1. Do not put content on the brand signature area ING (L) Invest Asia Pacific High Dividend September 2007 Asia ex Japan Equity Team ING Investment Management Asia Pacific

2. Do not put content on the brand signature area Orange RGB= 255,102,000 Light blue RGB= 180,195,225 Dark blue RGB= 000,000,102 Grey RGB= 150,150,150 ING colour balance Guideline www.ing-presentations.intranet ING Asia Pacific High Dividend – September 20072 Introduction Fund Objective The Asia Pacific High Dividend Fund seeks to provide investors with high dividend income yield as well as long term capital appreciation by investing in a diversified portfolio of equities listed in the Asia Pacific region. Key Benefits to Investors 1)Income returns from a high dividend yield portfolio 2)Capital returns from stock selection within a high dividend Asia Pacific stock universe 3)Risk control and portfolio positioning to ensure strategic diversification 4)Attractive return / risk profile in bull and bear cycles 5)Strong team and investment process in the management of the fund

3. Do not put content on the brand signature area Orange RGB= 255,102,000 Light blue RGB= 180,195,225 Dark blue RGB= 000,000,102 Grey RGB= 150,150,150 ING colour balance Guideline www.ing-presentations.intranet ING Asia Pacific High Dividend – September 20073 Framing the Key Issues ING Asia Pacific High Dividend Exposure to the attractive return opportunities offered by Asia Pacific equities A steady and stable current income stream An experienced management team with a proven track record and strong regional presence in Asia Pacific 1 2 3 The investor desires…

4. Do not put content on the brand signature area Orange RGB= 255,102,000 Light blue RGB= 180,195,225 Dark blue RGB= 000,000,102 Grey RGB= 150,150,150 ING colour balance Guideline www.ing-presentations.intranet ING Asia Pacific High Dividend – September 20074 ING IM a Pioneer in High Dividend investing... Global High Dividend > AUM:EUR 4.9bn Euro + Europe High Dividend > AUM: EUR 4.6bn US High Dividend > AUM: EUR 186m Data as of 30 June 2007 The same high dividend philosophy and process was tested, customised and implemented for Asia Pacific...

5. Do not put content on the brand signature area Orange RGB= 255,102,000 Light blue RGB= 180,195,225 Dark blue RGB= 000,000,102 Grey RGB= 150,150,150 ING colour balance Guideline www.ing-presentations.intranet ING Asia Pacific High Dividend – September 20075 ING Asia Pacific High Dividend funds ING Asia Pacific High Dividend (Cayman registered) Bloomberg:INGAPHD KY Equity Inception:31 Oct 2005 AUM:USD$28.5m Portfolio construction: Approximately 75 to 110 stocks Equal weighted approach Risk Controls: No specific tracking error limits. Avoidance of concentration of risks which ensure that country and sector exposures are within 10% active weight limits relative to MSCI AC Asia Pacific ex Japan. Data as of 31 July 2007 ING Asia Pacific High Dividend (Taiwan registered) Bloomberg:INGAPHD TT Equity Inception:9 May 2006 AUM:USD$457.4m ING Asia Pacific High Dividend Equity Income Fund (USA) Bloomberg:XIAEX US Equity Inception:28 March 2007 AUM:USD$321.8m

6. Do not put content on the brand signature area Orange RGB= 255,102,000 Light blue RGB= 180,195,225 Dark blue RGB= 000,000,102 Grey RGB= 150,150,150 ING colour balance Guideline www.ing-presentations.intranet ING Asia Pacific High Dividend – September 20076 ING Asia Pacific High Dividend Performance Data as of 31 August 2007. Total return figures for the fund include quarterly dividends distributed. The Cayman registered fund has paid out USD$0.12 quarterly dividends, or USD$0.48 per year. The inception of the fund was USD$10.00. 1m2m3m6m12m YTD 2007 ING Asia Pacific High Dividend (Cayman) gross total return in USD -3.0%+0.4%+3.3%+19.6%+44.5%+22.5% MSCI AC Asia Pacific ex Japan total return in USD-1.6%+2.9%+7.3%+21.3%+43.6%+21.5% Excess Return-1.4%-2.5%-4.0%-1.7%+0.9%+1.0% The fund has not been rated by an external agency. However, our own internal comparisons with similar competitors reveal that we rank close to the top.

