#1Dexus (ASX: DXS) ASX release 17 August 2022 2022 Annual Results Presentation and property synopsis Dexus releases its 2022 Annual Results Presentation. An investor conference call will be webcast at 9.30am today on www.dexus.com/investor-centre The 2022 property synopsis excel workbook is also available at www.dexus.com Authorised by the Board of Dexus Funds Management Limited For further information please contact: Investors Rowena Causley Head of Listed Investor Relations +61 2 9017 1390 +61 416 122 383 [email protected] dexus Media Louise Murray Senior Manager, Corporate Communications +61 2 9017 1446 +61 403 260 754 [email protected] About Dexus Dexus (ASX: DXS) is one of Australia's leading fully integrated real estate groups, managing a high-quality Australian property portfolio valued at $44.3 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 $18.4 billion of office, industrial and healthcare properties, and investments. We manage a further $25.9 billion of office, retail, industrial and healthcare properties for third party clients. The group's $17.7 billion development pipeline provides the opportunity to grow both portfolios and enhance future returns. Sustainability is integrated across our business, and our sustainability approach is the lens we use to manage emerging ESG risks and opportunities for all our stakeholders. Dexus is a Top 50 entity by market capitalisation listed on the Australian Securities Exchange and is supported by more than 29,000 investors from 24 countries. With over 35 years of expertise in property investment, funds management, asset management and development, we have a proven track record in capital and risk management and delivering superior risk-adjusted 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#2ashurst 2022 Annual Results 17 August 2022/ Dexus Funds Management Limited CABANA ABN 24/060 929 783 - | ÄFSI 238163 as responsible entity for Dexus for dexus#3Acknowledgement of country dexus 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. 2 Dexus 2022 Annual Results Presentation 17 August 2022#4Agenda Overview Financial results Darren Steinberg, CEO Keir Barnes, CFO Deborah Coakley, EGM Funds Management Funds management Office portfolio Industrial portfolio Investments and Developments Summary Appendices Kevin George, EGM Office Stewart Hutcheon, EGM Industrial, Retail & Healthcare Ross Du Vernet, CIO Darren Steinberg, CEO 3 Dexus 2022 Annual Results Presentation dexus 25 Martin Place, Sydney NSW 17 August 2022#5dexus Substantial progress towards strategic objectives Acquisition of AMP Capital's real estate and domestic infrastructure platform accelerates strategy 1. 2. 3. Strategy Strategic objectives To deliver superior risk-adjusted returns for investors from high-quality real estate in Australia's major cities Resilient income streams Investing in income streams that provide resilience through-the-cycle $1.4bn executed binding documents to fund, develop and invest in Atlassian Central 95.6% Office occupancy 98.1% Industrial occupancy 98.5% rent collection (O&I) Up-weighted balance sheet industrial allocation to 23% from 15% in FY19 I $1,615.9m Net profit after tax $572.2m AFFO Real estate investment partner of choice Expanding and diversifying the funds management business Agreed to acquire AMP Capital's $1.3bn acquisition m of Jandakot Airport real estate & domestic infrastructure platform (up to $21.1bn² of FUM) Achieved non-binding HOA to sell down 35% of Atlassian Central industrial precinct, held across DXS, DXI & Cbus 士 $1.6bn³ of equity raised through new and existing vehicles Prudent capital management and a commitment to sustainability Occupancy by income, excluding co-investments in pooled funds. Based on AMP Capital's FUM as at 30 June 2022 net of the known transition of circa $10 billion of FUM from the AMP Capital platform. Includes participation by Dexus in fund equity raisings 4 Dexus 2022 Annual Results Presentation 17 August 2022#6Environmental, Social and Governance highlights Achieved Net Zero emissions across the group managed portfolio 2022 Global ESG benchmark performance Sustainability Award Gold Class 2022 S&P Global Global real estate leader S&P Global Sustainability Yearbook ESG update Achieved net zero operational emissions for FY22 > dexus > Reducing emissions and undertaking property upgrades Transitioning to renewables and carbon offsets for managed assets #4 Listed Office Dexus Office Trust GRES B 2021 Launched Reflect Reconciliation Action Plan (RAP) > Dexus's Reflect RAP commences our reconciliation journey through acknowledging and connecting with Australia's First Nations peoples CDP DISCLOSURE INSIGHT ACTION A- CDP Climate Change Named Employer of Choice for Gender Equality > By the Workplace Gender Equality Agency for the fifth consecutive year 5 Dexus 2022 Annual Results Presentation 17 August 2022#7DOB MLC Financial results dexus#8Key earnings drivers and valuations Property portfolio and management operations driving earnings growth Key earnings drivers FY22 result Property portfolio valuations Earnings driver Property AFFO¹ of $622.6 million Property portfolio +2.7% office LFL income² +3.1% industrial LFL income³ 98.5% rent collections Funds management 30 June 2022 value5 Valuation 12-month movement' Total portfolio $18.4bn $926.0m 5.6% dexus Capitalisation rate 12-month movement 4.64% 27bps Management operations FFO of $81.7 million - predominantly recurring earnings from funds management, property and development management ■Rental growth Office portfolio $13.3bn $422.8m 3.3% 4.75% 45% 55% ■Cap rate compression 16bps Co-investment income $29.1 million distribution income from investments in pooled property and real estate securities funds Trading Trading profits of $23.4 million4 secured from settlement of Gladesville, Truganina, Ravenhall and Botany trading properties Industrial portfolio $4.3bn $482.4m 13.9% 70% 4.29% 30% ■Rental growth Cap rate compression 63bps Total portfolio value of $18.4bn includes $1.0bn look-through FUM for Dexus's co-investments in pooled funds and financial assets, and is comprised of office portfolio $13.3bn, industrial portfolio $4.3bn, healthcare portfolio $0.6bn, retail $0.1bn and opportunistic $0.1bn. Valuation movement excludes co-investments in pooled funds and financial assets. Includes healthcare and other property revaluation gain of $20.8m and excludes leased assets and right of use assets revaluation gain of $0.8m. 4. Post tax. 1. AFFO contribution is calculated before net finance costs, group corporate costs and tax. Property AFFO is equal to Property FFO of $808.0m less total portfolio AFFO capex of $185.4m. 5. 2. Office LFL income was +4.4% including the impact of rent relief and provision for expected credit losses. 3. Excludes business parks, rent relief and provision for expected credit losses. Including business parks, effective LFL was 2.1%. Including business parks, rent relief and provision for expected credit losses, effective LFL was +2.4% 6. 7 Dexus 2022 Annual Results Presentation 17 August 2022#9FY22 financial results Strong underlying growth in a complex operating environment dexus FY22 $m FY214 $m Change % Office property FFO 655.6 658.3 Industrial property FFO 152.4 122.2 0.4% 24.7% > Office property FFO decreased primarily due to the impact of divestments, partly offset by fixed rent increases, the acquisition of Capital Square, Perth and non-recurring income on development impacted properties > Industrial property FFO increased primarily due to acquisitions including Jandakot Airport, recently completed developments, as well as leasing success driving growth Total property FFO 808.0 780.5 3.5% Management operations¹ 81.7 57.7 41.6% > Management operations FFO increased significantly, driven by fee income from ADPF, the acquisition of the APN funds platform and other successful funds management initiatives Group corporate (44.7) (34.1) 31.1% Net finance costs (118.4) (129.7) Co-investments in pooled funds² 29.1 8.1 Other³ (21.5) (15.9) 9.3% 259.3% 35.2% Underlying FFO 734.2 666.6 10.1% Trading profits (post tax) 23.4 50.4 53.6% > Net finance costs reduced primarily due to interest reimbursement for the delayed settlement of Grosvenor Place, interest income from Capital Square and lower cost of debt, partially offset by higher average debt balance › Co-investments in pooled funds grew significantly driven by investments in Dexus Industria REIT and Dexus Convenience Retail REIT, a full-year contribution from Dexus's investment in AUHPT, as well as income growth from DHPF FFO 757.6 717.0 5.7% Key per security metrics FY22 FY21 Change Adjusted Funds from Operations (AFFO) 572.2 561.7 1.9% Underlying FFO per security 5 68.3 cents 61.5 cents 11.1% Distribution payout (% AFFO) 100.0% 99.9% FFO per security 70.4 cents 66.1 cents 6.5% Distribution 572.2 561.0 2.0% AFFO per security 53.2 cents 51.8 cents 2.7% 1. Management operations FFO includes development management fees. 2. Includes distribution income from Dexus's co-investment stake in pooled funds and excludes joint venture and partnership income which is proportionately consolidated in Note 1 Operating Segments within Dexus's Financial Statements. See slide 41 in Appendices for further detail. 3. Other FFO includes non-trading related tax expense, directly owned healthcare property and other miscellaneous items. 4. FY21 amounts have been restated to reflect the impacts resulting from presentational changes made during FY22, to separately disclose segment information relating to co-investments. 