Exhibit 99.2

ING Condensed Consolidated Interim Accounts for the Nine Month Period ended
September 30, 2009

Condensed consolidated interim accounts
Condensed consolidated balance sheet	2
Condensed consolidated profit and loss account	3
Condensed consolidated statement of comprehensive income	4
Condensed consolidated statement of cash flows	5
Condensed consolidated statement of changes in equity	6
Notes to the condensed consolidated interim accounts	7

Condensed consolidated balance sheet of ING Group as at

	30 September		31 December
amounts in millions of euros	2009		2008
ASSETS
Cash and balances with central banks		14,316		22,045
Amounts due from banks		51,373		48,447
Financial assets at fair value through profit and loss 2		243,063		280,505
Investments 3		208,225		258,292
Loans and advances to customers 4		577,931		619,791
Reinsurance contracts		5,376		5,797
Investments in associates		3,811		4,355
Real estate investments		4,070		4,300
Property and equipment		6,179		6,396
Intangible assets 5		6,056		6,915
Deferred acquisition costs		11,048		11,843
Assets held for sale 6		16,901		15,312
Other assets		39,566		47,665
Total assets		1,187,915		1,331,663
EQUITY
Shareholders’ equity (parent)		26,515		17,334
Non-voting equity securities		10,000		10,000
		36,515		27,334
Minority interests		1,067		1,594
Total equity		37,582		28,928
LIABILITIES
Subordinated loans		10,018		10,281
Debt securities in issue		117,369		96,488
Other borrowed funds		25,186		31,198
Insurance and investment contracts		236,829		240,790
Amounts due to banks		96,885		152,265
Customer deposits and other funds on deposit		459,192		522,783
Financial liabilities at fair value through profit and loss 7		146,672		188,398
Liabilities held for sale 6		16,668		15,020
Other liabilities		41,514		45,512
Total liabilities		1,150,333		1,302,735
Total equity and liabilities		1,187,915		1,331,663

References relate to the accompanying notes. These form an integral part of the condensed consolidated interim accounts.

2

Condensed consolidated profit and loss account of ING Group for the three and nine month period ended

	3 month period				9 month period
	1 July to 30 September				1 January to 30 September
amounts in millions of euros	2009		2008		2009		2008
Interest income banking operations		19,703		24,945		64,165		71,417
Interest expense banking operations		-16,604		-22,335		-54,886		-63,606
Interest result banking operations		3,099		2,610		9,279		7,811
Gross premium income		7,632		10,380		23,815		34,109
Investment income 8		1,142		955		3,601		5,768
Commission income		1,215		1,261		3,460		3,741
Other income 9		-981		433		-2,918		1,638
Total income		12,107		15,639		37,237		53,067
Underwriting expenditure		7,352		11,831		24,016		36,475
Addition to loan loss provision		665		373		2,289		704
Intangible amortisation and other impairments		151		54		286		114
Staff expenses		1,751		2,213		5,636		6,581
Other interest expenses		163		227		533		711
Other operating expenses		1,480		1,630		4,952		4,915
Total expenses		11,562		16,328		37,712		49,500
Result before tax		545		-689		-475		3,567
Taxation		55		-219		-140		577
Net result (before minority interests)		490		-470		-335		2,990
Attributable to:
Equityholders of the parent		499		-477		-223		2,982
Minority interests		-9		7		-112		8
		490		-470		-335		2,990

	3 month period				9 month period
	1 July to 30 September				1 January to 30 September
amounts in euros	2009		2008		2009		2008
Basic earnings per ordinary share 10		0.25		-0.22		-0.11		1.46
Diluted earnings per ordinary share 10		0.25		-0.23		-0.11		1.45

References relate to the accompanying notes. These form an integral part of the condensed consolidated interim accounts.

3

Condensed consolidated statement of comprehensive income of ING Group for the three and nine month period ended

	3 month period				9 month period
	1 July to 30 September				1 January to 30 September
amounts in millions of euros	2009		2008		2009		2008
Result for the period		490		-470		-335		2,990
Unrealised revaluations after taxation		5,515		-5,889		11,517		-14,071
Realised gains/losses transferred to profit and loss		292		873		1,017		425
Changes in cash flow hedge reserve		140		127		-1,006		78
Transfer to insurance liabilities/DAC		-1,799		769		-2,075		1,817
Exchange rate differences		-448		1,524		-208		-179
Total amount recognised directly in equity (other comprehensive income)		3,700		-2,596		9,245		-11,930
Total comprehensive income		4,190		-3,066		8,910		-8,940
Comprehensive income attributable to:
Equity holders of the parent		4,194		-3,057		9,002		-8,828
Minority interests		-4		-9		-92		-112
		4,190		-3,066		8,910		-8,940

For the three month period of 1 July 2009 to 30 September 2009 the Unrealised revaluations after taxation comprises EUR -6 million (1 July 2008 to 30 September 2008: EUR -21 million) related to the share of other comprehensive income of associates.

For the nine month period of 1 January 2009 to 30 September 2009 the Unrealised revaluations after taxation comprises EUR 2 million (1 January 2008 to 30 September 2008: EUR 204 million) related to the share of other comprehensive income of associates.

For the three month period of 1 July 2009 to 30 September 2009 the Exchange rate differences comprises EUR -6 million (1 July 2008 to 30 September 2008: EUR -19 million) related to the share of other comprehensive income of associates.

For the nine month period of 1 January 2009 to 30 September 2009 the Exchange rate differences comprises EUR 48 million (1 January 2008 to 30 September 2008: EUR -54 million) related to the share of other comprehensive income of associates.

4

Condensed consolidated statement of cash flows of ING Group for the nine month period ended

		9 month period ending
		30 September		30 September
amounts in millions of euros		2009		2008
Result before tax			-475		3,567
Adjusted for	– depreciation		1,239		1,087
	– deferred acquisition costs and value of business acquired		-971		-975
	– increase in provisions for insurance and investment contracts		2,652		11,094
	– addition to loan loss provisions		2,289		704
	– other		4,083		2,178
Taxation paid			-41		-586
Changes in	– amounts due from banks, not available on demand		4,860		-9,237
	– trading assets		41,798		24,958
	– non-trading derivatives		-930		448
	– other financial assets at fair value through profit and loss		1,709		769
	– loans and advances to customers		9,648		-79,971
	– other assets		4,904		667
	– amounts due to banks, not payable on demand		-57,570		15,770
	– customer deposits and other funds on deposit		14,603		31,253
	– trading liabilities		-39,391		1,083
	– other financial liabilities at fair value through profit and loss		-2,380		929
	– other liabilities		-8,249		-1,171
Net cash flow from (used in) operating activities			-22,222		2,567
Investments and advances	– available-for-sale investments		-116,905		-177,687
	– investments for risk of policyholders		-46,658		-29,887
	– other investments		-1,846		-5,232
Disposals and redemptions	– available-for-sale investments		120,459		177,542
	– investments for risk of policyholders		45,386		24,904
	– other investments		3,318		4,015
Net cash flow from (used in) investing activities			3,754		-6,345
Proceeds from borrowed funds and debt securities			360,802		288,038
Repayments of borrowed funds and debt securities			-346,557		-254,500
Other net cash flow from financing activities			-399		-2,084
Net cash flow from financing activities			13,846		31,454
Net cash flow			-4,622		27,676
Cash and cash equivalents at beginning of period			31,271		-16,811
Effect of exchange rate changes on cash and cash equivalents			-32		177
Cash and cash equivalents at end of period			26,617		11,042
Cash and cash equivalents comprises the following items:
Treasury bills and other eligible bills			9,218		5,561
Amounts due from/to banks			3,083		-15,266
Cash and balances with central banks			14,316		20,747
Cash and cash equivalents at end of period			26,617		11,042

