ING Groep N.V. — Earnings Release 2011

May 5, 2011

PRESS RELEASE

5 May 2011

ING posts solid increase in underlying net profi t to EUR 1,492 million

• ING Group's underlying net profi t growth was driven by continued strong performance in the Bank and a signifi cant improvement in Insurance results. The Group's 1Q11 net result was EUR 1,381 million, or EUR 0.37 per share, including divestments and special items. The underlying return on equity improved to 14.7% (Bank 13.7%, Insurance 6.2%).
• Bank underlying result before tax rose 32.2% to EUR 1,695 million, fuelled by higher income and the continued normalisation of risk costs. The net interest margin remained healthy at 1.44%. Risk costs declined to EUR 332 million, or 42 bps of average RWA. The underlying cost/income ratio improved to 55.0% as expenses declined from 4Q10.
• Insurance operating result increased 35.5% to EUR 561 million, supported by higher sales and growth in AuM. The investment spread rose to 95 bps. Sales (APE) grew 11.4% versus 1Q10, or 8.0% excluding currency effects. The administrative expenses/operating income ratio improved to 40.0% on higher operating income and cost containment.
• Strong capital generation in ING Bank continued in 1Q11 with the Bank's core Tier 1 ratio increasing to 10.0%. ING will proceed with the planned repurchase of EUR 2 billion of core Tier 1 securities from the Dutch State on 13 May 2011. The total payment will amount to EUR 3 billion and includes a 50% repurchase premium.

"Both the Bank and the Insurance company posted strong results in the fi rst quarter, illustrating clear progress on their respective performance improvement programmes as they prepare for their futures as stand-alone companies," said Jan Hommen, CEO of ING Group. "The restructuring of the Group is on track. We continue to work towards the full physical separation of the banking and insurance activities, and we are laying the groundwork this year for two IPOs of our US and European & Asian insurance businesses so that we will be ready to proceed with transactions when market conditions are favourable. We continue to explore strategic options for our Latin American insurance business, and we are taking steps to meet the other restructuring demands imposed by the European Commission, including the divestment of ING Direct USA and the carve-out of WestlandUtrecht Bank from our Dutch retail banking business."

"Despite the far-reaching restructuring that the company is going through, we have continued to show solid commercial growth across our franchises, which is a testimony to the dedication and professionalism of our staff as we work hard to maintain the loyalty of our customers. On that strong foundation, we have been able to show a rapid recovery as ING comes out of the fi nancial crisis. We have improved effi ciency and built up strong capital buffers in the Bank, while continuing to increase our lending to customers to support the economic recovery. As a result, ING is now in a position to repay a second tranche of support from the Dutch State out of retained earnings. And provided that this strong capital generation continues, we aim to repay the remaining support by May 2012 on terms that are acceptable to all stakeholders."

Key Figures
	1Q2011	1Q20101	Change	4Q20101	Change
ING Group key fi gures (in EUR million)
Underlying result before tax Group	2,156	1,403	53.7%	671	221.3%
of which Bank	1,695	1,282	32.2%	1,479	14.6%
of which Insurance	461	121	281.0%	-808
Underlying net result	1,492	923	61.6%	341	337.5%
Net result	1,381	1,230	12.3%	130	962.3%
Net result per share (in EUR)2	0.37	0.33	12.1%	0.03	n.a.
Total assets (end of period, in EUR billion)	1,229	1,236	-0.5%	1,247	-1.4%
Shareholders' equity (end of period, in EUR billion)	40	38	5.7%	41	-2.0%
Underlying return on equity based on IFRS-EU equity3	14.7%	10.3%		3.3%
Banking key fi gures
Interest margin	1.44%	1.42%		1.47%
Underlying cost/income ratio	55.0%	57.4%		57.2%
Underlying risk costs in bp of average RWA	42	60		51
Core Tier 1 ratio	10.0%	8.4%		9.6%
Underlying return on equity based on IFRS-EU equity3	13.7%	11.7%		13.5%
Insurance key fi gures
Operating result (in EUR million)	561	414	35.5%	438	28.1%
Investment margin / life general account assets (in bps)	95	84		93
Administrative expenses / operating income (Life & ING IM)	40.0%	43.4%		44.1%
Underlying return on equity based on IFRS-EU equity3	6.2%	0.8%		-15.7%

The footnotes relating to 1-3 can be found on page 13 of this press release.

Note: 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.

ING GROUP CONSOLIDATED RESULTS

ING Group posted an underlying net profi t of EUR 1,492 million in the fi rst quarter, driven by another strong quarter of results at ING Bank and a signifi cant improvement in performance at ING Insurance.

UNDERLYING NET RESULT (in EUR million)

The Bank's underlying result before tax was EUR 1,695 million, up 32.2% from the fi rst quarter of 2010 and 14.6% sequentially. The net interest margin remained healthy, while lending volumes grew moderately, consistent with the subdued demand for credit. Risk costs declined from both comparative periods, trending towards more normalised levels. The impact of the continued focus on cost control also supported results.

ING Bank's net production of client balances was positive for the seventh straight quarter and amounted to EUR 11.9 billion. Retail Banking funds entrusted grew by EUR 12.5 billion, fuelled by a net infl ow of EUR 8.5 billion at ING Direct (primarily in Germany and the US) and EUR 2.0 billion in Central Europe, mainly driven by the introduction of the 'Orange Savings Account' in Turkey. Retail Benelux recorded a EUR 1.6 billion net infl ow in funds entrusted, primarily due to the success of the 'Orange Book' savings account in Belgium and an increase in savings in the Netherlands, which more than offset lower current account balances. Commercial Banking reported a EUR 12.1 billion net outfl ow in funds entrusted, showing a seasonal effect following strong net infl ow in the fourth quarter, when corporate treasurers and asset managers deposited large balances in short-term deposits over year-end. The outfl ow was partly offset by an increase in overnight deposits (not included in client balances). The net production of residential mortgages was EUR 4.6 billion, while other lending showed a net production of EUR 4.9 billion attributable to continued growth in Structured Finance and Retail Central Europe.