5. Underlying FFO excludes trading profits post tax. 6. Post the completion of the AMP Capital's platform acquisition, NTA is expected to reduce given the consideration in connection with the acquisition of management rights which are classified as an intangible asset. Distribution per security 53.2 cents 51.8 cents 2.7% FY22 Net Tangible Assets (NTA) per security $12.286 FY21 $11.42 Change 7.5% 8 Dexus 2022 Annual Results Presentation 17 August 2022#10Strong financial position Prudent gearing and hedging management to maintain balance sheet strength › Active debt management achieving $700 million of facility extensions with an average tenor of 6.1 years > Post 30 June 2022, completed $500 million of facility extensions with an average tenor of 4.9 years › Gearing of 26.9% 1,2 below the 30-40% target range, combined with strategic asset recycling, provides capacity to fund the acquisition of AMP Capital platform and developments > 65% of debt hedged across FY22, and an average hedge maturity of 5.9 years providing material protection against interest rate movements over the medium term Diversified sources of debt Exchangeable Notes 6% Key metrics Gearing (look-through)1 Headroom³ Cost of debt4 Average maturity of debt Hedged debt (incl caps)5 Weighted average maturity of hedges S&P/Moody's credit rating USPP 23% 30 June 2022 26.9%2 30 June 2021 26.7% $1.9bn $1.1bn 2.7% 3.2% 5.5 years 6.2 years 65% 81% 5.9 years 5.1 years MTN 15% A-/A3 A-/A3 1. Adjusted for cash and debt in equity accounted investments. 2. 3. Excluding Dexus's share of co-investments in pooled funds. Look-through gearing including Dexus's share of co-investments in pooled funds was 27.8% as at 30 June 2022. Undrawn facilities plus cash. 4. Weighted average for the year, inclusive of fees and margins on a drawn basis. 5. Average for the year. Hedged debt (excluding caps) was 68% for the 12 months to 30 June 2021 and 58% for the 12 months to 30 June 2022. 9 Dexus 2022 Annual Results Presentation Commercial paper 1% Debt capital markets 45% Bank debt 55% dexus Bank facilities 55% 17 August 2022#11Funds management dexus#12Dexus Funds platform Strong capabilities and track record Broad capital base Established capital partners in Australia and offshore Access to all pools of capital including wholesale, retail, unlisted and listed investors Access to Dexus's capabilities Supported by a fully-integrated platform across the real estate sector with leading capability set Ability to drive growth across new and established vehicles at speed Grown FUM by an average of 16% per annum over the past decade Strong governance Strong, established governance frameworks across vehicles Underpins our responsibility to deliver outcomes in the best interest of investors Sustainability leader > Focused on long-term creation of sustained value for investors GRESB Sector Leader for diversified office/retail entities in Oceania (DWPF) Raised $1.6 billion¹ equity across the platform in FY22 1. Includes participation by Dexus in fund equity raisings. 11 Dexus 2022 Annual Results Presentation dexus 17 August 2022#13dexus Dexus Funds platform Diversified management business across 19 vehicles Large diversified investor base 8% 14% 7% 3% 52% O 16% ■ Superannuation & Pension Funds ■Multi Manager Sovereign Wealth Funds ■Retail & High Net Worth Insurance From Australia and Offshore 30% O 70% ■ Australia Offshore Investor sentiment > Investor sentiment remains positive toward Australian real estate > Under deployed offshore investors are actively seeking investment opportunities > Market uncertainty in some cases causing a temporary pause > Logistics, high-quality office and healthcare remain their top picks 12 Other Unlisted Institutional Pooled Funds $16.Obn 3 funds Institutional Joint Ventures $6.6bn 7 funds GATEWAY Ne M Dexus 2022 Annual Results Presentation Listed Funds $2.2bn 2 funds Real Estate Securities Venture Capital Direct Unlisted $1.Obn 5 funds TARONGAVENTURES $0.1bn 2 funds BUNNINGS#14dexus Funds management FY22 highlights Continued strong track record of performance Dexus Wholesale Property Fund total returns 15% 10% Executing on capital partners' investment strategies > Further diversified investor base, welcoming high net worth, family offices and new institutional investors onto our platform > Completed circa $1.8 billion³ of asset sales to fulfil legacy ADPF redemption requests > DWPF named as Regional Sector Leader by GRESB 5% 0% 1 year 3 years 5 years 7 years 10 years Since inception ■ DWPF ■Benchmark1 Dexus Healthcare Property Fund delivered a one-year return of 20.4% Raised $1.6 billion² equity Dexus Australian Logistics Trust delivered a one-year return of 28.9% Over $2.5bn of acquisitions MYER DWPF: Warringah Mall DXI: Jandakot Airport DXC: Glasshouse Mountains DHPF: Spring Hill Medical DREP1: 9-15 Brighton St Over $2.2bn of divestments ADPF: Macquarie Centre ADPF: Pacific Fair ADPF: 140 St Georges Tce ADPF: Milton Green BP DWPF: 12 Creek St 1. 2. Benchmark: MSCI/Mercer Australia Core Wholesale Monthly Property Fund Index (Net returns, Net Asset weighted). Includes participation by Dexus in fund equity raisings. 3. Representative of all sales to date, including Macquarie Centre, Pacific Fair and Milton Green. 13 Dexus 2022 Annual Results Presentation 17 August 2022#15CLUBHOUSE Office portfolio dexus#16dexus Office portfolio performance High occupancy maintained despite challenging operating environment $23.9 billion Dexus group office portfolio >1,380 Customers 45 properties Across key CBDs 1.6 million $13.3 billion Dexus balance sheet office portfolio Leased by area¹,3 152,877sqm FY21: 184,029sqm Occupancy³ 95.6% FY21: 95.2% Average incentives 1,3 29.4% FY21: 24.9% › Occupancy maintained at above 95% despite the challenging operating environment › Incentives appear to have peaked across our key markets › Sydney showing signs of recovery with market effective rent growth turning positive > Dexus well placed with its 94% prime grade portfolio › Customers upgrading accounted for 47% of space leased across new leasing deals Historical leasing (including development leasing) WALE3 sqm 4.7 years 160,000 Square metres FY21: 4.6 years 140,000 120,000 3.5-4.0% Average fixed rental increases Effective LFL income²,3 +2.7% Face: +1.7% Portfolio one-year 100,000 total return³ 7.1% 80,000 60,000 40,000 at 30 June 2022 20,000 chand 250 200 150 100 50 1. Excludes development leasing of 96,749sqm across 12 transactions. 2. Excludes rent relief and provision for expected credit losses. Including these impacts: Effective +4.4% and Face +3.0%. 3. Dexus balance sheet portfolio performance statistics exclude co-investments in pooled funds. 4. Prime grade buildings represent 94% of the office portfolio excluding assets held for sale and including development-affected assets. 15 Dexus 2022 Annual Results Presentation 0 HY19 2H19 HY20 2H20 HY21 2H21 HY22 2H22 Area leased -Leasing deals 17 August 2022#171. Staggered expiry profile and diversified tenant base Supporting resilient income streams Dexus office portfolio lease expiry profile (by income)1 20% dexus 15% 10% 5% 0% 13% target threshold ■Sydney Melbourne Brisbane ■Perth Diversified tenant base with limited concentration risk Top customer State of Victoria represents 3.5% of property portfolio income Top 10 tenants represent 17.2% of property portfolio income Available Key vacancies 80 Collins St (North) (1.0%) 175 Pitt St (0.4%) 385 Bourke St (0.4%) FY23 FY23 key expiries 80 Collins St (1.2%) 44 Market St (1.0%) Australia Square (0.8%) FY24 FY24 key expiries 25 Martin PI (1.2%) 44 Market St (0.8%) Australia Square (0.7%) FY25 FY25 key expiries One Margaret St (1.6%) 1 Bligh St (1.4%) Kings Square 2 (1.2%) FY26 FY26 key expiries 480 Queen St (1.8%) 25 Martin Pl (1.6%) One Margaret St (1.1%) FY27 FY27 key expiries 100 Mount St (2.1%) Gov. Phillip Tower (1.5%) 240 St Georges Tce (1.3%) Top office customer industry groups Legal services - 15% Financial/Insurance - 15% Public Admin/Safety - 14% (of Office portfolio income) Dexus balance sheet portfolio performance statistics exclude co-investments in pooled funds. 16 Dexus 2022 Annual Results Presentation 17 August 2022#18Leasing observations Return to office gaining momentum › Continued evidence of flight to quality as customers look to attract and retain talent › Large businesses indicating strong desire for staff to return to the office due to evidence of lower productivity, inequitable distribution of work and impact on culture. However, tight labour market is delaying mandated returns > Of the space renewed across the office portfolio in FY22, 20% were expansions, 5% were contractions and 75% retained the same space › Companies are looking through the current environment to the future - - - Average lease term across FY22 leasing was 5.6 years (excluding developments) Customers are investing in fitout and engaging with our strategic workplace team, Six Ideas Strong interest in our development pipeline, with three large tenants conditionally secured across ~23,800 square metres at Waterfront Brisbane and ~12,000 square metres at 123 Albert Street, Brisbane 17 Dexus 2022 Annual Results Presentation TOWN HOLLAND Kings Square, Wellington Street, Perth WA. 17 August 2022 dexus#19Industrial portfolio dexus#20dexus Industrial portfolio performance Strong leasing across core and development properties $11.6 billion Dexus group industrial portfolio >690 Customers 213 Properties 3.9 million $4.3 billion Dexus balance sheet industrial portfolio Leased by area¹,3 373,301sqm across 75 transactions FY21: 200,842sqm Average incentives 1,3,4 13.5% FY21: 17.8% Occupancy³ 98.1% FY21: 97.7% › Significant leasing volumes across stablised portfolio and development leasing › Portfolio 4.0% under-rented as a result of strong market rent growth, which remains supported by ongoing structural tailwinds > 24% of portfolio set to access rental reversion upon expiry in FY23 and FY24 › Rising transport costs to increasingly favour well located industrial assets Dexus industrial lease expiry profile (by income)³ 18% 17.1% WALE³ 16% 15.0% 4.7 years 14% 13.2% FY21: 4.4 years 12% 10.9% Square metres 10% Effective LFL income 2,3 Portfolio one-year 7.8% 3.0-3.5% Average fixed rental +3.1% total return³ 18.9% 8% 6% 4% increases Face: +2.6% at 30 June 2022 1.9% 2% 0% 1. Excludes development leasing of 330,097sqm across 21 transactions. 2. Excludes business parks, rent relief and provision for expected credit losses. Including business parks, effective LFL was 2.1% and face LFL was +4.0%. Including business parks, rent relief and provision for expected credit losses, effective LFL was +2.4% and face LFL was +4.1%. Available FY23 FY24 FY25 FY26 FY27 3. Dexus balance sheet portfolio performance statistics exclude co-investments in pooled funds. 4. Including impact of one large renewal whose net effective rent remained the same. Excluding this renewal, average incentives for FY22 were 10.7%. 