Corporate profile. Strong foundations Positive momentum. years being listed as Dexus

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1 Corporate profile Strong foundations Positive momentum years being listed as Dexus

2 Company overview Dexus is a Top 50 entity by market capitalisation listed on the Australian Securities Exchange (trading code: DXS) and is supported by 27,000 investors from 19 countries. With more than 30 years of expertise in property, investment, development and asset management, we have a proven track record in providing capital and risk management and delivering superior risk-adjusted returns for our investors. We invest only in Australia, and directly own $13.9 billion of office and industrial properties. We manage a further $15 billion of office, retail, industrial and healthcare properties for our funds management clients. The group s $5.2 billion development pipeline provides the opportunity to grow both portfolios and enhance future returns. The creation of sustained value is underpinned by our quality property portfolio, located across Australia s leading cities. We are committed to playing a leading role in shaping Australian cities as desirable places to live, work and play. We believe 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. 155 Total properties 4.6m sqm Total NLA 453 Property professionals Top 50 Entity on ASX Perth

3 Dexus Australian Logistics Trust $0.4bn Healthcare Wholesale Property Fund $0.1bn Australian Industrial Partner $0.4bn Dexus Office Partner $2.4bn Australian Mandate $2.1bn Dexus Industrial Partner $0.2bn Dexus Wholesale Property Fund $9.4bn $28.9bn FUM Dexus portfolio $13.9bn $28.9bn Group portfolio $13.9bn Dexus portfolio $15.0bn Funds management portfolio $5.2bn Group development pipeline Cairns Townsville Brisbane Adelaide Sydney Canberra Melbourne Total Dexus Group Office $19.2bn Industrial $4.4bn Retail $5.1bn Healthcare $0.2bn

4 Our strategy Our strategy is to deliver superior risk-adjusted returns for investors from high-quality real estate in Australia s major cities. Delivering superior risk-adjusted returns means outperforming the relevant three and five-year benchmarks in each market in which we own or manage properties and providing our Security holders with sustainable and growing distributions. We have two strategic objectives that underpin this strategy: Leadership in office: being the leading owner and manager of Australian office property Funds management partner of choice: being the wholesale partner of choice in Australian property Leadership in office is an aspiration that is supported by our scale. As the largest office owner and manager in Australia, we have scale that provides many advantages. Our scale supports the generation of investment outperformance through providing valuable customer insights and the opportunity to invest in people, systems and technologies that enhance our customers experience. It also generates cost efficiencies and gives us the ability to find the ideal workspace solution for customers. Our objectives of leadership in office and being the funds management partner of choice are complementary. Our success in the office sector has enabled Dexus to attract investment partners not just in office, but in the industrial, retail and healthcare sectors, in turn providing the opportunity to deliver investment outperformance for those clients. Vision To be globally recognised as Australia s leading real estate company Strategy To deliver superior risk-adjusted returns for investors from high-quality real estate in Australia s major cities Strategic objectives Leadership in office Being the leading owner and manager of Australian office property Funds management partner of choice Being the wholesale partner of choice in Australian property

5 What sets Dexus apart? Quality real estate portfolio across key Australian cities Funds management business with access to diverse sources of capital Pipeline of development opportunities to create value over the long term High-performing, engaged and diverse workforce Customer-centric focus How our business creates value Our strategy is underpinned by our business activities of developing, managing and transacting properties. To generate superior risk-adjusted returns for investors it is necessary that for each asset we own or manage, we maximise cash flow and unlock value over the investment lifecycle. We do this through applying our transactional, asset and property management expertise to drive earnings and create value across three areas of focus: Property portfolio the largest driver of value underpinned by rental returns and capital values from the Dexus office and industrial portfolios Funds Management provides access to wholesale pools of capital and a steady income derived from management fees Trading profit generated from development activities on properties not held for the long-term Developing Unlocking value from existing and acquired assets These overarching activities drive earnings and create value across our key earnings drivers Property portfolio Funds management Trading Managing Utilising asset and property management expertise to maximise the AFFO yield of stabilised assets Transacting Acquiring and selling properties Long-term value creation To support long-term value creation, we consider corporate responsibility and sustainability an integral part of our business activities. Our approach supports our strategy through the overarching goal of delivering sustained value for all stakeholders. The outcomes we seek to achieve are as follows: Leading Cities Future Enabled Customers Strong Communities Thriving People Enriched Environment Playing a leading role in shaping Australia s cities for the future as desirable places to work, live and play Preparing our customers for the future through enabling enhanced productivity and supporting future growth Nurturing well-connected, prosperous and supported communities in and around our buildings Enhancing the wellbeing of our people and those in our properties Optimising the environmental performance and resilience of our buildings

