Building the Bank of the FutureGrowing the Franchise without Growing the Balance SheetMorgan Stanley ConferenceKoos Timmer...
European banks are facing far-reaching changes                                            • Higher capital requirements   ...
Which banks will succeed in this environment?                                     Banks with ability to generate capital a...
ING has key strengths to support our success…Strong capital generation                                         Strong reta...
We have strong positions in attractive northernEuropean home markets    Leading Commercial Bank in the Benelux and CEE    ...
We are used to operating in lean, competitive marketsAverage price per year of current account provided to consumers per c...
Which has made us leaders in innovative distribution…NL is a leader in online banking                                Which...
…and a cost leader among European BanksCost / Income                                                                      ...
…while championing fair, transparent pricing for ourcustomersCustomer proposition                                         ...
…and with a strongly performing Commercial Bankingfranchise providing attractive returnsUnderlying income*                ...
…and producing a competitive ROE through lowcosts and low riskING Bank produces a better Return                           ...
Transition to Basel IIIMorgan Stanley Conference - 28 March 2012   12
ING has a good starting position to reach Basel IIIcapital targets by 2013                                                ...
Core Tier 1 ratio target of >10% to be reached in 2013                       0.8%              -0.8%     9.6%             ...
Basel III is a catalyst to manage our balance sheet more efficiently31 December 2011*                                     ...
Balance sheet can be optimised geographically toimprove efficiency                           Netherlands NV             Be...
Optimisation will allow us to grow lending without growing the balance sheet31 December 20111                             ...
Key priorities for balance sheet optimisation                             • Continue strong deposit growth at ING Direct a...
Reduction of short-term fundingReduce short-term professional funding                       Short-term debt in issueIn EUR...
…and increase long-term funding as marketconditions permitLong-term funding increase reflects                             ...
Reduce non-strategic assetsAssets at fair value                                                Reduce repo exposure       ...
Transforming the investment book into a liquidityportfolioInvestment portfolio to be maintained for                      N...
Grow customer lendingProportion customer lending increasing                               Selective shift to higher-yieldi...
Balance sheet integration to result in higher returnBalance sheet integration                                       Elimin...
Ambition 2015Morgan Stanley Conference - 28 March 2012   25
An optimised balance sheet should result in anattractive ROE of 10-13% under Basel III                      Balance Sheet ...
Repricing and deleveraging are supportive for NIMReplacing low yielding trading assets                 Re-pricing mostly i...
…and will continue to focus on costs to reach a    cost/income ratio of 50-53% by 2015    Underlying operating expenses   ...
An optimised balance sheet would have higher earningsand less leverage         Assets               • Balance sheet to rem...
DisclaimerCertain of the statements contained in this document are not historical facts, including, without limitation,cer...
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Morgan Stanley European Financials Conference 2012

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by Koos Timmermans, Vice Chairman ING Bank.

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Morgan Stanley European Financials Conference 2012

  1. 1. Building the Bank of the FutureGrowing the Franchise without Growing the Balance SheetMorgan Stanley ConferenceKoos TimmermansVice Chairman ING BankLondon – 28 March 2012www.ing.com
  2. 2. European banks are facing far-reaching changes • Higher capital requirements Regulatory • Lower balance sheet leverage Limit banks’ Changes • More conservative funding & liquidity ability to grow • Focus on size of banks relative to GDP • Households and governments need to reduce debt Societal Put pressure Drivers • More customer scrutiny of banks on margins • Increasing demand for transparency • Weaker economic environment Economic • Reticence among companies to invest Limit demand Drivers • Deleveraging across banking industryMorgan Stanley Conference - 28 March 2012 2
