1 What is ING? Caption 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 Note: YE 2003 rankings

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

3 Over the last decade, ING Group built up 6 distinctive strengths Home market position in Benelux Well established banking and insurance business in Belgium and the Netherlands 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 Major beach-head in the US Life insurance emerging markets greenfields ING Direct 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 Insurance Americas Insurance Europe Insurance Asia– Pacific Wholesale Banking Retail Banking ING Direct ING Group 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 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 Value creation in all business lines Life Insurance: IRR new business Banking: after-tax RAROC Wholesale Banking Retail Banking ING DirectTotal % EuropeAmericasAsia/PacificTotal %

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

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

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