DEXUS — Annual Report 2005

Aug 24, 2005

DR RREEE

Managed in partnership with Deutsche Bank $\boxtimes$

DB RREEF Funds Management Limited ABN 24 060 920 783 Australian Financial Services Licence Holder

Level 21 83 Clarence Street Sydney NSW 2000

PO Box R1822 Royal Exchange NSW 1225

Telephone 61 2 9249 9500 Direct 61 2 9249 9040 Facsimile 61 2 9279 3090

Email: tony.dixon@dbrreef.com

25 August 2005

The Manager Australian Stock Exchange Limited 20 Bridge Street Sydney NSW 2000

Dear Sir/Madam

DB RREEF Trust (ASX: DRT) Full Year Results Presentation 2005

DB RREEF Funds Management Limited, as responsible entity for DB RREEF Trust (DRT), is pleased to provide a copy of the full year results presentation for the year ending 30 June 2005.

For further information, please contact

$\bullet$	Institutional Investors:	Tony Dixon	$(02)$ 9249 9040
$\bullet$	Retail Investors:	Karol O'Reilly	$(03)$ 9270 4419
	• Media inquiries:	Megan Owen	(02) 9249 9904

Yours sincerely

Jaroje političke političke izveza.
Tradicija političke izveza političke izveza političke izveza političke izveza političke izveza izveza političk

John Easy Company Secretary

DB RREEF Trust

June 2005 Full Year Results

DB RREEF Funds Management Limited ABN 24/060 920 783 As Responsible Entity

Presented by Victor Hoog Antink CEO, DB RREEF Funds Management Limited 25 August 2005

Managed in partnership with Deutsche Bank. $\boxtimes$

Overview

• Achievements & Financial Highlights 1.
• June 2005 Results $2.$
• $\overline{3}$ . DRT
• Third Party Funds Management 4.
• 1. Management Structure
• Future Direction & Strategy 6.
• Important Information 7.

One Margaret Street, Sydney

1. Achievements & Financial Highlights

Managed in partnership with Deutsche Bank $\boxtimes$

1. Achievements

• Stapling of DDF, DIT, DOT & DRO to form DRT and partial internalisation
• Transactions DRT over \$2.0bn (Managed funds over \$3.0bn) $\blacksquare$
• Leasing DRT over 450,000sqm (Managed funds over 500,000sqm)
• Development 60,000sqm completed, 70,000sqm underway
• Capital management Almost \$2.0bn in debt & equity funding
• Restructured management platform including 21 new staff
• Stabilised business platform for future growth

1. Financial Highlights

• EPS / DPS in line with Explanatory Memorandum (EM) forecast $\blacksquare$
• Net income before capital items \$280.8m
• Distribution to investors \$281.3m
• EPS/DPS 10.5 cents per security
• Confirm FY06 forecast distribution 11.0 cps
• Balance Sheet well positioned, ahead of EM forecast $\blacksquare$
• Gearing 39%
• NTA increased 7 cents to \$1.29
• Refinancing of debt facilities undertaken

Managed in partnership with Deutsche Bank $\boxtimes$

Statutory Accounts 1		EM Forecasts 1	Actual - Grouped 1
\$241.0	Net Profit before capital items $(Sm)^2$	\$278.9	\$280.8
12.1	Earnings per security (cps)	10.5	10.5
10.5	Distribution per security (cps)	10.5	10.5
\$219.5	Net Profit Attributable to Security holders (Sm) 3	\$260.2	\$261.3
10.1	Earnings Per Security (cps)	9.8	9.8

¹The "actual grouped" figures reflect the aggregation of the four Trusts for the initial period to 30 June 2005. This accounting treatment is consistent with the disclosures as outlined in the EM and represent the summation of the results for the four Trusts comprising the stapled entity. It should be noted that investors in DRT have been entitled to the returns of the underlying Trusts from 1 July 2004.

