DEXUS — Investor Presentation 2006

Aug 21, 2006

DB RREEF

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

22 August 2006

The Manager Australian Stock Exchange Limited 20 Bridge Street

Sydney NSW 2000

Dear Sir / Madam

DB RREEF Trust (ASX: DRT) Full Year Results Presentation 2006

DB RREEF Funds Management Limited, as responsible entity for DB RREEF Trust (DRT), is pleased to provide a copy of the Full Year Results Presentation for the year ending 30 June 2006.

For further information, please contact

• DRT Fund Manager:	Tony Dixon	$(02)$ 9017 1136
• Investor Relations:	Karol O'Reilly	$(03)$ 8611 2930

Yours sincerely

$\sqrt{\frac{1}{2}}$

Tanya Cox Company Secretary

Victor Hoog Antink, Chief Executive Officer 22 August 2006

Highlights

• Y. Delivered on EM forecast
• Distribution \$306m 11.0 cents H.
• NTA \$1.53 Hills
• VI. High quality portfolio with strong fundamentals
• Focus on value add Hita.
• Creating product for the platform ellis.
  Viis
• Hita. Crystallising value offshore - RREEF

At a glance

		FY06	FY05
W.	Funds Under Management	\$11.8 b	\$10.3 b
Ÿ.	DRT Portfolio size	\$8.0 b	\$6.8 b
Ÿ.	Occupancy	96.0%	93.1%
Y.	Area Leased (sqm)	730,000	470,000
Ÿ.	Development Pipeline	51.3 b	SO.9 b

Page 3

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

Agenda

• 1. Finance and Capital Management
• 1. Portfolio Performance
• Domestic $\equiv$
• International
• 1. Third Party Funds
• 1. Whirlpool Investment Program
• 1. Strategy & Outlook

DB RREEF

Peter Roberts, Chief Financial Officer

Financial Results - Overview

	Jun 06	Jun 05
Total Income (A\$m)	1,463	810
EBIT (A\$m)	1,250	605
Profit after Tax (A\$m)	1,066	467
Profit after Tax (A\$m) - attributable to security holders	1,010	396
Portfolio Value (A\$m)	7,995	6,806
NTA per Security $(A\zeta)^{\dagger}$	1.53	1.29
Gearing Ratio $(\%)^2$	38.3	39.0
Distribution (A\$m)	306	281
Distribution (cents/unit)	11.0	10.5

• 豱 Underlying earnings up 22%
• Portfolio increase of A\$1.2bn (17%) ▓
• NTA per unit up 24 cents (19%) ▨
• DPU 11.0 cents, up 5% .

¹ Excluding minority interests

² Net of cash

Page 6

FY06 Profit Composition Income and Capital now reflected in the P&L

DB RREEF

Page 7

DB RREEF Operations Trust

Funds Management

• Revenue, \$57.8m
• Contribution to DRT, \$9.9m
• Funds under management, \$11.8bn
• 146 Employees

Development Vehicle

• DRT's Trading Entity
• Za Currently owns 343 George Street
• Vehicle for future developments and trading profits

343 George Street, Sydney

DB RREEF

Strong Balance Sheet

A\$m	Jun 06	Jun 05
Cash & Receivables	141.6	98.8
Investment properties	7,994.8	6,806.0
Other (including derivative financial instruments)	151.1	80.2
Total assets	8,287.4	6,985.0
Payables & provisions	256.4	263.2
Interest bearing liabilities	3,195.0	2,791.6
Other (including derivative financial instruments)	120.6	64.4
Total liabilities	3,572.0	3,119.2
Less minority interest	427.8	365.4
Net tangible assets (after minority interest)	4,287.6	3,500.4
Gearing (net of cash) H.	38.3%	39.0%
8 Stapled Securities on issue	2.80bn	2.73 bn
EXECUTE: NTA per security (excluding minority interest)	\$1.53	\$1.29

