ING Wholesale Banking

Standard presentation

February 2008
ING Wholesale Banking
ING Group profile
ING Group

ING is a global financial services company with a wide array of banking,

insurance and asset management services in over 50 countries.

ING serves a broad customer base, which includes individuals, families,

small and medium-sized businesses, large corporations, institutions and
governments.

ING has more than 75 million customers around the world.

Wholesale Banking February 2008 – Page 3

 ING Group history
Acquisitions

A global leader in banking, insurance and asset management

Formed by merger of Nationale Nederlanden and NMB Postbank

1989 1991 1995 1998 1999 2000 2001 2002 2003 2005 2007 2008

Acquired a ING Group

NMB Postbank Merged with Acquired Acquired Acquired Acquired Acquired Increase Acquired Acquired
strategic 30% A global
Global Nationale Barings plc Banque BHF-Bank Charterhouse Bank Slaski of stake in full ownership 19.9% in
stake in financial
commercial Nederlanden Creating a Brussels Lambert
One of the A leading Creating the Vysya Bank of Allgemeine Bank of
Thailand’s institution
bank Leading global Creating the largest institutional largest foreign to 43.99% Deutsche Beijing
leading global agency of 2nd largest TMB Bank
insurance investment largest publicly-traded commercial bank Direktbank
company commercial German stockbrokers in Poland AG city commercial
bank bank in China Extending ING’s
bank in the commercial in the UK
and 3rd largest footprint in the
Benelux banks Also acquired fast growing Asian
bank in Beijing
Aetna and market.
Reliastar
to become a Also acquired
leading insurer in 100% shares
the Americas and of Turkish
Asia Oyak Bank

Wholesale Banking February 2008 – Page 4

ING Pedigree

Banking
1970 Year of acquisition Insurance
1845/1963 Year of founding / Year of merger Asset Management

De
DeNederlanden
Nederlanden De
DeNationale
Nationale Rijkspost-
Rijkspost- Postcheque-
Postcheque-enen
est.
est.1845
1845 Levensverzekering-
Levensverzekering- spaarbank
spaarbank Girodienst
Girodienst
1845/1963
1845/1963 Bank
Bank1863/1963
1863/1963 1881/1986
1881/1986 1918/1986
1918/1986

Life
Lifeof
ofDenver
Denver
1977
1977 RVS
RVS
1984
1984 Nederlandse
Nederlandse
Southland
SouthlandLife
Life Postbank
Postbank Middenstandsbank
Middenstandsbank
1989
1989 1986/1989
1986/1989
Westland Utrecht 1927/1989
1927/1989
Hypotheekbank 1985
Western
WesternUnion
Union Halifax
Halifax
1988
1988 1959
1959 Mercantile Mutual
1987
Belair
BelairDirect
Direct The
TheCommerce
Commerce
1989
1989 Group
Group1989
1989 NMB
NMBPostbank
Postbank
Nationale-Nederlanden
Nationale-Nederlanden Group
Group
1963/1991
1963/1991 1989/1991
1989/1991

1991
1991

Wellington Allianz Bank

BankBrussels
Brussels Bank
BankSlaski
Slaski
Wellington AllianzofofCanada
Canada Aetna
Aetna Equitable
Equitableof
ofIowa
Iowa
1995 2004 2000 1997 Lambert
Lambert1998
1998 2001
2001
1995 2004 2000 1997
Guardian Canadian Barings
Barings DiBa
DiBa
Guardian CanadianGroup
Group Seguros
SegurosComercial
Comercial ReliaStar
ReliaStar
1998 Underwriters 1995
1995 2002
2002
1998 Underwriters1999
1999 América
América2001
2001 2000
2000
Parcom Rodamco Furman
FurmanSelz
Selz Bank
BankMendes
MendesGans
Gans
Parcom RodamcoAsia
Asia Clarion
Clarion 1997 1997
1994
1994 2004
2004 1998
1998 1997 1997

Wholesale Banking February 2008 – Page 5

A well-positioned global financial services company

Banking - Insurance - Asset Management Global rankings

Europe The world’s largest direct bank

Leading financial services company The world’s biggest portfolio of

in Belgium and Netherlands real estate investments

Market leader in direct banking in # 81 on Interbrand top-100

France, Germany, Italy, Spain and
the UK

Market leader in life & pensions

combined in CE

The Americas Asia/Pacific

# 2 international life insurer in
Top-10 provider of retirement Asia
services
# 2 investment manager in
# 2 pension provider in Latin Asia (excl. Japan)
America # 2 life risk insurer in Australia
# 1 non-life insurer in Canada

