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					                          Global Asset
                          Management




ING Wholesale Global Property
Securities Fund
ARSN 115 202 358
APIR HML0015AU

For Wholesale Investors

Information Memorandum
For Wholesale Units
Issue 2
14 February 2006
    ING Wholesale Global Property Securities Fund



    Important Information
    ING Investment Management Limited (INGIM) ABN 23 003 731 959 AFS Licence 233793 is the responsible entity
    (Responsible Entity) of the ING Wholesale Global Property Securities Fund (the Fund) and is the issuer of this
    Information Memorandum. INGIM has appointed ING Clarion Real Estate Securities, L.P. (ING Clarion) as the Portfolio
    Manager of the Fund.
    Investments in the Fund are subject to the terms of its Constitution, together with the Corporations Act (the Act) and
    this Information Memorandum. A copy of the Constitution is available free of charge from INGIM. This Information
    Memorandum is intended as a guide to the key features and terms of the Fund and is not a full summary of the
    Constitution or all the terms applicable to the Fund nor is it intended that it be relied upon as a substitute for
    professional financial or tax advice.
    We therefore recommend that, prior to making a decision to invest, you read this Information
    Memorandum thoroughly, including the disclaimer below, and seek your own independent financial
    and taxation advice, taking into account your particular circumstances and satisfy yourself as to the
    suitability of the Fund as an investment.
    The Fund is made up of different unit classes. The offer of units under this Information Memorandum is for Wholesale
    class units (Wholesale Units). Wholesale Units rank equally with all other unit classes. Different unit classes may have
    different ongoing fees and performance fees associated with them. As a result, unit prices and income and other
    entitlements of each class may vary to reflect those different fees.
    We reserve the right to refuse any application without providing a reason and to accept less than the minimum
    investment amount for certain wholesale investors. Any interest earned on applications monies will be credited to
    the Fund.


    Disclaimer
    This Information Memorandum is dated 14 February 2006 and is not a disclosure document for the purposes of
    the Act. The offer of units in the Fund is only available to persons receiving this document (including accessing it
    electronically) within Australia.
    The offer is only available to investors who qualify as wholesale investors under chapter 7 of the Act.
    Applications from outside Australia will generally not be accepted.
    Neither INGIM, ING Clarion nor any member company of the ING Group in Australia or elsewhere nor
    the Custodian, Australia and the New Zealand Banking Group Limited (ANZ) (AFS Licence 234527),
    guarantees the investment performance, earnings or return of capital invested in the Fund. An
    investment in the Fund is subject to investment risk, including loss of income and principal invested.
    An investment in the Fund is not a deposit with or other liability of any member company of the ING
    Group in Australia or elsewhere or ANZ.
    Past performance should not be taken as an indication of future performance levels.
    Subject to the Constitution and the Act, we may vary the terms of this offer. However, any material change requires at
    least 30 days prior written notice to investors.
    The information in this Information Memorandum was up to date at the date of issue. Some
    information about the Fund can change or vary over time. Before making an investment in the Fund
    you should check that this Information Memorandum is up to date.
    Unless otherwise stated, references to $ are references to Australian dollars.




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           ING Wholesale Global Property Securities Fund



    Contents
    Directory                                          3
    Global Property Securities                         4
    Investment Strategy                                5
    Fund Profile                                        6
    Responsible Entity                                 7
    Portfolio Manager                                  8
    Investment Process                                 9
    Investment Risks                                  10
    Use of Financial Derivatives                      11
    Fund Operational Information                      12
    Taxation                                          15
    Information About Your Investment in the Fund     16
    Privacy                                           17
    Complaints                                        18
    Investment Applications                           19
    Withdrawals                                       20
    Glossary                                          22
    Fund Information Updates                          22
    Application Form                                  23
    Account Authorisations                            25



    Directory
    Responsible Entity and Issuer
    ING Investment Management Limited
    Level 12
    347 Kent Street
    Sydney NSW 2000

    Telephone: 1300 365 439
    Facsimile: (02) 9234 6494
    Website: www.ingim.com.au

    Portfolio Manager
    ING Clarion Real Estate Securities, L. P.
    Radnor, Pennsylvania, USA

    Custodian
    Australia and New Zealand Banking Group Limited
    530 Collins Street
    Melbourne VIC 3000




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    ING Wholesale Global Property Securities Fund



    Global Property Securities
    Real estate is a global asset class.

