INGENIA COMMUNITIES GROUP — Capital/Financing Update 2006

Oct 24, 2006

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

25 October 2006

Signing of Joint Venture Agreement

ING Management Limited, Responsible Entity for ING Real Estate Community Living Fund (ILF) is pleased to announce it has entered into a 50% Joint Venture (JV) with the Oak Tree Group (OTG). Under this agreement, the JV will have the first option to acquire up to 5,000 seniors accommodation units sourced by OTG.

OTG is a private group based in Brisbane that has substantial previous experience in the successful construction of long leasehold assets in the child care industry. OTG has identified a substantial pipeline of future seniors accommodation sites at attractive locations throughout Australia.

ING Management Limited believes that this JV will bring a pipeline of future village properties under management to ILF and welcomes OTG's commitment to this Agreement. The OTG villages will average 80 units each and will operate as a Deferred Management Fee (DMF) model. The JV intends to operate these villages under the Oak Tree brand.

Goodna Village

The first village to be constructed has been agreed by the JV partners and is located in Goodna, QLD. The site is located in the eastern part of Ipswich City Council which is fast growing with population growth between $1996 - 2001$ showing 2.5 times the state average. The Goodna Village is due for completion in the second half of FY 2007. The project has total construction cost of \$9.5m with an IRR of 21.7% (including value of DMF book).

The village will comprise 69 one and two bedroom units ranging in size from 40 to 60 square metres. In addition, the development incorporates community facilities comprising lounge room, computer room, consultation rooms, library, administration areas, work shed, laundry, resident bowling green, swimming pool, BBQ entertaining area, covered parking and security gates.

From an operational perspective, the JV is proposing to provide a village which offers a full compliment of services on a user pays basis. This enables residents to live independently whilst having the choice and access to support and care if and when required.

About ING Real Estate Community Living Fund

ING Real Estate Community Living Fund is a publicly traded property trust (REIT) on the Australian Stock Exchange which is yet to qualify for Index inclusion. The Fund invests in seniors and student housing in Australia, the United States and New Zealand and has total assets in excess of approximately A\$885 million. The portfolio consists of a 72% weighting to the United States, 25% to Australia and 3% to New Zealand. The Fund also has a mandate to invest in Aged Care, Defence Housing and Child care.

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.

For further information, please contact:

lan Muir Chief Executive Officer ING Real Estate Community Living Fund T: +61 2 9033 1019