About 125,000 employees in

Wholesale Banking February 2008 – Page 6
 ING - organised in 6 business lines

Insurance Insurance Insurance Wholesale Retail ING

Americas Europe Asia-Pacific Banking Banking Direct

ING Group 2007 year figures ING Group 2006 year figures ING Group 2005 year figures
Total assets EUR 1,313bn Total assets EUR 1,226bn Total assets EUR 1,159bn
Shareholders’ equity EUR 37bn Shareholders’ equity EUR 38bn Shareholders’ equity EUR 37bn
Assets under management EUR 637bn Assets under management EUR 600bn Assets under management EUR 547bn
2007 underlying net profit EUR 9,241m 2006 underlying net profit EUR 7,750m 2005 underlying net profit EUR 6,234m
Ratings Aa2/AA- Ratings Aa2/AA- Ratings Aa2/AA-

Source: ING Group 2007 figures, Published February 2008 Source: ING Group 2006 figures, Published February 2007 Source: ING Group 2005 figures, Published February 2006

Wholesale Banking February 2008 – Page 7

ING Group - key figures over the past five years

2007 2006 2005 2004 2003

Income (in EUR million) 76,587 73,621 71,120 68,171 64,736

Underlying net profit (in EUR 9,241 7,750 6,234 4,959 4,053
million)

Earnings per share 4.32 3.57 3.32 2.71 2.00

Total assets (in EUR billion) 1,313 1,226 1,159 964 779

ING Group debt/equity ratio 9.5 9.0% 9.4% 10.2% 14.4%

Bank Tier-1 ratio 7.39 7.63% 7.32% 6.92% 7.59%

Assets under management 637 600 547 492 463

(in EUR billion)

Wholesale Banking February 2008 – Page 8

A track record of profitable growth

Sharp rise in underlying net profit (in EUR million)*

10,000 +19%
9,172
+23%
8,000 7,750
+26%
+22% 6,234
6,000
4,959
4,053
4,000

2,000

0
2003** 2004 2005 2006 2007
* excl. divestments & special items
** Dutch GAAP

Wholesale Banking February 2008 – Page 9

Profit distribution

Profit & loss account (underlying) Contribution of business lines in 4Q 07*

In EUR million
4%
18%
% 22%
4Q 2007 4Q 2006 Change
Insurance 1,819 1,331 37
Europe 358 632 -43
Americas 453 539 -16
22%
Asia / Pacific 113 140 -19
Corporate Line Insurance 896 20
Banking 1,151 1,148
Wholesale Banking 591 546 8 28%
6%
Retail Banking 442 444 -1
ING Direct 73 172 -58 Insurance Europe
Corporate Line Banking 45 -14 Insurance Americas
Insurance Asia/Pacific
Total ING Group 2,970 2,479 20 Wholesale Banking
Retail Banking
ING Direct

* Excludes component ‘Other‘ in Banking and Insurance

Wholesale Banking February 2008 – Page 10

Dividend increase reflects strong capital base and
confidence in the future

Dividend per share (in EUR) 12% 1.48

12% 1.32
10% 1.18
10%
1.07
0.97 In addition to our
dividend we are also
executing a EUR 5
billion share buyback;
73.9% completed as of
end of day 15 February

2003 2004 2005 2006 2007

• Total dividend 2007 proposed EUR 1.48 per share, up 12%

• Final dividend 2007 proposed EUR 0.82, fully in cash

Wholesale Banking February 2008 – Page 11

Top 20 global financial institutions

# Name Market value in EUR million as of 31 December 2007

1 HSBC Holdings 134.80
2 Bank Of America Corp 123.86
3 Amer Intl Group 100.91
4 JPM Chase 99.42
5 Citigroup Inc 98.96
6 Banco Santander 92.50
7 Unicredito 75.76
8 Bnpparibas 69.78
9 Wells Fargo 69.53
10 Mitsubishi Ufj Financial 68.78
11 Allianz 66.45
12 UBS 65.48
13 Intesa Sanpaolo 64.10
14 BBVA 62.82
15 Royal Bank Scotland 60.28
16 59.20
17 Goldman Sachs 58.39
18 Axa 57.27
19 Wachovia Corp 51.10
20 Deutsche Bank 47.74