    Historically, meaningful investor access to real estate on a global basis via
    country-specific public equity markets was limited to a handful of developed,
    mature countries. However, over the last ten years, access to such investments
    has improved substantially. This is due to the combined effect of increased
    investor demand for investment alternatives that offer high dividend income, plus
    the growing global acceptance of tax-efficient listed property trust-like corporate
    structures.

    As the number Australian listed property securities have grown, their managers
    have recognised the benefits of investing in overseas property markets. At the
    date of this Information Memorandum, of the 24 trusts currently within the S&P/
    ASX 200 Listed Property Accumulation Index, over 16 hold international property
    assets. International property holdings represent over 35% of the assets within
    the S&P/ASX 200 Listed Property Accumulation Index. The pool of properties
    (mainly located in the US) represented in those securities is only a very small slice
    of the international property market.

    Globally, the overall size of the listed property sector is over 10 times the size
    of the Australian listed property securities universe. Within the larger global
    property securities universe even greater diversity of property exposure can be
    achieved across countries, regions, property sectors and underlying leaseholders.




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             ING Wholesale Global Property Securities Fund



    Investment Strategy
    In response to increasing demand for global property exposure from its clients,
    ING Investment Management Limited (INGIM) has appointed ING Clarion Real
    Estate Securities, L.P. (ING Clarion or Portfolio Manager) to manage a strategy
    specifically designed for Australian investors. The strategy is based on a global
    property securities investment strategy developed by ING Clarion, which it has
    been using since November 2001. As at 31 December 2005, ING Clarion had
    property assets under management in excess of US$7.2 billion (A$9.7 billion)
    in global property securities portfolios.

    The ING Clarion global property securities strategy primarily considers for
    investment publicly traded real estate securities, with US$100 million in equity
    market capitalisation or greater, listed on country specific exchanges including
    but not limited to Australia, the United Kingdom, Canada, Europe, Asia and the
    United States. Currently, the universe consists of approximately 600 global real
    estate companies that hold over 40,000 properties which have a total equity
    market value of US$1,008 billion.

    ING Clarion believes that because of its extensive resources and capabilities
    as a globally-positioned, dedicated real estate securities investment manager,
    it has the skills to exploit the opportunities, inefficiencies, and various
    real estate cycles that exist throughout the diverse and expanding global
    real estate securities marketplace.

    The ING Clarion strategy seeks to maximise total returns to out-perform its
    benchmark by combining its listed and private market real estate expertise.
    ING Clarion believes that to outperform in the global property market,
    investors must:

    – utilise superior “local” market intelligence within all major global
      property markets;

    – apply portfolio management skills that maintain diversity of companies,
      property type and geography; and

    – employ a dynamic, disciplined approach to portfolio positioning in ever
      changing local and global economic environments.

    In line with this philosophy, ING Clarion implements a strategy which places
    an emphasis on countries and property types experiencing the strongest
    fundamentals, and on listed real estate companies run by quality management
    teams, maintaining conservative balance sheets and displaying above average
    cash flow yield and earnings growth.

    The investment strategy aims to deliver a total return to investors in Australian dollars.
    While the aim is to hedge the Fund’s foreign currency risk to the Australian dollar that
    risk may be under or over-hedged from time to time.




    ING Clarion has consented to be named as the Portfolio Manager of the Fund in this Information Memorandum in
    the form and context in which it is named and the inclusion of the disclosures contained in pages 5, 8, 9 and 10. ING
    Clarion has not withdrawn its consent before the issue of this Information Memorandum.