  3. 3. Which banks will succeed in this environment? Banks with ability to generate capital and meet Basel III requirements quickly Regulatory Changes Banks with ability to attract funding, both through deposits and professional markets Banks that offer fair value for money, transparent and simple products, easy access, excellent service and appealing brand Societal Drivers Banks with operational excellence, low-cost producers Banks with strong funding will be able to lend at better margins while others deleverage Economic Drivers Banks with strong market positions will be able to re-priceMorgan Stanley Conference - 28 March 2012 3
  4. 4. ING has key strengths to support our success…Strong capital generation Strong retail deposit gathering ability*Core Tier 1 ratio 0.80% In EUR bln 361 374 392 328 7.8% 9.6% 9.6% 10.4% 7.3% 2008 2009 2010 2011 ING 2011 Direct pro- EUR 3 bln paid to State USA forma 2008 2009 2010 2011Conservative funding mix* Attractive Loan-to-Deposit RatioPer 31 December 2011 (%) 31 December 2011* Nordea 1.8 Rabobank 1.4 7 Retail deposits Lloyds Banking 1.4 9 42 Corporate deposits ABN AMRO 1.3 Crédit Agricole 1.3 3 Public debt BBVA 1.3 BNP Paribas 1.2 Subordinated debt Santander 1.2 Barclays 1.2 19 Interbank Commerzbank 1.2 Repo ING Bank 1.1 Erste 1.1 Societe Generale 1.1 Credit Suisse 0.8 20 HSBC 0.8* Excludes ING Direct USA. Sources: Public company data Morgan Stanley Conference - 28 March 2012 4
  5. 5. We have strong positions in attractive northernEuropean home markets Leading Commercial Bank in the Benelux and CEE No. 2 Bank in the Top 10 global player in Structured Finance Netherlands EUR 204 bln in client balances of which EUR 91 bln outside the home markets EUR 389 bln in client balances No. 4 Bank in Belgium EUR 179 bln in client balances No. 3 Retail Bank in Germany EUR 156 bln in client balances No. 4 Bank in Poland EUR 22 bln in client balances …Plus ING Direct* and growth options in CEE and Asia Total Client Balances ING Bank* EUR 210 bln in client balances EUR 1,047 bln* Excludes ING Direct USAMorgan Stanley Conference - 28 March 2012 5
  6. 6. We are used to operating in lean, competitive marketsAverage price per year of current account provided to consumers per countryIn EUR* Italy 269.8 Spain 204.9 Latvia 171.0 France 140.0 Austria 133.3 Finland 99.3 Czech Republic 96.4 Slovenia 94.4 Germany 93.0 Greece 92.5 Slovakia 91.8 Lithuania 86.6 Cyprus 84.2 Increased public scrutiny of Romania 81.1 Hungary 80.6 banks will put pressure on Ireland 76.3 fees for basic banking United Kingdom 75.0 Sweden 71.0 services Poland 70.8 Luxembourg 65.7 Estonia 65.2 Denmark 63.9 Malta 62.9 Portugal 48.9 Belgium 48.7 Netherlands 40.2 Bulgaria 35.9 EU Average* Source: European Commission Directorate-General for Health and Consumers, "Data collection for prices of current accounts provided toconsumers" published 2009. The objective of this survey was to produce statistically reliable data on the prices and tariffs for using the serviceslinked to a current bank account in the EU Member States. Morgan Stanley Conference - 28 March 2012 6
  7. 7. Which has made us leaders in innovative distribution…NL is a leader in online banking Which ING has exported successfullyOnline banking usage Percentage*, 2010 ING Direct customers 31 Dec. 2011 (x 1,000)100 Transformation 7,446 Total to ‘Self-first’ is Self-first 16.7 mln 80 a matter of time Netherlands 1,798 2,410 833 1,274 1,456 1,456 Multi Canada 60 channel France Belgium UK France Italy Australia UK Canada Spain Germany Australia 40 Online Austria Germany adaptors Giving us a structural cost advantage Spain Poland 20 Italy Operating expenses/Retail balances 2010 (bps) Brick & Mortar Turkey 113 India Romania 0 0 20 40 60 80 100 43 Internet access Percentage**, 2011* Percentage of adults using internet** Percentage of households with internet access Traditional Banks ING DirectSource: data published by Eurostat, EFMA, comScore. InternetWorld Stats (Nielsen Online, International TelecommunicationsUnion, Official country reports, and other research sources).Morgan Stanley Conference - 28 March 2012 7
  8. 8. …and a cost leader among European BanksCost / Income Cost / Client BalancesFY 2011 bps as per 31 December 2011 Credit Suisse 86 Deutsche Bank 427 Commerzbank 81 Credit Suisse 411 Deutsche Bank 78 Societe Generale 240 Lloyds Banking 78 Barclays 240 ABN AMRO 69 BNP Paribas 211Societe Generale 66 HSBC 190 Crédit Agricole 65 Lloyds Banking 165 Rabobank 65 BBVA 159 BNP Paribas 62 Erste 153 ING Bank 60 Crédit Agricole 150 Barclays 58 Santander 146 55% ex. market HSBC 57 impacts Commerzbank 140 Nordea 55 Rabobank 112 Erste 51 ABN AMRO 111 BBVA 48 Nordea 103 Santander 45 ING Bank 88Notes:• Cost = Total Operating Expenses; Client Balances = average Customer Loans plus average Customer Deposits• Sources: Public company data, ING company dataMorgan Stanley Conference - 28 March 2012 8
