DEXUS — Investor Presentation 2007

Feb 25, 2007

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 1266 Facsimile 61 2 9017 1110

Email: ben.lehmann@dbrreef.com

Dear Sir / Madam

DB RREEF Trust (ASX: DRT) Half year results presentation for the period ending 31 December 2006

DB RREEF Funds Management Limited, as responsible entity for DB RREEF Trust (DRT), provides a copy of the half year results presentation for the period ending 31 December 2006.

For further information, please contact

CEO, DB RREEF Trust:	Victor Hoog Antink	(02) 9017 1130
Fund Manager, DB RREEF Trust:	Ben Lehmann	$(02)$ 9017 1266
Investor Relations:	Karol O'Reilly	(03) 8611 2930
Media Enquiries:	Emma Parry	(02) 9017 1133

Yours sincerely

Tanya Cox Company Secretary

26 February 2007

Australian Stock Exchange Limited

The Manager

20 Bridge Street

Sydney NSW 2000

DB RREEF Funds Management Limited ABN 24 060 920 783 As Responsible Entity www.dbrreef.com

Maria Partido de La Correctiva de La Correctiva de La Correctiva de La Correctiva de La Correctiva de La Correctiv
1990 - La Correctiva de La Correctiva de La Correctiva de La Correctiva de La Correctiva de La Correctiva

Agenda

• 1. Highlights
• 1. Finance & Capital Management
• 1. Portfolio
• Third Party Funds 4.
• 1. 2007 Outlook
• 1. Appendices

30 The Bond, Sydney

DB RYFE

Page 2

A\$ unless otherwise stated

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Victor Hoog Antink, Chief Executive Officer

Financial performance - on target

Detivering income grwin

$$268.1m$ Property income 5.5% 貕 \$159.6m Total distributions 5.9% $\mathcal{L}_{\mathcal{L}}$ 5.6 cps Distributions 2.8% 錅

Maximising portfolio returns

Revaluations \$359m 4.7% $\mathcal{U}\mathcal{E}$ $$1.65$ 7.8% NTA A 95.7% $0.6%$ Occupancy $\mathcal{G}\mathcal{A}$

Active capital management

38.9% Gearing $\mathcal{C}$

1 all numbers Dec 06 to Dec 05 except NTA increase and Revaluations are from 30 June 06

DB RREEF

Transaction activity - \$1.4 billion in total

Portfolio growth

Global portfolio: $$8.3b =$ $$770m$

DB RREEF

Page 6

Portfolio at a glance

		30 June 06	31 Dec 06
貕	Funds under management	\$11.8 b	\$13.0 b
	DB RREEF Trust 恣	\$7.9 b	\$8.7b
	Third party funds 恣	\$3.9 b	\$4.3b
黎	Development pipeline	\$1.8 b	\$2.9b
	DB RREEF Trust 総	\$1.3 b	\$2.2b
	Third party funds 総	\$0.5 b	\$0.7 b

Direct property assets only (ex Barrack Street & including 80% of JV US Assets)

Portfolio diversification

DB RREEF Total Managed Funds

DB RREEF Trust Assets

Increasing development activity

		DETRREE STATIS	Thick TORES	TOCH
Completed	Estimated end value	\$57m	\$31m	\$88m
Pipeline
Underway	Cost	\$459m	\$71m	\$530m
Future	Estimated end value	\$1,782m	\$604m	\$2,386m

Third party funds management

Piatinn tabiised

DWPF's Responsible Entity transferred to DB RREEF $\frac{36}{16}$

Growth in funds under management

$$4.3b$ 1 9.4% 孫

Strong investment performance

Returns consistently exceeding benchmark 孫

Progress on development pipeline

8 developments \$0.7b value ▒

360 Collins Street, Melbourne

Sustainability - long-term commitment

• Completing ABGR assessments and Green Star $\mathcal{G}$ rating assessments
• Monitoring energy, waste and water X. consumption
• Resource efficiency projects underway $\mathcal{U}$
• 15%* of our energy is being purchased as green $\mathcal{G}_\alpha$ power
• Won the Facilities Management Environmental Ķ, Achievement Award for 2006

*15% is our average minimum commitment to green power across our office portfolio

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Peter Roberts, Chief Financial Officer