Unaudited ING Group Interim Accounts for the period ended 30 September 2009

5

Condensed consolidated statement of changes in equity of ING Group for the nine month period ended

	9 months ending 30 September 2009
									Non-
							Total		voting
	Share		Share				shareholders’		equity		Minority
amounts in millions of euros	capital		premium		Reserves		equity (parent)		securities		interests		Total
Balance at beginning of period		495		9,182		7,657		17,334		10,000		1,594		28,928
Unrealised revaluations after taxation		—		—		11,516		11,516		—		1		11,517
Realised gains/losses transferred to profit and loss		—		—		1,017		1,017		—		—		1,017
Changes in cash flow hedge reserve		—		—		-1,006		-1,006		—		—		-1,006
Transfer to insurance liabilities/DAC		—		—		-2,075		-2,075		—		—		-2,075
Exchange rate differences		—		—		-227		-227		—		19		-208
Total amount recognised directly in equity		—		—		9,225		9,225		—		20		9,245
Net result for the period		—		—		-223		-223		—		-112		-335
		—		—		9,002		9,002		—		-92		8,910
Changes in the composition of the group		—		—		—		—		—		-433		-433
Dividends		—		—		—		—		—		-2		-2
Purchase/sale of treasury shares		—		—		142		142		—		—		142
Employee stock option and share plans		—		—		37		37		—		—		37
Balance at end of period		495		9,182		16,838		26,515		10,000		1,067		37,582

Unrealised revaluations after taxation are positively affected by EUR 4,600 million as a result of the Illiquid Asset Back-up Facility which effectively transferred 80% of ING’s Alt-A RMBS portfolio to the Dutch State.

	9 months ending 30 September 2008
							Total		Non-voting
	Share		Share				shareholders’		equity		Minority
amounts in millions of euros	capital		premium		Reserves		equity (parent)		securities		interests		Total
Balance at beginning of period		534		8,739		27,935		37,208		—		2,323		39,531
Unrealised revaluations after taxation		—		—		-14,021		-14,021		—		-50		-14,071
Realised gains/losses transferred to profit and loss		—		—		425		425		—		—		425
Changes in cash flow hedge reserve		—		—		78		78		—		—		78
Transfer to insurance liabilities/DAC		—		—		1,815		1,815		—		2		1,817
Exchange rate differences		—		—		-107		-107		—		-72		-179
Total amount recognised directly in equity		—		—		-11,810		-11,810		—		-120		-11,930
Net result for the period		—		—		2,982		2,982		—		8		2,990
		—		—		-8,828		-8,828		—		-112		-8,940
Changes in the composition of the group		—		—		—		—		—		-252		-252
Dividends		—		—		-3,175		-3,175		—		-48		-3,223
Cancellation of shares (share buy back)		-40		—		-4,415		-4,455		—		—		-4,455
Purchase/sale of treasury shares		—		—		2,489		2,489		—		—		2,489
Exercise of warrants and options		5		443		—		448		—		—		448
Employee stock option and share plans		—		—		36		36		—		—		36
Balance at end of period		499		9,182		14,042		23,723		—		1,911		25,634

Unaudited ING Group Interim Accounts for the period ended 30 September 2009

6

Notes to the condensed consolidated interim accounts

1. BASIS OF PRESENTATION

These condensed consolidated interim accounts have been prepared in accordance with International Accounting Standard 34 “Interim Financial Reporting”. The accounting principles used to prepare these condensed consolidated interim accounts comply with International Financial Reporting Standards as adopted by the European Union and are consistent with those set out in the notes to the 2008 Consolidated Annual Accounts of ING Group, except for the amendments referred to below.

These condensed consolidated interim accounts should be read in conjunction with ING Group’s 2008 Annual Accounts.

The following standards, interpretations and amendments to standards and interpretations become effective in 2009 if and when endorsed by the EU:

• Amendment to IFRS 2 ‘Share-based Payments’ – ‘Vesting Conditions and Cancellations’

• IFRS 8 ‘Operating Segments’

• IAS 1 ‘Presentation of Financial Statements’

• IAS 23 ‘Borrowing Costs’

• Amendments to IAS 32 ‘Financial Instruments: Presentation’ and IAS 1 ‘Presentation of Financial Statements’ – ‘Puttable Financial Instruments and Obligations Arising on Liquidation’

• Amendments to IFRS 1 ‘First-time Adoption of IFRS’ and IAS 27 ‘Consolidated and Separate Financial Statements’ – Determining the cost of an Investment in the Separate Financial Statements’

• IFRIC 13 ‘Customer Loyalty Programmes’

• IFRIC 15 ‘Agreements for the Construction of Real Estate’

• IFRIC 16 ‘Hedges of a Net Investment in a Foreign Operation’

• 2008 Annual Improvements to IFRS

• Amendment to IFRS 7 ‘Improving Disclosures about Financial Instruments’

• Amendment to IFRIC 9 and IAS 39 – ‘Embedded Derivatives’

The following new or revised standards and interpretations were issued by the IASB, which become effective for ING Group as of 2010, unless otherwise indicated, if and when endorsed by the EU:

• Amendment to IFRS 1 ‘First-time adoption of IFRS’

• IFRS 3 ‘Business Combinations’ (revised) and IAS 27 ‘Consolidated and Separate Financial Statements’ (amended)

• Amendment to IAS 39 ‘Financial Instruments: Recognition and Measurement’ – ‘Eligible Hedged Items’

• IFRIC 17 ‘Distributions of Non-cash Assets to Owners’

• IFRIC 18 ‘Transfers of Assets from Customers’

• 2009 Annual Improvements to IFRS

• Amendment to IFRS 2 ‘Group Cash-settled Share-based Payment Transactions’

• Amendments to IFRS 1 ‘Additional Exemptions for First-time Adopters’

• Classification of Rights Issues (Amendment to IAS 32), effective as per 2011

• Amendment to IAS 24 ‘Related Party Disclosures’, effective as per 2011

• In November 2009 the IASB issued the near final draft of the chapters of IFRS 9 relating to the classification and measurement of financial assets. Reference is made to Note 18 ‘Subsequent events’

ING Group does not expect the adoption of these new or revised standards and interpretations to have a significant effect on the consolidated financial statements.

International Financial Reporting Standards as adopted by the EU provide several options in accounting principles. ING Group’s accounting principles under International Financial Reporting Standards as adopted by the EU and its decision on the options available are set out in the section “Principles of valuation and determination of results” in the 2008 Annual Accounts.

