patience being rewarded, page-4

still accumulation going un-noticed.

ING Office Fund (IOF) invests in office buildings located in core markets
throughout the world and receives rental income from blue-chip tenants.
The Fund is a publicly traded REIT on the Australian Securities Exchange
(ASX) and is one of the top 100 listed entities on the ASX.
IOF’s portfolio of properties spans six countries across three continents, with
total assets of $4.1 billion.


Top Tennants

Federal / State Government
ING
IAG
MLC
Noblis
Australian Taxation Office
Macquarie Bank
Computer Associates
Coles Group
BGS Systems Inc.
Verizon
Permal Group
Firmenich
Telstra Corporation
QBE
Ballard Spahr
Tannenbaum
Transfield Services (Australia) Pty Ltd
Cap Gemini Nederland B.V.
Schiff Hardin


Summary
• Difficult debt and capital market environment to persist throughout 2009
• IOF’s operating earnings remain resilient
• FX sensitivity on gearing covenant mitigated
• $580 million of debt capacity to repay 1st tranche in June 2010
• Managing gearing and maintaining a strong balance sheet is a key focus
• On track to meet DPU guidance of 4.25cpu for the second half of FY09
subject to prevailing market conditions