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ING Global Advantage and Premium Opportunity Fund Declares Quarterly Distribution

SCOTTSDALE, Ariz., March 20 PRNewswire-FirstCall — ING Global Advantage and Premium Opportunity Fund (NYSE: IGA), a closed-end management investment company, today declared its quarterly distribution of $0.465 per share. The distribution will be paid on April 15, 2008, to shareholders of record on April 3, 2008. The ex-dividend date is April 1, 2008.

The Fund intends to make regular quarterly distributions based on the past and projected performance of the Fund. The amount of quarterly distributions will vary, depending on a number of factors. As portfolio and market conditions change, the rate of distributions on the common shares will change. There can be no assurance that the Fund will be able to declare a distribution in each period.

The tax treatment and characterization of the Fund's distributions may vary significantly from time to time depending on whether the Fund has gains or losses on the call options written on its portfolio versus gains or losses on the equity securities in the portfolio. The Fund's distributions will normally reflect past and projected net investment income, and may include income from dividends and interest, capital gains and/or a return of capital. The final tax characteristics of the distributions cannot be determined with certainty until after the end of the year, and will be reported to shareholders at that time.

The Fund estimates that prior distributions for the tax year commencing on January 1, 2007 and ending December 31, 2007, will be comprised approximately of 28% short-term capital gain, 53% long-term capital gain and 19% return of capital. The portion of the Fund's quarterly distributions estimated to come from the Fund's covered-call option strategy, for tax purposes, may be treated as a combination of long-term and short-term capital gains, and/or a return of capital. The tax character of the Fund's covered-call option strategy is largely determined by movements in, and gain and loss realizations in the underlying equity portfolio.

Certain statements made on behalf of the Fund in this release are forward-looking statements. The Fund's actual future results may differ significantly from those anticipated in any forward-looking statements due to numerous factors, including but not limited to a decline in value in equity markets in general or the Fund's investments specifically. Neither the Fund nor ING undertakes any responsibility to update publicly or revise any forward-looking statement.

ING Investments, LLC, the manager of the Fund, is part of ING, a global financial institution of Dutch origin offering banking, insurance and asset management to over 60 million private, corporate and institutional clients in more than 50 countries. With a diverse workforce of over 120,000 people, ING comprises a broad spectrum of prominent companies that increasingly serve their clients under the ING brand.

For more complete information, or to obtain a prospectus on any ING fund, please call your Investment Professional or ING Funds Distributor, LLC at (800) 992-0180 or log on to www.ingfunds.com. The prospectus should be read carefully before investing. Consider the fund's investment objectives, risk, and charges and expenses carefully before investing. The prospectus contains this information and other information about the fund. Check with your Investment Professional to determine which funds are available for sale within their firm. Not all funds are available for sale at all firms.

SOURCE ING

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