Debt Profile Positive Rating Support and Strong Covenants

• S&P Rating: BBB+ (positive outlook) 譅
• 羉 Duration of debt: 2.8 years (extended to 2.9 years after MTN issuance)
• 齺 Debt hedged: 89%
• É, Interest hedge duration: 6.5 years
• 羉 Interest cover: 3.1x
• Weighted average cost of debt¹: 5.71% (inclusive of margins & fees) B
• $-$ Aus 6.27%
• $\sim$ US 4.69%
• $NZ$ 7.51%
• 羉 Gearing (net of cash) as at June 2006: 38.3%
• US Currency hedging: 100% at 0.6993 cents (weighted average) ₩

$¹$ As at 30 June 2006

Page 10

Debt Facility Management Enhancement through active Capital Management Initiatives

Page 11

Debt Facility Profile Flexibility, Diversity & Risk Migration

DB RREEF

Page 12

Ben Lehmann, Head of Portfolio Services

Domestic Portfolio - Overview

		FY06	FY05
Ø	Portfolio size	\$6.1b 1	\$5.2 b
Ø	Occupancy	98.9%	97.2%
Ø	Lease Duration	$5.7$ yrs	$5.7$ yrs
Ø	Area Leased (sqm)	300,000	325,000
Ø	Development Pipeline	\$1.2 b	\$0.9 b

¹ Includes NZ asset. Direct property assets only.

Page 14

Domestic Portfolio - Asset Diversification Positioned to take advantage of office fundamentals

As at	Ŝh	%	Occupancy	Avg Lease
30 Jun 06 ,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,			%1	Term 2
Office responsesserencesserencesserenceserenceserenceserenceserenceserenceserenceserenceserenceserenceserenceserenceserenceserenceserenceserenceserenceserenceserenceserenceserenceserenceserenceserenceserenceserenceserenceserences	२.४		98.2	6.0
Carparks www.www.www.www.www.www.www.www.www.ww	0.Z		100	1በ በ
Industrial ,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,	-6	76	99.2	4.8
Retail	በዓ	15.	19.4	51
+0200000000000000000000000000000000000 TOTAL		m	98. 9

¹ by area, including heads of agreement (HoA)

² by income, including HoA

Domestic Portfolio Revaluation 1 \$518m

Fundamentals continue to support capital gains

Weighted Average Cap Rates	Sector	Valuation Şm	Net Revaluation Increment Sm	Percentage Movement over Book Value
6.7%	Office (inc. carparks)	3,586	307	9.1%
7.7%	Industrial	1,564	134	9.2%
6.4%	Retail	915	77	8.9%
	Total Valuations	\$6,065m	\$518m	9.2%

DB RREEF

Page 16

Office - Overview Well leased, significant pipeline

• . Occupancy 98.2% (93.6%)
• .
  Vila Market¹ occupancy 92.5%
• Average lease duration 6.3 yrs (5.9 yrs) .
• No annual expiry greater than 12% in any year .
  Vila
• NOI \$222.3m, 1 9.5% . tike on like $\uparrow$ 10.2%
• Revaluations ↑ \$307m or ↑ 9% .
• Development pipeline²: .
  Val 4 projects - \$900m - 103,000sqm

¹ Source: Jones Lang LaSalle, June 2006 ² Estimated end value N.B. Office including carparks

Managed in partnership with Deutsche Bank $\boxtimes$

Page 17

Australian Office Market Outlook

• Business expansion and employment growth are leading to strong take-up Wa
• Office occupancy levels are increasing nationally Ű.
• The supply of new office buildings under construction is relatively modest V).
• Rents are increasing in all major office markets .
  Vilo
• Brisbane and Perth are leading Sydney and Melbourne Ŵ.
• Availability of space continues to constrain recovery in Sydney's North Shore Ű.

Page 18

Office - Leasing Update

• Leasing activity over 62,000sqm $(12\% \text{ of portfolio})^{\dagger}$
• . Occupancy 98.2%
• Major new leases including Asteron, . Sparke Helmore and Medicare
• . Average lease duration 6.3 yrs (5.9 yrs)
• . Rent reviews - 80% of the portfolio's property income subject to rent review delivering an average 4% increase
• 78% of portfolio subject to review in FY07 .
  Val

¹ includes Heads of Agreement

Office - Refurbishments Completed On time, ahead of budget

• 321 Kent Street, Sydney
• \$17m Refurbishment .
• Completed April 06 .
• Z. 100% leased

130 George Street, Parramatta

• . \$21m Refurbishment
• Completed April 06 .
• 100% leased .

