DEXUS — Investor Presentation 2007

Aug 27, 2007

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28 August 2007

The Manager Australian Stock Exchange Limited 20 Bridge Street

Sydney NSW 2000

DB RREEF Funds Management Limited ABN 24 060 920 783 Australian Financial Services Licence Holder Level 9 343 George Street Sydney NSW 2000 PO Box R1822 Royal Exchange NSW 1225 Telephone 61 2 9017 1100 Direct 61 2 9017 1266 Facsimile 61 2 9017 1110

Email: ben.lehmann@dbrreef.com

Dear Sir / Madam

DB RREEF Trust (ASX: DRT) Annual results presentation for the period ending 30 June 2007

DB RREEF Funds Management Limited, as responsible entity for DB RREEF Trust (DRT), provides a copy of the annual results presentation for the period ending 30 June 2007.

For further information, please contact

CEO, DB RREEF Trust: Victor Hoog Antink (02) 9017 1130 Fund Manager, DB RREEF Trust: Ben Lehmann (02) 9017 1266 Investor Relations: Karol O’Reilly (03) 8611 2930 Media Enquiries: Emma Parry (02) 9017 1133

Yours sincerely

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Tanya Cox Company Secretary

DB RREEF Trust 2007 Annual results 28 August 2007

Victor Hoog Antink Chief Executive Officer

Full year highlights – delivering on strategy

• Strong performance from all sectors

• Solid financial results

• Growth in acquisitions – Whirlpool and expansion into Europe

� Creating value through developments

• Actively recycling capital

• Growing third party platform

• The leader in combined office and industrial space in Australia

• Leader in sustainability

2

Financial performance

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30 June 06 30 June 07
Income growth
�
AIFRS operating profit $1066.4m $1210.8m 13.5%
�
Total distributions $306.3m $324.6m 6.0%
�
Distributions per security 11.0cps 11.3cps 2.7%
Portfolio returns
�
Revaluations $695.7m $864.6m 10.8%
�
NTA $1.53 $1.82 19%
Capital management
�
Gearing 38.3% 35.6%
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3

Agenda

• Group overview

• Financial & capital management

• Portfolio

• Third party funds

• Summary & outlook

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Head office, 343 George Street, Sydney
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4

Group overview

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DB RREEF - diversified property group

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Australian Office $4.0bn Australian Industrial $1.8bn US & European Industrial $1.8bn
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Australian Retail $1.2bn

Developments $3.0bn

Third Party Funds $4.6bn

6

Portfolio at a glance

30 June 06 30 June 07 $ billion $ billion Funds under management $11.8 $13.6 15% DB RREEF Trust $7.9 $9.0 14% 3rd party funds $3.9 $4.6 18% Development pipeline $1.8 $3.0 DB RREEF Trust $1.3 $2.2 3rd party funds $0.5 $0.8

7

DB RREEF Group diversification

DB RREEF group managed assets DB RREEF capital sources

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European
Industrial Syndicates
US Industrial 2.5% 1.4%
Australian & Direct
10.6%
NZ office
Mandates
DB RREEF
44.4%
17.5%
Trust 66.2%
Australian
Industrial
16.3% $13.6bn $13.6bn
DWPF 14.9%
Australian
Retail 24.1% Cash/other
2.1%
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8

Expanding the portfolio - $1.5 billion acquisitions

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Australia/New Zealand
Europe
DB RREEF Trust DB RREEF Trust
Acquisitions $59m Acquisitions $363m
Disposals $193m Commitments $35m
3rd party funds
Acquisitions $351m
Disposals $69m
North America
DB RREEF Trust
Acquisitions $35m
Commitments $656m
Disposals $3m
Commitments are estimates
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9

Third party funds management

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Growth in 3[rd] party FUM

• $4.6b $667 million (16.9%)

• Acquisitions $351 million

• Valuation uplift $330 million

Development pipeline

• 10 developments, $810m

Strong investment performance

• Returns exceeding benchmark

324 Queen Street, Brisbane

10

Integrated platform

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� Quality workspace � Increase returns
� Customised solutions � Maximise returns
� �
Proactive management Managing risk
Tenants Investors
� Sustainability features 5000+ 25000+ � Creating new investment opportunities
Properties
250
$13.6bn
Employees
227
� Preferred employer � Reward & Recognition
� Career development � Work-life balance
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1111