  9. 9. …while championing fair, transparent pricing for ourcustomersCustomer proposition Strong brand position• Limited number of products Total aided brand awareness (2010)• Consistent, transparent, fair pricing 97 98 99 92 84 84 82 91 92• Customer-centric process management 72• Break-through simplicity NL Bel Pol Aus Can Fra Ger Ita Spa UKThe lowest fees in most markets And a loyal customer baseCosts for current account Net Promoter Score Italy Spain Can, Spa, Aus, France Fra, Ger, UK, Germany Rom, Pol, Bel Romania NL, Ita Poland Belgium 1 3 2Netherlands 0 100 200 300 ING MarketMorgan Stanley Conference - 28 March 2012 9
  10. 10. …and with a strongly performing Commercial Bankingfranchise providing attractive returnsUnderlying income* Risk costs*In EUR mln 72 5,350 225 4,188 4,657 35 3,777 34 33 5,023 1,207 594 490 477 -144 2007 2008 2009 2010 2011 2007 2008 2009 2010 2011 Impairments on Greek government bonds Risk costs (EUR mln) Risk costs (bps**)Underlying result before tax* • Commercial Banking has performedIn EUR mln strongly throughout the crisis and continues 2,217 225 to perform well 1,856 1,042 • Risk costs remained under control 752 2,019 • The result in 2008/2009 was negatively impacted by FV changes and impairments on Real Estate investments and 2007 2008 2009 2010 2011 development projects but Real Estate Impairments on Greek government bonds exposure has since been reduced sharply* Adjusted for sale of Car Lease and REIM** Risk costs as percentage of average RWAMorgan Stanley Conference - 28 March 2012 10
  11. 11. …and producing a competitive ROE through lowcosts and low riskING Bank produces a better Return Income/assets (bps)on Equity than peers… …despite 300 lower15 income 150 and fees to clients 0 2008 2009 2010 201110 Cost to assets (bps) 150 …because we are 100 5 efficient… 50 2008 2009 2010 2011 Risk costs to customer loans (bps) 0 2008 2009 2010 2011 200 …and have ING Median peers a low risk 100 profileNotes: Peers are BNP Paribas, Credit Agricole, Lloyds Banking 0Group, Nordea and SantanderSource: Annual reports, Public company data 2008 2009 2010 2011Morgan Stanley Conference - 28 March 2012 11
  12. 12. Transition to Basel IIIMorgan Stanley Conference - 28 March 2012 12
  13. 13. ING has a good starting position to reach Basel IIIcapital targets by 2013 Targets Actions Core Tier 1 • To be reached in 2013 9.6% • Strong continued capital 6.5% ≥10% generation and RWA 3Q08 4Q11 containment Leverage ratio* • To be reached in 2013 57 < 25 • Further reduction via 26 balance sheet optimisation 3Q08 4Q11** LCR** • To be reached in 2015 ~90% • Further optimising the > 100% investment portfolio 3Q11 • Implementation as of 2015 NSFR** • Implementation expected ~85% as of 2018 > 100% • Uncertainty around 3Q11 definitions* The reported asset leverage ratio is defined as Total Assets / Shareholders Equity while the Basel 3 leverage ratio target is defined asTier 1 capital / on- and off-balance sheet exposure** Excluding ING direct USA Morgan Stanley Conference - 28 March 2012 13
  14. 14. Core Tier 1 ratio target of >10% to be reached in 2013 0.8% -0.8% 9.6% 9.6% 10.0% 10.0% 2011 Divestment Basel III* Capital 2013 2015 ING Direct Generation USAStrong focus on core Tier 1• Strong earnings generation should enable ING to grow into Basel III targets before the end of 2013• A further review of non-core assets in the Bank may also accelerate repayment of the State• Dividend payments can be resumed post State repayment and restructuring* Estimated impact based on figures as of 30 September 2011 (source ING IR Day, 13 January 2012)Morgan Stanley Conference - 28 March 2012 14
  15. 15. Basel III is a catalyst to manage our balance sheet more efficiently31 December 2011* EUR 900 bln Other** Other** Banks Banks Assets Liabilities Increasing capital requirements will put at FV at FVLiquidity Coverage Ratio requires Debt Equity pressure on returnslarger holdings of government bonds securities LT & STand other liquid assets debt NSFR requires more long-term funding, putting pressure on margins Customer Customer lending deposits Increasing competition for savings will put pressure on marginsLimits on total asset leverageintroduced Assets Liabilities • Regulatory changes will put pressure on earnings and returns • We can offset part of the impact of Basel III by managing our balance sheet more efficiently* Pro-forma excluding ING Direct USA** Other includes among others asset/liabilities held for sale Morgan Stanley Conference - 28 March 2012 15
