ING Floating Rate Senior Loan Fund December 31, 2014

The Funds investment objectives are to (i) provide tax-advantaged distributions consisting primarily of returns of capital; (ii) preserve capital; and (iii) generate increased returns in the event that short-term interest rates rise, in each case, through exposure to a diversified portfolio consisting primarily of senior, secured floating rate corporate loans and other senior debt obligations of non-investment grade North American borrowers, actively managed by ING Investment Management Co. The Portfolio will consist primarily of senior, secured floating rate corporate loans that are expected to generate increased returns in the event that short-term interest rates rise.

The Fund has two classes of Units: Class A Units and Class U Units. Class A Units (TSX: ISL.UN) are denominated and pay distributions in Canadian dollars. Class U Units (TSX: ISL.U) are denominated and pay distributions in U.S. dollars.

The Fund will not have a fixed distribution policy, but intends to make monthly distributions based on the actual and expected returns on the Portfolio. Given that the majority of the Portfolio will be invested in Senior Loans which are floating rate, returns will vary with changes in interest rates. The Funds initial distribution target is expected to be $0.0417 per Unit per month (US $0.0417 in the case of the Class U Units), representing an initial yield on the Unit issue price of 5.0% per annum, consisting primarily of returns of capital which are not immediately taxable but which reduce a Unitholders adjusted cost base of its Units.

The Funds investment objectives are to (i) provide tax-advantaged distributions consisting primarily of returns of capital; (ii) preserve capital; and (iii) generate increased returns in the event that short-term interest rates rise, in each case, through exposure to a diversified portfolio consisting primarily of senior, secured floating rate corporate loans and other senior debt obligations of non-investment grade North American borrowers, actively managed by ING Investment Management Co. The Portfolio will consist primarily of senior, secured floating rate corporate loans that are expected to generate increased returns in the event that short-term interest rates rise.

The Fund has two classes of Units: Class A Units and Class U Units. Class A Units (TSX: ISL.UN) are denominated and pay distributions in Canadian dollars. Class U Units (TSX: ISL.U) are denominated and pay distributions in U.S. dollars.

The Fund will not have a fixed distribution policy, but intends to make monthly distributions based on the actual and expected returns on the Portfolio. Given that the majority of the Portfolio will be invested in Senior Loans which are floating rate, returns will vary with changes in interest rates. The Funds initial distribution target is expected to be $0.0417 per Unit per month (US $0.0417 in the case of the Class U Units), representing an initial yield on the Unit issue price of 5.0% per annum, consisting primarily of returns of capital which are not immediately taxable but which reduce a Unitholders adjusted cost base of its Units.

The Portfolio consists primarily of senior, secured floating rate corporate loans that are expected to generate increased returns in the event that short-term interest rates rise.

The Funds investment strategy is based on ING Investment Management Co.s (the Sub-Advisor) belief that Senior Loans represent an attractive opportunity for investors in general, and are particularly attractive at the time of the Funds launch for the following reasons:

• Interest rates are at historically low levels.
• Fundamental credit risk has improved.
• Senior Loans typically outperform fixed-rate bonds when interest rates rise.
• Senior Loans have a low historical correlation with other asset classes.
• The Senior Loan asset class has generated attractive historical returns.

Senior Loans are extensions of credit made to corporations and other entities to finance acquisitions, refinance existing debt, support business expansion, and for other general business purposes. They are called senior loans because they are generally secured by a borrowers assets pursuant to a first priority or senior lien, and they are first in priority in receiving payments when a borrower is servicing its debts. They can also be called floating rate loans because the interest paid on such loans changes as certain market interest rates change. The collateral packages pledged by the borrower can include working capital assets (such as accounts receivable and inventory), tangible fixed assets (such as real property, buildings and equipment), intangible assets (such as trademarks and patent rights) and security interests in shares of stock of the borrowers subsidiaries and affiliates.

Senior Loans rank at the most senior part of a borrowers capital structure and have the following attributes: (i) Senior Loans are generally secured or benefit from another form of structural seniority relative to other obligations of the borrower; (ii) Senior Loans are generally protected by covenants that limit the ability of the borrower to take actions adverse to the interests of the holders of the Senior Loans; (iii) the default rate on Senior Loans is historically lower than that of unsecured or subordinated debt; and (iv) Senior Loans have generally received greater recoveries than unsecured or subordinated debt in the case of default.

Senior Loans have historically provided steady returns through multiple credit and interest rate cycles, with the Senior Loan Index having shown positive returns every year since its inception, with the exception of 2008. Currently, LIBOR (being the base rate for most Senior Loans) is near all-time low levels which, in the opinion of the Sub-Advisor, limits the downside yield risk of an investment in Senior Loans and makes the current environment an attractive entry point for an investment in the asset class.

The Sub-Advisor will seek to invest in a broadly diversified portfolio composed primarily of Senior Loans that exhibit the highest relative value within the asset class. The Sub-Advisor will generally seek to make investments in Senior Loans and other debt obligations of borrowers that have (i) significant levels of asset and/or cash flow coverage; (ii) a protective capital structure, with adequate subordinated debt cushion; (iii) strong senior management; and (iv) attractive market positioning.

Up to 20% of Total Assets of the Fund may be exposed to senior, unsecured floating rate loans and notes, second lien floating rate loans and notes, corporate debt securities, short-term debt obligations, money market obligations, and equity securities that are incidental to investments in loans.

Portfolio Manager

Aston Hill Capital Markets Inc. (the Manager) is the lead portfolio manager in charge of providing management services for the Fund and ISL Loan Trust II. The Manager may appoint a sub-advisor pursuant to the applicable trust agreement, to perform some of its services and will have responsibility for the investment advice given or portfolio management services provided by the Sub-Advisor.

The Sub-Advisor

Voya Investment Management Co. LLC (formerly ING Investment Management Co. LLC) will act as the Sub-Advisor to ISL Loan Trust II in connection with the selection, purchase and sale of Senior Loans and other assets in the Portfolio.

The Sub-Advisor is part of Voya Investment Management (previously ING U.S. Investment Management), the investment management arm of Voya Financial, Inc. (NYSE: VOYA). As of March 31, 2014, Voya Investment Management employed over 850 individuals, including more than 200 investment professionals. Voya Investment Management provides investment advisory services to a wide range of customers, including mutual funds, insurance companies, pension plans and individuals, and offers numerous investment strategies, including equity, fixed income and alternative investment strategies. As of March 31, 2014, Voya Investment Management had over U.S. $213 billion in total assets under management across all portfolios and strategies.

The Voya Senior Loan Group, a unit of the Sub-Advisor, will manage the Portfolio, and is located in Scottsdale, Arizona, U.S.A. (with an additional office in London, U.K.). The Senior Loan Group consists of a team of 27 investment professionals and 25 support staff. The Group currently manages over U.S. $20 billion in assets that are substantially similar to the Senior Loan investments that it will manage for ISL Loan Trust II across 33 portfolios (not including ISL Loan Trust II). The Sub-Advisor will principally provide its services to ISL Loan Trust II from its Scottsdale offices.