17 August 2022 19 Dexus 2022 Annual Results Presentation#21Industrial take-up has long-term drivers Demand driven by investment in last mile fulfilment, population growth and inventory build up National industrial take-up remains above long-term average Million sqm 5.0 4.5 4.0 3.5 3.0 2.5 2.0 1.5 1.0 0.5 0.0 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 Retail ecommerce Logistics Trade Retail other ■Wholesale Trade Manufacturing Other Full year estimate (pro-rata) Source: ABS, JLL Research. 20 Dexus 2022 Annual Results Presentation dexus Ecommerce a long-term growth story for industrial as Australia catches up 20% 18% 15% 10% 5% US online penetration rate AUS online penetration rate 14% 0% Mar-16 Mar-17 Mar-18 Mar-19 Mar-20 Mar-21 Mar-22 Dexus leasing observations › Demand is broad-based including medical supplies, supermarkets and groceries, agribusiness, materials supporting transport infrastructure, general ecommerce and retailers investing in last mile fulfilment > Transport costs account for up to 50% of a tenant's costs vs. rent accounting for c. 5%, reinforcing the importance of having well located properties › Dexus's development capability supports customers' growth requirements, and delivers quality new products to the platform#22dexus Investments and Developments#23Significant transactional activity Reallocating into higher returning opportunities $10.7 billion $5.0 billion Group property acquisitions sourced predominantly off-market Total group transactions across office, industrial, healthcare and convenience retail sectors $5.7 billion Group property divestments AM MYER Capital Square, Perth WA Jandakot Airport, Perth WA Artist impression: Mamre Rd, Kemps Creek NSW Warringah Mall, Bookvale NSW dexus Grosvenor Place, Sydney NSW 383 Kent Street, Sydney NSW 150 George Street, Parramatta NSW 60 Miller Street, North Sydney NSW 436-484 Victoria Road, Gladesville NSW 22 Dexus 2022 Annual Results Presentation 17 August 2022#24Development track record across multiple sectors dexus Office 180-189 Flinders Street, Melbourne VIC 80 Collins Street, Melbourne VIC 23 Dexus 2022 Annual Results Presentation ENTRY City retail TIFFANY & CO. TIFFANY & CO. Industrial C Healthcare 175 Pitt Street, Sydney NSW 18 Momentum Way, Ravenhall VIC North Shore Health Hub, St Leonards NSW 25 Martin Place, Sydney NSW 62 Ferndell Street, South Granville NSW Australian Bragg Centre, Adelaide SA 17 August 2022#25~465,000sqm industrial completions in past three years Completions to remain strong over the next few years. > Completed ~465,000sqm developments for the group in the past three years, equivalent to 13% of group industrial portfolio - FY22 alone achieved ~322,100 sqm completions, more than doubling the prior year run rate › Leasing momentum remains strong, securing 330,097 sqm across 21 transactions in FY22 Group industrial development completions (sqm and project costs $m) sqm 400,000 dexus › Circa 2.8 million sqm of land holdings as at FY22, to be developed over the next seven years, supporting strong activities ahead Expected completions of circa 1.0 million sqm or ~$2.4bn of industrial projects across the group over the next three years based on existing pipeline On a look-through basis, DXS retains ~49% of group development pipeline ~1.0 million sqm completions¹ $m ~$2.4bn project costs¹ $1,200m 350,000 $1,000m 300,000 $800m 250,000 200,000 $600m 150,000 $400m 100,000 $200m 50,000 0 $0m FY20 FY21 FY22 FY23e FY24e FY25e Total costs DXS ($m) Total costs third party ($m) Completion (sqm) 1. Estimates only. 24 Dexus 2022 Annual Results Presentation 17 August 2022#26Key development pipeline projects $17.7bn diversified pipeline across key markets Development dexus Sector Development status Project cost est.1 Est. yield on cost Commencement FY23 FY24 FY25 FY26 Committed 123 Albert Street, Brisbane QLD Office Construction $0.6bn c. 5% FY22 Fixed price contracts in place for Atlassian Central, Sydney NSW² Office key committed projects Ravenhall VIC Industrial Development Approval Construction $1.4bn 4-5% FY23 $0.3bn C. 6% FY21 Jandakot Airport, Perth WA Industrial Construction $0.2bn C. 5% FY22 Flexibility around uncommitted project Australian Bragg Centre, Adelaide SA Healthcare Construction $0.5bn n/a FY21 commencements Uncommitted Waterfront Brisbane QLD Office Active leasing $2.5bn 5-6% FY23 Active leasing 60 Collins Street, Melbourne VIC Office $1.0bn c. 5% FY23 and planning Active leasing Central Place Sydney NSW³ Office $1.5bn 5-6% FY24 and planning Pitt and Bridge Precinct, Sydney NSW Office Planning phase $3.1bn C. 5% FY25 Jandakot Airport, Perth WA Industrial Ravenhall VIC Industrial Active leasing and planning Active leasing and planning $0.6bn 5-6% FY23 $0.2bn 5-6% FY23 1. 2. 3. Excluding external party share of project. External JV partner owns 50% of this project. 25 Dexus 2022 Annual Results Presentation Dexus group share in development cost (including land, funding cost and excludes downtime and income earned through development). Represents funding obligation for 100% of the project cost (ex land). Development phase#27Trading profits Work underway on securing FY23 contribution > $23.4 million¹ of trading profits (post tax) realised during FY22 across four trading projects, in line with expectations > Working on securing FY23 trading profits, with potential contributions from 12 Frederick Street, St Leonards, Australian Bragg Centre, 20 Distribution Drive, Laverton, as well as 149 Orchard Road, Chester Hill, acquired in partnership with DREP1 mooted for FY24 > Two additional opportunities within existing portfolio identified to replenish the pipeline > We expect trading profits to be higher in FY23 Trading profit track record since FY12² $475 million total trading profits 30% average IRR dexus 1. 2. Post tax trading profits including contribution from Truganina properties and Lakes Business Park South, Botany, 436-484 Victoria Road, Gladesville and 22 Business Park Drive, Ravenhall. Pre tax. Australia Bragg Centre, SA. 26 Dexus 2022 Annual Results Presentation 17 August 2022#28RCR 11 Rio Tinto Summary BRIKMAKERS NATION OKUTZ 2100M dexus#29The Dexus investment proposition High-quality portfolio with embedded upside from funds management and development Fully integrated, multi-sector platform of scale and deep capability Investment $18.4bn of capital invested directly Funds management OSCALZO $25.9bn of third party FUM Development $17.7bn group development pipeline 28 High-quality property portfolio across major cities Active balance sheet to capitalise on new initiatives Track record of strong performance Diverse platform across multiple sectors and capital sources Relationships with major global real estate investors Grown FUM by an average of 16% p.a. over the past 10 years dexus Portfolio of city-shaping development projects Improves quality of Dexus portfolio and provides growth in funds Embedded pipeline with flexibility on timing Moving towards a more capital efficient business model positioned to benefit from long-term megatrends Dexus 2022 Annual Results Presentation 17 August 2022#30dexus Evolution to a leading real asset manager Acquisition of AMP Capital domestic real estate and infra platform expected to complete during 2H CY22 Dexus balance sheet $18.4bn up to $65.4 billion across the Dexus platform Dexus $25.9 bn Real estate up to $36.8 bn AMP Capital up to $10.9 bn¹ Infrastructure up to $10.2 bn AMP Capital up to $10.2 bn¹ Combined third party FUM up to $47.0 bn › Expanded product offering › Expanded investor base > New capabilities in infrastructure and enhanced retail platform 1. $16.0bn $2.8bn Pooled 3 Funds 1 Fund JV / Mandates $6.6bn 7 Funds Listed / Retail $3.3bn 9 Funds $5.5bn 6 Funds $2.6bn 2 Funds $3.3bn 2 Funds up to $22.1bn 6 Funds $6.1bn 9 Funds up to $18.2bn 22 Funds $0.8bn 1 Fund up to $6.7bn 12 Funds CSCALED Reflects AMP Capital FUM at 30 June 2022 net of the known transition of circa $10 billion of FUM from the AMP Capital platform. 29 Dexus 2022 Annual Results Presentation 17 August 2022#31Summary Demonstrated resilience in uncertain times > Dexus has demonstrated resilience: > > > Held or grown distributions over the past few years despite the impacts of the Covid-19 pandemic Maintained a strong balance sheet through asset recycling, with portfolio benefiting from flight to quality We anticipate a challenging period over the next two years with rising interest rates, ongoing supply chain disruptions, a global energy crisis and geopolitical risks contributing to continued economic uncertainty. Higher interest rates are expected to impact our results in FY23 Based on current expectations regarding interest rates, continued asset sales and barring unforeseen circumstances, Dexus expects distributions of 50.0 - 51.5 cents per security for the 12 months ended 30 June 20231, below the 53.2 cents per security delivered in FY22 Dexus is set to emerge as one of the leading real asset managers in the Asia-Pacific region and we are confident of continuing to deliver long-term value due to: Our scale and capability Our funds management business which enhances returns The diversity and quality of our customers, investors and funds Our city-shaping and industrial development pipeline 1. Assumes average floating interest rates of 2.75% -3.75% (90-day BBSW), the transition of circa $21 billion of FUM from the acquisition of the AMP Capital real estate and domestic infrastructure equity platform and circa $50 - $55 million of trading profits (post-tax). 30 Dexus 2022 Annual Results Presentation dexus Artist impression: Atlassian Central and Central Place Sydney NSW. 17 August 2022#32Appendices AYHAW dexus#33Dexus today $44.3 billion total funds under management¹ - Dexus portfolio Real estate securities and other¹ 1% Retail 1% Healthcare 3% Industrial 23% 1. Includes co-investments in pooled funds. 