DEXUS — Investor Presentation 2021

Mar 1, 2021

Dexus (ASX: DXS)

ASX release

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2 March 2021

ASX CEO Connect

Dexus provides an overview presentation that is being presented today at the ASX CEO Connect Series.

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

For further information please contact:

Investors

Merren Favretto Senior Manager, Investor Relations +61 2 9080 1559 +61 427 986 355 merren.favretto@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, proudly 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 $11.4 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

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ASX CEO Connect Alison Harrop, Chief Financial Officer D a t e 2 March 2021

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

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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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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

• › Dexus is a top 50 entity listed on the ASX with a market capitalisation of approximately $9.4 billion

• › One of Australia’s leading real estate groups managing a high-quality Australian property portfolio valued at $32.1 billion

• › Strong balance sheet with low gearing of 24.9%[1]

• › Recognised as a global leader in sustainability

• › Circa 545 employees with specialist teams across all key markets and sectors

• 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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Rialto Towers, 525 Collins Street, Melbourne VIC. 2 March 2021
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Delivering sustained value

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Dexus distribution per security
5.8%
CAGR [1]
cents
FY12-FY20
60
50.2 50.3 50.3
47.8
50
45.47
43.51
41.04
40 36.00 37.56
32.10
30
20 28.8
10
0
FY12 FY13 FY14 FY15 FY16 FY17 FY18 FY19 FY20 FY21
Forecast
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Dexus distribution per security

1. Compound Annual Growth Rate (CAGR) is calculated over eight years. Adjusted for the one-for-six security consolidation in FY15.

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80 Collins Street, Melbourne VIC. 2 March 2021
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Dexus HY21 highlights

Financial highlights

96.0% 28.8 cents › Strong rent collections and distribution for investors Dexus portfolio rent collections Distribution per security for HY21 $160.8 million › Achieved robust independent asset values value uplift across Dexus portfolio

Immediate priorities

1. Assisting in returning businesses safely to their workplace 100% of the portfolio has an active COVID-Safe Plan in operation[1] 60 Miller Grosvenor 45 Clarence 2. Progressing optimisation of portfolio composition via asset recycling Street, North Sydney[2] Place, Sydney[2] Street, Sydney 3. Accelerating opportunities to expand funds management business Australian Bragg Centre Launched 50% Dexus 50% HWPF opportunity fund series Six Ideas by Dexus[3] working with 4. Continuing to work with customers on the future of workspace 12 major customers impacting circa 20,000 employees Central Place Sydney Waterfront Brisbane 5. Progressing city-shaping development pipeline progressing to Stage 3 DA received for of USP[4] process $2.2bn precinct transformation

2. Excluding assets with no common areas under Dexus’s operational control.

3. Conditional exchange of sale documents, subject to FIRB approval.

4. Workspace consulting business.

5. Unsolicited Proposal.

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Dexus group property portfolio $32.1 billion total funds under management

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Dexus property portfolio
(balance sheet)
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Funds Management portfolio (includes eight investment vehicles)

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Healthcare [1] Healthcare [1]
$0.3bn Office $0.5bn Office
$13.8bn
$8.7bn
Retail
$3.3bn
$16.5bn $15.6bn
Industrial
$2.4bn
Industrial
$3.1bn
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1. Current ‘as is’ value as at 31 December 2020.

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The Annex, 12 Creek Street, Brisbane QLD.
2 March 2021
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Growth through Funds Management Provides Dexus with an annuity-style, secure income

• › Long-term, stable partners enhancing ability to execute on opportunities through the cycle

• › Strong transaction track record and capability unlocks asset recycling opportunities for capital partners

• › Diversified development pipeline providing future embedded value and growth

Diversified portfolio

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$8.7bn $3.1bn Office Industrial

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$3.3bn $0.9bn[1] Retail Healthcare

1. On completion value.

2. Platform and fund Investment.

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Gateway, 1 Macquarie Place, Sydney NSW.
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Diversified Funds Management business across 8 vehicles

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Dexus Wholesale
Property Fund
$10.1bn
$15.6bn
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Dexus Australian Commerical Trust $0.6bn Dexus Australian Logistics Trust $1.1bn Healthcare Wholesale Property Fund $0.5bn

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Dexus Industrial Partnership $0.2bn

Dexus Office Partnership $2.7bn Australian Industrial Taronga Ventures Partnership[2] Partnership $0.4bn

Attracted over $10.7 billion of third party equity since FY12

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Dexus office portfolio
$13.8 billion across key office CBDs
47 96.0% 4.2
years
properties occupied [1] WALE [1]
Australia Square, Sydney NSW. One Farrer Place, Sydney NSW. MLC Centre, Sydney NSW.
80 Collins Street, Melbourne VIC. 100 Mount Street, North Sydney NSW.
The Annex 12 Creek Street, Brisbane QLD. 5 Martin Place, Sydney NSW.
1. By income. WALE = weighted average lease expiry.
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Dexus industrial portfolio $2.4 billion across key markets

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74 95.5% 4.3
years
properties occupied [1] WALE [1]
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47 Foundation Road, Truganina VIC.
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1. By income. WALE = weighted average lease expiry.