The DB RREEF team

• Australia wide team: 227

• Property, development, fund management, finance and operations expertise

• Inaugural Employee Opinion Survey in 2007: strong engagement

Members of the DB RREEF team at 30 The Bond, Sydney (owned by DB RREEF Trust)

DB RREEF Executive Committee, Sydney Head Office

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12

Corporate Responsibility & Sustainability

• Market leader in sustainability

• Holistic approach

• Portfolio wide initiatives

• 9 year track record

• Achieved 2[nd] FTSE4Good index rating

• Purchased 15% green power for office

• CR&S report aligned to UN Global Reporting Initiative (GRI3)

30 The Bond, 30-34 Hickson Road, Sydney

13

Finance & Capital Management

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Profit composition – continuing growth

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1600
1400
$38.2m $1,210.8m
1200 $864.6m
1000
Unrealised gains &
other distribution
800 adjustments
$844.2m
600 $3.8m
$529.7m $11.8m $(167.9)m
$(36.9)m
400 $(32.5)m Minority Interest
$42.0m
200
Distribution
$324.6m
0
Net Management Other Net Finance Other Taxes Valuation Derivative Profit
Property Income income Cost Expenses increase FV Adj
Income
$m
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15

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Funds management business

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�
Increased funds under management
DRT $9.0bn
Third party $4.6bn
Total $13.6bn 15.3%
�
Outperforming benchmarks
�
Growth in profit
Total fee income $73.2m 29%
EBIT $27.9m 20%
343 George Street, Sydney
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16

Earnings and distribution growth

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17

Portfolio growth composition

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$10,000
$9,718m
$9,750
$9,500
$691m
$9,250
$865m $9,027m
$9,000
$8,750
$8,500 $308m $(255)m
$457m $(196m) $1,179m
$8,250
$8,000 $7,848m
$7,750
$9,027m
$7,500
$7,848m
$7,250
$7,000
FUM 2006 Acquisitions Disposals Capital FX / Cash & Valuation FUM 2007 Committed
Expenditure Other increase acquisitions
$ millions
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• Offset by foreign exchange gains on liabilities

18

Strengthened balance sheet – capacity to grow

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19

Diversified debt profile

Facility Mix June 07

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$3.8b
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Maturity Profile June 07

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• Well diversified funding mix

• Even spread of maturities

1 90 day paper A$346, backed by standby lines of credit.

20

Strong financial risk management

			June 06	June 07
�	Gearing:		38.3%	35.6%
�	Weighted average cost of debt	1:	5.71%	5.70%
�	Debt hedged:		89%	93%
�	Duration of debt:		2.8 years	2.8 years
�	Interest hedge duration:		6.5 yrs	6.0 yrs
�	Interest cover:		3.1X	2.9X
�	Foreign net assets hedged:		92%	91%
�	Foreign Income hedged:		100%	96%
�	S&P Rating:		N/A	BBB+/A-2

1 Inclusive of margins and fees

21

Portfolio

Ben Lehmann Fund Manager, DB RREEF Trust

Portfolio highlights

• Strong market fundamentals

• High quality assets delivering consistent capital and income growth

• Focus on office and industrial

• Recycling of portfolio: capturing value

• Expansion of development activity and pipeline

• Acquisitions in international markets

23

Tenant strategy

• Major corporates: market leaders locally and internationally

• Government bodies

• They demand (and we deliver):

• Modern buildings with quality workspace

• Long-term, flexible and customised solutions – to meet current and future needs

• Premium locations

• Sustainability features

• Owner/Developer/Manager’s: profile, reputation and capacity

24

Significant development pipeline for growth

• Completed $198m of developments

• Development pipeline $2.2bn

• Creating value

	$m	Aust	USA	Total
	Completed	173	25	198
	Pipeline
	Underway	259	134	393
	Future	1,674	134	1,808
	Total	1,933	268	2,201

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25

Office

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26

Office – highlights

Delivering income growth Net property income $239m:

