Collective Labour Agreement ING 2006

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Notice The English translation has no legal force and is provided for information purposes only. The original Dutch text of this Collective Labour Agreement will always prevail. CONTENTS OF ING COLLECTIVE LABOUR AGREEMENT 1. GENERAL 5 1.1 Term 5 1.2 Scope of Agreement 5 1.3 Application of the Collective Labour Agreement 5 1.4 The Individual Employment Contract 5 1.5 Probationary Period 5 1.6 Periods of Notice 6 1.7 Suspension 6 1.8 Further Agreements 6 2. REMUNERATION 7 2.1 Income Adjustments 7 2.2 Job Title Valuation (Job Grading) 7 2.3 Fixed Remuneration 8 2.4 Variable Remuneration 9 2.5 Labour Market Bonus 10 2.6 Holiday Allowance 11 2.7 Year-end Bonus/Annual Payment 11 2.8 Transitional Policy for Remuneration 11 3. WORKING HOURS 12 3.1 General 12 3.2 Adjustment of Working Hours 12 3.3 Discernable Time Off 12 3.4 Compensation for Extra Working Hours 12 3.5 Business Hours and Work Times 13 3.6 Variable Work Times 13 3.7 Extra Work 13 3.8 Reimbursement of Expenses for a Meal 14 4. LEAVE REGULATIONS 15 4.1 Public Holidays 15 4.2 Holiday 15 4.3 Special leave 4.4 Adoption Leave 16 4.5 Emergency Leave 16 4.6 Leave given to Carers 17 4.7 Unpaid Leave 17 5. PENSION 18 5.1 General 18 5.2 Start of Participation and Standard Pension Age 19 5.3 General Pension Schemes 19 5.4 Transitional Provisions for Pensions 20 5.5 Transitional Provisions for Early Retirement 20 5.6 Proviso 20 5.7 Personal Contribution in the Pension Premium 21 6. CHOICES IN CONDITIONS OF EMPLOYMENT 23 6.1 General 23 6.2 Goals and Sources 23 6.3 Calculation 24 6.4 Results 24 7. WORK AND PRIVATE LIFE 25 7.1 General 25 7.2 Childcare 25 7.3 Sabbatical Leave 25

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ING-CAO 1 May 2004 to 31 December 2006

7.4 Life-course Savings 26 8. EMPLOYABILITY 28 8.1 General 28 8.2 Supporting Employability 29 8.3 The older employee 30 8.4 The employee who does not maintain sufficient employability 30 8.5 The employee who is voluntarily placed in a job position with a lower grade 31 8.6 Training Facilities 31 9. CONDITIONS OF EMPLOYMENT 32 9.1 Working Conditions Covenant (Arboconvenant) 32 9.2 The Promotion of Health 32 9.3 Workload/Work Stress 32 10. SHIFT WORK 33 10.1 General 33 10.2 Shift Bonus (subject to the provision in 10.4 Transitional Provision) 34 10.3 Reassignment Payment 35 10.4 Transitional Provision 37 11. SOCIAL SECURITY AND COMPENSATION 38 11.1 Occupational Disability 38 11.2 Health Insurance 45 11.3 Anniversary Bonus 46 11.4 Payment on Death 46 12. FIELD STAFF 46 12.1 Scope and Application of Collective Labour Agreeement provisions 46 12.2 General Provisions 47 12.3 Field Staff with commission (commercial field staff) 48 12.4 Field Staff without commission (Technical Field Staff at Nationale-Nederlanden)49 13. OTHER PROVISIONS 51 13.1 Right of Complaint 51 13.2 Interpretation of the Collective Labour Agreement 51 13.3 Information and Consultaton during Reorganisation 51 13.4 Trade Unition Facilities 52 14. APPENDICES 54 14.1 Definitions 54 14.2 Salary Scales and Transitional Policy for Remuneration 57 14.3 Basic Pension Scheme 61 14.4 Available Premium Scheme 65 14.5 Voluntary Supplementary Insurance (VAV) 69 14.6 ANW-gap Insurance 70 14.7 WAO-gap Insurance 70 14.8 Transitional Provisions for Pensions 71 14.9 Transitional Provisions for Early Retirement 74 14.10 Compensation for cessation of transitional provisions for VUT shift work 76 14.11 Protocol for Job Security 77

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The undersigned: The employer: - ING Personeel VOF (ING Personnel VOF) - Nationale-Nederlanden Levensverzekering Maatschappij N.V. (NN Life Insurance Co. N.V.) - ING Vastgoed Ontwikkeling B.V. (ING Real Estate Development B.V.) - RVS Levensverzekering N.V. (RVS Life Insurance N.V.) hereinafter also referred to as: ING party of the one part and The trade unions: - FNV Bondgenoten, established in Utrecht - De Unie, established in Culemborg - Beroepsorganisatie Banken Verzekeringen (BBV), established in Culemborg - CNV Dienstenbond, established in Hoofddorp hereinafter referred to as: the trade unions party of the other part declare that, as of 1 May 2004, they have concluded the following collective labour agreement (abbreviated as CAO in Dutch, not abbreviated in English).

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PRÉAMBLE The strategy and objectives of the HR policy are the building stones of, and are derived from, the general strategy and objectives of the ING Group. The HR policy is an integrated part of the entire company policy at all levels. The HR policy is visible in the way in which we work together and relate to one another. In everything that ING undertakes, top priority is given to quality, professionalism, integrity, precision and creativity. This way of doing business relies on the expertise and dedication of its employees and on a correct mentality and team spirit at every level of the organisation. The social climate is a co-production of everyone who works in the business unit. We also assume that the employees have integrity and are enterprising, that they feel responsible for the quality of their work and for their efforts, that they are client-oriented, are willing to collaborate and that they conduct themselves like good colleagues. In this way, the company's business interests and the wishes of the employees are united in the goal of making ING Group a client-oriented, quality-conscious and successful company. The employee plays an active role in all of this; even with respect to determining the path his career takes, for which he is responsible to a large degree. Where possible, he should take the initiative. ING will support him in this endeavour when possible. In developing the HR policy, the following principles form the foundation on which it is built: − recognising the personal worth and the equality of each employee, regardless of race, sex,

nationality, natural inclinations, religious faith or philosophical convictions, at every level of the company;

− promoting the motivation, the development and the flourishing of employees; − providing equal opportunities for every employee within the company; − maintaining good labour relations, conditions of employment and working conditions; − striking a balance between the interests of the employee and those of the company.

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1. GENERAL

1.1 Term

The Collective Labour Agreement will be valid for 32 months. It takes effect on 1 May 2004 and runs up to and including 31 December 2006. If neither party in the Collective Labour Agreement lets it be known, via a registered letter (recorded delivery) and no later than three months prior to the time at which this Collective Labour Agreement expires, that it wishes to end the agreement or wishes to change one or more provisions in the agreement, then the agreement shall automatically be extended for a period of one year.

1.2 Scope of Agreement

The Collective Labour Agreement pertains to all employees of ING whose job title is classified under job grades 1 up to and including 15. The Collective Labour Agreement also pertains to the employees in the field staff of ING Verzekeringen, which should be borne out by the employment contract. The Collective Labour Agreement does not apply to seconded employees inasmuch as they have an employment contract with an employer other than ING, to interns, to holiday staff and to temporary staff.

1.3 Application of the Collective Labour Agreement

For certain groups of job positions, it is possible to depart from the Collective Labour Agreement with respect to work time management and remuneration. In instances where departures from it do occur, this will be stated explicitly in this text. On behalf of a business unit or certain groups of employees, the parties to this Collective Labour Agreement can reach agreements that depart from the Collective Labour Agreement. The parties shall establish these agreements in writing and shall inform the employees concerned. By establishing these agreements in writing, they become a part of the Collective Labour Agreement. ING shall not depart from the provisions recorded in the Collective Labour Agreement, unless it is expressly stated that such a departure is possible.

1.4 The Individual Employment Contract

a. The legal provisions pertaining to the term and termination of employment contracts (Articles 667 up to and including 686 in Book 7 of the Dutch Civil Code) apply. Generally speaking, the employee shall be employed for an indefinite period.

b. In departure from the provision of Article 668a, paragraph 2 of Book 7 of the Civil Code, the period during which an employee has worked as a temporary employee at ING, prior to his entering official employment at ING – including interruptions of less than 3 months – shall be regarded as a single employment contract for a definite period in respect of what is stated in Article 668a, paragraph 1 of Book 7 of the Civil Code.

c. The employment ends on the last day of the month preceding the month in which the employee retires. The employment ends by law, in any case, on the last day of the month preceding the month in which the employee turns 65.

1.5 Probationary Period

On concluding an employment contract, a probationary period lasting no longer than two months can be agreed to, in departure from the provision stated in Article 7:652 of Book 7 of the Civil Code.

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1.6 Periods of Notice

a. The employment contract can be terminated in compliance with the legal provisions concerning such termination and periods of notice (Article 670 et seq, of Book 7 of the Civil Code).

b. If, in the employee’s individual employment contract, a period of notice is agreed to that is longer than that resulting from law, then this period also applies to notice of termination by ING. But if a longer period for ING ensues from Article 672, paragraph 2 of Book 7 of the Civil Code, then this period should be adhered to.

c. The period of notice for ING is reduced by one month when a dismissal permit is granted as referred to in Article 6 of the Labour Relations Decree (Buitengewoon Besluit Arbeidsverhoudingen). In any event, the period of notice for ING shall never be less than one month.

1.7 Suspension

a. Should there be a serious or repeated violation of the ING General Code of Conduct or of other internal rules and regulations given by ING on the part of the employee, then ING can suspend the employee without pay for a maximum of seven working days as a disciplinary measure.

b. If ING has serious grounds for suspecting the employee of acts or conduct that would justify an immediate termination of employment, then ING can place the employee in non-active status for the duration of the investigation. If the suspicion that led to the non-active status is not confirmed, then a written rehabilitation of the employee shall follow if the employee so desires.

c. If the acts or conduct do not lead to immediate termination, but rather to notice being given or a request to dissolve the employment contract, then ING is entitled to continue the non-active status.

1.8 Further Agreements

Based on the announcement that jobs will be cut at Nationale-Nederlanden and in view of the procedures that may be started in the context of sourcing, the parties have concluded in the Collective Labour Agreement that employment opportunity within ING in the Netherlands is under pressure and could remain under pressure in the years to come. In this context, the parties have agreed to a protocol for Job Security. This protocol is attached to this Collective Labour Agreement as Chapter 14, Article 14.11. The protocol takes effect on 29 June 2005 and also applies to the operations announced at Nationale-Nederlanden. The parties have agreed to conduct separate consultation concerning the available instruments and solutions in the context of work location policy within the Netherlands, possibly in conjunction with the consultation to be conducted on the social plan in the autumn of 2005. In a study committee, the parties to the Collective Labour Agreement shall investigate the consequences of the laws bearing on Equal Opportunities for the Collective Labour Agreement. The parties will include the findings of this study in the discussions conducted for the next Collective Labour Agreement.

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2. REMUNERATION

The personal development of the employees and the individual or group

results they have achieved contribute to determining the income within

the salary structure. Each year, the individual salary increase is

established - within a range of salaries - on the basis of the assessment,

provided the maximum salary in the salary scale has not yet been

achieved. In addition to this fixed salary structure, ING also has a scheme

for variable remuneration in order to reward employees for results

achieved in a more specific and discerning manner. ING implements this

scheme in phases.

2.1 Income Adjustments

2.1.1 Structural Salary Increase The personal monthly salaries of the employees and the salary scales will be increased by 1.25% as of 1 August 2005 and by 1.5% as of 1 January 2006.

2.1.2 One-off Payment In July 2005, employees who are employed on 30 June 2005 will receive a one-off payment equal to 1.5% of their annual salary (including holiday allowance and year-end bonus and any bonus for extended working hours). The personal monthly salary of June 2005 shall be used as the basis for this payment. This one-off payment is related to the positive operating results in 2004. In October 2005, employees who are employed on 30 September 2005 shall receive a one-off payment equal to 0.65% of their annual salary (including holiday allowance and year-end bonus and any bonus for extended working hours). The personal monthly salary of September 2005 shall be used as the basis for this payment. This one-off payment is meant as compensation of the fact that the structural increase of 1.25% shall not take place on 1 January 2005. One-off payments are not counted when determining the pensionable earnings.

2.2 Job Title Valuation (job grading)

2.2.1 Classification of Job Titles The grading of a particular job title (i.e. position) and the determination of the relationships between jobs shall take place using the method of comparative classification. ING will make a systematic analysis of reference job titles with the aid of the job valuation system of the firm Hay Group B.V. The reference job titles are found in the ING Reference File. ING determines the compilation of this file.

2.2.2 Application Rules ING establishes the job grade using the method of comparative classification. This method, including a procedure for handling objections, is established after receiving the consent of the Central Works Council. For the application of the method of comparative classification, ING has established system regulations and procedures that sufficiently guarantee the correct application and the internal consistency within and between the business units.

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2.2.3 Job Grade Structure The job titles have been placed in a job grade structure that consists of 15 successive job grades, numbered 1 to 15. For the employees in the field staff of ING, the job grades listed in Chapter 14, Article 14.2 apply.

2.3 Fixed Remuneration

2.3.1 Scope The provisions contained in Article 2.3 do not apply to the employees in the field staff of ING. The provisions that pertain to the employees in the field staff of ING are found in Chapter 12. The amount of the monthly salary for employees whose jobs are classified in job grades 13 up to and including 15 is established by ING.

2.3.2 Basis for Payment In applying the salary system, the annual salaries used are based on a basic number of working hours, amounting to1,872 hours per year and an average of 36 hours per week. The salary scales are included in Chapter 14, Article 14.2. For employees whose number of working hours is fewer than 36 hours per week on average, the salary is established in proportion to the number of working hours agreed with the employee. If the employee works more than an average of 36 hours per week, then the bonus for extended working hours is granted.

2.3.3 Pay Classification The employee is remunerated according to the salary scale that is linked to the job grade. When the employee enters employment, the monthly salary of the employee is established by ING in accordance with the salary scale linked to the employee's job title. In establishing the level of salary, ING considers the knowledge and experience the employee needs for the job. The employee can temporarily be classified in a lower salary scale than the one linked to his job grade, if he is being trained for a particular job and cannot yet do this job entirely on his own. The training period and the period given to the employee to grow into the job grade are confirmed in writing by ING.

2.3.4 Individual Salary Increase The employee who has not reached the maximum amount in his salary scale shall generally be eligible for an individual salary increase. The individual salary increase depends on the annual job assessment and the space in the salary scale. The job assessment is based on the ING System for Development and Assessment. Based on the job assessment, the amount of the individual salary increase is determined. This increase will lie between a minimum and a maximum percentage, linked to a certain scale space and a certain job assessment score in accordance with the following table of increase percentages.

Job Assessment Score Salary as a percentage of the maximum 5 4

min max 3

min max 2

min max 1

min max to 90% 91% to 95% 96% to 100% 101% to 105% 106% to 110%

0.0% 0.0% 0.0% 0.0% 0.0%

0.0% 2.4% 0.0% 2.0% 0.0% 1.6% 0.0% 0.0% 0.0% 0.0%

2.4% 3.2% 2.0% 2.8% 1.6% 2.4% 0.0% 0.0% 0.0% 0.0%

3.2% 4.0% 2.8% 3.6% 2.4% 3.2% 2.0% 2.8% 0.0% 0.0%

4.0% 6.4% 3.6% 6.0% 3.2% 5.6% 2.8% 5.2% 2.8% 5.2%

With an assessment score of 2, it is possible to grow to 105% of the maximum in the scale and with an assessment score of 1, it is possible to grow to 110%. The allocation of the individual salary adjustment takes place annually on 1 April.

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2.3.5 Salary Scale Change A salary scale change exists if the salary scale changes in the context of a training course for a job position without the job grade changing. In a salary scale change, the salary is increased by an amount equal to at least one, and no more than two, times the maximum increase amount linked to a job assessment score of 3 in the new salary scale and in so far as the maximum salary in the new salary scale is not exceeded as a result. In all cases, the salary increase must at least achieve the minimum of the new salary scale. In principle, salary scale changes take place once a year, on 1 April.

2.3.6 Promotion A promotion takes place when the employee moves into another job position that is classified in a higher job grade. On the promotion of an employee to a higher job grade, ING re-establishes the salary of the employee as of the first day of the month in which the employee is promoted by ING. On the promotion, the salary is increased by an amount equal to at least one, and no more than two, times the maximum increase amount linked to a job assessment score of 3 in the new salary scale and in so far as the maximum salary in the new salary scale is not exceeded as a result. If, on being promoted, a higher maximum salary pertains to the employee, the increase in the salary potential is deducted from any personal bonus and included in the monthly salary.

2.4 Variable Remuneration

2.4.1 General a. The parties have conducted intensive consultation concerning the application of variable

remuneration in relation to performance management in a broad sense, and value a balanced application of performance management by striking a good balance between result-oriented guidance and the development of employees. The parties ascribe to the objectives and principles of performance management within ING. With respect to the introduction and evaluation of variable remuneration regulations, the parties seek to achieve transparency and verifiability.

b. The introduction of variable remuneration shall be limited to commercial, commerce-related management and key functions.

c. ING can introduce variable remuneration in each business unit only for groups of job positions and not for individual job positions or employees, nor can it exclude individual job positions or employees from an established group of job positions.

d. Variable remuneration can be introduced by ING at any time during the calendar year, but in principle the introduction of the system shall coincide with calendar or budget years as far as possible.

e. During the term of the Collective Labour Agreement the trade unions will be consulted concerning the total picture of the evaluations. Based on this, the parties will decide whether, and if so, under what conditions, further introduction of variable remuneration can take place. This can lead to additional agreements and an expansion of the groups to which variable remuneration shall be applied and the range within which remuneration can be granted.

f. The provisions in Article 2.4 do not apply to employees in the field staff of ING. Variable remuneration regulations for business units that were already applicable prior to the start of the introduction processes referred to under Article 2.4.1.a shall remain applicable.

2.4.2 Application of Objectives a. The scheme for variable remuneration is based on the concept of giving a financial reward for

the achievement of objectives within a particular time span (a calendar year or a budget year). These objectives are agreed to in advance with the employee, evaluated in the interim by the management and the employee, and assessed later on by the management in consultation with the employee.

b. The objectives pertain to:

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- individual quantifiable or measurable quality objectives and - objectives that go beyond the job of the employee. These objectives pertain to the

organisational unit within which, or the business unit to which, the job position of the employee belongs.

c. The nature and character of these objectives and the way in which these objectives are agreed to each year between the management and the employee are established in the Framework for Performance Management.

d. The objectives agreed to and established with the employee are, in principle, not changed during the period given for them unless the management is of the opinion that, in all reasonableness and fairness, there is an instance of special internal or external circumstances that justifies a modification of a part of the objectives agreed to.

e. The agreements about the objectives and the evaluation of the degree to which these objectives have been achieved by the employee coincide in time and procedure with the job assessment meeting that is held with the employee each year.

2.4.3 Establishing Variable Remuneration a. The amount of the annual variable remuneration is established retrospectively each year, on the

basis of the final assessment of ING concerning the degree to which the objectives have been realised during the period in question.

b. The amount of the variable remuneration to be achieved and paid is expressed as a percentage of 12 times the average monthly salary and any bonus for extended working hours, for the period to which variable remuneration applies, increased by the holiday allowance and year-end bonus for the established calendar year or budget year, in accordance with the following table. This table, showing ranges in percentages for variable remuneration, shall be used during the term of this Collective Labour Agreement:

Job Grade

Normal

Maximum

6 to 10 11 to 12

3% to 6% 5% to 10%

6% to 9% 10 % to 15%

The range expresses the percentage of variable remuneration that can be awarded if the set objectives are achieved (normal) or if the objectives have clearly been exceeded (maximum).

c. Half of any applicable personal bonus is deducted from the amount of the variable remuneration paid up to a maximum of half of this variable remuneration. As of 1 January 2005, this deduction of the personal bonus has been dropped for the payment of the variable remuneration for the period starting on 1 January 2005.

d. The variable remuneration is not included as a basis for the calculation of any other compensation, bonus or payment mentioned in the Collective Labour Agreement, nor for the calculation of the pensionable earnings and the basis for the supplement scheme, as referred to in Chapter 14, Article 14.7.

e. If ING terminates the employment of the employee in the interim, then ING is not obligated to pay any variable remuneration to the employee. If the employee terminates employment at his own request or changes job positions in the interim, then he can qualify for a pro rata variable remuneration, provided he has sufficiently realised his objectives in the opinion of ING.

2.5 Labour Market Bonus

If, in ING's opinion, the situation on the labour market justifies it, ING can, in incidental cases, temporarily establish a higher salary payment for individual jobs or groups of jobs than would be paid based on the provisions concerning the remuneration system. ING shall report annually on the use of this remuneration instrument to the trade unions and the Central Works Council.

