STANDARD & POOR'S. 4 Year Relative Track Record NOVEMBER 2005 REPORT. 1. Return Distribution of last months' holdings. 2. Performance running quarter

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1 +60% 4 Year Relative Track Record versus Average Funds versus +50% Report 2005/03 1. Last month 2. Track Record 3. Trade List & Holdings 4. Sector- & Regional Allocation +47,0% NOVEMBER 2005 REPORT +40% 1. Return Distribution of last months' holdings 2. Performance running quarter 3. Track-record in absolute terms +30%. +29,7% 4. Track-record in relative terms 5. Statistics & Changes in Allocation 6. Sector Allocation +20% 7. Regional Allocation Investment Advisor : Vector Conseil Custodian & Administrator : Banque Privée Edmond de Rothschild Europe Transfer & Paying Agent : Banque Privée Edmond de Rothschild Europe Auditor: Price Waterhouse Coopers okt-2001 okt-2002 okt-2003 okt-2004 okt-2005 Information : call us at / mail us at navigator@vector.lu visit or STANDARD & POOR'S

2 1. RETURN DISTRIBUTION OF LAST MONTH's 100 HOLDINGS (in euro) Individuele prestatie van de 100 aandelen in portefeuille, afgelopen maand (in euro) < Best Performer Performance last month's 100 holdings Performance Performance Navigator -1,84 < Last month : return relative - 5,3 return compared to : Index - 1,8-3,4 Average Funds - 2,4-2,9-2,2-3,0 Fortis - 2,3-2,9 ING Invest - 4,3-1,0-1,7-3,5-1,0-4,3-5,26 < Navigator Last 12 months : return relative + 25,1 return compared to : Index + 18,2 + 6,9 Average Funds + 18,4 + 6,7 + 18,4 + 6,7 Fortis + 21,8 + 3,3 ING Invest + 15,7 + 9,4 + 17,9 + 7,2 + 18,1 + 7,0 < Worst

3 2. PERFORMANCE RUNNING QUARTER Koersontwikkeling Navigator, afgelopen 3 maanden Het laatste kwartaal van 2005 ging niet vlot van start. De eerder zeldzame combinatie van dalende grondstoffenprijzen en stijgende rente-tarieven (het eerste is slecht nieuws voor olieconcerns, het tweede voor ontluikende markten en rentegevoelige sectoren zoals de nuts- en de bouwsector) leidde tot winstnemingen die Navigator harder dan gemiddeld troffen. De Japanse beurs, die we na haar indrukwekkende zomer-rally sterk hadden afgebouwd, hield dan weer verrassend goed stand. De wereldindex verloor in oktober per saldo 1,8%, Navigator moest met een verlies van 5,3% bijna alle winst van september terug inleveren. Wie 3 jaar geleden in Navigator investeerde, boekte op die investering sindsdien een positief resultaat van 58%, waar de -wereldindex 24,7%, en een groep van enkele vergelijkbare aandelenfondsen gemiddeld slechts 16,6% hogerop gingen. Deze resultaten zijn het gevolg van een strikt kwantitatieve aanpak voor de selectie van 100 ondergewaarde aandelen, verspreid over de ganse wereld en over alle sectoren, gecombineerd met een rigoureuze risico-controle. 8% 7% 6% 5% versus Average Funds (*) INDEX Resultaat laatste 36 maanden (31/10/2005, euro) Results last 36 months (31/10/2005, euro) : % : % Fortis : % : % : % ING Invest : % : % 4% 3% 2% The year s final quarter did not take of swiftly. The rather unusual combination of falling oil-prices and rising intrest rates (the first being bad news for oil-concerns, the second for emerging markets and intrest rate sensitive sectors such as utilities and homebuilders) led to profit-taking that hit the fund more than average. The Japanese market, which we reduced strongly after its very impressive summer-rally, held up surprisingly well. The -world index lost 1,84% in October. Navigator was, with a loss of 5,2%, forced to turn in most of its profits from September. An investor who joined Navigator 3 years ago saw the value of his investment increase by some 58,9% since then, whereas the index gained 24,7%, and a group of a few comparable equity funds gained 16,6%. These results were obtained through a strict quantitative investment approach for the selection of 100 undervalued stocks, spread out over the entire globe and all sectors, combined with a high performing riskcontrol process. 1% 0% -1% -2% -3% 29/07/ /08/ /09/ /10/2005

