1 For financial professional or qualified institutional investor use only. Not for inspection by, distribution or quotation to, the general public. Voya Risk Based Solution Portfolios

For financial professional or qualified institutional investor use only. Not for inspection by, distribution or quotation to, the general public. CID-9036 Voya Risk Based Solution Portfolios (Formerly ING Risk Based Solution Portfolios) Quarter ending March 31, 2014 Client Name Presented by Name, Title Date

3 For financial professional or qualified institutional investor use only. Not for inspection by, distribution or quotation to, the general public. Voya Risk Based Solution Portfolios Table of Contents 1.Voya Risk Based Solution Portfolio 2.Firm Profile and Investment Capabilities Overview 3.Investment Process 4.Performance

4 For financial professional or qualified institutional investor use only. Not for inspection by, distribution or quotation to, the general public. Voya Risk Based Solution Portfolios 1. Voya Risk Based Solution Portfolio

5 For financial professional or qualified institutional investor use only. Not for inspection by, distribution or quotation to, the general public. Voya Risk Based Solution Portfolios Offers a suite of “risk-based” investment options that are broadly diversified, actively managed and “open-architecture” Provides broad diversification through wide range of asset classes and investment managers Offered as a stand-alone or decummulation option within the Voya Target-Date Solution suite Utilizes the same asset allocation and manager selection processes as our Voya Target-Date Solution suite Allows plan participants to choose from four distinct asset allocation portfolios based on their risk reward profile

6 For financial professional or qualified institutional investor use only. Not for inspection by, distribution or quotation to, the general public. Voya Risk Based Solution Portfolios Risk/Reward Targets LowerPotential RiskHigher Higher Potential Return This is for illustrative purposes only. There can be no guarantee that portfolio performance will match risk/return targets. Portfolio allocations are subject to fluctuate.

7 For financial professional or qualified institutional investor use only. Not for inspection by, distribution or quotation to, the general public. Voya Risk Based Solution Portfolios Key Features of Voya Risk Based Solution Portfolios Robust Asset Allocation ► Asset allocation process explicitly captures potential for high risk events ► Broad diversification across traditional and alternative asset classes ► Flexible asset allocation process to avoid end point sensitivity Open Architecture ► Multi-manager approach designed to enhance diversification and alpha potential ► Aligned with the best fiduciary practices of DB and DC plan oversight Portfolio Implementation Efficiency ► Multiple implementation tools utilized to ensure effective translation of alpha signals ► Disciplined rebalancing process designed to control risks and support investment performance

8 For financial professional or qualified institutional investor use only. Not for inspection by, distribution or quotation to, the general public. Voya Risk Based Solution Portfolios 1. Firm Profile and Investment Capabilities Overview

9 For financial professional or qualified institutional investor use only. Not for inspection by, distribution or quotation to, the general public. Voya Risk Based Solution Portfolios

10 For financial professional or qualified institutional investor use only. Not for inspection by, distribution or quotation to, the general public. Voya Risk Based Solution Portfolios

11 For financial professional or qualified institutional investor use only. Not for inspection by, distribution or quotation to, the general public. Voya Risk Based Solution Portfolios

12 For financial professional or qualified institutional investor use only. Not for inspection by, distribution or quotation to, the general public. Voya Risk Based Solution Portfolios

13 For financial professional or qualified institutional investor use only. Not for inspection by, distribution or quotation to, the general public. Voya Risk Based Solution Portfolios

14 For financial professional or qualified institutional investor use only. Not for inspection by, distribution or quotation to, the general public. Voya Risk Based Solution Portfolios

15 For financial professional or qualified institutional investor use only. Not for inspection by, distribution or quotation to, the general public. Voya Risk Based Solution Portfolios

16 For financial professional or qualified institutional investor use only. Not for inspection by, distribution or quotation to, the general public. Voya Risk Based Solution Portfolios

17 For financial professional or qualified institutional investor use only. Not for inspection by, distribution or quotation to, the general public. Voya Risk Based Solution Portfolios

18 For financial professional or qualified institutional investor use only. Not for inspection by, distribution or quotation to, the general public. Voya Risk Based Solution Portfolios Strategy Team Members