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    ING Wholesale Global Property Securities Fund



    Fund Profile
    Investment objective1                              The aim of the Fund is to outperform (gross of
                                                       fees and expenses) the Benchmark over rolling
                                                       3 year periods.
    Benchmark                                          UBS Global Real Estate Investors (ex Australia)
                                                       Total Return Index, (hedged to the Australian
                                                       dollar), with net dividends reinvested (after
                                                       applicable withholding taxes) gross of fees and
                                                       expenses, calculated in Australian dollars.
    Portfolio structure2                               Typically 70 – 90 stocks
    Asset allocation                                   Asset Class                  Target   Minimum/maximum3
                                                       Global property securities   100%        90% – 100%
                                                       Cash                          0%          0% – 10%

    Establishment date                                 22 July 2005
    Commencement date                                  10 October 2005
    Suggested minimum
    investment timeframe                               At least 3 years.
    Fund size
    31 December 2005                                   $11.1 million
    Fund performance                                   Performance information for the Fund is
                                                       available on request.
    Minimum investment                                 $500,000
    Minimum additional
    investment                                         $25,000
    Minimum account balance                            $500,000
    Minimum withdrawal                                 $25,000
    Withdrawal payments                                Usually within 5 Business Days.
                                                       Please refer to page 20.
    Pricing frequency                                  Usually calculated each Business Day.
    Distribution frequency                             Usually half-yearly, calculated as at the end of
                                                       each June and December.
    Annual ongoing fee                                 Negotiable with each investor.
                                                       Please refer to page 13 under the heading ‘Fees’.
    Performance fee                                    If a performance fee is to apply it will be
                                                       negotiable with each investor.
                                                       Please refer to page 13 under the heading ‘Fees’.
    Transactions costs                                 0.40%/0.40%4
    1 There   is no guarantee that this will be achieved.
    2 This   may change over time in line with changes in market dynamics.
    3 These   may change from time to time without notice.
    4   These may change if the underlying estimated transactional costs change.




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           ING Wholesale Global Property Securities Fund



    Responsible Entity
    ING Investment Management Limited (INGIM) is the Responsible Entity of the
    Fund. It is one of the largest investment managers in Australia with assets under
    management in excess of $34 billion as at 31 December 2005.

    INGIM is a member of the ING Investment Management network which is one
    of the major businesses of the parent company, ING Group, a global financial
    institution formed in The Netherlands in 1991. It is a global specialist investment
    network employing around 2,400 staff in 31 countries across three broad
    geographic regions: Europe, the Americas and Asia Pacific. At 31 December 2005
    this network had over $586 billion of global assets under management.

    In Australia INGIM offers a broad and increasing range of investment management
    capabilities to the Australian and international markets. These include a range of
    diversified and sector-specific wholesale pooled funds as well as a listed private
    equity vehicle, together with individually tailored investment mandates.

    INGIM’s institutional clients include superannuation funds, corporate institutions,
    government authorities, charities and other financial services entities seeking
    professional investment management services on a domestic or international scale.

    INGIM has delegated portfolio management for the Fund to ING Clarion Real
    Estate Securities, L. P. (ING Clarion) in the United States, which is part of the
    global ING Real Estate network.

    The fees paid to the Portfolio Manager will be paid out of the Responsible
    Entity’s annual ongoing fee, rather than being recovered from the Fund.




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    ING Wholesale Global Property Securities Fund



    Portfolio Manager
    As at 31 December 2005, the global ING Real Estate network had assets under
    management world-wide in excess of US$84 billion (A$113 billion).

    As part of that global network, ING Clarion has been exclusively managing
    domestic US property securities portfolios since 1984 and global property
    securities portfolios since 2001, on behalf of institutional and individual
    investors. As at 31 December 2005, ING Clarion had property assets under
    management in excess of US$9.9 billion (A$13.3 billion), including US$7.2 billion
    (A$9.7 billion) in global property securities portfolios.

    Portfolio management team
    The investment team responsible for managing the ING Clarion global
    real estate mandates will also be responsible for portfolio management
    of the ING Wholesale Global Property Securities Fund.

    ING Clarion has a large team of dedicated property security portfolio managers
    and analysts. It also draws on the research and resources of ING Real Estate’s
    global network to co-ordinate in-depth local analysis for a comprehensive world-
    wide view. Where appropriate ING Clarion calls on the resources of the ING
    Investment Management network country teams.