  16. 16. Balance sheet can be optimised geographically toimprove efficiency Netherlands NV Belgium Germany ING Direct* Funding gap due in part to international Funding Funding surplus Funding surplus Funding surplus assets being booked in Dutch NV Long liquidity in domestic bank Liquidity compensating for Long liquidity Long liquidity Long liquidity (CRDII) shorter liquidity in international banking activities Adequate capital on Higher capital on Higher capital on Branches low; Capital stand-alone basis local statutory basis local statutory basis Subsidiaries high* Excluding GermanyMorgan Stanley Conference - 28 March 2012 16
  17. 17. Optimisation will allow us to grow lending without growing the balance sheet31 December 20111 Indicative 2015 Optimisation ~ EUR 900 bln ~ EUR 900 bln Liabilities Other Other Other • Continue strong deposit Other Banks Banks Banks Banks Liabilities growth Assets Liabilities Assets at FV at FV at FV at FV Equity • Reduce short-term funding Debt Equity Debt LT & ST securities securities LT & ST debt • Conservative approach in debt long-term funding Customer Customer Customer Customer Assets lending deposits lending deposits • Replace low yielding assets with customer lending • Transform investment book Assets Liabilities Assets Liabilities into liquidity portfolio CT11 10.4% CT1 ≥10% • Reduce (non strategic) trading RoE2, 3 10.0% RoE3 10-13% assets LtD 1.14 LtD <1.1 Leverage4 26 Leverage4 <251 Pro-forma excluding ING Direct US2 Including ING Direct USA3 Based on underlying net results and IFRS equity4 31 December 2011 asset leverage ratio is excluding ING Direct USA and defined as Total Assets / Shareholders Equity. The indicative 2015 Basel 3leverage ratio is defined as Tier 1 capital / on- and off-balance sheet exposure Morgan Stanley Conference - 28 March 2012 17
  18. 18. Key priorities for balance sheet optimisation • Continue strong deposit growth at ING Direct and Retail Banking units Continue strong deposit • Increase market share in corporate and mid-corporate deposits by investing to growth improve Payments & Cash Management offering • Structurally reduce use of short-term professional funding Reduce short-term • Continue to increase and term out long-term funding as market conditions permit funding • Maintain diversified funding mix and conservative maturity ladder Replace • Reduce non-strategic trading assets to make room for growth in customer lending low-yielding • Evolve customer loan book towards higher-return businesses while keeping low assets with risk profile customer lending • Prudently re-price lending to reflect the higher cost of capital Transform • Maintain investment portfolio only as required for liquidity purposes investment book • Further shift to high-quality liquid assets driven by favourable maturity profile into liquidity portfolio • Eliminate cross-border inefficiencies by creating self-sustainable balance sheets Balance sheet which are locally funded integration • Income diversification enabling a more competitive offering for retail liabilitiesMorgan Stanley Conference - 28 March 2012 18
  19. 19. Reduction of short-term fundingReduce short-term professional funding Short-term debt in issueIn EUR bln • Short-term funding partly opportunistically used for short-term assets • Reliance on short-term funding is modest in relation to size and duration of total balance sheet (~5%) and versus EUR 155 bln eligible 52 assets* 30 • Both short-term assets and short-term funding will be reduced as we optimise our balance sheet: 4Q11 Indicative 2015 • Reduction of opportunistic trading opportunities • Further increase of client deposits and long- term debt issuanceLowering amounts due to banks Amounts due to banksIn EUR bln • ING Bank is seen as a safe haven and strong credit, which is why other Financial Institutions deposited money with ING 72 60 • The excess versus EUR 45 bln ‘Amounts due from banks’ was largely placed with Central Banks 4Q11 Indicative 2015 • Exposure will be reduced to optimise the balance sheet and reduce leverage* 30 September 2011Morgan Stanley Conference - 28 March 2012 19
