1. Do not put content on the brand signature area 6 May 2008 www.ing.be Erik Dralans CEO ING SWE Focused for Growth

2. Do not put content on the brand signature area Orange RGB= 255,102,000 Light blue RGB= 180,195,225 Dark blue RGB= 000,000,102 Grey RGB= 150,150,150 ING colour balance Guideline www.ing-presentations.intranet Introduction ING Group Listed on Amsterdam, Brussels and New York Stock exchanges Involved in financial services Group holding company with two subholdings: ING Bank NV ING Verzekeringen NV Organised by business lines Governed by a two-tier Board structure Executive Committee Supervisory Board Voting principle: one share, one vote

3. Do not put content on the brand signature area Orange RGB= 255,102,000 Light blue RGB= 180,195,225 Dark blue RGB= 000,000,102 Grey RGB= 150,150,150 ING colour balance Guideline www.ing-presentations.intranet Key Points Key consumer trends are driving strong growth in savings as well as convergence of financial products ING is fundamentally well positioned to capitalise on changes in the industry ING’s strategy, focusing on banking, investments, life insurance and retirement services, offers strong long-term growth potential Working on new key performance indicators to reflect the essence of our business and delivery on our strategy Plays an important role in implementing the Group strategy Trends Strategy KPIs Well positioned ING Belgium

4. Do not put content on the brand signature area Orange RGB= 255,102,000 Light blue RGB= 180,195,225 Dark blue RGB= 000,000,102 Grey RGB= 150,150,150 ING colour balance Guideline www.ing-presentations.intranet 2000 2050 % 0 5 10 15 20 25 30 35 40 45 WorldUSJapanGermanyItalyNLPolandChina Source: United Nations, 2007 Populations are aging around the globe: (Percentage population age 60+) Demographics are driving growth in global savings worldwide Government pension funds no longer sustainable People need to take control of their financial future 74 76 68 20072008200920102011201220132014 78 72 70 2015 64 80 2016 66 Retirement age Life expectancy 62 People are living longer (Retirement age versus life expectancy in US) People are living longer and need to take more responsibility for their own retirement

5. Do not put content on the brand signature area Orange RGB= 255,102,000 Light blue RGB= 180,195,225 Dark blue RGB= 000,000,102 Grey RGB= 150,150,150 ING colour balance Guideline www.ing-presentations.intranet Total global savings pool is growing at 7.3% per year, and seen accelerating with growth led by developing markets Global retail financial balances* (in EUR trillion) Source: McKinsey CAGR 2007E-2016E Asia Pacific (Excl Japan / Australia) Central & Eastern Europe Latin America * Includes current accounts, savings, investments, mutual funds, consumer finance, mortgages, pensions and life insurance 7.3% 13% 11% 16%

6. Do not put content on the brand signature area Orange RGB= 255,102,000 Light blue RGB= 180,195,225 Dark blue RGB= 000,000,102 Grey RGB= 150,150,150 ING colour balance Guideline www.ing-presentations.intranet Technology is transforming the distribution of financial services 36 147 361 598 817 1,320 Source: www.internetworldstats.com Shift to bank technology/online: Global internet usage growth (millions of users) Total number of clients Direct contacts Bank visits Number of client contacts in the Netherlands (mln) Technology is transforming the distribution of financial services, improving convenience for customers and cost efficiency for banks In this more flexible environment customer service, value for money, trust and a strong brand are crucial to keeping the customer relationship Source: McKinsey

7. Do not put content on the brand signature area Orange RGB= 255,102,000 Light blue RGB= 180,195,225 Dark blue RGB= 000,000,102 Grey RGB= 150,150,150 ING colour balance Guideline www.ing-presentations.intranet (Share of life premium by product group) The life insurance industry is undergoing a paradigm shift Shift to investment-linked: Shift to bank distribution: (Percentage of life insurance products sold through bank channel) Life insurance is undergoing a paradigm shift from traditional life to investment products These products are moving more into the domain of banking Life insurance is being distributed more and more through bank channels, which are more cost-effective Banks own the customer relationship, and insurers will become increasingly dependent on banks for distribution United States Traditional Life Investment-linked South Korea 19862006 20022007E Hungary 12 48 88 52 40 48 60 52 65 42 35 58 20022006 Hungary Poland 2000 2005 18 21 0 10 20 30 40 50 60 70 80 Czech Rep 23 1 7 2 China 22 1 India 5 0 S. Korea 47 0 NL 13 11 Spain 69 65 Belgium 56 50 Mature Europe Asia Central and Eastern Europe Source: McKinsey