For statutory reporting purposes, DB RREEF Diversified Trust (DDF) has been deemed as the head entity. Accordingly, the other three listed entities comprising DB RREEF Office Trust (DOT), DB RREEF Industrial Trust (DIT) and DB RREEF Operations Trust (DRO) are consolidated as subsidiary entities for accounting purposes. The financial statements reflect twelve months of DDF results and nine months of DOT. DIT and DRO results. The earnings per stapled security per the 30 June 2005 accounts is 10.1 cents (based on the weighted number of securities on issue for DDF from 1 July 2004 to 30 June 2005). This is calculated based on the reported net profit after capital items.

² Capital items comprise net profit from asset sales and costs associated with the restructure.

³ Net Profit Attributable to Security Holders reflects the writing off of transaction costs and includes capital profits.

Profit & Loss Statement

Consolidated Jun 05	AUD (\$000s)	EM Jun 05	Grouped Jun 05	$\boldsymbol{\%}$
388,358	Total Income	475, 092	460,380
(21, 141)	Responsible Entity Fees & Other Expenses	(32, 772)	(32, 106)
(111, 333)	Borrowing Costs	(154, 691)	(132,582)
255,884	Income after Interest & Expenses	287,628	295,692	$+3%$
(3,062)	Tax	(2,474)	(3,061)
(11, 791)	Outside Equity Interest	(6,208)	(11, 791)
241,031	Net Income Before Capital Items	278,945	280,840	+ 1%
25,707	Profit on Sale of Assets	21,712	25,707
(42, 281)	Transaction Costs	(40, 506)	(42, 281)
(4,934)	Increment / (Decrement) on Valuation of Investment Properties		(3,011)
219,523	Net Income After Capital Items	260,151	261,255	+ 0%

DRT Net Sector Income - Analysed

\$000s	EM Jun 05	Grouped Jun 05
Commercial Portfolio	221,707	215,257
Industrial Portfolio	108,168	105,395
Retail Portfolio	48,721	44,208
US Industrial Portfolio	82,481	83,422
Total Sector Income	461,077	448,282
Income from DRO	5,698	6,793
Other Income	1,009	748
Total Income excl Income Support	467,784	455,823
US Income Support	7,308	4,557
Total Income	475,092	460,380

2. June 2005 Results DRT Balance Sheet

AUD Sm AUD Sm 69.0 Cash Contributed equity 3,094.3 Investment properties (including 423.8 Reserves 6,751.0 equity accounted) Undistributed income 16.6 Outside equity interests 366.7 Other equity accounted investments, receivables & other 177.0 Total equity 3,901.3 Total assets 6,997.0 Net equity attributable to Payables, provisions & other 304.1 security holders 3,534.7 2,791.6 Interest bearing liabilities Gearing (net of cash) 39% Total liabilities 3,095.7 Securities on issue 2,732.1 m Net assets 3,901.3 NTA per security \$1.29

2. June 2005 Results - Material impacts from adopting AIFRS DRT Profit & Loss - Statement of Financial Performance

Net profit attributable to security holders (AGAAP)	219,523
AIFRS adjustments
Recognition of revaluation increments in the Statement of Financial Performance	208,403
Additional income recognised from the straight lining fixed rent reviews	6,718
Amortisation of lease incentives	(8, 140)
Fair value adjustments	1,422
Indicative net profit attributable to security holders (AIFRS)	427,926
$k = 1 - 1$

Notes:

• Revaluation increments are recognised in net operating profit under AIFRS
• Rental incentives are to be capitalised and amortised over the life of the lease
• Tax liabilities in the US will be recognised if sale proceeds are not rolled into the acquisition of $\blacksquare$ other assets
• Fair value adjustments reflect movements to property values that may be impacted by lease $\blacksquare$ amortisation or rental straight lining

2. June 2005 Results - Material impacts from adopting AIFR

DRT Balance Sheet - Statement of Financial Position

Net Assets (AGAAP)	3,901,323
AIFRS adjustments
Deferred tax liability to be recognised for US REIT	(18, 244)
Opening balance sheet adjustment for off balance sheet derivatives (1 Jul 05)	(9,998)
Indicative net assets (AIFRS)	3,873,081

