DEXUS — Interim / Quarterly Report 2006

Feb 27, 2006

DB RRFFF

Managed in partnership with Deutsche Bank Z

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 1136 Facsimile 61 2 9017 1132

Email: tony.dixon@dbrreef.com

Dear Sir / Madam

DB RREEF Trust (ASX: DRT) Half year results presentation for the period ending 31 December 2005

DB RREEF Funds Management Limited, as responsible entity for DB RREEF Trust (DRT), is pleased to provide a copy of the half year results presentation for the period ending 31 December 2005.

For further information, please contact

Australian Stock Exchange Limited

$\bullet$	Institutional Investors:	Tony Dixon	(02) 9017 1136
$\bullet$	Retail Investors:	Karol O'Reilly	$(03)$ 8611 2930
	• Media inquiries:	Kristin Silva	(02) 9249 9568

Yours sincerely

Tanya Cox Company Secretary

28 February 2006

The Manager

20 Bridge Street

Sydney NSW 2000

DB RREEF Trust

Bragen Fry 2005 have the Restau

DB RREEF Funds Management Kinited ABN 24 060 920 781 As Responsible Entity

11111

Presented by Victor Hoog Antink CEO, DB RREEF Funds Management Limited 28 February 2005

Managed in partnership with Deutsche Bank ${\bf \Xi}$

Overview

• Highlights $\mathcal{A}$ .
• December 2005 Results $\lambda$ .
• DB RREEF Trust Operations 3.
• Capital Management 4.
• 1. Summary
• Important Information 6.

1 Farrer Place, Sydney

Managed in partnership with Deutsche Bank $\boxdot$

Page: 2

Managed in partnership with Deutsche Bank ${\bf Z}$

1. Highlights - Property

Property Achievements for the six months to December 05

Leasing $\ll$

• $\bullet$ Over 350,000sqm (approx)
• * Portfolio occupancy 95.1%
• Development 59,000sqm completed $\ll$
• Acquisitions New Zealand (NZ\$110m) & United States (US\$28m) $\ll$

Page: 4

1. Highlights - Financial

Financial achievements for the six months to December 05

• Total income: \$531.7m 案
• Underlying Earnings (excluding AIFRS): 5.65 cents per stapled security 案
• Distributions: 5.45 cents per stapled security, in line with EM $\mathcal{L}$
• Revaluations: Portfolio increased by \$184m, 3% uplift 案
• NTA: increased by 5% to \$1.35 per stapled security $\mathcal{U}$
• Capital management Approx \$350m in debt & equity funding $\%$
• Gearing: 40%, down on June 05 忞

Page: 5

Managed in partnership with Deutsche Bank ${\bf Z}$

Financial Snapshot

Consolidated Statutory Results	6 months to 31 December 05
Total Income (Sm)	531.7
EBIT(Sm)	433.3
Net Profit to Stapled Security Holders (\$m)	335.6
Earnings per Stapled Security (AGAAP) (cents)	5.65
Distribution per Stapled Security (cash) (cents)	5.45
Total Assets (Sm)	7,549.5
NTA (per security holder, after minority interest) $(5)$	135

DB RREEF

Page: 7

Income Statement

	6 months to
AS million	31 December 05
Property income	326.1
Contribution from equity accounted investments	8.8
Property revaluations	184.1
Net derivatives and forex gains	6.8
Other income	1.9
	527.7
Total expenses	94.4
EBIT	433.3
Financing costs (net)	76.0
Impairment of goodwill	3.3
Profit before tax	354.0
Income and withholding tax expense	7.9
Other minority interests (incl RENTS)	10.5
Net Profit to Stapled Security Holders	335.6

DB RREEF

Page: 8

Distribution Statement

6 months to
31 December 05
335.6
(184.1)
(6.8)
8.4
(4.4)
5.9
1.2
155.8
5.65
5.45

DB RREEF

Page: 9

Comparatives for 6 months

	AIFRS	AGAAP
AS million	Dec 05	Dec 05
Property Income	326.1	332.5
Equity accounted contribution (property)	6.6	6.6
Property Expenses	(75.7)	(75.7)
Net Property Income	257.0	263.4
Equity accounted contribution (funds mgt)	2.2	2.2
Property revaluations	184.1	0.0
Net derivatives and foreign exchange gains	6.8	0.0
Other income	1.9	1.9
Expenses	(18.7)	(17.2)
EBIT	433.3	250.3
Financing costs	(76.0)	(81.3)
Impairment of goodwill	(3.3)	0.0
Profit before tax and minority interests	354.0	169.0
Income and withholding tax expense	(7.9)	(2.1)
Other minority interests (incl RENTS)	(10.5)	(11.1)
Profit after tax and minority interests	335.6	155.8