Operating profi t at ING Insurance improved substantially. It increased to EUR 561 million, 35.5% higher than the fi rst quarter of 2010 and 28.1% higher than the fourth quarter of 2010. Results in the quarter benefi ted from strong fees and premium-based revenues due to robust sales in Asia/ Pacifi c, the Benelux and the US, as well as higher fees at Investment Management. The investment spread advanced to 95 basis points, refl ecting the impact of portfolio actions taken in 2010. The fi rst-quarter underlying result before

tax rose to EUR 461 million, as market-related impacts diminished both year-on-year and sequentially, despite the impact of impairments on debt securities in the quarter.

Insurance sales (APE) increased 11.4% from the fi rst quarter of 2010, or 8.0% excluding currency effects, refl ecting strong sales momentum in Japan and Korea, corporate pension contract renewals in the Benelux, and higher retirement plan and individual life sales in the US.

ING Group's fi rst-quarter net profi t was EUR 1,381 million compared with EUR 1,230 million in the same quarter of last year and EUR 130 million in the previous quarter, which included a DAC write-down in the US Closed Block VA business.

1Q2010 2Q2010 3Q2010 4Q2010 1Q2011

Divestments and special items in the fi rst quarter totalled EUR -111 million after tax and related primarily to various restructuring programmes. After-tax separation costs were EUR 20 million, out of total estimated separation costs of EUR 200 million for 2011.

The underlying effective tax rate was 29.2% in the quarter.

The net profi t per share was EUR 0.37. The average number of shares used to calculate earnings per share over the quarter was 3,782.3 million.

The Group's underlying net return on IFRS-EU equity improved to 14.7%.

RETURN ON EQUITY GROUP (Year-to-date)

BANKING

Banking key fi gures
	1Q2011	1Q2010	Change	4Q2010	Change
Profi t and loss data (in EUR million)
Underlying interest result	3,396	3,263	4.1%	3,514	-3.4%
Underlying income	4,508	4,178	7.9%	4,424	1.9%
Underlying operating expenses	2,481	2,399	3.4%	2,530	-1.9%
Underlying addition to loan loss provision	332	497	-33.2%	415	-20.0%
Underlying result before tax	1,695	1,282	32.2%	1,479	14.6%
Key fi gures
Interest margin	1.44%	1.42%		1.47%
Underlying cost/income ratio	55.0%	57.4%		57.2%
Underlying risk costs in bp of average RWA	42	60		51
Risk-weighted assets (end of period, in EUR billion, adjusted for divestm.)	316	331	-4.4%	321	-1.5%
Underlying return on equity based on IFRS equity1	13.7%	11.7%		13.5%
Underlying return on equity based on 7.5% core Tier 12	20.3%	15.1%		19.2%

1 Annualised underlying net result divided by average IFRS-EU equity.

Annualised underlying, after-tax return divided by average equity based on 7.5% core Tier 1 ratio.

ING Bank showed continued strength in the fi rst quarter, as underlying profi t before tax rose 32.2% from the previous year and 14.6% from the fourth quarter to EUR 1,695 million. First-quarter results benefi ted from a healthy interest margin, higher client balances, lower risk costs and cost control.

UNDERLYING RESULT BEFORE TAX (in EUR million)

Total underlying income rose 7.9% from the fi rst quarter of 2010, driven by higher interest results and a marked improvement in investment and other income, partly due to lower impairments on debt securities. This strong yearon-year increase in income was primarily attributable to ING Direct and Commercial Banking. Income was up 1.9% from the previous quarter, which included the gain on the sale of the equity stake in Fubon Financial Holding.

The interest result held up well, rising 4.1% from the previous year due to growth in client balances and an increase in the interest margin of two basis points to 1.44%. Compared with the fourth quarter, the interest result declined 3.4% due to a narrowing of the interest margin by three basis points. This was primarily caused by pressure on mortgages and savings, especially in the Netherlands. Margins in the mid-corporate and SME segments in the Netherlands were fl at, but improved slightly in most other countries. The interest margins of General Lending and Structured Finance held up well compared with the fourth quarter.

INTEREST RESULT (in EUR million) AND INTEREST MARGIN (in %)

Underlying operating expenses rose 3.4% from a year ago to EUR 2,481 million, mainly due to higher staff costs, increased marketing and IT project costs and higher contributions to deposit guarantee schemes. This was partially offset by a decline in impairments on real estate development projects. Compared with the fourth quarter of 2010, which included one-off entry costs for the new deposit guarantee scheme in Belgium, expenses declined 1.9%. The underlying cost/income ratio improved from both prior periods to 55.0%.

OPERATING EXPENSES (in EUR million) AND COST/INCOME RATIO (in %)

Risk costs continued to normalise in the fi rst quarter. ING Bank added EUR 332 million to the loan loss provisions, which is the lowest amount since the second quarter of 2008. The decline from EUR 415 million in the fourth quarter was mainly attributable to a reduced number of incidents in the mid-corporate segment and lower risk

costs for the Dutch mortgage portfolio following a model update in the previous quarter to refl ect lower anticipated recovery rates. Loan loss provisions rose slightly at ING Direct, primarily due to lower anticipated recovery rates in the US. ING Bank's total fi rst-quarter risk costs amounted to 42 basis points of average risk-weighted assets compared with 60 basis points a year ago and 51 basis points in the previous quarter. For the coming quarters, ING expects risk costs as a percentage of risk-weighted assets to remain below the average level seen in 2010.

