DEXUS — Regulatory Filings 2004

Dec 21, 2004

DB RREEF

Managed in partnership with Deutsche Bank $\boldsymbol{\varOmega}$

DB RREEF Funds Management Limited ABN 24 060 920 783 Australian Financial Services Licence Holder

Level 21 83 Clarence Street Sydney NSW 2000

PO Box R1822 Royal Exchange NSW 1225

Telephone 61 2 9249 9500 Direct 61 2 9249 9474 Facsimile 61 2 9249 9220

Email: victorhoogantink@dbrreef.com

DB RREEF Trust (ASX: DRT) - Appointment of New Directors

DB RREEF Funds Management Limited (DRFM), as responsible entity of DB RREEF Trust (ASX:DRT) is pleased to announce the appointment of a number of new directors to the DRFM Board.

Elizabeth Alexander AM, formerly a Partner with PricewaterhouseCoopers, is currently a director of Amcor Limited, Boral Limited and CSL Limited, Deputy Chair of the Financial Reporting Council and a member of the Takeovers Panel. Elizabeth's previous appointments include National Chair of the Australian Institute of Company Directors, National President of the Australian Society of Certified Practicing Accounts and a member of the Australia Accounting Standards Board and Australia Securities Commission. Elizabeth is also chair of a number of Board Audit Committees.

Barry Brownjohn, formerly CEO of Bank of America (Australia), is currently a director of South Australia Financing Authority and Bakers Delight Holdings Limited. Barry's past Chairmanships include the International Banks and Securities Association and Asia Pacific Managed Futures Association.

Brian Scullin, formerly Asia Pacific CEO of Deutsche Asset Management, has been nominated by Deutsche Australia Limited (DAL) to replace Dan Weaver on the DRFM board. Brian is also currently a director of State Super Financial Services Limited, a member of the Federal Government's Financial Reporting Council and a panel member for the Financial Industry Complaints Service Limited.

The DRFM Board will comprises seven directors, a majority of which are independent, being:

• Christopher Beare Chairman, Independent Director $\bullet$
• Elizabeth Alexander Independent Director
• Barry Brownjohn Independent Director
• Stewart Ewen Independent Director
• Victor Hoog Antink DRFM CEO and DAL appointee
• Shaun Mays Australian CEO of Deutsche Asset Management, and DAL appointee
• Brian Scullin Non-Executive Director and DAL appointee

All new appointments will be effective 1 January 2005.

Yours. faithfull lan Thombson

Company Secretary

22 December 2004

The Manager Australian Stock Exchange Limited

20 Bridge Street Sydney NSW 2000

Dear Sir / Madam