DEXUS — Capital/Financing Update 2014

Oct 13, 2014

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DEXUS Property Group (ASX: DXS)
ASX release
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14 October 2014

DEXUS on-market securities buy-back

DEXUS Property Group (‘DEXUS’) today announced that its Board has approved an on-market securities buy-back (‘buy-back’), as part of its active approach to capital management.

Should market conditions permit, DEXUS intends to undertake the buy-back of up to 5% of DXS securities on issue.

Darren Steinberg, DEXUS Chief Executive Officer said: “The buy-back provides the flexibility to acquire DXS securities on-market with a focus on enhancing returns to investors and has been initiated following recent market volatility.”

Please refer to the attached Appendix 3C for further information relating to the buy-back.

For further information please contact:	For further information please contact:
Investor relations		Media relations
David Yates	T: +61 2 9017 1424	Louise Murray	T: +61 2 9017 1446
	M: +61 418 861 047		M:+61 403 260 754
	E: david.yates@dexus.com		E: louise.murray@dexus.com

About DEXUS

DEXUS Property Group is one of Australia’s leading real estate groups, investing directly in high quality Australian office and industrial properties. With $17.8 billion of assets under management, the Group also actively manages office, industrial and retail properties located in key Australian markets on behalf of third party capital partners. The Group manages an office portfolio of 1.7 million square metres located predominantly across Sydney, Melbourne, Brisbane and Perth and is the largest owner of office buildings in the Sydney CBD, Australia’s largest office market. DEXUS is a Top 50 entity by market capitalisation listed on the Australian Securities Exchange under the stock market trading code ‘DXS’ and is supported by more than 32,000 investors from 20 countries. With nearly 30 years of expertise in property investment, development and asset management, the Group has a proven track record in capital and risk management, providing service excellence to tenants and delivering superior risk-adjusted returns for its investors. www.dexus.com

Download the DEXUS IR app to your preferred mobile device to gain instant access to the latest stock price, ASX Announcements, presentations, reports, webcasts and more.

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DEXUS Funds Management Ltd ABN 24 060 920 783, AFSL 238163, as Responsible Entity for DEXUS Property Group (ASX: DXS)

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Rule 3.8A

Appendix 3C

Announcement of buy-back ( except minimum holding buy-back)

Information and documents given to ASX become ASX’s property and may be made public.

Introduced 1/9/99. Origin: Appendix 7B. Amended 13/3/2000, 30/9/2001, 11/01/10

Name of entity DEXUS Property Group comprising the stapled securities of: DEXUS Diversified Trust (DDF) DEXUS Office Trust (DOT) DEXUS Industrial Trust (DIT) DEXUS Operations Trust(DXO)	ABN/ARSN
DEXUS Property Group comprising the stapled securities of: DEXUS Diversified Trust (DDF) DEXUS Office Trust (DOT) DEXUS Industrial Trust (DIT) DEXUS Operations Trust(DXO)	60 575 572 573 (DDF) 45 098 862 531 (DOT) 27 957 640 288 (DIT) 69 645 176 383(DXO)

We (the entity) give ASX the following information.

Information about buy-back

1 Type of buy-back 2 +Class of shares/units which is the subject of the buy-back (eg, ordinary/preference) 3 Voting rights_(eg, one for one) 4 Fully paid/partly paid(and if_ partly paid, details of how much has been paid and how much is outstanding) 5 Number of shares/units in the +class on issue 6 Whether shareholder/unitholder approval is required for buy- back 7 Reason for buy-back	On Market
	DEXUS Property Group stapled securities
	One for one
	Fully paid
	5,433,110,810
	Security holder approval is not required
	Capital management

• See chapter 19 for defined terms.

11/01/2010 Appendix 3C Page 1

8 Any other information material to a shareholder’s/unitholder’s decision whether to accept the offer_(eg, details of any_ proposed takeover bid)	See ASX Release dated 14 October 2014 for further information including information required under ASIC Class Order 07/422. The Group intends to use debt to fund the buy-back. Other than Stapled Securities held by directors of DEXUS Funds Management Limited (which holdings have previously been disclosed to ASX), DEXUS’s associates do not hold anyDEXUS PropertyGroupStapled Securities.

On-market buy-back	On-market buy-back
9	Name of broker who will act on	To be advised.
	the company’s behalf
10	Deleted 30/9/2001.
11	If the company/trust intends to	DEXUS will undertake an on market buy-back of up to
	buy back a maximum number of	271,655,540 stapled securities (which equates to
	shares - that number	approximately 5% of stapled securities currently on
	Note: This requires a figure to be included,	issue).
	not a percentage.
12	If the company/trust intends to	DEXUS intends to complete the on market buy-back
	buy back shares/units within a	within 12 months.
	period of time - that period of
	time; if the company/trust
	intends that the buy-back be of
	unlimited duration - that
	intention
13	If the company/trust intends to	There are no conditions.
	buy back shares/units if
	conditions are met - those
	conditions
Employee share scheme buy-back
14	Number of shares proposed to	N/A
	be bought back
15	Price to be offered for shares	N/A

Selective buy-back 16 Name of person or description of class of person whose shares are proposed to be bought back 17 Number of shares proposed to be bought back 18 Price to be offered for shares Equal access scheme 19 Percentage of shares proposed to be bought back 20 Total number of shares proposed to be bought back if all offers are accepted 21 Price to be offered for shares 22 +Record date for participation in offer Cross reference: Appendix 7A, clause 9.
	N/A
	N/A
	N/A
	N/A
	N/A
	N/A
	N/A

Compliance statement

1. The company is in compliance with all Corporations Act requirements relevant to this buy-back.

or, for trusts only:

1. The trust is in compliance with all requirements of the Corporations Act as modified by Class Order 07/422, and of the trust’s constitution, relevant to this buy-back.

2. There is no information that the listing rules require to be disclosed that has not already been disclosed, or is not contained in, or attached to, this form.

Sign here:

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14 October 2014 (Company Secretary)

Print name: Scott Mahony

• See chapter 19 for defined terms.

11/01/2010 Appendix 3C Page 3