’: ’: Good morning, Jan. Over to you.

’: I will talk you through the presentation and afterwards, we have Patrick Flynn, our CFO; Wilfred Nagel, our CRO; and Matt Rider, our CAO of Insurance. Special guest, we have Koos Timmermans who was still the CRO during the third quarter, helping us with answering the questions. Let me take the first slide, the summary slide. You see that we reported the profit underlying net of €1.285 million in Q3 that was almost 54% from a year ago. The underlying result that the bank before tax declined to €1.63 billion and mainly due to additional impairments on our Greek government bonds and lower financial market results. We maintained a strong capital ratio in the bank with a core Tier 1 of 9.6%. Operating results at ING Insurance was €527 million that was up 27% from a year ago, an increase that was mainly driven by higher investment margin, higher fees and premium-based revenues. Underlying result was €561 million, where we could include favorable -- significant favorable hedging results in the Benelux which more than offsets the impairments we had to take on our Greek government bond exposure. Income is coming a bit under pressure, so we must renew our efforts to reduce expense across the Group to adapt to a leaner environment and to make sure that we can maintain a competitive position. And Retail Banking Netherlands, we are taking now decisive steps to reduce our cost by decreasing overheads and improving efficiency through operational excellence. And in addition, we continue to work towards a separation of our insurance companies so that we can be ready to move ahead with the IPOs when the markets have recovered. ’: Operating result of Insurance improved, driven by an increase in the investment margin and higher fees and premium-based revenues. Operating result…

Thank you, sir. (Operator Instructions) The first question comes from Mr. Farooq Hanif from Morgan Stanley. Please go ahead, sir. Farooq Hanif – Morgan Stanley: Good morning, everybody. Three brief questions. Firstly, on your disclosure about the EBA stress test, if we took this forward and we assumed that the ING Direct U.S. disposal and other disposals go ahead, we allow for retained earnings. And if we then assume that you repay the Dutch government with a penalty, it seems to me that you would still just about pass the test. What comment can you make on that, so basically, can you repay the Dutch government and passed the test? Second point – second question is, can you give us an update on the European court hearing, so that the court hearing with the European Commission? And thirdly, in the margins in Insurance, it seems to me that your investment margin is at target, fees and premiums are very strong and technical margin was affected by some one-offs. I mean, what are -- do you think some of these sort of underlying trends here are quite sustainable going forward? Thank you.

Okay. First question, can we still do all the things you mentioned including repaying the Dutch state and maintain the 9% equity loan? Yeah, I think that is the test we are looking at and we are not making additional amount, let me start from this point. Our main interest is to repay the Dutch state as quickly as we can. ’: The court hearing, we have no further news to mention. We had -- as you know, we had public hearings in July and we are waiting anxiously what the court has to say. And Matt, would you like to comment on the investment margin?

’: ’: ’: ’: ’: ’: ’: ’: ’: ’: ’: ’: ’: Farooq Hanif – Morgan Stanley: Okay. Thank you very much.

Thank you. The next question is from Andrew Coombs from Citigroup. Please go ahead. Andrew Coombs – Citigroup: Good morning. I have two questions, please. Firstly, on slide 17, the financial markets business in particular, I understood just and a bit more detail there. You talked about underlying pre-tax profit €40 million versus €223 million a year ago plus stripping out the impact of the Greece markdown. You mentioned three things specifically, the lower NIR and the reduction in sovereign divisions, the extra reserves on the inventory and also the costs of the liquid money markets. So, perhaps, given the size of the swing, the €200 million, could you perhaps quantify between those three things? And also interested to know the costs of the liquid money markets, is about more specific on the U.S. dollar funding money market side or is that across the Board? So, interested a bit more detail there. Second question regards to the Dutch spending in Central Bank announcement yesterday where they talked about a 1% to 3% surcharge, about 7% Dutch systemically important banks? Is that in your mind a additional amount that you now think you have to raise in terms of capital requirement, i.e. before I think you said the low-end of the potential safety surcharge from the Basel Committee. So, interested if that changes your thoughts and what the right capital level might be going forward? Thank you.

