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Paramount to soak up MFL and SIL funds

Friday 7th November 2003

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ING Property Trust has reached agreement in principle with the trustees of MFL Mutual Fund and SIL Mutual Fund to acquire a portfolio of 71 properties.

The properties are located in Auckland, Wellington and Christchurch and are a mixture of commercial, industrial and retail buildings. The vendors offered the properties for sale to the trust as a portfolio. Accordingly, the trust
will look to dispose of a number of the smaller and lower value properties in due course and in an orderly manner.

MFL Mutual Fund and SIL Mutual Fund are two separate New Zealand
superannuation funds registered under the Superannuation chemes Act 1989. They have in aggregate $900 million under management and approximately 48,000 members.

The agreed price for the acquisition is $282.7 million. The purchase price will be funded through the issue to the Vendors of 182 million new units in the trust at $1 per unit and $100.7 million cash. The Trust has received approval from the ANZ Bank to extend its banking facility.

The acquisition is subject to unitholder approval and the approval of the Overseas Investment Commission. Documentation is expected to be concluded imminently. An explanatory memorandum and an appraisal report in respect of the acquisition will be sent to unitholders shortly and a date for a meeting of unitholders to consider the acquisition will be advised accordingly.

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