6 May 2008www.ing.be

Erik DralansCEO ING SWE

Focused for Growth

Introduction

ING Group• Listed on Amsterdam, Brussels and New York Stock exchanges

• Involved in financial services

• Group holding company with two subholdings:

• ING Bank NV

• ING Verzekeringen NV

• Organised by business lines

• Governed by a two-tier Board structure

• Executive Committee

• Supervisory Board

• Voting principle: one share, one vote

Key Points

Key consumer trends are driving strong growth in savings as well as convergence of financial products

ING is fundamentally well positioned to capitalise on changes in the industry

ING’s strategy, focusing on banking, investments, life insurance and retirement services, offers strong long-term growth potential

Working on new key performance indicators to reflect the essence of our business and delivery on our strategy

Plays an important role in implementing the Group strategy

Trends

Strategy

KPIs

Well positioned

ING Belgium

2000 2050

%

05

1015202530354045

World US Japan Germany Italy NL Poland China

Source: United Nations, 2007

Populations are aging around the globe:(Percentage population age 60+)

• Demographics are driving growth in global savings worldwide

• Government pension funds no longer sustainable

• People need to take control of their financial future

74

76

68

2007 2008 2009 2010 2011 2012 2013 2014

78

72

70

2015

64

80

2016

66Retirement age

Life expectancy

62

People are living longer(Retirement age versus life expectancy in US)

People are living longer and need to take more responsibility for their own retirement

Total global savings pool is growing at 7.3% per year, and seen accelerating with growth led by developing markets

0

25

50

75

100

125

150

175

2007E 2008E 2009E 2010E 2011E 2012E 2013E 2014E 2015E 2016E

Global retail financial balances* (in EUR trillion)

Source: McKinseyCAGR 2007E-2016E

Asia Pacific (Excl Japan / Australia)

Central & Eastern Europe

Latin America

* Includes current accounts, savings, investments, mutual funds, consumer finance, mortgages, pensions and life insurance

7.3%

13%

11%

16%

Technology is transforming the distribution of financial services

0

300

600

900

1,200

1,500

1997 1999 2001 2003 2005 2007

36147

361

598

817

1,320

Source: www.internetworldstats.com

Shift to bank technology/online:Global internet usage growth (millions of users)

0

100

200

300

400

500

1980 1985 1990 1995 2000 2005 2010

Total number of clients

Direct contacts

Bank visits

Number of client contacts in the Netherlands (mln)

• Technology is transforming the distribution of financial services, improving convenience for customers and cost efficiency for banks

• In this more flexible environment customer service, value for money, trust and a strong brand are crucial to keeping the customer relationship

Source: McKinsey

(Share of life premium by product group)

The life insurance industry is undergoing a paradigm shift

Shift to investment-linked: Shift to bank distribution:(Percentage of life insurance products sold through bank channel)

• Life insurance is undergoing a paradigm shift from traditional life to investment products

• These products are moving more into the domain of banking• Life insurance is being distributed more and more through bank channels,

which are more cost-effective

• Banks own the customer relationship, and insurers will become increasingly dependent on banks for distribution

United States

Traditional LifeInvestment-linked

South Korea

1986 2006 2002 2007E

Hungary

12

48

88

52

4048

6052

65

4235

58

2002 2006

Hunga

ry

Poland

20002005

1821

0

10

20

30

40

50

60

70

80

Czech

Rep

23

17

2

China

22

1

India

50

S. Kor

ea

47

0

NL

1311

Spain

6965

Belgium

5650

Mature Europe AsiaCentral and Eastern Europe

Source: McKinsey Source: McKinsey

Current accounts

Saving accounts

Mortgages

Life insurance

Mutual funds

Unit-linked investments

AnnuitiesPersonalequity

Pensions

Time

These trends are driving growth and changes in the financial services industry

Customers can save in many different ways: the distinction between banking and insurance products is no longer relevant

Inc

rea

se

sa

vin

gs

Longer retirement

Accumulation phase Retirement income phase

Roll-over into retirement income stream

There is one customer savings pool

Retirement Services

Key Points

Key consumer trends are driving strong growth in savings as well as convergence of financial products

ING is fundamentally well positioned to capitalise on changes in the industry

ING’s strategy, focusing on banking, investments, life insurance and retirement services, offers strong long-term growth potential

Working on new key performance indicators to reflect the essence of our business and delivery on our strategy

