• Dexus acts as trustee/manager for circa 27% of APAC
• Received notice from APAC Board alleging breach of confidentiality
• Dexus intends to dispute the validity of the notice

Dexus (ASX: DXS) acts as trustee/manager for various interests representing circa 27% of Australia Pacific Airports Corporation (APAC), the owners of Melbourne and Launceston Airports (the Dexus Bloc). In 2024, Dexus was appointed by some of the Dexus Bloc shareholders to undertake a sale process in relation to their stakes. Dexus has now received a notice from the APAC Board alleging that Dexus has used a confidentiality deed poll and disclosed confidential information in the Dexus Bloc sale process in breach of the requirements under the APAC Shareholders' Deed. A valid notice would require the commencement of a compulsory process to offer for sale the shares comprising the Dexus Bloc to remaining APAC Shareholders at an assessed fair market value and an immediate suspension of certain governance, voting and information rights of Dexus Bloc shareholders. Dexus intends to dispute the validity of the Notice, has always acted in good faith, and will vigorously defend its position and its clients' interests. The Dexus Bloc represents circa 10% of Dexus's total third-party funds under management and accounts for approximately $15 million of Dexus's management fees post tax and before any associated costs. Dexus will continue to assess potential impacts of this matter and will provide further updates in accordance with its disclosure obligations.