PPR - $.0280 October Dividend

http://www.businesswire.com/news/home/20091102006296/en

SCOTTSDALE, Ariz.--(Business Wire)--
ING Prime Rate Trust (NYSE: PPR), a diversified closed-end management investment
company listed on the New York Stock Exchange, declared 2.80 cents per share
monthly dividend on October 30, 2009 for the 31 days of October, payable on
November 23, 2009 to shareholders of record on November 10, 2009. This
represents the 258th 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").

Annualized Period-end Distribution Rates DIVIDEND NAV MARKET
October 31, 2009 $ .0280 6.03% 6.57%
September 30, 2009 $ .0320 7.16% 7.85%
August 31, 2009 $ .0320 7.18% 8.05%
July 31, 2009 $ .0320 7.33% 8.34%
June 30, 2009 $ .0220 5.48% 6.45%
May 31, 2009 $ .0230 5.84% 6.57%
April 30, 2009 $ .0230 6.51% 7.16%
March 31, 2009 $ .0240 7.40% 8.14%
February 28, 2009 $ .0240 8.22% 8.94%
January 31, 2009 $ .0280 8.78% 8.26%
December 31, 2008 $ .0340 11.94% 12.20%
November 30, 2008 $ .0340 11.43% 12.65%
October 31, 2008 $ .0340 9.33% 10.56%

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 magnify the loss to the Fund and may magnify 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 Bonnie
Dacier at Bonnie.Dacier@inginvestment.com

ING Prime Rate Trust, Scottsdale
Dan Norman, 480-477-2112

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