32 Dexus 2022 Annual Results Presentation $18.4bn Real estate securities and other¹ 5% Office 72% Healthcare 3% Retail 23% Funds Management portfolio $25.9bn Office 41% dexus Industrial 28% 17 August 2022#34Alignment with megatrends to support long-term growth Urbanisation dexus 1 2 Population growth and infrastructure investment will support the ongoing urbanisation of major Australian cities and the development of vibrant communities around major transport nodes. Technological change Advancements in artificial intelligence, automation, big data and analytics will drive the continual evolution in how individuals and groups work, live and play. Pension capital fund flows Positioned to benefit from underlying megatrends with a continued focus on sustainability 3 Funds under management within pension funds are expected to increase significantly as populations in developed nations age and allocations to alternatives continue to increase. 33 Dexus 2022 Annual Results Presentation 17 August 2022#351. Funds management - Wide offering across the platform Diversified management business across a number of vehicles dexus Unlisted Institutional Pooled Funds Direct Unlisted Listed Funds External FUM $16.0bn External FUM External FUM $0.1bn $2.2bn GATEWAY Real Estate Securities Venture Capital External FUM $1.0bn TARONGAVENTURES Institutional Joint Ventures External FUM $6.6bn DWPF DHPF DDF2 DXI Taronga Ventures DOTA DACT MDAP AREIT Fund Asian REIT Fund Partnership DREP1 DRPF DXC Global REIT Income Fund Property for Income Funds 1 & 2 Broadly classified as 'pooled funds' Dexus FUM in pooled funds $1.0bn¹ Reflects Dexus's share of FUM within pooled funds, except for Real Estate Securities funds and AUHPT, which are reflected at Dexus's equity stake in each fund. 34 Dexus 2022 Annual Results Presentation AIP DALT DITA Dexus Jandakot Airport Fund Dexus FUM in JVs $5.2bn 17 August 2022#36Financial results Reconciliation to statutory profit dexus Reference Statutory AIFRS net profit after tax Investment property and inventory Financial instruments Incentives and rent straight-lining Item (Gains)/losses from sales of investment property Fair value gain on investment properties 30 June 2022 30 June 20211 $m $m 1,615.9 1,138.4 2.0 (6.0) (926.0) (583.4) Fair value (gain)/loss on the mark-to-market of derivatives 37.8 102.4 Amortisation of cash and fit out incentives 62.2 59.2 Amortisation of lease fees 13.6 14.0 Amortisation of rent-free incentives 85.5 79.9 Rent straight-lining (8.7) 1.6 Ταχ Co-investments Non-FFO tax expense (20.3) 3.2 Share of net profit of investments accounted for using the equity method Distributions from financial assets at fair value through profit or loss (60.7) (22.6) (7.6) (1.7) Distributions from co-investments 29.1 8.1 Other unrealised or one-off items² Funds From Operations (FFO) Maintenance and leasing capex Other unrealised or one-off items Maintenance capital expenditure Cash incentives and leasing costs paid Rent free incentives³ (65.2) (76.1) 757.6 717.0 (72.4) (72.0) (37.0) (29.9) (76.0) (53.4) Adjusted Funds From Operations (AFFO) Distribution 572.2 561.7 572.2 561.0 100.0% 99.9% AFFO Payout ratio 1. Comparatives have been restated to reflect the impacts resulting from presentational changes made during FY22, to separately disclose segment information relating to Co-investments. 2. FY22 other unrealised or one-off items includes $173.0m of unrealised fair value gains on interest bearing liabilities, offset by $80.8m transaction costs and one-off significant items (including costs associated with the implementation of the Simplification, APN acquisition, other successful transactions and one off significant items ($70.0m) and IFRIC SaaS customisation expenses ($10.8m)), $6.5m net fair value gain of investments at fair value, $4.3m amortisation of intangible assets, $30.0m rental guarantees, coupon income and other items as well as $0.8m of fair value gains relating to Right-of-use assets. 3. As at 30 June 20212 cumulative actual and estimated rent waivers within rent free incentives is $3.1m for tenants not in arrears, of which $0.2m was recognised during FY22. 35 Dexus 2022 Annual Results Presentation 17 August 2022#37Financial results Management operations profit Funds FY22 ($m) Management Property Management Development Management Management Operations Revenue 121.8 70.8 20.8 213.4 Operating expenses (45.6) (63.1) (23.0) (131.7) FY22 net profit 76.2 7.7 (2.2) 81.7 FY22 margin 63% 11% (11%) 38% FY21 margin 62% 17% 7% 37% 36 Dexus 2022 Annual Results Presentation DEANER CO TFFANY & CO. 175 Pitt Street, Sydney NSW dexus 17 August 2022#38Financial results Cash flow reconciliation Cash flow from operating activities add back: less: less: add back: add back: less: add back: Adjusted cash flow from operating activities Add back: Rent free income Less: Depreciation and amortisation (including deferred borrowing costs) FFO Less: payments from maintenance capex and incentives³ AFFO Less: gross distribution Cash surplus/(deficit) dexus 30 June 2022 30 June 20211 $m 560.1 $m 999.3 payment for inventory acquisition and capex cost of sale of inventory 14.8 86.7 (138.6) (244.6) tax on trading profits not yet paid capitalised interest (10.0) (21.6) 8.3 adjustments for equity accounted distributions 80.5 1.8 (217.0) other working capital movements transaction costs² 126.0 61.6 63.8 10.3 704.9 676.5 76.0 53.4 (23.3) (12.9) 757.6 717.0 (185.4) (155.3) 572.2 (572.2) 0.0 561.7 (561.0) 0.7 1. 2. Comparatives have been restated to reflect the impacts resulting from presentational changes made during FY22, to separately disclose segment information relating to Co-investments. Includes costs associated with the implementation of the Simplification, APN acquisition and other successful transactions. 3. Includes cash and fitout incentives, lease fees and rent-free incentives. As at 30 June 2022 cumulative actual and estimated rent waivers within rent free incentives is $3.1m for tenants not in arrears, of which $0.2m was recognised during FY22. 37 Dexus 2022 Annual Results Presentation 17 August 2022#39Financial results Interest reconciliation Total statutory finance costs Less: Debt modification and amortisation of exchangeable notes Add: Finance costs attributable to investments accounted for using the equity method² Less: AASB 16 interest expense Gross finance costs for FFO³ Add: Interest capitalised Gross finance costs for cost of debt purpose 30 June 2022 $m 30 June 20211 $m 141.8 131.7 (5.7) 9.2 1.5 (7.9) (0.9) (0.7) 136.8 132.3 20.0 15.7 156.8 148.0 1. Comparatives have also been restated to reflect the impacts resulting from presentational changes made during FY22, to separately disclose segment information relating to co-investments. dexus 2. Includes finance costs associated with properties held in investments accounted for using the equity method. 3. Excludes interest income of $18.4m (FY21: $1.8m) primarily due to interest reimbursement for the delayed settlement of Grosvenor Place and interest income from Capital Square. 100 Mount Street, North Sydney NSW 38 Dexus 2022 Annual Results Presentation 17 August 2022#40Financial results Change in net tangible assets and revaluations Investment portfolio Valuation change Weighted % of average portfolio $m $m $ps cap rate FUM Opening net tangible assets¹ (1 July 21) 12,280.2 11.42 Dexus office portfolio 423 4.75% 72% Revaluation of real estate 926.0 0.86 Dexus industrial portfolio 482 4.29% 23% Retained earnings² Amortisation of tenant incentives³ Fair value and other movements4 185.4 0.17 Total Dexus portfolio 9265 4.64% 100% (152.6) (0.14) (32.4) (0.03) Closing net tangible assets¹ (30 June 22) 13,206.6 12.28 Net tangible assets exclude $117.4m (FY21: $76.6m) deferred tax liability relating to management rights. Represents FY22 FFO less distributions. 1234 1. 2. 3. Includes rent straight-lining. 4. 5. Includes fair value movements of derivatives and interest-bearing liabilities, deferred tax and movement in reserves and other. Valuation movement excludes co-investments in pooled funds and financial assets. Includes healthcare and other property revaluation gain of $20.8m and excludes leased assets and right of use assets revaluation gain of $0.8m. 39 Dexus 2022 Annual Results Presentation dexus 17 August 2022#41Financial results Direct property portfolio book value movements Office¹ $m Industrial¹ $m Healthcare and other 1,2 $m Dexus total¹ Trading $m assets³ (inventory) $m Opening direct property 13,895.3 2,903.6 66.5 16,865.4 178.2 Lease incentives" 4 98.1 14.9 113.0 0.8 Maintenance capex 64.9 7.5 72.4 Acquisitions 516.5 965.1 17.9 1,499.5 Developments Disposals 6 Revaluations 148.9 107.1 31.3 287.3 14.2 (1,712.8) (511.2) (2,224.0) (138.6) 422.8 482.4 20.8 926.0 Amortisation (145.2) (16.1) (161.3) (0.5) Rent straight lining 6.2 2.5 8.7 0.2 Closing balance at the end of the period 13,294.7 3,955.8 136.5 17,387.0 54.4 123456 2. 3. Includes Dexus's share of equity accounted investments except those classified as co-investments and excludes leased assets. Includes Dexus's 50% share in the Australian Bragg Centre which has been identified as a potential trading opportunity. Trading assets are included in Industrial and Dexus total amounts. 4. Includes rent free incentives. 5. Includes capitalised interest. 6. At book value and includes internal transfers to and from investment property. 40 Dexus 2022 Annual Results Presentation 103 Palm Springs Road, Ravenhall VIC. dexus 17 August 2022#42Financial results Co-investments in pooled funds Healthcare dexus Dexus Ownership stake (%) co-investment value ($m)¹ Dexus FY22 co-investment income ($m) Passing distribution yield (%)² Fund Number of properties Total assets ($m) Occupancy (%) WALE (years) WACR (%) look-through gearing (%) DHPF 23.1% $243.4 $9.5 4.5% 10 $1,233 99.9% 17.8 4.4% 13.5% AUHPT³ 7.0% $186.5 $7.6 4.6%4 84 ळ $3,331 98.5% 16.0 4.6% 20.9% Industrial DXI 17.5% $202.8 $8.7 4.7%5 94 $1,732 96.2% 5.6 5.0% 34.2% Other real estate classes DREP1 36.6% $8.2 n/a 3 $69 n/a n/a n/a 45-55%8 DXC 9.0% $49.9 $2.9 5.8%5 112 $850 99.7% 10.8 5.7% 35.0% 7 Securities and other n/a $26.7 $0.4 n/a n/a n/a n/a n/a n/a n/a Total $717.5 $29.1 1. Represents the equity accounted investment value recognised on Dexus balance sheet. 2. 3. With reference to the last announced distribution annualised (except for DHPF which refers to FY22 distributions), and the closing unit price at 30 June 2022. As reported by Australian Unity Healthcare Property Trust at 30 June 2022. 