DEXUS — Major Shareholding Notification 2005

Jul 14, 2005

JPMorgan Chase Bank ABN 43 074 112 011

Level 35 AAP Centre 259 George Street Sydney NSW 2000

Telephone: 612 9250 4111 612 9250 4554 Facsimile: www.jpmorganchase.com

FAX COVER SHEET

DATE: 15 July, 2005

TO. ASX Company Announcements

PHONE:

1900 999 279 FAX:

FROM: KEVIN TYNDALL

PHONE: 9250 4896 JPMorgan FAX:

RE:

Number of pages including cover sheet: 3

To whom it may concern,

Enclosed please find copy of SAS Trustee Corporation's notice of ceasing to be a substantial shareholder in DB RREEF Trust Ltd.

Yours sincerely,

$\mathscr{D}$ -ch eni Kevin Tyndall

JP Morgan Worldwide Investor Services

15/07 2005 FRI 16:11 FAX JP Morgan Nominees

FORM 605 CORPORATIONS LAW $710(3)$

NOTICE OF CEASING TO BE A SUBSTANTIAL SHAREHOLDER

DB RREEF Trust Attn: Company Secretary Level 21, 83 Clarence Street Sydney, NSW 2000

Copy to: THE AUSTRALIAN STOCK EXCHANGE (SYDNEY) LTD

Substantial Shareholder

SAS Trustee Corporation c:- JP Morgan Nominees Ltd. Lockbag 7, Royal Exchange, Sydney 2000

ceased to be a substantial shareholder on 13^th July 2005

1 Previous notice

Particulars of the substantial shareholder's entitlements to voting shares in the company at the time at which it was last required to give a substantial shareholding notice to the company are contained in the notice given to the company on: 06 October 2004

2 Changes in relevant interests

Particulars of each change in the nature of, relevant interests of the substantial shareholder or an associate in voting shares to which the substantial shareholder is or was entitled since the substantial shareholder was last required to give a substantial shareholding notice to the company are:

Date Of Change	Person Whose Relevant Interest Changed	Nature Of Change	Consideration Given In Relation To Change	Class $&$ Number Of Shares Affected
13/705	SAS Trustee Corporation	Sale	405,000,000.00	300,000,000.00

3 Changes in association

The following persons mentioned in this form have become associates of, ceased to be associates of, or have changed the nature of their association with, the substantial shareholder in relation to voting shares in the company:

_________ Name ------------	--------------------------------------- __ Nature Of Association _______ -------
_________	. 1.11111111111111111111111111111111111
_ ------- ----- -------- __	--------------------------------------- --- ____ -------- _____

4 Address

The addresses of persons named in this form are:

Name SAS Trustee Corporation

Address c:- JP Morgan Nominees Ltd., Lockbag 7,
Royal Exchange, Sydney 2000

SIGNATURE

Signed for and on behalf of SAS TRUSTEE CORPORATION by its authorised attorney

under the power of attorney in the presence of:

Signature of Witness

s plekt .
Signature of

Computer Art Man ALER