178, 178, , 108, , 208, 80 67, 184, 211 0, 99, 178 STAR-Transition Project October 2011

2 178, 178, , 108, , 208, 80 67, 184, 211 0, 99, 178 Project Objectives  Achieve approval form the regulatory authorities in a way that the transaction closes as soon as possible  Manage the SPA and make sure a proper treatment is given to the related upcoming events  Facilitate the communication and understanding process of Grupo Sura towards the companies that are part of the process and vice versa  Ensure and monitor the business continuity (on-going business): Volume of business, Clients, Sales Force, Processes and Results  Define the Human Resource Structure for the time of closing as well as ensure the retention of critical employees  Develop plan to “take of control” for kick-off at the moment of closing (Brand, Strategic Plan, Budget, Reporting)

3 178, 178, , 108, , 208, 80 67, 184, 211 0, 99, 178 Transition Project Structure PMO ‘s Business Integration Secretary Transition Committee ING LatinoaméricaING GroupGrupo Sura Projects Strategy Regional Office USA Mkt & Comms. Colombia Integration Business Plan Regional Office Project HR Legal & Compl. IT & OPS FinanceRiskAudit Asset Management Brand Alignment with Grupo Sura Support

4 178, 178, , 108, , 208, 80 67, 184, 211 0, 99, 178 Preparation for Business Integration Subcommittee – Objectives  Integrate operations from PROTECCION and ING Colombia in alignment with GRUPOSURA’s guidelines and established regulatory requirements ensuring business continuity.  Accomplish the process within the best working environment; with respect to the members of both companies and keeping the best talent developed on both companies.  Consolidate and ensure the market share of both companies during the integration process.  Guarantee the satisfaction standards, loyalty and client service during the integration process.

5 178, 178, , 108, , 208, 80 67, 184, 211 0, 99, 178 Strategy Subcommitee Objectives  Create Strategic Plan  Plan 2012 – 2015 (aligned with CIM)  Revise Strategic Projects

6 178, 178, , 108, , 208, 80 67, 184, 211 0, 99, 178 Regional Office Objectives  Define Roles, organizational structure of the regional office  Define Talent Retention Strategies for regional employees  Develop Culture Assesment  In order to accomplish this GRUPOSURA has engaged Mc Kinsey

7 178, 178, , 108, , 208, 80 67, 184, 211 0, 99, 178 Marketing & Comm. Subcommittee – Objectives  Define Rebranding Strategy to be implemented by GRUPOSURA  Evaluate legal actions required in order to carry out successfully the rebranding process  Define client and channel distribution retention strategies to be implemented by GRUPOSURA  Define and implement GRUPOSURA brand positioning strategy

8 178, 178, , 108, , 208, 80 67, 184, 211 0, 99, 178 Human Resources Subcommittee – Objectives  Know all processes related to people management at ING  Make Key-Talent and Key-position Management assessment  Define Change Management culture during the transition to be implemented after closing  Make organizational culture assessment  Evaluate wage structure and define all employee and retirement benefit arrangements according to SPA

9 178, 178, , 108, , 208, 80 67, 184, 211 0, 99, 178 Legal & Compliance Subcommittee – Objectives  Provide status updates on approval processes in each country  Provide status updates on the legal matters regarding the Closing Checklist  Support all subcommittees in the interpretation of the SPA.  Coordinate the reorganization process (Post-Star)

10 178, 178, , 108, , 208, 80 67, 184, 211 0, 99, 178 IT & Ops Subcommittee – Objectives  Identify the technological elements, services and processes that must be replaced in each BU and Regional Office given disentanglement from ING Group and ING US.  Identify and renegotiate IT contracts with 3rd party suppliers, that are currently under ING Global/Regional contracts. Determine cost impacts.  Get approval for execution or purchases of IT/Ops contracts above the Euro 0.3 K threshold established by the SPA.  Define and execute the re-branding efforts on all IT and Operative elements following the closing.

11 178, 178, , 108, , 208, 80 67, 184, 211 0, 99, 178 Finance Subcommittee – Objective  Define financial reporting framework for GRUPOSURA, with special reference to the financial statements reported to control entities  Define financial and management reporting framework for GRUPOSURA  Define and implement reporting tools  Strategic and Financial Planning  Define structure and processes of governance for Finance  Assess the acquisition structure at closing and its tax, financial and accounting implications  Ensure the continuity of the technology, real estate and services contracts, and the best conditions in which they could be renegotiated if the case, assessing its impact on budget planning

12 178, 178, , 108, , 208, 80 67, 184, 211 0, 99, 178 Risk Subcommittee – Objective  Understand thoroughly the roles, responsibilities and processes in place for the Regional Risk Office servicing LA  Determine Risk Framework, governance, processes and systems under the new structure  Determine ongoing requirements to maintain continuity (ie risk reports) and coordinate with other subcommittees (certain Finance policies like DAC, Audit/Risk issues, Asset Management risk management)  Review all relevant Insurance contracts for LA and Reinsurance contracts for the Insurance companies (specially Chile)

13 178, 178, , 108, , 208, 80 67, 184, 211 0, 99, 178 Audit Subcommittee – Objectives  Define an Audit Charter that will rule audit activity  Define Reporting Lines for the Audit function  Define Audit Methodology for processes such as planning, Audit scope, auditable universe  Define audit reports to be delivered to GRUPOSURA  Define the software or system under which audit work and reports will be documented

14 178, 178, , 108, , 208, 80 67, 184, 211 0, 99, 178 Asset Management Subcommittee – Objectives  Know all Investment management processes and the interaction between regional office and each country  Determine processes affected by the transition and design and implement a plan to transform them  Evaluate technology involved in the investment process  Know GRUPOSURA Investment Process (Its affiliates)  Know Institutional Business in Mexico  Understand relationship between IM Mexico and Armada