#1Dexus (ASX: DXS) ASX release 1 November 2023 dexus 2023 Dexus Investor Day Dexus provides the presentations for its 2023 Investor Day event being held today. A webcast of the event will commence at 1.00pm and is available at www.dexus.com/investor-centre to view. An overview video on the Atlassian Central development is available at Atlassian Central 8-10 Lee Street Haymarket | Dexus Authorised by Brett Cameron, General Counsel and Company Secretary of Dexus Funds Management Limited For further information please contact: Investors Rowena Causley Media Luke O'Donnell Head of Listed Investor Relations +61 2 9017 1390 +61 416 122 383 [email protected] Senior Manager, Media and Communications +61 2 9017 1216 +61 412 023 111 [email protected] 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#2Dexus Investor day 1 November 2023 dexus OPTUS STADIUM es OSCALZO Adelante Hospital -0#3About 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. Dexus Funds Management Limited | ABN 24 060 920 783 | AFSL 238163 as responsible entity for Dexus (DXS) 0000 OS 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, present and emerging. Artist: Amy Allerton, Indigico Creative, a Gumbaynggir and Bundjalung woman Artwork: The Places Where We Thrive 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 find new ways to build and expand, as they dream and innovate to create the places where we thrive. ERE#4Agenda dexus dexus Introduction Rowena Causley Head of Listed Investor Relations Darren Steinberg Chief Executive Officer Pg. 5 Dexus Strategy "Driving capital efficiency" Jonathan Hedger Executive General Manager, Group Strategy Ramana James Head of Sustainability Pg. 77 Funds Management "Broad access to capital" Deborah Coakley Executive General Manager, Funds Management Michael Cummings Co-Head of Infrastructure Transactions & Developments "Sourcing quality investments" Ross Du Vernet Chief Investment Officer Summary Darren Steinberg Chief Executive Officer Pg. 28 Pg. 47 Pg. 57 Dexus team for today ? Melbourne Airport, VIC dexus Darren Steinberg Chief Executive Officer Deborah Coakley Executive General Manager Funds Management Ross Du Vernet Chief Investment Officer Keir Barnes Chief Financial Officer Jonathan Hedger Executive General Manager Group Strategy Michael Bessell Co-Head of Infrastructure Michael Cummings Co-Head of Infrastructure Melanie Bourke Chief Operating Ramana James Officer Head of Sustainability Rowena Causley Head of Listed Investor Relations 2023 Dexus Investor Day 3#5RNSH Our values Our purpose Unlock potential Create tomorrow We rally to achieve together We build trust through action Royal North Shore Hospital, St Leonards, NSW here Hospital Our vision 15 STADIUM To be globally recognised as Australasia's leading real asset manager 4 2023 Dexus Investor Day Optus Stadium, Perth, WA#6dexus dexus Fully integrated real asset group with multi-sector capability 7 Dexus total FUM: $61bn Investment portfolio: $17bn Third-party FUM: $44bn c.450 assets c.50,000 investors across platform¹ c.1,000 employees Office $24bn Industrial $12bn Retail $10bn Dexus integrated real asset platform OFTUS-SRADIUN Healthcare $2bn Infrastructure $11bn Note: Figures as at 30 June 2023. Sector exposures exclude $2.0bn of funds under management relating to Real Estate Securities and Dexus Real Estate Partnership 1. 1. Includes registered holdings for DXS, DXI, DXC, as well as unlisted institutional, retail and HNW investors. What we value in any scenario Platform scale Investment performance Agile, solution-based culture Broad access to capital Strong balance sheet Commitment to sustainability dexus 2023 Dexus Investor Day 5#7Deliberate actions taken to unlock opportunity FY12 - FY16 Office leadership Established capability in: Office Retail Industrial Growing funds capability FY17 - FY19 Multi-sector capability FY20 - FY22 Accelerated funds growth FY23 Real asset manager Expanding to capitalise on tailwinds: Industrial selldown to funds Healthcare fund APN acquisition enabled: Listed product DXI and DXC Retail investors Jandakot Further bolstered capability Opportunity fund (DREP1) DWPF/ADPF merger Development capability in a challenging market: embedded AMP acquisition enabled: $18bn+ growth in funds Infrastructure Retail investors Expanded capital raising team Singapore office Wholesale Airport Fund launch dexus Australasia's leading real asset manager Vision to be Australasia's leading real asset manager 10 Investment manager business model Unlocking real asset growth opportunity by matching capital with investments to drive capital efficient returns Funds business with broad access to capital Established funds management business with broad and deep access to all key channels of investor capital Platform capable of sourcing investments Market-leading transaction sourcing capability combined with city-shaping development pipeline 2023 Dexus Investor Day dexus Macarthur Wind Farm, Victoria#8Dexus Strategy Jonathan Hedger - Executive General Manager, Group Strategy Our strategy 12 Our vision To be globally recognised as Australasia's leading real asset manager dexus Artist impression: Waterfront Brisbane, QLD Our strategy To deliver superior risk-adjusted returns for investors from high-quality real estate and infrastructure assets Delivered through Strategic objectives Enabled by Resilient income streams Investing in assets that provide resilience through-the-cycle Transactions Investment manager of choice Expanding and diversifying the funds management business dexus Scalable, efficient platform Product creation Capital sourcing Asset management Development Underpinned by commitment to ESG principles and prudent capital management 2023 Dexus Investor Day 7#9Decade of transformation for the Dexus business Total funds under management Investment portfolio vs. third-party FUM $27bn Third-party funds under management By sector exposure $61bn $6bn $14bn $44bn -1% 5% Other 15% 11% 25% Infrastructure 3% Healthcare 34% 71% 51% 18% Industrial 28% Office 51% $13bn 51% 37% Third-party FUM 46% 29% 49% 22% Retail Investment portfolio 54% FY13 FY18 FY23 FY13 FY18 FY23 13 Note: Figures as at 30 June 2023. Population growth will support continued urbanisation Australian population 14 The Australian population is forecast to grow c.50% by 2063 2002 forecast 26.5m 15.4m 40.5m 1983 2023 2063F We manage assets that are with you when you need ... Workspace Health Social Transport TT Energy Living dexus dexus AIRE ROVAL dexus is well positioned to benefit from growth in cities Source: Australian Government Intergenerational Reports (2002 and 2023), Australian Bureau of Statistics. 8 2023 Dexus Investor Day#10dexus dexus Complemented by three other megatrends shaping our focus Social and demographic change Australian population aged 65+ (%) 23% Growth in pension capital Pension funds total global assets (USD trillion) 47.9 Sustainability revolution Avg. annual global spend on physical assets for net zero transition (USD trillion)¹ 15 10% 17% 1983 2023 2063F +5.6% per annum increase in Australian government healthcare spending to c. $1tn by 2063 14.9 Workforce trends are creating significant implications for how Australia's growing population works, lives and plays 2003 2023 23%+ allocated to real estate, infrastructure and private equity, up from 9% in 2002 5.7 2020 9.2 2021-2050F c.$275 trillion cumulative spend on physical assets as part of 2050 energy transition scenario Managed funds within pension funds expected to increase as populations in developed nations continue to age Growing recognition that ESG factors are economic issues driving opportunity for investment and sustainable investment flows Source: Australian Government Intergenerational Report (2023), Thinking Ahead Institute: Global Pension Assets Study 2023, McKinsey Sustainability Report ("The net zero transition"). 1. Based on the Net Zero 2050 scenario from the Network for Greening the Financial System (NGFS). Unique platform offering scale and capability dexus Investment portfolio: $17bn | Third-party FUM: $44bn Top 5 across each real estate sector Total FUM Industrial Office CLASSONS Retail Infrastructure Healthcare $24bn. $12bn $10bn $2bn $11bn Third-Party FUM $12bn $8bn $10bn $1bn $11bn dexus Scalable platform Transactions Product creation Capital raising Asset management Development Enabling capabilities Finance Legal Marketing People & Culture Research Risk, Compliance & Governance Sustainability Tax Technology Treasury Valuations 16 Note: Figures as at 30 June 2023. Sector exposures exclude $2.0bn of funds under management relating to Real Estate Securities and Dexus Real Estate Partnership 1. 