DEXUS — Major Shareholding Notification 2007

Nov 18, 2007

APN

APN Funds Management Limited ABN 60 080 674 479 AFSL 237500

APN | Funds Management

Level 30, 101 Collins Street Melbourne, Victoria 3000 Australia

T +61 (0) 3 8656 1000 $F + 51(0)$ 3 8656 1010 Investor Services 1800 996 456 Adviser Services 1300 027 636 w www.apnim.com.au E apnfm@apngroup.com.au

Correspondence to: PO Box 18011 Melbourne Collins Street East Victoria 8003

19 November 2007

Company Secretary DB RREEF Trust Level 9, 343 George Street Sydney NSW 2000 Fax: (02) 9017 1101

CC: Australian Stock Exchange Limited, Company Announcements Fax: 1900 999 279

Notice of ceasing to be a substantial holder APN Funds Management Limited- ACN 080 674 479

Dear Sir/Madam

Please find Form 605 notice of ceasing to be a substantial holder attached.

Yours sincerely APN Funds Management Limited

Michael Doble Head of Investments

605 page 1/2 15 July 2001

Form 605
Corporations Act 2001 Section 671B

Notice of ceasing to be a substantial holder

To Company Name/Scheme DB RREEF Trust

ACN/ARSN

مس

Details of substantial holder (1) h.

Name ACN/ARSN (if applicable)	APN Funds Management Limited ACN 080 674 479
The holder ceased to be a
substantial holder on	19/11/2007
The previous notice was given to the company on	28/02/2006
The previous notice was dated	28/02/2006

l2. 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 change $(5)$	Class (6) and number of securities affected	Person's votes affected
16/11/07 16/11/07	RBC Dexia Investor Services A/C	Voting Power	\$-7,618,990.00 \$-3,827,328.00	$-4,000,000,00$ Ordinary Shares	RBC Dexia Investor -2,000,000.00 Services A/C
10/03/2006 10/03/2006 25/07/2006 25/07/2006 25/07/2006 26/07/2006 31/07/2006 17/08/2006 17/08/2006 18/08/2006 21/08/2006 13/09/2006 9/10/2006 10/10/2006 13/10/2006 18/10/2006 16/11/2007 16/11/2007	RBC Dexia Investor Services A/C	Voting Power	\$1,439,534.84 \$722,376.00 \$1,521,002.80 \$762,090.00 \$383,762.25 \$751,873.02 \$1,555,115.00 \$782,574.00 \$1,570,164.50 \$775,049.25 \$1,555,115.00 \$1,620,329.50 \$3,381,121.00 \$1,340,408.80 \$1,690,560.50 \$3,340,989.00 \$-1,913,664.00 \$-3,809,495.00	1,000,000 500,000 1,000,000 500,000 250,000 500,000 1,000,000 500,000 1,000,000 500,000 1,000.000 1,000,000 2,000,000 800,000 1,000,000 2,000,000 -1,000.000 -2,000,000 Ordinary Shares	RBC Dexia Investor Services A/C

1. 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;

$n/s$

Name and ACN/ARSN (if applicable)

Nature of association

п/в

l,

Addresses И.			$\sim$
The addresses of persons named in this form are as follows: Name APN Funds Management Limited RBC Dexia Investor Services	Address Level 30, 101 Collins Street, Melbourne 3000 Level 17, 2 Park Street, Sydney NSW 2000
Signature
print name Michael Doble		capacity	Head of Investments
sign here		date	19/11/2007