16 February 2006 Full Year 2005 Results Delivering value through higher returns and profitable growth

Full year 2005 results 2 Strategy is delivering value Strong underlying top-line growth Better returns and improved efficiency Confidence in growth underlying business Key points

Full year 2005 results 3 Net profit rises 25.3% to EUR 7,210 million EPS up 22.7% to EUR 3.32 Underlying profit before tax rises 19.4% to EUR 8,506 million** Insurance +11.5%; Banking +27.2% Strong underlying top-line growth Life premiums +12.5%; bank income +11.4% Improvement efficiency ratios due to sharpened focus on execution Strong value creation Embedded Value +22.9% to EUR 27.6 billion; ROEV 14% Value of New Business up 27.4% to EUR 805 million IRR increases to 13.2% (12.1%) Underlying after-tax RAROC up to 18.8% (16.4%) Total dividend 2005 proposed at EUR 1.18 per share, up 10.3% *All figures compare full year 2005 with full year 2004 unless otherwise stated ** Underlying profit before tax is a non-GAAP measure for profit before tax excl. divestments and special items Summary financial results 2005*

Full year 2005 results 4 Impact divestmentsSpecial items Underlying net profit excluding realised capital gains on shares from Insurance Realised capital gains on shares from Insurance in EUR million 0 1,000 2,000 3,000 4,000 5,000 6,000 7,000 8, ING GAAP2004 ING GAAP2004 IFRS2005 IFRS +36% +34% 0 1,000 2,000 3,000 4,000 5,000 6,000 7,000 8,000 Strong underlying profit performance …

Full year 2005 results 5 … with higher quarterly underlying profit level Impact divestmentsSpecial items Underlying net profit excluding realised capital gains on shares from Insurance Realised capital gains on shares from Insurance Average underlying net profit, excluding realised capital gains on shares from Insurance: +34% ,000 1,500 2,000 Q104Q204Q304Q404Q105Q205Q305Q405 in EUR million 1,130 1,663 1,554 1,408 1,941 1,551 1,878 1,840

Full year 2005 results 6 US Retirement Services Growth 2005 VNB+41% Sales +18% Pre-tax profit ( at constant exchange rates ) Quarterly average 2004: EUR 73m Q104Q204Q304Q404Q105Q205Q305Q405 Quarterly average 2005: EUR 89m 22% Growth engines show strong performance (1)

Full year 2005 results 7 Life insurance developing markets Growth 2005 VNB+40% Sales +51% Q104Q204Q304Q404Q105Q205Q305Q405 Value of new business 10% 11% 12% 13% 14% 15% 16% 17% 18% 14.0% 17.4% Internal rate of return Value of new business (in EUR million) Internal rate of return (%) Growth engines show strong performance (2)

Full year 2005 results 8 ING Direct Growth 2005 Funds entrusted+29% Mortgage portfolio+66% Number of customers+28% Q104Q204Q304Q404Q105Q205Q305Q405 Pre-tax profit (in EUR million) Quarterly average 2004: EUR 109m Quarterly average 2005: EUR 154m % Growth engines show strong performance (3)

Full year 2005 results 9 Recurring expenses Insurance show modest growth Total operating expenses Divestments / special items Non-recurring expenses FX impact Recurring expenses Asia Recurring expenses excl. Asia , , , % 4.9% 3.1% 5, , ,177

Full year 2005 results 10 Recurring expenses Banking show modest growth Total operating expenses Divestments / special items Non-recurring expenses FX impact Recurring expenses ING Direct Recurring expenses excl. ING Direct 8, ,281 1,395 6,886 8, ,853 1,186 6, % 5.5% 3.3%

Full year 2005 results 11 Improved efficiency ratios Cost/income ratio Banking Total banking excluding divestments and special items Expenses as % of AuM Expenses as % of premiums 0.80% 0.90% 1.00% % 14.0% 15.0% Expense ratios Insurance % 0.82% 13.52% 13.28% Improving efficiency remains priority 60.0% 65.0% 70.0% 75.0% 80.0% 75.7% 65.6%

Full year 2005 results 12 Strong Embedded Value profit growth reflects value creation Growth 2005 Embedded Value life insurance % to EUR 27.6 bn Return on Embedded Value 14% Value of New Business % to EUR 805 m Internal rate of return 13.2% from 12.1% in EV profit (in EUR million) EV profit* 2005: + 262% , ,000 1,500 2,000 2,500 EV profit growth due to: Value of new business Financial variances Operational variances Assumption changes 11% 41% 9% 39% 100% EV-profit growth strongly correlated with TSR * EV Profit is defined as the change in value during the year in excess of the required return which arises from only those items in embedded value that business line management can influence.