2023 Dexus Investor Day#1110 Dexus operates in markets of scale and opportunity Australasian market size of sectors Dexus participates in ($ trillion)¹ Rest of market 17 $0.4tn $0.3tn $0.3tn $0.2tn $0.8tn+ dexus Criteria for selecting new verticals Large market size Strong demand drivers 93% 96% 96% Ability to achieve scale 99% 99% Dexus share 7% 4% Office Retail 4% Industrial Health Infrastructure Source: JLL, MSCI, Infralogic, Dexus estimates. Market size figures are indicative only and should not be treated as exhaustive. 1. Dexus share based on funds under management as at 30 June 2023. Leverage existing skill base $2tn+ Markets provide significant growth opportunity for the Dexus platform dexus Business model focused on matching capital with investments dexus Matching of investor capital with high-quality investments to access a broader investment opportunity set and drive capital efficient returns for Dexus securityholders 18 ■ Buckets of capital Pooled funds Joint ventures Mandates ■ Capital raising Dedicated teams Broad relationships Asia presence 2023 Dexus Investor Day Capital Sources Institutional Investments Real estate Retail / HNW Infrastructure Listed Exposure across risk spectrum Stabilised Development Opportunistic ■ Transaction sourcing On/off-market Government Corporates#12dexus Dexus investment portfolio is a competitive differentiator dexus Core investment exposure Direct interests in high-quality assets Portfolio of investments providing stable and growing cash flows Alignment interests in managed funds Efficient capital allocation across a broad investment universe Development projects to sell down Creation of new product to attract capital partners and unlock value for Dexus Governor Phillip and Macquarie Tower Complex, 1 Farrer Place (NSW) South and North Tower, 80 Collins Street, Melbourne (VIC) Real estate funds across all key asset classes plus opportunistic Infrastructure funds including support for recent Royal Interest in Atlassian, Sydney Adelaide Hospital (SA) acquisition (NSW) Interest in 60 Collins Street, Melbourne (VIC) Growth initiatives Warehousing assets to sell down Support future product launches, fee generation and/or trading profits Opportunity-based initiatives Investments that accelerate execution of group strategy Interest in Jandakot Airport (WA) prior to selldown to DJAF¹ MELBOURN Interest in APAC² prior to selldown to WAF3 AMPCAPITAL AMP Capital real estate and infrastructure platform APN APN Property Group including two listed REITS in industrial and convenience retail Active portfolio management to continually improve income resilience and return generation 1. Dexus Jandakot Airport Fund. 19 2. Australia Pacific Airports Corporation, which owns interests in Melbourne Airport (VIC) and Launceston Airport (TAS). 3. Wholesale Airport Fund. Investment portfolio with strong income resilience and increasing focus on investing alongside partners Investment portfolio allocation Split by holding type 20 $7.3bn $13.3bn $17.4bn 61% 75% 100% Guiding principles for capital allocation ✓ Each investment opportunity is evaluated based on its own risk-return merits ✓ Over time, no single sector to comprise >50% of total investment portfolio ✓ Target development exposure of no more than 15% of total investment portfolio 39% 25% ✓ FY13 FY18 FY23 Investment in fund vehicles¹ Direct investment Note: FY23 figures as at 30 June 2023. 1. Includes pooled funds, listed funds, and joint ventures /mandates (DACT, DALT, DITA, DOTA, DJAF and MDAP). Preference for incremental investments alongside capital partners dexus 2023 Dexus Investor Day 11#1312 dexus Funds management to increasingly contribute to group growth Ratio of third-party funds under management to balance sheet capital 21 0.8 to 1 FY13 Organic growth from existing product offering Build scale in identified growth verticals Material uplift in management business value Delivering investment performance for investors 5 to 1 Market-leading transaction sourcing and 2.5 to 1 Capitalise on capital raising team expansion development capability FY23 Note: Indicative only and not intended to be a forecast. Strategy - key takeaways 22 2030+ Attracting capital from a broad range of sources Launching select new product in line with investor demand Focusing on profitability by leveraging scalable, efficient platform Expanded business has exposure to Significant opportunity long-term growth opportunities across real asset sectors dexus Capital allocation Maintain investment portfolio of quality and scale while increasing diversification and investment alongside partners Funds management 2023 Dexus Investor Day Funds management an important growth driver as Dexus further increases capital efficiency Artist impression: Atlassian Central, Sydney, NSW#14Notes dexus 2023 Dexus Investor Day 13#15Sustainability Ramana James - Head of Sustainability Macarthur Wind Farm, VIC Our sustainability aspiration Unlock the potential of real assets to create lasting positive impact and a more sustainable tomorrow 14 2023 Dexus Investor Day 1 West Park Drive, Derrimut VIC#16dexus dexus Sustainability strategy re-set to provide stronger alignment with group strategy Sustainability aspiration Strategic Unlock the potential of real assets to create lasting positive impact and a more sustainable tomorrow objectives Priority areas How we deliver value > Foundations 25 Investment manager of choice Enhancing communities > Inclusive and accessible design, and placemaking Resilient income streams Customer prosperity Support occupant wellbeing and sustainability performance Climate action Accelerate the transition to a decarbonised economy Safeguarding and advancing our people, assets, property and financial returns > Premium rents and valuations for sustainable assets Improved asset performance from lower costs and more productive spaces Manage financial risks and ensure long-term resilience of our assets Create investment opportunities Attract third-party fund flows Infrastructure that creates social value Increased quality and attractiveness of assets Enhanced reputation with customers, team members and suppliers Foster innovation and creativity Health and wellbeing First Nations Engagement Human rights Circularity 44 Diversity, equity and inclusion Embedding our approach across the platform Customer prosperity Progress delivered Achieved an average 4.8 star NABERS Indoor Environment rating across office portfolio through building management and delivery of smart building technology Certified 45 Dexus owned and managed office assets with a WELL Health and Safety rating Future opportunities > Investments in technologies that support customer sustainability outcomes Leverage customer data and insights > Reimagine the leasing process, space design and management, with more sustainable fit-outs Climate action Achieved net zero emissions across managed portfolio in 2023, including AMP Capital assets Dexus GreenPower Buyers Group collectively purchased 1,600 megawatt-hours of renewable electricity since inception in 2021 Continued solar roll-out with solar installed across over 100 properties in the portfolio > Increased focus on Scope 3 emissions, including embodied carbon in developments and customer emissions Targeted investment in climate transition opportunities Enhancing communities » National community partnerships with Black Dog Institute and Planet Ark › Continuing to deliver on our Reflect Reconciliation Action Plan (RAP) > Integrated placemaking considered as part of Waterfront Brisbane development Develop improved community frameworks and delivery tools that support placemaking outcomes › Integrate commercially-focused community activations within asset plans 26 Institute Black Dog PLANET ARK Nature Governance and reporting Quay Quarter Tower, Sydet Honzon 3023, Ravenna dexus 2023 Dexus Investor Day 15#17Sustainability- key takeaways Notes Aligned strategy Sustainability and group strategy aligned to drive commercial outcomes Initiatives embedded Strategic ESG initiatives embedded across business operations Global ESG leader 16 2023 Dexus Investor Day Well placed to respond to sustainability evolution given long-standing ESG track record dexus 25 Martin Place, Sydney, NSW#18Funds Management Deborah Coakley - Executive General Manager, Funds Management Michael Cummings - Co-Head of Infrastructure dexus Optus Stadium, Perth, WA Why investors choose Dexus as investment manager dexus 29 Access to the Dexus difference Long standing Australasian owner and manager Long track record of performance Origination and product creation capability Direct capital partner benefits