INGENIA COMMUNITIES GROUP — Fund Information / Factsheet 2008

Aug 27, 2008

INvESTMENT MANAgEMENT

INg Real Estate Community Living group Property Portfolio Review

30 JUNE 2008

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ASIA / AUSTRALIA / EUROPE / NORTH AMERICA / UK

AboUt the fUND

ING Real estate Community Living Group is a significant owner of community housing, with an interest in 126 seniors and student properties.

ILf’s portfolio returns are underpinned by investment in asset classes possessing strong demand and supply fundamentals, income streams sourced primarily from rental investments and a diversified portfolio of quality assets across Australia, Canada, New Zealand and the United States. Key joint venture relationships and experienced management teams drive long term earnings growth for investors.

ILf was the first listed property group on the Australian Securities exchange (ASX) specialising in seniors and student housing communities.

ASSET DIvERSIFICATION BY vALUE (A$M)[1]

gEOgRAPHIC DIvERSIFICATION BY vALUE (A$M)[1]

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Australian Dmf 10.2% Australia 24.7%
Australian Rental 14.5% Canada 11.4%
Canadian Seniors 11.4% United States 61.8%
US Seniors 48.2% New Zealand 2.1%
US Students 13.6%
NZ Students 2.1%
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1) ILf’s interest as at 30 June 2008

ING ReAL eStAte CommUNIty LIvING GRoUp pRopeRty poRtfoLIo RevIew

IFC ABOUT THE FUND 02 PROPERTY PORTFOLIO 04 AUSTRALIAN SENIORS 16 CANADIAN SENIORS 20 US SENIORS 30 US + Nz STUDENTS

OvERvIEW

As at 30 June 2008, ILf’s portfolio comprised an interest in 126 seniors and students properties across Australia, Canada, New Zealand and the US. the fund is significantly weighted to the rental model, with over 85% of ILf’s assets producing rental cash flows. further complementing these income streams, the fund derives development profits and deferred management fee income from its Australian Dmf portfolio, which is expected to continue to deliver strong returns from rollout of its development pipeline.

ILf’s stapled security structure allows the fund to take an active role in the operation and development of its assets. the fund leverages the local market knowledge and expertise of its partners and operators to anticipate and respond to market trends. partners are aligned to achieve ILf’s capital and property returns via their co-investment in portfolios.

ILF AND PARTNERS

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STUDENTS 16% SENIORS 84%
Nz US AUSTRALIA US CANADA
CAMPUS LIvINg RABIL
CHARTWELL Jv CHARTWELL Jv
vILLAgES PROPERTIES
COUNTRY CLUB gARDEN
OAK TREE SUNNYCOvE SETTLERS
vILLAgES vILLAgES
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1

pRopeRty poRtfoLIo

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126 pRopeRtIeS
79 SeNIoRS CommUNItIeS
25 StUDeNt CommUNItIeS
34 DeveLopmeNt SIteS
CompLeteD UNItS
10,534
pIpeLINe UNItS
3,207
88% AveRAGe poRtfoLIo oCCUpANCy
1.13bN totAL ASSetS [ 1]
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“ Diversification is a key underlying strength of the ILF portfolio; across geographical markets, income models and product price points. By virtue of this structure we believe the Fund is best positioned to take advantage of long term demand drivers associated with an ageing population.”

1) As at 30 June 2008

ING ReAL eStAte CommUNIty LIvING GRoUp pRopeRty poRtfoLIo RevIew

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AUSTRALIAN NEW ZEALAND UNITED STATES SENIORS 66 STUDENTS 3 SENIORS

UNITED STATES CANADIAN 27 STUDENTS 22 SENIORS 8

New SoUth wALeS 9 weLLINGtoN 3 ALAbAmA 1 CoNNeCtICUt 18 oNtARIo 8 QUeeNSLAND 18 CoLoRADo 6 fLoRIDA 2 SoUth AUStRALIA 1 fLoRIDA 4 vIRGINIA 2 tASmANIA 7 mIChIGAN 2 vICtoRIA 23 New yoRK 6 weSteRN AUStRALIA 8 ohIo 3 oKLAhomA 1 RhoDe ISLAND 1 teNNeSSee 1 teXAS 1 vIRGINIA 1

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AUStRALIAN SeNIoRS

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SETTLERS LAkESIDE, RAvENSWOOD, WA

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GARDEN vILLAGES TAREE, NSW
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In Australia, ILf has an interest in 44 existing seniors housing communities, 10 of which have spare land capable of further development. In addition to this, ILf has an interest in a further 13 greenfield sites on which the fund is currently designing new villages. As at 30 June 2008, this translated into 2,965 existing units and a development pipeline of 2,294 units.

the quality of the assets and strong demographics will continue to deliver long term returns for the fund. Approximately 57% by value of the Australian portfolio is based on the rental model. the remaining assets are invested in the Deferred management fee (Dmf) model, providing income streams sourced from development profit and deferred management fees.

pORTfOLIO	COUNTRy CLUb	OAk TREE	SETTLERS	SUNNyCOvE GARDEN vILLAGES
booK vALUe AS At 30 JUNe 2008	(A$m) 1 26.7	20.8	78.5	25.7 138.9
owNeRShIp INteReSt %	27%	50%	100%	100% 100%
NUmbeR of pRopeRtIeS	10	7	4	3 42
CompLeteD UNItS	425	68	604	216 1,652
pIpeLINe UNItS	1,467	489	132	86 120
% of totAL fUND(ASSetS)	2.4%	1.9%	7.0%	2.3% 12.3%