Full year 2005 results 13 Underlying after-tax RAROC improved to 18.8% (from 16.4%) Improved IRR reflects focus on strict pricing discipline All return ratios well above ING hurdles Improved returns in all business lines Banking: after-tax RAROC Wholesale Banking Retail Banking ING DirectTotal % Life Insurance: IRR new business Insurance Europe Insurance Americas Insurance Asia/Pacific Total %

Full year 2005 results 14 Source: Bloomberg, ING TSR 1 January 2004 – 31 December ING Group TSR ING Group # 2 with +76% Average TSR peer group +37% ING’s total shareholder return in top quartile

Full year 2005 results 15 Dividend increase reflects strong performance and confidence in the future % Total dividend 2005 proposed EUR 1.18 per share, up 10.3% Final dividend 2005 proposed EUR 0.64, fully in cash Dividend per share (in EUR)

Full year 2005 results 16 Group profits in EUR million 2005 in EUR million 7,125 7,467 7,740 5, , Underlying profit before tax Special items Profit before tax excl. divestments Gains / losses on divestments Profit before tax from divested units Profit before tax Taxation3rd party interest Net Profit 8,506 8,894 7, , %+14.9%+19.4%+13.9% EPS (EUR) %

Full year 2005 results 17 In EUR million %-change Net Profit7,2105, % 1) Divestments ) Special items Gain old reinsurance business134 Hedge result 190 Tax releases 400 Insurance operations Hedge result -2 Tax releases / tax asset 183 Banking operations18382 Underlying net profit6,1964, % Total ING Group Total ING Group Net impact divestments and special items Gain sale Australian non-life Gain sale Freeler Gain on IPO Canada Loss sale Life of Georgia Profit from divested units Insurance operations Loss sale Asian equities business Gain sale Baring Asset Management Gain partial sale ING Bank Slaski shares Restructuring NMB-Heller Profit from divested units Banking operations Losses rel. to sale ING Re 2004/True up 2005 Gain on sale of CenE Bankiers Sale BHF-Bank Gain sale Austbrokers Restructuring provision Wholesale -28

Full year 2005 results 18 Tax developments 1.Low effective tax rate in 2005 (15.5%) driven by: Tax exempt gains on divestments Substantial releases of tax provisions in insurance operations Benefits from participation exemption in the Netherlands and Belgium Lower statutory tax rate in the Netherlands (31.5%) Compensation of historical tax losses / tax assets in banking 2.Expected effective tax rate in the range 20-25% for the coming years Structural decline driven by lower statutory tax rate in the Netherlands

Full year 2005 results Insurance Banking (EUR m) Impact on quarterly net results Realised gains on bonds* Fair value changes deriv/invest. Prepayment penalties Interest preference shares Other Total pre-tax Tax Third party interest Total net InsuranceBanking Impact on 2005 results (pre-tax) 111 *Net of amortisation of capitalised gains on fixed income securities under Dutch GAAP in The figures in these tables are estimates Total estimated net impact amounts to EUR 392 m 45 Q105Q205Q305Q Total Q105Q205Q305Q405 Estimated impact of IAS 32/39 and IFRS 4 on net profit

Full year 2005 results 20 Value of New Business (EUR 805 m) Profit & loss account in EUR million % change Premium income45,75843, Operating expenses5,1954, Net profit3,2683, % change underlying 3,9753, Insurance activities Underlying profit before tax Insurance Europe 28% Insurance Americas 26% Insurance Asia/Pacific 46% Underlying profit before tax up 11.5% driven by strong non-life results (+21.3%) Underlying life profit up 7.4% supported by NL, US and Central Europe Premium growth led by Asia and Central Europe Rise in operating expenses due to investments in growth Asia and restructuring Netherlands Embedded Value life business increases 22.9% to EUR 27.6 bn Value of New Business rises 27.4% driven by strong sales and higher returns Historically low investment losses (EUR -12 m), thanks to recovery US 9.3

Full year 2005 results 21 Underlying profit growth driven by Central Europe, Netherlands, and non-life Belgium Underlying profit from Central Europe up 44.1% driven by Poland and Hungary Underlying profit rise NL (+23%) boosted by high investment income and release provisions Staff reductions Nationale-Nederlanden proceeding ahead of plan Strong rise in VNB Netherlands (64%) due to sharply improved margins Assets under Management increase 14.1% to EUR 169 bn EuropeAmericas Asia/ Pacific ING Insurance Profit & loss account in EUR million % change Premium income10,70211, Operating expenses1,8701, Total profit before tax2,0311, % change underlying VNB:EUR 226 m (+64%) IRR:14.6% (12.4%) AuM:EUR bn (EUR bn end 2004) 2,0211, Underlying profit before tax Insurance Europe: strong growth Central Europe

