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

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


• 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%


• 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*


Impact divestmentsSpecial items

Underlying net profit excluding realised capital gains on shares from Insurance

Realised capital gains on shares from Insurance

in E

UR

mil

lio

n

0

1,000

2,000

3,000

4,000

5,000

6,000

7,000

8,000

2003 ING GAAP 2004 ING GAAP 2004 IFRS 2005 IFRS

+36%

+34%

0

1,000

2,000

3,000

4,000

5,000

6,000

7,000

8,000

Strong underlying profit performance …


… 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%

0

500

1,000

1,500

2,000

Q104 Q204 Q304 Q404 Q105 Q205 Q305 Q405

in E

UR

mil

lio

n

1,130

1,663 1,554

1,408

1,941

1,551

1,8781,840


US Retirement ServicesGrowth 2005

• VNB +41%

• Sales +18%

Pre

-tax

pro

fit (

at c

on

stan

t ex

chan

ge

rate

s)

Quarterly average 2004:

EUR 73m

0

20

40

60

80

100

120

Q104 Q204 Q304 Q404 Q105 Q205 Q305 Q405


EUR 89m

22%

Growth engines show strong performance (1)


Life insurance developing markets

Growth 2005• VNB +40%• Sales +51%

0

20

40

60

80

100

120

140

Q104 Q204 Q304 Q404 Q105 Q205 Q305 Q405

Value of new business

10%

11%

12%

13%

14%

15%

16%

17%

18%

14.0%

17.4%

56

128

Internal rate of return

Va

lue

of

ne

w b

us

ine

ss (

in E

UR

mill

ion

)

Inte

rna

l rate

of re

turn

(%)



ING Direct

Growth 2005• Funds entrusted +29%• Mortgage portfolio +66%• Number of customers +28%

Q104 Q204 Q304 Q404 Q105 Q205 Q305 Q405

Pre

-tax

pro

fit

(in

EU

R m

illio

n) Quarterly

average 2004: EUR 109m


EUR 154m

0

50

100

150

200

42%



Recurring expenses Insurance show modest growth

Total operating expenses

Divestments / special items

Non-recurring expenses

FX impact

Recurring expenses

Asia

Recurring expensesexcl. Asia

2004 2005

4,746

157

58

77

4,608

555

4,053

9.5%

4.9%

3.1%

5,195

119

245

4,831

654

4,177


Recurring expenses Banking show modest growth

Total operating expenses

Divestments / special items

Non-recurring expenses

FX impact

Recurring expenses

ING Direct

Recurring expensesexcl. ING Direct

8,844

55

508

8,281

1,395

6,886

8,795

774

219

51

7,853

1,186

6,667

0.6%

5.5%

3.3%

2004 2005


Improved efficiency ratios

Cost/income ratio Banking

2001 2002 2003 2004 2005

Total banking excluding divestments and special items

Expenses as % of AuM

Expenses as % of premiums

0.80%

0.90%

1.00%

2004

2005

13.0%

14.0%

15.0%

Expense ratios Insurance

2004

2005

0.86%

0.82%

13.52%

13.28%

Improving efficiency remains priority

60.0%

65.0%

70.0%

75.0%

80.0%

75.7%

65.6%


Strong Embedded Value profit growth reflects value creation

Growth 2005• Embedded Value life insurance + 22.9% to EUR 27.6 bn• Return on Embedded Value 14%• Value of New Business + 27.4% to EUR 805 m• Internal rate of return 13.2% from 12.1% in 2004

2003 2004 2005

EV

pro

fit

(in

EU

R m

illi

on

)

EV profit* 2005: + 262%

488 622

2,254

500

1,000

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.


• 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

20052004

Banking: after-tax RAROC

12.2

26.2

11.314.5

22.3

36.0

14.9

22.6

0

10

20

30

40

Wholesale

Banking

Retail

Banking

ING Direct Total

%

Life Insurance: IRR new business

12.4

10.7

13.612.1

14.6

11.1

15.0

13.2

0

4

8

12

16

Insurance

Europe

Insurance

Americas

Insurance

Asia/Pacific

Total

20052004%


Source: Bloomberg, ING

TSR 1 January 2004 – 31 December 2005

0 20 40 60 80 100

ING Group

TSR ING Group # 2 with +76%

Average TSR peer group +37%

ING’s total shareholder return in top quartile


Dividend increase reflects strong performance and confidence in the future

0.450.52

0.63

0.820.94 0.97 0.97 0.97

1.071.18

1996 1997 1998 1999 2000 2001 2002 2003 2004 2005

10%10%

• Total dividend 2005 proposed EUR 1.18 per share, up 10.3%

• Final dividend 2005 proposed EUR 0.64, fully in cash

Div

iden

d p

er s

har

e (i

n E

UR

)


