DEXUS — Major Shareholding Notification 2005

Jun 22, 2005

Form 603

Corporations Act 2001 Section 671B

Notice of initial substantial holder

DB RREEF Trust To. ACN/ARSN 24 060 920 783

1. Details of substantial holder

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

The holder became a substantial holder on 17 June 2005

2. Details of 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 on the date the substantial holder became a substantial holder are as follows:

Class of securities	Number of securities	Person's votes	Voting power
Ordinarv	139,492,385	139.492.385	5.10%

3. Details of relevant interests

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

Holder of relevant interest	I Nature of relevant interest	Class and number of securities :
BGI	Fund Manager – see Annexure A	1 139,492,385 ordinary

4. Details of present registered holders

The persons registered as holder of the securities referred to in paragraph 3 above are as follows:

Holder of relevant interest	Registered holder of securities	Class and number of
		'securities
BGI	JP Morgan & other custodians	139,492,385 ordinary
	-see Annexure A

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	' Date of acauisition .	Consideration	- Class and number of
interest		- Cash/Non-cash	securities
- BGI	Past 4 months	Avg price \$1.32	139,492,385 ordinary

6. Addresses

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

1/111 Harrington Street, Sydney NSW 2000

Signature

Andrew Kuo Company Secretary
Barclays Global Investors Australia Date

This is "Annexure A" of 1 page referred to in Form 603 Notice of initial substantial holder

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

ASX CODE	STOCK NAME	HOLDING	%	COMPANY
DRT	DB RREEF Trust	27,322,984		1.00 Barclays Global Investors, N.A.
DRT	DB RREEF Trust	1,128,870		0.04 Barclays Global Investors Japan Ltd
DRT	DB RREEF Trust	15,049,674		0.55 Barclays Global Fund Advisors
DRT	DB RREEF Trust	75,038,495		2.75 Barclays Global Investors Australia Ltd
DRT	DB RREEF Trust	2,512,193		0.09 Barclays Global Investors Japan Trust & Banking
DRT	DB RREEF Trust	824,211		0.03 Barclays Capital Securities Ltd
DRT	DB RREEF Trust	17,615,958		0.64 Barclays Global Investors Ltd
		139,492,385	5.10

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 members of the Barclays Group are either:

• the responsible entity or trustee of pooled investment products such as registered $\bullet$ managed investment schemes (Funds); or
• the investment manager of Portfolios held for a number of institutional investors. The institutional investors are aenerally superannuation funds reaulated 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.

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 BGI.

Date

Andrew Kuo Company Secretary Barclays Global Investors Australia