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Press Release

Simple, Low-Cost Investing Could Mean Higher Returns

ING DIRECT announces new low-cost, index-based 'Streetwise Fund' and becomes the first mutual fund dealer in Canada to offer paperless application to its clients

January 14, 2008, Toronto, ON – ING DIRECT is once again challenging the high fees Canadians pay for investing and bringing diversification at a low cost to the masses with the launch of a new index-based mutual fund called the Streetwise Fund. The Streetwise Fund^™ is a diversified balanced fund which incorporates several indexes in its investment strategy.

In keeping with the company's approach of offering simple and straight forward financial products designed to save money, the Streetwise Fund^™ offers a balance of equities and bonds across four key indexes in one low-cost fund. The Streetwise Fund's Management Expense Ratio (MER) is 1%, approximately 1.6% lower than most other balanced funds available today that average MERs of 2.6%. The Streetwise Fund^™ is exclusively offered by ING Direct Funds Limited, a wholly-owned subsidiary of ING Bank of Canada.

"ING DIRECT is excited to offer a simple, low-cost alternative for investors frustrated with the high fees associated mutual funds," said Jeroen Smakman, VP Mutual Funds, ING DIRECT. "Canadians pay the highest fund fees in the world – up to 2.6% or more for the expertise of fund managers, yet history has shown that most active fund managers cannot beat the index. The Streetwise Fund^™ uses an index-based investment strategy to help consumers save their money by buying the whole market at a low cost of 1%. On a $10,000 investment, this equates to a savings of about $1,600 in fees alone over 10 years. Lower fees mean more money stays invested to compound and grow, giving investors the potential to earn much more over time."

Johanne Brossard, CEO, ING DIRECT said, "The Streetwise Fund^™ is another example of how ING DIRECT is helping to move the financial industry forward, challenging the status quo much like we did for clients with branchless banking more than a decade ago."

The Streetwise Fund^™ tracks the following indexes: S&P/TSX 60 - Canadian Equities, S&P 500 - US Equities, DEX- Canadian Bonds and MSCI EAFE - International Equities.

For current ING DIRECT clients looking to simplify their mutual fund transactions and do their part to save the planet, the Streetwise Fund^™ application process and initial transaction are paperless, an industry first for a mutual fund dealer in Canada.

The One-Fund Solution

Designed to be the only fund investors need, the Streetwise Balanced Fund^™ has a fixed asset allocation with 60% stocks and 40% bonds. For investors who are looking for more income the Streetwise Balanced Income Fund^™ has an allocation with 30% stocks and 70% bonds, and the Streetwise Balanced Growth Fund has an allocation of 75% stocks and 25% bonds.

Similar to ING DIRECT's high-interest, no minimum Investment Savings Account, clients don't need a lot of money to get started. Automatic, regular contributions to the Streetwise Fund^™ provide a simple way for clients to benefit from dollar-cost averaging. The commitment to invest a fixed amount of money regularly helps to decrease the overall cost of investing over time. This strategy also helps to reduce the risk of investing a large amount in a single investment at the wrong time. Although most funds allow clients to take advantage of dollar-cost averaging, it is difficult to find funds that offer this, plus broad diversification and low MERs in one package.

Secrets of Index Funds Revealed

• Most managed funds don't beat the index. Market history has proven that most active fund managers cannot do any better than the market and data shows that as many as 80% of managed funds don't beat the index.
• On average, investors pay a MER of about 2.6% for actively-managed balanced funds. Buying index funds can result in savings of 1-2% over typically managed funds.
• Many of the world's most sophisticated investors support the idea that index funds should make up the core of an investor's mutual fund portfolio.
• Diversification is one of the principal rules of investing. Spreading your investment dollars across different markets helps reduce the risk associated with specific stocks or sectors. An index-based balanced fund gives you exposure to the whole market with your returns tracking those of the indexes.

Visit www.streetwisefund.ca for more information.

About ING DIRECT

ING DIRECT is Canada's largest direct bank with over 1.5 million customers and more than $23 billion in total assets. ING DIRECT offers high-value, simple products that help Canadians save their money through high interest rates on deposits with no fees or service charges, low rates on mortgages and low-cost, index-based mutual funds. Clients can bank with ING DIRECT 24 hours a day, 7 days a week, at www.ingdirect.ca or by calling 1-800 ING DIRECT.

Mutual funds are offered by ING Direct Funds Limited, a wholly-owned subsidiary of ING Bank of Canada. ING Direct Funds Limited offers mutual funds across Canada except in Quebec and the Territories. ING Direct Asset Management Limited, a wholly owned subsidiary of ING Bank of Canada is the manager of The Streetwise Funds.

Commissions, trailing commissions, management fees, and expenses all may be associated with mutual fund investments. Please read the prospectus before investing. Mutual Funds are not guaranteed or covered by the Canada Deposit Insurance Corporation or any other government deposit insurer. Their values change frequently and past performance may not be repeated.