DEXUS — Major Shareholding Notification 2011

Jul 3, 2011

4 July 2011

By facsimile: 1300 135 638

The Manager Company Announcements Australian Securities Exchange

ORTON ROSE

Norton Rose Australia ABN 32 720 868 049 Level 18, Grosvenor Place 225 George Street SYDNEY NSW 2000 AUSTRALIA

Tel +61 2 9330 8000 Fax +61 2 9330 8111 GPO Box 3872, Sydney NSW 2001 DX 368 Sydney www.nortonrose.com

Direct line +61 2 9330 8943

Our reference 2766758

Email stanley.drummond@nortonrose.com

Dear Sir/Madam

Notice of Initial substantial holder

We act for CBRE Clarion Securities, LLC (CBRE).

On behalf of the CBRE, in accordance with section 671B of the Corporations Act 2001, we attach a Notice of Initial Substantial Holder (Form 603) in respect of Dexus Property Group (Dexus).

A copy of the attached notice has been provided to Dexus.

Yours faithfully

SW Drummerd

Stanley Drummond Special Counsel Norton Rose Australia Partner: Scott Charaneka

Attachment

APAC-#10721080-v1

Norton Rose Australia is a law firm as defined in the Legal Profession Acts of the Australian states and territory in which it practises.
Norton Rose Australia together with Norton Rose LLP, Norton Rose OR LLP, Norton Rose

603 page 1/2 15 July 2001 $\overline{4}$

$\overline{2}$

Notice of initial substantial holder Dexus Property Group
$\mathbf{v}$
	CBRE Clarion Securities, LLC 01 / 07 / 2011

The total number of votes attached to all the voting stares in the company or voting interests in the scheme that the substantial holder or an associate (2) had a
relevant interest (3) in on the date the substantial holder

Class of securities (4)	Number of securities	Person's votes (5)	Voting power (6)
Ordinary	391,404,164	391, 404, 164	8.09%

3. Details of relevant interests

The nature of the relevant interest the substantial holder or an associate had in the following voting securities on the date the substantial holder became a substantial holder are as follows:

Holder of relevant interest	Nature of relevant interest (7)	Class and number of securities
CBRE Clarion Securities,	Relevant interest arising pursuant to ILC section 600(1) of the Corporations Act '	Ordinary 391, 404, 164

4. Details of present registered holders

The persons registered as holders of the securities referred to in paragraph 3 above are as follows:

Holder of relevant interest	Registered holder of securities	Person entitled to be registered as holder (8)	Class and number of securities
CBRE Clarion Securities, LLC	CBRE Clarion Securities, LLC

5. Consideration

The consideration paid for each relevant interest referred to in paragraph 3 above, and acquired in the four months prior to the day that the substantial holder became a
substantial holder is as follows:

Holder of relevant Interest	Date of acquisition	Consideration (9)		Class and number of securities
Refer to Annexure A		Cash	Non-cash

$\ddot{\phantom{a}}$

والمواصفات

$\mathcal{R}$

$\overline{4}$

			603	page 2/2 15 July 2001
	6. Associates The reasons the persons named in paragraph 3 above are associates of the substantial holder are as follows;
	Name and ACN/ARSN (if applicable)	Nature of association
	7. Addresses The addresses of persons named in this form are as follows:
	Name	Address
	CBRE Clarion Securities, LLC	201 King of Prussia Road, Radnor, PA 19087 USA
	Signature print name	William E. Zitelli canacity Secretary
	sign here MM E	date 04 / 07 / 2011
		DIRECTIONS
${1}$	form.	If there are a number of substantial holders with similar or related relevant interests (eg. a corporation and its related corporations, or the manager and trustee of an equity trust), the rames could be included in an amexure to the form. If the relevant interests of a group of persons are essentially similar, they may be referred to throughout the form as a specifically named group if the membership of each group, with the names and addresses of members is clearly set out in paragraph 7 of the
Ø)	See the definition of "associate" in section 9 of the Corporations Act 2001.
Ø) $\overline{\phantom{a}}$	See the definition of "relevant interest" in sections 608 and 671B(7) of the Corporations Act 2001.
0	The voting shares of a company constitute one class unless divided into separate classes.
Ð	interest in	The total number of votes attached to all the voting shares in the company or voting interests in the scheme (if any) that the person or an associate has a relevant

The person's votes divided by the total votes in the body corporate or scheme multiplied by 100. $\langle 6 \rangle$

$\boldsymbol{\varnothing}$ Include details of:

• any relevant agreement or other circumstances by which the relevant interest was acquired. If subsection 671B(4) applies, a copy of any document setting out
  the terms of any relevant agreement, and a statement by the perso (a)
• ony qualification of the power of a person to exercise, control the exercise of, or influence the exercise of, the voting powers or disposel of the securities to
  which the relevant interest relates (indicating clearly the $\left( \mathbf{b}\right)$

See the definition of "relevent agreement" in section 9 of the Corporations Act 2001.

