DEXUS — Capital/Financing Update 2007

Dec 20, 2007

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21 December 2007

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

DB RREEF Funds Management Limited ABN 24 060 920 783 Australian Financial Services Licence Holder Level 9 343 George Street Sydney NSW 2000 PO Box R1822 Royal Exchange NSW 1225 Telephone 61 2 9017 1100 Direct 61 2 9017 1266 Facsimile 61 2 9017 1132

Email: ben.lehmann@dbrreef.com

Dear Sir/Madam

DB RREEF Trust (ASX: DRT): DB RREEF Trust acquires industrial land in Greystanes NSW

DB RREEF Funds Management Limited, as responsible entity for DB RREEF Trust (DRT), provides the following update regarding the acquisition of industrial land in Greystanes NSW.

For further information, please contact

Fund Manager, DRT: Ben Lehmann (02) 9017 1266 Investor Relations: Karol O’Reilly (03) 8611 2930 Media relations: Emma Parry (02) 9017 1133

Yours sincerely

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Tanya Cox Company Secretary

21 December 2007

DB RREEF Trust acquires industrial land in Greystanes NSW

Further to the market announcement on 8 November 2007, DB RREEF Trust today announced it had acquired a 47.4 hectare industrial estate from Boral Limited for $83.8 million and entered into a contract with Boral Recycling Pty Ltd to undertake landform and infrastructure works totalling $73.9 million.

The fully serviced superlots will be delivered in four stages over the next two years.

Chief Executive Officer of DB RREEF, Victor Hoog Antink, said: “This acquisition is consistent with our strategy to expand our industrial development pipeline. As a result the estimated end value of the Trust’s industrial pipeline now stands at approximately $1.4 billion.

“The site is extremely well located in the established industrial region of Greystanes in Western Sydney, within the M4/M7 corridor, an area which is benefiting from significant levels of interest from logistics and warehouse users”.

For further information, please contact:

Fund Manager – DB RREEF Trust Ben Lehmann (02) 9017 1266 Investor Relations Karol O’Reilly (03) 8611 2930 Media Relations Emma Parry (02) 9017 1133 or 0421 000 329

About DB RREEF

DB RREEF is one of Australia's largest integrated property groups, with total assets under management as at 31 October 2007 of A$14 billion. The property portfolio of DRT comprises A$8.5 billion of property assets in Australia, New Zealand, the United States and Europe. The unlisted portfolio comprises approximately A$5.5 billion of domestic assets. DB RREEF is committed to the long-term integration of sustainability practices throughout its property portfolio. www.dbrreef.com