Certain amounts recorded in the condensed consolidated interim accounts reflect estimates and assumptions made by management. Actual results may differ from the estimates made. Interim results are not necessarily indicative of full-year results.

In 2009, the methodology for determining the liability for insurance contracts in Japan was revised. The liability for certain guarantees is now measured at fair value. The impact of this change in accounting policy was not material to shareholders’ equity and Net result of ING Group.

Unaudited ING Group Interim Accounts for the period ended 30 September 2009

7

Notes to the condensed consolidated interim accounts

2. FINANCIAL ASSETS AT FAIR VALUE THROUGH PROFIT AND LOSS

	30 September		31 December
amounts in millions of euros	2009		2008
Trading assets		122,544		160,378
Investment for risk of policyholders		101,212		95,366
Non-trading derivatives		13,301		16,484
Designated as at fair value through profit and loss		6,006		8,277
		243,063		280,505

3. INVESTMENTS

	30 September		31 December
amounts in millions of euros	2009		2008
Available-for-sale
– equity securities		8,507		8,822
– debt securities		185,001		234,030
		193,508		242,852
Held-to-maturity
– debt securities		14,717		15,440
		14,717		15,440
		208,225		258,292

During the second quarter of 2009 the Group reclassified EUR 0.8 billion of available-for-sale financial assets to held-to- maturity. The reclassification resulted from reduction in market liquidity for these assets, the Group now has the intent and ability to hold these assets until maturity.

Reclassifications out of available-for-sale investments to loans and receivables are allowed under IFRS as of the third quarter of 2008. During the first and second quarter of 2009 ING Group reclassified certain financial assets from Investments to Loans and advances to customers and Amounts due from banks. The Group identified assets, eligible for reclassification, for which at the reclassification date it had an intent to hold for the foreseeable future. At the reclassification dates the fair value of the reclassified assets amounted to EUR 22.8 billion for reclassification made during the first quarter of 2009 and EUR 6.1 billion for reclassification made during the second quarter.

Reclassifications to Loans and advances to customers in the first quarter

As of reclassification date 12 January 2009, for assets reclassified during the first quarter 2009, the (weighted average) effective interest rates were in the range from 2.1% to 11.7% and expected recoverable cash flows were EUR 24 billion. Unrealised fair value losses recognised in shareholders’ equity amounted to EUR 1.2 billion. This amount will be released from equity and amortised to the profit and loss account over the remaining life of the assets on an effective interest rate basis. From 1 January 2009 until the reclassification date no unrealised fair value losses were recognised in shareholders’ equity, no impairment was recognised.

As at 30 September 2009 the carrying value in the balance sheet and the fair value of the financial assets reclassified in the first quarter amounted to EUR 20.9 billion and EUR 20.3 billion respectively.

If the reclassification had not been made, result before tax would have been unchanged and shareholders’ equity as per 30 September 2009 would have been EUR 0.4 billion after tax lower due to unrealised fair value losses.

After the reclassification, the reclassified financial assets contributed EUR 450 million to result before tax for the period ended 30 September 2009, which fully consisted of Interest income. No provision for credit losses was recognised.

In the year ended 31 December 2008 no impairment on reclassified financial assets available-for-sale was recognised. Unrealised fair value losses of EUR 0.3 billion were recognised directly in shareholders’ equity.

Unaudited ING Group Interim Accounts for the period ended 30 September 2009

8

Notes to the condensed consolidated interim accounts

Reclassifications to Loans and advances to customers in the second quarter

For amounts reclassified during the second quarter of 2009, as of the reclassification date 1 June 2009, the (weighted average) effective interest rates on reclassified assets were in the range from 1.42% to 24.82% and expected recoverable cash flows were EUR 7.1 billion. Unrealised fair value losses recognised in shareholders’ equity amounted to EUR 1.0 billion. This amount will be released from equity and amortised to the profit and loss account over the remaining life of the assets on an effective interest rate basis. From 1 January 2009 until the reclassification date EUR 0.2 billion unrealised fair value gains were recognised in shareholders’ equity, no impairment was recognised.

As at 30 September 2009 the carrying value in the balance sheet and the fair value of the financial assets reclassified in the second quarter amounted to EUR 5.9 billion and EUR 6.2 billion respectively.

If the reclassification had not been made, result before tax would have been unchanged and shareholders’ equity as per 30 September 2009 would have been EUR 235 million after tax higher due to a decrease in unrealised losses since the date of reclassification.

After the reclassification, the reclassified financial assets contributed EUR 35 million to result before tax for the period ended 30 September 2009, which fully consisted of Interest income. No provision for credit losses was recognised.

In the year ended 31 December 2008 no impairment on reclassified financial assets available-for-sale was recognised. Unrealised fair value losses of EUR 1.1 billion were recognised directly in shareholders’ equity.

Derecognition of available-for-sale debt securities – Transaction with the Dutch Government

See Note 14 ‘Important events and transactions’ for the derecognition of certain available-for-sale debt securities as a result of the transaction with the Dutch Government.

4. LOANS AND ADVANCES TO CUSTOMERS

Loans and advances to customers relate to banking and insurance operations as follows:

	30 September		31 December
amounts in millions of euros	2009		2008
Banking operations		554,781		601,638
Insurance operations		30,248		25,681
		585,029		627,319
Eliminations		-7,098		-7,528
		577,931		619,791

Loans and advances to customers are specified by type as follows (banking operations):

	30 September		31 December
amounts in millions of euros	2009		2008
Loans to, or guaranteed by, public authorities		50,304		26,387
Loans secured by mortgages		306,911		303,951
Loans guaranteed by credit institutions		10,770		548
Personal lending		20,261		27,547
Corporate loans		170,698		245,731
		558,944		604,164
Loan loss provisions		-4,163		-2,526
		554,781		601,638

Unaudited ING Group Interim Accounts for the period ended 30 September 2009

9

Notes to the condensed consolidated interim accounts

Changes in loan loss provisions were as follows:

	Banking				Insurance				Total
	9 month				9 month				9 month
	period				period				period
	ended		year ended		ended		year ended		ended		year ended
	30		31		30		31		30		31
	September		December		September		December		September		December
amounts in millions of euros	2009		2008		2009		2008		2009		2008
Opening balance		2,611		2,001		59		30		2,670		2,031
Changes in the composition of the group		-3		2		-2		-4		-5		-2
Write-offs		-623		-728		-4		-6		-627		-734
Recoveries		107		91		1		2		108		93
Increase in loan loss provisions		2,289		1,280		57		38		2,346		1,318
Exchange rate differences		-71		-50		-1		-1		-72		-51
Other changes		-50		15		—		—		-50		15
Closing balance		4,260		2,611		110		59		4,370		2,670

Changes in loan loss provisions relating to insurance operations are presented under Investment income. Changes in the loan loss provisions relating to banking operations are presented on the face of the profit and loss account.