ADDITIONS TO LOAN LOSS PROVISIONS (in EUR million)

Retail Banking's underlying result before tax rose 12.7% from the previous year and 21.2% from the fourth quarter. Compared with the fi rst quarter of 2010, income was 6.7% higher and the interest result rose 3.6%, primarily fuelled by growth in ING Direct from higher volumes and slightly better margins. Risk costs at Retail Banking fell by 21.8% to EUR 262 million. Additions to loan loss provisions were modest in the SME and mid-corporate segments in the Benelux, consistent with the improvement in credit conditions. Risk costs on mortgages declined, refl ecting a model update in the Netherlands and reclassifi cation adjustments related to interest on modifi ed loans in the US which were implemented last quarter. These positive factors compensated for a year-on-year rise in expenses due to investments in the product range, branch network expansion and an increase in pension costs in the Netherlands. The increase in Retail Banking's profi t before tax compared with the fourth quarter of 2010 was due to the strong quarterly income, a decline in risk costs and lower expenses.

Commercial Banking excluding ING Real Estate posted record results in the fi rst quarter of 2011. Underlying result before tax was EUR 773 million, or 13.2% higher than in the fi rst quarter of last year. Income rose 6.9% on growth in lending volumes and commissions at Structured Finance, and higher levels of client-related activity in Financial Markets. Risk costs remained low at EUR 59 million as net releases in Structured Finance were offset by higher net additions in General Lending due to provisioning for a few large fi les. Operating expenses increased 8.5% from the fi rst quarter of 2010 due to higher staff costs, selective investments in the business and currency impacts. Compared with the fourth quarter of 2010, expenses increased 2.3%. Commercial Banking's underlying result

before tax was 44.8% higher than the fourth quarter of 2010, largely fuelled by seasonally higher client-related activity in Financial Markets.

The underlying result before tax of ING Real Estate was EUR 70 million compared to a loss in the same quarter of last year. Results in the quarter were driven by lower negative fair value changes and impairments, lower risk costs and a decline in expenses. Compared with the fi rst quarter of 2010, the Investment Management and Finance businesses as well as ING's own Real Estate Investment Portfolio each recorded a quarterly profi t and improved results. Meanwhile, the Development business continued to narrow its loss.

Corporate Line Banking's underlying result before tax was EUR -125 million compared with EUR -159 million in the fi rst quarter of last year. The loss narrowed mainly due to higher income on capital surplus which resulted from a combination of lower benefi ts paid to the business lines due to a decline in average economic capital levels and higher book equity due to retained earnings. This was partly offset by increased fi nancing charges, refl ecting the total costs of Group core debt which are fully allocated to the Bank as of 2011.

The net result of the Bank was EUR 1,147 million, including a net gain of EUR 11 million from divestments and EUR -53 million of special items after tax, which mainly related to the merger of the Dutch retail activities, the Belgian transformation programme, restructuring at ING Real Estate and separation costs.

The Bank's underlying return on equity rose to 13.7% based on IFRS-EU equity. The return on equity based on a 7.5% core Tier 1 ratio rose to 20.3%, exceeding the Ambition 2013 target of 13-15%.

RETURN ON EQUITY BANK (in %)

Underlying return on equity based on 7.5% core Tier 1 (quarterly) Underlying return on equity based on IFRS-EU equity (year-to-date)

INSURANCE

Insurance key fi gures
	1Q2011	1Q20101	Change	4Q20101	Change
Margin analysis (in EUR million)
Investment margin	391	329	18.8%	402	-2.7%
Fees and premium-based revenues	1,326	1,200	10.5%	1,270	4.4%
Technical margin	203	182	11.5%	204	-0.5%
Income non-modelled life business	26	32	-18.8%	37	-29.7%
Life & ING IM operating income	1,946	1,744	11.6%	1,912	1.8%
Administrative expenses	778	757	2.8%	843	-7.7%
DAC amortisation and trail commissions	504	434	16.1%	513	-1.8%
Life & ING IM operating expenses	1,282	1,191	7.6%	1,356	-5.5%
Life & ING IM operating result	664	552	20.3%	556	19.4%
Non-life operating result	70	47	48.9%	69	1.4%
Corporate line operating result	-172	-185		-188
Operating result	561	414	35.5%	438	28.1%
Non-operating items	-101	-293		-1,245
Underlying result before tax	461	121	281.0%	-808	n.a.
Key fi gures
Administrative expenses / operating income (Life & ING IM)	40.0%	43.4%		44.1%
Life general account assets (end of period, in EUR billion)	159	153	3.9%	165	-3.6%
Investment margin / life general account assets (in bps)2	95	84		93
ING IM Assets under Management (end of period, in EUR billion)	378	362	4.4%	387	-2.3%
Underlying return on equity based on IFRS-EU equity3	6.2%	0.8%		-15.7%

1 The result of this period has been restated to refl ect the change in accounting policy, i.e., the move towards fair value accounting for Guaranteed Minimum Withdrawal Benefi ts for life in the US Closed Block VA as of 1 January 2011. 2

Four-quarter rolling average 3 Annualised underlying net result divided by average IFRS-EU equity. (The 2010 quarterly results are adjusted for the after-tax allocated cost of Group core debt.)

Total operating profi t at ING Insurance showed a clear improvement in the fi rst quarter, rising 35.5% from the fi rst quarter of 2010 and 28.1% from the previous quarter. Results in the current quarter refl ect higher fees and premium-based revenues, robust sales growth, an improvement in the investment margin and cost control.

OPERATING RESULT (in EUR million)

The operating result from Life Insurance and Investment Management was 20.3% higher than the fi rst quarter of 2010 and 19.4% higher than the fourth quarter of 2010. The improvement in results compared with a year earlier was driven by a signifi cant increase in the investment margin and higher fees and premium-based revenues. Expenses rose slightly from the same quarter of 2010, consistent with higher levels of business activity and investments, but they declined on a sequential basis as a result of cost-containment initiatives.

The investment margin rose 18.8% from the same period of 2010 to EUR 391 million, mainly due to reinvestments into fi xed income securities in the Netherlands and the US, as well as accretion of previously impaired securities in the

US (excluding US Closed Block VA). The investment margin was 2.7% lower than in the fourth quarter of 2010, refl ecting higher interest rate swap expenses in the US (excluding US Closed Block VA) which offset a continued improvement in the Benelux. The investment spread continued to improve, rising to 95 basis points from 93 basis points in the fourth quarter of 2010 and from 84 basis points in the fi rst quarter of 2010.

