ING GROUP CONSOLIDATED RESULTS

ING Group’s second-quarter underlying net profit rose 19.7% to EUR 1,528 million, reflecting solid quarterly results at ING Bank and continued momentum in performance improvement at ING Insurance.

Results have been restated to reflect the sale of the Latin American pension, life insurance and investment management operations to GrupoSura for a total consideration of EUR 2.7 billion, as announced on 25 July 2011. The results from these businesses are now reported in the net result from discontinued operations, while ING’s stake in Sul America is reported in the Corporate Line.

ING Bank’s underlying result before tax was EUR 1,304 million, reflecting solid interest results and lower risk costs, and including the impact of EUR 187 million of impairments on Greek government bonds. The net interest margin remained healthy at 1.42% although there was some pressure on product margins. Risk costs were higher than the previous quarter, but declined from a year ago, confirming the gradual return to more normalised levels. Compared with the second quarter of 2010, the Bank’s result declined 18.9%. Excluding the Greek impairments, the decline was 7.2%, as the comparable quarter included a EUR 86 million gain on the sale of an equity stake and EUR 43 million of positive fair value changes on the Bank’s own Tier 2 debt. On a sequential basis, results were 23.1% lower than the first quarter of 2011, which was supported by seasonally high results in Financial Markets.

ING Bank’s net production of client balances was positive for the eighth consecutive quarter. Funds entrusted at Retail Banking grew by EUR 3.3 billion, driven by a net inflow of EUR 3.7 billion at Retail Benelux, while ING Direct and Retail Central Europe reported modest net outflows. Commercial Banking reported a EUR 0.5 billion inflow in funds entrusted. The Bank’s net production of residential mortgages was EUR 5.8 billion, while other lending increased by EUR 5.5 billion, mainly in General Lending, Retail Belgium and Central Europe.

Earnings from ING Insurance improved substantially as performance improvement measures continued to gain traction. The operating result jumped 82.5% from the second quarter of 2010 and 35.0% from the previous quarter to EUR 690 million. Results in the current quarter

benefited from higher investment and technical margins compared with both prior periods. The investment spread rose to 99 basis points, reflecting reinvestments and higher dividend income in the Netherlands and the US. The second-quarter underlying result before tax increased to EUR 673 million, despite the impact of EUR 123 million of impairments on Greek government bonds, primarily due to the strong operating profit.

Insurance sales (APE) decreased 13.4% year-on-year, or 6.3% excluding currency effects. Sales declined in most regions with the exception of Asia/Pacific, where sales grew 4.1%, excluding currency effects. Sales in the Benelux were lower as the second quarter of last year was boosted by high sales in Luxembourg in anticipation of changes to a tax directive. APE declined in the US due to lower Stable Value retirement plan sales, while in Central and Rest of Europe pension sales were affected by regulatory changes.

ING Group’s quarterly net profit was EUR 1,507 million compared with EUR 1,211 million in the second quarter of 2010 and EUR 1,381 million in the previous quarter. The second-quarter underlying effective tax rate was 22.1%. Net results included EUR 51 million in gains on divestments and EUR 37 million in results from divested units/discontinued operations. Special items after tax were EUR-110 million and related primarily to various restructuring programmes. After-tax separation costs were EUR 31 million in the quarter and EUR 51 million year-to-date, out of total estimated separation costs of EUR 200 million for 2011. Insurance separation and preparation costs were EUR 10 million, out of an estimated total of EUR 50 million after tax for 2011.

The net profit per share was EUR 0.40 compared with EUR 0.32 in the second quarter of 2010 and EUR 0.37 in the first quarter of 2011. The average number of shares used to calculate earnings per share over the second quarter was 3,783.4 million. The Group’s underlying net return on IFRS-EU equity was 14.8% for the first six months of 2011.

Subsequent Event

On 21 July 2011, a Private Sector Initiative to support Greece was announced. This initiative involves a voluntary exchange of existing Greek government bonds maturing up to 2020 together with a Buyback Facility. ING is currently assessing the alternative exchange options in this initiative. Based on this Private Sector Initiative, it was concluded that bonds that are in the scope of the initiative (i.e. Greek government bonds maturing up to 2020) are impaired in the second quarter of 2011.

ING Bank’s second-quarter results were solid, supported by a continued healthy interest margin, higher client balances and a more normalised level of risk costs, and despite EUR 187 million of impairments on Greek government bonds. The underlying profit before tax was EUR 1,304 million, down 18.9% from the previous year and 23.1% lower than the first quarter of 2011.

