ING (L) Invest Asia Pacific High Dividend

ING (L) InvestAsia Pacific High Dividend

September 2007

Asia ex Japan Equity TeamING Investment Management Asia Pacific

ING Asia Pacific High Dividend – September 2007 2

Introduction

Fund Objective

The Asia Pacific High Dividend Fund seeks to provide investors with high dividend income yield as well as long term capital appreciation by investing in a diversified portfolio of equities listed in the Asia Pacific region.

Key Benefits to Investors

1) Income returns from a high dividend yield portfolio

2) Capital returns from stock selection within a high dividend Asia Pacific stock universe

3) Risk control and portfolio positioning to ensure strategic diversification

4) Attractive return / risk profile in bull and bear cycles

5) Strong team and investment process in the management of the fund


Framing the Key Issues

ING Asia Pacific High Dividend

Exposure to the attractive return opportunities offered by Asia Pacific equities

A steady and stable current income stream

An experienced management team with a proven track record and strong regional presence in Asia Pacific

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The investor desires…


ING IM a Pioneer in High Dividend investing...

• Global High Dividend > AUM: EUR 4.9bn

• Euro + Europe High Dividend > AUM: EUR 4.6bn

• US High Dividend > AUM: EUR 186m

Data as of 30 June 2007

The same high dividend philosophy and process was tested, customised and implemented for Asia Pacific...


ING Asia Pacific High Dividend funds

ING Asia Pacific High Dividend (Cayman registered)

Bloomberg: INGAPHD KY Equity

Inception: 31 Oct 2005

AUM: USD$28.5m

Portfolio construction:

Approximately 75 to 110 stocksEqual weighted approach

Risk Controls:

No specific tracking error limits.Avoidance of concentration of risks which ensure that country and sector exposures are within 10% active weight limits relative to MSCI AC Asia Pacific ex Japan.

Data as of 31 July 2007

ING Asia Pacific High Dividend (Taiwan registered)

Bloomberg: INGAPHD TT Equity

Inception: 9 May 2006

AUM: USD$457.4m

ING Asia Pacific High Dividend Equity Income Fund (USA)

Bloomberg: XIAEX US Equity

Inception: 28 March 2007

AUM: USD$321.8m


ING Asia Pacific High Dividend Performance

Data as of 31 August 2007. Total return figures for the fund include quarterly dividends distributed. The Cayman registered fund haspaid out USD$0.12 quarterly dividends, or USD$0.48 per year. The inception of the fund was USD$10.00.

1m 2m 3m 6m 12mYTD2007

ING Asia Pacific High Dividend (Cayman) gross total return in USD -3.0% +0.4% +3.3% +19.6% +44.5% +22.5%

MSCI AC Asia Pacific ex Japan total return in USD -1.6% +2.9% +7.3% +21.3% +43.6% +21.5%

Excess Return -1.4% -2.5% -4.0% -1.7% +0.9% +1.0%

The fund has not been rated by an external agency. However, our own internal comparisons with similar competitors reveal that werank close to the top.


Why Asia Pacific Equities?

• Asia Pacific ex Japan accounts for about 8% to 9% of the MSCI World equity index (and Asia Pacific accounts for about 18% of the MSCI World equity index)

• Macroeconomic growth in this region is strong and we expect it to remain high and well supported for the long term

• Corporate earnings growth is attractive

• Asian corporates in good shape

• Valuations, dividend yields and dividend growth are attractive


The Case for High Dividend Yield Strategy

1) Compound interest of dividends

$60

$80

$100

$120

$140

$160

$180

$200

$220

$240

$260

$280

$300

Dec

-98

Dec

-99

Dec

-00

Dec

-01

Dec

-02

Dec

-03

Dec

-04

Dec

-05

Dec

-06

MSCI As ia Pacific ex Japan, USD, Total Return Index

MSCI As ia Pacific ex Japan, USD, Price Index

Initial $100 inves ted

Additional returns of $50 from dividends received& reinves ted



2) Dividend yield strategy as a medium to long term alpha source

Filter: Dividend Yield > 2.5% Factor: Value05b: Historical Dividend Yield (Version B) Universe: ASIA + AUST/NZ exJP Portfolio: Equal Weighted Constraint: Custom

PORTFOLIO SIMULATION SEGMENTED PERFORMANCE RESULT CUMULATIVE PERFORMANCE RESULTMonthly Gross Excess Returns (Portfolio monthly return minus Benchmark monthly return) Portfolio Gross Index vs Benchmark Index

Universe MSCI AC Asia Pacfic ex Japan, at each month, no hindsight benefit. 1197 stocks covered in full period.

