2008 Media Releases

RREEF Alternative Investments, the global alternative investment management business of Deutsche Bank (XETRA:DBKGn.DE / NYSE:DB), today announced that as part of its strategic development in Australia it has sold its 50% interest in the management company of DEXUS Property Group (formerly DB RREEF Trust) to DEXUS’ unitholders. RREEF Alternative Investments will continue its expansion strategy in Australia through organic growth, selective acquisitions and an ongoing strategic relationship with DEXUS Property Group.

Deutsche Bank Australia’s CEO, Chum Darvall, said, “Today we have agreed to transform our relationship with DEXUS. This is a positive step that allows both organisations to pursue independent and more aggressive growth strategies, yet deepen our close and mutually beneficial relationship.”

RREEF’s Asia Pacific CEO, Kurt Roeloffs, said “The change to the DEXUS name resolves any brand confusion that existed between our organisations. DEXUS remains a key client of both Deutsche Bank in Australia and RREEF across the globe, which is reflected by the existing and new Investment Management Agreements with DEXUS for the purposes of the acquisition and management of international property investments on its behalf.”

Roeloffs added, “Australia has been an important part of RREEF’s business for over 13 years, and the opportunity to expand our real estate, infrastructure and private equity fund-of-fund operations here is significant. Our new blueprint for growth is designed to fulfil Australian investors’ increasing appetite for global alternative investments by more directly offering RREEF’s distinctive capabilities as the world’s leading alternative investment manager.”

He cited the expected double digit growth in the asset management industry, driven by Australia’s compulsory superannuation scheme and continued planned government and taxation reform; and increasing allocations to alternatives and global investment opportunities as key drivers of RREEF’s optimism for Australia.

RREEF’s expansion plans for Australia encompass three key elements, said RREEF’s Australian CEO, John Dorrian. “First and foremost there are significant organic growth opportunities. Today RREEF Alternative Investments is best known in this market for our highly regarded property securities funds. Going forward, in addition to our existing investment suite, we will progressively introduce new global and regional real estate, infrastructure and private equity fund-of-fund investments – including hybrid funds.”

Dorrian explained the second aspect of RREEF’s plan is domestic acquisitions. “We will also develop a platform to source Australian infrastructure, real estate and private equity assets for our regional and global funds.”

And third, he said, was RREEF’s ongoing strategic relationship with DEXUS Property Group.

Head of Deutsche Bank’s Asset Management business in Australia, Chris Larsen, welcomed RREEF’s plans. “They are consistent with those of the Asset Management business: focused on delivering the best of the group’s specialist global and alternative investments to our retail, institutional and insurance clients in Australia,” he said.

RREEF Alternative Investments manages €62.1 billion¹ (A$99.2 billion) in assets globally across the Real Estate, Infrastructure and Private Equity sectors, and is recognised as the world’s leading alternative investment manager by Global Investor/Watson Wyatt’s Alternatives Survey, June 2007. Regionally, RREEF manages over €10 billion (A$15.9 billion) in assets, including responsibility for €4.9 billion (A$7.8 billion) of assets in Australia. In the past two years alone, RREEF Alternative Investments has doubled its staff and assets under management in the Asia Pacific region; expanded into exciting new markets including China and India; broadened its product offering; and improved access to its regional and global products through new distribution channels.

For further information, please call:

Kristin Silva 0411 110 953
Kate Abrahams 02 8258 2416 / 0419 208 099

About RREEF Alternative Investments

RREEF Alternative Investments is the global alternative investment management business of Deutsche Bank. RREEF Alternative Investments consists of three businesses: Real Estate, Infrastructure and Private Equity. Headquartered in New York, RREEF Alternative Investments employs more than 1,450 investment professionals in 18 cities around the world to help investors meet a wide range of objectives – from diversification, to preservation of capital, to long-term performance. Named the world’s largest alternative investments manager in Global Investor/Watson Wyatt’s Alternative Survey, June 2007, RREEF has €62.1/A$99.2 billion in assets under management worldwide as of 31 December 2007.

¹ All AUM figures as of 31 December 2007.