                    ING Wholesale Global Property Securities Fund



                          ING Clarion Investment Committee
                      Portfolio Construction, Implementation and Control


                   Bottom-up                                    Top-down
                    Research                                     Research
            Investment Committee                     Global Investment Policy Committee




        Listed Real Estate Market
                Research                               Private Market Real Estate
        ING Real Estate/ING Investment                         ING Real Estate
                Management




                                                                  Europe           Asia
                                  Asia                                            Pacific
      North         Europe                           North       The Hague,
                                 Pacific                                            Sydney,
     America        London,                         America        Madrid,
                                 Tokyo,                            Prague,       Singapore,
    Philadelphia   The Hague                        New York
                                 Sydney                                           Shanghai,
                                                                   London
                                                                                 Hong Kong




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           ING Wholesale Global Property Securities Fund



    Investment Process
    ING Clarion draws upon a multi-disciplined team of seasoned securities
    managers and experienced real estate investment professionals to incorporate as
    much independent, relevant information as practicable. The process is designed
    with the objective of delivering above benchmark returns via active management
    of the portfolio’s exposure to:

    – global real estate equity markets;

    – specific geographic regions;

    – property sectors; and

    – individual real estate equity securities.

    ING Clarion employs a multi-step portfolio construction process combining
    top-down portfolio design and bottom-up security analysis. The major steps in
    constructing a global property securities portfolio include:

    – top-down country/regional allocation;

    – top-down property sector allocation; and

    – bottom-up security selection.

    Top-down portfolio allocation by geographic region and property type is
    determined following a systematic evaluation of public and private real estate
    market trends and conditions via the ING Clarion Global Investment Policy
    Committee, which consists of public and private property research team
    members based locally in markets throughout the world.

    Securities are selected through the use of a proprietary valuation process that
    identifies investments with superior current income and growth potential relative
    to their peers. The valuation process examines several factors including: valuation
    and property quality; capital structure; and management team and strategy.

    In an effort to maximise its potential risk-adjusted return, the portfolio is
    constructed to generally hold 70 – 90 stocks, diversified by geography and
    property type. Risk mitigation parameters include single position limits and
    country limits relative to the benchmark weights.




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     ING Wholesale Global Property Securities Fund



     Investment Risks
     All investments carry a degree of risk.

     The performance of an investment can be affected by a number of variable
     factors. Some are unique to specific assets (i.e. the influences affecting a
     particular security such as changes in management or business environment)
     while others are more general in nature (i.e. overall market, or general economic
     conditions). As a result, the value of an investment and any returns it generates
     may fluctuate significantly over time.

     Risk management
     While we cannot eliminate investment risks entirely, our aim is to minimise
     the impact of these risks by diversifying investments and actively monitoring
     investment markets and the assets within the Fund’s portfolio. While it would be
     unusual for all asset classes to perform poorly at the same time, diversification
     within an asset class or across asset classes is an important way to manage
     investment risk, while helping to lessen the impact of short-term volatility.

     Risk categories
     The main risk categories relevant to the Fund can be summarised as:

        Stock selection risk
        is the risk that the value of an investment may fall giving rise to a capital loss
        on disposal or that the investment return is lower than expected.

        Market risk
        is the risk that events may have a negative impact on the value of
        investments within a particular market. Economic, social, technological,
        political or legal and accounting conditions, and even market sentiment can,
        and do, change and this can mean that investments in those markets can
        change in value.

        Real estate risk
        is the risk that the underlying direct property and property related exposures
        of property securities and REITs may fall in value. Property markets are
        influenced by many factors including interest rate movements, the quality
        and location of the underlying properties, supply and demand for certain
        types of properties and their rental income profiles.

        Credit risk
        is the risk that an issuer or counterparty to a transaction may not meet their
        obligations to pay interest or repay capital or fulfil other financial obligations
        in full or on time.

        Interest rate risk
        is the risk that changes in interest rates may have a negative impact,
        either directly or indirectly, on investment values or returns.

        Currency risk
        is the risk that the value of the Australian dollar may move adversely against
        the value of overseas currencies.

        While the aim is to hedge the Fund’s foreign currency exposure to the
        Australian dollar that risk may be under or over-hedged from time to time.
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            ING Wholesale Global Property Securities Fund



     Use of Financial Derivatives
     The Fund may use financial derivatives in order to manage risk or as an
     alternative to the direct purchase or sale of underlying investments, or for
     currency hedging. A negative impact may arise where there is an adverse
     movement in the underlying asset on which a derivative is based or where
     a derivative position is difficult or costly to reverse.

