STANDARD & POOR'S. 4 Year Relative Track Record DECEMBER 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 +43,5% DECEMBER 2005 REPORT +40% 1. Return Distribution of last months' holdings 2. Performance running quarter 3. Track-record in absolute terms +30%. +28,1% 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 nov-2001 nov-2002 nov-2003 nov-2004 nov-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 6,26 < Navigator Last month : return relative + 6,3 return compared to : Index + 4,8 + 1,5 Average Funds + 5,1 + 1,2 + 4,5 + 1,8 Fortis + 5,2 + 1,0 ING Invest + 6,7-0,4 + 5,0 + 1,3 + 3,9 + 2,3 4,78 < Last 12 months : return relative + 28,9 return compared to : Index + 23,1 + 5,7 Average Funds + 23,9 + 4,9 + 23,6 + 5,2 Fortis + 26,6 + 2,2 ING Invest + 23,0 + 5,9 + 23,0 + 5,9 + 23,4 + 5,5 < Worst

3 2. PERFORMANCE RUNNING QUARTER Koersontwikkeling Navigator, afgelopen 3 maanden November 2005 was, na een moeilijk oktober, opnieuw een uitstekende beursmaand. De wereldindex ging er met 4,8% op vooruit, en Navigator vatte 6,3% hoger post. De markten werden ondersteund door aanhoudend goede bedrijfsresultaten, ietwat afzwakkende olieprijzen, rustgevende inflatiecijfers, en, vooral de laatste dagen, uitstekende macro-economische cijfers uit zowat alle mogelijke windhoeken. Wat dit jaar totnogtoe opvalt, is dat de Benelux-grootbanken het als groep met hun wereldwijde aandelenfondsen niet merkelijk slechter doen dan de markt. De afgelopen 3 jaar presteerden ze gemiddeld 3% onder het niveau van de -wereldindex. Dit jaar hebben ze gezamenlijk een voorsprong van 0,6%. Wie 3 jaar geleden in Navigator investeerde, boekte op die investering sindsdien een positief resultaat van 50,8%, waar de -wereldindex 24,7%, en een groep van enkele vergelijkbare aandelenfondsen gemiddeld slechts 18,0% 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. 10% 8% 6% versus Average Funds (*) INDEX Resultaat laatste 36 maanden (30/11/2005, euro) Results last 36 months (30/11/2005, euro) : % : % : % Fortis : % : % ING Invest : % : % 4% November 2005 turned out to be an excellent month for equity investors again, following the rather difficult treat they got in October. The -worldindex gained 4,8%, Navigator 6,3%. Markets were supported by a continuous flow of good earningsreports, retreating oil-prices, comforting inflation-figures and, especially these last few days, excellent macro-economic numbers coming from all continents. Somewhat surprisingly this year, world equity products from the major Benelux banks are not systematically underperforming the - index. Whereas in previous years, they tended to underperform the market by 3% a year, they are actually outperforming it in 2005 by 0,6%, sofar. An investor who joined Navigator 3 years ago saw the value of his investment increase by some 50,8% since then, whereas the index gained 24,7%, and a group of a few comparable equity funds gained 18,0%. These results were obtained through a strict quantitative investment approach for the selection of 100 undervalued stocks, 2% 0% -2% -4% 31/08/ /09/ /10/ /11/2005

