ING Global Advantage and Premium Opportunity Fund Declares Initial Distribution

ING Global Advantage and Premium Opportunity Fund (NYSE: IGA), a closed-end management investment company, today declared an initial monthly distribution of $0.155 per share. The distribution will be paid on January 15, 2006, to shareholders of record on December 30, 2005. The ex-dividend date is December 27, 2005. Following the initial distribution, the Fund intends to implement a level quarterly distribution policy and expects future quarterly distributions to equal $.465 per share.

In addition, the Fund today announced that Paul Zemsky, Head of Derivative Strategies for ING Investment Management, and currently responsible for the structure and implementation of the Fund's U.S. domestic index option strategy, has also assumed responsibility for leadership of the Fund's six portfolio managers, including overseeing the overall structure of the Fund, the asset allocation between domestic and global investments and any currency hedging from Hugh Whelan.

The Fund intends to make regular quarterly distributions based on the past and projected performance of the Fund. The tax treatment and characterization of the Fund's distributions may vary significantly from time to time depending on whether the Fund has gains or losses on the call options written on its portfolio versus gains or losses on the equity securities in the portfolio. The Fund's distributions will normally reflect past and projected net investment income, and may include income from dividends and interest, capital gains and/or a return of capital. The final composition of the tax characteristics of the distributions cannot be determined with certainty until after the end of the year, and will be reported to shareholders at that time. The amount of quarterly distributions will vary, depending on a number of factors. As portfolio and market conditions change, the rate of dividends on the common shares will change. There can be no assurance that the Fund will be able to declare a dividend in each period.

Certain statements made on behalf of the Fund in this release are forward- looking statements. The Fund's actual future results may differ significantly from those anticipated in any forward-looking statements due to numerous factors, including but not limited to a decline in value in equity markets in general or the Fund's investments specifically. Neither the Fund nor ING undertakes any responsibility to update publicly or revise any forward-looking statement.

ING Investments LLC, the manager of the Fund, is a member of the ING family of companies, a global financial institution of Dutch origin 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 114,000 people, ING comprises a broad spectrum of prominent companies that increasingly serve their clients under the ING brand.

SHAREHOLDER INQUIRIES: ING Funds Shareholder Services at (800) 992-0180

SOURCE: ING U.S. Financial Services

CONTACT: ING Funds Shareholder Services, +1-800-992-0180, 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/us