Total underlying income declined 6.3% from a year ago, primarily due to the Greek bond impairments. Additionally, results in the second quarter of 2010 included a capital gain on the sale of an equity stake. Excluding these exceptional items, income was stable as interest results and commission income both grew, offsetting a decline in other income. On a sequential basis, income decreased 9.0%, mainly due to seasonally strong Financial Markets revenues recorded in the first quarter of 2011 and the negative impact of the Greek impairments.

The underlying interest result was resilient, rising 2.8% from the second quarter of 2010. The interest margin increased by six basis points to 1.42% mainly on higher interest results in Financial Markets relative to last year. Compared with the first quarter of 2011, the interest result declined 1.4% and the interest margin narrowed by two basis points. In Retail Benelux, margins for mortgages and business lending in the mid-corporate and SME segments were somewhat lower, while margins on savings and current accounts held up well. The total interest margin of

ING Direct improved slightly from the previous quarter. Corporate lending margins in General Lending trended downwards due to increased competition, while Structured Finance margins remained stable.

Underlying operating expenses rose 5.3% year-on-year on higher salaries and pension costs, and higher costs consistent with an increase in headcount driven by investments in the business. Compared with the first quarter of 2011, underlying operating expenses decreased 2.2%. This was mainly attributable to lower impairments on real estate development projects and a redundancy provision recorded in the first quarter. The second-quarter underlying cost/income ratio was 59.2%, or 54.6% excluding market impacts.

ING Bank added EUR 370 million to the loan loss

provisions, 20.4% less than in the second quarter of 2010, but 11.4% more than in the benign first quarter. The increase from the previous quarter was mainly visible in the mid-corporate and SME segments in Retail Benelux, which had a very modest level of loan losses in the first quarter of 2011, and in the Real Estate Finance portfolio in the Netherlands and Australia due to some specific files. At Commercial Banking, higher risk costs at Structured Finance, following releases in the first quarter, were offset by lower additions in General Lending. Risk costs for the US and German mortgage portfolios at ING Direct improved. Total risk costs in the second quarter were 47 basis points of average risk-weighted assets versus 55 basis points in the second quarter of 2010 and 42 basis points in the previous quarter. For the coming quarters, ING expects risk costs as a percentage of risk-weighted assets to remain below the average level seen in 2010.

Retail Banking’s underlying result before tax was EUR 704 million, down 25.4% from a year ago primarily due to EUR 178 million of impairments on Greek government bonds and higher operating expenses. Compared with the second quarter of 2010, income declined 5.5% because of the Greek impairments. However, excluding the impairments, income edged up 0.8% as margins improved at ING Direct and client balances increased at Retail Banking as a whole. This mitigated the impact of lower interest results in the Netherlands due to margin pressure on business lending and the lengthening of funding for the mortgage book due to lower expected prepayments. Risk costs fell 6.0% from the second quarter of 2010 to EUR 266 million. Operating expenses rose 6.4% year-on-year due to higher salaries, pension costs, marketing expenses and investments in the business. The underlying result before tax fell 27.9% from the first quarter of 2011, primarily due to the Greek impairments, while risk costs and operating expenses were essentially flat.

The underlying result before tax of Commercial Banking excluding ING Real Estate rose 13.6% from the second quarter of 2010 to EUR 645 million. The increase was mainly driven by a marked decline in risk costs and higher income. Risk costs dropped 66.5% from a year ago as additions were significantly lower in both General Lending and Structured Finance. Income, which included EUR 9 million of Greek bond impairments, rose 1.7% primarily on

higher revenues from Structured Finance, which recorded strong fee income due to a high level of loan origination. Operating expenses increased 10.9% compared with the second quarter of 2010, largely due to higher personnel costs in Structured Finance and Financial Markets. Compared with the first quarter of 2011, which contained a redundancy provision, expenses declined 2.9%. The underlying result before tax of Commercial Banking excluding ING Real Estate was 16.6% lower than the record level achieved in the first quarter of 2011, mainly due to the seasonally higher client-related activity in Financial Markets in the first quarter.

ING Real Estate recorded an underlying result before tax of EUR 13 million compared to a loss of EUR 9 million in the same quarter of last year and a profit of EUR 70 million in the first quarter of 2011. The improvement from a year ago was primarily attributable to lower negative revaluations and impairments, which were partly offset by higher risk costs for Real Estate Finance due to some specific files. The decline in results compared with the previous quarter was caused by lower income, primarily in the Investment Management and Development businesses, and higher risk costs.