Plays an important role in implementing the Group strategy

Trends

Strategy

KPIs

Well positioned

ING Belgium

Global brand

Distribution

Products & Scale

Presence

Brand

Products for the customer’s life cycle

Strong presence in the most attractive markets

Innovator in distribution

ING is well positioned to capitalise on changes in the industry

Strategic Flexibility Flexibility to capture a larger share of savings pool

Pensions• Second-pillar pension reform is creating

attractive opportunities, particularly in developing markets

• ING is No. 1 pension provider in Central Europe, No. 2 in Latin America

• 1.4 million new customers added in Romania following reforms in 2007

• Purchase of Santander pension business in Latin America brings AuM for the region to EUR 36 billion

ING has the strategic flexibility to enter markets in different ways depending on market circumstances to capture a larger share of the total savings pool and grow from there

• Turkey is a large, fast-growing market• Retail Banking asset pool is much larger than

life insurance pool, and growing faster• Retail Lending is growing at 37% per year,

retail savings at 18%• Strategy to enter Turkey through retail banking

and add products from there

Variable annuities

• Experience developed in US market• Exported to Japan, where ING now ranks No. 3 in

the market for SPVAs with EUR 13 billion in AuM• Beginning rollout in Europe, with Spain and

Hungary launched in 2007

• Built the world’s largest direct bank with EUR 300 billion in balances and 20 million customers

ING has the flexibility to enter markets in different ways to capture a share of the savings pool…

Current accounts

Savings &

Deposits

Mortgages Lifeinsurance

Institutional AM & Mutual Funds

Annuities &

retirement services

All figures per year end*) Includes Wholesale Banking

EUR 82 bln* EUR 344 bln*

Other Lending

EUR 229 blnEUR 207

bln*

• ING offers the full range of products for every stage of the customer’s life cycle

• ING can export product expertise from one market to another (VA, pensions)

• ING has the strategic flexibility to do what works in each market

• ING has global scale, with EUR 1,442 billion in client balances and 75 million customers worldwide

EUR 79 bln EUR 206 bln EUR 295 bln

ING’s strengths

…and has the right products to meet customers’ changing needs, with global scale in core products

13

…including a leading position among the world’s top savings banks

* Excl. UBS, BNP Paribas, ABN AMRO, Credit Suisse (savings data not available)

** Includes also corporates

Source: McKinsey

Japan Post

Mistubishi UFJ Financial Group**

ING

Santander

HSBC

HBOS

Bank Of China

Bank of America

China Construction Bank

Citigroup

Mizuho

Credit Agricole

Intesa

JPMorgan

UCI

Barclays

Resona Holdings

RBS

Deutsche Bank

Lloyds

EUR billion, top 20 global banks, 2006 FYSavings*Retail savings and C/A deposits volume

112

106

129

131

143

154

155

178

203

207

212

217

219

237

242

294

296

302

1,195

685

Traditional branches

• Advice-oriented branches

• Standard transactions by internet

NetherlandsBelgiumPolandTurkeyIndia

mijnpostbank.nl visited by 1 mln retail customers on weekdays; 3rd most visited website in the Netherlands

We have also built a strong agent and broker distribution network in mature and developing markets

ING has a track record for innovation in distribution

Self’Bank branches

• Low-cost franchise formula

• Greenfield used to expand for banking markets in development

RomaniaUkraine (2008)

4% market share achieved in Romania in 3 years

Direct Banking

• Internet-based bank

• Greenfield used to expand for in mature banking markets with high internet penetration

9 Countries

Leading direct bank in the world with 20.3 million customers

0

1

2

3

4

2006 2016E

No. 1 pensions providerNo. 2 life insurer11 million customersEUR 52 bln in retail client balancesRetail banking positions in Poland, Turkey, Romania

17.5%

Central & Eastern Europe

ING has a strong presence in the most attractive developing markets

Developing Markets savings and investment pools (EUR trillion), CAGR

0

1

2

3

4

2006 2016E

11.9%

Latin America

No. 2 pension providerActive in 7 countries15 million customersEUR 36 bln in pension AuM

Asia Pacific (excl Japan/Australia)

No. 2 foreign life insurerNo. 2 fund managerActive in 10 countriesEUR 53 bln in AuM

05

1015202530

2006 2016E

13.0%

• Leading positions in pensions and life in Asia, Central Europe and Latin America

• Retail banking presence in the most important markets of Central Europe & Asia

Source: McKinsey

0102030405060

2006 2016E

…and strong positions in today’s largest markets

0102030405060

2006 2016E

5.6%

Leading US annuity and retirement services playerEUR 176 bln in AuM8 million ING Direct customers