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 30/11/ , ,45 638,97 32,73 606,08 188,97 152,28 41,77 (*)= Gemiddelde van [average of ],, Fortis, ING Invest, 3. TRACK-RECORD (in absolute terms) +30% +20% Track-record (in absolute termen) 4 YEAR TRACK RECORD AVERAGE Funds +20,0% 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% ,6% +21,4% +22,0% +21,3% +21,8% +24,9% +20,6% +21,4% +30% -6,3% -10% +20% -16,3% -20% -10% -30% -20% -30% ING Invest -40% -40% % nov/01 nov/02 nov/03 nov/04 nov/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 30/11/ ,42 776,84 618,21 431,18 656,71 697,15 699,81 608,16 (*)= Gemiddelde van [average of ],, Fortis, ING Invest, 4. TRACK-RECORD (in relative terms) Track-record (in vergelijking tot wereldindex en andere fondsen) +50% +40% 4 YEAR RELATIVE TRACK RECORD versus versus Average Funds +43,5% 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% ,2% +0,0% +0,6% -0,1% +0,4% +3,5% -0,8% -0,0% +30% +28,1% +8% +6% ING Invest +20% +4% +2% -2% -4% µ -6% -8% -10% % nov/01 nov/02 nov/03 nov/04 nov/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 +20,0% -6,3% -16,3% -20,8% -15,9% -11,9% -12,8% -20,3% +3,0% -0,3% MONTHLY BASIS: R-SQUARED 0,84 1,00 0,99 0,91 0,99 0,98 0,98 0,96 0,00 0,42 BETA 1,09 1,00 1,01 0,91 1,05 1,06 1,00 0,99 0,02 0,37 AVERAGE RETURN +0,38% -0,14% -0,37% -0,48% -0,36% -0,26% -0,29% -0,47% +0,06% -0,01% ALPHA +0,56% +0,00% -0,23% -0,36% -0,21% -0,11% -0,15% -0,34% +0,07% +0,04% VOLATILITY +5,23% +4,38% +4,43% +4,19% +4,63% +4,70% +4,45% +4,44% +1,33% +2,50% TRACKING ERROR +2,13% +0,00% +0,40% +1,33% +0,50% +0,68% +0,69% +0,87% +4,50% +3,36% ANNUAL BASIS: AVERAGE RETURN +4,7% -1,6% -4,4% -5,7% -4,2% -3,1% -3,4% -5,5% +0,7% -0,1% ALPHA +6,94% +0,00% -2,77% -4,24% -2,50% -1,32% -1,76% -3,95% +0,85% +0,46% VOLATILITY 18,1% 15,2% 15,3% 14,5% 16,0% 16,3% 15,4% 15,4% 4,6% 8,7% TRACKING ERROR 7,39% 0,00% 1,39% 4,61% 1,74% 2,37% 2,37% 3,01% 15,59% 11,62% SHARPE RATIO (risk free = 2%) +0,15-0,24-0,41-0,53-0,39-0,31-0,35-0,49-0,27-0,24 TREYNOR RATIO (risk free = 2%) +0,02-0,04-0,06-0,08-0,06-0,05-0,05-0,08-0,68-0,06 INFORMATION RATIO (=Alpha / Tracking Error) +0,94 +0,00-1,98-0,92-1,44-0,56-0,74-1,31 +0,05 +0,04 TOP 10 HOLDINGS BANK OF AMERICA US BANKS JOHNSON & JOHNSON US PHARMA & BIOTECHNOLOGY TOTAL FR OIL & GAS ALTRIA GROUP INCO. US TOBACCO WELLS FARGO & CO US BANKS PEPSICO US BEVERAGES ROYAL BANK OF SCTL.GP. UK BANKS HOME DEPOT US RETAIL, GENERAL CONOCOPHILLIPS US OIL & GAS ASTRAZENECA UK PHARMA & BIOTECHNOLOGY In november werd het fonds per saldo wat defensiever georiënteerd door het terugschroeven van sectoren zoals olie-ontginning en de bouwnijverheid, en het opvoeren van onze belangen in Pharma en Healthcare. De meest overwogen sectoren zijn nu Engineering, Transport en Olie, de meest gemeden sectoren zijn Software, Telecom en Media. Vanuit geografisch oogpunt bouwden we onze posities in Japan opnieuw wat op, wat niet wegneemt dat de portefeuille er nog steeds relatief onderwogen is, net zoals in het Verenigd Koninkrijk en Canada. De meest overwogen markten zijn nog steeds Zuid-Afrika, Korea en Frankrijk Sth.-Africa, Korea, France Japan, UK, Canada Engineering, Transport, Oil&Gas Software, Telecom, Media Overweighted Underweighted In November we moved a bit to the defensive by moving some assets away from Oilexploration and Construction, towards Pharma & Healthcare. Most overweighted sectors in our portfolio are currently Engineering, Transport and Oil. The most underweighted sectors are Software, Telecom and Media. We have rebuilt some intrest in Japan, allthough it remains the most underweighted market for now, together with the UK and Canada. The fund is most overweighted in South-Africa, Korea and France.

7 6. SECTOR ALLOCATION FINANCIALS (banks, insurance ) : 29% INFORMATION TECHNOLOGY (internet, hardware, software...) : 3%=>4% UTILITIES (electricity, water ) : 4% RESOURCES (oil, gas, mining ) : 16%=>13% NON-CYCLICAL SERVICES (telecom, food retailers ) : 4%=>3% BASIC INDUSTRIES (chemicals, steel, construction.) : 10%=>7% CYCLICAL SERVICES (distribution, retail, media, transport ) : 13%=>14% GENERAL INDUSTRIALS (aerospace, engineering, electronics ) : 10%=>11% NON-CYCLICAL CONSUMER GOODS (pharma, food, packaging, tobacco ) : 8%=>12% CYCLICAL CONSUMER GOODS (auto, textile, household goods...) : 3%

8 7. REGIONAL ALLOCATION US & Canada : 40%=>39% Latin-America : 2%=>3% Australia : 3%=>2% Japan : 0%=>6% South-Africa : 6% Eastern Europe : 2%=>1% UK & Ireland : 7%=>6% Asia (ex Japan & Australia) : 18%=>16% Scandinavia : 2% Southern Europe (France, Italy, Spain ) : 11% Western Europe (Benelux, Germany, Switzerland,...) : 9%=>8% 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