ING Groep N.V. — Earnings Release 2012

May 9, 2012

PRESS RELEASE

9 May 2012

ING posts 1Q12 underlying net profi t of EUR 705 million

• ING Group 1Q12 net profi t totalled EUR 680 million, including the impact of divestments and special items
• Bank underlying result before tax increased 65.1% from 4Q11 to EUR 1,126 million, helped by lower impairments. Results include EUR -304 million of valuation adjustments (CVA/DVA) and fair value changes on own Tier 2 debt as credit spreads tightened. Excluding that impact, Bank results were down just 6.8% from a strong 1Q11
• Insurance posted an operating result of EUR 475 million, supported by a strong investment margin and higher fees and premium-based revenues. Sales rose 5.1% from 1Q11, and jumped 29.6% from 4Q11. Underlying results were impacted by losses on hedges to protect regulatory capital, leading to a pre-tax underlying loss of EUR 18 million
• Capital ratios remained strong: ING Bank's core Tier 1 ratio strengthened to 10.9%, refl ecting the sale of ING Direct USA and ongoing capital generation. The Insurance IGD solvency ratio remained stable at 225%
• ING has begun discussions with the Dutch State, and together with the State will soon start discussions with the European Commission following the favourable court ruling on ING's appeal

Chairman's Statement

"The operating environment remained challenging in the fi rst quarter, as the European sovereign debt crisis persisted, increasing volatility on fi nancial markets. The impact of this environment was evident in our underlying results, which declined from a strong fi rst quarter last year; however, earnings for both Bank and Insurance improved from the previous quarter," said Jan Hommen, CEO of ING Group.

"Bank results rose 65.1% from the fourth quarter, supported by lower impairments, despite a negative CVA/DVA adjustment in the fi rst quarter of 2012. Expenses declined compared with both prior quarters, and loan loss provisions improved slightly from the fourth quarter, but are expected to remain elevated given the weakening economic environment in Europe. Although competition for savings remained intense, Retail Banking attracted EUR 11.4 billion in new deposits, further strengthening the funding position of ING Bank, and on professional markets the Bank raised EUR 9.2 billion of long-term funding. The capital position strengthened further with a 10.9% core Tier 1 ratio."

"Insurance results recovered from the fourth quarter, though underlying earnings continue to be impacted by mark-tomarket losses on hedges to protect regulatory capital. Operating results remained solid, driven by a strong investment margin and higher fees and premium-based revenues as sales gained momentum in Asia, the US and Central Europe."

"While ING welcomed the favourable court ruling on ING's appeal against the European Commission, we remain committed to the decision to separate the banking and insurance operations, and are making good progress in preparing our Insurance and Investment Management businesses for stand-alone futures in Europe and the US."

Key Figures1
	1Q2012	1Q2011	Change	4Q2011	Change
ING Group key fi gures (in EUR million)
Underlying result before tax Group	1,108	1,961	-43.5%	-666
of which Bank	1,126	1,533	-26.5%	682	65.1%
of which Insurance	-18	428	-104.2%	-1,348
Underlying net result	705	1,354	-47.9%	-594
Net result	680	1,381	-50.8%	1,186	-42.7%
Net result per share (in EUR)2	0.18	0.37	-51.4%	0.31	-41.9%
Total assets (end of period, in EUR billion)	1,242	1,229	1.0%	1,279	-2.9%
Shareholders' equity (end of period, in EUR billion)	48	40	18.8%	47	2.0%
Underlying return on equity based on IFRS-EU equity4	6.0%	13.4%		-5.2%
Banking key fi gures
Underlying interest margin	1.32%	1.40%		1.36%
Underlying cost/income ratio	58.8%	56.0%		66.8%
Underlying risk costs in bp of average RWA	59	34		61
Core Tier 1 ratio	10.9%	10.0%		9.6%
Underlying return on equity based on IFRS-EU equity4	8.6%	12.5%		5.9%
Insurance key fi gures
Operating result (in EUR million)	475	511	-7.0%	478	-0.6%
Investment margin / life general account invested assets (in bps)3	118	98		113
Administrative expenses / operating income (Life & ING IM)	41.9%	39.6%		42.0%
Underlying return on equity based on IFRS-EU equity4	-0.7%	5.6%		-19.1%

The footnotes relating to 1-4 can be found on page 14 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 a fi rst-quarter underlying net profi t of EUR 705 million. Results improved compared with the fourth quarter for both Bank and Insurance, but were down compared with the strong fi rst quarter of 2011. Underlying pre-tax results at ING Bank rose 65.1% sequentially to EUR 1,126 million, despite a EUR 304 million negative net impact of CVA/DVA and fair value changes on own-issued Tier 2 debt. Excluding that impact, Bank results were down just 6.8% from the fi rst quarter of 2011. Insurance operating results were robust at EUR 475 million, down by only 0.6% from the fourth quarter, supported by higher fees and premium-based revenues and a strong investment margin. On an underlying basis, Insurance posted a quarterly loss of EUR 18 million, refl ecting negative results on hedges in place to protect regulatory capital in the Benelux and the US. ING Group's net profi t was EUR 680 million in the fi rst quarter of 2012, and included special items and the gain from the divestment of ING Direct USA.

The fi rst-quarter underlying result before tax of ING Bank was EUR 1,126 million. Results were resilient despite pressure on the interest margin and the EUR -304 million impact of CVA/DVA and fair value changes on own-issued Tier 2 debt resulting from the tightening of credit spreads. Additions to loan loss provisions remained elevated, but declined slightly from the fourth quarter of 2011. Risk costs increased sharply from the fi rst quarter of 2011, as that quarter included sizeable releases. Operating expenses decreased slightly compared with both prior quarters, consistent with ongoing cost-containment initiatives.

Despite strong competition for savings, ING Bank attracted a net infl ow of funds entrusted of EUR 5.3 billion, refl ecting continued focus on optimising the balance sheet through strong deposit-generation in ING's home markets. Total lending continued to grow, despite ongoing weak demand in most segments. The net production of total lending was EUR 2.8 billion.

The operating result of ING Insurance was solid at EUR 475 million. Compared with the fourth quarter of 2011, the operating result decreased just 0.6%, as an increase in the Life operating profi t was slightly mitigated by lower Nonlife results. Operating results were down 7.0% year-onyear due to higher administrative expenses, a lower technical result and lower Non-life results.

The mark-to-market result on derivatives used to hedge local regulatory capital in the Netherlands and the US continued to impact the underlying results at Insurance. Insurance posted an underlying loss before tax of EUR 18 million in the fi rst quarter, primarily due to negative results on hedges of EUR -379 million in the US Closed Block VA business and EUR -191 million in the Benelux.

Insurance sales (APE) rose 5.1% year-on-year, or 2.2% on a constant currency basis, driven by higher sales at Insurance US, Asia/Pacifi c, and Central & Rest of Europe. APE jumped 29.6% (26.9% excluding currency effects) from the fourth quarter of 2011, fuelled by seasonally higher sales in Asia/ Pacifi c and higher Full Service Retirement Plan and Employee Benefi ts sales in the US.