INVESTMENT MARGIN (in EUR million)

Fees and premium-based revenues rose 10.5% from the fi rst quarter of 2010 to EUR 1,326 million. This was primarily driven by strong product sales and renewals, and higher fees at Investment Management attributable to higher assets under management and the introduction of a fi xed service fee during the second half of 2010. Compared with the previous quarter, fees and premium-based revenues increased 4.4% from strong corporate-owned life insurance sales campaigns in Japan and the seasonal effect of corporate pension contract renewals in the Benelux.

The technical margin was EUR 203 million, up 11.5% from the fi rst quarter of last year. This increase was caused by

improved results in the Benelux, and favourable claims and surrender results in ING Life Korea. Partially offsetting this were lower results in the US (excluding US Closed Block VA) and a decline in Japan's technical result, which was caused by EUR 4 million of expected net claims directly related to the March 2011 earthquake and tsunami. The technical margin for Insurance was fl at on a sequential basis.

Administrative expenses for Life Insurance and Investment Management declined sharply from the fourth quarter and were up just 0.8% excluding currency effects compared with the previous year. This refl ects cost-containment efforts in the US (excluding Closed Block VA) and the Benelux, where expenses fell 19.8% and 7.3%, respectively. The decrease in the US (excluding US Closed Block VA) was partially driven by a EUR 22 million nonrecurring reduction in accruals related to incentive compensation. Expense growth in Asia/Pacifi c and Latin America kept pace with business growth, while costs in Central and Rest of Europe were impacted by an annual EUR 16 million fi nancial institutions tax in Hungary, which was fully recorded in the fi rst quarter. An increase in costs at Investment Management refl ects the introduction of a fi xed service fee in the second half of 2010, for which there is an offset in income, as well as higher staff-related expenses. Compared with the fourth quarter of 2010, total administrative expenses at ING Insurance declined 5.3% excluding currency effects. The ratio of administrative expenses to operating income improved to 40.0%.

LIFE INSURANCE AND INVESTMENT MANAGEMENT ADMINISTRATIVE EXPENSES (in EUR million), AND ADMINISTRATIVE EXPENSES / OPERATING INCOME RATIO (in %)

The non-life operating result of ING Insurance was EUR 70 million, up 48.9% from the fi rst quarter of 2010 due to an improved loss ratio and higher sales in Brazil, and higher earned premiums in Disability and Accident in the Benelux. Compared with the fourth quarter of 2010, the non-life operating result was fl at.

The Corporate Line operating result was EUR -172 million, an improvement compared with EUR -185 million in the same quarter of last year. This was mainly caused by lower interest payments on hybrids as a result of ING Group's hybrid to equity conversion with ING Insurance in December 2010, as well as the discontinuation of Group core debt expense allocation to Insurance.

The fi rst-quarter underlying result before tax for ING

Insurance improved to EUR 461 million from EUR 121 million in the fi rst quarter of 2010 and a loss in the previous quarter, which resulted from the DAC write-down in the US Closed Block VA business. Prior quarters have been restated to refl ect the previously announced decision to move towards fair value accounting on reserves for Guaranteed Minimum Withdrawal Benefi ts for life ('GMWB') as of 1 January 2011 for the US Closed Block VA.

Gains/losses and impairments on investments totalled EUR -125 million in the fi rst quarter and were primarily attributable to impairments on debt securities. Revaluations were positive at EUR 67 million and other market-related impacts diminished to EUR -43 million.

The quarterly net result for Insurance was EUR 234 million, including EUR -66 million of special items which related primarily to restructuring programmes and separation expenses. The underlying return on IFRS-EU equity for Insurance was 6.2% for the fi rst three months of 2011.

RETURN ON EQUITY INSURANCE (year-to-date)

Insurance sales (APE) rose 8.0% from the fi rst quarter of 2010 and 17.0% from the fourth quarter of 2010, excluding currency effects. APE growth compared with the same quarter of last year was attributable to Asia/Pacifi c, the Benelux and the US. Sales were up 11.8% in Asia/ Pacifi c, excluding currency impacts, on new product introductions, growth across the region and ING's strong bank distribution partnerships. COLI sales and renewals at ING Life Japan supported the rise in APE. Sales in Korea rose due to traditionally strong bancassurance sales at KB Life in the fi rst quarter combined with improved agent activity and productivity at ING Life Korea. In the Benelux, APE rose 26.9%, mainly due to a high level of corporate pension contract renewals in the Netherlands. New sales in the US (excluding US Closed Block VA) rose 12.4% excluding currencies, driven by higher retirement plan and individual life sales. Compared with the fi rst quarter of 2010, Central and Rest of Europe's APE declined 3.0%, while sales in Latin America were down 7.7%, excluding currency impacts.

NEW SALES (APE) (in EUR million)