Trusted custodian of capital with commitment to sustainability Alignment with capital partners creating shared risk/reward profile Alignment of interest through co-investments Best practice corporate governance Active asset management approach Diversity of products across the real asset spectrum to meet investor needs Access to premium assets via Dexus investment portfolio Clear value proposition to position Dexus as the first choice for investors seeking real asset exposure 2023 Dexus Investor Day 17#19Fund manager of choice Delivering value through sustainability leadership GRESB platform achievements Commitment to performance attracts interest from diverse pools of capital Institutional (88% of investor base) Number of unlisted institutional investors DWPF recognised as regional sector leader Investment and development benchmarks 112 77 85 Delivering fund performance is a key enabler of our success DHPF recognised as global non-listed sector leader Development benchmark. DWPF, DHPF, DWSF, DOTA received 5 Star rating¹ 30 130+ 2/3 of our top 30 capital partners invested across multiple vehicles 2020 2021 2022 2023 Zenith Retail and high net worth (12% of investor base) Well-regarded by researchers Recommended Zenith Retained full score of 30 in the 'Management' component for all funds Finalist in the 2023 Zenith Investment Partners Fund Awards under the Real Asset category Funds with 'recommended' rating: >Dexus Wholesale Australian Property Fund >Dexus Core Property Fund Dexus AREIT Fund >Dexus Core Infrastructure Fund (Zenith only) 1. These funds refer to Dexus Wholesale Property Fund (DWPF), Dexus Healthcare Property Fund (DHPF), Dexus Wholesale Shopping Centre Fund (DWSF) and Dexus Office Partnership (DOTA) Spotlight - DWPF/ADPF merger Investor-led transaction executed by leveraging the unique Dexus capability to unlock benefits for all investors Premier diversified real estate fund › Combined fund with enhanced scale while retaining high-quality and target sector weightings › Significant diversification of investor base, providing potential to increase future liquidity prospects › Strong support with both sets of investors voting in favour following independent approval processes c.$16bn Gross asset value 20+ ADPF investors onboarded Voted in favour Unique execution capability of the Dexus platform › Executed large asset sale program across sectors to provide liquidity for exiting ADPF investors › Reduced investment management fee structure, allowing both sets of investors to benefit from increased scale › Minimal friction costs with Dexus funding transaction costs on behalf of both funds $2.5bn Asset sales at c.4% premium² 31 1. Based on gross asset value as at 31 December 2020 and prior to execution of $2.5bn sale program. 2. Based on sale price relative to book value as at 31 December 2020 adjusted for capital expenditure, incentives and leasing costs incurred subsequently. 18 2023 Dexus Investor Day dexus Victorian Comprehensive Cance Quay Quarter Tower, Sydney, NSW#20dexus Demonstrated ability to generate growth via matching capital sources to an expanding opportunity set $44bn 1 dexus Continued platform evolution Launched second fund in opportunity series in October 2023 Key milestones 32 Total third-party FUM $26bn $22bn $16bn $16bn $14bn $9bn FY14 FY18 FY19 FY20 FY21 FY22 FY23 DOTA dexus +$1.9 billion Acquired and de-listed CPA portfolio Established first healthcare Fund DHPF dexus DALT dexus +$2 billion Logistics joint venture with GIC DACT dexus +$0.6 billion Established joint venture with GIC MDAP dexus +$0.3 billion Joint venture with Mercatus APN Property Group +$2.9 billion Acquisition + Retail distribution + Listed REITS AMP +$18.2 billion Acquisition + Infrastructure + Distribution 2 3 DREP2 dexus $3.0bn funds platform committed development pipeline underway Investment portfolio pipeline enhances future fund product opportunities Potential examples: DITA dexus Legend DREP1 dexus AMP DJAF dexus WAF dexus Industrial partnership seeded by Dexus New product development M&A transaction First raising in opportunity fund series +$5.6 billion Merger between ADPF and DWPF +$1.3 billion Joint venture across DXS, DXI and Cbus Established Wholesale Airport Fund Atlassian Central, Sydney! 60 Collins, Melbourne Note: Figures as at 30 June for each period. dexus Broad access to capital and diverse product offering underpins organic growth potential Capital partner Diversified Office Retail Industrial $14.3bn $3.2bn Institutional pooled 1 fund ($22.9bn) JV and mandates ($15.0bn) Retail and HNW ($3.7bn) Listed ($2.0bn) Investment portfolio $1.6bn $3.5bn 3 funds 4 funds 1 fund $0.1bn 1 fund $3.Obn 10 funds $3.4bn 4 funds $0.7bn $1.3bn 1 listed fund 1 listed fund Healthcare and opportunistic $1.7bn Infrastructure Total $3.7bn 2 funds 3 funds $17.4bn across office, retail, industrial, healthcare and infrastructure 99% of Dexus pooled FUM is invested in open-ended vehicles 33 Note: Figures as at 30 June 2023 and represents third-party funds under management. $6.4bn 8 funds $43.6bn $0.7bn 1 fund 2023 Dexus Investor Day 19#21dexus Tailored approaches to develop relationships in large global capital pools looking for real asset exposure Dexus has broad and deep access to capital sources, with products designed to meet investor preferences... Dexus third-party funds under management by investor type (%) ...and is well positioned to benefit from the strong growth outlook across global capital pools Total client assets (US$tn) Insurance Other 5% 5% Retail and HNW 12% 15% Sovereign wealth funds 17% Multi-manager 34 Note: Figures as at 30 June 2023. 2022 2027 CAGR Total Total managed assets assets Managed assets represent c.40% of total client assets 4.7% 5.0% 400 350 4.8% 300 250 200 Superannuation and 150 46% pension funds 100 50 0 0000 5.4% 5.0% 3.7% 3.6% 2018 2020 2022 2027 forecast Pension assets HNW individuals Insurance companies Mass affluent Sovereign wealth funds Total managed assets Source: PwC Asset and Wealth Management Revolution 2023: The New Context. dexus Broad capital raising capability with a strong track record of driving organic growth New equity raised over the past 10 years Equity raised (excluding transfers and dividend re-investment plans) Equity raised as % of prior year third-party funds under management Key enablers of our expertise 20 20 38% $2.3bn FY14 Challenging operating environment impacted by COVID and rising interest rates 7% $1.0bn 7% $1.2bn 6% $0.9bn 4% 3% $0.3bn $0.4bn 3% $0.3bn 4% $0.5bn FY15 35 1. As at 30 June 2023. 7% $1.6bn 6% $1.6bn FY16 FY17 FY18 FY19 FY20 FY21 FY22 FY23 2. Includes registered holdings for DXI, DXC, as well as unlisted institutional, retail and HNW investors. 2023 Dexus Investor Day Scale platform with c.$44bn funds under management¹ Strong relationships with 130+ unlisted institutional and 20,000+2 total investors >20 dedicated distribution and capital raising team members Established distribution footprint in Singapore#22dexus Well positioned to drive growth by tilting focus towards tailwinds... dexus Near term focus area Themes Opportunistic real estate ✔ Opportunities arising out of temporary market dislocation across the capital stack Capital scarcity Residential undersupply Real estate HHT Industrial ✓ E-commerce Ability to develop rapidly and at scale Population growth Healthcare III Social/Living Population growth Ageing population and longer life expectancy Non-discretionary characteristics Large markets with supply shortages and affordability challenges Significant government commitments with funding pressure Infrastructure Transport Investors re-weighting portfolios Significant capex programs at properties and airports provide transaction pathways Energy Transition Significant investment required by 2050 to enable transition Increasing investor expectations Opportunity to scale DREP Series Dexus product New product opportunities 36 Dexus Australian Logistics Trust Dexus Industrial Trust Australia New product opportunities Dexus Healthcare Property Fund Dexus Wholesale Property Fund Dexus Diversified Infrastructure Trust Dexus Community Infrastructure Fund New product opportunities Dexus Diversified Infrastructure Trust Dexus Core Infrastructure Fund New product opportunities Dexus Diversified Infrastructure Trust Dexus Core Infrastructure Fund New product opportunities Market-leading opportunity sourcing matched with broad capital raising capability dexus ...and growth sectors with investor appetite Healthcare ($1.3bn FUM; 3% of total third-party FUM) Ageing population, longer life expectancy and chronic disease more prevalent Long term CPI linked income streams (10-30 years) with strong tenant covenants Supportive regulatory environment (private and public) Industrial ($8.0bn FUM; 18% of total third-party FUM) Forecast growth in online retail penetration from 14% to 17% in 2026 Record low market vacancy rates continue to support strong rental growth Strong population growth to provide support for retail sales Opportunistic and credit ($0.4bn FUM; 1% of total third-party FUM) Unique opportunities not accessible at scale by majority of investors Market conditions and rate hikes causing temporary dislocation Opportunity for private credit to fill gap left by major banks 37 Large investible market Specialty Centres / Hospitals 10% Aged care 8% 16% 28% 6% Primary 10% Healthcare 4% -$130bn investible market 2% 0% 21% 25% Private Hospitals Public Hospitals Source: JLL, MSCI, CBRE, Dexus Research. 