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									     ING TAX EXEMPT PHILIPPINE DOLLAR FIXED INCOME FUND                                                                                                                                                          Bloomberg Code: INGTEDI Index
     A Unit Investment Trust Fund of ING Bank, N.V.                                                                                                                                                              Fund Fact Sheet, February 2011
     Philippine Branch (Trust Department)                                                                                                                                                                        visit us at

     FIGURES AS OF 2/28/2011                                                                                                                              Investment Objective
                                                                                                                                 Since                    This Fund is for US Dollar investors who want to preserve their capital and achieve
     Cumulative Performance (%)                                          1 mo          1YR           3YRS          5YRS        Inception                  growth in income over a period of time for institutions certified tax-exempt by the BIR.
     ING TE Philippine Dollar FI Fund                                    0.33        14.04          23.80          45.99          84.39                   To achieve this, the Fund will be invested in a diversified portfolio of USD dollar-
     Benchmark                                                           0.20        13.79          34.28          62.59         113.45                   denominated fixed income instruments issued by the Philippine government, corpora-
     Past performance not indicative of future performance. Benchmark adjusted for CTF reserve requirement of the                                         tions, & financial institutions. The Fund aims to outperform its benchmark (gross of fees
     BSP prior to conversion to UITF in December 2004.                                                                                                    and taxes), the JP Morgan Chase Asia Total Return Philippines Index.
      Annualized Performance (%)                              1YR          2YRS          3YRS         4YRS          5YRS        Inception                 Top 10 Holdings
      ING TE Philippine Dollar FI Fund 14.04                              15.57         7.38           6.94         7.86            9.01                   Name                                                 Yield (%)               Maturity               % of Fund
      Benchmark                        13.79                              16.23        10.32           9.41        10.21           11.28                   Philippines 2012 9.375%                                   3.57              1/18/2012                  9.31%
                                                                                                                                                           Philippines 2034 6.375%                                   5.98             10/23/2034                  8.78%
     Calendar Year Performance (%)                            YTD        2010       2009 2008 2007 2006 2005 2004*                                         Philippines 2021 4%                                       4.62              1/15/2021                  6.29%
     ING TE Philippine Dollar FI Fund -0.51                             14.00 22.59 -11.69 6.41 14.49 16.97 5.38                                           Philippines 2019 8.375%                                   5.01              6/17/2019                  5.43%
     Benchmark                        -0.06                             13.78 26.07 -6.71 7.57 16.39 19.50 6.68                                            Philippines 2025 10.625%                                  6.20              3/16/2025                  5.09%
     *The Fund was launched on January 27, 2004. Returns are from January 27, 2004 to December 29, 2004.                                                   PSALM 2024 7.39%                                          6.68              12/2/2024                  5.05%
                                                                                                                                                           Philippines 2030 9.5%                                     6.25               2/2/2030                  4.95%
     NAVPU Graph
     24.0                                                                                                                                                  Philippines 2031 7.75%                                    6.18              1/14/2031                  4.95%
     23.0                      ING TE Phil Dollar Fixed Income Fund                                                                                        PSALM 2019 7.25%                                          6.49              5/27/2019                  4.38%
     22.0                      Benchmark                                                                                                                   Philippines 2020 6.5%                                     4.71              1/20/2020                  4.29%
     19.0                                                                                                                                                 Allocation                   Portfolio Composition: Govt 71%, Corps 19%, Cash 10%
     17.0                                                                                                                                                 Maturity Profile
     15.0                                                                                                                                                 Cash and less than 1 year                                                                                   19.1%
     13.0                                                                                                                                                 Between 1 and 3 years                                                                                         2.6%
     11.0                                                                                                                                                 Between 3 and 5 years                                                                                         5.7%
      9.0                                                                                                                                                 Between 5 and 7 years                                                                                         8.3%
       Jan-04                                      May-06                                    Oct-08                                    Feb-11
                                                                                                                                                          Between 7 and 10 years                                                                                      27.6%
     Manager’s Report
                                                                                                                                                          More than 10 years                                                                                          36.6%
     Market Review

     The JP Morgan Chase Asia Total Return Philippine Bond Index (Benchmark) posted a 0.20% return                                                       Key Figures and Statistics
     during the month for a year-to-date loss of 0.06%.                                                                                                                                                          1
                                                                                                                                                                                                                                                USD                18.4389
                                                                                                                                                           Net Asset Value per Unit (NAVPU)
     Philippine bond prices generally slid this month, with the exception of long-end benchmark                                                            Total Fund NAV (Mln)                                                                 USD                     9.24
     heavyweights. Prices of ROP21 bond and ROP34 bond ended the month higher by 0.63 and 0.37                                                             Duration (Interest Rate Risk)                                                      Years                      6.54
     points respectively.

