DEXUS — Capital/Financing Update 2004

Oct 11, 2004

DB RREEF Trust

Managed in Partnership with Deutsche Bank [7]

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 9474 Facsimile 61 2 9249 9220

Email: victor.hoogantink@dbrreef.com

12 October 2004

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

Dear Sir / Madam

DB RREEF Trust (ASX: DRT) - DB RREEF Industrial Trust

DB RREEF Funds Management Limited as responsible entity for DB RREEF Industrial Trust wish to announce the Appendix 3B - New Issue announcement, application for quotation of additional securities and agreement for DB RREEF Industrial Trust (DIT).

سأستعصص والتناص

For further information, please contact Victor Hoog Antink on +61 2 9249 9474 or for media inquiries Kristin Silva on +61 2 9249 9568.

Yours sincerely

lan Thompson Company Secretary

$\mathbf{r} = \mathbf{r} \mathbf{r}$

c:\docume~1\maureenp\locals~1\temp\h.config.notes.data\~5452427.doc

Rule 2.7, 3.10.3, 3.10.4, 3.10.5

Appendix 3B

New issue announcement, application for quotation of additional securities and agreement

Information or documents not available now must be given to ASX as soon as available. Information and documents given to ASX become ASX's property and may be made public.

Introduced 171/96. Origin: Appendix 5. Amended 171/98, 1/9/99, 1/7/2000, 30/9/2001, 11/3/2002, 1/1/2003.

Name of entity

DB RREEF Funds Management Limited as responsible entity for the DB RREEF Industrial Trust ('Trust')

ABN

24 060 920 783 (ARSN of the Trust 090 879 137)

We (the entity) give ASX the following information.

Part 1 - All issues

You must complete the relevant sections (attach sheets if there is not enough space).

⁺Class of ⁺securities issued or to be $\mathbf{1}$ issued

Ordinary units in the Trust

• $\mathfrak{p}$ Number of ⁺securities issued or to be issued (if known) or maximum number which may be issued
• $\overline{\mathbf{3}}$ Principal terms of the *securities (eg, if options, exercise price and date; if partly paid expiry *securities, the amount outstanding and due dates for payment; if +convertible securities. the conversion price and dates for conversion)

Approximately 2,076,657,672

The new units have been issued on the same terms as existing ordinary units.

• See chapter 19 for defined terms.

4 Do the ⁺securities rank equally in all $\sqrt{Yes}$ respects from the date of allotment with an existing ⁺class of quoted *securities?

If the additional securities do not rank equally, please state:

• $\bullet$ the date from which they do
• the extent to which they participate for the next dividend, (in the case of a trust, distribution) or interest payment
• the extent to which they do not rank equally, other than in relation to the next dividend, distribution or interest payment

$5⁵$ Issue price or consideration

Purpose of the issue 6 (If issued as consideration for the acquisition of assets, clearly identify those assets)

Diversified Trust, DB RREEF Industrial Trust, DB RRREF Office Trust and DB RREEF Operations Trust to create the DB RREEF Trust stapled security as described in the Explanatory Memorandum and Product Disclosure Statement dated 30 August 2004. $\ddot{\phantom{a}}$

Units have been subscribed for pursuant to

the stapling of units in DB RREEF

7 Dates of entering 'securities into uncertificated holdings or despatch of certificates

19 October 2004

$$0.16$

8 Number and ⁺class of all *securities quoted on ASX (including the securities in clause 2 if applicable)

Number	+ Class
The estimated number units on issue and quoted on ASX following the issue is 2,587,749,741	Ordinary

• See chapter 19 for defined terms.

		Number	+ Class
9	Number and + class of all Nil *securities not quoted on ASX (including the securities in clause ) 2 if applicable)		Nil

$10$ trust, distribution policy) on the increased capital (interests)

Dividend policy (in the case of a $\sqrt{\frac{1}{2}}$ There will be no change in the distribution policy.

Part 2 - Bonus issue or pro rata issue

11	security holder approval Is. required?	Not applicable
12	Is the issue renounceable or non- renounceable?	Not applicable
13	Ratio in which the *securities will be offered	Not applicable
14	+ Class of + securities to which the offer relates	Not applicable
15	*Record determine date to entitlements	Not applicable
16	Will holdings on different registers (or subregisters) be aggregated for calculating entitlements?	Not applicable
17	Policy for deciding entitlements in relation to fractions	Not applicable
18	Names of countries in which the entity has 'security holders who will not be sent new issue documents Note: Security holders must be told how their entitlements are to be dealt with.	Not applicable
	Cross reference: rule 7.7.
19	Closing date οf for receipt acceptances or renunciations	Not applicable

$\ddot{\phantom{a}}$

$\sigma$ and $\sigma$ is a second second second on $\sigma$ $\mathcal{L}^{\mathcal{L}}$

• See chapter 19 for defined terms.

÷.

