Sydney Airport : SYD successfully completes Retail Shortfall Bookbuild

NOT FOR DISTRIBUTION OR RELEASE IN THE UNITED STATES

ASX Release

8 September 2020

Sydney Airport successfully completes Retail Shortfall Bookbuild

Further to our announcement on 7 September 2020 regarding the completion of the Retail Entitlement Offer, Sydney Airport today announced the successful completion of the retail shortfall bookbuild (Retail Bookbuild), which concludes the Entitlement Offer.

The Retail Entitlement Offer has raised gross proceeds of approximately $695 million from the issue of approximately 152 million New Securities at an offer price of $4.56 per New Security. Together with the Institutional Offer, which was completed on 14 August 2020, Sydney Airport has now raised approximately $2.0 billion.

Sydney Airport Chairman, Trevor Gerber said: "We would like to thank our securityholders for their continued support. The funds raised will enhance our financial resilience in these challenging times and ensure that we are strongly positioned when the recovery emerges".

Results of the Retail Shortfall Bookbuild

Approximately 58.1 million New Securities were offered for sale under the Retail Bookbuild. These were sold in the Retail Bookbuild at a price of $5.50 per New Security, representing a premium of $0.94 per New Security over the offer price of $4.56 per New Security. Accordingly, retail securityholders who elected not to take up their entitlements and ineligible retail securityholders will receive $0.94 less expenses (Retail Premium) for each New Security not taken up under the Retail Entitlement Offer.

Sydney Airport chose to raise equity via a renounceable entitlement offer (with retail rights trading) to prioritise fairness to all Sydney Airport securityholders, and the outcome of the Retail Bookbuild supports this decision.

The Retail Premium payment will be made to those securityholders on or about Tuesday, 15 September 2020.

Issue of New Securities

The settlement date for New Securities issued under the Retail Entitlement Offer and the Retail Bookbuild is Thursday, 10 September 2020. Allotment of these New Securities is expected to occur on Friday, 11 September 2020 and trading on ASX is expected to commence on Monday, 14 September 2020.

Sydney Airport Limited ACN 165 056 360 (SAL) and The Trust Company (Sydney Airport) Limited (ACN 115 967 087) (AFSL 301162) (TTCSAL) as responsible entity for Sydney Airport Trust 1 (ARSN 099 597 921) (SAT1) (together "SYD")

The Nigel Love Building, 10 Arrivals Court, Locked Bag 5000, Sydney International Airport NSW 2020 Australia

Telephone [phone] - sydneyairport.com.au

Further information

For further information on the Retail Entitlement Offer, please contact the Sydney Airport Securityholder Offer Information Line on:

•  1800 102 368 (from within Australia); or

•  [phone] (from outside Australia),

between 8.30am and 5.00pm (AEST) Monday to Friday.

Authorised for release by the SAL and TTCSAL Boards

Contacts for further information

Rob Catterall

Josh Clements

Head of Investor Relations

Head of Media and Communications

T	[phone]	T	[phone]
M	[phone]	M	[phone]
E	[e-mail]	E	[e-mail]

IMPORTANT INFORMATION

IMPORTANT NOTICES

This announcement is not financial product or investment advice, a recommendation to acquire securities or accounting, legal or tax advice. It does not constitute an invitation or offer to apply for securities. It has been prepared without taking into account the objectives, financial or tax situation or needs of individuals. Before making an investment decision, prospective investors should consider the appropriateness of the information having regard to their own objectives, financial and tax situation and needs and seek legal and taxation advice appropriate for their jurisdiction. Sydney Airport is not licensed to provide financial product advice in respect of an investment in securities.

NOT FOR RELEASE OR DISTRIBUTION IN THE UNITED STATES

This announcement has been prepared for publication in Australia and may not be released or distributed in the United States. This announcement does not constitute an offer, invitation or recommendation to subscribe for or purchase any security or financial product and neither this announcement nor anything attached to this announcement shall form the basis of any contract or commitment. In particular, this announcement does not constitute an offer to sell, or the solicitation of an offer to buy, securities in the United States or any other jurisdiction in which such an offer would be illegal. Any securities described in this announcement have not been, and will not be, registered under the U.S. Securities Act of 1933, as amended (the U.S. Securities Act) or the securities laws of any state or jurisdiction of the United States. Accordingly, the securities may not be offered or sold, directly or indirectly, in the United States or to any person acting for the account or benefit of any person in the United States (to the extent such person is acting for the account or benefit of a person in the United States), except in transactions exempt from, or not subject to, the registration requirements of the U.S. Securities Act and applicable securities laws of any state or other jurisdiction of the United States.

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