ING Real Estate Income Fund

ING Real Estate Income Fund is specifically designed for geared long-term wealth creation. Launched in April 2005, the fund provides investors with exposure to a diversified portfolio of properties with a total book value exceeding A$12 billion.

The fund holds units in the following four ING Real Estate property trusts: 

• ING Industrial Fund.
• ING Office Fund.
• ING Real Estate Entertainment Fund.
• ING Retail Property Fund Australia.

ING Real Estate Income Fund offers the following benefits: 

• Attractive pre-tax income return of A12.0 cents per unit for the year ended 30 June 2008, of which 79% was tax-deferred.
• Stable income thanks to the portfolio diversification backed by leases attached to each property.
• Opportunity for long-term capital growth magnified by the fund's gearing.
• ING Real Estate's extensive global experience in managing property funds.

Fund unit price

The closing price on 30 September 2008 was A$1.15 per unit prior to the deduction of the investment performance fee*.

^{*For further details refer to the Product Disclosure Statement of 1 April 2005.}

Suspension of Quarterly Distributions

Effective from 22 December 2008, the quarterly distributions to investors have been suspended for the remainder of the 2009 Financial Year.

The recently announced reductions in the forecast future income distributions of the A-REITs in which the Fund invests are expected to materially reduce the Funds income. As a result, distributions from the Fund will be suspended in order to use the cash to meet the interest expense on the Funds borrowings.

Details of the performance of the Fund and outlook for 2009 will be provided in the upcoming 31 December 2008 half yearly report, to be sent to investors February 2009.

The fund is currently closed to new investors.