11 May 2006 First Quarter 2006 Results Strong start to the year

First Quarter 2006 Results 2 First quarter marks strong start to the year Continued strong performance key growth engines Record quarter Retail Banking Efficiency improves due to focus on execution Allocating capital to high return areas Key points

First Quarter 2006 Results 3 Underlying net profit rises 28.7% to EUR 1,976 million** Insurance +29.4%; Banking +28.2% Net profit rises 3.3% to EUR 2,006 million EPS up 4.1% to EUR 0.93 from EUR 0.89 Double-digit underlying top-line growth supported by favourable FX-impact Life premiums +14.4%; bank income +12.0% Strong value creation Value of new life insurance business up 31.9% to EUR 248 million IRR of new life insurance business increases to 14.0% (12.6%) Underlying after-tax RAROC up to 24.0% (19.8%) Efficiency improves due to continued focus on execution Underlying cost/income ratio banking improves to 60.4% (63.7%) Outsourcing and streamlining of Ops&IT organisation on track Reduction in operating expenses Dutch insurance *All figures compare first quarter 2006 with first quarter 2005 unless otherwise stated ** Underlying net profit is defined as net profit excl. divestments and special items Summary financial results*

First Quarter 2006 Results 4 2,006 1,840 1,878 1,551 1,941 1,408 1,554 1,663 1, ,000 1,500 2,000 1Q 042Q 043Q 044Q 041Q 052Q 053Q 054Q 051Q 06 In EUR million 1,813 1,389 1,633 1,367 1,497 1,049 1,045 1,279 1,007 Impact divestmentsSpecial items Underlying net profit excluding realised capital gains on shares from Insurance Realised capital gains on shares from Insurance Higher quarterly underlying profit Underlying net profit excluding realised capital gains on shares from Insurance in 1Q 06 up 23% versus average 2005

First Quarter 2006 Results 5 Life insurance developing markets US Retirement Services VNB+46% New sales +37% Growth engines continue strong performance VNB+54% New sales +44% IRR 19% 1Q 06 vs 1Q 05 ING Direct Profit +28% Funds entrusted+21% Mortgage portfolio+56% Number of customers+26%

First Quarter 2006 Results 6 Asset Management ING Real Estate AuM+EUR 85 bn vs 1Q 05 Net inflow +EUR 7 bn vs end 05 Strong investment performance Total portfolio+ EUR 19.2 bn vs 1Q 05 (+35.9%) Profit before tax +17.2% vs 1Q 05 Total income +29.9% vs 1Q 05 Asset Management and ING Real Estate: Continued good performance

First Quarter 2006 Results 7 Record quarter Retail Banking Mortgage portfolio up 16% Savings deposits up 10% Current account balances up 16% Interest margins stable Prepayment penalties on mortgages up to EUR 34 m Customer due diligence in the Netherlands will require ± EUR 100 million in one-time costs in remainder of 2006 Underlying income 1,000 1,100 1,200 1,300 1,400 1,500 1, Q2006 1Q 2006: +13.6% In EUR million Underlying expenses ,000 1, Q2006 1Q 2006: +3.9% In EUR million Underlying profit before tax Q2006 1Q 2006: % 1Q 06 vs 1Q 05* * Based on average outstanding amounts

First Quarter 2006 Results 8 Other operating expenses Restructuring at Nationale-Nederlanden results in reduction in operating expenses for Dutch insurance Internal FTEs Expenses In EUR million Operating expenses Nationale-Nederlanden Q 052Q 053Q 054Q 051Q 06 6,000 6,200 6,400 6,600 6,800 7,000 7,200 7,400 Depreciation new IT-systems Severance costs # of internal FTEs Efficiency programs Insurance start to pay off

First Quarter 2006 Results 9 Cost/income ratio improves to 60.4% from 63.7% in 1Q % 60% 65% 70% 75% 80% Q 06 Underlying cost/income ratio Banking Outsourcing and streamlining of IT organisation continues on plan Memorandum of understanding signed with IT services provider for outsourcing, involving 350 FTEs; part of ING’s efficiency program for Ops&IT in Benelux announced November 2005 Continued reduction cost/income ratio Banking

