INGENIA COMMUNITIES GROUP — Interim / Quarterly Report 2007

Nov 27, 2007

ING REAL ESTATE

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pROpERTy FuNdS
updATE
NovEmbER 2007
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GREETINGS FROM ING REAL ESTATE

Thank you for your support as an investor over the last six months. I am pleased to provide you with this update on the performance of our five listed property trusts. We also highlight two new investments for your consideration.

We are very pleased with the returns that have been delivered to investors over the past six months. Our Management remains focused on delivering outstanding investment performance on behalf of over 61,000 investors. Growth in our property portfolios continues to be delivered through astute investment, development and asset management.

On the economic front, property investors find themselves in quite uncertain times, typified by a number of interesting contrasts. The global resources boom has fuelled strong economic growth with unemployment now reaching a 32 year low. Record inflows into superannuation continue to supply new capital seeking an exposure to property. These factors continue to drive both property rental growth and capital growth in your investments.

Meanwhile, interest rates have reached an 11 year high and the Australian dollar has attained a 23 year high against the uS dollar. In order to reduce the risks often associated with movements in interest rates and currency we have taken advantage of fixed interest rate loans, forward foreign exchange contracts and a range of other financial instruments. This active risk management approach helps maintain a secure and growing property income for your investment.

The uncertainty in many offshore markets caused by the sub-prime lending crisis provides us with potential investment opportunities. utilising ING Real Estate’s extensive global business, combined with local management expertise, has us poised to source, secure and manage assets in many of the strongest performing markets around the world.

I would also like to take this opportunity to mention that we have two new investment products for you to consider. Both of these are summarised at the end of this newsletter.

Each Fund has outlined some of their key achievements over the past six months and the opportunities in their respective sectors. I trust that you find this update useful and thank you again for your support.

Hugh Thomson Chief Executive Officer ING Real Estate Australia

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SuNNYCovE, RoCKHAmPToN, QLD

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GAYToN TERRACE, vIRGINIA, uS (Artist’s impression)

ING REAL ESTATE COMMuNITy LIVING GROup

ING Real Estate Community Living Group (ILF) was the first listed property group on the ASX specialising in seniors and student housing communities and is included in the S&p/ASX 300 property Trust index. ILF has a portfolio of 122 properties valued at $1.2 billion and offers a diversified investment across Australia, Canada, New Zealand and the united States.

KEY FuND DATA 31 oCTobER 2007

KEY FuND DATA	31 oCTobER 2007
ASX COdE	ILF
TOTAL ASSETS	$1.4 BILLION
NuMBER OF pROpERTIES	122
MARkET CApITALISATION	$633 MILLION
pORTFOLIO OCCupANCy	90.5%
TAX dEFERREd COMpONENT	96%
ANNuALISEd yIELd1	7.9%
dISTRIBuTION REINVESTMENT pLAN	ACTIVE

1) Based on the annualised September 2007 quarter distribution.

“ILF will drive earnings for unitholders this financial year via core portfolio performance and extracting operating efficiencies. The rollout of the development pipeline will enhance returns in the medium to long term.”

Ian MuIr CEO ING REAL ESTATE COMMuNITy LIVING GROup

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PERFoRmANCE

GRoWTH

The portfolio’s 21% exposure to Australia will increase as the pipeline moves through the construction stages. ILF’s track record in identifying acquisition opportunities which offer earnings growth for the Fund is a key measure of its success.

The Fund delivered solid long term returns to investors and has outperformed the S&p/ASX 300 property Trust Index over the two year period to 30 June 2007. Following a year of strong performance from existing assets, and new acquisitions exceeding forecast operating results, ILF delivered a 11.6% increase in earnings per unit to unitholders in the year ended June 2007. Together with a 17% uplift in ILF’s unit price since June 2006, this underpins a total return of 27% for the year.

In overseas markets, ILF is well placed to capitalise on the strength of its existing portfolio. Increasing occupancy levels and improving operating efficiencies will be the main focus for 2008.

ILF will also continue to review acquisition opportunities on a selective basis, and explore internal growth initiatives, in order to enhance earnings for unitholders.

