Delisting of Rugby REIT Shares

15 June 2010

RECOMMENDED OFFER

by

IRET SECURITIES LIMITED

(a wholly owned subsidiary of ING UK REAL ESTATE INCOME TRUST LIMITED)

for

RUGBY ESTATES INVESTMENT TRUST PLC

("Rugby REIT")

Delisting of Rugby REIT Shares

ING UK Real Estate Income Trust Limited and Rugby REIT announce that Rugby REIT Shares ceased to be admitted to trading on the London Stock Exchange and that the listing of Rugby REIT Shares on the Official List was cancelled, with effect from 8.00 a.m. (London time) this morning.

For further information:

ING Real Estate Investment Management Tel: 020 7767 5648

(Investment Manager)

Michael Morris

Helen Stott

ING Corporate Finance Tel: 020 7767 1000

(Joint Financial Adviser to ING UK RET)

William Marle

John Denby

J.P. Morgan Cazenove Tel: 020 7588 2828

(Joint Financial Adviser and Broker to ING UK RET)

William Simmonds

Northern Trust Tel: 01481 745 529

(Company Secretary)

David Sauvarin

Financial Dynamics Tel: 020 7269 7144

(Financial PR) / 020 7269 7261

Dido Laurimore

Laurence Jones

Terms defined in the Offer Document dated 21 April 2010 have the same meaning in this Announcement, unless the context requires otherwise.

The full terms of and conditions to the Offer are set out in the Offer Document and the Form of Acceptance. In deciding whether or not to accept the Offer, Rugby REIT shareholders should rely solely on the information contained in, and follow the procedures set out in, the Offer Document and Form of Acceptance.

THIS ANNOUNCEMENT DOES NOT CONSTITUTE AN OFFER TO SELL OR THE SOLICITATION OF AN OFFER TO SUBSCRIBE FOR OR BUY ANY SECURITIES NOR THE SOLICITATION OF ANY VOTE OR APPROVAL IN ANY JURISDICTION, NOR SHALL THERE BE ANY SALE, ISSUE OR TRANSFER OF THE SECURITIES REFERRED TO IN THE ANNOUNCEMENT IN ANY JURISDICTION, IN CONTRAVENTION OF ANY APPLICABLE LAW. THE OFFER WILL BE MADE SOLELY BY MEANS OF THE OFFER DOCUMENT AND THE FORM OF ACCEPTANCE ACCOMPANYING THE OFFER DOCUMENT.

If you are in any doubt about the Offer, the contents of this Announcement or what action you should take, you are recommended to seek your own personal financial advice immediately from your stockbroker, bank manager, solicitor, accountant or independent professional adviser duly authorised under the Financial Services and Markets Act 2000 if you are resident in the United Kingdom or, if not, from another appropriately authorised independent financial adviser.

END