ING Investment Management, Inc. announced at meetings held today that unitholders of 13 ING funds approved the previously announced merger of those 13 funds into AGF mutual funds with corresponding mandates managed by AGF Funds Inc.

Unitholders of the ING Canadian Dividend Income Fund also approved the acquisition of that fund by AGF Funds Inc. This fund will be renamed the AGF Dividend Income Fund. ING Investment Management, Inc. will continue to manage the assets of this new AGF fund as the exclusive sub-advisor.

The transactions re expected to close on Aug. 5, 2005 subject to regulatory approval.

ING Investment Management, Inc. is a subsidiary of ING Canada Inc.