  20. 20. …and increase long-term funding as marketconditions permitLong-term funding increase reflects Maintaining a diversified funding mix andconservative approach conservative maturity ladder EUR 97 bln ~ EUR 105 bln • ING Bank partly pre-financed 2012 funding needs 15 by issuing EUR 23 bln in 2011 versus EUR 10.7 18 bln maturing in full-year 2011 79 90 • ING Bank has EUR 18.2 bln of debt with tenor longer than 1 year maturing in 2012* • Year-to-date, ING Bank has already successfully 4Q11 Indicative 2015 issued EUR 7.2 bln Long-term debt in issue Subordinated debtLimiting refinancing needs (EUR mln) Issued Maturing*25,00020,00015,00010,000 5,000 0 2011 2012 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 >2022 Senior debt State guaranteed Lower Tier-2 Covered bonds RMBS* Year-to-date, EUR 9 bln of debt has matured. The remaining amount maturing in 2012 is EUR 9 blnMorgan Stanley Conference - 28 March 2012 20
  21. 21. Reduce non-strategic assetsAssets at fair value Reduce repo exposure • Focus on client-driven business EUR 136 bln • Lowering exposure to professional markets by reducing repo intermediation 13 • Impacts both assets and liabilities ~ EUR 100 bln 41 10 Reduce derivative exposure 30 • Regulatory changes impose a stricter capital regime for CVA under Basel III 82 • Product re-design can help mitigate the adverse 60 impact which will result in lower use of derivatives • Interest rates expected to increase post-crisis in the coming years to 2015 (more normalised 4Q11 Indicative 2015 circumstances), which will reduce the market value of the derivatives Other trading assets Reverse repos Other • Impacts both assets and liabilitiesMorgan Stanley Conference - 28 March 2012 21
  22. 22. Transforming the investment book into a liquidityportfolioInvestment portfolio to be maintained for NIM not significantly affected whileliquidity purposes only liquidity values improve • NIM preserved due to low historical credit spread EUR • EUR 68 bln will mature before 2016 111 bln ~ EUR 100 bln • Re-investments in liquid assets deliver higher 16 Non-Basel liquidity value 5 Non-Basel III liquid 5 18 III liquid Investment portfolio actively transformed 25 • Proceeds used to: 28 • Fund client business • Redeem wholesale funding 65 • Re-invest in covered bonds Level Level 49 1+2 1+2 Pro-actively reduced periphery sovereign exposure and ABS • EUR 4 bln GIIPS sovereign sold in 2011 4Q11 Indicative 2015 • EUR 4 bln ABS matured in 2011 • EUR 0.6 bln ABS sold, preventing Government bonds Covered bonds EUR 2.5 bln RWA migration Financials/Corporates ABSMorgan Stanley Conference - 28 March 2012 22
  23. 23. Grow customer lendingProportion customer lending increasing Selective shift to higher-yielding assets ~ EUR ~ EUR • Balance sheet optimisation will allow us to 900 bln 900 bln continue to support our customers and grow our loan portfolio without growing the 36% balance sheet 39% • Targeting growth in long-term assets at shorter durations Replacing • Mortgages: non-strategic • Mainly grow in our home markets 64% trading assets by 61% higher-yielding • Divestment of WestlandUtrecht Bank should customer lending reduce mortgage portfolio of ING Bank • Focus on growing in key market and product positions with high return businesses and attractive risk / reward 4Q11* Indicative characteristics such as Structured Finance 2015 • Continue growth in SME and mid-corporate* Excluding ING Direct USA markets by leveraging our international networkMorgan Stanley Conference - 28 March 2012 23
  24. 24. Balance sheet integration to result in higher returnBalance sheet integration Eliminate cross-border inefficiencies• Align capital, assets and liabilities • Asset and liability generation to create locally• Reducing low-yielding investments with own- sustainable balance sheets originated assets to optimise returns • Income diversification enables more• Balanced growth in Commercial Banking competitive offering for retail liabilities assets via organic growth and selected portfolio • Diversified income drivers offering the full Retail transfers and Commercial Banking product rangeAssets Liabilities • Balance sheet integration Commercial Banking Commercial initiatives have delivered assets Banking EUR 23 bln and a further assets EUR 30 bln targeted Retail Deposits Deposits assets Retail • An optimised balance assets sheet should result in a Investment ST funding ST funding higher return on assets portfolio Investment • Within regulatory portfolio LT funding LT funding Money constraints market Money market Equity Equity 2011 Optimised 2011 OptimisedMorgan Stanley Conference - 28 March 2012 24
  25. 25. Ambition 2015Morgan Stanley Conference - 28 March 2012 25
  26. 26. An optimised balance sheet should result in anattractive ROE of 10-13% under Basel III Balance Sheet X Interest Margin ~ Income C/I - 50-53% Keep Improve NIM Balance Risk through B/S Sheet flat optimisation and Expenses profile while re-pricing optimising - 40-45 RWA Risk Costs bps/RWA Leverage - CT1 <25 Tax ≥10.0% = Capital ROE Result 10-13%Morgan Stanley Conference - 28 March 2012 26