     Prices declined as the historical step-down of three-decade Egyptian leader, Hosni Mubarak, failed
     to quell risk aversion with political unrest immediately spilling over to neighboring Middle East                                                     General Information
     countries. Civilian protests broke out in Algeria, Bahrain and Libya. The latter drove oil prices up by                                                    Launch Date                                                                27-Jan-04
     10% as oil production was curbed while its 42-year leader Muammar Gaddafi refused to step down                                                              Fund Structure                                               Unit Investment Trust Fund
     from power and took the fight to the protesters. About 16% of the world’s oil production is sourced                                                                                                                  (converted to UITF in December 2004)
     from countries plagued with political unrest.
                                                                                                                                                                Fund Currency                                                              US Dollar
     On food prices, the U.N.’s Food and Agriculture Organization noted that its Food Price Index                                                               Domicile                                                            Manila, Philippines
     increased to 231 in January 2011 – a 3.4% month-on-month growth and its highest level since 1990.                                                          Valuation Method                                                     Marked-to-Market
                                                                                                                                                                Fund Classification                                              Long-Term Bond Fund
     Outside of the Middle East, U.S. and China continue to post strength in their economies. China,
                                                                                                                                                                Management/Trust Fee                                                     1.25 % p.a.
     however, continues to impose various types of controls to contain bank lending, rising property
     prices including interest rate hikes and increasing reserve requirements.                                                                                  Minimum Holding Period                                                20 banking days
                                                                                                                                                                Redemption Notice Period                                               4 banking days
     Fund Performance                                                                                                                                           Trustee                                                 ING Bank NV (Trust Department)
                                                                                                                                                                                                                               Philippine Branch
     The Fund gained 0.33% during the month, outperforming its benchmark by 13 bps but lagging it by                                                                rd
                                                                                                                                                                3        Party Custodian                                    HSBC, Ltd. (Philippines)
     45 bps year-to-date.

     Fund Strategy                                                                                                                                        1. Effective 10/24/05, is net of 3rd party custody fees, as allowed by the regulator. This amounts to 0.02%
                                                                                                                                                          p.a. based on the face amount of the fixed income securities held by the Fund at month-end.
     Events outside of the Philippines will continue to influence the movement of bond prices. The fund’s
     position will be kept nimble given the anticipated volatility.

The views expressed herewith by ING Investment Management Philippines – Trust Department of ING Bank N.V. Manila Branch ("ING Trust") are strictly for information purposes only. ING Trust does not however make representations towards the accuracy or
completeness of market information in this release. Information contained in this release is based on data that ING Trust considers reliable but ING Trust does not represent that it is accurate or complete and it should not be relied upon as such. The participation
in the Fund is a trust product, not a bank deposit nor an obligation of, nor guaranteed, nor issued, nor insured by ING Bank N.V. or its affiliates or subsidiaries and therefore is not insured or governed by the Philippine Deposit Insurance Corporation (PDIC). Investment
or participation in the Fund is subject to risk and possible loss of principal. ING Trust as Trustee is not liable for losses unless upon willful default, bad faith or gross negligence. Losses, if any, shall be for the account and risk of the Trustor/Participant. Past performance
is not indicative of future performance. Value of the Fund can go up and down. Any quoted "income expectation" or like terms is neither assured nor guaranteed by ING Trust as Trustee and does not therefore entitle Trustor to a fixed interest or return on its
investments. Units of participation in the Fund, when redeemed, may be worth more or less than the original contribution amount. This release does not endorse nor constitute an offer, recommendation or a solicitation to buy or sell any product, security or
currency referred to in it. Before acting on any representation in this release, a client should consider whether it is suitable for his particular circumstances and if necessary, seek professional advice. The Trustor/Participant/client is advised to read the complete
details of the Fund in the Plan Rules, make his/her own risk assessment and when necessary, seek independent professional opinion before investing.

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