INGENIA COMMUNITIES GROUP — Earnings Release 2006

Aug 22, 2006

APPENDIX 4E

Preliminary Final Report

Year ended 30 June 2006

Name of Entity: ING Real Estate Community Living Fund

ARSN: 107 459 576

Preliminary final report

This preliminary final report has been prepared for the first time under Australian equivalents to International Financial Reporting Standards ("AIFRS"). The prior period comparatives have been restated to comply with AIFRS. Reconciliations and descriptions of the impact of the transition from previous Australian Accounting Standards to AIFRS on equity and net profit have been set out in the attached financial report.

Results for announcement to the market

	\$000
Revenues from ordinary activities	Up 119% to 12,403
Profit from ordinary activities after tax attributable to members	Up 1,054% to 40,270
Net profit for the period attributable to members	Up 1,054% to 40,270
Net realised income distributable to members	Up 271% to 16,232
Net tangible assets per unit (excluding outside equity interest)	30 June 2006 \$1.13	30 June 2005 \$0.93

Page 2 Appendix 4E Preliminary Final Report Year ended 30 June 2006

Distributions	Amount per unit (cents)	\$000
Interim - 30 September 2005	2.35	1,540
Interim - 31 December 2005	2.47	3,512
Interim - 31 March 2006	2.48	5,397
Final - 30 June 2006	2.48	7,548
Total	9.78	17,997
Previous Corresponding Period	8.25	4,683
Record date for determining entitlements to the distribution	30 June 2006

Note : Franked amount per unit is not applicable

Other significant information and commentary on results

See attached press release

For further details, please refer to the following documents:

• Directors' report $\bullet$
• Audited financial report $\bullet$
• Results presentation $\bullet$

dempo

Anna Crawford Company Secretary

23 August 2006