Source: Bloomberg, 31 December 2007 0 50 100 150

Wholesale Banking February 2008 – Page 12

ING’s credit ratings

August
February
2007
2008

S&P Moody's Fitch Ratings

ING Group AA- Aa2 AA-

ING Insurance

- Short term A-1+ P-1

- Long term AA- Aa3 AA-

ING Bank

- Short term A-1+ P-1 F1+

- Long term AA Aa1 AA

- Financial strength B

Outlook Stable Stable Stable

Wholesale Banking February 2008 – Page 13

Fortune Global 500
2007

Rank Company Revenues (US$m) Profits (US$m)

1 Wal-Mart Stores 351,139.0 11,284.0
2 Exxon Mobil 347,254.0 39,500.0
3 Royal Dutch Shell 318,845.0 25,442.0
4 BP 274,316.0 22,000.0
5 General Motors 207,349.0 (1,978.0)
6 Toyota Motor 204,746.4 14,055.8
7 Chevron 200,567.0 17,138.0
8 DaimlerChrysler 190,191.4 4,048.8
9 ConocoPhillips 172,451.0 15,550.0
10 Total 168,356.7 14,764.7
11 General Electric 168,307.0 20,829.0
12 Ford Motor 160,126.0 (12,613.0)
13 ING Group 158,274.3 9,650.8
14 Citigroup 146,777.0 21,538.0
15 AXA 139,738.1 6,379.9
16 Volkswagen 132,323.1 3,449.0 The Fortune Global 500
is a ranking of the top
17 Sinopec 131,636.0 3,703.1 500 corporations
worldwide as measured
18 Crédit Agricole 128,481.3 8,975.8 by revenue. The list is
compiled and published
19 Allianz 125,346.0 8,808.9 annually by Fortune
magazine.
20 Fortis 121,201.8 5,459.0

Wholesale Banking February 2008 – Page 14

 Forbes Global 2000
Forbes biggest & most powerful companies (April 2007)

1. Citigroup
2. Bank of America
3. HSBC Holdings
4. General Electric
5. JP Morgan Chase
6. American Intl Group
7. ExxonMobil
8. Royal Dutch Shell
Footnotes and methodology: The
9. UBS Forbes 2000 is a comprehensive
list of the world’s biggest and
most powerful companies, as
10. ING measured by a composite
ranking for sales, profits, assets,
and market value. All figures are
in US dollars and are latest
available.

Wholesale Banking February 2008 – Page 15

Sharpening the focus to banking, investments, life
insurance and retirement services

Trends Mission Strengths Strategy Priorities

People are living

longer and need to take
more responsibility for own Retail (mass affluent)
retirement clients
Products

People are becoming richer

Setting the ING is sharpening its
strategic focus to: Bank distribution
standard in
helping our • Banking
Technology is transforming
customers • Investments
distribution of financial Distribution
manage
services • Life insurance
their
financial • Retirement services
future Developing markets
Customers are demanding
value for money and
simplicity

Brand Supported by asset

management and asset
Trust gathering

Wholesale Banking February 2008 – Page 16

ING has the scale and the expertise to provide clients
with the right products at the right time

Current Savings Mortgages Mutual Pensions/ Life Annuities

accounts & & lending funds & Retirement insurance
deposits investments

• ING offers customers the full range of products needed throughout their lifecycle
ING’s
• ING has scale in each product category
strengths
• ING has a trusted brand that applies across all products

Wholesale Banking February 2008 – Page 17

Responsible corporate citizen

ING wants to pursue profit on the basis of

• Sound business ethics

• Respect for its key stakeholders
• Full compliance with laws, regulations and ethical standards

ING Business Principles:

• We are committed to our integrity

• We aim for an above average return
• We are open and clear
• We promote sustainable development and respect human rights
• We respect each other
• We are involved in the communities we operate in

Wholesale Banking February 2008 – Page 18

Main heading (blue)
Our business
Wholesale Banking

Insurance Insurance Insurance Wholesale Retail ING

Americas Europe Asia-Pacific Banking Banking Direct

Relationship, Products & Services and Financial Markets - based in the

Netherlands, Belgium and main financial centres

• Full service focus clients in the Netherlands and Belgium

• Selected product range for international clients
• Top deals underscore ING’s wide geographical reach
• Includes ING Real Estate, largest real estate investment manager worldwide

Wholesale Banking February 2008 – Page 20

 Wholesale Banking profile

ING Wholesale Banking (WB) is the Corporate Banking division of

ING Group and focuses on providing high-value-added products
and services to its medium/large business clients.

ING WB offers a full range of products to corporates and institutions

in the Benelux countries. Elsewhere in the world we operate with
a limited core product service.