Okay. I think Patrick will deal with the first question.

’: ’: ’: ’: ’:

’: ’: Andrew Coombs – Citigroup: Okay. Thanks very much.

Thank you. The next question is from [Jereme Omahen] from Goldman Sachs. Please go ahead, sir. Jereme Omahen – Goldman Sachs: Yes. Hi. Good morning. I have a couple of questions. The first one relates to slide four of your presentation, which is on the residual exposures to the peripheral countries in terms of sovereign debt. And I just wanted to essentially confirm the Q3 numbers as you show them here, are they the same numbers that you will be submitting to the EBA for the final run or you have submitted to the EBA for the final run of the capital shortfall calculations. ’: The second question I have relates to slide eight of your presentation where you showed a return on equity targets for the bank in the range of 13% to 15% and you point out that this is calculated on a core Tier 1 ratio 7.5%. I was just wondering, given that the EBA is now asking you to run on a 9% core Tier 1, to what extent should we be thinking about this slide still being an appropriate guide for the future returns of the bank, i.e. to what extent do you think this 7.5% is an adequate capitalization of your banking assets? And the final thing I wanted to ask and this is maybe a question which is not directly relevant to your results but more of a longer-term question, the EBA has opened an option for banks to include newly issued contingent capital notes in the core Tier 1 capital calculation, is that something that ING would contemplate in the future? Thanks a lot.

’:

’: ’: ’:

’: ’: ’: ’: ’: ’: Jereme Omahen – Goldman Sachs: Thank you very much. I appreciate the answers.

Thank you. The next question is from Michael van Wegen. Please go ahead from Bank of America. Michael van Wegen – Bank of America: ’: Secondly, the restructuring of your legal entities within the Insurance business? How are we going to look at the debt restructuring now that you know effectively what the legal structure of these entities will be? ’: Secondly, the restructuring of your legal entities within the Insurance business? How are we going to look at the debt restructuring now that you know effectively what the legal structure of these entities will be? ’: Secondly, the restructuring of your legal entities within the Insurance business? How are we going to look at the debt restructuring now that you know effectively what the legal structure of these entities will be? ’: Secondly, the restructuring of your legal entities within the Insurance business? How are we going to look at the debt restructuring now that you know effectively what the legal structure of these entities will be? ’: ’: ’:

Okay. The first one will be Matt Rider. Matt?

’: ’: ’: ’: ’: ’: ’: ’: Michael van Wegen – Bank of America: And is there any sort of sense you can give for the magnitude of or can you help us understand where your assumptions are today?

’:

Michael, on the legal entities, I missed exactly the question. Can you repeat that again? Michael van Wegen – Bank of America: ’:

’: ’: ’: ’: ’:

’: ’: ’: ’: ’: Michael van Wegen – Bank of America: Thank you very much.

Thank you. The next question is from [Srivijay Raja] from Barclays Capital. Please go ahead. Srivijay Raja – Barclays Capital: ’: ’:

Yeah. If we look at our liquidity coverage ratio the way how we calculate it right now, we look at transferable liquidity. And since ING Direct was holding a lot of liquid securities but that was not really transferable out of the country, it also means divesting ING Direct will not have a lot of impact on our liquidity if we look at it for the company as a whole. Srivijay Raja – Barclays Capital: Okay. And the net interest margin outlook?

’: ’: ’: ’: ’: ’: ’: Srivijay Raja – Barclays Capital: Okay. Very helpful.

Thank you. The next question is from Francois Boissin from Exane BNP Paribas. Please go ahead. Boissin – Exane BNP Paribas: ’: ’: ’:

Yeah. Francois, we prefer at this moment not to make any -- we have given you the total number but we would not prefer to go into details on the €600 million. I think that would be more appropriate when we do that at the end of the quarter. And Matt, would you like to do the Insurance?