Full year 2005 results 22 EuropeAmericas Asia/ Pacific ING Insurance Strong underlying profit growth in the United States and Canada US profits up 27.4%, driven by retirement services and annuities Benign credit environment, higher AuM and investment performance support US results, but will be more challenging if interest rates continue to rise US composite margin increased to 162 bps (from 134 bps) Canadian non-life profit rise driven by continued strong underwriting result Expense growth reflects acquisition Allianz Canada and strategic investments in US Strict pricing discipline leads to improvement VNB and IRR Mexican result declined due to claims and expenses from hurricanes Assets under Management increase 22.5% to EUR 202 bn VNB:EUR 207 m (+19.7%) IRR:11.1% (10.7%) AuM:EUR bn (EUR bn end 2004) Profit & loss account in EUR million Premium income22,74422, Operating expenses2,3972, Total profit before tax1,9411, % change % change underlying 1,9791, Underlying profit before tax Insurance Americas: strong growth US, Canada

Full year 2005 results 23 EuropeAmericas Asia/ Pacific ING Insurance VNB:EUR 373 m (+16.2%) IRR:15.0% (13.6%) AuM:EUR 71.8 bn (EUR 50.9 bn end 2004) Profit & loss account in EUR million Premium income12,2869, Operating expenses Total profit before tax % change % change underlying Underlying profit before tax Excl. reserve strengthening Taiwan, divestments and one-off items 2004, profit + 37% Strong premium growth in all countries, including India (+142%), Thailand (+43%) and China (+27%) Premium growth Japan boosted by success of SPVA product Excellent results in South Korea (profit +52%) driven by strong sales Expense increase reflects continuing investment in growth; expense ratios improved VNB increase 16.2%, mainly from South Korea and Taiwan Internal rate of return improved to 15.0% (13.6%) Taiwan reserve inadequacy remained in EUR bn range as announced earlier Assets under Management increase 41.1% to EUR 72 bn Insurance Asia/Pacific: solid growth engine

Full year 2005 results 24 Underlying profit increase driven by solid income growth and low risk costs Income growth driven by higher savings and mortgages at ING Direct and Retail Banking, including prepayment penalties in the Netherlands Interest margin narrowed 5 bps to 1.17% due to flattening yield curve and growth ING Direct Loan loss provisions remained historically low at 3 bps (18 bps) Cost/income ratio improved 1%-point to 65.6% on an underlying basis After-tax underlying RAROC improved to 18.8% (16.4%) due to higher net profit and more stringent approach to capital allocation 2005 Underlying profit before tax* Banking activities Wholesale Banking 48% Retail Banking 39% ING Direct 13% * Excludes component ‘Other‘ Profit & loss account in EUR million Total income13,84812, Operating expenses8,8448, Net profit3,9422, ,5313, Additions to loan loss provisions % change % change underlying Underlying profit before tax 42.0

Full year 2005 results 25 ING Banking Whole- sale Retail ING Direct C/I ratio: 58.2% from 63.6% Risk costs: -7 bps from 12 bps Econ. cap: EUR 8.5 bn (EUR 9.6 bn) After-tax RAROC: 22.3% (12.2%) RWAs: EUR bn (EUR bn end 2004) 5,9575, ,4663, Profit before tax2,5991, Profit & loss account in EUR million Total income Operating expenses Additions to loan loss provisions % change % change underlying 2,2762,0928.8Underlying profit before tax Wholesale Banking: focus on key clients, products Underlying profit rises 8.8% driven by historically low risk costs and strong performance of the international network, mitigated by several non-recurring costs Income growth supported by ING Real Estate and focus on key products Release of loan loss provisions due to benign credit environment and improved risk management Interest margin under pressure; challenging yield curve Underlying expenses high due to several non-recurring items Underlying after-tax RAROC up to 16.7% (14.9%), reflecting more efficient use of capital in the international network

