Fixed Income Webcast
2007-2008 “Between a Rock and a Hard Place”

Recorded January 29, 2008

Taking stock of a turbulent 2007 and looking at what the rest of 2008 might have in store, Jim Kauffmann and his team sat down a day before the Federal Reserve’s late January meeting to discuss bond markets, central bank action, global decoupling and portfolio positioning.

Please note: Due to technical difficulties, the Chapter 1 recording is slightly abridged as a few seconds of Jim's introductory comments were not recorded.

This review has been prepared by ING Investment Management for informational purposes. Nothing contained herein should be construed as (i) an offer to sell or solicitation of an offer to buy any security or (ii) a recommendation as to the advisability of investing in, purchasing or selling any security. Any opinions expressed herein reflect our judgment and are subject to change. Certain of the statements contained herein are statements of future expectations and other forward-looking statements that are based on management's current views and assumptions and involve known and unknown risks and uncertainties that could cause actual results, performance or events to differ materially from those expressed or implied in such statements. Actual results, performance or events may differ materially from those in such statements due to, without limitation, (1) general economic conditions, (2) performance of financial markets, (3) interest rate levels and (4) increasing levels of loan defaults.