ING Real Estate, part of Wholesale Banking, is the world’s largest

real estate asset manager, active across the Real Estate value
chain: Development, Finance and Asset Management.

Wholesale Banking February 2008 – Page 21

 Wholesale Banking: An important cash generator
for ING Group

Contribution of business lines in FY2007*

6% Horizon 1 Horizon 2 Horizon 3

19% “Grow by managing “Transform current “Invest in future growth”
established businesses growth engines into
efficiently” sustainable core
22% businesses”

Future growth:
3 main growth engines:
• China
Cash generators:
• ING Direct
• India
• Life insurance
• Wholesale Banking • Romania
developing markets
22% • Retail Banking • Russia
• Retirement Services
Benelux
Selective product plays:
• Insurance mature
e.g. Mortgages, ING Real
markets
25% Estate, SPVAs, Private
6% Banking

Insurance Europe
Insurance Americas
Insurance Asia/Pacific Commit capital
Wholesale Banking Re-deploy capital
Generate capital
Retail Banking
ING Direct

* Underlying pre-tax profit. Excludes Corporate lines in Banking and Insurance

Wholesale Banking February 2008 – Page 22

Wholesale Banking 4Q results
Earnings resilient despite market turmoil

Profit & loss account (underlying) (in EUR Mio)

Underlying C/I ratio: 65.0% from 62.9%
%
4Q 07 4Q 06 change Risk costs: -17 bps from 5 bps

Total income 1,470 1,526 -3.7 RWAs: EUR 199 bn (EUR 161 bn)
Operating expenses 955 960 -0.5 Underlying RAROC after tax: 20.3% in FY 07 (FY 06: 20.6%)
Additions to loan loss provisions -77 20
Average econ. cap: EUR 7.8 bn (FY 07) (FY 06: EUR 8.1 bn)
Profit before tax 407 527 -23.8
* RWAs = Risk Weight Assets

Underlying profit before tax Wholesale Banking

(in EUR million)
• Impact of subprime-related issues limited
3,000
to EUR 106 million 2,500 2,299
2,525 2,399

2,000
• Profit up 8.2%, supported by significant
1,500
release of loan loss provisions 1,000
500
• New initiatives to accelerate growth and
0
improve efficiency -500
2005 2006 2007

Note: The 2007 financial results contain the mid-corporate client Financial Markets General Lending and PCM
business, which was transferred to Retail Banking on 1 January 2008 and Structured Finance ING Real Estate
represents about 13% of Wholesale Banking’s profit Leasing and Factoring Other products

Source: ING Group Analyst presentation 4Q 08 results, 20 February 2008

Wholesale Banking February 2008 – Page 23
Wholesale Banking organisation (as at 1st of January 2008)

Insurance Insurance Insurance Wholesale Retail ING

Americas Europe Asia-Pacific Banking Banking Direct

WB Clients WB Network WB Financial ING Real

Products Markets Estate

Wholesale Banking February 2008 – Page 24

Wholesale Banking Clients - Profile

• Wholesale Banking Clients manages and builds

relationships with clients ranging from corporate Full service Benelux bank
companies in our Benelux home markets to large
corporates, institutions and governments • The largest provider of wholesale
worldwide. banking services within the
Benelux
• We are a committed partner to our clients and
• Leading positions in all product
strive constantly to help them overcome the
categories, from general lending
challenges they face. and payments and cash
management to specialist
• Our consistent and uniform client coverage model products
supported by a sector-based client approach
enables us to offer our clients the financial • Strong focus on key corporate
solutions they need for success. At the same time, client relationships and SME
this differentiates us more and more clearly from market
our closest competitors.

Wholesale Banking February 2008 – Page 25

Wholesale Banking Clients

CORPORATES

Serviced from head office, in view of centralisation

of knowledge

Access to an international team of relationship

managers and product
specialists

Tailor-made focus on the delivery of strategic and FINANCIAL INSTITUTIONS

complex products

Serviced from head office

Emphasis on commercial banks, central banks, pension

Funds, supranational and development banks, investment
banks, Insurance companies and asset managers

Committed to facilitate optimum commercial opportunities

for our clients by offering products and services geared to
their needs and expectations.

Highly-qualified and experienced parent account managers

as dedicated partner and point of contact

Wholesale Banking February 2008 – Page 26

 Wholesale Banking Clients - Our Approach

• Your needs are at the heart of everything we do. It is a promise

which we call “client centricity”.

