AGEST -

DB RREEF

Website: www.dbrreef.com

AGEST has appointed DB RREEF to manage part of the unlisted property portfolio of the fund. AGEST is invested in the DB RREEF Wholesale Property Fund.

Objective and Strategy

The objectives of the DB RREEF Wholesale Property Fund over the medium to long term (5 years and beyond) are to provide unitholders with a balanced return of capital growth and income; by pooling funds and investing in a range of assets, to provide greater portfolio diversification than may be achieved at an individual investor level; and to outperform the Mercer Unlisted Property Fund Index (Gross Median Return) over rolling 12 month periods.

The Fund is invested in large property assets such as CBD office buildings, large shopping centres and industrial parks, with limited exposure to property securities and money market securities for liquidity purposes.

Property valuations are subject to income and capital fluctuations. Variations may be as a result of market conditions, differing valuation approaches, vacancy rates, tenancy prospects and legislative changes.

Therefore, some of the long term strategies of the Fund are to:

• construct a well diversified portfolio of assets; and
• invest predominantly in the office, retail and industrial property sectors in Australia with a primary focus on properties underpinned by secure income streams and / or offering significant capital growth potential.