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2.6 Holiday Allowance

The holiday allowance amounts to 8% of the sum of 12 times the personal monthly salary received in the month of May and, if applicable, the commission paid for the period starting 1 May of the previous year and running up to and including 30 April of the current year, and is paid in the month of May. An exception to this is the payment of the holiday allowance for employees in the Field Staff of the Division Intermediair. These employees receive the holiday allowance in the month in which the annual commission is paid. The year for which the holiday allowance is calculated is equal to a calendar year. Should an employee leave employment during the course of the calendar year, the excess holiday allowance is deducted from the final payment. No deduction is made if this is the result of: - death; - the commencement of the occupational disability pension.

2.7 Year-end Bonus/Annual Payment

Each year, every employee receives an extra payment that is equal to one month's salary: the so-called year-end bonus. The annual payment is based on the personal salary for the month of December and paid in the month of January immediately following. If the average hours worked in the calendar year are below the basic number of working hours, then the payment is reduced proportionately. If an employee leaves employment, the year-end bonus is based on the personal monthly salary of his last month and - reduced pro rata - paid with the last payment of salary. If an employee leaves employment in the course of the calendar year, the year-end bonus is calculated in proportion to the number of months that the employee has been employed in the year in question up to and including the month of December.

2.8 Transitional Policy for Remuneration

To make the transition from the salary systems of ING Verzekeringen and ING Bank to the salary system of ING as of 1 May 2001, a transitional policy was established in the ING Collective Labour Agreement for 1 June 2000 to 1 April 2002, which consists of guarantees (old Article 2.8.3) and conversion rules for new salary (old Article 2.8.4). This transitional policy is included in Chapter 14, Article 14.2 and is a part of the ING Collective Labour Agreement.

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3. WORKING HOURS

3.1 General

An average number of working hours of 36, 37 or 38 hours a week pertains to the employee on an annual basis. In establishing the conditions of employment, 36 hours a week is assumed to be the average number of working hours. The provisions in this chapter do not apply to employees in the field staffs of ING or to employees in job grades 13 up to and including 15.

3.2 Adjustment of Working Hours

3.2.1 At the request of the employee Within the range of an average of 36 hours to an average of 38 hours per week, the employee can submit a request to the management each year in the month of October requesting a change in his working hours, to take effect at the start of the next calendar year, under a proportional adjustment to the compensation in accordance with Article 3.4. The decision as to whether to reduce the hours from 38 to 37 or 36 hours, or from 37 to 36 hours, lies entirely in the hands of the employee. ING shall carefully assess whether an employee’s request to work fewer than 36 hours a week based on a part-time contract can be granted. The Adjustment to Working Hours Act applies. This means, among other things, that the employee has to submit his request in writing and that the management has to reply to the request in time for it to take effect. In the Staff Handbook, the possibility of working part-time is explained in greater detail. To increase the number of hours worked to 37 or 38 hours a week, there must be enough room in the staff budget. The Adjustment to Working Hours Act does not apply to an employee’s request to increase his personal working hours. The management shall assess the request reasonably and, if the request is denied, they shall give their reasons for rejecting it in writing.

3.2.2 40 hours at the request of ING It is possible for ING to assign employees to work 40 hours per week. An employee who has been assigned to work the longer working hours can ask to be made eligible for a shorter working week. The provision in Article 3.2.1. concerning the adjustment of the working hours applies here.

3.3 Discernable Time Off

ING adheres to a single system of blocks of discernable time off (2, 4, 6, 8 or 9 hours). The employee agrees to a work pattern with his manager in which blocks of discernable time off are included. These blocks of time are established each year in advance, in consultation with the employee. In doing so, consideration is given to the wishes of the employee and the need for the business unit to function well. With working hours averaging 36 hours a week, the employee can choose a work pattern of 4 x 9 hours, unless operations or work circumstances pose an obstacle to this. This is subject to the judgement of the management. It is also possible to choose a combination of alternating 5 days of 8 hours and 4 days of 8 hours. If a certain work pattern is not possible, ING shall confirm this in writing if desired, giving the reasons why it is not possible.

3.4 Compensation for Extra Working Hours

The salary is based on a maximum average working week of 36 hours.

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For an average number of working hours that exceeds 36 hours a week, a bonus for extended working hours shall be awarded on top of the salary for the hours worked beyond the 36 hours. From the bonus for extended working hours paid for the hours worked between 36 and 40 hours, pension shall be built up in the indexed average pay scheme. This also applies to the employees in job grades 13 up to and including 15.

3.5 Business Hours and Work Times

3.5.1 Business Hours The normal business hours are Monday to Friday inclusive from 07:00 to 21:00 and on Saturday from 08:00 to 17:00. The employee is paid a bonus of 25% for working on Saturday, unless it is a matter of extra work as defined in Article 3.7. The management shall determine the business hours for a department. The employee should perform his work activities within the department's set business hours. The individual work times will be established in consultation between the employee and the management.

3.5.2 Working Hours Act The norms contained in the consultation regulations of the Working Hours Act are the frameworks used to establish the work times and break times.

3.6 Variable Work Times

It will be possible for all employees, to the extent the work permits, to vary the time they start and stop working, for which the daily work time is registered. This is further explained in a regulation that was established with the consent of the Central Works Council. An agreement can be made with the employee who departs from this scheme. This special agreement shall be established in writing.

3.7 Extra Work

Extra work is when incidental work is performed at the behest of ING and, as a result, the working hours agreed to are exceeded. Extra work is possible within the norms of the consultation regulation in the Working Hours Act. The compensation for extra work performed amounts to: - on Monday to Friday inclusive before 21:00, 125% of the hourly wage; - on Monday to Friday inclusive from 21:00 to 07:00, 150% of the hourly wage; - on Saturday before 17:00, 150% of the hourly wage; - on Saturday after 17:00, 200% of the hourly wage; - on Sunday or on a generally recognised public holiday, 200% of the hourly wage. To be compensated for extra work, the employee can choose between: - payment of the extra work compensation; - taking equal time off (100%) and payment of that part of the extra work compensation that

exceeds 100% of the hourly wage. Taking equal time off is done in consultation with the manager, as far as possible within the same calendar year in which the right to the time off was accumulated. Extra work is compensated up to and including job grade 11. Employees who are 55 and over shall not be required to perform extra work. Once a year, the management shall provide the relevant works council with an overview of the number of hours of extra work performed in the last year within the business unit.

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3.8 Reimbursement of Expenses for a Meal

If, due to shift work, changed work times or extra work, the employee is not able to eat the evening meal at home, then the costs of this meal are reimbursed - on submission of the bill - unless a meal is provided by ING. A maximum amount of € 13.61 applies to these expenses. The employee shall bear the costs of any levy of wage tax and social premiums ensuing from the reimbursement of dinner expenses or from the provision of dinner.

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4. LEAVE REGULATIONS

4.1 Public Holidays

On public holidays, the employee has a right, in so far as work activities permit, to take a day off with pay. The following days are recognised public holidays: - New Year's Day - Good Friday - Easter Sunday and Easter Monday - Ascension Day - Whit Sunday and Whit Monday - Christmas Day and Boxing Day (25 & 26 December) - Queen's Birthday (30 April) Starting on 5 May 2005, the 5th of May shall be celebrated as a public holiday once every 5 years. Those persons belonging to a recognised non-Christian religious community can take unpaid leave on the religious holidays of their faith up to a maximum of 3 days per calendar year.

4.2 Holiday

4.2.1 Scope of Holiday Entitlement The employee's average number of working hours and the age that the employee will reach in the year concerned are used as the basis for determining the holiday hours for a particular year. The following holiday hours pertain to the employee who works 36, 37, 38 or 40 hours a week on average:

Average Working Hours Age

36 hours 37 hours 38 hours 40 hours

to 34 years 35 to 44 years 45 to 54 years 55 years and older

180.0 194.4 208.8 216.0

185.0 199.8 214.6 222.0

190.0 205.2 220.4 228.0

200.0 216.0 232.0 240.0

For employees whose average number of working hours is less than 36 hours a week, the holiday hours are established proportionally. If an employee enters or leaves employment in the course of the calendar year, the holiday hours are reduced proportionally. If, on 1 June 2000, the employee was entitled to more holidays than the number given under the ING Collective Labour Agreement, then these holidays will be guaranteed (converted) as guaranteed hours. If the average number of working hours is reduced, the guaranteed hours are adjusted in proportion to the reduction.

4.2.2 Required taking of holiday hours The management of a business unit can designate one day on which the employee is required to take holiday hours if the Works Council of the business unit concerned consents to this.

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4.2.3 Establishing the Holiday In accordance with the wishes of the employee, the manager shall establish the dates on which the employee will take holiday hours, unless there are important reasons for objecting to this. These dates will be established unless the manager notifies the employee in writing about these important reasons for objection within two weeks after the employee has made his wishes known. If the employee so desires and the number of remaining holiday hours is sufficient, he will be permitted to take three successive weeks of holiday. The legal period of limitation for holiday rights applies (Article 7:642, Book 7 of Civil Code).

4.2.4 Occupational Disability The employee who is partially occupationally disabled, with regard to the acquisition and taking of holiday entitlements, is considered to be fully able to work. In the case of full occupational disability, the employee builds up holiday rights only for the last 6 months of his full occupational disability.

4.3 Special leave

4.3.1 General Special paid leave is given: a. for a visit to a doctor: for a short time to be determined by the manager. The employee will try

to schedule a visit to the doctor outside office hours as much as possible; b. for the employee to acquire a marriage licence: the time necessary up to a maximum of 1 day; c. for the marriage of the employee: 3 days; d. for the marriage of relatives by blood and affinity in the first degree or the second degree of

consanguinity: 1 day if the marriage ceremony is attended; e. for an addition to the employee's family: 3 days, including the day of the birth; f. on the death of the husband or wife or an unmarried child or foster child living at home: from

the day of death up to and including the day of the burial or cremation; g. on the death of one of the relatives by blood and affinity in the first degree or the second degree

of consanguinity not named under f: 1 day and, to attend the burial/cremation, a second day. If the employee has been given the duty of arranging the burial/cremation: 1 day or the time necessary for this up to a maximum of 5 days;

h. on the 25-year service or marriage anniversary of the employee: 1 day; on the 40-year service or marriage anniversary of the employee: 2 days;

i. to attend courses to prepare for retirement or early retirement in the year preceding the year of retirement or early retirement, the duration of the course may be a maximum of 5 days;

j. in situations for which the special leave as mentioned above and the emergency leave do not provide, leave can be granted by the manager if the special circumstances of the employee warrant it on the basis of reasonableness.

4.3.2 Application The scheme for special leave shall, in cases arising, also be applied for a registered civil partnership and for employees who share a common household with another person or maintain a long-term stable relationship in another way.

4.4 Adoption Leave

ING applies the scheme included in the Work and Care Act. The legal text is further explained in the Staff Handbook at Work@ING.

4.5 Emergency Leave

The employee is entitled to short-term paid leave lasting a maximum of 1 day for each incident for

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emergencies that require the presence of the employee in order to make arrangements on that day, after which the employee can resume his work activities.

4.6 Leave given to Carers

ING applies the scheme included in the Work and Care Act. The legal text is further explained in the Staff Handbook.

4.7 Unpaid Leave

ING offers the possibility of taking full-time or part-time unpaid leave as described in the ING Life-course Savings Scheme. This scheme is included in the Staff Handbook. When taking full-time leave during one's working career, a maximum period of 13 weeks can be taken.

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5. PENSION

5.1 General

The pension provisions consist of general pension schemes, transitional provisions for pensions and transitional provisions for early retirement. The general pension schemes are: Name of scheme Insured with Explained

under Basic Pension Scheme ING Pension Fund Foundation 14.3 Available Premium Scheme (BPR) 14.4 Voluntary supplemental insurance 14.5 ANW-gap Insurance 14.6 WAO-gap Insurance

Nationale-Nederlanden

14.7 Participation in the general pension schemes is open to all employees who meet the criteria described in the scheme. The transitional provisions for pensions are: Name of scheme Insured with Explained

under Transitional provisions for pensions 2002 14.8.1 Transitional provisions for pensions 2006 14.8.2 Pre-pension Scheme

ING Pension Fund Foundation

14.8.3 Transitional Provision for BPR 2006 Nationale-Nederlanden 14.8.4 In the transitional provisions for pensions it is established how amended legislation and regulations as well as agreements in the Collective Labour Agreement affect the retirement pension, and to whom these provisions apply. To the extent that it is required by tax law, the aforementioned provisions shall be elaborated in separate regulations. For the schemes insured with the ING Pension Fund Foundation, rights can only be derived from the pension regulations established by the Board of the ING Pension Fund Foundation, on the advice of the Pension Fund Members' Council. Every adoption or amendment of the regulations, in so far as it is not stipulated otherwise, needs the approval of the Board of ING Nederland. Before the Board of ING Nederland approves the regulations, ING will give the trade unions the opportunity to assess, within 14 days, whether the regulations, or amended regulations, are a good reflection of the agreements reached between the parties to the Collective Labour Agreement. The indexation of pensions, pension rights and premium-free pension rights of the schemes insured with the ING Pension Fund Foundation is conditional. There is no right to an indexation and it is uncertain whether, and to what extent, an indexation will take place in the future. The question of whether and to what extent the ING Pension Fund Foundation will index the pensions and pre-pensions, and the pension rights and premium-free pension rights, at any time, depends on a decision to do so and financing provided by the Board of ING Nederland. If and to the extent that this condition is met, the Fund will modify the already active pensions and pre-pensions, and pensions rights and premium-free pension rights. For the schemes insured with Nationale-Nederlanden, rights can only be derived from the regulations established by the Board of ING Nederland with the consent of the Central Works Council.

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The transitional provisions for early retirement are: Name of scheme Explained

under Supplementary Scheme to the pensions of pensioners aged 62 to 65

14.9.1

Transitional Provision for VUT shift work

Implemented by ING

14.9.2 In the transitional provisions for early retirement, it is established how amended legislation and regulations, as well as agreements in the Collective Labour Agreement affect the pension provisions, and to whom these provisions apply.

5.2 Start of Participation and Standard Retirement Age

Participation in the pension schemes starts at the moment that a persons enters employment at ING. All employees who are employed on 31 December 2005 and who were born before 1 January 1950 have the age of 62 as the standard retirement age. All employees who are employed on 31 December 2005 and who were born on or after 1 January 1950 have the age of 65 as the standard retirement age. All employees who enter employment on or after 1 January 2006 have the age of 65 as the standard retirement age.

5.3 General Pension Schemes

The general pension schemes can be outlined as follows:

5.3.1 Basic Pension Scheme - Pension rights are accrued on the fixed annual salary up to the maximum amount via a final-

pay scheme. The contribution-free portion of income used in the final-pay scheme was established on 1 January 2002 at 10/7 times the post-Oorts state old-age pension (AOW) for single people including holiday allowance. The maximum amount and the contribution-free portion of income are adapted to the structural salary adjustments by virtue of the Collective Labour Agreement. As of 1 August 2005, the maximum amount is: € 75,507.66 and the contribution-free portion of income is € 16,793.66.

- Pension rights are built up on the variable income components – commission (field staff), shift bonus, standby duty bonus (office staff) and the bonus for extended working hours – via an average-pay scheme with post-indexation.

5.3.2 Available Premium Scheme Pension rights are built up on the fixed annual salary above the maximum amount via an available premium scheme.

5.3.3 Voluntary Supplementary Insurance Employees can take out supplementary pension insurance policies on a voluntary basis.

5.3.4 ANW-gap Insurance (ANW = Dependants Benefits Act) ING gives employees the opportunity to insure themselves to cover the ANW-gaps by participating in a group insurance policy.

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5.3.5 WAO-gap Insurance All employees are required to participate in the WAO-gap insurance in order to make up the shortfall in income during long-term occupational disability. This insurance will be cancelled when the WIA (Work and Income (Ability to Work) Act) takes effect. This change will have no effect on current payments.

5.4 Transitional Provisions for Pensions

5.4.1 Transitional Provisions for Pensions 2002 As of 1 January 2002, the Transitional Provisions for Pensions 2002 apply to employees who were employed and insured via an ING pension scheme on 31 December 2001 and on 1 January 2002. Employees of NMB-Heller who were employed and insured via an ING pension scheme on 31 December 2003 and on 1 January 2004 shall participate in these transitional provisions as of 1 January 2004.

5.4.2 Transitional Provisions for Pensions 2006 As of 1 January 2006, the Transitional Provisions for Pensions 2006 apply to employees who were employed on 31 December 2005 and on 1 January 2006 and who were born on or after 1 January 1950.

5.4.3 Pre-pension Scheme The pre-pension scheme applies to employees who were employed on 1 June 2000 and on 1 January 2004 and who were born before or on 1 January 1950 (field staff employees must have been born before or on 1 January 1952). As of 1 January 2006, the scheme no longer applies to employees who were born on or after 1 January 1950. 5.4.4 Transitional Provisions for Available Premium Scheme The transitional provisions for the Available Premium Scheme apply to participants who were employed on 31 December 2005 and on 1 January 2006 and who were born on or after 1 January 1950.

5.5 Transitional Provisions for Early Retirement

5.5.1 Supplementary Scheme for pensions received from the age of 62 to 65 As of 1 January 2002, a supplementary scheme takes effect for the pensions paid to employees who were employed on 31 December 2001 and on 1 January 2002. This concerns a possible supplement to the pensions received between the ages of 62 and 65. As of 1 January 2006, this scheme only applies to employees who were born before 1 January 1950.

5.5.2 Transitional Provision for VUT Shift Work The transitional provision for VUT (voluntary early retirement) shift work applies to employees who work in continuous shift work and who meet the criteria given in 14.9.2. As of 1 January 2006, the transitional provision is limited to employees who were born before 1 January 1950.

5.6 Proviso

The pension schemes and the transitional provisions for pensions shall be submitted to De Nederlandsche Bank and the Dutch Tax Authorities for review. The transitional provisions for early retirement shall be submitted to the Tax Authorities. If, as a result of this review, parts of the provisions need to be modified, then consultation will be held at that time between the parties to the Collective Labour Agreement concerning the modifications to be made.

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The pension schemes shown in Chapter 14 are valid in respect of the aspect “occupational disability” until the date on which the Work and Income (Ability to Work) Act (WIA) takes effect. The parties to the Collective Labour Agreement shall work out the consequences of this Act for the different pension schemes later.

5.7 Personal Contribution in the Pension Premium

5.7.1 General The Personal Contribution in the Pension Premium (EBP) is calculated on the pensionable earnings and is paid by all employees of ING as long as they are building up a pension in the Basic Pension Scheme and possibly the Available Premium Scheme. Forming an exception to this are the employees who have left employment by means of the pension or pre-pension scheme, or due to full occupational disability, and employees who leave employment before 1 January 2006 via a retirement scheme. Employees who leave employment on or after 1 January 2006 for reasons other than full occupational disability, or pension or pre-pension retirement, but who are still building up a pension (e.g. employees with a retirement scheme), continue to pay the personal contribution until ING ceases the payments or supplementary payments, or else the pension or pre-pension begins. Employees who entered employment on or after 1 January 2006 pay the unreduced percentage of personal contribution on their pensionable earnings. Employees who were already employed by ING on 31 December 2005 pay according to a gradual introduction model. The gradual introduction model means that, with each structural salary adjustment of the Collective Labour Agreement, the percentage of the personal contribution is increased by ⅓ of this adjustment. For the start on 1 January 2006, different agreements were reached and the gradual introduction percentage amounts to 0.5625% of the pensionable earnings. The gradual introduction model is in effect as long as the gradual introduction percentage is lower than the unreduced percentage of the personal contribution. As soon as these two are the same, the distinction between employees who are employed on 31 December 2005 and those who are employed on or after 1 January 2006 ceases to be made and everyone then pays the unreduced percentage. The unreduced percentage of the Personal Contribution in the Pension Premium is established each year on 1 January and remains unchanged throughout the year. The gradual introduction percentage is adjusted with each structural salary adjustment in the Collective Labour Agreement (and therefore not only on 1 January of any year). If in any year the pension costs amount to more than 20% of the payroll total, the parties will consult with each other further concerning the measures to be taken to counteract this cost overrun.

5.7.2 Calculating the percentage of the Personal Contribution in the Pension Premium The personal contribution is paid as soon as the advancing average pension costs of any year amount to more than 10% of the wage costs. Half of the percentage above this 10% shall be borne by the employer and half, with a maximum of 5%, shall be borne by the employee. The pension costs of any year are calculated as the sum of the IAS pension costs, the costs of the economic capital (that the employer must reserve on the balance sheet for pension commitments) and the contribution of the employer to the Life-course Savings Scheme (excluding the one-off

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extra contribution at the age of 58). The total pension costs of any year are expressed as a percentage of the wage costs of that same year. The Personal Contribution in the Pension Premium for the year x is based on the average pension commitments over 4 years, namely: - year x from the MTP x-x+2; - year x-1 according to the forecast Q3 of year x-1; - year x-2 recorded in the annual accounts x-2; - year x-3 recorded in the annual accounts x-3. In view of the fact that ING has not yet entirely finished establishing the costs of the economic capital, the costs of the economic capital will be set at zero for 2006. To get from a Personal Contribution in the Pension Premium expressed as a percentage of the wage costs to a Personal Contribution in the Pension Premium expressed in the pensionable earnings, the calculated percentage is expressed as the wage costs multiplied by 3/2. This is called the unreduced percentage of the Personal Contribution in the Pension Premium. The gradual introduction percentage is calculated according to the method stated in Article 5.7.1. Both percentages will be provided with a statement of accuracy by the external auditor of ING. The unreduced percentage of the Personal Contribution in the Pension Premium, as well as the gradual introduction percentage, shall be announced to the employees of ING on the first working day in January via the Intranet.