• If the substantial holder is unable to determine the identity of the person (eg. if the relevant interest arises because of an option) write "unknown". $\mathbf{B}$
• Details of the consideration must include any ond all benefits, money and other, that any person from whom a relevent interest was acquired has, or may, become
  entitled to receive in relation to that acquisition. Details m $\boldsymbol{\mathfrak{g}}$

$4/$

$#$

$\overline{4}$

ANNEXURE 'A'

Change in relevant interests

This is the annexure warked 'A' on Page 1 referred to in the form 603 initial substantial phareholder signed by me on: 04/67/2011

$\ddot{\phantom{a}}$

With ξ

William E. Zieerli

Date of Chenge	Forsus whose relevant	Noturn of change	Consideration	Cless and number	Person's votes
	interest changed		given in relation	of securities	af fected
			to change	affected
01/07/2011	CBRE Clarion Securities	Buy of Units on ASK	28.448.29	32, 300.00	32,300.00
01/07/2011	CBRE Clarion Securities	Sale of Unite on ASK	$-569.523.26$	$-640,000,00$	$-648,000,00$
29/06/2011	CBRE Clarion Securition	Sale of Units on ASX	$-4.407.753.44$	$-5,045,000.08$	$-5.045.000.00$
28/06/2011	CERE Clarion Securities	Sale of Units on ASK	$-118, 566.31$	$-134, 300, 00$	$-134, 300, 00$
23/06/2011	CBRE Clarion Securities	Buy of Units on ASX	143.015.50	158,000.00	158,000.00
23/06/2011	CORE Clarion Securities	Sale of Unite on ASX	$-445, 753, 17$	-495,200,00)	$-495, 200, 00$
22/06/2011	CBRE Clarion Securities	Salo of Units on ASX	$-1.563.200.21$	$-1.745.900.00$	$-1.745.900.06$
21/06/2011	CHRE Claricm Securities	Sale of Units on ASK	$-1, 167, 380, 53$	$-1, 296, 455, 10$	$-1, 296, 455, 66$
20/06/2011	CHRE Clarion Securities	Sale of Units on ASK	$-3.626.165.07$	$-4, 016, 000, 10$	$-4,016,800,00$
15/06/2011	CBRE Clarica Securities	Sale of Units on ASX	$-322, 832.32$	$-357,478.00$	$-357,478,00$
10/06/2011	CBRE Clarion Securities	Sale of Units on ASX	$-3,500,251.80$	--3,893,622.00	$-3.893,522.00$
09/06/2011	CBRE Clarion Scouritics	Sale of Units on ASX	$-9.335.296.83$	$-10.217.000.08$	$-10.217.000.00$
08/06/2011	CBRE Clarion Scourities	Sale of Units on ASX	$-269.604.15$	$-293,900,00$	$-293.900.00$
07/06/2011	CHRE Clarion Securities	Sale of Units on ASX	$-12, 158, 73$	$-13,500,00$	$-13.500.00$
06/06/2011	CBRE Claricm Securities	Sale of Units on ASM	$-459,592.09$	$-512,000.00$	-512,000.00
03/06/2811	CBRE Clarion Securities	Buy of Units on ASX	186.125.54	207.600.00	207,600.00
02/06/2011	CERE Clarion Securities	Salm of Units on ASX	$-27.989.04$	-91,000.00	$-31,000,00$
01/06/2011	CERE Clarion Securities	Sale of Units on ASK	$-2,703,092.83$	$-3,016,000.00$	$-3.016.000.00$
31/05/2011	CBRE Clarico Securities	Sale of Units on ASX	$-62.596.95$	-71.000.00	$-71,000,00$
27/05/2011	CBRE Clarion Socurities	Sale of Units on ASK	$-2,627,053.50$	$-3,000,000,00$	$-3,000,000,00$
26/05/2011	CHRE Clarion Securities	Sale of Units on ASX	$-79,580,05$	$-92,000.00$	-92.000.00
25/05/2011	CBRE Clarion Securities	Sale of Units on ASX	$-76.672.40$	$-09.200.00$	$-89, 200, 00$
24/05/2011	CBRE Clarico Securities	Sale of Units on ASX	$-62,390.33$	$-72,000.00$	$-72,000,00$
23/05/2011	CHRE Clarium Securities	Sale of Unite on ASX	$-609, 864, 93$	$-697, 900.00$	$-697,000.00$
20/05/2011	CBRE Clarion Securities	Salm of Units on ASX	$-214, 469.62$	$-242.600.00$	$-242,600,00$
18/05/2011 17/05/2011	CBRE Clarion Securities	Sale of Unite on ASK	$-143.278.77$	$-167.000.00$	$-167,000.00$