7. Do not put content on the brand signature area Orange RGB= 255,102,000 Light blue RGB= 180,195,225 Dark blue RGB= 000,000,102 Grey RGB= 150,150,150 ING colour balance Guideline www.ing-presentations.intranet ING Asia Pacific High Dividend – September 20077 Why Asia Pacific Equities? Asia Pacific ex Japan accounts for about 8% to 9% of the MSCI World equity index (and Asia Pacific accounts for about 18% of the MSCI World equity index) Macroeconomic growth in this region is strong and we expect it to remain high and well supported for the long term Corporate earnings growth is attractive Asian corporates in good shape Valuations, dividend yields and dividend growth are attractive

8. Do not put content on the brand signature area Orange RGB= 255,102,000 Light blue RGB= 180,195,225 Dark blue RGB= 000,000,102 Grey RGB= 150,150,150 ING colour balance Guideline www.ing-presentations.intranet ING Asia Pacific High Dividend – September 20078 The Case for High Dividend Yield Strategy 1) Compound interest of dividends

9. Do not put content on the brand signature area Orange RGB= 255,102,000 Light blue RGB= 180,195,225 Dark blue RGB= 000,000,102 Grey RGB= 150,150,150 ING colour balance Guideline www.ing-presentations.intranet ING Asia Pacific High Dividend – September 20079 The Case for High Dividend Yield Strategy 2) Dividend yield strategy as a medium to long term alpha source We back-tested 15,000+ portfolio simulations and 30 factors for the Asia Pacific stock universe, over different bear & bull cycle scenarios, and found the following: a)Dividend Yield as a medium to long term alpha source Over a 7 year period from Dec 1997, our backtested Asia Pacific high dividend portfolio achieved +350% absolute return (versus a +85% return for the benchmark). b)Dividend Yield combined with other stock selection factors Additional returns of +5% to +15% per annum can be achieved when dividend yields are combined with other stock selection factors.

10. Do not put content on the brand signature area Orange RGB= 255,102,000 Light blue RGB= 180,195,225 Dark blue RGB= 000,000,102 Grey RGB= 150,150,150 ING colour balance Guideline www.ing-presentations.intranet ING Asia Pacific High Dividend – September 200710 The Case for High Dividend Yield Strategy 3) Return / Risk profiles in various market cycles Full Backtested Period 31 Dec 1997 to 31 Mar 2005 covering various bull & bear cycles APHD = Asia Pacific High Dividend simulated portfolio. Returns are after transaction costs. All other indices are actual index returns. 31 Dec 1997 to Mid 1998: last 6 months of Asian financial crisis Mid 1998 to 31 Dec 1999: strong technology rally

11. Do not put content on the brand signature area Orange RGB= 255,102,000 Light blue RGB= 180,195,225 Dark blue RGB= 000,000,102 Grey RGB= 150,150,150 ING colour balance Guideline www.ing-presentations.intranet ING Asia Pacific High Dividend – September 200711 The Case for High Dividend Yield Strategy 3) Return / Risk profiles in various market cycles APHD = Asia Pacific High Dividend simulated portfolio. Returns are after transaction costs. All other indices are actual index returns. 31 Dec 1999 to 31 Sep 2001 : full bear cycle from tech crash to Sep 2001 terrorist effects 30 Sep 2001 to 31 Mar 2005 : Post Sep 2001, Iraq war, and post war rally from mid 2003 onwards

