What is ING?

1. What is ING? ING is an insurer… • Largest insurer in the Benelux • Largest insurer in Latin America • Largest life insurer in Central Europe • No. 2 international insurer in Asia • No. 7 life insurer in US • No. 5 insurer in Australia • No. 1 non-life insurer in Canada …and a bank… • Largest direct bank in the world • No. 2 bank in the Netherlands • No. 4 bank in Belgium • No. 5 bank in Poland • No. 10 bank in Germany …and an asset manager • No. 13 asset manager in the world • More than €478 Billion AUM • More than 700 investment funds • No. 1 real estate developer in the world Caption Note: YE 2003 rankings

2. ING by the numbers 55 Countries 60 Million customers 113,300 Employees 25,000 Wholesale clients € 1.037 Trillion in assets(1) € 51 Billion market cap(2) € 7.4 Billion earnings before tax(3) • As of 1Q2005 • As of 1Q2005 • As of 12/31/04

3. Home market position in Benelux Life insurance emerging markets greenfields ING Direct Over the last decade, ING Group built up 6 distinctive strengths • Well established banking and insurance business in Belgium and the Netherlands Major beach-head in the US • Important presence in life insurance in the US • Very successful entry in emerging markets across the globe with greenfield insurance salesforce • Unique direct banking business model as entry vehicle into mature retail banking markets • ING brand is now increasingly known across the globe; Interbrand ranking # 88 Brand with global potential • Have established position as one of the top 3 insurers, top 15 asset managers and top 25 banks worldwide Overall size

4. New structure: six business lines ING Group Insurance Americas Insurance Europe Insurance Asia– Pacific Wholesale Banking Retail Banking ING Direct • Simple, clear and transparent • Client focus and business logic leads • Personal accountability and empowerment • Short and direct reporting lines • No management committees and executive committees • Appropriate attention and place for growth engines • Capture the benefits of the Group

5. Financial results 2004 • PROFIT DEVELOPMENT • Operating net profit up 33% to EUR 5,389 million • Net profit up 48% to EUR 5,968 million (EPS EUR 2.80) • Good underlying profit development • Healthy comparable revenue growth (+11%), comparable expenses up (+6%) • Good balance of businesses

6. % % 2003 35 16 14.7 13.6 29.3 2004 29.1 30 12.4 12.1 12 10.9 10.9 10.7 25 9.0 20 14.8 8 12.7 15 12.2 11.3 10.3 10 6.1 4 5 0 0 Europe Americas Asia/Pacific Total ING Direct Total Wholesale Banking Retail Banking Value creation in all business lines Life Insurance: IRR new business Banking: after-tax RAROC • Total Banking after-tax RAROC strongly improved to 14.8% (12.7%), above 12%-target • Healthy improvement in overall IRR of new business to 12.1% (10.9%), above 12%-target

7. A good balance of businesses 2004 Profit contribution of business lines* ING Direct Insurance 6% Europe Retail 22% Banking 15% Insurance Americas Wholesale 22% Banking Insurance 25% Asia / Pacific 10% *Excludes component ‘other‘ in banking and insurance

8. Mission Set the standard in helping our customers manage their financial future Brand Intent ING is dedicated to deliver financial services solutions valued by the customer Deliver on Promises Customer- Centric Easy to deal with Treats Me Fairly And delivering on our customer-centric brand intent

9. This presentation has been approved as a template for one time use only. For use during this particular situation only. cn53313062006.