  27. 27. Repricing and deleveraging are supportive for NIMReplacing low yielding trading assets Re-pricing mostly in business lendingwith higher yielding customer lending • Pricing discipline (centralised pricing• Historically, repos and derivatives are model) for new production and existing generating 2-3 bps of net interest income portfolio• Replacing (part of) these activities with • Review of non-core (low returning) client customer lending will result in an relations estimated 6 bps net interest margin uplift • In Structured Finance, pricing is increasing again since June 2011Other positive factors• The investment book was largely built up Run-off loan book in years where yields were low (~ 11 bps (by contractual maturity) on average) Loan book (%, September 2011) ~ 55%• Replacing these assets will result in a comparable spread and higher liquidity ~ 15% ~ 25% values ~5%• Higher retained earnings to meet higher capital requirements will earn an additional 2011 2012 2-5 years over 5 margin yearsMorgan Stanley Conference - 28 March 2012 27
  28. 28. …and will continue to focus on costs to reach a cost/income ratio of 50-53% by 2015 Underlying operating expenses In EUR bln -0.5 -0.5 0.7 -0.2 -0.3 0.3 9.5 8.7 8.9 Reported Divestment Impairments 2011 Inflation Procurement Savings Regulatory Estimate 2011 ING Direct RED (average + other programme impacts 2015 USA ~2%) management in NL actions…but structural improvements are needed to reach long-term cost target• We are striving to offset rising costs to reach a cost/income ratio of 50-53% by 2015• Cost reduction plans recently announced in the Netherlands will deliver EUR 300 mln in annual savings• Procurement initiatives are expected to save EUR 300 mln per year by 2015• Further structural efficiency improvements in processes and investments in IT will be needed to reach the long-term cost/income ratio target of 50%Morgan Stanley Conference - 28 March 2012 28
  29. 29. An optimised balance sheet would have higher earningsand less leverage Assets • Balance sheet to remain stable NIM/assets • Re-pricing and deleveraging to support NIM to 140-145 bps C/I • Cost/income ratio to decline to 50-53% in 2015 Core Tier 1 • At least ≥10% in 2013 RoE* • Return on Equity to be in the range of 10-13% over the cycle LtD • Loan to Deposit ratio to decline to below 1.10 LCR • Liquidity coverage ratio to move >100% in 2015 Leverage • Leverage to decline below 25* Based on IFRS equityMorgan Stanley Conference - 28 March 2012 29
  30. 30. DisclaimerCertain of the statements contained in this document are not historical facts, including, without limitation,certain statements made of future expectations and other forward-looking statements that are based onmanagements current views and assumptions and involve known and unknown risks and uncertainties thatcould cause actual results, performance or events to differ materially from those expressed or implied insuch statements. Actual results, performance or events may differ materially from those in such statementsdue to, without limitation: (1) changes in general economic conditions, in particular economic conditions inINGs core markets, (2) changes in performance of financial markets, including developing markets, (3)consequences of a potential (partial) break-up of the euro, (4) the implementation of INGs restructuringplan to separate banking and insurance operations, (5) changes in the availability of, and costs associatedwith, 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 insuredloss events, (7) changes affecting mortality and morbidity levels and trends, (8) changes affectingpersistency levels, (9) changes affecting interest rate levels, (10) changes affecting currency exchangerates, (11) changes in investor, customer and policyholder behaviour, (12) changes in general competitivefactors, (13) changes in laws and regulations, (14) changes in the policies of governments and/or regulatoryauthorities, (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) INGs ability to achieve projected operationalsynergies and (19) the other risk factors and uncertainties detailed in the risk factors section contained inthe 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 resultof new information or for any other reason. This document does not constitute an offer to sell, or asolicitation of an offer to buy, any securities.www.ing.comMorgan Stanley Conference - 28 March 2012 30
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