The loan loss provision relating to banking operations at 30 September 2009 of EUR 4,260 million (31 December 2008: EUR 2,611 million) is presented in the balance sheet under Loans and advances to customers and Amounts due from banks for EUR 4,163 million (31 December 2008: EUR 2,526 million) and EUR 97 million (31 December 2008: EUR 85 million) respectively.

5. INTANGIBLE ASSETS

	30 September		31 December
amounts in millions of euros	2009		2008
Value of business acquired		1,585		2,084
Goodwill		2,985		3,070
Software		815		881
Other		671		880
		6,056		6,915

6. ASSETS AND LIABILITIES HELD FOR SALE

Assets and liabilities held for sale include disposal groups whose carrying amount will be recovered principally through a sale transaction rather than through continuing operations. This relates to businesses for which sale is agreed or highly probable at balance sheet date. For 30 September 2009 this relates to ING’s Swiss and Asian Private Banking businesses, the life insurance and wealth management venture in Australia and New Zealand and the Annuity and Mortgage businesses in Chile. Reference is made to Note 12 ‘Acquisitions and disposals’ for more details.

For 31 December 2008 this relates to ING Life Taiwan.

The assets held for sale are as follows:

	30 September		31 December
amounts in millions of euros	2009		2008
Cash and bank balances		245		80
Amounts due from banks		414		—
Financial assets at fair value through profit and loss		9,260		1,552
Available-for-sale investments		2,489		9,801
Loans and advances to customers		3,710		1,341
Reinsurance contracts		84		—
Property and equipment		54		41
Intangible assets		158		671
Deferred acquisition costs		109		1,164
Other assets		378		662
		16,901		15,312

Unaudited ING Group Interim Accounts for the period ended 30 September 2009

10

Notes to the condensed consolidated interim accounts

The liabilities held for sale are as follows:

	30 September		31 December
amounts in millions of euros	2009		2008
Insurance and investments contracts		10,534		14,294
Amounts due to banks		172		—
Customer deposits and other funds on deposit		5,359		—
Financial liabilities at fair value through profit and loss		91		126
Other liabilities		512		600
		16,668		15,020

7. FINANCIAL LIABILITIES AT FAIR VALUE THROUGH PROFIT AND LOSS

	30 September		31 December
amounts in millions of euros	2009		2008
Trading liabilities		113,174		152,616
Non-trading derivatives		21,678		21,773
Designated as at fair value through profit and loss		11,820		14,009
		146,672		188,398

8. INVESTMENT INCOME

3 month period	Banking				Insurance				Total
	1 July to 30 September				1 July to 30 September				1 July to 30 September
amounts in millions of euros	2009		2008		2009		2008		2009		2008
Income from real estate investments		39		48		11		26		50		74
Dividend income		22		18		38		124		60		142
Income from investments in debt securities		—		—		1,254		1,712		1,254		1,712
Income from loans		—		—		429		363		429		363
Realised gains/losses on disposal of debt securities		51		10		115		-80		166		-70
Reversals/Impairments of available-for-sale debt securities		-664		-361		-109		-369		-773		-730
Realised gains/losses on disposal of equity securities		-1		16		184		145		183		161
Impairments of available-for-sale equity securities		-8		-184		-68		-444		-76		-628
Change in fair value of real estate investments		-132		-66		-19		-3		-151		-69
		-693		-519		1,835		1,474		1,142		955

	Banking				Insurance				Total
9 month period	1 January to				1 January to				1 January to
	30 September				30 September				30 September
amounts in millions of euros	2009		2008		2009		2008		2009		2008
Income from real estate investments		123		151		41		60		164		211
Dividend income		36		71		146		579		182		650
Income from investments in debt securities		—		—		4,159		4,877		4,159		4,877
Income from loans		—		—		1,111		1,224		1,111		1,224
Realised gains/losses on disposal of debt securities		250		26		-34		-54		216		-28
Reversals/Impairments of available-for-sale debt securities		-1,219		-393		-364		-481		-1,583		-874
Realised gains/losses on disposal of equity securities		4		99		289		920		293		1,019
Impairments of available-for-sale equity securities		-37		-288		-315		-732		-352		-1,020
Change in fair value of real estate investments		-502		-287		-87		-4		-589		-291
		-1,345		-621		4,946		6,389		3,601		5,768

Unaudited ING Group Interim Accounts for the period ended 30 September 2009

11

Notes to the condensed consolidated interim accounts

9. OTHER INCOME

3 month period	Banking				Insurance				Total
	1 July to 30 September				1 July to 30 September				1 July to 30 September
amounts in millions of euros	2009		2008		2009		2008		2009		2008
Net gains/losses on disposal of group companies		19		2		-11		178		8		180
Valuation results on non-trading derivatives		-455		253		-1,080		480		-1,535		733
Net trading income		307		-495		144		20		451		-475
Result from associates		-73		2		16		-53		-57		-51
Other income		181		35		-29		11		152		46
		-21		-203		-960		636		-981		433

Result from associates includes:

3 month period	Banking				Insurance				Total
	1 July to 30 September				1 July to 30 September				1 July to 30 September
amounts in millions of euros	2009		2008		2009		2008		2009		2008
Share of results from associates		-72		2		16		-53		-56		-51
Impairments		-1		—				—		-1		—
		-73		2		16		-53		-57		-51

	Banking				Insurance				Total
9 month period	1 January to				1 January to				1 January to
	30 September				30 September				30 September
amounts in millions of euros	2009		2008		2009		2008		2009		2008
Net gains/losses on disposal of group companies		10		8		-58		226		-48		234
Valuation results on non-trading derivatives		-938		523		-3,172		613		-4,110		1,136
Net trading income		971		-18		299		-219		1,270		-237
Result from associates		-353		-21		-94		12		-447		-9
Other income		329		394		88		120		417		514
		19		886		-2,937		752		-2,918		1,638

Result from associates includes:

	Banking				Insurance				Total
9 month period	1 January to				1 January to				1 January to
	30 September				30 September				30 September
amounts in millions of euros	2009		2008		2009		2008		2009		2008
Share of results from associates		-351		—		-94		12		-445		12
Impairments		-2		-21		—		—		-2		-21
		-353		-21		-94		12		-447		-9

Unaudited ING Group Interim Accounts for the period ended 30 September 2009

12

Notes to the condensed consolidated interim accounts

10. EARNINGS PER ORDINARY SHARE

					Weighted average
					number of ordinary
					shares outstanding
3 month period			Amount		during the period				Per ordinary share
	(in millions of euros)				(in millions)						(in euros)
1 July to 30 September	2009		2008		2009		2008		2009		2008
Basic earnings		499		-477		2,027.1		2,027.1		0.25		-0.22
Effect of dilutive securities:
Stock option and share plans						6.5		2.9
Diluted earnings		499		-477		2,033.6		2,030.0		0.25		-0.23

					Weighted average
					number of ordinary
					shares outstanding
9 month period			Amount		during the period				Per ordinary share
	(in millions of euros)				(in millions)						(in euros)
1 January to 30 September	2009		2008		2009		2008		2009		2008
Basic earnings		-223		2,982		2,025.3		2,047.9		-0.11		1.46
Effect of dilutive securities:
Stock option and share plans						6.5		2.9
Diluted earnings		-223		2,982		2,031.8		2,050.8		-0.11		1.45

Diluted earnings per share data are calculated as if the stock options outstanding at the end of the third quarter had been exercised at the beginning of the period. It is also assumed that ING Group uses the cash received from stock options exercised to buy its own shares against the average market price in the reporting period. The net increase in the number of shares resulting from exercising stock options or converting non-voting equity securities is added to the average number of shares used for the calculation of net earnings per share.