1) ILf’s ownership interest

ING ReAL eStAte CommUNIty LIvING GRoUp pRopeRty poRtfoLIo RevIew

SETTLERS LAKESIDE, RAvENSWOOD, WA

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AUStRALIAN SeNIoRS

poRtfoLIo StAtIStICS

			pROpERTy	yEAR bUILT /	SITE AREA
pORTfOLIO	pROpERTy NAmE	LOCATION	TypE	REfURbIShED	m 2OR hA	TITLE
COUNTRY CLUB	beLLbRooK GARDeNS	bACChUS mARSh, vIC	vILLAGe SIte	N/A	12.4	fReehoLD
	beLLARINe LAKeS	mooLAp, vIC	vILLAGe SIte	N/A	49.9	fReehoLD
	beNDIGo DomAIN	beNDIGo, vIC	vILLAGe SIte	N/A	12.2	fReehoLD
	meLbA vALe	CooLARoo, vIC	vILLAGe SIte	CommeNCeD 2007	4.4	fReehoLD
	GeeLoNG GRove	GRoveDALe, vIC	vILLAGe	CommeNCeD 1983	4.5	fReehoLD
	hemSLey pARK	bALLARAt, vIC	vILLAGe	CommeNCeD 2005	10.3	fReehoLD
	meADow GARDeNS	DeLACombe, vIC	vILLAGe	CommeNCeD 2002	6.5	fReehoLD
	NooSA DomAIN	NooSAvILLe, QLD	vILLAGe SIte	CommeNCeD 2007	6.7	fReehoLD
	hAmptoN vIewS	NoRth RoCKhAmptoN, QLD	vILLAGe SIte	N/A	6.5	fReehoLD
	RoSebANK	SepAStopoL, vIC	vILLAGe	CommeNCeD 1993	4.0	fReehoLD
OAK TREE	boRoNIA1	boRoNIA heIGhtS, QLD	vILLAGe SIte	CommeNCeD 2007	9,902	LeASehoLD
	CAIRNS1	CAIRNS, QLD	vILLAGe SIte	CommeNCeD 2008	23,641	fReehoLD
	CARDIff1	NewCAStLe, NSw	vILLAGe SIte	N/A	20,464	fReehoLD
	fRANKStoN1	fRANKStoN NoRth, vIC	vILLAGe SIte	CommeNCeD 2007	9,657	LeASehoLD
	GooDNA	GooDNA, QLD	vILLAGe	2007	10,094	LeASehoLD
	KINGStoN1	KINGStoN, tAS	vILLAGe SIte	N/A	30,300	LeASehoLD
	oRANGe1	oRANGe, NSw	vILLAGe SIte	N/A	28,700	fReehoLD
SETTLERS	LAKeSIDe2	RAveNSwooD, wA	vILLAGe	CommeNCeD 1999	14.6	fReehoLD
	meADow SpRINGS2	meADow SpRINGS, wA	vILLAGe	CommeNCeD 2003	3.2	fReehoLD
	NoyeA pARK2	moUNt wARReN pARK, QLD	vILLAGe	CommeNCeD 1987	8.8	fReehoLD
	RIDGewooD RISe2	RIDGewooD, wA	vILLAGe	CommeNCeD 2002	10.8	fReehoLD
SUNNYCOvE	foReSt LAKe	foReSt LAKe, QLD	vILLAGe	2006	9,859	fReehoLD
	GLADStoNe	GLADStoNe, QLD	vILLAGe	2006	12,564	fReehoLD
	RoCKhAmptoN	RoCKhAmptoN, QLD	vILLAGe	2007	22,240	fReehoLD
gARDEN vILLAgES	yAKAmIA GARDeNS	yAKAmIA, wA	vILLAGe	2004	7,365	fReehoLD
	mARDRoSS GARDeNS	LAvINGtoN, NSw	vILLAGe	2005	7,253	fReehoLD
	SevILLe GRove GARDeNS	SevILLe GRove, wA	vILLAGe	2003	5,275	fReehoLD
	hetfoRD GARDeNS	SebAStopoL, vIC	vILLAGe	2004	4,973	fReehoLD
	beNDIGo 1	beNDIGo, vIC	mANAGeRS UNIt	N/A	N/A	fReehoLD
	beNDIGo 2	beNDIGo, vIC	mANAGeRS UNIt	N/A	N/A	fReehoLD
	CARey pARK GARDeNS	bUNbURy, wA	vILLAGe	2005	5,698	fReehoLD
	JeffeRIS GARDeNS	bUNDAbeRG NoRth, QLD	vILLAGe	2005	6,000	fReehoLD
	CAbooLtURe	CAbooLtURe, QLD	mANAGeRS UNIt	N/A	N/A	fReehoLD
	CeSSNoCK GARDeNS	CeSSNoCK, NSw	vILLAGe	2004	9,369	fReehoLD
	CLARemoNt GARDeNS	CLARemoNt, tAS	vILLAGe	2004	6,831	fReehoLD
	tALoUmbI GARDeNS	CoffS hARboUR, NSw	vILLAGe	2004	6,164	fReehoLD

• 1) these properties are carried at cost and have development that is work-in-progress

2) these property values are from the latest valuations which are based on a realisable value including owner’s entitlement to current & future deferred management fees

ING ReAL eStAte CommUNIty LIvING GRoUp pRopeRty poRtfoLIo RevIew

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bOOk vALUE	bOOk vALUE								% Of
AS AT	OWNERShIp								TOTAL
3O jUNE 2008	INTEREST		OWNERShIp	COmpLETED	pIpELINE	TOTAL		DISCOUNT	fUND
A$m	A$m	CAp RATE	INTEREST	UNITS	UNITS	UNITS	OCCUpANCy	RATE (Dmf)	(ASSETS)
4.0	1.1	N/A	27%	0	251	251	N/A	N/A	0.1%
12.0	3.3	N/A	27%	0	338	338	N/A	N/A	0.3%
5.2	1.4	N/A	27%	0	238	238	N/A	N/A	0.1%
3.6	1.0	N/A	27%	0	103	103	N/A	N/A	0.1%
10.4	2.8	N/A	27%	149	0	149	100%	13.0%	0.2%
16.1	4.3	N/A	27%	72	145	217	77%	13.5%	0.4%
5.7	1.5	N/A	27%	101	51	152	100%	13.5%	0.1%
31.0	8.4	N/A	27%	0	169	169	N/A	N/A	0.7%
6.2	1.7	N/A	27%	0	154	154	N/A	N/A	0.1%
4.7	1.3	N/A	27%	103	18	121	98%	13.0%	0.1%
5.7	2.8	N/A	50%	0	45	45	N/A	18.0%	0.3%
8.2	4.1	N/A	50%	0	77	77	N/A	18.0%	0.4%
6.5	3.3	N/A	50%	0	128	126	N/A	18.0%	0.3%
4.9	2.4	N/A	50%	0	52	52	N/A	18.0%	0.2%
12.7	6.4	N/A	50%	68	0	68	10%	14.0%	0.6%
0.6	0.3	N/A	50%	0	89	89	N/A	18.0%	0.0%
3.1	1.5	N/A	50%	0	98	98	N/A	18.0%	0.1%
29.7	29.7	N/A	100%	231	0	231	91%	13.0%	2.6%
10.1	10.1	N/A	100%	56	60	116	88%	12.0%	0.9%
8.2	8.2	N/A	100%	149	0	149	100%	13.0%	0.7%
30.6	30.6	N/A	100%	168	72	240	88%	13.0%	2.7%
11.1	11.1	8.0%	100%	86	0	86	90%		1.0%
7.0	7.0	8.3%	100%	56	30	86	57%		0.6%
7.6	7.6	8.3%	100%	74	56	130	57%		0.7%
5.1	5.1	7.3%	100%	56		56	80%		0.5%
5.6	5.6	7.3%	100%	51		51	82%		0.5%
3.7	3.7	7.3%	100%	44		44	99%		0.3%
3.3	3.3	7.5%	100%	47		47	64%		0.3%
0.3	0.3	8.0%	100%	1		1	100%		0.0%
0.3	0.3	8.0%	100%	1		1	100%		0.0%
3.9	3.9	7.5%	100%	50		50	74%		0.3%
4.2	4.2	7.5%	100%	50		50	50%		0.4%
0.3	0.3	8.0%	100%	1		1	100%		0.0%
5.5	5.5	7.3%	100%	54		54	80%		0.5%
3.6	3.6	7.5%	100%	50		50	66%		0.3%
4.9	4.9	7.5%	100%	50		50	82%		0.4%

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AUStRALIAN SeNIoRS

poRtfoLIo StAtIStICS (CoNtINUeD)