5.7.3 Entering the Personal Contribution in the Pension Premium into salary accounts as Euros Each month the pensionable earnings are calculated and multiplied by the percentage for the Personal Contribution in the Pension Premium. This produces some fluctuation from month to month if there have been changes in the fixed income and of course if there has been variable income. The pensionable earnings for the fixed income are established each month on the basis of the pension-bearing fixed wage components with a deduction of 1/12 of the contribution-free portion of income. The pensionable earnings for the variable annual income are established each month on the basis of 1/12 of the pension-bearing variable wage components of the previous 12 months. For employees who have a notional pensionable salary, such as expats, people with a partial occupational disability, employees with a retirement scheme, etc., the Personal Contribution in the Pension Premium is calculated on the notional pensionable salary because pension is also built up on that salary.

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6. CHOICES IN THE CONDITIONS OF EMPLOYMENT

6.1 General

Through flexible conditions of employment, employees are able to influence the composition of a part of their package of employment conditions in order to adapt it to personal circumstances. ING has a selection system that makes it possible to use the value of a number of standard conditions of employment (sources) for other conditions of employment (goals). The system enables the employee to see in advance what the consequences of a particular choice would be with respect to conditions of employment and social security.

6.2 Goals and Sources

Goals Sabbatical leave: a. The employee can save time for a sabbatical leave. This scheme is included in Chapter 7, Article

7.3. This scheme will change as of 1 January 2006. b. Buying holiday hours:

Each calendar year, the employee can buy holiday hours up to a maximum of twice his personal number of working hours.

c. Private PC. This scheme was cancelled as of 27 August 2004. Up until this date, the employee had the option, within the bounds of the PC scheme approved by the tax authorities, of making use of the exemption granted by the Income Tax Act to the reimbursement of the costs of purchasing computers and peripheral equipment up to the maximum allowed by tax law.

d. Saving for a higher pension: The employee can save for a higher pension within the possibilities offered by the voluntary supplementary insurance policies of the ING Pension Scheme as referred to in Chapter 14, Article 14.5.

e. Trade Union contribution. f. ING Salary Savings Scheme*:

The employee can, within the possibilities offered by the ING Salary Savings Scheme, make use of the savings facilities included in the Income Tax Act up to a legal maximum.

g. Saving in a Life-course Savings Account*. * Each year, employees can elect to save money in either the Salary Savings Scheme or the

Life-course Savings Scheme. It is not possible to save money in both schemes at the same time during a single calendar year.

Sources personal monthly salary year-end bonus maximum 10% of 13.96 times the personal monthly salary holiday allowance holiday hours* extra work compensation standby compensation shift bonus commission income variable remuneration bonus for extended working hours Profit-sharing payment ING (WING) accrued leave balance for sabbatical leave balance of individual time account

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employer's contribution to life-course savings * Each calendar year, the employee can sell holiday hours up to a maximum of two times his

personal number of working hours per week. This pertains to holiday hours: - that have been allocated above the legal minimum number of holiday hours (4x personal

number of working hours per week). - that have been allocated as extra holiday hours based on a guarantee scheme.

6.3 Calculation

In order to make a link between goals and sources, it is necessary to make the following calculation: sources and goals are converted to income per hour according to the formula: (personal monthly salary plus 1/12 of the annual holiday allowance and year-end bonus) divided by (the personal working hours times 52 (weeks) divided by 12 (months)).

6.4 Results

If the gross salary is increased or lowered as a result of choices made in the conditions of employment, this can have consequences for: - The bases used for the payment of benefits under social insurance laws and the right attached to

them; - The requirement to be insured in accordance with the National Health Insurance Act

(Ziekenfondswet) up to 1 January 2006; - Income-related subsidies. The consequences of the choices made and those not made, e.g. in the areas of social security and taxes, as well as the risk of changes occurring in the relevant circumstances, including legislation, jurisprudence and the policy of the Tax Authorities or other implementing organisations, shall be borne by the employee and will not be compensated by ING. If, in view of the circumstances, it is considered unreasonable to hold the employee to his choice, a solution can be sought in the revision of the choice. This happens in consultation between the manager and the employee. On termination of the employment, any overpayment or underpayment shall - if necessary - be rectified.

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7. WORK AND PRIVATE LIFE

7.1 General

ING wants to be a modern employer with its focus on creating a good balance between its employees' working lives and private lives. ING gives this goal real substance by including sufficient provisions in its employment conditions policy to enable the employee to respond to certain situations in the private sphere of his life.

7.2 Childcare

The Childcare Scheme is included in the Staff Handbook. In line with the Childcare Act, ING makes a contribution towards childcare equal to one-sixth of the costs incurred for childcare.

7.3 Sabbatical Leave

The possibilities for saving money for a sabbatical leave will cease as of 1 January 2006. Hours saved will continue to exist and, in accordance with the other provisions in 7.3, can be used or, on the initiative of the employee, transferred to his life-course savings scheme. In this case, the hours saved are converted into money.

7.3.1 General The employee will be given the opportunity, once every 5 years, for a maximum of 3 successive months, to take full-time paid leave (sabbatical leave). ING offers this possibility from the conviction that such a period will contribute to the personal development of the employee and provide an opportunity for reflection and reinvigoration in a society that is changing at an ever-increasing speed.

7.3.2 Conditions The sabbatical leave is available to every employee with an employment contract for an indefinite period. The employee is free to choose how he wants to spend the leave. But he is not permitted to perform paid work (in paid employment or otherwise). The employee has the right to return to the same job at the same work location on the basis of the original number of hours, unless something else has been agreed in advance. The sabbatical leave may not be extended with other forms of leave, such as taking holiday hours, parental leave, adoption leave and leave for carers. The sabbatical leave may also not immediately precede voluntary early retirement or standard retirement.

7.3.3 Request The employee who wishes to qualify for sabbatical leave must submit a written request for the leave at least 3 months prior to the start of the desired sabbatical leave. The manager and the employee will establish in consultation the period in which the sabbatical leave will be taken. The time of the leave must fit in with the operational management and should preferably be taken at logical moments, such as when an employee changes jobs. Once the time for a sabbatical leave has been saved, the sabbatical leave must be taken within a period of 2 years.

7.3.4 Accumulating Sabbatical Leave The employee saves for sabbatical leave in the following ways: - holiday hours from Chapter 4, Article 4.2.1 of the ING Collective Labour Agreement that have

been allocated beyond the legal minimum number of holiday hours (4x personal number of working hours per week), plus the extra holiday hours that are awarded on the basis of a guarantee scheme. The maximum number of holiday hours that can be saved annually amounts to two times the

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personal number of working hours per week. - hours above the basic average number of working hours per week, i.e. 36 hours; - hours/days that the employee buys according to the rules governing choices in conditions of

employment (Chapter 6). In the year in which the sabbatical leave is taken, the holiday entitlements for that year may be used for the sabbatical leave; but the sabbatical leave may not exceed the period of 3 months as a result. With respect to holiday hours saved for a sabbatical leave as provided for in Chapter 4, Article 4.2.1 of the ING Collective Labour Agreement, ING will not invoke the legal limitation period of five years, as stipulated in Article 7:642, Book 7 of the Civil Code.

7.4 Life-course Savings

7.4.1 General The ING Life-course Savings Scheme commences on 1 January 2006 and is included in the Staff Handbook. This scheme facilitates the legal right to save money from the salary, in a tax-efficient way, for the sole purpose of financing an unpaid leave taken later. Life-course savings can be withdrawn either during, or at the end of, the working career. The amounts of money saved are not taxed for income tax or social insurance premiums (AOW [state old-age pension], ANW [Dependants Benefits Act], AWBZ [Exceptional Medical Expenses Compensation Act] and Child Benefit), but the premiums for employee insurance (WW [Unemployment Insurance], WAO [Occupational Disability Insurance], Wajong [Invalidity Insurance (Young Disabled Persons) Act] and Ziektewet [National Health Insurance]) are withheld. The base for these social insurances will therefore not decline from the situation as it was prior to participation. If the employee finances unpaid leave from his Life-course Savings Balance, then the employee falls within the scope of the employee insurances on the same basis as the time prior to the start of the period of unpaid leave, up to a maximum of 18 months. The application of the Life-course Savings Scheme at ING will be evaluated in the autumn of 2007.

7.4.2 Employer's Contribution For employees who were born on or after 1 January 1950, ING makes a premium available annually for depositing into the individual Life-course Savings Account. This premium is equal to 3.5% of the annual salary (13.96 x the personal monthly salary, including bonus for extended working hours, such that the bonus for extended working hours is corrected for the holiday allowance and the year-end bonus) and any income from commissions*. This premium is made available on a monthly basis. For employees that are employed on 31 December 2005 and were born in the years 1950 up to and including 1954, ING will make a one-off extra contribution to the Life-course Savings Scheme available when they reach the age of 58 (provided the employee is still employed at that time). This will be done as follows: Year of birth One-off contribution at 58 1950 25 % 1951 21.5 % 1952 18 % 1953 14.5 % 1954 11 %

* In consultation with the Retail and Intermediar Divisions, it will be determined which commission income will count when determining the base for Life-course Savings.

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The one-off contribution will be made available in the month in which the employee turns 58 and will be calculated by multiplying 13.96 by the personal monthly salary in the month in which the employee turns 58, including the bonus for extended working hours (corrected for holiday allowance and the year-end bonus) and any commission income*. Choices made in the context of à la carte will be left out of consideration for the determination of the personal monthly salary. Contributions made by ING to the Life-course Savings Scheme do not count when determining the pensionable earnings. The periods of leave taken in the context of the Life-course Savings Scheme, in so far as a leave period does not exceed a period equal to 13x the personal working hours, shall not be counted as employment time for the build-up of pension. If, during the leave, less than 100% of the last-earned pay to which the employee was entitled immediately prior to the commencement date of the leave is withdrawn from the balance of the individual Life-course Savings Account, then the build-up of pension shall continue to the extent that this is permitted under tax law. Another condition is that, during the period of leave, the build-up of pension will continue if the contribution of the employee to the pension premium is maintained.

* In consultation with the Retail and Intermediar Divisions, it will be determined which commission income will count when determining the base for the Life-course Savings.

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8. EMPLOYABILITY

8.1 General

a. ING is committed to providing equal opportunities for every employee within the organisation and maintains a non-discrimination policy. As an international organisation, ING is very diverse in terms of both geography and culture. ING thinks that the composition of the Group's staff should reflect the composition of its customers. The policy of ING in the area of diversity is based on respect for the individual. In specific cases in which a specific target group is discerned to be in a disadvantaged situation, ING will take specific measures to rectify this.

b. ING and the employee should be continually aware of the dynamics of organisation ties and should anticipate possible changes by giving continual attention to the development and employability of the employee; both within the company and outside, on the job market in the Netherlands. In this connection, ING and the trade unions attach great importance to the employability of employees.

c. Employability pertains to the development of employees, young and old, to the structural maintenance of their knowledge and skills within their current job position and to the development of their knowledge and skills with a view to developing their careers inside their own business unit, or even outside ING. By increasing the opportunities for development, employees can be kept within the ING family.

d. ING has made the subject of employability the spearhead of its focus for the coming years, along with the instruments that promote it. In this context, special attention will be given to the career policy, the education policy and the policy on mobility and prevention of mobility.

e. Each division/business unit within ING Nederland will draft an employability plan as a part of the medium term plan (MTP). Each year, it will be ascertained whether new developments have arisen that make it necessary to adapt the plan. The employability plan will focus on the relationship between future company objectives and the HR policy to be developed/followed. This plan will be discussed with the Works Council as a part of the company policy. In this way the contents will become the subject of discussion within the company and thus made accessible to the employees.

f. ING promotes the career development of employees within ING by facilitating individual or group employability instruments.

g. To give substance to employability and diversity, it is necessary:

− for there to be insight into the strategy, future strategy and corresponding objectives of the business unit, as well as into the size and quality of the current workforce and the preferred staff numbers in relation to the organisation in the future;

− for employability not to be optional;

− for the management to be encouraged, guided and assessed with respect to the application of the employability policy;

− for employees to be encouraged and coached so that they devote themselves to their personal employability.

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h. Personnel policy that takes an employee's stage of life into account The Social Policy of ING takes the personal circumstances and stage of life of the individual employee into consideration. By giving them flexible conditions of employment, the employees are able to influence the composition of their package of employment conditions, or a part of it, so that they can adapt it to their personal circumstances.

8.2 Supporting Employability

a. Together, ING and the employee bear responsibility for the maintenance and development of the employee's employability and his opportunities on the job market. As the starting point for this, the employee is primarily responsible for his own development and actively seeks to keep his knowledge and skills at the highest possible level.

b. By creating the right conditions, the management of ING will stimulate the activities of the employee that are focused on increasing his knowledge and skills or developing them further. ING will ensure that the management of ING has sufficient capability to be able to lend support to the employee, assisted by experts if necessary.

c. ING endeavours as far as possible to ensure that the work agreed to, the conditions under which this work is performed and the manner in which it is organised fit in with and promote the development of the employee.

d. At least once a year in the coaching meeting, the manager holds a discussion with each employee concerning the development in his job performance and in his knowledge and skills, in the light of his personal circumstances and ambitions, and developments in the employee's work field, both within ING and on the job market. The following points can, in any case, be brought up for discussion:

- current competencies and the manner of performance; - pressure and ability to deal with it; - career planning; - desired development of competencies.

On the basis of this discussion, the employee and the manager draft a Personal Employability Plan (PEP) for the employee. This plan contains concrete and verifiable objectives and agreements with respect to career planning, the associated development of competencies and the efforts of the employee in this sphere, as well as the facilities in time and money made available by ING.

e. On the initiative of the manager or the employee, it can be agreed that the employee is given a career check. The purpose of the career check is to investigate what type of career development suits the abilities of the employee. The career check can take place only once every five years. A condition for it is that the employee must be permanently employed for at least 3 years. The Career Service Centre (CSC), among others, provides the necessary facilities for this.

f. Employees who are looking for another job, perhaps due to supernumerary staff, shall be supported in this search by ING. The employee's manager shall play a primarily role in this. Support for this effort will also be provided by the Employability & Mobility advisor.

g. Employees who are seeking another job or who are investigating another job can, in consultation with the manager, make use of the facilities available within ING (e.g. CSC) and/or outside ING with respect to career assistance and advice.

h. All job openings are placed on the job site of Work@ING. Employees can also have the actual job openings at ING sent directly to their e-mail account via the Job search agent on the basis of the search criteria the employee enters. This increases the transparency of the internal job market at ING. Employees who hold a priority position are given priority for a job opening

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over the other applicants if the candidate is qualified for the job or can be made so within one year..

8.3 The older employee

As a result of the annual consultation between the manager and the employee, the conclusion can be drawn in some cases that the employee's job has become too much of a burden for the employee, without implying that the employee has become dysfunctional in any way. In such a situation, it is possible for the manager to propose another job to the employee that involves less pressure. The following facilities can be offered in this instance.

8.3.1 Reduction of the Working Hours

An 58-year-old employee who, on turning 58, has had a personal work load of at least 36 hours a week for at least the last 5 years is given the opportunity to work part-time, and thus his working week is reduced to 32 hours. The conditions of employment are modified, with the exception of the number of holiday hours, on the basis of a working week of 34 hours. The number of holiday hours is calculated on the basis of a 32-hour working week. The build-up of pension occurs on the basis of a 36-hour working week. What has been stated above also applies to employees at the moment they have been employed within ING for 40 years. For employees with a personal number of working hours that is less than the average of 36 hours a week, the arrangement above shall be applied pro rata.

8.3.2 Voluntary Demotion

In a situation in which the manager and the employee have determined that the job of the employee has become too much of a burden for him in recent years, the employee is given the opportunity, from the age of 55, to take a different job position on a voluntary basis. If this job position has a lower job grade, then the employee is classified in the associated salary scale. As long as the personal monthly salary exceeds the maximum salary of this lower salary scale and the new salary scale is one scale lower than the original scale, then the salary will not be adjusted in line with any salary adjustments made by virtue of the Collective Labour Agreement. If the new salary scale is more than one scale lower, then the part of the salary that is equal to the difference between the maximum salary of the new salary scale and the maximum salary of the salary scale just above it will be reduced in five steps of 20% per year. The build-up of pension continues unchanged.

8.4 The Employee who does not maintain sufficient employability

ING thinks that employability is the shared responsibility of the employee and ING. Despite all efforts, however, it can happen that an employee cannot sufficiently keep up in his current job and, as a result, no longer performs the job as it should be performed. In this case, ING thinks it should be possible to offer the employee another job position. When possible, the employee will be offered a job position at an equal level. When this is not possible, a job at a lower level will be sought. The following rules apply in this instance:

a) if the employee has been employed less than three years, or if a promotion to a higher job position was made no more than three years previously, then on being demoted after a promotion, the pay classification shall not be lower than the pay classification attached to the job position held prior to the promotion. When classifying the employee in a lower salary scale, consideration is given to the average salary development attached to an assessment score of 3 in the old salary scale. After the employee has changed job positions, the new annual income is used as the basis for the build-up of pension.

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b) if the employee has held his job position for more than three years, then when being placed in a job position with a lower job grade, the employee will be classified in the lower salary scale. As long as the personal monthly salary exceeds the maximum salary of the lower salary scale, the salary will not be adjusted in line with any salary adjustments made by virtue of the Collective Labour Agreement. After the employee has changed jobs, the same annual income is used as a basis for the build-up of pension.

8.5 The employee who is voluntarily placed in a job position with a lower grade

If an employee is placed voluntarily (i.e. at his own request) in a job position to which a lower job grade is linked, then he will be classified in the lower salary scale. If the personal monthly salary exceeds the maximum salary of that lower salary scale, the difference between the current and the new salary shall be allocated to the employee in the form of a personal bonus. This bonus will then be reduced gradually over three successive years; in the first year the bonus will be set at 75% of the difference, in the second year at 50% and in the third year at 25%. After the change in job positions, the new annual income is used as the basis for the build-up of pension.

8.6 Training Facilities

a. For a knowledge-intensive company such as ING, good performance is inextricably linked with well-trained employees. For this reason, ING wants to offer optimal development opportunities to its employees in order to increase their current and future employability. In doing so, the focus will not only be on the interests of the business unit but also on the interests of ING as a whole.

b. ING has a skeleton arrangement 'Training at ING' to support the development of employees. This skeleton arrangement provides facilities for:

− training courses that are necessary for an employee to–perform, and continue to perform, his current job properly; so-called job training;

− training courses focused on increasing the current and future employability of the employee; so-called development training;

− training courses (retraining or further training) as a result of reorganisations and processes of change;

− other forms of training that contribute to the development of the employee, such as internships and job rotation.

c. The nature and size of the facilities shall be established in consultation between the manager and the employee, perhaps as a part of a Personal Employability Plan. As a part of this, ING will focus attention on the accessibility of the available training budgets for the employees.

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9. CONDITIONS OF EMPLOYMENT

9.1 Working Conditions Covenant (Arboconvenant)

ING has committed itself to the Working Conditions Covenant that was signed by the Ministry of Social Affairs and Employment, the Trade unions and the Netherlands Bankers' Association. The covenant not only applies to the banking divisions but also to the insurance divisions of ING in the Netherlands. Even when the covenant has expired, ING will continue to try to meet the objectives of the covenant: reducing absences due to illness and occupational disability, reducing the number of employees with RSI symptoms and the number of employees with complaints ensuing from their workload. The activities are a part of the chain approach of prevention, identification, sick-leave supervision and reintegration.

9.2 The Promotion of Health

In 2005 and 2006, ING will conduct a pilot project in the context of promoting health. The purpose of the pilot project is to improve the fitness and health of the individual employee by:

improving the way he moves a healthier eating pattern changes in smoking behaviour

For the time being, the target is for approximately 3,000 employees to participate in this pilot project on an annual basis.

9.3 Workload/Work Stress

ING is aware that its organisation is subject to continual changes and that this has consequences for the employees and their experience of the workload and the resulting stress. Tackling the problem of an excessive workload and the stress it causes will, therefore, be given high priority within ING. ING acknowledges that working under continual stress constitutes a health risk to employees. But it also adversely affects the quality of the work provided. For this reason, it will endeavour to: - identify excessive workloads in time and to respond to this sufficiently by means of a risk

inventory and evaluation; - maintain a prevention policy by taking the aspects of excessive workload and work pressure into

account when designing or redesigning organisations, jobs, processes, systems and computerised systems;

- conduct a specific study, when necessary, into the current workload (among risk groups) and its consequences for individual employees;

- in cases of illness caused by excessive workload, to introduce changes in the factors that led to employees becoming ill, which should make sustainable reintegration possible;

- promote a style of management and operations that is focused on recognising and preventing undesirable work pressure.