DB RREEF

Page: 10

EM Forecast Comparatives

	EM	AGAAP
A\$ million	December 05	December 05
Net Property Income	274.5	263.4
Funds management income		2.2
Other Income		1.9
Total Income	274.5	267.5
Expenses	(16.9)	(17.2)
EBIT	257.6	250.3
Finance Costs	(94.2)	(81.3)
Taxes	(1.9)	(2.1)
Minority interests	(8.0)	(11.1)
Net Profit	153.5	155.8

DB RREEF

Page: 11

$3.$ DB RREEF Trust Operations

• Monte de
• KONTRACT
• Henrich
• N.

ulli 1

• Britteller
• i Oroza valo

Managed in partnership with Deutsche Bank ${\bf Z}$

3.1 DRT - Portfolio

Asset Diversification

ASSES EXPRESS	81	УÆ	Oranthery 92	WB KORY AND REAL ICT IN
Commercial	3.4	49	97.5	6.6
Industrial	1.4	20	98.5	49
Retail	09	13	99 A	5.6
US Industrial 1	13	18	91.2	33
TOTAL	70	ោ	95 1	54

$^1$ represents $80\%$ ownership of US industrial portfolio

$2$ by area, including heads of agreement (HoA).

³ by income, including HoA

3.1 DRT - Portfolio

Independent Valuations Summary

Weighted Average Cap Rates	Sector	Valuation \$m.	Net Revaluation increment \$m	Percentage Movement over Book Value
7.29%	Commercial	3,421	80	2%
8.31%	Industrial	1,446	79	5%
6.97%	Retail	852	23	3%
7.89%1	US Industrial	1,627	2	$\mathbf{v}$ .
	Total Valuations	7,346	184	3%

Terminal Yield

Page: 14

3.1 DRT Portfolio

Net Sector Income for six months to December 05

SOOOS	EM	AGAAP
Commercial Portfolio	119,113	119,299
Industrial Portfolio	56,377	54,354
Retail Portfolio	29,921	28,846
US Industrial Portfolio	61,427	58,884
	266,881	261,383
EM adjustment (asset sale impact)	1,810	$\bullet$
Income from DRO	4,195	5,883
Other Income	882	200
	273,768	267,466
US Income Support	765	O
Net Sector Income	274,490	267,466

Page: 15

Net sector income for six months to December 05

Earnings (\$000s)	FM	AGAAP
******** Net Property Income	119, 113	arawan kaling kaling kaling kaling kaling kaling kaling kaling kaling pumpung kaling kaling kaling kaling kaling kaling 119,299
EM adjustment (asset sale impact)	1.810
,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,, Net Sector Income	120,923	119,299

DB RREEF

Page: 16

$\begin{picture}(20,20) \put(0,0){\line(1,0){155}} \put(15,0){\line(1,0){155}} \put(15,0){\line(1,0){155}} \put(15,0){\line(1,0){155}} \put(15,0){\line(1,0){155}} \put(15,0){\line(1,0){155}} \put(15,0){\line(1,0){155}} \put(15,0){\line(1,0){155}} \put(15,0){\line(1,0){155}} \put(15,0){\line(1,0){155}} \put(15,0){\line(1,0){155}} \$

Portfolio quality enhanced

• * Lumley Centre, Auckland completed Sept 05
• * 321 Kent Street, Sydney refurbished completed Feb 06
• * 130 George St, Parramatta refurbishment underway
• * Approximately 45,000 sqm of new leasing, renewals and HOA (6% of the portfolio by area)
• Based on agreements in place, occupancy is 97.5% (92.3% at Dec 04)
• Average lease term to expiry 6.6 years $(5.9 \text{ years at Dec } 04)$

45 Clarence Street, Sydney

3.2 DRT - Commercial Leasing Update

Significant leasing transactions $\mathbf{f} \mathbf{f}$

Property	Area (sqm)	Major Tenant	Term (yrs)
321 Kent Street	9,474	Promina	10.3
201 Elizabeth St	4.273	Cambridge Integrated Services (2,148sqm)	5.0
		$M$ Maersk $(2, 125$ sqm	7.0
Australia Square	5.159	Abbout Tout	10.0
130 George Street 1	11.867	Commonwealth of Australia	10.0

