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ING main colour palette 0 102 255 102 0 180 195 225 123 125 124 120 140 200 178 181 180 ING secondary colour palette 255 205 171 81 83 82 211 224 202 210.

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Presentation on theme: "ING main colour palette 0 102 255 102 0 180 195 225 123 125 124 120 140 200 178 181 180 ING secondary colour palette 255 205 171 81 83 82 211 224 202 210."— Presentation transcript:

1 ING main colour palette ING secondary colour palette Map colours FillLine Do not put content in the brand signature area IPAA Private Capital Conference January 14, 2009 ING Capital – Natural Resources Group Charles Hall, Managing Director

2 Wholesale Do not put content in the brand signature area Wholesale can be replaced with business unit Page 1 Disclaimer Certain of the statements contained in this release are statements of future expectations and other forward-looking statements. These expectations are based on management’s current views and assumptions and involve known and unknown risks and uncertainties. Actual results, performance or events may differ materially from those in such statements due to, among other things, (i) general economic conditions, in particular economic conditions in ING’s core markets, (ii) changes in the availability of, and costs associated with, sources of liquidity such as interbank funding, as well as conditions in the credit markets generally, including changes in borrower and counterparty creditworthiness, (iii) the frequency and severity of insured loss events, (iv) mortality and morbidity levels and trends, (v) persistency levels, (vi) interest rate levels, (vii) currency exchange rates, (viii) general competitive factors, (ix) changes in laws and regulations, and (x) changes in the policies of governments and/or regulatory authorities. ING assumes no obligation to update any forward-looking information contained in this document.

3 Wholesale Do not put content in the brand signature area Wholesale can be replaced with business unit Page 2 Presentation Topics ING -- Group Overview ING -- Current Financial Condition ING in the Americas Structured Finance -- Natural Resources Selected Transactions Current Market Conditions Update ING Americas Natural Resources Group

4 Wholesale Do not put content in the brand signature area Wholesale can be replaced with business unit Page 3 A global leader in banking, insurance and asset management

5 Wholesale Do not put content in the brand signature area Wholesale can be replaced with business unit Page 4 Acquired Charterhouse A leading institutional agency of stockbrokers in the UK Also acquired Aetna and Reliastar to become a leading insurer in the Americas and Asia NMB Postbank A global commercial bank Acquired Barings plc Creating a leading global investment bank Acquired Banque Brussels Lambert Creating the largest commercial bank in the Benelux Acquired BHF-Bank One of the largest publicly-traded German commercial banks ING Group A global financial institution Acquired Bank Slaski Creating the largest foreign commercial bank in Poland Acquired full ownership of Allgemeine Deutsche Direktbank AG Increase of stake in Vysya Bank to 43.99% Merged with Nationale Nederlanden A leading global insurance company Acquired a strategic 30% stake in Thailand’s TMB Bank Extending ING’s footprint in the fast growing Asian market Also acquired 100% shares of Turkish Oyak Bank Acquired 19.9% in Bank of Beijing 2nd largest city commercial bank in China and 3rd largest bank in Beijing Formed by merger of Nationale Nederlanden and NMB Postbank ING Group – Chronology of Formation

6 Wholesale Do not put content in the brand signature area Wholesale can be replaced with business unit Page 5 ING Group, a Leading Global Financial Institution Source: MSCI Bloomberg October 3, 2008

7 ING main colour palette ING secondary colour palette Map colours FillLine Do not put content in the brand signature area Financial Condition Update Summary Position through 3Q 2008

8 Wholesale Do not put content in the brand signature area Wholesale can be replaced with business unit Page 7 ING’s Credit Ratings S&PMoody'sFitch Ratings ING GroupAA-Aa3 ING Insurance - Short termA-1+P-1 - Long termAA-Aa3AA- ING Bank - Short termA-1+P-1F1+ - Long termAAAa2AA - Financial strengthB OutlookNegativeStableNegative AA-

9 Wholesale Do not put content in the brand signature area Wholesale can be replaced with business unit Page 8 Net profit of EUR 2,982 million for the first nine months of 2008, versus EUR 6,759 million for the first nine months of 2007 Underlying net loss of EUR 585 million for 3Q08, on impairments of EUR 1.5 billion All capital and leverage ratios well within target, even prior to transaction with Dutch State EUR 10 billion purchase of core tier-1 securities by Dutch State in 4Q08 further reinforced capital buffers Sound commercial performance despite difficult operating environment Key Points -- Third Quarter 2008

