The operating environment was challenging throughout 2012, with volatile financial markets and an uncertain macroeconomic environment. Against this backdrop, ING Group’s full-year 2012 underlying net profit held up well at EUR 2,603 million, down 5.2% from a year earlier.

In 2012, results at the Bank were impacted by higher risk costs due to weak economic and business fundamentals, negative credit valuation and debt valuation adjustments (CVA/DVA), and losses from proactive de-risking in the investment portfolio. However, good progress was made on balance sheet optimisation and cost containment. The 2012 operating results of Insurance reflect lower Non-life results, as well as higher administrative expenses stemming primarily from currency impacts and non-recurring expense releases in 2011. The underlying result before tax at Insurance recovered strongly in 2012, as results in 2011 were severely impacted by an update to policyholder behavior assumptions on the US Closed Block VA. Furthermore, the impact of losses from de-risking and impairments on debt securities diminished at Insurance during 2012, supporting the improvement in underlying results.

In the fourth quarter of 2012, ING Group posted an underlying net result of EUR 373 million, reflecting a solid quarter at Insurance and lower results at the Bank, which were impacted by the Dutch bank tax and various market-related items. The quarterly net profit was EUR 1,434 million, supported by gains on the divestment of ING Direct Canada and Insurance Malaysia.

ING Bank recorded a fourth-quarter underlying result before tax of EUR 184 million, including EUR 175 million for the Dutch bank tax for the full year 2012, EUR 188 million of negative CVA/DVA adjustments, and EUR 126 million in losses from de-risking of mainly southern European debt securities. Excluding these impacts and other market-related items, results declined 20.0% from the fourth quarter of 2011, due to higher risk costs, and were 36.2% lower than the third quarter of 2012. The decline on a sequential basis was mainly due to higher liquidity costs following the lengthening of the Bank’s funding profile, seasonally lower results at Financial Markets, and lower results at Retail Banking. The Bank’s underlying interest margin was 1.33%, down just one basis point from the third quarter. Strong cost control remains a priority at the Bank; excluding the Dutch bank tax, expenses were stable year-on-year and increased only slightly from the previous quarter. Risk costs remained elevated and increased both year-on-year and sequentially, consistent with the weak economic environment.

ING Bank progressed further with its Ambition 2015 balance sheet optimisation priorities during the fourth quarter. The total Bank balance sheet declined following the sale of ING Direct Canada, and through the reduction of short-term professional funding and seasonally lower activity in Financial Markets. The funding profile improved as both customer deposits and long-term debt increased. The Bank attracted a net inflow of EUR 8.2 billion of funds entrusted. Total net lending declined by EUR 2.5 billion due to moderate demand for credit and pricing discipline.

The fourth-quarter operating result of Insurance increased 24.9% to EUR 296 million compared with EUR 237 million in the third quarter of 2012, supported by a higher investment margin as a release from the provision for profit sharing in the Netherlands offset the impact of de-risking and the low interest rate environment. Insurance operating results declined 15.2% year-on-year, as the fourth quarter of 2011 benefited from a non-recurring expense reduction in the US. The fourth-quarter underlying result before tax of Insurance improved significantly to EUR 272 million, reflecting a lower net impact from market-related items relative to both comparable quarters.

Insurance sales (APE) rose 12.7% from the fourth quarter of 2011, on a constant currency basis. Sales at Insurance US grew 18.9%, fuelled by the Retirement business. Central and Rest of Europe recorded a 13.3% increase in APE, driven by higher Pension sales in Turkey and the Czech Republic. APE in the Benelux declined 18.6% due to lower sales of Individual Life products in the Netherlands and lower sales in Belgium following a reduction in guaranteed rates. Compared with the previous quarter, total Insurance APE jumped 23.6% at constant currencies, mainly attributable to higher sales at Insurance US and in Central and Rest of Europe.

ING Group’s quarterly net profit was EUR 1,434 million compared with EUR 1,186 million in the fourth quarter of 2011 and EUR 609 million in the third quarter.

Fourth-quarter net results included EUR 1,613 million of gains on divestments, of which EUR 1,135 million was attributable to ING Direct Canada, EUR 745 million to the sale of Insurance Malaysia and EUR -244 million to the announced sale of ING Direct UK. The net results from divested units was EUR 13 million and the net result from Insurance and Investment Management Asia, recorded under discontinued operations, totalled EUR 78 million. Special items after tax amounted to EUR -643 million and predominantly reflect costs for various restructuring programmes. After-tax separation and IPO preparation costs were EUR 61 million in the quarter and EUR 169 million for the full year 2012.