The Group's quarterly net profi t was EUR 680 million compared with EUR 1,381 million in the fi rst quarter of last year and EUR 1,186 million in the previous quarter. The underlying effective tax rate was 32.5% in the fi rst quarter. The net result included the EUR 489 million net gain on the sale of ING Direct USA, which closed on 17 February 2012. Special items after tax totalled EUR -515 million including the impact of a provision for a potential settlement with authorities in the US.

The fi rst-quarter net profi t per share was EUR 0.18. The average number of shares used to calculate earnings per share over the fi rst quarter was 3,785 million. The Group's underlying net return on IFRS-EU equity was 6.0% for the fi rst three months of 2012.

Update on regulatory measures and law enforcement agencies investigations

As previously disclosed, ING Bank is in discussions with US authorities, including the Offi ce of Foreign Assets Control ("OFAC"), concerning transactions executed by Commercial Banking until 2007 which are subject to investigation. ING Bank is cooperating fully with the ongoing investigations and is engaged in discussions to resolve these matters with the US authorities. Those discussions recently have advanced to the point where it is appropriate for ING Bank to take a provision for a potential settlement. This had an impact on the result after tax of EUR 370 million, recorded as a special item. Pending ongoing discussions with US authorities concerning these matters ING Bank is not in a position to provide further information at this time.

ING Bank is fully committed to conducting its business with the highest levels of integrity and regulatory compliance, which includes strict compliance with all applicable laws, regulations and standards in each of the markets and jurisdictions in which it operates. Over the past years, ING Bank has signifi cantly increased its global compliance efforts, including a major increase of the number of compliance staff, amendments of key policies and guidelines and the international rollout of several programmes for education, awareness and monitoring of sanctions and compliance issues. The ongoing discussions with authorities in the US do not involve ING's Insurance and Investment Management operations, nor Retail Banking or ING Direct.

BANKING

Banking key fi gures
	1Q2012	1Q2011	Change	4Q2011	Change
Profi t and loss data (in EUR million)
Underlying interest result	3,052	3,092	-1.3%	3,114	-2.0%
Underlying income	3,801	4,037	-5.8%	3,398	11.9%
Underlying operating expenses	2,235	2,262	-1.2%	2,269	-1.5%
Underlying addition to loan loss provision	441	242	82.2%	447	-1.3%
Underlying result before tax	1,126	1,533	-26.5%	682	65.1%
Key fi gures
Underlying interest margin	1.32%	1.40%		1.36%
Underlying cost/income ratio	58.8%	56.0%		66.8%
Underlying risk costs in bp of average RWA	59	34		61
Risk-weighted assets (end of period, in EUR billion, adjusted for divestm.)	300	283	6.0%	297	0.8%
Underlying return on equity based on IFRS equity1	8.6%	12.5%		5.9%
Underlying return on equity based on 10% core Tier 12	10.4%	15.6%		7.2%

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

Annualised underlying, after-tax return divided by average equity based on 10% core Tier 1 ratio.

The underlying result before tax of ING Bank rose 65.1% from the fourth quarter of 2011, supported by lower impairments and losses from de-risking. Results in the quarter included EUR -304 million of credit and debt valuation adjustments (CVA/DVA) and fair value changes on own Tier 2 debt as credit spreads tightened. Excluding that impact, Bank results were down just 6.8% from a strong fi rst quarter of 2011. Income showed resilience despite pressure on the interest margin as competition for savings continued. Risk costs remained elevated, but improved slightly from the fourth quarter. Underlying operating expenses decreased slightly compared with both comparable quarters, supporting results for the fi rst quarter of 2012.

Total underlying income decreased 5.8% from the fi rst quarter of 2011. However, excluding the EUR 198 million net loss from CVA/DVA at Commercial Banking and the EUR 106 million of negative fair value changes on the Bank's own Tier 2 debt, underlying income rose 1.6% yearon-year. Impairments and de-risking losses diminished versus the fourth quarter of 2011, supporting an 11.9% increase in operating income. Results in the fourth quarter included EUR 133 million impairments on Greek government bonds and EUR 79 million realised losses from selective de-risking. The fi rst quarter of 2012 included EUR 39 million of realised losses from selective de-risking. Impairments and negative fair value changes on real estate investments were negligible at EUR 6 million, while Greek government bond exchanges following the PSI programme yielded a EUR 22 million gain. Other realised gains on bonds and equities amounted to EUR 98 million.

The fi rst-quarter underlying interest result was 1.3% lower than a year ago and down 2.0% from the previous quarter. These declines were largely related to lower interest margins on savings refl ecting ongoing competition.

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

The underlying interest margin for the fi rst quarter of 2012 was 1.32%, down from 1.36% in the fourth quarter of 2011. Approximately 3 basis points of the decline were caused by higher balances with central banks, as the majority of excess cash received from clients was placed at the ECB. Margins for savings remained under pressure, most notably in Retail Netherlands and Retail International, refl ecting competition as well as a shift from variable savings to fi xed-term deposits as the Bank works towards optimising its funding and the composition of local balance sheets. In Retail Belgium margins improved slightly, while in Commercial Banking margins were down slightly as demand for lending in most segments remained muted.

Despite strong competition, total funds entrusted grew by EUR 5.3 billion (adjusted for currency impacts and divestments). Retail Banking recorded EUR 11.4 billion of net infl ow – with all reporting segments showing an increase – underscoring the strength of ING's depositgathering capabilities. The most notable infl ow was in the Netherlands where EUR 4.4 billion was attracted, largely due to the continuation of a successful one-year fi xed-term deposit campaign. Commercial Banking reported a net outfl ow in funds entrusted of EUR 6.1 billion, mainly from asset managers and corporate treasuries, while issued certifi cates of deposit and commercial paper rose by EUR

22 billion, partly purchased by the same clients. Total net lending production at ING Bank was EUR 2.8 billion (adjusted for currency impacts and divestments), refl ecting low demand for credit. The net production of residential mortgages was EUR 1.6 billion and was primarily in Germany and Belgium. Other lending balances grew by EUR 1.2 billion, as a EUR 0.5 billion decline in Commercial Banking was more than compensated by EUR 1.8 billion of net growth in Retail Banking, mainly in Belgium.

Underlying operating expenses decreased compared with the fi rst and fourth quarters of 2011, refl ecting ongoing cost-containment measures. The 1.2% decline from the fi rst quarter of 2011 was supported by currency effects, but it also refl ects lower performance-related personnel expenses and lower marketing costs. Expenses declined 1.5% from the fourth quarter of 2011, which included EUR 46 million of impairments on software and goodwill. The quarter-on-quarter expense decline was primarily attributable to lower marketing costs, which helped to mitigate the impact of higher performance-related personnel expenses and higher charges for bank levies. The fi rst-quarter cost/income ratio was 58.8%, or 54.0% excluding market impacts and the CVA/DVA adjustment.