Heads of agreement are in place on approximately 8,000 sqm of current vacant space $\mathbf{0}\mathbf{k}$

Page: 18

Key Leasing Priorities

Property	HOA in place	31 Dec 05 Available (sqm)	Portfolio %
309-321 Kent Street	8,531	4,073	0.6%
Australia Square	2,102	4,242	0.7%
44 Market Street	1,215	3,349	0.5%
Others	2,205	12,320	1.9%
Total portfolio availability	14,053	23,984	3.7%
DRT economic interest	8,197	15,846	3.0%

Page: 19

Lease Expiry Profile

Development & Refurbishment Update

Completed

Lumley Centre, Auckland

• \$NZ110m development completed Sept 05 $\overline{\text{iii}}$
• Income yield 8.1% $\dddot{\text{m}}$
• 100% leased $\mathbb{R}$
• 10% improvement in valuation since completion $\ddot{\text{m}}$
• 309-321 Kent Street, Sydney
• \$17m Refurbishment 100% completed Feb 06 $\mathbb{H}$
• 94% leased including heads of agreement $\mathop{\boxtimes\mathstrut\rm{m}}$

Underway

130 George Street, Parramatta

• \$22m Refurbishment due for completion Apr 06 X
• 98% leased including heads of agreeemnt 圏

Lumley Centre, Auckland

Managed in partnership with Deutsche Bank $\boxtimes$

Page: 21

Development & Refurbishment Update

Development In Planning

Bent Street, Sydney

• High A grade quality of 37,500m² NLA $\mathbb{Z}_2^{\times}$
• Stage 1 DA application lodged Dec 05 $\mathcal{Z}$
• Targeted for completion end 2010 $\mathbb{Z}_2^{\times}$
• 105 Philip Street, Parramatta
• DA for new 19,000m² A grade quality office $\mathbb{Z}$
• Marketing commenced, construction to occur with $\mathbb{Z}_2^2$ precommittment

Charlotte Street, Brisbane

• Early planning $\mathbb{Z}_2^2$
• Approx 30,000 $m²$ A grade quality office $\mathcal{U}$

Bent Street, Sydney - Artist's Impression

3.3 DRT - Industrial

Net sector income for six months to December 05

Earnings (\$000s)	EM	AGAAP
Net Property Income	56,377	,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,, 54,354
;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;; Net Sector Income	56,377	54.354

52 Holbeche Road, Arndell Park

DB RREEF

3.3 DRT - Industrial Leasing Status

• * Strengthening tenant demand
• * New leases, renewals and heads of agreement of over 93,600 sqm
• * 8% of portfolio by area
• * Portfolio occupancy 98.5% (98.1% in Dec 04)
• * Average lease term to expiry 4.9 years $(4.1 \text{ years at Dec } 04)$
• * Tenant retention 84% (12months)

145 Arthur Street, Flemington

Managed in partnership with Deutsche Bank [2]

Page: 24

3.3 DRT - Industrial Leasing Update

Significant leasing transactions during period include

Property	Area (sqm)	Tenant	Term (years)
Knoxfield, VIC	35,984	Toll Transport	3.0
145 Arthur Street, Flemington, VIC	3,330	Telstra Corp	3.0
DB Business Park, Brookvale, NSW	2.109	Sheldon Commercial	3.0
11 Talavera Road, North Ryde, NSW	2,567	Alleasing Finance	10.0
Kings Park, NSW	2,353	Larson Juht	5.2

11 Talavera Road, North Ryde

3.3 DRT- Industrial

Key Leasing Focus

Property	31 Dec 05 Available (sqm)	Portfolio ℅	H O A in place
706 Mowbray Rd, Lane Cove, NSW	4,218	0.4%
11 Talavera Rd, North Ryde, NSW	2,302	0.2%	763
10-16 South Street, Rydalmere, NSW	2.106	0.2%
Others	8.126	0.7%	1.070
Total	16,752	1.5%	1,833

706 Mowbray Rd, Lane Cove

Page: 26

---

Managed in partnership with Deutsche Bank ${\bf Z}$

3.3 DRT - Industrial

Lease Expiry Profile

$50\%$

Page: 27

3.3 DRT - Industrial Development Update

Completions - Approximately 10,000sqm of developments were delivered during the period July - December 2005 $\mathcal{U}_\mathrm{b}$

