax).

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Artist impression: Waterfront Brisbane, QLD
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CEO address

17 Dexus Annual General Meeting - 25 October 2023

September 2023 quarter

Highlights

• › Maintained strong portfolio fundamentals despite complex operating environment

• › Continued execution of asset recycling

• Settled on $1.3 billion of divestments since 30 June 2023, including $0.8 billion factored into the 27.9% pro forma gearing, and $0.5 billion of additional sales settled post the FY23 result announcement

• › Rent collections remained strong at 99.7%

• › Positive momentum continues across our funds platform

• Launched capital raising for DREP2, a second fund in the opportunity series

• – Completed $1.0 billion of transactions across a number of funds

• › Progressed the development pipeline

• Completed 88,000 square metres of developments across key industrial precincts and healthcare assets

• Progressing construction across a further 194,900 square metres across eight development sites at Ravenhall and Jandakot industrial estates

• › Recognised as a Global Leader in Sustainability by the Global Real Estate Sustainability Benchmark (GRESB) in 2023

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Ravenhall industrial estate, VIC
180-222 Lonsdale Street, Melbourne VIC
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5 Martin Place, SydnJandakot Airport pr e y NSWcinct, WA
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Bethesda Clinic, Cockburn Central WA
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Portfolio resilience

Across office and industrial portfolios[1]

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Office Industrial
94.7% 99.5%
Occupancy by income Occupancy by income
(FY23: 95.9%, FY22: 95.6%) (FY23: 99.4%, FY22: 98.1%)
4.8 years 4.6 years
Weighted average lease expiry Weighted average lease expiry
(FY23: 4.8 years, FY22: 4.7 years) (FY23: 4.8 years, FY22: 4.7 years)
27.7% 10.2%
Average Incentives Average Incentives
(FY23: 30.0% FY22: 29.4%) (FY23: 10.7%, FY22: 13.5%)
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1. As at 30 September 2023 unless otherwise stated. 2. As at 30 June 2023.

Flight-to-quality continues

• › Leased over 58,000 square metres across Dexus office and industrial portfolios in the September quarter

• › Of the space renewed across the office portfolio in FY23, 33% were expansions, 9% were contractions and 58% retained the same space

• › 57% of new deals in FY23 represented customers upgrading their space

• › Companies continue to look through the current environment to the future, actively renewing leasing agreements well ahead of expiry

Office by asset type[2]

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Premium Prime grade
grade 53% 95% [1]
$12.3bn
Other <1%
B-grade 5% A-grade 42%
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Historic Dexus occupancy vs market[2]

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100%
98%
Dexus
96%
94%
92%
90%
88%
86% Market
Jun-00 Jun-01 Jun-02 Jun-03 Jun-04 Jun-05 Jun-06 Jun-07 Jun-08 Jun-09 Jun-10 Jun-11 Jun-12 Jun-13 Jun-14 Jun-15 Jun-16 Jun-17 Jun-18 Jun-19 Jun-20 Jun-21 Jun-22 Jun-23
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• 19 Dexus Annual General Meeting - 25 October 2023

Dexus funds platform

A real asset platform of scale, diversity and organic growth opportunities

Third party FUM grew by 68% in FY23

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Funds management platform growth
$bn
50
8.0 0.2 (0.7) 43.6 [1]
40 10.2
30 25.9
20
10
0
FY22 AMP AMP Real AMP platform Net other FY23
Infrastructure estate growth impact
acquired acquired
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$43.6 billion FUM [1 ] increasingly diversified
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Product type Investor concentration
$bn
$43.6
Infrastructure retail funds 2% institutional pooled Real estate 40
funds 44%
30
72%
Infrastructure
JVs, mandates
15% 20
$13.9
Real estate
listed, retail, 46%
securities funds 10
Infrastructure 11%
institutional pooled
funds 8% Real estate JVs, mandates 0
20% FY18 FY23
Top 5 investors
All other investors
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Prudent capital structures with average gearing across pooled funds at circa 25%

1. Composition charts are by FUM and pro forma post final completion of the AMP Capital acquisition.

Dexus 2023 Annual Results Presentation

16 August 2023

20 Dexus Annual General Meeting - 25 October 2023

Key investment verticals take advantage of megatrends

	Workplace Transport Social Health “Enabling productivity” “Connecting people and our economy” “Bringing communities together” “Improving quality of life” Energy “Powering our cities”
	Ports Office Airports Renewables Hospitals Retail Utilities Aged care Industrial Living Stadiums Rail
	21 Dexus Annual General Meeting - 25 October 2023 Dexus 2023 Annual Results Presentation 16 August 2023

Summary

Fully integrated real asset platform

• › Continue to execute on strategic objectives

• Enhance the resilience of investment portfolio income streams

• Expand and diversify the funds management business

• › Well positioned as a leading Australasian real asset manager

• High-quality portfolio that remains relevant to our customers

• Funds management platform provides access to diversified sources of capital that will organically fuel growth over the next decade

• Development pipeline provides embedded future value

• Strong balance sheet

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Student accommodation, University of Melbourne, VIC
One Farrer Place, Sydney NSW
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9 Custom Place, Truganina VIC Melbourne Airport, Melbourne VIC
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Questions
Questions
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Questions
Formal business
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Resolution 1

Adoption of the Remuneration Report

To consider and if thought fit pass the following Resolution as an ordinary resolution:

“ That the Remuneration Report for the financial year ended 30 June 2023 be adopted.”

