DEXUS — Investor Presentation 2021

May 3, 2021

Dexus (ASX: DXS)

ASX release

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4 May 2021

2021 Macquarie Australia Conference

Dexus releases the attached presentation to be presented virtually at the 2021 Macquarie Australia Conference today.

Authorised by Brett Cameron, General Counsel and Company Secretary of Dexus Funds Management Limited

For further information please contact:

Investors

Rowena Causley Senior Manager, Investor Relations +61 2 9017 1390 +61 416 122 383 rowena.causley@dexus.com

Media

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

About Dexus

Dexus is one of Australia’s leading real estate groups, managing a high-quality Australian property portfolio valued at $32.1 billion. We believe that the strength and quality of our relationships will always be central to our success and are deeply committed to working with our customers to provide spaces that engage and inspire. We invest only in Australia, and directly own $16.5 billion of office and industrial properties. We manage a further $15.6 billion of office, retail, industrial and healthcare properties for third party clients. The group’s $11.5 billion development pipeline provides the opportunity to grow both portfolios and enhance future returns. With 1.6 million square metres of office workspace across 51 properties, we are Australia’s preferred office partner. Dexus is a Top 50 entity by market capitalisation listed on the Australian Securities Exchange (trading code: DXS) and is supported by more than 29,000 investors from 24 countries. With 36 years of expertise in property investment, development and asset management, we have a proven track record in capital and risk management, providing service excellence to tenants and delivering superior riskadjusted 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 25, 264 George Street, Sydney NSW 2000

Macquarie Australia Conference Ross Du Vernet, Chief Investment Officer D a t e 4 May 2021

Agenda

› Dexus overview

• › March 2021 quarter highlights and office update

› Resilience of Dexus business model

• Funds Management business

• Options for growth

› Summary

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The Annex, 12 Creek Street, Brisbane QLD.
4 May 2021
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Dexus overview

Our strategy: to deliver superior risk-adjusted returns for investors from high quality real estate in Australia’s major cities

Our purpose: to create spaces where people thrive

• › Recognised as a global leader in sustainability

• › Dexus is a top 50 entity listed on the ASX with a market capitalisation of approximately $11 billion[1]

• › One of Australia’s leading real estate groups managing a high-quality Australian property portfolio valued at $36.5 billion[2]

• › Diverse capability set and options for growth

• › Strong balance sheet with low gearing of 24.9%[3]

› $1.1 billion contracted asset sales[4]

1. At 30 April 2021.

2. Figures are as at 31 December 2020, pro forma for the merger of ADPF and DWPF (prior to circa $2 billion of redemptions) as well as the previously announced sales of Grosvenor Place, Sydney, 60 Miller Street, North Sydney, 10 Eagle Street, Brisbane, acquisition of an interest in 1 Bligh Street, Sydney, and previously announced industrial and healthcare acquisitions.

3. At 31 December 2020, look-through gearing adjusted for cash and debt in equity accounted investments, excluding the impact of the contracted divestments of 60 Miller Street, North Sydney and Grosvenor Place, Sydney.

4. Includes Dexus’s share of the sale of 60 Miller Street, North Sydney, Grosvenor Place, Sydney and 10 Eagle Street, Brisbane.

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Rialto Towers, 525 Collins Street, Melbourne VIC.
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4 May 2021
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Dexus sustainability approach ESG is at the core of what we do

• › Our Sustainability approach is the lens that we use to effectively manage emerging ESG risks and opportunities, creating sustained value for our stakeholders

• › Strive for leadership and impact

• › Continuous improvement approach to sustainability

• › Long-term programs

• › Ensure we have alignment between capital partners and DXS investors

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54.9%
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reduction in emissions intensity across the group office portfolio since FY08[1]

We are transitioning to net zero emissions by 2030

Transitioning to 100% renewable energy

Off-site renewables On-site renewables Electrification

Improving energy efficiency

Reducing occupancy costs and creating a unique customer experience

Offsetting remaining emissions

Nature based offsets to capture any remaining emissions

Vision for net zero emissions and smart, sustainable workplaces

Participation in ESG benchmarks drives continuous improvement

Global Industry Leader for the Real Estate Sector

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Global Sector Leader for listed office entities (Dexus Office Trust)

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CDP Climate A list

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A+ rating for Strategy and Governance A+ rating for Direct Property

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1. Calculated using a location-based method.