ING Group’s net profit per share was EUR 0.38 for the fourth quarter and EUR 1.03 for the full year 2012. The Group’s underlying net return on IFRS-EU equity was 5.2% for the full year 2012.

Subsequent Events

On 1 February 2013, the nationalisation of SNS Reaal, a Dutch financial institution, was announced. As a consequence of the arrangements made by the Dutch government, ING Bank and other Dutch banks will be required to pay a one-time levy of EUR 1 billion in 2014. For ING, based on current limited information, this is estimated to result in a charge of EUR 300-350 million. ING will carefully assess further details on form, amount and timing of the levy as they become available. Furthermore, the Dutch Ministry of Finance has decided to postpone the introduction of the new Deposit Guarantee Scheme from 2013 to 2015.

Challenging economic conditions and incidental items weighed on the Bank’s fourth-quarter results. ING Bank posted an underlying result before tax of EUR 184 million, including EUR 188 million of negative CVA/DVA adjustments and a EUR 175 million charge for the Dutch bank tax. Excluding those and other market-related items, results declined 20.0% from a year ago, mainly due to higher risk costs, and were down 36.2% sequentially primarily due to seasonally lower activity in Financial Markets, higher liquidity costs, and lower results at Retail Banking. The underlying interest margin was largely unchanged at 1.33%. Excluding the Dutch bank tax, expenses were stable year-on-year and up 1.2% sequentially, reflecting strong cost control. Risk costs remained elevated amid the weak economic environment.

Total underlying income decreased 5.1% year-on-year to EUR 3,172 million, primarily due to de-risking and the impact of CVA/ DVA adjustments. ING sold EUR 0.9 billion of mainly southern European debt securities, which led to EUR 126 million of de-risking losses, but released EUR 1 billion of risk-weighted assets. CVA/DVA adjustments amounted to EUR -188 million compared with positive CVA/DVA adjustments of EUR 120 million one year ago. The year-ago quarter also included EUR 165 million of impairments (mainly on Greek government bonds) and EUR 109 million of de-risking losses. Excluding CVA/DVA and all market-related items, income was up 1.0%. On a sequential basis, total underlying income declined 15.1%, due in part to the third-quarter EUR 323 million gain on the sale of ING’s stake in Capital One. Excluding that impact, CVA/DVA adjustments and other market-related items, income decreased 8.2% quarter-on-quarter. This was primarily due to higher liquidity costs as the Bank lengthened its funding profile (recorded within Bank Treasury), seasonality at Financial Markets, and lower margins on savings as interest rates declined. Furthermore, the third quarter of 2012 included the positive impact on the revaluation of derivatives used for hedging purposes at Bank Treasury.

INTEREST RESULT (in EUR million) AND INTEREST MARGIN (in %)

The underlying interest margin declined modestly to 1.33% from 1.34% in the third quarter of 2012, as a decrease in interest results was largely offset by the impact of a lower average balance sheet as a result of balance sheet optimisation. The interest result declined 5.9% from a year ago and 3.9% sequentially, primarily due to lower Financial Markets results, higher liquidity costs due to the lengthening of the funding profile, and lower returns on the bond portfolio due to de-risking and declining interest rates. The interest result for lending activities improved versus both comparable quarters, supported by re-pricing and moderate volume growth in mortgages, which more than offset the impact of lower volumes in other lending. The interest result on savings declined, reflecting lower returns from the investment portfolio, while client savings rates were kept largely unchanged in the quarter. ING continued to attract strong retail deposit inflows in the fourth quarter, and rates were subsequently reduced in the Netherlands in early 2013.

The Bank continued to make progress on its Ambition 2015 priorities to optimise the balance sheet by growing customer deposits and focusing on loan growth with strong pricing discipline. The Bank generated EUR 8.2 billion of net funds entrusted inflow during the quarter, including EUR 6.2 billion in Retail Banking and EUR 1.9 billion in Commercial Banking, mainly from higher corporate deposits. Despite a EUR 1.8 billion net production in mortgages, total net lending declined by EUR 2.5 billion, reflecting moderate demand.

