NAVIGATOR FUND NAVIGATOR FUND JULY 2007 REPORT MORNINGSTAR 3Y MORNINGSTAR 5Y. 1. Return Distribution of last months' holdings

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1 +60% +50% +40% AVERAGE Funds FUND +43% FUND +30% -20% -30% -40% -50% Report 2005/03 1. Last month 2. Track Record 3. Trade List & Holdings 4. Sector- & Regional Allocation % JULY 2007 REPORT 1. Return Distribution of last months' holdings 2. Performance running quarter 3. Track-record in absolute terms 4. Track-record in relative terms 5. Statistics & Changes in Allocation 6. Sector Allocation +60% / / AVERAGE Funds / 7. Regional Allocation +50% +50% +40% +30% Investment Advisor : Vector Conseil Fund Management Company: Royal Bank of Scotland Custodian & Admin.: Banque Privée Edmond de Rothschild Europe Transfer & Paying Agent: Banque Privée Edmond de Rothschild Europe Auditor: Price Waterhouse Coopers Information : call us at / mail us at navigator@vector.lu visit or -20% % MORNINGSTAR 3Y MORNINGSTAR 5Y STANDARD & POORS

2 1. RETURN DISTRIBUTION OF LAST MONTH's 100 HOLDINGS (in euro) Performance individuelle des 100 actions dans portefeuille, dernier mois (en euro) Individuele prestatie van de 100 aandelen in portefeuille, afgelopen maand (in euro) < Best Performer Performance last month's 100 holdings Performance Performance Navigator Last month : return relative return compared to : Index Average Funds Fortis ING Invest < Navigator < Last 12 months : return relative return compared to : Index Average Funds Fortis ING Invest < Worst

3 Evolution du cours de Navigator, dernier trimestre 2. PERFORMANCE RUNNING QUARTER Koersontwikkeling Navigator, afgelopen 3 maanden Après une forte performance pendant le premier semestre, les marchés financiers ont connu une forte correction vers la baisse pendant les 2 dernières semaines de juillet et la première semaine d août, principalement due à des problèmes de payements de prêts hypothécaires sub prime au US et par un ralentissement potentiel de la croissance économique au US et dans le reste du monde. En réaction de la forte croissance des marchés, Navigator a investi d une manière plus défensive et a su limiter les pertes pendant le mois de juillet. Navigator a clôturé le mois avec un perte de 1.9% (YTD +8.2%) tandis que le index a terminé 3.6% plus bas (YTD +1.7%). Cela augmente la surperformance du fond à 6.5% comparé à l indice, pour les 7 premiers mois de Selon nos calculs datés le 6 août, le P/E moyen de l indice se trouve actuellement 22% en dessous de sa moyenne des 20 dernières années. Ceci fournit une marge de sécurité substantielle contre de nouvelles baisses de marchés due à des problèmes de prêts hypothécaires sub prime au US ou due à un ralentissement potentiel de la croissance économique et laisse de la marge pour un bon rendement pour le reste de l année. 6% versus Average Funds (*) INDEX 5% 4% 3% 2% 1% 0% -1% -2% 30/04/07 30/05/07 30/06/07 30/07/07 Na een heel sterk eerste semester, hebben de financiële markten in de laatste 2 weken van juli en de eerste week van augustus een aanzienlijke correctie naar beneden gekend, voornamelijk gedreven door de terugbetalingsproblemen van hypothecaire leningen in de VS, en daaruit volgend een mogelijke groeivertraging in Amerika en de rest van de wereld. Als reactie op de sterke stijging van de markten had Navigator tijdig een eerder defensieve houding aangenomen, waardoor het fonds relatief goed heeft weten stand te houden. Daar waar de index de maand 3.6% (YTD +1.7%) lager afsloot, moest Navigator slechts 1.9% prijsgeven. Dit brengt de overperformance van Navigator tov. de index op 6.5% voor de 7 eerste maanden van Volgens onze berekeningen de dato 6 augustus, is de index zo n 22% onder de gemiddelde koers/winst verhouding van de laatste 20 jaar geprijsd, wat opnieuw een substantiële buffer is tegen verdere dalingen van de markten door de kredietproblemen of een mogelijke groeivertraging en zelfs nog ruimte laat voor een goede return over de rest van het jaar. After a very strong first semester, the financial markets have dipped significantly during the last 2 weeks of July and the first week of August, mainly driven by the payment problems of US sub prime mortgage loans and a potential decrease in economic growth in the US and the rest of the world. As a reaction to the strong rise of the markets, Navigator had invested in a more defensive way and has been able to limit the losses in the month of July. Navigator closed the month with only 1.9% loss (YTD +8.2%) while the index lost some 3.6% (YTD +1.7%). This brings the overperformance of Navigator compared to the Index to 6.5% for the first 7 months of According to our calculations dated 6th of August, the index still has a PER some 22% below its average value of the last 20 years. This provides a substantial buffer against potential further decreases of the market caused by US sub prime mortgage loans or a potential decrease in economic growth and leaves room for a good return over the rest of the year.