			pROpERTy	yEAR bUILT /	SITE AREA
pORTfOLIO	pROpERTy NAmE	LOCATION	TypE	REfURbIShED	m2 OR hA	TITLE
gARDEN vILLAgES	DevoNpoRt GARDeNS	DevoNpoRt, tAS	vILLAGe	2004	6,290	fReehoLD
	DRomANA	SAfety beACh, vIC	mANAGeRS UNIt	N/A	N/A	fReehoLD
	wheeLeRS GARDeNS	DUbbo, NSw	vILLAGe	2005	6,800	fReehoLD
	eLphINwooD GARDeNS	LAUNCeStoN, tAS	vILLAGe	2003	6,334	fReehoLD
	GLeNoRChy GARDeNS	GLeNoRChy, tAS	vILLAGe	2005	4,781	fReehoLD
	ChAtSbURy GARDeNS	GoULbURN, NSw	vILLAGe	2003	6,036	fReehoLD
	GRoveDALe 1	GRoveDALe, vIC	mANAGeRS UNIt	N/A	N/A	fReehoLD
	GRoveDALe GARDeNS	GRoveDALe, vIC	vILLAGe	2006	6,498	fReehoLD
	hoRShAm GARDeNS	hoRShAm, vIC	vILLAGe	2005	5,459	fReehoLD
	IpSwICh GARDeNS	IpSwICh, QLD	vILLAGe	2001	5,625	fReehoLD
	KINGStoN GARDeNS	KINGStoN, tAS	vILLAGe	2006	9,230	fReehoLD
	LoveLy bANKS GARDeNS	CoRIo, vIC	vILLAGe	2006	9,057	fReehoLD
	LoveLy bANKS GARDeNS	CoRIo, vIC	vILLAGe SIte	N/A	9,057	fReehoLD
	SeA SCApe GARDeNS	eRSKINe, wA	vILLAGe	2004	6,545	fReehoLD
	mARSDeN GARDeNS	mARSDeN, QLD	vILLAGe	2006	15,580	fReehoLD
	CobURNS GARDeNS	bRooKfIeLD, vIC	vILLAGe	2004	6,761	fReehoLD
	bRooKLyN GARDeNS	bRooKfIeLD, vIC	vILLAGe	2005	5,950	fReehoLD
	oXLey GARDeNS	poRt mACQUARIe, NSw	vILLAGe	2004	5,100	fReehoLD
	SALISbURy	SALISbURy DowNS, SA	mANAGeRS UNIt	N/A	N/A	fReehoLD
	towNSeND GARDeNS	St ALbANS pARK, vIC	vILLAGe	2005	8,296	fReehoLD
	St ALbANS pARK GARDeNS	St ALbANS pARK, vIC	vILLAGe	2005	8,296	fReehoLD
	SwAN vIew GARDeNS	SwAN vIew, wA	vILLAGe	2006	8,034	fReehoLD
	tARee GARDeNS	tARee, NSw	vILLAGe	2006	9,385	fReehoLD
	toowoombA 1	toowoombA, QLD	mANAGeRS UNIt	N/A	N/A	fReehoLD
	toowoombA GARDeNS	toowoombA, QLD	vILLAGe	2004	6,320	fReehoLD
	NewtowN GARDeNS	toowoombA, QLD	vILLAGe	2004	6,216	fReehoLD
	GLeNvALe GARDeNS	toowoombA, QLD	vILLAGe	2005	6,270	fReehoLD
	wANGARAttA	wANGARAttA, vIC	vILLAGe SIte	N/A	5,959	fReehoLD
	weLCome INN	KINGStoN, tAS	vILLAGe	2005	17,300	fReehoLD
	wyNNUm	wyNNUm, QLD	mANAGeRS UNIt	N/A	N/A	fReehoLD

TOTAL

ING ReAL eStAte CommUNIty LIvING GRoUp pRopeRty poRtfoLIo RevIew

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bOOk vALUE	bOOk vALUE								% Of
AS AT	OWNERShIp								TOTAL
30 jUNE 2008	INTEREST		OWNERShIp	COmpLETED	pIpELINE	TOTAL		DISCOUNT	fUND
A$m	A$m	CAp RATE	INTEREST	UNITS	UNITS	UNITS	OCCUpANCy	RATE (Dmf)	(ASSETS)
3.4	3.4	7.8%	100%	50		50	68%		0.3%
0.4	0.4	8.0%	100%	1		1	100%		0.0%
4.1	4.1	7.5%	100%	51		51	84%		0.4%
3.8	3.8	7.5%	100%	54		54	71%		0.3%
3.8	3.8	7.5%	100%	42		42	94%		0.3%
4.0	4.0	7.3%	100%	48		48	77%		0.4%
0.4	0.4	8.0%	100%	1		1	100%		0.0%
4.8	4.8	7.5%	100%	50		50	74%		0.4%
4.6	4.6	7.3%	100%	46		46	76%		0.4%
3.7	3.7	7.3%	100%	45		45	73%		0.3%
3.1	3.1	7.8%	100%	50		50	30%		0.3%
5.3	5.3	7.5%	100%	65		65	49%		0.5%
0.5	0.5	N/A	100%	0	70	70	N/A		0.0%
3.9	3.9	7.5%	100%	50		50	82%		0.3%
8.8	8.8	7.5%	100%	96		96	49%		0.8%
3.3	3.3	7.5%	100%	50		50	46%		0.3%
3.4	3.4	7.5%	100%	50		50	44%		0.3%
3.8	3.8	7.5%	100%	44		44	52%		0.3%
0.3	0.3	8.0%	100%	1		1	100%		0.0%
4.0	4.0	7.5%	100%	49		49	75%		0.4%
4.0	4.0	7.5%	100%	52		52	60%		0.4%
6.4	6.4	7.3%	100%	72		72	77%		0.6%
4.1	4.1	7.5%	100%	50		50	37%		0.4%
0.3	0.3	8.0%	100%	1		1	100%		0.0%
4.2	4.2	8.0%	100%	50		50	74%		0.4%
4.3	4.3	8.0%	100%	58		58	61%		0.4%
3.3	3.3	8.0%	100%	50		50	31%		0.3%
0.6	0.6	N/A	100%	0	50	50	N/A		0.0%
1.4	1.4	8.5%	100%	20		20	55%		0.1%
0.3	0.3	8.0%	100%	1		1	100%		0.0%
383.8	290.6			2,965	2,292	5,257	74%		25.8%

8 9

AUStRALIAN SeNIoRS

CoUNtRy CLUb

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GEELONG GROvE, GROvEDALE, vIC hEmSLEy pARk, bALLARAT, vIC
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In April 2006 ILf announced, in conjunction with ING Real estate Investment management, the joint acquisition of a 30% interest in Country Club villages pty Ltd (CCv) for A$23.5 million. 90% of this partial interest is held within ILf. CCv is a private owner, operator and developer of retirement villages, established in the mid 1980’s, and is based in ballarat, victoria. this acquisition represented the fund’s first acquisition in retirement villages operated under the Deferred management fee (Dmf) model.

At the time of acquisition, CCv owned two existing villages, had one under construction, two development sites with development approval and two sites pending development approval. Since then the joint venture has purchased three additional properties and now currently has four under construction.

this brings the portfolio to a total of ten assets which will comprise approximately 1,900 units upon completion. the assets are located primarily in regional victoria and Queensland.

the development stock in the CCv portfolio represents a significant portion of the development pipeline for the fund with the remaining four sites forecast to commence construction during the 2009/10 year.

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HAMPTON VIEWS
NT
WA QLD
NOOSA DOMAIN
SA
BELLBROOK GARDENS
NSW BELLARINE LAKES
BENDIGO DOMAIN
VIC MELBA VALE
GEELONG GROVE
HEMSLEY PARK
MEADOW GARDENS
ROSEBANK
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ING ReAL eStAte CommUNIty LIvING GRoUp pRopeRty poRtfoLIo RevIew

oAK tRee

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GOODNA, QLD

In october 2006, ILf announced an agreement to enter into a joint venture with the oak tree Group (oak tree). Under the agreement, the joint vent ~~ure has the frst~~ right to acquire up to 5,000 seniors accommodation units sourced by oak tree, which has identified a substantial pipeline of future seniors accommodation sites in attractive metropolitan locations throughout Australia.

the oak tree villages will operate under the Deferred management fee (Dmf) model, with the joint venture intending to operate these villages under the oak tree brand. the joint venture completed construction of its first development project, a 68 independent living unit (ILU) retirement village in the brisbane suburb of Goodna, in November 2007. two further villages are due for completion in october/November 2008, being in the brisbane suburb of boronia (45 ILUs) and in the melbourne suburb of frankston (52 ILUs).

oak tree are experienced developers with a long track record of producing quality facilities.

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CAIRNS
NT
WA QLD
BORONIA
SA GOODNA
NSW CARDIFF
ORANGE
VIC
FRANKSTON
KINGSTON
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AUStRALIAN SeNIoRS

SettLeRS

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LAkESIDE, RAvENSWOOD, WA

the Settlers portfolio comprises four lifestyle retirement villages, three of which are located in western Australia and one in Queensland. ILf acquired t ~~his portfolio in A~~ pril 2007 for $47 million.

the Settlers portfolio currently comprises 604 completed ILUs and has a further 132 units either in the construction or pending development stage. the portfolio upon completion will have in total 736 ILUs.

the fund has also successfully completed the buyback of 16 ILUs within the past 12 months at its Lakeside, Ravenswood village.

the portfolio is managed by Retraite partnership, a partnership formed between key executives of the former vendors. the fund has i ~~mplemented performance~~ based remuneration which is dependent on the management team exceeding the fund’s forecast hurdle rates.

