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ING Property Trust Offer For Urbus Unconditional

13 June 2005

ING Property Trust Offer For Urbus Unconditional

ING Property Trust announced today that its takeover offer for Urbus Properties Limited is now unconditional.

Chairman of ING Property Trust Management Limited, Mike Smith, said the unconditional offer means Urbus security holders who have already accepted the offer will be allotted units in ING Property Trust in consideration for their

Urbus securities (and receive confirmation of that allotment) within 7 days.
He also emphasised that the decision to go unconditional makes it even more important that those who have not yet accepted the offer do so, if they wish to participate fully in the benefits of a merger of ING and Urbus.

“Urbus security holders now have just over a week to accept the offer before the offer closes on 24 June 2005.”

As the offer is now unconditional, Urbus security holders who accept the offer from today will be allotted units in ING Property Trust in consideration for Urbus securities (and receive confirmation of that allotment) within 7 days after the date on which ING receives those acceptances.

As at the close of business on 10 June 2005, acceptances received under its offer in respect of Urbus ordinary shares exceeded 71 per cent.
Mr Smith said he is confident the Trust will reach the 90 per cent threshold, which will allow the Trust to acquire all outstanding securities, ensuring a full merger of Urbus and the Trust.

The Urbus Board has recommended Urbus security holders accept the offer, and each Director of Urbus has himself accepted the offer in respect of those Urbus securities he owns or controls.


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