10 ING main colour palette ING secondary colour palette Map colours FillLine Do not put content in the brand signature area ING – Our Business Wholesale Banking – Structured Finance

11 Wholesale Do not put content in the brand signature area Wholesale can be replaced with business unit Page 10 Organized Across Six Business Lines ING Group Insurance Europe Insurance Americas Insurance Asia/Pacific Wholesale Banking Retail Banking ING Direct Finance Risk Online consumer bank - 9 mature countries Retail and Private banking - Europe and Asia Life, non-life insurance and asset management

12 Wholesale Do not put content in the brand signature area Wholesale can be replaced with business unit Page 11 ING Provides a Full Range of Products Bridge Loans Acquisition Finance Structured Lending Loan Syndications Securitizations International Trade & Export Finance Transport Finance Loan Products Mergers & Acquisitions Divestments Strategic Alliances Restructuring Valuations Technical Assistance Fairness Opinions Corporate Finance Debt Capital Markets Treasury FX, MM & Derivatives Strategic Trading Financial Markets InsuranceRetail BankingPrivate BankingAsset ManagementWholesale Banking Sector Coverage and Expertise Transportation Financial Institutions NATURAL RESOURCES Leverage Finance Telecom, Media & Technology Utilities & Power Infrastructure ING’s lending product is used strategically to assist clients and support transactions ING focuses on seven core sectors with dedicated global teams

13 ING main colour palette ING secondary colour palette Map colours FillLine Do not put content in the brand signature area Structured Finance Natural Resources Sector Structured Finance is the specialized lending arm of Wholesale Banking within ING, providing clients with long-term financing needs through a broad range of lending products.

14 Wholesale Do not put content in the brand signature area Wholesale can be replaced with business unit Page 13 Debt ProductsLending Products Sector-Based Structured Finance Natural Resources Global Head Oil & Gas Americas Oil & Gas EMEA Oil & Gas Asia Metals & Mining Offshore Industry Natural Resources Overview

15 Wholesale Do not put content in the brand signature area Wholesale can be replaced with business unit Page 14 Structured Finance Natural Resources Oil & Gas Upstream: Reserve-based lending Field Development Midstream: Gathering / Processing Pipelines Gas Storage Facilities Offshore Industry Floating Production/ Storage Systems (FPSO’s/FSO’s) Drilling Rigs Oil Field Services Metals & Mining Mining Smelters Steel Works Sector-specific coverage on a global basis Oil & Gas Downstream Refineries LNG Plants, Terminal & Vessels Ethanol & Biofuel Facilities Petrochemical Plants

16 Wholesale Do not put content in the brand signature area Wholesale can be replaced with business unit Page 15 High Yield/ Bridge Loan 1 st Lien Senior Debt Revolver Facilities European Mezzanine European High Yield 2 nd Lien Senior Debt Underwriting Transaction Execution Sector Expertise Advisory (Corporate Finance) Domestic ServicesDomestic ProductsCross Border Debt Underwriting in the Americas ING is committed to offering a full product range to clients active in identified core markets Integrated platform in the Americas Commitment Access to Network

17 Wholesale Do not put content in the brand signature area Wholesale can be replaced with business unit Page 16 London Amsterdam Europe 49 Professionals Singapore Hong Kong Asia 10 Professionals New York Americas 12 Professionals Global Syndication Capabilities A global platform with regional focus Local point of contact for global access to ING products, extensive sector expertise and broad local network