Office - Developments

Pipeline contains potential for 103,000sqm, circa \$900m of value on completion

• Bent Street, Sydney .
  Qa
• 105 Philip Street, Parramatta .
  Vite
• Charlotte Street, Brisbane .
  Mi
• Victoria Cross, North Sydney .
  Mi

Bent Street, Sydney - Artist's Impression

Office Focus

• Secure planning approvals and pre-commitments for realisation of Ű. development pipeline
• Maintain health of expiry profile via proactive asset management and . forward leasing

Industrial - Overview Full house, development activity accelerating

• Decupancy 99.2% (98.4%)
• EXECUTE: Average lease duration 4.8yrs (5.1yrs)
• ^■ NOI \$110.0m, ↑ 5.2%
• like on like $\uparrow$ 2.5%
• ^■ Revaluations 1 \$134m or 1 9%
• Significant development pipeline
• ²⁷ Committed developments¹: 3 projects - \$133m - 104,000 sqm
• Pound Road profit realisation

¹ Estimated end value

Laverton North, VIC

Australian Industrial Market Outlook

• Positive economic growth and trade levels are supporting wholesale activity I
• New road infrastructure is driving relocation of logistics and warehousing Ŷ. activity in the major capital cities
• Construction activity is very strong mostly pre-committed The Second
• Rental increases are mixed, but generally positive due to rising Ŷ. development costs
• Valuations have been supported by strong investor demand en 1979.
  Heimildige Stadt Stadt Stadt Stadt Stadt Stadt Stadt Stadt Stadt Stadt Stadt Stadt Stadt Stadt Stadt Stadt Stadt Stadt Stadt Stadt Stadt Stadt Stadt Stadt Stadt Stadt Stadt Stadt Stadt Stadt Stadt Stadt Stadt Stad

	Source: DB RREEF Research
		nd borne

UD NNEEF

Industrial - Leasing Update

• Leasing activity over 213,000 sqm
• D Occupancy 99.2% (98.4%)
• * Average lease duration 4.8 yrs (5.1 yrs)
• Major new leases include Toll, Avon, Coles Myer, Foster's
• 71% of the portfolio was subject to a rent review, delivering average increase of 3.4%
• 79% of portfolio subject to review in FY07

Property	Tenant	Type	Area (sqm)	Cost $(Sm)$	Completed
Axxess Corporate Park,	Alinta	New	7,880	28.6	Sept 05
VIC	GS1 (EAN)	Expansion	400	1.1	Dec 05
	Omron Electronics	New	1,200	2.5	Mar 06
	Fonterra Group	New	6,700	19.4	Jul 06
Kings Park, NSW	Harper Collins	Expansion	1,365	1.3	Nov 05
	(Speculative)	New	5,680	5.2	Apr 06
	Geoff Penney	Expansion	2,900	3.1	Aug 06
Pound Road West, Dandenong South, VIC	L'Oreal Australia	Expansion	7,000	7.1	Aug 06
	Orica	New	15,877	13.8	Mar 06
Total			49,002sqm	\$82.1m

Industrial - Nine Developments Completed

DB RREEF

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

Committed	Tenant	Area (sqm)	Cost $(Sm)$	Due
Laverton North, VIC	Coles Myer	42,000	96	Dec 06
Distribution Centres	Wrightson Seeds	9,000	b	Oct $06$
	Foster's Australia	53,000	31	2H 2007
Total		104,000	133

Industrial Developments - 104,000sqm Committed

Pipeline

• Acquisition of additional parcel of land at Laverton North Ŵ.
• Over \$300m (next 3 years) from existing land bank Ŷ.
• Targeting over \$300m for new opportunities Ŷ.

Industrial Focus

• Increased development activity Y.
• Allocate additional capital for pipeline creation/regeneration H.
• Realise development profits on a portion of pipeline Y.