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LAKESIDE
MEADOW SPRINGS
RIDGEWOOD RISE
NT
WA QLD
NOYEA PARK
SA
NSW
VIC
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SUNNyCove

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GLADSTONE, QLD
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the fund acquired a portfolio of three seniors housing communities from Queensland based SCv Group Limited (SCv) for a total of $31.4 million. the s ~~econd stages at~~ Rockhampton and Gladstone are approved for a further 86 units, but were deferred until the full occupation of Stage one. SCv currently manages ILf’s three Sunnycove branded properties at forest Lake, Gladstone and Rockhampton, as well as the fund’s 32 village Life branded assets.

After 30 September 2008, these three villages will be re-branded to Garden villages and they will be internally operated by the fund.

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ROCKHAMPTON
GLADSTONE
NT
WA QLD
FOREST LAKE
SA
NSW
VIC
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12 13

AUStRALIAN SeNIoRS

GARDeN vILLAGeS

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GARDEN vILLAGES TAREE, NSW
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on 1 June 2007, SCv Group Limited (SCv) assu ~~med operation o~~ f ILf’s portfolio of 32 Garden villages branded retirement villages. the properties are located in geographically diverse regions across Australia, in well developed residential neighbourhoods with a high proportion of the population aged over 65.

the Garden villages portfolio offers investors a rental stream which has an attractive growth rate of 4.0% per annum which is backed predominantly by the Australian aged pension. the Garden villages portfolio has been valued at $138.9 million as at 30 June 2008, representing 12% of the fund.

After 30 September 2008, the SCv Group management agreement will terminate and these 32 villages will be internally operated by the fund.

CLAREMONT ALBANY ARMADALE MANDURAH SWAN VIEW BUNBURY

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ALBANY
ARMADALE
MANDURAH
SWAN VIEW
BUNBURY
BUNDABERG
CABOOLTURE
IPSWICH
NT QLD MARSDEN
WA SALISBURY TOOWOOMBA
WYNNUM
SA
ALBURY
BALLARAT CESSNOCK
NSW BENDIGO COFFS HARBOUR
VIC DROMANA DUBBO
CLAREMONT GROVEDALE GOULBURN
DEVONPORT HORSHAM PORT MACQUARIE
GLENORCHY LOVELY BANKS TAREE
LAUNCESTON MELTON
KINGSTON ST ALBANS PARK
WELCOME INN
WANGARATTA
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SUNNY COvE, FORREST LAKE, qLD

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14 15

CANADIAN SeNIoRS

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REGENCy ThE bRANT CENTRE, bURLINGTON, ONTARIO REGENCy ThE WyNfIELD, OShAWA, ONTARIO

the fund owns a 50% interest in the Regency portfolio, consisting of eight Class A Long term Care (LtC) facilities. the assets are located in the Greater toronto Area of ontario, Canada and represents the fund’s diversification into the Canadian seniors housing market and the LtC asset class.

All assets were constructed in 2001 or later and are located in areas with strong underlying demand for LtC facilities. the portfolio has a strong track record of high occupancy and waitlists.

pORTfOLIO	REGENCy
booK vALUeS AS At 30 JUNe 2008(A$m)	119.51
owNeRShIp INteReSt %	50%
NUmbeR of pRopeRtIeS	8
totAL UNItS	1,179
pIpeLINe UNItS	400
% of totAL fUND(ASSetS)	10.6%

1) ILf’s ownership interest

ING ReAL eStAte CommUNIty LIvING GRoUp pRopeRty poRtfoLIo RevIew

REgENCY THE WESTMOUNT, ONTARIO

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16 17

CANADIAN SeNIoRS

poRtfoLIo StAtIStICS

			pROpERTy	yEAR bUILT /	SITE AREA
pORTfOLIO	pROpERTy NAmE	LOCATION	TypE	REfURbIShED	ACRES	TITLE
REgENCY	the bRANt CeNtRe	bURLINGtoN, oNtARIo	CLASS A LtC	2003	3.7	LeASehoLD
	the wAteRfoRD	oAKvILLe, oNtARIo	CLASS A LtC	2003	4.4	fReehoLD
	the weNLeIGh	mISSISSAUGA, oNtARIo	CLASS A LtC	2001	2.7	fReehoLD
	the weStbURy	toRoNto, oNtARIo	CLASS A LtC	2004	1.2	LeASehoLD
	the weStmoUNt	KItCheNeR, oNtARIo	CLASS A LtC	2002	4.2	fReehoLD
	the wILLowGRove	ANCASteR, oNtARIo	CLASS A LtC	2004	2.9	fReehoLD
	the wooDhAveN	mARKhAm, oNtARIo	CLASS A LtC	2003	4.0	LeASehoLD
	the wyNfIeLD	oShAwA, oNtARIo	CLASS A LtC	2003	4.0	fReehoLD
TOTAL

ReGeNCy

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ThE WOODhAvEN, mARkhAm, ONTARIO ThE WyNfIELD, OShAWA, ONTARIO

the fund acquired a 50% interest in a portfolio of eight Class A Long term Care (LtC) facilities situated within the Greater toronto Area (GtA) of ontario, Canada. four of the eight sites have further development potential via excess land zoned for the addition of approximately 400 non-care (assisted living or independent living) units. planning is underway for three of those developments.

the average age of the assets in the Regency portfolio is six years. the Regency portfolio is managed by Chartwell Seniors housing ReIt, Canada’s largest manager of seniors housing facilities. Chartwell also owns the remaining 50% interest in the portfolio.

the Regency portfolio has a strong track record of high occupancies and receives funding from the ministry of health of up to 100% for properties with occupancies of 97% or greater.

ING ReAL eStAte CommUNIty LIvING GRoUp pRopeRty poRtfoLIo RevIew

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bOOk vALUE	bOOk vALUE	bOOk vALUE								% Of
AS AT	AS AT	OWNERShIp						pROpORTION		WAITING	TOTAL
30 jUNE 2008	30 jUNE 2008	INTEREST		OWNERShIp	LICENSED	TOTAL	pIpELINE	Of pREfERRED		LIST (% Of	fUND
CAD$m	A$m 1	A$m	CAp RATE	INTEREST	bEDS	UNITS	UNITS	ACCOmmODATION	OCCUpANCy	TOTAL bEDS)	(ASSETS)
29.4	30.0	15.0	7.5%	50%	175	140		60%	100%	93%	1.3%
30.6	31.3	15.6	7.5%	50%	168	136	100	60%	100%	73%	1.4%
26.7	27.3	13.6	7.5%	50%	161	155		60%	99%	102%	1.2%
29.7	30.3	15.2	7.5%	50%	187	145		60%	99%	72%	1.3%
26.9	27.5	13.7	7.5%	50%	160	141	100	60%	100%	95%	1.2%
27.5	28.1	14.0	7.5%	50%	169	137		60%	100%	102%	1.2%
32.3	33.0	16.5	7.5%	50%	192	173	100	60%	98%	55%	1.5%
30.8	31.5	15.7	7.5%	50%	172	152	100	60%	99%	218%	1.4%
233.9	239.0	119.5				1,179	400		99%		10.6%

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CANADA
ONTARIO
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THE BRANT CENTRE
THE WATERFORD
THE WENLEIGH
THE WESTBURY
THE WESTMOUNT
THE WILLOWGROVE
THE WOODHAVEN
THE WYNFIELD
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1) exchange rate of A$1 = C$0.979

18 19

US SeNIoRS

the US seniors portfolio represents 49% of the fund’s assets, comprising 27 assets primarily located in strong income and demand demographic areas with rental income entirely sourced from private means. Key investment attributes of the seniors housing asset class continue to provide the fund with sustainable future returns.

the properties are managed by two opertators; horizon bay Seniors Communities (horizon bay), ranked in the top 20 seniors accommodation managers by the American Seniors housing Association and, Ultimate Care, managers of our premium bristal brand in Long Island. both of these operators have successfully maintained above industry average occupancies and operating margins in a challenging market over the last 12 months.