Risk costs declined slightly by 1.3% from the fourth quarter of 2011, but remained elevated. Additions to loan loss provisions were EUR 441 million, up from EUR 242 million a year ago, as the fi rst quarter of 2011 was supported by a few specifi c releases in Industry Lending and in the Belgian mid-corporate segment. Risk costs declined modestly compared with the fourth quarter of 2011 as lower risk costs for the mid-corporate segment in the Netherlands were offset by a provision for a CMBS position within Retail International. Risk costs at Commercial Banking were almost fl at. Total risk costs in the fi rst quarter were 59 basis points of average riskweighted assets. For the coming quarters, ING expects risk costs to remain elevated at around these levels.

Retail Banking's underlying result before tax decreased 27% from a year ago, but increased 78% from the fourth quarter of 2011, supported by lower impairments and lower losses from de-risking. The interest result declined versus both comparable quarters, consistent with lower

margins as competition for savings continued. Expenses edged up 1.2% year-on-year, but declined 3.4% sequentially, refl ecting ongoing cost containment. Loan loss provisions remained elevated in the current quarter, mainly in business lending, but improved slightly versus the fourth quarter, particularly in the Netherlands.

Commercial Banking reported a solid fi rst quarter, with an underlying result before tax of EUR 611 million. Results in the current quarter included EUR -198 million negative valuation adjustments (CVA/DVA) resulting from higher fair values of ING's issued structured notes. Excluding that impact, the underlying profi t before tax was EUR 809 million, up 4.9% versus the fi rst quarter of 2011 and up by EUR 549 million from the fourth quarter. Expenses declined compared with both prior periods, refl ecting ongoing cost containment. Loan loss provisions rose from the same quarter of last year, which included a net release in Industry Lending, and increased slightly from the fourth quarter of 2011.

The underlying loss before tax in Corporate Line Banking narrowed to EUR 101 million from EUR -120 million in the fi rst quarter of 2011. This was despite EUR -106 million of fair value changes on part of ING Bank's own Tier 2 debt in the current quarter, due to the tightening of ING's credit spreads. The improvement in Corporate Line results from a year ago was mainly due to lower capital benefi ts paid to the business lines following the ING Direct USA divestment. Lower interest expenses following the liability management transactions executed in December 2011 also supported the Corporate Line result.

ING Bank's net result was EUR 831 million, including a EUR 489 million net gain on the sale of ING Direct USA. Special items after tax totalled EUR -404 million, including the impact of the provision for a potential settlement with US authorities.

The underlying return on IFRS-EU equity declined to 8.6%, mainly due to the lower quarterly result. The Ambition 2015 return on IFRS-EU equity target is 10-13%. The return on equity based on a 10% core Tier 1 ratio was 10.4%.

RETURN ON EQUITY BANK (in %)

INSURANCE

Insurance key fi gures
	1Q2012	1Q2011	Change	4Q2011	Change
Margin analysis (in EUR million)
Investment margin	459	371	23.7%	440	4.3%
Fees and premium-based revenues	1,228	1,203	2.1%	1,104	11.2%
Technical margin	141	196	-28.1%	172	-18.0%
Income non-modelled life business	14	25	-44.0%	19	-26.3%
Life & ING IM operating income	1,843	1,795	2.7%	1,735	6.2%
Administrative expenses	773	710	8.9%	728	6.2%
DAC amortisation and trail commissions	507	482	5.2%	483	5.0%
Life & ING IM operating expenses	1,280	1,191	7.5%	1,211	5.7%
Life & ING IM operating result	563	604	-6.8%	524	7.4%
Non-life operating result	9	42	-78.6%	39	-76.9%
Corporate Line operating result	-96	-135		-86
Operating result	475	511	-7.0%	478	-0.6%
Non-operating items	-493	-84		-1,827
Underlying result before tax	-18	428	-104.2%	-1,348
Key fi gures
Administrative expenses / operating income (Life & ING IM)	41.9%	39.6%		42.0%
Life general account invested assets (end of period, in EUR billion)1	157	149	5.4%	159	-1.3%
Investment margin / life general account invested assets (in bps)2	118	98		113
ING IM Assets under Management (end of period, in EUR billion)	327	304	7.6%	322	1.6%
Underlying return on equity based on IFRS-EU equity3	-0.7%	5.6%		-19.1%

1 Revised defi nition: the Life GA invested assets defi nition has been revised to better align with the investment margin on operating basis by, amongst others, excluding nontrading derivatives and revaluations on debt securities; all previous quarters have been restated

2 Four-quarter rolling average

3 Annualised underlying net result divided by average IFRS-EU equity

Operating results for Insurance remained robust, supported by a strong investment margin and higher fees and premium-based revenues. Sales gained momentum in Asia/ Pacifi c, the US and Central & Rest of Europe, and were up 5.1% year-on-year. First-quarter underlying results were strongly impacted by market-related items, including negative results on hedges, as ING continued to focus on protecting regulatory capital amid volatile fi nancial markets.

The operating result for Life Insurance and Investment Management declined 6.8% from one year ago to EUR 563 million. This was due primarily to higher administrative expenses and a lower technical margin, which together more than offset an increase in the investment margin. Compared with the fourth quarter of 2011, the operating result rose 7.4%. This was mainly attributable to higher fees and premium-based revenues and a higher investment margin, which mitigated the impact of higher administrative expenses and a lower technical margin.

The investment margin jumped 23.7% year-on-year and rose 4.3% sequentially to EUR 459 million. The increase

versus a year ago was largely driven by a higher level of general account assets and lower average crediting rates in the US, as well as higher investment margins in the Benelux and Asia/Pacifi c. De-risking and other investment portfolio management actions effected in the second half of 2011 had a negative impact on the investment margin in the Benelux; however, this was more than compensated by the positive impact of higher general account assets and higher operating income from real estate. Compared with the fourth quarter of 2011, the investment margin rose, mainly due to higher results in Insurance US. The fourquarter rolling average investment spread improved to 118 basis points from 98 basis points a year ago and from 113 basis points in the fourth quarter, despite the aforementioned actions undertaken in the Benelux.

Fees and premium-based revenues rose 2.1% from the fi rst quarter of 2011 on strong new sales and renewals in Asia/ Pacifi c and the US. These factors more than compensated for higher hedging and reserve costs in the US Closed Block VA and lower fees in Central & Rest of Europe stemming from pension fund regulatory changes in Poland and Hungary. On a sequential basis, fees and

premium-based revenues increased 11.2%, fuelled by seasonally higher sales in Asia/Pacifi c (particularly in Japan COLI) and group pension renewals in the Benelux.

The technical margin was EUR 141 million, down 28.1% year-on-year and 18.0% sequentially. The decline from the fi rst quarter of 2011 was primarily attributable to the Benelux, which recorded an addition to guarantee provisions related to group life contracts in the current quarter, compared to a release a year ago. The decrease from the fourth quarter was caused by lower technical results in the Benelux and US, which were partly mitigated by higher technical results in Central & Rest of Europe.

