DEXUS — Capital/Financing Update 2005

Sep 12, 2005

DB RREEF

Managed in partnership with Deutsche Bank $\boxdot$

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: topy.dixon@dbrreef.com

13 September 2005

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

Dear Sir/Madam

DB RREEF Trust (ASX: DRT) - NEW ISSUE ANNOUNCEMENT - JUNE 2005 DRP

DB RREEF Funds Management Limited, as responsible entity for DB RREEF Trust (DRT), wishes to provide the Appendix 3B - New Issue announcement, application for quotation of additional stapled securities and agreement for DB RREEF Trust arising from the June 2005 distribution reinvestment plan.

$\epsilon_{\rm{gas}}$

For further information, please contact

$\bullet$	Institutional Investors:	Tony Dixon.	(02) 9249 9040
$\bullet$	- Retail Investors:	Karol O'Reilly	(03) 9270 4419
	• Media inquiries:	Kristin Silva	(02) 9249 9568

Yours sincerely

Tanya Cox Company Secretary

Ą.

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 17:96. Origin: Appendix 5. Amended 1:7:98, 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 DB RREEF Trust (DRT)

ABN

24 060 920 783 ARSN of DDF 089 324 541, DIT 090 879 137, DOT 090 768 531, DRO 110 521 223

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). Southey05

$\mathbb{I}$ ⁺Class of ⁺securities issued or to be issued

Stapled Securities

• Number of ⁺securities issued or to $\overline{2}$ be issued (if known) or maximum number which may be issued
• 3 Principal terms of the "securities (eg, if options, exercise price and expirv date; if partly paid "securities, the amount outstanding and due dates fог payment; if convertible securities, the conversion price and dates for conversion)

33,705,917

The new securities have been issued on the same terms as existing stapled securities.

HUNGSTANDER KONSTANTISCHE

^* See chapter 19 for defined terms.

4	Do the "securities rank equally in all respects from the date of allotment with an existing 'class of quoted 'securities?	Yes
	If the additional securities do not rank equally, please state: the date from which they do ۰ the extent to a 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
5.	Issue price or consideration	\$1.3477 per stapled security
6	Purpose of the issue (If issued as consideration for the acquisition of assets, clearly identify those assets)	Funds raised through the underwritten Distribution Reinvestment Plan will be used to repay debt.
7	Dates of entering "securities into uncertificated holdings or despatch of certificates	29 August 2005
		Number	Class
8	Number and "class of аll securities quoted ASX. $^{cm}$ (including the securities in clause 2 if applicable)	Opening Securities 2,732,082,389 add new Securities: 33,705,917 Closing Securities: 2,765,788,306	stapled securities

$\bar{\chi}$

$\phi$

⁺ See chapter 19 for defined terms.

• Number and "class of all 9 "securities not quoted on ASX (including the securities in clause 2 if applicable)
• 10 Dividend policy (in the case of a trust, distribution policy) on the increased capital (interests)

There is no change in the distribution policy

Class

Nil

Part 2 - Bonus issue or pro rata issue

$\mathbf{1}$	holder security approval Ιs 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. Cross reference: rule 7.7.	Not applicable
19	Closing for date receipt оf	Not applicable

rige.

Number

$\overline{\text{Nil}}$

acceptances or renunciations

4

Appendix 3B Page 3

⁺ 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 renunciations on - behalf of 0ť "security holders	Not applicable
25	the issue is contingent ΙfΓ 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 $\mathbf{a}$ broker?	Not applicable
31	How do "security holders sell part of their entitlements through a broker and accept for the balance?	Not applicable

$\mathbb{C}$

$\sim_{\mathcal{G}}$

⁺ See chapter 19 for defined terms.

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

33 "Despatch date Not applicable

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 $(iick one)$
• $(a)$ Securities described in Part 1
• $(b)$ 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, securities issued on expiry or conversion of convertible securities

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

35

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

36 If the 'securities are 'equity securities, a distribution schedule of the additional "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

37

A copy of any trust deed for the additional "securities

$\bar{a}$

⁺ See chapter 19 for defined terms.

Entities that have ticked box 34(b)

• 38 Number of securities for which "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:

• the date from which they do
• the extent to which they $\bullet$ 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, and 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)

Number	*Class

b.

Appendix 3B Page 6

Martin Martin Adam Andre

⁺ See chapter 19 for defined terms.

Quotation agreement

• Ť "Quotation of our additional "securities is in ASX's absolute discretion. ASX may quote the "securities on any conditions it decides.
• 2 We warrant the following to ASX.
• The issue of the "securities to be quoted complies with the law and is not $\bullet$ for an illegal purpose.
• There is no reason why those "securities should not be granted 'quotation. $\mathbf{a}$
• 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 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 $\bullet$ securities to be quoted under section 1019B of the Corporations Act at the time that we request that the "securities be quoted.

y.

a a composição de composição de composição de composição de composição de composição de composição de composiç
A composição de composição de composição de composição de composição de composição de composição de composição

Appendix 3B Page 7

⁺ 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:	Date:	3/9/2005
	(Director/Company secretary)
	VICTOR P HOOG ANTINK
Print name:

$\begin{minipage}{0.9\textwidth} \begin{minipage}{0.9\textwidth} \centering \begin{minipage}{0.9\textwidth} \centering \end{minipage} \begin{minipage}{0.9\textwidth} \centering \begin{minipage}{0.9\textwidth} \centering \end{minipage} \begin{minipage}{0.9\textwidth} \centering \end{minipage} \begin{minipage}{0.9\textwidth} \centering \begin{minipage}{0.9\textwidth} \centering \end{minipage} \begin{minipage}{0.9\textwidth} \centering \end{minipage} \begin{minipage}{0.9\textwidth} \centering \end{minipage} \begin{minipage}{0.9\$

$\bar{\psi}$

i.

a a composito de composición de la composición de la composición de la composición de la composición de la com
Composición de la composición de la composición de la composición de la composición de la composición de la co

⁺ See chapter 19 for defined terms.