Leading life insurer and retail bank in BeneluxEUR 106 bln in AuM11 mln ING Direct customers

6.2%

Western Europe

North America

0

1

2

3

2006 2016E

05

101520

2006 2016E

EUR 18 bln in AuMNo. 1 in COLINo. 3 in SPVA

4.6%

Japan

No. 3 life insurerNo. 4 superannuation and fund managementEUR 17.7 bln in AuM1.3 mln ING Direct customers

8.8%

Australia

North America, Western Europe, Japan and Australia account for more than 90% of all personal finance balances

Large Markets savings and investment pools (EUR trillion), CAGRSource: McKinsey

* ING Survey

ING has one of the world’s leading retail financial brands

• ING has created a leading global brand, No. 81 on Interbrand league table

• One of only 12 financial services brands in global top 100

• Global television coverage of F1 sponsorship helped increase brand awareness around the world, especially Central and Eastern Europe and Asian markets – key regions for ING’s growth strategy

• Total brand awareness rose from 69% to 74%*

• Sponsorship is generating many fruitful business leads and significant new business

Key Points

Key consumer trends are driving strong growth in savings as well as convergence of financial products

ING is fundamentally well positioned to capitalise on changes in the industry

ING’s strategy, focusing on banking, investments, life insurance and retirement services, offers strong long-term growth potential

Working on new key performance indicators to reflect the essence of our business and delivery on our strategy

Plays an important role in implementing the Group strategy

Trends

Strategy

KPIs

Well positioned

ING Belgium

It’s all about savings

ING has chosen to focus on the areas that offer the fastest growth potential:

The retail financial services industry is simply about attracting savings and putting that to work for our customers to earn an attractive return

Asset gathering

Focus on growth

potential

• Focus on banking, investments, life insurance and retirement services

• Emphasis on mass-affluent customers

• Increase retail banking distribution

• More in developing markets

• Supported by two core competencies: asset management and asset generation

Focus on the most attractive segments: Banking, investments, life insurance and retirement services

Global Retail Financial Pools(EUR billions)

0

20,000

40,000

60,000

80,000

100,000

120,000

140,000

160,000

2007E 2008E 2009E 2010E 2011E 2012E 2013E 2014E 2015E 2016E

Current Accounts Savings Investments Mutual Funds

Consumer Finance Mortgages Pensions Life Insurance

7.9%

6.5%

7.7%

8.1%

7.1%

7.8%

7.3%

5.8%

CAGR

Source: McKinsey

7.3%

Retail banking and wealth accumulation products account for two-thirds of total retail financial balances, growing at 7% to 8% per year

Emphasis on mass-affluent customers

0

10,000

20,000

30,000

40,000

50,000

60,000

70,000

80,000

90,000

2003 2004 2005 2006 2007E 2008E 2009E 2010E 2011E

Mass segment Affluent segment High net worth segment

6.8%

Retail financial balances (EUR bln) and CAGR

Source: McKinsey

The mass and affluent market represents 2/3

of global financial balances

Increase retail banking distribution

SwitzerlandSwedenBelgium

TurkeyNetherlands

MexicoAustralia

KoreaIndia

RussiaBrazil

CanadaSpain

ItalyFrance

UKChina

GermanyJapan*

USA

The World's 20 biggest economies (in USD billion)

13,7944,346

3,2593,249

2,756

2,0681,4151,406

1,2951,224

1,090950890886

755482443432414

2,515

ING Direct StakeRetail Banking

• ING has a retail banking footprint in the nine largest economies of the world and in 75% of the top 20 countries.

• ING takes a pragmatic approach to bank distribution

Source: IMF, September 2007* = planned

• Own bank channels: full service retail bank

• Self’banks: Entry strategy for developing markets

• ING Direct: Entry strategy for mature markets

• Strategic Stakes: Bank of Beijing, TMB

• Exclusive distribution agreements and joint ventures

• Open architecture

More expansion in developing markets for long-term growth

0

5,000

10,000

15,000

20,000

25,000

30,000

35,000

2007E 2008E 2009E 2010E 2011E 2012E 2013E 2014E 2015E 2016E

Central & Eastern Europe Asia/Pacific (excl Japan/Australia) Latin America

16.4%

12.6%

11.4%

CAGR

12.8%

Retail financial balances in developing markets (EUR bln) and CAGR

Source: McKinsey

Developing markets showing strong growth in retail balances as economies develop and middle classes grow