Life Insurance and Investment Management administrative expenses rose 8.9% to EUR 773 million from the fi rst quarter of 2011, as that quarter included a EUR 22 million non-recurring reduction in accruals. Excluding this item, expenses rose 5.6% due to higher Solvency II project costs and the reallocation of expenses in the Benelux from Nonlife to Life. Total expenses rose 6.2% sequentially, refl ecting a EUR 45 million non-recurring expense reduction in the fourth quarter.

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

Administrative expenses / operating income ratio Administrative expenses

The Non-life operating result was EUR 9 million compared with EUR 42 million in the fi rst quarter of 2011 and EUR 39 million in the previous quarter. The year-on-year decline was caused by higher Disability & Accident claims in the Netherlands. The economic downturn led to higher claims for income protection products. In the previous quarter, high Disability & Accident claims were compensated by non-recurring positive effects in the premium and expense provisions.

The Corporate Line operating loss narrowed to EUR -96 million from EUR -135 million a year ago. This was mainly due to lower interest on hybrids and debt following the coupon change (from fi xed to fl oating) on the EUR 1,250 million ING Verzekeringen N.V. hybrid and the termination of a fl oating to fi xed interest rate swap, both in June 2011.

The fi rst-quarter underlying result before tax for Insurance was EUR -18 million. The principal reason for this loss was a EUR 570 million negative result on hedges in the Benelux and in the US Closed Block VA business, refl ecting ING's continued focus on protecting regulatory capital.

Gains/losses and impairments on investments were EUR 106 million. This included EUR 154 million of realised capital gains on public equity, which more than offset EUR 71 million of capital losses on debt securities resulting from de-risking; both were recorded in the Benelux. Central and Rest of Europe realised EUR 15 million of capital losses from sales of fi nancial bonds in Spain and Greek sovereign bond exchanges under the PSI programme.

Revaluations were EUR -180 million, refl ecting EUR -156 million of mark-to-market adjustments on equity options in place to protect regulatory capital and a EUR 58 million real estate revaluation loss – both in the Benelux – and EUR 35 million of positive revaluations on private equity investments and alternative assets in Insurance US.

Market and other impacts amounted to EUR -419 million and were primarily due to a EUR 379 million loss on hedges (net of reserve changes) in the US Closed Block VA, as the hedge programme focuses on protecting regulatory capital rather than mitigating earnings volatility. In the Benelux, a positive EUR 17 million change in the provision for guarantees on separate account pension contracts (net of hedging) partially offset a EUR 35 million loss on the macro interest rate hedges in place to protect solvency.

The net result of ING Insurance was EUR -152 million. This included EUR -111 million of special items, consisting primarily of costs related to restructuring programmes and separation expenses, and costs associated with the liability management transaction executed in March 2012.

NEW SALES (APE) FOR TOTAL INSURANCE (in EUR million)

Insurance sales (APE) rose 5.1% year-on-year, or 2.2% on a constant currency basis, with higher sales in almost all regions. Excluding currency effects, sales in Asia/Pacifi c jumped 15.1% on double-digit growth in Japan, Malaysia, Hong Kong and China. APE at Insurance US rose 3.6% due to higher Full Service Retirement Plan and Employee Benefi ts sales. Central & Rest of Europe posted a 14.0% increase in APE, driven by higher Life sales in Hungary. At Insurance Benelux, APE fell 35.9% due to lower sales from corporate pensions and individual life products in the Netherlands, as well as lower sales in Belgium. Compared with the fourth quarter of 2011, total Insurance sales rose 29.6% (up 26.9% excluding currency effects), mainly fuelled by higher Full Service Retirement Plan and Employee Benefi ts sales in the US, and seasonally higher sales in Asia/Pacifi c.

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. 12	31 Dec. 11	31 Mar. 12	31 Dec. 11	31 Mar. 12	31 Dec. 11	31 Mar. 12	31 Dec. 11
Balance sheet data
Financial assets at fair value through P&L	262,863	262,722	132,261	136,089	130,796	126,873	-194	-240
Investments	219,148	217,407	86,278	83,802	132,870	133,604
Loans and advances to customers	606,032	602,525	581,022	577,570	30,080	32,928	-5,070	-7,973
Other assets	153,686	134,091	121,116	101,221	42,181	41,981	-9,611	-9,111
Total assets excl. assets held for sale	1,241,729	1,216,745	920,677	898,682	335,927	335,387	-14,875	-17,324
Assets held for sale		62,483		62,483
Total assets	1,241,729	1,279,228	920,677	961,165	335,927	335,387	-14,875	-17,324
Shareholders' equity	47,616	46,663	35,307	34,367	23,531	23,475	-11,222	-11,179
Minority interests	831	777	729	693	84	62	18	22
Non-voting equity securities	3,000	3,000					3,000	3,000
Total equity	51,447	50,440	36,036	35,060	23,615	23,537	-8,204	-8,157
Debt securities in issue	163,968	139,861	155,035	130,926	3,425	3,436	5,508	5,499
Insurance and investment contracts	281,554	278,833			281,554	278,833
Customer deposits/other funds on deposit	474,533	467,547	485,481	479,363			-10,948	-11,816
Financial liabilities at fair value through P&L	140,190	142,868	136,013	138,864	4,526	4,404	-349	-400
Other liabilities	130,037	135,414	108,112	112,687	22,807	25,177	-882	-2,450
Total liabilities excl. liabilities held for sale	1,190,282	1,164,523	884,641	861,840	312,312	311,850	-6,671	-9,167
Liabilities held for sale		64,265		64,265
Total liabilities	1,190,282	1,228,788	884,641	926,105	312,312	311,850	-6,671	-9,167
Total equity and liabilities	1,241,729	1,279,228	920,677	961,165	335,927	335,387	-14,875	-17,324
Captal ratios (end of period)
ING Group debt/equity ratio	12.7%	12.7%
Bank core Tier 1 ratio			10.9%	9.6%
Insurance IGD Solvency ratio					225%	225%

ING Group's balance sheet decreased by EUR 37 billion in the fi rst quarter to EUR 1,242 billion, primarily due to the divestment of ING Direct USA. Excluding the divestment impact and EUR 7 billion of negative currency effects, assets increased by EUR 32 billion, mainly driven by higher cash and balances with central banks and positive revaluations of investments for risk of policyholders.

Cash and balances with central banks rose in the fi rst quarter due to a further increase of overnight deposits placed with central banks. The Long-Term Refi nancing Operations (LTROs) from the ECB clearly improved liquidity in the market. Although ING did not participate in the LTROs, the Bank's commercial paper programme benefi tted from the improved liquidity which resulted in a EUR 22 billion increase of certifi cates of deposit and commercial paper issuance in the fi rst quarter. This amount was largely placed with central banks.

Shareholders' equity increased to EUR 48 billion (or EUR 12.56 per share), mainly due to the quarterly net profi t of EUR 0.7 billion.

ING Bank's core Tier 1 ratio increased to 10.9% from 9.6% at the end of 2011. The increase was largely the result of a EUR 30.8 billion reduction in risk-weighted assets refl ecting the sale of ING Direct USA, as well as de-risking efforts and restructuring of the Financial Markets platform. Core Tier 1 capital increased by EUR 0.9 billion to EUR 32.7 billion,

driven by the quarterly net profi t.