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March 2021 quarter highlights and office update

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Pro forma portfolio position
Quality office and industrial portfolio generating solid income streams
Dexus group: AUM = $36.5bn [1]
Public & private ~500 property 161 properties 4.4 million sqm $11.5bn development 24.9% HY21
capital professionals across the portfolio of property pipeline Dexus gearing [2]
Dexus balance sheet investment portfolio: Total AUM of $15.5bn [1] Third Party Funds management business: Total AUM of $21.0bn [1]
Split by Sector Portfolio attributes Split by Sector Platform attributes
Healthcare
Healthcare
› Office › 69 long-term and stable capital partners
Industrial 1%
- 86% prime grade Retail 3% › 9 investment vehicles
15%
- 72% in Sydney and Melbourne CBDs 21%
› $5.4 billion Third Party Funds Management
› Industrial development pipeline
- High quality portfolio in prime locations 56% › Provides annuity-style, secure income with
- Diverse mix of customers’ businesses embedded growth
84% benefiting from e-commerce tailwinds 20% › Enhances Dexus’s ability to execute on
Office
Industrial opportunities through the cycle
Office
All figures on this slide are as at 31 December 2020 unless otherwise stated.
Figures are as at 31 December 2020, pro forma for the merger of ADPF and DWPF (net of circa $2 billion of redemptions) as well as the previously announced sales of Grosvenor Place, Sydney, 60 Miller Street, North
Sydney, 10 Eagle Street, Brisbane, acquisition of an interest in 1 Bligh Street, Sydney, and previously announced industrial and healthcare acquisitions.
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Pro forma portfolio position Quality office and industrial portfolio generating solid income streams

All figures on this slide are as at 31 December 2020 unless otherwise stated.

1. Figures are as at 31 December 2020, pro forma for the merger of ADPF and DWPF (net of circa $2 billion of redemptions) as well as the previously announced sales of Grosvenor Place, Sydney, 60 Miller Street, North Sydney, 10 Eagle Street, Brisbane, acquisition of an interest in 1 Bligh Street, Sydney, and previously announced industrial and healthcare acquisitions.

2. Look-through gearing, adjusted for cash and debt in equity accounted investments, excluding the impact of the contracted divestments of 60 Miller Street, North Sydney and Grosvenor Place, Sydney.

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March 2021 quarter update Strong leasing activity across office and industrial portfolio

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Dexus office portfolio Dexus industrial portfolio
46,703sqm 24.6% 117,747sqm 18.6%
office space average incentives industrial space average incentives
leased [1] leased [1]
95.4% 4.1 years 97.8% 4.4 years
Occupancy [2] WALE [2] Occupancy [2] WALE [2]
3.5-4.0% 3.0-3.5%
average fixed rental increases average fixed rental increases
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Development

• › Completed North Shore Health Hub, St Leonards

• › Lodged plans for development of circa 130,000 square metres of workspace across two premium office towers at Central Place Sydney

• › Amended DA for 60 Collins Street, Melbourne (15,900 square metres incremental NLA)

• › Acquired additional 6.8 hectares at Horizon 3023, Ravenhall

• › Strong industrial development leasing across 29,067 square metres

• Leased across 108 office transactions and 37 industrial transactions. Includes development leasing.

• By income. WALE = weighted average lease expiry.

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Leading indicators point to improving conditions Recovery of the Australian economy is well underway

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Business & consumer confidence Payroll jobs Asset allocation
30 120 105.0 3% 2%
NSW VIC 7%
QLD SA 26% +19%
10 100 WA Alternatives
31%
100.0
-10 80 -2%
29%
Bonds
-30 60
Business Confidence 95.0
60%
-50 Consumer Confidence (RHS) 40 43% -17%
Equity
-70 20 90.0
Dec-15 Dec-16 Dec-17 Dec-18 Dec-19 Dec-20 Mar-20 Jun-20 Sep-20 Dec-20 Mar-21 2000 2020e
Business confidence rose to +1.0% increase +19% increase [3]
16 index points in payroll jobs over the year to March 2021 reallocation into real estate and other alternatives
in February, being the highest level since early 2010 [1] bringing it above pre-pandemic levels [2] with bonds now less appealing to investors
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• Source: Company filings and surveys, ABS, NAB, DAE, Thinking Ahead Institute

• Business confidence rose +4 points in February 2021 to reach 16 index points. Chart data to December 2020.

• 1% increase in payroll jobs between 14 March 2020 and 27 March 2021 (ABS). 3. Global Pension Assets Study 2021.

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Persistent investment demand for quality assets Underpins NTA and provides funding for growth

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Asset	Grosvenor Place, Sydney		60 Miller Street, North Sydney	1-5 Thomas Holt Drive, Macquarie Park	452 Flinders Street, Melbourne	1 Farrer Place, Sydney	400 George Street, Sydney
Sale price	$925m1		$273m	$289m	$454m	$585m	$290m
Prem/disc to BV	-5% discount2		+3% premium2	Premium3	+11% premium2	At book value	Premium3
Equivalent yield	4.83%		5.24%	5.70%	4.94%	4.59%	4.89%

Source: Company filings, online media, Cushman & Wakefield, CBRE, JLL.