Pound Rd, Dandenong

Property	Tenant	Area (sqm)	Cost(5m)	Completed
Axxess Corporate Park, VIC	Alinta Limited	7.880	29	Sept 05
Axxess Corporate Park, VIC	$GS1$ (EAN) - expansion	500		Dec 05
Kings Park, NSW	Harper Collins - expansion	1.365		Nov $05$

Managed in partnership with Deutsche Bank ${\bf \Xi}$

Construction of Coles Myer facility, Laverton

Underway - over 67,000sqm currently under construction, forecast yield on completion- 8.1%

3.3 DRT - Industrial

Development Update

Property	Tenant	Area (sqm)	Cost(5m)	Due
Kings Park, NSW		5,680	5	Apr $06$
Axxess Corporate Park, VIC	Omron	1,200	3	Apr 06
Axxess Corporate Park, VIC	Bonland	6,700	22	Jun 06
Pound Rd West, Dandenong, VIC	L'Oreal	7,000	7	Jul 06
Kings Park, NSW	Geoff Penney - expansion	2,900	3	Aug 06
Laverton North, VIC	Coles Myer Limited	43,705	96	Dec 06

DB RREEF

Page: 29

3.4 DRT - Retail

Net sector income for six months to December 05

Earnings (\$000s)	FM	AGAAP
Net Property Income	29.921	28,846
Net Sector Income	29,921	28,846

Page: 30

3.4 DRT - Retail

Centre Statistics

Centre	Centre T/O \$psm	Specialty T/O Sosm	Total Centre MAT Growth	Total Specialty MAT Growth	Occ Cost Specialty %
			Spsm	Spsm
Whitford City	6,240	7,890	8.1%	3.6%	13.3%
Westlakes 1	5,142	7,790	(3.2%)	(9.5%)	13.9%
Plenty Valley	8,879	6,992	4.4%	7.2%	9.3%
North Lakes	5.642	6,618	16.0%	12.9%	12.0%
Mt Druitt 1	6,364	7.844	25.4%	1.0%	15.9%
Hurstville	6,018	8.409	1.7%	0.9%	17.9%

Portfolio Occupancy 99.4% $\mathbb H$

Portfolio Debtors 0.31% $\overline{\mathbb{R}}$

¹ Stabilising post redevelopment

DB RREEF

Page: 31

3.4 DRT - Retail

Development Update

• Under Development $\mathbb{R}^n$ Mount Druitt, NSW
• Reconfiguration to 58,937m²
• Stages 1 & 2 complete
• Final stage due for completion Mar 06
• Development Pipeline $\mathbb{R}^n$ Plenty Valley, VIC
• $\cdot$ DA Approved $\cdot$ 46,000m²
• Commence 2nd half 2006

North Lakes, QLD

• $\cdot$ DA Approved 45,000m²
• $\sim$ Commence 2^nd half 2006

Westfield Mount Druitt

Lease Expiry Profile

■ Area M Income

Page: 33

Net sector income for six months to December 05

Earnings (\$000s)	EM	AGAAP
Net Property Income (SUS)	41,035	41,720
Net Property Income (\$A)	61,470	58.884
US Income Support (\$A)	722
Net Sector Income (\$A)	62,192	58,884

• EM assumed Income Support, which has not yet been drawn ${\bf 0} {\bf k}$
• EM assumed \$A/\$US exchange rate of \$0.6680, actual rate was \$0.70851, impact of (\$3.6m) nte -

Page: 34

Leasing Update for six months to December 05

• * New leases and renewals of more than 2,500,000 square feet (12.5% of portfolio area)
• Occupancy 91.2% (87.4% at Dec 04) $\mathbb{N}$
• Average lease term to expiry 3.3 years (3.4 years at Dec 04) ${\mathfrak{m}}$

Beaumeade Telecom - Beaumeade Circle, Ashburn, Virginia

3.5 DRT - US Industrial Leasing Update

Significant leasing transactions during the period include: $\mathfrak{m}$

Property	Tenant	Area (sq ft)	Lease Term (yrs)
11013/15-19 Kenwood Road, Cincinnati, OH	Commonwealth Inc	369,542	2.0
World Park, 9756 International, Cincinnati, OH	Verst Group Logistics, Inc.	192,000	3.0
2550 John Glenn Ave, Columbus, OH	Amerisourcebergen Drup Corp	172,050	5.0
7930 Kentucky Dr, Florence, KY	Continental Pet Technology	172,050	5.0
2626 Port Rd, Columbus, OH	Chasm Industries Ohio, Inc.	156,641	7.0