Financial results - consistent growth

DB RREE

Financial results - consistent growth

Profit composition - continuing growth

DB RREE

Strong balance sheet

DB RREEF Trust	30 Jun 06	31 Dec 06
Market capitalisation 溭	\$4,105m	\$5,060m
NTA per security (excluding minority interest) 霧	\$1.53	\$1.65
Gearing (net of cash) 霧	38.3%	38.9%
Investment properties increase 謬	17.5%	9.5%
Cash & receivables	141.7	108.1
Investment properties	7,979.0	8,737.5
Other (including derivative financial instruments)	166.8	184.4
Total assets	8,287.5	9,030.0
Payables & provisions	256.4	279.5
Interest bearing liabilities	3,195.0	3,513.7
Other (including derivative financial instruments)	120.6	110.3
Total liabilities	3,572.0	3,903.5
Less minority interest	427.9	422.6
Net tangible assets (after minority interest)	4,287.6	4,703.9

Positive debt profile

		30 June 06	31 Dec 06
孫	Duration of debt:	2.8 years	3.1 years
孫	Debt hedged:	89%	91%
孫	Interest hedge duration:	6.5 years	5.9 years
孫	Interest cover:	3.1X	2.9X
孫	Weighted average cost of debt 1 :	5.71%	5.70%
	Australia/New Zealand ※	6.32%	6.36%
	North America ⊗	4.69%	4.99%
	Europe 豩	N/A	4.46%
孫	Gearing:	38.3%	38.9%
絲	S&P Rating:		BBB+ (positive outlook)

1 Inclusive of margins & fees

DB RREEF

Page 17

Managed in partnership with Deutsche Bank $\mathbb Z$

Diversified debt profile

Facility Maturity Profile December 2006

1 90 day paper 12%

Funds management business

Increased funds under management

® DRT	\$8.7bn
Example 7 Third Party	\$4.3bn
Exercise Total	$$13.0bn$ 11%

Growth in profit

• Total fees $$35.9m$ ↑ 27% 錃
• DRT's 50% profit share $$6.6m$ ↑ 29% $\mathbb{K}$ * Interest income (DRT) $$2.6m$
• $$4.0m$ Equity accounted profit $\otimes$

343 George Street, Sydney NSW

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Ben Lehmann, Fund Manager, DB RREEF Trust

Overview - global real estate markets

• Global economic growth is softer 黎
• Non-residential real estate markets have less exposure to interest rates 貕
• Leasing demand remains positive in the major regional markets of $\mathcal{G}_\mathcal{E}$ Australia, New Zealand, US and Europe
• In the past year rents have mostly increased in areas DRT is invested in 黎
• Positive investor sentiment and strong competition for assets 黎
• Valuations continue to be supported by growing income streams Ķ.

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Office - highlights

Delivering income growth

• Net property income \$124.9m increased 6.6% 孫
• 5.6% increase on like for like basis 豫

Increased portfolio value by 9% to \$3.9b

Revaluations increased by \$286m or 8% 錃

Maintaining quality of portfollo

Premium $\hat{a}$ A grade = 86% of total portfolio K.

Active portfolio management

Sale of 50% interest in The Zenith, Chatswood 像 for \$126.25m (Jan 2007)

Development pipeline progressing

• Pipeline contains potential for 104,400sqm 孫
• Estimated value on completion of \$0.9b 孫

1 Farrer Place, Sydney

Office - highlights

Proactive asset management

• * Occupancy¹ 97.3% vs market occupancy² of 93.6%
• * Average lease duration 6.4 yrs
• * Major new leases include: Goldman Sachs JB Were, State of NSW, Members Equity Bank, Wilson HTM, Cap Gemini and Tricom Futures

30 The Bond, Hickson Road, Sydney

1 By Area 2 Source: Jones Lang LaSalle, June 2006 N.B. Office including carparks

Office - strong lease expiry profile

Australian office market outlook

• Business expansion and employment growth 孫 leading to solid take-up of office space
• Office occupancy levels increasing nationally 孫 to 93.6%
• Rents increasing in all major office markets 鋈
• Brisbane and Perth leading Sydney and $\mathbb{K}$ Melbourne
• Revaluations have been generally positive 孫
• Conditions are supportive of new office $\mathbb{K}$ development

Woodside Plaza, Perth

Source: DB RREEF Research

DB RREE

Office - development progress

Four projects in various stages of planning, design and approval

• 1. Bent Street, Sydney 37,000sqm
• Stage 1 DA approved ※
• Highly contemporary design $\mathcal{U}$
• Energy efficient and sustainable design $\ll$
• Presentations to potential tenants underway $\ll$
• Stage 2 DA submission in coming months $\mathcal{L}$