The potential conversion of the non-voting equity securities in 2009 is not taken into account in the calculation of diluted earnings per share as this would have an anti-dilutive effect i.e. diluted earnings per share would become less negative than the earnings after potential attribution to non-voting equity securities.

Unaudited ING Group Interim Accounts for the period ended 30 September 2009

13

Notes to the condensed consolidated interim accounts

11. SEGMENT REPORTING

ING Group’s operating segments relate to the internal segmentation by business lines. These include the business lines: Retail Banking, ING Direct, Commercial Banking, Insurance Europe, Insurance Americas and Insurance Asia/Pacific. Until 2008, the operating segment Commercial Banking was named Wholesale Banking. The content of this segment remained unchanged. Other mainly includes items not directly attributable to the business lines.

The Corporate Line Banking and the Corporate Line Insurance are both included in Other. These are not separate reportable segments as they do not qualify as an operating segment that engages in business activities from which it may earn revenue and incur expenses.

Corporate Line Banking is a reflection of capital management activities and certain expenses that are not allocated to the banking businesses. ING applies a system of capital charging that makes the results of the banking business units globally comparable, irrespective of the book equity they have and the currency they operate in.

The Corporate Line Insurance includes items such as those related to capital management and capital gains on public equities (net of impairments).

The Executive Board sets the performance targets and approves and monitors the budgets prepared by the business lines. Business lines formulate strategic, commercial and financial policy in conformity with the strategy and performance targets set by the Executive Board.

ING Group evaluates the results of its operating segments using a financial performance measure called underlying result. Underlying result is defined as result under IFRS excluding the impact of divestments and special items.

The following table specifies the main sources of income of each of the segments.

Segment	Main source of income
Retail Banking	Income from retail and private banking activities. The main products offered are savings accounts and mortgages.
ING Direct	Income from direct retail banking activities. The main products offered are savings accounts and mortgages.
Commercial Banking	Income from wholesale banking activities. A full range of products is offered from cash management to corporate finance. Commercial Banking also includes ING Real Estate.
Insurance Europe	Income from life insurance, non-life insurance, investment management, asset management and retirement services in Europe.
Insurance Americas	Income from life insurance, investment management, asset management and retirement services in the US and Latin America.
Insurance Asia/Pacific	Income from life insurance, investment management, asset management and retirement services in Asia/Pacific.

Unaudited ING Group Interim Accounts for the period ended 30 September 2009

14

Notes to the condensed consolidated interim accounts

3 month period
1 July to											Insu-
30 September 2009					Commer-		Insu-		Insu-		rance
	Retail		ING		cial		rance		rance		Asia/				Total		Elimi-
amounts in millions of euros	Banking		Direct		Banking		Europe		Americas		Pacific		Other		segments		nations		Total
Underlying income:
– Gross premium income		—		—		—		2,428		3,531		1,665		8		7,632		—		7,632
– Net interest result - banking operations		1,439		820		942		—		—		—		-36		3,165		-66		3,099
– Commission income		341		54		324		117		305		74		—		1,215		—		1,215
– Total investment and other income		43		-592		-53		719		109		381		257		864		-691		173
Total underlying income		1,823		282		1,213		3,264		3,945		2,120		229		12,876		-757		12,119
Underlying expenditure:
– Underwriting expenditure		—		—		—		2,504		3,201		1,484		3		7,192		—		7,192
– Operating expenses		1,085		402		712		345		407		202		72		3,225		—		3,225
– Other interest expenses		—		—		—		57		30		211		621		919		-757		162
– Additions to loan loss provision		190		238		234		—		—		—		—		662		—		662
– Other impairments		—		—		—		—		—		—		18		18		—		18
Total underlying expenses		1,275		640		946		2,906		3,638		1,897		714		12,016		-757		11,259
Underlying result before taxation		548		-358		267		358		307		223		-485		860		—		860
Taxation		131		-126		81		43		70		57		-166		90		—		90
Minority interests		7		—		-23		8		2		1		-3		-8		—		-8
Underlying net result		410		-232		209		307		235		165		-316		778		—		778

3 month period
1 July to											Insu-
30 September 2008					Commer-		Insu-		Insu-		rance
	Retail		ING		cial		rance		rance		Asia/				Total		Elimi-
amounts in millions of euros	Banking		Direct		Banking		Europe		Americas		Pacific		Other		segments		nations		Total
Underlying income:
– Gross premium income		—		—		—		2,089		4,678		2,308		10		9,085		—		9,085
– Net interest result - banking operations		1,349		647		738		—		—		—		-91		2,643		-32		2,611
– Commission income		391		21		293		119		339		82		1		1,246		—		1,246
– Total investment and other income		84		-210		-81		856		642		736		-201		1,826		-752		1,074
Total underlying income		1,824		458		950		3,064		5,659		3,126		-281		14,800		-784		14,016
Underlying expenditure:
– Underwriting expenditure		—		—		—		2,401		5,448		2,699		1		10,549		—		10,549
– Operating expenses		1,311		420		715		417		462		211		18		3,554		—		3,554
– Other interest expenses		—		—		—		148		65		197		601		1,011		-784		227
– Additions to loan loss provision		93		85		195		—		—		—		—		373		—		373
– Other impairments		—		—		—		-3		—		—		28		25		—		25
Total underlying expenses		1,404		505		910		2,963		5,975		3,107		648		15,512		-784		14,728
Underlying result before taxation		420		-47		40		101		-316		19		-929		-712		—		-712
Taxation		79		-5		-17		59		-43		15		-229		-141		—		-141
Minority interests		10		—		-7		-5		—		4		-5		-3		—		-3
Underlying net result		331		-42		64		47		-273		—		-695		-568		—		-568

Unaudited ING Group Interim Accounts for the period ended 30 September 2009

15

Notes to the condensed consolidated interim accounts

3 month period	1 July to				1 July to
	30 September 2009				30 September 2008
amounts in millions of euros	Income		Net result		Income		Net result
Underlying		12,119		778		14,016		-568
Divestments		12		173		-1,623		-165
Special items		—		106		—		74
IFRS as applied by ING Group		12,107		499		15,639		-477

Impairments on investments are presented within Investment income, which is part of Total income. In the third quarter of 2009, total impairments of EUR 850 million (third quarter of 2008: EUR 1,358 million) are included in the following segments: EUR 642 million (third quarter of 2008: EUR 217 million) in ING Direct, EUR 31 million (third quarter of 2008: EUR 144 million) in Commercial Banking, EUR 58 million (third quarter of 2008: EUR 27 million) in Insurance Europe, EUR 121 million (third quarter of 2008: EUR 307 million) in Insurance Americas, EUR -12 million (third quarter of 2008: EUR 63 million) in Insurance Asia/Pacific and EUR 10 million (third quarter of 2008: EUR 600 million) in Other.