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10. SHIFT WORK

10.1 General

1. The commencement date of the present scheme is 1 January 2006. As of that date, the following schemes will cease to exist:

- Provisions concerning shift work from the Collective Labour Agreement for the banking industry (included in the ING Collective Labour Agreement 2003-2004, Chapter 14. Appendices)

- SPA concern scheme for Computer Services, a scheme for shift work, rescheduled work, standby duty and on-call duty for employees in the Computer Services department.

- the shift work scheme for employees of FM.

2. Definitions

Shift Work: working on a duty roster that introduces working outside the normal office hours in accordance with a fixed scheme. This includes the following concepts:

− Semi-continuous Shift Work: a system of shift work in which work is performed for five 24-hour periods without interruption.

− Full-continuous Shift Work: a system of shift work in which work is performed the entire week without interruption.

− Altered Working Hours: working hours that have a fixed variance from the usual working hours.

Shift Bonus: the financial bonus paid as compensation for working on shift.

Compensation: the applicable shift bonus as well as the time off granted in accordance with Article 10.2.3. This article does not apply to employees in the cleaning services.

3. For shift work, the work performed outside the usual office hours should be recorded on a roster and, in this way, explicitly linked to a particular job position.

When creating or changing rosters, the employees involved will be consulted as soon as possible. In principle, rosters are established for a period of at least 3 months, or longer in so far as the roster cycle necessitates it.

When creating a roster for shift work, it is endeavoured to give the employee at least two successive days off per week. If these days off follow a night shift, then the sleep time after the night shift is not designated as a day off. After the roster has been drawn up, the employee will receive an overview showing the roster for the entire department, including principles and rules followed.

The shift work is determined on the basis of the full cycle of working hours, i.e. 36 hours a week.

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4. In principle, no extra work will be given to the employee in Full-continuous Shift Work or Semi-continuous Shift Work. If this proves to be necessary in exceptional circumstances, then the extra work compensation will preferably be given in the form of equal time off. The compensation for extra work is calculated in accordance with Chapter 3, Article 3.7. Here, the hourly wage is derived from the personal monthly salary, including the average shift bonus, as referred to in Article 10.2.

5. The employee involved shall be notified in writing concerning: − the job and a short description of it; − the applicable roster with the compensation relevant to it, or agreed on; − arrangements in respect of meals. The employee shall receive an itemised overview of the calculations pertaining to the total working hours and the shift bonus. This bonus shall be established as an average percentage of the personal monthly salary based on the full cycle.

6. If, as a result of working a shift duty, the employee does not have the chance to eat an evening meal at home, then the provision given in Chapter 3, Article 3.8 applies mutatis mutandis.

7. During holiday hours, the personal monthly salary will continued to be paid in compliance with the shift bonus calculated in accordance with Article 10.2.

10.2 Shift Bonus (subject to the provision in 10.4 Transitional Provision)

1. If the provisions of Article 10.1 are met, the compensation given for working in shift work is

awarded. The size of the shift bonus is as follows: Monday to Friday inclusive:

hours from 00:00 to 07:00 + 50 % hours from 07:00 to 21:00 n.a. hours from 21:00 to 24:00 + 50 % Saturday: hours from 00:00 to 08:00 + 50 % hours from 08:00 to 17:00 + 25 % hours from 17:00 to 24:00 + 100 % Sunday: hours from 00:00 to 24:00 + 100 %

A break of half an hour will be counted as working hours, to be taken in the hours outside the usual office hours (Monday to Friday inclusive, from 00:00 to 07:00 and from 21:00 to 24:00, Saturday from 00:00 to 08:00 and from 17:00 to 24:00 and Sunday from 00:00 to 24:00).

2. A public holiday as referred to in Chapter 4, Article 4.1, that does not fall on a Sunday and that is included in the roster for shift work is considered the same as a Sunday, and also results in an equal number of compensatory extra holiday hours. The employee who works a shift on a public holiday that falls on a Saturday or Sunday shall receive, instead of the bonus referred to in paragraph 1, a bonus of 50% of the hourly wage for the hours worked on Saturday until 17:00, a bonus of 150% of the hourly wage for the hours worked on Saturday after 17:00 and a bonus of 150% of the hourly wage for the hours worked on Sunday. For the hours worked on New Year's Eve after 20:00, the bonus is 150%.

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3. If the employee works in full-continuous and semi-continuous shift work, the compensation shall be paid in the form of a financial shift bonus amounting to a maximum of 10 % of the personal monthly salary, and the rest in the form of time off. This compensation in time referred to here will not change the agreed working hours. If a shift is ended earlier at the request of ING, the shift shall be paid in full nonetheless.

4. In the case of altered work times, the compensation is paid entirely in the form of money. 5. The time off that is incorporated into the rosters should be weighted according to the table

given in section 1. 6. a. The shift bonus forms the basis for the holiday allowance referred to in Chapter 2,

Article 2.6. b. The shift bonus forms the basis for the payments paid in accordance with Chapter 11, Article 11.1, in the sense that this bonus is taken into consideration by including it in the personal monthly salary.

7. On the basis of serious business management reasons or serious social reasons, Article 10.2,

paragraph 3 or Article 10.2, paragraph 4 can be departed from, one time only, by temporarily maintaining the scheduling method valid for the implementation (simplified or not). This temporary exception can be used individually or for the department as a whole.

This possibility to depart from these provisions in the implementation in January 2006 shall be assessed in advance by the parties to the Collective Labour Agreement. When drafting the next ING Collective Labour Agreement, the necessity of extending the temporary departure from these provisions, inasmuch as the departure has not ended in the meantime, shall be reconsidered by the parties to the Collective Labour Agreement. Interim termination can take place when the roster situation in the department changes structurally, e.g. due to a change in the work supply.

10.3 Reassignment Payment

1. For each form of shift work that qualifies for a shift bonus in the form of money amounting to

more than 5% of the personal monthly salary, a reassignment payment takes effect in the event this bonus ceases entirely or partially, based on changes made for business management reasons, or based on the rejection of the employee for the shift work in question on medical grounds, or based on social reasons recognised by ING that make it impossible for the employee to work in shift work. This reassignment payment only applies if this reduction is not the result of a replacement of compensation in money by compensation in time.

2. The following table shows how the duration of the reassignment payment corresponds with the duration of the shift bonus and also how high the reassignment payment is as a percentage of the shift bonus or the bonus reduction. For this calculation, the amount of the bonus is established as the bonus that was received on average in the 12 months prior to either the end of the bonus or the reduction of the bonus for the period in which the bonus was received. For the duration of the shift bonus, the reassignment payment amounts to the following, over 4 successive periods (in months):

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DURATION OF SHIFT BONUS

AMOUNT AND DURATION OF THE REASSIGNMENT PAYMENT

amount: as percentage of the shift bonus or the reduction of the shift bonus

duration: in months

From to 80% 60% 40% 20%

1/2 year 3/4 year 1 year 2 years 3 years 4 years 5 years 6 years 7 years 8 years 9 years 10 years 15 years 20 years or longer

3/4 year 1 year 2 years 3 years 4 years 5 years 6 years 7 years 8 years 9 years 10 years 15 years 20 years

1 2 3 4 5 6 7 8 9 10 11 12 15 18

1 2 3 4 5 6 7 8 9 10 11 12 15 18

1 2 3 4 5 6 7 8 9 10 11 12 15 18

1 2 3 4 5 6 7 8 9 10 11 12 15 18

3. The employee who is 60 or over, and who has received a shift bonus for 10 years or longer,

will receive a reassignment payment to the amount of that bonus, which will remain in effect and unchanged until the date on which he reaches standard retirement age or the retirement age as stipulated in the transitional provision in Chapter 14, Article 14.9.2.

If an employee reaches the age of 60 during the term of a reassignment payment ensuing from a shift bonus that has existed for 10 years or longer, then the reassignment payment that is in effect on his 60th birthday continues to be applicable, unchanged, until the date on which he reaches the standard retirement age or the retirement age as stipulated in the transitional provision in Chapter 14, Article 14.9.2.

4. The employee who is 55 or over, and who has received a shift bonus for 15 years or longer, will receive a reassignment payment that amounts to at least 75% of that which is stipulated in paragraph 3 for the employee who is 60 or over, and who has received a shift bonus for 10 years or longer. This shall remain in effect, unchanged, until the date on which he reaches the standard retirement age or the retirement age as stipulated in the transitional provision in Chapter 14, Article 14.9.2.

5. The reassignment payments are adjusted in line with the salary adjustments made by virtue of the ING Collective Labour Agreement.

6. If the employment is ended, then any reassignment payment that the employee may receive also ceases.

7. ING can deduct increases in the personal monthly salary of the employee in question from the reassignment payment, entirely or partially, with the exception of the salary adjustments made by virtue of the ING Collective Labour Agreement.

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10.4 Transitional Provision

1. For employees who were already working in shift work on the implementation of Article 4 of

the Collective Labour Agreement for the banking industry (1 April 1995 to 1 April 1998), the usual working hours are defined as follows: Monday to Friday inclusive from 08:00 to 18:00. The following bonus pertains to these employees:

Monday to Friday inclusive: hours from 00:00 to 06:00 + 75 % hours from 06:00 to 08:00 + 25 % hours from 08:00 to 18:00 n.a. hours from 18:00 to 20:00 + 25 % hours from 20:00 to 24:00 + 75 % Saturday and Sunday: hours from 00:00 to 24:00 + 100 % 2. The compensation shall be made in the form of a financial shift bonus amounting to a

maximum of 25 % of the personal monthly salary, and for any remainder, in the form of time off. As a result of compensation granted in time off as referred to here, the agreed working hours shall not change. If a shift is ended sooner at the request of ING, the shift will nonetheless be fully paid. The above applies only to working in full-continuous and semi-continuous shifts.

3. The bonus, in the case of altered working hours, is paid out fully in money. 4. On the basis of serious business management reasons or serious social reasons, Article 10.4,

paragraph 2 or Article 10.4, paragraph 3 can be departed from, one time only, for the implementation of the provision by temporarily maintaining the scheduling method that applies to the implementation (simplified or not). This temporary exception can be used individually or for the department as a whole. This possibility of departing from these provisions for the implementation in January 2006 shall be assessed in advance by the parties to the Collective Labour Agreement. When drafting the next ING Collective Labour Agreement, the necessity of extending the temporary departure from these provisions, inasmuch as the departure has not ended in the meantime, shall be reconsidered by the parties to the Collective Labour Agreement. Interim termination can take place when the roster situation in the department changes structurally, e.g. due to a change in the work supply.

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11. SOCIAL SECURITY AND COMPENSATION

11.1 Occupational Disability

If, as a result of illness, pregnancy or the birth of a child, an employee is unable to perform the required work, then the provisions of Article 629, Book 7 of the Civil Code, the Occupational Disability Insurance Act (WAO) and, starting 1 January 2006, the Work and Income (Ability to Work) Act (WIA) apply to this employee, insofar as not otherwise stipulated hereinafter. a. Income during the first year of illness If an employee is occupationally disabled, he shall receive 100% of his gross personal monthly salary for the first 52 weeks of the occupational disability inasmuch as his employment with ING continues. b. Income starting the second year of illness for employees whose first day of illness was prior to 1 January 2004: 1. After this 52 weeks, the occupationally disabled employee can qualify for WAO benefits (state disability benefits). The amount of the WAO benefit depends on the degree of occupational disability, the age of the employee and the amount of the last-earned gross annual income, in so far as this income does not exceed the maximum WAO benefit base. During the second year of occupational disability (the first year of the WAO), ING will supplement the benefit up to 100 % of the gross personal monthly salary. If, when handling a request for a WAO benefit, the Uitvoeringsinstelling Werknemers Verzekeringen (UWV - official body implementing employee insurance schemes) ascertains that insufficient reintegration efforts have been performed by ING and consequently decides that the period in which the employee has a right to pay from ING shall be extended for no more than 104 weeks, then during this extended period the employee shall receive 100% of the gross personal monthly salary. In this case, ING shall supplement the benefit up to 100% of the gross personal monthly salary up to and including the third year of the occupational disability (the first year of the WAO) at a maximum.

a. In the case of full occupational disability, the employment is, in principle, terminated after two years of occupational disability. If the UWV extends the period for the continued payment of salary by ING (see Article 11.1.b), then, in principle, the employment is terminated after 2 years, plus the extended period of continued payment of salary. Based on the regulations of the Basic Pension Scheme and the Available Premium Scheme, the employee whose employment is terminated because of occupational disability qualifies for an occupational disability pension in addition to his WAO benefit. He will also receive (inasmuch as it applies) the benefit based on the group occupational disability insurance (WAO-gap). The conditions for the occupational disability pension are included in the regulations mentioned above.

b. In the case of partial occupational disability, the employment is, in principle, not terminated after two years of occupational disability. Partially occupationally disabled employees qualify, starting the second year of WAO coverage, for a supplement to their WAO benefit and (inasmuch as it applies) for the benefit paid on the basis of the group occupational disability insurance (WAO-gap), in compliance with the stipulations contained in Article 11.1.b under 11.

c. Based on the provision in this article, the employee never receives more than that which he would have received had he not been occupationally disabled. The aforementioned payments are based on unreduced WAO or WW benefits.

2. Monthly income as referred to in this article is understood to mean the monthly income that the employee would have received if he had not been occupationally disabled. 3. The continued payment of salary and the supplements referred to in this article shall be stopped when the employment contract with the employee ends. The supplements are not awarded to

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employees who are 62 and over. 4. ING has the right to refuse or suspend the continued payment of salary referred to in this article and any supplements linked to it in the cases stated in the Act. 5. ING has the right to refuse payment of the supplements referred to in this article in respect of the employee:

a. who does not comply with the rules that apply to and are known by him nor with reasonable instructions given in the case of illness (rules pertaining to absence due to illness) or

b. who refuses to co-operate with a second opinion requested by ING from the UWV or c. who refuses to use the available safety equipment, or who violates the previously announced

regulations for safety and health and, as a consequence, becomes occupationally disabled, or d. who refuses, without a valid reason, to co-operate with reasonable instructions given or

measures taken by ING or by an expert appointed by ING that are aimed at enabling the employee to perform suitable work as referred to in Article 658a, paragraph 3, Book 7 of the Civil Code or

e. who refuses, without valid reason, to co-operate in the drafting, evaluating and adapting of a plan of approach.

6. Without prejudice to the provision in Article 11.1.b, under 5, ING can impose a sanction on the employee if the employee does not comply with the rules and reasonable instructions that apply to him and that were made known in advance in the case of illness (regulations for absence due to illness). The provision in this article section shall be developed further in consultation with the Central Works Council. These regulations for absences due to illness are contained in the Staff Handbook. 7. If ING makes an offer to an employee for suitable work within ING or elsewhere, then ING will always do this in writing. Suitable work within ING takes priority over suitable work elsewhere. Every offer made will state the legal right of the employee to ask for a second opinion from the UWV, if he is in doubt about the suitability of the offer, within two weeks after the written offer is made. 8. If an employee accepts suitable work with an employer outside ING and, for an equal number of working hours, has a lower income there than the last-earned income at ING, then ING shall pay part of the difference in income, with a phased reduction in the percentage paid, over a period of 3 years. In the first year, the employee receives 75% of the difference, in the second year 50% and in the third year 25%. The amount of the payment shall never be more than 25% of the income received with the new employer. The income with an employer outside ING is understood as the sum of:

- 12x the monthly salary; - any bonuses; - the holiday allowance applicable to the year in which employment started; - Year-end bonus and any pension-bearing bonuses (no compensation for extra work); - any shift bonus; - other emoluments that do not have the character of the reimbursement of costs incurred

during the exercise of the job position; - any whole or partial WAO benefits received or that could have been received.

9. If an employee has accepted suitable work with a different employer and, within half a year after starting the work activities, it looks as though this relocation will not lead to a contract for an indefinite period, then ING will discuss possible subsequent actions with the employee. This discussion will cover the possibilities of individual assistance financed from an REA subsidy (Disability Reintegration Act) and the Personal Reintegration Budget. 10. The employee who asks for a second opinion from the UWV with respect to the written offer from ING of suitable work with an employer outside ING is required, pending the ruling of the UWV, to accept the offer and to enter employment with the new employer. If the UWV then rules in favour of the employee, the employment with ING can be re-established if the employee so desires. In such case, ING shall resume its relocation efforts.

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11. If, in connection with the occupational disability of the employee, ING can claim damages from one or more third parties, then the employee shall co-operate fully in this claim. 12. In so far as the employment continues, the supplement to the WAO benefit shall result in a cut in the gross personal monthly salary. The cut will be made monthly on the fixed components that are a part of the WAO income payment. The cut in the year-end bonus and the holiday allowance shall be withheld from the personal monthly salary. On the salary slip, the supplement is listed under “cut made in connection with partial WAO”. Table of Cuts Made Percentage of occupational disability

Percentage of cut

less than 15% 0% 15% to 25% 5% 25% to 35% 7.5% 35% to 45% 10% 45% to 55% 12.5% 55% to 65% 15% 65% to 80% 18% 80% or more 25% Because the cut calculated for the year-end bonus and the holiday allowance is withheld from the monthly amount, the percentage of the cut will be 16.33 % higher. A condition for the continued application of the table of cuts made is that ING receives the WAO benefit directly from the UWV. The employee must give ING the authority to do this and continue to authorise it. Any payment made pursuant to the group occupational disability insurance will also be paid to ING. Adjustment of the supplement The supplement for partial occupational disability will be adjusted in the following situations: - in the case of salary adjustments made by virtue of the Collective Labour Agreement; - if the degree of the occupational disability changes; - if the employee starts to acquire income from work performed in an additional job, or if

existing income from work is increased. Income must be reported to ING under penalty of losing the rights granted by the present regulation. The income will, in principle, be deducted from the supplement. Termination of the Supplement The supplement shall end at the moment that: - the employee reaches standard retirement age; - the employee dies before reaching standard retirement age; - it is discovered that the occupational disability is the result of gross negligence or intention on

the part of the employee; - it is discovered that the employee intentionally provided inaccurate or incomplete information

concerning his health status on entering employment; - the Benefits Agency ceases to pay the WAO benefit entirely or partially in the interim; - ING is not longer authorised to receive the WAO benefit from the Benefits Agency; - the employment contract with the employee is terminated. c. Income during the second year of illness for employees whose first day of illness was on or after 1 January 2004 and before 1 January 2006:

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The employee who is still occupationally disabled after 52 weeks shall receive 100% of the personal gross monthly salary from the 53rd up to and including the 104th week of the occupational disability as long as the employment with ING continues.

d. Income during the second year of illness for employees whose first day of illness is on or after 1 January 2006: The employee who is still occupationally disabled after 52 weeks shall receive 70% of the personal gross monthly salary from the 53rd up to and including the 104th week of the occupational disability for the hours not worked as long as the employment with ING continues. For the hours worked, he shall receive 100% of the personal gross monthly salary. No later than after the end of the first 52 weeks of occupational disability, the Reintegration Team will ascertain whether the employee has co-operated sufficiently with his reintegration. If, in the judgement of the Reintegration Team, the employee has sufficiently co-operated with his reintegration, he will qualify for the conditional salary supplement of 20% of the gross personal monthly salary for the hours not worked in the second year of illness. In this assessment, the requirements based on the Wet Verbetering Poortwachter (Eligibility for Permanent Invalidity Benefit [Restrictions] Act) shall be the point of departure. After the first 104 weeks of occupational disability or, if sooner, as soon as the occupational disability has ended, the Reintegration Team will assess whether the employee is able to realise the maximum achievable reintegration level within the possibilities available. If, in the opinion of the Reintegration Team, the employee has realised the maximum achievable reintegration level, then he is eligible for the conditional bonus of 10% of the gross personal monthly salary for the hours not worked in the second year of illness. This bonus will be paid with retroactive effect after the end of the first 104 weeks of occupational disability. In the assessment, consideration will be given to the degree of effort made by the employee, the flexibility demonstrated by the employee and the speed of the reintegration against the backdrop of the established reintegration plan. The employee who is certified as fully and permanently occupationally disabled before the end of the first two years of illness, on the basis of the flexible assessment of the UWV, will receive a supplement up to 100% of the personal gross monthly salary from the 53rd week up to and including the 104th week of the occupational disability as long as the employment with ING continues. e. Income starting the third year of illness for employees whose first day of illness is on or after 1 January 2004: 1. After 104 weeks of occupational disability, the occupationally disabled employee may possibly qualify for a benefit based on the WIA. The job position and the number of hours in the resumption of work are determinant for the new gross personal monthly salary. The occupationally disabled employee will receive a supplement to the benefit received based on the WIA and/or the monthly salary in accordance with the following scheme and pursuant to the provision under 12. The supplement scheme consists of the benefit received on the basis of the WIA, increased by the supplement received from ING. A condition for being able to continue applying the supplement scheme is that ING must receive the WIA benefit payment directly from the UWV. The employee must authorise ING for this purpose and continue to authorise it. If, when handling a request to pay a social benefit based on the WIA, the Uitvoeringsinstelling Werknemers Verzekeringen (official body implementing employee insurance schemes - the UWV) establishes that the reintegration efforts performed by ING have been insufficient and as a result decides that the period in which the employee has a right to receive a salary from ING will be extended, then for this extended period the employee shall continue to be paid his salary and a possible supplement as he was paid during the second year of his illness. This extended continuation of salary payment shall continue until the third year of the occupational disability at a maximum.