Artists impression, Bent Street, Sydney

Office - development progress

1. Charlotte Street, Brisbane - 42,000sqm

2. Preparing DA 総

3. Commenced discussions with potential 係 occupants
4. 1. Victoria Cross, North Sydney 5,000sqm
5. DA submitted 孫
6. Development is subject to a pre-孫 committment
7. 1. 105 Phillip Street, Parramatta -20,400sqm
8. DA achieved 《
9. Commenced discussions with potential 孫 occupants

Artists impression, Phillip Street, Parramatta

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Retail - highlights

Delivering seure income streams

• Strong turnover growth (MAT) \$1.58b up 8% 孫
• Income of $$27.9m$ up 0.9 % 錃
• 3.8% increase on like for like basis 孫
• Maintained occupancy 99.7%, average lease $\mathbb{R}$ duration 5.3 yrs

Increased portfollo value of 8% to \$990m

Revaluations increased \$64m up 7% 孫

Development pipelinë

Two major developments underway with a combined cost on completion of \$190m¹

Westfield Mt Druitt, NSW

1 represents a 50% interest in the developments

Retail - strong lease expiry profile

DB RREE

Page 31

Retail sector - centre statistics

Kaanke	Gante MNE (Sesia)	Secontry WATER (SDSIN)	roa eentre WOR EIGWIG SEEDZ	ACCEL eenre MAS E-146XXXXII (Spa)%	storti SDEGELING MATE CLOWED (Spsm)% 2	INER Secondy MUS ElioWen $(Sp0)\mathbb{Z}^2$	Searlty OKATIBETICY CONE 26
Whitford City	6,529	8,372	4.8%	9.1%	8.9%	16.2%	14.8%
Westlakes	5,211	7,786	1.4%	5.9%	$(1.9)$ %	8.1%	15.1%
Plenty Valley	9,643	7,901	8.6%	12.1%	11.6%	22.7%	10.1%
North Lakes	6,071	7,266	9.6%	9.5%	10.4%	10.1%	12.4%
Mt Druitt	5,894	7,274	$(7.4)$ %	15.1%	$(4.7)$ %	19.8%	18.6%
Hurstville	6,259	8,629	2.2%	2.8%	2.3%	3.2%	20.0%

DB RREEF

1 Occupancy cost ratio

2 Specialty Growth inclusive of large format specialities

Page 32

Australian retail market outlook

• Retail sales growth running at a healthy 6.3% per annum $\mathcal{G}_\mathbb{R}$
• Solid employment market expected to support sales growth, despite mildly $\mathcal{G}$ restrictive interest rate settings
• Sales growth in QLD and WA stronger than in NSW and VIC $\mathcal{G}_{\mathcal{E}}$
• Planning guidelines continue to constrain supply of new shopping centres $\mathcal{G}$
• The average occupancy level in shopping centres is high $\mathcal{G}_\mathcal{A}$

Retail - developments

North Lakes, Qué

• Taking advantage of increased $\mathcal{G}$ population in high growth area of SE QLD
• ^® Construction started 4^th Qtr 2006
• ^® Opening date 4^th Qtr 2007
• * Majors Coles, Target, Big W, Woolworths and Aldi
• \$51,081sqm on completion
• ^■ Cost \$90m

Development site at North Lakes Qld

Managed in partnership with Deutsche Bank $\mathbb Z$

Retail - developments

Plenty Valley, Vic

• Increasing our presence in a high $\mathcal{G}_\mathcal{A}$ population growth area of Melbourne
• ^® Construction started 4^th Qtr 2006
• * Due to open 2nd Qtr 2008
• * Majors Coles, Safeway, Kmart, Target and Aldi
• \$52,883sqm on completion
• ^■ Cost \$100m

Artists impression - Plenty Valley, Vic

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Industrial - highlights

Delivering income growth

• Australia A\$56.6m 15% (like for like 1.0%) 豫
• North America US\$41.8m (like for like 1.0%) 孫
• Europe €2.3m 後

Increased portfolio value of 12% to \$3.4b

• $$1.7_b$ Australia 錃
• North America $$1.4_b$ 豫
• $Europe¹$ $$339m$ 孫

Revaluations up 0.4% or \$6m

Acquisitions

• Completed² \$400m
• Committed³ $$627m$ $\mathcal{U}$
• Development pipeline⁴

DB RREEF Industrial Estate, Laverton North

\$860m

1 excludes the property located in Düsseldorf which is contracted to be purchased in May 2007

• 2 Includes 144 Wicks Road, North Ryde, Doherty's Road Laverton North and Europe excludes Düsseldorf
• 3 Includes \$600m Whirlpool Investment Program and Düsseldorf \$27m

4 Pipeline incorporates Greenfield development only

Industrial - strong global lease expiry profile

■ Area ■ Income

Industrial - highlights

Strong occupancy¹

• Australia 95.7% $\mathbb{R}^n$ North America 94.1% 孫
• 92.2% Europe 《

Average lease duration?