     It is intended that financial derivatives will primarily be used to:

     – manage market and specific risk exposures;

     – achieve transaction or cost efficiencies;

     – manage market risk for significant transactions and the Fund in general; or

     – hedge currency exposures to the Australian dollar.

     A copy of the INGIM Risk Management Statement Part B is available
     on request or by visiting our website www.ingim.com.au




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     ING Wholesale Global Property Securities Fund



     Fund Operational Information
     Constitution
     The Fund is a registered managed investment scheme which is governed by a
     Constitution and together with this Information Memorandum, the Act and
     general law, sets out the conditions under which the Fund operates, the rights
     of investors and the rights, responsibilities, duties and remuneration of the
     Responsible Entity, INGIM.

     The Responsible Entity is authorised to engage agents to undertake any of
     the functions it is authorised to do under the Constitution and the law. The
     Responsible Entity, however, remains fully responsible for the actions of any
     agents which it may engage.

     The Responsible Entity has appointed ING Clarion as Portfolio Manager of the
     Fund and ANZ as Custodian to hold the Fund’s assets.

     The Constitution may be amended where the Responsible Entity believes that
     the change will not adversely affect the rights of unitholders or, otherwise, with
     the approval of unitholders.

     A copy of the Constitution can be inspected at the INGIM offices or, alternatively,
     we will provide one free of charge upon request.

     Compliance plan
     The Responsible Entity has in place a compliance plan for the Fund which sets
     out the procedures, systems and controls used to ensure compliance with the
     Constitution and the Act. The plan is audited annually by the compliance plan’s
     auditor whose report is required to be lodged with the Australian Securities and
     Investments Commission (ASIC).

     ASIC Relief
     The Responsible Entity has obtained relief from ASIC to allow the Fund to operate
     in the manner intended, including relief enabling scheme property to be invested
     in unregistered managed investment schemes that are Real Estate Investment
     Trusts (REITs) whose interests are traded on the New York Stock Exchange,
     the American Stock Exchange, the National Association of Securities Dealers
     Automated Quotations National Market or the Nasdaq Stock Market of the USA.




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            ING Wholesale Global Property Securities Fund



     Fees
     The Constitution details the fees that may be applied and the maximum
     amounts that can be charged.

     Until any notice to the contrary, the following are the fees that will be applied:

        Annual ongoing fee
        The Constitution provides for a maximum ongoing fee of 3% p.a. of the
        value of the assets of the Fund.

        INGIM will individually negotiate an annual ongoing fee with investors in
        Wholesale Units outside the Fund.

        Performance fee
        The Constitution provides for a maximum performance fee of 30% of the daily
        increase in the value (if any) of each unit in the Fund over the highest application
        unit price calculated for units of that class, since that unit was issued.

        However, if a performance fee is to be applied in respect of Wholesale Units,
        then rather than INGIM charging the fee provided under the Constitution, it
        will individually negotiate outside the Fund a separate performance fee with
        the investor.

     Commissions
     INGIM may pay commissions out of its own funds in connection with
     subscriptions to the Fund. Those commissions will not exceed the aggregate
     amount of individually negotiated fees received by INGIM as described in this
     Information Memorandum.

     Expenses
     The Constitution provides that the properly incurred operating expenses are
     recoverable from or payable by the Fund. The Constitution does not specify
     a limit on the amount of these expenses.

        Normal operating expenses
        Normal operating expenses recoverable from the Fund include registry
        expenses, custodian holding expenses and audit fees, bank charges, the cost
        of managing the Fund’s assets, offer documentation, formation expenses,
        unit pricing and general day to day administrative expenses.

        Until any notice to the contrary normal operating expenses will not be
        recovered from the Fund.

        Abnormal operating expenses
        Abnormal operating expenses recoverable from the Fund include the costs
        associated with any change of responsible entity, unitholder meetings, the
        termination of the Fund, litigation or changes to the Constitution. These
        expenses are usually expected to be infrequent.

        Until any notice to the contrary abnormal operating expenses will be
        recovered from the Fund.