A number of internal growth opportunities are embedded within the portfolio, and the first of these (a 98-unit) extension in Richmond, virginia is currently underway and due for completion in may 2009.

					LAkE
pORTfOLIO	ASpEN	bRISTAL 2	CypRESS	mERIDIAN	WORTh	pOCASSET	TROWbRIDGE
booK vALUe AS At 30 JUNe 2008(A$m) 1104.4		162.8	84.2	160.0	6.1	15.7	16.8
owNeRShIp INteReSt	49%	49%	49%	49%	49%	49%	49%
NUmbeR of pRopeRtIeS	8	6	4	6	1	1	1
CompLeteD UNItS	1,365	760	818	1,042	168	169	300
pIpeLINe UNItS	98	0	0	415	0	0	0
% of totAL fUND(ASSetS)	9.3%	14.5%	7.5%	14.2%	0.5%	1.4%	1.5%

1) ILf’s ownership interest

2) Includes 100% interest in Lynbrook

ING ReAL eStAte CommUNIty LIvING GRoUp pRopeRty poRtfoLIo RevIew

BRISTAL NORTH WOODMERE, NEW YORK

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20 21

US SeNIoRS

poRtfoLIo StAtIStICS

						bOOk vALUE
						AS AT
			yEAR bUILT /	SITE AREA		30 jUNE 2008
pORTfOLIO	pROpERTy NAmE	LOCATION	REfURbIShED	ACRES	TITLE	US$m
ASPEN	AmbeR pARK	CINCINNAtI, ohIo	1983	3.6	fee SImpLe	12.8
	beLLA vItA	veNICe, fLoRIDA	1988/1999	5.0	fee SImpLe	30.2
	GAytoN teRRACe	RIChmoND, vIRGINIA	1987	9.9	fee SImpLe	26.2
	GAytoN teRRACe StAGe 2	RIChmoND, vIRGINIA	20092	4.53	fee SImpLe	6.5
	vILLAGe At LowRy	DeNveR, CoLoRADo	1995/2002	4.9	fee SImpLe	24.0
	wAteRfoRD	DAytoN, ohIo	1987	8.3	fee SImpLe	6.7
	wILLowwooD	ft. LAUDeRDALe, fLoRIDA	1987/1995/2007	18.3	fee SImpLe	37.3
	wooDSIDe vILLAGe	beDfoRD, ohIo	1988	20.0	fee SImpLe	35.3
	wyNDhAm LAKeS	JACKSoNvILLe, fLoRIDA	1986	13.7	fee SImpLe	26.4
BRISTAL	eASt meADow	eASt meADow, New yoRK	2000	3.0	fee SImpLe	45.1
	LyNbRooK4	LyNbRooK, New yoRK	1971/1998	1.05	fee SImpLe	21.0
	mASSApeQUA	mASSApeQUA, New yoRK	2006	4.7	fee SImpLe	53.8
	NoRth hILLS	NoRth hILLS, New yoRK	2004	4.2	fee SImpLe	80.3
	NoRth wooDmeRe	NoRth wooDmeRe, New yoRK	2003	2.9	fee SImpLe	46.2
	weStbURy	weStbURy, New yoRK	2001	2.3	fee SImpLe	52.0
CYPRESS	AUDUboN pARK	memphIS, teNNeSSee	2001	12.0	fee SImpLe	45.8
	SteRLING heIGhtS	SteRLING heIGhtS, mIChIGAN	2002	13.4	fee SImpLe	41.3
	tULSA	tULSA, oKLAhomA	2001	12.3	fee SImpLe	36.1
	veStAvIA hILLS	bIRmINGhAm, ALAbAmA	2001	11.4	fee SImpLe	42.4
MERIDIAN	ARvADA	ARvADA, CoLoRADo	1988	7.8	fee SImpLe	28.4
	boULDeR	boULDeR, CoLoRADo	1986	3.8	fee SImpLe	41.2
	eNGLewooD	eNGLewooD, CoLoRADo	1985/2007	3.9	fee SImpLe	105.3
	LAKewooD	LAKewooD, CoLoRADo	1988	9.9	fee SImpLe	59.9
	tempLe	tempLe, teXAS	1984	21.0	fee SImpLe	42.3
	weStLAND	LAKewooD, CoLoRADo	1988	12.2	fee SImpLe	37.6
INDEPENDENT ASSETS	LAKe woRth GARDeNS	LAKewoRth, fLoRIDA	1984/2007	7.3	fee SImpLe	12.0
	poCASSet bAy mANoR	JohNStoN, RhoDe ISLAND	1989/2003	13.3	fee SImpLe	30.8
	the pARK At tRowbRIDGe	SoUthfIeLD, mIChIGAN	1988/2005	7.0	fee SImpLe	33.0
TOTAL						1,059.8

ING ReAL eStAte CommUNIty LIvING GRoUp pRopeRty poRtfoLIo RevIew

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bOOk vALUE	bOOk vALUE								% Of
AS AT	OWNERShIp			TOTAL	TOTAL				TOTAL
30 jUNE 2008	INTEREST		OWNERShIp	UNITS	UNITS	TOTAL	pIpELINE		fUND
A$m 1	A$m	CAp RATE	INTEREST	ILU	ALU	UNITS	UNITS	OCCUpANCy	(ASSETS)
13.3	6.5	7.25%	49%	66	59	125		88%	0.6%
31.3	15.4	6.75%	49%	56	59	115		92%	1.4%
27.2	13.3	7.25%	49%	65	35	100		97%	1.2%
6.7	3.3		49%				98		0.3%
24.9	12.2	6.50%	49%	104	65	169		99%	1.1%
7	3.4	7.50%	49%	110	0	110		82%	0.3%
38.7	19.0	6.75%	49%	176	102	278		90%	1.7%
36.6	17.9	7.50%	49%	84	136	220		91%	1.6%
27.4	13.4	6.75%	49%	98	150	248		95%	1.2%
46.8	22.9	6.00%	49%	0	121	121		93%	2.0%
21.8	21.8	7.00%	100%	0	120	120		73%	1.9%
55.8	27.4	6.00%	49%	0	120	120		100%	2.4%
83.3	40.8	6.00%	49%	0	141	141		97%	3.6%
47.9	23.5	6.00%	49%	0	118	118		93%	2.1%
54.0	26.4	6.00%	49%	0	140	140		93%	2.3%
47.5	23.3	6.25%	49%	176	0	176		97%	2.1%
42.9	21.0	6.50%	49%	222	0	222		94%	1.9%
37.5	18.4	6.25%	49%	198	0	198		98%	1.6%
44.0	21.6	6.25%	49%	222	0	222		97%	1.9%
29.5	14.4	6.50%	49%	109	16	125	143	100%	1.3%
42.8	20.9	6.50%	49%	89	7	96		94%	1.9%
109.3	53.5	6.50%	49%	175	91	266	48	90%	4.8%
62.2	30.5	6.50%	49%	101	71	172		99%	2.7%
43.9	21.5	7.75%	49%	170	60	230	122	94%	1.9%
39	19.1	6.50%	49%	134	19	153	102	96%	1.7%
12.5	6.1	6.75%	49%	168	0	168		99%	0.5%
32.0	15.7	6.75%	49%	110	59	169		97%	1.4%
34.2	16.8	7.00%	49%	300	0	300		82%	1.5%
1,099.8	550.0			2,933	1,689	4,622	513	93%	48.9%

• 1) exchange rate of A$1 = US$0.9637

• 2) expected completion may 2009

• 3) this is inclusive in the total Gayton terrace 9.9 acres

• 4) this property is being carried at cost and has development that is a work-in-progress

22 23

US SeNIoRS

ASpeN

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WILLOWWOOD, fT. LAUDERDALE, fLORIDA
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owned since April 2006, the Aspen portfolio comprises 1,365 completed units and is located in the states of florida, virginia, Colorado and ohio.

the portfolio has demonstrated an average occupancy of 92% for the 12 months to June 2008. Gayton terrace in virginia has embarked upon an expansion of the community which will double its size and capitalise on its dominant position in the market.

the properties are all located in suburban areas, close to local amenities and are characterised by favourable demographic profiles and solid economic fundamentals. A number of the properties have benefited from a refurbishment programme initiated by horizon bay, repositioning the properties in their respective markets.