19 For financial professional or qualified institutional investor use only. Not for inspection by, distribution or quotation to, the general public. Voya Risk Based Solution Portfolios 3. Investment Process

20 For financial professional or qualified institutional investor use only. Not for inspection by, distribution or quotation to, the general public. Voya Risk Based Solution Portfolios

21 For financial professional or qualified institutional investor use only. Not for inspection by, distribution or quotation to, the general public. Voya Risk Based Solution Portfolios Voya Risk Based Solution Portfolios: Strategic Allocations As of March 31, 2014 Source: Voya Investment Management

22 For financial professional or qualified institutional investor use only. Not for inspection by, distribution or quotation to, the general public. Voya Risk Based Solution Portfolios

23 For financial professional or qualified institutional investor use only. Not for inspection by, distribution or quotation to, the general public. Voya Risk Based Solution Portfolios Open Architecture Benefits of Open Architecture Broad diversification by asset class, regions, styles and managers Flexibility that allows for maximizing each manager’s expertise Helps reduce single-manager risk through diversified investment processes Draws on the alpha potential of managers on a selective basis Provides flexibility when adding new asset classes and overcoming capacity issues

24 For financial professional or qualified institutional investor use only. Not for inspection by, distribution or quotation to, the general public. Voya Risk Based Solution Portfolios

25 For financial professional or qualified institutional investor use only. Not for inspection by, distribution or quotation to, the general public. Voya Risk Based Solution Portfolios

26 For financial professional or qualified institutional investor use only. Not for inspection by, distribution or quotation to, the general public. Voya Risk Based Solution Portfolios

27 For financial professional or qualified institutional investor use only. Not for inspection by, distribution or quotation to, the general public. Voya Risk Based Solution Portfolios Multi-Factor Analysis on Managers’ Excess Returns Risk factor analysis identifies systematic exposures that may have influenced performance positively or negatively, helping us to understand a manager’s true alpha generating ability. Factor Definitions: Equity Premium: Russell M Libor, International Equity Premium: MSCI EAFE Net - Russell 3000, EM Premium: MSCI EM Net - MSCI EAFE Net, Size: Russell Russell 1000, Style: Russell 1000 Value - Russell 1000 Growth, Commodities: GSCI TR Index - 3M Libor, Currency: DXY (Dollar) Index - 3M Libor, Credit Premium: US High Yield – BC US Agg Treasury TR, Duration Premium: BC US Agg Long Treasury - BC US Agg Short Treasury TR, Short Volatility: CBOE Short VIX - 3M Libor Source: Voya Investment Management For illustrative purposes only.

28 For financial professional or qualified institutional investor use only. Not for inspection by, distribution or quotation to, the general public. Voya Risk Based Solution Portfolios Voya Risk Based Solution Portfolios: Underlying Managers as of 03/31/14

29 For financial professional or qualified institutional investor use only. Not for inspection by, distribution or quotation to, the general public. Voya Risk Based Solution Portfolios

30 For financial professional or qualified institutional investor use only. Not for inspection by, distribution or quotation to, the general public. Voya Risk Based Solution Portfolios Risk Management and Monitoring Rebalancing guidelines are set up for each strategy to better assess transaction costs and risk parameters Tactical moves are implemented by using optimized bandwidths around target asset allocations ► Monitor tracking error for potential issues Daily monitoring report compares security weights to target allocations and flags discrepancies that breach a certain level Proprietary software platform used to manage and monitor all fund of funds ► Designed to increase scalability and implementation efficiencies Investment and operational risk overseen by independent team

31 For financial professional or qualified institutional investor use only. Not for inspection by, distribution or quotation to, the general public. Voya Risk Based Solution Portfolios 4. Performance

32 For financial professional or qualified institutional investor use only. Not for inspection by, distribution or quotation to, the general public. Voya Risk Based Solution Portfolios Structural Factors that Can Influence Voya’s Risk Based Performance Current Positioning vs. Morningstar Category Performance Headwinds/Tailwinds vs. Morningstar Category For illustrative purposes only. Source: Voya Investment Management Factors Voya Solution Aggressive Growth Voya Solution Growth Voya Solution Moderate Voya Solution Conservative Rising Equity Markets +++- Passive Outperforms Active ---- Alternative Assets Outperform Traditional Assets ++++