8. Do not put content on the brand signature area Orange RGB= 255,102,000 Light blue RGB= 180,195,225 Dark blue RGB= 000,000,102 Grey RGB= 150,150,150 ING colour balance Guideline www.ing-presentations.intranet Current accounts Saving accounts Mortgages Life insurance Mutual funds Unit-linked investments Annuities Personal equity Pensions Time These trends are driving growth and changes in the financial services industry Customers can save in many different ways: the distinction between banking and insurance products is no longer relevant Increase savings Longer retirement Accumulation phase Retirement income phase Roll-over into retirement income stream There is one customer savings pool Retirement Services

9. Do not put content on the brand signature area Orange RGB= 255,102,000 Light blue RGB= 180,195,225 Dark blue RGB= 000,000,102 Grey RGB= 150,150,150 ING colour balance Guideline www.ing-presentations.intranet Key Points Key consumer trends are driving strong growth in savings as well as convergence of financial products ING is fundamentally well positioned to capitalise on changes in the industry ING’s strategy, focusing on banking, investments, life insurance and retirement services, offers strong long-term growth potential Working on new key performance indicators to reflect the essence of our business and delivery on our strategy Plays an important role in implementing the Group strategy Trends Strategy KPIs Well positioned ING Belgium

10. Do not put content on the brand signature area Orange RGB= 255,102,000 Light blue RGB= 180,195,225 Dark blue RGB= 000,000,102 Grey RGB= 150,150,150 ING colour balance Guideline www.ing-presentations.intranet Global brand Distribution Products & Scale Presence Brand Products for the customer’s life cycle Strong presence in the most attractive markets Innovator in distribution ING is well positioned to capitalise on changes in the industry Strategic Flexibility Flexibility to capture a larger share of savings pool

11. Do not put content on the brand signature area Orange RGB= 255,102,000 Light blue RGB= 180,195,225 Dark blue RGB= 000,000,102 Grey RGB= 150,150,150 ING colour balance Guideline www.ing-presentations.intranet Pensions Second-pillar pension reform is creating attractive opportunities, particularly in developing markets ING is No. 1 pension provider in Central Europe, No. 2 in Latin America 1.4 million new customers added in Romania following reforms in 2007 Purchase of Santander pension business in Latin America brings AuM for the region to EUR 36 billion ING has the strategic flexibility to enter markets in different ways depending on market circumstances to capture a larger share of the total savings pool and grow from there Turkey is a large, fast-growing market Retail Banking asset pool is much larger than life insurance pool, and growing faster Retail Lending is growing at 37% per year, retail savings at 18% Strategy to enter Turkey through retail banking and add products from there Variable annuities Experience developed in US market Exported to Japan, where ING now ranks No. 3 in the market for SPVAs with EUR 13 billion in AuM Beginning rollout in Europe, with Spain and Hungary launched in 2007 Built the world’s largest direct bank with EUR 300 billion in balances and 20 million customers ING has the flexibility to enter markets in different ways to capture a share of the savings pool…

12. Do not put content on the brand signature area Orange RGB= 255,102,000 Light blue RGB= 180,195,225 Dark blue RGB= 000,000,102 Grey RGB= 150,150,150 ING colour balance Guideline www.ing-presentations.intranet Current accounts Savings & Deposits MortgagesLife insurance Institutional AM & Mutual Funds Annuities & retiremen t services All figures per year end *) Includes Wholesale Banking EUR 82 bln*EUR 344 bln* Other Lending EUR 229 bln EUR 207 bln* ING offers the full range of products for every stage of the customer’s life cycle ING can export product expertise from one market to another (VA, pensions) ING has the strategic flexibility to do what works in each market ING has global scale, with EUR 1,442 billion in client balances and 75 million customers worldwide EUR 79 blnEUR 206 blnEUR 295 bln ING’s strengths …and has the right products to meet customers’ changing needs, with global scale in core products

13. Do not put content on the brand signature area Orange RGB= 255,102,000 Light blue RGB= 180,195,225 Dark blue RGB= 000,000,102 Grey RGB= 150,150,150 ING colour balance Guideline www.ing-presentations.intranet 13 …including a leading position among the world’s top savings banks * Excl. UBS, BNP Paribas, ABN AMRO, Credit Suisse (savings data not available) ** Includes also corporates Source: McKinsey EUR billion, top 20 global banks, 2006 FY Savings* Retail savings and C/A deposits volume 112 106 129 131 143 154 155 178 203 207 212 217 219 237 242 294 296 302 1,195 685