DEvELoPmENT PIPELINE

The Fund has increased the capacity of its development pipeline to 2,991 units within its existing portfolio. ILF recently boosted the Australian seniors development pipeline to 1,981 independent living units with the recent acquisition of two greenfield sites in Cairns (76 units) and Orange (100 units) in conjunction with its joint venture partner, Oak Tree Group. In Australia, the Fund has 284 units under construction and a further 1,421 units with development Approval and intends to convert 10 per cent of this stock into new homes in 2008.

RECoGNITIoN

ILF was proud to receive industry recognition for innovation and financial performance when it was awarded the Joe Curlewis property Trust Industry Award in Victoria and the m3property property Trust Innovation Award in NSW at the Australian property Institute Excellence in property Awards in August and October respectively.

In the uS, the Aspen Gayton Terrace development in Virginia (100 units) is underway with completion expected in 2009. plans for a 97 unit extension at its senior’s community in Temple, Texas have been finalised, with construction expected to commence later next year.

RETuRN oN INvESTmENT

DEvELoPmENT PIPELINE

Since ING Management Limited assumed the management of ILF in June 2005 the Fund has delivered a total return to investors of 40.3% per annum[1] . As a result, $1,000 invested in the Fund at the beginning of this period has now grown to $2,228.

1) Annual compound return to 31 October 2007 includes unit price growth plus reinvestment of distributions.

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$1,000
2005
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$2,228
2007
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COMPLETE / 10,298 AUSTRALIAN SENIORS / 2,834 CANADIAN SENIORS / 1,179 US SENIORS / 4,505 STUDENTS / 1,780 UNDER CONSTRUCTION / 382 AUSTRALIAN SENIORS / 284 US SENIORS / 98 APPROVED PIPELINE / 2,333 AUSTRALIAN SENIORS / 1,421 CANADIAN SENIORS / 400 US SENIORS / 415 STUDENTS / 97

PENDING APPROVAL / 276 AUSTRALIAN SENIORS / 276

40.3%PA1

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vERIzoN ToWER, vIRGINIA, uSA bASTIoN ToWER, bRuSSELS, bELGIum

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WELLINGToN CENTRAL, WEST PERTH, WA (Artist’s impression)

ING OFFICE FuNd

ING Office Fund invests in quality office buildings located in key markets throughout the world and is one of the top 100 listed entities on the ASX. IOF’s portfolio of properties spans three continents and six countries, with total assets in excess of $3.8 billion. IOF has an average lease term to expiry of 5.5 years, one of the longest in the sector, and a high occupancy rate of 96%.

GLobAL ACQuISITIoNS ENHANCE PoRTFoLIo

WATER SAvINGS AT WoRK AND AT HomE

As part of the Fund’s ongoing commitment to sustainability within the properties we own and manage, IOF is undertaking a program of capital works in our property at 388 George Street, Sydney. This program of works is targeted to reduce both energy and water usage.

IOF is continually assessing and analysing investment opportunities through its extensive global platform. With a strategy to target properties that can deliver attractive total returns to unitholders, IOF acquires properties only after undertaking extensive research and analysis to ensure each investment will add value to the portfolio through enhanced returns.

Extending the sustainability message from office to home, IOF partnered with Sydney Water to distribute dIy Water Saving kits to staff at 388 George Street. Included in each kit were flow restrictors to make two bathrooms and one kitchen in each home water efficient.

Among the recent acquisitions is a new development in Western Australia, known as Wellington Central, which was acquired for $81.5 million.

upon completion of construction in March 2009, this property will be one of the new generation of sustainable office buildings in perth, developed to a minimum 4½ star Australian Building Greenhouse Rating. The property will offer eight levels of office space over 11,906 square metres with three levels of car parking for 139 cars.

With staff eager to participate, Sydney Water estimates the combined water saving capacity of the kits distributed to staff to be 1.5 million litres per annum.

This is equivalent to the water in 30 backyard pools saved annually.

Wellington Central will be fully leased to the Federal Government department of Immigration and Citizenship for 10 years.

