DEXUS — Major Shareholding Notification 2005

Sep 12, 2005

Form 604

Corporations Act 2001 Section 6718

Notice of change of interests of substantial holder

DB Rreef Trust ĬΩ ACN/ARSN 24 060 920 783

1. Details of substantial holder

Name	Barclays Global Investors Australia Limited on behalf of the Barclays Group ("BGI")
ABN	33 001 804 566 (Barclays Global Investors Australia Limited)

There was a change in the interests of the substantial holder on	9 September 2005
The previous notice was given to the company on	23 June 2005
The previous notice was dated	-23 June 2005

2. Previous and present voting power

The total number of votes attached to all the voting shares in the company or voting interests in the scheme that the substantial holder an associate had a relevant interest in when last required, and when now required, to give a substantial holding notice to the company or scheme, are as follows:

l Class of securities	Previous notice		Present notice
	Person's votes	Voting power	Person's votes	Voting power
Ordinarv	139,492,385	5.10%	167.592.384	6.13%

3. Changes in relevant interests

Particulars of each change in, or change on the nature of, a relevant interest of the substantial holder or an associate in votina securities of the company or scheme, since the substantial holder was last required to give a substantial holding notice to the company or scheme are as follows:

Date of change	Person whose relevant interest changed	Nature of change	Consideration given in relation to change	Class and number of securities affected	Person's votes affected
9/9/05	BGL	Increase in voting power	Average price \$1.39	167,592,384 ordinary	6.13%

4. Present relevant interests

Particulars of each relevant interest of the substantial holder in voting securities after the change are as follows:

Holder of	Registered holder of securities	Nature of	Class and	Person's
relevant		relevant interest I number of		votes
interest			' securities

- BG:	1 JP Morgan & other custodians – See	See Annexure	167,592,384	16.13%
	Annexure "A"		ordinary

5. Addresses

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

Name	Address
Barclays Global Investors	1/111 Harrington Street, Sydney NSW 2000
Australia Límited

Signature

Andrew Kuo Company Secretary Barclays Global Investors Australia Date

This is "Annexure A" of 1 page referred to in Form 604 Notice of change of interests of substantial holder

Relevant interest in DB Rreef Trust ("DRT") held by the members of the Barclays Group.

ASX	Presidenti de reredido significando e Presidente (Presidente de Presidente de Presidente de Presidente de Pres		$-$ % $-$
CODE	STOCK NAME	HOLDING		ICOMPANY
DRT	DB Rreef Trust	28,145,252		1.03 Barclays Global Investors, N.A.
DRT	DB Rreef Trust	2,393,280		0.09 Barclays Global Investors Japan Trust & Banking
DRT	DB Rreef Trust	70.429		0 Barclays Global Investors Canada Ltd
DRT	DB Rreef Trust	1,000,675		0.04 Barclays Global Investors Japan Ltd
DRT	DB Rreef Trust	8.104.920		0.66 Barclays Global Investors Ltd
DRT	DB Rreef Trust	16,251,329		0.59 Barclays Global Fund Advisors
DRT	DB Rreef Trust	101,626,499[		3.72 Barclays Global Investors Australia Ltd
		167,592,384	6.13

The list of Barclays entities and their respective holdings are as follows:

The JP Morgan Chase Bank Inc. and various other custodians (Custodians) hold shares in DRT as custodian and for which the members of the Barclays Group are either:

• the responsible entity or trustee of pooled investment products such as registered managed investment schemes (Funds); or
• the investment manager of Portfolios held for a number of institutional investors. The institutional $\bullet$ investors are generally superannuation funds regulated under the Superannuation Industry Supervision Act 1993.

The holding of shares in DRT was acquired as part of the wide portfolio of Australian shares and units acquired for the Funds and the Portfolios.

The members of the Barclays Group and the Custodians may hold relevant interests due to the capacity of these entities to dispose of the shares in DRT.

Each investor in a Fund owns an undivided interest in the Fund's assets, no client directly owns any asset of the Fund. The unitholding of each Fund varies from time to time as clients enter and withdraw from the Funds. The various institutional investors with portfolios delegate the management of the portfolios to the members of the Barclays Group.

Andrew Kuo Company Secretary Barclays Global Investors Australia

Date