14. Do not put content on the brand signature area Orange RGB= 255,102,000 Light blue RGB= 180,195,225 Dark blue RGB= 000,000,102 Grey RGB= 150,150,150 ING colour balance Guideline www.ing-presentations.intranet Traditional branches Advice-oriented branches Standard transactions by internet Netherlands Belgium Poland Turkey India mijnpostbank.nl visited by 1 mln retail customers on weekdays; 3rd most visited website in the Netherlands We have also built a strong agent and broker distribution network in mature and developing markets ING has a track record for innovation in distribution Self’Bank branches Low-cost franchise formula Greenfield used to expand for banking markets in development Romania Ukraine (2008) 4% market share achieved in Romania in 3 years Direct Banking Internet-based bank Greenfield used to expand for in mature banking markets with high internet penetration 9 Countries Leading direct bank in the world with 20.3 million customers

15. Do not put content on the brand signature area Orange RGB= 255,102,000 Light blue RGB= 180,195,225 Dark blue RGB= 000,000,102 Grey RGB= 150,150,150 ING colour balance Guideline www.ing-presentations.intranet No. 1 pensions provider No. 2 life insurer 11 million customers EUR 52 bln in retail client balances Retail banking positions in Poland, Turkey, Romania 17.5% Central & Eastern Europe ING has a strong presence in the most attractive developing markets Developing Markets savings and investment pools (EUR trillion), CAGR 11.9% Latin America No. 2 pension provider Active in 7 countries 15 million customers EUR 36 bln in pension AuM Asia Pacific (excl Japan/Australia) No. 2 foreign life insurer No. 2 fund manager Active in 10 countries EUR 53 bln in AuM 13.0% Leading positions in pensions and life in Asia, Central Europe and Latin America Retail banking presence in the most important markets of Central Europe & Asia Source: McKinsey

16. Do not put content on the brand signature area Orange RGB= 255,102,000 Light blue RGB= 180,195,225 Dark blue RGB= 000,000,102 Grey RGB= 150,150,150 ING colour balance Guideline www.ing-presentations.intranet 0 10 20 30 40 50 60 20062016E …and strong positions in today’s largest markets 5.6% Leading US annuity and retirement services player EUR 176 bln in AuM 8 million ING Direct customers Leading life insurer and retail bank in Benelux EUR 106 bln in AuM 11 mln ING Direct customers 6.2% Western Europe North America EUR 18 bln in AuM No. 1 in COLI No. 3 in SPVA 4.6% Japan No. 3 life insurer No. 4 superannuation and fund management EUR 17.7 bln in AuM 1.3 mln ING Direct customers 8.8% Australia North America, Western Europe, Japan and Australia account for more than 90% of all personal finance balances Large Markets savings and investment pools (EUR trillion), CAGR Source: McKinsey

17. Do not put content on the brand signature area Orange RGB= 255,102,000 Light blue RGB= 180,195,225 Dark blue RGB= 000,000,102 Grey RGB= 150,150,150 ING colour balance Guideline www.ing-presentations.intranet * ING Survey ING has one of the world’s leading retail financial brands ING has created a leading global brand, No. 81 on Interbrand league table One of only 12 financial services brands in global top 100 Global television coverage of F1 sponsorship helped increase brand awareness around the world, especially Central and Eastern Europe and Asian markets – key regions for ING’s growth strategy Total brand awareness rose from 69% to 74%* Sponsorship is generating many fruitful business leads and significant new business

18. Do not put content on the brand signature area Orange RGB= 255,102,000 Light blue RGB= 180,195,225 Dark blue RGB= 000,000,102 Grey RGB= 150,150,150 ING colour balance Guideline www.ing-presentations.intranet Key Points Key consumer trends are driving strong growth in savings as well as convergence of financial products ING is fundamentally well positioned to capitalise on changes in the industry ING’s strategy, focusing on banking, investments, life insurance and retirement services, offers strong long-term growth potential Working on new key performance indicators to reflect the essence of our business and delivery on our strategy Plays an important role in implementing the Group strategy Trends Strategy KPIs Well positioned ING Belgium