• We deliver on this promise by combining industry-leading knowledge

and expertise with the ability to execute deals flawlessly.

• Your team of banking and finance experts is headed up by a senior

relationship manager, who is always available as your first point of
contact. The senior relationship manager is backed up by a team of
international industry and product specialists. This team works closely
in partnership with you to understand and anticipate your particular
banking needs, acting as a trusted business partner. With deep sector
and banking expertise, the team is able to provide the solutions that
best meet your needs.

• We can serve your needs in more than 40 countries around the

world, due to our international scope and local strength.

Wholesale Banking February 2008 – Page 27

Client Coverage Model

At ING Wholesale Banking every client has a dedicated

relationship manager who manages your banking services with Dedicated corporate relationship team
the help of a full team of industry and product specialists. This
consistent client coverage model enables us to offer our clients For clients with particularly extensive
the financial solutions they need for success.
and complex banking needs, we offer a
Multinational clients are assigned a team consisting of a number dedicated corporate relationship team
of local relationship managers - one for each major region in
comprised of our most senior bankers.
which they operate - reporting to one senior banker who
manages and coordinates their activities. This means our clients’ most challenging
banking needs in the areas of capital
markets, credit products and advisory
are met by our most knowledgeable
bankers from across the business
globally.

For the largest clients in terms of their

banking needs we also assign a board-
level banker working alongside the team
of senior relationship managers.

Wholesale Banking February 2008 – Page 28

Industry focus

ING Wholesale Banking knows every industry is different, with its own
needs, trends and opportunities. That’s why we always work to
ensure we have in-depth knowledge of the industries in which our
clients work, enabling us to provide tailored solutions that meet our
clients’ specific needs. Some of the key sectors in which ING has
dedicated team expertise include:

• Consumer goods
• IT services
• Natural resources
• Telecoms
• Transport & logistics
• Utilities - Power

Wholesale Banking February 2008 – Page 29

ING Wholesale Banking’s international presence
Operating in 38 countries with 18,000 employees world-wide

Europe
Americas
Austria
Argentina
Belgium
Brazil
Bulgaria
Czech Republic Chile*
France Mexico
Germany USA
Hungary
Ireland
Italy
Kazakhstan* Asia
Luxembourg China
Netherlands Hong Kong
Poland India
Portugal Indonesia*
Romania Miscellaneous Beijing Japan
Russia Dubai Malaysia
Slovak Republic
Philippines
Spain
Singapore
Switzerland
Ukraine South Korea
United Kingdom Taiwan
Thailand*
* Representative office
Wholesale Banking Products

Corporate Finance &

Financial Markets
Equity Capital Markets
Structured Finance

Payments & Leasing,

Cash Management Commercial Finance

Event Finance Equity Markets

General Lending Products

(WB) Insurance

Securities Services Corporate Investments

Wholesale Banking February 2008 – Page 31

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.

This presentation is intended for general information purposes. It does provide basic information concerning individual Wholesale Banking products, insurance products
or related services. However none of the information should be interpreted as an offer to sell securities or as investment advice of any kind. Queries concerning these
topics should be addressed to the individual business units and/or companies of ING Groep N.V. ("ING Group"). No warranty or representation, express or implied, is
given as to the accuracy or completeness of that information. In no event will ING Group, nor any of its directors, employees or advisors accept any liability with regard
to the information contained in the individual ING companies', business unit or product group's presentation.

ING Group comprises a broad spectrum of companies (the "ING companies"), many of them operating under their own brand names. Almost every ING company,
business unit or product group, has its own website on the internet where it offers information about its products and services. Reference is made to those websites for
further details and hyperlinks have been provided from this website to those ING companies, business units and product groups, if available.

It is prohibited to modify, copy, distribute, transmit, display, publish, sell, license, create derivative works or use any content for any other purposes than that of this
presentation, i.e. providing information about ING Group and its lines of business.

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While ING Group and ING companies use reasonable efforts to include accurate and up-to-date information in this presentation, errors or omissions sometimes occur.
ING Group and ING companies expressly disclaim any liability, whether in contract, tort, strict liability or otherwise, for any direct, indirect, incidental, consequential,
punitive or special damages arising out of or in any way connected with your access to or use of this presentation, and/or any other ING companies' presentations
whether or not ING Group and/or ING companies were aware of the possibility of such damages.

All information in this presentation, including but not limited to graphics, text and links to other communication means, is provided "as is" and is subject to change
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Wholesale Banking February 2008 – Page 32