Retail - Overview

High quality portfolio, significant development pipeline

• Portfolio Occupancy 99.4% (99.5%) Y.
• NOI \$54.8m Ŷ.
• Moving Annual Turnover \$1.5b 1 8.9% Ŷ.
• Revaluations $\uparrow$ \$77m or $\uparrow$ 9% Ŷ.
• Development pipeline: I 2 projects - \$145m - 65,000 sqm

Managed in partnership with Deutsche Bank [2]

Westfield Mount Druitt

Australian Retail Market Outlook

• Retail sales growth has slowed to long-term average levels e Mario II
  Mario I
• The effect of rising interest rates and fuel prices are being offset by tax Milio cuts and a solid employment market
• Sales growth in Queensland and Western Australia is stronger than in New South Wales and Victoria
• Drive for market share by supermarkets and discount department stores VII. resulting in new centres being developed
• Vacancies in centres are low W.

	Source: DB RREEF Research
					Beard Road and Stadt Road Arms Road

US KREF

Page 30

Centre	Centre MAT \$psm	Specialty MAT Spsm	Total Centre MAT Growth Spsm	Total Specialty MAT Growth Spsm	Specialty Occ Cost %
Whitford City	6,344	8,040	5.55%	3.90%	13.6%
Westlakes	5,132	7,698	$(1.93)\%$	$(6.22)\%$	14.1%
Plenty Valley	9,317	7,516	9.07%	11.21%	9.4%
North Lakes	5,845	6,823	10.81%	7.89%	12.3%
Mt Druitt	6,053	7,535	0.69%	$(3.99)\%$	16.9%
Hurstville	6,061	8,503	1.61%	1.47%	18.2%

Retail Sector - Centre Statistics

Page 31

Retail - Developments

Completed

• Mount Druitt, NSW 鱻
• Reconfiguration to 58,937 sqm $\omega$
• Final cost \$65m
• Coles, Target, 50 new specialty stores
• Stabilisation phase trading well

Development Pipeline: \$145m

• North Lakes, QLD H.
• DA approved 25,000 sqm
• Commencing 4th quarter 2006
• Plenty Valley, VIC H.
• DA Approved 40,000 sqm
• Commencing 1st quarter 2007

Westfield Mount Druitt

Tony Dixon, DRT Fund Manager

International Portfolio - Overview

US Industrial - A\$1.82b

• Occupancy 92.5% (88.5%) Ŷ.
• Seven consecutive quarters of positive .
  Mili absorption
• NOI US\$85.8m (A\$114.7m), 1 2.3% I
• If the on tike $\uparrow$ 7.2%
• Revaluations $\uparrow$ A\$168m or $\uparrow$ 11% M
• Over US\$100m (A\$134m) in acquisitions and I developments

Acquisition of European Portfolio

• Six assets, located in France Ŷ.
• Fully leased with initial yield of 6.9% Ŷ.

5823 Newton Drive, San Diego, CA

US Industrial Market Outlook

• US economic expansion has fuelled strong take-up of industrial space
• Trade flows are enjoying solid growth and although activity is expected to Mik. moderate in 2007 the longer term trend is positive
• Port cities and national distribution hubs are benefiting most from solid n 11 de jaro 11 de jaro 11 de jaro 11 de jaro 11 de jaro 11 de jaro 11 de jaro 11 de jaro 11 de jaro 11 de jaro 11 de jaro 11 de jaro 11 de jaro 11 de jaro 11 de jaro 11 de jaro 11 de jaro 11 de jaro 11 de jaro 11 de jaro trade flows
• A modest supply pipeline has resulted in the market occupancy rate rising to over 90% nationally over the past year
• Growth in the technology sector is benefitting R&D space .
  Mik

	Source: DB RREEF Research
		ne borne

Page 35

Managed in partnership with Deutsche Bank $\boxtimes$

LA LIBRETTI

US Industrial Strong Leasing Performance

• . Occupancy - 92.5% (88.5%)
• Market¹ occupancy 90.1% .
• Average lease duration 3.5 yrs (3.4 yrs) .
• Average tenant stay 10.0 years .
• . Leasing Activity - over 4,600,000 sq ft (23% of portfolio area)