19. Do not put content on the brand signature area Orange RGB= 255,102,000 Light blue RGB= 180,195,225 Dark blue RGB= 000,000,102 Grey RGB= 150,150,150 ING colour balance Guideline www.ing-presentations.intranet It’s all about savings ING has chosen to focus on the areas that offer the fastest growth potential: The retail financial services industry is simply about attracting savings and putting that to work for our customers to earn an attractive return Asset gathering Focus on growth potential Focus on banking, investments, life insurance and retirement services Emphasis on mass-affluent customers Increase retail banking distribution More in developing markets Supported by two core competencies: asset management and asset generation

20. Do not put content on the brand signature area Orange RGB= 255,102,000 Light blue RGB= 180,195,225 Dark blue RGB= 000,000,102 Grey RGB= 150,150,150 ING colour balance Guideline www.ing-presentations.intranet Focus on the most attractive segments: Banking, investments, life insurance and retirement services 7.9% 6.5% 7.7% 8.1% 7.1% 7.8% 7.3% 5.8% CAGR Source: McKinsey 7.3% Retail banking and wealth accumulation products account for two-thirds of total retail financial balances, growing at 7% to 8% per year

21. Do not put content on the brand signature area Orange RGB= 255,102,000 Light blue RGB= 180,195,225 Dark blue RGB= 000,000,102 Grey RGB= 150,150,150 ING colour balance Guideline www.ing-presentations.intranet Emphasis on mass-affluent customers 6.8% Retail financial balances (EUR bln) and CAGR Source: McKinsey The mass and affluent market represents 2/3 of global financial balances

22. Do not put content on the brand signature area Orange RGB= 255,102,000 Light blue RGB= 180,195,225 Dark blue RGB= 000,000,102 Grey RGB= 150,150,150 ING colour balance Guideline www.ing-presentations.intranet Increase retail banking distribution The World's 20 biggest economies (in USD billion) 13,794 4,346 3,259 3,249 2,756 2,068 1,415 1,406 1,295 1,224 1,090 950 890 886 755 482 443 432 414 2,515 ING Direct StakeRetail Banking ING has a retail banking footprint in the nine largest economies of the world and in 75% of the top 20 countries. ING takes a pragmatic approach to bank distribution Source: IMF, September 2007 * = planned Own bank channels: full service retail bank Self’banks: Entry strategy for developing markets ING Direct: Entry strategy for mature markets Strategic Stakes: Bank of Beijing, TMB Exclusive distribution agreements and joint ventures Open architecture

23. Do not put content on the brand signature area Orange RGB= 255,102,000 Light blue RGB= 180,195,225 Dark blue RGB= 000,000,102 Grey RGB= 150,150,150 ING colour balance Guideline www.ing-presentations.intranet More expansion in developing markets for long- term growth 16.4% 12.6% 11.4% CAGR 12.8% Retail financial balances in developing markets (EUR bln) and CAGR Source: McKinsey Developing markets showing strong growth in retail balances as economies develop and middle classes grow

24. Do not put content on the brand signature area Orange RGB= 255,102,000 Light blue RGB= 180,195,225 Dark blue RGB= 000,000,102 Grey RGB= 150,150,150 ING colour balance Guideline www.ing-presentations.intranet …. Supported by 2 core capabilities: asset management and asset generation ING has the asset management skills to generate attractive returns for our clients Top 25 global asset manager, active in 30 countries World’s leading real estate investment manager Strong growth in total Assets under Management (in EUR bln) 0 100 200 300 400 500 600 700 20022003200420052006 2007 7.2 % ING also has the ability to generate its own assets to manage its balance sheet effectively Wholesale Banking generates high-quality assets, including corporate lending, leasing, structured finance ING controls origination and credit quality Total assets: EUR 1,312 bn 78 bn 293 bn 553 bn 327 bn 61 bn Corporate Lending 265 Personal Lending 261 Insurance 28

25. Do not put content on the brand signature area Orange RGB= 255,102,000 Light blue RGB= 180,195,225 Dark blue RGB= 000,000,102 Grey RGB= 150,150,150 ING colour balance Guideline www.ing-presentations.intranet Mission Products Distribution Brand Setting the standard in helping our customers manage their financial future ING is sharpening its strategic focus to: Banking Investments Life insurance Retirement services Supported by two core capabilities: Asset management Asset gathering TrendsStrategy People are living longer and need to take more responsibility for own retirement People are becoming richer Technology is transforming distribution of financial services Customers are demanding value for money and simplicity. Life insurance paradigm shift – from traditional to investment products Priorities Bank distribution Retail (mass affluent) clients Developing markets Strengths Existing presence in developing markets Trust is key ING’s mission and strategic priorities

