ING Groep N.V. — Earnings Release 2010

May 12, 2010

PRESS RELEASE

12 May 2010

ING posts 1Q underlying net profit of EUR 1,018 million

• 1Q underlying net profi t increases to EUR 1,018 million vs. EUR 236 million loss in 1Q2009
• Net profi t increases to EUR 1,326 million from loss of EUR 793 million in 1Q2009
• Divestments & special items totalled EUR 306 million vs. EUR -558 million a year earlier
• Net result per share increase to EUR 0.35 from EUR -0.39 a year earlier
• Return on equity increases to 11.3% from 3.3% in full year 2009
• Bank posts 1Q underlying profi t before tax of EUR 1,278 million vs. EUR 769 million in 1Q2009
• Income recovers to pre-crisis levels as margins improve and volumes increase, particularly in Retail Banking
• Impairments & other market impacts decline to EUR -181 million vs. EUR -219 million in 1Q2009 and EUR -992 million in 4Q2009
• Cost/income ratio improves to 57.5%, or 53.5% excluding impairments & other market impacts
• Loan loss provisions decline to EUR 497 million, or 59 bps of average risk-weighted assets

• Insurance posts 1Q underlying profi t before tax of EUR 269 million vs. EUR 954 million loss in 1Q2009

• Operating profi t increases 62.7% to EUR 415 million on higher margins and cost containment
• Administrative expenses/operating income for Life & ING IM improves to 43.4% from 47.0%
• Sales increase 20.5% from 4Q2009 to EUR 1,242 million and are back on par with 1Q2009 level

• Shareholders' equity increases by EUR 4.4 billion to EUR 38.2 billion, or EUR 10.10 per share

• Bank core Tier 1 ratio increases to 8.4% from 7.8% at year-end 2009, well above 7.5% target
• Insurance Groups Directive Solvency I ratio improves to 261% from 251%
• Group debt/equity ratio improves to 11.8% and FiCo ratio increases to 162%

CHAIRMAN'S STATEMENT

"ING made a strong start in 2010 with earnings recovering in both banking and insurance," said Jan Hommen, CEO of ING Group. "The performance of both businesses improved, while market-related impacts diminished in the fi rst quarter as markets generally improved. Insurance sales regained momentum from the fourth quarter, and savings volumes increased although loan growth remained muted. The return on equity for the Group improved substantially to 11.3%."

"The bank has made good progress on the performance improvement initiatives announced in October, posting an underlying profi t before tax of EUR 1,278 million. Income rebounded to pre-crisis levels, surpassing the fi rst quarter of 2008, as savings and mortgage volumes increased and margins improved, particularly in Retail Banking. The cost/income ratio has been reduced to 53.5% excluding impairments and other market impacts, illustrating ongoing cost containment following the signifi cant cuts made last year. Loan loss provisions declined from previous quarters, as provisioned loans were restructured and the US housing market stabilised. However risk costs on the Benelux mid-corporate segment remained elevated given the weak economic environment."

"The insurance operations also showed early results on their performance improvement plans announced in April. Cost containment and improving investment margins drove a strong increase in operating profi t, which rose 62.7% to EUR 415 million. Sales momentum also gained pace, up 20.5% from the fourth quarter and matching the sales volumes from the fi rst quarter last year. The market recovery helped reduce the impact of impairments and revaluations, leading to an improvement in the underlying result before tax to EUR 269 million, up from losses in the previous quarters."

"The results to date are clearly encouraging, and they serve as evidence of the commitment of our management and employees to drive performance improvements while keeping a sharp eye on costs. We will work hard to build on these successes in the coming quarters, but we must remain vigilant as markets are still volatile and the economic recovery could prove fragile, as we have seen in recent weeks with severe market volatility amid concerns about sovereign risk. As we work to increase the value of our banking and insurance franchises coming out of this crisis, our primary focus must remain on our customers and we aim to differentiate ourselves by providing simpler and more transparent products, reliable advice, effi cient processes and better customer service."

"Our priorities for this year are to ensure an orderly operational separation of banking and insurance and to improve the performance of both organisations to create strong independent companies going forward – and we are making good progress on all fronts."

"In the fi rst quarter we also completed an inventory of all integration issues that need to be addressed in the separation project. Now we are designing solutions that aim to keep restructuring costs to a minimum while at the same time ensuring that both the bank and insurer benefi t from lower operating expenses going forward."

KEY FIGURES

Group
	1Q2010	1Q2009	Change	4Q2009	Change
Profi t and loss (in EUR million)
Underlying result before tax	1,547	-185		86	n.a.
Underlying net result	1,018	-236		74	n.a.
Taxation	511	70	630%	20	n.a.
Divestments & Special items	306	-558		-785
Net result	1,326	-793		-712
Balance sheet data (end of period, in EUR billion)
Total assets	1,236	1,272	-3%	1,164	6%
Shareholders' equity	38	19	100%	34	13%
Capital ratios (end of period)
ING Group debt/equity ratio	11.8%	13.5%		12.4%
Bank core Tier 1 ratio	8.4%	7.5%		7.8%
Insurance IGD Solvency I ratio	261%			251%
Share information
Net result per share (in EUR)	0.35	-0.39		-0.33
Shareholders' equity per share (end of period, in EUR)	10.10	9.59	5%	8.95	13%
Shares outstanding in the market (average, for EPS calculation, in million)	3,785	2,026	87%	2,103	80%
Other data
Return on equity 1	11.3%	-5.1%		3.3%
Employees (FTEs, year-end)	105,140	111,073	-5%	105,811	-1%
1