Notes:

The Board has elected to apply the exemption and will not adopt AASB 132 and 139 until the year ended 30 June 2006

$\Omega$ DRT

• 3.1 Portfolfo
• 3.2 Commercial
• 8.3 . Theristical
• 341 RGMI
• US Industrial 8451
• $3.6 -$ DB RREEF Operations Trust (DRO)
• 3.7 Capital Management

3.1 DRT - Portfolio

Asset Diversification

		هو	1. 1978 i atu tintu
			e koleda 5.9
			5.1
			3.4
0.8	12	99.5	6.1
6.4	100	93.1	5.3
	3.1 1.3 1.2	e de la componentación 48 21 19	93.6 98.4 88.5

¹ represents 80% ownership of US industrial portfolio

$2$ by area

$3$ by income

3.1 DRT - Portfolio Transactions Completed

Transactions totalling over \$900m during the period, sales delivered profits on sale greater than \$25m

	po m	e en port	83	an sa kalendar
$\blacksquare$	Whitford City, WA (50%)	Aug 04	192.5	14.9
$\blacksquare$	Plenty Valley, Vic (50%)	Aug $04$	19.0	1.3
$\blacksquare$	Axxess Corporate Park, Seven Hills, NSW	Oct 04	16.6	(0.2)
$\blacksquare$	McDowell St, Welshpool, WA	Nov $04$	4.2	(0.2)
$\blacksquare$	144 Edward Street, Brisbane, Qld	Nov $04$	44.7	3.4
$\blacksquare$	Redwood Gardens, Dingley, Vic (part)	To Jun 05	5.5	0.7
$\blacksquare$	Rothschild Ave, Rosebery, NSW (land)	Feb 05	22.0	1.2
$\blacksquare$	1 Chifley Square, Sydney, NSW	March 05	54.0	(0.3)
$\blacksquare$	West Lakes, SA (50%)	May 05	122.5	1.8
臝	Dornoch Court, San Diego, CA (80%)	June 05	15.2	3.0

1980 - Johann Barbara, martxa a

3.1 DRT - Portfolio

Transactions On-going

varanten

• North Lakes, Qld (50%)
• Mt Druitt, NSW (50%)
• 16-20 Barrack Street, NSW $\blacksquare$
• Hurstville Shopping Centre, NSW (50%) $\blacksquare$
• Ft Holabird, Baltimore, MD (80%) $\blacksquare$

Televizione dell'

Lumley Centre, Auckland

rte e del	MUI	Sansan ing
Aug 04	60.8	7.25%
Sept 04	132.5	7.25%
Feb 05	44.5	N/A
May 05	232.5	6.75%
June 05	13.2	8.15%
変え変われ	18	estas prov

3.1 DRT - Portfolio

Valuations Summary

Percentage of Sector	Sector	Valuation \$bn	Net Revaluation Increment \$m	Percentage Movement over Book Value
100%	US Industrial	1,203	92	8%
71%	Office	2,084	91	5%
44%	Industrial	583	47	9%
33%	Retail 1	263	18	7%
64%	Total Valuations	4,133	248	6%
	Weighted average cap rates by sector
	US Industrial	7.87%
	Office & Car Park	7.42%
	Industrial	8.71%
	Retail	7.24%
1 Directors Valuations

²Terminal Yield

3.2 DRT - Commercial

Earnings (\$000s)	EM Jun 05	Grouped Jun 05
Net Sector Income	221,707	215,257
Lumley Centre Impact (Delay)	1,357	393
144 Edward St Impact (Sold Nov 04)	3,398	1,161
Net Property Income	216,952	213,703