• Like for like with occupancy 5.3% increase

• Like for like market increase 7.6%

Recycling portfolio

• Sale of The Zenith (50%), $126.3m

• New leases & renewals, 72,000 sqm or 11%

Increased portfolio value 12.6% to $4.0b

• Revaluations increased by $452m or 12.8%

201 Elizabeth Street, Sydney

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27

Market leader in office in Australia

Market leader in Australia

• 24 office buildings

High quality portfolio

• Premium and A grade = 86% of office portfolio

Strong occupancy rates continues

• Occupancy by area = 99.0%[1] vs mkt 94.4%[2]

Lease duration

• Average lease duration = 6.2yrs

• Approx 20% subject to market reviews

Australia Square, 264 George Street, Sydney

• 1 Excluding properties in the Space, 1 Bligh Sydney development

• 2 Source: Jones Lang LaSalle

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28

Office – $1bn development pipeline

	Property	NLA	Est. End
		sqm	Value
			($m)
	1 Bligh Street, Sydney	42,000	490
	105 Phillip Street, Parramatta	20,400	120
	60 Miller Street, North Sydney	4,700	29
	123 Albert Street, Brisbane	38,600	390
	TOTAL	105,700	$1,029

Architect’s impression Space 1 Bligh � Sydney

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29

Office – drivers & outlook

• Australian office markets experiencing strong growth phase

• Strong demand and limited near-term supply

• Portfolio positioned to benefit from market strength

• Active management of portfolio will continue to enhance returns

� Existing developments in key growth markets Sydney & Brisbane

• Actively seeking pipeline replenishment opportunities

• Continue to assess international office opportunities

30

Industrial

31

Industrial - highlights

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Net property income
Australia $114m
�
Like for like with occupancy 0.9% increase
� Like for like market increase 2.6%
North America US$83.8m or A$107m
�
Like for like with occupancy 6.2% increase
� Like for like market increase 5.5%
Europe1 � 8.8m or A$15m
Elhofen, Germany
1 No full year comparable
32
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Industrial highlights

Increased portfolio value of 19% to $3.6b

• Australia $1.8b

• North America $1.5b

� Europe $344m

Revaluations

• Up 5.8% or $198m

Acquisitions

� Completed $457m � Future $633m

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11 Talavera Road, Macquarie Park

33

Industrial - portfolio

Number of properties

• Australia 39

• � North America 103

• � Europe 20

Strong occupancy 1 rates maintained

• Australia 98.3%

• � North America 95.2%

• � Europe 92.8%

• Lease duration[2] steady � Australia 4.7yrs

• � North America 3.4yrs

• � Europe 4.1yrs

5823 Newton Drive, San Diego USA

1 By area

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2 By income

34

Industrial - developments

	$m	Aus	USA	Total
	Completed	173	25	198
	Pipeline
	Underway	34	134	168
	Future	645	188	833
	Total pipeline	679	322	1,001

Artist Impressions: Laverton North and Axxess Corporate Park developments

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35

Industrial – transactions

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$m Aus USA Europe Total
Acquisitions 59 35 363 457
-
Disposals
(67) (3) (70)
Future commitments (58) 656 35 633
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Above: Duisburg, Germany Right: Cornerstone Building 2, San Antonio

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36

Industrial – drivers & outlook

• Stable industrial markets supporting strong occupancy

• Benefiting from strong sector fundamentals

• Large, diversified quality portfolios

• Developments underway and pipeline to deliver

• Enhanced income

• Development profit

• Recycling opportunities

• Grow international portfolio in US and Europe through acquisitions

• Leveraging our relationship with RREEF

3737

Retail

38

Retail - highlights

• High quality portfolio of regional centres

• Strong turnover growth (MAT) $1.64b up 7.6%

• Income of $55m, 6.7% increase like for like

• Maintained occupancy 99.9%

• Average lease duration 5.5 yrs

• Revaluations increased $214m up 21.6%

• Development projects $225m

Westfield Mt Druitt

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39

Retail – developments

North Lakes, Qld

• Extension of 36,646 square metres

• Estimated completion value of $100 million

• Due for completion in November 2007

Plenty Valley, Vic

• Extension of 47,720 square metres

• Estimated completion value of $125 million

• Due for completion June 2008

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North Lakes, QLD
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40

Third Party Funds

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Victor Hoog Antink Chief Executive Officer