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58 Foundation Road, Truganina VIC.
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4 Bellevue Circuit, Greystanes NSW.
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9 Custom Place, Truganina VIC.
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Botany Quarter, Lord Street, Botany NSW.
2 March 2021
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Delivering flexibility and a seamless experience A productive workplace leads to profitability

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The workplace and its role in business
Core A productive
workplace
leads to profitability
Collaboration Social Wellbeing &
Interaction Upskilling
Flex
Innovation Culture Employee
Retention
Amenities
& Transport
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Dexus provides solutions from 1 hour to 10 years

Traditional Offering (Core)

• › Vacant spaces (7 years+)

• › Remains the dominant offering but requirements are evolving

Flexible Offering (Flex)

• › Fitted spaces (6+ months) Fully fitted suites with shorter lease terms to cater for smaller tenants (Suite X)

• › Serviced spaces (1+ hours) Meeting / training rooms with full technology offering (Dexus Place)

• › Co-working spaces Shared spaces with common infrastructure services (new evolution Dexus Place)

Amenities

• › Experiential services (retail, health & wellness, events, EOT, concierge, real time insights)

Transport Solutions

• › Flexible car parking, bike storage

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Transactions & Trading profits Progressing optimisation of portfolio composition & de-risking trading profits

Transactions since FY11: $28.4bn

$16.6bn acquisitions I $11.8bn divestments

Delivered $436m[1] in trading profits since FY12

achieving an average unlevered IRR of c. 28% p.a.

Transactions in HY21: $2.8bn

Assets sold in line with book values demonstrating investor confidence

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Acquisition of Australian
Bragg Centre, Adelaide
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Divestment of Grosvenor Place,
Sydney
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Divestment of 45 Clarence
Street, Sydney
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Delivered $47.1m[2] of HY21 trading profits Secured profits across FY21 and FY22 to c. $95m (pre tax)[1]

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Success achieved across diverse asset classes and strategies:
19% [3]
56%
unlevered IRR [4]
unlevered IRR [4]
Rezoning and
Rezone, lease
DA
and develop
Sold in 2
Sold in 2017
trances in
2019-2020
$26m trading
profits [1]
$69m trading
201 Elizabeth Street, profits [1] 79-99 St Hilliers Road, Auburn
Sydney Industrial
Office
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1. Trading profits pre tax.

2. Trading profits post tax.

3. The unlevered IRR represents the total return realised from the disposal of Dexus’s interest in 201 Elizabeth Street and has been measured from the date of being classified as a trading asset.

4. IRRs are calculated using pre tax figures.

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Developments $11.4 billion group development pipeline, with minimal current commitments

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Committed pipeline $1.3bn (Dexus share $0.5bn)
circa 3.2% of balance sheet FUM [1 ] (of 15% limit)
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Key projects
Australian Bragg Centre North Shore Health Hub
MLC Retail & Theatre, Sydney Ravenhall
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Uncommitted and concept $10.1bn (Dexus share $5.3bn)
City-shaping projects $6.7bn [2 ]
(Dexus share $3.1bn)
Waterfront Brisbane Central Place Sydney
Pitt & Bridge Precinct, Sydney 60 Collins Street, Melbourne
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Circa $200m remaining spend for Dexus until end FY22

Minimal upfront capital to retain optionality, longer-dated and income producing

1. Project cost for committed developments and trading projects as a proportion of balance sheet FUM at 31 December 2020. 2. Group share in project cost (including cost of land where purchased for development and excludes downtime and income earned through development).