The Insurance Group Directive ratio (IGD) remained stable at 225% at the end of March 2012. Both the total capital base and IFRS-EU required capital decreased slightly.

The Group debt/equity ratio remained stable at 12.7% as shareholders' equity and Group core debt both increased slightly.

The Bank's long-term funding needs are largely covered for 2012. ING Bank has EUR 18 billion of debt with tenor longer than one year maturing in 2012. In the fi rst quarter, the Bank successfully issued EUR 9.2 billion of long-term debt. In 2011, ING Bank issued EUR 23 billion of long-term debt versus EUR 10.7 billion maturing in 2011.

ING continued to make good progress in the separation of the Insurance company by proactively addressing asset disposal clauses in three senior debt securities issued by ING Verzekeringen N.V. with a total nominal value of EUR 2.6 billion. The clauses on the senior debt securities were successfully changed on 30 March 2012. Sixty-four percent of the securities have been exchanged for a total of EUR 1.7 billion of ING Groep N.V. securities. The exchange settled on 4 April 2012.

BUSINESS AND SUSTAINABILITY HIGHLIGHTS

Sustainability forms an integral part of ING's corporate strategy. ING's sustainability approach focuses on achieving long-term business success for both ING and our clients while contributing towards economic development, a healthy environment and a stable society.

'ING in Society 2011' report

In April 2012, ING published the 12th 'ING in Society' report. It shows how the economic, social and environmental aspects of its business (banking, insurance and investment management) are interconnected. The report gives more in-depth information on ING's environmental, social and risk (ESR) policies and guidelines, and provides numerous examples of how they are applied in day-to-day practice. Of particular interest is a detailed overview of the composition of ING's businesses, including our exposure to different sectors in the economy.

ING aims to be transparent and accountable about its activities in the fi eld of sustainability, and to continuously engage with its most important stakeholders. New in this year's report is therefore a detailed overview of the expectations of its main stakeholders and ING's positions on the most material issues. The report also presents ING's views on various topics that were subject to heated public debate in 2011, and which were of concern to its stakeholders. These include, among others, the future of fi nance and remuneration in banking.

Key highlights from the 2011 report:

• ING was again included in the 2011 DJSI World Index and the FTSE4Good
• Sustainability function now directly reports to ING's CEO
• In 2011, ING operated 100% carbon neutral. ING has been carbon neutral since 2007
• The absolute amount of carbon emissions from ING's operations decreased by 25% in 2011 compared to 2007
• ING IM introduced a new fund, the 'ING Sustainable Credit Fund'
• Partnership with UNICEF extended for three years
• In 2011, 118,101 children were provided with access to quality education through the ING-UNICEF partnership
• The percentage of women in the ING Management Council increased from 14.9% in 2010 to 16.2% in 2011

Our defi nition of sustainability

For ING, sustainability means contributing to positive, longterm change in society. ING believes that the best way to do this is by being good at what we do: namely, by providing high-quality products and services that meet the needs and expectations of our customers and help them achieve a secure fi nancial future.

ING's commitment to sustainability also entails taking responsibility for the impact of our products and services, promoting sustainable fi nance, and continuing to invest in the communities where we do business.

ING is stepping up our efforts to provide innovative fi nancial solutions to some of today's most pressing social funding and investment challenges, including the transition to more renewable sources of energy and the fi nancing of the healthcare system, among others. At year-end 2011, 33% of ING's project fi nance energy portfolio was in renewable energy projects and we expect to increase that share to 50% in the next 12 to 18 months. When considering new investment opportunities, our research teams in the ING Economics Department actively explore sustainable business opportunities. A variety of studies have been published on sustainability and the impact of sustainability-related topics on the mainstream economy.

Creating a better customer experience

ING is continuously working to better align its services and business operations with the interests and needs of its customers. ING screens its entire product portfolio against stricter criteria for good customer care. Based on this screening, the Group simplifi ed many products and improved its transparency. Moreover, ING invests to improve its customers' fi nancial capabilities, for example by demonstrating how to obtain a better insight into their personal fi nancial situation and to simplify their fi nancial decision-making.

In 2011, ING published a study called 'Consumer Resourcefulness', which explored the fi nancial attitudes and behaviour of global consumers. Based on this research, ING introduced several new online tools, calculators and worksheets in the fi rst quarter of 2012 that enable consumers to calculate their savings goals and retirement plans and gain more insight into their own fi nancial situation. Another example of how ING has created a better customer experience based on customer feedback is at ING Life in Poland, which now guarantees the payout of life insurance within 24 hours of fi ling a claim. In January 2012, ING Bank of Beijing Life in China was named "the most reliable company of 2011" by National Business Daily, a newspaper.

Customer satisfaction is high on ING's agenda. The Net Promoter Score (NPS), a methodology that measures customer loyalty, is one of the ways ING assesses customer satisfaction. By putting a strong focus on customers' daily experience and gathering feedback at critical moments of truth in the relationship, NPS helps ING to continuously improve processes and services. ING Direct business units have been using NPS since 2009 to benchmark themselves against local competitors. Since then, ING's other retail units also began using NPS to measure themselves against local competitors. At the end of March 2012, ING Direct in Canada, France and Italy, and ING-DiBa in Germany all ranked number one in their markets versus local competitors. ING Direct Australia and Retail Netherlands ranked fi rst in their respective markets according to the most recent NPS data available as of year-end 2011.

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
	al G Tot	1 rou p	al B Tot	ank ing	al In Tot	sura nce
mill in E UR ion	1Q2 012	12 1Q 201	1Q2 012	12 1Q 201	1Q2 012	12 1Q 201
Gro ium inc ss p rem om e	8,2 48	8,2 07			8,2 48	8,2 07
ult king Inte Ban tion rest res op era s	3,0 42	3,0 89	3,0 52	3,0 92
Com mis sion inc om e	903	964	546	587	357	377
al in oth er i Tot nt & tme ves nco me	-50 4	1,4 90	204	359	-68 2	1,2 24
al u nde rly ing inc Tot om e	11, 688	13, 750	3,8 01	4,0 37	7,9 23	9,8 09
Und ritin ditu erw g ex pen re	6,7 77	8,2 04			6,7 77	8,2 04
Staf f ex pen ses	1,8 50	1,8 29	1,3 01	1,3 33	549	496
Oth er e xpe nse s	1,3 01	1,2 83	865	859	437	425
ible orti sati and im irm Inta ent ng s am on pa s	69	70	69	70
rati Ope ng exp ens es	3,2 20	3,1 82	2,2 35	2,2 62	986	920
atio Inte rest es I exp ens nsu ran ce o per ns	136	155			172	251
Add itio loa n lo isio n to ss p rov ns	441	242	441	242
Oth er	6	5			6	5
al u nde rly ing dit Tot ex pen ure	10, 580	789 11,	2,6 75	2,5 04	7,9 41	9,3 81
Und erly ing ult bef tax res ore	1,1 08	1,9 61	1,1 26	1,5 33	-18	428
Tax atio n	360	574	353	428	7	146
Min orit inte rest y s	43	33	27	24	16	9
Und erly ing sul t re t ne	705	1,3 54	746	1,0 81	-41	274
Net ins/ loss n d ives tme nts ga es o	489	11	489	11
from Net ult div d u nits este res		105		108		-3
from Net ult dis tinu ed rati 2 res con ope ons		28				28
cial afte Spe ite r ta ms x	-51 5	-11 7	-40 4	-53	-11 1	-64
ult Net res	680	1,3 81	831	1,1 47	-15 2	234

1 Including intercompany eliminations

The underlying results of the Group and Banking Operations exclude the results of ING Direct USA, as these results were transferred to the "Net result from divested units". The results of Insurance Latin America have been transferred to "Net result from discontinued operations".