1 Underlying net result (year-to-date) divided by average IFRS equity (annualised)

Banking operations
	1Q2010	1Q2009	Change	4Q2009	Change
Profi t and loss (in EUR million)
Interest result	3,254	3,022	8%	3,139	4%
Total underlying income	4,176	3,762	11%	3,313	26%
Operating expenses	2,401	2,312	4%	2,496	-4%
Addition to loan loss provision	497	682	-27%	689	-28%
Underlying result before tax	1,278	769	66%	128	898%
Key fi gures
Interest margin	1.42%	1.17%		1.41%
Underlying cost/income ratio	57.5%	61.4%		75.4%
Underlying risk costs in bp of average RWA	59	80		83
Risk-weighted assets (end of period, in EUR billion, adj. for divestm.)	333	338	-2%	331	0%
Return on equity 2	14.9%	8.6%		2.9%

Underlying, after-tax return divided by average equity based on 7.5% core Tier-1 ratio (annualised); ROE (year-to-date) based on average IFRS equity was 11.7% in 1Q2010, 9.3% in 1Q2009, 3.7% in 4Q2009

Insurance operations
	1Q2010	1Q2009	Change	4Q2009	Change
Margin analysis (in EUR million)
Investment margin	329	298	10%	268	23%
Fees and premium based revenues	1,200	1,081	11%	1,102	9%
Technical margin	182	173	5%	228	-20%
Income non-modelled life business	32	27	19%	47	-32%
Life & ING IM operating income	1,744	1,578	11%	1,645	6%
Administrative expenses	757	742	2%	735	3%
DAC amortisation and trail commissions	434	412	5%	430	1%
Life & ING IM expenses	1,191	1,154	3%	1,165	2%
Life & ING IM operating result	552	425	30%	480	15%
Non-life operating result	48	34	41%	69	-30%
Corporate line operating result	-185	-203		-244
Operating result	415	255	63%	304	37%
Non-operating items	-146	-1,210		-346
Underlying result before tax	269	-954		-42
Key fi gures
Administrative expenses / operating income (Life & ING IM)	43.4%	47.0%		44.7%
Life general account assets (end of period, in EUR billion)	153	148	3%	143	7%
Investment margin / life general account assets3 (in bps)	84	109		83
ING IM Assets under Management (end of period, in EUR billion)	362	312	16%	343	6%
Return on equity4	3.0%	-28.1%		-0.9%

3 Four quarters rolling average

4 Underlying net result (year-to-date), adjusted for the after-tax allocated cost of Group core debt injected as equity into Insurance by the Group, divided by average IFRS equity (annualised); ROE (year-to-date) based on average IFRS equity was 2.5% in 1Q2010, -28.9% in 1Q2009, -1.7% in 4Q2009

Underlying fi gures are non-GAAP measures and are derived from fi gures according to IFRS-EU by excluding impact from divestments and special items. Result per share differs from IFRS Earnings per share in respect of attributions to the Core Tier 1 securities and the recalculation of the number of outstanding shares due to the rights issue. The IFRS EPS for 1Q2010 is EUR 0.24. A reconciliation between RPS and EPS is provided in the ING Group Interim Accounts.

CONSOLIDATED RESULTS

ING Group posted an underlying net profi t of EUR 1,018 million in the fi rst quarter, up from a loss of EUR 236 million in the same period last year and a profi t of EUR 74 million in the fourth quarter as market conditions improved and volume growth in both Banking and Insurance remained healthy. Net profi t for the Group increased to EUR 1,326 million including EUR 306 million from gains on divestments and special items. The underlying net return on equity increased signifi cantly to 11.3%.

UNDERLYING NET RESULT (in EUR million)

Client balances increased across the Group. Banking growth in the quarter was driven by a EUR 6.1 billion net infl ow in funds entrusted at Retail Banking, while mortgages grew at a slower EUR 3.4 billion. Funds entrusted at Commercial Banking showed a net outfl ow of EUR 5.8 billion and commercial lending stabilised after declining in 2009 as economies contracted. Insurance sales recovered to levels last seen in the fi rst quarter of 2009. They were up 20.5% compared with the fourth quarter as the business regained momentum thanks to new product introductions, broader bank distribution and efforts to strengthen the tied agency channel. Excluding the US closed block and the discontinued annuity products in Japan, sales were up 15.2% compared with the fi rst quarter last year.

Market conditions continued to improve, reducing the negative impacts that weighed on results for the past six quarters. Credit losses and impairments on debt securities declined as the US insurance business took advantage of improving market prices to reduce its exposure. Real estate markets began to stabilise in most countries, reducing the impact of negative fair value changes. However real estate impairments, mainly on development projects, remained elevated as ING scaled down several projects. The stabilisation of real estate markets also resulted in lower loan loss provisions for the US residential mortgage book.

Banking

The banking activities showed a strong recovery, driven by higher volumes and margins, cost containment measures, lower risk costs and lower negative market-related impacts. The underlying result before tax increased to EUR 1,278 million from EUR 769 million in the fi rst quarter of 2009 and EUR 128 million in the fourth quarter.

Total underlying income from banking rose 11.0% compared with

the fi rst quarter of 2009 and 26.0% from the fourth quarter. This was driven by a higher interest result, lower impairments and lower negative revaluations. The interest result increased 7.7%, driven by a 25 basis point improvement in the interest margin to 1.42%. Margins in Retail Banking increased refl ecting healthier margins for savings in the Netherlands and the reduction of client rates at ING Direct in some countries.

