DEXUS — Major Shareholding Notification 2005

Feb 14, 2005

Milena Penca Company Secretary

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

15 February 2005

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

Dear Sir/Madam

Notice of ceasing to be a Substantial Holder

Please find attached a Notice of ceasing to be a Substantial Holder for DB Reef Trust Group (DRT).

Yours faithfully

Milena Penca

Page 1 of 5 pages.

AXA Asia Pacific Holdings Limited ABN 78 069 123 011

Form 605

Corporations Act, 2001

Section 671B

Notice of ceasing to be a 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 069 123 011 of 447 Name: Collins Street, Melbourne, Victoria ("AXA APH") and each other company listed in this Form ("AXA Group").

The holder ceased to be a substantial holder on 14/02/2005

The previous notice was given to the company on 14/10/2004

The previous notice was dated 13/10/2004

$\overline{2}$ . Changes in relevant interests

Particulars of each change in, or change in the nature of, a relevant interest (2) of the substantial holder or an associate (3) in voting 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 $(4)$	Consideration given in relation to changes (5)	$Class(6)$ and number of securities affected	Persons votes affected
l Refer to Schedule.

$3.$ Changes in association

The persons who have become associates (3) of, ceased to be associates of, or have changed the nature of their association (7) with, the substantial holder in relation to voting interests in the company or scheme are as follows:

Name and ACN/ARSN (if mlicable)	Nature of association

4. Addresses

The addresses of persons named in this form are:

lame ----------------------------------	--------------------------------------- Address
Refer to Schedule 1

Signature

Name Milena Penca

$\overline{\phantom{a}}$ Signature Date: 15/02/2005

Company Secretary of AXA APH

$\overline{2}$

$\epsilon$ consider the matrix $\epsilon$

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)
80 The Terrace, Wellington New Zealand
National Mutual Superannuation Master Trustee Limited (NMSMT)
80 The Terrace, Wellington New Zealand
National Mutual Assets Management (New Zealand) Limited (NMAM)
80 The Terrace, Wellington New Zealand
National Mutual Corporate Superannuation Services Limited (NMCSS)
80 The Terrace, Wellington New Zealand
NMFM Mortgages Limited (NMM)
80 The Terrace, Wellington New Zealand
IPAC Securities Limited (ABN 30 008 587 595) (IPAC)
Grosvenor Place, 225 George Street Sydney Australia
Assure New Zealand Limited (Assure)
80 The Terrace, Wellington New Zealand
International Centres
AXA Rosenberg Investment Management Limited
2-12-19, Shibuya, Shibuya-ku, Tokyo 150-0002, Japan
AXA Investment Managers Paris
Coeur Defence -- Tour B La Defence 4 100, Esplanade du Generale de Gaulle
92932 Paris La Defense Cedex
AXA Investment Managers UK Ltd
7, Newgate Street, London EC1A 7NX, England
AXA Investment Managers Deutschland GmbH
Kattenbug 1 50667 Koln, Germany
AXA Rosenberg Investment Management LLC
4 Orinda Way Bldg E, San Francisco, CA 94102
Alliance Capital Management, L.P.
1345 Avenue of Americas, New York, New York 10104
The Equitable Life Assurance Society of the United States
1290 Avenue of Americas, New York, New York 10104
Sanford C. Bernstein & Co., LLC

50 Main Street Suite 1000, White Plains, New York 10606

SCHEDULE 2 TO SUBSTANTIAL SECURITY HOLDER NOTICE

Name of public Issuer

DB RREEF Trust (DRT)

Holder of Relevant Interest			Date of Transaction! Transaction Type	Consideration	#Shares
State Street Australia Limited as custodian for NMLA open		14-Feb-05	SEL.	281,552,742.80	228,241,568.00 (224, 577, 445.00)
					3,664,123.00
State Street as custodian for IPAC					28,994,267.00
	open	08-Oct-04	SELL	1,034,210.00	(780,000.00)
		13-Oct-04	SELL.	924,617.14	(707,640.00)
		25-Oct-04	BUY	(910, 193.76)	720,000.00
		26-Oct-04	SELL	203,970.86	(165,000.00)
		27-Oct-04	SELL	167,671.56	(135,219.00)
		27-Oct-04	BUY	(186, 613.80)	150,000.00
		11-Nov-04	SELL	135,239.00	(104,030,00)
		16-Dec-04	BUY	(92,649.32)	70,205.00
		21-Dec-04	BUY	(22,367.96)	16,610.00
		$11$ -Jan $-05$	BUY	(158,008.63)	121,381.00
		12-Jan-05	BUY	(170, 734.81)	130,175.00
		13-Jan-05	BUY	(127,244.84)	96,186.00
		18-Jan-05	BUY	(110,465.89)	84,605.00
		19-Jan-05	BUY	(188, 871.57)	146,755.00
		20-Jan-05	BUY	(185,177.42)	143,494.00
		25-Jan-05	BUY	(52, 837.29)	40,400.00
		$27$ -Jan-05	BUY	(85, 401.46)	64,920.00
		01-Feb-05	BUY	(69, 171, 44)	53,092.00
		$02$ -Feb- $05$	BUY	(53, 633.44)	41,068.00
		04-Feb-05	HUY	(60,705.27)	47,270.00
		$07$ -Feb $-05$	SELL	150,280.71	(116,856.00)
		08-Feb-05	BUY	(18,704.72)	14,565.00
					28,926,248.00
State Street as custodian for NMLA (NZ)	open
		06-Jan-05	BUY	(254,792.09)	191,000.00
					191,000.00
State Street as custodian for NMMSS	open
		06-Jan-05	ΒUΥ	(75,770.63)	56,800.00
					56,800.00
State Street Australia Limited as custodian for NMFM open					10,826,991.00
		13-Oct-04	SELL	2,917,579.71	(2,232,920.00)
					8,594,071.00
				Total	41,432,242.00