ING Group: Consolidated balance sheet

	nk ING Gr ING Ba NV oup						ING	rzek Ve erin NV gen		ldin /eli Ho min atio gs ns
in E mill ion UR	31 2 Ma r. 1	31 Dec . 11	11 31 Ma r. 1 for pro ma	31 2 Ma r. 1	31 Dec . 11	11 31 Ma r. 1 for pro ma	31 2 Ma r. 1	31 Dec . 11	11 31 Ma r. 1 for pro ma	31 2 Ma r. 1	31 Dec . 11	11 31 Ma r. 1 for pro ma
Ass ets
Cas h a nd bala ith tral ba nks nce s w cen	46, 587	31, 194	13, 552	43, 894	28, 112	10, 307	12, 172	11, 577	7,3 64	-9,4 79	-8,4 95	119 -4,
Am ts d ue f ba nks oun rom	50, 441	45, 323	55, 164	50, 441	45, 323	55, 163
Fina ncia l as fair lue thro h P &L sets at va ug	262 ,86 3	262 ,72 2	248 ,63 1	132 ,26 1	136 ,09 0	128 ,09 9	130 ,79 6	126 ,87 3	122 ,16 0	-19 3	-24 1	-1,6 28
Inve stm ent s	219 ,14 8	217 ,40 7	208 ,02 0	86, 278	83, 803	88, 762	132 ,87 0	133 ,60 5	119 ,25 9
Loa nd adv es t usto ns a anc o c me rs	606 ,03 2	602 ,52 5	582 ,16 2	581 ,02 2	577 ,56 9	557 ,89 0	30, 080	32, 928	30, 025	-5,0 70	-7,9 72	-5,7 53
Rein ntra cts sura nce co	5,6 32	5,8 70	5,5 42				5,6 32	5,8 70	5,5 42
Inve s in ocia stm ent tes ass	2,3 30	2,3 70	3,7 67	835	827	1,3 00	1,4 77	1,5 26	2,4 73	17	17	-6
Rea l es inv tate estm ent s	1,4 43	1,6 70	1,7 64	264	435	526	902	954	960	277	281	278
nd Pro ipm ty a ent per equ	2,8 40	2,8 86	2,9 54	2,3 98	2,4 17	2,4 90	442	469	464
ible Inta ets ng ass	3,5 50	3,5 58	4,1 71	1,7 65	1,7 43	1,9 95	1,9 50	1,9 72	2,3 32	-16 5	-15 7	-15 6
Def d a isiti ts erre cqu on cos	10, 054	10, 204	10, 116				10, 054	10, 204	10, 116
Oth sset er a s	30, 809	31, 016	31, 467	21, 519	22, 363	22, 307	9,5 52	9,4 10	10, 084	-26 1	-75 8	-92 4
al a xcl s h eld fo le Tot ts e set sse . as r sa	1,2 41, 729	1,2 16, 745	1,1 67, 310	920 ,67 7	898 ,68 2	868 ,83 9	335 ,92 7	335 ,38 7	310 ,77 7	-14 ,87 5	-17 ,32 4	-12 ,30 8
held for sal Ass ets e		62, 483	61, 927		62, 483	58, 668			3,2 59
al a Tot ts sse	1,2 41, 729	1,2 79, 228	1,2 29, 235	920 ,67 7	961 ,16 5	927 ,50 7	335 ,92 7	335 ,38 7	314 ,03 6	-14 ,87 5	-17 ,32 4	-12 ,30 8
Equ ity
Sha reh old ers' uity eq	47, 616	46, 663	40, 067	35, 307	34, 367	34, 869	23, 531	23, 475	18, 955	-11 ,22 2	-11 ,17 9	-13 ,75 7
Min orit inte rest y s	831	777	742	729	693	617	84	62	124	18	22
Non ting uity urit ies -vo eq sec	3,0 00	3,0 00	5,0 00							3,0 00	3,0 00	5,0 00
al e Tot ity qu	51, 447	50, 440	45, 809	36, 036	35, 060	35, 486	23, 615	23, 537	19, 079	-8,2 04	-8,1 57	-8,7 56
bili Lia ties
Sub ord inat ed loan s	8,6 87	8,8 58	10, 213	16, 473	18, 408	19, 087	4,1 73	4,3 67	4,2 95	-11 ,95 9	-13 ,91 7	-13 ,16 9
Deb ities in issu t se cur e	163 ,96 8	139 ,86 1	140 ,14 5	155 ,03 5	130 ,92 6	130 ,73 9	3,4 25	3,4 36	3,9 01	5,5 08	5,4 99	5,5 05
d fu Oth er b nds orro we	17, 727	19, 684	19, 661				6,8 49	7,3 07	7,6 86	10, 878	12, 377	11, 975
nd Insu inve stm ent ntra cts ran ce a co	281 ,55 4	278 ,83 3	262 ,46 1				281 ,55 4	278 ,83 3	262 ,46 1
ts d o b ank Am ue t oun s	69, 317	72, 233	78, 528	69, 317	72, 233	78, 528
er d d o the r fu nds de Cus sits its tom epo an on pos	474 ,53 3	467 ,54 7	455 ,88 4	485 ,48 1	479 ,36 4	462 ,01 9				-10 ,94 8	-11 ,81 7	-6, 135
l lia bilit at f valu e th h P Fina ncia ies air &L rou g	140 ,19 0	142 ,86 8	122 ,18 4	136 ,01 3	138 ,86 4	120 ,27 7	4,5 26	4,4 04	3,3 96	-34 9	-40 0	-1,4 89
Oth er l iabi litie s	34, 307	34, 639	33, 738	22, 323	22, 045	22, 448	11, 785	13, 503	11, 529	199	-90 9	-23 9
al l iab iliti xcl . lia bili ties he ld f ale Tot es e or s	1,1 90, 282	1,1 64, 523	1,1 22, 814	884 ,64 1	861 ,84 0	833 ,09 8	312 ,31 2	311 ,85 0	293 ,26 8	-6,6 71	-9,1 67	-3,5 52
Liab ilitie s he ld f ale or s		64, 265	60, 612		64, 265	58, 923			1,6 89
al l iab iliti Tot es	1,1 90, 282	1,2 28, 788	1,1 83, 426	884 ,64 1	926 ,10 5	892 ,02 1	312 ,31 2	311 ,85 0	294 ,95 7	-6,6 71	-9,1 67	-3,5 52
al e ity and lia bili ties Tot qu	1,2 41, 729	1,2 79, 228	1,2 29, 235	920 ,67 7	961 ,16 5	927 ,50 7	335 ,92 7	335 ,38 7	314 ,03 6	-14 ,87 5	-17 ,32 4	-12 ,30 8

