DEXUS — Capital/Financing Update 2007

Jul 17, 2007

==> picture [191 x 48] intentionally omitted <==

18 July 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 1110

Email: ben.lehmann@dbrreef.com

Dear Sir/Madam

DB RREEF Trust (ASX: DRT) – June 2007 Distribution Reinvestment Plan Issue Price

The June 2007 Distribution Reinvestment Plan issue price will be $1.8867 per stapled security.

The DRP issue price represents a 2 percent discount to the average daily volume weighted average price for the 10 day pricing period ending 13 July 2007.

For further information, please contact

• DB RREEF Trust, Fund Manager:

• Investor Relations:

Ben Lehmann (02) 9017 1266 Karol O’Reilly (03) 8611 2930

Yours sincerely

Tanya Cox Company Secretary