-10% -14% -20% STANDARD & POOR'S

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1 +40% AVERAGE Funds % -30% -40% -50% -60% Report 2005/03 1. Last month 2. Track Record 3. Trade List & Holdings 4. Sector- & Regional Allocation MARCH 2006 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 +50% / / AVERAGE Funds / 6. Sector Allocation 7. Regional Allocation +40% +37% 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 Information : call us at / mail us at navigator@vector.lu visit or -14% -20% STANDARD & POOR'S

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 2. PERFORMANCE RUNNING QUARTER Evolution du cours de Navigator, dernier trimestre 12% versus Koersontwikkeling Navigator, afgelopen 3 maanden Les marchés d actions ont monté de 1,6% en février. Navigator a progressé de 1,2%, ce qui a légèrement réduit sa surperformance depuis janvier, qui est maintenant de 3%. 10% INDEX Average Funds (*) De aandelenmarkten boekten in februari gemiddeld een winst van 1,6%. Navigator ging 1,2% hoger, waardoor de voorsprong op de wereldindex sinds begin dit jaar nu 3% bedraagt. Ces derniers mois, il y a eu une différence remarquable entre Wall Street et l Europe : dans une periode ou les indices Européens ont monté de 11%, les actions Americaines n ont produit que 3%. Et exprimé en euro c était même 0%. Il semble que la prime que les investisseurs étaient prêt à payer pour avoir des avoirs Americaines en portefeuille est en train de disparaître graduellement. 8% 6% 4% 2% Het is opvallend hoezeer Wall Street de laatste maanden achterop blijft bij Europa. Waar de Europese indexen de laatste 4 maanden meer dan 11% hogerop gingen, boekte de Amerikaanse tegenhanger slechts een winst van 3%, en in euro uitgedrukt was er zelfs geen enkele vooruitgang. Het lijkt er op dat de premie die beleggers bereid zijn te betalen om Amerikaanse aandelen te bezitten langzaam maar zeker uit de markt aan het verdwijnen is. 0% -2% 30/11/05 30/12/05 30/01/06 28/02/06 equity markets rose 1,6% in February. Navigator returned 1,2%, reducing its year-to-date lead to the - index to 3%. There has been a striking difference in return between Europe and Wall Street over the past 4 months. While Europe is up 11% since December, the American indices just returned 3%, and after accounting for the USD-depreciation they did not rise at all. Slowly but steadily, the premium that was - and is still being - paid to own US stocks seems to be dissappearing.

4 Price AVERAGE Funds (*) (*) ING Invest Track-record (en termes absolus) 31/12/ /12/ /12/ /12/ /12/ /12/ /02/ (*)= Average of,, Fortis, ING Invest, 3. TRACK-RECORD (in absolute terms) +40% Track-record (in absolute termen) 4 YEAR TRACK RECORD AVERAGE Funds +26.8% Return AVERAGE Funds (*) ING Invest % -13.4% -23.6% -46.6% -18.7% -16.7% -15.8% -20.0% % -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% % +3.00% +3.04% +2.9% +3.7% +3.5% +3.6% +1.4% -1.3% -8.9% -20% -30% -20% -30% -40% ING Invest % -50% Feb-02 Feb-03 Feb-04 Feb-05 Feb-06

5 Price rescaled to Navigator AVERAGE Funds (*) Track-record (comparé avec l'indice mondial et autres fonds) (*) ING Invest 31/12/ /12/ /12/ /12/ /12/ /12/ /02/ (*)= Average of,, Fortis, ING Invest, 4. TRACK-RECORD (in relative terms) +50% +40% Track-record (in vergelijking tot wereldindex en andere fondsen) 4 YEAR RELATIVE TRACK RECORD versus versus Average Funds +39.2% RETURN versus AVERAGE Funds (*) ING Invest % +0.0% -10.2% -33.3% -5.4% -3.4% -2.5% -6.6% % +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% % +0.00% +0.04% -0.1% +0.7% +0.5% +0.6% -1.6% +28.4% +8% +6% +4% +2% -2% -4% -6% -8% µ ING Invest Feb-02 Feb-03 Feb-04 Feb-05 Feb-06

6 NAVI GATOR 5. Statistics & Top Holdings Statistiques & positions dominantes Average Funds Statistieken & voornaamste posities ING Invest JPM Govt. Bond Return Index (euro) Hedge Fund Index (euro) RETURN LAST 48 MONTHS +26.8% -1.3% -8.9% -8.8% -8.8% -6.2% -6.5% -14.3% +4.0% +0.1% MONTHLY BASIS: R-SQUARED BETA AVERAGE RETURN +0.50% -0.03% -0.19% -0.19% -0.19% -0.13% -0.14% -0.32% +0.08% +0.00% ALPHA +0.56% +0.00% -0.16% -0.17% -0.16% -0.09% -0.11% -0.29% +0.09% +0.01% VOLATILITY +5.26% +4.39% +4.44% +4.14% +4.65% +4.73% +4.48% +4.44% +1.27% +2.48% TRACKING ERROR +2.16% +0.00% +0.36% +0.92% +0.51% +0.69% +0.69% +0.86% +4.48% +3.30% ANNUAL BASIS: AVERAGE RETURN +6.1% -0.3% -2.3% -2.3% -2.3% -1.6% -1.7% -3.8% +1.0% +0.0% ALPHA +6.91% +0.00% -1.96% -2.02% -1.86% -1.13% -1.31% -3.42% +1.07% +0.08% VOLATILITY 18.2% 15.2% 15.4% 14.3% 16.1% 16.4% 15.5% 15.4% 4.4% 8.6% TRACKING ERROR 7.47% 0.00% 1.26% 3.18% 1.76% 2.39% 2.39% 2.99% 15.52% 11.43% SHARPE RATIO (risk free = 2%) TREYNOR RATIO (risk free = 2%) INFORMATION RATIO (=Alpha / Tracking Error) TOP 10 INDIVIDUAL HOLDINGS TOP 4 OVER/UNDERWEIGHTED SECTORS & MARKETS BANK OF AMERICA US Banks Oil Equipment & Services + KOREA JOHNSON & JOHNSON US Pharmaceuticals & Biotechnology Industrial Engineering + SOUTH AFRICA TOTAL FR Oil & Gas Producers Banks + TURKEY IBM US Software & Computer Services Travel & Leisure + FRANCE WELLS FARGO & CO US Banks ROYAL BANK OF SCTL. UK Banks ROCHE HOLDINGS GSH. SW Pharmaceuticals & Biotechnology General Industrials - ITALY AT&T US Fixed Line Telecommunications Healthcare Equipment & Services - GERMANY PEPSICO US Beverages Media - UK HOME DEPOT US General Retailers Pharmaceuticals & Biotechnology - JAPAN

7 6. SECTOR ALLOCATION Allocation Sectorielle Sector-allocatie Financials : 29%=>31% Technology : 5% Oil & Gas : 13%=>14% Utilities : 4%=>3% Telecommunications : 6% Basic Materials : 2%=>4% Consumer Services : 10%=>9% Healthcare : 2% Industrials : 16% Consumer Goods : 13%=>10%

8 7. REGIONAL ALLOCATION Allocation Régionale Geografische Allocatie US & Canada : 42% Latin-America : 2%=>3% Australia : 2%=>0% Japan : 4%=>6% South-Africa : 4% Eastern Europe : 2%=>4% Asia (ex Japan & Australia) : 19%=>17% UK & Ireland : 5% Scandinavia : 3% Southern Europe (France, Italy, Spain ) : 11%=>10% Western Europe (Benelux, Germany, Switzerland,...) : 6% 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