4. Returns stated are for the 12-month period to 30 June 2022 for AUHPT's Wholesale Units. 5. 6. 7. 8. Passing yield based on the equity accounted book value of Dexus's co-investment as at 30 June 2022. Passing yield based on market value was 6.4% for DXI and 8.1% for DXC based on closing security prices as at 30 June 2022. DXI occupancy by area. Includes investments in APN Asian REIT Fund, APN Global REIT Income Fund, Dexus Development Fund No. 2, Dexus Regional Property Fund, RealTech Ventures and Divvy Parking Pty Limited. Target gearing range for Fund. 41 Dexus 2022 Annual Results Presentation 17 August 2022#43Capital management FY22 position Debt maturity profile¹ $m 1,600 1,400 1,200 1,000 800 600 400 200 Key metrics Total debt² Headroom (approximately)³ dexus 30 June 2022 30 June 2021 $4,882m $4,925m $1.9bn $1.1bn Gearing (look-through)4 26.9%5 26.7% Covenant gearing (covenant <55%) 25.5% 26.5% Interest cover (covenant >2.0x) 6.0x 5.1x Priority debt (covenant <30%) 0.2% 0.0% FY23 FY24 FY25 FY26 FY27 FY28 FY29 FY30 FY31 FY32 FY33 FY34 FY35 FY36 FY37 FY38 FY39 DCM Bank 1. 123456 2. 3. Includes $425m Exchangeable Notes based on investor put date in FY24. Includes $500m bank debt facility extensions executed post 30 June 2022 Total debt does not include debt in equity accounted investments or Dexus's share of co-investments in pooled funds. Undrawn facilities plus cash. 4. Adjusted for cash and debt in equity accounted investments. 5. 6. Excluding Dexus's share of co-investments in pooled funds. Look-through gearing including Dexus's share of co-investment in pooled funds was 27.8% as at 30 June 2022. As per public bond covenants. 42 Dexus 2022 Annual Results Presentation 17 August 2022#44Capital management Interest rate hedging profile Hedge profile $m 4,500 4,000 3,500 3,000 2,500 2,000 1,500 1,000 500 FY23 FY24 FY25 FY26 Net fixed debt Interest rate swaps Exchangeable Notes Interest rate caps -Weighted average hedge rate (excl margin) 1234 1. Average amount hedged for the year (including caps). 2. Including fixed rate debt (without credit margin). 3. 4. 43 Weighted average for the year, inclusive of fees and margins on a drawn basis. Based on investor put date in FY24. Dexus 2022 Annual Results Presentation dexus Hedging profile 30 June 2022 30 June 2021 3.0% Average amount of debt hedged¹ 65% 81% Average amount of debt hedged excluding caps 58% 68% 2.5% Weighted average interest rate on hedged debt² 1.5% 1.7% 2.0% Cost of debt³ 2.7% 3.2% Weighted average maturity of hedges 5.9 years 5.1 years 1.5% 1.0% FY27 17 August 2022#45Capital management dexus Debt facilities¹ Facility limit Drawn Maturity Currency Facility limit Drawn A$m A$m A$m A$m Bilateral bank debt 500 500 FY24 A$ Sub total 6,625 4,639 600 577 FY25 A$ 450 160 FY26 A$ Currency translation and fair value adjustments 292 292 850 104 FY27 A$ Deferred borrowing costs and debt modifications (31) (31) 675 FY28 A$ Exchangeable notes adjustments (18) (18) 350 100 FY29 A$ Commercial paper² 100 100 FY24 A$ Total interest bearing liabilities 6,867 4,882 Medium term notes 185 185 FY26 A$ Bank guarantee utilised (114) 130 130 FY27 A$ Cash 200 200 FY30 A$ 500 500 FY32 A$ Headroom including cash 75 1,946 30 30 FY39 A$ US senior notes (USPP)³ Series 1 291 291 Jul-23-Jul-28 US$ Series 2 225 225 Feb-24 - Feb-27 US$ Series 3 286 286 Dec-24 Dec-26 - US$ Series 4 (A$) 100 100 Jun-28 A$ Series 5 503 503 Nov-29-Nov-32 US$ Series 5 (A$) 150 150 - Nov-29 Nov-32 A$ Series 6 (A$) 75 75 Oct-38 A$ Exchangeable notes4 425 425 Mar-24 A$ 1. 234 2. Does not include debt facilities in equity accounted investments or Dexus's share of co-investments in pooled funds. Includes $500m bank debt facility extensions executed post 30 June 2022. Based on maturity date of commercial paper standby facility. USPP US$ amount shown at the cross-currency swap contract rate. Based on investor put date in FY24. 44 Dexus 2022 Annual Results Presentation 17 August 2022#46COVID-19 impacts Rent collections of 98.5% for FY22 FY22 rent collections > Strong cash collections in line with pre-covid levels across the total portfolio > Rent relief assessment nearing finalisation FY22 direct COVID-19 AFFO impacts² Direct COVID-19 AFFO impacts² Office Industrial Total dexus Rent collections¹ Office Industrial Total Total FY22 98.5% 98.5% 98.5% Total July-22 96.5% 94.4% 96.1% FY22 total FY21 total FY22 Est. rent waivers FY21 Est. rent waivers FY22 provisions³ FY21 Provisions -$5.9m -$18.6m -$11.6m4 -$4.6m $5.7m -$14.0m -$1.4m $1.6m -$1.4m5 $2.1m -$0.5m -$7.3m -$17.0m -$13.0m -$2.5m $5.7m -$14.5m 123456 1. Dexus share. 2. 3. 4. 5. Estimated rent waivers and provisions for the 12 months to 30 June 2022. In addition, rent deferrals of $2.8m, which do not directly impact FFO or AFFO, have been agreed or estimated during FY22. Including the reversal of $5.7m in provisions recognized in FY21 which were subsequently released in FY22 Cumulative rent waivers within AFFO as at 30 June 2022 is $31.2m, of which $11.6m was recognised in FY22. Cumulative rent waivers within AFFO as at 30 June 2022 is $3.5m, of which $1.4m was recognised in FY22. 6. The FY22 statutory impact is -$7.1m. The difference between the statutory impact and AFFO impact of -$0.2m relates to a FY22 adjustment for actual and estimated rent waivers for tenants that were not in arrears. 45 Dexus 2022 Annual Results Presentation 17 August 2022#47Funds management Development pipeline $1.6 billion Committed projects $7.4 billion Funds management development pipeline $5.2 billion Uncommitted projects Project cost on uncommitted projects in funds management business Uncommitted projects - Office 4 properties Industrial 7 properties - - Retail 1 property Project cost on uncommitted funds management projects 46 Dexus 2022 Annual Results Presentation FY23 FY24 $3.7bn $1.3bn $0.2bn $5.2bn $0.6 billion Concept projects FY25+ dexus 17 August 2022#48Property portfolio Office and industrial key metrics ank of Melbo Rialto Towers, Melbourne VIC. Melboume 47 Dexus 2022 Annual Results Presentation 64 Momentum Way, Ravenhall VIC. Electrolux 47 Momentum Way, Ravenhall VIC. dexus Key metrics Office Industrial Amount of space leased 152,877sqm² 373,301sqm³ No. of leasing transactions Occupancy by income Occupancy by area Average incentives 2922 753 95.6% 98.1% 95.2% 99.0% 29.4%4 13.5%5 No. of effective deals 56 30 Weighted average lease expiry (WALE) 4.7 years 4.7 years Like-for-like income growth Face +1.7%7 Face +2.6%8 (excluding rent relief and provision for expected credit losses) Effective +2.7% Effective +3.1%8 12 3 1. Including Heads of Agreement. 7. 2. Excluding development leasing of 96,749sqm across 12 transactions. 8. 3. Excluding development leasing of 330,097sqm across 21 transactions. 456 4. Gross basis excluding development leasing. 5. Net basis excluding development leasing. 6. By income. Including rent relief and provision for expected credit losses office LFL growth was Effective +4.4% and Face was +3.0%. Excludes business parks, rent relief and provision for expected credit losses. Including business parks, effective LFL was 2.1% and face LFL was +4.0%. Including business parks, rent relief and provision for expected credit losses, effective LFL was +2.4% and face LFL was +4.1%. 17 August 2022#49Property portfolio Office portfolio diversification Office by asset type Premium grade 47% Other <1% $13.3bn B-grade 5% Office by location WA 11% Prime grade 94%¹ QLD 11% A-grade 47% 1. Prime grade buildings represent 94% of the office portfolio including stabilised assets only and excluding development affected assets and land. Australia Square, 264 George Street, Sydney NSW. 48 Dexus 2022 Annual Results Presentation VIC 22% $13.3bn Sydney suburban 7% dexus Sydney CBD/fringe 49% NSW 57% 17 August 2022#50Property portfolio Office portfolio lease expiry profiles by region Sydney CBD 20% ■By Income By area Brisbane CBD 16.1% 30% 14.4% 15.1% 15.1% 15% 13.5% 14.0% 14.1% 12.6% 9.9% 10.0% 20% 10% 5% 3.8% 4.0% 14.3% 15.4% 13.0% 10.5% 8.2% 7.7% dexus ■By income 25.0%24.3% By area 10% 1.6% 2.0% 0% 0% Available Available FY23 FY23 FY24 FY24 FY25 FY26 FY25 FY26 FY27 Sydney suburban ■By income By area Melbourne CBD 30% 27.8% 15% 21.2% 10.1% 10.6% 10.6% 10.0% 9.9% 20% 18.3% 15.1% 9.2% 10% 8.9% 9.5% 6.8% 10% 8.6% 9.4% 3.4% 3.6% 4.3% 4.2% 2.8% 2.6% 0% Available FY23 FY24 FY25 FY26 FY27 5% 13.6% 11.5% FY27 ■By income By area 11.3% 11.7% 2.4% 0% Available FY23 FY24 FY25 FY26 FY27 Dexus Office¹ Sydney CBD Value ($m) Cap rate Yield² Perth CBD (%) (%) 15% 6,240 4.56% 4.13% Sydney suburban Melbourne CBD 945 4.83% 5.08% 10% ■By income By area 13.5% 12.6% 10.1% 10.5% 11.2% 8.7% 2,795 4.69% 3.56% Brisbane CBD 975 5.12% 5.59% 5% 2.7% 2.7% Perth CBD 1.6% 1.6% 1,372 5.39% 5.78% 1.6% 1.4% 1. Includes stabilised properties only. 0% 2. Passing FFO yield based on annualised income excluding the effects of COVID-19 rent waivers. Available FY23 FY24 FY25 FY26 FY27 49 Dexus 2022 Annual Results Presentation 17 August 2022#51Property portfolio Office top 10 customers represents 17.2% of total property portfolio income Office top 10 customers Diversity of office customers (by income) 0% 5% 10% 15% 20% Legal services Office customers¹ Credit rating² % of total property portfolio income³ State of Victoria AA 3.5% Financial and insurance services Public admin & safety Professional, scientific and technical services Woodside BBB+ 3.0% Rental, hiring and real estate services Commonwealth of Australia AAA 2.6% Wilson Parking Not rated Electricity, gas, water and waste services Information media and telecommunications 1.7% Insurance and superannuation funds King & Wood Mallesons Not rated 1.2% Transport, postal and warehousing Herbert Smith Freehills Not rated Retail trade 1.1% Accomodation and food services NBN A+ 1.1% Construction HWL Ebsworth Not rated 1.1% Mining John Holland Healthcare and social assistance Not rated 1.0% Wholesale trade Shell Energy Australia Not rated 0.9% Education and training Manufacturing Agriculture, forestry and fishing 1. Includes executed heads of agreement at 30 June 2022. 2. Highest equivalent S&P rating. 3. Annualised income is based on the sum of the passing gross rental and secured gross rental (for signed leases and for signed Heads of Agreement). 