With the superior location of this property, structured rent reviews and long term tenant, Wellington Central represents a strategic acquisition for the Fund that will enhance future earnings.

PoRTFoLIo DIvERSITY

RETuRN oN INvESTmENT

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$2,200
2007
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AUSTRALIA 53%
SYDNEY 26%
MELBOURNE 10%
BRISBANE 14%
PERTH 2%
CANBERRA 1%
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UNITED STATES 24%
WASHINGTON DC 12%
NEW YORK 8%
BOSTON 2%
DALLAS 2%
EUROPE 23%
AMSTERDAM 6%
PARIS 4%
UTRECHT 4%
BRUSSELS 3%
ROTTERDAM 2%
1
PRAGUE 2% 17.1%PA
THE HAGUE 2%
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	KEY FuND DATA	31 oCTobER 2007
	ASX COdE	IOF
	TOTAL ASSETS	$3.8 BILLION
	NuMBER OF pROpERTIES	25
	MARkET CApITALISATION	$2.2 BILLION
	pORTFOLIO OCCupANCy	96%
	AVERAGE LEASE TERM	5.5 yEARS
	TAX dEFERREd COMpONENT	32.7%
	ANNuALISEd yIELd1	6.0%
	dISTRIBuTION REINVESTMENT pLAN	NOT ACTIVE

1) Based on the annualised September 2007 quarter distribution.

“IOF is committed to delivering strong returns to unitholders without compromising security of income.” TIno Tanfara CEO ING OFFICE FuNd

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For the five years to 31 October 2007 IOF has delivered a total return to investors of 17.1% per annum[1] . As a result, $1,000 invested in the Fund at the beginning of this period has now grown to $2,200.

1) Annual compound return includes unit price growth plus reinvestment of distributions.

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$1,000
2002
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RoSE HILL INDuSTRIAL ESTATE, RoSE HILL, NSW

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HuNTLEY buSINESS PARK, ALEXANDRIA, NSW

ING INduSTRIAL FuNd

IIF is a listed property trust included in the S&p/ASX 100 index, and invests in prime industrial properties and business parks in key global markets. IIF is a full service space provider, based on an operational model of “develop, own and manage”. With total assets of $5.9 billion and a diversified portfolio exceeding 500 investments, IIF is Australia’s largest listed industrial property trust.

KEY FuND DATA 31 oCTobER 2007 PERFoRmANCE

Following a successful year of growth, IIF continues to deliver strong returns for unitholders. during the September quarter the Fund produced a total return (income and price movement) of 22.9%, with the unit price closing at $2.83 on 30 September 2007.

KEY FuND DATA	31 oCTobER 2007
ASX COdE	IIF
TOTAL ASSETS	$5.9 BILLION
NuMBER OF pROpERTIES	500
MARkET CApITALISATION	$3.1 BILLION
pORTFOLIO OCCupANCy	98%
AVERAGE LEASE TERM	5.0 yEARS
TAX dEFERREd COMpONENT	45%
ANNuALISEd yIELd1	6.3%
dISTRIBuTION REINVESTMENT pLAN	ACTIVE

The Fund’s development activities gained momentum and will continue to supply new, high quality buildings to the portfolio, providing attractive returns for unitholders. Over 38,000 sqm was completed during the quarter and a further 48,000 sqm of new development commenced in Australia.

1) Based on the annualised September 2007 quarter distribution.

The portfolio continues to perform strongly with leasing activity in Australia and Canada exceeding 72,000 sqm and 194,000 sqm respectively. The Fund continues to enjoy a long average lease term of 5.0 years and a high occupancy of 98%, underscoring the security of the Fund’s income stream. during the period, IIF welcomed new tenants Myer, Barbeques Galore, BlueScope Steel and Fastway Couriers to the portfolio.

“ING Real Estate’s global platform provides tangible benefits for unitholders. Our global network has a proven track record in sourcing and supporting transactions for IIF, delivering global solutions with local expertise.”