12. Do not put content on the brand signature area Orange RGB= 255,102,000 Light blue RGB= 180,195,225 Dark blue RGB= 000,000,102 Grey RGB= 150,150,150 ING colour balance Guideline www.ing-presentations.intranet ING Asia Pacific High Dividend – September 200712 Universe of Asia Pacific Equities The Asia Pacific High Dividend fund can invest in the following countries: Australia China Hong Kong India Indonesia Japan Malaysia New Zealand Philippines Singapore South Korea Taiwan Thailand There are over 25,000 listed equities in these markets. The fund will hold between 75 to 110 equities. The Asia Pacific ex Japan region accounts for approx 8% to 9% of MSCI AC World

13. Do not put content on the brand signature area Orange RGB= 255,102,000 Light blue RGB= 180,195,225 Dark blue RGB= 000,000,102 Grey RGB= 150,150,150 ING colour balance Guideline www.ing-presentations.intranet ING Asia Pacific High Dividend – September 200713 Investment Process Overview Total Asia Pacific Universe 25,000 stocks Daily Liquidity and Market Cap 3,000 stocks Dividend Yield 500 stocks Equity Portfolio 75-110 stocks Stock Selection 100-120 stocks  Dividend Yield Filter >2.5%  Quantitative Ranking  Bottom-up fundamental analysis  Risk diversification and portfolio positioning  Country and sector limits +/- 10% of benchmark Screen:  Liquidity (USD$2m Daily)  Market Cap (USD$100m)

14. Do not put content on the brand signature area Orange RGB= 255,102,000 Light blue RGB= 180,195,225 Dark blue RGB= 000,000,102 Grey RGB= 150,150,150 ING colour balance Guideline www.ing-presentations.intranet ING Asia Pacific High Dividend – September 200714 Security Selection Quantitative Analysis Qualitative Analysis ING’s quantitative evaluation is based on factors which identify attractive stocks from within the high dividend yield universe. Over 30 factors are tested. Factors and filters considered for the model include not only dividend yield but also earnings yield, earnings growth, analyst sentiment, altman score, and qualitative scoring inputs from our local Asia Pacific offices. Poorly ranked stocks are not owned. The specific factors and weightings used in the model are continually reviewed and evaluated. Review of stocks screened in the model portfolio using our fundamental research platform to ensure we have confidence in the future growth of the selected companies and their ability to pay sustainable dividends. Multi-dimensional analysis to capture impact of fundamental trends on countries and companies, including inputs from local ING IM analysts in Asia Pacific. Internal bottom up company evaluation Business Outlook Valuations and Multiples Financial Performance Management Quality

15. Do not put content on the brand signature area Orange RGB= 255,102,000 Light blue RGB= 180,195,225 Dark blue RGB= 000,000,102 Grey RGB= 150,150,150 ING colour balance Guideline www.ing-presentations.intranet ING Asia Pacific High Dividend – September 200715 Portfolio Characteristics As of 31 August 2007 ING Asia Pacific High Dividend Fund (Cayman) MSCI AC Asia Pacific ex Japan Historical Dividend Yield (FY0), after taxes4.5 %2.4 % 12 month Forward Dividend Yield, after taxes *5.0 %2.9 % 12 month Forward Price to Earnings ratio *11.915.9 Price to Book ratio2.32.7 Price to Sales ratio1.21.9 Return on Equity27.9 %20.4 % Historical Earnings Growth16.3 %24.1 % Forward Earnings Growth FY1/FY011.7 %19.4 % Forward Earnings Growth FY2/FY110.4 %15.5 % Volatility (since inception of fund in Oct 2005) 10.9 %11.8 % ** Tracking error (last 12 months relative to benchmark) 3.6 %- Beta relative to benchmark (as of 30 March 2007) 0.901.00 * 12 month forward, time weighted, calculations as of 31 August 2007 ** The 12% volatility of the MSCI AC Asia Pacific ex Japan USD benchmark is approximately due to 10% volatility in stock prices plus 2% volatility due to currencies.

