ING Raises $1.7 Billion in IPO for Global Equity Dividend Fund With Option Overlay Strategy

ING (NYSE: ING) today announced the launch of the ING Global Equity Dividend and Premium Opportunity Fund (the "Fund") (NYSE: IGD), a closed-end fund that invests in a portfolio of global common stocks combined with a covered call writing strategy. The Fund begins trading on the New York Stock Exchange today under the ticker "IGD."

ING Global Equity Dividend and Premium Opportunity Fund raised $1.70 billion* in an offering, where Citigroup Global Markets Inc. acted as sole bookrunner and co-lead manager, and UBS Securities LLC and Wachovia Capital Markets, LLC acted as co-lead managers. (*$1.955 billion assuming full exercise of underwriters' over allotment option, which may not occur.)

The Fund's primary investment objective is to provide a high level of income. Capital appreciation is the Fund's secondary investment objective. The Fund seeks to achieve its investment objectives by investing in a portfolio of global common stocks that have a history of attractive dividend yields and utilizing an integrated options writing strategy. Under normal market conditions, the Fund will invest primarily in a portfolio of common stocks of dividend paying companies located throughout the world, including the U.S.

The Fund will also seek to generate gains from option premiums by selling covered call options on a substantial portion of its portfolio securities. The Fund will seek to balance its objectives by offering the potential for some protection against adverse changes in selected markets through the strategic use of buying put options on selected securities indices.

"There is a growing base of financial advisors and investors looking for investment strategies with the potential to deliver attractive levels of cashflow, with an opportunity for some appreciation from global markets and this new Fund targets their needs," said Bob Crispin, Chairman and CEO of ING Investment Management Americas. "The Fund benefits from the knowledge of ING Investment Management Europe both in building a portfolio of high-quality, dividend-paying common stocks and seeking to enhance the yield on the portfolio through a covered call writing program."

The Fund is managed by ING Investments LLC and draws on two teams of experienced global investment professionals at ING Investment Management Advisor B.V., the Fund's sub-adviser, which is part of ING Investment Management Europe. ING Investment Management units oversee more than $412 billion in assets.

   - ING's Global Equity Dividend team of three portfolio managers led by
     Jorik van den Bos will oversee the equity portfolio of the Fund.  This
     team currently oversees approximately $5.4 billion in dividend-oriented
     strategies.  They will be supported by over 30 investment professionals
     in ING Investment Management's global equity investment teams.
   - A team of seven investment management, investment research and
     financial engineering professionals will be responsible for
     implementing the Fund's option strategy.  This team currently manages
     approximately $1.5 billion in assets. Within this team, Leonard
     Stehouwer will lead the managers responsible for the Fund.

  ABOUT CLOSED-END FUNDS

Closed-end funds like the Fund do not continuously offer shares for sale and are not required to buy shares back from investors upon request. Shares of closed-end funds trade on national stock exchanges and, like other securities, share prices will fluctuate with market conditions and at the time of sale may be worth more or less than the original investment.

Please consider the investment objectives and policies, risk considerations, charges and expenses of the Fund carefully before investing. For a prospectus which contains this and other information relevant to an investment in the Fund, please contact ING Investments, LLC at 7337 East Doubletree Ranch Road, Scottsdale, AZ 85258 or (800) 992-0180. Please read the prospectus carefully before investing.

ABOUT ING

ING is a global financial institution offering banking, insurance and asset management to over 60 million private, corporate and institutional clients in more than 50 countries. With a diverse workforce of over 113,000 people, ING comprises a broad spectrum of prominent companies that increasingly serve their clients under the ING brand.

In the U.S., ING offers 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

  Contact: Tracey Gordon                   or  Christina Divigard
           ING U.S. Investment Management      ING U.S. Financial Services
           (212)309-1791                       (860) 723-2293
           tracey.gordon@inginvestment.com     christina.divigard@us.ing.com

SOURCE: ING Americas

CONTACT: Tracey Gordon of ING U.S. Investment Management,
+1-212-309-1791, or tracey.gordon@inginvestment.com ; or Christina Divigard of
ING U.S. Financial Services, +1-860-723-2293, or
christina.divigard@us.ing.com

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