1 Adjusted for transfer of ING Direct USA, ING Car Lease and ING Insurance Latin America to assets/liabilities held for sale.

i l B k ing l i da d p f i t d los Re : C ta te t an on so ro an s a cco un
				ail B ank Ret	ing elux Ben		ail I tion al Ret nte rna
	al R Tot eta	il Ba nkin g	her Net	land s	Bel g	ium		Ge rma ny		rld Wo
in E UR mill ion	1Q2 012	1Q 201 1	1Q 201 2	1Q 201 1	1Q 201 2	1Q 201 1	1Q 201 2	1Q 201 1	1Q 201 2	1Q 201 1
ult Inte rest res	2,0 60	2,1 46	864	903	405	402	293	314	498	527
Com mis sion inc om e	321	341	123	124	92	98	26	34	80	84
Inve inc stm ent om e	1	4	-2	1	0	2	-6	0	8	1
Oth er i nco me	79	83	16	21	49	22	-2	-22	16	61
al u nde rly ing inc Tot om e	2,4 61	2,5 74	1,0 01	1,0 50	547	524	311	326	602	673
Staf f an d o the r ex pen ses	1,5 67	1,5 48	587	598	360	354	165	156	455	439
ible orti sati and im irm Inta ent ng s am on pa s	3	3	3	3	0	0	0	0	0	0
rati Ope ng exp ens es	1,5 70	1,5 51	591	601	360	354	165	156	455	439
lt Gro ss r esu	891	1,0 23	410	449	187	170	146	170	148	234
Add itio loa n lo isio n to ss p rov n	274	173	131	78	44	18	15	34	85	43
Und erly ing ult bef tax res ore	617	850	280	371	143	152	131	136	63	191
Clie nt b ala s (i bill ion )1 n E UR nce
iden tial Res Mo rtga ges	306 .8	287 .6	141 .9	139 .7	29. 3	26. 4	57. 3	52. 5	78. 4	69. 0
Oth end ing er L	94. 2	88. 0	41. 5	42. 3	32. 1	27. 8	3.5	2.9	17. 2	14. 9
ds E sted Fun ntru	403 .6	381 .6	111 .2	103 .2	73. 5	70. 4	90. 0	87. 0	128 .9	120 .9
M/M al F und AU utu s	3 55.	58. 6	9 15.	16. 8	25. 5	27. 9	6.1	6.3	7.8	7.5
fi ta bili nd effi cie 1 Pro ty a ncy
Cos t/in tio com e ra	63. 8%	60. 3%	59. 0%	57. 2%	65. 8%	67. 6%	53. 1%	47. 9%	75. 5%	65. 3%
Ret uity ba sed 10 .0% re T ier 12 urn on eq on co	11. 6%	16. 8%	16. 9%	22. 4%	19. 2%	23. 8%	17. 1%	18. 1%	2.4 %	9.0 %
Ris k1
f av Risk in b RW A sts co p o era ge	74	48	106	63	87	39	28	70	60	31
of p Risk ig hte d a s (e nd erio d) sset -we	149 ,00 8	143 ,29 7	49, 108	50, 029	20, 471	18, 072	21, 595	19, 383	57, 834	55, 813

1 Key fi gures based on underlying fi gures

2 Underlying after-tax return divided by average equity based on 10.0% 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
	Tot Com rcia me	al l Ba nkin g	Ind Len	ustr y din g	l Le ndi Gen & era ng Tra ctio n S ices nsa erv		l Fina ncia rket Ma s		k Tr Ban l Es Rea tate	eas ury, the & O r
in E mill ion UR	1Q2 012	1Q 201 1	1Q 201 2	1Q 201 1	1Q 201 2	1Q 201 1	1Q 201 2	1Q 201 1	1Q 201 2	1Q 201 1
ult Inte rest res	905	945	375	399	289	276	205	200	36	70
mis sion inc Com om e	222	248	112	125	87	76	20	37	3	10
inc Inve stm ent om e	122	71	6	9	-1	2	-2	33	119	27
Oth er i nco me	153	271	-16	-21	7	12	51	186	111	94
al u nde rly ing inc Tot om e	03 1,4	34 1,5	477	511	382	366	274	455	269	201
St aff and oth er e xpe nse s	567	603	110	113	191	177	217	229	49	84
In ible orti sati and im irm tan ent g s am on pa s	59	59	0	0	0	0	0	0	59	59
Ope rati ng exp ens es	626	662	110	113	191	177	217	229	108	143
Gro lt ss r esu	777	872	367	399	191	189	58	226	161	58
Add itio loa n lo isio n to ss p rov n	167	70	91	-16	39	67	5	1	31	18
bef Und erly ing ult tax res ore	611	803	276	415	153	122	52	225	130	40
s (i )1 Clie nt b ala n E UR bill ion nce
Res iden tial Mo rtga ges
Oth end er L ing	135 .6	137 .6	77. 2	76. 5	48. 1	50. 2	1.9	3.0	8.4	8.0
ds E sted Fun ntru	60. 5	57. 4	1.5	2.1	35. 5	34. 8	3.0	4.6	20. 5	15. 9
al F und AU M/M utu s	0.4	0.3	0.0	0.0	0.0	0.0	0.0	0.0	0.4	0.3
fi ta bili nd effi Pro cie 1 ty a ncy
Cos t/in tio com e ra	44. 6%	43. 1%	23. 1%	22. 0%	50. 0%	48. 4%	79. 0%	50. 4%	40. 1%	71. 0%
ba sed 12 Ret uity 10 .0% re T ier urn on eq on co	12. 1%	17. 6%	18. 6%	26. 4%	10. 6%	8.4 %	4.9 %	25. 4%	15. 0%	4.7 %
Ris k1
Risk in b f av RW A sts co p o era ge	47	20	81	-14	34	56	6	1	93	50
Risk ig hte d a s (e nd of p erio d) sset -we	135 ,35 2	135 ,83 7	44, 037	46, 434	44, 811	47, 462	33, 441	27, 298	13, 063	14, 644