Divestments in 2009 reflects the net impact of divestments including the sale of Industry Pension Funds and the Annuity and Mortgage businesses in Chile. Divestments in 2008 mainly relate to the sale of the Mexican business (ING Seguros SA). Special items 2009 includes EUR 105 million relating to restructuring costs.

9 month period
1 January to											Insu-
30 September 2009					Commer		Insu-		Insu-		rance
	Retail		ING		-cial		rance		rance		Asia/				Total		Elimi-
amounts in millions of euros	Banking		Direct		Banking		Europe		Americas		Pacific		Other		segments		nations		Total
Underlying income:
– Gross premium income		—		—		—		7,545		10,934		5,312		25		23,816		—		23,816
– Net interest result - banking operations		4,253		2,338		2,945		—		—		—		-148		9,388		-110		9,278
– Commission income		997		128		868		345		909		210		3		3,460		—		3,460
– Total investment and other income		121		-1,144		-169		1,831		786		700		984		3,109		-2,392		717
Total underlying income		5,371		1,322		3,644		9,721		12,629		6,222		864		39,773		-2,502		37,271
Underlying expenditure:
– Underwriting expenditure		—		—		—		7,947		11,170		4,694		19		23,830		—		23,830
– Operating expenses		3,529		1,246		2,026		1,105		1,243		573		190		9,912		—		9,912
– Other interest expenses		—		—		—		253		163		681		1,938		3,035		-2,502		533
– Additions to loan loss provision		729		565		993		—		—		—		—		2,287		—		2,287
– Other impairments		—		—		—		—		—		—		55		55		—		55
Total underlying expenses		4,258		1,811		3,019		9,305		12,576		5,948		2,202		39,119		-2,502		36,617
Underlying result before taxation		1,113		-489		625		416		53		274		-1,338		654		—		654
Taxation		270		-189		192		110		15		80		-415		63		—		63
Minority interests		13		—		-138		16		5		2		-9		-111		—		-111
Underlying net result		830		-300		571		290		33		192		-914		702		—		702

Unaudited ING Group Interim Accounts for the period ended 30 September 2009

16

Notes to the condensed consolidated interim accounts

9 month period
1 January to
30 September 2008					Commer-		Insu-				Insurance
	Retail		ING		cial		rance		Insurance		Asia/				Total		Elimi-
amounts in millions of euros	Banking		Direct		Banking		Europe		Americas		Pacific		Other		segments		nations		Total
Underlying income:
– Gross premium income		—		—		—		7,724		14,455		6,983		28		29,190		—		29,190
– Net interest result - banking operations		4,129		1,821		2,095		—		—		—		-177		7,868		-56		7,812
– Commission income		1,216		46		916		368		888		262		3		3,699		—		3,699
– Total investment and other income		364		-151		424		2,910		2,370		1,419		1,264		8,600		-1,898		6,702
Total underlying income		5,709		1,716		3,435		11,002		17,713		8,664		1,118		49,357		-1,954		47,403
Underlying expenditure:
– Underwriting expenditure		—		—		—		8,516		16,102		7,227		—		31,845		—		31,845
– Operating expenses		3,899		1,262		2,118		1,285		1,285		650		63		10,562		—		10,562
– Other interest expenses		—		—		—		364		171		462		1,668		2,665		-1,954		711
– Additions to loan loss provision		194		168		342		—		—		—		—		704		—		704
– Other impairments		—		—		—		—		—		—		55		55		—		55
Total underlying expenses		4,093		1,430		2,460		10,165		17,558		8,339		1,786		45,831		-1,954		43,877
Underlying result before taxation		1,616		286		975		837		155		325		-668		3,526		—		3,526
Taxation		331		118		275		146		35		110		-343		672		—		672
Minority interests		35		2		-67		-6		3		16		-11		-28		—		-28
Underlying net result		1,250		166		767		697		117		199		-314		2,882		—		2,882

9 month period
	1 January to				1 January to
	30 September 2009				30 September 2008
amounts in millions of euros	Income		Net result		Income		Net result
Underlying		37,271		702		47,403		2,882
Divestments		19		221		-5,664		-295
Special items		16		704		—		195
IFRS as applied by ING Group		37,237		-223		53,067		2,982

Impairments on investments are presented within Investment income, which is part of Total income. In the first three quarters of 2009, total impairments of EUR 1,935 million (first three quarters of 2008: EUR 1,894 million) are included in the following segments: EUR 1,133 million (first three quarters of 2008: EUR 221 million) in ING Direct, EUR 112 million (first three quarters of 2008: EUR 179 million) in Commercial Banking, EUR 122 million (first three quarters of 2008: EUR 82 million) in Insurance Europe, EUR 352 million (first three quarters of 2008: EUR 415 million) in Insurance Americas, EUR 15 million (first three quarters of 2008: EUR 67 million) in Insurance Asia/Pacific and EUR 201 million (first three quarters of 2008: EUR 930 million) in Other.

Divestments in 2009 reflects the net impact of divestments including the sale of ING’s 70% stake in ING Canada and the sale of Industry Pension Funds and the Annuity and Mortgage businesses in Chile. Divestments in 2008 mainly relate to the sale of Chile Health business (ING Salud) and part of the Mexican business (ING Seguros SA).

Special items includes EUR 594 million relating to restructuring costs and the one-time EUR 110 million transaction result on the Illiquid Asset Back-up Facility.

Unaudited ING Group Interim Accounts for the period ended 30 September 2009

17

Notes to the condensed consolidated interim accounts

12. ACQUISITIONS AND DISPOSALS

In October 2008 ING announced that it had reached agreement to sell its entire Taiwanese life insurance business, ING Life Taiwan, to Fubon Financial Holding Co. Ltd. for approximately EUR 447 million. As at 31 December 2008 ING Life Taiwan qualified as a disposal group held for sale. The sale was completed on 13 February 2009. Consequently ING Life Taiwan is deconsolidated in the first quarter of 2009. ING was paid in a fixed number of shares with the difference between the fair value of those shares at the closing date and the sale price being paid in subordinated debt securities of the acquirer. The shares have a lock-up period of one year. ING Life Taiwan is included in the segment Insurance Asia/Pacific. This transaction resulted in a loss of EUR 292 million. The loss was recognised in 2008 in the profit and loss account.

In February 2009, ING announced that it had agreed to sell its 70% stake in ING Canada for net proceeds of approximately EUR 1,316 million (CAD 2,099 million). The transaction was closed on 19 February 2009. This transaction resulted in a decrease in Total assets of approximately EUR 5,471 million and a decrease of Total liabilities of approximately EUR 3,983 million.

On 31 July 2009 ING announced that it had reached an agreement to sell its non-core Annuity and Mortgage businesses in Chile to Corp Group Vida Chile, S.A. Terms of the agreement were not disclosed. In 2008, the Annuity and Mortgage businesses in Chile generated combined pre-tax earnings of approximately EUR 35 million. This sale does not impact ING’s Pension, Life Insurance, and Investment Management businesses in Chile where ING remains committed to developing leadership positions. This transaction is subject to various national regulatory approvals and is expected to be closed in the fourth quarter of 2009.