BALANCE SHEET AND CAPITAL MANAGEMENT

Balance Sheet and Capital Management key fi gures
	ING Group		ING Bank N.V.		ING Verzekeringen N.V.		Holdings/Eliminations
End of period, in EUR million	31 Mar. 11	31 Dec. 101	31 Mar. 11	31 Dec. 10	31 Mar. 11	31 Dec. 101	31 Mar. 11	31 Dec. 10
Balance sheet data
Financial assets at fair value through P&L	249,310	263,894	128,101	137,126	122,837	128,503	-1,627	-1,735
Investments	229,503	234,240	109,571	110,893	119,933	123,347
Loans and advances to customers	611,138	613,204	586,861	587,449	30,031	31,020	-5,753	-5,265
Other assets	139,284	135,667	102,975	97,605	41,236	42,789	-4,927	-4,727
Total assets	1,229,235	1,247,005	927,507	933,073	314,036	325,659	-12,308	-11,727
Shareholders' equity	40,067	40,904	34,869	34,451	18,955	20,159	-13,756	-13,706
Minority interests	742	729	617	617	124	112
Non-voting equity securities	5,000	5,000					5,000	5,000
Total equity	45,809	46,633	35,486	35,069	19,079	20,271	-8,756	-8,706
Debt securities in issue	140,145	135,604	130,739	125,066	3,901	3,967	5,505	6,571
Insurance and investment contracts	263,154	271,129			263,154	271,129
Customer deposits/other funds on deposit	513,274	511,362	519,409	519,304			-6,135	-7,942
Financial liabilities at fair value through P&L	122,184	138,538	120,277	136,581	3,396	3,677	-1,489	-1,720
Other liabilities	144,669	143,740	121,596	117,054	24,506	26,616	-1,433	70
Total liabilities	1,183,426	1,200,372	892,022	898,005	294,957	305,389	-3,552	-3,021
Total equity and liabilities	1,229,235	1,247,005	927,507	933,073	314,036	325,659	-12,308	-11,727
Captal ratios (end of period)
ING Group debt/equity ratio	13.6%	13.4%
Bank core Tier 1 ratio			10.0%	9.6%
Insurance IGD Solvency I ratio					241%	241%

1 The fi gures of this period have been restated to refl ect the change in accounting policy, i.e., the move towards fair value accounting for Guaranteed Minimum Withdrawal Benefi ts for life in the US Closed Block VA as of 1 January 2011.

ING Group's balance sheet decreased by EUR 18 billion in the fi rst quarter to EUR 1,229 billion, due entirely to currency effects. At comparable currency rates, the balance sheet increased by EUR 8 billion, driven by higher loans and advances to customers. Shareholders' equity fell by EUR 0.8 billion to EUR 40.1 billion (or EUR 10.59 per share) mainly due to lower revaluation reserves as a result of higher interest rates and currency effects, which offset the quarterly net profi t of EUR 1.4 billion.

Strong capital generation in ING Bank continued in the fi rst quarter, with the Bank's core Tier 1 ratio increasing to 10.0% from 9.6% at year-end 2010. Core Tier 1 capital rose by EUR 0.8 billion driven by retained earnings.

The Insurance IGD ratio was 241% at the end of March 2011, stable compared with the end of December 2010.

The Group's debt/equity ratio increased from 13.4% at yearend 2010 to 13.6% at the end of the fi rst quarter. The adjusted equity of ING Group decreased by EUR 0.3 billion

to EUR 54.0 billion, mainly refl ecting EUR -2.1 billion of currency effects which were only partly offset by fi rstquarter retained earnings of EUR 1.4 billion. Group core debt was stable as there were no capital fl ows between ING Group, ING Insurance and ING Bank.

On 7 March 2011, ING announced its intention to repurchase EUR 2 billion of core Tier 1 securities from the Dutch State on 13 May 2011. The total payment will be EUR 3 billion and includes a 50% repurchase premium. The Dutch Central Bank (DNB) has given its fi nal approval for this repurchase. Based on ING Bank's capital position at the end of the fi rst quarter of 2011, the repurchase in May would reduce the core Tier 1 ratio by 95 basis points to 9.1% on a pro-forma basis.

APPENDIX 1 ING GROUP: CONSOLIDATED PROFIT AND LOSS ACCOUNT

l i da d p f i t d los ING G : C te t rou p on so ro an s a cco un
	Tot al G	1 rou p	Tot al B	ank ing	Tot al In	1 sura nce
in E UR mill ion	1Q2 011	1Q 201 02	1Q2 011	1Q 201 0	1Q2 011	1Q 201 02
Gro ium inc ss p rem om e	8,2 55	8,2 62			8,2 55	8,2 62
Inte ult Ban king tion rest res op era s	3,3 93	3,2 26	3,3 96	3,2 63
Com mis sion inc om e	1,1 92	1,0 87	695	655	497	432
al in oth Tot nt & er i tme ves nco me	1,5 58	1,4 74	418	259	1,2 33	1,2 35
al u nde rly Tot ing inc om e	14, 396	14, 050	4,5 08	4,1 78	9,9 84	9,9 29
Und ditu ritin erw g ex pen re	8,2 74	8,6 34			8,2 74	8,6 34
Staf f ex pen ses	1,9 66	1,8 63	1,4 44	1,3 43	522	520
Oth er e xpe nse s	1,4 20	1,3 09	959	886	461	423
ible and Inta orti sati im irm ent ng s am on pa s	78	169	78	169
rati Ope ng exp ens es	3,4 65	3,3 41	2,4 81	2,3 99	984	943
atio Inte rest es I exp ens nsu ran ce o per ns	157	158			253	215
Add itio loa n lo isio n to ss p rov ns	332	497	332	497
Oth er	14	16			14	16
al u nde rly ing dit Tot ex pen ure	12, 241	12, 646	2,8 13	2,8 96	9,5 24	9,8 08
Und erly ing ult bef tax res ore	2,1 56	1,4 03	1,6 95	1,2 82	461	121
atio Tax n	630	457	482	349	148	108
Min orit inte rest y s	33	23	24	22	9	1
Und erly ing sul t re t ne	92 1,4	923	89 1,1	911	303	12
ins/ loss n d ives Net tme nts ga es o	11	403	11	405		-2
ult from div d u nits Net este res	-3				-3
Spe cial ite afte r ta ms x	-11 9	-97	-53	-75	-66	-22
Net ult res	1,3 81	1,2 30	1,1 47	1,2 41	234	-11

Including intercompany eliminations

The result of this period has been restated to refl ect the change in accounting policy, i.e., the move towards fair value accounting for Guaranteed Minimum Withdrawal Benefi ts for life in the US Closed Block VA as of 1 January 2011.