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VILLAGE AT LOWRY
AMBER PARK
WATERFORD
UNITED STATES
WOODSIDE VILLAGE
OHIO
GAYTON TERRACE
COLORADO VIRGINIA
FLORIDA BELLA VITA
WILLOWWOOD
WYNDHAM LAKES
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ING ReAL eStAte CommUNIty LIvING GRoUp pRopeRty poRtfoLIo RevIew

bRIStAL

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mASSApEQUA, NEW yORk NORTh WOODmERE, NEW yORk
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In october 2006, the fund’s joint venture with Chartwell acquired five high quality assisted living communities in Long Island, New york for US$290.5 million. In December 2007, the fund further added to the portfolio with the acquisition of SeniorCare at Lynbrook. Lynbrook consists of 120 Assisted Living Units, located within close proximity to the five existing properties. A significant refurbishment is currently underway to reposition the property to the same high standard as the existing bristal portfolio.

the portfolio is located in the highly affluent demographic of Long Island, New york, which has one of the highest proportions of seniors in the US, with the 85+ age group forecast to grow by 3.7% p.a. over the next five years.

built between 2000 and 2006, the existing portfolio is very modern and contains large luxury unit designs averaging 102sqm. the communities are operated by Ultimate Care, which is part of the engle-burman group, the original developer of the portfolio. occupancy for the 12 months to June 2008 was a strong 96%.

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UNITED STATES NEW YORK EAST MEADOW
LYNBROOK
MASSAPEQUA
NORTH HILLS
NORTH WOODMERE
WESTBURY
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24 25

US SeNIoRS

CypReSS

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STERLING hEIGhTS, mIChIGAN AUDUbON pARk, mEmphIS, TENNESSEE
----- End of picture text -----

In may 2006, the fund acquired a 49% interest in a portfolio of four independent living seniors housing assets for US$128.2 million. the portfolio includes a tot ~~al of 818 units located i~~ n four modern, purpose built complexes situated in the states of oklahoma, michigan, tennessee and Alabama in areas with strong income demographics.

the portfolio demonstrated an average occupancy of 96% for the 12 months to June 2008. the portfolio benefits from the long term management in place and the high quality product on offer. the geographically diversified properties are well established communities in each of their markets.

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STERLING HEIGHTS
MICHIGAN
UNITED STATES
TULSA
OKLAHOMA AUDUBON PARK
TENNESSEE
VESTAVIA HILLS
ALABAMA
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ING ReAL eStAte CommUNIty LIvING GRoUp pRopeRty poRtfoLIo RevIew

meRIDIAN

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LAkEWOOD, COLORADO
----- End of picture text -----

In July 2005, ILf announced the acquisition of a 49% interest in the meridian portfolio of six Class A seniors housing communities for US$232 million, in conjunction with Chartwell. five of the assets are in Colorado and one in texas. Recent renovations to the communities have enhanced their appeal.

the assets are dominant in their markets with good brand recognition, achieving a 96% occupancy for the 12 months to June 2008. the properties benefit from management efficiencies due to the concentration of properties in the area and a solid management team which has been in place for some time.

the portfolio comprises 1,043 units, and four of the assets have surplus land for further development.

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ARVADA
BOULDER
ENGLEWOOD
LAKEWOOD
UNITED STATES WESTLAND
COLORADO
TEXAS
TEMPLE
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26 27

US SeNIoRS

INDepeNDeNt ASSetS

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LAkE WORTh GARDENS, fLORIDA
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Lake Worth gardens, Lake Worth

In August 2006 ILf acquired a 49% interest in a 170 unit seniors housing asset in palm beach County. Lake worth Gardens has undergone significant refurbishment and market repositioning this past year which has provided good results for occupan ~~cy levels peaking at 98% in June 2~~ 008.

Pocasset Bay Manor, Rhode Island

In october 2005, ILf acquired a 49% interest pocasset bay manor retirement community, Rhode Island for the purchase price of US$20 million. pocasset bay manor comprises 168 units, including 58 assisted living studios. It was built in 1989 and was substantially refurbished in 2003. the community is situated on 13 acres of landscaped land.

The Park at Trowbridge, Michigan

A 49% interest in the park at trowbridge was acquired in october 2005 for US$27 million, representing a discount of 4.8% to independent valuation. built in 1988, the community underwent an extensive renovation which was completed in June 2005.

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THE PARK
AT TROWBRIDGE
MICHIGAN
RHODE
ISLAND POCASSET BAY MANOR
UNITED STATES
FLORIDA
LAKE WORTH GARDENS
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ASPEN WILLOWWOOD, FT. LAUDERDALE, FLORIDA

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28 29

US + NZ StUDeNtS

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CLUbhOUSE ApARTmENTS, STORRS mANfIELD, CONNECTICUT mCkENZIE ApARTmENTS, WELLINGTON
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the student portfolio comprises 22 properties located in Connecticut, florida and virginia in the US and three in wellington, New Zealand.

the US assets are located in markets where there is an under provision of student accommodation and strong college enrolments.

the New Zealand properties are located in the central business district of wellington, providing accommodation for students of the victoria University of wellington (vUw).

pORTfOLIO	US STUDENTS	NZ STUDENTS
booK vALUe AS At 30 JUNe 2008(A$m)	138.9	26.31
owNeRShIp INteReSt %	100%	90%
NUmbeR of pRopeRtIeS	22	3
NUmbeR of UNItS	1,406	362
% of totAL fUND(ASSetS)	12.3%	2.3%

1) ILf’s ownership interest

ING ReAL eStAte CommUNIty LIvING GRoUp pRopeRty poRtfoLIo RevIew

MCKENzIE APARTMENTS, WELLINgTON

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----- Start of picture text -----

