Amsterdam - 31 March 2014 www.ing.com

William Connelly

Member Management Board Banking, CEO Commercial Banking

From Good to Better ING Investor Day

Solid performance from a client

focused Commercial Bank

2

A strong global client base, with almost 80% of the revenues coming from Europe

Income by country / region FY2013

Income by Product FY2013

28%

12% 2%

14%22%

22%

Netherlands*Belgium/LuxembourgGermany

Central & Eastern EuropeWestern EuropeOutside Europe

Solid results from a consistent strategy and strong client franchises

3

Client Focused Commercial Bank

• ING Commercial Banking contributed 46% of total Bank pre-tax profit and RWA in 2013

• Solid results through the cycle and a successful 2013

• Risk costs beginning to decline

• A strong, Europe-focused Commercial Bank

• Comprehensive network throughout Europe

• Extensive international client base crossing all regions

• Global franchises

• Industry Lending and Financial Markets

• Trade Banking and Cash-Pooling (BMG)

• Consistent client focus

• European service offering for clients globally

• A focus on international business

• Strong industry expertise in selected sectors providing superior returns

* Including international business booked in the Netherlands

25%

27%

11%

37%Industry Lending

GL&TS

FM

BT, RE & Other

Resilient performance through the cycle

4

Return on Equity (based on CET 1 ratio of 10%) increased to 12.8%*

Expenses and cost/income ratio continued its downward trend*

Revenues and result before tax* (in EUR mln)

Risk costs still elevated but expected to have reached its peak

5,350 5,071 5,200 5,412

2,218 2,071 1,7842,160

2010 2011 2012 2013

Revenues Result before tax

2,643 2,524 2,461 2,386

49.4% 49.8%47.3%

44.1%

2010 2011 2012 2013

Expenses (in EUR mln) Cost/income ratio (%)

9.7%

12.8%11.5%11.6%

2010 2011 2012 2013

490 477

955 86733 35

72 68

2010 2011 2012 2013

Risk costs (in EUR mln) Risk costs (bps avg RWA)

* Excluding Legacy FTP book transferred to Corporate Line; Including allocation of the Dutch Bank Levies in 2012 and 2013 from Corporate Line

Clear focus and cost discipline - supports redeployment of resources

5

138185

260315 315

2013 2014 2015 2016 2017

A robust business model combined with disciplined, effective execution

• Strict cost discipline

• Cost-reduction programme on track

• Allows for selected strategic initiatives

• Continue to review our cost base

• Client relationships managed (and measured) on cross-border, cross-product global basis

• Disciplined client selection and allocation of capital / resources

• Strict profitability measurement per transaction and per client relationship

• Robust and flexible model with broad reach

• (Re)-allocation of resources, in line with changing clients needs

• Exploiting opportunities as they arise

• New technologies and further standardisation – the foundation for further growth

Cumulative gross cost savings (in EUR mln)

Cost /income ratio – Commercial Banking businesses in 2013*

52%44%

34% 34%

69%71%73% 69% 68%76%

DB UBS CS SG BNPP Bar HSBC ING Nor San

* Source: ING Internal benchmarking data based on analysis of published annual reports

However, we have been growing our Structured Finance assets (in EUR bln)

Balance sheet actively managed…

6

General Lending assets decreased, reflecting weak economic growth, but undrawn commitments remained high

General Lending assets - Committed Revolving Loans

0

10,000

20,000

30,000

40,000

2010 2011 2012 2013 201410%

15%

20%

25%

30%

Outstanding amt Available amt Utilisation

Real Estate Finance has been reduced and non-core Lease has been put in run-off (in EUR bln)

• In recent years, ING’s Real Estate Finance portfolio has been reduced. The planned de-risking of our Real Estate Finance portfolio has been finalised

• ING Real Estate Finance remains an integral part of the strategy of the Commercial Bank

34

24

117

2010 2013

Real Estate Finance Lease run-off

4347

2010 2013

...while the RWA impact of Basel 2.5 and 3 has been mitigated

7

913

135

145

127

135

-14-5

-4

3Q11 Basel 2 Impact Basel 2.5 4Q11 Basel 2.5 Management

actions

Other 4Q13 Impact Basel 3 Future

management

actions

Pro-forma Basel 3

RWA Commercial Banking (in EUR bln)