As market conditions improved, impairments and other marketrelated impacts declined to EUR -181 million compared with EUR -219 million in the fi rst quarter of 2009 and EUR -992 million in the previous quarter. Impairments on debt and equity securities were EUR 83 million in the fi rst quarter of 2010 versus EUR 200 million in the fi rst quarter of 2009 and EUR 284 million in the fourth quarter of 2009, mainly refl ecting lower impairments in the US residential mortgage-backed securities portfolio. Real estate markets showed signs of stabilising. This resulted in EUR 38 million of negative fair value changes on ING Real Estate's direct real estate investments and listed funds compared with EUR 182 million in the same quarter last year and EUR 161 million in the previous quarter. Real estate impairments, mainly on development projects, were EUR 151 million compared with EUR 22 million in the same quarter of last year and EUR 296 million in the previous quarter. The fair value change on the Bank's own Tier 2 debt was EUR -18 million compared with EUR 182 million in the same quarter last year and EUR -23 million in the previous quarter.

Effi ciency improved, refl ecting the impact of cost containment measures taken in 2009. The cost/income ratio fell to 57.5% from 61.4% a year earlier, and was 53.5% excluding impairments, revaluations and other market-related impacts. Underlying operating expenses declined 1.8%, excluding real estate impairments, as cost savings made under the Back to Basics programme more than offset higher deposit insurance premiums in several markets, an accrual adjustment and the impact of currency exchange rates.

Additions to the loan loss provisions declined in the fi rst quarter but remained at elevated levels. The Bank added EUR 497 million to the provision for loan losses in the fi rst quarter, down from EUR 682 million in the fi rst quarter of 2009 and EUR 689 million in the fourth quarter (adjusted for divestments). The decline was driven by lower gross additions, notably in Structured Finance. Risk costs at ING Direct also declined as the US housing market began to stabilise. Loan loss provisioning for the Benelux mid-corporate and SME sector declined, but remained elevated, refl ecting the weaker economic climate in the region. Risk costs for the Bank appear to be trending down and are expected to be below the levels seen in the second half of last year in the coming quarters.

Underlying profi t before tax from the Retail Banking activities more than tripled to EUR 867 million, driven by strong income growth on higher volumes and margins as well as lower

impairments at ING Direct USA. Profi t from Retail Netherlands climbed to EUR 359 million from EUR 117 million a year ago, refl ecting healthier margins on savings and a 21.2% decline in operating expenses following the merger of ING Bank and Postbank and the impact of cost-containment measures implemented in 2009. Retail Belgium reported an underlying profi t before tax of EUR 174 million, up 50% from a year earlier. This was driven by higher commission income, an 8.0% decline in operating expenses and lower risk costs. ING Direct's results improved strongly to EUR 269 million from EUR 44 million a year ago as interest income increased on higher volumes and margins, risk costs declined and impairments on debt securities declined sharply. Retail Central Europe posted a profi t of EUR 45 million compared with a loss of EUR 25 million a year ago; all countries contributed to the increase. Underlying profi t before tax of Retail Asia was EUR 19 million compared with a loss of EUR 4 million in the fi rst quarter of 2009.

Underlying profi t before tax from Commercial Banking increased 11.3% from a year earlier and rose sevenfold from the fourth quarter as the impact of real estate revaluations and impairments was lower while commercial performance remained strong. Commercial Banking excluding ING Real Estate posted an underlying profi t before tax of EUR 683 million, up 77.9% from the fourth quarter and just 2.7% below the record result booked in the fi rst quarter last year. ING Real Estate reported a loss of EUR 113 million, narrowing from losses of EUR 190 million in the fi rst quarter of 2009 and EUR 310 million in the fourth quarter as market values for real estate began to stabilise.

The Corporate Line Banking posted a loss of EUR 159 million compared with a profi t of EUR 9 million in the fi rst quarter last year which included a positive revaluation of EUR 182 million on ING Bank's own Tier 2 debt. In the fi rst quarter of 2010, that revaluation was a negative EUR 18 million.

Insurance

ING's insurance results recovered as negative market-related impacts continued to diminish and operating results improved on higher margins and continued cost control. The underlying result before tax from Insurance increased to EUR 269 million in the fi rst quarter versus EUR -954 million in the same quarter last year and EUR -42 million in the fourth quarter. Gains/losses and impairments on investments improved from EUR -401 million in the fi rst quarter of 2009 to EUR -200 million. Negative DAC unlocking in the United States improved from EUR -615 million to EUR -41 million, while lower volatility resulted in a lower negative impact on the internally reinsured Japanese SPVA book (EUR -10 million compared to EUR -183 million in the same quarter last year). The impact of the change of the provision for guarantees on separate account pension contracts (net of hedging) turned to a positive result of EUR 66 million in the fi rst quarter of 2010.

Improvements in investment margins and strong cost control drove the solid increase in operating profi t from the life insurance and investment management businesses, which rose to EUR 552 million from EUR 425 million in the fi rst quarter of 2009 and EUR 480 million in the fourth quarter. The investment margin increased 10.4% from the fi rst quarter last year and rose 22.8% from the fourth quarter, as cash in the general account was partly reinvested in highly rated bonds. The life insurance general account portfolio increased to EUR 153 billion from EUR 143 billion at year-end 2009, while the investment margin improved slightly to 84 basis points of the life insurance general account, from 83 basis points in the fourth quarter, although the margin is still down from 109 basis points of the life insurance general account in the fi rst quarter last year.

Fees and premium-based revenues rose 11.0% from the fi rst quarter of 2009 due to higher fees as markets rebounded in the course of 2009, which led to higher fund values. This increase was partly offset by higher costs of variable annuity guaranteed benefi ts in the United States. The technical margin rose 5.2% from the fi rst quarter of 2009.

Expenses for life insurance and ING IM increased 3.2% versus the fi rst quarter of last year and 2.2% from the fourth quarter. Administrative expenses were up 2.0% from the same period last year and 3.0% from the fourth quarter due to accrual adjustments. The ratio of administrative expenses to operating income improved to 43.4% from 47.0% a year ago. DAC amortisation and trail commissions were up 5.3% on higher operating income.

