ING Property Trust welcomes new tax reforms

13 December 2006

ING Property Trust welcomes new tax reforms

ING Property Trust (“ING”) has welcomed the potentially significant benefits to its unitholders arising from the reforms contained within the Taxation (Annual Rates, Savings Investment and Miscellaneous Provisions) Bill, which was passed by Parliament today. In conjunction with the Property Council of New Zealand and other major New Zealand listed property vehicles, ING has been involved in successfully lobbying Parliament on a number of specific issues.

Consequently, Parliament endorsed several amendments that will result in a larger number of investors in listed property vehicles being able to enjoy the benefits of the Portfolio Investment Entity (“PIE”) regime.

The PIE regime will have certain tax advantages, including the new tax pass-through environment which should entail increased net distributions for unitholders. At this stage, ING intends to elect to become a PIE, with an effective start date of 1 October 2007.

ENDS

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