• Australia 4.8 yrs $\mathbb{R}$
• North America $3.3$ yrs $\mathbb{R}^n$
• 4.9 yrs Europe 孫

Key Australian leasing deals

Fosters, IBM, Avon and Fonterra (Stage 2) $\mathbb{K}$

1 Foundation Place, Greystanes NSW

DB RREF

Managed in partnership with Deutsche Bank $Z$

1 By Area 2 By Income

Page 39

Global industrial market outlook

Australia 《

• Demand has been positive, but softer after a strong year in 2005/06
• New road infrastructure is driving relocation of logistics and warehousing
• Construction activity is strong mostly pre-committed to tenants
• * Rents showing mild growth, although flat in the pre-lease market.

US 恣

• Economic slowdown has moderated demand for industrial space
• However, on average demand remains just ahead of supply 膠
• * The average US market occupancy rate has risen by 0.7% to 90.6%
• Europe 悐
• Logistics continues to expand around major transport nodes
• * Most western European industrial markets are in the growth stage of the cycle
• Mild economic growth means an outlook for flat to modestly rising rents

Source: DB RREEF Research

Managed in partnership with Deutsche Bank $\Box$

Page 40

Industrial - acquisitions

Australia

2 development sites in Australia totalling \$61m:

• * Doherty's Road, Laverton North \$34m
• * 144 Wicks Road, North Ryde \$27m¹

North America

• Summit Oaks \$2m Land for office park 像 development
• Whirlpool investment program (North America) 孫
• * First logistics facility near completion in Orlando -US\$26m
• Sites secured in Denver and Toronto 嵡

Europe

France - 6 distribution centres at \$119m ( $E71m$ ) $\mathbb{K}$

Represents a 50% interest

DB RREEF Industrial Estate, Laverton North

Industrial - acquisitions

Germany

• Total portfolio 14 properties: ▒
• 13 logistics properties \$220m (€132m)
• 1 property under construction to be $\mathbb{R}$ acquired on completion mid 2007 at a cost of €16m
• 94.1% occupancy 総
• Average lease duration of 6.0 years 孫
• Includes 18.6 hectares of land with 終 development potential

Duisburg, Germany

Industrial - disposals

Australia

121 Evans Road, Salisbury, Qld - \$24m Ŷ.

North America

Oak Park Business Centre, Minneapolis \$4m (US\$3m) $\mathcal{U}_n$

Oak Park Business Centre, Minneapolis

Industrial - developments completed

RACE CAST	THE REAL	ATES	ATE Cendral	Value on Completion Kini
DB RREEF Industrial Estate, Laverton North	Wrightson Seeds	New	7,850	6.9
Pound Road, Dandenong	L'Oreal	Expansion	7,224	9.0
Kings Park Industrial Estate	Geoff Penney	Expansion	2,900	6.0
Kings Park Industrial Estate	Speculative	New	5,700	8.9
Axxess Corporate Park	Bonland/Fonterra	New	6,700	25.9
nori			30,37Z)	5677

DB RREE

1 Management's estimate

Industrial - developments underway

	Diopary	Textile	EMIGHTE ETGE KEIN	Cocia KID	DITES
Australia	Laverton North	Coles	42,307	101	Q1 07
	Laverton North	Foster's Australia	45,500	31	Q3 07
	Axxess Corporate Park	Fonterra Stage 2	2,346	7	Q3 07
North America	Atlantic Corporate Park, Sterling VA		20,459	60	Q2 08
	Turnpike Distribution Centre, Miami FL		24,896	24	Q1 07
	Summit Oaks, Santa Clarita CA		12,950	57	Q2 08
North			148,458	2230

Industrial - greenfield pipeline

	ROCHOLD	Estimated value on completion CUD
Australia	Laverton North	400
	144 Wicks Road, North Ryde 1	200
	3 Brookhollow Avenue, Baulkham Hills	100
	Axxess Corporate Park, Mt Waverley	50
	Pound Road, Dandenong	10 °
North America	3 sites (Texas x 2, Virginia)	100
R okil		860

DB RREE

Page 47

Represents a 50% interest

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Mark Turner, Head of Unlisted Funds

