DEXUS — Investor Presentation 2007

Jul 2, 2007

DB RREEF

Managed in partnership with Deutsche Bank $\boxtimes$

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 61 2 9017 1266 Direct Facsimile 61 2 9017 1132

Email: ben.lehmann@dbrreef.com

3 July 2007

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

Dear Sir/Madam

DB RREEF Trust (ASX: DRT) - Asian Investor Presentation 3 / 4 July 2007

DB RREEF Funds Management Limited, as responsible entity for DB RREEF Trust (DRT), wishes to provide a copy of the Asian Investor Presentation.

For further information, please contact

• Fund Manager - DB RREEF Trust:	Ben Lehmann	$(02)$ 9017 1266
• Investor Relations:	Karol O'Reilly	$(03)$ 8611 2930

Yours sincerely

Tanya Cox Company Secretary

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Victor Hoog Antink SCEO Ben Lehmann - Fund Manager

DB RREEF Funds Management Limited ABN 24 060 920 783 As Responsible Entity

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Managed in partnership with Deutsche Bank $\boxdot$

www.dbrreef.com

Highlights

• DB RREEF Trust ▓▓▓
• 7^th largest Australian REIT
• Top 70 ASX listed entity
• Market Cap \$5.6bn
• Integrated real estate platform and a series of the series of the series of the series of the series of the series of the series of the series of the series of the series of the series of the series of the series of the series of the series of the series
• One of Australia's largest and highest quality portfolios \$8.3bn
• Funds under management \$13bn
• Actively growing by
• Acquiring new assets for DB RREEF Trust and 3rd party funds
  • Leveraging the RREEF global platform
• Developing new and redeveloping existing assets \$2.8bn pipeline

Diversified property group

Financial performance 1H07 - on target

Delivering income growth

III Property income	\$268.1m	5.5%
■ Total distributions	\$159.6m	5.9%
■ Distributions	$5.6$ CDS	2.8%

Maximising portfolio returns

W Revaluations	S359m	4.7%
■ NTA	S1.65	7.8%	Î
Supancy	95.7%	0.6%	€

Active capital management

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Share price performance

DB RREE

Managed in partnership with Deutsche Bank Z

Agenda

• 1. Strategy & operating platform
• Australian REIT market $\mathbb{Z}$
• Financial performance $\mathbb{R}$
• Portfolio overviews 4.
• Outlook $\overline{\mathbb{S}}$ .

30 The Bond, Sydney NSW

DB RYFE F

Delivering on strategy

• Maximise total returns to ▓ security holders
• Acquiring new assets
• Key focus on industrial and office
• Actively managing the portfolio - Selective disposals
• Enhancing returns through development w)
• Increasing weighting to international markets ▓

• Increasing total FUM ▩

• DPU increased from 10.5c in FY05 to S. 11.3c in FY07

• $\checkmark$ \$1bn acquisitions in last 12 months
• \$200m disposals in last 12 months
• \$2.8bn development pipeline a Salah Sulawah Kaléndher Kaléndher Kaléndher Kaléndher Kaléndher Kaléndher Kaléndher Kaléndher Kaléndher Kalé
• $\sqrt{ }$ Target 35 50%
• $\check{\phantom{1}}$ increased by 15% to \$13bn

Operating platform

Deutsche Bank and RREEF relationship

• Deutsche Bank owns 50% of DRT's funds management business
• RREEF is Deutsche Bank's global property and infrastructure division
• Assets under management US\$83bn - Number of employees 1,600
• Number of offices 15
• RREEF provides access to global property markets
• Sources acquisition opportunities
• Manages international portfolio

Board and management

Experienced management team with over 100 years of property funds management experience W.

Portfolio snapshot

DB RREEF - Trust Assets

DB RREEF - Total Managed Funds

2007 transactions - acquisitions \$1.4bn & disposals \$0.2bn

DB RREE

For 12 months ended 30 Jun 2007

Managed in partnership with Deutsche Bank Z

Growing development activity

Development pipeline with estimated 貕 completion value of \$2.8bn

Growth in 3rd party FUM - 1H07

1H07 FUM increased by \$369m or almost 10% to \$4.3bn and a series of the series of the series of the series of the series of the series of the series of the series of the series of the series of the series of the series of the series of the series of the series of the series

Agenda

• 1. Strategy & operating platform
• 1. Australian REIT market
• Financial performance 3.
• Portfolio overviews 4.
• $\overline{\mathbb{S}}$ . Outlook