1. Excluding Public Hospitals. 2. Stamford Capital Australia Real Estate Debt Capital Markets Survey 2023. Record low vacancy rates 1H20 2H20 1H21 2H21 1H22 2H22 1H23 2H23 -Sydney -Perth -Melbourne. -Adelaide -Brisbane Decline in bank lending expected² Increase 13% Decrease 52% 35% Maintain 2023 Dexus Investor Day 21#23Our real estate product offering Institutional pooled funds Retail / HNW pooled funds JVs and mandates Listed funds Listed securities dexus GATEWA DWPF Dexus Wholesale Property Fund $14.3bn > Established 1995 › Diversified portfolio of 50 properties across office, industrial and retail › Demonstrated track record of outperformance through the cycle DWSF Dexus Wholesale Shopping Centre Fund $3.2bn DHPF Dexus Healthcare Property Fund $1.3bn¹ > Established 2003 Established 2017 › High-quality portfolio of 11 large regional retail properties > Potential to unlock value via precinct approach > 11 high-quality, core healthcare properties › 3 developments underway and expected to be completed in FY24 DREP1 Dexus Real Estate Partnership 1 $0.4bn² Established 2021 First in a planned series of closed-end opportunity funds > Property repositioning, development, special situation opportunities and alternative credit DWAPF Dexus Wholesale Aust. Property Fund $2.0bn DCPF Dexus Core Property Fund Office $4.1bn $0.2bn › Established 1985 Established 2005 › Diversified portfolio of 28 properties across office, industrial and retail › Value-add and mixed-use potential within portfolio › Diversified portfolio of listed and unlisted real estate, mainly in Australasia Industrial and Retail $4.1bn ASX:DXI ASX:DXC Dexus Industria REIT $1.3bn Dexus Convenience Retail REIT $0.7bn › Listed on the ASX Listed on the ASX in 2013 › Portfolio of 94 industrial and business park properties located across Australia in 2017 > Portfolio of 105 service station and convenience retail assets located across Australia RES APN real estate securities $0.8bn › Active management of portfolios of listed property securities Note: Figures as at 30 June 2023 and represents third-party funds under management. Dexus Regional Property Fund, Dexus Development Fund No. 2 and a Real Estate Securities SMA not shown, which represent circa $0.4bn of funds under management. 38 1. As-is basis. 2. Based on total third-party equity commitments. Notes 22 2023 Dexus Investor Day#24Infrastructure Benefits of infrastructure Provider of an essential service Monopolistic (natural, regulated or contracted) Characteristics High barriers to entry of infrastructure 40 DE Revenues are often linked to inflation or GDP Cashflows supported by long-term real assets BP MR ☑ dexus A 42 Benefits for investors Reliance Rail, NSW dexus Lower volatility Often less impacted by economic cycles relative to broader industrial assets Reliable income Predictable, strong cash yield over the long term Diversification Low correlation to other major asset classes 2023 Dexus Investor Day 23#2524 Our infrastructure product offering Institutional pooled funds Retail/ HNW pooled JVs and mandates DDIT Dexus Diversified Infrastructure Trust $2.Obn CommIF Dexus Community Infrastructure Fund $1.5bn WAF Wholesale Airport Fund $0.2bn DCIF Dexus Core Infrastructure Fund $0.7bn APAFS Series of Melbourne Airport funds (4 in total) $1.5bn 4 other Separately Managed Accounts $4.9bn¹ 336 Reliance Rail, NSW OPTUS STADIUM Yes Optus Stadio WA MELBOURNE Australian National University, ACT Melbourne Airport, VIC › Established 1995 > 7 investments across transport, energy and student accommodation › Established 2006 Established 2023 › 18 assets covering health, water, education, justice, energy and community › Owns stake in Australian Pacific Airports Corporation Capacity and mandate to increase holding > Established 2007 › Diversified portfolio of listed and unlisted infrastructure with global mandate Established as early as 1995 Small club style products investing into APAC › Long standing relationships averaging over 15 years Macarthur Wind Farm, VIC 41 Note: Figures as at 30 June 2023. 1. $4.2bn pro forma for the sale of a capital partner's interest in Endeavour Energy which occurred post period end. Australasia infrastructure specialist 42 One of Australia's most experienced infrastructure investors 26 assets Across Australia and New Zealand $11bn¹ Infrastructure equity funds under management 26 investment professionals² and a platform that has been providing infrastructure opportunities to investors since 1988 Perth Stadium Royal Adelaide Hospital SA Schools Port Hedland International Airport Eastern Goldfield Regional Prison Aqua Tower Darwin Convention Centre. Riverland Water Royal North Shore Hospital, St Leonards, NSW R SEQ Schools Southbank Institute. NSW Schools II Opal HealthCare ANU Student Accommodation Hopkins Correctional Centre Victorian Comprehensive Cancer Centre Victorian Desalination Plant Melbourne Airport UoM Student Accommodation Macarthur Wind Farm Launceston Airport Note: Map locations are approximate and for illustrative purposes only. 1. As at 30 June 2023. $10.1bn pro forma for the sale of a capital partner's interest in Endeavour Energy which occurred post period end. 2. As at 17 October 2023. 2023 Dexus Investor Day dexus Royal North Shore Hospital SUV Student Accommodation H Reliance Rail New Zealand Hospital Car Parks Auckland mi South Corrections Facility Powerco#2643 Strong capability to capitalise on key growth areas Social / Living Transport Energy Sector opportunity Dexus capability Key thematics dexus Government funding gaps Urbanisation of our cities and population growth Government and private decarbonisation commitments Pipeline mix Brownfield Greenfield Near-term opportunities Market size $3.1bn¹ Brownfield PPPs at $180bn² Greenfield PPPS ~$79bn2.3 Operating phase Deal structuring Over 20 years' experience in social infrastructure (over 20 PPP/ social assets) Core competencies with 25+ years of experience Credentials Funds under management' Real estate synergies Strong government relationship and property management c.$2bn $5.2bn¹ Cumulative market -$300bn by 20302 Airports Rail Represent majority co-owner of Reliance Rail and largest block stake in Melbourne Airport c.$7bn Development and operation of surrounding landbank (precincts) >$7bn4 Greenfield large-scale renewables -$100bn by 20305 ## Utilities * Renewables Powerco, the largest electricity distributor in New Zealand and Macarthur Wind Farm, one of the largest wind farms in Australia c.$1bn (excluding Endeavour Energy) Early-stage planning, zoning and development 1. Dexus estimate for the next 12-24 months. 2. Dexus estimates. 3. Represents total market of which only a subset is expected to be financed by the private sector. 4. In line with estimate of transaction volumes which occurred over the past 12 months. 5. Sourced from AEMO 2022 Integrated System Plan. Based on real 2022 dollars. 6. Figures as at 30 June 2023 pro forma the sale of a capital partner's interest in Endeavour Energy and excludes investment in listed funds, Global Infrastructure Fund and Global Infrastructure Fund II. Includes Dexus balance sheet co-investments. Spotlight - Wholesale Airport Fund Linking capital that is looking to deploy with quality assets and executing in a timely manner Unique, unlisted transport asset Unlocked by broad and deep access to capital › Rare opportunity to gain access to Melbourne Airport and Launceston Airport › Strategic asset positioned to benefit from increasing passenger volumes $128m Initial ticket size¹ Kil > Warehoused by Dexus balance sheet, providing a key timing advantage to secure opportunity › Selldown supported by strong wholesale investor interest via oversubscribed raising $50m+ Additional equity deployed › Ability to activate new opportunities through real asset and development expertise 44 by AMP Capital Investors Limited. 