Third party funds

Funds under management

• DB RREEF Wholesale Fund 溺
• Separate Accounts (AXA & STC) 翻
• Syndicates \$192m $\frac{\partial \mathbf{G}}{\partial \mathbf{B}}$

Portfolio sector breakdown at 31 December 2006

Third party funds - growth in funds under management

• Funds under management \$369m to \$4.3bn $\mathcal{G}_{\mathcal{E}}$
• Acquisitions \$272m 鍌

DB RREEF

Third party funds - strong investment performance

• All 3 unlisted funds and mandates (DWPF, AXA 孫 and STC) have outperformed the sector benchmark consistently
• 10 assets were acquired during the period in 孫 the retail, industrial and office sectors
• Future performance will be driven by: 孫
• * Income growth
• EXECUTE: Value add activities

Performance at 31 December 2006

Benchmark: Mercer Unlisted Property Funds Index (Median Return)

Page 51

Third party funds - outlook

• Continuing focus on delivering superior investment performance $\mathcal{G}_\mathcal{A}$
• \$0.7b development pipeline with 8 projects $\mathcal{G}_\mathcal{A}$
• Funds under management growth through acquisition $\mathcal{G}_\mathcal{A}$

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Victor Hoog Antink, Chief Executive Officer

Outbox

Solfe portfolio performance

. Increased portfolio income, occupancy and value

Increasing acquisitions

• Over \$1 billion committed this year Increasing development pipeline
• Over \$3 billion

a taman sa badan da da sa sa sa sa san sa sa sa sa sa sa sa sa sa sa sa sa sa

• 11.3 cents per stapled security

Page 54

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Appendices

Financial Results

• 1. Revenue contribution from DB RREEF Operations Trust
• 1. Revaluation Summary
• 1. Profit to Distribution Reconciliation
• 1. Interest Rate and Foreign Exchange Hedging Profile

Revenue contribution from DB RREEF Operations Trust

DB RREEF Operations HUSE

Total Revenue	GAMORITAS
	STIDE 406
	\$m
Interest Income from DRH (50%)	2.3
Equity accounted profit (50%)	4.0
Gross property income	2.7
Interest from deposits	0.4
Total income	9.4

Revaluation Summary

A\$m	Office	Industrial	Retail	USA	Europe	Total
P&L Revaluations
External Valuations	91	5	8	$\bullet$		104
Internal Valuations	195	1	56	3	$\bullet$	255
	286	$6\phantom{1}$	64	3		359
Book Value
Externally Revalued	984	166	268			1,418
Internally Revalued	2,947	1,516	722	1,795	339	7,319
	3,931	1,682	990	1,795	339	8,737
No of Properties
Externally Revalued	7	$\overline{7}$	$\mathbf{1}$	$\bullet$		15
Internally Revalued	24	35	6	100	19	51
	31	42	6	100	19	198

Profit to Distribution Reconciliation

A\$m	HY to Dec 06
Net Profit (after tax)	519
Profit attributable to minority interest	(9)
Profit attributable to stapled security holders	510
Adjustments:
• Property revaluations	(359)
• Mark to market of derivatives and foreign exchange	6
• Fitout and cash incentive amortisation	14
• Straight-line rent adjustments	(4)
• US deferred tax	2
• RENTS Capital Distribution	(6)
• Outside Equity Interest on Adjustments	(1)
• Other	(2)
Distribution	160
DPU (cents)	5.6

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

DB RREEF

Interest rate and foreign exchange hedging profile

	FY07	FY08	FY09	FY10	FY11
A\$m hedged	1,672	1,522	1,311	1,191	1,183
A\$ hedge rate 1	6.28%	6.24	6.25	6.25	6.26
Average rate 2	6.36%	6.34	6.44	6.38	6.40
US\$m hedged 3	981	967	916	839	753
US\$ hedge rate 1	4.89	4.98	4.97	5.36	5.51
Average rate 2	4.99	5.09	5.11	5.46	5.62
€m hedged	190	190	190	190	178
$\epsilon$ hedge rate 1	4.52	4.55	4.55	4.55	4.56
Average rate 2	4.46	4.57	4.56	4.57	4.58
US\$m hedged	15.2	12.8	13.6	9.8	6.8
Avg. A\$/US\$ hedge rate	0.7019	0.6957	0.6971	0.7167	0.7161

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)

Important Information

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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.

THEY FEE

Managed in partnership with Deutsche Bank $\mathbb Z$

DB RREEF Trust December 2006 Half Year Results

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

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Managed in partnership with Deutsche Bank $\boxdot$

26 February 2007