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ING Real Estate Investment Management

June 2010

Richard Price

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I. Overview Asia PlatformING REIM Asia Regional Footprint

Local PresenceING Real Estate professionals on the

ground provide direct access to local real estate markets and information flows

Local Expertise

ING’s local knowledge of Asia’s business environment and regulations ensures we

can anticipate and react quickly to changes in market dynamics

Local Management

ING has experienced local nationals in senior management positions located

throughout Asia

Best-in-ClassTapping ING’s global expertise,

international best practises are applied to each of the regional and domestic

organisations

TaipeiHong Kong

Shanghai

Singapore

Seoul

Shanghai(20)

Taiwan(5)

Singapore(21)

Hong Kong(28)

Korea (13)

Tokyo

Tokyo(44)

Note: Date as of 30 April 2010.

Industry Leading Investment Platform:

131 staff in 6 offices, USD 4.8 billion in AuM

Founding Member

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Key Milestones

Over 14 years hands-on experience in Asia

1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007

Opening of the 1st office in Asia -Beijing, China

Opening of Singapore office

Opening of Shanghai office

Launch of I.P. Fund, a joint venture with Singapore’s

CapitaLand

Opening of rep. office in Bangkok

Acquisition of Barings Capital

Partners

Acquisition of Rodamco Asia

N.V.

Opening of regional headquarter in Hong Kong

Opening of Seoul office

Opening of Taiwan office

Launch of ING Korea Property Investments Fund

Opening of Tokyo office

Launch of China Opportunity Fund I

2008 2009 2010

Take-over of US$995 M New City Asia Partners.

Renamed Phoenix Real Estate Fund

Launch of Asia Retail Fund

Launch of Asia Value Fund

Launch of China Opportunity Fund II

Take-over of US$1.1 B Creed Real Estate Partners.Renamed Nozomi Real Estate Fund

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Product Offering & Strategy

Risk

Ret

urn

CoreCore

ValueValue--AddAdd

OpportunisticOpportunistic

Core Core PlusPlus

Asia Value Fund China Opp. Fund II

China Opp. Fund I

Phoenix RE Fund

IP Property Fund

Asia Retail Fund

Separate Accounts

Nozomi RE Fund

Korea Property Investments

Funds open for investmentClosed FundsFund Status: Liquidated Funds

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Projects under management

Projects Sold

Gansu

Shanghai- Qingpu Longfor- Mall 818- Waigaoqiao Logistics Centre- Hongkou Forte- Shanghai Racquet Club- Somerset Grand Shanghai- Songjiang- Shanghai Central Plaza- Shanghai-Nanjing Expressway

Beijing- Maple Place- Richmond Park- Xinhe Cheng

Jiangsu Province- Suzhou Industrial Park- Kunshan Huaqiao project

Foshan- Kow Loon Jade

Changsha- Raycom 30,000FT- La Villa

Chongqing- The Special River

Chengdu- 3,000 Castles- Century View

Wuhan- Gemdale Int’l

Garden

Hong Kong- Argyle Street- Kwun Tong View- South Bay- Harcourt House- Niche Centre

Taiwan- Taichung Mall- Minsheng Hospital Building- Home Gallery- Aegon Building- United Technology Building

Investments by sector1:

Office: 5

Residential: 17

Retail: 3

Others: 6

TOTAL 31

Investments by sector1:

Office: 5

Residential: 17

Retail: 3

Others: 6

TOTAL 31

ING REIM Asia is currently managing GAV in excess of US$1.4 B across Greater China

1. As of 31 March 2010

Greater China Investment Footprint

“Smart and Sustainable Initiatives”

Asia: LEED Gold certification for our largest investment in Seoul – the first in Korea. 2 of our funds came in 3rd and 6th in the top 10 of PE real estate fund leaders in sustainable investment in Asia in a global survey.

Europe:ING REIM Europe is working on a pilot project to rate and benchmark its portfolio: Green Rating together with GE, AXA and AEW.

ING has contributed 30 buildings from 12 different funds to the and the ING RE European Office Fund is surveying all of its properties. ING REIM Netherlands won the European Commission’s Green Light Award 2010.

Global:ING REIM global sustainability platform,

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Disclaimer

Important InformationThis publication has been prepared on behalf of ING solely for the information of its clients. It is not investment advice or an offer or solicitation for the purchase or sale of any financial instrument. While reasonable care has been taken to ensure that the information contained herein is not untrue or misleading at the time of publication, ING makes no representation that it is accurate or complete. Some information contained herein has been obtained from third-party sources that are believed to be reliable, but the information has not been independently verified by ING. ING makes no representations as to the accuracy or the completeness of such information and has no obligation to revise or update any statement herein for any reason. Unless otherwise noted, the research presented herein has been prepared by ING as is current only as of the date of publication. The assumptions used in making forecasts rely on a number of economic and financial variables. These variables are subject to change and may affect the likely outcome of the forecasts. The information contained herein is subject to change without notice. Any statements of opinion constitute only current opinions of the author(s) which are subject to change and which ING does not undertake to update. No investment strategy or risk management technique can guarantee returns or eliminate risk in any market environment. ING and any of its officers or employees may, to the extent permitted by law, have a position or otherwise be interested in any transactions, in any investments (including derivatives) referred to in this publication. ING may provide banking or other services (including acting as adviser, manager, lender or liquidity provider) for, or solicit banking or other business from, any company referred to in this publication. Neither ING nor any of its officers or employees accepts any liability for any direct or consequential loss arising from any use of this publication or its contents. Copyright and database rights protection exists in this publication and it may not be reproduced, distributed or published by any person for any purpose without the prior express consent of ING. All rights are reserved. Any investments referred to herein may involve significant risk, are not necessarily available in all jurisdictions, may be illiquid and may not be suitable for all investors. The value of, or income from, any investments referred to herein may fluctuate and/or be affected by changes in exchange rates. Past performance is not indicative of future results. Investors should make their own investment decisions without relying on this publication. Only investors with sufficient knowledge and experience in financial matters to evaluate the merits and risks should consider an investment in any issuer or market discussed herein and other persons should not take any action on the basis of this publication. Additional information is available on request. At the date hereof, the author, and/or the ING Group may be buying, selling, or holding significant long or short positions; acting as investment and/or commercial bankers; be represented on the board of the issuer; and/or engaging in market making in securities mentioned herein.In the United Kingdom, this report is approved and distributed by ING Real Estate Investment Management (UK Funds) Limited which is Authorised and Regulated by the Financial Services Authority. Interested parties are advised to contact the ING entity they currently deal with, or the ING entity that has distributed this report to them. Transactions should be executed through an ING entity in the client’s home jurisdiction unless otherwise permitted by law. This publication is intended to provide information to assist investors in making their own investment decisions, not to provide investment advice to any specific investor. Investments discussed and recommendations made herein may not be suitable for all investors: readers must exercise their own independent judgement as to the suitability of such investments and recommendations in light of their own investment objectives, experience, taxation status and financial position. Past performance is not necessarily indicative of future performance: the value, price or income from investments may fall as well as rise. You should not deal in derivatives unless you understand the nature of the contract that you are entering into and the extent of your exposure risk.Copyright ING Real Estate 2010