Duke Realty Announces Early Tender Results of Its Debt Tender Offer - Seite 2

1. The applicable page on Bloomberg from which the Dealer Managers will quote the bid-side prices of the applicable Reference U.S. Treasury Security.

Upon the terms and subject to the conditions of the Tender Offer, the amounts of each series of Securities that are purchased will be determined in accordance with the acceptance priority levels specified in the table above and on the cover page of the Offer to Purchase, dated March 19, 2015 (the "Offer to Purchase"), in the column entitled "Acceptance Priority Level" (the "Acceptance Priority Level"), with 1 being the highest Acceptance Priority Level and 5 being the lowest Acceptance Priority Level. In addition, no more than $175.0 million aggregate principal amount of the 2017 Notes will be purchased (the "2017 Tender Cap").

Because the amount of the 2017 Notes tendered prior to the Early Tender Date exceeded the 2017 Tender Cap, it is expected that no additional 2017 Notes tendered after the Early Tender Date will be accepted for purchase, and any 2017 Notes not accepted, including 2017 Notes not accepted because of proration, will be returned promptly.

The Tender Offer is being made upon and is subject to the terms and conditions set forth in the Offer to Purchase and the related Letter of Transmittal. The consideration to be paid in the Tender Offer for each series of Securities validly tendered and accepted for purchase will be calculated in the manner described in the Offer to Purchase by reference to a fixed spread over the yield to maturity of the applicable U.S. Treasury Security specified in the Offer to Purchase (the "Total Consideration"). Holders of the Securities that validly tendered and did not withdraw their Securities on or prior to the Early Tender Date and whose Securities are accepted for purchase will receive the applicable Total Consideration, which includes an early tender premium of $30.00 per $1,000 principal amount of the Securities accepted for purchase (the "Early Tender Premium"). The Total Consideration will be determined at 2:00 p.m., New York City time, April 2, 2015 (the "Tender Offer Price Determination Date"), unless extended by Duke Realty.