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DEXUS Share Issue/Capital Change 2006

Jul 20, 2006

64807_rns_2006-07-20_a0066664-6fc2-411c-89b5-d5984272f30a.pdf

Share Issue/Capital Change

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DB RREEF

Managed in partnership with Deutsche Bank $\boxdot$

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 1136 Facsimile 61 2 9017 1132

Email: [email protected]

21 July 2006

The Manager Australian Stock Exchange Limited 20 Bridge Street Sydney NSW 2000

Dear Sir/Madam

DB RREEF Trust (ASX: DRT) - DRP Issue Price

The June 2006 Distribution Reinvestment Plan issue price will be \$1.4746 per stapled security.

The DRP issue price represents a 2 percent discount to the 10 day average volume weighted average price for the pricing period ending 14 July 2006.

For further information, please contact

• DRT Fund Manager: Tony Dixon $(02)$ 9017 1136
• Investor Relations: Karol O'Reilly $(03)$ 8611 2930

Yours sincerely

Tanya Cox Company Secretary