33 For financial professional or qualified institutional investor use only. Not for inspection by, distribution or quotation to, the general public. Voya Risk Based Solution Portfolios Voya Solution Target Risk: Performance and Rankings Source: Morningstar. Morningstar is an independent service that ranks mutual funds and variable annuities. The category rank is calculated by Morningstar, based on a fund's performance, net of fees. This is the total-return percentile rank within each Morningstar Category. The highest (or most favorable) percentile rank is 1 and the lowest (or least favorable) percentile rank is 100. Fund returns are shown for illustrative purposes only. Past performance does not guarantee future results. Investment return and principal value of an investment will fluctuate, and shares, when redeemed, may be worth more or less than their original cost. Performance may vary for other share classes. The Portfolio’s performance is subject to change since quarter’s end and may be lower or higher than the performance data shown. Please call to obtain performance data current to most recent month-end. SEC returns assume the reinvestment of dividends and capital gain distributions and include a sales charge. Net Asset Value (NAV) returns assume the reinvestment of dividends and capital gain distributions but do not include a sales charge. Results would have been less favorable if the sales charge were included. Total return for less than one year is not annualized.

34 For financial professional or qualified institutional investor use only. Not for inspection by, distribution or quotation to, the general public. Voya Risk Based Solution Portfolios Important Disclosures Please see below for expense ratios and footnotes: (1)The expense ratio has been adjusted to reflect current contractual rates. (2)Total Annual Portfolio Operating Expenses may be higher than the Portfolio’s ratio of expenses to average net assets shown in the Portfolio’s Financial Highlights, which reflects the operating expenses of the Portfolio and does not include Acquired Fund Fees and Expenses. (3)The adviser is contractually obligated to limit expenses to 0.12% of Class I shares through May 1, 2014; the obligation does not extend to interest, taxes, brokerage commissions, Acquired Fund Fees and Expenses, and extraordinary expenses. The obligation will automatically renew for one-year terms unless it is terminated by the Portfolio or the adviser upon written notice within 90 days of the end of the current term or upon termination of the advisory agreement and is subject to possible recoupment by the adviser within three years.

35 For financial professional or qualified institutional investor use only. Not for inspection by, distribution or quotation to, the general public. Voya Risk Based Solution Portfolios Important Information Only qualified pension or retirement plans may invest in these Portfolios. This includes plans qualified under Sections 401 of the Internal Revenue Code (“IRC”) as well as 403(b) annuity plans, 403(b)7 custodial accounts, 408(a)individual retirement accounts, eligible governmental and deferred compensation plans under Sections 414(d) or 457(b) or plans described in 501(c) 18 of the IRC. Variable annuities and underlying investment options offered through a retirement plan are long-term investments designed for retirement purposes. If withdrawals are taken prior to age 59½, a 10% federal penalty may apply. Money distributed will be taxed as ordinary income in the year the money is received. General Risk Factors All investing involves risks of fluctuating prices and the uncertainties of rates of return and yield inherent in investing. Price volatility, liquidity and other risks accompany an investment in equity securities of foreign, smaller capitalized companies. International investing does pose special risks including currency fluctuation, economic and political risks not found in investments that are solely domestic. Risks of foreign investing are generally intensified for investments in emerging markets. This presentation is designed to illustrate an approach to asset allocation, and is not a substitute for comprehensive investment planning. ILIAC and Voya Investment Management Co. (Voya IM) have compiled this material for informational purposes only. ILIAC and Voya IM do not make any recommendation about your investments. Any opinions expressed herein reflect our judgment at this date and are subject to change. Please keep in mind, using diversification or asset allocation as part of your investment strategy neither assures nor guarantees better performance and cannot protect against loss in declining markets. Investment return and principal value of an investment will fluctuate, and shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance data quoted.

36 For financial professional or qualified institutional investor use only. Not for inspection by, distribution or quotation to, the general public. Voya Risk Based Solution Portfolios To obtain a prospectus, please call Voya Investment Management at or log on to The prospectus should be read carefully before investing. You should consider the investment objectives, risks, charges and expenses of the investment options before investing. The prospectus contains this information and other information about the Portfolios.