INGENIA COMMUNITIES GROUP — Capital/Financing Update 2011

Dec 27, 2011

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ASX Announcement

REAL ESTATE INVESTMENT M A NAGEMENT

Date

28 December 2011

Fund ING Real Estate Community Living Group

New York Assets Revaluation adds 7¢ per unit to NAV

Highlights

• Reval u ation of N e w York Po r tfolio of six premium senior housing commu n ities adds 7 ¢ per un i t to NAV o f 26¢ as at 3 0 June 20 1 1 at curre n t exchang e rates

• • 7¢ per unit increa s e translat e s to A$30. 8 m

• A num b er of offer s received f or New Yo r k portfolio a t a price m aterially in excess of 3 0 June 2011 book v alue

• • Increa s ed valuati o n support e d by indep e ndent val u ation • Austra l ian Senior s portfolio also being r e valued – slight soften i ng expect e d to NAV w hich is likel y to be down 0.8¢ per u nit

• Expec t ed change in NAV fro m asset re v aluations at 31 Dece m ber 2011 s hould incr e ase by approximately 6.2¢ per u n it based o n current exchange rat e s.

US Seniors Asset Revaluations

ING Real E state Co m munity Living Group ( I LF) today a nnounced a revaluati o n of its Ne w York portf o lio had led to a material 7¢ incre a se in its n e t asset val u e (NAV) o f 26¢ per u n it as at 30 Jun e 2011. Th e Fund is c u rrently finalising its usual six mo n thly re-appraisal of th e carrying v a lues of its p roperty in v estment a s sets. This r evaluation process will culminat e in financial s t atement c h anges that will be rep o rted for th e six months ended 31 December 2011.

Following t he partial s ale of the U S Seniors portfolio in July 2011, a number o f offers were received f o r the New Y ork (Brist a l) portfolio at a price m aterially in excess of t heir 30 Ju n e 2011 boo k value. Th e New Yor k portfolio c o nsists of six premium seniors housing communiti e s located o n Long Isl a nd in New York, US A . Five of th e six prope r ties are o w ned

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REAL ESTATE INVESTMENT M A NAGEMENT

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in a 50/50 Joint venture with Ch a rtwell Seni o rs Housin g , a Canadian REIT, a n d the sixt h property i s owned 10 0 % by ILF.

Supportin g evidence o f the increased value of the Ne w York asse t s has bee n confirmed by third party independe n t valuatio n s complet e d in Dece m ber 2011. As a result, ILF antici p ates that the N e w York po r tfolio NAV reported in ILF’s 31 D e cember 2 0 11 financi a l statemen t s will experienc e a positive increase i n the order o f about A$30.8m or 7 . 0¢ per uni t based on current ex c hange rat e s.

ILF CEO S imon Owe n said, “Th e New York assets represent a pr e mium port f olio of hig h quality se n iors housi n g commun i ties with si g nificant b a rriers to en t ry and a client base l a rgely unaffected by recent g lobal fina n cial turmoil. Recent a n d unsolicit e d acquisiti o n interest s combined with extern a l appraisals confirm o ur long maintained vi e w around the conservative carrying v a lue of the p ortfolio. Given the lev e l of market interest c o mbined wi t h the Fun d ’s revaluatio n policy, no w is an ap p ropriate ti m e to revalue them. Ho w ever we a re certainl y not a seller at this level.”

As annou n ced to the A SX on 2 N ovember 2 011, ILF c o ntinues to explore ex p ressions o f interest to acquire th e Fund’s re m aining Ne w York ass e ts which w ould allow f unds to be repatriate d to Australia in order t o seed em e rging acquisition and d evelopme n t opportu n ities.

Australian Seniors Revaluations

As part of t he ongoin g 31 Dece m ber 2011 r e valuation e xercise, si x of the 33 Australian Seniors p o rtfolio ass e ts are bein g externall y valued an d the remainder are b e ing internally valued. There has be e n a slight s oftening i n the Australian Senior s asset val u es which w ill likely result in a decli n e of appro x imately A $ 3.5m (0.8¢ per unit).

New Zealand Students Revaluations

Additionally, the New Zealand S t udents assets were in t ernally val u ed and ar e inline wit h 30 June 2011 book valu e based on current ex c hange rates.

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REAL ESTATE INVESTMENT M A NAGEMENT

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Summary

Expected c hange in N AV from a s set revalu a tions at 31 Decembe r 2011 sho u ld increas e by approxim a tely 6.2¢ p e r unit bas e d on curre n t exchang e rates. ILF will lo d ge its half y ear accou n ts by the e nd of Febr u ary 2012 a nd will kee p the mark e t informed o n any mat e rial develo p ments wit h the New Y ork portfol i o.

For further information, please contact

Simon Owen Chief Executive Officer - ING Real E state Com m unity Livin g Group ING Real E state Investment Mana g ement Australia T: +61 2 9 033 1310 M: +61 412 389 339

About ING Real Estate Community Living Group

ING Real Estate Community Living G roup (ASX code: ILF) i s an externally managed ASX-listed r eal estate inve s tment trust t hat owns, m anages and develops a diversified portfolio of s e niors housi n g communities. The Fund has total lo o k-through assets under manageme n t of $486 m i llion with operations l ocated predominantly throughout A u stralia and t h e United States.

About ING Real Estate Investment Management

ING Real Estate Community Living G roup is the remaining listed real es t ate investm e nt trust that is managed b y ING Real E state Inves t ment Mana g ement Australia. ING R e al Estate Investment Manageme n t is part of ING Group, a global fina n cial instituti o n of Dutch o rigin offering banking, investment s , life insura n ce and retir e ment servi c es to over 85 million pri v ate, corpor a te and institutional clients in m o re than 40 c ountries.

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