Page 36

As at 30 June 06	Portfolio Value \$US'000s	Portfolio Area (sqft)	$%$ of Portfolio	Vacant (sq ft)	Portfolio Occupancy %	Market Occupancy %
N. Virginia, VA	184,600	1,135,518	6%	48,418	95.7%	88.9%
Riverside, CA	125,575	1,543,375	8%	0	100.0%	93.4%
Dallas, TX	123,480	2,271,336	11%	327,959	85.6%	88.2%
Baltimore, MD	121,000	1,419,394	7%	218,604	84.6%	86.6%
Los Angeles, CA	114,950	1,050,442	5%	98,454	90.6%	92.8%
Phoenix, AZ	102,400	1,782,758	9%	48,287	97.3%	89.8%
Cincinnati/NKY, OH	84,300	2,706,365	13%	212,896	92.1%	92.8%
Orlando, FL	74,300	1,390,530	7%	77,192	94.4%	91.2%
Minneapolis, MN	73,900	1,158,606	6%	172,226	85.1%	91.9%
Columbus, OH	58,300	1,610,240	8%	62,598	96.1%	84.7%
Rest of Portfolio	249,950	4,241,126	21%	258,167	93.9%	88.2%
Portfolio	1,312,755	20,309,690	100%	1,524,801	92.5%	90.1%

US Industrial - DRT's Top 10 Markets By Value

¹ Source: Torto Wheaton Research, June 2006

DB RREEF

Page 37

US Industrial - Acquisitions

Minneapolis, Minnesota portfolio

• Acquired a 4 property portfolio in Nov 05
• 450,000 sq ft Ŷ.
• US\$28m (A\$37.2m) Ŷ.
• Occupancy increased from 83% to 85% Ŷ. since settlement, slightly above forecast

Egandale Business Campus, Minneapolis, MN

Land Options - Exercised

• Two options exercised with projects under development Ŷ.
• Medley, Florida & Dulles Town Crossing, Virginia
• Options over remaining three sites exercised Ŷ.
• Total consideration US\$8.4m (A\$11.3m)

US Industrial - Developments

Turnpike Distribution Centre, Medley, FL

• \$US17.0m (A\$23.0m) project underway Y.
• Due for completion in December 2006 Ŷ.
• 61% pre-committed Ŷ.

Dulles Town Crossing, Sterling, VA

• Office project in preferred Washington D.C. .
  Vii /Northern Virginia market
• Two building campus facility of 220,000 sq ft Ŷ.
• Expected end value of US\$52.0m (A\$70.0m) Ŷ.
• Due for completion 1H 2008

Artist's Impression, Dulles Town Crossing

DB RREEF

European Industrial - Acquisition

• French logistics portfolio 110,000 sqm .
  Vila
• . Six assets located in Paris and Lyon
• Ź. Tenants include: Coca-Cola, Auchan, CAE, Norma
• 100% leased, average lease duration 6.8 yrs .
• Acquired for €70.9m (A\$119.6m¹) .
  Za
• Initial yield 6.9% based on total costs .
  Vai
• .
  Za Settled in July 2006
• Sourced and managed by RREEF .

Servon 1, Ile-de-France, and Epone, Ile-de-France

$1$ Euro = AUD1.69. Includes acquisition costs

International Focus

• Global asset investment, requires local expertise .
  M
• Research-led investment, provided by RREEF Ű.
• Main focus in core investments in office and industrial Ű.

Victor Hoog Antink, CEO

Third Party Funds

• Funds Under Management \$3.9b 豱
• 緫 DWPF \$1.8b
• Separate Accounts \$1.9b
• Syndicates \$0.2b
• Funds Growing .
• ⁸ Valuations
• Acquisitions
• . Funds Performance
• Exceeding benchmarks 餾

DB RREEF

Victor Hoog Antink, CEO

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

Whirlpool Investment Program - Summary

• 11 new to-be-built distribution facilities Service
• Located in US, Canada and Poland Ŷ.
• Costing A\$600m* over 3 years Ŷ.
• Fully leased to Whirlpool for 10 years Ŷ.
• Initial blended yield 7%* Ŷ.
• Funded by debt and underwritten DRP Ŷ.
• Introduced and managed by RREEF Ŷ.

