INGENIA COMMUNITIES GROUP — Capital/Financing Update 2009

Feb 15, 2009

ASX ANNOUNCEMENT ING REAL ESTATE COMMUNITY LIVING GROUP (ILF) 16 February 2009

ILF UPDATES MARKET ON DEBT FACILITY AND DIVESTMENTS

ING Real Estate Community Living Group announced today that the Fund has received an email from Huntington National Bank over the weekend that Huntington is taking a new strategic direction following the appointment of a new Chairman. It is likely, though we are yet to receive formal notification, that as a consequence ILF will have to repay its facility in 120 days time. The facility is currently drawn to US$15.5m. We will endeavour to communicate with Huntington National Bank over the next few days to clarify the situation while at the same time pursue a contingency funding plan. We will keep the market informed of further developments when they arise.

The Fund also announced that it has completed the sale of its two US Student assets located in Richmond, Virginia – Capital Garage and Ramz Hall. These assets were sold for US$19.3m, representing an 8% discount to 30 June 2008 valuations. Both properties were acquired in 2006. The proceeds have been applied to reduce US debt.

The Fund also announced that ILF has exited its 50% interest in the Oak Tree Group portfolio for a nominal amount. This transaction will significantly improve ILF’s calendar year 2009 cash flows, and is in line with the Fund’s strategy to simplify its joint venture structures.

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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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