41

Third party funds - portfolio

• Total Funds under management $4.6bn

• DB RREEF Wholesale Property Fund $2.0bn

• Separate Accounts (AXA & STC) $2.4bn

• � Syndicates $0.2bn

• Syndicates

• Diversified portfolio

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Industrial
Retail
10.1%
45.1%
Cash/
Other
1.3%
Office
43.5%
Port Central Shopping Centre, Port Macquarie
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42

Third party funds – growth in FUM

• Funds under management $667m to $4.6b

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$4,800
$88m $(33m) $54m
$330m $4,616m
$4,600
$4,400
$(69m)
$351m
$667m
$4,200
$4,000 $3,949m
$3,800
$3,600 $4,616m
$3,949m
$3,400
$3,200
$3,000
FUM 2006 Acquisitions Disposals Valuation Capital Other FUM 2007 Future
increase Expenditure commitment
$ millions
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43

Third party funds – strong investment performance

• DWPF, AXA and STC outperformed the sector benchmark over 3 and 5 years

• Future performance will be driven by:

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�
income growth
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• value add activities

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Performance at 30 June 2007
18%
16.9%
17%
15.9%
16%
14.5%
15%
14.2%
14%
13%
12%
3 Years 5 Years
Benchmark: Mercer Unlisted Property Funds
Unlisted Benchmark Index (Median Return)
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44

Third party funds – drivers & outlook

• Continuing focus on delivering superior investment performance

• Funds under management growth through acquisition

• DWPF’s intention to purchase 5 retail properties

• Purchase of 50% interest in Coles facility by AXA mandate

• On market acquisitions

• Funds under management growth through developments

• 10 project pipeline $810 million

45

Summary & Outlook

Victor Hoog Antink Chief Executive Officer

2007 – delivering on strategy

Expansion of our direct property portfolio:

• Continued focus on industrial and office

• Increasing net property income

• Actively managing the portfolio

• Increasing asset weighting to international markets

Leveraging our integrated platform to extract synergies:

• Recycling portfolio

• Enhancing value through development

• Enhancing the future pipeline

• Expanding the third party funds business

47

2008 Outlook and growth strategy

Diversified and integrated business – strong platform for growth

• Build on our strengths in office and industrial

• Operate across more of the value chain as Owner, Manager, Developer

• Expand through increasing acquisitions and developments

• Grow third party funds

• Increasing returns: distribution guidance FY 2008 5%+

48

Questions

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Appendices

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Strong balance sheet

	Strong balance sheet
	DB RREEF Trust	30 Jun 07	30 Jun 06
	Market capitalisation ($bn)	5,688	4,105
	NTA per security (excluding minority interest) ($)	1.82	1.53
	Gearing (net of cash)	35.6%	38.3%
	Investment properties increase	14.7%	17.5%
		$m	$m
	Cash & receivables	96	142
	Investment properties	9,152	7,979
	Other (including derivative financial instruments)	239	167
	Total assets	9,487	8,288
	Payables & provisions	290	256
	Interest bearing liabilities	3,353	3,195
	Other (including derivative financial instruments)	139	121
	Total liabilities	3,782	3,572
	Less minority interest	438	428
	Net tangible assets (after minority interest)	5,267	4,288

51

Profit to distribution reconciliation

		30 June 2007
		$m
	Net Profit (after tax)	1,210.8
	Profit attributable to minority interest	(42.0)
	Profit attributable to stapled security holders	1,168.8
	Adjustments:
	Property revaluations	(864.6)
	Mark to market of derivatives	(38.2)
	Fitout and cash incentive amortisation	28.8
	Straight-line rent adjustments	(6.8)
	Deferred tax	27.8
	RENTS Capital Distribution	(12.3)
	Outside Equity Interest on Adjustments	23.0
	Profit or loss from sales	(3.8)
	Other	1.9
	Distribution adjustments	(844.2)
	Distribution	324.6
	DPU (cents)	11.3

