DEXUS — Capital/Financing Update 2007

Mar 4, 2007

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 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

5 March 2007

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

Dear Sir/Madam

DB RREEF Trust (ASX: DRT) -December 2006 DRP Appendix 3B

DB RREEF Funds Management Limited, as responsible entity for DB RREEF Trust (DRT), provides an Appendix 3B - New Issue announcement, application for quotation of additional stapled securities and agreement for DB RREEF Trust arising from the December 2006 distribution reinvestment plan.

For further information, please contact

• DB RREEF Trust, Fund Manager	Ben Lehmann	$(02)$ 9017 1266
• Retail Investors:	Karol O'Reilly	$(03)$ 8611 2930

Yours sincerely

Tanya Cox Company Secretary

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 1/7/96. Origin: Appendix 5. Amended 1/7/98, 1/9/99, 1/7/2000, 30/9/2001, 11/3/2002, 1/1/2003, 24/10/2005.

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).

$\ddagger$ *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 expiry date; if partly paid *securities, the amount outstanding and due dates for *convertible payment; if securities, the conversion price and dates for conversion)

43.778.938

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

⁺ See chapter 19 for defined terms.

4 Do the 'securities rank equally in all Yes 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 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
• 1. Issue price or consideration
• 6 Purpose of the issue (If issued as consideration for the acquisition of assets, clearly identify those assets)

\$1.6822 per stapled security

Funds raised through the DRP will be used to repay debt.

$\overline{7}$ Dates of entering *securities into | 28 February 2006 uncertificated holdings or despatch of certificates

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

Number	Class
Opening Securities	Stapled Securities
2,850,821,068
add new Securities:
43,778,938
Closing Securities:
2,894,600,006

$+$ See chapter 19 for defined terms.

• 9 Number and ficlass of all fsecurities not quoted on ASX (including the securities in clause 2 if applicable)
• $10$ distribution policy) on the increased capital (interests)

Number	+Class
Nil	Nil

Dividend policy (in the case of a trust, There is no change in the distribution policy.

Part 2 - Bonus issue or pro rata issue

$11$ Is security holder approval required?

$12$ Is the issue renounceable or nonrenounceable?

• 13 Ratio in which the *securities will be offered
• $14$ *Class of *securities to which the offer relates
• 15 *Record date to determine entitlements
• 16 Will holdings on different registers (or sub registers) be aggregated for calculating entitlements?
• 17 Policy for deciding entitlements in relation to fractions
• 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.

19 Closing date for receipt of acceptances or renunciations

Not applicable

Not applicable

Not applicable

Not applicable

Not applicable

Not applicable

Not applicable

Not applicable

Not applicable

$+$ See chapter 19 for defined terms.

20	Names of any underwriters	Not applicable
21	Amount underwriting οſ any 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 who lodge brokers 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 applicable)	Not applicable
30	*security holders How do 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

⁺ See chapter 19 for defined terms.

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)
• Securities described in Part 1 $(a)$

$(b)$

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

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

37

A copy of any trust deed for the additional *securities

⁺ 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 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 security, another clearly identify that other security)

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

Number	+Class

• See chapter 19 for defined terms.

Quotation agreement

• $\blacktriangleleft$ *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 $\bullet$ 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 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.
• 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.
• $\mathcal{L}$ 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 touotation 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.

	∦"∕o x
Sign here:	. (Director/Company secretary)	Date: .05 03 07
	Print name: Tanya Cox

---

⁺ See chapter 19 for defined terms.