First Quarter 2006 Results 10 Risk costs remain low: 1Q 2006 release of EUR 25 million (-3 bps of average credit risk weighted assets) Reflecting improved quality loan portfolio, high liquidity in the market and stronger risk management skills Addition to provisions for loan losses Q In basis points of average credit RWA* While we see no sign yet of a deterioration in our credit portfolio, loan losses are expected to return to more normalised levels of between bps over the coming years. Risk costs remain low * Annualised

First Quarter 2006 Results 11 RAROC increased in Banking RAROC ING Direct lower mainly due to higher marketing expenses Strong increase in IRR on new life business * Underlying figures Wholesale Banking Retail Banking ING DirectTotal Banking: after-tax RAROC* 1Q 06 1Q 05 % Insurance Europe Insurance Americas Insurance Asia/Pacific Total Life Insurance: IRR new business % Improved returns in Banking and Insurance 1Q 06 1Q 05

First Quarter 2006 Results 12 Wholesale Banking ING DirectRetail Banking Total Banking RAROC (%) Economic Capital (in EUR billion) RAROC (%) Economic Capital (in EUR billion) cost of capital Note: all figures pre-tax Reallocate bank capital to high return areas

First Quarter 2006 Results 13 First quarter marks strong start to the year Continued strong performance key growth engines Record quarter Retail Banking Efficiency improves due to focus on execution Allocating capital to high return areas Key points

First Quarter 2006 Results 14 ING remains confident in the growth prospects of its underlying businesses and its ability to continue to create value for shareholders in the year ahead Looking forward

11 May 2006 First Quarter 2006 Results Results by Business line

First Quarter 2006 Results 16 Group profits first quarter % 2,177 1,535 1, Q 2005 In EUR million 0.89 EPS (EUR) 1Q 2006 In EUR million 2,678 1,976 2, Underlying profit before tax TaxationThird-party interests Underlying net profit Net gains / losses on divestments Net profit from divested units Net Profit +23.0% +28.7% +3.3%

First Quarter 2006 Results 17 In EUR million 1Q 061Q 05%-change Net Profit2,0061,9413.3% Underlying net profit1,9761, % Total ING Group Gain on unwinding Piraeus 10 Gain sale Freeler Insurance operations 269 Gain sale Baring Asset Management 92 Gain partial sale ING Bank Slaski shares Banking operations Greenshoe ING Canada19 11Gain sale Australian non-life Profit from divested units6 10 Net impact divestments

First Quarter 2006 Results 18 Value of new business (EUR 248 m) Insurance Europe 21% Insurance Americas 29% Insurance Asia/Pacific 50% Strong increase of 22.3% in underlying profit before tax, driven by higher life results (+16.5%) and continued strong non-life results (+36.2%) Increase also supported by higher realised gains on equities (EUR 188 m vs EUR 44 m in 1Q 05) Life premium growth of 14.4%, excl. FX-impact up 7.8% Non-life premium growth of 2.9%, excl. FX-impact down 4.8% Excluding FX-impact, modest increase operating expenses of 2.2% Value of new life business rises 31.9%; half of VNB from Asia/Pacific IRR new life business increases to 14.0% from 12.6% in 1Q 05 Profit & loss account (underlying) In EUR million 1Q 06 1Q 05 Premium income12,52511, Operating expenses1,2971, , Profit before tax %-change Net profit Insurance activities

