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Duke Realty Limited Partnership ("Duke Realty"), an operating partnership of which Duke Realty Corporation (NYSE:DRE) is the sole General Partner, today announced the commencement of a consent solicitation to amend the terms of the following series of its outstanding notes (collectively, the "Securities"): The Proposed Amendments will not change the defined terms or computations of the covenants contained in the Indenture governing the Securities. The consent solicitation expires at 5:00 p.m., New York City time, on July 21, 2006, unless extended (as such time and date may be extended, the "Expiration Date"). Holders of the Securities who validly provide consents to the Proposed Amendments on or prior to the Expiration Date and do not properly revoke such consents will be eligible to receive a consent fee, as shown in the table above, for each $1,000 in principal amount of Securities for which a consent is provided. Duke Realty's obligation to accept consents and pay the consent fee is conditioned upon, among other things, its receipt of validly delivered and unrevoked consents from the holders of not less than a majority in aggregate principal amount of the outstanding Securities, voting together as one class (the "Requisite Consents"). At any time following the receipt of the Requisite Consents (such time, the "Effective Time"), Duke Realty may execute and deliver to the Trustee for the Securities a supplemental indenture giving effect to the Proposed Amendments, whether before or after the Expiration Date. Duke Realty will make a public announcement of the Effective Time at or prior to 9:00 a.m., New York City time, on the next business day after such Effective Time. Duke Realty may waive any of the conditions to the consent solicitation, in whole or in part, without any extension of the right to revoke consents. Duke Realty reserves the right to extend, amend or terminate the consent solicitation at any time before the earlier of the Effective Time or the Expiration Date. Promptly following the Expiration Date, Duke Realty will cause the applicable consent fee to be paid to each holder of Securities from whom Duke Realty has received and accepted consents. Holders who do not submit a properly executed and completed consent on or before the Expiration Date, or who validly revoke a consent on or before the earlier of the Effective Time or the Expiration Date, will not be entitled to receive the consent fee. Holders may revoke consents at any time until the earlier of the Effective Time or the Expiration Date. Any notice of revocation received after the earlier of such Effective Time or Expiration Date will not be effective. From and after the Effective Time, each present and future holder of Securities will be bound by the Proposed Amendments, whether or not such holder delivered a consent. The consent solicitation is subject to certain conditions and presents certain risks for holders who consent, as set forth more fully in the related consent solicitation statement. The consent solicitation statement contains important information, and holders of Securities should read it carefully before making any decision. Duke Realty has retained J.P. Morgan Securities Inc. and Banc of America Securities LLC to serve as the solicitation agents for the consent solicitation, and Global Bondholder Services Corporation to serve as the information and tabulation agent. Copies of the consent solicitation statement and related documents may be obtained at no charge by contacting the information and tabulation agent by telephone at 866-470-3800 (toll-free) or 212-430-3774, or in writing at 65 Broadway - Suite 723, New York, New York 10006, Attention: Corporate Services. Questions regarding the consent solicitation may be directed to: J.P. Morgan Securities Inc. at 866-834-4666 (toll-free) or Banc of America Securities LLC at 866-475-9886 (toll-free). This announcement is not a solicitation of consents with respect to any Securities. The consent solicitation is being made solely pursuant to the consent solicitation statement. In any jurisdiction where the laws require solicitations to be made by a licensed broker or dealer, the consent solicitation will be deemed to be made on behalf of Duke Realty by the solicitation agents, or one or more registered broker dealers under the laws of such jurisdiction. About Duke Duke Realty Corporation, the sole General Partner of Duke Realty Limited Partnership, specializes in the ownership, construction, development, leasing and management of office, industrial, medical office and retail real estate. It is the largest publicly-traded, vertically integrated office/industrial real estate company in the United States. Duke's properties encompass more than 112 million rentable square feet that are leased by more than 3,600 tenants, and 5,000 acres of undeveloped land that can support an additional 73 million square feet of development. Duke provides a full range of services in-house, backs them with more than 30 years experience, and delivers valuable real estate solutions to satisfied customers across the nation. Duke Realty Corporation's common stock is listed on the New York Stock Exchange under the symbol "DRE."
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