1. Held through Australia Pacific Airports Corporation. › Facilitated timely liquidity for existing platform investor Note: The trustee of Wholesale Airport Fund (WAF) is AMP Investment Services Limited, a Dexus Group member. WAF is managed Melbourne Airport, VIC 2023 Dexus Investor Day 25 dexus#27Royal Adelaide Hospital Royal Adelaide Hospital, SA dexus Spotlight - Royal Adelaide Hospital, SA Leveraging our combined real estate and infrastructure platform to access healthcare opportunities for investors High-quality healthcare partnership › One of Australia's most advanced medical facilities › Public-private partnership underpinned by predictable cashflows from AA+ rated SA Government > First large-scale hospital complex in Australia to achieve a 4 Star Green Star Rating $245m Equity value¹ 99.6% Availability- based payments Unlocked by broad and deep access to capital › Acquired by three vehicles across infrastructure and real estate › Demonstrates real asset synergy potential of Dexus platform > Valuable insight from existing ownership, active asset management and strong governance +30.6% interest Ownership DHPF2 DCIF2 10% 4% 27% 59% External CommIF2 1. Gross price paid. 2. Dexus Healthcare Property Fund, Dexus Core Infrastructure Fund and Community Infrastructure Fund. Funds management - key takeaways 46 Broad and deep access to investor capital Access to all key channels of capital with a track record of >35 years in delivering strong investment performance Extensive and diverse real asset product offering Expanded, scalable set of flagship funds across the real asset risk-return spectrum provides platform for growth Access to the integrated Dexus platform Deep capability across capital raising, opportunity sourcing and asset management combined with balance sheet appetite to co-invest alongside partners 26 2023 Dexus Investor Day dexus Macquarie Shopping Centre, Macquarie#28Notes dexus 2023 Dexus Investor Day 27#29Transactions and Developments Ross Du Vernet - Chief Investment Officer Horizon 3023, Ravenhall, VIC Market leading and scalable capability Diverse pool of experienced talent generating deep value for investors and partners People 16 years average experience across 70 team members National footprint - hired locally Diverse sector experience: office, industrial, retail, healthcare, residential, mixed-use Specialist skillsets: transactions, development, town planning, engineering, architecture Operating model Full control of high value add functions (e.g. underwriting, development management) Flexible, hybrid model leveraging both internal and external specialists (e.g. legal, tax, structuring, planning) Full outsource of delivery (head contractor) Scalable systems and processes with a focus on continuous improvement Track record $3bn average annual transactions over 10 years¹ $14.5bn increase in the development pipeline over 10 years¹ 44.7% average realised IRR (pre-tax and leverage) on completed developments over 10 years¹ Horizon 3023, Ravenhall, VIC 48 1. To 30 June 2023. 28 2023 Dexus Investor Day exus Clic dexus#30Ways we create value dexus Leading market coverage and deal flow Leveraging the integrated platform Unlocking unique and scarce opportunities Utilising data and research Navigating complexity Scale transactions Leading market coverage and deal flow Case study: Opportunistic origination (DREP1) Deals priced in the last year¹ Sourcing > Screening Due diligence > Approval Execution Healthcare Retail Office Industrial equity 7% 17% 11% In the last year, DREP1 sourced c.350 deals. Dexus reputation and relationships critical to accessing opportunities External sources include developers, lenders, advisers and brokers In the last year, DREP1 priced 148 deals'. Structured and disciplined pricing. Factors include: Sector Asset quality Location Risk assessment Investment terms Leveraging the wider platform to underwrite valuation, development and management Detailed risk assessment, and negotiation of terms. and structure Portfolio fit Regulatory requirements Due Diligence Committee Investment Committee Advisory Committee (as required) Special situations 15% dexus Credit 14% 148 14% Office: credit 41% 148 Mixed 34% use 12% 24% 10% Residential land Residential Development Repositioning DREP1 has secured 9 deals². Deals secured to date² Currently expected to generate a levered IRR of 15%+ in line with target. Healthcare Special situations. Office equity 8% 12% Industrial 32% 9 Credit 38% 23% 9 23% 23% Residential Office credit Development 27% Repositioning 1. In the 12-month period to 30 September 2023. 50 2. As at October 2023 based on DREPI's first nine secured investments since Q4 2021. Calculation based on equity allocated to each investment at time of execution. Equity allocated to each investment is a projection only and subject to change throughout the life of the transaction.. 2023 Dexus Investor Day 29#31Leveraging the integrated platform Case study: Healthcare repositioning NOOSA HOSPITAL dexus A compelling opportunity › Investment thesis was to reposition an existing neighbourhood centre to an institutional grade healthcare asset > Prime location within the Noosa medical precinct > Will provide comprehensive range of medical services including cancer care, GP, dental, medical imaging and pharmacy 7,000sqm Net lettable area across 3 buildings 650m From Noosa Hospital + Enabled by platform capability › Asset acquired off-market leveraging existing Dexus relationships › Secured a global oncology provider (and existing Dexus customer) as a long-term tenant during due diligence › Concurrently designed and underwrote a custom radiation oncology bunker on-site to support tenant operations > Have subsequently secured planning permission for the works and agreed a build contract > Have continued to secure additional tenants, with 87% of property income now secured 90 Goodchap Street, Noosaville, QLD Unlocking unique and scarce opportunities Case study: Jandakot off-market acquisition 52 A unique industrial portfolio with scale > 49 industrial assets strategically located to benefit from structural tailwinds² › 80 hectares of developable land² › Commercial airport operating business > Ability to activate new opportunities through real asset and development expertise $1.3bn Equity value¹ $790m Development underwrite2.3 Accessed via Dexus's integrated platform › Secured off-market utilising Dexus's balance sheet strength > Execution required co-ordinated effort across multiple teams and geographies through COVID Ownership Dexus Industria REIT 33.3% > Sold down a one-third interest to Dexus Industria REIT (DXI) in a transformation acquisition for the 33.4% 33.3% fund Dexus Cbus Super › Sold down an additional one-third interest to a new joint venture investor on platform to preserve capacity to fund other opportunities 1. Gross price paid. 2. At time of acquisition. 3. Total development pipeline relating to 100% of the asset value. 30 2023 Dexus Investor Day dexus Jandakot Airport and industrial precinct, WA#32Utilising data and research Case study: South Granville development 62 Ferndell Street, South Granville, NSW 53 1. Sydney average of 1.4 million households. 2. Coles, Bunnings, Woolworths and Aldi. dexus dexus Value-add redevelopment opportunity > Dexus acquired a 100% interest in a 10ha brownfield industrial property in South Granville in 2018 and subsequently completed a ~57,000sqm development within three years. › Off-market opportunity secured directly with vendor > Project delivered a 58% unlevered IRR coles Key customers: Dragonfly FUNN Amara Unlocked through data analytics > Opportunity originated through Dexus customer led acquisition strategy and industrial conviction rating system which identifies key location attributes suited to our preferred customers > The data analytics confirmed favourable site attributes: ⚫ c. 7% more households within 60-minute drive than Sydney average¹ ⚫c. 17% reduction in outbound logistics costs for major retailers² •Accessible workforce with population growth exceeding Sydney averages by more than double • Located within a tightly held, non-institutional industrial market with constrained land supply in close proximity to the M4 Motorway (Westconnex) Navigating complexity Case study: Waterfront Brisbane precinct development 54 Background Complex negotiations and approvals Complex delivery and activation dexus > In 2015 Dexus acquired Waterfront Place and Eagle Street Pier a 2.2ha site in the centre of Brisbane CBD > Development opportunity difficult to access due to complicated land titling and divergent stakeholder interests > Entered into a 50/50 development with a Dexus managed fund (DWPF) > Negotiated: •Acquisition of freehold land from the State Reclamation lease • Replacement leases following termination of existing sub-lease to Council • Access Agreements (adjoining owners) •⚫ Fixed price build contract ⚫7 Agreements for Lease with new customers to-date > Secured development approvals and infrastructure agreements > Long-dated program presented leasing and de-risking challenges › Challenging leasing market through COVID and while customers assess space requirements and work-from-home trends > Staging two tower scheme to minimise customer disruption > Part of the construction requires creating additional land from the river. Project overview: Artist impression: Waterfront Brisbane, QLD $ $1.7bn (Stage 1) / c. $2.5bn (whole project) total project cost! c.5-6%2 % target yield on cost (Stage 1 and Stage 2)³ 76,100sqm NLA (Stage 1)/133,600sqm total NLA (whole project) Stage 1 expected to be completed by early 2028 1. Development cost at 100% ownership (including land, funding cost and excludes downtime and income earned through development). 