ING Launches New Mutual Fund for Conservative Investors

ING Funds Distributor, LLC, part of ING U.S. Financial Services, today announced the launch of a new mutual fund to help meet the needs of investors seeking a measure of loss protection for their investment portfolios. Despite indications of a rebounding equities market in the U.S., investors continue to seek conservative investment vehicles, such as the new ING Principal Protection Fund XI, which is available beginning today for a three-month offering period. ING is considered an industry leader in principal protected funds, having attracted nearly $6.4 billion in assets, as of June 30, 2004, in this fund category over the past five years.

"The ING Principal Protection Fund XI may be ideal for more conservative investors," said Bob Boulware, president of ING Funds Distributor, "and for investors who still feel uncertainty about the investment environment, but who want to have the potential for some portion of their investment to be invested in equities during stable market conditions."

The ING Principal Protection Fund XI offers a distinctive investment opportunity, by allocating assets to equities, fixed income securities, or both, and providing return of the Guaranteed Amount to investors who hold this investment for the full five-year guarantee period.

   Press inquiries: ING Funds, ING U.S. Financial Services
   Christina Divigard, 860 723 2293, christina.divigard@us.ing.com

ING Group (NYSE: ING) is a global financial institution of Dutch origin offering banking, insurance and asset management to over 60 million private, corporate and institutional clients in 60 countries. With a diverse workforce of over 115,000 people, ING comprises a broad spectrum of prominent companies that increasingly serve their clients under the ING brand.

In the U.S., the ING family of companies offer a comprehensive array of financial services to retail and institutional clients which include life insurance, retirement plans, mutual funds, managed accounts, alternative investments, direct banking, institutional investment management, annuities, employee benefits, financial planning, and reinsurance. ING holds top-tier rankings in key U.S. markets and serves over 14 million customers across the nation. For more information, visit www.ing.com .

Disclosures:

The Offering Period for IPPF XI begins August 16, 2004, and runs through November 11, 2004 (the deadline for IRA transfers processed by ING Funds is October 15, 2004). The Fund is open to investors only during this three month Offering Period. The minimum investment is $1,000. A Quiet Period follows the Offering Period, which runs from November 12, 2004, through November 17, 2004. During the Quiet Period, no new deposits will be accepted and assets will remain invested in short-term investments, allowing time to permit settlement of funds.

The five-year Guarantee Period follows the Quiet Period and runs from November 18, 2004, through November 18, 2009. 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, 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., a AAA-rated monoline insurer. The 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 Guarantee Period ends on November 18, 2009. On that date, shareholders will receive their Guaranteed Amount or the value of the shares at NAV, whichever is greater. Shareholders have the following available options on November 18, 2009: remain invested in the Fund for the Index Plus LargeCap Period, which will then invest generally in stocks only; exchange shares into another ING principal protection fund, if available; exchange into other ING mutual funds that are available for exchange; or sell their shares for cash, less any applicable CDSC schedule. If you take no action on November 18, 2009, you will be deemed to have elected to remain in the Fund for the Index Plus LargeCap Period.

Important note: After November 18, 2009, assets, including those that remain in the Fund, are no longer guaranteed and are subject to market risks. As with the sale of any securities, there may be a taxable event if it is required to liquidate fixed income securities at the end of the Guarantee Period.

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

IPPF XI 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.M. Whelan and Douglas E. Cote, co-manage the Equity Component of the Fund. The Fixed Component is managed by a team of fixed-income specialists led by James B. Kauffmann.

IPPF XI launches with extensive educational and marketing support for investment professionals. Broker/dealers can add their own contact information to these materials. Included in these 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 $34.3 billion in total assets under management as of June 30, 2004 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.

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.

For more complete information, or to obtain a prospectus on any ING fund, please call your Investment Professional or ING Funds Distributor, LLC at (800) 992-0180 or log on to www.ingfunds.com . The prospectus should be read carefully before investing. Consider the fund's investment objectives, risks, and charges and expenses carefully before investing. The prospectus contains this information and other information about the fund.

SOURCE: ING U.S. Financial Services

CONTACT: Christina Divigard, +1-860-723-2293, or
christina.divigard@us.ing.com , for ING U.S. Financial Services

Web site: http://www.ing.com/
http://www.ingfunds.com/