Paul ToussaInT CEO ING INduSTRIAL FuNd

IIF has provided strong returns to investors over the long term, together with security of income, underpinned by the Fund’s highly diversified portfolio. Looking ahead, the Fund’s active development pipeline will continue to underpin earnings growth with its property portfolio well positioned to benefit from favorable market conditions in Australia, Canada and Europe.

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RETuRN oN INvESTmENT

For the five years to 31 October 2007, IIF has delivered a total return to investors of 19.5% per annum[1] . As a result, $1,000 invested in the Fund at the beginning of this period has now grown to $2,434, a total increase of 143%.

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$2,434
2007
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1) Annual compound return includes unit price growth plus reinvestment of distributions.

EXPERTISE

IIF’s strength lies in its global platform and highly experienced team. Our property professionals have the skills and expertise to ensure the growth of IIF’s operating model; to develop, own and manage a portfolio of prime industrial properties and business parks in key global markets.

ENvIRoNmENTAL AWARDS

The Fund was recently awarded the Australian property Institute NSW Excellence in property Award for “Environmental development” for its flagship $145 million Rosehill Industrial Estate in Sydney.

The award recognises IIF’s ability to deliver excellent outcomes in sustainability, energy efficiency, and leading edge technology to create an innovative long term environmentally-friendly development, while still generating strong financial returns.

This is the second major award for the Estate, which also won the property Council of Australia’s Innovation & Excellence Award for Industrial/Business parks in May 2007.

GEoGRAPHIC DISTRIbuTIoN

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AUSTRALIA 51%
NSW 76%
VIC 19%
QLD 5%
CANADA 37%
ONTARIO 48%
ALBERTA 29%
QUEBEC 13%
OTHER 10%
EUROPE 12%
GERMANY 54%
SPAIN 31%
BELGIUM 8%
FRANCE 7%
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$1,000
2002
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19.5% PA1

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ARCbS HEADQuARTERS, bRISbANE, QLD (uNDER CoNSTRuCTIoN)

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FRANKSToN PRIvATE, FRANKSToN, vIC

ING REAL ESTATE hEALThCARE FuNd

ING Real Estate healthcare Fund (IhF) is the only ASX listed property trust that focuses solely on investing in healthcare property, including hospitals, medical office buildings, rehabilitation facilities, residential aged care, medical related laboratories and other purpose-built healthcare facilities. The Fund has a diversified Australian portfolio and is well placed to consider strategic offshore investment opportunities.

INvESTmENT PERFoRmANCE

Since listing in May 2006, IhF has acquired a further $139 million of high quality health property. The total return for the Fund on an annualised basis to 31 October was 15%. Income distributions for the year to 30 June 2007 were 8.4 cents per unit, of which 80% was tax deferred, with the forecast income distribution for 2007/2008 being 8.7 cents per unit. This provides an income yield (based on the 31 October unit price of $1.11) of 7.8%.

A HIGH QuALITY INvESTmENT WITH SPECIALISED TENANTS

We are pleased to be finalising construction of the Australian Red Cross Blood Service (ARCBS) Queensland State headquarters at kelvin Grove, Brisbane, with completion expected in early April 2008.

This modern facility adds an “A” grade building to IhF’s portfolio in addition to introducing two new government-backed tenants on long term leases. It will house the Queensland operation of the ARCBS, the national organisation that provides safe, high quality blood products and related services. The new facility will allow for a significant increase in blood processing, testing and storage capacity as well as supporting work on medical research opportunities. Co-locating within the premises, Queensland university of Technology (QuT) will operate a School of Biomechanics, a centre for physical activity, health and clinical education.

INComE bY SERvICE TYPE

purpose-built to suit its tenants’ specific requirements, this facility will be the first of its kind in Australia. ARCBS and QuT are making a significant investment in the building, funding all hard fitout and specialised equipment.

We believe it is key to our business to operate a partnering approach where we add value to our tenants through strategic property solutions. Ensuring that the tenant is provided with a highly efficient building platform is paramount to their financial performance, which in turn has a strong link to investment performance.

The management team at IhF has collectively in excess of 35 years of specialised health property experience and are leveraging this knowledge for the benefit of both tenants and investors.

