DEXUS — Major Shareholding Notification 2004

Oct 14, 2004

Facsimile

TO:	ASX Company Announcements	FAX:	1900 999 279
FROM:	Jane Hurst	PHONE:	02 9250 4806
DATE:	13-Oct-04	TOTAL PAGES:	-4

This facsimile is confidential and any unauthorised use of its contents is prohibited. Please advise us by telephone number listed below if you have received the facsimile in error, then shred the facsimile.

To Whom It May Concern,

Enclosed please find copy of SAS Trustee Corporation's notice of initial substantial shareholdings in DBREEF Trust Ltd.

Yours Sincerely

Jane Hurst Accounting Manager JP Morgan Investor Services +61 2 9250 4806 (ph) +61 2 9251 2979 (F)

15/10/04
- Resent as advised Original was not
received was not

FORM 603 CORPORATIONS LAW 709(3)

INITIAL SUBSTANTIAL SHAREHOLDER NOTICE

Attn: Susan Meyers Company Secretary Level 2, 83 Clarence Street Sydney, NSW 2000

Australian Stock Exchange (Sydney) Limited cc:

Substantial shareholder

Name of substantial shareholder:

SAS Trustee Corporation c:- JP Morgan Investor Services Lockbag 7, Royal Exchange, Sydney 2000

Became a substantial shareholder on 06th October 2004

1. Total number of voting shares

The total number of shares in each class of voting shares in the company to which the substantial shareholder was entitled on that date is:

~ Class of shares .	. m rotal number	_______ $\pm$ Percentage of total shares in class
Ordinary	$-060$	"Y6%_
Shares	644	.
. .	サムノ・リ

2 Details of entitlements and relevant interests

On that date, the substantial shareholder was entitled to the following voting shares in which (he/she/it), r an associate, held relevant interest, full particulars are provided of:

Holder of relevant interest	Nature of relative interest	Class & number of shares
SAS Trustee Corporation	Shares are held as trustee of the associated superannuation schemes under the Superannuation Scheme Act 1996 (NSW).	423,644,060, shares

3 Present registered holders and persons entitled to be registered holders

The following persons are registered, or entitled to be registered, as holders of the shares referred to in paragraph 2 above:

Holder of relative	Registered holder of	Person entitled to be	Class & number of
interest	shares	registered as holder	shares
SAS Trustee Corporation	SAS Trustee Corporation	N/A	423.644,060 Ordinary Shares

4 Consideration

The consideration paid for each relevant interest referred to in paragraph 2 above, and acquired in the four months prior to the day that the substantial shareholder became a substantial shareholder, was:

Holder of relevant interest	Date of acquisition	Consideration cash	Non-cash	Class & number of shares
SAS Trustee Corporation	06/10/04	\$521,764,646	N/A N/A	423,644,060 shares

5 Associates

The persons named in paragraph 2 above are associates of the substantial shareholder for the following reasons:

. . . Name associate -01 -- ___	--------------------------------------- --------- - ----- ---------------------------------------
LTIA . -------- ___	---------- ---------------------------------------
-----	_ ___ __

6 Addresses

The addresses of persons named in this form are:

Name	Address
SAS Trustee Corporation	c:- JP Morgan Investor Services
	Lockbag 7,
	Royal Exchange,
	Sydney 2000
Signed for and on behalf of SAS TRUSTEE CORPORATION by its authorised attorney under the power of attorney in the presence of:	Sikuature of

Ĉ Signature of Witness

$Chìo Soscu H l
Name of Witness$

Dated: $13|099$