Filters At each month. 1) Market Cap usd$100m 2) Liquidity usd$15m last month 3) Hist Dividend Yield > 2.5%

Portfolio Construction Equal Weight Process: Filtered stocks ranked by factor. Last quartile stocks not held. Equal weight top 80 stocks, each 1.25%. If not possible, can hold down to 33 stocks, each stock max 3% position. If < 33 stocks, remainder of portfolio in cash. Constraints: Max over & underweights are: Aust 8%, China 6%, HK 8%, India 6%, Indo 4% Malaysia 4%, NZ 4%, Phil 3%, Singapore 6%, S.Korea 8%, Taiwan 8%, Thailand 5%. Pakistan excluded from portfolio. Rebalancing: Monthly Full Period: Jan98 - Dec04 Total Gross Excess Return: +280.7%

Benchmark MSCI AC Asia Pacific ex Japan. Marketweighted, incl Dividends. USD. Recent 12m Excess Worst 12m Excess Best 12m Excess Full Period

1998 1999 2000 2001 2002 2003 2004 Jan04 - Dec04 Apr99 - Mar00 Jun00 - May01 Jan98 - Dec04

Positive Months: 10 / 12 83% 4 / 12 33% 10 / 12 83% 9 / 12 75% 10 / 12 83% 8 / 12 67% 10 / 12 83% 10 / 12 83% 4 / 12 33% 12 / 12 100% 61 / 84 73%Portfolio Return (includes dividends): +9.3% +28.7% -8.9% +30.6% +20.7% +66.9% +38.2% +38.2% +12.3% +22.4% +366.0%

Benchmark Return (includes dividends): -2.3% +53.2% -28.1% +0.4% -5.2% +47.5% +22.7% +22.7% +37.7% -15.6% +85.4%GROSS EXCESS Yearly (excluding trans costs) +11.6% -24.5% +19.2% +30.2% +26.0% +19.4% +15.5% +15.5% -25.5% +38.0% +21.0%

Avg # Stocks in Port: 80 80 80 80 80 80 80 80Turnover (yearly): 233% 239% 274% 278% 236% 255% 226% 249%

TransCosts (50bps x 2): -2.3% -2.4% -2.7% -2.8% -2.4% -2.5% -2.3% -2.5%

NET EXCESS Yearly +9.3% -26.9% +16.4% +27.5% +23.6% +16.8% +13.3% +18.6%Tracking Error: 4.4% 10.2% 12.0% 9.7% 5.7% 6.7% 4.5% 4.5% 10.4% 9.1% 8.8%

Gross Info Ratio: 2.6 negative 1.6 3.1 4.6 2.9 3.5 3.5 negative 4.2 2.4Net Info Ratio: 2.1 negative 1.4 2.8 4.2 2.5 3.0 - - - 2.1

PORTFOLIO CHARACTERISTICS Sectors RW BP RW BP RW BP RW BP RW BP RW BP RW BP RW BP

Australia: +7.3% +5% +7.4% +20% +7.3% -9% +4.0% +3% +2.9% -1% +1.6% +52% -0.5% +32% Australia: +4.3% +136%China: +3.8% -41% +4.4% +12% +5.5% -13% +5.5% +30% +5.1% +7% +3.9% +144% +3.0% -7% China: +4.5% +83%

Hong Kong: +7.4% -4% +0.8% +59% -5.7% -20% -1.1% -23% +0.2% -20% -4.2% +41% -7.3% +22% Hong Kong: -1.4% +28%India: -5.4% -21% -5.4% +87% -2.4% -20% -2.9% -18% +1.6% +9% +1.1% +79% +0.9% +19% India: -1.8% +125%