• Slower than forecast leasing in major assets

3.2 DRT - Commercial

• Portfolio income up 5% over Jun 04
• Comparable income down 2% from Jun 04
• Portfolio quality enhanced
• 45 Clarence Street, Sydney refurbishment completed
• 321 Kent Street, Sydney refurbishment underway
• 130 George Street, Parramatta refurbishment underway
• Lumley Centre, Auckland scheduled for completion in Sept 05
• Leasing
• Almost 86,600 sqm of new leasing, renewals and heads of agreement
• Approximately 17% of the portfolio by area
• Occupancy is 93.6% (91.0% at June 04)
• Strong lease profile of 5.9 years by income (5.9 years at June 04)

45 Clarence Street, Sydney

3.2 DRT - Commercial Leasing Update

Significant leasing transactions $\mathbf{E}^{(1)}$

Property	Area (sqm)	Major Tenant	Term (yrs)
45 Clarence St, Sydney	20,207	" Hudson Global (6,811)	7.0
		• HBOS Australia (5,244)	8.0
321 Kent St, Sydney	10,583	• Sparke Helmore (10,583)	10.0
Australia Square, Sydney	10,700	• Various
Southgate Towers, Melbourne	10,893	• Dairy Australia (2,157)	4.0
44 Market St, Sydney	9,161	■ Tomen Australia (856)	6.0
130 George St, Parramatta	8,640	■ NSW Police (7,200)	5.0
383 Kent St, Sydney	5,335	$\blacksquare$ Custom Call (3,589)	5.0
The Zenith, Chatswood	4,056	• Paramount Home Entertainment (949)	5.0

3.2 DRT- Commercial

Key Leasing Priorities

Property	30 June 05 Available (sqm)	Additional H o A in place
130 George Street (under refurbishment)	11,867	11,867
Australia Square	10,554	5,352
45 Clarence St	4,999	2,611
Others	15,055	2,470
Total portfolio availability	41,578	22,300
DRT economic interest	33,597	19,632

3.2 DRT - Commercial

Lease Expiry Profile

3.2 DRT - Commercial

Development & Refurbishment Update

Completed

45 Clarence Street, Sydney

Refurbishment works complete

Underway

309-321 Kent Street, Sydney

\$15m Refurbishment due for completion, Jan 06

Ferguson Centre, Parramatta

• \$22m Refurbishment due for completion, Jan 06 Lumley Centre, Auckland
• \$NZ110m development under construction,
  completion scheduled for Sept 05

Pipeline

Bent Street, Sydney

Planning commenced

Lumley Centre, Auckland

3.3 DRT - Industrial Portfolio

Earnings (\$000s)	EM Jun 05	Grouped Jun 05
Net Property Income	108,168	105,395
Net Sector Income	108,168	105,395

Leasing remains challenging in North Shore markets $\blacksquare$

Pound Road West, Dandenong VIC

3.3 DRT - Industrial Leasing Update

• Portfolio income up 8% over Jun 04 $\blacksquare$
• Like on like income growth of 5% over Jun 04
• Leasing
• New leases, renewals and heads of agreement of over 175,000 sqm
• 15% of portfolio by area
• Portfolio occupancy 98.4% (95.0% in June 04)
• Average lease term 5.1 years by income (4.3 years at June 04).
• Significant leasing transactions during the period included

Property	Area (sqm)	Tenant	Term (years)
DB RREEF Industrial Estate, Laverton North, Vic 43,705		Coles Myer Ltd	15.0
Evans Road, Salisbury, SA	15,272	Welded Tube/Qld Slitting 5.0
Birmingham St, Villawood, NSW	11,401	Road Sea Rail	7.2
Old Pittwater Rd, Brookvale, NSW	11,307	Fujifilm Australia	3.0
Redwood Gardens, Dingley, VIC	10,996	Various	7.2

3.3 DRT- Industrial

Key Leasing Priorities

Property	Available (sqm)	Total %
706 Mowbray Rd, Lane Cove, NSW	4,218	0.4%
11 Talavera Rd, North Ryde, NSW	3,835	0.4%
Redwood Gardens Industrial Estate, Dingley, Vic	2,593	0.2%
Others	7,218	0.6%
Total	17,864	1.6%

