Institutional placement allotment and cleansing statement

NOT FOR DISTRIBUTION OR RELEASE IN THE UNITED STATES

8 May 2019

Dexus announces issue and allotment under institutional placement and adjustment to exchange price of convertible notes

Dexus Funds Management Limited (“DXFM”) as responsible entity of Dexus (“Dexus”) refers to its announcements made to the Australian Securities Exchange (“ASX”):

• on 2 May 2019, relating to a fully underwritten $900 million institutional placement (“Placement”), and a non-underwritten Security Purchase Plan (“SPP”) for eligible Dexus Security Holders in Australia and New Zealand to raise up to $50 million¹; and
• on 13 March 2019, relating to the exchange price (“Exchange Price”) of the A$425 million Guaranteed Exchangeable Notes (“Notes”) issued 19 March 2019.

Allotment of Dexus Stapled Securities under the Placement

In relation to the Placement, Dexus has received the offer proceeds of approximately $900 million and now attaches the cleansing notice under section 1012DA(5)(e) of the Corporations Act 2001 (Cth) in relation to the issue and allotment of new Dexus Stapled Securities.

Adjustment of Exchange Price of Notes

In relation to the Notes, Dexus advises that the issue and allotment of new Dexus Stapled Securities under the Placement results in an adjustment to the Exchange Price of the Notes. Dexus advises that the adjusted Exchange Price is A$15.00.

Dexus also advises that there may be a further adjustment to the Exchange Price under the Notes on the date that any new Dexus Stapled Securities are issued under the SPP.

1. DXFM may (in its absolute discretion) in a situation where total demand exceeds $50 million, decide to increase the amount to be raised under the SPP to reduce or eliminate the need for a scale back.