30 31
----- End of picture text -----

US + NZ StUDeNtS

poRtfoLIo StAtIStICS

US StUDeNtS

			yEAR	bUILT /	SITE AREA
pORTfOLIO	pROpERTy NAmE	LOCATION	REfURbIShED		ACRES
34 fAIRvIew StReet	weSt hARtfoRD, CoNNeCtICUt	GARDeN StyLe ApARtmeNt bUILDING		1964	0.5
45 oAKwooD AveNUe	weSt hARtfoRD, CoNNeCtICUt	GARDeN StyLe ApARtmeNt bUILDING		1964	0.3
AShfoRD hILLS ApARtmeNtS	AShfoRD, CoNNeCtICUt	GARDeN StyLe ApARtmeNt bUILDING		1969	11.6
CAmpUS vIew	New bRItAIN, CoNNeCtICUt	GARDeN StyLe ApARtmeNt bUILDING & hoUSe		1970	2.5
CLUbhoUSe ApARtmeNtS	StoRRS mANfIeLD, CoNNeCtICUt	GARDeN StyLe 4-pLeX CommUNIty		1965	22.8
hUNtING LoDGe ApARtmeNtS	StoRRS mANSfIeLD, CoNNeCtICUt	GARDeN StyLe 8-pLeX CommUNIty		1963	13.5
KeLLy GARDeNS ApARtmeNtS	New bRItAIN, CoNNeCtICUt	GARDeN StyLe ApARtmeNt CommUNIty		1970	2.9
KNoLLwooD ApARtmeNtS	StoRRS mANSfIeLD, CoNNeCtICUt	GARDeN StyLe 4-pLeX CommUNIty		1964	52.7
mApLewooD ApARtmeNtS	StoRRS mANfIeLD, CoNNeCtICUt	GARDeN StyLe 4-pLeX CommUNIty		1964	65.8
mILLbRooK ApARtmeNtS	StoRRS mANSfIeLD, CoNNeCtICUt	GARDeN StyLe 4-pLeX CommUNIty		1975	6.0
oAKRIDGe ApARtmeNtS	wILLImANtIC, CoNNeCtICUt	GARDeN StyLe ApARtmeNt CommUNIty		1965	3.4
oAKwooD ApARtmeNtS	StoRRS mANSfIeLD, CoNNeCtICUt	GARDeN StyLe DUpLeX CommUNIty		1964	2.5
oRChARD ACReS ApARtmeNtS	StoRRS mANSfIeLD, CoNNeCtICUt	GARDeN StyLe 4-pLeX CommUNIty		1962	27.0
peRRy hILL eStAteS	AShfoRD, CoNNeCtICUt	GARDeN StyLe 8-pLeX CommUNIty		1969	25.8
ReNwooD ApARtmeNtS	StoRRS mANSfIeLD, CoNNeCtICUt	GARDeN StyLe 4-pLeX CommUNIty		1966	35.4
RIDGevIew heIGhtS	wILLINGtoN, CoNNeCtICUt	GARDeN StyLe ApARtmeNt CommUNIty		1970	24.3
SpRINGwooD ApARtmeNtS	New bRItAIN, CoNNeCtICUt	GARDeN StyLe ApARtmeNt CommUNIty		1970	4.2
wILLINGtoN oAKS ApARtmeNtS	wILLINGtoN, CoNNeCtICUt	GARDeN StyLe ApARtmeNt CommUNIty		1966	62.1
CAmpUS CLUb	tAmpA, fLoRIDA	ApARtmeNt CommUNIty		2003	5.5
the pReSeRve	tALLAhASSee, fLoRIDA	ApARtmeNt CommUNIty		2003	36.2
RAmZ hALL	RIChmoND, vIRGINIA	ApARtmeNt bUILDING		2004	1.0
CApItAL GARAGe ApARtmeNtS	RIChmoND, vIRGINIA	ApARtmeNt bUILDING		2000	0.3
TOTAL

NZ StUDeNtS

			yEAR bUILT /	SITE AREA
pORTfOLIO	LOCATION	pROpERTy TypE	REfURbIShED	m2	TITLE
CUmbeRLAND hoUSe	weLLINGtoN, New ZeALAND	StUDeNt ACCommoDAtIoN	2008	2603	fReehoLD
eDUCAtIoN hoUSe	weLLINGtoN, New ZeALAND	StUDeNt ACCommoDAtIoN	2008	723	fReehoLD
mCKeNZIe ApARtmeNtS	weLLINGtoN, New ZeALAND	StUDeNt ACCommoDAtIoN	2008	2181	fReehoLD
TOTAL

ING ReAL eStAte CommUNIty LIvING GRoUp pRopeRty poRtfoLIo RevIew

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	bOOk vALUE	bOOk vALUE						12 mThS
AS AT 30 jUNE 2008 TITLE US$m		AS AT 30 jUNE 2008 A$m 1	CAp RATE	OWNERShIp INTEREST %	TOTAL bEDS	TOTAL UNITS	NUmbER OR bUILDINGS	TO jUNE AvERAGE OCCUpANCy	DISTANCE TO CAmpUS mILES	TOTAL fUND
fee SImpLe	1.5	1.5	7.25%	100%	24	22	1	97%	2	0.1%
fee SImpLe	1.0	1.0	7.25%	100%	15	15	1	96%	2	0.1%
fee SImpLe	2.6	2.7	7.50%	100%	82	52	1	83%	5	0.2%
fee SImpLe	3.5	3.6	7.86%	100%	125	63	5	70%	0.25	0.3%
fee SImpLe	4.0	4.2	7.00%	100%	72	44	11	98%	1	0.4%
fee SImpLe	7.8	8.1	6.50%	100%	75	40	5	97%	0.25	0.7%
fee SImpLe	1.8	1.8	7.73%	100%	105	66	3	83%	0.25	0.2%
fee SImpLe	7.6	7.9	7.44%	100%	184	125	34	71%	0.25	0.7%
fee SImpLe	2.9	3.0	7.25%	100%	80	40	10	89%	2	0.3%
fee SImpLe	1.0	1.1	7.25%	100%	21	12	3	94%	2.5	0.1%
fee SImpLe	2.3	2.4	6.50%	100%	48	36	3	93%	7	0.2%
fee SImpLe	0.5	0.5	7.50%	100%	10	10	5	93%	0.25	0.0%
fee SImpLe	7.6	7.9	6.50%	100%	96	96	24	95%	0	0.7%
fee SImpLe	4.3	4.5	6.50%	100%	96	48	6	95%	7	0.4%
fee SImpLe	6.6	6.9	6.50%	100%	120	76	19	93%	2	0.6%
fee SImpLe	4.1	4.3	6.50%	100%	72	48	4	90%	7	0.4%
fee SImpLe	2.8	2.9	10.00%	100%	180	107	6	79%	1	0.3%
fee SImpLe	14.4	14.9	6.50%	100%	192	128	12	96%	1.5	1.3%
fee SImpLe	13.3	13.8	6.75%	100%	256	64	2	100%	<1	1.2%
fee SImpLe	23.5	24.4	7.00%	100%	570	190	23	91%	1	2.2%
LeASeD fee eStAte	15.8	16.4	6.25%	100%	172	88	1	100%	0	1.5%
LeASeD fee eStAte	5.2	5.4	6.50%	100%	72	36	1	100%	0	0.5%
	133.9	138.9			2,667	1,406				12.3%

COST vALUE	COST vALUE	COST vALUE
AS AT	AS AT	AT OWNERShIp							DISTANCE	% Of
30 jUNE 2008	30 jUNE 2008	INTEREST		OWNERShIp	TOTAL	TOTAL	NUmbER Of		TO CAmpUS	TOTAL
NZ$m2	A$m 3	A$m	CAp RATE	INTEREST	bEDS	UNITS	bUILDINGS	OCCUpANCy 4	km	fUND
15.6	12.4	11.2	8.5%	90%	215	191	1	80%	0.1	1.0
8.6	6.8	6.2	8.5%	90%	108	108	1	80%	0.1	0.5
12.5	9.9	8.9	8.5%	90%	212	63	1	80%	0.1	0.8
36.7	29.2	26.3			535	362				2.3

• 1) exchange rate of A$1 = US$0.9637

• 2) All values of the NZ properties are being carried at cost and are work-in-progress

• 3) exchange rate of A$1 = NZ$1.2578

• 4) NZ occupancy seasonally adjusted based on 100% occupancy for academic year

32 33

US + NZ StUDeNtS

US CoNNeCtICUt

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GR8 SpACE – bRANDING ThE CONNECTICUT STUDENT ASSETS mApLEWOOD ApARTmENTS, STORRS mANSfIELD
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In early 2006, ILf acquired 18 student accommodation assets in Connecticut, totalling 1,040 beds, for US$87.8 million. the properties are predominantly leased to individual students under 12 month contracts which are secured by bonds and with parental guarantees.

this portfolio is the dominant provider of student accommodation within a seven mile radius of the University of Connecticut. five of the assets also service the Central Connecticut State University, University of hartford and local colleges as well as local families. the assets are managed by two local property managers and overseen by Rabil properties.

A number of initiatives were undertaken to further drive occupancies in 2007 and 2008, including a rebranding exercise and extensive capital works to ensure the properties remain competitive in their market.