First Quarter 2006 Results 19 EuropeAmericas Asia/ Pacific ING Insurance VNB:EUR 53 m (+15.2%) IRR:14.4% (12.9%) New sales (APE): EUR 204 m from EUR 209 m Combined ratio: 77% (80%) AuM:EUR bn (EUR bn end 2005) Insurance Europe Profit & loss account (underlying) In EUR million 1Q 06 1Q 05 Premium income3,2363, Operating expenses Profit before tax %-change Underlying profit declined 12.5% due to fair-value changes on investments and derivatives in NL Life results declined 21.5% due to NL and changed commission structure Belgium Non-life results improved 20.0% driven by lower claims in NL and Belgium Life premiums up 7.0% due to strong sales in Central Europe Non-life premiums declined reflecting changes in disability act in NL Cost-reduction programs start to pay off: expenses in the Netherlands declined Improved value creation as VNB and IRR both increased strongly, driven by higher sales of single-premium products and increased efficiency in NL and Central Europe

First Quarter 2006 Results 20 EuropeAmericas Asia/ Pacific ING Insurance VNB:EUR 71 m (+65.1%) IRR:11.6% (10.5%) New sales (APE): EUR 990 m from EUR 727 m Combined ratio: 98% (96%) AuM:EUR bn (EUR bn end 2005) Insurance Americas Profit & loss account (underlying) In EUR million 1Q 06 1Q 05 Premium income6,1965, Operating expenses Profit before tax %-change Underlying profit improved 10.8%, reflecting solid fundamental business performance in US and Canada Positive currency impact offset by interest-related investment losses in US Claims ratio in Canada deteriorated slightly, but the claims environment remains favourable Non-life in Mexico under pressure due to higher claims in health and P&C Life premiums grew 9% excluding FX-impact, driven by US Operating expenses up 2.4% excluding FX-impact VNB improved 65.1%, led by US Retirement Services and Annuities IRR up to 11.6% due to repricing, higher sales and sales mix changes in Annuities

First Quarter 2006 Results 21 EuropeAmericas Asia/ Pacific ING Insurance VNB:EUR 124 m (+25.3%) IRR:17.1% (15.2%) New sales (APE): EUR 577 m from EUR 472 m AuM:EUR 73.2 bn (EUR 69.5 bn end 2005) Insurance Asia/Pacific Profit & loss account (underlying) In EUR million 1Q 06 1Q 05 Premium income3,0882, Operating expenses Profit before tax %-change Underlying profit declined 7.7% due to reserve strengthening in Taiwan Excluding Taiwan, profit increased 41.8% Very strong performance South Korea (profit +65.0%) and Japan (profit +72.7%) Life premiums rose 9.9% due to South Korea and Taiwan Operating expenses excl. FX-impact up 24%, reflecting non-recurring expenses in Taiwan and business growth Improvement VNB driven by strong unit-linked sales South Korea IRR improved as increased unit-linked sales require less capital costs Reserve adequacy Taiwan decreased slightly to 52% from 53% (year-end 05)

First Quarter 2006 Results 22 Underlying net profit increased 28.2% driven by Retail Banking and ING Direct Strong income growth in mortgages and savings Cost/income ratio improved further as a result of growth and tight cost control Interest margin under some pressure reflecting the more challenging interest rate environment Net loan loss releases due to continued favourable credit environment and improved risk management RAROC improved as capital was allocated to higher return areas 1Q 06 Underlying profit before tax* Wholesale Banking 51% Retail Banking 38% ING Direct 11% * Excludes component ‘Other‘ Profit & loss account (underlying) In EUR million 1Q 06 1Q 05 Operating expenses2,2132, Total income3,6613, , Profit before tax %-change Additions to loan loss provisions , Net profit 1, Banking activities

First Quarter 2006 Results 23 ING Banking Whole- sale Retail ING Direct Underlying C/I ratio: 53.9% from 55.5% Risk costs: -16 bps from -22 bps RWAs: EUR bn (EUR bn) Underlying RAROC after tax: 23.4% (19.7%) Econ. cap: EUR 8.2 bn (EUR 8.5 bn) Wholesale Banking Underlying profit improved due to strong performance of the international network and ING Real Estate Profit ING Real Estate up 17.2% driven by investment management and development Increased fee income in line with strategy to rebalance revenues Credit environment remains benign resulting in net releases of risk costs (-16bp) Improvement C/I ratio to 53.9% reflecting tight cost control RAROC improved to 23.4% as economic capital was reduced Profit & loss account (underlying) In EUR million 1Q 06 1Q 05 Operating expenses Total income1,5211, Profit before tax % change Additions to loan loss provisions-63-82