• Risk weighted assets for Commercial banking were EUR 127 bln in 4Q13, down by EUR 18 bln versus 4Q11, largely driven by Financial Markets (EUR -12 bln) including the wind down of ING’s Strategic Trading Platform and the restructuring of the Mexico branch and New York platform

• Basel 3 RWA impact is estimated at around EUR 13 bln of which EUR 10 bln relates to Financial Markets, partly offset by future management actions, of which EUR 2 bln for Financial Markets, EUR 2 bln for Lease run-off and EUR 1 bln for Real Estate Development/Investments

Leading commercial bank in the Benelux (2013)

Netherlands Belgium

We will translate our success in the Benelux to the rest of Europe

8

#1 #2

Leading Commercial Bank in the Benelux for the 5th consecutive year

• ING is the leading Commercial Bank in the Netherlands for the 5th consecutive year. ING is the nr 2 Commercial Bank in Belgium

• Strong client proposition differentiates us from the competition:

• Full-service domestic product offering

• Extensive international network

Source: Greenwich

71

79

94

87

6961

3134

51

ING Rabo ABN

Total Relationships Core Relationships Lead Relationships

Recognition

• Best Bank in the Netherlands 2013 (Euro Money, The Banker) and 2014 (Global Finance)

• Best Trade Finance Bank in the Netherlands 2014 (Global Finance)

• Best Foreign Exchange Provider in the Netherlands 2014 (Global Finance)

• Recognised as the leading bank servicing our Benelux clients in CEE 2013 (Global Finance)

• Best Bank in Belgium 2013 (The Banker) and 2014 (Global Finance)

94

88

68

58

74

86

60

46

20

BNP

Paribas

ING KBC

Europe

Asia Americas

27%

10%63%

Focus on servicing clients in Europe and beyond

9

24%

16%

60%

50%

29%

21%

47%

14%

39%

26%

26%

48%

23%

23%

54%

40%

8%

52%

15%

67%

18%

‘Local’ revenue**

‘Incoming’ revenue**

‘Outgoing’ revenue**

Netherlands

Germany

CWE

Belux

CEE

UK

A strong global client base, with almost 80% of the revenues coming from Europe*

* Above geographical split of revenues is based on internal servicing of Clients. Excluding Group items and excluding Run-off businesses

** Local revenue are revenues from local companies/institutions, booked locally; Incoming revenues are revenues from non-local companies/institutions, serviced locally and booked locally; Outgoing

revenues are revenues from local companies, serviced non-locally and booked non-locally

Financial Markets has adapted and remained profitable despite the changing regulatory environment

10

1,2541,439

871

1,336

1,179 1,266

1,328

1,124

2010 2011 2012 2013

Financial markets (reported) Financial markets (excl. CVA/DVA)

312 292250

412

314316

472

217

127

357423

226

1Q11 2Q11 3Q11 4Q11 1Q12 2Q12 3Q12 4Q12 1Q13 2Q13 3Q13 4Q13

Income Financial Markets impacted by CVA/DVA and… (in EUR mln)

10.0%

16.8%

>13%

0.2%

11.8%

8.0%

11.3%11.9%

6.7%

2010 2011 2012 2013 Indicative 2017

Financial markets (reported) Financial markets (excl. CVA/DVA)

Ambition 2017 target of a RoE of > 13% (in %)

...seasonality income excluding CVA/DVA (in EUR mln)

• Financial Markets results can be volatile due to

• CVA/DVA

• Seasonality

• Ambition 2017 target of a RoE of > 13%

Strong industry knowledge supporting our clients, year after year

11

18.3% 18.3% 19.2%22.3%

2010 2011 2012 2013

Industry Lending

• Lending portfolio of EUR 72 bln, dominated by Structured Finance

• Mature franchise built over 20 years

• Expertise through experienced, long-serving teams

• Deep-rooted relationships, with over 90% repeat business in

2013

• Selected industries Structured Finance

• Oil & Gas, Metals & Mining, Power & Infra, Transportation,

Commodities, Telecom & Media

• Strong risk management and structuring capabilities - focused on

solutions to clients needs

• Risk costs Structured Finance 40-45 bps of RWA over the cycle

• Structured Finance important for liability deployment into high

margin own originated assets

• Currently building local expertise centres in Germany and Belgium,

e.g. through transfer of knowledge

Structured Finance – RoE (based on CET1 of 10%)