Indonesia: -0.4% -35% +0.6% +101% +1.2% -60% +0.8% -8% +1.5% +44% +2.0% +76% +1.2% +52% Indonesia: +1.0% +86%Malaysia: -3.4% +1% -0.5% +83% -1.9% -13% -3.5% +5% -3.3% -2% -3.3% +26% -3.6% +15% Malaysia: -2.8% +142%

New Zealand: +1.3% -24% +2.1% +18% +1.4% -37% +1.4% +17% +0.8% +26% -0.1% +57% +0.6% +36% New Zealand: +1.1% +79%Pakistan: -0.7% -61% -0.4% +49% -0.4% -8% -0.2% -20% -0.2% +164% -0.2% +44% -0.1% +17% Pakistan: -0.3% +90%

Philippines: -2.4% +16% -2.3% +9% -1.3% -42% -0.9% -12% -0.5% -27% -0.3% +45% -0.4% +25% Philippines: -1.2% -14%Singapore: -5.4% -7% -5.6% +79% -5.4% -26% -5.4% -23% -5.4% -9% -5.2% +37% -5.4% +22% Singapore: -5.4% +43%

South Korea: +5.8% +114% +3.1% +95% +6.9% -48% +7.3% +48% +1.3% +7% +4.3% +36% +2.3% +21% South Korea: +4.4% +464%Taiwan: -3.6% -19% +0.2% +61% -1.6% -46% -2.9% +13% -2.5% -20% +0.5% +32% +6.7% +10% Taiwan: -0.5% -8%

Thailand: -4.0% +7% -4.4% +48% -3.5% -55% -2.0% +22% -1.4% +33% -0.1% +148% +2.8% -1% Thailand: -1.8% +184%

Stocks Largest Overweights: Samsung Corp Hyundai Department Store H&S Co LtdHyundai Department Store H&S Co LtdHyundai Department Store H&S Co LtdLG Cable Ltd Poongsan Corp LG Cable Ltd Largest Overweights: Stockland AMP Diversified Property TrustDavid Jones Ltd David Jones Ltd Ansell Ltd Principal Office Fund Nien Hsing Textile Co LtdLG Engineering & Construction Corp CSR Ltd Guangshen Railway Co LtdGuangdong Kelon ElectricCathay Real Estate Development Co LtdAMP Diversified Property TrustDeutsche Office TrustChina Travel International Inv HKTaiwan Cellular Corp General Property Trust Stockland AMP Diversified Property TrustChina Motor Corp Chung Hsing Bills Finance CoAMP Diversified Property TrustHero Honda Motors LtdCommonwealth Property Office Fund AMP Diversified Property Trust Daewoo Heavy IndustriesStockland Goodman Fielder Ltd Orica Ltd CFS Gandel Retail TrustS-Oil Corp Sky City Entertainment Group Ltd China Steel Corp

Largest Underweights: Hutchison Whampoa LtdHutchison Whampoa LtdHutchison Whampoa LtdChina Mobile Hong Kong LtdSamsung Electronics Co LtdSamsung Electronics Co LtdSamsung Electronics Co Ltd Largest Underweights: Samsung Electronics Co Ltd

BHP Billiton Ltd Telstra Corp Ltd Samsung Electronics Co LtdSamsung Electronics Co LtdNational Australia Bank LtdNational Australia Bank LtdBHP Billiton Ltd Hutchison Whampoa Ltd News Corp National Australia Bank LtdTelstra Corp Ltd Taiwan Semiconductor Manufacturing Co LtdHutchison Whampoa LtdBHP Billiton Ltd News Corp National Australia Bank Ltd National Australia Bank LtdKorea Electric Power CorpTaiwan Semiconductor Manufacturing Co LtdNational Australia Bank LtdBHP Billiton Ltd Westpac Banking CorpNational Australia Bank Ltd BHP Billiton Ltd Westpac Banking CorpSun Hung Kai Properties LtdNews Corp Telstra Corp Ltd Taiwan Semiconductor Manufacturing Co LtdAmbit Microsystems CorpWestpac Banking Corp Taiwan Semiconductor Manufacturing Co Ltd

Average Dividend Yield 5.63% 5.43% 6.82% 7.84% 6.67% 7.00% 6.38% 6.53%

-10.0%

-5.0%

+0.0%

+5.0%

+10.0%

+15.0%

0

100

200

300

400

500

600

RW = Relative Weight of portfolio sector weight vs benchmark sector weight. Note this is the average for the period only, and does not necessarily reflect certain months.