2. Target yield on cost calculation includes cost of land, funding cost, downtime and income earned through development the denominator. 3. Estimated project cost and estimated cost to completion include the pad site costs associated with Waterfront Stage 2. Yidd on cost excludes pad site costs associated with Waterfront Stage 2. 2023 Dexus Investor Day 31#33Scale transactions dexus Risk is inherent to undertaking complex developments and unlocking unique opportunities Rural rezone Royal Adelaide Hospital High-quality, unique opportunities... >Large land parcel with good prospects for rezone Secured an increased stake in one of Australia's most advanced hospitals ...unlocked with investors, delivering strong returns > Expected to achieve unlevered IRR target of 15%+1 50/50 JV with DREP1 Secured 30.6% increase in Dexus group stake across two infrastructure funds and one real estate fund Our platform scale and expansive range of fund products enable us to syndicate unique projects Sharing risk between the Dexus balance sheet and our fund partners enhances returns for all stakeholders Australian Bragg Centre Horizon 3023, Ravenhall Office leasing risk › Secured position to acquire interest in Australia's first proton therapy unit > Complex deal structure and technology › Delivery risk > Large land bank secured at attractive price given scale 134ha > Secured 100 Mount Street development off-market Commenced with low pre-commitment (15% of NLA) at attractive point in office cycle (in 2016) > Initial JV with Dexus Healthcare Property Fund (DHPF) Sold residual 50% interest once project was largely de-risked and DHPF achieved scale > Co-owned with two capital partners > Master-planned estate currently c.60% complete > Forecast unlevered IRR > 35%¹ > 50/50 JV with Dexus Wholesale Property Fund (DWPF) Unlevered IRR of circa 40%1 55| 1. Excludes the benefits of fee streams generated from the project to Dexus. Transactions and development - key takeaways 32 32 56 Market leading and scalable capabilities Highly experienced team of specialists with expertise across key sectors and high value functions dexus A key pillar to executing the Dexus strategy Demonstrated ability to unlock attractive opportunities and deliver strong returns for group capital Creating value that will underpin growth Diversity in capabilities enables value creation from a broad opportunity set and through the cycle 2023 Dexus Investor Day Jandakot Airport and, industrial precinct, Perth, WA#34Notes dexus 2023 Dexus Investor Day 33#3534 Summary Darren Steinberg - - Chief Executive Officer Our plan going forward 58 Melbourne Airport, VIC FY24 - FY25 Horizon 1 - "Strive for 2025"- Strengthen balance sheet and improve sector mix through delivering strong performance Drive organic growth by embedding funds platform and investing in capital raising capability > Execute integration and maximise benefit of platform FY26 - FY28 Horizon 2 - "Expanding footprint" - Build out platform with added capability in identified new verticals Maximise domestic and offshore capability through extracting benefits of capital raising team Execute development pipeline alongside partners FY30+ Horizon 3 -"Real asset leader" - Respected as a real asset manager, with credentials as an infrastructure manager Established future fund expansion set with sectors, geographies and growth identified 2023 Dexus Investor Day dexus#36Key takeaways 59 dexus Vision to be Australasia's leading real asset manager Funds management platform is set up to grow High-quality balance sheet retained to unlock opportunities and support funds Q&A dexus HH UOB 5 Martin Place, Sydney, NSW 2023 Dexus Investor Day 35#37Notes 36 2023 Dexus Investor Day#38Notes dexus 2023 Dexus Investor Day 37#39Additional fund information Dexus Wholesale Property Fund (DWPF) Leading proxy for high-quality diversified Australian real estate $14.3bn¹ Third-party funds under management 50 assets High-quality diversified³ 62 1 Bligh Street, Sydney, NSW $1.8bn Development pipeline dexus › Deliver superior risk- adjusted returns and outperformed the benchmark over the long term² > Well diversified by sector, geography, asset type and tenants › Recognised as regional sector leader by GRESB (investment and › Active development pipeline to drive opportunities for enhanced returns › Prudent capital management with Standard & Poor's rating of A (stable) Portfolio snapshot As at 30 June 2023 Retail 31% 50% $14.3bn › 5 Star GRESB rating in 2023 19% Office Industrial 10-year outperformance against the benchmark2,4 9% DWPF 8% Benchmark. development benchmarks) Note: All figures as at 30 June 2023 unless otherwise stated. 1. Includes indirect investments in Mirvac Wholesale Office Fund (MWOF) and Dexus Whole sale Shopping Centre Fund (DWSF). 2. Benchmark - MSCI / Mercer Australia Core Wholesale Monthly Property Fund Index (Net Returns, Net Asset weighted). 3. Excludes indirect investment in MWOF and DWSF. 4. Reflects the historic performance of DWPF assets (pre- merger) to 28 February 2023, the impact of stapling (on 1 March 2023) to Investors with holdings in DWPT 1 and DWPT 2 only (pior to stapling), and the performance of the four stapled entities after stapling from 1 March 2023. 38 2023 Dexus Investor Day#40Dexus Healthcare Property Fund (DHPF) Access to compelling demographic demand drivers backed by defensive sector characteristics $1.3bn Third-party funds under management 11 assets High-quality healthcare + 63 > Invests in assets with exceptional long-term potential underpinned by health needs of an aging demographic > Successfully raised $220m of new equity, with existing investors accounting for -65% of new capital > Defensive characteristics with long lease terms and non-discretionary demand profile › Capitalise on sector tailwinds through a high-quality portfolio › Security of income with a weighted average lease expiry of 18.2 years Overnight private hospital Portfolio snapshot As at 30 June 2023 30% 33% $1.3bn 25% Specialist hospital / Mixed use medical Ancillary - Life science 2% 5% Ancillary - other 5% Public hospital (PPP) Primary Note: All figures as at 30 June 2023 unless otherwise stated. 1. Fund return (post-fees) includes base management fees of 0.50% of total tangible assets up to $2.5 billion, then 0.45% of the amount per annum by which total tangible assets of the Fund exceed $2.5 billion. dexus Clean energy policy Sets ambitious design targets for the fund dexus 5-year fund performance DHPF to 30 June 2023, post fees¹ 13% Fund return Dexus Wholesale Shopping Centre Fund (DWSF) Core holding of super regional shopping centre assets across AUS and NZ $3.2bn¹ Third-party funds under management 11 assets High-quality retail dexus 96.7% occupancy Strong portfolio occupancy By area 64 > Maintain core holding of super and major regional centres, supported by assets that provide value- add opportunities > Enhance returns through active asset, capital and development management › Assets located in densely populated locations, with future redevelopment and mixed-use potential > Emphasis on low volatility, underpinned by a diverse and robust income stream > High tenant retention and occupancy rates (96.7% by area) › Gearing of 20.7% with a conservative target gearing range of 15-25% Portfolio overview by location As at 30 June 2023 VIC 21% Portfolio overview by type stor As at 30 June 2023 NSW 46% $3.2bn $3.2bn¹ 12% QLD Super 55% regional 6% 10% WA 5% NZ SA 32% Regional Sub-Regional 6% 6% Neighbourhood Note: All figures as at 30 June 2023 unless otherwise stated. 