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DEXUS Capital/Financing Update 2005

Jul 26, 2005

64807_rns_2005-07-26_4b133084-442c-4494-8665-ffd2d057648a.pdf

Capital/Financing Update

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R RRFFF

Managed in partnership with Deutsche Bank El

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: [email protected]

27 July 2005

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

Dear Sir/Madam

DB RREEF Trust (ASX: DRT) - DRT DRP Issue Price

The June Distribution Reinvestment Plan issue price will be \$1.3477 per stapled security.

In accordance with the DRT constitution the DRP issue price was determined by an independent expert. The DRP issue price represents a 2 percent discount to the 10 day average volume weighted average price for the pricing period ending 21 July 2005.

For further information, please contact

$\bullet$ Institutional Investors: Tony Dixon $(02)$ 9249 9040
$\bullet$ Retail Investors: Karol O'Reilly (03) 9270 4419
$\bullet$ Media inquiries: Tania Alexander $(02)$ 9249 9711

Yours sincerely

tery

John Easy Company Secretary