30 The Bond, Sydney NSW

DBRREE

DB RREEF's position in the Australian REIT market

Current market trends in the Australian REIT market

DR RRFFF

Managed in partnership with Deutsche Bank M

Agenda

• Strategy & operating platform $\begin{aligned} &\text{max}(\widehat{\mathcal{U}}_{\mathbf{y}})\ &\text{s.t.} \end{aligned}$
• $\mathbb{Z}$ . Australian REIT market
• 1. Financial performance
• Portfolio overviews 4.
• 1. Outlook

30 The Bond, Sydney NSW

DB RYFE

Financial summary

STIDDIE IS 7
	Jun 05.	Jun 06
Total income (\$m)	810	1,463
EBIT(Sm)	605	1,250
Profit after tax (\$m)	396	1,010
Portfolio value (\$m)	6,806	7,995
NTA per security $(5)^1$	1.29	1.53
Gearing ratio $(\%)$	39.0	38.3
Distribution (\$m)	281	306
Distribution (cents/unit) 2	10.5	11.0

2007 distribution declared - 11.3c $\mathbf{1}$ .

2007 Results announced - 28 August 2007 $2.$

Disciplined financial management

• S&P Rating BBB+ Number 2015 Nuration 3.1 years
• Debt hedged 91% en de la construction de la construction de la construction de la construction de la construction de la constr
  La construction de la construction de la construction de la construction de la construction de la construction
  
• Average hedge duration 5.9 years en de la concellativa de la concellativa de la concellativa de la concellativa de la concellativa de la concel
  En la concellativa de la concellativa de la concellativa de la concellativa de la concellativa de la concellat
• Interest cover $2.9x$ ▓▓
• Weighted average cost of debt 5.70%
• $-$ \$1,720m at 6.36%
• US\$1,159m at 4.69% $\frac{1}{2}$
• €203m at 4.46%

• Gearing (net of cash) 38.9%

• Inclusive of margins & fees

Managed in partnership with Deutsche Bank M

Agenda

• Strategy & operating platform
• 1. Australian REIT market
• Financial performance 3.
• 1. Portfolio overviews
• $\overline{\mathbb{Z}}$ . Outlook

30 The Bond, Sydney NSW

Office portfolio

▓▓	Total asset value	\$3.9 bn
■	NOI (6mths to Dec 06)	\$125m
▩	Number of properties - 24 offices, 5 car parks	29
▓▓	Occupancy by area	97.3%
▩	Average lease duration - Approx 15% subject to market reviews annually	$6.4$ yrs
■	Premium & A grade	86%
۳	Development	\$900m

• estimated value on completion

The Zenith, Pacific Highway, Chatswood NSW

DB RREE

Office - key profit drivers

• M Australia's largest manager of high quality office properties
• High barriers to entry
• Majority of buildings Prime or A class
• Vast majority of buildings in major commercial centres
• Australian office markets experiencing strong growth phase
• Strong demand and limited near-term supply
• Development pipeline of \$900m will drive growth ▓▓
• Developments in key growth markets of Sydney and Brisbane
• Active management of portfolio will continue to enhance returns

Office - developments

Bligh Street, Sydney - 37,000sqm

• Stage 1 DA approved
• Highly contemporary design ww
• Energy efficient and sustainable unin
  U
• Presenting to potential tenants ₩₩
• Stage 2 DA submission in July 2007 anna
  WW
• Expected completion in 2010/11 豐

Artists impression, Bligh Street, Sydney

Office - developments (cont.)

Presenting to potential tenants

Albert Street, Brisbane - 41,000sqm

DA lodged

Phillip Street, Parramatta - 20,400sqm

DA achieved

Victoria Cross, North Sydney - 5,000sqm

DA achieved

Artists impression, Phillip Street, Parramatta NSW

Managed in partnership with Deutsche Bank Z

Industrial portfolio

IIII	Total asset value	$$3.4$ bn
	Australia (41 properties)	\$1.7bn
	USA (93 properties)	\$1.4bn
	Europe (22 properties)	\$339m
뺴	NOI (6 months to Dec 06)	\$115m
爴	Occupancy (by area)
	Australia	95.7%
	US	94.1%
	Europe	92.2%
뺴	Average lease duration
	Australia	4.8yrs
	US	3.3yrs
	Europe	4.9yrs
爴	Development (underway)	\$234m
MM	Development (pipeline)	S825m