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	31 Ma r. 2 011	31 Dec . 20 101	31 Ma r. 2 011	31 Dec . 20 10	31 Ma r. 2 011	31 Dec . 20 101	31 Ma r. 2 011	31 Dec . 20 10
Ass ets
h a nd bala ith tral ba nks Cas nce s w cen	16, 301	13, 072	12, 970	9,5 19	7,4 51	8,6 46	-4, 120	-5,0 93
ts d ue f ba nks Am oun rom	55, 435	51, 828	55, 435	51, 828
l as fair lue thro h P Fina ncia &L sets at va ug	249 ,31 0	263 ,89 4	128 ,10 1	137 ,12 6	122 ,83 7	128 ,50 3	-1,6 28	-1,7 35
Inve stm ent s	229 ,50 3	234 ,24 0	109 ,57 1	110 ,89 3	119 ,93 3	123 ,34 7
nd adv Loa es t usto ns a anc o c me rs	611 ,13 8	613 ,20 4	586 ,86 1	587 ,44 9	30, 031	31, 020	-5,7 54	-5,2 65
Rein ntra cts sura nce co	5,5 44	5,7 89			5,5 44	5,7 89
s in ocia Inve stm ent tes ass	3,7 61	3,9 25	1,3 00	1,4 94	2,4 67	2,4 28	-6	3
l es inv Rea tate estm ent s	1,8 57	1,9 00	526	562	1,0 53	1,0 63	278	275
nd ipm Pro ty a ent per equ	6,1 59	6,1 32	5,6 65	5,6 15	494	517
ible Inta ets ng ass	5,1 04	5,3 72	2,1 62	2,2 65	3,0 98	3,2 56	-15 6	-14 9
Def d a isiti ts erre cqu on cos	10, 125	10, 499			10, 125	10, 499
held for sal Ass ets e	680	681	308	300	372	381
Oth sset er a s	34, 319	36, 469	24, 609	26, 023	10, 633	10, 209	-92 4	237
al a Tot ts sse	1,2 29, 235	1,2 005 47,	927 ,50 7	933 ,07 3	314 ,03 6	325 ,65 9	-12 ,30 8	,72 8 -11
Equ ity
Sha reh old ers' uity eq	40, 067	40, 904	34, 869	34, 451	18, 955	20, 159	-13 ,75 6	-13 ,70 6
Min orit inte rest y s	742	729	617	617	124	112
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	45, 809	46, 633	35, 486	35, 069	19, 079	20, 271	-8,7 56	-8,7 06
Lia bili ties
Sub ord inat ed loan s	10, 213	10, 644	19, 087	21, 021	4,2 95	4,4 07	-13 ,17 0	-14 ,78 4
Deb ities in issu t se cur e	140 ,14 5	135 ,60 4	130 ,73 9	125 ,06 6	3,9 01	3,9 67	5,5 05	6,5 71
Oth er b d fu nds orro we	19, 829	22, 292			7,8 54	8,5 88	11, 975	13, 704
nd Insu inve stm ent ntra cts ran ce a co	263 ,15 4	271 ,12 9			263 ,15 4	271 ,12 9
ts d o b ank Am ue t oun s	79, 341	72, 852	79, 341	72, 852
er d d o the r fu nds de Cus sits its tom epo an on pos	513 ,27 4	511 ,36 2	519 ,40 9	519 ,30 4			-6, 135	-7,9 42
l lia bilit at f valu e th h P Fina ncia ies air &L rou g	122 ,18 4	138 ,53 8	120 ,27 7	136 ,58 1	3,3 96	3,6 77	-1,4 89	-1,7 20
Liab ilitie s he ld f ale or s	399	424	128	145	271	279
Oth er l iabi litie s	34, 886	37, 527	23, 039	23, 035	12, 086	13, 342	-23 9	1,1 50
al l iab iliti Tot es	1,1 83, 426	1,2 00, 373	892 ,02 2	898 ,00 5	294 ,95 7	305 ,38 9	-3,5 53	-3,0 21
al e ity and lia bili ties Tot qu	1,2 29, 235	1,2 47, 005	927 ,50 7	933 ,07 3	314 ,03 6	325 ,65 9	-12 ,30 8	-11 ,72 8

The fi gures of this period have been restated to refl ect the change in accounting policy, i.e., the move towards fair value accounting for Guaranteed Minimum Withdrawal Benefi ts for life in the US Closed Block VA as of 1 January 2011.

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 Net	land s	Bel g	ium		Dir ect	tral Cen	Eu rop e	Asi	a
in E mill ion UR	1Q2 011	1Q 201 0		1Q 201 0	1Q 201 1	1Q 201 0	1Q 201 1	1Q 201 0	1Q 201 1	1Q 201 0	1Q 201 1	1Q 201 0
Inte ult rest res	2,4 74	2,3 87	899	912	401	391	963	867	173	175	38	42
Com mis sion inc om e	356	359	127	143	99	96	48	37	66	71	16	13
Inve inc stm ent om e	2	-11	1	0	2	9	6	-20	-7	1	1	0
Oth er i nco me	93	7	30	-1	25	28	-15	-28	38	-2	15	10
Tot al u nde rly ing inc om e	2,9 26	2,7 42	1,0 56	1,0 54	527	523	1,0 02	856	271	244	70	65
aff and oth St er e xpe nse s	1,6 76	1,5 32	597	548	355	310	485	455	194	182	44	37
ible and In orti sati im irm tan ent g s am on pa s	11	9	3	6	0	0	8	3	0	0	0	0
Ope rati ng exp ens es	1,6 87	1,5 40	600	553	355	310	492	458	194	182	44	37
lt Gro ss r esu	1,2 39	1,2 02	456	500	171	213	510	398	76	62	26	28
Add loa n lo itio isio n to ss p rov n	262	335	79	141	18	39	138	129	20	16	7	9
Und erly ing ult bef tax res ore	977	867	377	359	153	174	372	269	56	45	19	19
Clie nt b ala s (i bill ion ) n E UR nce
iden tial Res Mo rtga ges	316 .6	295 .5	139 .7	133 .5	26. 4	23. 6	146 .0	134 .7	3.8	3.2	0.7	0.6
Oth end ing er L	88. 8	84. 5	42. 9	43. 0	27. 9	26. 1	3.6	3.3	11. 1	9.4	3.2	2.7
ds E sted Fun ntru	438 .9	420 .9	103 .2	104 .6	70. 4	67. 7	241 .2	227 .2	20. 3	18. 1	3.7	3.4
al F und AU M/M utu s	58. 9	56. 3	16. 8	16. 8	27. 9	27. 4	11. 6	10. 3	2.3	1.5	0.4	0.3
fi ta bili nd effi cie 1 Pro ty a ncy
t/in tio Cos com e ra	6% 57.	2% 56.	9% 56.	5% 52.	5% 67.	3% 59.	1% 49.	5% 53.	7% 71.	8% 74.	8% 62.	6% 56.
uity 2 Ret Eq urn on	8% 20.	8% 19.	2% 30.	7% 28.	8% 31.	6% 36.	6% 16.	9% 13.	8% 10.	% 9.5	% 7.3	% 7.2
Ris k1
Risk in b f av sts RW A co p o era ge	60	78	63	112	39	83	75	72	35	31	31	43
Risk ig hte d a s (e nd of p erio d) sset -we	,72 174 5	,01 2 175	50, 320	51, 175	18, 143	18, 799	73, 135	918 74,	23, 526	21, 316	9,6 01	8,8 04