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Strong financial position Enduring FFO, stable valuations and low gearing

Diversified sources of debt

• › Stable, independent asset valuations supported by the continued investment demand for quality assets enabled a net profit after tax of $442.9 million

• › Adjusted Funds from Operations (AFFO) and Distribution of 28.8 cents per security, up 7.1% and

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Exchangeable Notes 7%
144A 5%
Bank Facilities
40%
Debt capital
markets
USPP 26%
60%
Bank debt
40%
Commercial
MTN 20% Paper 2%
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• 6.7% respectively on the previous corresponding period, primarily driven by trading profits

• › Maintained low gearing of 24.9%[2]

› Maintained low gearing of 24.9%2
December 2020 Valuations	Valuation	Capitalisation
	movement1	rate movement
Total portfolio	+$160.8m / +1.0%	5.01% / -4bps
Office portfolio	+32.8m / +0.2%	4.95% / -2bps
Industrialportfolio	+112.0m / +4.8%	5.36% / -30bps
Key financials	31 Dec 2020	31 Dec 2019
Net profit after tax ($m)	442.9	994.2
Adjusted Funds From Operations (AFFO) ($m)	313.8	295.3
Underlying FFO per security (cents)	30.1	31.9
Distribution per security (cents)	28.8	27.0
Distribution payout (% AFFO)	99.9%	100.2%
	31 Dec 2020	30 June 2020
Net tangible asset backing per security ($)	10.96	10.86
Gearing (look-through) (%)	24.92	24.33

1. Total portfolio includes healthcare and leased assets revaluation gain of $16.0 million.

2. 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. 3. Proforma gearing, adjusted for cash and debt in equity accounted investments. Look-through gearing at 30 June 2020 was 26.3%.

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Environmental, Social and Governance update Global ESG leadership

Global ESG benchmark recognition

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Principles for
Globally in Globally Climate +
1st Real Estate 1st Listed Office CDP A List A Responsible
Investment
Dow Jones 2020 GRESB 2020 Leadership Achieved in Strategy
Sustainability Real Estate “A” rating from & Governance, and
Indices Assessment CDP Climate Change Direct Property
modules
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Environmental performance

5 Star NABERSEnergy rating Gold BBP 54.9%[Reduction] Over $170m Leasing standard Emissions intensity Avoided costs Ensures customer across group Through enhanced Average across group commitment to office portfolio portfolio energy collaboration & since FY08[1] efficiency since FY08 office portfolio sustainability

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Deepwater Plaza (DWPF asset) onsite solar system
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1. Calculated using a location based method.

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Summary Focus on growth in capital efficient funds management business

• › Expect the impacts of the COVID-led recession to continue to flow through the Australian economy in 2021

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

• › Strong leasing activity and enquiry across our property portfolio

• › Robust asset valuations supported by strong investment demand

• › Uncertainty on the impacts of working from home on the office sector

• -Confident that office will remain a core requirement for our customers and will continue to deliver solid long-term investor returns

• -Dexus has been preparing for increased flexibility for many years pre-COVID

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

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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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Glossary

Distribution payout policy:	Policy is to distribute in line with free cash flow.
Funds From Operations (FFO):	FFO is in line with Property Council of Australia definition and comprises net profit/loss after tax attributable to stapled security holders
	calculated in accordance with Australian Accounting Standards and adjusted for: property revaluations, impairments and reversal of
	impairments, derivative and FX mark to market impacts, fair value movements of interest bearing liabilities, amortisation of tenant incentives,
	gain/loss on sale of certain assets, straight line rent adjustments, deferred tax expense/benefit, certain transaction costs, one-off significant
	items, amortisation of intangible assets, movements in right of use assets and lease liabilities, rental guarantees and coupon income.
Adjusted FFO (AFFO):	AFFO is in line with Property Council of Australia definition and comprises net profit/loss after tax attributable to stapled security holders
	calculated in accordance with Australian Accounting Standards and adjusted for: property revaluations, impairments and reversal of
	impairments, derivative and FX mark-to-market impacts, fair value movements of interest bearing liabilities, amortisation of tenant incentives,
	gain/loss on sale of certain assets, straight line rent adjustments, deferred tax expense/benefit, certain transaction costs, one-off significant
	items, amortisation of intangible assets, movements in right of use assets and lease liabilities, rental guarantees and coupon income, less
	maintenance capital expenditure and lease incentives.
Gearing:	Gearing is represented by Interest Bearing Liabilities (excluding deferred borrowing costs and including the currency gains and losses of cross
	currency swaps) less cash divided by Total Tangible Assets (excluding derivatives and deferred tax assets) less cash. Covenant gearing is the
	same definition but not adjusted for cash.
Gearing (look through):	Represents Gearing defined above adjusted to include debt in equity accounted investments.
Portfolio Value:	Unless otherwise stated, portfolio value is represented by investment properties, inventories and investments accounted for using the equity
	method, and excludes cash and other assets.
Weighted Average Lease Expiry (WALE): A measure in years of the average term to expiry of in-place rent. Includes vacancies.

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