ING Funds Launches ING Principal Protection Fund VIII

ING's U.S. financial services operations announced today that its retail mutual fund unit, ING Funds Distributor, LLC, has launched ING Principal Protection Fund VIII (IPPF VIII), a mutual fund with a five-year Guarantee Period. Assets managed in this type of strategy for ING Funds exceeded $7.3 billion as of August 31, 2003.

The Offering Period for IPPF VIII begins October 1, 2003, and runs through December 15, 2003 (the deadline for IRA transfers processed by ING Funds is November 17, 2003). The Fund is open to investors only during this two-and-a- half month Offering Period. The minimum investment is $1,000. A Quiet Period follows the Offering Period, which runs from December 16, 2003, through December 22, 2003. During the Quiet Period, assets will remain invested in short-term investments allowing time to permit settlement of funds, and no new deposits will be accepted.

The five-year Guarantee Period follows the Quiet Period and runs from December 23, 2003, through December 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. The Guaranteed Amount is based on the NAV on the last day of the Quiet Period, not Public Offering Price (which may include a sales charge), and does not apply to any earnings realized during the Guarantee Period. If the shareholder sells shares during the Guarantee Period, shares are redeemed at the then current NAV, which may be more or less than the original investment and/or the NAV at the inception of the Guarantee Period.

The five-year Guarantee Period is backed by MBIA Insurance Corp., an AAA- rated monoline insurer. The MBIA rating applies to MBIA's financial and claims-paying ability, not to the safety or performance of the mutual fund shares. During the Guarantee Period, shareholders of the Fund pay a fee equal to 0.33% of the Fund's average daily net assets for MBIA's financial guarantee, which is included in the Fund's total operating expenses

The ING Principal Protection Fund VIII will feature an asset-weighted management fee structure. This new dynamic fee structure acknowledges the fact that investment advisory fees for fixed income assets are generally lower than actively managed equities. This structure will assess a different management fee to the Equity Component and the Fixed Component.

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

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. ING Aeltus is a wholly owned subsidiary of ING Groep N.V. and is an affiliate of ING Investments.

IPPF VIII 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 Component is managed by Portfolio Manager James Kauffmann.

IPPF VIII 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 more than $35.1 billion in total assets under management as of June 30, 2003 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 Groep N.V. (NYSE: ING) is one of the largest financial services companies in the world and is a leading provider in global and U.S. markets. In the U.S., ING's operations include a variety of businesses offering a comprehensive array of products and services to retail and institutional clients -- including retirement programs; annuities; life insurance; employee benefits; mutual funds; financial planning; reinsurance; investment management and direct banking across the country. ING holds top-tier rankings in key U.S. markets and serves over 14 million customers across the nation. All of ING's business operations in the U.S. are part of the parent company, ING Groep N.V., which offers banking, insurance and asset management to over 50 million private, corporate and institutional clients through operations in 65 countries. ( www.ing.com )

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 Guaranteed Amount. In the event of an allocation 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. Because the Fund generally invests in both stocks and bonds, the Fund may underperform stock funds when stocks are in favor and underperform bond funds when bonds are in favor.

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.

   Media Inquiries:
   Cindy Schaus                     Caroline Campbell
   ING U.S. Financial Services      ING U.S. Financial Services
   515.698.7607                     770.618.3801
   cindy.schaus@us.ing.com          caroline.campbell@us.ing.com

SOURCE: ING Americas

CONTACT: Cindy Schaus, +1-515-698-7607, or cindy.schaus@us.ing.com, and
Caroline Campbell, +1-770-618-3801, or caroline.campbell@us.ing.com, both of
ING U.S. Financial Services

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