2 Alspec Place, Eastern Creek NSW

3.3 DRT - Industrial

Lease Expiry Profile

3.3 DRT - Industrial Development Update

Completed - Approximately 60,000sqm of developments were delivered during the period $\blacksquare$

Property	Tenant	Area (sqm)	Valuation \$m	Completed
Laverton, Vic	Visy Steel	20,234	15.7	Dec $04$
Dandenong, Vic	Aluminium Specialties	7,628	6.4	Dec $04$
Axxess Corporate Park, Vic	Draeger Medical	3,000	7.2	Nov $04$
Kings Park, NSW	CSL Limited	1,854	3.0	Sep 04
Dandenong, Vic	Westgate Logistics	10,600	7.9	Feb 05
Eastern Creek, NSW	CCL	16,875	23.1	Mar 05

Underway $\blacksquare$

Property	Tenant	Area (sqm)	Est. Val. \$m	Due
Axxess Corporate Park, Vic	Alinta Gas	7,650	27.4	Oct 05
Laverton North, Vic	Coles Myer Limited	43,705	99.5	Early 07

3.4 DRT - Retail Portfolio

Earnings (\$000s)	EM Jun 05	Grouped Jun 05
Net Property Income	48,721	44,208
Net Sector Income	48,721	44,208

Timing differences between actual & forecast settlement have primarily contributed to $\blacksquare$ differences and have been substantially offset by interest cost savings.

3.4 DRT - Retail Centre Statistics

Centre	Centre T/O \$psm	Specialty T/O Spsm	Total Centre MAT Growth	Total Specialty MAT Growth	Occ Cost Specialty %
Whitford City	5,933	7,636	4.0%	$(0.3)$ %	13.7%
West Lakes	5,387	8,198	0.5%	$(7.5)$ %	12.5%
Plenty Valley	8,328	6,479	1.2%	6.9%	10.0%
North Lakes	5,240	6,233	35.3%	25.1%	12.3%
Mt Druitt	5,939	7,717	38.9%	4.6%	15.1%
Hurstville	5,901	8,266	2.9%	2.7%	17.8%

• Portfolio Occupancy 99.5% $\blacksquare$
• Portfolio Debtors 0.1% $\blacksquare$

3.4 DRT - Retail Development Update

Completed

Westlakes, SA

• \$64 million, 8.75% forecast return
• All stages complete
• Under Development

Mount Druitt, NSW

• \$60 million, 7.63% forecast return $\omega$
• Stage 1 completed Jun 05
• 15 shops, 4 kiosks, Coles Supermarket
• Stage 2 due Sept 05 $\omega_{\rm{max}}$
• 43 shops, new Target store
• Final completion due Mar 06

Development pipeline

Plenty Valley, Vic North Lakes, Qld

Westfield, Mount Druitt, NSW

3.5 DRT - US Industrial Portfolio

Earnings (\$000s)	EM Jun 05	Grouped Jun 05
Net Property Income (\$USD)	56,203	59,352
Net Property Income (\$AUD)	82,481	83,422
US Income Support	7,308	4,557
Net Sector Income	89,789	87,979

• NPI (\$USD) up 5% before Income Support $\blacksquare$
• EM assumed \$AUD/USD exchange rate of \$0.6814, actual rate was \$0.7242 $\blacksquare$

3.5 DRT - US Industrial Leasing Update

• New leases and renewals of more than 1.4 million square feet (7% of portfolio area) $\blacksquare$
• Occupancy 88.5% (87.0% at June 04) $\blacksquare$
• Average lease term (by income) 3.4 years (3.2 years at June 04) $\blacksquare$
• Significant leasing transactions during the period include: $\blacksquare$

Property	Tenant	Area (sq ft)	Lease Term (yrs)	Lease Type
10397 West Van Buren St, Tolleson, AZ	States Logistics	278,142	1.25	Renewal/Expansion
1614 Westbelt Dr. Columbus, OH	United Stationers	229,200	5.0	Renewal
9565 Santa Anita Ave, Riverside, CA	Weber Inc	212,300	5.0	New
3601 East Plano Pkway, Plano, TX	Tekelec	87,195	10.0	New
912 113 th St, Arlington, TX	B&E Industries	79,735	6.0	New
11093 Kenwood Rd, Cincinnati, OH	Gateway Dist.	62,500	2.0	New