Group profits 200520

04

in E

UR

mil

lio

n

2005

in

EU

R m

illi

on

7,125 7,467 7,740

5,755

342 55 218 1,709

276

Underlyingprofit before

tax

Specialitems

Profit beforetax excl.

divestments

Gains /losses on

divestments

Profit beforetax fromdivested

units

Profit beforetax

Taxation 3rd partyinterest

Net Profit

8,506 8,506 8,894

7,210

366 22 1,379

305

+25.3%+14.9%+19.4% +13.9%

EPS(EUR)

3.32

2.71

+22.7%


In EUR million 2005 2004 %-change

Net Profit 7,210 5,755 25.3%

1) Divestments 166

1019

-46

13 20434 384

-54

2549247

4 38397 -43

2) Special items

583 455

Gain old reinsurance business 134Hedge result 190Tax releases 400Insurance operations 400 373Hedge result -2Tax releases / tax asset 183

Banking operations 183 82

Underlying net profit 6,196 4,959 24.9%

Total ING Group 431 341

Total ING Group

Net impact divestments and special items

13 -217Gain sale Australian non-life

Gain sale FreelerGain on IPO CanadaLoss sale Life of Georgia

Profit from divested unitsInsurance operations

Loss sale Asian equities business

Gain sale Baring Asset ManagementGain partial sale ING Bank Slaski sharesRestructuring NMB-HellerProfit from divested unitsBanking operations

Losses rel. to sale ING Re 2004/True up 2005

Gain on sale of CenE Bankiers 87

49

249

Sale BHF-Bank -114

-18Gain sale Austbrokers 25

112Restructuring provision Wholesale -28


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


60

-51

71

-60

-40

-20

0

20

40

60

80

27

47

0

20

40

60

80

100

120

Insu

ran

ce

Ban

kin

g

(EUR m)

(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

55

95

58

0

30

238

76

0

162

-17

226

118

-111

1

217

98

-111

230

Insurance Banking

Impact on 2005 results (pre-tax)

111

*Net of amortisation of capitalised gains on fixed incomesecurities under Dutch GAAP in 2004.

The figures in these tables are estimates

Total estimated net impact amounts to EUR 392 m

45

Q105 Q205 Q305 Q405

82

38

321

176

-111

31

455

174

-111

392

Total

Q105 Q205 Q305 Q405

Estimated impact of IAS 32/39 and IFRS 4 on net profit


Value of New Business (EUR 805 m)

Profit & loss accountin EUR million 2005 2004

% change

Premium income 45,758 43,617 4.9

Operating expenses 5,195 4,746 9.5

Net profit 3,268 3,349 -2.4

10.4

10.6

% changeunderlying

3,975 3,564 11.5

Insurance activities

Underlying profit before tax

Insurance

Europe 28%

Insurance

Americas26%

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


• 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

Europe AmericasAsia/

Pacific

ING Insurance

Profit & loss accountin EUR million 2005 2004

% change

Premium income 10,702 11,369 -5.9


Total profit before tax 2,031 1,623 25.1

0.9

6.0

% changeunderlying

VNB: EUR 226 m (+64%)

IRR: 14.6% (12.4%)

AuM: EUR 169.3 bn

(EUR 148.4 bn end 2004)2,021 1,612 25.4Underlying profit before tax

Insurance Europe: strong growth Central Europe

Full year 2005 results 22 Europe AmericasAsia/

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


VNB: EUR 207 m (+19.7%)

IRR: 11.1% (10.7%)

AuM: EUR 201.7 bn

(EUR 164.6 bn end 2004)

Profit & loss accountin EUR million

Premium income 22,744 22,761 -0.1


Total profit before tax 1,941 1,692 14.7

0

11.8

2005 2004%

change % change

underlying

1,979 1,601 23.6Underlying profit before tax

Insurance Americas: strong growth US, Canada

Full year 2005 results 23 Europe AmericasAsia/

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 accountin EUR million

Premium income 12,286 9,469 29.7

Operating expenses 867 727 19.3

Total profit before tax 478 756 -36.8

49.5

23.0

2005 2004%

change % change

underlying

447 475 -5.9Underlying 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 2.8-3.3 bn range as announced earlier


Insurance Asia/Pacific: solid growth engine


• 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%

RetailBanking39%

ING Direct13%

* Excludes component ‘Other‘

Profit & loss account

in EUR million

Total income 13,848 12,678 9.2


Net profit 3,942 2,406 63.8

11.4

9.6

4,531 3,561 27.2

Additions to loan loss provisions 88 465

2005 2004%

change % change

underlying


42.0


ING BankingWhole-

sale RetailING

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 156.1 bn (EUR 147.5 bn end 2004)