The operating profi t of Insurance Benelux improved strongly in the fi rst quarter to EUR 151 million from EUR 56 million a year ago. This was mainly driven by higher investment margins, lower expenses due to an ongoing focus on cost reductions as well as higher fees and premium-based revenues. Fees and premium-based revenues were up due to a change in premium recognition in the Netherlands as well as higher sales of annuity products in Belgium and Luxembourg. Life administrative expenses declined 13.8% to EUR 150 million, improving the effi ciency ratio of administrative expenses to operating income to 44.9% from 62.8% in the fi rst quarter last year.

Insurance Central and Rest of Europe posted an operating profi t of EUR 75 million, up from EUR 62 million in the fi rst quarter last year, supported by a higher technical margin as well as a reduction in administrative expenses.

Operating profi t from the US insurance business was EUR 148 million, down from EUR 154 million a year earlier, refl ecting lower investment margins on the closed block of business due to derisking. Profi t from the continuing life and retirement services businesses increased 18.9% to EUR 132 million. Administrative expenses increased due to accrual adjustments in both quarters. Excluding that impact, the effi ciency ratio improved slightly to 43.8%.

Insurance Latin America posted an operating profi t of EUR 66 million, up from EUR 54 million a year ago. This was mainly due to higher fee income from pensions and positive currency impacts.

Insurance Asia/Pacifi c's operating profi t increased to EUR 115 million from EUR 90 million. This was driven by higher premiumbased revenues as a result of strong sales of corporate-owned life insurance in Japan as well as growth in assets under management on the in-force single-premium variable annuity book. Administrative expenses declined 8.6% and the ratio of administrative expenses to operating income remained well below the 35% overall target. ING Investment Management posted an operating profi t of EUR 45 million, up 7.1% from a year earlier. Fee income grew broadly in line with assets under management, which increased by EUR 18.4 billion in the fi rst quarter to EUR 361.1 billion at the end of March. Expenses rose due to accrual adjustments and ING's ongoing programme to develop the ING IM business.

The Non-life operating result jumped 41.2% to EUR 48 million thanks to higher investment income and lower expenses. The loss ratio for the Benelux non-life business remains relatively high due to unfavourable disability claims experience and weather related claims in the quarter. The combined ratio for the Benelux improved to 104.8% in the quarter from 109.6% a year ago primarily due to an improvement in the expense ratio.

The operating result for the Corporate Line Insurance improved to EUR -185 million from EUR -203 million due to the termination of the Formula 1 sponsorship as well as lower interest on hybrids following the transfer of a USD 1.5 billion hybrid security to the Bank.

New sales (APE) of life insurance were up 1.9% versus the fi rst quarter last year, and up 15.2% excluding sales from the closed blocks in the US and Japan. Compared to the fourth quarter, sales increased by 20.5% as ING regained sales momentum, particularly in Asia and Latin America.

The sales increase versus the fi rst quarter of 2009 was attributable to the Benelux, Asia, and Latin America. Sales in Asia rose 21.0% at constant currencies. This was driven by higher corporate-owned life insurance sales in Japan, while sales in Hong Kong more than doubled. In Latin America, sales rose 31.8% at constant currencies, driven by higher pension sales in Mexico as well as the fi rst-time inclusion of tax-favoured voluntary pension sales in Colombia. The 56.0% growth in life insurance sales in the Benelux was mainly due to the change in the recognition of premiums in the Netherlands, higher sales of the Optima life insurance product and higher sales of variable annuities in Belgium and Luxembourg. Sales in Central and Rest of Europe fell 13.0% on a constant currency basis due to lower sales in Poland and Greece. Lower sales of variable annuities were mainly responsible for the 19.5% sales decline in the United States, while sales of full-service retirement plans increased.

Net profi t

Net profi t for ING Group was EUR 1,326 million, up from a loss of EUR 793 million in the fi rst quarter of 2009 and a loss of EUR 712 million in the fourth quarter. Net results in the fi rst quarter included EUR 403 million in net gains on divestments, which mainly related to the sale of ING's private banking businesses in Asia and Switzerland. Special items included a charge of EUR 97 million after tax mainly related to restructuring costs for combining ING Bank and Postbank in the Netherlands, the Vision for Growth programme in Insurance Central Europe, headcount reductions and separation project costs.

The underlying effective tax rate of 33.0% was down slightly from the fi rst quarter of last year but remained elevated, mainly due to the fact that no tax benefi t was booked on part of the investment losses and impairments in the US.

Return on equity

The underlying return on equity for the Group improved signifi cantly to 11.3% in the fi rst quarter from -5.1% a year earlier and 3.3% for the full year 2009. The return on equity for the bank jumped to 14.9% from 8.6% based on a 7.5% core Tier 1 ratio as earnings rebounded and risk-weighted assets were little changed. The insurance return on equity of 3.0% showed early signs of improvement.

RETURN ON EQUITY (year-to-date)

BALANCE SHEET

ING Group's balance sheet increased by EUR 73 billion to EUR 1,236 billion at the end of the fi rst quarter of 2010, driven in part by foreign exchange movements, which contributed EUR 31 billion of this increase. Shareholders' equity rose 13% to EUR 38.2 billion, or EUR 10.10 per share, driven by a EUR 2.3 billion improvement in the revaluation reserve for debt securities.

Amounts due from banks increased by EUR 18 billion in the fi rst quarter. Financial assets at fair value through P&L increased by

EUR 29 billion, driven by increased securities borrowing and money market activities at the Bank and higher investments for the risk of policyholders at Insurance as markets recovered and the euro weakened. Investments rose by EUR 15 billion, due in part to positive revaluations and exchange rates.

Loans and advances to customers at ING Bank increased by EUR 11 billion to EUR 563 billion. Foreign exchange impacts contributed EUR 10 billion to the total increase of which roughly EUR 6 billion in mortgages.

