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Trust announces interim profit increase of 24%

NEWS RELEASE New Zealand • 27 February 2008


ING Medical Properties Trust announces interim profit increase of 24%

ING Medical Properties Trust (the Trust) today announced it has recorded an unaudited net profit after tax of $5.3 million for the six-month period to 31 December 2007. This is an increase of 24% over the same period last year (excluding unrealised currency and interest rate swap movements).

Total property revenue has increased to $10.5 million, 8.3% above the $9.7 million for the same period last year. At period end, the net tangible asset backing is $1.29 per unit, up from $1.28 as at 30 June 2007 (excluding deferred tax on revaluation gains on capital account property).

The increase can be attributed to the exchange rate movement over the period. The Trust’s debt-to-total- assets ratio remains conservative at 29% (which will increase to 33% after the completion of Ascot Central).

David Carr, General Manager of the Manager of the Trust says that “the Trust has been actively managing the existing portfolio while pursuing a number of opportunities in the healthcare property sector. The result reflects the strength of this strategy”.

The pre-tax income distribution for the six months to 31 December 2007 increased 4.3% to 4.9 cents per unit from 4.7 cents for the half year to 31 December 2006. Based on a unit price of $1.16, the equivalent gross yield is 10.7% for 33% marginal tax payers and 11.7% for 39% marginal tax payers.

Highlights for the period include: • Total property revenue increased by 8.3% • 4.3% increase in interim distributions • Portfolio occupancy of 99.5% • Upcoming lease expiries of less than 1% in the balance of the financial year • Acquisition of the Apollo Health and Wellness Centre • Completion of Kensington Hospital, Whangarei Endoscopy unit extension • New eight-year lease term agreed with Biomed, Pt Chevalier, Auckland • Exposure to rises in interest rates minimised • Reduction in bank fees • Unitholder approval of an increase in the maximum gearing ratio • Improved corporate governance, including: . Unitholders to nominate and vote on independent Directors . Lower threshold for unitholders to request an extraordinary meeting of the Trust to unitholders holding 5% or more of the units . Separate auditor for the Manager and the Trust

Operating overview The Trust has a low risk portfolio of quality assets with excellent tenant covenants, long-term secure lease structures with earnings resilience and sustainable rental growth. The Trust’s weighted average lease term remains by far the longest of the New Zealand Listed Property sector, at 9.4 years (the New Zealand Listed Property Trust average as at 31 December 2007 was 5.8 years), providing strong core earnings underpinned by secure lease contracts.


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