1 Key fi gures based on underlying fi gures

2 Underlying after-tax return divided by average equity based on 10.0% core Tier 1 ratio (annualised)

f i g in ly is a d ke Ins Ma ura nc e: rg an a s n y ure s
	ING Ins	ura nce	Ben	elux	Cen tral Res t of	& Eu rop e	Un ited	Sta tes	US Clo sed	Blo ck V A	Asi a/Pa	cifi c	ING	IM	Co rate rpo	Lin e
mill ion In E UR	1Q 201 2	1Q2 011	1Q2 012	1Q2 011	1Q2 012	1Q2 011	1Q2 012	1Q2 011	1Q2 012	1Q2 011	1Q2 012	1Q2 011	1Q2 012	1Q2 011	1Q2 012	1Q2 011
Inve in stm ent ma rg	45 9	371	144	119	11	13	264	216	6	7	34	14	1	1
d p -ba sed Fee ium s an rem rev enu es	1,2 28	1,2 03	174	165	110	120	287	268	25	57	411	376	220	217
hni cal Tec in ma rg	14 1	196	36	78	46	40	-8	23	9	7	59	47	-	-
del led life bus Inco ines me non -mo s	14	25	-0	10	5	3	0	-0	-0	0	10	12	0	-0
Life tin inc & ING IM op era g om e	1,8 43	1,7 95	354	373	171	177	543	507	40	71	514	449	221	218
Adm inis ive trat exp ens es	77 3	710	156	139	82	82	221	182	24	21	114	113	175	172
rtisa tion d tr ail c mis sion DA C a mo an om s	50 7	482	58	65	56	48	173	151	36	36	183	181	1	1
Life & ING IM ex pen ses	1,2 80	1,1 91	213	204	138	130	395	333	60	57	298	294	176	173
Life tin sul & ING IM t op era g re	56 3	604	140	169	33	47	149	174	-20	14	217	156	45	45
-life ting ult Non op era res	9	42	6	40	1	1	-	-	-	-	1	1	-	-
Line ting ult Cor ate por op era res	-96	-13 5													-96	-13 5
tin sul Op t era g re	47 5	511	147	209	34	48	149	174	-20	14	218	157	45	45	-96	-13 5
Gai ns/l nd imp airm ent oss es a s	10 6	-12 6	70	-11 1	-16	-8	18	-40	16	6	13	20	-0	5	4	3
alua tion Rev s	-18 0	85	-20 7	9	1	-	35	43	-1	3	1	-1	4	5	-13	27
rket & o the r im Ma ts pac	19 -4	-43	-18	-93	-	-	-1 1	8	-37 9	39	17	2	-	-	-29	2
Und erly ing ult bef tax res ore	-18	428	-8	14	19	40	191	184	-38 4	61	249	177	49	54	-13 4	-10 4
Life Ins - N bu sin fi g ura nce ew ess ure s
Sing le p ium rem s	2,7 32	2,9 85	444	732	204	245	1,8 80	1,9 00	-	0	204	107	-	-	-	-
Ann ual miu pre ms	1,0 29	941	83	125	86	73	360	320	-	-	50 0	423	-	-	-	-
New sal es ( APE )	1,3 02	1,2 39	127	198	106	97	548	510	-	0	520	434	-	-	-	-
fi g Key ure s
Gro ium inc ss p rem om e	8,2 48	8,2 07	2,6 35	2,9 44	535	599	2,8 48	2,7 30	104	118	2,1 25	1,8 11	-	-	0	6
e (L ife ) Adm / op ting inc & IN G IM . ex pen ses era om	41. 9%	39. 6%	44. 1%	37. 3%	48. 0%	46. 3%	40. 7%	35. 9%	60. 0%	29. 6%	22. 2%	25. 2%	79. 2%	78. 9%
Life al a d a s (e nd of p d, i billi on) inv erio n E UR 1 unt este sset ge ner cco	15 7	149	60	59	7	8	59	56	4	4	26	22	-	-	-	-
Life al a d a (in bp s)2 Inve in / inv stm ent unt este sset ma rg ge ner cco	11 8	98	117	85	95	96	161	144	58	17	38	27	-	-
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 )	12 1,6 12	13 116 ,59	22 ,71 0	22, 084	3,6 75	3,8 13	39, 722	35, 908	32, 982	33, 541	22, 523	21, 103	-	-	-	-
Net duc tion clie nt b alan (in EUR bil lion ) pro ces	-1. 7	1.4	0.3	-0.1	0.0	0.4	-0.5	-0.7	-0.7	-0.7	0.4	0.2	-1.2	2.4	-	-
Clie nt b alan (en d o f pe riod , in EUR bil lion ) ces	40 7.9	371 .6	70. 8	70. 1	27. 2	29. 2	103 .5	92. 9	33. 8	34. 2	46. 8	42. 1	125 .8	103 .0	-	-
Adm inis ive es ( l) trat tota exp ens	90 5	845	243	233	84	83	221	182	24	21	116	114	175	172	43	39

Revised defi nition: the Life GA invested assets defi nition has been revised to better align with the investment margin on operating basis by, amongst others, excluding non-trading derivatives and revaluations on debt securities; all previous quarters have been restated

2 Four-quarter rolling average

3 1Q2011 includes EUR 143 million for Latin America

ENQUIRIES

Investor enquiries

T: +31 20 576 6396 E: investor.relations@ing.com

Press enquiries

T: +31 20 576 5000 E: media.relations@ing.com

Investor conference call, media conference call and webcast

Jan Hommen, Patrick Flynn, Wilfred Nagel and Matt Rider will discuss the results in an analyst and investor conference call on 9 May 2012 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 9676 (US) and via live audio webcast at www.ing.com.

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 2011 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) consequences of a potential (partial) break-up of the euro, (4) the implementation of ING's restructuring plan to separate banking and insurance operations, (5) changes in the

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

• ING Group Quarterly Report
• ING Group Statistical Supplement
• ING Group Historical Trend Data
• ING Group Analyst Presentation
• Condensed consolidated interim fi nancial information for the period ended 31 March 2012

A media conference call will be held on 9 May 2012 at 11:00 CET. Journalists can join the conference call at +31 20 794 8500 (NL) or +44 20 7190 1537 (UK).

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, (6) the frequency and severity of insured loss events, (7) changes affecting mortality and morbidity levels and trends, (8) changes affecting persistency levels, (9) changes affecting interest rate levels, (10) changes affecting currency exchange rates, (11) changes in investor, customer and policyholder behaviour, (12) changes in general competitive factors, (13) changes in laws and regulations, (14) changes in the policies of governments and/or regulatory authorities, (15) conclusions with regard to purchase accounting assumptions and methodologies, (16) changes in ownership that could affect the future availability to us of net operating loss, net capital and built-in loss carry forwards, (17) changes in credit-ratings, (18) ING's ability to achieve projected operational synergies and (19) the other risks and uncertainties detailed in the Risk Factors section contained in the most recent annual report of ING Groep N.V. Any forward-looking statements made by or on behalf of ING speak only as of the date they are made, and, 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. This document does not constitute an offer to sell, or a solicitation of an offer to buy, any securities.

3 Four quarter rolling average.

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.

Notes from the front page table:

¹ The underlying results of the Group and Banking Operations exclude the results of ING Direct USA, as these results were transferred to the "Net result from divested units". The results of Insurance Latin America have been transferred to "Net result from discontinued operations". 2 Result per share differs from IFRS earnings per share in respect of attributions to the Core Tier 1 securities.

⁴ Annualised underlying net result divided by average IFRS-EU equity.