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When the degree of occupational disability is 80-100% The occupationally disabled employee with a severe long-term occupational disability qualifies for a benefit based on the Regeling Inkomensvoorziening Volledig Arbeidsongeschikten (IVA) – in English, the Income Provision to Persons with Full Occupational Disability. The employee with a full short-term occupational disability qualifies for a benefit based on the Regeling Werkhervatting Gedeeltelijk Arbeidsongeschikten (WGA) – in English, Regulation promoting the Resumption of Work by Persons with Partial Occupational Disability. In the case of full occupational disability, the employment is generally terminated after two years of occupational disability. If the UWV extends the period for the continued payment of salary by ING, then in principle the employment ends after 2 years plus the extended period for continued payment of salary. Based on the regulations for the Basic Pension Scheme and the Available Premium Scheme, the employee whose employment has been terminated due to occupational disability qualifies for an occupational disability pension in addition to the benefit he receives by virtue of the WIA. The conditions for the occupational disability pension are included in the regulations mentioned above. The employee with a full, but short-term occupational disability continues to be employed by ING. For the salary-related period and the subsequent WGA phase, he receives:

the possible new gross personal monthly salary, supplemented by 75% of the difference between the original gross personal monthly salary and the possible new gross personal monthly salary.

This supplement is provided as long as the employment with ING continues. When the degree of occupational disability is 35-80% The employee who is partially occupationally disabled continues to be employed by ING, in principle. From the third year of illness, partially occupationally disabled employees qualify for the following supplement scheme: This supplement is provided as long as the employment with ING continues. When relocating the partially occupationally disabled employee, every effort will be made to find a job position in which the employee is able to utilise his full residual earning capacity. If necessary, the employee shall be offered and will utilise retraining and refresher training. Salary-related phase of WGA The employee with a degree of occupational disability between 35 and 80% shall receive, during the salary-related period of WGA, in which he qualifies for the salary-related benefit:

the possible new gross personal monthly salary, supplemented by 75% of the difference between the original gross personal monthly salary and the new gross personal monthly salary.

Subsequent phase of WGA The employee with a degree of occupational disability between 35 and 80% shall qualify, during the subsequent phase of WGA, for the salary-supplement benefit or the subsequent benefit. There are three possibilities:

I. The new gross personal monthly salary is equal to or higher than the residual earning capacity. The employee receives:

the possible new gross personal monthly salary supplemented by 75% of the difference between the original gross personal monthly salary and the new gross personal monthly salary.

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II. The new gross personal monthly salary is equal to or higher than 50% of the residual earning capacity, but lower than the residual earning capacity. The employee receives:

the possible new gross personal monthly salary supplemented by 75% of the difference between the original gross personal monthly salary and the residual earning capacity.

III. The new gross personal monthly salary is lower than 50% of the residual earning capacity

or the employee has not yet been offered a job position which enables him to utilise a part of his determined residual earning capacity. The employee receives:

the possible new gross personal monthly salary supplemented by 75% of the difference between the original gross personal monthly salary and the residual earning capacity. The employee receives an extra supplement amounting to the difference between 50% of the pay value of the residual earning capacity and the new gross personal monthly salary.

If the employee refuses to accept a job position offered by ING in which a part of his residual earning capacity can be utilised, the employee will receive no supplement. When the degree of occupational disability is less than 35% The employee who has a partial occupational disability of less than 35% will continue to be employed by ING. Partially occupationally disabled employees whose degree of occupational disability is less than 35% do not qualify for benefits based on the WIA. If this employee is relocated, the best possible effort will be made to find a job position at a similar level to the original job position. The employee who has a partial occupational disability of less than 35% will qualify, starting from the third year of illness, for a possible supplement to the new salary. This supplement is provided for a maximum of 3 years. The employee with a partial occupational disability of less than 35% will, if he works, receive his new gross personal monthly salary supplemented by 50% of the difference between the original gross personal monthly salary and the new gross personal monthly salary.

2. Based on the provisions in this article, the employee will never receive more than he would have received if he had not become occupationally disabled. The aforementioned payments will be based on an unreduced benefit payment based on the WIA. 3. The gross personal monthly salary as referred to in this article is understood to mean the gross monthly salary that the employee received on the last day prior to his occupational disability. The new gross personal monthly salary is understood to mean the salary that the employee earns when resuming work. 4. The continued payment of salary and supplements referred to in this article will be terminated when the employment contract with the employee ends. 5. ING has the right to refuse or suspend the continued payment of salary and any supplements paid with it as referred to in this article in the cases specified in the law. 6. ING has the right to refuse to pay the supplements referred to in this article to the employee:

a. that does not comply with the rules and reasonable instructions during his illness (regulations for absence due to illness) that apply to and have been made known to him, or b. who refuses to co-operate with a second opinion requested by ING from the UWV or c. who refuses to use the available safety equipment or who violates the regulations made known to him in advance concerning safety and health and, as a result, has become occupationally disabled or d. who, without a valid reason, refuses to co-operate with reasonable regulations or measures taken by ING or by one of the experts appointed by ING which are aimed at enabling the employee to perform suitable work as referred to in Article 658a, paragraph 3, Book 7 of the

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Civil Code, or e. who refuses, without valid reasons, to co-operate with the drafting, evaluation and modifying of a plan of approach, f. who refuses to take a job offered by ING through which he can utilise a part of his residual earning capacity.

7. Without prejudice to the provision given in Article 11.1.e, paragraph 5, ING can impose a sanction on the employee if the employee does not comply with the rules and reasonable instructions that apply to him and that were made known in advance in the case of illness (regulations for absence due to illness). The provision in this article section shall be developed further in consultation with the Central Works Council. These regulations for absences due to illness are contained in the Staff Handbook. 8. If ING makes an offer to an employee for suitable work within ING or elsewhere, then ING will always do this in writing. Suitable work within ING takes priority over suitable work elsewhere. Every offer made will state the legal right of the employee to ask for a second opinion from the UWV, if he is in doubt about the suitability of the offer, within two weeks after the written offer is made. 9. If an employee accepts suitable work with an employer outside ING and, for an equal number of working hours, has a lower income there than the last-earned income at ING, then ING shall pay part of the difference in income, with a phased reduction in the percentage paid, over a period of 3 years. In the first year, the employee receives 75% of the difference, in the second year 50% and in the third year 25%. The amount of the payment shall never be more than 25% of the income received with the new employer. The income with an employer outside ING is understood as the sum of:

- 12x the monthly salary; - any bonuses; - the holiday allowance applicable to the year in which employment started; - Year-end bonus and any pension-bearing bonuses (no compensation for extra work); - any shift bonus; - other emoluments that do not have the character of the reimbursement of costs incurred

during the exercise of the job position; - any whole or partial WIA benefits received or that could have been received.

The supplement received in accordance with this regulation can be capitalised and paid as a lump sum on the date on which the employment ends. 10. If an employee has accepted suitable work with a different employer and, within half a year after starting the work activities, it looks as though this relocation will not lead to a contract for an indefinite period, then ING will discuss possible subsequent actions with the employee. This discussion will cover the possibilities of individual assistance financed from an REA subsidy (Disability Reintegration Act) and the Personal Reintegration Budget. 11.The employee who asks for a second opinion from the UWV with respect to the written offer from ING of suitable work with an employer outside ING is required, pending the ruling of the UWV, to accept the offer and to enter employment with the new employer. If the UWV then rules in favour of the employee, the employment with ING can be re-established if the employee so desires. In such case, ING shall resume its relocation efforts. 12. If, in connection with the occupational disability of the employee, ING can claim damages from one or more third parties, then the employee shall co-operate fully in this claim. 13. Adjustment of the supplement The supplement for partial occupational disability will be adjusted in the following situations: - in the case of salary adjustments made by virtue of the Collective Labour Agreement; - if the degree of the occupational disability changes; - if the employee starts to acquire income from work performed in an additional job, or if

existing income from work is increased. Income must be reported to ING under penalty of losing the rights granted by the present regulation. The income will, in principle, be deducted from the supplement.

14. Termination of the Supplement

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The supplement shall end at the moment that: - the employee reaches standard retirement age; - the employee dies before reaching standard retirement age; - it is discovered that the occupational disability is the result of gross negligence or intention on

the part of the employee; - it is discovered that the employee intentionally provided inaccurate or incomplete information

concerning his health status on entering employment; - the Benefits Agency ceases to pay the WIA benefit entirely or partially in the interim; - ING is no longer authorised to receive the WIA benefit from the Benefits Agency; - the employment contract with the employee is terminated. f. Supplementary insurance for occupational disability During the Collective Labour Agreement negotiations, ING was still holding discussions with Nationale-Nederlanden concerning an extra supplementary insurance for occupational disability for ING employees. ING is making an effort to come to an agreement with Nationale-Nederlanden concerning a group scheme that will provide employees with the opportunity to take out an extra supplementary insurance for occupational disability on an individual basis. In the event of occupational disability, this insurance would provide a supplement to any benefit received on the basis of the WIA and/or the new salary. This insurance provides a payment for the occupational disability part in an amount equal to a percentage of the original gross personal monthly salary. This group scheme will be included in the Staff Handbook. Participation in this insurance is voluntary. The premium shall be paid by the employee. g. Changed Legislation The aforementioned agreements are subject to the unaltered introduction (according to the text of the bill formulated at the time of the agreement in principle dated 29 June 2005), on 1 January 2006, of the Work and Income (Ability to Work) Act (Wet Werk en Inkomen naar Arbeidsvermogen) or WIA. If changes are made to this Act, the parties will enter discussion if necessary and, if the parties so wish, reach further agreements.

11.2 Health Insurance

11.2.1 Situation up to 1 January 2006: group health insurance ING has concluded a group health insurance policy with Nationale-Nederlanden. The scheme is contained in the Staff Handbook. Participation in the policy is possible for employees who are not required to be insured under the National Health Insurance Act, as well as for: a. those that receive a payment by virtue of the transitional measures or the ING Pension Scheme,

or a scheme deemed equal to it; b. persons entitled to State Disability Insurance benefits (WAO); c. co-insured persons (see the Staff Handbook). Employees who are required to be insured under the National Health Insurance Act can take out supplementary insurance with Nationale-Nederlanden. Employees who participate in the group health insurance are eligible for a gross employer's contribution of 60% with the lowest insurable excess (deductible) (including the legal contributions for MOOZ [Act governing the Joint Funding of Elderly Health Insurance Fund Patients] and WTZ [Medical Insurance Access Act]) and which is linked to his or her age. No employer's contribution is provided for the premium paid for comprehensive dental insurance. 11.2.2 Situation from 1 January 2006 As of 1 January 2006, the new Health Insurance Act (Zorgverzekeringswet) and the Health Care Allowance Act (Wet op de Zorgtoeslag) will take effect. The new health insurance is the insurance for health care that will replace the current National

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Health Insurance and all private health insurance. The current private group health insurance that ING has concluded with Nationale-Nederlanden Zorg/ONVZ will end on 31 December 2005. The current 60% gross employer's contribution will also cease to exist as of that date. Under the new Health Insurance Act, employees are legally required to pay an income-related contribution amounting to 6.5% of their income (up to a maximum income of € 30,015). ING is legally required to reimburse them for this income-related contribution. No extra employer's contribution will be provided. During the Collective Labour Agreement negotiations, ING was still holding discussions with Nationale-Nederlanden Zorg/ONVZ concerning a group health insurance for ING employees. This will lead to a new health insurance scheme which will be included in the Staff Handbook.

11.3 Anniversary Bonus

On the occasion of the anniversary of 10, 25 and 40 years of service, the employee shall receive an anniversary bonus of 0.25, 1 and 2 times the gross monthly salary, respectively. Determinant for the amount of the bonus is the salary received in the month in which the anniversary falls. In the case of 25 and 40 years of service, the bonus is paid (partially) in a net amount in accordance with the Income Tax Act.

11.4 Payment on Death

On the death of the employee, ING will pay the surviving relatives of the employee an amount equal to the personal monthly salary for the remaining days of the month in which the employee died and for the following six months. The day of death shall be the determining factor for the amount of the personal monthly salary. Also included in this payment is the amount owed to the surviving relatives of the employee by virtue of Article 674, Book 7 of the Civil Code and by virtue of any other provisions of legal health insurance and occupational disability insurance. For the application of this article, the term surviving relatives is understood to mean: the persons referred to in Article 35, paragraph 1 of the Sickness Benefits Act, in the order given in that article.

12. FIELD STAFF

12.1 Scope and Application of Collective Labour Agreement provisions

12.1.1 A field staff employee is: an employee who, according to his employment contract, works in the field staff, who in principle performs his work activities in a geographic territory determined by ING and/or whose income, to a significant extent, consists of, or could consist of, commission (or variable income deemed equal to it, but not variable remuneration in the sense referred to in Chapter 2, Article 2.4) linked to commercial objectives.

12.1.2 When ING decides to establish job positions, other than the currently existing field staff jobs, as job positions on the field staff, this intention shall be submitted to the authorised Works Council in advance, pursuant to the Works Councils Act.

12.1.3 The provisions contained in Chapter 2, under articles 2.2.2, 2.2.3, 2.3 and 2.4, in Chapter 3 and Article 8.7.1. do not apply. The provisions in this chapter are intended as an addition to the provisions in this Collective Labour Agreement. Also, for a number of provisions, a distinction is made between field staff employees with commission (commercial field services)

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and field staff employees without commission (Technical Field Staff of Nationale-Nederlanden).

12.2 General Provisions

The following provisions (12.2.1 to 12.2.7 inclusive) pertain to field staff employees with and without commission.

12.2.1 Working Hours a. The norms included in the consultation regulation of the Working Hours Act are the

frameworks used to establish the working hours and break times. b. The Working Hours (Adjustment) Act (Wet Aanpassing Arbeidsduur) applies if a field

staff employee submits a written request to the management asking to work part-time. This Act does not apply to a request from a field staff employee asking for an increase in the personal working hours.

12.2.2 Leave Regulations

12.2.2.1 Scope of Holiday Rights In departure from the provision given in Chapter 4, Article 4.2.1, the holiday rights shall be established in days of holiday according to the scale below. For full-time employment, the number of days of holiday per year shown below applies. For the other provisions of Article 4.2, one day of holiday is equal to 8 holiday hours.

Age Days per year

up to 34 years 25 35 to 44 years 27 45 to 54 years 29 55 years and older 30

If the field staff employee had a right to more days of holiday on 1 June 2000 than those shown in the scale above, he will keep these extra days until the moment at which this right is less than, or equal to, the number of days allocated on the basis of this Collective Labour Agreement. 12.2.2.2 Special Leave In determining the salary as referred to in Article 4.3.1, the personal monthly salary will be used as the basis.

12.2.3 Choices in the Conditions of Employment The field staff employee can buy or sell a maximum of 5 extra days of holiday above the time off stipulated in Chapter 6, Article 6.2.a and b from this gross personal monthly salary and commission, provided he does not fall below the legal minimum when selling, which with full-time employment is equal to 20 days.

12.2.4 Reducing the working hours of an older employee By analogy with the provision in Chapter 8, Article 8.3.1, the field staff employee who is 58 or over can qualify for 4 extra days of leave each quarter, which he can take in whole or half days. He should submit a request for such to the management. The leave will start on the first day of the month following the month in which the field staff employee turns 58 or on the first

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day of the month following the request if this request is submitted later. For the employee with commission, the supplement in Article 12.3.3 applies.

12.2.5 Working Conditions Within the agreements reached concerning workload/work stress, specific attention will be given to older field staff employees.

12.2.6 Occupational Disability The calculation of the gross personal monthly salary for occupational disability as referred to in Chapter 11, Article 11.1 is based on the annual salary and, if applicable, the commission in accordance with the salary adjustments made by virtue of the Collective Labour Agreement during the payment period. The supplement referred to in Article 12.3.4 applies to employees who receive commission.

12.2.7 Payment on Death On the death of a field staff employee, ING will pay the surviving relatives of the employee an amount equal to the personal monthly salary for the remaining days of the month in which the employee died and for the following six months. The day of death shall be the determining factor for the amount of the personal monthly salary. For the application of this article, the term surviving relatives is understood to mean: the persons referred to in Article 35, paragraph 1 of the Sickness Benefits Act, in the order in which they appear in that article. The supplement referred to in Article 12.3.5 applies to employees who receive commission.

12.3 Field Staff with Commission (commercial field staff)

12.3.1 Remuneration The actual contents of the remuneration and commission systems will be submitted by ING to the authorised Works Council for approval in accordance with the Works Councils Act (Wet op de Ondernemingsraden). For the establishment and amendment of these systems, the following pre-conditions apply: a. the annual commission, based on the applicable standard target and when on-target, shall

not amount to more than 150% of the fixed annual salary applicable to the person in question (12 times the personal monthly salary plus holiday allowance and year-end bonus);

b. the level of the actual salary scales (for the fixed salary) shall not be lower than 40% of the regular Collective Labour Agreement salary scales or 40% of the salary scales for existing groups of field staff employees* as stated in Chapter 14, Article 14.2;

c. if the introduction or change of the system leads to a reduction of the fixed annual salary, a transitional period of no less than three, and no more than five, years will be adhered to for the reduction;

d. before established or amended systems take effect, a marginal review of the previous points will be conducted in technical consultation by the parties to the Collective Labour Agreement.

If commission is guaranteed, then this is based on the average commission that was earned in the last 36 months or in the last three commission years in the same job position. If the field staff employee has not yet worked in the same job for 36 months, then the average commission income that is earned during the period in which the field staff

* The current groups of commercial field staff employees are: field staff of the Intermediair Division and the field staff of Retail (RVS and Postbank Advies)

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employee has actually worked in the same job is used as a basis.

12.3.2 Leave The field staff employee with commission who qualifies for long-term special leave as referred to in Chapter 4, Articles 4.4 and 4.6 is entitled to a guaranteed commission as referred to in Article 12.3.1 of this Chapter.

12.3.3 Reduction of working hours for the older employee If a field staff employee with commission makes use of the scheme for reducing the working hours for the older employee (12.2.4) one year and, as a result, his commission declines in that year, then ING shall provide a supplement based, at a maximum, on the number of days not worked by virtue of this right in proportion to the total number of working days in that year. The field staff employee with commission, in order to determine the amount of the aforementioned supplement, can choose between: a. the average commission that is earned in the previous period of 36 months or in the

previous 3 commission years or, if this is more advantageous for the person in question, the calendar year preceding the year in which, or the commission year preceding the date on which, the employee turns 58, respectively; or

b. the average commission that is earned in the previous period of 36 months or in the previous 3 commission years or, if this is more advantageous for the person in question, the calendar year preceding the year in which, or the commission year preceding the date on which, the reduction of working hours commences.

12.3.4 Occupational Disability The calculation of the commission will be based on what the field staff employee in question has earned in commission in the last 12 months or in the last commission year previous to the start of the occupational disability, with the exception of amounts paid that were of an incidental or exceptional nature.

12.3.5 Payment on Death In addition to the provisions in 12.2.7, the following regulation applies. The average commission earned in the last 12 months previous to the death, with the exception of amounts paid that had an incidental or exceptional nature, shall be paid to the surviving relatives. Also considered to be included in this payment is that which is owed to the surviving relatives of the field staff employee on the basis of Article 7:674 of the Civil Code and on the basis of any other provisions from legal health insurance and occupational disability insurance policies.

12.4 Field Staff without commission (Technical Field Staff at Nationale-Nederlanden)

12.4.1 Remuneration The salary scales are included in Chapter 14.2.1. The actual content of the schemes for pay classification, individual salary increases, salary scale changes and promotion are submitted by ING to the authorised Works Council for approval in accordance with the Works Councils Act (Wet op de Ondernemingsraden).

12.4.2 Working Hours In addition to the provisions under 12.2.1., the following regulation applies. In order to

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regulate the working hours for employees on the field staff without commission, an average of 6 declarable hours per day for 5 days a week will be used as the basis.

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13. OTHER PROVISIONS

13.1 Right of Complaint

ING has a regulation, agreed to with the Central Works Council, for handling the complaints of employees who think their interests with respect to their work situation have been/are being harmed by ING. The Regulation on the Individual Right of Complaint is contained in the Staff Handbook.