DISCIPLINED GRoWTH AND oRGANIC EXPANSIoN

We are currently in the planning phase of significant organic growth opportunities across the portfolio, to create appropriate long term expansion and enhancement strategies for several of the Fund’s properties.

Looking forward to 2008, we are excited about prospects in this specialised and growing market. IhF is uniquely positioned to capitalise on the increasing level of healthcare expenditure, which provides future investment opportunities. The Fund has the competitive advantage of being the only ASX listed entity that focuses solely on investment in healthcare property. In addition, we are well placed to consider strategic investment opportunities in overseas markets, backed by the strength of ING’s global platform.

RETuRN oN INvESTmENT

KEY FuND DATA 31 oCTobER 2007

	KEY FuND DATA	31 oCTobER 2007
	ASX COdE TOTAL ASSETS	IhF $186.5 MILLION
	NuMBER OF pROpERTIES	7
	MARkET CApITALISATION pORTFOLIO OCCupANCy AVERAGE LEASE TERM	$55 MILLION 100% 9.3 yEARS
	ANNuALISEd yIELd1	7.8%
	TAX dEFERREd COMpONENT	80.6%
	dISTRIBuTION REINVESTMENT pLAN	NOT ACTIVE

1) Based on the annualised September 2007 quarter distribution.

“IHF is a long term, value-adding investor that provides stable and growing returns for unitholders, through investment in quality healthcare real estate.”

MIles WenTWorTh CEO ING REAL ESTATE hEALThCARE FuNd

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$1,228
2007
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15.0%PA1
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Since its inception in May 2006 IHF has delivered a total return to investors of 15.0% per annum[1] . As a result, $1,000 invested in the Fund at the beginning of this period has now grown to $1,228. 1) Annual compound return to 31 October 2007 includes unit price growth plus reinvestment of distributions

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$1,000
2006
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MEDICAL CONSULTING & OTHER 46% SURGICAL HOSPITAL 19% MATERNITY HOSPITAL 8% REHABILIATION HOSPITAL 14% DIAGNOSTICS 8% RADIOTHERAPY / ONCOLOGY 5%

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bRISbANE HoTEL, PERTH, WA
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TERREY HILLS TAvERN, TERREY HILLS, NSW
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ING REAL ESTATE ENTERTAINMENT FuNd

ING Real Estate Entertainment Fund (IEF) is a listed property trust that invests in entertainment and leisure venues. The Fund has maintained a focus on delivering value to unitholders through a clear investment strategy, disciplined acquisition programme, successful relationships with a wide variety of operators and ability to add value through redevelopment.

KEY FuND DATA 31 oCTobER 2007 oNGoING INvESTmENT PERFoRmANCE FoR uNITHoLDERS

KEY FuND DATA	31 oCTobER 2007
ASX COdE	IEF
TOTAL ASSETS	$510 MILLION
NuMBER OF pROpERTIES1	58
MARkET CApITALISATION	$206 MILLION
pORTFOLIO OCCupANCy	100%
AVERAGE LEASE TERM	13.0 yEARS
ANNuALISEd yIELd2	8.0%
TAX dEFERREd COMpONENT	55%
dISTRIBuTION REINVESTMENT pLAN	ACTIVE

Since its inception in July 2004, IEF has emerged as a leading participant in the hospitality sector and as at 31 October 2007, has consolidated a $510 million portfolio of 43 pubs[ 1] and 15 clubs across Australia and New Zealand.

Management’s disciplined investment strategy has delivered continued growth in distributions and asset value, demonstrated by the Fund’s recent sale of the pritchard hotel for $20 million, which was 22% over its original acquisition price. For the 2008 financial year, IEF is forecasting a distribution of 10.05 cents per unit, an increase of 3.6% on the prior period.

1) Includes properties under contract.

2) Based on the annualised September 2007 quarter distribution.

“IEF’s unique partnering approach aligns the Fund with its operators to improve asset quality and performance, delivering effective results for both operators and investors”

ouR DIvERSIFYING PoRTFoLIo PRovIDES bALANCED EXPoSuRE

In September 2007 we announced the acquisition of the Brisbane hotel, our first asset in Western Australia. We are delighted to establish a presence in the perth market, particularly with a hotel of this calibre, and to have retained its highly successful operator, Geoff hayward.