Pound Road, West Dandenong, Vic

Industrial - key profit drivers

• Large, diversified quality portfolios largely in Australia and US
• Benefiting from cap rate compression and strong sector fundamentals
• Leveraging the RREEF global platform to grow international portfolio in US and Europe through acquisitions
• Strong growth expected from developments underway and development pipeline
• Attractive returns forecast from developments
• Additional growth from active management

Managed in partnership with Deutsche Bank M

Industrial - developments underway

ING HE	Sunding Co $\sqrt{e}$	BEAT
Laverton North, Victoria	53,000
Pound Road West Dandenong, Victoria	4.965

IUSA	Bintennes FICESS	COST Cini	DIES
Turnpike Distribution Centre, Miami Fl	268,119	32	Q 2 07
Atlantic Corporate Park, Sterling Va	220,000	66	Q408
Summit Oaks, Santa Clarita Ca	139,392	65	Q 2 0 8
Beaumeade, Ashburn Va	137,000	24	Q 1 09
ालका	764,511	68: V/

DB RREE

Industrial - greenfield pipeline

	Property	Exhibited value orcomplaton COUT
Australia	Laverton North, Victoria	400
	144 Wicks Road, North Ryde 1 , New South Wales	200
	3 Brookhollow Ave, Baulkham Hills, New South Wales	100
	Axxess Corporate Park, Mt Waverley, Victoria	55
USA	2 sites, Tx and Va	70
FOR THE		EV43

1 Represents a 50% interest

DB RREE

Industrial - international acquisitions

	EXCESSION	Correspondent KALU	DUE
Germany	Düsseldorf*	26	Q2 07
	Whirlpool Investment Program (to total \$600m)
	Orlando, Fl*	31	Q2 07
	Toronto, Canada	80	Q2 08
	Denver, Colorado	21	Q1 09
	Other site selection (well advanced)
		458
* Completed

Retail portfolio

	Total asset value	\$1.0 b
WW	NOI (6 months to Dec 06)	\$28m
ww	Number of properties	h
▓	Occupancy	99.7%
₩	Average lease duration	5.3yrs
豐	Refurbishment projects
	- Two projects under development	$$190m*$

* Represents a 50% interest in the developments

Westfield Mount Druitt, NSW

DB RREEF

Retail - key profit drivers

• High quality of portfolio strong income streams
• Co-owned and managed by Westfield
• Redevelopment opportunities w)
• North Lakes, Queensland \$90m
  • 52,833 sqm on completion $\omega_{\rm{eff}}$
  • Majors Coles, Safeway, K-mart, Target, Aldi
  • Opening 2Q08
• Plenty Valley, Victoria \$100m
  • 51,081sqm on completion $\omega$
  • Majors Coles, Target, Target, Woolworths, Aldi $\omega$
  • Opening 4Q07 $\omega$

North Lakes, QLD

Plenty Valley, VIC

3rd party funds

FUM		\$4.3bn
뻬	DWPF	\$1.9 bn
	III Private client mandates	\$2.3 bn
	■ Syndicates	\$192m
	Funds performance

Exceeding benchmark

Development pipeline

\$0.7bn on 8 projects w)

Acquisitions & commitments

\$272 million (last 12 months) ■

Gateway Complex, Sydney NSW

DB RYFE

3rd party funds - strong investment performance

• All 3 unlisted funds and mandates (DWPF, AXA and STC) outperformed benchmarks
• 10 assets were acquired in 2007
• Current buy mandates

Agenda

• Strategy & operating platform
• $\mathbb{Z}$ . Australian REIT market
• Financial performance 3.
• Portfolio overviews 4.
• 1. Outlook

30 The Bond, Sydney NSW

DBRREE

Outlook

Solid portfolio performance

Increased portfolio income, occupancy and value

Increasing acquisitions

Over \$1 billion committed this year

Increasing development pipeline

Over \$2.8 billion

Increased distribution for 2007

11.3 cents per stapled security

Highlights

• DB RREEF Trust ▓▓▓
• 7^th largest Australian REIT
• Top 70 ASX listed entity
• Market Cap \$5.6bn
• Integrated real estate platform and a series of the series of the series of the series of the series of the series of the series of the series of the series of the series of the series of the series of the series of the series of the series of the series
• One of Australia's largest and highest quality portfolios \$8.3bn
• Funds under management \$13bn
• Actively growing by
• Acquiring new assets for DB RREEF Trust and 3rd party funds
  • Leveraging the RREEF global platform
• Developing new and redeveloping existing assets \$2.8bn pipeline

Managed in partnership with Deutsche Bank M

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 unitholder 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.