17/05/2011	CHRE Clorion Securities CBBE Clarics Securities	Buy of Units on ASK	141, 279.99	165,000.00	166,000.00
12-05-2011	CBRE Clarion Securities	Sale of Units on ASX	-153.023.50	-178,900.00	-178,900.00
12/05/2011	CBRE Clarion Securițies	Buy of Units on ASK Sale of Units on ASX	238, 659, 43	277.406.00	277,400.00
09/05/2011	CBRE Clarion Soourities	Buy of Units on ASK	$-143, 243.02$	$-166,900.00$	$-166,900,00$
06/05/2011	CBRE Clarion Securities	Salm of Unite on ASX	23,186.39 $-1.263, 031.10$	27,200.00	27,200.00
06/05/2011	CBRE Clarion Securities	Salm of Units on ASK	$-65.487.91$	$-1.481,000.80$ -77,200.60 $\bullet$	$-1.481.000.00$
03/05/2011	CBRE Clarim Socurities	Sale of Units on ASK	$-48,385.53$	$-55,000.00$	$-77,200.00$ $-55.000.00$
02/05/2011	CBRE Clarion Securities	Sale of Units on ASX	$-220, 931, 79$	$-250.200.00$	$-258, 200.00$
29/04/2011	CBRE Clarim Securities	Buy of Units on ASK	466.515.73	530.000.00	530.000.00
26/04/2011	CBRE Clarion Sacuritios	Buy of Units on ASY	76, 269.59	87, 300, 00	07.300.00
20/01/2011	CBRE Clarion Securities	Sale of Units on ASY	$-63.862.72$	$-73, 300, 00$	$-73,300.00$
27/01/2011	CERE Clarion Securities	Buy of Units on ASX	115.173.17	130.000.00	130,000.00
27/04/2011	CBRE Clarion Securities	Sale of Units on ASK	$-119, 062.82$	$-134, 200.00$	$-134, 200.00$
21/04/2011	CBRE Clarion Securities	Buy of Units on ASK	3.063.898.B3	3.540.791.00	3.540.791.00
21/04/2011	CBRE Clarion Securities	Sale of Units on ASK	$-59,359.65$	$-60,600,00$	$-69,600,00$
20/04/2011	CBRE Clarion Securities	Sale of Units on ASX	$-306,348.53$	$-355,700.00$	-355,700.00
13/04/2011	CBRE Clarion Securities	Sale of Units on ASK	$-2.599, 294.45$	$-3.000.000.00$	$-3,000,000.00$
11/04/2011	CBRE Clarion Securities	Buy of Unite on ASK	8,700,331.90	10.000.000.00	10.000.000.00
11/06/2011	CBRE Clarica Securities	Sale of Units on ASK	$-65.978.90$	$-77.000.00$	$-77.000.00$
05/06/2011	CBRG Clarion Securities	Boy of Dnits on ASK	46.149.65	53,000.00	53,000.00
05/04/2011	CBRE Clarion Securities	Sale of Units on ASK	$-28,256,25$	$-32,600.00$	$-32,600,00$
04/04/2011	CBRE Clarion Securities	Sale of Units on ASK	$-91.314,26$	$-106,000.00$	$-106.000.00$
01/04/2011	CBRE Clarion Securities	Sale of Units on ASK	$-32,578.76$	$-38,000,00$	$-38,000,00$
30/03/2011	CBRE Clarion Securities	Buy of Units on ASX	BBB, 996, 30	1,045,878.00	1.045.878.00
30/03/2011	CBRE Claricm Securities	Sale of Units on ASX	$-324, 722, 15$	$-383.300.00$	$-303, 300.00$
29-03-2011	CBRE Clarion Socurities	Sale of Units on ASX	$-170, 941.00$	$-202,000.00$	$-202,000.00$
28/03/2011	CBRE Clarion Securities	Buy of Units on ASX	221, 852.06	265, 300, 00	265, 300, 00
28-03-2011	CBRE Clarion Swourities	Sale of Units on ASI	- 384, 101.30	-454,800,00	$-454, 800.00$
25/03/2011	CERE Claricm Socurities	Buy of Units on ASX	143, 810.34	169,400.00	169, 100.00
21-03-2011	CBRE Clarion Securities	Sale of Units on ASX	$-36,631,52$	$-44, 200, 00$	$-14.200.00$
17/03/2011 15/03/2011	CBRE Clarion Scouritico	Buy of Units on ASK	145.499.08	177.000.00	177.000.00
10/03/2011	CBRE Clarica Socurities	Sale of Units on ASK	$-2.521.545.75$	$-3.017,000.00$	$-3.017.000.00$
04/03/2011	CHRK Clarion Securities	Buy of Units on ASK.	89, 473.66	103,600.00	103,600.00
01/03/2011	CBRE Clarion Securities	Buy of Units on ASK	2,603,240.68	3,000,000.00	3,000,000.00
	CBRE Clarion Securities	Buy of Units on ASK	94, 357, 41	110,606.00	110,600.00

$-26, 270, 386.00$ $-26, 270, 386, 00$