4 Price AVERAGE Funds (*) (*) ING Invest Track-record (en termes absolus) 30/03/ /12/ /12/ /12/ /12/ /12/ /12/ /07/ (*)= Average of,, Fortis, ING Invest, 3. TRACK-RECORD (in absolute terms) +120% +100% +80% Track-record (in absolute termen) 5 YEAR TRACK RECORD AVERAGE Funds +92.0% Return AVERAGE Funds (*) ING Invest 2001 (3-12) -0.9% -6.1% -10.5% -22.0% -9.3% -7.1% -5.9% -8.2% % -33.0% -36.3% -37.9% -36.8% -35.6% -34.2% -37.0% % +8.8% +5.5% +6.2% +6.1% +8.0% +6.0% +1.4% % +4.7% +1.9% +4.5% +2.1% -0.5% +2.2% +1.3% % +23.9% +25.0% +23.5% +24.5% +28.1% +23.8% +25.0% % +5.5% +4.3% +6.4% +3.4% +5.9% +5.8% +0.2% % +1.67% +2.39% +2.8% +4.2% +3.7% +2.2% -0.9% +30% +60% +40% +35.0% +26.4% -20% -20% -30% -40% AVERAGE Funds (*) 2001 (3-12) % jul/02 jul/03 jul/04 jul/05 jul/06 jul/07

5 Price rescaled to Navigator AVERAGE Funds (*) Track-record (comparé avec l'indice mondial et autres fonds) (*) ING Invest 30/03/ /12/ /12/ /12/ /12/ /12/ /12/ /07/ (*)= Average of,, Fortis, ING Invest, RETURN versus AVERAGE Funds (*) ING Invest 2001 (3-12) +5.2% +0.0% -4.4% -15.9% -3.2% -1.0% +0.2% -2.0% % +0.0% -3.3% -4.9% -3.8% -2.6% -1.2% -4.0% % +0.0% -3.3% -2.7% -2.7% -0.8% -2.8% -7.5% % +0.0% -2.8% -0.3% -2.6% -5.2% -2.6% -3.4% % +0.0% +1.0% -0.5% +0.6% +4.1% -0.2% +1.0% % +0.0% -1.2% +0.9% -2.1% +0.4% +0.3% -5.3% % +0.00% +0.73% +1.1% +2.5% +2.1% +0.5% -2.6% 4. TRACK-RECORD (in relative terms) +60% +50% +40% +30% Track-record (in vergelijking tot wereldindex en andere fondsen) 5 YEAR RELATIVE TRACK RECORD versus versus Average Funds +51.9% +42.2% +8% +6% +4% +2% -2% -4% µ -6% -8% AVERAGE Funds (*) 2001 (3-12) jul/02 jul/03 jul/04 jul/05 jul/06 jul/07