BP = Benchmark Performance of country. Cumulative performance for period. In USD, includes dividends, market weighted.

We back-tested 15,000+ portfolio simulations and 30 factors for the Asia Pacific stock universe, over different bear & bull cycle scenarios, and found the following:

a)Dividend Yield as a medium to long term alpha sourceOver a 7 year period from Dec 1997, our backtested Asia Pacific high dividend portfolio achieved +350% absolute return (versus a +85% return for the benchmark).

b)Dividend Yield combined with other stock selection factorsAdditional returns of +5% to +15% per annum can be achieved when dividend yields are combined with other stock selection factors.



3) Return / Risk profiles in various market cyclesFull Backtested Period 31 Dec 1997 to 31 Mar 2005 covering various bull & bear cycles

APHD = Asia Pacific High Dividend simulated portfolio. Returns are after transaction costs.All other indices are actual index returns.

31 Dec 1997 to Mid 1998: last 6 months of Asian financial crisisMid 1998 to 31 Dec 1999: strong technology rally



3) Return / Risk profiles in various market cycles

APHD = Asia Pacific High Dividend simulated portfolio. Returns are after transaction costs.All other indices are actual index returns.

31 Dec 1999 to 31 Sep 2001 : full bear cycle from tech crash to Sep 2001 terrorist effects

30 Sep 2001 to 31 Mar 2005 : Post Sep 2001, Iraq war, and post war rally from mid 2003 onwards


Universe of Asia Pacific Equities

The Asia Pacific High Dividend fund can invest in the following countries:

• Australia• China• Hong Kong• India• Indonesia• Japan• Malaysia• New Zealand• Philippines• Singapore• South Korea• Taiwan• Thailand

• There are over 25,000 listed equities in these markets.

• The fund will hold between 75 to 110 equities.

The Asia Pacific ex Japan region accounts for approx 8% to 9% of MSCI AC World


Investment Process Overview

Total Asia Pacific Universe25,000 stocks

Daily Liquidity and Market Cap3,000 stocks

Dividend Yield500 stocks

Equity Portfolio75-110 stocks

Stock Selection100-120 stocks

Dividend Yield Filter >2.5%

Quantitative Ranking Bottom-up fundamental analysis

Risk diversification and portfolio positioning Country and sector limits +/- 10% of benchmark

Screen: Liquidity (USD$2m Daily) Market Cap (USD$100m)


Security Selection

Quantitative Analysis Qualitative Analysis

• ING’s quantitative evaluation is based on factors which identify attractive stocks from within the high dividend yield universe.

• Over 30 factors are tested. Factors and filters considered for the model include not only dividend yield but also earnings yield, earnings growth, analyst sentiment, altman score, and qualitative scoring inputs from our local Asia Pacific offices.

• Poorly ranked stocks are not owned.

• The specific factors and weightings used in the model are continually reviewed and evaluated.

• Review of stocks screened in the model portfolio using our fundamental research platform to ensure we have confidence in the future growth of the selected companies and their ability to pay sustainable dividends.

• Multi-dimensional analysis to capture impact of fundamental trends on countries and companies, including inputs from local ING IM analysts in Asia Pacific.

