DEXUS — Regulatory Filings 2005

Jan 27, 2005

Rule 3.19A.1

Appendix 3X

Initial Director's Interest Notice

Information or documents not available now must be given to ASX as soon as available. Information and documents given to ASX become ASX's property and may be made public.

Introduced 30/9/2001.

Name of entity	DB RREEF Funds Management Limited
ABN	24 060 920 783

We (the entity) give ASX the following information under listing rule 3.19A.1 and as agent for the director for the purposes of section 205G of the Corporations Act.

Name of Director	Elizabeth Anne ALEXANDER
Date of appointment	1 January 2005

Part 1 - Director's relevant interests in securities of which the director is the registered holder In the case of a trust, this includes interests in the trust made available by the responsible entity of the trust

Number & class of securities

DB RREEF Trust - NIL

Part 2 - Director's relevant interests in securities of which the director is not the registered holder

In the case of a trust, this includes interests in the trust made available by the responsible entity of the trust

Name of holder & nature of interest Note: Provide details of the circomstances giving rise to the relevant interest.	Number & class of Securities
N/A	NIL.

a construction of the company of the company of the company of the company of the company of the company of the

• See chapter 19 for defined terms.

and a straightful and straight

MP5850.DOC/CS129

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Part 3 - Director's interests in contracts

Detail of contract	NIL.
Nature of interest	N/A
Name of registered holder (if issued securities)	N/A
No. and class of securities to which interest relates	N/A

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⁺ See chapter 19 for defined terms.