1. Portfolio size in direct property on a GAV basis. 2023 Dexus Investor Day 39#41Dexus Real Estate Partnership 1 (DREP) Enhanced returns through target exposure to investment in repositioning, development, special situations and alternative credit $475m¹ Equity commitments 8 assets High-quality diversified dexus > Targeting unlisted Australian real estate opportunities, leveraging the strength of Dexus's real estate platform > Identify and manage throughout the capital structure ranging from distress to growth opportunities > Strong pipeline supported by extensive access to information, acquisition and leasing deal flow to identity investments > Exposure to investments and opportunities in alternative credit > High interest rates and capital scarcity creating attractive equity and credit opportunities Portfolio snapshot By location Fund investment By investment strategy Office credit 26% Dexus 21% High net worth & private capital 34% 33% Industrial 17% 7% Residential 46% Healthcare 16% Office equity Insitutional capital 65 Note: All figures as at 30 June 2023 unless otherwise stated. 1. Includes c.$101m co-investment from Dexus. Dexus Diversified Infrastructure Trust (DDIT) Diversified portfolio of infrastructure assets generating long-term stable returns through a combination of both capital growth and yield $2.0bn Third-party funds under management 7 assets Marquee assets > Core / Core+ targeting high-quality assets with high barriers to entry, long operating track records and stable inflation-linked cash flows > Access to attractive deal pipeline focused on energy, utilities, transport and social infrastructure › Experienced and stable team of investment professionals with a focus on operational cash flow generating assets > Backed by over 60 domestic and institutional investors Portfolio overview As at 30 June 2023 Reliance Rail 15% PowerCo 13% NZ 46% $1.9bn 11% ANU Student > 25 years+ strong track APAC unit trust, targeting 3-5% yield per annum record across Australia and New Zealand 3% 9% 3% Accom PHIA² UoM Student Sydney University Accom Village › Open-ended wholesale 66| Note: All figures as at 30 June 2023 unless otherwise stated. 1. Rating and award received by AMP Capital. 2. Port Hedland International Airport (PHIA). 40 40 2023 Dexus Investor Day dexus 5-star GRESB 'Infrastructure sector leader' in Oceania for 2022¹ 10-year fund performance (gross) To 30 June 2023 12% Gross return#42dexus Dexus Community Infrastructure Fund (CommIF) Diversified high-quality portfolio of social infrastructure across AUS and NZ $1.5bn Third-party funds under management 18 total assets 97% Availability based payments dexus 67 > High yielding, social infrastructure PPP / PFI assets in Australia and New Zealand > Three-year average yield of 8.4% with bond-like return profile (operational PPPs) Portfolio overview As at 30 June 2023 10-year total return performance To 30 June 2023 > Aims to deliver positive community impact, with stable, high yield, annuity style income returns > Low risk, CPI linked revenues with long-term (25-30 year) concessions › Diversified infrastructure portfolio with minimal construction risk › Secured $2.2bn combined green and social loan in the healthcare sector through RAH investment Note: All figures as at 30 June 2023 unless otherwise stated. Health Water 21% 45% $1.5bn 13% Education 8% 4% 9% Renewables Community Justice 8% Total return 2023 Dexus Investor Day 41#43Atlassian Central property tour#44Australia's busiest and most interconnected transport hub. Legend Central Precinci SSP site bounizary Key transport interchanges Rahray network Sydney Metro (under construction) leaner West Light Rall CBD & South East Light Ral (due to start services December 2019 Kay bus routes Open span TechCentral Central Precinct connected to a large proportion of the NSW population 200,000+ commuters travel through Central Station per day Within 30 minutes 1.6m1 residents within public transport catchment 33% more than Town Hall 85% more than Barangaroo 322% more than Pyrmont and North Sydney Within 45 minutes 3.0m¹ residents within public. transport catchment 13% more than Town Hall 26% more than Barangaroo 250% more than Pyrmont and North Sydney Atlassian Central at the doorstep of key transport nodes 100m walk Broadway and Lee Street bus stops 300m walk via Devonshire 350m walk Central Station Tunnel to Light Rail stop Syd Metro Central Station 250m walk via Central Walk to future Sydney Metro Central Station City context plan and Surry Hills 1. Approximate figures at 2024. Sourced from Ethos Urban. Faster and seamless commute through Sydney Metro. Significant government commitment focused on improving CBD connectivity elds cers Hill Northwest to Chatswood: delivered Kellyville Caste Hill dexus www. Circular Quay Wynyard Metin Place PYRMONT CENTRALYDNEY Town Ha OLEDE Atlassian Central CP+S Central EVELEIGH CHIPPENDALE DARLINGTON REDFERN Waterloo under construction) Dural Hornsby Wahroonga M7 Blacktown Baulkham Hills M2 Carlingford Seven Hills A40 Sydney to Parramatta: est. 2030 completion 99 Parratta Merrylands WATERLOO SURRY HILLS dexus WOOLLOOMOOLOO DARLINGHURST KINGS CROSS PADDINGTON dexus Mona V Warrie A3 Garigal National Park Chatswood Narrabe A38 Dee Why Brookvale Chatswood to Sydney: est. 2024 completion Manly Eastwood North Ryde M2 AG Sydney Park Expected to nearly halve peak hour letherill Park M4 travel time from Rouse Hill to Central Station to ~50 minutes Auburn Fairfield Project timelines complementary to NSW government Central Precinct redevelopment delivery Cabramatta A22 A40 AB A3 A6 Burwood A22 M4 Syney Bondi Junction Banksto Liverpool A34 A34 M5 Northwest to Sydney Revesby to Bankstown: A36 Casula est. 2024 completion Rockdale Hurstville Mascot M1 2023 Dexus Investor Day 43#45Location UNIVERSITY OF NOTRE DAME CHARLES DARWIN UNIVERSITY stone& CHALK A ATLASSIAN UTS NSW TAFE Australian Centre for Field Robotics afterpay THE UNIVERSITY OF SYDNEY A Airwailex CP S Compelling value proposition in an attractive location. 44 Vemuartum Terminal ROKT SafetyCulture Canva Indicative comparison of Atlassian Central rent vs. other new builds¹ c.45-70% higher than Parramatta (-25km from Sydney CBD) Baham Ha P 100 Carlingford c.0-15% lower than North Sydney (-5km from Sydney CBD) North R Chatswo Competitive advantages of Atlassian Central 염 Similar population reach to Sydney CBD assets, but at a significantly lower cost Connected to a larger catchment of knowledge workers than North Sydney or Parramatta Wet Pan Bonbo Caramua Aubur Fairfield Bankstown Ormoc Pa Burwood c.25-45% lower than Sydney CBD Mamb Sydney A ATLASSIAN Mascot Tech Central precinct expected to re-rate with the growth of technology ecosystem Potential future rental upside due to quality of built form dexus 1. Average building spot asking net rent based on available rental evidence from newly constructed buildings, buildings under construction and buildings mooted for delivery. Data sourced from signed tenant deals and leasing agents market intelligence. 6 2023 Dexus Investor Day#46Industry-led Tech Precinct dexus dexus Australia's largest urban renewal program $48.2m NSW government commitment 25,000 new innovation jobs 100 new start up companies 250,000 sqm of floorspace for innovators NSW Government Central Precinct redevelopment to create a vibrant, connected public domain The Goods Line Haymarket Source: City of Sydney. Artist impression Ultimo ale Pino Aed Pk Source: tc.sydney, theaustralian.com.au Campoall Street Hay Street dexus Wenworth Avenue Bere Riservoir Su Albion Street Eddy Avenue Foveaux Street Kippax Street Surry Hills Lagond [ Precinct SSP site boundary 3 Pub Entrances into Central Ston Kayitage in on s Sunding cal Kay coctions heugh the precin Manned Central Wa Potraw open space Goy adacant public open space ☐ Wan Gadway Ognity and building hight Oto high denity but Low scale but for Adjacent renewal anas and pricincts 2023 Dexus Investor Day 45#47Kensington Street and Spice Alley Darling Quarter Price Alfred Park Within a 1km radius... Three large parks 30+ gyms and fitness studios 20+ galleries, theatres and cinemas 100+ fashion and lifestyle stores 100+ bars and pubs 365+ restaurants and cafes Capitol Theatre Entertainment venues Surry Hills Creative industries 46 Atlassian video: Available from: https://www.dexus.com/investor-centre/properties/atlassian-central-8-10-lee-street-haymarket 10 2023 Dexus Investor Day dexus#4811 The world's tallest commercial hybrid timber building 12 Artist impression EXOSKELETON MEGA FLOOR CONCRETE STRUTS PRIMARY STRUCTURE (MEGA FRAME) Steel frame including exoskeleton and concrete core SECONDARY STRUCTURES CONCRETE FLOORS: INFILL MASS TIMBER STRUCTURE CONCRETE FLOORS Timber and steel concrete structures ENCLOSURES dexus dexus Artist impression Visionary design combines mass timber structure, surrounded by glass and steel exoskeleton Solar panels within façade generate renewable energy onsite Natural ventilation through operable façade design for greater occupant comfort Interior and exterior facades OFFICE OPERABLE FACADE YHA FACADE dexus 2023 Dexus Investor Day 47#49Habitat structure. dexus 13 Artist impression Ground-breaking sustainable design. Atlassian Central to deliver many 'firsts' in global design practice Targeting 50% reduction of embodied carbon over the development lifecycle without purchasing offset Powered from 100% renewable energy sources dexus Approx. 