ING DIRECT Asset Management Limited announces changes to mutual fund structure

    TORONTO, Oct. 17 /CNW/ - ING DIRECT Asset Management Limited ("ING
DIRECT") announced today that it intends to convert the ING DIRECT Streetwise
Funds (the "Corporate Funds") into mutual fund trusts (the "Trust Funds"). The
Trust Funds will continue to be known as the Streetwise Funds.
    The conversion is designed to improve tax and operational efficiency. All
other operational aspects, investment objectives and investment strategies
will remain the same and the Trust Funds will be subject to the same low
management fee and administration fee as the Corporate Funds.
    The conversion will be effected by transferring the assets of each
Corporate Fund to the corresponding Trust Fund in exchange for units of that
Trust Fund, as follows:

        Corporate Fund                                Trust Fund
    ING DIRECT Streetwise                ING DIRECT Streetwise Balanced Fund
     Balanced Class
    ING DIRECT Streetwise         ING DIRECT Streetwise Balanced Income Fund
     Balanced Income Class
    ING DIRECT Streetwise         ING DIRECT Streetwise Balanced Growth Fund
     Balanced Growth Class

    Upon completion of the conversion, shares of the Corporate Funds will
cease to be offered to investors and the three new Trust Funds will be
    The proposed conversion is subject to regulatory and shareholder
approval. ING DIRECT will seek shareholder approval at a meeting to be held on
January 5, 2009. All shareholders of the Corporate Funds as of December 1,
2008 will be entitled to attend and vote at the shareholder meeting.
    Investors who currently hold shares of the Corporate Funds in registered
products such as RSPs and RIFs will not incur tax consequences, however the
conversion will result in a taxable event to non-registered investors.
    The Streetwise Funds remain a low-cost, high value investment option with
a simple, low fee structure and index strategy. The Streetwise Funds'
Management Expense Ratio (MER) is 1%, significantly lower than most other
Canadian balanced funds available today with average MERs of 2.6%.
    Launched in January 2008, the Streetwise Funds are three diversified
balanced funds that use an index-based investment strategy to provide
investors with exposure to four key asset classes. With the launch of the
Streetwise Funds, ING DIRECT Funds Limited was the first mutual fund dealer in
Canada to offer the benefit of paperless application to its clients. Last
month, ING DIRECT Funds Limited introduced online transactions for the
Streetwise Funds in an effort to continue to differentiate and simplify the
mutual fund experience for investors.

    About ING DIRECT Funds Limited

    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.

    About ING DIRECT Asset Management Limited

    ING DIRECT Asset Management Limited, a wholly owned subsidiary of ING
Bank of Canada is the manager of the Streetwise Funds.

For further information:

For further information: Lisa Naccarato, ING DIRECT, Office: (416)
758-5072, Mobile: (416) 885-0348,

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