50 Dexus 2022 Annual Results Presentation dexus Artist impression: 60 Collins Street, Melbourne VIC. 17 August 2022#52dexus Case study: Vintage does not define performance Australia Square, Sydney - standing the test of time Built in 1960s › Sydney's first skyscraper › Comprises two office towers (the Tower and the Plaza) and a vibrant retail precinct Today, it remains a highly sought-after office premise › Occupancy averaged 96.8% since FY13 (FY22: 96.6%), leading A-grade benchmark > Catering for 107 customers² across a wide range of industries and price points ranging from $1,000-$1,920 per sqm³ Outperforming total return benchmark over the past 15 > years > Continued improvements in ESG credentials Blended office total return outperforming benchmark Occupancy leading benchmark Rebased to 100 in FY07 Index 600 500 400 300 200 100 FY07 FY08 FY09 FY10 FY11 FY12 FY13 FY14 FY15 FY16 FY17 FY18 FY19 FY20 FY21 FY22 (by area) 100% 95% 90% 85% 80% > Long-term value creation through > Active leasing strategy averaging ~25 office leasing deals p.a. in the past five years Continued strategic initiatives to drive performance, e.g. spec suite strategy achieving > Higher per sqm rents > Reduced downtime Consistent ESG improvements (NABERS ratings4) 2016: Tower air conditioning upgrade 2018: Tower customer condenser water upgrade 2019: Plaza building mgt control system upgrade 10Y average 96.8% 6 5 4 average 94.8% 3 2 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 ASQ Office 1. Blended occupancy by area. MSCI (A-grade Sydney CBD Office) 2. Office customers only, excluding retail. 3. Gross passing rent. 4. 2023 NABERS Energy rating for the Tower and the Plaza are yet to be completed. 5. Without GreenPower. 51 Dexus 2022 Annual Results Presentation FY13 FY14 FY15 FY16 FY17 FY18 FY19 FY20 FY21 FY22 ASQ Blended MSCI (A-grade Sydney CBD Office) ASQ Tower Energy 5 ASQ Plaza - Energy 5 ASQ Tower - Water ASQ Plaza - Water 17 August 2022#53Property portfolio Industrial portfolio diversification Industrial by asset type Land 2% Data centre 3% Distribution. centre 13% $4.3bn Business park 18% 52 Dexus 2022 Annual Results Presentation Industrial estate 64% 47 Foundation Road, Truganina VIC. QLD 14% VIC 30% Industrial by location SA <1% WA 11% $4.3bn dexus NSW 45% 17 August 2022#54Property portfolio Industrial portfolio lease expiry profile by income 20% 15% 10% 5% 0% 1.9% Available 13.2% 10.9% FY23 FY24 7.8% FY25 17.1% 15.0% FY26 FY27 dexus Key vacancies Axxess Corp Park (0.8%) The Mill, Alexandria (0.3%) Arthur St, Flemington (0.3%) FY23 Key expiries Axxess Corp Park (3.2%) The Mill, Alexandria (1.1%) Kings Park Ind Estate (1.1%) FY24 Key expiries Lahrs Rd, Ormeau (1.5%) Kings Park Ind Estate (1.3%) Distribution Ctr Lara (1.1%) FY25 Key expiries Axxess Corp Park (1.3%) Pound Road West (0.8%) Botany Quarter (0.6%) FY26 Key expiries Axxess Corp Park (3.9%) Jandakot (1.7%) Military Rd, Matraville (1.1%) FY27 Key expiries Wickham St, Fortitude Valley (3.8%) Jandakot (1.4%) Bellevue Ct Quarry East (1.3%) 53 Dexus 2022 Annual Results Presentation 17 August 2022#55Property portfolio Industrial portfolio lease expiry profiles by region. dexus Sydney ■By income 23.1% By area Brisbane 25% 21.4% ■By income By area 28.6% 30% 20% 16.4% 14.8% 25% 15% 12.4% 10.3% 9.2% 11.0% 20% 21.1% 21.9% 23.2% 15.9% 8.8% 8.9% 10% 15% 5% 2.5% 1.5% 10% 12.3% 8.7% 7.1% 5.5% 5.6% 5% 0.0% 0.0% 0% 0% Available FY23 FY24 FY25 FY26 FY27 Available FY23 FY24 FY25 FY26 FY27 Melbourne 20% 15% 10% 5% 2.5% 0.7% 0% Available FY23 FY24 Income Area 18.2% Adelaide Income Area 40% 34.4% 35.8% 36.1% 32.0% 32.1% 13.4% 29.5% 12.0% 10.8% 10.9% 30% 10.0% 8.8% 8.5% 6.3% 7.0% 20% 10% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0% FY26 FY27 Dexus Industrial¹ Sydney Melbourne Brisbane Adelaide Perth 1. Includes stabilised properties only. 2. FY25 Value Cap rate ($m) (%) Yield² (%) Perth 20% 1,763 3.87% 3.58% 15% 1,205 4.35% 4.59% 10.5% 520 4.96% 4.71% 10% 7.4% 17 9.75% 11.07% 3.7% 3.6% 5% 1.8% 4.0% 2.5% 391 4.50% 5.30% 0.3% 0% Available FY23 FY24 FY25 FY26 Available FY23 FY24 FY25 FY26 FY27 ■By income By area 18.4% 15.7% 13.1% 8.7% FY27 Passing FFO yield based on annualised income excluding the effects of COVID-19 rent waivers and one-off income. 54 Dexus 2022 Annual Results Presentation 17 August 2022#56dexus % of total property portfolio income² 0.7% 0.7% 0.5% 0.4% Property portfolio Industrial top 10 customers represent 4.3% of total property portfolio income Industrial top 10 customers Industrial customers¹ Visy Autosports Group IBM Australia AWH Diversity of industrial customers (by income) 15% 21% 5% 10% 15% 20% 25% 30% Transport, postal and warehousing 24% Retail trade Manufacturing Wholesale trade 10% Healthcare and social assistance 9% Information media and Reece 0.4% 4% telecommunications Coles 0.3% Mining 4% Symbion Health Other services 3% 0.3% Construction 2% Linfox 0.3% Professional, scientific and technical services 2% Scotts Refrigerated Logistics 0.3% Financial and insurance services 2% Mcphee Distribution Services 0.3% Administrative and support services 1% Public admin and safety 1% 1. Includes executed Heads of Agreement at 30 June 2022. Rental, hiring, real estate services and other 1% 2. Annualised income is based on the sum of the passing gross rental and secured gross rental (for signed leases and for signed Heads of Agreement). 2-6 Dolerite Way, Greystanes NSW. 55 Dexus 2022 Annual Results Presentation 17 August 2022#57Environmental metrics Office portfolio sustainability metrics. Dexus portfolio net emissions intensity Operational Emission sources Abatement activities 9% Indirect 83% Electricity 8% Fossil Fuels Natural gas and diesel 83% Renewable electricity GreenPower and Power Purchase Agreements - FY08 BAU Net emissions 120 100 80 60 40 20 0 FY08 FY10 FY12 FY14 FY16 FY18 FY20 FY22 -20 -40 -60 17% Carbon offsets Investment in certified Carbon abatement and removal. projects Energy Intensity (MJ/sqm) Dexus Office Energy and Water intensity 609 855 54.0% energy intensity reduction 61.3% water intensity reduction Water use intensity (L/sqm) 280 331 Emissions intensity (kg CO₂-e/sqm) Dexus Office NABERS Energy ratings 6 stars 19,111sqm 3% 5.5 stars 237,890sqm 37% O stars 1,246sqm. 0.2% 2 stars 7,980sqm 1.2% 5.0 star Office portfolio average³ Dexus Office NABERS Water ratings 6 stars 35,157sqm 5.9% 5.5 stars 133,709sqm 22.4% 3 stars 4,044sqm. 0.7% 4.8 star Office portfolio average 30,760sqm 5% 4 stars. 4.5 stars 88,844sqm 14% 5 stars 258,740sqm 40% 3.5 stars. 14,779sqm 2.5% Dexus Office NABERS portfolio average ratings (stars) 4 stars 88,797sqm 14.9% dexus 5 stars 126,534sqm 21.2% 4.5 stars 193,282sqm 32.4% Energy Energy with GreenPower Water Waste Indoor Environment Jun 17 4.8 4.5 3.6 Jun 18 4.9 4.7 3.6 Jun 19 5.0 4.8 3.6 Jun 20 5.0 4.8 3.7 2.6 4.1 Jun 21 5.1 5.0 4.5 2.6 4.8 2.9 4.9 Jun 22 5.3 5.0 4.7 70% coverage 73% coverage FY08 FY10 1. GHG greenhouse gas. 2. 3. FY12 FY14 FY16 FY18 FY20 FY22 Location-based GHG emissions are calculated using published emissions coefficients and do not consider voluntary renewable electricity purchases made by Dexus. Excluding GreenPower. 56 Dexus 2022 Annual Results Presentation 17 August 2022#58Development Dexus completed developments Pipeline dexus Building area¹ sqm Project cost² $m Yield on cost % Leased % Final completion Third party partner interest % Industrial Palm Springs Road, Ravenhall VIC Jandakot Airport, Perth WA 132,100 43 6-7% 100% Mar-22 75% 4,800 6 5.0% 100% Jan-22 67% 31 Innovation Drive, Merrifield VIC 51,600 37 n/a 100% Aug-21 49% Lot 501 Innovation Drive, Merrifield VIC 21,400 14 n/a 100% Mar-22 49% 54 Ferndell Street, South Granville, NSW 57,100 83 6.2% 100% Jul-21 75% 425-479 Freeman Road, Richlands, QLD Total developments completed 55,100 43 6.6% 100% Jul-21 49% 322,100 226 1. At 100% ownership. 2. Dexus share in development cost (including land, funding cost and excludes downtime and income earned through development). 57 Dexus 2022 Annual Results Presentation 17 August 2022#59Development Dexus committed developments and fund-throughs Pipeline dexus Building area¹ Project cost sqm est.² Est. cost to Yield on cost³ completion² % Leased % Completion due $m $m Third party partner interest % Office 123 Albert Street, Brisbane QLD Atlassian Central, Sydney NSW4 39,600 595 185 c. 5% 34% Late 2023 58,000 1,450 1,450 4-5% 100% Late 2026 n/a Total office Industrial 97,600 2,045 1,635 Palm Springs Road, Ravenhall VIC 211,400 79 48 C. 6% 80% Mid 2023 75% Jandakot Airport, Perth WA 74,700 59 30 c. 5% 100% Mid 2023 67%5 7-8% 12 Frederick Street, St Leonards NSW - Stage 2 17,600 67 14 73% Late 2022 Stage 2 1-21 McPhee Drive, Berrinba QLD 13,800 42 31 n/a 100% Mid 2023 884 Mamre Road, Kemps Creek NSW 42,500 69 52 n/a Late 2023 50% 20 Distribution Drive, Truganina VIC 21,300 40 35 4-5% Mid 2023 4-5% 141 Anton Road, Hemmant QLD 59,700 159 130 77% Late 2024 Total industrial 441,000 515 340 City retail/ 4-5% 25 Martin Place, Sydney NSW 11,000 211 34 96% Late 2022 50% healthcare Australian Bragg Centre, North Terrace, Adelaide SA 24,500 231 134 n/a 77% Late 2023 50% Total city retail/healthcare 35,500 442 168 Total committed developments 574,100 3,002 2,143 1. 1234 At 100% ownership. 2. 3. 4. Dexus share in development cost (including land, funding cost and excludes downtime and income earned through development). Target yield on cost calculation includes cost of land, funding cost, downtime and income earned through development in the denominator. Represents funding obligation for 100% of the project cost (ex land). 5. Reflects DXI 33.3% stake and Cbus Super 33.3% stake. 58 Dexus 2022 Annual Results Presentation 17 August 2022#60Development Dexus uncommitted developments dexus Pipeline5 Building area 1,5 sqm Project cost Est. yield on est. est.², $m project cost³ % Third party partner interest % Office Waterfront Brisbane QLD 134,600 C. 1,250 5-6% 50% 60 Collins Street, Melbourne VIC 43,100 c. 1,000 C. 5% Central Place Sydney NSW4 138,700 C. 750 5-6% 25% Pitt and Bridge Precinct, Sydney NSW 80,000 c. 1,550 c. 5% 50% Total office Industrial 396,400 c.4,550 Jandakot Airport, Perth WA 299,000 C. 200 5-6% 67% Palm Springs Road, Ravenhall VIC 138,800 c. 50 5-6% 75% 113-153 Aldington Road, Kemps Creek NSW 156,000 c. 200 4-5% 50% 311 South Street, Marsden Park NSW 41,800 c. 100 4-5% 49% 12 Church Road, Moorebank NSW 34,000 c. 50 4-5% 50% Total industrial 149 Orchard Road, Chester Hill NSW Riding Boundary Road, Ravenhall VIC Axxess Corporate Park, Mount Waverley VIC Total uncommitted developments 23,200 C. 50 4-5% 50% 234,400 c. 300 4-5% 50% 79,500 c. 300 4-5% 1,006,700 c.1,250 1,403,100 c.5,800 1. At 100% ownership. 