DEXUS — Capital/Financing Update 2009

Apr 21, 2009

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21 April 2009

The Manager ASX Limited Exchange Centre 20 Bridge Street Sydney NSW 2000

DEXUS Funds Management Limited ABN 24 060 920 783 AFSL: 238163 Level 9, 343 George Street Sydney NSW 2000

PO Box R1822 Royal Exchange NSW 1225 Telephone 02 9017 1100 Facsimile 02 9017 1102

Dear Sir/Madam

DEXUS Property Group (ASX: DXS) Notice under Section 1012DAA(2)(f) of the Corporations Act 2001 as notionally modified by ASIC Class Order 08/35

This notice is given by DEXUS Funds Management Limited (ABN 24 060 920 783) ( DEXUS ), in its capacity as responsible entity of the managed investment schemes comprised in the DEXUS Property Group, under section 1012DAA(2)(f) of the Corporations Act 2001 (Cth) ( Act ) as modified by Australian Securities and Investments Commission Class Order 08/35 ( Class Order ).

DEXUS Property Group comprises DEXUS Diversified Trust (ARSN 089 324 541) ( DDF ), DEXUS Industrial Trust (ARSN 090 879 137) ( DIT ), DEXUS Office Trust (ARSN 090 768 531) ( DOT ) and DEXUS Operations Trust (ARSN 110 521 223) ( DXO ).

Stapled securities of DEXUS Property Group each comprise one ordinary unit in each of DDF, DIT, DOT and DXO.

We announced today a non-renounceable entitlement offer ( Entitlement Offer ) of 2 fully paid stapled securities ( New Securities ) for every 7 stapled security held on 24 April 2009 at 7.00pm (AEST) by eligible securityholders ( Eligible Securityholders ), at an issue price of $0.65 per New Security. Simultaneous with the Entitlement Offer, DEXUS announced an underwritten Institutional Placement of 138,500,000 fully paid stapled securities ( Institutional Placement , and together with the Entitlement Offer, the Equity Raising ).

An investor presentation in relation to the Equity Raising and a Retail Information Booklet for the Entitlement Offer has been released to the ASX and is available on our website at www.dexus.com

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We confirm that:

• (a) the New Securities offered under the Entitlement Offer will be issued without a Product Disclosure Statement for the New Securities being prepared.

• (b) this notice is being given under section 1012DAA(2)(f) of the Act as modified by the Class Order;

• (c) as a disclosing entity, DEXUS, in its capacity as responsible entity of each of DDF, DIT, DOT, and DXO, and issuer of the New Securities, is subject to regular reporting and disclosure obligations;

• (d) as at the date of this notice, DEXUS has complied with:

  • the provisions of Chapter 2M of the Act as they apply to each of DDF, DIT, DOT, and DXO; and

  • Section 674 of the Act as it applies to each of DDF, DIT, DOT, and DXO;

• (e) as at the date of this notice, there is no excluded information of the type referred to in sections 1012DAA(8) and 1012DAA(9) of the Act as modified by the Class Order; and

• (f) the potential effect the Entitlement Offer will have on the control of DEXUS, and the consequences of that effect, will depend on a number of factors including investor demand. However, given the structure of the Entitlement Offer as a pro-rata issue and the fact (based on substantial holder notices that have been lodged on or prior to the date of this notice) that no DEXUS stapled securityholder has voting power exceeding 19.9% of DEXUS's issued stapled securities, the Entitlement Offer is not expected to have any material effect or consequence on the control of DEXUS.

Yours faithfully

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John Easy Company Secretary