52

Contribution to DB RREEF group

73.2 Management Fee Revenue 1.2 Interest income 6.3 Equity accounted profit (50%) 12.5 Net income after tax (5.7) Tax expense (10.9) Interest expense – loan notes 27.9 EBIT $m 12 months 30 June 07 DB RREEF Holdings Pty Ltd	73.2 Management Fee Revenue 1.2 Interest income 6.3 Equity accounted profit (50%) 12.5 Net income after tax (5.7) Tax expense (10.9) Interest expense – loan notes 27.9 EBIT $m 12 months 30 June 07 DB RREEF Holdings Pty Ltd	Interest income (50%) Net profit before tax Available franking credits EBIT (pre MTM of derivatives) Unrealised mark to market of derivatives Interest expense Equity accounted profit (50%) 12 30 DB RREEF Operations Trust	5.5 1.3 3.5 6.9 (7.0) (4.1) 6.3 $m months June 07

53

Debt profile by jurisdiction as at 30 June 2007

Weighted average Interest bearing cost of debt[1] liabilities � Australia/New Zealand ($A) 6.32% A$1,602m � North America ($US)[2] 4.99% US$1,197m � Europe ( � )[3] 4.47% � 221m Average/Total 5.70% A$3,361m

1 Inclusive of margins & fees

• 2 AUD/USD conversion rate 0.8487 3 AUD/EUR conversion rate 0.6311

54

Interest rate and foreign exchange hedging profile

Interest Rate Hedging	FY07	FY07			FY08	FY09		FY10		FY11	FY11	FY12
A$m hedged	1,672				1,522	1,311		1,191		1,183		1,140
A$ hedge rate (%)1	6.24				6.20	6.20		6.29		6.33		6.40
US$m hedged2	1,000				1,061	1,011		934		847		809
US$ hedge rate (%)1	4.89				5.07	5.11		5.46		5.63		5.62
�m hedged	190				190	190		190		178		158
�hedge rate(%)1	4.53				4.57	4.57		4.56		4.57		4.57
Foreign Exchange Hedging		% Naturally B/S Hedged				NTA Sensitivity3		Income Hedging4			EPU Sensitivity5
USD				96%		+/- A$6m		90%				+/- 0.005c
						+/- 0.1%						+/- 0.0%
EUR				100%		0		76%				+/- 0.001c
						0%						+/- 0.0%
NZD				0%		+/- A$11m		89%				+/- 0.003c
						+/- 0.2%						+/- 0.02%

• 1 Weighted average hedge rate including margin & fees

• 2 Includes 80% of total hedges of DB RREEF Industrial LLC (US JV)

• 3 Effect on DRT’s NTA of a 10% FX movement

• 4 FY08

55

5 Effect on DRT’s FY08 forecast EPU (IFRS adjusted) of 10% FX movement

Revaluation summary

A$m	Europe Ret USA Office Ind Total
256 215 41 Internally Revalued Externally Revalued 41 - - - - 41 Internally Valuation Externally Valuations 215 - - 215 - - Carry value – equity accounted 33 29 4 4 - - - - 4 29 - - 29 - - P&L Revaluations – equity accounted properties Carry value – investment properties 100% 344 237 107 (7) - (7) 8,556 1,730 990 1,544 3,948 831 123 184 82 448 97% 98% 100% 88% 99% Percentage of portfolio revalued P&L Revaluations – investment properties - 990 - 184 33 1,697 7 116 3,014 934 351 98 1,342 202 77 6 4,626 Internally Revalued 3,930 Externally Revalued 434 Internal Valuations 397 External Valuations	- (7) - 184 7 116 351 98 77 6 434 397
	237 107 (7) 831 123 184 82 448 - 990 33 1,697 3,014 934 1,342 202 4,626 3,930
	41 - - - - 41 215 - - 215 - - 33 29 4
	256 215 41 100% 97% 98% 100% 88% 99%

56

Developments – underway and pipeline

Property		Country	Value on	Construction to	Construction to	Construction to	Construction to	Completion	Completion
			completion ($m)	FY08		FY09		FY10	>FY11
INDUSTRIAL			947
DB RREEF Industrial Estate, Laverton Nth		Australia	34
DB RREEF Industrial Estate, Laverton Nth		Australia	280
144 Wicks Road, North Ryde		Australia	200
Axxess Corporate Park, Mt Waverley		Australia	55
3 Brookhollow Avenue, Baulkham Hills		Australia	100
Pound Road West, Dandenong		Australia	10
San Antonio, Texas		USA	64
Vacant Land, Texas		USA	70
Atlantic Corporate Park, Virginia		USA	53
Summit Oaks, California		USA	59
Beaumeade, Virginia		USA	22
OFFICE			1,029
Space — I Bligh Street, Sydney		Australia	490
123 Albert Street, Brisbane		Australia	390
105 Phillip Street, Parramatta		Australia	120
60 Miller Street, North Sydney		Australia	29
RETAIL			225
Plenty Valley, Victoria		Australia	125
North Lakes, Brisbane		Australia	100
TOTAL			2,201
All numbers represent DRT’s interest and are forward		estimates		�represents		underway