6 Our journey of value creation It has been 10 years since we fully internalised our management structure and started on the journey towards becoming one of Australia s leading property groups, today known as Dexus. Since acquiring the remaining 50% interest in DB RREEF Holdings from Deutsche Bank in 2008, we have built on our strong foundations to grow our group portfolio from $15.3 billion to $28.9 billion. We continue to deliver superior riskadjusted returns to our investors through investment in a high-quality portfolio, predominantly comprising office buildings, and the management of a strong performing funds management business. Our focus on active portfolio management, underpinned by a prudent and disciplined financial management approach, remains unchanged. Our strategy was reviewed in 2012 to build on our strengths of office ownership and funds management, while enhancing our position in the Australian property market. We divested our exposure to offshore properties and reinvested our capital into high-quality assets located in Australia s major cities. At the same time, we focused on growing and diversifying our funds management business to include new partnerships with global investors in the office, industrial and healthcare sectors. Our approach to sustainability was enhanced to further align with our overarching goal of delivering sustained value and is fully integrated into our daily business operations. Our customer-centric approach uses the insights and understanding of our customers to provide market-leading solutions and services while further establishing our customer connection. Today we have a diverse and inclusive corporate culture that reflects our customer base and delivers high performance outcomes. A decade of growth Total FUM $15.3bn Dexus $8.9bn Third Party $6.4bn Office $7.2bn Industrial $4.4bn Retail $3.6bn Healthcare Investors 21,927 27, $4.2bn Funds under management Sectors People Market capitalisation Total FUM $28.9bn Dexus $13.9bn Third Party $15.0bn Office $19.2bn Industrial $4.4bn Retail $5.1bn Healthcare $0.2bn 453 $10.8bn

7 Investment proposition We utilise our asset management, development and trading capabilities to drive earnings and create value from our high-quality property portfolio and established funds management business. The majority of our earnings, or Funds From Operations, is derived from rental income from a high-quality $13.9 billion Australian property portfolio predominantly weighted to the Sydney office market. Our established funds management business provides income derived from management fees for the $15 billion of assets under management. We actively seek to optimise returns over the long term and constantly evaluate opportunities to improve the performance of our properties through: Our development pipeline which makes an important contribution to investment performance for the balance sheet and funds management clients, while also providing a source of organic growth in funds under management The trading pipeline which promotes value creation via developing, acquiring and repositioning properties for divestment 1. Total security holder annualised compound return. Source: UBS Australia as at 31 December We deliver above benchmark returns across our platform: Dexus has delivered a 5 year TSR 1 of 17.8% per annum as at 31 December 2018 Dexus Wholesale Property Fund continues to outperform its benchmark Dexus has achieved a compound annual growth rate in distribution per security of 6.9% from FY12-FY18 We maintain a strong balance sheet with conservative risk management: Strong investment grade credit ratings Gearing of 23.7% Diversified mix of debt facilities with weighted average duration of 7.3 years Distribution policy aligned with free cash flow Strict investment criteria Up to 15% of funds under management limit on capital deployed into development or trading Creating value from earnings drivers The HY19 contribution for our earnings drivers is outlined below. Driver FY19 target HY19 achievements Property portfolio Funds Management Circa +4-5% office LFL income growth Circa % industrial LFL income growth Management Operations FFO in line with FY18 (FY18 $52.5 million) Property AFFO 1 of $301.1 million 1.7% office LFL income growth FY % on track 5.4% industrial LFL income growth FY % on track FFO of $27.5 million Trading $35-40 million of trading profits 2 Trading profits of $34.7 million 2 1. AFFO contribution is calculated before finance costs, group corporate costs and tax. Property AFFO is equal to Property FFO of $372.4 million less total portfolio AFFO capex of $71.3 million. 2. Net of tax.

8 Dexus Head Office Level 25, Australia Square George Street Sydney NSW 2000 PO Box R1822 Royal Exchange NSW 1225 Phone: Fax: ir@dexus.com Website: Follow us on LinkedIn, Facebook and Twitter Download the Dexus IR App As at 31 December 2018 unless otherwise stated. This information is issued by Dexus Funds Management Limited in its capacity as responsible entity of Dexus. It is not an offer of securities or invitation to apply for securities and is not financial product advice.