INGENIA COMMUNITIES GROUP — Capital/Financing Update 2006

Oct 31, 2006

ASX Announcement ING Real Estate Community Living Fund ("ILF")

1 November 2006

Acquisition of interest in Meadow Gardens Retirement Village

ING Management Limited, as Responsible Entity of ING Real Estate Community Living Fund ("ILF" or "the Fund") is pleased to announce the Fund acquired the Meadow Gardens Retirement Village, Ballarat, Victoria in Joint Venture with Country Club Villages ("CCV").

Meadow Gardens is a developing retirement village comprising 100 completed units, with a further 51 to be constructed. The village is operated under the deferred management fee model and is a strategic addition to the joint venture which also owns Hemsley Park and Rosebank Retirement Villages in Ballarat.

Ballarat is one of Australia's largest inland cities and the third largest city in Victoria, with a population of approximately 80,000 people. Like the rest of Victoria, Ballarat's population is ageing, with the number of people over the age of 65 projected to grow by 60% over the next 20 vears.

The village was purchased in an off-market transaction with ILF's 27% share equating to a total value of A\$1.9 million. The acquisition has been 100% debt funded within the joint venture.

ILF Fund CEO Ian Muir said "this is the first of many transactions which we intend to undertake within the Country Club Village Joint Venture. It demonstrates how we intend to use our existing joint venture partnerships to deliver on our strategy of growing ILF's Australian Seniors Housing portfolio."

Stewart Gull, Director of Country Club Villages said "this acquisition will give CCV a dominant position in the regional Victorian seniors housing market."

The addition of Meadow Gardens to the CCV portfolio increases the total number of completed units to 387 and those proposed or under construction to 1,105.

This acquisition increases the total number of Seniors Housing units within the ILF portfolio to 9,852 (upon completion).

For further information, please contact:

Hugh Thomson Chief Executive Officer ING Real Estate Investment Management Australia $T: +61 2 9033 1007$

Ian Muir Chief Executive Officer ING Real Estate Community Living Fund $T: +61290331019$

About ING Real Estate Community Living Fund

The ING Real Estate Community Living Fund is a publicly listed property trust which invests in seniors and student accommodation. Since ING Real Estate assumed management of the Fund in July 2005, the fund has broadened its portfolio base by location, tenant and asset type and is now geographically diversified across Australia, the United States and New Zealand. The Fund presently has total assets in excess of A\$1 billion.

About ING Real Estate

ING Real Estate is an international real estate company active in investment management, development and finance. With a total business portfolio of A\$115 billion and offices in 17 countries in Europe, America, Asia and Australia, ING Real Estate ranks among the world's strongest real estate companies.

ING Real Estate is part of ING Group, a global financial institution of Dutch origin offering banking, insurance and asset management to over 60 million private, corporate and institutional clients in more than 50 countries.