34 FAIRVIEW STREET 45 OAKWOOD AVENUE ASHFORD HILLS APARTMENTS CEDAR CREEK APARTMENTS CLUBHOUSE APARTMENTS HUNTING LODGE APARTMENTS KELLY GARDENS APARTMENTS KNOLLWOOD APARTMENTS MAPLEWOOD APARTMENTS MILLBROOK APARTMENTS OAKRIDGE APARTMENTS OAKWOOD APARTMENTS ORCHARD ACRE APARTMENTS PERRY HILL ESTATES RENWOOD APARTMENTS RIDGEVIEW HEIGHTS SPRINGWOOD APARTMENTS WILLINGTON OAKS APARTMENTS

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CONNECTICUT ELLINGTON
14
91
84 15 18 16 1
44 124 4 MANCHESTER 13115 193 87 MANSFIELD UNITED STATES CONNECTICUT
ANDOVER
2 HARTFORD 10 2
6 3
17 91
HEBRON
COLCHESTER
1 AShfoRD hILLS ApARtmeNtS 10 oAKRIDGe ApARtmeNtS 1 UNIveRSIty of CoNNeCtICUt
2 CeDAR CReeK ApARtmeNtS 11 oAKwooD ApARtmeNtS 2 eASteRN CoNNeCtICUt StAte UNIveRSIty
3 CLUbhoUSe ApARtmeNtS 12 45 oAKwooD AveNUe 3 CeNtRAL CoNNeCtICUt StAte UNIveRSIty
4 34 fAIRvIew StReet 13 oRChARD ACReS ApARtmeNtS 4 UNIveRSIty of hARtfoRD, UCoNN LAw SChooL
5 hUNtING LoDGe ApARtmeNtS 14 peRRy hILLS eStAteS St JoSeph’S CoLLeGe, tRINIty CoLLeGe
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AShfoRD hILLS ApARtmeNtS CeDAR CReeK ApARtmeNtS CLUbhoUSe ApARtmeNtS 34 fAIRvIew StReet hUNtING LoDGe ApARtmeNtS KeLLy GARDeNS ApARtmeNtS KNoLLwooD ApARtmeNtS mApLewooD ApARtmeNtS mILLbRooK ApARtmeNtS

oAKRIDGe ApARtmeNtS oAKwooD ApARtmeNtS 45 oAKwooD AveNUe oRChARD ACReS ApARtmeNtS peRRy hILLS eStAteS ReNwooD ApARtmeNtS RIDGevIew heIGhtS SpRINGwooD ApARtmeNtS wILLINGtoN oAKS ApARtmeNtS

ING ReAL eStAte CommUNIty LIvING GRoUp pRopeRty poRtfoLIo RevIew

US fLoRIDA

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CAmpUS CLUb, TAmpA

ILf acquired two quality collegiate style student apartment complexes in the florida student market in July 2006 for US$36.45 million. the two properties include the preserve in tallahassee and Campus Club Apartments in tampa, both located in florida, USA.

the preserve at tallahassee, was built in 2003, has 190 units (570 bedrooms) and is located on 36.2 acres, less than three miles from florida State University and one mile from tallahassee Community College. Campus Club at tampa, was completed in 2005, has 64 units (256 bedrooms) and is located on 5.5 acres, just one mile from the University of South florida.

the properties are currently listed for sale with Jones Lang LaSalle.

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TAMPA
75
TAMPA
2 UNITED STATES
1 1
4
3
582 FLORIDA
THE PRESERVE
583 CAMPUS CLUB
TALLAHASSEE10 1 CAmpU S CLUb
27 2 the pReSeRve At SAN LUIS
2 158
1 UNIveRSIty pLAZA AReA
2 the CLAw At USf
63
5 10 6 34 UNIveRSIty SQUARe mALLUNIveRSIty of S fLoRIDA tAmpA
20
5 tALLAheSSee CommUNIty CoLLeGe
7 6 fLoRIDA StAte UNIveRSIty
TALLAHASSEE
7 fLoRIDA A&m UNIveRSIty
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34 35

US + NZ StUDeNtS

US vIRGINIA

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RAmZ hALL, RIChmOND CApITAL GARAGE, RIChmOND
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In January 2006, ILf acquired two student accommodation assets in virginia, totalling 244 beds. the assets, purchased for US$21.7 million are both master leased to the virginia Commonwealth University (vCU). RAmZ hall has a five year master lease expiring in 2010 with fixed 3% per annum rental increases and includes retail tenancies. Capital Garage Apartments has a master lease with vCU which will terminate on 17 August 2008. the managers are currently marketing to students directly and we anticipate 100% occupancy by the start of the school year. the virginia assets are located within 250 metres of the campus and are managed by local property managers.

the properties are currently listed for sale through Jones Lang LaSalle.

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RICHMOND
301
95
RICHMOND
250 3 UNITED STATES
VIRGINIA
64 RAMZ HALL
CAPITAL GARAGE APARTMENTS
2
1
4
301 DOWNTOWN
RICHM ON D
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RAmZ hALL CApItAL GARAGe

vIRGINIA UNIoN UNIveRSIty

vIRGINIA CommoNweALth UNIveRSIty moNRoe pARK CAmpUS

ING ReAL eStAte CommUNIty LIvING GRoUp pRopeRty poRtfoLIo RevIew

NZ weLLINGtoN

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U-STAy ASSETS – bRANDING ThE WELLINGTON NZ STUDENT ASSETS (ARTIST RENDERINGS)
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the New Zealand student housing portfolio comprises three mixed use properties located in the Central business District of wellington, providing accommodation for students of the victoria University of wellington (vUw). the three properties accommodate 535 students and are operated by Campus Living villages, specialist student accommodation managers.

the fund acquired a 90% interest in these assets alongside ING Real estate Investment management Australia who is a 10% investor. the properties are in demand during the academic year when they enjoy 100% occupancy. four floors of Cumberland house are being renovated to hotel quality standard and will be rebranded to ‘ustay’ to attract further interest over the summer holiday period with backpackers, language schools and tour and sporting groups. A number of energy and water saving initiatives have been implemented.

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WELLINgTON
WILTON
1
KARORI 4
2
3 CBD
MOUNT COOK
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----- Start of picture text -----

CUMBERLAND HOUSE
EDUCATION HOUSE
MCKENZIE APARTMENTS
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eDUCAtIoN hoUSe, 178 wILLIS StReet mCKeNZIe ApARtmeNt, 222-232 wILLIS StReet CUmbeRLAND hoUSe, 237-243 wILLIS StReet vICtoRIA UNIveRSIty of weLLINGtoN

36 37

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REgISTERED OFFICE INg REAL ESTATE INvESTMENT MANAgEMENT AUSTRALIA

Level 6, 345 george Street Sydney NSW 2000 T : + 61 2 9033 1035 F : + 61 2 9033 1060 E : realestate@ingrealestate.com I : www.ingrealestate.com.au

UNIT REgISTRY LINK MARKET SERvICES Level 12, 680 george Street Sydney NSW 2000

INvESTOR SERvICES

Toll Free: 1300 653 497 T : + 61 2 8280 7057 F : + 61 2 9287 0303 E : ingrealestate@linkmarketservices.com.au

INvESTOR ENqUIRIES

IAN MUIR CHIEF EXECUTIvE OFFICER INg REAL ESTATE COMMUNITY LIvINg gROUP T : + 61 2 9033 1019

the ING Real estate Community Living Group is listed on the Australian Securities exchange (ASX). the ASX Code is ILf.

INg REAL ESTATE gLOBAL NETWORK RESPONSIBLE ENTITY INg MANAgEMENT LIMITED AUSTRALIA HUNgARY SWEDEN ABN 15 006 065 032 BELgIUM ITALY TAIWAN AFS LICENSE 237534 BRAzIL JAPAN THAILAND CANADA KOREA THE NETHERLANDS CHINA POLAND UK CzECH REPUBLIC ROMANIA USA FRANCE SINgAPORE gERMANY SPAIN

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www.ingrealestate.com.au