Milena Penca Company Secretary

Phone: 61 3 9616 3852 Fax: 61 3 9614 5298

13 October 2004

Australian Stock Exchange Limited Company Announcements Office 20 Bridge Street SYDNEY NSW 2000

Dear Sir/Madam

Substantial Shareholder Notice

Please find attached a Substantial Shareholder Notice for DB RREEF Trust group (DRT).

Yours faithfully

Milena Penca Company Secretary

AXA Asia Pacific Holdings Limited ABN 78 069 123 011

Form 603

Corporations Act, 2001

Section 671B

Notice of initial substantial holder

$To:$ Mr Ian Thompson Company Secretary DB RREEF Trust group (DRT) ISIN: AU000000DRT1

1. Details of substantial holder (1)

AXA of 9 place Vendome 75008, Paris, France and AXA Asia Pacific Holdings Limited ACN 069 123 Name: 011 of 447 Collins St, Melbourne, Victoria ("AXA APH") and each other company listed in this Form ("AXA Group").

The holder became a substantial holder on: 12/10/2004

$\overline{z}$ Details of voting power

The total number of votes attaching to all the voting shares in the company or voting interests in the scheme that the substantial holder or an associate (2) had a relevant interest (3) in on the date the substantial holder became a substantial holder are as follows:

Class of securities (4)	Number of securities	Person's votes (5)	Voting power (6)
Ordinary	268,062,826	268,062,826	10.37%

$\overline{3}$ . Details of relevant interests

The nature of the relevant interest the substantial holder or an associate had in the following voting securities on the date the substantial holder became a substantial holder are as follows:

Holder of relevant interest	Nature of relevant interest (7)	Class and number of securities
AXA Group	Certain downstream entities of AXA and/or AXA APH as referred to in Schedule 1 have a relevant interest by virtue of section 608 of the Corporations Act, 2001 (the "Act") through securities being registered in their names or as a result of powers under a trust, agreement or practice.	Same as paragraph 1
	AXA and/or AXA APH have a relevant interest in respect of entities specified in Schedule 1 by virtue of section 608 of the Act.
	The entities specified in Schedule 1 have a relevant interest by virtue of section 608 of the Act.

Details of present registered holders

The persons registered as holders of the securities referred to in paragraph 3 above:

Holder of relevant interest	Registered holder of securities	Person entitled to be registered as holder (8)	Class and number of securities
(Refer to Schedule 1)			Ordinary
NMLA	State Street Australia Limited		228,241,568
NMFM	State Street Australia Limited		10.826,991
IPAC	State Street Australia Limited		28,994,267
		Total Holdings	268,062,826

$\overline{\mathbf{5}}$ . Consideration

The consideration paid for each relevant interest referred to in paragraph 3 above, and acquired in the four months prior to the day that the substantial holder became a substantial holder is as follows:

Holder of relevant interest	Date of acquisition	Consideration		Number of shares
		Cash	Non- cash
Refer to Schedule 2

6. Associates

The reasons the persons named in paragraph 3 above are associates of the substantial holder are as follows:

Name and ACN/ARSN (if applicable)	Nature of association
AXA Group	Each of the entities named in Schedule 1 is a member of the AXA group of companies worldwide.

7. Addresses

The addresses of persons named in this form are as follows:

. _____ . . uma ________	------- ______ . . Address ----------------- _____ .
.	-------
$a$ far حوابرهم . $\overline{\phantom{a}}$	----------- . _____ -------- _________

Signature

Name	Milena Penca

Signature		$_{\text{Date}:}$ 13/10/04
	Company Secretary of AXA APH

$\ddot{4}$

Schedule 1

Australia and New Zealand

The National Mutual Life Association of Australasia Limited (ABN 72 004 020 437) (NMLA) 447 Collins Street Melbourne Australia

National Mutual Life Nominees Limited (ABN 98 004 387 133) (NMLN)

447 Collins Street Melbourne Australia

Folio Nominees Proprietary Limited (ABN 25 005 799 995) (FOLIO)

447 Collins Street Melbourne Australia

NM Superannuation Pty Limited (ABN 31 008 428 322) (NMS)

447 Collins Street Melbourne Australia

National Mutual Funds Management Limited (ABN 32 006 787 720) (NMFM)

447 Collins Street Melbourne Australia

National Mutual CPS Management Limited (NMCPS)