13.2 Interpretation of the Collective Labour Agreement

The interpretation of the provisions of this Collective Labour Agreement is reserved for the parties to the Collective Labour Agreement. If an uncertainty arises with respect to the interpretation of the Collective Labour Agreement, the parties to the Collective Labour Agreement shall discuss the interpretation. If this consultation does not lead to agreement between the parties to this Collective Labour Agreement, a Collective Labour Agreement committee – a committee set up by the parties with equal representation and an independent chair – will be asked to mediate. This committee shall hear the parties and try to reach an amicable decision. If it appears that such a decision is not possible, the committee shall indicate a solution to the dispute in writing. ING and the trade unions shall each appoint a member. The members thus chosen then appoint a third member of the committee, who shall chair the committee. The committee shall take decisions by majority vote and shall stipulate its own procedure. The right of complaint as referred to in Article 13.1 applies to disputes between ING and an individual employee.

13.3 Information and Consultation during Reorganisation

13.3.1 Information The proposed decisions of ING to initiate significant reorganisations - in exceptional circumstances, possibly leading to the entire dissolution of ING, or parts of ING - can have considerable consequences for employment and/or working conditions. In this case, ING will inform the trade unions at the same time and in the same manner as it informs the relevant works council concerning the rationale behind the decision and the expected social consequences for the employees.

13.3.2 Confidentiality Data made available by ING or by the trade unions will be handled confidentially if the provider of the information presents a reasonable request for it to be kept confidential. The publication of this data at any time can only be done with the consent of all discussion partners involved.

13.3.3 Social Plan The totality of measures aimed at steering a reorganisation in the right direction in social terms, including the provisions aimed at preventing, reducing or removing any adverse effects for the employees, is recorded in a Social Plan. The parties to the Collective Labour Agreement hold consultation on the contents of the Social Plan in so far as it concerns: - the regulation of working conditions in the case of job changes; - the transfer regulation; - the dismissal or departure regulation; - the possibility - in cases where this is in the interest of preserving jobs - of departing from the

working hours agreed to and the work times agreed to with the relevant employees on the basis of Chapter 3. Executing such a departure could possibly involve income adjustments still to be made in accordance with Article 2.1.1.

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The consultations on the Social Plan in the autumn of 2005 will also include the Protocol for Job Security, which is attached to this Collective Labour Agreement as Chapter 14, Article 14.11. Should it prove impossible to come to agreements within a reasonable period, then, following the advisory procedure with the Works Council, ING will inform the relevant works council concerning its intended decision with respect to the aforementioned regulations on employment conditions. At the same time, ING will relate the standpoints of the trade unions in the matter.

13.4 Trade Union Facilities

a. In order to promote effective communication and consultation by the trade unions which are party to the Collective Labour Agreement with the employees of ING who are members of those unions, agreements will be reached and procedural rules agreed to concerning the allocation of facilities by ING.

b. If, to carry out its activities within ING, a trade union has chosen a formal organisational form, then it will inform the management of HR Nederland about this in a timely fashion and also specify the composition of that body.

c. Facilities provided to the trade unions within ING are meant for the communication and consultation, on the one hand, between the body named under 13.4.b and the members of the trade unions within ING and, on the other, between that body and the directors of the trade unions.

d. Directors of the trade unions have access to ING within the context of previously agreed and regulated contacts with the management involved.

e. The contact between the involved management of ING and its representatives and the trade unions will take place via the paid directors of the trade unions.

f. The allocation of facilities within ING to the trade unions and the use thereof pertains to: 1. Making available publication facilities at the locations designated for such, including the

Intranet for: - making announcements of a business and informative nature with respect to one's

own company or own industry; - announcing the names of representatives or contact persons of the trade unions; - announcing the meetings of the trade unions; - publishing concise reports on these meetings; - nominating members for the Works Council. If it is appropriate, the internal e-mail system of ING is also available for the above activities. A copy of the messages and announcements to be published will be submitted to HR Nederland in advance. The availability of the Intranet will be subject to a probationary period of 1 year.

2. Making time and space available for meetings in the business unit for the local executive of the trade union in question; all specifics to be arranged with each business unit (the term local executive here refers to the board members of a workplace branch);

3. making available conference space in the business unit outside office hours for the meetings of the union body with the members of trade unions in the business unit. If the circumstances within the business unit allow it, conference space can also be made available during the lunch break;

4. the use of the internal postal service of the business units, in cases arising, in order to distribute addressed documents to the representatives or contact persons of the trade unions.

g. The performance of the activities for the trade unions within ING and the allocation and use of facilities for this purpose may not disrupt the smooth running of operations at the business unit.

h. The representative of the trade union is the person working within ING who exercises an administrative or representative function in the local executive of his union and who is registered in writing as such by the trade union in question with the management involved.

i. The management involved within ING shall ensure that the representative of a trade union

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does not, by virtue of his work for the union in the business unit, compromise his position as an employee. The mutual compliance with the rights and obligations ensuing from the employment contract shall not be affected by the exercise of his function as a representative of a trade union.

j. If the employee is a part of governing boards or is a delegate from a section of one of the trade unions that is a party to this Collective Labour Agreement, then he is entitled to special leave in order to attend meetings of his trade union, but only up to a maximum of ten days per calendar year (which can be taken a half day at a time). This leave is granted in so far as the work activities permit.

k. The employee is entitled to special leave in order to take courses organised by, or on behalf of, the trade unions if, in the judgement of ING, this also directly serves the interests of ING, but only up to a maximum of six days per calendar year (which can be taken a half day at a time). This leave is granted in so far as the work activities permit and provided the leave is requested far enough in advance.

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14. APPENDICES

14.1 Definitions

The following definitions pertain to this Collective Labour Agreement: Department An organisational entity that can be found in the organisation structure of a business unit and whose tasks and powers are established. Bonus for Extended Working Hours The bonus paid to the employee for the hours worked above 36 hours if the employee has personal working hours of more than 36 hours per week. Basic Working Hours The basic working hours are an average of 36 hours per week. These basis working hours are used as an accounting unit for the application of the remuneration system. Business Unit The organisation unit of ING Group in the Netherlands where the employee actually works. Job Assessment The job assessment is the final assessment of the employee's immediate superior concerning the performance of the employee as a result of the annual job assessment procedure. The job assessment is expressed by a score on a job assessment scale ranging from 1 to 5. The job assessment process and the conditions and requirements for it are established with the consent of the Central Works Council and are published in the Staff Handbook. Competencies Competencies are the personal characteristics, in terms of knowledge, skills and behaviour, that are needed within a particular job position in order to realise the results in the job and, as such, are determinant for the successful performance of the job. Job Grade The grade linked to the job position which is established via the comparative classification method. Average Working Hours The average number of hours worked per week for the period over which the work pattern extends. Basis for Variable Remuneration The basis for establishing the annual variable remuneration is 13.96 times the monthly salary. Individual Salary Increase The individual salary increase is an increase in the monthly salary granted by the immediate superior of the employee in accordance with the procedures contained in this Collective Labour Agreement. Annual Salary The annual salary of the employee amounts to 12 times the personal monthly salary plus the fixed salary components (holiday allowance and year-end bonus). Manager The immediate superior of the employee who can legally exercise a number of established powers

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in respect of the employee on behalf of ING within one of the business units. Monthly Salary The monthly salary that, in accordance with the salary scale, is made payable to the employee each month for a basic number of working hours amounting to 36 hours per week. Maximum Salary The maximum salary is the salary level that the employee can reach, based on a job assessment score of 3. Employee The person who is employed at one of the employers of ING Group in the Netherlands and whose work location is at one of the business units in the Netherlands. Comparative Classification Method (abbreviated as MVI in Dutch) The procedure followed to classify job positions using the following steps: classification proposal based on a comparison with reference job positions, review by the Company Sounding Board Group and classification by the chairman of the board of the relevant business unit. Minimum Salary The minimum salary is the level of salary that the employee is paid at a minimum. The minimum salary amounts to 70% of the established maximum salary of the associated salary scale. Non-active Status A period during which an employee performs no work but does receive salary, and for which the cause or the reason for this non-active status cannot for the most part be attributed to the employee. Performance Management The continual process of planning, coaching, assessment and remuneration aimed at promoting successful job performance on the part of employees. It is focused on the development of the employee (competency management) and on promoting specific results from the employee (result guidance). Personal Working Hours The working hours agreed to between the employee and the manager that are established in a work pattern. Personal Bonus The personal bonus is a bonus paid with the monthly salary to which an employee is entitled on the basis of a guarantee scheme applicable to the employee and which exceeds the maximum salary established for the employee each year in the salary scale applicable to him. Personal Monthly Salary The personal monthly salary is the monthly salary of the employee, supplemented by any personal bonuses that apply to the employee. Salary Potential The difference between the monthly salary and the maximum salary that applies to the employee in the salary scale. Salary Potential Increase The difference between the old and the new maximum salary in the case of classification in a salary scale with a higher maximum salary.

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Salary Scale The scale in which the employee is placed which is used as the basis to pay him. Temporary Employment Period The time frame within which an employee who is employed through a temporary employment agency performs work for ING during one or more periods. Hourly Wage Twelve times the personal monthly salary divided by 52, times the personal working hours, for which the personal working hours amount to a maximum of 36 hours per week. Variable Remuneration The annual variable remuneration that can be allocated to the employee by virtue of the Variable Remuneration Scheme on the basis of the results achieved in the established time frame. WEP Bonus (profit units personnel) The individual WEP bonus according to the applicable guarantee scheme for employees who were employed on 31 December 1992 by one of the employers of ING Verzekeringen. Employer The legal entity belonging to the ING Group with which the employee working in the Netherlands has an employment contract. Work Pattern The pattern of work time and time off through which the personal working hours are achieved.

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14.2 Salary Scales and Transitional Policy for Remuneration

14.2.1 Salary Scales The salary scales are based on average working hours of 36 hours per week. ING Salary Scales as of 1 August 2005 (in € at 36 hours per week) after Collective Labour Agreement increase of 1.25%

scale minimum maximum 100% maximum 105% maximum 110% 1 legal minimum wage 2 1,115.93 1,594.18 1,673.89 1,753.60 3 1,212.76 1,732.51 1,819.14 1,905.76 4 1,334.48 1,906.40 2,001.72 2,097.04 5 1,460.96 2,087.09 2,191.44 2,295.80 6 1,617.81 2,311.15 2,426.71 2,542.27 7 1,797.82 2,568.31 2,696.73 2,825.14 8 2,103.32 3,004.74 3,154.98 3,305.21 9 2,438.81 3,484.01 3,658.21 3,832.41

10 2,895.33 4,136.19 4,343.00 4,549.81 11 3,367.55 4,810.79 5,051.33 5,291.87 12 4,000.70 5,715.28 6,001.04 6,286.81 minimum maximum 100% maximum 110%

13 4,595.65 6,565.21 - 7,221.73 14 5,370.97 7,672.81 - 8,440.09 15 6,278.24 8,968.91 - 9,865.80

ING Salary Scales as of 1 January 2006 (in € at 36 hours per week) after Collective Labour Agreement increase of 1.5%

scale minimum maximum 100% maximum 105% maximum 110% 1 legal minimum wage 2 1,132.66 1,618.09 1,698.99 1,779.90 3 1,230.95 1,758.50 1,846.43 1,934.35 4 1,354.49 1,934.99 2,031.74 2,128.49 5 1,482.87 2,118.39 2,224.31 2,330.23 6 1,642.07 2,345.82 2,463.11 2,580.40 7 1,824.78 2,606.83 2,737.17 2,867.51 8 2,134.87 3,049.81 3,202.30 3,354.79 9 2,475.39 3,536.27 3,713.08 3,889.90 10 2,938.77 4,198.24 4,408.15 4,618.06 11 3,418.07 4,882.95 5,127.10 5,371.25 12 4,060.71 5,801.01 6,091.06 6,381.11 minimum maximum 100% maximum 110%

13 4,664.58 6,663.69 - 7,330.06 14 5,451.53 7,787.90 - 8,566.69 15 6,372.41 9,103.44 - 10,013.78

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14.2.2 Salary Scales for Technical Field Staff of Nationale-Nederlanden

SALARY SCALES FOR FIELD STAFF EMPLOYEES (without commission) as of 1-8-2005 Basic scale X-scale Name Code MIN. MAX. Name Code MAX.

00 400 2,138.25 2,780.70 01 401 2,332.60 3,080.25 01-X 501 3,420.21 02 402 2,470.93 3,420.21 02-X 502 3,797.22 03 403 2,695.95 3,797.22 03-X 503 4,212.68 04 404 2,880.06 4,261.87 04-X 504 4,729.46 05 405 3,293.59 4,851.23 05-X 505 5,384.57 06 406 3,673.99 5,612.51 06-X 506 6,230.13 07 407 4,279.41 6,525.78 07-X 507 7,245.17

MARGINS OF INCREASE IN THE JOB ASSESSMENT RESULTS SCALE 5 4 3 2 1

01 0 0 44.86 56.08 85.99 85.99 123.37 149.54 224.3102 0 0 51.78 64.73 99.25 99.25 142.40 172.60 258.9003 0 0 60.07 75.09 115.14 115.14 165.20 200.24 300.3604 0 0 69.09 86.36 132.42 132.42 190.00 230.30 345.4505 0 0 77.88 97.35 149.27 149.27 214.17 259.60 389.4006 0 0 89.47 111.84 171.49 171.49 246.05 298.24 447.3607 0 0 103.68 129.60 198.72 198.72 285.12 345.60 518.40

SALARY SCALES FOR FIELD STAFF EMPLOYEES (without commission) as of 1-1-2006 Basic scale X-scale Name Code MIN. MAX. Name Code MAX.

00 400 2,170.32 2,822.41 01 401 2,367.59 3,126.45 01-X 501 3,471.51 02 402 2,507.99 3,471.51 02-X 502 3,854.18 03 403 2,736.39 3,854.18 03-X 503 4,275.87 04 404 2,923.26 4,325.80 04-X 504 4,800.40 05 405 3,342.99 4,924.00 05-X 505 5,465.34 06 406 3,729.10 5,696.70 06-X 506 6,323.58 07 407 4,343.60 6,623.67 07-X 507 7,353.85


01 0 0 45.53 56.92 87.27 87.27 125.22 151.78 227.6702 0 0 52.55 65.69 100.73 100.73 144.52 175.18 262.7703 0 0 60.97 76.22 116.86 116.86 167.67 203.24 304.8604 0 0 70.13 87.66 134.41 134.41 192.85 233.76 350.6405 0 0 79.05 98.81 151.51 151.51 217.39 263.50 395.2506 0 0 90.81 113.51 174.05 174.05 249.73 302.70 454.0507 0 0 105.23 131.54 201.70 201.70 289.39 350.78 526.17

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14.2.3 Salary Scales for Field Staff with commission

SALARY SCALES FOR FIELD STAFF EMPLOYEES with commission (commercial field staff of Intermediair Division) as of 1-8-2005; (=100% base, actual salary scales to be derived from this in accordance with Article 12.3.1.b) Basic Scale X-scale Name Code MIN. MAX. Name Code MAX.

00 400 2,138.25 2,780.70 01 401 2,332.60 3,080.25 01-X 501 3,420.21 02 402 2,470.93 3,420.21 02-X 502 3,797.22 03 403 2,695.95 3,797.22 03-X 503 4,212.68 04 404 2,880.06 4,261.87 04-X 504 4,729.46 05 405 3,293.59 4,851.23 05-X 505 5,384.57 06 406 3,673.99 5,612.51 06-X 506 6,230.13 07 407 4,279.41 6,525.78 07-X 507 7,245.17


01 0 0 44.86 56.08 85.99 85.99 123.37 149.54 224.3102 0 0 51.78 64.73 99.25 99.25 142.40 172.60 258.9003 0 0 60.07 75.09 115.14 115.14 165.20 200.24 300.3604 0 0 69.09 86.36 132.42 132.42 190.00 230.30 345.4505 0 0 77.88 97.35 149.27 149.27 214.17 259.60 389.4006 0 0 89.47 111.84 171.49 171.49 246.05 298.24 447.3607 0 0 103.68 129.60 198.72 198.72 285.12 345.60 518.40

SALARY SCALES FOR FIELD STAFF EMPLOYEES with commission (commercial field staff of Intermediair Division) as of 1-1-2006; (=100% base, actual salary scales to be derived from this in accordance with Article 12.3.1.b) Basic scale X-scale Name Code MIN. MAX. Name Code MAX.

00 400 2,170.32 2,822.41 01 401 2,367.59 3,126.45 01-X 501 3,471.51 02 402 2,507.99 3,471.51 02-X 502 3,854.18 03 403 2,736.39 3,854.18 03-X 503 4,275.87 04 404 2,923.26 4,325.80 04-X 504 4,800.40 05 405 3,342.99 4,924.00 05-X 505 5,465.34 06 406 3,729.10 5,696.70 06-X 506 6,323.58 07 407 4,343.60 6,623.67 07-X 507 7,353.85


01 0 0 45.53 56.92 87.27 87.27 125.22 151.78 227.6702 0 0 52.55 65.69 100.73 100.73 144.52 175.18 262.7703 0 0 60.97 76.22 116.86 116.86 167.67 203.24 304.8604 0 0 70.13 87.66 134.41 134.41 192.85 233.76 350.6405 0 0 79.05 98.81 151.51 151.51 217.39 263.50 395.2506 0 0 90.81 113.51 174.05 174.05 249.73 302.70 454.0507 0 0 105.23 131.54 201.70 201.70 289.39 350.78 526.17

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14.2.4 Salary scales for field staff with commission at Retail*; (=100% base, actual salary scales to be derived from this in accordance with Article 12.3.1.b as of 1-8-2005 + 1.25% as of 1-1-2006 + 1.50%

Field staff scales min max min max 36 Advisors 1,208.57 2,035.63 1,226.70 2,066.17 74 Sales Managers 3,971.18 5,903.84 4,030.74 5,992.39

14.2.5 Transitional Policy for Remuneration The following provisions and the references made in them to articles have been taken from and relate to the ING Collective Labour Agreement in effect from 1 June 2000 to 1 April 2002 and are a part of this ING Collective Labour Agreement. 14.2.5.1 Guarantees (old Article 2.8.3) The guarantees pertain only to employees who on 1 May 2001 have an employment contract for an indefinite period with ING. a. With the introduction of the ING salary scales, each employee will retain a minimum of the

personal salary that applies on 30 April 2001. b. In addition, each employee will retain the salary potential, at a minimum, i.e. the maximum of

the scale in which he is classified on 30 April 2001 (including the merit bonus). The salary adjustments made by virtue of the Collective Labour Agreement apply to the scale maximum.

c. The salary potential guarantee will be maintained during a reorganisation when moving an employee into another job position of the same or a lower level. When the employee is placed in a lower salary scale at a later time, based on Articles 8.6.2 or 8.7, the salary potential guarantee is adjusted to the lower salary scale.

d. For the employee who is temporarily classified in a lower salary scale than the one linked to the job grade in connection with training for the job position, then the guarantee of the salary potential linked to the job grade applies. It applies from the moment that the employee is placed in the job grade.

e. If an employee receives a WEP bonus (profit units personnel), then it is guaranteed in the new situation. The WEP bonus will be paid as a bonus each month. Only if the new salary potential, on the basis of the introduction of the new salary system, becomes greater than the current salary potential, will a part of this bonus - amounting to the increase in salary potential - be included in the salary as of 1 May 2001.

f. Based on the same job assessment score and the monthly salary achieved in the meantime, each employee will receive the highest increase in the individual salary from the scheme valid before 1 May 2001 or from the new scheme. The increase in accordance with the scheme in effect before 1 May 2001 is based on the salary scale in which the employee is placed on 30 April 2001. The details of the scheme are included in the Staff Handbook.

14.2.5.2 Conversion rules for new salary (old Article 2.8.4) WEP bonus (profit units personnel) If possible, the WEP bonus will be converted into the monthly salary on the introduction of the new remuneration system. This is in accordance with the current agreements in the ‘Protocol of the transitional policy for the transition from the Collective Labour Agreement for the Insurance Industry (office staff and field staff) to the Collective Labour Agreement for the Banking Industry and vice versa’. The specifics work as follows: If the employee receives a WEP bonus on 1 May 2001, this bonus will be guaranteed after 1 May 2001. The guarantee is designed as follows: − the annual payment of the WEP bonus is converted into a monthly payment (annual WEP

* The commercial field staff scales for Retail will be used at RVS and Postbank Advies

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bonus divided by 13.96); − if the salary potential of the employee does not increase, then this amount will be guaranteed

as a WEP bonus; − if the salary potential of the employee increases, then a part of the bonus equal to the amount

by which the salary potential has increased as a result of the conversion will be included in the monthly salary. The remaining part will be guaranteed as a WEP bonus.

The remaining WEP bonus or any remaining WEP bonus, will be indexed with the salary adjustments made in accordance with the Collective Labour Agreement and will be counted as a fixed income component in the context of the pension scheme. Personal Bonus If the personal monthly salary, after being converted in the new scale, exceeds the maximum salary that applies to the employee, then the excess will be paid out in the form of a personal bonus. The salary adjustments made by virtue of the Collective Labour Agreement also apply to the personal bonus. If a higher maximum salary applies to the employee, then the increase in the potential salary will be deducted from the personal bonus and included in the monthly salary.