Liabilities increased following the issuance of senior debt and covered bonds at ING Bank. Insurance and investment contracts increased by EUR 18 billion. Amounts due to banks rose by EUR 12 billion, mainly attributable to higher unsettled balances from securities transactions. Customer deposits and other funds on deposits at the Bank increased by EUR 19 billion, driven largely by exchange rate variances and growth at ING Direct. Financial liabilities at fair value through P&L increased by EUR 13 billion, mainly due to money market activities and trading derivatives.

CAPITAL MANAGEMENT

ING's capital ratios improved further in the fi rst quarter. The core Tier 1 ratio of the Bank increased from 7.8% to 8.4%, well above ING's 7.5% target. Core Tier 1 capital increased by EUR 2 billion while risk-weighted assets remained fl at.

At Insurance, the Insurance Groups Directive (IGD) Solvency I ratio improved from 251% at the end of 2009 to 261%, mainly due to an improvement in the revaluation reserve for debt securities.

The Financial Conglomerates Directives (FiCo) capital ratio increased to 162% from 157%. This ratio adds the regulatory capital requirements and available capital for the Bank and Insurance and deducts the Group core debt from available capital. The Group debt/equity ratio declined from 12.4% to 11.8% as Group equity increased and the core debt remained stable.

APPENDIX 1 ING GROUP: CONSOLIDATED PROFIT AND LOSS ACCOUNT

f i t ING G : C l i da d p d los te t rou p on so ro an s a cco un
	al G Tot	1 rou p	al B Tot	ank ing	al In Tot sura nce
in E mill ion UR	1Q2 010	1Q 200 9	1Q 201 0	1Q 200 9	1Q 201 0	1Q 200 9
ium inc Gro ss p rem om e	8,2 62	8,8 35			8,2 62	8,8 35
ult king tion Inte rest Ban res op era s	3,2 17	3,0 18	3,2 54	3,0 22
Com mis sion inc om e	1,0 87	996	655	574	432	422
al in nt & oth er i Tot tme ves nco me	83 1,4	1,8 80	267	166	1,2 36	99 1,7
al u nde rly ing inc Tot om e	049 14,	729 14,	76 4,1	3,7 62	9,9 30	056 11,
Und ritin ditu erw g ex pen re	8,4 87	10, 731			8,4 87	10, 731
Staf f ex pen ses	1,8 54	1,9 48	1,3 34	1,3 58	520	590
Oth s2 er e xpe nse	1,4 89	1,3 45	1,0 66	954	423	391
Ope rati ng exp ens es	3,3 44	3,2 93	2,4 01	2,3 12	943	981
Inte es I atio rest exp ens nsu ran ce o per ns	158	193			215	282
Add itio loa n lo isio n to ss p rov ns	497	682	497	682
Oth er	16	17			16	17
al u nde rly dit Tot ing ex pen ure	12, 502	14, 916	2,8 98	2,9 94	9,6 61	12, 011
Und erly ult bef ing tax res ore	1,5 47	-18 5	1,2 78	769	269	-95 4
Tax atio n	511	70	351	221	160	-15 1
Min orit inte rest y s	18	-21	17	-24	1	3
Und erly ing sul t re t ne	1,0 18	-23 6	910	571	108	-80 7
loss n d Net ins/ ives tme nts ga es o	403	-56	405		-2	-56
ult from div d u Net nits este res		-64	1	-54	-1	-10
cial ite afte Spe r ta ms x	-97	-43 8	-75	-17 0	-22	-26 8
ult Net res	1,3 26	-79 3	1,2 41	348	84	-1,1 41

