• Underlying net loss narrows substantially to EUR -305 million from EUR -3,073 million in 4Q08
- Pre-tax impairments, fair value changes, DAC unlocking and other impacts of EUR -1,707 million, down signifi cantly from 4Q08
- All six business lines post improvement in 1Q09 underlying result before tax compared with 4Q08
- Banking underlying net profi t of EUR 519 million and Insurance underlying net loss of EUR -824 million for 1Q09
- Divestments and special items totalled EUR -488 million, bringing the quarterly net loss to EUR -793 million
- All key capital and leverage ratios within target; Bank Tier 1 ratio rose to 9.7% and core Tier 1 ratio rose to 7.5%
• Signifi cant progress achieved on de-risking, de-leveraging, cost-containment and initiatives to simplify the Group
- Illiquid Assets Back-up Facility with Dutch State closed in the fi rst quarter of 2009 reduces exposure to Alt-A securities by 80%
- Listed equity exposure declined to EUR 5.0 billion with increased hedges on remaining exposure
- Bank balance sheet reduced by EUR 79 billion out of EUR 110 billion planned reduction
- Group expenses down 3.5% year-on-year and 13.3% from 4Q08; over 75% of targeted 7,000 FTE reduction achieved
- ING to separate Banking and Insurance Boards to simplify governance and increase business focus
• Net production of client balances resilient at EUR 11.2 billion, which excludes FX and market value declines
- Net production driven by EUR 9.6 billion of bank deposits, excluding FX and market impacts, fuelled mainly by ING Direct
- Limited net outfl ow at Insurance of EUR 1.4 billion with outfl ows in the US and Europe partly offset by infl ows in Asia/Pacifi c
- APE -27.5% and VNB -57.4% versus 1Q08 due to lower sales from weak demand and controlled slowdown in variable annuities
Chairman’s Statement
“Market conditions remained challenging in the fi rst quarter as equity markets declined further, credit spreads remained elevated, real
estate prices continued to fall and loan losses increased as the crisis spread from the fi nancial markets to the real economy,” said Jan
Hommen, CEO of ING. “In this environment, our fi rst priorities are to reduce costs, risk and leverage to strengthen the Group. At the
same time, we are working to reduce complexity by focusing on fewer businesses and markets.”
“Market volatility continued to weigh on ING’s results, however de-risking and cost-containment measures helped mitigate part of the
impact. The underlying net loss narrowed substantially to EUR -305 million in the fi rst quarter from EUR -3,073 million in the fourth
quarter. All three banking business lines contributed to an underlying net profi t of EUR 519 million despite rising risk costs. Income
from the banking business recovered almost to the level of the fi rst quarter last year, supported by strong Financial Markets results. The
insurance business lines were impacted by falling asset prices, resulting in an underlying net loss of EUR -824 million.”
“We made good progress in our efforts to reduce risks and costs and to simplify our organisation. The Illiquid Assets Back-up Facility
with the Dutch State was completed in the fi rst quarter, reducing ING’s exposure to Alt-A RMBS by 80% and boosting shareholders’
equity. Direct equity exposure was further reduced and hedge positions were increased. The de-leveraging of the Bank’s balance sheet is
progressing ahead of schedule, with EUR 79 billion of the planned EUR 110 billion reduction completed by the end of March. We are on
track to cut expenses by EUR 1 billion this year as we align our cost base with today’s leaner operating environment. Operating expenses
were down 3.5% from the fi rst quarter last year and 13.3% compared with the fourth quarter of 2008. Of the 7,000 workforce
reduction announced in January, 5,380 had been completed by the end of March. In order to simplify governance and increase the
customer focus of our leadership, ING will create separate Management Boards for Banking and Insurance. The Group Executive Board
will consist of the CEO, CFO and CRO who will also serve on the Banking and Insurance Management Boards.”
“Our businesses continued to show a resilient commercial performance as our customers continue to put their trust in ING. Total client
balances increased by EUR 11.2 billion excluding currency impacts and market value declines. Growth was driven by a strong infl ow
of savings, particularly at ING Direct and ING Belgium, while competition for savings in the Netherlands continued to put pressure on
volumes and margins. Lending growth was moderate given the economic slowdown, and the insurance businesses showed small net
outfl ows as demand for investment-linked products continued to wane amid the current market volatility.”
“This year will remain challenging as markets are volatile and the economic environment continues to be uncertain. We will continue to
reduce risks and improve ING’s operational performance through our Back to Basics programme while working to restore the confi dence
of our customers and adapt to their changing needs.”

CHAIRMAN’S STATEMENT

“Market conditions remained challenging in the
fi rst quarter as equity markets declined further,
credit spreads remained elevated, real estate prices
continued to fall and loan losses increased as the
crisis spread from the fi nancial markets to the real
economy,” said Jan Hommen, CEO of ING. “In this
environment, our fi rst priorities are to reduce costs,
risk and leverage to strengthen the Group. At the
same time, we are working to reduce complexity by
focusing on fewer businesses and markets.”
“Market volatility continued to weigh on ING’s
results, however de-risking and cost-containment
measures helped mitigate part of the impact. The
underlying net loss narrowed substantially to EUR
-305 million in the fi rst quarter from EUR -3,073
million in the fourth quarter. All three banking
business lines contributed to an underlying net
profi t of EUR 519 million despite rising risk costs.
Income from the banking business recovered almost
to the level of the fi rst quarter last year, supported
by strong Financial Markets results. The insurance
business lines were impacted by falling asset prices,
resulting in an underlying net loss of EUR -824
million.”
“We made good progress in our efforts to reduce
risks and costs and to simplify our organisation. The
Illiquid Assets Back-up Facility with the Dutch State was completed in the fi rst quarter, reducing ING’s
exposure to Alt-A RMBS by 80% and boosting
shareholders’ equity. Direct equity exposure was
further reduced and hedge positions were
increased. The de-leveraging of the Bank’s balance
sheet is progressing ahead of schedule, with EUR
79 billion of the planned EUR 110 billion reduction
completed by the end of March. We are on track to
cut expenses by EUR 1 billion this year as we align
our cost base with today’s leaner operating
environment. Operating expenses were down 3.5%
from the fi rst quarter last year and 13.3%
compared with the fourth quarter of 2008. Of the
7,000 workforce reduction announced in January,
5,380 had been completed by the end of March. In
order to simplify governance and increase the
customer focus of our leadership, ING will create
separate Management Boards for Banking and
Insurance. The Group Executive Board will consist
of the CEO, CFO and CRO who will also serve on
the Banking and Insurance Management Boards.”
“Our businesses continued to show a resilient
commercial performance as our customers continue
to put their trust in ING. Total client balances
increased by EUR 11.2 billion excluding currency
impacts and market value declines. Growth was
driven by a strong infl ow of savings, particularly at
ING Direct and ING Belgium, while competition for
savings in the Netherlands continued to put
pressure on volumes and margins. Lending growth
was moderate given the economic slowdown, and
the insurance businesses showed small net outfl ows
as demand for investment-linked products
continued to wane amid the current market
volatility.”
“This year will remain challenging as markets are
volatile and the economic environment continues to
be uncertain. We will continue to reduce risks and
improve ING’s operational performance through our
Back to Basics programme while working to restore
the confi dence of our customers and adapt to their
changing needs.”