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ING PHILIPPINE EQUITY FUND A Unit Investment Trust Fund of ING Bank N.V.

Philippine Branch (Trust Department)


FIGURES AS OF 9/30/2010 Cumulative Performance (%)
YTD 1 mo 21.44 14.97 1YR 55.71 46.39 3YRS 14.43 14.75 5YRS 128.91 111.12 Since Inception 273.95 255.17

Bloomberg Code: INGPHEQ Index Fund Fact Sheet, September 2010 visit us at www.ingim.com.ph
Investment Objective
The objective of this Fund is to attain long-term capital growth for Peso investors. To achieve this, the Fund will be invested in a portfolio of stocks listed on the Philippine Stock Exchange. The Fund seeks to outperform (gross of fees) the Philippine Stock Exchange Index (PSEi), subject to BSP regulations.

Philippine Equity Fund Benchmark - PSEi

42.30 34.31

Top Ten Holdings


Name Lepanto Consolidated Mining Main Business Mining Power & Water Holding Firms Financials Holding Firms Mining Food and Beverage Holding Firms Power & Water % of Fund 11.54% 7.01% 5.25% 5.13% 4.97% 4.81% 4.37% 4.21% 4.08% 4.00% Philippine Long Distance Telephone Company Telecommunications Energy Development Corporation JG Summit Holdings, Inc. Philippine National Bank Lopez Holdings Corp. Philex Mining Corporation Universal Robina Corp. DMCI Holdings, Inc. First Gen Corp.

Past performance not indicative of future performance. Benchmark adjusted for CTF reserve requirement of the BSP prior to the conversion to UITF in December of 2004.

Annualized Performance (%)


1YR 2YRS 31.17 26.32 3YRS 4.60 4.69 4YRS 13.87 12.53 5YRS 18.01 16.12 Since Inception 19.48 18.65

Philippine Equity Fund Benchmark PSEi

55.71 46.39

Calendar Year Performance (%)


2003* 2004
Philippine Equity Fund Benchmark PSEi

2005

2006

2007

2008

2009

27.87 28.92

33.77 22.48

4.84 54.67 17.23 -56.01 83.71 14.99 42.29 21.43 -48.29 63.00

*The Fund was launched on May 5, 2003. Returns are from May 5, 2003 to December 30, 2003.

NAVPU Graph 380 ING Phil. Equity Fund 355 PSEi 330 305 280 255 230 205 180 155 130 105 80 May-03 Managers Report

Sector Holdings
Holding Firms Mining Communications Financials Power & Water Property Food & Beverage Cash Construction
23.7% 16.0% 14.4% 13.3% 11.1% 10.6% 5.4% 3.3% 2.0% 0.2%

Jan-07

Sep-10

IT

Market Review A September to remember -the PSEi rallied to a new historic level of 4100 in September, up 14.97% month-onmonth. YTD, the PSEi is up 34.31%. Performance was bolstered by trading liquidity that was above historical trend. The average daily turnover for the month jumped to US$138mn, a solid 45% above the YTD average of US$95mn. Net foreign buying was likewise considerably higher at US$362mn, close to double the US$183mn recorded the previous month.
Macro indicators continued to register strong numbers. OFW remittances surged, bringing the 7 month gure above the US$10bn mark. Loan growth for July accelerated to double digit levels at 11.7% from 8.7% in the same period last year. Core ination for September remained to be benign with a slight improvement to 3.5% from 4% the previous month. The market reected strong optimism on this domestic driven economy. Consumer condence hit an all time high, with the index at +33%. All this condence was backed by the continued low interest rate environment. The government is eyeing a sustained 7% annual growth rate starting 2011 from increased investments of P180bn yearly. According to the Department of Finance, the budget decit may narrow to P226bn or 2.5% of GDP in 2011 if this 7% growth is achieved. The Conglomerates have also shown an optimistic stance as most have expressed interest to participate in the new government's thrust towards private-public partnerships (PPPs) in infrastructure projects. The Banking sector likewise rose as concerns on capital strength were muted when the Basel Committee released the new minimum capital rules which are not likely to result in dilutive capital raising. Mining stocks experienced a spectacular run-up as well, as record high metal prices and potential acquisitions spurred interest in the sector. Noteworthy was Lepanto Consolidated Mining Co. (LCB) as its share price more than doubled after selling a South African miner an option to acquire up to 60% of its Far South East project for as much as $340mn.

Key Figures and Statistics


Net Asset Value per Unit (NAVPU) Total Fund NAV (Mln) Current Number of Holdings Statistics - Past 5 Years Annualized Return (net) Annualized Volatility Portfolio Beta General Information Launch Date Fund Structure Fund Currency Domicile Valuation Method Fund Classification Management/Trust Fee Minimum Holding Period Redemption Notice Period Trustee 3
rd 1

PHP PHP

373.9531 7,371.83 31

Fund 18.01% 26.48% 1.11

Benchmark 16.12% 22.54%

5-May-03 Unit Investment Trust Fund (converted to UITF on December 2004) Philippine Peso Manila, Philippines Marked-to-Market Equity Fund 2.00 % p.a. 15 banking days 4 banking days ING Bank NV (Trust Department) Philippine Branch HSBC, Ltd. (Philippines)

Fund Performance The PSEi jumped by 14.97% in September, registering the highest MoM gain since 2002. However, the ING Philippine Equity Fund soared even higher, posting a 21.44% gain in the same period for an outperformance of 648bps. The fund beneted signicantly from its overweight positions in select off-benchmark bank, infrastructure, holding and mining counters. Our underweight call on the Transport Services sector and some Power index names capped the funds sterling performance for the month. Fund Strategy The market has reached a new all-time high, nally breaking the elusive 4000 index level. We expect to see a market re-rating from analysts as companies continue to register strong growth for the second half. The persistent low interest rate environment and strong market liquidity will be the drivers for a sustained market upside. Our fund positioning remains to be overweight favoring infrastructure, banking and mining sectors. Immediate support and resistance levels for the index have adjusted higher at 3970 and 4230 respectively.

Party Custodian

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 face amount of fixed income securities and the market value of equity securities held by the Fund at month-end.

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.