2. Dexus share in development cost (including land, funding cost and excludes downtime and income earned through development). 3. Target yield on cost calculation includes cost of land, funding cost, downtime and income earned through development in the denominator. 4. Excluding external party share of project. External JV partner owns 50% of this project. Figures are indicative and subject to relevant planning approvals and leasing commitment outcomes. Building area and project costs are presented on a rounded basis. 5. 59 Dexus 2022 Annual Results Presentation 17 August 2022#61dexus Transactions Dexus⁹ Dexus acquisitions 1 Bligh Street, Sydney NSW1 Capital Square Tower 1, Perth WA2 Jandakot Airport, Perth WA3 1-21 McPhee Drive, Berrinba QLD4 Purchase price 10 Interest $m Settlement Dexus divestments Sale price 10 Interest $m Settlement $37.5 33% $475.3 49% 8-Jul-21 22-Jul-21 60 Miller Street, North Sydney NSW 436-484 Victoria Road, Gladesville NSW $275.0 100% 3-Aug-21 $55.0 100% 9-Aug-21 $1,300.0 100% 1-Nov-21 & 1-Apr-22 $69.3 100% 7-Dec-21 Grosvenor Place, 225 George Street, Sydney NSW Truganina VIC & Lakes Business Park South, Botany NSW³ $693.8 37.5% 2-Dec-21 $269.4 100% 4-Nov-21 & 2-Dec-21 116-130 Gilmore Road, Berrinba QLD $37.5 100% 28 Jones Road, Brooklyn VIC $46.0 100% Lot 2, 884-928 Mamre Road, Kemps Creek NSW5 $62.7 50% 23-Feb-22 20-Apr-22 Oct-22 201 Miller Street, North Sydney NSW $76.2 50% 18-Feb-22 Jandakot Airport, Peth WA³ Jandakot Airport, Peth WA³ $432.9 33.3% 19-Nov-21 $432.9 33.3% 1-Apr-22 3 Spring, 58 Pitt and 60 Pitt Street, Sydney NSW $177.0 50% Aug-18-Aug-22 113-153 Aldington Road, Kemps Creek NSW $125.5 100% Development land, West Melbourne VIC All other acquisitions under $30m $33.2 50.1% $102.5 n/a Apr-23 May-25 Jul-21-Aug-22 12 Creek Street, Brisbane QLD 309-321 Kent Street, Sydney NSW 171 Edward Street, Brisbane QLD 383-395 Kent Street, Sydney NSW $210.0 50% 31-Mar-22 $401.3 50% 29-Apr-22 $82.2 100% 28-Jun-22 $385.0 100% 29-Jul-22 140 & 150 George Street, Parramatta NSW $77.3 50% 29-Jul-22 All other divestments under $30m $13.5 n/a Jul-21 Jun-22 4. The purchase price reflects both the stabilised Stage 1 warehouse and the development completion price of the Stage 2 land acquired via a fund-through arrangement with practical completion expected March 2023. 5. The purchase price reflects the development completion price. The property will be acquired via a fund-through arrangement with development payments to commence late 2022 and practical completion expected in May 2023. 6. Settlement subject to exercise of put and call option. 7. Acquisition conditional on successful rezoning of land 8. 9. Dexus settled the first tranche of the industrial assets in October 2020 and December 2020. The put and call options were exercised for tranche 2 in September 2021, with the Laverton assets settling in November 2021 and Botany settling in December 2021. Excludes Dexus's share of transactions in its co-investments in pooled funds. 1. Reflecting the DXS share of the acquisition price for the 33.33% interest in 1 Bligh Street (of which Mercatus will hold a 90% share and Dexus a 10% share). 2. 3. Dexus paid $339m for its 49% equity stake in the trust owning the property valued at $970m, a $157m loan receivable and $450m of senior secured debt. On 1 November 2021, Dexus Holdings Pty Limited acquired 100% of Jandakot City Holdings Pty Ltd (JCH) and 49% of Jandakot Airport Holdings (JAH) through the newly established Jandakot City Holdings Trust (JCHT) and Jandakot Airport Holdings Trust (JAHT). On 19 November 2021, shortly after initial settlement, Dexus Industria REIT (DXI) acquired a 33.3% interest in JCHT and 68% interest in JAHT. On 1 April 2022, Dexus Projects Pty Limited settled on the remaining 51% interest of JAH through the establishment of Jandakot Airport Domestic Trust (JADT), with Cbus acquiring a 33.3% interest in each of JCH and JAH by acquiring a 33.3% interest in JCHT and 65.3% interest in JADT. The joint venture which owns 100% of Jandakot Airport, Perth, is held in the following proportions: Dexus 33.4%; DXI 33.3% and Cbus Super 33.3%. The existing structure includes senior asset-level debt of $405 million, reflecting a combined equity commitment of $895 million excluding acquisition costs. 10. Excludes transaction costs. 60 Dexus 2022 Annual Results Presentation 17 August 2022#62Transactions Funds management dexus Funds Management acquisitions Purchase price⁹ Interest Settlement Funds Management divestments Sale price⁹ Interest Settlement $m $m Bethesda Mental Health Clinic, Cockburn Central WA $58.3 100% Arcadia Pittwater Private Hospital, Sydney NSW $50.5 100% 07-Jul-21 24-Aug-21 140 St Georges Terrace, Perth WA $254.9 100% 22-Sep-21 56-88 Lisbon Street, Fairfield East NSW $200.2 100% 12-Oct-21 2 Maker Place, Truganina VIC 233-247 Glen Huntley Road, Elsternwick VIC² Jandakot Airport, Perth WA³ $69.0 100% 07-Oct-21 Grosvenor Place, 225 George Street, Sydney NSW $231.3 12.5% 02-Dec-21 $31.4 50% 21-Oct-21 19-Nov-21 Macquarie Centre, Cnr Herring & Waterloo Roads, North Ryde NSW $422.5 25% 31-Jan-22 $865.8 66.6% & 1-Apr-22 525 Boundary Street, Spring Hill QLD $97.4 100% 17-Nov-21 Pacific Fair, Hooker Boulevard, Broadbeach Waters QLD 201 Miller Street, North Sydney NSW $336.4 20% 31-Jan-22 $76.2 50% 18-Feb-22 43 Butterfield Street, Herston QLD4 $33.3 100% 17-Nov-21 Milton Green Business Park, Milton QLD $213.1 50% 25-Feb-22 Warringah Mall Shopping Centre, 180 Old Pittwater Road, Bookvale NSW 12 Creek Street, Brisbane QLD $210.0 50% 31-Mar-22 $410.0 25% 2-Dec-21 198 Princes Highway, South Nowra NSW $36.1 100% 4-Apr-22 Truganina VIC & Lakes Business Park South, Botany NSW5 4-Nov-21 140 & 150 George Street, Paramatta NSW $77.3 50% 29-Jul-22 $269.4 100% & 2-Dec-21 Carillon City, Perth WA $80.5 100% Aug-22 9 Boron Street, Narangba QLD $44.5 100% 16-Dec-21 Lot 2, 884-928 Mamre Road, Kemps Creek NSW $62.7 50% Oct-22 Shepparton Marketplace, 110-120 Benalla Road, Shepparton VIC $88.1 100% Aug-22 3 Spring, 58 Pitt and 60 Pitt Streets, Sydney NSW $177.0 50% Aug-18-Aug-22 All other divestments under $30m $53.8 n/a Jul-21-Jul-22 9-15 Brighton Street, Richmond VIC $35.0 100% Development land, West Melbourne VIC7 $33.1 49.9% Nov-22 May-25 All other acquisitions under $30m $292.6 n/a Jul-21-May-25 The purchase price reflects the development completion price. The property has been acquired via a fund-through arrangement with development expected to complete at the end of 2022. Dexus settled the first tranche of the industrial assets in October 2020 and December 2020. The put and call options were exercised for tranche 2 in September 2021, with the Laverton assets settling in November 2021 and Botany settling in December 2021. The purchase price reflects the development completion price. The property will be acquired via a fund-through arrangement with development payments to commence late C2022 and practical completion expected in May 2023. Acquisition conditional on successful rezoning of land Milton Green Business Park comprises the following properties: 135-147 Coronation Drive, Milton and 6, 7, 18, 19-23, 30 and 1. 2. The purchase price reflects the development completion price. This property will be acquired via a fund-through arrangement. The purchase price reflects DREP's 50% share of the syndicated loan facility investment. The other 50% is provided by an external party, Solido Capital Partners Pty Ltd. 4. 5. 3. On 1 November 2021, Dexus Holdings Pty Limited acquired 100% of Jandakot City Holdings Pty Ltd (JCH) and 49% of Jandakot Airport Holdings (JAH) through the newly established Jandakot City Holdings Trust (JCHT) and Jandakot Airport Holdings Trust (JAHT). On 19 November 2021, shortly after initial settlement, Dexus Industria REIT (DXI) acquired a 33.3% interest in JCHT and 68% interest in JAHT. On 1 April 2022, Dexus Projects Pty Limited settled on the remaining 51% interest of JAH through the establishment of Jandakot Airport Domestic Trust (JADT), with Cbus acquiring a 33.3% interest in each of JCH and JAH by acquiring a 33.3% interest in JCHT and 65.3% interest in JADT. The joint venture which owns 100% of Jandakot Airport, Perth, is held in the following proportions: Dexus 33.4%; DXI 33.3% and Cbus Super 33.3%. The existing structure includes senior asset-level debt of $405 million, reflecting a combined equity commitment of $895 million excluding acquisition costs. 6. 7. 8. 45 Little Cribb Street, Milton QLD. 9. Excludes transaction costs. 61 Dexus 2022 Annual Results Presentation 17 August 2022#63Trading profit track record Further opportunities in pipeline Trading projects Truganina (Laverton) properties VIC¹, 2 Botany Quarter (Lakes Business Park South), Botany NSW2 436-484 Victoria Road, Gladesville NSW3 22 Business Park Drive, Ravenhall VIC4 12 Frederick Street, St Leonards NSW Australian Bragg Centre, Adelaide SA 20 Distribution Drive, Laverton VIC 149 Orchard Road, Chester Hill NSW Stage 2 Other identified opportunity (two projects) Trading strategy FY22 FY23 FY24+ ✓ Development Development Rezoning Repositioning Industrial development Healthcare Industrial development Industrial development Reposition, mixed use dexus Key ✓ Secured Unsecured Track record FY15 FY16 FY17 FY18 FY19 FY20 Post tax profit Post tax guidance $42.6m $40m $63.3m $47.2m $36.6m $34.7m $35.3m FY21 $50.4m FY22 $23.4m $60m $45-50m $35-40m $35-40m $35-40m N/A N/A 1. Share of Truganina (Laverton) lots. 2. During FY21, Dexus contracted to sell six trading assets to DALT, which realised tranche 1 trading profits (pre-tax) of $19.8m in FY21 and tranche 2 trading profits (pre-tax) of $18.3m in FY22. 3. Dexus settled on the sale of 436-484 Victoria Road, Gladesville on 9 August 2021. 