6 5. Statistics & Top Holdings Statistiques & positions dominantes Statistieken & voornaamste posities NAVI GATOR Average Funds ING Invest BONDS (JPM Govt. Bond Return Index,euro) HEDGE FUNDS (CSFB- Tremont Inv.Index, euro) RETURN LAST 60 MONTHS +92.0% +35.0% +26.4% +29.5% +28.4% +32.7% +28.3% +13.1% -1.3% +4.9% AVERAGE ANNUAL RETURN +13.9% +6.2% +4.8% +5.3% +5.1% +5.8% +5.1% +2.5% -0.3% +1.0% AVERAGE ANNUAL RETURN, relative to +7.8% +0.0% -1.4% -0.9% -1.1% -0.4% -1.1% -3.7% -6.5% -5.2% MONTHLY BASIS: R-SQUARED BETA AVERAGE RETURN +1.09% +0.50% +0.39% +0.43% +0.42% +0.47% +0.42% +0.21% -0.02% +0.08% ALPHA +0.60% +0.00% -0.11% -0.03% -0.10% -0.07% -0.10% -0.29% -0.03% -0.08% VOLATILITY +3.95% +3.53% +3.59% +3.28% +3.69% +3.88% +3.71% +3.57% +1.26% +2.08% TRACKING ERROR +1.67% +0.00% +0.35% +0.77% +0.47% +0.66% +0.64% +0.76% +3.66% +2.94% ANNUAL BASIS: AVERAGE RETURN +13.9% +6.2% +4.8% +5.3% +5.1% +5.8% +5.1% +2.5% -0.3% +1.0% ALPHA +7.43% +0.00% -1.36% -0.30% -1.19% -0.78% -1.19% -3.39% -0.36% -1.01% VOLATILITY 13.7% 12.2% 12.4% 11.3% 12.8% 13.5% 12.9% 12.4% 4.4% 7.2% TRACKING ERROR 5.77% 0.00% 1.21% 2.67% 1.64% 2.28% 2.23% 2.62% 12.67% 10.18% SHARPE RATIO (risk free = 3%) TREYNOR RATIO (risk free = 3%) INFORMATION RATIO (=Alpha / Tracking Error) TOP 10 HOLDINGS (in Mcap) TOP 4 OVER/UNDERWEIGHTED SECTORS & MARKETS GAZPROM RS Oil & Gas Producers Banks + SPAIN AT&T US Fixed Line Telecommunications Life Insurance + IRELAND NESTLE 'R' SW Food Producers Travel & Leisure + KOREA JP MORGAN CHASE & CO. US Banks Healthcare Equipmt. & Serv's + TAIWAN HEWLETT-PACKARD US Technology Hardware & Equipment ROCHE HOLDINGS GSH. SW Pharmaceuticals & Biotechnology TELEFONICA ES Fixed Line Telecommunications Industrial Transportation - CANADA GOOGLE 'A' US Software & Computer Services Electricity - FRANCE BNC.SANTANDER CTL.HISP. ES Banks Real Estate - JAPAN SANOFI-AVENTIS FR Pharmaceuticals & Biotechnology Oil & Gas Producers - US

7 6. SECTOR ALLOCATION Allocation Sectorielle Sector-allocatie Financials : 29%=>30% Technology : 7%=>9% Oil & Gas : 4%=>6% Basic Materials : 6%=>8% Utilities : 4%=>2% Telecommunications : 4% Industrials : 14%=>13% Consumer Services : 13%=>12% Healthcare : 7% Consumer Goods : 12%=>9% ( =>) : change in allocation from last month

8 7. REGIONAL ALLOCATION Allocation Régionale Geografische Allocatie US & Canada : 27%=>28% Latin-America : 1% Australia : 3%=>2% South-Africa : 2%=>4% Japan : 8%=>5% Emerging Europe : 3% UK & Ireland : 16%=>14% Asia (ex Japan & Australia) : 20%=>21% Scandinavia : 0%=>2% Southern Europe (France, Italy, Spain ) : 11%=>12% 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