ING Funds Launches ING Principal Protection Fund VI as Investors' Interest In Wealth Preservation Continues

ING's U.S. financial services operations announced today that its retail mutual fund unit, ING Funds, has launched ING Principal Protection Fund VI (IPPF VI), a mutual fund with a five-year period of guarantee(1) of principal. ING Funds seeks to be a premier provider of core holdings for investors and a leader in the Principal Protection type funds with more than $6 billion in assets managed in this type of strategy.

"ING Funds' introduction of IPPF VI is in response to demand among investors, particularly investors focused on wealth preservation," said Bob Boulware, president of ING Funds Distributor, LLC, distributor for the Fund. "Investors still feel a great deal of uncertainty with current market conditions, and remain interested in more stable alternatives for a portion of their investable assets. With the guidance of a trusted financial advisor, investors are looking for investment options that address those marketplace uncertainties. Investors feel comfortable putting their retirement assets in places that offer a period of safety, rather than in places with no guarantees."

The offering period of IPPF VI begins Feb. 3, 2003, and runs through April 15, 2003. The Fund is open to investors only during this two-and-a-half month offering period (for IRA transfers, the deadline is March 14, 2003). A quiet period follows the offering period, which runs from April 16, 2003, through April 23, 2003, during which no new deposits will be accepted. During the quiet period, assets will remain invested in short-term investments allowing time to permit settlement of funds. The guarantee of principal is backed by MBIA Insurance Corp., an AAA-rated monoline insurer.*

The five-year guarantee period follows the quiet period and runs from April 24, 2003, through April 22, 2008. Throughout the guarantee period, the net asset value (NAV) of the Fund may rise and fall. At the end of the guarantee period, shareholder account values are guaranteed to be no less than their account value based on the NAV on the last day of the quiet period, less certain Fund expenses, provided shareholders made no transfers or redemptions, and have reinvested all dividends and capital gains distributions during the guarantee period.(1)

At the end of the guarantee period, investors may choose to keep their balances invested in the Fund during the IPPF VI Index Plus LargeCap Period, exchange assets into the same share classes of other ING Funds, or receive their IPPF VI account balances in cash. An exchange or redemption may trigger a taxable event or be subject to a contingent deferred sales charge (CDSC) schedule. At the end of the Guarantee Period, the Guarantee will no longer apply.

ING Investments, LLC, the Fund's adviser, has engaged Aeltus Investment Management, Inc., to serve as the investment sub-adviser to the Fund's portfolio. Aeltus is a wholly owned subsidiary of ING Groep N.V. and is an affiliate of ING Investments.

IPPF VI is managed by a team of portfolio managers. Mary Ann Fernandez, Senior Vice President and portfolio strategist, is responsible for overall Fund strategy and optimal asset allocation based on a proprietary financial model. Portfolio managers Hugh T. Whelan and Douglas E. Cote co-manage the equity component of the Fund. The fixed income component is managed by a team of fixed income specialists from Aeltus. The minimum investment is $1,000.

IPPF VI launches with extensive educational and marketing support for investment professionals. Broker/dealers can add their own contact information to these materials. Included in those materials are advertising templates, statement stuffers, 3-way mailers and prospecting letters. For more information, investment professionals and investors can log onto www.ingfunds.com.

ING Investments, LLC manages open-end mutual funds and closed-end funds, variable annuities, structured vehicles, and institutional and private accounts with total assets under management as of December 31, 2002 of $32.5 billion for clients including financial institutions, corporations and individual investors. ING Investments, LLC, and ING Funds Distributor, LLC, are subsidiaries of Amsterdam-based ING Groep N.V.

ING's U.S. financial services operations [www.ing-usa.com] offer a comprehensive array of products and services, including mutual funds; fixed and variable annuities; retirement programs; employee benefits; and life insurance, through a variety of distribution channels. ING U.S. Financial Services is part of Amsterdam-based ING Groep N.V., one of the largest integrated financial services organizations in the world.

* The MBIA rating applies to MBIA's financial and claims-paying ability, not to the safety or performance of the mutual fund shares.

Principal Risk(s): During the Guarantee Period, there are substantial opportunity costs. Use of the Fixed Component reduces the Fund's ability to participate as fully in upward equity market movements, and therefore represents some loss of opportunity, or opportunity cost, compared to a portfolio that is fully invested in equities. The Fund may allocate a substantial portion, and under certain circumstances all, of the Fund's assets to the Fixed Component in order to conserve Fund assets to a level equal to or above the present value of the Guarantee. In the event of a reallocation of 100% of the assets to the Fixed Component, the Fund would not reallocate any assets into the Equity Component prior to the Maturity Date. As with any investment in stocks and bonds, the Fund is subject to market risks.

(1) When you hold your investment until the end of the 5-year Guarantee Period, on the Guarantee Maturity Date your account will be worth no less than your investment at the end of the Quiet Period, less any sales charges, and redemptions and distributions you have received in cash, and certain Fund expenses, such as interest, taxes and extraordinary expenses. If you choose to redeem your investment at the Guarantee Period's end, the principal amount returned could be less than that invested. During the Guarantee Period, investors pay a fee equal to 0.33% of the Fund's average daily net assets for the guarantee, which is included in the Fund's total operating expenses. If you sell shares during the Guarantee Period, shares are redeemed at the current NAV, which may be more or less than your original investment and/or the NAV at the inception of the Guarantee Period. The guarantee is based on the NAV on the last day of the Quiet Period, not POP, and does not apply to any earnings realized during the Guarantee Period. At the end of the Guarantee Period, you may choose to receive assets in cash, less any applicable CDSC schedule; exchange shares into another available ING fund; or remain invested during the Fund's Index Plus LargeCap Period. At the end of the Guarantee Period the guarantee will no longer apply.

A prospectus containing more complete information about the Fund, including charges, fees, risks and expenses, may be obtained from ING Funds Distributor, LLC., at 800-992-0180 (shareholder services) or 800-334-3444 (investment professionals). Please read it carefully before you invest or send money.

   CONTACT
   Dana E. Ripley
   ING Americas
   +1-770-980-3317
   +1-404-668-8244 (cellular)

SOURCE: ING Americas

CONTACT: Dana E. Ripley of ING Americas, +1-770-980-3317,
or cell - +1-404-668-8244

Web site: http://www.ing-usa.com/