4 Price AVERAGE Funds (*) (*) ING Invest 31/12/ , , ,00 73,44 892,91 262,25 210,53 66,45 31/12/ , ,02 764,26 39,20 725,68 218,43 177,22 53,17 31/12/ ,46 754,97 486,91 24,34 458,85 140,72 116,61 33,50 31/12/ ,07 821,60 513,86 25,84 487,03 151,99 123,59 33,96 31/12/ ,34 860,32 523,74 26,99 497,48 151,29 126,25 34,41 31/10/ ,72 996,77 608,33 31,18 580,24 179,60 142,77 40,19 (*)= Gemiddelde van [average of ],, Fortis, ING Invest, 3. TRACK-RECORD (in absolute terms) +40% +30% +20% Track-record (in absolute termen) 4 YEAR TRACK RECORD AVERAGE Funds +23,4% Return AVERAGE Funds (*) ING Invest ,9% -13,4% -23,6% -46,6% -18,7% -16,7% -15,8% -20,0% ,8% -33,0% -36,3% -37,9% -36,8% -35,6% -34,2% -37,0% ,5% +8,8% +5,5% +6,2% +6,1% +8,0% +6,0% +1,4% ,3% +4,7% +1,9% +4,5% +2,1% -0,5% +2,2% +1,3% ,1% +15,9% +16,2% +15,5% +16,6% +18,7% +13,1% +16,8% +30% -4,8% +20% -10% -16,0% -20% -10% -30% -20% -30% ING Invest -40% -40% % okt/01 okt/02 okt/03 okt/04 okt/05

5 Price rescaled to Navigator AVERAGE Funds (*) (*) ING Invest 31/12/ ,50 967,50 967,50 967,50 967,50 967,50 967,50 967,50 31/12/ ,04 838,25 739,42 516,42 786,30 805,84 814,42 774,14 31/12/ ,46 561,53 471,09 320,65 497,18 519,15 535,88 487,75 31/12/ ,07 611,09 497,16 340,42 527,71 560,72 567,96 494,45 31/12/ ,34 639,89 506,72 355,57 539,04 558,14 580,19 501,00 31/10/ ,72 741,37 588,56 410,76 628,71 662,58 656,10 585,16 (*)= Gemiddelde van [average of ],, Fortis, ING Invest, 4. TRACK-RECORD (in relative terms) Track-record (in vergelijking tot wereldindex en andere fondsen) +60% +50% 4 YEAR RELATIVE TRACK RECORD versus versus Average Funds +47,0% RETURN versus AVERAGE Funds (*) ING Invest ,5% +0,0% -10,2% -33,3% -5,4% -3,4% -2,5% -6,6% ,2% +0,0% -3,3% -4,9% -3,8% -2,6% -1,2% -4,0% ,6% +0,0% -3,3% -2,7% -2,7% -0,8% -2,8% -7,5% ,6% +0,0% -2,8% -0,3% -2,6% -5,2% -2,6% -3,4% ,3% +0,0% +0,3% -0,3% +0,8% +2,9% -2,8% +0,9% +8% +6% ING Invest +40% +30% +20% +29,7% +4% +2% -2% -4% -6% µ -8% -10% % okt/01 okt/02 okt/03 okt/04 okt/05

