Pitch from the FIG team

1. Ghosal Investment
Fund - FIG
Security: ING

2. ING – Overview
Business model: ING is a global retail and wholesale bank with a digitally-oriented
strategy, which has 200 fintechs in its ecosystem.
ING
Delivery
Data
Brokerage and
Advisory
Funds Transfer Insurance
Brokerage
Securities
Business
Asset
Management
Analytics
1ST Bank to
Implement Agile
Software Delivery
38.4 Million
Customers Globally
Operations in 40
Countries
MSCI ESG ‘A’ rating
Income: 18,324 (m€)
Profit: 4,869 (m€)
Agency Rating
S&P A
Moody’s Baa1
Fitch A+
Taskforce for Climate-related Financial
Disclosures Supporter

3. Global Footprint
Wholesale Banking
Growth
Markets
Challengers
Market Leaders

4. Environmental, Social and
Corporate Governance
Business Travel
Introduced more fuel-efficient
vehicles, resulting in increased
efficiency which offsets the increase in
air travel since 2014.
CO2 Emissions
ING has decreased our total carbon
footprint by 44% as of year-end 2018
compared to 2014 while also
increasing coverage of our emissions
monitoring.
Energy Consumption
Since 2014 we reduced our overall
energy consumption by 28%. We
also increased efficiency and
increased our consumption of
renewable electricity to 98%
of total electricity consumption
Water and Waste
Its residual waste was reduced by 36%
in 2018 relative to our base year.
Since 2014 our measured water
footprint decreased by 2% while
coverage has increased

5. Other Income
ING GREOP N.V. SPONS ADR-EACH REPR 1 ORD EURO.24 (MGT)
Income (m€) 2018 2017 2016
Funds Transfer 1,394 1,172 1,103
Securities
Business
618 532 497
Insurance
Brokerage
173 176 181
Asset
Management
170 116 91
Advisory 584 548 477
Other 1,302 1,321 1,232
Total 4240 3865 3581

6. Global Outlook
Financial
Conditions
• Federal Reserve:
Increase in the
long- term yields
• ECB: Likely to
reduce Asset
Purchase Program
• New rules
regarding NSFR, a
G-SIB surcharge
for the leverage
ratio, IRBB,
internal MREL
Equity Market
Fluctuations
• ING Bank’s
Portfolio:
Internationally
diversified, client-
related trading
portfolio
• ING Bank also
maintains equity
investments in its
own nontrading
books
Interest Rate
Changes
• Active price
management of
customer’s assets
and liabilities ->
stability of future
interest earnings
Exchange Rate
Risk
• Affect: working
capital, sweeping
and pooling across
non-EU subsidiaries
• Mitigation: Income
and related
expenses of non-
euro reporting
subsidiaries
denominated in
the same
currencies
Economic
Outlook
• BREXIT: Applying
for a banking
licence in the UK
• Trade-restrictive
measures in
emerging markets
• US strong
economic growth

7. Return on Assets
Return on assets is calculated as Net Income divided by its average Total Assets over a certain period. Return on
assets can be defined as an indicator of how profitable a company is relative to its total assets.
ING outperforming most of its
competitors in terms of ROA

8. Price to Earnings (P/E Ratio)
The price to earnings ratio is calculated by taking the latest closing price and dividing it by the most recent earnings per share (EPS)
number. The PE ratio is a simple way to assess whether a stock is over or under valued and is the most widely used valuation measure.
ING Group PE ratio as of November 25, 2019 is 7.56
ING PE ratio is relatively low compared to similar stocks, that can be a sign that it's undervalued, meaning
that it's potentially a good place to invest your money.

9. ING's Performance comparing
to STOXX 600 & STOXX Banks

10. Brief Technical Analysis
• MEDIUM TERM
• ING's stock in an uptrend since a confirmation in Oct/19 when it
made a higher low instead of a lower low like a downstrend
should,
• Expecting to continue to go up as it failed to make a lower low,
also touched the 23.6% Fib line which would signify a bounce of
a support line at around this point

11. Brief Technical Analysis
• LONG TERM
• ING's stock in a downtrend since the start of 2018 with a confirmation
around Mar/2018 when it failed to make a higher low and made a lower
low instead,
• Expecting to continue going down as we can see it bounced off the
11.75 weekly resistance line which aligns with the area marked by the
23.6% Fib line
• Also below 20 & 50 MAs

12. Predictions
Source: Reuters

13. Common Equity Tier 1 Ratio
Definition of the equity in regulatory terms (in general: narrower than IFRS equity): is defined as shareholders
equity less regulatory adjustments divided by risk-weighted assets
Source: ING
Q4/2018 Q2/2019
CET1-
Ratio
14,4% 14,34
Supervisory Banking Statistic ECB

14. Excess Return Model
Price-to-book ratios of major international banks
(Euro Stoxx 600 companies with 1,87 P/B Ratio)
Source: Bank for International Settlement
Q3 2019
BV of Equity 54.410,33 m€
Return on
Equity
12,7%
Cost of Equity
Industry Beta
(1,16)
10,93%
Cost of Equity
ING Beta daily
1y (1,005)
9,83%
Price Target 14,21€
Price Target
(ING Beta)
14,37€Long Term Risk-free rate: 2,68%
Equity Risk Premium: 7,11%
Price-to-book ratio of ING Q3/2019: 0,79

15. Why invest in ING?
Wholesale Banking
Growth
Markets
Challengers
Market Leaders