1 Including intercompany eliminations

2 Other expenses within Banking includes "intangibles amortisation and impairments"

l i da d ba lan he ING G : C te et rou p on so ce s
	ING Gr	oup	ING Ba	nk NV	rzek ING Ve	erin NV gen	ldin /eli Ho gs	min atio ns
mill in E UR ion	rch 31 Ma 201 0	ber 31 Dec 20 09 em	rch 31 Ma 201 0	ber 31 Dec 20 09 em	rch 31 Ma 201 0	ber 31 Dec 20 09 em	rch 31 Ma 201 0	ber 31 Dec 20 09 em
h a nd bala ith tral ba nks Cas nce s w cen	17, 957	15, 390	14, 421	12, 602	9,9 56	9,4 25	-6,4 20	-6,6 37
ts d ue f ba nks Am oun rom	61, 624	43, 397	61, 624	43, 397
l as fair lue thro h P Fina ncia &L: sets at va ug	262 ,53 6	233 ,19 0	141 ,39 1	122 ,77 0	121 ,83 4	111 ,11 7	-68 8	-69 7
Inve stm ent s:	227 ,49 7	212 ,11 2	113 ,75 4	106 ,59 1	113 ,74 3	105 ,52 1
nd adv Loa es t usto ns a anc o c me rs	590 ,31 6	578 ,94 6	563 ,05 5	551 ,77 4	29, 925	29, 014	-2,6 64	-1,8 42
Rein ntra cts sura nce co	5,9 37	5,4 80			5,9 37	5,4 80
s in ocia Inve stm ent tes ass	3,8 65	3,6 99	1,4 96	1,3 96	2,5 49	2,4 86	-18 0	-18 3
l es inv Rea tate estm ent s	3,6 83	3,6 38	2,3 43	2,2 83	1,0 65	1,0 69	275	286
nd ipm Pro ty a ent per equ	6,0 99	6,1 19	5,5 44	5,5 67	555	552
ible Inta ets ng ass	6,1 86	6,0 21	2,4 01	2,3 77	4,0 26	3,8 75	-24 1	-23 1
Def d a isiti ts erre cqu on cos	12, 110	11, 398			12, 110	11, 398
held for sal Ass ets e	307	5,0 24	9	4,5 83	298	441
Oth sset er a s:	38, 101	39, 229	26, 735	28, 780	10, 756	10, 031	610	417
al a Tot ts sse	1,2 36, 218	63, 643 1,1	932 2 ,77	882 9 ,11	312 ,75 4	290 ,40 9	-9,3 07	-8,8 85
Sha reh old uity ers' eq	38, 235	33, 863	32, 139	30, 222	18, 416	887 15,	-12 ,32 0	-12 ,24 6
Min orit inte rest y s	997	915	1,0 95	995	81	80	-18 0	-16 0
Non ting uity urit ies -vo eq sec	5,0 00	5,0 00					5,0 00	5,0 00
Tot al e ity qu	44, 232	39, 778	33, 234	31, 217	18, 497	15, 967	-7,5 00	-7,4 06
Sub ord inat ed loan s	10, 535	10, 099	22, 796	21, 193	5,9 06	5,7 43	-18 ,16 7	-16 ,83 7
Deb ities in issu t se cur e	129 ,62 8	119 ,98 1	119 ,15 0	109 ,35 7	3,8 88	4,0 79	6,5 91	6,5 45
d fu Oth er b nds orro we	25, 173	23, 151			7,8 25	7,0 36	17, 348	16, 115
Insu nd inve stm ent ntra cts ran ce a co	258 ,82 5	240 ,85 8			258 ,82 5	240 ,85 7
ts d o b ank Am ue t oun s	96, 564	84, 235	96, 564	84, 235
er d d o the r fu nds de Cus sits its tom epo an on pos	488 ,07 6	469 ,50 8	496 ,56 0	477 ,60 2			-8,4 84	-8,0 94
l lia bilit at f valu e th h P Fina ncia ies air &L rou g	142 ,81 1	129 ,78 9	139 ,21 2	126 ,49 6	4,2 58	3,9 21	-65 9	-62 8
Liab ilitie s he ld f ale or s	227	4,8 90	2	4,6 31	225	258		1
Oth er l iabi litie s:	40, 147	41, 354	25, 253	27, 388	13, 330	12, 547	1,5 64	1,4 18
al l iab iliti Tot es	1,1 91, 986	1,1 23, 865	899 ,53 7	850 ,90 2	294 ,25 7	274 ,44 2	-1,8 08	-1,4 79
al e ity and lia bili ties Tot qu	1,2 36, 218	1,1 63, 643	932 ,77 2	882 ,11 9	312 ,75 4	290 ,40 9	-9,3 07	-8,8 85

Retail Banking: Consolidated profi t and loss account

				ail B ank Ret	ing elux Ben		ail D irec tion al Ret t & Inte rna
	al R Tot eta	il Ba nkin g	her land Net s		Bel g	ium		Dire ct	tral Cen Eu rop e		Asi	a
in E mill ion UR	1Q 201 0	1Q 200 9	1Q 201 0	1Q 200 9	1Q 201 0	1Q 200 9	1Q 201 0	1Q 200 9	1Q 201 0	1Q 200 9	1Q 201 0	1Q 200 9
ult Inte rest res	2,3 87	2,0 90	912	796	391	408	867	706	175	158	42	22
mis sion inc Com om e	359	318	143	142	96	77	37	31	71	58	13	9
inc Inve stm ent om e	-11	-54	0	0	9	9	-20	-67	1	4	0	0
Oth er i nco me	7	-70	-1	8	28	14	-28	-55	-2	-42	10	4
al u nde rly ing inc Tot om e	2,7 42	2,2 84	1,0 54	946	523	508	856	615	244	178	65	36
Staf f an d o the r ex pen ses	1,5 32	1,6 33	548	702	310	338	455	410	182	151	37	32
ible orti sati and im irm Inta ent ng s am on pa s	9	2	6	-1	0	-1	3	3	0	0	0	0
Ope rati ng exp ens es	40 1,5	1,6 35	553	702	310	337	458	413	182	151	37	32
Gro lt ss r esu	1,2 02	649	500	245	213	171	398	202	62	27	28	4
Add itio loa n lo isio n to ss p rov n	335	401	141	128	39	55	129	158	16	52	9	8
Und erly ing ult bef tax res ore	867	248	359	117	174	116	269	44	45	-25	19	-4
Clie nt b ala s (i n E UR bill ion ) nce
Res iden tial rtga mo ges	292 .3	265 .2	133 .5	128 .5	23. 6	21. 8	131 .5	112 .2	3.2	2.4	0.6	0.5
Oth er l end ing	84. 5	87. 5	43. 0	43. 6	26. 1	27. 7	3.3	2.9	9.4	7.7	2.7	5.6
Fun ds e sted ntru	420 .9	397 .4	104 .6	102 .1	67. 7	67. 5	227 .2	205 .7	18. 1	15. 0	3.4	7.0
l fu nds AU M / Mu tua	56. 3	60. 0	16. 8	13. 1	27. 4	31. 7	10. 3	6.3	1.5	1.2	0.3	7.8
fi ta bili nd effi Pro cie 1 ty a ncy
Cos t/in tio com e ra	56. 2%	71. 6%	52. 5%	74. 1%	59. 3%	66. 3%	53. 5%	67. 2%	74. 8%	84. 7%	56. 6%	88. 5%
2 Ret uity urn on eq	19. 8%	5.7 %	28. 7%	9.8 %	36. 6%	24. 0%	13. 9%	1.5 %	9.5 %	-6.4 %	7.2 %	-2.3 %
k1 Ris
Risk in b f av RW A sts co p o era ge	77	101	112	107	83	112	70	96	31	121	43	39
Risk hte d a s (e nd of p d) ig erio sset -we	175 ,01 2	156 ,44 9	51, 175	47, 526	18, 799	20, 016	74, 918	63, 742	21, 316	17, 183	8,8 04	7,9 82