14.3 Basic Pension Scheme

The Basic Pension Scheme applies to employees who are employed by ING on or after 1 January 2002. To the employees of NMB-Heller, the date of 1 January 2004 applies. Participants (Members of the Pension Scheme) Employees to whom the Collective Labour Agreement applies. Start of Participation Participation in the pension scheme commences on 1 January 2002 or on the later date of entering employment. Pensionable Salary For employees of the office staff, the pensionable salary A in the final-pay scheme is 12 times the personal monthly salary based on average working hours of 36 hours per week (the basic working hours) and the holiday allowance and year-end bonus (if applicable) up to the maximum amount. The maximum amount is adjusted in line with the salary adjustments made by virtue of the Collective Labour Agreement. For employees of the field staff, the pensionable salary A is calculated in the same manner, but based on average working hours of 40 hours per week. The pensionable salary B in the average-pay scheme with post-indexation amounts to the total pensionable variable income components received in the calendar year: commission (field staff), shift bonus, standby bonus (office staff) and bonus for extended working hours. Contribution-free portion of income As of 1 January 2002, the contribution-free portion of income is established as 10/7 times the post-Oorts AOW (state old-age pension) for single people, including holiday allowance, and is adjusted in line with the structural salary adjustments made by virtue of the Collective Labour Agreement. Pensionable Earnings The pensionable earnings in the final-pay scheme are equal to the pensionable salary A minus the contribution-free portion of income. The pensionable earnings in the average-pay scheme with post-indexation are equal to the pensionable salary B.

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Old-age Pension For each year of participation, the old-age pension in the final-pay scheme amounts to 1.75% of the last-established pensionable earnings. For employees working part-time, the old-age pension is established pro rata. In the average-pay scheme with post-indexation, 2% of the pensionable earnings of the year in question is accrued each year. During membership in the scheme, this amount is adjusted in line with the structural adjustments made by virtue of the Collective Labour Agreement. The old-age pension in the average-pay scheme with post-indexation amounts to the sum of the indexed pension entitlements accrued each year. The old-age pension commences on the first day of the month in which the participant reaches standard retirement age and is paid up to and including the month of his death. Bridging Pensions The employees with a standard retirement age of 62 build up the following Bridging Pensions: 1. For each year of membership in the pension scheme, Bridging Pension I amounts to 2.5% of the

last-established contribution-free portion of income, with a maximum of 100 %. The Bridging Pension I commences on the first day of the month in which the participant reaches standard retirement age and is paid up to the first day of the month in which he turns 65 or up to and including the month of his death before the age of 65.

2. Participants also receive premium compensation for the AOW in the form of Bridging Pension II up to the first day of the month in which they turn 65. Bridging Pension II is built up in the ten years prior to the standard retirement age. Bridging Pension II commences on the first day of the month in which the participant reaches the standard retirement age and is paid up to the first day of the month in which he turns 65 or up to and including the month of his death before the age of 65.

As of 1 January 2006, the Bridging Pensions can only be accrued by employees who are employed on 31 December 2005 and who were born before 1 January 1950. Partner Pension A partner pension is insured for the sake of the spouse or partner (or ex-spouse or ex-partner) of the participant, former participant or pensioner. Up to 1 January 2006, the partner pension amounts to 50% of the old-age pension to be achieved based on the accrual of pension or – if chosen – 70% on a risk basis. As of 1 January 2006, the partner pension for all participants amounts to 70% of the old-age pension to be achieved based on the accrual of pension. A partner pension is also built up for single members of the pension scheme. The partner pension commences on the first day of the month following the death of the member, former member or pensioner and is paid up to and including the month of the partner's death. Orphan's Pension An orphan's pension is insured for the sake of the children of a participant, former participant or pensioner. For each child, the orphan's pension amounts to 14% of the old-age pension achieved for former participants and pensioners and 14% of the old-age pension to be achieved for participants in the pension scheme. The total orphan's pension for each participant, former participant or pensioner cannot amount to more than 70% of the old-age pension. The orphan's pension is doubled for full orphan's. For full orphans, the total orphan's pension for each participant, former participant or pensioner cannot amount to more than 140% of the old-age pension. The orphan's pension commences on the first day of the month following the death of the

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participant, former participant or pensioner. The orphan's pension is paid if and as long as the child has not reached the age of 18 or if and as long as a child is enrolled in daytime studies or maintains a parental household and has not reached the age of 27. Occupational Disability Pension for employees who had their first day of illness before 1 January 2004 and who have become occupationally disabled or partially occupationally disabled (WAO-regime). With a degree of occupational disability of 80% or more, in the sense of the Occupational Disability Insurance Act (WAO), the employee has a right to an occupational disability pension to the amount of 5% of the income that is equal to or lower than the maximum WAO-benefit payment and 75% of the income falling between the maximum WAO-benefit payment and the maximum amount. As of 1 August 2005, the maximum amount is € 75,507.66. The pension commences on the 1st day of the month following the termination of the employment due to occupational disability and is paid up to the standard retirement date or until the end of the month in which rehabilitation occurs, or up to and including the last day of the month of the employee's death before the standard retirement date. With a degree of occupational disability that is less than 80%, the occupational disability pension is established on the basis of the following table. Degree of occupational disability

Percentage of the occupational disability pension with full occupational disability

Less than 15% 15% to 25% 25% to 35% 35% to 45% 45% to 55% 55% to 65% 65% to 80%

0 % 20 % 30 % 40 % 50 % 60 %

75 % Continuation of the pension build-up under occupational disability for employees whose first day of illness was before 1 January 2004 and who have become occupationally disabled or partially occupationally disabled (WAO-regime) After the start of full or partial occupational disability, the build-up of pension is continued in the same manner and under the same conditions as prior to the commencement of occupational disability. The build-up of pension is also continued after full or partial termination of the employment due to occupational disability. In this case, the pension entitlements to be achieved are established on the date of termination and are based on the fixed income just prior to the termination of employment and the variable income over the 12 months prior to the 1st day of illness. If, and in so far as, the occupational disability continues, these pension entitlements are adjusted in line with the structural salary adjustments made by virtue of the Collective Labour Agreement. With a degree of occupational disability that is less than 80%, the build-up of pension occurs on the basis of the table below. Degree of occupational disability

Percentage of continued pension build-up

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Less than 15 % 15% to 25 % 25% to 35 % 35% to 45 % 45% to 55 % 55% to 65 % 65% to 80 %

0 % 20 % 30 % 40 % 50 % 60 % 75 %

Occupational Disability Pension for employees whose first day of illness was on or after 1 January 2004 and who have become occupationally disabled or partially occupationally disabled (WIA-regime) With a degree of occupational disability that is 80% or more, in the sense of the WIA, the employee has a right to an occupational disability pension to the amount of 5% of the income that is equal to or lower than the maximum WIA benefit payment and 75% of the income falling between the maximum WIA benefit payment and the maximum amount. As of 1 August 2005, the maximum amount is € 75,507.66. The pension commences on the 1st day of the month following the termination of the employment due to occupational disability and is paid up to the standard retirement date or until the end of the month in which rehabilitation occurs, or up to and including the last day of the month of the employee's death before the standard retirement date. Continuation of the build-up of pension during occupational disability for employees whose first day of illness was on or after 1 January 2004 and who have become occupationally disabled or partially occupationally disabled (WIA-regime) After the commencement of full or partial occupational disability, in the second year of illness pension is built up on the gross income received in the second year of illness. After the commencement of full or partial occupational disability, in the third year of illness pension is built up on the salary received for the hours worked, on any WGA benefit and on any supplement to the WGA benefit. The build-up of pension is also continued after the termination of employment due to occupational disability. In this case, the pension entitlements to be achieved are established on the date that employment ends, on the basis of the fixed income received just prior to the end of the employment and the variable income over the 12 months prior to the 1st day of illness. If, and in so far as, the occupational disability continues, these pension entitlements are adjusted in line with the structural salary adjustments made by virtue of the Collective Labour Agreement. Older Employee If an employee reduces his average working hours to 32 hours per week as referred to in Chapter 8, Article 8.3.1, due to reaching the age of 58 or having reached 40 years of service, the build-up of pension will be continued on the basis of the original working hours (with a maximum of 36 hours). If an employee voluntarily accepts a lower job position at any time up to a maximum of 10 years prior to his retirement or reduces his working hours per week, as referred to in Chapter 8, Article 8.3.2, the build-up of pension will continue on the basis of his income or his working hours that were applicable prior to entering the lower job position. If an employee, due to insufficient employability, (within 3 years) accepts a lower job position as referred to in Chapter 8, Article 8.4 a), then the build-up of pension will continue on the basis of his new income. If an employee is voluntarily placed in a job position with a lower classification as referred to in Chapter 8, Article 8.5, the build-up of pension will continue on the basis of his new income. Flexible Elements Participants can retire on a date other than the date on which they reach standard retirement age. But participants cannot retire before they reach sixty or later than the age of 65. It is possible to retire part-time with 50% part-time pension from the age of 60 with the consent of the employer. The

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part-time pension ends when the employee reaches the standard retirement age. A request to depart from the standard retirement age of 62 or 65, respectively, should be brought to the attention of ING at least six months prior to the standard retirement date or the desired retirement date. In all of these cases, the pension entitlements are recalculated on a sex-neutral basis. From the moment earlier retirement commences, the build-up of pension ends. Participants or former participants are given the possibility of converting, or partially converting the partner pension built up in the period from 1 January 2002 to the retirement date into old-age pension on the retirement date with the consent of the spouse or partner (if present). It is also possible to convert a part of the old-age pension on the retirement date into a partner pension amounting to, at most, 70% of the old-age pension. No medical certificates are required for a conversion or partial conversion. The decision to make such conversions should be announced to the ING Pension Fund at least 6 months before the retirement date. On the date of retirement, participants can agree to a high – low or a low – high pension on a sex-neutral basis within the limits established by the Board of the ING Pension Fund. The build-up of pension and Life-course Savings Leave If an employee takes a life-course savings leave during his working career or at the end of his working career prior to the retirement date, the build-up of pension will continue for a maximum of 13 weeks based on the situation immediately prior to the time the life-course savings leave is taken. If the life-course savings leave lasts longer than 13 weeks, the build-up of pension stops after 13 weeks. If, during the leave, less than 100% of the last-paid salary to which the employee is entitled is withdrawn from the balance of the individual life-course savings account, immediately prior to the commencement date, then the build-up of pension will continue in so far as this is permitted from a tax viewpoint. If ,and in so far as, pension is built up while an employee is taking life-course savings leave, the employee pays a contribution to the pension premium that is derived from the pensionable earnings prior to the start of the leave period.

14.4 Available Premium Scheme

Participants Employees to whom the Collective Labour Agreement Applies. Start of Participation Participation in the Available Premium Scheme starts: - on entering employment, if the fixed annual salary (at the basic working hours) amounts to

more than the maximum amount (€ 75,507.66 as of 1 August 2005); - during employment, if the fixed annual salary (at the basic working hours) exceeds the

the maximum amount (€ 75,507.66 as of 1 August 2005). Pensionable Salary For employees on the office staff, the pensionable salary in the Available Premium Scheme is 12 times the personal monthly salary based on average working hours of 36 hours per week (the basic working hours) and the holiday allowance and year-end bonus (if applicable). For employees on the field staff, the pensionable salary in the Available Premium Scheme is calculated in the same manner, but based on the average working hours of 40 hours per week. Pensionable Earnings The pensionable earnings in the Available Premium Scheme are equal to the pensionable salary

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minus the maximum amount. As of 1 August 2005 the maximum amount is € 75,507.66. The maximum amount is adjusted in line with the structural salary adjustments made by virtue of the Collective Labour Agreement. Cash Payment Employees who do not wish to use the pension build-up in the Available Premium Scheme can choose to be paid an amount equal to the annual available premium that ensues from the table, less the costs of the insurance of premium exemption during occupational disability. If the available premium is lower than an annual fixed amount, a required cash payment is made. This minimum premium amount is indexed using the salary adjustments made by virtue of the Collective Labour Agreement. As of 1 January 2006, this amount is € 544.73 (per year). The cash payment is made via the salary accounts and is subject to wage tax and possible contributions to employees' insurance schemes. Old-age Pension The build-up of pension occurs on the basis of an available premium. The available premium is expressed as a percentage of the pensionable earnings of this scheme. The pensionable earnings are established when the employee joins the pension scheme and then each year thereafter on 1 January. The relevant percentages are shown in the following table.

Percentage of the pensionable earnings Employees who have entered employment since 1 January 2002

Employees who were employed at ING on 31 December 2001 and whose pensionable salary at that moment was lower than € 70,347

Employees who were employed at ING on 31 December 2001 and whose pensionable salary at that moment was higher than or equal to € 70,347

Age

to January 2005 inclusive

from 1 February 2005





15 to19 years 20 to 24 years 25 to 29 years 30 to 34 years 35 to 39 years 40 to 44 years 45 to 49 years 50 to 54 years 55 to 59 years 60 & 61 years

7% 7% 9%

10% 13% 15% 18% 22% 27% 31%

6% 6.8% 8.3%

10.2% 12.5% 15.2% 18.5% 22.7% 28%

32.5%

8% 8% 9%

11% 14% 17% 20% 24% 29% 33%

6.5% 7.4% 9%

11% 13.5% 16.4% 20%

24.6% 30.3% 35.1%

8% 8%

10% 12% 15% 18% 22% 26% 32% 36%

6.9% 7.9% 9.6%

11.8% 14.4% 17.6% 21.4% 26.3% 32.4% 37.5%

As of 1 January 2006, for participants who entered employment on or after 1 January 2002 and who were born before 1 January 1950, the percentages are applicable which apply to employees who were employed at ING on 31 December 2001 and whose pensionable salary at that moment was lower than € 70,347.

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As of 1 January 2006, the following percentages apply to all participants who were born on or after 1 January 1950 and to participants who entered employment on or after 1 January 2006. Age Percentage of the pensionable earnings

as of 1 January 2006

15 to 19 years 20 to 24 years 25 to 29 years 30 to 34 years 35 to 39 years 40 to 44 years 45 to 49 years 50 to 54 years 55 to 59 years 60 to 65 years

5.9 % 6.7 % 8.2 %

10.0 % 12.2 % 14.8 % 18.1 % 22.2 % 27.4 % 34.1 %

Partner Pension The partner pension depends on the form of insurance chosen:

1. For pension insurance based on a Euro-insurance policy, the partner pension for employees who entered employment between 1 January 2002 and 1 January 2006 amounts to 50% of the old-age pension up to 1 January 2006 based on accrual. As of 1 January 2006, the partner pension amounts to 70% of the old-age pension based on accrual for all participants.

2. Under a unit-linked insurance policy, as of 1 January 2005, a partner pension is insured as

a capital sum payable at the end of the policy period, with restitution of the sum of the premiums paid, in the event of death before the standard retirement date, with a minimum of 110% of the net asset value of the investments. The capital sum payable at the end of the policy period should be used at the start of the pension to purchase a lifelong old-age and partner pension. The sum at risk should, on the death of the insured person prior to the standard retirement date, be used to purchase a lifelong partner pension.

Orphan's Pension The orphan's pension depends on the form of insurance chosen. With an orphan's pension insurance based on a Euro-insurance policy, the orphan's pension amounts to 14% of the old-age pension per child. The total orphan's pension cannot amount to more than 70% of the old-age pension to be achieved. Under a unit-linked insurance policy, no orphan's pension is insured. Occupational Disability Pension for employees whose first day of illness was prior to 1 January 2004 and who have become occupationally disabled or partially occupationally disabled (WAO-regime) With a degree of occupational disability of 80% or more, in the sense of the WAO, the employee has a right to an occupational disability pension to the amount of 70% of the fixed annual salary

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above the maximum amount (€ 75,507.66). The pension commences on the 1st day of the month following the termination of employment due to occupational disability and is paid up to the standard retirement date, or up to the end of the month in which rehabilitation occurs, or up to and including the last day of the month of the employee's death prior to the standard retirement date. If the degree of occupational disability is less than 80%, the occupational disability pension is established on the basis of the following table.

Degree of occupational disability

Percentage of the occupational disability pension in the case of full occupational disability

Less than 15% 15% to 25% 25% to 35% 35% to 45% 45% to 55% 55% to 65% 65% to 80%

0 % 20 % 30 % 40 % 50 % 60 % 75 %

The premium for the occupational disability pension is not debited to the available premium on the basis of the graduated scale. Continuation of the pension build-up during occupational disability for employees whose first day of illness was prior to 1 January 2004 and who have become occupationally disabled or partially occupationally disabled (WAO-regime) After the start of full or partial occupational disability, the build-up of pension continues in the same manner and under the same conditions as was the case before the start of the occupational disability. The build-up of pension is also continued after full or partial termination of the employment due to occupational disability. In this case, the available premium is based on the last-established pensionable earnings that were applied before the termination of the employment. With a degree of occupational disability that is less than 80%, the following percentages apply. Degree of occupational disability Percentage of continued build-

up of pension Less than 15 % 15% to 25 % 25% to 35 % 35% to 45 % 45% to 55 % 55% to 65 % 65% to 80 %

0 % 20 % 30 % 40 % 50 % 60 % 75 %

Occupational Disability Pension for employees who had their first day of illness on or after 1 January 2004 and who have become occupationally disabled or partially occupationally disabled (WIA-regime) With a degree of occupational disability of 80% or more, in the sense of the WIA, the employee is entitled to an occupational disability pension amounting to 70% of the fixed annual salary above the maximum amount. As of 1 August 2005, the maximum amount is € 75,507.66. The pension commences on the 1st day of the month following the termination of the employment due to occupational disability and is paid up to the standard retirement date, or up to the end of the month in which rehabilitation occurs, or up to and including the last day of the month of the

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employee's death before the standard retirement date. Continuation of the pension build-up during occupational disability for employees whose first day of illness was on or after 1 January 2004 and who have become occupationally disabled or partially occupationally disabled (WIA-regime = Regulation promoting the Resumption of Work by Persons with Partial Occupational Disability) After the start of full or partial occupational disability, an available premium is paid in the second year of illness on the basis of the gross income received in the second year of illness. After the start of full or partial occupational disability, an available premium is paid in the third year of illness on the basis of the gross income built up from the hours worked, from any WGA benefit and from any supplement to the WGA benefit. After the termination of employment due to occupational disability, the build-up of pension is also continued, on the basis of the fixed income above the maximum amount just prior to the end of the employment. Flexible Elements Participants can retire on a date other than the date on which they reach standard retirement age. But participants cannot retire before they reach 60 or later than the age of 65. It is possible to retire part-time with 50% part-time pension from the age of 60 with the consent of the employer. The part-time pension ends when the employee reaches the standard retirement age. A request to depart from the standard retirement age of 62 or 65, respectively, should be brought to the attention of ING at least six months prior to the standard retirement date or the desired retirement date. In all of these cases, the pension entitlements are recalculated on a sex-neutral basis. From the moment earlier retirement commences, the build-up of pension ends. Participants and former participants are given the possibility of converting, or partially converting, the partner pension built up in the Euro-insurance policy in the period from 1 January 2002 to the retirement date into old-age pension on the retirement date with the consent of the spouse or partner (if present). No medical certificates are required for a full or partial conversion. On the date of retirement, participants or former participants can agree to a high – low or a low – high pension on a sex-neutral basis within the limits established by the insurer. The build-up of pension and Life-course Savings Leave If an employee takes a life-course savings leave during his working career or at the end of his working career prior to the retirement date, the build-up of pension will continue for a maximum of 13 weeks based on the situation immediately prior to the time the life-course savings leave is taken. If the life-course savings leave lasts longer than 13 weeks, the build-up of pension stops after 13 weeks. If, during the leave, less than 100% of the last-paid salary to which the employee is entitled is withdrawn from the balance of the individual life-course savings account immediately prior to the commencement date, then the build-up of pension will continue in so far as this is permitted from a tax viewpoint. If, and in so far as, pension is built up while an employee is taking life-course savings leave, the employee pays a contribution to the pension premium that is derived from the pensionable earnings prior to the start of the leave period.

14.5 Voluntary Supplementary Insurance (in Dutch abbreviated VAV)

To supplement the possibilities offered by the Life-course Savings Scheme, employees have the possibility to improve their personal pension situation at their own cost. A condition to be met for

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this is that the individual voluntary payment must comply with tax laws. The Voluntary Supplementary Insurance applies only in the following situations: 1. There is a deficiency in service years after the value of the capital sum of the pension has been

transferred. This situation can come about if a transfer of the value of the capital sum to the ING Pension Scheme has led to a lower number of notional service years at ING than the actual years of service put in with the former employer(s).

2. A pension shortfall has come about as a result of demotion. The pension shortfall referred to is created if, after changing job positions, the employee is classified in a lower salary scale and, as a result, the basis for the build-up of pension is based on the new, lower annual income.

The single premium owed for the supplementary pension module is withheld, after a positive assessment is given in regard to the tax review, from the gross salary of the employee and paid to Nationale-Nederlanden. For tax reasons, the employee without a spouse or partner, or children under 30, can only choose a capital sum that is paid out on his retirement if he is still alive at the time. In other cases, if the employee dies before the retirement date, the available capital must be used to purchase a partner pension.