DanIel hargraves CEO ING REAL ESTATE ENTERTAINMENT FuNd

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Refurbished in 2004, the Brisbane hotel has carried off major awards since – winning prestigious “hotel of the year” prizes in 2005 and 2006 at the highly competitive Australian Bar Awards, beating some of Australia’s best venues. This acquisition was partially funded by last month’s unit purchase plan, which was strongly supported by unitholders, successfully raising $12.5 million in new equity.

RETuRN oN INvESTmENT

IEF seeks to continually diversify its asset and operator base and has established relationships with 18 operators. Collaborating with a broad range of partners allows IEF to hold a wide variety of assets, resulting in a balanced exposure to the sector for investors.

CoNTINuING IEF’S mEASuRED EXPANSIoN

Looking forward to 2008, we will continue to explore ways to add value within the portfolio. We are excited to be embarking on a long term redevelopment programme with our partners at panthers Entertainment Group, with each of their 14 sites currently being considered for opportunities to maximise latent value and enhance asset performance.

Management is committed to increasing the diversification and expansion of IEF in Australia and New Zealand by securing value-adding acquisitions with potential for long term sustainable growth, with the aim of providing a steady and growing income for investors. The size of the licensed hotel and club sector in Australia is significant, offering continuing opportunities for growth. In addition we will explore the potential for diversifying the Fund into overseas markets through ING Real Estate’s global platform.

DISTRIbuTIoN AND NAv GRoWTH

Since its inception in July 2004 IEF has delivered a total return to investors of 15.1% per annum[1] . As a result, $1,000 invested in the Fund at the beginning of this period has now grown to $1,593.

1) Annual compound return to 31 October 2007 includes unit price growth plus reinvestment of distributions.

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$1,000
2004
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$1,593
2007
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$2.00 NET ASSET VALUE PER UNIT DISTRIBUTION (CENTS) 10.2
DISTRIBUTION (CPU)
$1.80 10.0
NAV
$1.60 9.8
$1.40 9.6
$1.20 9.4
$1.00 9.2
$0.80 9.0
2005 2006 2007 2008 [2]
2) Forecast
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15.1%PA1

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INVESTMENT OppORTuNITIES

ING Real Estate Australia has in recent years expanded to now offer five property trusts listed on the ASX. Many of our 61,000 investors are interested in the convenience a single investment that is diversified across our business. As a result, in early 2008 we intend establishing the ING Real Estate diversified portfolio.

ING Investment Management has been an Australian pioneer in building diversified private equity portfolios for institutional investors. It has subsequently designed ING private Equity Access Limited to provide opportunities previously not available to smaller investors.

ING REAL ESTATE dIVERSIFIEd pORTFOLIO

ING pRIVATE EQuITy ACCESS LIMITEd

ING REAL ESTATE DIvERSIFIED PoRTFoLIo offers the convenience of a Fund that invests into our five listed property trusts, providing you with a diversified investment across the office, industrial, seniors and student housing, entertainment and healthcare property sectors. The portfolio has total assets exceeding $11 billion in Australia, New Zealand, North America and Europe.

SPECIFICALLY DESIGNED FoR GEARED LoNG TERm GRoWTH as the Fund will borrow to a target level of 40% – 50% of total assets, taking advantage of debt obtained at a competitive ‘wholesale’ interest rate to magnify long term returns for investors.

SECuRE AND GRoWING TAX EFFECTIvE INComE paid to you quarterly.

REGuLAR ACCESS To YouR INvESTmENT as the Fund will accept monthly applications and withdrawals.

IDEAL FoR SuPERANNuATIoN FuNDS seeking the benefits of gearing through a long term investment in the Fund.

ING PRIvATE EQuITY ACCESS LImITED (ING PEAL) (ASX CoDE: IPE) is the first Australian listed vehicle to provide investors with access to a multi manager private equity portfolio.