Stringent expense management remained a high priority at ING Bank. Nonetheless, operating expenses rose 7.6% from a year ago due to the EUR 175 million annual charge for the Dutch bank tax, which was introduced in 2012. Excluding this charge, operating expenses were stable, as lower impairments and strong cost control offset the impact of annual salary increases, higher costs related to other regulatory measures, and negative currency effects. On a sequential basis, expenses rose 1.2%, excluding the Dutch bank tax, mainly due to higher marketing costs in Retail Banking for year-end campaigns. The underlying cost/income ratio was 75.7%, or 63.4% excluding market impacts, the Dutch bank tax and CVA/DVA adjustments.

OPERATING EXPENSES (in EUR million) AND COST/INCOME RATIO (in %)

In November 2011, Retail Netherlands announced a strategic transformation programme to maintain its competitive position. Retail Netherlands is now entering a second phase of initiatives which will increase operational excellence primarily through the additional streamlining of IT systems, as well as further development and integration of our mobile banking offerings to adapt to changing customer preferences. These measures, combined with steps to respond to lower volumes and a leaner business environment in certain product areas, are expected to result in a further reduction of the workforce by around 1,400 FTEs (of which 400 external FTEs) over the next three years. Apart from these redundancies, about 250 new front-office jobs will be created within Personal and Private Banking to maintain high-quality customer service and attract liabilities. Approximately EUR 100 million of investments will be made over the next three years to support this second phase. An after-tax provision of EUR 111 million was recorded as a special item in the fourth quarter. Structural cost savings are expected to reach an annual run-rate of EUR 120 million from 2016 onwards. The first phase of this programme, which is nearing completion, will lead to EUR 330 million of structural cost savings as of 2014. Combined, the two phases are already expected to generate EUR 430 million of annual cost savings in 2015.

ING Bank Belgium is also accelerating strategic projects aimed at further aligning its products and services with the new mobile banking environment. Customers in Belgium have been embracing new technologies faster than anticipated, leading to greater use of digital services and prompting further process automation. The shift to the digital banking channel is expected to reduce employment by approximately 1,000 FTEs by the end of 2015, through natural attrition, leading to EUR 150 million in annual cost savings by 2015.

Underlying risk costs remained elevated in the fourth quarter, consistent with the ongoing weak macroeconomic environment. ING Bank added EUR 588 million to the provision for loan losses, up from EUR 554 million in the previous quarter and EUR 445 million in the fourth quarter of 2011. The increase compared with the third quarter was fully attributable to Commercial Banking due to higher risk costs in Structured Finance, while risk costs at Real Estate Finance were relatively stable. Net additions to the loan loss provisions declined slightly at Retail International and remained elevated in Retail Benelux. Total non-performing loans at ING Bank rose in the fourth quarter by EUR 0.4 billion to EUR 14.9 billion. Total underlying risk costs were 84 basis points of average risk-weighted assets. ING expects risk costs to remain elevated, in line with the weak economic climate.

The underlying result before tax of Retail Banking declined to EUR 289 million in the fourth quarter of 2012 from EUR 329 million a year earlier. Results decreased due to lower margins on savings in the current low interest rate environment and from losses on selective de-risking of the investment portfolio to protect capital. Retail Banking continued to optimise its balance sheet: fourth-quarter net production in funds entrusted was EUR 6.2 billion, the lending portfolio grew by EUR 1.8 billion, and another EUR 0.8 billion of European debt securities were sold at a loss of EUR 115 million. Risk costs remained elevated, but were down slightly from the third quarter, while operating expenses increased mainly due to higher marketing costs.

Commercial Banking results were heavily impacted by negative CVA/DVA adjustments as credit spreads contracted in the fourth quarter. The underlying result before tax declined to EUR 122 million, including a EUR 131 million negative impact from CVA/ DVA. Excluding that impact, results declined 2.7% year-on-year, due to higher risk costs. On a sequential basis, results excluding CVA/DVA fell 51.9%, reflecting seasonality in Financial Markets, higher liquidity costs and positive revaluations of derivatives in the third quarter. Income in the core lending businesses held up well as lower volumes were offset by higher margins. Expenses remained under control, supported by lower impairments on real estate development projects.

The Corporate Line Banking posted an underlying result before tax of EUR -227 million, primarily reflecting the EUR 175 million Dutch bank tax recorded in the current quarter.

