AMP LIMITED — Capital/Financing Update 2023

Mar 19, 2023

Dexus (ASX: DXS) ASX release

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20 March 2023

Dexus and AMP agree binding documentation for Collimate Capital acquisition

Dexus today provides an update on its agreement to acquire Collimate Capital’s real estate and domestic infrastructure equity business (the “Transaction”) from AMP Limited (“AMP”).

Dexus and AMP have finalised binding documentation for an alternative Transaction structure under a two-stage completion process, with First Completion on 24 March 2023. The alternative transaction structure allows First Completion of the Transaction without satisfaction of the condition precedent relating to the transfer of AMP’s ownership interest in China Life AMP Asset Management (“CLAMP”) out of entities being acquired by Dexus under the Transaction.

Under the alternative Transaction structure, First Completion enables integration of the Collimate Capital business into the Dexus platform. Dexus will be entitled to the economics from First Completion. Final Completion remains dependent on the ownership of CLAMP being transferred out of the relevant entities that Dexus has agreed to purchase.

The maximum total consideration payable by Dexus has been agreed as a base purchase price of $225 million, in accordance with the update provided to ASX on 9 January 2023. In addition, payment of $50 million of the base purchase price will be deferred until Final Completion. If Final Completion does not occur by 30 September 2024, this deferred amount would be forfeited by AMP.

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

For further information please contact:

Investors Media Rowena Causley Jim Kelly Head of Listed Investor Relations Domestique +61 2 9017 1390 +61 412 549 083 +61 416 122 383 jim@domestiqueconsulting.com.au rowena.causley@dexus.com

About Dexus

Dexus (ASX: DXS) is one of Australia’s leading fully integrated real asset groups, managing a high-quality Australasian real estate and infrastructure portfolio valued at $62.3 billion (pro forma post Final Completion of the AMP Capital acquisition). We believe that the strength and quality of our relationships will always be central to our success and are deeply committed to working with our customers to provide spaces that engage and inspire. We directly own $17.8 billion of office, industrial, healthcare and infrastructure assets and investments. We manage a further $44.5 billion of investments in our funds management business (pro forma post Final Completion of the AMP Capital acquisition) which provides third party capital with exposure to quality sector specific and diversified real asset products. The funds within this business have a strong track record of delivering outperformance and benefit from Dexus’s capabilities. The group’s $15.8 billion development pipeline provides the opportunity to grow both portfolios and enhance future returns. We consider sustainability (ESG) to be an integral part of our business with the objectives of Leading Cities, Future Enabled Customers, Strong Communities, Thriving People and an Enriched Environment supporting our overarching goal of Sustained Value. Dexus is listed on the Australian Securities Exchange and is supported by more than 31,000 investors from 23 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