ING Prime Rate Trust, a diversified closed-end management investment company listed on the New York Stock Exchange, declared 3.60 cents per share monthly dividend on November 30, 2004 for the 30 days of November, payable on December 22, 2004 to shareholders of record on December 10, 2004. This represents the 199th consecutive monthly dividend since the Trust's inception in May 1988.

The following are annualized distribution rate calculations based on the declared dividend for the month, Net Asset Value ("NAV") at month-end and the month-end NYSE composite closing price ("Market").

ING Prime Rate Trust was the first Fund to invest in a portfolio of floating rate senior bank loans. The Trust seeks to provide as high a level of current income as is consistent with the preservation of capital.

The Trust is managed by ING Investments, LLC and sub-advised by ING Investment Management Co., and its shares are distributed by ING Funds Distributor, LLC. The adviser, the sub-adviser and the distributor are indirect, wholly-owned subsidiaries of Amsterdam-based ING Groep N.V. (NYSE: ING), one of the world's leading financial services companies with operations in over 65 countries. The Trust's operations are based in Scottsdale, Arizona.

Distribution Rates are calculated by annualizing dividends declared during the period (i.e., divide the monthly dividend amount by the number of days in the related month and multiply by the number of days in the fiscal year) and then dividing the resulting annualized dividend by the month-ending NAV (in the case of NAV) or the month-end closing price on the NYSE composite (in the case of Market). The distribution rate is based solely on actual dividends and distributions, which are made at the discretion of management. The distribution rate may or may not include all investment income, and ordinarily will not include capital gains.

Past performance is no assurance of future results. Investment return and principal value of an investment in the Trust will fluctuate. Shares, when sold, may be worth more or less than their original cost.

Principal Risk Factor(s): This closed-end Fund may invest in below investment grade senior loans. Investment in the Fund involves the risk that borrowers may default on obligations, or that lenders may have difficulty liquidating the collateral securing the loans or enforcing their rights under the terms of the senior loans. Senior loans are subject to credit risks and the potential for non-payment of scheduled principal or interest payments, which may result in a reduction of the Trust's NAV. The use of leverage for investment purposes increases both investment opportunity and investment risk. In the event of a default on one or more loans or other interest-bearing instruments held by the Fund, the use of leverage would exaggerate the loss to the Fund and may exaggerate the effect on the Fund's NAV.

For more complete information about the fund, contact ING Prime Rate Trust at the address above to request a prospectus. The prospectus should be read carefully before investing. Consider the fund's investment objectives, risks, and charges and expenses carefully before investing. The prospectus contains this information and other information about the fund.

If you would like to receive this press release via email, please contact Stacey Newville at stacey.newville@inginvestment.com