Full year 2005 results 26 ING Banking Whole- sale Retail ING Direct C/I ratio: 66.1% from 73.2% Risk costs: 11 bps from 25 bps Econ. cap: EUR 3.4 bn (EUR 3.1 bn) After-tax RAROC: 36.0% (26.2%) RWAs: EUR 89.8 bn (EUR 76.5 bn end 2004) Profit & loss account in EUR million Total income5,7965, Operating expenses3,8293, Profit before tax1,8771, Additions to loan loss provisions % change % change underlying 1,8151, Underlying profit before tax Underlying profit up 55% due to strong growth in the Netherlands and Belgium Solid income growth driven by savings and mortgages, incl. high prepayment income Interest margins narrowed and expected to remain under pressure in current interest rate environment Continued strong performance Private Banking Significant improvement in cost efficiency; C/I ratio decreased 7%-points to 66.1% Announced streamlining and outsourcing initiatives in Ops&IT on track Low risks costs in Poland; roll-out self-banking concept in Romania on track Retail Banking: strong top-line growth in Benelux

Full year 2005 results 27 ING Banking Whole- sale Retail ING Direct C/I ratio: 65.9% from 69.3% Risk costs: 17 bps from 22 bps Econ. cap: EUR 3.1 bn (EUR 2.4 bn) After-tax RAROC: 14.9% (11.3%) RWAs: EUR 73.8 bn (EUR 50.1 bn end 2004) * Including ING Card Profit & loss account * in EUR million % change 2,1191, ,3961, (Underlying) Profit before tax Total income Operating expenses Additions to loan loss provisions Strong profit growth driven by savings and mortgages, against backdrop of challenging interest rate environment Continuing strong commercial performance growth in all countries 14.7 million customers end 2005; 15 million th customer in January 2006 Funds entrusted +29% to EUR 188 bn; off-balance (mainly mutual) funds almost doubled to EUR 10.8 bn Mortgages + 66% to EUR 55 bn Operational costs-to-assets ratio improved to 40 bps from 44 bps in 2004 Interest margin was 0.89% in the fourth quarter, up 2 bps from third quarter ING Direct: strong growth in savings, mortgages

Full year 2005 results 28 Strong overall 2005 performance Double-digit underlying income growth, higher returns and improved efficiency ratios Strategy focused on value creation for shareholders is paying off Returns increased in all lines of business Growth engines – ING Direct, retirement services and life insurance in developing markets – continued strong performance Steps taken to improve efficiency in mature markets Impact challenging interest rate environment mitigated by some favourable market conditions Conclusions on financial results

Full year 2005 results 29 Return Growth Execution Shareholder Value Strategic priorities Organic growth 2.Balance growth and return to increase shareholder value 3.Improve cost efficiency, while continue to invest in future growth 4.Further strengthen compliance Continue strategic direction in 2006

Full year 2005 results 30 Domestic markets In line with nominal GDP growth Supplemented by: Leveraging customer base to gain market position Efficiency gains Improved returns / capital efficiency Growth engines ING Direct – growth model in mature markets Retirement Services – driven by strong demand from aging population Life insurance developing markets – markets with strong potential Long-term growth potential

Full year 2005 results 31 ING – a leading global Asset Manager Total Assets under Management, including ING Real Estate (in EUR bn) Global strategy Investment Management (ING IM) 1.Build on global manufacturing capabilities, scale and (cross) regional distribution strength 2.Continue successful innovation to meet client needs (e.g. closed-end funds) 3.Capitalize on improved investment engines in US, Europe and Asia/Pacific Asia/Pacific Increase penetration of ING funds in insurance products Intensify banking distribution partnerships Europe Take advantage open architecture and growth in pension assets (demographics and pension reforms) Americas Increase penetration of ING funds in insurance products Capital market linked products (closed-end funds) and alternative assets Strong growth due to net inflows, mitigated by significant weakening dollar CAGR 19%

Full year 2005 results 32 ING Real Estate Major portfolio acquisitions 2005 Gables Residential Trust EUR 2.3 bn Abbey National portfolio EUR 1.7 bn Coop Norden portfolio EUR 442m Strategic priorities Investment Management: Europe + Asia Finance: ongoing international diversification Development: Europe, controlled growth Australia and United States Global ranking (based on AuM)* 1.ING Real Estate 2.Prudential Real Estate 3.RREEF / Deutsche Bank Real Estate 4.TIAA – CREF 5.Principal Real Estate * Source: Pensions&Investment, data 30 June 2005 Total business portfolio (in EUR bn) Investment ManagementFinanceDevelopment CAGR 22%