On 25 September 2009 ING announced that it had reached an agreement to sell its life insurance and wealth management venture in Australia and New Zealand to ANZ, its joint venture partner. Under the terms of the agreement, ING will sell its 51% equity stakes in ING Australia and ING New Zealand to ANZ, who will become the sole owner of these businesses. ING will receive EUR 1.1 billion in cash from ANZ. The transaction is part of ING’s Back to Basics strategy. The transaction generates an estimated net profit for ING of EUR 300 million. The cash proceeds and the estimated net profit will improve the debt/equity ratio of ING Insurance by 345 basis points. The transaction is expected to free up EUR 900 million of capital. The deal is subject to regulatory approvals and is expected to be recorded and closed in Q4 2009.

On 7 October 2009 ING announced that it has reached an agreement to sell its Swiss Private Banking business to Julius Baer for a consideration of EUR 344 million (CHF 520 million) in cash. Julius Baer is the leading pure-play Swiss Private Banking group. The transaction will generate an estimated net profit for ING of EUR 150 million and is expected to free up EUR 200 million of capital. The agreement of ING and Julius Baer is subject to regulatory approval and is expected to close in the first quarter of 2010.

On 15 October 2009 ING announced that it has reached an agreement to sell its Asian Private Banking business to Oversea-Chinese Banking Corporation Limited (OCBC Bank) for a consideration of approximately EUR 1 billion (US$ 1,463 million) in cash. The Asia franchise offers private banking services in 11 markets, including Hong Kong, the Philippines and Singapore. The transaction will generate an estimated net profit for ING of approximately EUR 300 million and is expected to free up around EUR 370 million of capital. Completion of the transaction between ING and OCBC Bank is subject to a number of regulatory approvals and is expected to occur around year end.

On 16 October ING announced that it has reached an agreement to transfer its U.S. group reinsurance business, ING Reinsurance U.S., to Reinsurance Group of America, Inc. Terms of the agreement were not disclosed. RGA is a U.S.-based global provider of life reinsurance. The transaction is structured as a reinsurance agreement between RGA and ING. The disposition of ING Reinsurance U.S. will have a limited positive impact on ING’s 2010 earnings. In addition, the transaction is expected to release nearly EUR 100 million in capital and improve the debt/equity ratio of ING Insurance by around 60 basis points. After the agreement, ING will continue to retain a reinsurance portfolio in the U.S. that has been in run-off since 2002. ING Reinsurance U.S. is a leading provider of reinsurance programs for group life, accident, and health insurance companies in the U.S., Guam, Canada, Bermuda, and the Caribbean. It focuses on medium and large providers of group insurance products and operates primarily out of Minneapolis, Minnesota. This transaction is subject to regulatory approvals and is expected to be closed in the first quarter of 2010.

Unaudited ING Group Interim Accounts for the period ended 30 September 2009

18

Notes to the condensed consolidated interim accounts

On 3 November 2009 ING announced that it has reached an agreement to sell three of its U.S. independent retail broker-dealer units, which comprise three-quarters of ING Advisors Network, to Lightyear Capital LLC. Terms of the agreement were not disclosed. The transaction is not expected to have a material impact on ING’s earnings. The transaction concerns Financial Network Investment Corporation, based in El Segundo, California, Multi-Financial Securities Corporation, based in Denver, Colorado, PrimeVest Financial Services, Inc., based in St. Cloud, Minnesota, and ING Brokers Network LLC, the holding company and back-office shared services supporting those broker dealers, which collectively do business as ING Advisors Network.

13. ISSUANCES, REPURCHASES AND REPAYMENT OF DEBT AND EQUITY SECURITIES IN ISSUE

Delta hedge portfolio for employee options

ING Groep N.V. has bought 7,260,000 (depositary receipts for) ordinary shares for its delta hedge portfolio, which is used to hedge employee options. The shares were bought on the open market between 19 March and 23 March 2009 at an average price of EUR 4.24 per share.

ING Groep N.V. has sold 5,230,000 (depositary receipts for) ordinary shares for its delta hedge portfolio, which is used to hedge employee options. The shares were sold on the open market between 2 June and 5 June 2009 at an average price of EUR 7.80 per share.

ING Groep N.V. has sold 1,450,000 (depositary receipts for) ordinary shares for its delta hedge portfolio, which is used to hedge employee options. The shares were sold on the open market on 1 September and 2 September 2009 at an average price of EUR 10.53 per share.

Issue of debt securities in issue

ING Bank issued 3 year government guaranteed senior unsecured bonds amounting to USD 6 billion in January 2009. ING Bank issued a 5 year EUR 4 billion fixed rate government guaranteed senior unsecured bond in February 2009 and ING Bank issued a 5 year USD 2 billion fixed rate government guaranteed senior unsecured bond in March 2009. All were issued under the Credit Guarantee Scheme of the State of the Netherlands and are part of ING’s regular medium-term funding operations.

14. IMPORTANT EVENTS AND TRANSACTIONS

ING Group and the Dutch government (‘State’) reached an agreement on an Illiquid Assets Back-Up Facility (‘Facility’) on 26 January 2009; the transaction closed on 31 March 2009. The Facility covers the Alt-A portfolios of both ING Direct US and ING Insurance Americas, with a par value of EUR 30 billion. Under the Facility, ING has transferred 80% of the economic ownership of its Alt-A portfolio to the Dutch State. As a result, an undivided 80% interest in the risk and rewards on the portfolio was transferred to the Dutch State. ING retained the legal ownership of its Alt-A portfolio. The transaction price was 90% of the par value with respect to the 80% proportion of the portfolio of which the Dutch State has become the economic owner. The transaction price remains payable by the State to ING and will be redeemed over the remaining life. Furthermore, under the Facility other fees will have to be paid by both ING and the State. As a result of the transaction ING derecognised 80% of the Alt-A portfolio from the balance sheet and recognised a receivable on the Dutch State.

Under the terms of the transaction as agreed on 26 January 2009, the overall sales proceeds amounts to EUR 22.4 billion. The amortised cost (after prior impairments) at the date of the transaction was also approximately EUR 22.4 billion. The transaction (the difference between the sales proceeds and amortised cost) resulted in a loss in the first quarter of 2009 of EUR 109 million after tax. The fair value under IFRS at the date of the transaction was EUR 15.2 billion. The difference between the sales proceeds and the fair value under IFRS is an integral part of the transaction and therefore accounted for as part of the result on the transaction. The transaction resulted in a reduction of the negative revaluation -and therefore increase equity- by approximately EUR 5 billion (after tax).

The valuation method of the 20% Alt-A securities in the IFRS balance sheet is not impacted by this transaction. The methodology used to determine the fair value for these assets in the balance sheet under IFRS is disclosed in the 2008 Consolidated annual accounts of ING Group.

This transaction was subject to approval by the European Commission (“EC”). The European Commission had temporarily approved the transaction for a six month period.

