ING Investments Announces New Portfolio Manager Assignments for ING Funds

ING Investments, LLC, part of ING Group (NYSE: ING) today announced new portfolio management assignments for the following ING Funds and ING VP Portfolios:

  *  Growth Opportunities, MidCap Opportunities and SmallCap Opportunities
     will be managed by a team led by Matthew Price, CFA and David Campbell,
     portfolio managers for ING Investments based in New York.  Previously,
     these funds were managed by Mary Lisanti and Jeffrey Bernstein.

  *  Growth & Value will also be managed from mid-June by a team led by
     Messrs Price and Campbell, replacing Navellier Fund Management, Inc.,
     the current sub-adviser for the Fund and VP Portfolio.

  *  Large Company Value and MagnaCap will be managed by a team led by
     William Coughlin, CFA, portfolio manager for ING Investments based in
     New York.  Previously, these funds were managed by Thomas Jackson.

The new assignments are the result of ING Investments' practice of appointing its portfolio management teams whose investment processes are best suited to meet fund shareholder objectives in the current market environment.

Messrs Price and Campbell have more than 56 combined years of investment experience in small- and mid-cap portfolio management, including more than ten years together at ING and earlier more than ten years together at Value Line Asset Management. This team follows a bottom-up investment process which seeks to identify small- and mid-cap companies with proven or improving growth characteristics within their early stages of investor recognition.

Mr. Coughlin and his team have over 55 combined years of investment experience. They worked together over the past four years at Delta Capital Management, a firm they formed that is being acquired by ING Investment Management. Previously they were together for more than six years at Scudder Kemper Investments along with its predecessor firm Dreman Value Advisers. Bill Coughlin and his team follow a value investment style centered around a low price-to-earnings discipline.

In addition, James A. Vail, CFA, portfolio manager for ING Investments, will join Messrs Richard Saler and Philip Schwartz on the team managing the ING Worldwide Growth Fund. Mr. Vail will take over responsibility for US equity stock selection from Mary Lisanti. Mr. Vail has over 25 years investment experience and has been a portfolio manager and analyst at ING since 2000 and previously at Lexington Mutual Funds since 1991.

About ING Funds

ING Funds offers a very wide range of mutual funds through ING Funds Distributor, LLC. ING Funds also makes available variable portfolios only through the purchase of variable life policies or variable annuity contracts of participating insurance companies. ING Investments, LLC provides investment advisory services in both domestic and international value and growth stocks, U.S. government securities, corporate investment-grade and high-yield bonds, senior loans and convertible securities. As of March 31, 2003, more than two million financial institutions, corporate clients and individual investors have entrusted more than $32 billion in assets under management to ING Investments. ING Investments, LLC and ING Funds Distributor, LLC are part of ING Groep N.V. -- one of the largest financial services organizations in the world. 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.

Contact your investment professional or ING Funds Distributor, LLC at (800) 992-0180 for a current prospectus. The prospectus contains more information on all charges, fees, risks and expenses. All funds and variable portfolios have varying degrees of risk, depending on the securities they invest in. Please read the prospectus carefully to be sure you understand the principal risks and strategies associated with each mutual fund or variable portfolio before investing or sending money.

  For further information, please contact:
  Cindy Schaus
  ING US Financial Services
  Head of External Communications
  515-698-7607
  Email: Cindy.Schaus@ing-dm.com

  Dana Ripley
  ING US Financial Services
  Director of External Communications
  770-980-3317
  Email: dana.ripley@ing-fsa-na.com

SOURCE: ING Investments, LLC

CONTACT: Cindy Schaus, Head of External Communications, +1-515-698-7607,
or e-mail, Cindy.Schaus@ing-dm.com , or Dana Ripley, Director of External
Communications, +1-770-980-3317, or e-mail, dana.ripley@ing-fsa-na.com , both
of ING US Financial Services

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