18 Wholesale Do not put content in the brand signature area Wholesale can be replaced with business unit Page 17 Selected Upstream & Midstream Experience Strong track record in the US Natural Resources US07/06 Plains All American Pipeline USD 1.6 bio 5-Year Senior Unsecured Revolving Credit Facility Natural Resources US11/07 Enterprise Product Partners USD 1.8 bio 5-Year Senior Unsecured Revolving Credit Facility Natural Resources US10/05 Targa Resources, Inc. USD 2.5 bio Senior Secured Credit Facilities Natural Resources US 07/06 Energy Transfer Equity LP USD 650 mio Senior Secured Credit Facilities Natural Resources US08/06 Bluewater Natural Gas Holdings LLC 5-Year Senior Unsecured Revolving Credit Facility USD 120 mio Natural Resources US05/06 Poseidon Oil Pipeline Co. USD 150 mio Revolving Credit Facility Co-Lead Arranger Natural Resources US03/07 SG Resources Mississippi LLC USD 235 mio Senior Secured Credit Facilities Co-Lead Arranger 03/07 Natural Resources US Bobcat Gas Storage LLC USD 185 mio Senior Secured Credit Facilities Syndication Agent Natural Resources US12/06 NorTex Gas Storage Co. LLC USD 335 mio Senior Secured Credit Facilities Co-Lead Arranger Natural Resources US03/06 Pine Prairie Energy Center USD 320 mio Senior Secured Credit Facilities Syndication Agent Trinidad/Tobego01/05 National Gas Company of Trinidad & Tobago Term Loan Facility for the Cross Island Pipeline Project Natural Resources USD 200 mio Mandated Lead Arranger & Underwriter US02/05 Sabine Pass LNG L.P. USD 822 mio Senior Debt 10 Year Term Loan Facility for the Construction of Sabine Pass LNG Terminal in Louisiana. Natural Resources Co-Arranger & Co-Documentation Agent Natural Resources US05/05 Wolfcamp Oil and Gas Trust USD mio Volumetric Production Payment Senior Secured Term Loan Co-Lead Arranger Natural Resources US04/07 Kinder Morgan Inc USD 7.3 bio Senior Secured Credit Facilities Closing June 2008

19 ING main colour palette ING secondary colour palette Map colours FillLine Do not put content in the brand signature area Looking Forward

20 Wholesale Do not put content in the brand signature area Wholesale can be replaced with business unit Page 19 ‘Mad Max’ and the Banks ‘Moral Hazard’, well defined……. Good luck to the survivors….. and remember why you did.

21 Wholesale Do not put content in the brand signature area Wholesale can be replaced with business unit Page 20 ‘Credit Crunch’ -- Bank losses mount 1: Capital being raised: $655.5bn (excludes TARP) 2: Assets written down: $760.3bn Are we getting under this problem finally?

22 Wholesale Do not put content in the brand signature area Wholesale can be replaced with business unit Page 21 Credit market strains slowly abating Likewise, the CDS market is also beginning to register some decline in investment and speculative debt Theoretically calculated cumulative probabilities of default remain exceptionally high… …relative to what has happened in the past… …write backs possible

23 Wholesale Do not put content in the brand signature area Wholesale can be replaced with business unit Page 22 The $64 Question……. “When will life get back to the way it was?......”

24 Wholesale Do not put content in the brand signature area Wholesale can be replaced with business unit Page 23 What triggers a recovery in a loan market? Source: Reuters Loan Pricing Corporation

25 Wholesale Do not put content in the brand signature area Wholesale can be replaced with business unit Page 24 Interbank tension easing slowly Counterparty risk may also be abating slowly Interbank spreads have been falling as bank lending guarantees are believed, and liquidity injections work Still a long way to go, but direction encouraging

26 Wholesale Do not put content in the brand signature area Wholesale can be replaced with business unit Page 25 Secondary Market - where’s the ‘Bid’? Average Secondary Spreads by Rating Includes all priced facilities, excluding those in default. Assumes discount from par is amortized evenly over a three-year life. Excludes all facilities in default. BB Loans B Loans All BB/B Loans

27 Wholesale Do not put content in the brand signature area Wholesale can be replaced with business unit Page 26 The Way Forward Financial services companies are facing unprecedented market volatility, limited liquidity, and intensified competition for deposits, which we see continuing into We are executing our strategy in the context of this challenging environment by focusing on growing client balances, while keeping a close eye on margins and expenses. We are containing our costs in mature markets. We continue to adapt our product range to meet our customers’ changing needs. We invest to expand our distribution in growth markets.

28 ING main colour palette ING secondary colour palette Map colours FillLine Do not put content in the brand signature area ING Wholesale Banking Americas Team - Natural Resources Americas Team -- Natural Resources

29 Wholesale Do not put content in the brand signature area Wholesale can be replaced with business unit Page 28 ING Wholesale - Natural Resources Group Contacts Natural Resources - New York Office Richard Ennis Managing Director & Head of Group (646) Michael Zander Managing Director (646) Cheryl LaBelle Managing Director (646) Subha Pasumarti Director (646) Natural Resources - Houston Office Charles E. Hall Managing Director (713) Juli Bieser Director (713) Huma Manal Vice President (713) Michael Price Director, Technical Services (713) Josh Strong Associate (713)


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