The underlying result before tax of Corporate Line Banking was EUR -58 million compared to EUR 105 million in the second quarter of 2010. This decline was mainly attributable to the gain on the sale of an equity stake last year, negative fair value changes on part of ING Bank’s own Tier 2 debt (compared with positive fair value changes a year ago), and increased financing charges.

The net result of the Bank was EUR 960 million, which included a net gain of EUR 25 million mainly due to the divestment of Clarion Partners (closed on 9 June 2011) and EUR -52 million of special items after tax. The special items related primarily to the merger of the Dutch retail activities, the Belgian transformation programme, and costs related to the separation of Banking and Insurance.

The underlying return on IFRS-EU equity was 12.7% for the first half of 2011. The year-to-date underlying ROE based on a 7.5% core Tier 1 ratio was 18.6%, exceeding the target of 13-15% for 2013.

The operating result of ING Insurance improved further in the second quarter, increasing substantially by 82.5% from a year ago and 35.0% from the first quarter of 2011. Results in the current quarter benefited ted from higher investment and technical margins relative to both prior periods. The underlying result before tax in the second quarter of 2011 rose to EUR 673 million despite EUR 123 million of impairments on Greek government bonds.

The operating result from Life Insurance and Investment Management was EUR 725 million, 43.8% higher than the second quarter of last year and driven by a higher investment margin and an improved technical margin. Compared with the first quarter of 2011, the operating result from Life Insurance and Investment Management rose 20.2%.

The investment margin increased 38.4% from the same quarter of 2010 to EUR 476 million, primarily due to

reinvestments into fixed income securities in the Netherlands and the US, lower interest rate swap expenses in the US, as well as higher dividends on equity securities and EUR 28 million of nonrecurring items in the Netherlands. Compared with the first quarter of 2011, the investment margin rose 27.6%. This was mainly attributable to dividend income on equity securities, which is typically received in the second quarter. The investment spread continued to strengthen, increasing to 99 basis points from 92 basis points in the first quarter of 2011 and 79 basis points in the second quarter of 2010.

Fees and premium-based revenues grew 3.6% from the previous year to EUR 1,147 million. This was primarily driven by increases in US Closed Block VA and ING Investment Management. Compared with the first quarter of 2011, fees and premium-based revenues declined 5.2% as that quarter was supported by seasonality in the Benelux and Asia/Pacific.

The technical margin was EUR 260 million versus EUR 170 million in the second quarter of 2010 and EUR 194 million in the first quarter of 2011. The technical margin increased compared with both comparative quarters primarily due to the EUR 70 million positive impact from an early surrender of a contract with a large pension fund in the Netherlands.

Life Insurance and Investment Management administrative expenses were 2.0% lower than the second quarter of last year, but 4.5% higher excluding currency effects. This increase was caused by EUR 25 million of favourable nonrecurring items in the Benelux in the second quarter of 2010, higher project expenses in the current quarter in Central and Rest of Europe, and the introduction of a fixed service fee at Investment Management (for which there is an offset in income). The US had lower expenses, which was largely due to a reduction in staff. On a sequential basis, total Life Insurance and Investment Management administrative expenses increased 0.6%, or 3.4% excluding currency effects. This was mainly due to higher employee benefits expenses in the Benelux in the current quarter and a nonrecurring reduction in accruals related to incentive compensation, which lowered expenses in the US in the first quarter of 2011. The ratio of administrative expenses to operating income improved to 38.0% reflecting the increase in operating income, which was supported in part by seasonal and nonrecurring items.

The non-life operating result of ING Insurance was EUR 68 million, up 36.0% from a year ago and up 61.9% from the first quarter of 2011, mainly due to lower claims.

The Corporate Line operating result improved to EUR -103 million compared with EUR -176 million in the second quarter of 2010. This was the result of lower interest payments on hybrids since December 2010 and the discontinuation of Group core debt expense allocation to Insurance as from 1 January 2011. The operating result also improved compared with EUR -134 million in the first quarter of 2011 driven in part by improved results at ING Reinsurance. The Corporate Line includes the result of ING’s stake in Sul America, which was EUR 22 million in the current quarter and EUR 23 million in the second quarter of 2010.