1. Reflecting a 50% interest in Grosvenor Place Sydney. The sale will realise total net proceeds of $925m for the 50% interest ($694m realised for Dexus).

2. To June 2020 book value.

3. As reported in the media

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Prime assets benefit from ‘flight to quality’ Dexus portfolio well positioned

Sydney CBD net absorption over the past 25 years

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250,000
“Tech- “GFC”
200,000 wreck”
150,000
100,000
50,000
0
-50,000
-100,000
Prime
-150,000
Secondary
-200,000
Jun-96 Jun-99 Jun-02 Jun-05 Jun-08 Jun-11 Jun-14 Jun-17 Jun-20
Grade Tech-wreck ‘02-05’ GFC ‘09-12’
Prime +128,253 sqm +78,509 sqm
-
Secondary -221,994 sqm 65,217 sqm
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Historic Dexus occupancy vs market

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100% Dexus
96%
Market
92%
88%
84%
1999 2001 2003 2005 2007 2009 2011 2013 2015 2017 2019 2021
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Dexus is well positioned to perform

• › Flight to quality and centrality during market downturns

• Prime grade assets represent 93% of Dexus office portfolio[1]

• › Strong focus on capability to better service flexibility needs

• Increased focus on amenity and customer demands

• › Improved control on capex spend and extracting better lifecycle value

Source: JLL, company information.

1. Prime grade buildings represented 93% of the office portfolio including stabilised assets only and excluding development-affected assets and land.

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Workspace flexibility – an evolution not a revolution Ideal workspace arrangements differ amongst the population

Ideal work arrangements

% of survey respondents1, Aug	% of survey respondents1, Aug	2020
				Full time in office		1 or 2 days at home	3 or 4 days at home	Full time at home
Overall		24%				41%		26%			9%
						67%prefer a hybrid work model
Senior Leadership/Executive Manager/Director Administrative Professional/Technical		12% 23% 27% 35%				59% 43% 37% 26%		24% 26% 27% 24%	15%		5% 8% 9%

Majority of workers prefer a hybrid model

Work from home appeals more to those with higher income and experience

Source: Gensler Workplace Survey 2020.

1. A survey of 2,430 Australian workers across 9 industries and a range of levels, roles, ages and cities was conducted in August 2020. Respondents were required to have worked in an office prior to COVID-19.

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Workplace flexibly – a balancing act Working From Home (WFH) considerations

Anti-WFH Arguments

Pro-WFH Arguments

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Innovation and
collaboration
Maintaining
culture
Employee learning
Team morale and
productivity
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Survey data and
tenant behavior
Recent success of
WFH
Employee value of
flexibility benefit
Employer cost
savings
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Source: Green Street, Dexus.

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Dexus’s product offering to meet increased flexibility Collaborative fit-outs can be integrated across products

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Workspace solutions from 1 hour to 10 years
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Traditional spaces Fitted spaces Flexible spaces Meeting spaces
7 years+ 2 years+ 6 months + 1 hour+
Dominant portfolio offering. Fully fitted out suites with SuiteX provides high quality Dexus Place provides meeting, video
Customer demand expected shorter lease terms. Targeted workspace that enables conferencing and training facilities
to remain, however, customer at reducing the pain points companies to remain agile that facilitate cost effective
requirements for flexibility will associated with real estate while having access to turn-key interaction and collaboration across
continue to evolve over time. occupation for SMEs. solutions to support growth. physical and virtual environments.
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We continue to work with our customers on the future of workspace

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Dexus
business
model
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Core business activities

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ICON
Managing Developing Transacting
Dexus manages Utilising our expertise to Identifying, evaluating
$15.5 billion [1] of access and manage and executing
properties on behalf of development acquisition and
Dexus investors and opportunities, enhance divestment
$21.0 billion [1] on behalf future returns and opportunities across a
of third party capital improve portfolio quality range of sectors and
partners. and diversification. asset types.
1. As at 31 December 2020, pro forma for the merger of APDF and DWPF (prior to circa $2 billion redemptions) as well as the previously announced sales of Grosvenor Place, 10 Eagle Street, 60 Miller Street, and previously announced industrial and healthcare acquisitions.
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Delivering on a key strategic initiative Expanding and diversifying the Funds Management business

Funds management is a core part of Dexus’s strategy

› A focus on expanding and diversifying the funds management business will increase the resilience of Dexus’s earnings in relation to current and future challenging office market conditions

› Since the start of 2021, Dexus has:

• Established a new office partnership with Mercatus to acquire 33.3% interest in 1 Bligh Street, Sydney