3.5 DRT - US Industrial

Key Leasing Priorities

Property	City	State	Available (Sq Ft)	% Total Portfolio
9756 International Blvd	Cincinnati	0H	192,000	1.0%
West 21902 64th Ave	Seattle	WA	157,135	0.8%
2626 Port Rd	Columbus	0H	156,000	0.8%
3520 Westinghouse Blvd	Charlotte	NC	121,900	0.6%
3601 E Plano Parkway	Plano	TX	116,068	0.6%
7453 Empire Drive, Bldg C	Independence	KY	101,250	0.5%
181 Fulling Mill Road	Mechanicsburg	PA	70,232	0.4%
Other vacancies			1,359,025	6.8%
Total			2,283,610	11.5%

3.5 DRT - US Industrial Lease Expiry Profile

3.5 DRT - US Industrial

Development Update

• Put & call agreements on five parcels totalling \$US18m, due by June 06
• DRT will exercise call on Turnpike Distribution Center, Medley, FL at \$US5.7m in 3Q05 $\blacksquare$
• Proposed \$17m development project, 12 month construction period, forecast stabilised return $\blacksquare$ of approximately 8%
• Remaining properties to be called as appropriate by June 06 $\blacksquare$

3.6 DRT - DRO

Earnings (\$000s)	EM Jun 05	Grouped Jun 05
Income from DRO	5,698	6,793
Income Tax	323	990
Net Income from DRO	5,375	5,803

• 50% contribution from DB RREEF Holdings Pty Ltd $\blacksquare$
• Income comprises asset and property management fees less operating costs $\blacksquare$

3.6 DRO Analysis P&L Summary

Managed in partnership with Deutsche Bank. $\boxdot$

3.6 DRT - DRO Active Opportunity

343 George Street, Sydney

• DRT exercised call as outlined in EM, Feb 05
• Purchase Price \$44.5m
• Refurbishment underway
• Completion expected Dec 05
• Strata title development & sale opportunity
• DB RREEF Funds Management to occupy top three floors

3.7 DRT - Capital Management Equity

• 2,625.3m securities Issued in line with restructure
• 106.7m securities issued Feb 05 DRP at \$1.279 $\blacksquare$
• 33.7m securities issued Aug 05 DRP at \$1.348 $\blacksquare$
• 2,765.8m securities on Issue as at 1 September 2005
• \$204m RENTS securities issued in May 05 (ASX: DRRPA)
• * 130 bps premium over 90 day BBSW
• Dividend rate set each quarter
• " 7 year term

3.7 DRT - Capital Management Debt

• Refinancing & new raisings including: $\blacksquare$
• A\$900m Syndication facility
• US\$200m US Private Placement
• A\$445m of Bridge Facilities subsequently repaid
• Greater diversification of funding $\blacksquare$ sources
• Strategy for FY2006 maturities $\blacksquare$ underway

3.7 DRT - Capital Management Debt Profile

• Duration of debt currently 3.0 years
• * 85% of debt hedged at 30th June 2005¹
• Interest rate hedging duration 5.2 years
• Gearing reduced to 39% as at 30 June 2005 $\blacksquare$
• Forecast cost of debt for 2006 (inclusive of margins $\hat{\alpha}$ fees)²
• AS 6.22% $\blacksquare$
• USS 4.44% $\blacksquare$
• NZS 7.30% $\blacksquare$
• Over 90% of forecast US earnings hedged in FY06

