INGENIA COMMUNITIES GROUP — Capital/Financing Update 2010

May 17, 2010

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ASX Announcement

REAL ESTATE INVESTMENT MANAGEMENT

Date

18 May 2010 Fund

ING Real Estate Community Living Group (ILF)

ILF Announces Settlement of Meridian Portfolio

ING Real Estate Community Living Group (ILF) today announced the settlement of the Meridian portfolio.

As previously announced in December 2009, the Fund 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 existing joint venture partner, Chartwell Seniors Housing Real Estate Investment Trust. It is anticipated the Regency portfolio will settle in June 2010 pending final approval from Canadian regulators which is well advanced.

The sale proceeds for Meridian of US$31m will be used by the Fund to repay debt and derivative obligations, and provide working capital to continue developing the Settlers portfolio in Australia.

ILF Chief Executive Officer, Simon Owen, said “The completion of this transaction is a key step towards the simplification of our business model. We continue to focus on improving the operational performance of the Fund’s core Australian and U.S. Seniors investments.“

Update on US and NZ Students

The Fund is making progress with the exit from the US Students portfolio and is well advanced in negotiations for the hand-back of title for the remaining properties to lenders in lieu of outstanding debt obligations. The first property hand-back will be completed this month, with the balance scheduled to follow over the course of 2010.

The Fund has recently appointed Jones Lang LaSalle (JLL) to run a sales campaign across New Zealand, Australia and Asia for its three Wellington student accommodation facilities. An information memorandum and data room is currently being finalised and pre-marketing to possible buyers is well underway. The Fund is targeting receipt of initial offers over the next couple of months.

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REAL ESTATE INVESTMENT MANAGEMENT

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 M: +61 412 389 339

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

About ING Real Estate Community Living Group

ING Real Estate Community Living Group (ASX code: ILF) is an externally managed ASX listed real estate investment trust that develops, owns and manages a diversified portfolio of senior housing communities. The Fund has total assets under management of $687 million with investments located predominantly throughout Australia and the US.

About ING Real Estate Investment Management

ING Real Estate Community Living Group is one of five listed real estate investment trusts that are managed by ING Real Estate Investment Management Australia on behalf of 60,000 investors.

Globally, ING Real Estate Investment Management focuses on the investment management of quality real estate in all major global markets with a total portfolio of more than A$95 billion. ING Real Estate Investment Management is one of the leading investment management companies and serves a broad client base from four continents, Europe, North America and South America, Asia and Australia.

ING Real Estate Investment Management is part of ING Group, a global financial institution of Dutch origin offering banking, investments, life insurance and retirement services to over 85 million private, corporate and institutional clients in more than 40 countries.

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