16. Do not put content on the brand signature area Orange RGB= 255,102,000 Light blue RGB= 180,195,225 Dark blue RGB= 000,000,102 Grey RGB= 150,150,150 ING colour balance Guideline www.ing-presentations.intranet ING Asia Pacific High Dividend – September 200716 Country & Sector Weights As of 31 August 2007 Country Weighting (%) COUNTRYPortfolioBenchmark Australia25.727.0 China9.315.9 Hong Kong11.812.9 India2.16.1 Indonesia1.2 Japan0.0 Malaysia6.40.0 New Zealand2.20.0 Pakistan0.0 Philippines2.80.0 Singapore6.56.2 South Korea15.416.7 Taiwan15.114.0 Thailand1.40.0 Representative Characteristics from ING Asia Pacific High Dividend Fund (Cayman registered fund). Data as of 31 August 2007 Sector Weighting (%) SECTORPortfolioBenchmark Consumer Discretionary 10.33.4 Consumer Staples5.25.9 Energy6.28.6 Financials31.837.7 Healthcare0.01.2 Industrials11.19.4 Information Technology 10.512.5 Materials9.79.3 Telecommunication Services 12.88.7 Utilities2.43.2

17. Do not put content on the brand signature area Orange RGB= 255,102,000 Light blue RGB= 180,195,225 Dark blue RGB= 000,000,102 Grey RGB= 150,150,150 ING colour balance Guideline www.ing-presentations.intranet ING Asia Pacific High Dividend – September 200717 Performance Characteristics

18. Do not put content on the brand signature area Orange RGB= 255,102,000 Light blue RGB= 180,195,225 Dark blue RGB= 000,000,102 Grey RGB= 150,150,150 ING colour balance Guideline www.ing-presentations.intranet ING Asia Pacific High Dividend – September 200718 Unparalleled Coverage of Asian Investments  US$91 billion in Assets Under Management  Presence in 12 locations in the region  The widest network and largest pool of financial professionals in Asia ex-Japan*. There are over 230 investment professionals in ING IM in Asia Pacific  The 3rd largest retail fund manager in Asia ex- Japan and Australia* Strong Presence in Asia Pacific ING Investment Management – Asia Pacific As of 31 December 2006 * Asia Asset Management, September 2006

19. Do not put content on the brand signature area Orange RGB= 255,102,000 Light blue RGB= 180,195,225 Dark blue RGB= 000,000,102 Grey RGB= 150,150,150 ING colour balance Guideline www.ing-presentations.intranet ING Asia Pacific High Dividend – September 200719 ING IM Asia Pacific Regional Equity Team Bratin Sanyal Head of Asian Equity Teik Cheah Regional Head of Quantitative Resources & Investment Risk Asian Equity Local Equity Oscar Leung Senior Investment Manager Michael Chiu Senior Investment Manager Gregory Ko Assistant Investment Manager Kelly Chung Investment Analyst Asian Quantitative Resources  Malaysia  Philippines  Singapore  Taiwan  Thailand  New Zealand  Australia  China  Hong Kong  India  Japan  Korea Local Head of Equity 12 Asian Countries Charlie Yang Investment Analyst Barbara Chan Quantitative Investment Manager Benjamin So Quantitative Analyst Gilbert Tan Quantitative Analyst Samuel Hui Data Analyst Nicholas Toovey Regional Head of Equity Hong Kong officeLocal offices Our team members understand the Asia Pacific region – most of our investment professionals were born in this region, and are now living and working in this region.