ING Insurance posted an underlying result before tax of EUR 673 million in the second quarter, a significant

improvement compared with EUR 18 million in the same quarter of 2010 and up 57.2% from the first quarter. Non-operating items in the second quarter totalled EUR -17 million. Gains/losses and impairments on investments were EUR -110 million, primarily reflecting EUR 123 million of impairments on Greek government bonds which more than offset the positive impact of capital gains in the Benelux. Revaluations were positive at EUR 111 million, mainly driven by positive revaluations from alternative assets and CMO assets. Market and other impacts improved to EUR -18 million and consisted primarily of EUR -109 million related to the change of provision for guarantees on separate account pension contracts (net of hedging) in the Netherlands, EUR 61 million of positive results on Japan SPVA (reported in the Corporate Line) and EUR 49 million of hedging gains (net of reserve changes) in US Closed Block VA.

The second-quarter net result for Insurance was EUR 547 million. This included EUR -58 million of special items mainly associated with restructuring programmes and separation expenses, EUR 27 million of gains on divestments and a EUR 37 million net result from divested units/discontinued operations in Latin America. Prior quarters have been restated to reflect the divestment of ING’s Latin American pension, life insurance and investment management operations, as announced on 25 July 2011. The underlying return on IFRS-EU equity for Insurance was 8.4% for the first six months of 2011.

Insurance sales (APE) decreased 6.3% year-on-year, excluding currency effects. Sales declined in the Benelux from a year ago as the second quarter of 2010 included high sales in Luxembourg in anticipation of changes to a European Savings Taxation Directive. In the US, APE declined from the second quarter of last year, which included exceptionally high sales of Stable Value retirement products. However, sales of core Retirement and Individual Life products were strong. Full Service Retirement Plan sales were up 17% from a year ago and Individual Life sales rose 32%. In Central and Rest of Europe, pension sales were lower due to regulatory changes in Hungary and Poland, while life sales were higher in most countries in the region. APE grew 4.1% in Asia/Pacific on improved agent productivity in ING Life Korea, new product introductions in Malaysia and growth in KB Life. Compared with the first quarter of 2011, total sales at ING Insurance decreased 21.0% (excluding currency effects) due to seasonality in the Benelux, the US and Asia/Pacific, all of which supported first-quarter APE.

ING Group’s balance sheet increased by EUR 11 billion to EUR 1,241 billion, including EUR 6 billion of negative currency impacts. Balance sheet growth was driven by EUR 7 billion of higher loans and advances to customers and EUR 7 billion of higher financial assets at fair value through P&L. In June 2011, balance sheet items of ING Direct USA (excluding the Illiquid Assets Back-up Facility), ING Car Lease and Insurance Latin America were transferred to assets and liabilities held for sale, causing large changes per balance sheet item.

Shareholders’ equity rose by EUR 0.2 billion to EUR 40.3 billion (or EUR 10.65 per share). This was mainly due to the EUR 1.5 billion quarterly profit which was offset by the EUR 1 billion premium paid on the core Tier 1 securities to the Dutch State.

ING Bank’s core Tier 1 ratio remained robust at 9.4% despite the payment to the Dutch State of EUR 3 billion, which included the premium of EUR 1 billion. Including the positive impact of the announced sales of ING Direct USA, the majority of ING Real Estate Investment Management and ING Car Lease, the pro-forma core Tier 1 ratio at 30 June 2011 was 10.7%.

As announced on 15 July 2011, ING Bank comfortably passed the bank stress test conducted by the European

Banking Authority (EBA) with solvency levels that would remain well above the EBA’s hurdle rates.

The Insurance Group Directive (IGD) ratio strengthened from 241% at the end of the first quarter of 2011 to 252% at the end of June 2011, of which 8%-points was driven by the decrease in goodwill (reflected in required regulatory adjustments) due to the classification of Latin American pension and life insurance assets and liabilities as held for sale. The remaining improvement was related to retained earnings, while required capital rose slightly by EUR 0.1 billion to EUR 8.4 billion. The expected net transaction result of approximately EUR 1.0 billion on the sale of the Latin American business will increase the IGD ratio by an additional 12%-points at closing.

The Group’s debt/equity ratio increased to 13.9% at the end of the second quarter. Adjusted equity of ING Group decreased by EUR 1.8 billion, reflecting the EUR 3.0 billion payment to the Dutch State which was only partially offset by the EUR 1.5 billion of second-quarter earnings. Group core debt decreased by EUR 0.1 billion.

Given the uncertain financial environment, increasing regulatory requirements and ING’s priority to repurchase the remaining outstanding core Tier 1 securities, no interim dividend will be paid in 2011.