’: And we would estimate that number, again sort of several years from now to be about 20 basis points on the 104. I think very important in this is that I think 65 or something percent of our total operating income comes from fees and premium-based revenues. So, actually this is a relatively small percentage of the operating income for the Insurance business. ’: And we would estimate that number, again sort of several years from now to be about 20 basis points on the 104. I think very important in this is that I think 65 or something percent of our total operating income comes from fees and premium-based revenues. So, actually this is a relatively small percentage of the operating income for the Insurance business. ’: And we would estimate that number, again sort of several years from now to be about 20 basis points on the 104. I think very important in this is that I think 65 or something percent of our total operating income comes from fees and premium-based revenues. So, actually this is a relatively small percentage of the operating income for the Insurance business. Boissin – Exane BNP Paribas: Okay. And when it comes to equities?

With respect to equities, I mean, I think the results for the third quarter is something stable around this level. So, just kind of modeling along equity environment not a lot of volatility if we just see it at the current levels. Boissin – Exane BNP Paribas: And finally, on your own debts?

’: Boissin – Exane BNP Paribas: Thank you very much.

Thank you. The next question is from Thomas Nagtegaal from RBS. Please go ahead. Thomas Nagtegaal – RBS: Hi. Good morning, gentlemen. Thomas Nagtegaal, RBS. I only have one question remaining. Could you disclose if you realized any losses in further reducing your periphery exposure during October? Thanks.

’: ’: Thomas Nagtegaal – RBS: Okay. Thank you.

Thank you. The next question is from Benoit Pétrarque from Kepler. Please go ahead. Benoit Pétrarque – Kepler: ’: ’: And then could you give us an update on [Basel II threat] which is for sale. You have been quite aggressive this quarter and I was wondering if you see inflow of savings money actually coming from ING Bank to [Basel II threat]? Then the final question, whether you could give us an outlook on the risk-weighted assets migration expected in coming quarters. We have seen quite some positive migration in the past 18 months. We started to see actually a bit of more negative migration this quarter but could you give us a bit more kind of guideline for the coming quarters on that side? Thanks.

Okay. With respect to repaying other states, I told earlier we are very dedicated to repay them as quickly as we can. And at the same time, we need to take into account the ability to do that and the requirements we have on the new regulation that you just heard, the Dutch National Bank has come up with some new requirements. We need to know exactly where we stand before we can make any firm commitments here. But our intentions are the same. They have not changed as quickly as we can. And that brings me to the second point, Basel III, the Dutch National Bank has yesterday given some idea about what they want to do but they have not been specific. So as soon as we have that we will communicate that with you as well. ’: ’:

’: If you look at RWA migration, I think in general, where you see that happening it is most in the securities portfolios and that is why from time to time you manage that and you de-risk it so you sell off some of the securities before. And please note that the part where the securities portfolio could buy it as well in the U.S., that is something which is available for sale, so we will need less operations on that side. Benoit Pétrarque – Kepler: All right. So no big migration to be expected -- no negative migration to be expected in the next quarters?

No. I think in general, in the securities portfolio because you have this rating table if you have migration then you sell it before it is due and you get the migration. Benoit Pétrarque – Kepler: Yes. And on the loan lending side?

’: Benoit Pétrarque – Kepler: Very good. Thank you very much.

Thank you. The next question is from Duncan Russell from JP Morgan. Please go ahead. Duncan Russell – JP Morgan: ’: ’: ’: ’: ’: ’:

’: ’: ’: ’: ’: ’: ’: Duncan Russell – JP Morgan: Okay.

’: ’: ’: ’: ’: Duncan Russell – JP Morgan: Okay.

’: ’: Duncan Russell – JP Morgan: Okay. Thank you very much.