• Internal bottom up company evaluation

• Business Outlook

• Valuations and Multiples

• Financial Performance

• Management Quality


Portfolio CharacteristicsAs of 31 August 2007

ING Asia Pacific High Dividend Fund (Cayman)

MSCI AC Asia Pacific ex Japan

Historical Dividend Yield (FY0), after taxes 4.5 % 2.4 %

12 month Forward Dividend Yield, after taxes * 5.0 % 2.9 %

12 month Forward Price to Earnings ratio * 11.9 15.9

Price to Book ratio 2.3 2.7

Price to Sales ratio 1.2 1.9

Return on Equity 27.9 % 20.4 %

Historical Earnings Growth 16.3 % 24.1 %

Forward Earnings Growth FY1/FY0 11.7 % 19.4 %

Forward Earnings Growth FY2/FY1 10.4 % 15.5 %

Volatility (since inception of fund in Oct 2005) 10.9 % 11.8 % **

Tracking error (last 12 months relative to benchmark) 3.6 % -

Beta relative to benchmark (as of 30 March 2007) 0.90 1.00

* 12 month forward, time weighted, calculations as of 31 August 2007

** The 12% volatility of the MSCI AC Asia Pacific ex Japan USD benchmark is approximately due to 10% volatility in stock prices plus 2% volatility due to currencies.


Country & Sector WeightsAs of 31 August 2007

Country Weighting (%)

COUNTRY Portfolio BenchmarkAustralia 25.7 27.0

China 9.3 15.9

Hong Kong 11.8 12.9

India 2.1 6.1

Indonesia 1.2 1.2

Japan 0.0 0.0

Malaysia 6.4 0.0

New Zealand 2.2 0.0

Pakistan 0.0 0.0

Philippines 2.8 0.0

Singapore 6.5 6.2

South Korea 15.4 16.7

Taiwan 15.1 14.0

Thailand 1.4 0.0

Representative Characteristics from ING Asia Pacific High Dividend Fund (Cayman registered fund). Data as of 31 August 2007

Sector Weighting (%)SECTOR Portfolio BenchmarkConsumer Discretionary 10.3 3.4

Consumer Staples 5.2 5.9

Energy 6.2 8.6

Financials 31.8 37.7

Healthcare 0.0 1.2

Industrials 11.1 9.4

Information Technology 10.5 12.5

Materials 9.7 9.3

Telecommunication Services 12.8 8.7

Utilities 2.4 3.2


Performance Characteristics

MarketPerformance

Relative*Performance

AbsolutePerformance

Negative ++-Flat (0% to 4%) + +Broad rally =++

-+

* relative to MSCI AC Asia Pacific ex Japan

Strategy Strategy

Rally in tech stocks or low dividend yield large caps


Unparalleled Coverage of Asian Investments

US$91 billion in Assets Under Management

Presence in 12 locations in the region

The widest network and largest pool of financial professionals in Asia ex-Japan*. There are over 230 investment professionals in ING IM in Asia Pacific

The 3rd largest retail fund manager in Asia ex-Japan and Australia*

Strong Presence in Asia Pacific

ING Investment Management – Asia Pacific

Sydney

Tokyo

Shenzhen

Singapore

Manila

Kuala Lumpur

Hong Kong

BangkokMumbai

Taipei

Seoul

AucklandAs of 31 December 2006* Asia Asset Management, September 2006

Type of Client

18%

45%

37% Institutional

Retail

Proprietary


ING IM Asia Pacific Regional Equity Team

Bratin SanyalHead of Asian Equity

Teik Cheah Regional Head of Quantitative Resources & Investment Risk

Asian Equity Local Equity

Oscar LeungSenior Investment

Manager

Michael ChiuSenior Investment

Manager

Gregory KoAssistant Investment

Manager

Kelly ChungInvestment Analyst

Asian Quantitative Resources

MalaysiaPhilippinesSingaporeTaiwanThailandNew

Zealand

AustraliaChinaHong KongIndiaJapanKorea

Local Head of Equity

12 Asian Countries

Charlie YangInvestment Analyst

Barbara ChanQuantitative

Investment Manager

Benjamin SoQuantitative Analyst

Gilbert TanQuantitative Analyst

Samuel HuiData Analyst

Nicholas TooveyRegional Head of Equity

Hong Kong office Local offices

Our team members understand the Asia Pacific region – most of our investment professionals were born in this region, and are now living and working in this region.