Page: 36

Key Leasing Focus

	As at 31 December 2005
Metro Dallas	Vacant SF 326,633	Occupancy (%) 85.6%	Market occ. (%) 88.0%
Baltimore	260,173	81.7%	86.4%
Seattle	198,835	62.6%	92.3%
Cincinnati/NKY	173,360	93.6%	90.9%
Charlotte	157,561	82.2%	87.1%
Columbus	137,208	91.5%	86.9%
Minneapolis	134,116	88.4%	89.8%
Los Angeles	111,628	89.4%	94.7%
Atlanta	79,277	89.8%	85.7%
Harrisburg	70,232	93.4%	92.8%
Northern Virginia	50,876	95.5%	10.9%
Phoenix	48,726	97.3%	89.0%
Orlando	24,949	98.2%	91.8%
San Diego	8,324	97.7%	90.8%
Boston		100.0%	85.0%
Memphis		100.0%	83.3%
Riverside	u	100.0%	93.5%
South Florida		100.0%	92.7%
Portfolio	1,781,898	91.2%	90.0%

Managed in partnership with Deutsche Bank $\boxdot$

Page: 37

,

Lease Expiry Profile

Managed in partnership with Deutsche Bank ${\bf Z}$

Acquisitions / Developments

Acquisitions

Minneapolis, MN

• * 4 properties comprising approx 450,000 sq ft
• * 83% occupied, 2.5 yrs WALE, Yield 7.3%, 8.5% stabilised yield
• * US\$28m purchase price

Developments

Medley, FL

• * US\$17m development of Turnpike Distribution Centre (268,000sqf)
• * Completion expected 4th Quarter 06

New acquisition - Minneapolis

Land Acquisitions

• * As part of the US acquisition, DRT had a put & call agreement on five land parcels totalling \$US18m
• * DRT has exercised a call on Turnpike Distribution Center, Medley, FL
• * Remaining four parcels are expected to be called on or before 30-Jun-2006

Gross Acres	Option Value	Option Value PSF
25.6	\$3,161,114	\$2.83
13.8	\$1,982,393	\$3.30
10 7	\$3,053,957	\$6.55
14.0	\$5,009,562	\$8.21
		31-December-2005 Option Prices

Page: 40

Net income for six months to December 05

Earnings (\$000s)	FM	AGAAP
EBIT from DRO	4,195	5,883
Income Tax	198	672
Net Sector Income	3,997	5,211

Page: 41

P & L Summary

DERRA EFFICINES 25/200

DBRRAEODEALORS ITUS

	GIMORIAS EY Deterois $\mathsf{Sm}% _{\mathbb{C}}\left( t\right) \equiv\mathsf{S}\left( t\right)$		Comer EXPERIES \$m
Asset Management fees	21.5	$\bullet$ Interest Income (50%)	2.5
Other Fees	6.3	Equity accounted profit	2.3
Total Income	27.8	Net Property Income	1.1
Profit before interest & tax	11.5	Interest from deposits	0.1
Interest - loan notes	(5.0)	Total income	6.0
Tax expense	(2.0)	Other expense	(0.2)
Net income after tax	4.5	EBIT	5.8
		Interest expense	(2.3)
Distribution DRO	2.3	Mark to market of derivatives	1.0
		Net profit before tax	4.5

Page: 42

Third Party Funds Management as at 31 Dec 05

DWPF

• Managed under delegated authority $\mathbb{R}$
• \$1.6bn $\mathbb{R}^3$

Separate Accounts

• STC-\$1.7bn
• * AXA APF \$0.3bn
• Stat. fund \$0.1bn

Syndicates

^* Three funds, \$0.2bn

Managed in partnership with Deutsche Bank [2]

Page: 43

16-20 Barrack Street, Sydney

• Opportunity to reposition and add value $\tilde{\mathcal{G}}$
• Refurbishment complete April 06 $\mathcal{G}$
• Strata Plan to be lodged June 06 $\mathcal{G}$

DB RREEF

WEBBURG

DB RREEF

Managed in partnership with Deutsche Bank ${\bf Z}$

DRT Balance Sheet

	AUD \$m
Cash & Receivables	99.8
Investment properties	7,346.4
Other (including derivative financial instruments)	103.3
Total assets	7,549.5
Payables & provisions	243.4
Interest bearing liabilities	3,085.8
Other (including derivative financial instruments)	109.0
Total liabilities	3,438.2
Less minority interest	385.8
Net tangible assets (after minority interest)	3,725.5
黎 Gearing	40%
® Stapled Securities on issue	$2.77$ bn
® NTA per security (excluding minority interest)	\$1.35

