Ewald Kist to Retire as ING Chairman

November 20, 2003

Ewald Kist, an enthusiastic runner, will soon have more time to train for the next ING New York City Marathon. He will be 60 next year, and the Netherlands-based Company announced that on reaching that milestone he will retire from his position as Chairman of the Executive Board, effective June 1, 2004.

Kist has led the banking and insurance giant through some difficult times since he took over in June of 2000. He oversaw the growth of its On-line banking subsidiary ING Direct, introduced cost cutting initiatives, accompanied by the inevitable job losses, and led the group’s global expansion in Latin America and Asia.

Cor Herkströter, Chairman of the Supervisory Board of ING Group, stated: “On behalf of the Supervisory Board I wish to express my sincere gratitude and appreciation for the outstanding contribution Ewald Kist made to ING Group and its predecessor companies over the past 35 years.”

The Supervisory Board has selected Michel Tilmant, a Belgian, who is currently Vice-Chairman of the Executive Board, Chairman of the Executive Committee ING Europe and Chairman of ING Bank N.V., to succeed Kist. Fred Hubbell, an American member of ING’s Executive Board, had also been seen as a possible successor.

The company also announced that the Supervisory Board intends to propose the appointment of Eli Leenaars, currently Chief Executive Officer ING Central Europe and member of the Executive Committee ING Europe, as a member of the Executive Board as of 27 April 2004, the date of its annual shareholders meeting. It will also propose the appointment of Eric Boyer de la Giroday, a current member of the Management Committee of ING South West Europe, responsible for Financial Markets and Wholesale Banking, and a member of the Board of ING Belgium S.A., to the Executive Board at the same meeting. Cees Maas and Alexander Rinnooy Kan will be the other members of ING’s Executive Board after Kist’s retirement

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