WHAT ARE PRIvATE EQuITY INvESTmENTS?

‘private equity’ is a generic term covering investments predominantly in unlisted companies at various stages of their development. It is used to describe investments ranging from seed or start-up capital to later stage development capital to management buy-outs and buy-ins. The major portion of the investment return is usually realised when the company or business is sold or listed on a stock exchange.

oPPoRTuNITIES FoR INvESToRS

private equity is increasingly used by institutional investors as a part of their asset allocation. They recognise its potential to offer superior long term returns, greater portfolio diversification and a reduction in a portfolio’s volatility. The value of private equity assets may also be driven by factors different from those that affect the broader listed equity market. ING pEAL currently has a significant gap between its share price and its conservatively stated net asset backing.

INvESTmENT TYPE	An unlisted fund that will acquire units in
	ING Real Estate Australia’s fve listed property
	trusts and may acquire units in other property
	trusts managed by ING Real Estate Australia.
RECommENDED	Five years. Fund is specifcally designed
INvESTmENT TImEFRAmE	for geared long term growth.
INvESTmENT PoRTFoLIo	The Fund will hold units in:
	> ING Offce Fund > ING Industrial Fund
	> ING Real Estate Community Living Group
	> ING Real Estate Entertainment Fund
	> ING Real Estate healthcare Fund
oPEN FoR INvESTmENT	The Fund will accept monthly applications
	commencing in early 2008.

hOW dO I INVEST?

	INvESTmENT AND	Fully paid ordinary shares are quoted on the Australian
	SECuRITY TYPE	Securities Exchange (ASX code: IpE). ING pEAL is a
		listed investment company which listed on the ASX
		on 25 November 2004.
	INvESTmENT mANAGER	ING Investment Management Limited (AFSL 233793)
	INvESTmENT obJECTIvE	The company’s investment objective is to provide real
		long term returns that are superior to those provided
		by traditional asset classes. It will provide investors with
		the benefts of a well diversifed private equity exposure.
	LoNG TERm	private equity: >90%
	TARGET ALLoCATIoN	Listed equities, fxed interest and cash: <10%
	ACHIEvEmENTS	> Consistent proft, dividend and NTA growth
	SINCE LISTING	> high quality private equity portfolio which
		is impossible to replicate
		> Introduction of a dividend reinvestment plan
		> Current yield of almost 8% per annum
		with tax advantages

An investment in the Ing real estate Diversified Portfolio can only be made through the product disclosure Statement (pdS). To obtain a pdS:

• As an existing ING Real Estate Investment Management Australia investor a brochure summarising the Fund will be posted to you in early 2008.

• please complete and return the reply paid section of the brochure and we will post you a copy of the pdS.

Shares in Ing Private equity access limited can be bought on the ASX. For more information:

• Visit our website www.ingpeal.com.au

• Email us at ingpeal@ing.com.au

• phone us on 1300 365 439

• Contact your financial adviser or broker

ING REAL ESTATE

$160 BILLION IN ASSETS uNdER MANAGEMENT pRESENCE IN 27 COuNTRIES

GLobAL PRESENCE

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uNIQuE GLobAL ADvANTAGE

ING Real Estate Australia has eight property funds with over 61,000 investors. In Australia, the main activities of ING Real Estate include funds management, property and asset management, finance and development. Operations span global real estate markets and encompass office, industrial, retail, seniors and student housing, entertainment and healthcare property sectors. ING Real Estate Australia is part of the ING Real Estate global platform, one of the world’s leading property investment managers, with over $160 billion in assets under management and a presence in 27 countries across the globe.

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disclaimer The ING Real Estate Investment Management Australia (INGREIMA) update has been prepared by INGREIMA. This update is for information purposes only and does not constitute an offer for sale or investment in any of the aforementioned Funds. It is intended to provide general information concerning INGREIMA’s business activities and does not have regard to the investment objectives, financial situation or individual needs of investors. We recommend investors seek professional advice before making any investment decision in relation to any of INGREIMA’s products. In preparing this information, INGREIMA has obtained information from sources we believe to be reliable, but do not offer any guarantees as to its accuracy or completeness. Whilst care has been taken in the preparation, neither INGREIMA nor any related party accepts any liability for any loss howsoever caused through reliance on this information by any person.