Key Benefits to Investors

• Exposure to Asia Pacific equities

• Exposure to a value based high dividend strategy, within a high growth region

• Benefit from a diversified portfolio with favourable characteristics in the areas of volatility, dividend yield, earnings yield, earnings growth, and country & sector exposures

• Benefit from a strong investment process combining the best of quantitative and fundamental analyses

• Access the know how & investment expertise of ING Asian Pacific team members who were born and who live & work in this region


Appendix - Biographies

Nicholas Toovey, CFARegional Head of Equity

Nicholas Toovey is Regional Head of Equity and based in Hong Kong. He joined ING Investment Management Asia Pacific in 2003 and is responsible for the equity teams in the Asia Pacific region. He is a member of the Asia Pacific Regional Investment Board, and the Global Investment Committee. Before joining ING Investment Management, he worked at Merrill Lynch Investment Managers in

Singapore, where he held the positions of Chief Investment Officer and then Chief Operating Officer responsible for the Asia Pacific region. Prior to that he was a UK equity portfolio manager at Mercury Asset Management in London.

Nick was educated at the University of Canterbury, New Zealand, where he obtained his Bachelor of Commerce, and he is a Chartered Financial Analyst.

Years of Experience : 23

Bratin SanyalHead of Asian Equity Investments

Bratin Sanyal is Head of Asian Equity Investments and based in Hong Kong. He joined ING Investment Management Asia Pacific in August 2004 and is responsible for regional equity strategy and management of Asia ex-Japan equity funds. Previously he has worked with ING for 12 years in New York, Amsterdam, Luxembourg and The Hague, and has been directly involved in the management of

Asian and Emerging Market Equity portfolios for 10 years. He started his career in 1991 at the World Bank in the Debt Division.

Bratin graduated from the Indian Institute of Technology with a Masters in Physics. He then switched his interest to Financial Economics and obtained a MBA degree from Rutgers University, New Jersey and continued to complete the Doctoral course (ABD) in Finance at the same university.


Teik Cheah, PhD, CFARegional Head of Quantitative Resources & Investment Risk

Teik Cheah is Regional Head of Quantitative Resources & Investment Risk and

based in Hong Kong. He resides in Hong Kong. The work of his team involves the management of portfolios and the design of various investment processes & models, asset allocation, security selection, risk analytics and derivatives

strategies. The coverage of his work is Asia Pacific and is applied to various retail, institutional and proprietary insurance portfolios.

Previously, he was the regional quantitative investment manager of the same company. He joined ING Investment Management in 2001. Prior to ING, he was the manager of proprietary trading in Keppel Securities in Singapore - managing absolute return long/short portfolios, arbitrage, derivatives trading, and structured derivatives for the company's proprietary capital. His previous industry roles included working as a portfolio manager and also as an investment analyst.

Teik holds a Doctor of Philosophy (Curtin University of Technology), a Bachelor of Commerce (University of Western Australia), and a Bachelor of Law (University of Western Australia). He is a Chartered Financial Analyst.





Oscar Leung, CFASenior Investment Manager

Oscar Leung is Senior Investment Manager on the Asian Equity Team and is based in Hong Kong. He joined ING Investment Management Asia Pacific in August 2001 and is responsible for managing investment portfolios for mutual funds, institutional clients, life insurance companies and retirement funds. Previously he

was employed at ING Life Insurance Co. for three years, where he was responsible for formulating and implementing investment strategies, managing life insurance premium accounts, capital guaranteed funds for the ORSO scheme, and investment funds for the MPF scheme. Before this, Oscar worked at Nomura Asset Management in Hong Kong for eight years as Senior Portfolio Manager. He started his career in fund management as an Investment Officer with Guangdong Finance Co. Ltd in 1988.

Oscar was educated at the Curtin University of Technology in Australia and the City University of Hong Kong where he obtained his Masters Degree in Finance, and Higher Diploma in Business Studies. He is a Chartered Financial Analyst and he is a member of the Hong Kong Society of Financial Analysts and the Hong Kong Securities Institute.


Michael Chiu, CFASenior Investment Manager

Michael Chiu is Senior Investment Manager on the Asian Equity Team and based in Hong Kong. He joined ING Investment Management Asia Pacific in 2003 and is responsible for managing the Greater China Funds as well as researching equity markets in Taiwan, Hong Kong and China. Before joining ING Investment Management, Michael worked at Credit Suisse Asset Management in Sydney,

Australia and Investec Asset Management in Hong Kong, where he covered Asian equity markets.