Full year 2005 results 33 Managing for value 7000 senior managers trained Phased roll-out to all business units Value metrics included in business planning Capital Management Centralised team to manage capital Allocation to most value creating business Increased efficiency in Group funding costs Risk analytics Central team to monitor Group-wide risks Risk Dashboard Clear benefit of diversification Compliance Increased external regulatory requirements Significant upgrade compliance organisation Performance culture Customer centricity Changing cultureChanging processes Group priorities / initiatives

Full year 2005 results 34 Looking forward 2006 Interest environment will remain challenging Risk costs and non-life claims expected to return gradually to more normal levels Expected effective tax rate in the range 20%-25% for the coming years Confidence in growth of underlying business Confidence in ability to continue to create value for shareholders

Full year 2005 results 35 Changes Executive Board proposed to AGM April ING Group Chairman, Michel Tilmant Vice-Chairman and CFO, Cees Maas Insurance Europe Jacques de Vaucleroy Insurance Americas Tom McInerney ING Direct Dick Harryvan Retail Banking Eli Leenaars Wholesale Banking Eric Boyer de la Giroday Insurance Asia/Pacific Hans van der Noordaa

Full year 2005 results 36 Strategy is delivering value Strong underlying top-line growth Better returns and improved efficiency Confidence in growth underlying business Key points

16 February 2006 Full Year 2005 Results Delivering value through higher returns and profitable growth

Full year 2005 results 38 Appendix

Full year 2005 results 39 Underlying profit before tax in EUR million %change Insurance 3,9753, Europe2,0211, Americas1,9791, Asia / Pacific Other* Banking 4,5313, Wholesale Banking2,2762, Retail Banking1,8151, ING Direct Other** Total ING Group 8,5067, Contribution of business lines 2005* *) Excludes component ‘Other‘ in banking and insurance *) Other insurance results is mainly interest on core debt, USD hedge 2004 and gains on equity investments that are not allocated to the three business lines **) Other banking results consist mainly of interest expenses that are not allocated to the business lines Profit distribution Insurance Europe Insurance Americas Insurance Asia/Pacific 22% 5% 24% 20% 7% Wholesale Banking Retail Banking ING Direct

Full year 2005 results 40 31/12/0530/06/0501/01/05(*) ING GROUP Balance sheet total (EUR bn) 1,159 1, Capital and reserves (EUR bn) Capital and reserves per share (EUR) Debt/equity ratio Group 9.3% 9.8% 11.9% Net revaluation reserve (EUR bn) Shares Fixed income securities INSURANCE Debt/equity ratio insurance 13.2% 14.3% 14.3% Capital Coverage ratio 259% 228% 200% BANKING BIS ratio 10.86% 10.55% 10.46% Tier-1 ratio 7.32% 7.20% 6.92% RWAs (EUR bn) Capital position (*) restated to IFRS accounting

Full year 2005 results 41 Recurring expenses Insurance 2 Reorganisation provision and new IT systems 3 Strategic projects include enhanced web capabilities/platforms 1 Includes sale ING Re US, Life of Georgia, P&C Chile, Australia non-life and acquisition Allianz Canada (In EUR million) Total operating expenses Insurance5,1954,7469.5% Impact divestments / special items¹ Release healthcare provisions / pensions-47 Reorganisation Nationale-Nederlanden² 9421 Reorganisation Ops/IT23 Restructuring US 2513 Broker initiative Canada 27 Strategic projects/SOX/Mutual fund optimal. US³ 8335 Release tax wage provision Asia-30 Other4019 Total non-recurring items24558 FX impact-77 Total recurring expenses Insurance4,8314,6084.9% %change

Full year 2005 results 42 Recurring expenses Banking 2 Impact acquisition Mercator Bank and sale ING Securities Bank France (Ferri) and Banque Baring Brother Suisse 1 Includes sale BHF-Bank, CenE Bankiers, Baring Asset Management and Asian cash equity business; in 2004 restr.provision Wholesale (In EUR million) Total operating expenses Banking8,8448,7950.6% Impact divestments / special items¹ Release healthcare provisions / pensions-119 Consolidation Postkantoren BV 168 Impairments ING Real Estate78 Reorganisation Ops/IT 4715 Accelerated software depreciation 27 Provision Williams de Broë 81 Mercator Bank / Ferri / Banque Baring Br.Suisse² 9256 Other³ Total non-recurring items FX impact-51 Total recurring expenses Banking8,2817,8535.5% %change 3 One-time payment Collective Labour agreement, provisions legal claims, acquisition Abbey National, redundancy provisions

Full year 2005 results 43 Certain of the statements contained herein 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) performance of financial markets, including emerging markets, (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, (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.