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     ING Wholesale Global Property Securities Fund



     Related party transactions
     The Responsible Entity may appoint related parties to provide services or
     undertake functions in relation to the Fund. It may also enter into financial or
     other dealings with related parties in relation to Fund assets. Any dealings with
     related parties will be on commercial terms at arm’s length.

     Unit prices
     The Constitution for the Fund details the basis upon which unit prices are calculated.

     Wholesale Unit application and withdrawal prices will usually be calculated each
     Business Day. They reflect the net asset value of the Fund plus or minus the
     relevant transaction cost, divided by the number of units on issue. Unit prices
     fluctuate to reflect changes in the value of the Fund’s underlying investments and
     include income received by the Fund together with the effects of any realised
     capital gains or losses.

     Actual unit prices may differ between unit classes because of the different
     fees associated with each unit class.

     Current unit prices will be available on our website www.ingim.com.au
     or by calling our Institutional Investor Services team on 1300 365 439.

     Fund borrowings
     The Constitution provides that borrowings may be undertaken by the Fund,
     without any set limitation. There is no current intention for the Fund to
     undertake any borrowings.

     Custodian
     An independent professional custodian, ANZ, has been appointed to
     hold the assets of the Fund. The Custodian may appoint sub-custodians from
     time to time.

     Distributions
     Distributions are typically paid half-yearly, calculated as at each 30 June and
     31 December, based on the number of units of a class held at the end of the
     distribution period. They are usually paid within four weeks after the calculation
     date and may include dividends, rental income, interest, any net realised capital
     gains and/or foreign income and foreign tax credits.

        Payment choices
        You may elect to have your distribution entitlement reinvested in the Fund
        or paid directly to your nominated account with an Australian financial
        institution.

        Reinvestment will be assumed if no distribution election is made on the
        application form.

        You may amend your distribution election at any time by writing to us.




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           ING Wholesale Global Property Securities Fund



     Taxation
     The intention is that the Fund will distribute at least its taxable income (which
     may include net realised capital gains) to unitholders each financial year so that
     the Fund will not incur any liability for income tax.

     Distributions are assessable in the hands of unitholders, even if reinvested.
     Investors may be entitled to the benefit of franking credits and foreign tax credits
     and tax concessions on certain components, such as capital gains. Distributions
     may include different components and each will have different tax implications.
     The various distribution components will be detailed in the annual Taxation
     Statement which will be provided to you.

     In addition, capital gains or losses may be realised by you on withdrawal from
     the Fund and must be included in your assessable income.

     The income that the Fund receives from foreign investments may be subject
     to foreign withholding tax. If withholding tax is deducted in a country that
     Australia has a double tax agreement with, the Fund may be able to claim all or
     part of this withholding tax as a refund directly from the foreign country. Where
     the Fund is unable to claim back the withholding tax, these amounts will be
     distributed to investors as foreign tax credits, which may be used to reduce the
     tax payable by investors on foreign income distributed by the Fund.

     We intend that the Fund will be managed with the aim of ensuring that income
     does not arise under the Foreign Investment Fund (FIF) rules. However, it is not
     possible to guarantee that FIF income will not arise.

     GST may be payable on the expenses incurred in the administration of the Fund.
     The Fund may be able to claim back 75% of this GST as reduced input tax
     credits (RITC) from the Australian Taxation Office (ATO).

     GST is payable on the annual ongoing fee that you pay. Depending on your
     individual circumstances, you may be able to claim this GST back from the ATO.

     The above taxation information is only a general summary based on taxation
     legislation current at 14 February 2006. Tax implications will depend on your
     individual circumstances. We recommend that intending investors seek their
     own independent taxation advice, taking into account their particular
     circumstances, prior to making an investment in the Fund.

     An investment in the Fund may have taxation implications for investors
     who are not residents of Australia. We recommend that any prospective
     non-resident investors make their own enquiries concerning any taxation
     implications of investing in the Fund.

     Tax File Number (TFN) and Australian Business Number (ABN)
     You may choose whether or not to supply your TFN, ABN or the details of any
     exemption. Tax at the highest marginal rate (plus the Medicare Levy) will be
     deducted from distribution payments where TFN or ABN details have not
     been supplied.