Source: Thomson Reuters

Leading global player Industry Lending excl. REF 2013: MLA by number of deals

No. Deals

1 Bank of America Merrill Lynch 281

2 Deutsche Bank 198

3 JP Morgan 185

4 Mitsubishi UFJ 181

5 Credit Suisse 179

6 General Electric 175

7 ING 163

8 Sumitomo Mitsui 162

9 BNP Paribas 161

10 Barclays 158

Video

12

Executive Summary

13

• ING Commercial Banking continues to show strong results despite a challenging commercial and regulatory environment

• Clear focus and cost discipline supports redeployment of resources

• Results achieved through strong European network and global franchises

• Extensive international client base crossing all regions

• Leading global Industry Lending franchise

• New technologies and further standardisation are key to further leveraging our international platform

• A foundation for improving the client experience and supporting innovation

• As a result, we are able to grow our business, supporting our funding rich units, while delivering good returns

‘From Good to Better’

- Transformation Programme

14

Integration,

cross-regional

regulation,

standardisation

• Clients demand banking services that support their commercial and regulatory requirements on an integrated basis

• Clients require a predictable, standardised and uniform approach from their banks

Global economic

connectivity

• Growing trade and investment flows between emerging markets drive global solutions

• Emerging markets clients grow their businesses in developed markets and vice versa

Fast moving technology

• Clients are looking to transact and report anytime and anywhere, which requires comprehensive mobile solutions across a wide variety of products

• Continuous innovation of service offering

Transformation programme: simplification & standardisation + best-in-class operational excellence will deliver a differentiating client experience

Based on anticipated trends we lay the foundation for further growth across the network

15

Our transformation programme will provide standardisation and an improved client experience…

16

2015

• Completion Financial Markets standardisation

• Completion operations hubs

• New products added to client portal

2013

• Programme kick-off

• Created single Front Office & Client Services organisation

• Established global operations hubs (Manila & Bratislava)

2014

• Implementation new Client Service model globally

• Introduction new integrated client portal

• New cross-border cash management platform

• New online channel for trade

• Single lending platform

2016

• Completion new Pan-European payments platform

• IT decommissioning

• Full service integrated client portal

…and also lead to efficiencies

17

• Simplification and standardisation of our product offering

International Credit Transfers

140

different types

106 payables 5 payables

• 700 client processes being completely re-engineered

• 1,050 different systems being reduced to 100

• Consolidation of operations and processing locations

34 receivables 1 receivable

SEPA / EUR regulated Credit Transfers

57

different types

38 payables 6 payables

19 receivables 1 receivable

Our clients will experience the benefits of our investments in seamless cross border solutions

18

Multi Device

Platform ready for Web and App

Multi Product

Online client interactions in

an integrated Portal

Multi Country

International reach,

multiple languages and

support

Standardised products and channels

• Single standardised product catalogue, simplified documentation and uniform transacting

Harmonised client service model

• Supports integrated financial decision-making, monitoring and reporting

Improved pricing

• Faster pricing (for FX, equity derivatives and trade)

Harmonised back-office and IT

• Increased reliability and stability • Quicker implementation and

processing • Quicker time-to-market

Consistent billing and reporting

• Single invoice for all fee charges and consolidated billing across all payment products and countries

• Strongly enhanced management information across all payment products

Global on-line channel for trade

• Faster and uniform transacting, especially for higher volumes

Integrated client portal

• Supports integrated decision-making, transacting and reporting across products and geographies

• Provides secure and mobile access to information on multiple devices

Programme facilitates our payments strategy…

19

• Providing Payments services to clients is key for client intimacy, both in terms of (i) supporting the clients’ primary processes; and (ii) risk management and revenue opportunities

Market

position

• Benelux market leader.