6 5. Statistics & Changes in Allocation NAVI GATOR Average Funds Statistieken & Wijzigingen in Allocatie ING Invest JPM Govt. Bond Return Index (euro) Hedge Fund Index (euro) RETURN LAST 48 MONTHS +23,4% -4,8% -16,0% -20,3% -14,3% -12,4% -14,0% -19,3% +1,6% +0,1% MONTHLY BASIS: R-SQUARED 0,84 1,00 0,99 0,91 0,99 0,98 0,98 0,96 0,00 0,39 BETA 1,10 1,00 1,00 0,91 1,05 1,05 0,99 0,99 0,01 0,35 AVERAGE RETURN +0,44% -0,10% -0,36% -0,47% -0,32% -0,27% -0,31% -0,44% +0,03% +0,00% ALPHA +0,59% +0,00% -0,26% -0,38% -0,21% -0,16% -0,21% -0,34% +0,04% +0,03% VOLATILITY +5,31% +4,43% +4,44% +4,21% +4,68% +4,69% +4,41% +4,47% +1,33% +2,48% TRACKING ERROR +2,15% +0,00% +0,41% +1,33% +0,50% +0,72% +0,63% +0,87% +4,58% +3,46% ANNUAL BASIS: AVERAGE RETURN +5,4% -1,2% -4,3% -5,5% -3,8% -3,2% -3,7% -5,2% +0,4% +0,0% ALPHA +7,26% +0,00% -3,08% -4,44% -2,46% -1,90% -2,52% -4,01% +0,51% +0,41% VOLATILITY 18,4% 15,3% 15,4% 14,6% 16,2% 16,2% 15,3% 15,5% 4,6% 8,6% TRACKING ERROR 7,46% 0,00% 1,42% 4,61% 1,74% 2,50% 2,19% 3,02% 15,87% 11,98% SHARPE RATIO (risk free = 2%) +0,18-0,21-0,41-0,51-0,36-0,32-0,37-0,47-0,35-0,23 TREYNOR RATIO (risk free = 2%) +0,03-0,03-0,06-0,08-0,06-0,05-0,06-0,07-1,70-0,06 INFORMATION RATIO (=Alpha / Tracking Error) +0,97 +0,00-2,17-0,96-1,42-0,76-1,15-1,32 +0,03 +0,03 TOP 10 HOLDINGS JOHNSON & JOHNSON US PHARMA & BIOTECHNOLOGY BANK OF AMERICA US BANKS TOTAL FR OIL & GAS CHEVRON US OIL & GAS WELLS FARGO & CO US BANKS PEPSICO US BEVERAGES CONOCOPHILLIPS US OIL & GAS ROYAL BANK OF SCTL.GP. UK BANKS HOME DEPOT US RETAIL, GENERAL DEUTSCHE TELEKOM BD TELECOM SERVICES In oktober schroefden we onze belangen in Informatie-Technologie en Cyclische Consumptiegoederen het meest terug, ten voordele van de Banksector, Nutsbedrijven en Cyclische diensten. De meest overwogen sectoren zijn Grondstoffen en Woningbouw, de meest gemeden sectoren zijn Pharmacie en Technologie. Vanuit geografisch oogpunt bouwden we onze posities in Japan en de Verenigde Staten af, hoofdzakelijk ten voordele van Europa. De meest overwogen markten zijn Zuid-Afrika, Korea en Frankrijk, terwijl vooral Japan nu zeer sterk onderwogen is Sth.-Africa, Korea, France Japan Oil&Gas, Construction Pharmacy, Technology Overweighted Underweighted In October we moved some assets away from Information Technology and Cyclical Consumption Goods to reinvest them in Financials, Utilities and Cyclical Services (mainly Telecom). Most overweighted sectors in our portfolio are currently Oil&Gas and Construction. The most underweighted sectors are Pharmacy and Technology. We have reduced our weighting of Japan and the USA in favour of continental Europe. The fund is now most overweighted in South-Africa, Korea and France. Most underweighted is mainly Japan.

7 FINANCIALS (banks, insurance ) : 26%=>29% 6. SECTOR ALLOCATION INFORMATION TECHNOLOGY (internet, hardware, software...) : 5%=>3% UTILITIES (electricity, water ) : 2%=>4% RESOURCES (oil, gas, mining ) : 16% NON-CYCLICAL SERVICES (telecom, food retailers ) : 5%=>4% CYCLICAL SERVICES (distribution, retail, media, transport ) : 11%=>13% BASIC INDUSTRIES (chemicals, steel, construction.) : 10% NON-CYCLICAL CONSUMER GOODS (pharma, food, packaging, tobacco ) : 9%=>8% CYCLICAL CONSUMER GOODS (auto, textile, household goods...) : 5%=>3% GENERAL INDUSTRIALS (aerospace, engineering, electronics ) : 11%=>10%

8 7. REGIONAL ALLOCATION US & Canada : 42%=>40% Latin-America : 1%=>2% Australia : 3% South-Africa : 5%=>6% Japan : 5%=>0% Eastern Europe : 2% UK & Ireland : 8%=>7% Asia (ex Japan & Australia) : 19%=>18% Scandinavia : 1%=>2% Southern Europe (France, Italy, Spain ) : 8%=>11% Western Europe (Benelux, Germany, Switzerland,...) : 6%=>9% This document does not constitute an offer or solicitation in any jurisdiction in which such offer or sollicitation is not authorised. Past performance is not a guarantee of future returns. The value of investments may fall as well as rise. Any decision to invest should be based on a full reading of the fund prospectus and the most recent financial statements, available at