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     ING Wholesale Global Property Securities Fund



     Information About Your Investment
     in the Fund
     Investment confirmation
     Each time you make an investment, you will receive a confirmation of the
     transaction detailing the date and amount invested, the unit application price,
     the number of units issued to you and your new holding balance.

     Withdrawal confirmation
     Each time you make a withdrawal, you will receive a confirmation of the
     transaction detailing the date and amount of the withdrawal, the unit
     withdrawal price, the number of units redeemed, your new holding balance
     and the payment details.

     Distribution statement
     In conjunction with each distribution, you will receive a distribution statement
     detailing the payment date, distribution rate per unit, distribution amount and
     payment details, including any amounts reinvested.

     Quarterly report and statement
     Each quarter we will send a statement of your account and a report
     updating the performance of the Fund, together with a market review and
     outlook commentary.

     Annual taxation statement
     This statement will detail all distribution payments made to you during that
     financial year and the income components for tax purposes.

     Annual financial report
     The audited financial statements for the Fund will be sent within two months of
     the end of the financial year. You may elect not to receive this report. Please see
     item 7 on the application form.

     Other material
     From time to time we may provide other educational and general investment
     information and details on our other investment offerings. You may at any time
     elect not to receive this information by writing to the Privacy Officer as detailed
     on the following page.




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            ING Wholesale Global Property Securities Fund



     Privacy
     INGIM is committed to ensuring the confidentiality and security of your personal
     information. We are bound by the Privacy Act 1988 and the National Privacy
     Principles (NPP), regulated by the Federal Privacy Commissioner, to guide us in
     the responsible handling of personal information.

     If you complete and lodge the application form for the Fund, you will be
     providing personal information to INGIM. This personal information is collected,
     held and used to assess your application, to service your needs as an investor,
     provide facilities and services that you may request and to carry out the
     appropriate administration of the Fund.

     The Responsible Entity’s Privacy Policy detailing the handling of personal
     information is available on request. You may request access to the information
     held by us about you and your investment in the Fund by contacting the Privacy
     Officer as follows:

     Privacy Officer
     ING Investment Management Limited
     Level 12
     347 Kent Street
     Sydney NSW 2000

     Telephone:   1300 365 439
     Email:       ingim.compliance@ing.com.au

     You may also contact the Privacy Officer if you do not wish to receive any
     marketing information from us.




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     ING Wholesale Global Property Securities Fund



     Complaints
     We have procedures in place to deal with any complaints. We aim to resolve any
     complaints quickly and fairly. If you have a complaint you should address it to:

     Complaints Resolution Officer
     ING Investment Management Limited
     Level 12
     347 Kent Street
     Sydney NSW 2000

     Telephone:   1300 365 439
     Email:       ingim.compliance@ing.com.au

     Any unresolved complaints can be referred to the independent dispute resolution
     scheme:

     Financial Industry Complaints Service
     P O Box 579
     Collins Street West
     Melbourne Victoria 3000

     Telephone:   1300 780 808
     Website:     www.fics.asn.au




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            ING Wholesale Global Property Securities Fund



     Investment Applications
     We will not be able to process your investment until we have a complete
     application and the investment monies as cleared funds.

     Applications and monies received before 12 noon on a Business Day in our
     Sydney office will usually be processed using the application unit price in respect
     of Wholesale Units effective for that day. Applications and monies received after
     12 noon will usually be processed at the application unit price in respect of
     Wholesale Units effective for the next Business Day.

     Send your application and cheque to:

     The Manager
     Institutional Investor Services
     ING Investment Management Limited
     Reply Paid 80988
     Sydney NSW 2000

     Facsimile: (02) 9234 6494

     Electronic transfers
     Banking details for the electronic transfer of application monies is:

     Bank:         Australia and New Zealand Banking Group Limited
     Account Name: ING Investment Management Limited
                   – Application Trust Account
     BSB: 012 003 Account #: 8374 37407

     Or alternatively, deliver to:

     The Manager
     Institutional Investor Services
     ING Investment Management Limited
     Level 12
     347 Kent Street
     Sydney NSW 2000

     Telephone: 1300 365 439




19
     ING Wholesale Global Property Securities Fund



     Withdrawals
     Generally, we will not be able to process your withdrawal until we have a
     complete request, including all necessary signatures.