• Europe solid top 10 player with largest European network

Strategy

• To become a top 5 pan-European competitor. Large investment program underway aimed at delivering a state-of-the-art client experience across Europe with improved cash management, product and channel capabilities

SEPA

impact

Opportunities:

• Target mass payers segment across Eurozone by leveraging our scale and efficient operations in the Benelux

• Combine our Eurozone payment volumes

Market size in volume (total)

…and solution rather than product selling

20

• Working Capital improvement is a key priority for our clients

• Clients demand comprehensive integrated solutions encompassing their entire financial

supply chain

Customers

(debtors)

Our

Clients

Physical

supply chain:

Suppliers

(creditors)

Financial

supply chain: Payables

(current liabilities)

Raw materials

Purchase-to-pay

process

Finished products

Order-to-cash

process

Supply Chain finance

Receivable based finance

Trade finance

Payments and Cash Management

Benefits for our clients

• Cash-flow improvement

• Financial ratio management

• Funding diversification

• De-risking

• Enhanced pricing

Benefits for ING

• Enrichment of our client relationships

• Cross-buy and deep-selling

Work-in-progress

Cash Receivables

(current assets)

Disciplined delivery in combination with our transformation programme – foundation for future growth of our businesses

21

42% 39%

17%

20%

23%

21%

14%

12%

2%

6%

2%

3%

2013 Indicative 2017

Other

Run off business

Transaction Services

General Lending

Real Estate Finance

Structured Finance

Lending Assets growth and breakdown by product (in %)

Lending Assets EUR 122 bln in 2013

Focus areas

• Diversified asset growth, in Industry Lending, General Lending and Transaction Services

• Prospect client list targeted

• Sector “centres of expertise” being established in Germany and Belgium

• Additional front office teams hired in challenger countries

• Become a Top 5 European player in Transaction Services, most notably Payments

• Become a European market leader in client satisfaction

CAGR

5%

Executive Summary

22

• ING Commercial Banking continues to show strong results despite a challenging commercial and regulatory environment

• Clear focus and cost discipline supports redeployment of resources

• Results achieved through strong European network and global franchises

• Extensive international client base crossing all regions

• Leading global Industry Lending franchise

• New technologies and further standardisation are key to further leveraging our international platform

• A foundation for improving the client experience and supporting innovation

• As a result, we are able to grow our business, supporting our funding rich units, while delivering good returns

Appendix

23

Industry lending portfolio well diversified geographically and by sector

24

65.7%

0.5%

33.8%

Structured Finance (SF)

Real Estate Finance (REF)

Corporate Investments (CI)

EUR

72 bln

Lending assets Industry Lending (in %, 2013) Structured Finance (in %, 2013)

Structured Finance (in %, 2013)

28%

25%

47%

Energy, Transport & Infrastructure (ETIG)

International Trade & Export Finance (ITEF)

Specialised Financing Group (SFG)

EUR

47 bln

15%

19%

66% Europe

Asia

Americas

EUR

47 bln

• Energy, Transport and Infrastructure Group (ETIG) includes natural resources, utilities power, infrastructure, transportation. The assets are a mixture of medium- and long-term assets

• International Trade and Export Finance (ITEF) includes Structured Export Finance. The assets are largely short-term assets

• Specialised Financing Group (SFG) includes Telecom and Media Finance, Structured Acquisition Finance and Local Structured Finance. The assets are largely medium-term assets

40-45 bps across the cycle

147

1

129

74 667471

37 22

-66

-16-17-1

-100

0

100

200

Structured Finance - risk costs are cyclical: average asset life circa 4 years

25

‘01 ‘02 ‘03 ‘04 ‘05 ‘06 ‘07 ‘08 ‘09 ‘10 ‘11 ‘12 ‘13

Structured Finance – risk costs in bps of average RWA Structured Finance – run off net lending assets

47.4

2014 2018 2022 2026 2030

Financial Markets provides hedging and financing solutions to corporate and institutional clients

26

FM – Income by product FY13* FM – Income by Geography FY13*,** FM – Client income by Client Segment, FY13*

• Financial Markets (FM) is a well diversified business, exposed to developed markets and faster growing economies

• FM is skewed to rates and FX, rather than credit

* Excluding CVA/DVA

** Excluding Global Equity Products, DCM, CF & Other

10%

25%

18%

47%

Rates & FX

Credit Trading

Global Equity Products

DCM, CF & Other

48%52%

Developed markets

Emerging markets

45%

55%

Corporates

Financial Institutions

Disclaimer

27

ING Group’s Annual Accounts are prepared in accordance with International Financial Reporting Standards as adopted by the European Union (‘IFRS-EU’).

All figures in this document are based on the 2013 ING Group Annual Accounts. This document is unaudited.

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 financial 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 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.

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