Unaudited ING Group Interim Accounts for the period ended 30 September 2009

19

Notes to the condensed consolidated interim accounts

On 26 October 2009 ING announced:

• the strategic decision to separate ING Group’s banking and insurance operations and the divestment of all Insurance and Investment Management activities over time. This decision is part of the restructuring plan discussed with the EC and subject to shareholders approval at the extraordinary General Meeting of Shareholders on 25 November 2009;

• the finalisation of negotiations with the EC with formal EC approval of the restructuring plan expected before 25 November 2009;

• that in order to receive approval from the EC ING needs to divest ING Direct USA by the end of 2013;

• that as part of the restructuring plan ING will create a new company in the Dutch retail market composed of Interadvies (including Westland Utrecht and the mortgage activities of Nationale-Nederlanden) and the existing consumer lending portfolio of ING Retail in the Netherlands. This business, once separated, will be divested;

• that ING has agreed not to be a price leader in any EU country for certain retail and SME banking products and will refrain from the acquisition of financial institutions or other businesses that would delay the repayment of the Core Tier 1 securities. These restrictions will apply for the shorter period of three years or until the Core Tier 1 securities have been repaid in full to the Dutch State;

• that ING has agreed with the Dutch State to alter the repayment terms of 50% of the Core Tier 1 securities;

• the intended repurchase of EUR 5 billion of the Core Tier 1 securities issued to the Dutch State in November 2008;

• that additional payments are to be made to the Dutch State in the form of fee adjustments relating to the Illiquid Assets Back-up Facility which are expected to result in a one-off pre-tax charge to ING of EUR 1.3 billion in the fourth quarter of 2009; and

• that ING plans to launch a EUR 7.5 billion rights issue, in order to finance the repayment of 50% of the Core Tier 1 securities and to mitigate the capital impact of the additional payment to the Dutch State of EUR 1.3 billion, which remains to be authorized at the extraordinary General Meeting of Shareholders of 25 November 2009.

15. FAIR VALUE OF FINANCIAL ASSETS

The methods used are disclosed in the 2008 Annual Accounts. The breakdown of assets by Reference to published price quotations in active markets, assets valued using Valuation techniques supported by market inputs and Assets valued using Valuation techniques not supported by market inputs was impacted in the first three quarters of 2009 by the following:

• The derecognition of Alt-A securities as disclosed in Note 14 ‘Important events and transactions’ resulted in a reduction in Valuation techniques not supported by market inputs of EUR 15.2 billion.

• The “reclassification in the first quarter” from Available-for-sale to Loans and advances to customers as disclosed in Note 3 ‘Investments’ resulted in a reduction in Valuation techniques supported by market inputs of EUR 22.8 billion.

• Certain Asset Backed Securities were reclassified from Reference to published price quotations in active markets to Valuation techniques not supported by market inputs during the first quarter because the relevant markets had become inactive; subsequently these were reclassified to loans during the second quarter.

16. RELATED PARTY TRANSACTIONS

In the normal course of business, the Group enters into various transactions with related companies. Parties are considered to be related if one party has the ability to control or exercise significant influence over the other party in making financial or operating decisions. Transactions have taken place on an arm’s length basis and include rendering or receiving of services, leases, transfers under finance arrangements and provisions of guarantees or collateral.

Transactions with related parties (Joint ventures and associates) and Key management personnel compensation are disclosed in Note 32 ‘Related Parties’ in the ING Group 2008 Annual Accounts. Following the transactions as disclosed in Note 13 ‘Issuance, repurchases and repayment of debt and equity securities in issue’ and Note 14 ‘Important events and transactions’ above and Note 12 ‘Shareholders’ equity (parent) / non-voting equity securities’ in the ING Group 2008 Annual Accounts, the Dutch State is now a related party of ING Group. All other transactions between ING Group and the Dutch State are of a normal business nature and on an at arm’s length basis. No other material changes in related party disclosures occurred.

17. DIVIDEND PAID

On 12 November 2008, ING Groep N.V. issued EUR 10 billion non-voting equity securities to the Dutch government. Dividends have to be paid if (interim) dividend is being paid to the holders of ordinary shares. As a result of the interim dividend paid on ordinary shares in 2008 ING recognised a dividend payable of EUR 425 million to the Dutch State as per 31 December 2008. On 12 May 2009 this dividend was paid out. Reference is made to the Annual Accounts 2008 for more detailed information on this transaction.

Unaudited ING Group Interim Accounts for the period ended 30 September 2009

20

Notes to the condensed consolidated interim accounts

18. SUBSEQUENT EVENTS

Reference is made to Note 14 ‘Important events and transactions’ for the announcement made by ING on 26 October 2009.

On 19 October 2009 DSB Bank N.V. was declared bankrupt. While ING has negligible direct exposure to DSB Bank N.V., it is a contributor to the Dutch Deposit Guarantee Scheme. Under the Scheme savings and deposits at the Dutch banks are guaranteed up to an amount of EUR 100,000 per customer. In the event of a bank failure, the other banks together cover the amount needed after assets and liabilities are netted. At this stage it is too early to give an estimate of this indirect exposure.

On 2 November 2009 the IASB issued the near final draft of the chapters of IFRS 9 relating to the classification and measurement of financial assets. Ultimately the IASB aims to replace IAS 39 in its entirety by the end of 2010. IFRS 9 needs to be applied for annual periods beginning on or after 1 January 2013, but companies may decide to earlier adopt. At this stage it is too early to determine the impact on ING.

Unaudited ING Group Interim Accounts for the period ended 30 September 2009

21

Disclaimer

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

In preparing the financial information in this press release, the same accounting principles are applied as in the 2008 ING Group Annual Accounts. All figures in this press release are unaudited. Small differences are possible in the tables due to rounding.

Certain of the statements contained herein are statements of future expectations and other forward-looking statements. These expectations are based on management’s current views and assumptions and involve known and unknown risks and uncertainties. Actual results, performance or events may differ materially from those in such statements due to, among other things, (i) general economic conditions, in particular economic conditions in ING’s core markets, (ii) performance of financial markets, including developing markets, (iii) 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, (iv) the frequency and severity of insured loss events, (v) mortality and morbidity levels and trends, (vi) persistency levels, (vii) interest rate levels, (viii) currency exchange rates (ix) general competitive factors, (x) changes in laws and regulations, (xi) changes in the policies of governments and/or regulatory authorities, (xii) conclusions with regard to purchase accounting assumptions and methodologies, (xiii) ING’s ability to achieve projected operational synergies and (xiv) the implementation of ING’s restructuring plan, including the planned separation of banking and insurance operations. ING assumes no obligation to update any forward-looking information contained in this document.

This document shall not constitute an offer to sell or the solicitation of an offer to buy any securities in any jurisdiction. If you are a US person, ING will arrange to send you, when the rights offering is launched, the prospectus it expects to file with the Securities and Exchange Commission if you request it by writing to ING Group Investor Relations, Location code IH 07.362, P.O. Box 810, 1000 AV Amsterdam or by calling +31 20 541 5419.