First Quarter 2006 Results 24 Underlying C/I ratio: 62.2% from 68.1% Risk costs: 7 bps from 21 bps RWAs: EUR 95.6 bn (EUR 81.6 bn) Underlying RAROC after tax: 40.0% (34.8%) Econ. cap: EUR 3.8 bn (EUR 3.0 bn) Retail Banking Profit & loss account (underlying) In EUR million 1Q 06 1Q 05 Operating expenses Total income1,5471, Profit before tax % change Additions to loan loss provisions1841 ING Banking Whole- sale Retail ING Direct Underlying profit up 43.7% to record high Profit: NL up 37.2%, Belgium up 71.3% and Poland more than doubled Private Banking profit posted 62.8% growth Income growth of 13.6%, reflecting strong growth in all regions Modest expense growth related to expansion of Poland, India and Private Banking C/I ratio further improved strongly to 62.2% Loan losses declined to 7bps, due to improvements in credit portfolios Economic capital attributed to Retail Banking up by more than 25% to realise growth

First Quarter 2006 Results 25 Underlying C/I ratio: 69.9% from 66.3% Risk costs: 10 bps from 27 bps RWAs: EUR 80.5 bn (EUR 56.6 bn) Underlying RAROC after tax: 11.4% (13.2%) Econ. cap: EUR 3.3 bn (EUR 2.6 bn) ING Direct Profit & loss account (underlying) In EUR million 1Q 06 1Q 05 Operating expenses Total income Profit before tax % change Additions to loan loss provisions2037 ING Banking Whole- sale Retail ING Direct Underlying profit up 28.3% led by strong results in Germany Profit lower than fourth quarter 2005, reflecting EUR 27 m higher marketing cost ING Direct UK posted profit for first time Interest margin narrowed slightly to 0.94% from 0.96% in fourth quarter Record 1.1 million new customers in first quarter Funds entrusted grew EUR 6.7 bn, despite EUR 2.1 bn negative FX-impact Residential mortgage portfolio grew EUR 3.3 bn, despite EUR 1.0 bn negative FX-impact Germany and US increased client rates in April

First Quarter 2006 Results 26 Underlying profit before tax in EUR million 1Q 061Q 05%-change Insurance 1, Europe Americas Asia / Pacific Other* Banking 1,4731, Wholesale Banking Retail Banking ING Direct Other** Total ING Group 2,6782, Contribution of business lines 1Q 2006* *) Excludes component ‘Other‘ in banking and insurance *) The improvement in Other insurance results in 1Q ’06 results mainly from higher capital gains on shares, the run-off of old reinsurance business, lower interest expenses on core debt and a fair value change in a swap position **) Other banking results in 1Q ’06 consist mainly of interest expenses related to capital management that are not allocated to the business lines and the impact of the implementation of the fair value option under IFRS in Q Insurance Europe Insurance Americas Insurance Asia/Pacific Wholesale Banking Retail Banking ING Direct 17% 19% 6% 30% 22% 6% Profit distribution

First Quarter 2006 Results 27 31/03/06 31/12/05 ING GROUP Balance sheet total (EUR bn)1,201 1,159 Capital and reserves (EUR bn) Capital and reserves per share (EUR) Debt/equity ratio Group 8.4% 9.4% Net revaluation reserve (EUR bn) Shares Fixed income securities INSURANCE Debt/equity ratio insurance 12.7% 13.4% Capital Coverage ratio 277% 255% BANKING BIS ratio11.00%10.86% Tier-1 ratio7.43% 7.32% RWAs (EUR bn) Continued strong capital position

11 May 2006 First Quarter 2006 Results Strong start to the year

First Quarter 2006 Results 29 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.