ING Global Equity Dividend and Premium Opportunity Fund Declares Monthly Distribution and Releases 2005 Qualified Dividend Income Information

ING Global Equity Dividend and Premium Opportunity Fund (NYSE: IGD), a closed-end management investment company, today declared its monthly distribution of $0.156 per share. The distribution will be paid on April 17, 2006, to shareholders of record on April 5, 2006. The ex-dividend date is April 3, 2006.

The Fund intends to make regular monthly 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 monthly 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.

The Fund estimates that distributions for the tax year commencing on January 1, 2006, will be comprised of approximately 2% net investment income. The remaining portion of the Fund's monthly distributions is estimated to come from the Fund's covered-call option strategy, which for tax purposes, may be treated as a combination of long-term and short-term capital gains, and/or a return of capital. The tax character of the Fund's covered-call option strategy is largely determined by movements in the underlying equity portfolio. Based on the current realized appreciation in the Fund's underlying equity portfolio, the Fund estimates that approximately 41% of the distributions would be considered short-term capital gain and the remaining approximately 57% would be considered a return of capital.

The Fund has completed the final determination for 2005 of the qualified dividend income ("QDI") with the appropriate information included on Form 1099-DIV. During 2005, the Fund paid distributions totaling $1.248 per share, of which $0.535 would be considered qualified dividend income ("QDI").

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 part of ING, 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 113,000 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 Funds

CONTACT: Shareholder Inquiries, ING Funds Shareholder Services,
+1-800-992-0180, or Media, Christina Divigard of ING Funds, +1-860-723-2293

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