20	Names of any underwriters	Not applicable
21	Amount of any underwriting fee or commission	Not applicable
22	Names of any brokers to the issue	Not applicable
23	Fee or commission payable to the broker to the issue	Not applicable
24	Amount of any handling fee payable to brokers who lodge acceptances or renunciations on behalf of + security holders	Not applicable
25	If the issue is contingent on "security holders' approval, the date of the meeting	Not applicable
26	Date entitlement and acceptance form and prospectus or Product Disclosure Statement will be sent to persons entitled	Not applicable
27	If the entity has issued options, and the terms entitle option holders to participate on exercise, the date on which notices will be sent to option holders	Not applicable
28	Date rights trading will begin (if applicable)	Not applicable
29	Date rights trading will end (if Not applicable applicable)
30	How do *security holders sell their entitlements in full through a broker?	Not applicable
31	How do 'security holders sell part of their entitlements through a broker and accept for the balance?	Not applicable

$\ddot{\phantom{a}}$

• See chapter 19 for defined terms.

$\mathcal{A}^{\mathcal{A}}$

Appendix 3B Page 5

$\bar{\beta}$

$\bar{\star}$

$32$ How do "security holders dispose [ of their entitlements (except by sale through a broker)?

Not applicable

33 ⁺Despatch date

Not applicable

Part 3 - Quotation of securities

You need only complete this section if you are applying for quotation of securities

34 Type of securities (tick one)

$(b)$

35

37

• $(a)$ Securities described in Part 1
• All other securities

Example: restricted securities at the end of the escrowed period, partly paid securities that become fully paid, employee
incentive share securities when restriction ends, accurities issued on expiry or conversion of conve

Entities that have ticked box 34(a)

Additional securities forming a new class of securities

Tick to indicate you are providing the information or documents

• If the 'securities are 'equity securities, the names of the 20 largest holders of the additional ⁺securities, and the number and percentage of additional +securities held by those holders
• If the 'securities are 'equity securities, a distribution schedule of the additional 36 *securities setting out the number of holders in the categories $1 - 1,000$ $1,001 - 5,000$ 5,001 - 10,000 10,001 - 100,000 100,001 and over

A copy of any trust deed for the additional *securities

⁺ See chapter 19 for defined terms.

Entities that have ticked box 34(b)

• Number of securities for which 38 ⁺quotation is sought
• 39 Class of 'securities for which quotation is sought
• $40^°$ Do the ⁺securities rank equally in all respects from the date of allotment with an existing 'class of quoted *securities?

If the additional securities do not rank equally, please state:

• $\bullet$ the date from which they do
• the extent to which they participate for the next dividend, (in the case of a trust, distribution) or interest payment
• the extent to which they do not rank equally, other than in relation to the next dividend, distribution or interest payment
• 41 Reason for request for quotation now

Example: In the case of restricted securities, end of restriction period

(if issued upon conversion of another security, clearly identify that other security)

42 Number and ⁺class of all ⁺securities quoted on ASX (including the securities in clause 38)

+ Class

⁺ See chapter 19 for defined terms.

Quotation agreement

• $\mathbf{1}$ *Quotation of our additional *securities is in ASX's absolute discretion. ASX may quote the *securities on any conditions it decides.
• $\overline{2}$ We warrant the following to ASX.
• The issue of the 'securities to be quoted complies with the law and is not for an illegal purpose.
• There is no reason why those "securities should not be granted "quotation.
• An offer of the ⁺securities for sale within 12 months after their issue will not require disclosure under section 707(3) or section 1012C(6) of the Corporations Act.

Note: An entity may need to obtain appropriate warranties from subscribers for the securities in order to be able to give this warranty

• Section 724 or section 1016E of the Corporations Act does not apply to any $\bullet$ applications received by us in relation to any *securities to be quoted and that no-one has any right to return any 'securities to be quoted under sections 737, 738 or 1016F of the Corporations Act at the time that we request that the "securities be quoted.
• We warrant that if confirmation is required under section 1017F of the Corporations Act in relation to the "securities to be quoted, it has been provided at the time that we request that the 'securities be quoted
• If we are a trust, we warrant that no person has the right to return the *securities to be quoted under section 1019B of the Corporations Act at the time that we request that the +securities be quoted

⁺ See chapter 19 for defined terms.

• $\overline{3}$ We will indemnify ASX to the fullest extent permitted by law in respect of any claim, action or expense arising from or connected with any breach of the warranties in this agreement.
• $\overline{4}$ We give ASX the information and documents required by this form. If any information or document not available now, will give it to ASX before "quotation of the +securities begins. We acknowledge that ASX is relying on the information and documents. We warrant that they are (will be) true and complete.

Sign here:

l., .. $\mu$ . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

IAN THOMPSON

Date: $24/904$

(Director/Company secretary)

Print name:

______________________________________

⁺ See chapter 19 for defined terms.