¹US JV included at 80%

²Based on current floating rates

3.7 DRT - Capital Management Debt Maturity Profile

3.7 DRT - Capital Management

Interest rate hedging profile

	FY06	FY07	FY08	FY09	FY10
A\$m hedged	1643	1518	1388	978	858
A\$ hedge rate 1	6.22%	6.23%	6.23%	6.27%	6.31%
Average rate 2	6.22%	6.22%	6.24%	6.27%	6.30%
US\$m hedged 3	635	679	671	610	223
US\$ hedge rate 1	4.48%	4.47%	4.54%	4.50%	4.84%
Average rate 2	4.44%	4.55%	4.63%	4.67%	5.11%
	FY06	FY07	FY08	FY09	FY10
US\$m hedged	17.8	13.3	10.7	7.2	2.1
Avg A\$/US\$ hedge rate	0.6991	0.6893	0.6824	0.6858	0.7172

1 Weighted average hedge rate including margin & fees

2 Weighted average fixed and floating rate including margin & fees

3 includes 80% of total hedges of DBRREEF Industrial LLC (US JV)

4. Third Party Funds Management.

Managed in partnership with Deutsche Bank $\boxtimes$

4. Third Party Funds Management

DWPF \$1.5bn (128 investors)

• Managed under delegated authority $\blacksquare$
• No DRT investment existing investor priority ш
• Acquired 50% of Regents Park, NSW $\blacksquare$
• Constitution changed in July 05
• \$37m capital raising completed in Aug 05 $\blacksquare$
• AGM to be held Oct 05 $\blacksquare$

Separate Accounts

• STC \$1.4bn
• AXA S0.4bn

Syndicates (989 investors)

• Three funds, \$0.2bn ш
• Gordon Property Syndicate ш
• Northgate Property Syndicate ш
• Abbotsford Property Syndicate $\blacksquare$

DR RRFFF

5. Management Structure

Managed in partnership with Deutsche Bank $\boxtimes$

5. Group Management Structure

Organisational Chart

5. Property Services Management Structure Organisational Chart

6. Future Direction & Strategy

Managed in partnership with Deutsche Bank $\boxtimes$

6. Future Direction & Strategy

• Portfolio performance
• Continued leasing focus on existing assets $\equiv$
• Stabilise income stream
• Management platform
• Continue to strengthen DRFM Management team
• Incremental resources to match portfolio requirements $\qquad \qquad -$
• Enhance eps growth $\blacksquare$
• Extract enhanced returns from existing asset base
• Continue to source new investment opportunities for third party funds and DRT
• Leverage the global platform
• US primary focus $\qquad \qquad -$
• Incremental focus on additional market opportunities

Managed in partnership with Deutsche Bank $\boxtimes$

7. Appendix - Valuation Schedule

	Date	Valuation Sm	Cap Rate	Net Movement \$m
US Industrial Portfolio (80%)	Jun 05	1,203.1	7.87%	92.0
Southgate Complex Melbourne VIC	Jun 05	361.0	7.75%	39.8
Governor Phillip Tower & Governor Macquarie Towers Sydney NSW	Dec 04	512.5	6.60%	24.1
Whitford City Shopping Centre & Whitfords Avenue Hillarys WA 1.3	Jun 03	153.4	7.13%	14.3
45 Clarence Street Sydney NSW	Jun 05	195.0	7.50%	11.9
240 St Georges Terrace Perth WA	Jun 05	270.0	7.00%	11.5
Kings Park Industrial Estate, Bowmans Road, Marayong, NSW	Jun 05	78.5	8.00%	9.5
8 Nicholson Street, Melbourne, Vic.	Jun 05	91.8	7.25%	7.5
O'Connell House 15-19 Bent Street Sydney NSW	Sep 04	55.5	8.00%	7.2
12 Frederick Street St Leonards NSW	Jun 05	31.5	8.50%	5.3
145-151 Arthur Street Flemington NSW	Jun 05	31.0	8.00%	4.9
1 Margaret Street Sydney NSW	Jun 05	139.0	7.20%	4.5
79-99 St Hilliers Road Auburn, NSW	Jun 05	41.0	8.00%	3.8
121 Evans Road Salisbury QLD	Dec 04	18.5	8.75%	$3.8\,$

