ING continues to refine portfolio

14 February 2006

ING Property Trust (ING) continues to refine portfolio

ING has announced two property acquisitions and two sales, in line with its strategy of active portfolio management designed to drive unitholder value.

The first unconditional acquisition is a $16.95 million convenience retail development with a food and service focus, currently under construction in Manukau City. This is due to settle on 28 April 2006.

The property is extremely well positioned, next to the new Telstra Clear Pacific Events Centre, and comprises 16 food outlets. Currently delivering an initial yield on purchase price of 8.5%, it has a weighted average lease term (WALT) of 8.7 years.

ING has also acquired a $4.225 million industrial building in Porirua, Wellington. This property is leased to the IRD and has a WALT of 6.2 years. Adjoining ING’s existing $20 million bulk retail property in Porirua, the new property will provide additional flexibility and future redevelopment options for the entire site.

As part of its ongoing rationalisation strategy, ING has unconditionally sold and settled two adjoining industrial buildings at 89-91 Captain Springs Road, Onehunga, Auckland and an office building at 303 Manukau Road, Epsom, Auckland. These sales have resulted in an aggregate gain (after allowance for sale costs) of $0.51 million for ING.

ING now has a portfolio of 101 properties with a book value of $827 million.

Managing director of ING Property Trust Management Limited, Andrew Evans, said that the Trust’s management would continue to review the portfolio and to make changes as required.

“ING has a proven track record of active management, not just in acquiring new assets, but also adding value to existing properties, and realising value when it is in the best interests of unitholders to do so. These latest transactions are a further demonstration of this focus."

He noted the calibre of his team’s expertise in the day-to-day running of the property portfolios was illustrated by high occupancy – currently 99 per cent – and tenant retention rates.

As signalled in November 2005, ING is soon to launch a unit purchase plan. The plan will provide current ING investors with the opportunity to subscribe for units in ING, up to a value of $5,000 in accordance with the terms of the Securities Act (NZX – Share and Unit Purchase Plans) Exemption Notice 2005. A date has yet to be set for the launch of the plan.

Finally, ING has announced a third-quarter (1 October 2005 to 31 December 2005) distribution of 2.4875 cents per unit. This distribution includes imputation credits of 0.113 cents per unit. Based on the unit price of $1.19 as at the close of trading on the NZSX on 9 February 2006, the distribution equates to an annualised yield of 8.4%.

The record date for the distribution will be 10 March 2006 and the payment date will be 17 March 2006.

ENDS

- ING Property Trust aims to provide investors with the opportunity to invest in properties of the
highest quality, with excellent lease profiles and attractive yields. It is currently the second largest
property fund listed on the NZX with a market capitalisation of $630 million.

- ING Property Trust is managed by ING Property Trust Management Limited – a joint venture
between ING (NZ) Limited and Symphony Investments Limited.

- ING (NZ) Limited is a joint venture owned 51% by ING Group and 49% by ANZ National Bank.

- ING Group is one of the world’s largest investment, banking and insurance organisations.

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