DEXUS — Board/Management Information 2005

Mar 9, 2005

MP6058.DOC/CS129

DB RREEF Trust

Managed in partnership with Deutsche Bank $\boxtimes$

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

Level 18 225 George Street Sydney NSW 2000

PO Box R1822 Royal Exchange NSW 1225

Telephone 61 2 9258 1234 Direct 61 2 9258 2364 Facsimile 61 2 9258 1101

10 March 2005

The Manager Company Announcements Australian Stock Exchange Limited 20 Bridge Street SYDNEY NSW 2000

Dear Sir / Madam,

DB RREEF TRUST - APPOINTMENT OF DIRECTOR

This is to confirm the appointment of Mr Charles Bertrand Leitner, Global Head of Real Estate for Deutsche Asset Management, as a director of DB RREEF Funds Management Limited. Responsible Entity for DB RREEF Trust (DRT).

Mr Shaun Mays has resigned as a director and is now appointed as an alternate to Mr Leitner.

Yours faithfully,

IAN S. THOMPSON Company Secretary