7. Appendix - Valuation Schedule (cont'd)

	Date	Valuation \$m	Cap Rate	Net Movement \$m
Pound Road West Dandenong VIC	Jun 05	56.3	8.20%	3.5
Target Distribution Centre Taras Avenue Altona North Vic	Jun 05	35.0	8.00%	3.1
2 Minna Close Belrose NSW	Dec 04	32.4	8.50%	3.1
1 Foundation Place Greystanes NSW	Dec 04	41.7	8.00%	2.8
1 Garigal Road Belrose NSW	Dec 04	27.4	8.50%	2.7
25 Donkin Street South Brisbane QLD	Jun 05	20.7	8.25%	2.6
West Lakes Shopping Centre West Lakes SA 1.3	Jun 03	86.0	7.50%	1.8
436-484 Victoria Road Gladesville NSW	Dec 04	43.0	8.50%	1.7
15-23 Whicker Road Gillman SA	Jun 05	21.3	9.75%	1.5
Plenty Valley Town Centre South Morang Vic 1.3	Jun 03	16.0	7.75%	1.3
250 Forest Road South Lara VIC	Jun 05	34.6	9.65%	0.8
Whitfords Avenue Hillarys WA 1,3	Jun 03	7.9	8.50%	0.7
2 O'Connell Street Sydney NSW	Sep 04	7.8	8.00%	0.6

7. Appendix - Valuation Schedule (cont'd)

	Date	Valuation Sm	Cap Rate	Net Movement \$m
4 O'Connell Street Sydney NSW	Sep 04	12.0	8.00%	0.5
9 Bligh Street Sydney NSW	Sep 04	5.5	8.00%	0.4
114-120 Old Pittwater Road Brookvale, NSW	Jun 05	42.0	9.00%	0.2
201 Elizabeth Street Sydney NSW	Dec 04	117.0	7.25%	(0.4)
14 Moore Street, Canberra, ACT	Apr 05	36.3	8.75%	(1.0)
40 Talavera Road, North Ryde, NSW	Apr 05	28.5	8.25%	(2.6)
Australia Square 264 George St Sydney NSW	Jun 05	184.0	8.00%	(4.9)
1 Bligh Street Sydney NSW	Sep 04	10.5	7.20%	(5.3)
Victoria Cross 60 Miller Street North Sydney NSW	Mar 05	86.0	7.50%	(5.3)
TOTAL INVESTMENT PROPERTIES		4,133.5		248.0

8. Important Information

Managed in partnership with Deutsche Bank $\boxdot$

8. Important Information

This presentation is issued by DB RREEF Funds Management Limited (DRFM) in its capacity as responsible entity of DRT. It is not an offer of securities for subscription or sale and is not financial product advice.

Information in this presentation including, without limitation, any forward looking statements or opinions (the Information) may be subject to change without notice. To the extent permitted by law, DRFM, DRT, the Deutsche Bank AG Group and their officers, employees and advisers do not make any representation or warranty, express or implied, as to the currency, accuracy, reliability or completeness of the Information and disclaim all responsibility and liability for it (including, without limitation, liability for negligence). Actual results may differ materially from those predicted or implied by any forward looking statements for a range of reasons outside the control of the relevant barties.

The information contained in this presentation should not be considered to be comprehensive or to comprise all the information which a DRT security holder or potential investor may require in order to determine whether to deal in DRT stapled securities. This presentation does not take into account the financial situation, investment objectives and particular needs of any particular person.

The repayment and performance of an investment in DRT is not guaranteed by DRFM or Deutsche Bank AG ABN 13 064 165 162, any of its related bodies corporate or any other person or organisation. An investment is not a deposit with or any other type of liability of Deutsche Bank AG or any other member of the Deutsche Bank AG Group, and the capital value and performance of an investment is not in any way guaranteed by the Bank or any other member of the Deutsche Bank AG Group.

This investment is subject to investment risk, including possible delays in repayment and loss of income and principal invested.