26. Do not put content on the brand signature area Orange RGB= 255,102,000 Light blue RGB= 180,195,225 Dark blue RGB= 000,000,102 Grey RGB= 150,150,150 ING colour balance Guideline www.ing-presentations.intranet In Summary ING is well positioned to capture a larger share of the total savings pool Strategic flexibility to enter markets in the way that works and grow from there Right products to meet customers’ needs through life cycle Strong presence in the most attractive developing markets Strong positions in today’s large markets Strong global brand ING is focused on the fastest growing segments of this market Mass affluent Banking, investments, life insurance, retirement services Retail banking distribution Developing markets The life insurance industry is undergoing a paradigm shift to investment products Differences between banking and insurance are becoming irrelevant. There is one savings and investment pool It’s all about savings Focused on growth Well- positioned

27. Do not put content on the brand signature area Orange RGB= 255,102,000 Light blue RGB= 180,195,225 Dark blue RGB= 000,000,102 Grey RGB= 150,150,150 ING colour balance Guideline www.ing-presentations.intranet Key Points Key consumer trends are driving strong growth in savings as well as convergence of financial products ING is fundamentally well positioned to capitalise on changes in the industry ING’s strategy, focusing on banking, investments, life insurance and retirement services, offers strong long-term growth potential Working on new key performance indicators to reflect the essence of our business and delivery on our strategy Plays an important role in implementing the Group strategy Trends Strategy KPIs Well positioned ING Belgium

28. Do not put content on the brand signature area Orange RGB= 255,102,000 Light blue RGB= 180,195,225 Dark blue RGB= 000,000,102 Grey RGB= 150,150,150 ING colour balance Guideline www.ing-presentations.intranet The KPIs: 4 Group-wide metrics: Client Balances Expenses (and efficiency) Profit (and margin) Required Capital (and return) Measuring our underlying business volume IFRS Operating Expenses and margin over client balances Measuring our operating efficiency Underlying Profit Before Tax Disclosure will include a margin based on profit to client balances measuring our profitabiltiy Economic Capital and Return on Economic Capital, measuring the return on capital employed Measuring the delivery on our strategy

29. Do not put content on the brand signature area Orange RGB= 255,102,000 Light blue RGB= 180,195,225 Dark blue RGB= 000,000,102 Grey RGB= 150,150,150 ING colour balance Guideline www.ing-presentations.intranet ING Belgium, an important part of ING Group With shares of 16% and 27% of the Retail and Wholesale banking activities, ING in Belgium accounts for 1/5th of ING Group banking activities and 1/10th of ING Group as a whole ING Group employs 120.000 employees servicing more than 75 million customers in over 50 countries Rest of ING GroupING Belgium Net Profit before Tax

30. Do not put content on the brand signature area Orange RGB= 255,102,000 Light blue RGB= 180,195,225 Dark blue RGB= 000,000,102 Grey RGB= 150,150,150 ING colour balance Guideline www.ing-presentations.intranet Structures adapted to « Code Lippens »: Executive Board Audit & Remuneration Committee Five external Board members Gives input in Group / functional strategy settings ING Belgium is responsible for implementing strategy / policy and adapting them to local markets and environment In charge of controlling coherence with local rules and regulations Enjoys a good level of autonomy…

31. Do not put content on the brand signature area Orange RGB= 255,102,000 Light blue RGB= 180,195,225 Dark blue RGB= 000,000,102 Grey RGB= 150,150,150 ING colour balance Guideline www.ing-presentations.intranet Strengthening savings gathering:  drive to increase share of savings pool Innovation in distribution  Transformation of traditional retail bank into a universal direct bank (“direct when possible, advice when necessary”)  Launch of online products Leader in asset gathering  Mortgages /consumer loans  Important lender to the corporate sector … translating ING strategy locally & coherently

32. Do not put content on the brand signature area Orange RGB= 255,102,000 Light blue RGB= 180,195,225 Dark blue RGB= 000,000,102 Grey RGB= 150,150,150 ING colour balance Guideline www.ing-presentations.intranet Comprehensive (« easy ») corporate strategy supported by a strong brand ING Belgium: solid positioning and clear role Conclusion

33. Do not put content on the brand signature area Questions & answers