S) in reliance on Regulation S and issued in the form of a permanent global security in definitive, fully registered form without interest coupons. ING IM CLO 2011-1 46 CONFIDENTIAL - PURSUANT TO FED. R. CRIM. P. 6(e) DB-SDNY-0072094 CONFIDENTIAL SDNY_GM_00218278 EFTA01376177

and other personal property held by, or required to be deposited or pledged with, the Trustee hereunder, shall be exercised solely by the Trustee; ING IM CLO 2011-1 116 CONFIDENTIAL - PURSUANT TO FED. R. CRIM. P. 6(e) DB-SDNY-0072164 CONFIDENTIAL SDNY_GM_00218348 EFTA01376219

lass D Deferrable Floating Rate Notes Due 2021 U.S.$4,220,000 Subordinated Notes 36,780 Preferred Shares ING IM CLO 2011-1, Ltd. (the 'Issuer) and ING IM CLO 2011-1 LLC (the "Co-Issuer" and, together with the Issuer, the to -Issuers- ) will issue Class A-1 Floating Rate Notes Due 2021 (the 'Class A-1