     Requests received before 12 noon on a Business Day in our Sydney office will
     usually be processed using the withdrawal unit price in respect of Wholesale
     Units effective for that day. Requests received after 12 noon will usually be
     processed at the withdrawal unit price in respect of Wholesale Units effective for
     the next Business Day.

     Requests will usually be processed within 5 Business Days. Longer periods may
     apply from time to time (up to 30 days) and in extraordinary circumstances we
     may suspend withdrawals for so long as we consider necessary (for example,
     if there is restricted or suspended trading in the market for an asset, if we
     reasonably consider that it is in the best interests of investors to suspend
     or if we consider that meeting the request will result in investors bearing a
     disproportionate burden of capital gains tax or other expenses) or if there have
     been, or we anticipate that there will be, withdrawal requests which, if met
     immediately, would be to the continuing investors’ disadvantage, including a
     material diminution in the value of the Fund.

     If withdrawal requests totalling 5% or more of the value of the Fund, or 5% or
     more of the value of one investor’s holding, are outstanding on any day, we may
     delay processing those requests for an additional 28 days.

     If the net asset value has fallen by 5% or more after the withdrawal unit price of
     a Wholesale Unit has been determined, but before the unit has been redeemed,
     the relevant withdrawal unit price of the unit will be the withdrawal unit price in
     respect of Wholesale Units as at the valuation time immediately before the unit
     is redeemed.

     If a period or extension or suspension of withdrawals occurs, the withdrawal
     unit price applicable to the withdrawal request will be the first withdrawal unit
     price in respect of Wholesale Units calculated by the responsible entity at the
     conclusion of the period of extension or suspension.

     We are not obliged to process a withdrawal request if it relates to less than the
     minimum withdrawal amount unless you are withdrawing your entire balance.
     In addition, if processing a withdrawal request will result in your balance falling
     below the minimum account balance, we may treat the request as if it relates
     to the balance of your holding. If we increase the minimum account balance,
     we may redeem holdings which are less than the new minimum amount, after
     giving 30 days notice to the Unit Holder.




20
            ING Wholesale Global Property Securities Fund



     Withdrawal proceeds will be paid directly to your nominated account.
     Withdrawal forms are available from INGIM. Third party withdrawals are
     not permitted.
     Send your request to:

     The Manager
     Institutional Investor Services
     ING Investment Management Limited
     Reply Paid 80988,
     Sydney NSW 2000

     Facsimile:       (02) 9234 6494

     Or deliver to:

     The Manager
     Institutional Investor Services
     ING Investment Management Limited
     Level 12
     347 Kent Street
     Sydney NSW 2000

     Telephone:       1300 365 439




21
     ING Wholesale Global Property Securities Fund



     Glossary
     Act                        Corporations Act, 2001 (Commonwealth)

     ASIC                       Australian Securities and Investments Commission

     ATO                        Australian Taxation Office

     Benchmark                  UBS Global Real Estate Investors (ex Australia) Total
                                Return Index, (hedged to the Australian dollar) with
                                net dividends reinvested (after applicable withholding
                                taxes) gross of fees and expenses, calculated in
                                Australian dollars.

     Business Day               A day on which banks are generally open for business
                                in Sydney, other than a Saturday or a Sunday or a
                                public holiday.

     Custodian                  Australia and New Zealand Banking Group Limited
                                or ANZ

     Fund                       ING Wholesale Global Property Securities Fund

     Portfolio Manager          ING Clarion Real Estate Securities, L. P. or ING Clarion

     Responsible Entity         ING Investment Management, INGIM, us, our or we

     RITC                       Reduced Input Tax Credits

     Wholesale Units            The class of unit issued under this offer.




     Fund Information Updates
     Unit prices for the Fund are usually calculated each Business Day and we update
     performance figures monthly.

     For current information about the Fund or the other institutional investment services
     available from INGIM, please contact our Institutional Investor Services team:

     Telephone: 1300 365 439
     Facsimile: (02) 9234 6494
     Email:     ingim.institutionalservices@ing.com.au

     or visit our website www.ingim.com.au




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