Thank you. The next question is from William Hawkins from KBW. Please go ahead. William Hawkins – KBW: ’: ’: ’:

’: ’:

’: ’: ’: ’: ’: ’: William Hawkins – KBW: Thank you.

Thank you. The next question is from Matthias de Wit from Petercam. Please go ahead. Matthias de Wit – Petercam: ’: And then second on the impact of lower interest rates, could you provide any insight into the economic impact on your U.S. Insurance activities and also highlight to what extent the DAC is still recoverable at current low rates in equity markets? And a follow-up question on the U.S. DAC accounting changes, if you would eventually adopt them retrospectively, what would be the impact then on the U.S. DAC balance? Thank you.

Okay. We need to make some quick calculations here on the foreign exchange impact. So, give us a minute.

’: ’:

Matt, interest rates.

’: ’: ’: ’: ’: ’: ’: Matthias de Wit – Petercam: Okay. Thank you.

Thank you. The next question is from Tony Silverman from S&P Equity Research. Please go ahead. Tony Silverman – S&P Equity Research: Yes. Good morning. Just a couple of questions left. I wonder if you give an indication of how you see the outlook for risk-weighted assets in the bank, X -- any X disposals and what your plans are for that? Second question was just a bit of detail on the Greek impairments and the bank there states €267 million, but in the table on page 27, the amounts in the balance sheet over the quarter just seems to go down from €406 to €280 million and so not in less than the impairment assuming you identified means you bought Greek debt in the meantime or not? ’: ’:

Yeah. I think if you look at risk-weighted assets, of course, you expect it to move up a little bit because of Basel 2.5. That is I think the biggest part in terms of trend what see going forward and for rest given the fact that what I already indicated is RWA migration. ’: ’: ’: ’: Tony Silverman – S&P Equity Research: ’:

’: Tony Silverman – S&P Equity Research: Okay. Yeah. And the other question? Thank you.

’: ’: ’: ’: ’: Tony Silverman – S&P Equity Research: Okay.

’: ’: ’: ’: Tony Silverman – S&P Equity Research: Those hedging -- that hedging program against VA then, the gains on that will be from the falling interest rates that would protect the value overtime with those contracts will all be in the hedging gains that are in this quarter, which have been offset by Greek debt and other things. So you would be then left with a negative impact in succeeding quarters. Could you quantify that if conditions remain simply as they are?

’: ’: ’: Tony Silverman – S&P Equity Research: Taking U.S. on its own I can see that. But, yeah, thank you very much.

Thank you. The next question is from Farquhar Murray from Autonomous. Please go ahead. Farquhar Murray – Autonomous: ’: ’: ’:

’: Farquhar Murray – Autonomous: Okay. Great. Thanks very much.

Thank you. The next question is from the Lemer Salah from SNS Securities. Please go ahead. Lemer Salah – SNS Securities: Good morning, gentlemen. Lemer Salah from SNS Securities. Two questions from my side. First of all, can you give us an update with regard to the ING Direct USA deal with Capital One? Can I presume that this deal will proceed in or will be closed in the fourth quarter of 2011? And secondly, with respect to the cost savings which are mentioned on slide 13, is the €300 million cost saving as of 2014 entirely attributable to the headcount reduction or is there something else involved? Thank you.

’: ’: ’: Lemer Salah – SNS Securities: Okay. Thank you.

Thank you. The next question is from Jan Willem Weidema from ABN AMRO. Please go ahead, sir. Jan Willem Weidema – ABN AMRO: ’: ’: ’: ’:

’:

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’: Jan Willem Weidema – ABN AMRO: The fair value as a percentage of the normal value of the products...

’: Jan Willem Weidema – ABN AMRO: Thank you.

’: ’: ’: Jan Willem Weidema – ABN AMRO: Okay.

’: ’: ’: ’: ’: Jan Willem Weidema – ABN AMRO: Okay. Thank you very much.

Thank you. (Operator Instructions) Gentlemen, there appears to be no further questions.

’: