DEXUS — Capital/Financing Update 2008

Jan 6, 2008

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7 January 2008

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

Dear Sir/Madam

Email: ben.lehmann@dbrreef.com

– DB RREEF Trust (ASX:DRT) Distribution Reinvestment Plan and Whirlpool update

As announced in August 2006, at the time of signing the Whirlpool Investment program, DB RREEF Trust (DRT) entered into a 3 year Underwriting Agreement with Deutsche Bank AG to underwrite the Distribution Reinvestment Plan (DRP).

The Responsible Entity advises that the December 2007 DRP will be underwritten, and the funds raised will be used, in part, to fund the following acquisitions:

• On 21 December 2007, DRT acquired the second asset under the Whirlpool investment program. This 750,000 sq ft distribution centre located in Toronto, Canada was acquired for approx CAD$71 million.

• Additionally, DRT intends, in the first quarter of 2008 to acquire a further 1,500,000 sq ft distribution centre located in California, USA for approx US$128 million.

Each of these assets will be leased to Whirlpool for ten years.

The DRP issue price for the December 2007 distribution will be at a 2 percent discount to the average market price of DRT securities trading during a 15 day pricing period (extended from 10 days as previously advised) commencing on 7 January 2008.

For further information please contact:

Fund Manager, DB RREEF Trust	Ben Lehmann	(02) 9017 1266
Investor Relations	Karol O’Reilly	(03) 8611 29300405 134 856
Media Enquiries	Emma Parry	(02) 9017 11330421 000 329

Yours sincerely

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John Easy Company Secretary