4. On 13 August 2021, Dexus entered into a put and call option arrangement to sell 22 Business Park Drive, Ravenhall. Dexus subsequently exercised its put option and on 17 November 2021 settlement occurred. 62 Dexus 2022 Annual Results Presentation 17 August 2022#64Prime grade properties better placed Dexus portfolio predominantly weighted to Prime grade > We expect quality assets to perform better in the current environment, with regard to both tenant demand (continued flight to quality) and investor demand > Strong market rental growth to provide some support for industrial valuations › Direct property investors tend to hold long term investment horizons Sydney CBD office capitalisation rates by grade 12% 10% 8% 6% Premium Average Prime -Average Secondary 4% 2% 0% Jun-02 Jun-06 Jun-10 Jun-14 Jun-18 Jun-22 Source: JLL Research 1. Outer Western Sydney industrial market cap rate data used. 63 Dexus 2022 Annual Results Presentation Sydney industrial capitalisation rates by grade¹ - Upper Prime - Average Prime Average Secondary 12% 10% 8% Prime grade 94% of Dexus office 6% portfolio 4% 2% 0% Jun-02 Jun-06 Jun-10 Jun-14 Jun-18 Jun-22 dexus Spread between avg prime and secondary properties is starting to widen after reaching a decade low of 50bps in June 2021 17 August 2022#65Office demand indicators are positive Despite emerging cyclical risk, demand to benefit from strength in white collar industries Hiring intentions are positive despite uncertainty Net balance 40 20 (20) Business confidence (40) Professional job vacancies (RHS) (60) (80) Jun-16 Jun-17 Jun-18 Net absorption positive in the four major CBDs* '000sqm '000 jobs 90 150 100 70 50 50 0 -50 30 -100 -150 10 -200 -10 -250 Jun-19 Jun-20 Jun-21 Jun-22 דין ııllı. White collar employment growth is running strongly % per annum 6% 4% 2% 0% -2% -4% May-16 May-17 May-18 dexus Jun-12 Jun-13 Jun-14 Jun-15 Jun-16 Jun-17 Jun-18 Jun-19 Jun-20 Jun-21 Jun-22 Physical building occupancy increasing Melbourne CBD All industries Whitecollar industries Sydney CBD Perth CBD Brisbane CBD 100% 80% 60% 40% 20% 0% May-19 May-20 May-21 May-22 Jun-20 Sep-20 Dec-20 Mar-21 Jun-21 Sep-21 Dec-21 Mar-22 Jun-22 Source: NAB, ABS, PCA, JLL Research (*Sydney CBD, Melbourne CBD, Brisbane CBD, Perth CBD). 64 Dexus 2022 Annual Results Presentation 17 August 2022#66Office leasing inquiry improving Leasing inquiry strengthened through FY22, driven by smaller users '000 sqm 900 800 700 600 500 400 300 200 100 ■0-999sqm ■1,000-2,999sqm Vacancy rates in CBD office markets plateauing ■3,000sqm+ Syd CBD Mel CBD Bris CBD Perth CBD 30% 25% 20% 15% 10% 5% dexus 0% Mar-19 Sep-19 Mar-20 Sep-20 Mar-21 Sep-21 Mar-22 Jun-02 Jun-06 Jun-10 Jun-14 Jun-18 Jun-22 Source: Colliers International, inquiry data for Sydney, Melbourne, Brisbane and Perth. JLL Research. 65 Dexus 2022 Annual Results Presentation 17 August 2022#67dexus Industrial sector Strong demand and low vacancy leading to significant rent growth Vacancy rates hit record lows across all markets 10% Sydney Melbourne Lack of space leading to rapid growth in rents $/sqm Outer West Sydney Brisbane Perth Adelaide 170 West Melbourne South Brisbane East Perth 9% 8% 7% 6% 5% ol olo olo olo olo 150 130 110 90 70 70 17 August 2022 0% 50 2H19 1H20 2H20 1H21 2H21 1H22 Jun-12 Jun-14 Jun-16 Jun-18 Jun-20 Jun-22 4% 3% 2% 1% olo olo olo olo Source: Dexus Research JLL Research. 66 Dexus 2022 Annual Results Presentation#68Healthcare sector Healthcare has outperformed other sectors over the past decade Growing institutional demand drives healthcare transactions higher Indexed returns by sector (10yrs) (March 2012=100) $ billion 3.5 3.0 2.5 2.0 1.5 1.0 10 0.5 dexus ■Hospital ■ R&D ■Medical Office All Property Retail Office Industrial Healthcare 450 .... FY17 400 350 300 250 200 150 100 FY18 FY19 FY20 FY21 FY22 Mar-12 Mar-14 Mar-16 Mar-18 Mar-20 Mar-22 FY16 Source: Real Capital Analytics, MSCI, Dexus Research. 67 Dexus 2022 Annual Results Presentation 17 August 2022#69-100 -50 0 50 Market outlook Sydney CBD - Supply reasonably subdued over the next two years 150 000 square metres 100 FY23-FY24 - net supply: only 0.5% of stock 35% of supply is pre-committed 121 Castlereagh St (David Jones) 201 Elizabeth St. Podium 26-30 Lee St, 20 Lee St. 32-36 York St. 333 Kent St. Poly Centre 210 George St. Salesforce Twr 180 George St. Sydney Metro West withdrawals 1 Shelley St. 33 Alfred St. FY23 Source: JLL Research, Dexus Research. 68 Dexus 2022 Annual Results Presentation FY24 FY25 FY26 FY27 FY28 128 333 Kent St 1 Shelley St 175 Liverpool St 201 Elizabeth Podium 56 Pitt St. Martin Place Metro - North Tower Martin Place Metro - South Tower Parkline Place OSD 256 Pitt St (Oxford) Atlassian Tech Central - 8-10 Lee St 55 Pitt St Central Barangaroo - Stg 1 Central Place Stg 1 - 14-30 Lee St Chifley Tower South Toga Central - 2-8a Lee St (Toga) 175 Liverpool St Central Barangaroo - Stg 2 FY29 56 Pitt St. Central Place (Stage 2) 117 Clarence St 187-191 Thomas St 4-6 York St. City East Zone Substation Project Darling Park 4 EVT 458 George St. Hunter St Metro East OSD Hunter St Metro - West OSD International House (284-292 Pitt St) Milligan site Milligan site 17-23 Hunter St. Piccadilly Complex Rockcliff Chambers - 50 King St Spring & O'Connell St (LLC) Mooted 17 August 2022 Withdrawal Available וין Mooted/Early Feasibility Pre-committed dexus#70Market outlook Melbourne CBD - many projects will require pre-commitment in order to proceed 80 000 square metres 60 40 20 0 FY23-FY24 42% of supply is pre-committed net supply is 3.7% of stock, 70% of the past 5-year run rate World Trade - Twr 1 (Zone Q/Ouson) NAB House 500 Bourke St (ISPT) 600 Lonsdale St (V-Leader) 555 Collins St Stg 1 (Charter Hall) 263 William St (DeGroup) 17-23 Bennetts Lane (Perri Projects) 140 Lonsdale St (Charter Hall) 130 Little Collins St (Golden Age) 299 Bourke St / 280 Little Collins.. Orion House - 22 William St (Fidinam) 288 Queen St (Longriver Group) Melbourne Qtr - 695 Collins St (Lend.. 600 Lonsdale St (V-Leader) 32 Flinders St (GPT) OSD South Swanston St (Lend Lease) 90 Collins St (Mirvac) 435 Bourke St (Cbus Super) 600 Collins St (Hines) 60 Collins (Dexus) Treasury Square Stage 2 (Private) Treasury Square Stage 1 (Private) The Quarter NewQuay (MAB... Southgate Office Tower (ARA) Royal Mint Ctr - 383 LaTrobe St (Mirvac) Queen Victoria Market Dev (Private) Melbourne Central - 300 Lonsdale St... Meccano Building - 440 Docklands... Land Titles Office (ISPT) 77 Waterfront Way (Ashe Morgan) 700 Collins St (Cromwell) 7 Spencer St (Mirvac) 580 Lonsdale St (Hickory Group) 570 Little Bourke St (Argo Group) 555 Collins St Stg 2 (Charter Hall) 540-550 Lonsdale St (Colin DeLutis) 522 Flinders St (Investa) 388 William St (MIT Group) 34-60 Little Collins St Parkade(Dexus) 30-40 Digital Dr (Digital Harbour) 12 Riverside Quay (Nice Future) FY23 Source: JLL Research, Dexus Research. 69 Dexus 2022 Annual Results Presentation FY24 FY25 FY26 FY27 Mooted dexus Withdrawal Mooted/Early Feasibility Available Pre-committed 17 August 2022#71Office markets Dexus's position in CBD office CBD office market Sydney Melbourne Brisbane Perth Total NLA 5,197,561sqm 5,183,018sqm 2,340,577sqm 1,832,462sqm Prime vacancy average 12.9% 15.1% 16.8% 16.1% Dexus CBD exposure Total NLA 491,662 421,852 190,330 184,091 Number of properties 14 8 4 4 Occupancy (by area) Occupancy (by income) 96.1% 91.2% 98.0% 97.3% 96.2% 91.7% 98.4% 97.3% WALE 4.0 years 5.0 years 3.8 years 6.7 years 70 Dexus 2022 Annual Results Presentation dexus 17 August 2022#721. Other information Exchange and securities used in statutory accounts Closing rates for Statement of Financial Position USD Average rates for Statement of Comprehensive Income USD Post consolidation equivalent amounts Average weighted number of securities¹ Closing number of securities Used to calculate FFO, Underlying FFO and AFFO per security. 71 Dexus 2022 Annual Results Presentation 30 Jun 2022 31 Dec 2021 30 Jun 2021 0.6889 0.7256 0.7518 0.7030 0.7319 0.7468 12 mths to 30 Jun 2022 6 mths to 31 Dec 2021 12 mths to 30 Jun 2021 1,075,565,246 1,075,565,246 1,084,536,777 1,075,565,246 1,075,565,246 1,075,565,246 dexus 17 August 2022#73Glossary dexus Distribution payout policy: Funds From Operations (FFO): Adjusted FFO (AFFO): Gearing: Covenant gearing: Portfolio Value: Weighted Average Lease Expiry (WALE): Policy is to distribute in line with free cash flow for which AFFO is a proxy 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 foreign exchange mark-to-market impacts, fair value movements on financial assets held at fair value through profit or loss, fair value movements of interest bearing liabilities, amortisation of tenant incentives, gain/loss on sale of certain assets, straight line rent adjustments, non-FFO tax expenses, certain transaction costs, one-off significant items (including write off of IFRIC SaaS customisation expenses), amortisation of intangible assets, movements in right-of-use assets and lease liabilities, rental guarantees and coupon income. AFFO in accordance with guidelines provided by the Property Council of Australia (PCA): 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 foreign exchange mark-to-market impacts, fair value movements on financial assets held at fair value through profit or loss, fair value movements of interest bearing liabilities, amortisation of tenant incentives, gain/loss on sale of certain assets, straight line rent adjustments, non-FFO tax expenses, certain transaction costs, one-off significant items (including write off of IFRIC SaaS customisation expenses), 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 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. Interest Bearing Liabilities and Total Tangible Assets are both adjusted for debt in equity accounted investments (other than Dexus's share of co-investments in pooled funds). Represents Gearing defined above but not adjusted for cash or debt in equity accounted investments (including co-investments in pooled funds). 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. A measure in years of the average term to expiry of in-place rent. Includes vacancies. 72 Dexus 2022 Annual Results Presentation 17 August 2022#74Disclaimer 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. 73 Dexus 2022 Annual Results Presentation 17 August 2022#75dexus