* Estimate

Whirlpool Corporation (NYSE:WHR)

• World's leading manufacturer and marketer of I home appliances
• Equity market cap US\$5.0bn Ŷ.
• Annual sales US\$19bn Ŷ.
• No. of countries .
  Vite
• No. of employees Ŷ.
• Annual Profit Ŷ.
• No. of manufacturing & I technology research centres
• Credit Rating Ŷ.

US\$422m 60 BBB (S&P)

$170+$

80,000

Brands include; Whirlpool, Maytag, KitchenAid, I Jenn-Air, Amana, Brastemp, Bauknecht

Cover: Whirlpool Annual Report 2005

Whirlpool Investment Program - Process

• Establish exclusive investment program Ŷ.
• Whirlpool / DRT / RREEF
• Select and secure sites, design and build distribution facilities 獥
• Subject to DB RREEF / RREEF approval
• Acquisition on completion Ŷ.
• Properties acquired by DRT at cost
• Anticipate below individual replacement cost
• DRT may fund some developments to save costs
• Commence 10 year leases on completion Ŷ.
• Whirlpool / DRT (managed by RREEF)

Whirlpool Investment Program - Typical Property

State of the art Warehouse Distribution Facilities

• 32' clear ceilings Ÿh.
• ESFR sprinkler systems Ÿh.
• Rail served Ŵ),
• Ample truck/trailer parking 1:2,000 sq ft .
• Generous truck door to footage ratio 1:10,000 sq ft Ÿh.
• 2% 5% office ..
• Pre-serviced for future divisibility to 250,000 sq ft tenancies C.

Page 49

Whirlpool Investment Program - Summary

Locations	Completion	Area (sq ft)	Area (sq ft)
Warehouse Distribution Facilities			9,300,000
USA
1 st location 豲	$2007 - Q1$	500,000
6 other locations 豲	2007/2008	7,700,000
Canada
Toronto, Ontario 蘯	$2007 - Q4$	750,000
1 other location Ÿ.	$2007 - Q4$	350,000
Factory Distribution Facilities			700,000
USA
Midwest 豲	$2007 - Q4$	400,000
Poland
Wroclaw 獩	$2007 - Q4$	300,000
Total Program			10,000,000

*All dates and areas approximate

Whirlpool Investment Program - Lease Summary

• approx $7%$

Lease term 绷

Reviews

Ŷ.

• 10 years $+$ 4 x 5 year options

• Initial blended yield 豲

• annually lesser of 3% or CPI
• Flexibility rights A
• Automatic lease extensions MAG
• rights to expand, contract or substitute properties
• if expand or substitute, 10 year term refreshed

Whirlpool Investment Program -The First Investment

• Under construction Ŷ.
• East coast, USA Ŷ.
• 500,000 sq ft Ŷ.
• Approximate cost US\$25m Ŷ.
• Estimated completion Q1 2007 Ŷ.
• Expansion capacity 250,000 sq ft Ŷ.

Progress as at 1st week August 2006

DB RREEF Geographic Diversification

June 2006

Proforma June 2006 Post Whirlpool and France¹

DB RREEF Industrial Diversification

June 2006

Proforma June 2006 Post Whirlpool and France¹

¹ Proforma - June 06 plus French acquisitions and Whirlpool program on completion

DB RREEF

Page 54

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

Overview of RREEF

RREEF Global AUM (1)

• Full service real estate investment advisor 靈
• Ranked largest real estate and infrastructure 靈 investment manager globally by EuroProperty/INREV, May 2006
• Over US\$66 bn / $€51$ bn in assets under 靈 management worldwide¹
• More than 2,000 employees in 17 offices 靈 around the world
• Substantial operating experience in their $\pmb{\mathfrak{m}}$ local markets

