INGENIA COMMUNITIES GROUP — Capital/Financing Update 2009

Dec 7, 2009

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ASX ANNOUNCEMENT ING REAL ESTATE COMMUNITY LIVING GROUP (ILF) 8 December 2009

ILF ANNOUNCES PARTIAL SALE OF ITS US AND CANADIAN SENIORS HOUSING

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ING Real Estate Community Living Group (“ILF”) continues to explore options to improve the financial position of the Fund. As such we are pleased to announce that ILF has entered into contracts to sell its 49% interest in the US Seniors Meridian portfolio and 50% interest in its Canadian Long Term Care Regency portfolio to its existing joint venture partner, Chartwell Seniors Housing Real Estate Investment Trust. The sale is subject to limited structural and environmental due diligence, debt assignment and regulatory approvals with expected settlement by March 2010.

Transaction details

The Meridian portfolio, acquired in August 2005, consists of six quality independent and assisted living seniors communities with a total of 1,057 suites located in Colorado and Texas. The agreed sale price is US$110.5m (50% share where ILF has 49% share and ING has 1%).

The Regency portfolio, acquired in July 2007, consists of eight well located Long Term Care facilities with a total of 1,385 Class “A” licensed beds located in Ontario Canada. The agreed sale price is C$79.5m (ILF’s 50% share).

Net proceeds from both sales (circa US$32.6m and C$9.3m) will be used to pay an existing US$6m deferred payment obligation relating to the purchase of the Bristal Seniors portfolio in the US and to repay a portion of the Fund’s Australian debt.

ILF Chief Executive Officer, Simon Owen said, “The sale of the Meridian and Regency portfolios will further strengthen the Fund’s balance sheet. We are pleased with the price achieved given current market conditions.

The majority of the net proceeds from the sale will be applied against the existing Australian debt facility, including the reduction of the Fund’s capital hedge position. A component will be used to fund existing development opportunities in Australia which will unlock profitable returns for our unitholders.

In relation to other opportunities, we continue to evaluate the potential divestment of non-core assets including our New Zealand Students portfolio.”

Refinancing update

Management is well advanced in its refinancing negotiations of the Fund’s existing Australian loan facility, and these sales will assist in further debt repayment and ensuring the best possible terms are achieved. The Fund will likely enter into a 3-month facility extension prior to the 22 December 2009 debt maturity date to allow adequate time for agreement to be reached on the final refinancing terms.

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For further information, please contact:

Simon Owen Chief Executive Officer ING Real Estate Community Living Group ING Real Estate Investment Management Australia T: +61 2 9033 1310

Johanna Keating Head of Investor Relations & Marketing ING Real Estate Investment Management Australia T: +61 409 168 848

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. The portfolio consists of a 64% weighting to the United States, 23% to Australia, 10% to Canada and 3% to New Zealand.

About ING Real Estate Investment Management

ING Real Estate Community Living Group is one of six property trusts managed by ING Real Estate Investment Management Australia (INGREIMA) on behalf of 60,000 investors. INGREIMA meets the needs of both institutional and retail investors through listed and unlisted Funds. The Funds operate in key real estate sectors including office, industrial, retail, seniors housing, entertainment and healthcare property. INGREIMA is part of the global ING Real Estate Investment Management platform. With over 70 Funds, offices in 21 countries and more than 1500 employees across the globe, ING Real Estate Investment Management is one of the world’s leading property investment managers.

IMPORTANT LEGAL INFORMATION

Certain of the statements contained herein are statements of future expectations and other forward-looking statements. These expectations are based on management's current views and assumptions and involve known and unknown risks and uncertainties. Actual results, performance or events may differ materially from those in such statements due to, among other things, (i) general economic conditions, in particular economic conditions in ING's core markets, (ii) performance of financial markets, including developing markets, (iii) changes in the availability of, and costs associated with, sources of liquidity, such as interbank funding, as well as conditions in the credit markets generally, including changes in borrower and counterparty creditworthiness, (iv) the frequency and severity of insured loss events, (v) mortality and morbidity levels and trends, (vi) persistency levels, (vii) interest rate levels, (viii) currency exchange rates (ix) general competitive factors, (x) changes in laws and regulations, (xi) changes in the policies of governments and/or regulatory authorities, (xii) conclusions with regard to purchase accounting assumptions and methodologies, (xiii) ING's ability to achieve projected operational synergies and (xiv) the implementation of ING’s restructuring plan, including the planned separation of banking and insurance operations. ING assumes no obligation to update any forward-looking information contained in this document.

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