57

Acquisitions and disposals

Australia

• Doherty’s Road, Laverton North - $32m

• Wicks Road, North Ryde - $27m

North America

• Summit Oaks, California - $6m

• Orlando, Florida - Whirlpool - $30m

Europe

• German portfolio - $244m

• French portfolio - $119m

Disposals

• 5 assets - $196m

Post-balance date

• Disposal of 50% interest in Coles chilled facility to AXA mandate for $58m

• Acquisition in San Antonio, Texas - $121m

8161 Interchange Parkway, San Antonio

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58

Developments completed

	Industrial – developments completed Area Building Area Property	Industrial – developments completed Area Building Area Property	Industrial – developments completed Area Building Area Property	Value on
		(sqm)	(sqm)	completion
				($m)
	Australia
	DB RREEF Industrial Estate, Laverton Nth	Coles	42,307	116
	DB RREEF Industrial Estate, Laverton Nth	Wrightson Seeds	7,850	7
	Pound Road West, Dandenong	L’Oreal	7,224	9
	Kings Park Industrial Estate	Geoff Penney	2,990	6
	Kings Park Industrial Estate	Kuhmo Tyres (HOA)	5,900	9
	Axxess Corporate Park	Bonland/Fonterra	6,700	26
	USA
	Turnpike Distribution Centre	Various	24,900	25
	Total		97,792	198

59 59

Retail – centre statistics

	Centre	Centre	Specialty	Total	Total	Total	Total	Specialty
		MAT	MAT	centre	centre	specialty	specialty	occupancy
				MAT	MAT	MAT	MAT	cost
				growth	growth	growth	growth
		($psm)	($psm)	($psm)%	($pa)%	($psm)%2	($pa)%2	%1
	Whitford City	6,724	8,634	5.8	10.2	7.5	11.9	13.2%
	Westlakes	5,391	8,034	5.0	5.1	4.4	6.8	13.7%
	North Lakes	6,464	7,760	11.6	6.0	13.8	7.7	11.0%
	Plenty Valley	9,992	8,494	7.2	8.4	12.6	15.2	8.4%
	Mt Druitt	5,928	7,514	-2.0	11.6	-0.7	16.4	16.9%
	Hurstville	6,386	8,792	3.4	4.1	3.6	5.3	18.4%

1 Occupancy cost ratio

2 Specialty Growth inclusive of large format specialities

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Important Information

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Important information

This presentation is issued by DB RREEF Funds Management Limited (DRFM) in its capacity as responsible entity of DRT. It is not an offer of securities for subscription or sale and is not financial product advice.

Information in this presentation including, without limitation, any forward looking statements or opinions (the Information) may be subject to change without notice. To the extent permitted by law, DRFM, DRT, the Deutsche Bank AG Group and their officers, employees and advisers do not make any representation or warranty, express or implied, as to the currency, accuracy, reliability or completeness of the Information and disclaim all responsibility and liability for it (including, without limitation, liability for negligence). Actual results may differ materially from those predicted or implied by any forward looking statements for a range of reasons outside the control of the relevant parties.

The information contained in this presentation should not be considered to be comprehensive or to comprise all the information which a DRT security holder or potential investor may require in order to determine whether to deal in DRT stapled securities. This presentation does not take into account the financial situation, investment objectives and particular needs of any particular person.

The repayment and performance of an investment in DRT is not guaranteed by DRFM or Deutsche Bank AG, any of its related bodies corporate or any other person or organisation. An investment is not a deposit with or any other type of liability of Deutsche Bank AG or any other member of the Deutsche Bank AG Group, and the capital value and performance of an investment is not in any way guaranteed by the Bank or any other member of the Deutsche Bank AG Group.

This investment is subject to investment risk, including possible delays in repayment and loss of income and principal invested.

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