Loans and advances to customersFinancial assets at fair value through P&LCash and amounts due from banksOtherInvestments

…. Supported by 2 core capabilities: asset management and asset generation

• ING has the asset management skills to generate attractive returns for our clients

• Top 25 global asset manager, active in 30 countries

• World’s leading real estate investment manager

Strong growth in total Assets under Management(in EUR bln)

0100200300400500600700

2002 2003 2004 2005 2006 2007

7.2%

• ING also has the ability to generate its own assets to manage its balance sheet effectively

• Wholesale Banking generates high-quality assets, including corporate lending, leasing, structured finance

• ING controls origination and credit quality

Total assets: EUR 1,312 bn

78 bn

293 bn

553 bn

327 bn

61 bn

Corporate Lending 265

Personal Lending 261

Insurance 28

Mission

Products

Distribution

Brand

Setting the standard in helping our customers manage

their financial

future

ING is sharpening its strategic focus to:

• Banking

• Investments

• Life insurance

• Retirement services

Supported by two core capabilities:

• Asset management

• Asset gathering

Trends Strategy

People are living longer and need to take more responsibility for own retirement

People are becoming richer

Technology is transforming distribution of financial services

Customers are demanding value for money and simplicity.

Life insurance paradigm shift – from traditional to investment products

Priorities

Bank distribution

Retail (mass affluent) clients

Developing markets

Strengths

Existing presence in developing

markets

Trust is key

ING’s mission and strategic priorities

In Summary

ING is well positioned to capture a larger share of the total savings pool

• Strategic flexibility to enter markets in the way that works and grow from there

• Right products to meet customers’ needs through life cycle

• Strong presence in the most attractive developing markets

• Strong positions in today’s large markets

• Strong global brand

ING is focused on the fastest growing segments of this market

• Mass affluent

• Banking, investments, life insurance, retirement services

• Retail banking distribution

• Developing markets

• The life insurance industry is undergoing a paradigm shift to investment products

• Differences between banking and insurance are becoming irrelevant. There is one savings and investment pool

It’s all about savings

Focused on growth

Well-positioned

Key Points

Key consumer trends are driving strong growth in savings as well as convergence of financial products

ING is fundamentally well positioned to capitalise on changes in the industry

ING’s strategy, focusing on banking, investments, life insurance and retirement services, offers strong long-term growth potential

Working on new key performance indicators to reflect the essence of our business and delivery on our strategy

Plays an important role in implementing the Group strategy

Trends

Strategy

KPIs

Well positioned

ING Belgium

The KPIs: 4 Group-wide metrics:

Client Balances

Expenses (and efficiency)

Profit (and margin)

Required Capital (and return)

• Measuring our underlying business volume

• IFRS Operating Expenses and margin over client balances

• Measuring our operating efficiency

• Underlying Profit Before Tax

• Disclosure will include a margin based on profit to client balances measuring our profitabiltiy

• Economic Capital and Return on Economic Capital, measuring the return on capital employed

Measuring the delivery on our strategy

ING Belgium, an important part of ING Group

WHOLESALE

27%

73%

• With shares of 16% and 27% of the Retail and Wholesale banking activities, ING in Belgium accounts for 1/5th of ING Group banking activities and 1/10th of ING Group as a whole

• ING Group employs 120.000 employees servicing more than 75 million customers in over 50 countries

TOTAL BANKING

80%

20%

TOTAL INSURANCE1%

99%

TOTAL GROUP

90%

10%

Rest of ING GroupING Belgium

Net Profit before Tax

RETAIL

84%

16%

• Structures adapted to « Code Lippens »:

• Executive Board

• Audit & Remuneration Committee

• Five external Board members

• Gives input in Group / functional strategy settings

• ING Belgium is responsible for implementing strategy / policy and adapting them to local markets and environment

• In charge of controlling coherence with local rules and regulations

Enjoys a good level of autonomy…

• Strengthening savings gathering:

drive to increase share of savings pool

• Innovation in distribution

Transformation of traditional retail bank into a universal direct bank (“direct when possible, advice when necessary”)

Launch of online products

• Leader in asset gathering

Mortgages /consumer loans

Important lender to the corporate sector

… translating ING strategy locally & coherently

• Comprehensive (« easy ») corporate strategy supported by a strong brand

•ING Belgium: solid positioning and clear role

Conclusion

Questions & answers