5,957 5,871 1.5

3,466 3,734 -7.2

Profit before tax 2,599 1,945 33.6

4.8

12.1

-108 192


in EUR million

Total income

Operating expenses

Additions to loan loss provisions

2005 2004%

change % change

underlying


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


ING BankingWhole-

sale RetailING

Direct


Risk costs: 11 bps from 25 bps





in EUR million

Total income 5,796 5,062 14.5


Profit before tax 1,877 1,175 59.7

15.5

5.7

Additions to loan loss provisions 90 184

2005 2004%

change % change

underlying


• 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


ING BankingWhole-

sale RetailING

Direct


Risk costs: 17 bps from 22 bps




* Including ING Card

Profit & loss account *in EUR million 2005 2004

% change

2,119 1,709 24.0

1,396 1,185 17.8

(Underlying) Profit before tax 617 435 41.8

106 89

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 millionth 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


• 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


ReturnReturn

GrowthGrowth

ExecutionExecutionShareholder

Value

Strategic priorities 2006

1. 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


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


ING – a leading global Asset Manager

Total Assets under Management, including ING Real Estate (in EUR bn)

0

100

200

300

400

500

600

1996 1997 1998 1999 2000 2001 2002 2003 2004 2005

547

112

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%


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)

0

10

20

30

40

50

60

70

80

2000 2001 2002 2003 2004 2005

Investment Management Finance Development

70

26

CAGR 22%


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 culture Changing processes

Group priorities / initiatives


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


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


• Strategy is delivering value


• 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


Appendix



in EUR million 2005 2004 %change

Insurance 3,975 3,564 11.5

Europe 2,021 1,612 25.4

Americas 1,979 1,601 23.6

Asia / Pacific 447 475 -5.9

Other* -472 -124

Banking 4,531 3,561 27.2

Wholesale Banking 2,276 2,092 8.8

Retail Banking 1,815 1,168 55.4

ING Direct 617 435 41.8

Other** -177 -134

Total ING Group 8,506 7,125 19.4

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

InsuranceEuropeInsuranceAmericasInsuranceAsia/Pacific

22%

22%

5%24%

20%

7%

WholesaleBankingRetailBanking

ING Direct


31/12/05 30/06/05 01/01/05(*)

ING GROUP

Balance sheet total (EUR bn) 1,159 1,107 965 Capital and reserves (EUR bn) 36.7 35.3 28.2 Capital and reserves per share (EUR) 16.96 16.27 12.95

Debt/equity ratio Group 9.3% 9.8% 11.9%

Net revaluation reserve (EUR bn)• Shares 4.2 3.3

2.4 • Fixed income securities 5.8 8.8 6.0

INSURANCEDebt/equity ratio insurance 13.2% 14.3% 14.3%Capital Coverage ratio 259% 228% 200%

BANKINGBIS ratio 10.86% 10.55% 10.46%Tier-1 ratio 7.32% 7.20% 6.92%RWAs (EUR bn) 319.7 305.5 274.1

Capital position

(*) restated to IFRS accounting


Recurring expenses Insurance

2 Reorganisation provision and new IT systems3 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) 2005 2004

Total operating expenses Insurance 5,195 4,746 9.5%

Impact divestments / special items¹ 119 157

Release healthcare provisions / pensions -47Reorganisation Nationale-Nederlanden² 94 21Reorganisation Ops/IT 23Restructuring US 25 13Broker initiative Canada 27Strategic projects/SOX/Mutual fund optimal. US³ 83 35Release tax wage provision Asia -30Other 40 19

Total non-recurring items 245 58

FX impact -77

Total recurring expenses Insurance 4,831 4,608 4.9%

%change


Recurring expenses Banking

2 Impact acquisition Mercator Bank and sale ING Securities Bank France (Ferri) and Banque Baring Brother Suisse1 Includes sale BHF-Bank, CenE Bankiers, Baring Asset Management and Asian cash equity business; in 2004 restr.provision Wholesale

(In EUR million) 2005 2004

Total operating expenses Banking 8,844 8,795 0.6%

Impact divestments / special items¹ 55 774

Release healthcare provisions / pensions -119Consolidation Postkantoren BV 168Impairments ING Real Estate 78Reorganisation Ops/IT 47 15Accelerated software depreciation 27Provision Williams de Broë 81Mercator Bank / Ferri / Banque Baring Br.Suisse² 92 56Other³ 134 148

Total non-recurring items 508 219

FX impact -51

Total recurring expenses Banking 8,281 7,853 5.5%

%change

3 One-time payment Collective Labour agreement, provisions legal claims, acquisition Abbey National, redundancy provisions


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.

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