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	Resolution 1. Adoption	Resolution 1. Adoption	of the Remuneration Report %	For 69.98%	Open 0.12%	Against 29.89%
			Number of Votes	583,533,215	1,030,455	249,261,394
			Number of Security holders	245	155	226

25 Dexus Annual General Meeting - 25 October 2023

Resolution 2

FY24 grant of long-term incentive performance rights to the Chief Executive Officer

To consider and if thought fit pass the following Resolution as an ordinary resolution:

• “ That approval is given for all purposes for

• a. The granting of 303,030 performance rights to Darren Steinberg under the Long-Term Incentive Rights Plan; and

• b. The transfer or allocation of Securities to Darren Steinberg upon vesting of the performance rights

for the year commencing 1 July 2023 as described in the Explanatory Memorandum to the 2023 Notice of Annual General Meeting.”

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	Resolution	Resolution		For	Open	Against
	2.	FY24 grant of long-term incentive	%	97.53%	0.12%	2.34%
		performance rights to the Chief Executive
		Officer
			Number of Votes	808,524,966	1,030,455	19,423,642
		Number	of Security holders	206	155	266

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Resolution 3.1

Approval of Independent Director Paula Dwyer

To consider and if thought fit pass the following Resolution as an ordinary resolution:

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• “ That the initial appointment of Paula Dwyer as a Director of Dexus Funds Management Limited be approved (by ratification).”

	Resolution	Resolution		For	Open	Against
	3.1	Approval of Independent Director –	%	98.76%	0.12%	1.12%
		Paula Dwyer
			Number of Votes	823,652,066	1,031,315	9,309,280
		Number of Security holders		402	157	76

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Paula Dwyer

BCom, FCA, SF Fin, FAICD

Appointed to the Board on 1 February 2023, Paula Dwyer is an Independent Director of Dexus Funds Management Limited, Chair of the Board Risk Committee, and a member of the Board Audit Committee and Board Nomination Committee.

Paula is Chair of Allianz Australia Limited, Elenium Automation Pty Limited and Blackmores Limited, and a Non-Executive Director of AMCIL Limited and of Lion Pty Limited and Lion Global Beverages, where she is Chair of the Audit, Risk and Compliance committees. She is a member of the Committee of the Melbourne Cricket Club.

Paula has been a Non-Executive Director for over 20 years following an executive career in investment banking and funds management. She has significant experience across financial services, investment management, healthcare, energy, utilities and infrastructure, property and construction, corporate finance and mergers & acquisitions. Paula brings to the board her diverse leadership experience including in corporate strategy development and implementation across a broad range of industries and in navigating complex stakeholder relationships.

Previous roles include as Non-Executive Director of ANZ Banking Group Limited (where she was Chair of the Audit Committee), Suncorp Group Limited, Astro Japan Property Group Limited, Fosters Group Limited, David Jones Limited and Promina Group Limited. Paula was formerly Chair of Tabcorp Holdings Limited and Healthscope Limited and Deputy Chair of Leighton Holdings Limited.

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Dexus Annual General Meeting - 25 October 2023

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Resolution 3.2

Approval of Independent Director Rhoda Phillippo

To consider and if thought fit pass the following Resolution as an ordinary resolution:

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“ That the initial appointment of Rhoda Phillippo as a Director of Dexus Funds Management Limited be approved (by ratification).”

	Resolution 3.2 Approval of Independent Director – Rhoda Phillippo %	Resolution 3.2 Approval of Independent Director – Rhoda Phillippo %	For 99.82%	Open 0.12%	Against 0.05%
		Number of Votes	832,511,663	1,039,707	436,291
		Number of Security holders	409	159	63

29 Dexus Annual General Meeting - 25 October 2023

Rhoda Phillippo

MSc Telecommunications Business, GAICD

Appointed to the Board on 1 February 2023, Rhoda Phillippo is an Independent Director of Dexus Funds Management Limited and a member of the Board Audit Committee, Board Nomination Committee and Board Risk Committee.

Rhoda is Chair of Kinetic IT Pty Limited, a Non-Executive Director of APA Group (ASX: APA) where she chairs the Risk Committee and a Non-Executive Director of Waveconn Group Holdings Management Pty Ltd.

Rhoda has been a Non-Executive Director for over 15 years, following an extensive executive career leading operations across infrastructure, energy, telecommunications and technology in Australia, New Zealand and the UK. Her experiences have gained her deep skills in operational and change management, mergers & acquisitions, risk management, technology and cyber issues.

Previous Board roles include Non-Executive Director of Pacific Hydro, Datacom Group Limited, LINQ, Vocus Group Limited (ASX: VOC) and Managing Director of Lumo Energy. Rhoda also held the role of Chair of Snapper Services NZ and Deputy Chair of Kiwibank NZ.

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Dexus Annual General Meeting - 25 October 2023

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Questions
Questions
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Questions
Thank you for attending
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Disclaimer

This presentation is issued by Dexus Funds Management Limited (DXFM) in its capacity as responsible entity of Dexus (ASX code: 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 and Dexus, 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 security holder or potential investor may require in order to determine whether to deal in Dexus 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 is not guaranteed by DXFM or any of its related bodies corporate or any other person or organisation. This investment is subject to investment risk, including possible delays in repayment and loss of income and principal invested

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