Page 55

(1) As at 30 June 2006

Source: RREEF

Expansion through RREEF's global platform

RREEF Office Locations Worldwide

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

Victor Hoog Antink, CEO

Strategy

• Create and maintain high quality portfolio anan dan dikenali dan ke
• Deliver income growth W.
• Office active participation in growth cycle
• Industrial replenish and grow pipeline
• Retail work with Westfield to maximise portfolio value $\omega$ .
• International leverage RREEF's global platform
• Third Party FUM generate new investment opportunities $\perp$
• Manage capital prudently W.
• Increase distributions

Summary

• Delivered on EM forecast Y.
• Distribution \$306m 11.0 cents
• MTA \$1.53
• High quality portfolio with strong fundamentals Y.
• Focus on value add
• Creating product for the platform
• Crystallising value offshore RREEF The Second
• Deliver distribution growth W.

Important Information

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, 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 61

Appendices

Contents

Financial Results

• 1. Revaluation Summary
• 1. AIFRS Distribution Reconciliation
• 3. EM and AGAAP Comparatives Basis
• 1. Interest Rate Hedging Profile

1. Revaluation Summary

A\$'000	Office	Industrial	Retail	US Portfolio	Total
P&L Revaluations
External Valuations	113,484	78,231	23,065	168,311	383,090
Internal Valuations	194,044	55,523	53,835		303,402
	307,528	133,754	76,900	168,311	686,493
Carry Value
Externally Revalued	1,220,500	490,150		1,780,095	3,490,745
Internally Revalued	2,365,847	1,074,108	732,876	39,709	4,212,540
	3,586,347	1,564,258	732,876	1,819,804	7,703,285
No of Properties
Externally Revalued	13	13		98	124
Internally Revalued	14	27	6	4	51
	27	40	6	102	175

DB RREEF

Page 63

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

2. AIFRS Distribution Reconciliation

A\$m	Jun 06
Net Profit (after tax)	1,0661
Profit attributable to minority interest	(56)
Profit attributable to stapled security holders	1,010
Adjustments:
• Property revaluations	$(696)^{1}$
• Mark to market of derivatives and foreign exchange	(73)
• Fitout and cash incentive amortisation	19
• Straight-line rent adjustments	(9)
• US deferred tax	25
• Impairment of Goodwill	3
• RENTS Capital Distribution	(10)
• Outside Equity Interest on Adjustments	35
• Other	2
Distribution	306
DPU (cents)	11.0

¹ Includes revaluation increase relating to Mt Druitt which is Equity Accounted in the profit.

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3. EM and AGAAP Comparatives Basis

A\$m	EM June 06	AGAAP June 06
Net Property Income
- Office and Carparks	245	238
- Industrial	112	111
- Retail	61	57
- US Industrial	124	122
Income from DRO	8	12
Other Income	2	2
Total Income	552	542
Management Fees	(29)	(29)
Other Expenses	(3)	(2)
Earnings (EBIT)	520	511
Interest Expense	(185)	(168)
Profit before tax	335	342
Income and withholding tax expense	(4)	(5)
Minority Interests - RENTS		$(5)^2$
Minority Interests - Other	(16)	(16)
Profit after tax and minority interests	315	316
Capital distribution to RENTS		$(10)^2$
Distribution	$(319)^1$	(306)

$1$ EM assumed capital transfer from reserves of A\$4m

² RENTS not assumed at EM

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	FY07	FY08	FY09	FY10	FY11
A\$m hedged	1522	1472	1538	1418	1410
A\$ hedge rate $1$	6.28%	6.25%	6.28%	6.32%	6.32%
Average rate 2	6.33%	6.35%	6.41%	6.43%	6.45%
US\$m hedged $3$	803	789	738	621	535
US\$ hedge rate 1	4.79%	4.79%	4.75%	5.22%	5.39%
Average rate 2	4.93%	5.04%	5.10%	5.56%	5.79%
	FY07	FY08	FY09	FY10	FY11
US\$m hedged	16.8	15.3	13.6	8.6	3.5
Avg A\$/US\$ hedge rate	0.7086	0.7015	0.6971	0.7161	0.7060

4. Interest Rate Hedging Profile

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)

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Managed in partnership with Deutsche Bank [2]

DB RREEF

22 August 2006