20. Do not put content on the brand signature area Orange RGB= 255,102,000 Light blue RGB= 180,195,225 Dark blue RGB= 000,000,102 Grey RGB= 150,150,150 ING colour balance Guideline www.ing-presentations.intranet ING Asia Pacific High Dividend – September 200720 Key Benefits to Investors Exposure to Asia Pacific equities Exposure to a value based high dividend strategy, within a high growth region Benefit from a diversified portfolio with favourable characteristics in the areas of volatility, dividend yield, earnings yield, earnings growth, and country & sector exposures Benefit from a strong investment process combining the best of quantitative and fundamental analyses Access the know how & investment expertise of ING Asian Pacific team members who were born and who live & work in this region

21. Do not put content on the brand signature area Orange RGB= 255,102,000 Light blue RGB= 180,195,225 Dark blue RGB= 000,000,102 Grey RGB= 150,150,150 ING colour balance Guideline www.ing-presentations.intranet ING Asia Pacific High Dividend – September 200721 Appendix - Biographies

22. Do not put content on the brand signature area Orange RGB= 255,102,000 Light blue RGB= 180,195,225 Dark blue RGB= 000,000,102 Grey RGB= 150,150,150 ING colour balance Guideline www.ing-presentations.intranet ING Asia Pacific High Dividend – September 200722 Appendix - Biographies

23. Do not put content on the brand signature area Orange RGB= 255,102,000 Light blue RGB= 180,195,225 Dark blue RGB= 000,000,102 Grey RGB= 150,150,150 ING colour balance Guideline www.ing-presentations.intranet ING Asia Pacific High Dividend – September 200723 Appendix - Biographies

24. Do not put content on the brand signature area Orange RGB= 255,102,000 Light blue RGB= 180,195,225 Dark blue RGB= 000,000,102 Grey RGB= 150,150,150 ING colour balance Guideline www.ing-presentations.intranet ING Asia Pacific High Dividend – September 200724 Disclaimer The elements contained in this document have been prepared solely for the purpose of information and do not constitute an offer, in particular a prospectus or any invitation to treat, buy or sell any security or to participate in any trading strategy. This document is intended only for professional investors. While particular attention has been paid to the contents of this document, no guarantee, warranty or representation, express or implied, is given to the accuracy, correctness or completeness thereof. Any information given in this document may be subject to change or update without notice. Neither ING Investment Management (for this purpose using the legal entity ING Investment Management Luxembourg S.A. nor any other company or unit belonging to the ING Group, nor any of its officers, directors or employees can be held direct or indirect liable or responsible with respect to the information and/or recommendations of any kind expressed herein. The information contained in this document cannot be understood as provision of investment services. If you wish to obtain investment services please contact our office for advice. Use of the information contained in this document is solely at your risk. No direct or indirect liability is held for any loss sustained or incurred by readers as a result of using this publication or basing any decisions on it. Investment sustains risk. Please note that the value of your investment may rise or fall and also that past performance is not indicative of future results and shall in no event be deemed as such. This presentation and information contained herein is confidential and must not be copied, reproduced, distributed or passed to any person at any time without our prior written consent. Any claims arising out of or in connection with the terms and conditions of this disclaimer are governed by Dutch law. ING (L) Invest Asia Pacific High Dividend is a subfund of ING (L) Invest (SICAV) established in Luxembourg. ING (L) Invest (SICAV), is duly authorised by the Commission de Surveillance du Secteur Financier (CSSF) in Luxembourg. Both funds are registered with the CSSF. For more detailed information about the investment fund we refer to the prospectus and the corresponding supplements. In relation to the investment fund mentioned in this document a Financial Information Leaflet (simplified prospectus) has been published containing all necessary information about the product, the costs and the risks which may occur. Do not take unnecessary risk. Read the Financial Information Leaflet (simplified prospectus). Investment funds do not offer guaranteed returns and any past returns are not indicative nor do they secure future returns. The prospectus, supplement and the Financial Information Leaflets (simplified prospectus) are available on the following website: www.ingim.com. The information in this document is not intended to solicit sales of investments or subscription of securities in countries where this is prohibited by the relevant authorities or legislation. Read the prospectus before investing.