Michael holds a Bachelors Degree from the University of Hong Kong and a Masters Degree in Finance and Economics from the London School of Economics which he obtained in 1999. He is a Chartered Financial Analyst.


Gregory KoInvestment Analyst

Gregory Ko is Investment Analyst on the Asian Equity Team and is based in Hong Kong. He joined ING Investment Management Asia Pacific in 2005. Previously he was employed by Citigroup Private Bank where as a Portfolio Analyst and worked alongside Private Bankers and Senior Portfolio Counselors. His responsibilities included advising clients on asset allocation, manager selection and portfolio analytics.

Gregory obtained a Bachelor degree in Chemistry with Management at Imperial College in 2001 and a Master Degree in Health, Population and Society at the London School of Economics in 2002.

Barbara Chan, PhD, CFAQuantitative Investment Manager

Barbara Chan is Quantitative Investment Manager and based in Hong Kong. She works on the research, development and implementation of quantitative models and strategies that deliver improvements to the performance and investment processes of various investment strategies.

Prior to ING, she was a portfolio manager at ABN AMRO Asset Management (Asia) in the Structured Asset Management department, managing quantitative model driven equity funds, derivatives portfolios and developing structured and guaranteed products.

Barbara holds a PhD degree in Statistics from the University of Queensland, Australia and a Bachelor of Science (Honours) from the same Institute. She is also a CFA charter holder.





Kelly Chung, CA Investment Analyst

Kelly Chung is Investment Analyst on the Asian Equity Team and based in Hong Kong. She joined ING Investment Management Asia Pacific in 2006 and is responsible for researching equity markets in Malaysia, Indonesia and Thailand. Previously she was worked at ING Corporate Finance as an analyst where she specialised in Mergers and Acquisitions. Before joining ING Investment

Management, Kelly worked for IBM Canada as a team leader in their finance department. Her previous experience was in accounting and finance with accountancy firms in Canada.

Kelly was educated at the University of Waterloo, Canada where she obtained the Chartered Accountancy designation. She is a member of the Canadian and Ontario Institutes of Chartered Accountants.


Charles Yang, CFA Investment Analyst

Charlie Yang is Investment Analyst on the Asian Equity Team and based in Hong Kong. He joined ING Investment Management Asia Pacific as a portfolio analyst in February 2006. Prior to this, Charlie worked with ING Funds in Scottsdale as part of the global management program of ING Americas. Before joining ING, Charlie had six years experience of public and corporate accounting in China.

Charlie holds an MBA Degree from Emory University, and is qualified as a Certified General Accountant of Canada and a CPA in China. He is a Chartered Financial Analyst.



Samuel Hui is a Data Analyst and based in Hong Kong. He works on front-office data, model and risk analytics on Asia Pacific markets. Previously, he worked in equity research department in Credit Suisse, focusing in the Hong Kong small-caps sector.

Samuel obtained a Bachelor of Science degree in Quantitative Finance at the Chinese University of Hong Kong.



Samuel Hui is a Data Analyst and based in Hong Kong. He works on front-office data, model and risk analytics on Asia Pacific markets. Previously, he worked in equity research department in Credit Suisse, focusing in the Hong Kong small-caps sector.

Samuel obtained a Bachelor of Science degree in Quantitative Finance at the Chinese University of Hong Kong.

Benjamin So is a Quantitative Analyst of the Quantitative Resources andInvestment Risk department. He is involved in quantitative/financialengineering research in securities selection & asset allocation, developing &managing Asia Pacific High Dividend and related funds, and supporting the

investment processes & analytics on various funds managed by other IIM local offices in the Asian region.

Benjamin joined ING in 2002 and has been involved in operational risk management, Basel II, and operational risk capital in the ING offices in Hong Kong and Amsterdam.

Benjamin holds a Master of Engineering degree in Operations Research with a concentration on Financial Engineering as well as Bachelor of Science degree in Electrical and Computer Engineering from Cornell University.