• Received Unitholder approval for the merger of the AMP Capital Diversified Property Fund with Dexus Wholesale Property Fund

• Received approval for the Simplification of the Dexus corporate structure by Dexus Security holders – this will increase flexibility to satisfy the growing demand from third party capital

• Achieved practical completion of the North Shore Health Hub, owned by Dexus Healthcare Property Fund – adding quality and scale to meet growing investor demand for healthcare real estate

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1 Bligh Street, Sydney, NSW
4 May 20214 May 2021
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Funds management business Scalable and expanding suite of products

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Widely held funds Joint Ventures Venture Capital
Taronga
Ventures
Partnership [4]
Established 2020
Dexus Wholesale Dexus Healthcare Dexus Real Estate Dexus Office Dexus Australian Dexus Industrial Australian Industrial Dexus Australian Mercatus Dexus › Platform and
Property Fund Property Fund Partnership Partnership Commercial Trust Partnership Partnership Logistics Trust Australia Partnership fund investment
› Partnership with
$15.3bn [1] $0.9bn [2] New fund $5.4bn [3] $0.6bn [3] $0.4bn [3] $0.4bn $2.6bn [2] $0.4bn [5] large, reputable
real estate
› Established 1995 › Established 2017 › Marketing launched › Established 2013 › Established in 2020 › Established 2014, › Established 2012 › Established 2018 › Established 2021 companies
› 43 properties › $946 million [2] portfolio in 2020 › 19 properties › 50% interest in iconic recapitalised in 2018 › 20 properties › Growth strategy › Growth strategy › Driving real estate innovation
› Outperformed benchmark over 3, 5, 7 & 10 years [5] across 5 properties › First in a planned series of closed-end opportunity funds › Acquired & de-listed CPA portfolio April 2014 prime-grade Rialto Towers, located in Melbourne CBD › Core strategy with growth mandate › Strong performance since inception through develop to core and acquisitions through acquisitions by identifying and investing intonext generation
solutions
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All figures as at 31 December 2020 unless otherwise stated.

1. As at 31 December 2020, pro forma for the merger of ADPF and DWPF (prior to circa $2 billion of redemptions).

2. Includes Dexus ownership interest and on completion value.

3. Includes Dexus ownership interest.

4. Dexus investment in the platform and fund.

5. New partnership formed in March 2021. 6. As at 31 March 2021.

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Options for growth Balance sheet strength and growing capital partners

Sources of capital

Divestments

• › Active asset recycling

• › Good liquidity for quality assets

• › $1.1 billion[1] contracted sales awaiting settlement

Third party capital

• › Divesting interests in development projects to existing and new partners

Deploy capital into initiatives and opportunities that deliver growth

Uses of capital

Funds management

• › Asset warehousing and co-investment

• › Capability and platform acquisitions

Opportunistic acquisitions

• › Focus on selective core and value-add development acquisition opportunities

Development pipeline

Existing balance sheet capacity

• › Low gearing 24.9%[2] provides headroom against target gearing range of 30-40%

• › Activating the $6.1 billion[3] development pipeline

On-market securities buyback

• › Taking advantage of market volatility

• Includes Dexus’s interest of the sale of 60 Miller Street, North Sydney, Grosvenor Place, Sydney and 10 Eagle Street, Brisbane.

• At 30 December 2020 adjusted for cash and debt in equity accounted investments, excluding the impact of the contracted divestments of 60 Miller Street, North Sydney and Grosvenor Place, Sydney.

• Dexus share.

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Summary Dexus is a unique business and more than just an office REIT

• › March 2021 quarter saw the commencement of the COVID-19 vaccine roll out in Australia and an increase in physical occupancy across CBD office locations

• Positive economic indicators point to a continued economic recovery

• › Dexus is a diversified property platform that can leverage leading capabilities across a range of asset classes

• Options for growth available and a strong balance sheet - ready to be put to use to enhance investor value

• Will continue to execute on strategic initiatives to drive superior risk-adjusted returns for investors

• › Maintain guidance for an FY21 full year distribution per security amount consistent with FY20[1]

Underlying value of overall Dexus business compares favourably to current security price

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Trading profits
Management
Corporate
Operations costs
$10.96
Dexus NTA Dexus NAV [2]
31 Dec 2020
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Note: Illustrative build up of underlying value across Dexus business.

1. Subject to there being no reinstatement of any major lockdowns or unforeseen circumstances. The FY20 full year distribution per security amount was 50.3 cents. 2. Net Asset Value.

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Important information

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

• › Information in this presentation including, without limitation, any forward-looking statements or opinions (the Information) may be subject to change without notice. To the extent permitted by law, DXFM, Dexus 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, 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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