INGENIA COMMUNITIES GROUP — Major Shareholding Notification 2006

Nov 20, 2006

$1/$

CALEDONIA

Level 21, Gold Fields House, 1 Alfred Street, Sydney, NSW 2000 Australia Telephone: (61-2) 9255 7600 Facsimile: (61-2) 9255 7610 e-mail: cil@caledonia.com.au

21 November 2006

The Manager Company Announcements Australia Stock Exchange (Sydney) Limited 20 Bridge Street SYDNEY NSW 2000

By Fax: 1900 999 279

Dear Sir

Notice of change of interests of substantial holder Caledonia Investments Pty Limited (ACN 055 008 556)

Please see herewith notice of change of interests of substantial holder for Caledonia Investments Pty Limited and its associates.

The notice has been faxed to the company secretary.

As part of a recent review of our substantial shareholder monitoring and notification procedures, we became aware that additional interests held for substantial periods need to be aggregated with other holdings for the purposes of relevant interests notifications. We have prepared the attached notice as soon as practicable after becoming aware of this.

Yours Sincerely

Bernard Stanton Company Secretary

$\lambda$

604 page 1/2 15 July 2001

Form 604

Corporations Act 2001 Section 671B

Notice of change of interests of substantial holder

To Company Name/Scheme	ING REAL ESTATE COMMUNITY LIVING FUND
ACN/ARSN	107 459 576

1. Details of substantial holder(1)

Name	CALEDONIA INVESTMENTS PTY LIMITED & ITS ASSOCIATED ENTITIES
ACN/ARSN (if applicable)	055 0087 556
There was a change in the interests of the substantial holder on	21/11/2006

$20/07/2006$

$20/07/2006$

2. Previous and present voting power

The previous notice was given to the company on

The previous notice was dated

The total number of votes attached to all the voting shares in the company or voting interests in the scheme that the substantial holder or an associate (2) had a relevant interest (3) in when last required, and when now r

Class of securities (4)	Previous natice		Present notice
	Person's votes	Voting power (5)	Person's votes	Voting power (5)
ORDINARY	34,884,501 11.46%		44, 484, 261 14.37%

3. Changes in relevant interests

Particulars of each change in, or change in the nature of, a relevant interest of the substantial holder or an associate in voting securities of the company or scheme, since the substantial holder was last required to give

Date of change	Person whose relevant interest changed	Nature of change (6)	Consideration given in relation to change (7)	Class and number of securities affected	Person's votes affected
21/11/2006 REFER TO		REFER TO COVER LETTER	REFER TO COVER	ORDINARY	9,599,760
	ANNEXURE "A"		LETTER	9.599,760

4. Present relevant interests

Particulars of each relevant interest of the substantial holder in voting securities after the change are as follows:

Holder of relevant interest	Registered holder of securities	Person entitled to be registered as holder (8)	Nature of relevant interest (6)	Class and number of securities	Person's votes
REFER TO	IREFER TO	REFER TO	POWER TO VOTE	ORDINARY	44,484,261
ANNEXURE	ANNEXURE "A"	ANNEXURE "A"		44,484,261
і"А"

$\overline{\mathbf{3}}$

604 page 2/2 15 July 2001

5. Changes in association

The persons who have become associates (2) of, ceased to be associates of, or have changed the nature of their association (9) with, the substantial holder in relation to voting interests in the company or scheme are as follows:

Name and ACN/ARSN (if applicable)	Nature of association ---- .
TO COVER LETTER REFER
ANNEXURE "A" AND

6. Addresses

The addresses of persons named in this form are as follows:

------------- Name	---- -- Address
ANNEXURE "A" REFER TO.	---------

Signature

print name BERNARD STANTON	capacity DIRECTOR
sign here	21/ 11 /2006 date

DIRECTIONS

• $(1)$ If there are a number of substantial holders with similar or related relevant interests (eg. a corporation and its related corporations, or the manager and trustee of an equity trust), the names could be included in an annexure to the form. If the relevant interests of a group of persons are essentially similar, they may be referred to throughout the form as a specifically named group if the membership of each group, with the names and addresses of members is clearly set out in paragraph 6 of the form.
• $(2)$ See the definition of "associate" in section 9 of the Corporations Act 2001.
• $\left\langle 3\right\rangle$ See the definition of "relevant interest" in sections 608 and 671B(7) of the Corporations Act 2001.
• $\left( 4\right)$ The voting shares of a company constitute one class unless divided into separate classes.
• $(5)$ The person's votes divided by the total votes in the body corporate or scheme multiplied by 100.

$(6)$ Include details of:

• any relevant agreement or other circumstances because of which the change in relevant interest occurred. If subsection 671B(4) applies, a copy of any $(a)$ document setting out the terms of any relevant agreement, and a statement by the person giving full and accurate details of any contract, scheme or arrangement, must accompany this form, together with a written statement certifying this contract, scheme or arrangement; and
• $(b)$ any qualification of the power of a person to exercise, control the exercise of, or influence the exercise of, the voting powers or disposal of the securities to which the relevant interest relates (indicating clearly the particular securities to which the qualification applies).

See the definition of "relevant agreement" in section 9 of the Corporations Act 2001.

• Details of the consideration must include any and all benefits, money and other, that any person from whom a relevant interest was acquired has, or may, becom'e $\left( 7\right)$ entitled to receive in relation to that acquisition. Details must be included even if the benefit is conditional on the happening or not of a contingency. Details must be included of any benefit paid on behalf of the substantial holder or its associate in relation to the acquisitions, even if they are not paid directly to the person from whom the relevant interest was acquired.
• $(0)$ If the substantial holder is unable to determine the identity of the person (eq. if the relevant interest arises because of an option) write "unknown".
• Give details, if appropriate, of the present association and any change in that association since the last substantial holding notice. $(9)$

ANNEXURE "A"

TO FORM 604 dated 21/11/2006

The associated entities are:

Caledonia Investments Pty Limited (ACN 055 008 556) - (as Fund Manager).

Caledonia (Private) Investments Pty Limited (ACN 003 977 115) - (as Fund Manager).

Mark A. Nelson

J. William Vicars

Each entity has Level 21, 1 Alfred Street, Sydney NSW 2000 as its registered office.