14.6 ANW-gap Insurance (ANW = Dependants Benefits Act)

ING gives employees the opportunity to insure themselves to cover the ANW-gaps by participating in a group insurance policy. The insurance is meant for employees who have a partner who was born on or after 1 January 1950.

The policy insures a partner pension until the partner reaches the age of 65, which is equal to the amount of the ANW benefit in effect as of 1 January for a surviving relative without children. In 2005 this amount is € 12,536 per year. The payout of this insurance does not depend on any personal income from employment or on any occupational disability of the partner. The pension is paid out on the death of the employee, irrespective of whether or not the partner is entitled to an ANW benefit for the care of children under the age of 18 at the time.

The premium is borne jointly by ING and the employee (80% employee and 20% employer).

Payouts that have commenced are increased annually, in so far as the surplus interest permits it, up to a maximum of 3% per year. The insurance ends when the employee reaches standard retirement age. Employees who receive an occupational disability pension can continue the ANW-gap insurance current during the employment under the conditions of the group scheme. Employees who leave employment and no longer are entitled to payments from ING based on an early retirement scheme can choose to continue the insurance voluntarily with Nationale-Nederlanden at the rates charged there. No medical certificates will be required as long as the person in question chooses to continue the policy within three months of ending employment.

14.7 WAO-gap Insurance

In order to make up the decrease in income during long-term occupational disability, a group insurance policy has been taken out with Nationale-Nederlanden that provides a supplement to the WAO benefit up to 70% of the last annual income received, in so far as this annual income does not exceed the maximum WAO benefit.

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The premium is borne jointly by ING and the employee (60% employee and 40% employer). All employees are required to participate in the WAO-gap insurance. Employees who are 58 or over are exempt from paying premiums.

The WAO-gap insurance ends on 1 January 2006. The change has no effect on current benefits.

14.8 Transitional Provisions for Pensions

14.8.1 Transitional Provisions for Pensions in 2002 The transitional provisions apply to the employees who: - were employed by ING on 1 June 2000 or who entered employment with ING between 1 June

2000 and 1 January 2002 and were employed on 31 December 2001, and - were a participant in an ING Pension Scheme on 31 December 2001, and - were employed at ING on 1 January 2002, and - participated in the pension scheme on 1 January 2002 in accordance with the Collective Labour

Agreement. The transitional provisions are recorded in the Regulations for Transitional Provisions for Pensions in 2002 (Reglement Overgangsregelingen Pensioenen 2002), as established by the Board of the ING Pension Fund and which took effect as of 1 January 2002. Employees of NMB-Heller who were employed and were insured via an ING pension scheme on 31 December 2003 and as of 1 January 2004, respectively, will participate in these transitional provisions as of 1 January 2004.

14.8.2 Transitional Provisions for Pensions 2006 The transitional provisions apply to the employees who: - are employed on 31 December 2005, and - are employed on 1 January 2006, and - were born on or after 1 January 1950, and - on 31 December 2005 and on 1 January 2006 participate in the pension scheme in accordance

with the Collective Labour Agreement. As of 31 December 2005, the following applies: - For employees who entered employment on or after 1 January 2002 and were still employed on

1 January 2006, the partner pension amounting to 50% of the old-age pension on the basis of accrual will be increased to 70% of the old-age pension on the basis of accrual, at the cost of ING and as of 1 January 2006.

- As a result of the change of the standard retirement age to 65, extra entitlements to lifelong old-age pension will be allocated at the standard retirement age of 65 on the basis of the entitlements to old-age pension built up by 31 December 2005.

- As a result of the change of the standard retirement age to 65, extra entitlements to lifelong old-age pension will be allocated at the standard retirement age of 65 on the basis of the entitlements to bridging pension(s) I and II built up by 31 December 2005.

- The accrued entitlements to pre-pension of field staff employees who were born in 1950, 1951 or on 1 January 1952 will be converted into extra entitlements to lifelong old-age pension at the standard retirement age of 65.

During the service period of the employee, the extra pension entitlements will be adjusted in line with the structural salary adjustments made by virtue of the Collective Labour Agreement. When an employee leaves employment before the commencement of the pension, ING will strive to adjust the extra pension entitlements to the Retail Price Index (RPI), with a maximum of 3 % per year. The transitional provisions are contained in the Regulations for Transitional Provisions for Pensions 2006. The transitional provisions take effect on 1 January 2006.

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14.8.3 Pre-pension Scheme This scheme takes effect on 1 January 2004 and only applies to employees who: − were employed on 1 June 2000 and were still employed on 1 January 2004, and − prior to their pre-pension retirement were employed continually for at least 10 years within the

banking or insurance industries, and − were born before or on 1 January 1949 (office staff), or before or on 1 January 1952 (field

staff), and − when the Collective Labour Agreement took effect from 1 June 2000 to 1 April 2002, came

under the Collective Labour Agreement for Office Staff or Field Staff for the insurance industry from April 1998 to April 2000 or the Collective Labour Agreement for the banking industry from 1 January 1999 to 1 June 2000, and

− on 1 January 2004, were entitled to retire earlier than at the age of 62. The field staff employees who, based on a pension commitment in the pension scheme up to 1 January 2002, were able to retire at the age of 60 are excluded from participation in the pre-pension scheme. As of 1 January 2006, field staff employees who were born in the years 1950 and 1951 or on 1 January 1952 are also excluded from participation. The accrued entitlements to pre-pension will be converted into extra entitlements to lifelong old-age pension at the standard retirement age of 65 (as described in Chapter 14, Article 14.8.2). If the employee elects to retire with pre-pension, he should announce this to ING at least 6 months prior to the commencement date of the pre-pension.

1.a. Build-up of the Pre-pension The pre-pension is built up in the ten years prior to the pre-pension age that applies to the employee. Depending on the Collective Labour Agreement applicable to the employee prior to 1 June 2000, and depending on his year of birth, an accrual percentage of 8% or 7.5% per year applies. Just as in the Basic Pension Scheme, there is a final-pay scheme for the fixed income and an average-pay scheme with post-indexation for the variable income. There are also, therefore, two bases of pensionable earnings that apply for pre-pension.

1.b Pensionable Earnings for Pre-pension For employees of the office staff, the pensionable earnings A for pre-pension in the final-pay scheme amount to 12 times the personal monthly salary based on average working hours of 36 hours per week and the holiday allowance and year-end bonus. For employees of the field staff, the pensionable earnings A for pre-pension are calculated in the same manner, but are based on average working hours of 40 hours per week. For employees who were a participant in the Nationale-Nederlanden pension scheme when the Collective Labour Agreement took effect from 1 June 2000 to 1 April 2002, and who were aged 50 or over on 1 January 1999, the pensionable earnings A for pre-pension will be expanded with a fixed amount of € 1,923. The pensionable earnings B for pre-pension in the average-pay scheme with post-indexation amounts to the total of pensionable variable income components received in the calendar year: commission (field staff), shift bonus, standby bonus (office staff) and bonus for extended working hours.

1.c Establishing the accrued rights as of 1 January 2004 To establish the accrued rights on the commencement of the pre-pension scheme, a transitional provision applies. If an employee cannot build up a pre-pension in 10 years, then a transitional provision applies.

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2. Pre-pension Age 2.a The office staff employees who were born on or before 1 January 1949 can take early retirement with pre-pension in accordance with the following table.

Born on or before Pre-pension retirement at age

1 January 1945 1 January 1947 1 January 1949

61 years and 3 months 61 years and 6 months 61 years and 9 months

2.b The employees who were born on or before 1 January 1947 and who, when the Collective Labour Agreement took effect from 1 June 2000 to 1 April 2002, were subject to the Collective Labour Agreement for the banking industry in effect from 1 January 1999 to 1 June 2000, can retire with pre-pension in accordance with the following table.


1 January 1945 1 January 1947

60 years and 9 months 61 years and 3 months

2.c The employees who were born on or before 1 January 1952 and who, when the Collective Labour Agreement took effect from 1 June 2000 to 1 April 2002, were subject to the Collective Labour Agreement for the Field Staff for the insurance industry in effect from April 1998 to April 2000, can retire with pre-pension in accordance with the following table.


1 January 1945 1 January 1947 1 January 1949 1 January 1952

60 years and 3 months 60 years and 6 months 60 years and 9 months

61 years

2.d Continuation of Pension Build-up If the employee chooses to take pre-pension retirement based on the provisions in 2.a, 2.b or 2.c, the build-up of pension in the Basic Pension Scheme or the Available Premium Scheme is continued until the moment that the employee reaches the standard retirement age of 62.

2.e Earlier/later retirement with pre-pension The employee can choose to retire on pre-pension at an earlier moment than the time of retirement with pre-pension established in accordance with 2.a, 2.b or 2.c, but never before reaching the age of 60. The employee can choose to retire on pre-pension at a later time than the time of retirement with pre-pension established in accordance with 2.a, 2.b, or 2.c, but never after reaching the age of 62. The amount of the pre-pension is recalculated in these cases on the basis of the applicable actuarial assumptions and within the fiscal limits. 2.f Part-time Pre-pension It is possible to retire part-time (50%) with pre-pension starting at the age of 60. The part-time pre-pension ends when the employee reaches the standard retirement age. The request for part-time pre-pension should be submitted to ING at least six months before the

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commencement date, or desired commencement date, of the part-time pre-pension. The build-up of pre-pension ends on the standard retirement date for pre-pension. From the moment the early part-time pre-pension commences, the build-up on that part of the pre-pension ends. The part of the pre-pension that did not commence before the commencement date of the pension will be converted into old-age pension. In all of these cases, the pension entitlements will be recalculated on a sex-neutral basis.

14.8.4 Transitional Provisions for Available Premium Scheme For participants in the Available Premium Scheme, the following changes will be made: − For participants who were born on or after 1 January 1950, the standard retirement age will be

changed from 62 to 65. The three graduated tables of premiums for this group of participants will be replaced by 1 graduated table of premiums.

− For participants for whom the partner pension amounted to 50% of the old-age pension, this partner pension will be increased to 70%. ING will increase the accrual over the past years of service to 70% for participants who entered employment between 1 January 2002 and 31 December 2005 and are still employed on 31 December 2005 and on 1 January 2006.

14.9 Transitional provisions for early retirement

These provisions only apply to the employees who: - were employed on 1 June 2000, and - continue to be employed, without interruption, up to the standard retirement date with pension

or pre-pension, and - were employed, prior to their retirement with pension or pre-pension, for at least 10 years

without interruption within the banking industry or the insurance industry, and - were born before 1 January 1950. The transitional provisions are: - 14.9.1 Supplementary Scheme for the pensions paid from 62 to 65. - 14.9.2 Transitional Provision for VUT shift work. The parties to the Collective Labour Agreement have promised to reconfirm the supplementary schemes each time on concluding the following Collective Labour Agreements for the term to be agreed to, as long as this is fiscally facilitated, so that in that case it is established to whom the schemes shall apply. If the commencement date of the payments pursuant to a transitional provision as referred to in 14.9.1 or 14.9.2 comes after 31 December 2005, then, in so far as it is required pursuant to Article 38c of the 1964 Income Tax Act, the payments made pursuant to these provisions are recalculated in accordance with generally accepted actuarial assumptions, if the payments commence later than the commencement date established in the scheme.

14.9.1 Supplementary Scheme for the pensions paid from 62 to 65 For employees who qualify for the transitional provisions in connection with the abolition of voluntary early retirement via VUT, the following supplementary scheme applies from 1 May 2004 up to and including 31 December 2006. The employee who meets the provision in 14.9 shall receive, from the retirement age of 62, or from his possible later retirement date, up to the first day of the month in which he turns 65, a supplement to the old-age pension described hereafter under 1.a, if that old-age pension is lower than the percentage named hereafter in 1.b of the calculation basis named hereafter in 1.c. 1.a Calculation of Old-age Pension

In this context, old-age pension is understood as:

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- the lifelong old-age pension based on the Basic Pension Scheme, and - the Bridging Pensions I and II based on the Basic Pension Scheme, and possibly - the lifelong old-age pension based on the Available Premium Scheme, and - the pre-pension converted into a lifelong old-age pension.

To determine the amount of the old-age pension based on the Available Premium Scheme, the following formula is used: 1.75% times the term of participation from 1 January 2002 to the standard retirement age, times the last established fixed annual salary above the maximum amount. For employees who work part-time, the old-age pension is established pro rata.

1.b Percentage of Supplement For the employee, the old-age pension calculated in accordance with 1.a is supplemented by up to 80% of the calculation basis named in 1c for the period of the retirement up to the age of 65.

Exceptions: - In departure from the previous statement, the percentage of this supplement to the old-age

pension for the employee who chooses to retire earlier in accordance with 14.8.3. 2b shall be based on a supplement of up to 75% of the calculation basis named in 1.c.

- In departure from the previous statement, the percentage of this supplement to the old-age pension for the employee who chooses to retire early in accordance with the provision in 14.9.2 shall be based on the age of the employee on 1 January 2002.

1.c Calculation basis for determining the supplement - 13.96 times the last-earned personal monthly salary, and - the bonus for extended working hours over the last 12 months prior to the retirement with

pension or pre-pension, if applicable, and - the shift bonus for the last 12 months prior to the retirement with pension or pre-pension,

if applicable, and - the standby bonus for the last 12 months prior to the retirement with pension or pre-

pension, if applicable.

The calculation of the supplement basis for the employee to whom, when the Collective Labour Agreement took effect from 1 June 2000 to 1 April 2002, the Collective Labour Agreement for the Field Staff for the insurance industry in effect from April 1998 to April 2000 applied, is as follows: - 13.96 times the last-earned personal monthly salary based on average working hours of 40

hours, and - the average commission earned over the last 36 months prior to the retirement with

pension or pre-pension, with the exception of amounts paid of an incidental or exceptional nature.

For employees who were participants in the Nationale-Nederlanden pension scheme when the Collective Labour Agreement took effect from 1 June 2000 to 1 April 2002, and who were 50 or over on 1 January 1999, the supplement calculation basis will be increased by a fixed amount of € 1,923.

1.d Adjustment to Supplement The supplements will be adjusted in line with the structural salary adjustments made by virtue of the Collective Labour Agreement.

14.9.2 Transitional Provision for VUT shift work The employees who work or have worked in continuous shift work and to whom, when the Collective Labour Agreement took effect from 1 June 2000 to 1 April 2002, the Collective Labour Agreement for the banking industry in effect from 1 January 1999 to 1 June 2000 applied, can choose to retire early in accordance with the table below if they meet the following additional conditions: - the continuous shift work should be worked during the employment for 10 years in succession

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without interruption, and - the continuous shift work must have lasted to after the 55th birthday of the employee. Number of years in continuous shift work: Retirement at age:

11 years 61 years and 10 months 12 years 61 years and 8 months 13 years 61 years and 6 months 14 years 61 years and 4 months 15 years 61 years and 2 months 16 years 61 years 17 years 60 years and 10 months 18 years 60 years and 8 months 19 years 60 years and 6 months 20 years 60 years and 4 months 21 years 60 years and 2 months 22 years or over 60 years

The payment is established at 80% of the calculation basis, i.e.: - 13.96 times the last-earned personal monthly salary and - the shift bonus for the last 12 months, if applicable; If the employee chooses to retire early on the basis of the provision above, the build-up of pension will continue until the moment that he reaches the standard retirement age of 62. If this VUT (voluntary early retirement scheme) payment coincides with the payment made in accordance with pre-pension, then the latter will be deducted from the VUT payment. ING will endeavour to adjust the payment made on the basis of this scheme in line with the structural salary adjustments made by virtue of the Collective Labour Agreement.

14.10 Compensation for cessation of transitional provision for VUT shift work

For the employees born on or after 1 January 1950, the transitional provision for VUT shift work as included in 14.9.2 will cease to exist. The parties have agreed that, for these employees, in so far as they come under the definition of the transitional provision for VUT shift work, a one-off extra compensation payment shall be made available. This compensation can be used within the limits of tax law to make a deposit in the Life-course Savings Scheme. The compensation is as follows:

Year of birth One-off contribution at age of 58

1950 80 %

1951 70 %

1952 60 %

1953 50 %

1954 40 %

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1955 and later 8.5%

The one-off contribution will be made available in the month in which the employee turns 58 and will be calculated at 13.96 times the personal monthly salary in the month in which the employee turns 58, including the bonus for extended working hours (corrected for holiday allowance and the year-end bonus) and any commission income. The deposit of the one-off extra contribution for the employees born in the years 1955 and later will be made at the same time as the deposit for the employees born in 1954 (i.e. in 2012). The employees born in the years 1955 and later must, at the moment of the deposit, meet the conditions given in 14.9.2, with the exception of the condition that the continuous shift work must have lasted until after the 55th birthday of the employee.

14.11 Protocol for Job Security

General Points of Departure Based on the announcement that jobs will be cut at Nationale-Nederlanden and in view of the procedures that may be started in the context of sourcing, the parties to the Collective Labour Agreement have concluded that employment opportunity within ING in the Netherlands is under pressure and could remain under pressure in the years to come. With a view to coping with the social consequences of this, the provision and acquisition of job security within ING or elsewhere is a firm point of departure. The actual realisation of job security requires a joint commitment on the part of ING and the employee. ING is willing to do its utmost for the job security of employees and to guarantee that it will do everything possible to achieve this in terms of facilities, support and mediation for the employee. The employee should commit himself to the principle that job security and the efforts made by ING to achieve it can only come about through a proactive and flexible attitude with respect to obtaining work within ING or elsewhere. The parties attach considerable importance to anticipating and supervising developments with respect to employment within ING. In the light of this, ING and the employee should continually be aware of the dynamics of the organisation and the developments on the job market. This requires timely and continual attention to be given to, and targeted action be taken in respect of, development and broad-based employability. It is therefore in the common interest and shared responsibility of ING and the employee to ensure, with the generous use of employability instruments, that the knowledge and skills of the employee continue to correspond with changing requirements. To promote this, ING will make sure that one of the result agreements to be reached each year for managers pertains to the development and/or broad-based employability of the employees under them. With respect to operations that have far-reaching social consequences for the conditions of employment and/or employment opportunity, the parties make a general distinction between the following two situations. For these situations, the parties have reached the following additional agreements. Transfer of activities within the Netherlands ING and the trade unions assume that the transfer of business activities within the Netherlands is subject to the Company Transition Act (Wet Overgang Ondernemingen). This means that the employee continues his/her work. In such situations there should, if necessary, be a fair transition

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policy to compensate for any differences in the conditions of employment; although this always requires tailor-made solutions, the transitional measures agreed to in similar operations* in recent years can serve as a reference. When the transition leads to a change of the employee's work location, this will only occur within reasonable boundaries in accordance with the requirements set for good employer conduct. If ING is of the opinion that this change of work location for a group of employees does not fall within these reasonable boundaries, the social plan will be officially applied to this group. ING is willing to accept the principle that, when business activities are transferred within the Netherlands, priority will be given to companies that conduct regular consultation with trade unions or that are willing to do so in order to reach agreement on transitional measures pertaining to the employment conditions. The job security at the receiving company will also be a subject for discussion in these consultations. If such a preferential position cannot be realised due to specific circumstances, ING is willing to engage in consultation with the trade unions with respect to initiating measures to compensate for the differences in the conditions of employment. If ING decides, within a period of 24 months after the transfer of business activities, to bring these work activities back to ING, then the employees involved will be given the opportunity to come back to ING as well. Transfer of activities to a foreign country and reorganisations with far-reaching social consequences and supernumerary employees whom the management has ascertained impossible to transfer internally. The parties to the Collective Labour Agreement have concluded that these situations call for additional measures in order to achieve the principle of job security. This pertains especially to making the commitment from both sides concrete, as expressed in the general principles. The points below are meant as an addition to the contents of the ING Social Plan and shall in this sense be included in the discussions on adapting them for the period after 1 January 2006. The parties have agreed that it is reasonable to expect the employee, after he/she has investigated internal placement opportunities for a maximum of 3 months, to be willing to co-operate fully with, and work on, obtaining work outside ING. ING will do everything possible in terms of providing facilities, support and active mediation in the acquisition of work within ING and elsewhere. To increase the chances of obtaining work, ING is also willing to conclude contracts with external parties. Finally, the parties have agreed that a committee shall be set up with equal representation, consisting of representatives of the employer and the trade unions. At any given moment, the committee will rule, at the request of ING or the employee in question, concerning whether or not the employee or ING is actually meeting their obligations. If both ING and the employee have done their utmost to realise the principle of job security but, on or after expiry of the regular mediation period, it appears that, in individual cases, it unfortunately cannot be realised, then the committee is authorised to initiate a tailor-made solution as it sees fit. The committee will meet at least once every three months in order to discuss individual situations and reports on the progress of current procedures. Periodic Consultation Via periodic consultation, ING will continue to inform the trade unions about the different procedures and the development of employment opportunity.

* Tiel Utrecht/Goudse Verzekeringen; C&E/Van Lanschot

Collective Labour Agreement ING 2006

Documents

Transcript of Collective Labour Agreement ING 2006