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Rutger Koopmans

General Manager

ING Wholesale Banking Netherlands

9 November 2005, Brussels

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Key message

India is hot, but already well known to ING

India hype may lead to losing sight of key issues

The long term view could become a fata morgana:the long and winding road (a steep learning curve)

Embrace the cultural differences with knowledge

Keep pace & manage expectations: things to do!!

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INGs perspective: ING in India India is a rapidly growing economy with one of the fastest growing financial services

industries in the world

India is the second fastest growing insurance market in Asia, second only to China

ING has been in India since 1990 and is the only global player in banking, assetmanagement & insurance with non-Indian management control

ING Vysya Bank has the largest banking network amongst international players in India

ING Vysya Life Insurance is one of the fastest growing private players in the Indianinsurance market

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ING Group in India Key Milestones

ING Bank N.V.set up arepresentativeoffice in India

1991 1995 1997 1998 2000 2001 2002 20031990 1994 1996

Barings startedInvestment Bankingoperations in India

ING Bank N.V.representativeofficeconverted intofull-servicebranch

ING Groupacquired Barings

globally therebyacquiring thebusiness of Baringsin India as well

Bank BrusselsLambertacquired astrategic stakein Vysya Bank

ING Investment Trust(Asset Managementbusiness) incorporatedin India

ING Groupsets uprepresentativeoffice for Insurance inIndia MoUsigned withVysya Bank

ING Vysya LifeInsuranceCompanybeginsoperations

ING becamethe singlelargestshareholder inVysya Bankby increasingits stake to44%

Vysya Bank renamedas ING Vysya Bank

ING Vysya Bankacquired 26% stake inING InvestmentManagement (India)Private Limited

(this is the Asset

ManagementCompany whichmanages the INGVysya Mutual Fund)

ING set up joint venturewith

Vysya Bankand GMR groupfor the foray intoInsurance Sector in India

Barings PrivateEquity established inIndia

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Universal banking franchise

ING Vysya Bank Overview

Regional Offices: 11

Key statistics

North & East Region

# of Branches- 33

West Region

# of Branches- 30

AP Region

# of Branches-196

South (ex AP)

# of Branches- 193

Branches: 454

Employees: 4,871ATMs: 79 (access to more than9,000 shared ATMs)

Branch Banking

Small & Medium Enterprises

Agri & Social Banking

Private Banking

Distribution & Marketing

Wholesale Bank Retail Bank

Corporate & InvestmentBanking

Emerging Corporates

Banks & Financial Institutions

Financial Markets

IVB Position (Private

Position Bank Share1 ICICI Bank 4.3%2 HDFC Bank 1.9%3 UTI Bank 1.3%4 Citibank 1.3%5 Stanchart 1.3%6 J&K Bank 1.2%7 HSBC 1.0%8 Federal Bank 0.9%

9 IndusInd Bank 0.7%10 ING Vysya 0.7%11 IDBI Bank 0.6%12 Karnataka Bank 0.6%

17 ABN Amro 0.4%

21 Bank of Punjab 0.3%

33 BNP Paribas 0.1%

IVB Position (Private + Foreign Banks)

Market share based on size of deposits as on 31/3/04

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ING Vysya Bank Capabilities

Leverage unique position as the first Indian International bank

Combines strengths of the erstwhile Vysya Bank and ING Group to create anintegrated platform delivering a complete range of banking products to Indian andGlobal clients

Integrated approach allows ING Vysya Bank to follow a client centric approach and offer arange of products and services leveraging local and international strengths

Strong Rupee Balance Sheet

Broad based India presence

Wide commercial banking suite

Strong Rupee Balance Sheet

Broad based India presence

Wide commercial banking suite

International Investment BankingCapabilities

Strong Corporate Banking Franchise

Global Network

International Investment BankingCapabilities

Strong Corporate Banking Franchise

Global Network

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India: the challenges of a growing economy

High fiscal deficit

Inflationary pressure

Increasing government debt burden

A strong democracy, slow decision making process

Weak infrastructure (roads, airports, water management)

Maintaining pace of reform (upgrading public systems)

Bureaucracy, corruption, complex/antiquated regulations

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India beyond the opportunities

Keep a close eye on these factors

Do not get hung up in long-term scenariopredictions

Focus on how to realize the India challenge

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Embrace the differences

India has a unique cultural and religious heritage

It takes time to understand the history, the socialdemography and the cultural values

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Keep pace & Manage expectations

India is managing growth in a careful and diligent way;

manage your expectations in the same way

Looking ahead, the potential for economic and politicalstability in India is enormous, but we must be appreciate

and respect that the road ahead inhibits a steep learningcurve

The outcome is clear, but there is a way to go!

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