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 t mm erc an on so ro an s a cco un
	al C Tot Ban	l rcia om me king		& P CM	Stru ctu Fina	red nce	Lea sing Fac tori	& ng	l Fina ncia rket Ma s		Oth er duc Pro ts		al C l Tot rcia om me king l. R Ban E exc		ING Re	al E stat e
in E mill ion UR	1Q 201 1	1Q 201 0	1Q 201 1	1Q 201 0	1Q 201 1	1Q 201 0	1Q 201 1	1Q 201 0	1Q 201 1	1Q 201 0	1Q 201 1	1Q 201 0	1Q 201 1	1Q 201 0	1Q 201 1	1Q 201 0
ult Inte rest res	926	923	224	236	281	262	51	43	276	276	-23	-2	809	814	117	109
mis sion inc Com om e	340	298	48	54	123	87	11	8	6	6	56	49	244	204	97	94
inc Inve stm ent om e	71	36	10	0	1	-2	0	0	52	43	3	-1	66	39	5	-3
Oth er i nco me	323	290	11	5	-22	-20	61	53	257	244	-7	-11	301	271	22	19
al u nde rly ing inc Tot om e	1,6 60	1,5 47	293	296	382	327	123	103	591	568	30	34	19 1,4	1,3 28	241	219
St aff and oth er e xpe nse s	687	658	138	126	99	98	54	55	207	190	90	72	587	540	100	118
In ible orti sati and im irm tan ent g s am on pa s	60	153	0	0	0	0	0	0	0	0	0	0	0	0	59	152
Ope rati ng exp ens es	747	811	138	126	99	98	54	55	207	190	90	72	587	541	160	270
Gro lt ss r esu	913	736	156	169	283	229	69	48	384	378	-60	-38	832	787	81	-51
Add itio loa n lo isio n to ss p rov n	70	162	64	42	-29	31	24	30	1	2	-1	0	59	104	11	58
bef Und erly ing ult tax res ore	843	574	92	127	313	199	45	18	383	376	-60	-37	773	683	70	-10 9
s (i ) Clie nt b ala n E UR bill ion nce
Res iden tial Mo rtga ges
Oth end er L ing	140 .2	135 .8	35. 0	35. 8	51. 5	45. 8	16. 6	16. 3	3.4	3.8	0.0	0.0	106 .4	101 .8	33. 7	34. 0
ds E sted Fun ntru	57. 4	54. 7	34. 7	31. 8	2.1	3.0	0.1	0.0	20. 2	19. 2	0.3	0.7	57. 4	54. 7
al F und AU M/M utu s	62. 4	66. 4													62. 4	66. 4
fi ta bili nd effi Pro cie 1 ty a ncy
Und erly ing t/in tio cos com e ra	45. 0%	52. 4%	46. 9%	42. 8%	25. 9%	29. 8%	43. 8%	53. 2%	35. 0%	33. 5%	304 .4%	210 .6%	41. 4%	40. 7%	66. 3%	123 .3%
2 Ret Eq uity urn on	24. 2%	14. 1%	9.3 %	10. 2%	31. 6%	18. 3%	19. 6%	6.7 %	50. 5%	44. 9%	-43 .5%	-30 .7%	25. 3%	19. 8%	14. 2%	-29 .1%
Ris k1
Risk in b f av RW A sts co p o era ge	20	42	63	36	-29	28	119	138	1	2	-4	-2	19	30	30	127
Risk ig hte d a s (e nd of p erio d) sset -we	138 ,05 3	151 ,50 0	39, 545	43, 734	40, 733	41, 489	8,3 96	8,2 52	31, 172	35, 614	4,6 18	4,6 12	124 ,46 4	133 ,70 1	13, 589	17, 799

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)

Insurance: Margin analysis and Key fi gures

	ING Ins ura nce		elux Ben		Cen t of Res	tral & Eu rop e	ited Un Sta tes		US Clo sed Blo ck V A		in A rica Lat me		Asi cifi c a/Pa		ING IM		Lin Co rate rpo e
In E UR mill ion	1Q 201 1	1Q2 010 1	1Q2 011	1 Q20 10	1Q2 011	1 Q20 10	1Q2 011	1 Q20 10	1Q2 011	1 Q20 101	1Q 201 1	1Q2 010	1 Q20 11	1Q2 010	1 Q20 11	1Q2 010	1 Q20 11	1Q2 010
Inve in stm ent ma rg	39 1	329	119	98	15	17	216	201	7	-13	18	15	14	9	1	2
d p -ba sed Fee ium s an rem rev enu es	1,3 26	1,2 00	165	167	118	123	268	252	57	41	103	92	376	321	238	204
hni cal Tec in ma rg	20 3	182	78	54	40	36	21	51	7	8	9	6	47	27	-	-
del led life bus Inco ines me non -mo s	26	32	10	14	3	3	-0	0	0	0	0	0	12	14	-0	-0
Life & ING IM tin inc op era g om e	1,9 46	1,7 44	373	334	177	179	505	504	71	36	130	113	450	371	239	206
Adm inis ive trat exp ens es	77 8	757	139	150	82	61	182	225	21	21	52	45	114	96	188	160
d tr ail c DA C a rtisa tion mis sion mo an om s	50 4	434	65	65	48	46	151	140	36	6	23	15	181	162	1	1
Life & ING IM ex pen ses	1,2 82	1,1 91	204	215	130	106	333	365	57	27	75	60	294	257	189	161
Life tin sul & ING IM t op era g re	66 4	552	169	119	47	73	172	139	14	9	55	53	155	114	51	45
-life ting ult Non op era res	70	47	40	32	1	1	-	-	-	-	28	13	1	1	-	-
Line ting ult Cor ate por op era res	-17 2	-18 5															-17 2	-18 5
tin sul Op t era g re	56 1	414	209	151	48	74	172	139	14	9	83	66	157	115	51	45	-17 2	-18 5
Gai ns/l nd imp airm ent oss es a s	-12 5	-20 0	-11 1	-10	-8	-4	-39	-22 1	6	14	0	0	21	15	5	5	1	1
alua tion Rev s	67	43	9	-21	-	-	43	82	3	1	-3	12	-1	0	5	-1	12	-31
rket & o the r im Ma ts pac	-43	-13 6	-93	66	-	-	8	-19	39	-18 0	-	-	2	6	-	-	2	-10
Und erly ing ult bef tax res ore	46 1	121	14	186	40	70	184	-19	61	-15 5	80	79	179	136	60	49	8 -15	-22 5
Life bu sin fi g Ins - N ura nce ew ess ure s
Sing le p ium rem s	3,4 33	3,1 53	732	658	245	171	1,9 00	23 1,4	0	279	449	478	107	143	-	-	-	-
Ann ual miu pre ms	1,0 40	926	125	90	73	82	320	307	-	-	10 0	98	423	349	-	-	-	-
New sal es ( APE )	1,3 84	1,24 2	198	156	97	100	510	450	0	28	144	145	434	363	-	-	-	-
Key fi g ure s
Gro ium inc ss p rem om e	8,2 55	8,2 62	2,9 44	2,9 97	599	542	2,7 30	2,7 74	118	292	48	32	1,8 11	1,6 19	-	-	6	6
ife Adm / op ting inc e (L & IN G IM ) . ex pen ses era om	40. 0%	43. 4%	37. 3%	44. 9%	46. 3%	34. 1%	36. 0%	44. 6%	29. 6%	58. 3%	40. 0%	39. 8%	25. 3%	25. 9%	78. 7%	77. 7%	-51 .6%	-12 .3%
Life (en f pe ) al a d o riod , in EUR bil lion unt ets ge ner cco ass	15 9	153	60	58	8	8	60	59	4	5	2	3	23	20	1	1	-	-
Life et ( )2 Inve in / al a in b stm ent unt ma rg ge ner cco ass ps	95	84	79	72	96	99	134	115	16	-26	305	199	27	13	37	358
n fo r lif for risk licy hol der Prov isio e in & inve stm ntra cts sura nce . co po (en d o f pe riod )	11 6,5 91	114 ,96 2	22, 084	22, 733	3,8 13	3,5 96	35, 908	33, 520	33, 541	34, 545	143	108	21, 103	20, 459	-	-	-	-
duc tion clie nt b alan (in bil lion ) Net EUR pro ces	2.0	-5.1	-0.1	0.7	0.4	0.3	-0.7	-0.9	-0.7	-0.4	0.8	0.6	0.2	0.1	2.2	-5.4	-	-
Clie nt b alan (en d o f pe riod , in bil lion ) EUR ces	3.7 44	426 .1	70. 1	69. 8	29. 2	26. 8	92. 9	93. 5	34. 2	35. 2	47. 4	40. 7	42. 1	39. 1	127 .7	121 .1	-	-
Adm inis ive es ( l) trat tota exp ens	90 8	870	233	239	83	62	182	225	21	21	52	45	115	96	188	160	33. 9	21. 5

1 The result of this period has been restated to refl ect the change in accounting policy, i.e. the move towards fair value accounting for Guaranteed Minimum Withdrawal Benefi ts for life in the US Closed Block VA as of 1 January 2011 2 Four-quarter rolling average

ENQUIRIES

Investor enquiries

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

Press enquiries

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

Investor conference call, media conference call and webcast

Jan Hommen, Patrick Flynn and Koos Timmermans will discuss the results in an analyst and investor conference call on 5 May 2011 at 9:00 CET. Members of the investment community can join the conference call at +31 20 794 8500 (NL), +44 207 190 1537 (UK) or +1 480 629 9031 (US) and via live audio webcast at www.ing.com.

A media conference call will be held on 5 May 2011 at 11:00 CET. Journalists are invited to join the conference in listen-only mode at +31 20 794 8500 (NL) or +44 20 7190 1537 (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
• Condensed consolidated interim fi nancial information for the period ended 31 March 2011

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 1Q2011 Interim 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.

2 Result per share differs from IFRS earnings per share in respect of attributions to the core Tier 1 securities.

Notes from the front page table:

¹ The fi gures of this period have been restated to refl ect the change in accounting policy, i.e., the move towards fair value accounting for Guaranteed Minimum Withdrawal Benefi ts for life in the US Closed Block VA as of 1 January 2011.

³ Annualised underlying net result divided by average IFRS-EU equity. (For Insurance, the 2010 quarterly results are adjusted for the after-tax allocated cost of Group core debt.)