1 Key fi gures based on underlying fi gures

2 Underlying after-tax return divided by average equity based on 7.5% core Tier 1 ratio (annualised)

ia l B k ing l i da d p f i t d los Co : C te mm erc an on so ro an s a cco un	t
	al C Tot om Ban	l rcia me king	GL & PCM		Stru Fina	red ctu nce		Lea sing & Fac tori ng		l Fina ncia rket Ma s		Oth er duc ts pro		al C l Tot rcia om me king l. R Ban E exc		al E stat e
in E mill ion UR	1Q 201 0	1Q 200 9	1Q 201 0	1Q 200 9	1Q 201 0	1Q 200 9	1Q 201 0	1Q 200 9	1Q 201 0	1Q 200 9	1Q 201 0	1Q 200 9	1Q 201 0	1Q 200 9	1Q 201 0	1Q 200 9
ult Inte rest res	914	983	236	231	262	226	43	35	276	432	-2	-21	814	904	100	79
mis sion inc Com om e	299	258	54	49	87	58	8	7	6	9	49	44	204	168	95	89
inc Inve stm ent om e	43	-87	0	1	-2	-3	0	0	43	-45	-1	-5	39	-52	4	-34
Oth er i nco me	290	291	5	1	-20	-16	53	50	244	357	-11	9	271	401	19	-11 0
al u nde rly ing inc Tot om e	1,5 45	1,4 45	296	283	327	265	103	92	568	754	34	28	1,3 28	22 1,4	217	23
Staf f an d o the r ex pen ses	660	629	126	139	98	80	55	52	190	185	72	65	540	521	120	108
Inta ible orti sati and im irm ent ng s am on pa s	153	23	0	0	0	0	0	0	0	0	0	0	0	0	152	23
Ope rati ng exp ens es	813	652	126	139	98	80	55	53	190	185	72	65	541	521	272	131
Gro lt ss r esu	732	793	169	143	229	186	48	39	378	569	-38	-37	787	900	-55	-10 8
Add itio loa n lo isio n to ss p rov n	162	280	42	37	31	139	30	24	2	-1	0	0	104	198	58	82
bef Und erly ing ult tax res ore	570	512	127	107	199	47	18	15	376	570	-37	-37	683	702	-11 3	-19 0
s (i ) Clie nt b ala n E UR bill ion nce
Res iden tial rtga mo ges
Oth er l end ing	135 .8	151 .1	35. 8	48. 2	45. 8	46. 9	16. 3	16. 8	3.8	2.9	0.0	0.1	101 .8	114 .9	34. 0	36. 2
ds e sted Fun ntru	54. 7	62. 0	31. 8	32. 3	3.0	2.2	0.0	0.1	19. 2	26. 7	0.7	0.8	54. 7	62. 0
l fu nds AU M / Mu tua	66. 4	65. 6													66. 4	65. 6
fi ta bili nd effi Pro cie 1 ty a ncy
Cos t/in tio com e ra	52. 6%	45. 1%	42. 8%	49. 2%	29. 8%	30. 0%	53. 2%	57. 4%	33. 5%	24. 5%	210 .6%	231 .4%	40. 7%	36. 7%	125 .4%	563 .0%
2 Ret uity urn on eq	13. 7%	11. 1%	10. 2%	8.2 %	18. 3%	4.8 %	6.7 %	4.7 %	44. 9%	53. 5%	-30 .7%	-62 .4%	19. 8%	17. 2%	-28 .3%	-35 .1%
Ris k1
Risk in b f av RW A sts co p o era ge	41	63	36	26	28	129	138	88	2	-1	-2	-1	30	50	117	158
Risk ig hte d a s (e nd of p erio d) sset -we	153 ,15 2	178 ,61 1	43, 734	57, 488	41, 489	44, 623	8,2 52	10, 345	35, 614	41, 642	4,6 12	4,2 12	133 ,70 1	158 ,31 0	19, 451	20, 301