Benjamin So is a Quantitative Analyst of the Quantitative Resources andInvestment Risk department. He is involved in quantitative/financialengineering research in securities selection & asset allocation, developing &managing Asia Pacific High Dividend and related funds, and supporting the

investment processes & analytics on various funds managed by other IIM local offices in the Asian region.

Benjamin joined ING in 2002 and has been involved in operational risk management, Basel II, and operational risk capital in the ING offices in Hong Kong and Amsterdam.

Benjamin holds a Master of Engineering degree in Operations Research with a concentration on Financial Engineering as well as Bachelor of Science degree in Electrical and Computer Engineering from Cornell University.



Gilbert Tan is a Quantitative Analyst of the Quantitative Resources andInvestment Risk department. He is involved in various areas which ourdepartment handles - including quantitative/financial engineering research,enhancing & managing Asia Pacific High Dividend strategies, development of

new strategies, and support for investment processes on various funds managed by other IIM local offices in the Asian region.

Gilbert was previously an analyst at a hedge fund where he was involved in trading various markets as well as the development of short to medium term signals & strategies.

Gilbert holds Bachelor’s degree from a University of Hong Kong with in Science, majoring in Actuarial Science.


Gilbert Tan is a Quantitative Analyst of the Quantitative Resources andInvestment Risk department. He is involved in various areas which ourdepartment handles - including quantitative/financial engineering research,enhancing & managing Asia Pacific High Dividend strategies, development of

new strategies, and support for investment processes on various funds managed by other IIM local offices in the Asian region.

Gilbert was previously an analyst at a hedge fund where he was involved in trading various markets as well as the development of short to medium term signals & strategies.

Gilbert holds Bachelor’s degree from a University of Hong Kong with in Science, majoring in Actuarial Science.




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The elements contained in this document have been prepared solely for the purpose of information and do not constitute an offer, in particular a prospectus or any invitation to treat, buy or sell any security or to participate in any trading strategy. This document is intended only for professional investors. While particular attention has been paid to the contents of this document, no guarantee, warranty or representation, express or implied, is given to the accuracy, correctness or completeness thereof. Any information given in this document may be subject to change or update without notice. Neither ING Investment Management (for this purpose using the legal entity ING Investment Management Luxembourg S.A. nor any other company or unit belonging to the ING Group, nor any of its officers, directors or employees can be held direct or indirect liable or responsible with respect to the information and/or recommendations of any kind expressed herein. The information contained in this document cannot be understood as provision of investment services. If you wish to obtain investment services please contact our office for advice. Use of the information contained in this document is solely at your risk. No direct or indirect liability is held for any loss sustained or incurred by readers as a result of using this publication or basing any decisions on it. Investment sustains risk. Please note that the value of your investment may rise or fall and also that past performance is not indicative of future results and shall in no event be deemed as such. This presentation and information contained herein is confidential and must not be copied, reproduced, distributed or passed to any person at any time without our prior written consent. Any claims arising out of or in connection with the terms and conditions of this disclaimer are governed by Dutch law. ING (L) Invest Asia Pacific High Dividend is a subfund of ING (L) Invest (SICAV) established in Luxembourg. ING (L) Invest (SICAV), is duly authorised by the Commission de Surveillance du Secteur Financier (CSSF) in Luxembourg. Both funds are registered with the CSSF. For more detailed information about the investment fund we refer to the prospectus and the corresponding supplements. In relation to the investment fund mentioned in this document a Financial Information Leaflet (simplified prospectus) has been published containing all necessary information about the product, the costs and the risks which may occur. Do not take unnecessary risk. Read the Financial Information Leaflet (simplified prospectus). Investment funds do not offer guaranteed returns and any past returns are not indicative nor do they secure future returns. The prospectus, supplement and the Financial Information Leaflets (simplified prospectus) are available on the following website: www.ingim.com. The information in this document is not intended to solicit sales of investments or subscription of securities in countries where this is prohibited by the relevant authorities or legislation. Read the prospectus before investing.

Date post:	08-Jan-2016
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ING (L) Invest Asia Pacific High Dividend

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