Debt profile

• Duration of debt: 2.8 years (extended to 3.15 years after USPP issuance) $\mathcal{L}_{\mathcal{S}}$
• * Debt hedged: 90%
• Interest hedge duration: 6.4 years ※
• Interest cover: 3.1x ※
• * Weighted average cost of debt: 5.70% (inclusive of margins & fees)
• $-$ Aus 6.29%
• $-$ US 4.66%
• $\cdot$ NZ 7.49%
• * Gearing (net of cash) as at December 2005: 40%
• Currency hedging: 98% at 0.7087 cents (weighted average) $\mathbb{K}^+$

Page: 47

貕 Activity

• Refinancing of A\$360m DIT CMBS / ABCP A\$360m with unsecured bank debt
• = A\$100m working capital facility
• Roll A\$300m Bank Syndicated facility A\$300m for a further 364 days
• Subsequent facilities: 藜
• US\$200m US Private Placement (5,7,10 years)

1.90 day paper 14%

DB RREEF

Managed in partnership with Deutsche Bank [2]

Page: 48

Interest rate hedging profile

	FY06	FY07	FY08	FY09	FY10
ASm hedged	1647	1522	1472	1388	1268
AS hedge rate 1	6.29%	6.28%	6.26%	6.31%	6.32%
Average rate 2	6.29%	6.30%	6.32%	6.36%	6.35%
US\$m hedged $3$	860	763	749	738	571
US\$ hedge rate 1	4.65%	4.79%	4.72%	4.73%	5.18%
Average rate 2	4.66%	4.91%	4.91%	4.93%	5.39%
	FY06	FY07	FY08	FY09	FY10
USSm hedged	23.1	20.0	15.1	11.3	5.1
Avg AS/USS hedge rate	0.7087	0.7043	0.6966	0.7000	0.7184

¹ Weighted average hedge rate including margin & fees

² Weighted average fixed and floating rate including margin & fees

$^{-3}$ includes 80% of total hedges of DBRREEF Industrial LLC (US JV). Page: 49

DB RREEF

5. Summary

• Fundamentals in all markets improving $\tilde{\mathcal{G}}$
• Continuing focus $\tilde{\mathcal{G}}$
• Leasing $\mathcal{U}$
• Management 案
• Developments $\mathbb{X}^{\mathbb{N}}$
• Funds Management $\otimes$
• Seeking acquisition opportunities $\mathcal{G}$
• Reconfirm full year distribution of 11.0 cents per security $\mathcal{G}$

Page: 51

Managed in partnership with Deutsche Bank ${\bf \Xi}$

Important Information 6.

This presentation is issued by DB RREEF Funds Management Limited (DRFM) in its capacity as responsible entity of DRT. It is not an offer of securities for subscription or sale and is not financial product advice.

Information in this presentation including, without limitation, any forward looking statements or opinions (the Information) may be subject to change without notice. To the extent permitted by law, DRFM, DRT, the Deutsche Bank AG Group and their officers, employees and advisers do not make any representation or warranty, express or implied, as to the currency, accuracy, reliability or completeness of the Information and disclaim all responsibility and liability for it (including, without limitation, liability for negligence). Actual results may differ materially from those predicted or implied by any forward looking statements for a range of reasons outside the control of the relevant parties.

The information contained in this presentation should not be considered to be comprehensive or to comprise all the information which a DRT security holder or potential investor may require in order to determine whether to deal in DRT stapled securities. This presentation does not take into account the financial situation, investment objectives and particular needs of any particular person.

The repayment and performance of an investment in DRT is not guaranteed by DRFM or Deutsche Bank AG ABN 13064 165 162, any of its related bodies corporate or any other person or organisation. An investment is not a deposit with or any other type of liability of Deutsche Bank AG or any other member of the Deutsche Bank AG Group, and the capital value and performance of an investment is not in any way guaranteed by the Bank or any other member of the Deutsche Bank AG Group.

This investment is subject to investment risk, including possible delays in repayment and loss of income and principal invested.

DB RREEF

Page: 53

Managed in partnership with Deutsche Bank ${\bf Z}$

DB RREEF Trust

Bragen Fry 2005 have the Restau

DB RREEF Funds Management Kinited ABN 24 060 920 781 As Responsible Entity

11111

Presented by Victor Hoog Antink CEO, DB RREEF Funds Management Limited 28 February 2005

Managed in partnership with Deutsche Bank ${\bf \Xi}$