1 Key fi gures based on underlying fi gures

2 Underlying after-tax return divided by average equity based on 7.5% core Tier 1 ratio (annualised)

ly d K f i g Ins Ma in is a ura nc e: rg an a s n ey ure s
	Tot Insu	al ran ce	Ins ura nce elux Ben		Ins ura CRE	nce	Ins ura nce US		Ins ura nce 3 Lati n A rica me		Ins ura nce cifi c Asi a/Pa 1		ING IIM		Cor por	line ate
in E mill ion UR	1Q 201 0	1Q 200 9	1Q 201 0	1Q 200 9	1Q 201 0	1Q 200 9	1Q 201 0	1Q 200 9	1Q 201 0	1Q 200 9	1Q 201 0	1Q 200 9	1Q 201 0	1Q 200 9	1Q 201 0	1Q 200 9
in a nal is Ma rg ys
in Inve stm ent ma rg	329	298	98	66	17	18	188	207	15	10	9	-4	2	1
d p ium ba sed Fee s an rem rev enu es	1,2 00	1,0 81	167	156	123	122	293	255	92	76	321	296	204	176
hni cal in Tec ma rg	182	173	54	48	36	33	60	46	6	5	27	41
del led life bus ines Inco me non -mo s	32	27	14	7	3	2				4	14	13
Life & ING tin inc IM op era g om e	1,7 44	78 1,5	334	277	179	175	541	508	113	96	371	346	206	177
Adm inis ive trat exp ens es	757	742	150	174	61	65	246	224	45	39	96	105	160	134
C a rtisa tion d tr ail c mis sion DA mo an om s	434	412	65	65	46	49	146	131	15	14	162	152	1	1
Life & ING IM ex pen ses	1,1 91	1,1 54	215	240	106	114	392	354	60	53	257	257	161	135
Life & ING IM tin sul t op era g re	552	425	119	37	73	61	148	154	53	42	114	89	45	42
Non -life ting ult op era res	48	34	32	20	2	1			13	12	1	1
Cor line ting ult ate por op era res	-18 5	-20 3
Op tin sul t era g re	415	255	151	56	75	62	148	154	66	54	115	90	45	42	-18 5	-20 3
Gai ns/l nd imp airm ent oss es a s	-20 0	-40 1	-10	-13 6	-4	2	-20 6	-23 7		3	15	-3	5	-23	1	-7
Rev alua tion s	53	20	-21	93			94	-81	12	6		-9	-1	8	-31	4
rket the Ma & o r im ts pac		-82 9	66	-16 4			-63	-46 8			6	-15			-10	-18 3
Und erly ult bef ing tax res ore	269	-95 4	186	-15 0	71	64	-27	-63 3	89	63	136	63	49	27	-22 5	-38 9
Life bu fi g Ins - N sin ura nce ew ess ure s
le p Sing ium rem s	3,1 53	3,7 36	658	563	171	145	1,7 02	2,1 56	478	251	143	622
ual Ann miu pre ms	926	846	90	44	82	94	307	409	98	75	349	224
sal es ( ) New APE	1,2 42	1,2 19	156	100	100	108	478	624	145	101	363	286
Oth er k fi g ey ure s
ium inc Gro ss p rem om e	8,2 62	8,8 35	2,9 97	2,4 32	542	518	3,0 66	3,9 08	32	55	1,6 19	1,9 11			6	9
Adm ting inc e (L ife ) / op & IN G IM . ex pen ses era om	43. 4%	47. 0%	44. 9%	62. 8%	34. 1%	37. 1%	45. 5%	44. 1%	39. 8%	40. 6%	25. 9%	30. 3%	77. 7%	75. 7%
Life al a (en d o f pe riod , in bil lion ) unt ets EUR ge ner cco ass	153	148
in / Life al a ets2 (in bp s) Inve stm ent unt ma rg ge ner cco ass	84	109
. fo r lif e in & inve for risk licy hol der Prov stm ntra cts sura nce . co po (en d o f pe riod , in EUR bil lion )	.0 115	93. 3	22. 7	16. 9	3.6	2.5	68. 1	6 51.	0.1	0.1	20. 5	22. 2
duc Cli ba lanc es ( billi on) Net tion in E UR ent pro	-5. 1	-1.4	0.7	-0.7	0.3	0.4	-1.3	-0.4	0.6	0.3	0.1	0.4	-5.4	-1.3
Clie nt b alan (en d o f pe riod bil lion ) , in EUR ces	426 .1	378 .0	69. 8	65. 0	26. 8	18. 8	128 .7	113 .9	40. 7	29. 5	39. 2	42. 8	121 .0	107 .9
Adm s (to tal) inst rati ve e xpe nse	870	879	239	279	62	67	246	224	45	39	96	106	160	134	22	30

1 1Q09 client balances, net production and provisions shown in the table include Australia and New Zealand

2 Four quarters rolling average

3 As from 1Q2010, ING's share in Sul America is presented with one quarter delay.

ENQUIRIES

Press enquiries

Investor enquiries T: +31 20 541 5460 E: investor.relations@ing.com

T: +31 20 541 5433 E: mediarelations@ing.com

Conference call, press conference and webcast

Jan Hommen, Patrick Flynn and Koos Timmermans will discuss the results in an analyst and investor conference call on 12 May 2010 at 9:00 CET. Members of the investment community can join the conference call at +31 20 794 8500 (NL), +44 207 154 2683 (UK) or +1 480 629 9771 (US) and via live audio webcast at www.ing.com.

A media conference call will be held on 12 May 2010 at 11:30 CET. Journalists are invited to join the conference in listen-only mode at +31 20 796 5332 (NL) or +44 20 8515 2302 (UK) and via live audio webcast at www.ing.com.

Additional information is available in the following documents published at www.ing.com:

• ING Group Quarterly Report
• ING Group Statistical Supplement
• ING Group Historical Trend Data
• Analyst Presentation
• ING Group Interim Accounts

DISCLAIMER

ING Group's Annual Accounts are prepared in accordance with International Financial Reporting Standards as adopted by the European Union ('IFRS-EU').

In preparing the fi nancial information in this document, the same accounting principles are applied as in the 2009 ING Group Annual Accounts. All fi gures in this document are unaudited. Small differences are possible in the tables due to rounding.

Certain of the statements contained herein are not historical facts, including, without limitation, certain statements made of future expectations and other forward-looking statements that are based on management's current views and assumptions and involve known and unknown risks and uncertainties that could cause actual results, performance or events to differ materially from those expressed or implied in such statements. Actual results, performance or events may differ materially from those in such statements due to, without limitation: (1) changes in general economic conditions, in particular economic conditions

in ING's core markets, (2) changes in performance of fi nancial markets, including developing markets, (3) the implementation of ING's restructuring plan to separate banking and insurance operations, (4) changes in the availability of, and costs associated with, sources of liquidity such as interbank funding, as well as conditions in the credit markets generally, including changes in borrower and counterparty creditworthiness, (5) the frequency and severity of insured loss events, (6) changes affecting mortality and morbidity levels and trends, (7) changes affecting persistency levels, (8) changes affecting interest rate levels, (9) changes affecting currency exchange rates, (10) changes in general competitive factors, (11) changes in laws and regulations, (12) changes in the policies of governments and/or regulatory authorities, (13) conclusions with regard to purchase accounting assumptions and methodologies, (14) changes in ownership that could affect the future availability to us of net operating loss, net capital and built-in loss carry forwards, and (15) ING's ability to achieve projected operational synergies. ING assumes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information or for any other reason.