INGENIA COMMUNITIES GROUP — Capital/Financing Update 2008

Dec 9, 2008

ASX ANNOUNCEMENT ING REAL ESTATE COMMUNITY LIVING GROUP (ILF) 10 December 2008

ILF CAPITAL HEDGING SENSITIVITIES

In response to investor queries, and further to the presentation made at the ILF Unitholders Meeting on 8 December 2008, Management have prepared sensitivity analysis to demonstrate the potential impact of exchange rate movements on the mark to market value of in place capital hedges.

In the presentation made, it was disclosed that the hedges, which protect the Fund’s net capital invested in US and Canada against currency fluctuations, have fallen to become a significant liability (circa AUD$100m). This was based on the current exchange rate.

The table below sets out indicative values of these hedges if the USD and the CAD were to move by 5% and 10% relative to the Australian dollar.

Exchange Rate	Exchange Rate	% Movement in	Indicative Hedge
Fluctuation		Exchange rate	Liability
AUD/USD	AUD/CAD
0.72	0.91	+10%	AUD$65m
0.68	0.87	+5%	AUD$83m
0.65	0.83	Current level	AUD$100m
0.62	0.79	-5%	AUD$125m
0.59	0.74	-10%	AUD$150m

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About ING Real Estate Community Living Group

ING Real Estate Community Living Group is a publicly traded property trust (REIT) on the Australian Securities Exchange which invests in seniors and student housing in Australia, Canada, New Zealand and the United States and has total assets in excess of approximately A$1.2 billion. The portfolio consists of a 62% weighting to the United States, 25% to Australia, 11% to Canada and 2% to New Zealand.

About ING Real Estate

ING Real Estate is an integrated real estate group focused on investment management, development and financing of quality real estate in all major global markets with a total portfolio of over A$170 billion. ING Real Estate ranks among the world’s leading real estate companies and serves a broad client base from offices in 22 countries in Europe, North America, Asia and Australia.

ING Real Estate is part of ING group, a global financial institution of Dutch origin offering banking, insurance and asset management to over 75 million private, corporate and institutional clients in more than 50 countries.

For further information, please contact:

Victor Breuer	Hugh Thomson
Chief Executive Officer -	Chief Executive Officer -
ING Real Estate Community Living Group	ING Real Estate Investment Management
ING Real Estate Investment Management	Australia
Australia	T: +61 2 9033 1007
T: +61 2 9033 1039

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