50% less energy consumption compared to a new, conventionally designed building 100% fresh air circulation for greater virus protection¹ Source: RESTART-19 study at the University Medical School in Halle, 2021. Ratings targeted 6 Star Green Star 5.5-star NABERS NABERS Energy 4.0-star NABERS NABERS Water www Platinum WELL WELL Core Platinum LEED Core & Shell Sustainability initiatives Innovative mechanical system on a PMV basis with mixed mode and naturally ventilated areas Extensive use of green steel, green concrete and structural timber Solar panels within façade Removal of diesel backup generators Removal of hot water to majority of bathroom vanities 14 48 2023 Dexus Investor Day st impressionP Туре А Innovative mechanical ventilated Minimal use of ducts, use of fans and chilled beams. Type B Naturally ventilated Conditioned with fans and perimeter heating Type C Naturally ventilated Unconditioned space#50dexus Unparalleled workspace. dexus Level 26-Net Leasable Area (NLA) Area Type Office A Total Area (sqm) 2,084.8 2,084.8 Level 25-Net Leasable Area (NLA) Area Type Area (sqm) Office Al 1424.5 Office B 268.2 Office C 7.9 Total 1,700.6 Level 24-Net Leasable Area (NLA) Area Type Office A Office B. Office C Total Area (sqm) 1,344.7 256.0 14.7 1,615.4 Level 23-Net Leasable Area (NLA) Area Type Office A Office B Office C Total Area (sqm). 1,130.0 311.6 589.9 2,031.6 Floor plans in design development stage. Totals may not add due to rounding. 15 Smart and healthy buildings. Designed to attract outstanding global talent 16 AREA LEGEND NLA-OFFICE TYPE A NLA-OFFICE TYPE B NLA-OFFICE TYPE C NOT NLA CONTINGENCY- EXCLUDED FROM NLA Artist impression The 'Crown' the five upper most commercial floors with open-air terrace landscaped gardens Green plot ratio of 2.5 (~6,500sqm) Open gardens key to reducing the tower's ecological footprint and promoting occupier health and wellbeing Smart building design unlocks business potential Premium end-of-trip facilities with increased bicycle parking in lieu of car parking dexus Artist impression 2023 Dexus Investor Day 49#51dexus Atlassian Central. Atlassian Central will comprise a market-leading sustainable 39-level office tower spanning circa 75,000 square metres of gross floor area, including retail amenities and new YHA accommodation space at its base, as well as a new public realm around Central Station. The development is located adjacent to the Central Place Sydney development, and within the State Government-led Tech Central precinct. The project will catalyse Sydney's innovation and technology precinct, Tech Central, and set a new global benchmark in sustainability and smart workplace that challenges the status quo. Construction has commenced and is expected to reach practical completion in late 2026. Atlassian will occupy the office accommodation under a 15-year lease. Property details as at 30 June 2023 Title Metro area Zoning Site area (sqm) Acquisition date Development statistics Building type Ownership on completion (%) Development status Development phase Building area (sqm at 100%) Leased by area (%) Number of buildings Project cost estimate ($bn) Yield on cost (%)² Expected completion Major customer Green Star rating³ NABERS Energy rating (with Green Power)³ NABERS Energy rating (without Green Power)3 NABERS Water rating³ Leasehold Sydney CBD B8 Metropolitan Centre 3,487 July 2021 Premium grade - office Dexus (Approximately 60-65%) Atlassian (Approximately 35-40%) Committed Under construction 58,000 (Office and Retail) 100 1 1.45 4-5 Late 2026 Atlassian 6 Star Green Star Design 5.5 5.5 4.0 Represents funding obligation for 100% of the project cost, which includes funding cost, downtime and income earned through development but excludes land. 1. 2 Target yield on cost calculation includes cost of land, funding cost, downtime and income earned through development in the denominator. 3. Target rating. 17 Notes 50 2023 Dexus Investor Day#52Notes dexus 2023 Dexus Investor Day 51#53Disclaimer dexus 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. 68| Disclaimer: unlisted funds research dexus Zenith Investment Partners The Zenith Investment Partners (ABN 27 103 132 672, AFS Licence 226872) ("Zenith") rating (APN0008AU assigned July 23, NML0001AU assigned May 23, AMP1179AU assigned December 22 & AMP1015AU assigned in October 2023) referred to in this piece is limited to "General Advice" (s766B Corporations Act 2001) for Wholesale clients only. This advice has been prepared without taking into account the objectives, financial situation or needs of any individual, including target markets of financial products, where applicable, and is subject to change at any time without prior notice. It is not a specific recommendation to purchase, sell or hold the relevant product(s). Investors should seek independent financial advice before making an investment decision and should consider the appropriateness of this advice in light of their own objectives, financial situation and needs. Investors should obtain a copy of, and consider the PDS or offer document before making any decision and refer to the full Zenith Product Assessment available on the Zenith website. Past performance is not an indication of future performance. Zenith usually charges the product issuer, fund manager or related party to conduct Product Assessments. Full details regarding Zenith's methodology, ratings definitions and regulatory compliance are available on our Product Assessments and at https://www.zenithpartners.com.au/our-solutions/investment- research/regulatory-guidelines/ Fund Research Regulatory Guideline. Lonsec Research The ratings issued 05/2023 for the Dexus AREIT Fund (APN0008AU), 02/2022 for the Dexus Wholesale Australian Property Fund (NML0001AU), 08/2022 for the Dexus Core Infrastructure Fund (AMP1179AU) & 05/2025 for the Dexus Core Property Fund (AMP1015AU) and are published by Lonsec Research Pty Ltd ABN 11 151 658 561 AFSL 421 445 (Lonsec). Ratings are general advice only and have been prepared without taking account of your objectives, financial situation or needs. Consider your personal circumstances, read the product disclosure statement and seek independent financial advice before investing. The rating is not a recommendation to purchase, sell or hold any product. Past performance information is not indicative of future performance. Ratings are subject to change without notice and Lonsec assumes no obligation to update. Lonsec uses objective criteria and receives a fee from the Fund Manager. Visit lonsec.com.au for ratings information and to access the full report. 2023 Lonsec. All rights reserved. 62 52 69 2023 Dexus Investor Day#54dexus Directory Dexus Property Trust ARSN 648 526 470 Dexus Operations Trust ARSN 110 521 223 Responsible Entity Dexus Funds Management Limited ABN 24 060 920 783 AFSL 238163 Directors of the Responsible Entity Warwick Negus, Chair Penny Bingham-Hall Paula Dwyer Mark H Ford Rhoda Phillippo The Hon. Nicola Roxon Elana Rubin AM Darren J Steinberg, CEO Secretaries of the Responsible Entity Brett Cameron Scott Mahony Investor Enquiries Registry Infoline: +61 1800 819 675 Investor Relations: +612 9017 1330 e: [email protected] Security Registry Link Market Services Limited Level 12, 680 George Street Sydney NSW 2000 Locked Bag A14 Sydney South NSW 1235 w: linkmarketservices.com.au e: [email protected] Australian Securities Exchange ASX Code: DXS Social media DXS engages with its followers via LinkedIn in Registered office of the Responsible Entity Level 30, 50 Bridge Street Sydney NSW 2000 PO Box R1822 Royal Exchange Sydney NSW 1225 t: +61 2 9017 1100 f: +61 2 9017 1101 e: [email protected] W: www.dexus.com The REAL Deal Podcast The REAL Deal podcast provides unique insights on the real asset sector 2023 Dexus Investor Day 53#55dexus