DXS Dexus

DEXUS Property Group (ASX: DXS) (“DEXUS”) announced today the final results of the previously announced cash tender offer (the “Offer”) by DEXUS Funds Management Limited (ABN 24 060 920 783), in its capacity as responsible entity of DEXUS Diversified Trust (the “Company”), to purchase up to US$175,455,000 maximum aggregate principal amount of the outstanding 7.125% Guaranteed Senior Notes due 2014 (the “Notes”) of the Company and DEXUS Funds Management Limited, in its capacity as responsible entity of DEXUS Office Trust. The terms and conditions of the Offer are set forth in the Company’s Offer to Purchase dated 15 May 2012 (as amended, the “Offer to Purchase”) and the related Letter of Transmittal, as previously amended by the DEXUS media releases dated 30 May 2012 and 11 June 2012.

The Offer expired at 9:00 a.m., New York City Time, on 22 June 2012 (the “Expiration Date”). As of the Expiration Date, US$175,455,000 aggregate principal amount of Notes were validly tendered and not validly withdrawn, according to information received by Global Bondholder Services Corporation, the Information Agent and Depositary for the Offer.

CUSIP Numbers   Title of Security   Principal Amount Outstanding Prior to Payment Date   Principal Amount Tendered   Principal Amount Accepted   Principal Amount to Remain Outstanding After Payment Date 252391AA5 and Q3200PAA6 7.125% Guaranteed Senior Notes due 2014 US$300,000,000 US$175,455,000 US$175,455,000 US$124,545,000

The Company has accepted for purchase all US$175,455,000 of Notes validly tendered and not validly withdrawn pursuant to the Offer. The Company will deliver the applicable consideration (as described below) to the Depository Trust Company on the expected payment date of 22 June 2012 (the “Payment Date”) for prompt payment for all Notes accepted for purchase.

Holders of Notes who validly tendered and did not validly withdraw their Notes on or before 5:00 p.m., New York City time, on 29 May 2012 (the “Early Tender Deadline”) will receive the Total Consideration (as described below), which includes the early tender payment of US$30 per US$1,000 principal amount of Notes accepted for purchase (the “Early Tender Payment”).

The “Total Consideration” per each US$1,000 principal amount of Notes validly tendered and accepted for payment pursuant to the Offer was calculated by Deutsche Bank Securities Inc., the Dealer Manager for the Offer, at 10:30 a.m., New York City time, on 30 May 2012, in the manner described in the Offer to Purchase by reference to a fixed spread over the reference yield, each as specified in the table below, and assuming that the Payment Date was to have occurred on 13 June 2012, and recalculated by the Dealer Manager on 11 June 2012 using a revised assumed Payment Date of 25 June 2012. The Company currently anticipates that the Payment Date will be today, 22 June 2012. Using this new Payment Date, the Total Consideration and Tender Offer Consideration (as defined in the Offer to Purchase) have again been recalculated by the Dealer Manager. Recalculated amounts appear in the table below. The Early Tender Payment is included in the calculation of the Total Consideration and is not in addition to the Total Consideration. Tendering holders will also receive accrued and unpaid interest on their Notes up to, but excluding, the Payment Date.

CUSIP Numbers   Title of Security   Principal Amount Outstanding   Reference U.S.

Treasury

Security

  Reference Yield   Fixed

Spread

(Basis

points)

  Recalculated

Total Consideration per US$1,000 Principal Amount(1)

  Recalculated

Tender Offer Consideration per US$1,000 Principal Amount

252391AA5 and Q3200PAA6 7.125% Guaranteed Senior Notes due 2014 US$300,000,000 0.25% U.S. Treasury Note due April 30, 2014 0.279% 180 US$1113.38 US$1083.38

_____________________________(1) Total Consideration per US$1,000 principal amount of Notes accepted for purchase includes the Early Tender Payment of US$30 per US$1,000 principal amount of Notes accepted for purchase.

The Company’s obligations to accept any Notes tendered and to pay the applicable consideration for them are set forth solely in the Offer to Purchase and the related Letter of Transmittal. This media release is neither an offer to purchase nor a solicitation of an offer to sell any Notes. The Offer is made only by, and pursuant to the terms of, the Offer to Purchase, and the information in this media release is qualified by reference to the Offer to Purchase and the related Letter of Transmittal.

Deutsche Bank Securities Inc. is the Dealer Manager for the Offer. Persons with questions regarding the Offer should contact Deutsche Bank Securities Inc. at 1-212-250-7527 (collect) or 1-855-287-1922 (toll-free) (Attention: Liability Management Group). Requests for copies of the Offer to Purchase, the related Letter of Transmittal and other related materials should be directed to Global Bondholder Services Corporation, the Information Agent and Depositary for the Offer, at (212) 430-3774 (for banks and brokers only) or (866) 873-7700 (for all others and toll-free).

Certain statements contained in this media release include "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995 and which are subject to certain risks, trends and uncertainties. In particular, statements made that are not historical facts may be forward-looking statements. Words such as “should,” “may,” “will,” “anticipates,” “expects,” “intends,” “plans,” “believes,” “seeks,” “estimates,” and similar expressions identify forward-looking statements. Such statements are not guarantees of future performance and are subject to risks and uncertainties that could cause actual results to differ materially from the results projected, expressed or implied by these forward-looking statements. Factors that could cause or contribute to such differences include those matters disclosed in the Offer to Purchase. The Company does not undertake any obligation to update any forward-looking statements.

About DEXUS

DEXUS is one of Australia’s leading property groups specialising in world-class office, industrial and retail properties with total assets under management of $13bn. In Australia, DEXUS is the market leader in office and industrial and, on behalf of third party clients, a leading manager and developer of shopping centres. DEXUS is committed to being a market leader in Corporate Responsibility and Sustainability. www.dexus.com (The information on the Group’s website is not part of this release.)

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