REASONS TO INVEST

ING REAL ESTATE CommuNITY LIvING GRouP

ING REAL ESTATE HEALTHCARE FuND

ING oFFICE FuND

ING INDuSTRIAL FuND

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Community Living GroupING Real Estate Annual Report 2007 ING office FundAnnual Report 30 JuNE 2007 ING Industrial FundAnnual Report 2007 Healthcare FundING Real Estate Annual Report 2007
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demand for health services is growing strongly due to an ageing population, increased life expectancy and advances in medical technologies

ILF is the only listed property group on the ASX specialising in seniors and student housing

Secure and growing income for investors underpinned by IOF’s track record of actively managing assets and retaining major tenants

Secure and growing income from a $5.9 billion high quality portfolio of assets in six countries across three continents

The ageing populations in both Australia and North America provide considerable opportunity for the Fund, where increased demand from quality seniors housing communities is expected to continue over the long term

An active industrial development pipeline to accommodate the needs of current and potential tenants and enhance returns to investors

The Fund’s $3.8 billion portfolio is diversified across Australia, the united States and Europe with investments in some of the strongest performing global office markets

healthcare property is less cyclical and is therefore characterised by lower volatility than other property sectors, providing attractive, risk-adjusted returns for investors

Established and highly experienced management teams in both Australia and Canada are a key strength of the Fund

The Fund’s $1.2 billion portfolio has delivered strong growth in returns for investors and outperformed the S&p/ASX 300 property Trust index

The Fund has a proven ability to invest globally using local expertise in each market through ING Real Estate’s global business

IhF is the only ASX listed property trust specialising in healthcare real estate

ING REAL ESTATE ENTERTAINmENT FuND

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Entertainment FundING Real Estate Annual Report 30 June 2007
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The size of the licensed hotel and club sector is significant. This provides IEF with continuing opportunities for growth

IEF has established a diversified portfolio of 58 high quality assets on long term leases, providing growing income for investors

Each operator has significant financial capital invested, ensuring continual focus on improving profitability and investment returns

Environmentally Friendly This document is printed ING Office Fund on Monza Satin Recycled, an FSC credited paper, Armstrong Jones Office Fund ARSN 090 242 229 manufactured using Elemental Chlorine Free pulp that prime Credit property Trust ARSN 089 849 196 contains 55% Recycled fibre (25% post Consumer fibre / 30% preconsumer Fibre). The mill is certified under ING Real Estate Community Living Group ING Real Estate Community Living Management Trust ARSN 122928410 ISO 14001 and IppC environmental management systems. ING Real Estate Community Living Fund ARSN 107459576 FSC Chain of Custody (CoC) promotes responsible forest management. FSC has developed principles for ING Industrial Fund certifying the management of forest holdings, and a ARSN 089 038 175 system of tracing, verifying and labeling timber and wood products which originate from FSC certified forests. ING Real Estate healthcare FundARSN 118 712 584 ING Real Estate Entertainment Fund 25% ARSN 108 982 627 Cert no. SGS-COC-3047 ING private Equity Access LimitedACN 107 843 381

For information relating to any of the products outlined in this update, please contact your financial adviser or ING Real Estate Investment Management Australia: Ing real estate Level 6, 345 George Street Sydney NSW 2000

For information relating to any of the For questions relating to your unitholding – products outlined in this update, please address changes, distribution instructions, contact your financial adviser or ING Real tax file numbers, registration of units or Estate Investment Management Australia: account history; please direct them to the Ing real estate Fund’s unit Registry: Level 6, 345 George Street link Market services limited Sydney NSW 2000 Level 12, 680 George Street T: +61 2 9033 1035 Sydney NSW 2000 F: +61 2 9033 1060 T: 1300 653 497 E: realestate@ingrealestate.com F: +61 2 9287 0303 W: www.ingrealestate.com.au/investment E: ingrealestate@linkmarketservices.com.au