ING Bank’s quarterly net result was EUR 583 million, including the impact of divestments and special items. The sale of ING Direct Canada closed on 15 November 2012, resulting in a net transaction gain of EUR 1,135 million. ING Bank’s underlying results for all prior quarters have been restated to reflect this sale. A loss of EUR 244 million was booked in the fourth quarter for the announced sale of ING Direct UK, bringing the total expected after-tax loss for this transaction to EUR 260 million. Special items after tax amounted to EUR -348 million and mainly related to restructuring programmes and separation costs.

Operating results from Insurance improved from the third quarter, supported by a higher investment margin, as a release from the provision for profit sharing in the Netherlands helped offset the impact of de-risking and low interest rates. The operating result rose 24.9% compared with the third quarter to EUR 296 million, but declined 15.2% from a year earlier, when earnings benefited from a EUR 45 million non-recurring expense reduction in the US Underlying results improved sharply from the fourth-quarter of 2011, which included a charge for assumption changes in the US Closed Block VA and negative results on hedges to protect regulatory capital. Sales were up 12.7% year-on-year and up 23.6% sequentially (at constant currencies), mainly driven by strong Retirement sales in the US.

OPERATING RESULT (in EUR million)

The operating result from Life Insurance and Investment Management rose 2.0% from a year earlier to EUR 402 million as higher fees and premium-based revenues and a higher investment margin more than offset an increase in expenses. Compared with the third quarter of 2012, the operating result rose 12.6%, almost fully attributable to an increase in the investment margin.

The investment margin increased 8.2% from a year ago and 9.0% from the third quarter to EUR 447 million, reflecting a release

from the provision for profit sharing in the Netherlands, and growth in general account assets in the US Retirement business. These factors offset the effects of de-risking in the Benelux and the US and the impact of the low interest rate environment, which continue to put pressure on investment returns. The four-quarter rolling average investment spread strengthened to 132 basis points as the higher average investment margin outweighed the higher average Life general account invested assets.

INVESTMENT MARGIN (in EUR million)

Fees and premium-based revenues totalled EUR 786 million, up 5.5% excluding currency effects compared with the fourth quarter of 2011 and up 2.3% from the third quarter. The year-on-year increase was largely due to higher fees and premium-based revenues in the US, driven by the improvement in equity markets, higher inflows in the Retirement business, and higher fees in Investment Management. On a sequential basis, the increase was mainly attributable to higher performance-related fees and higher inflows at Investment Management US.

The technical margin was EUR 118 million, on par with the fourth quarter of 2011, as a decline in the Benelux from lower mortality and morbidity results and a one-off addition to unit-linked guarantee provisions was offset by an improvement in the US due

to improved Individual Life mortality results and improved stop loss ratios in the Employee Benefits business. Compared with the third quarter of 2012, the technical margin declined 3.3%, reflecting non-recurring reserve releases in the US Closed Block VA in the third quarter and lower mortality results in the Benelux in the current quarter.

Life & Investment Management administrative expenses rose 5.5% year-on-year, excluding currency effects, primarily due to a EUR 45 million non-recurring reduction in pension plan liabilities in the US in the fourth quarter of 2011. Expenses were lower in the Benelux and Central and Rest of Europe, reflecting cost control and non-recurring expenses in the fourth quarter of 2011, offset by platform investments in ING Investment Management. Compared with the third quarter, administrative expenses were up 2.4%, driven by higher staff expenses in ING Investment Management, and restructuring costs. The ratio of administrative expenses to operating income was 46.5%.

ADMINISTRATIVE EXPENSES (in EUR million)

The operating result from Non-life insurance was stable at EUR 39 million, compared with EUR 38 million in the fourth quarter of 2011, which included EUR 24 million of positive non-recurring items. Lower claims in Property & Casualty (P&C) more than offset continued high claims experience in Disability & Accident amid the economic downturn in the Netherlands. Compared with the previous quarter, the Non-life operating result increased from EUR 11 million, mainly due to the lower claims in P&C.

The Corporate Line operating result was EUR -146 million compared with EUR -84 million in the fourth quarter of 2011. The decline was mainly due to higher Solvency II expenses and lower reinsurance results.

The fourth-quarter underlying result before tax of ING Insurance improved to EUR 272 million, including the impact of market-related items.

Gains/losses and impairments on investments in the quarter were EUR -5 million, including EUR 96 million of losses resulting from the sale of CMBS securities in Insurance US and Asset Backed Securities and real estate in the Benelux, as well as gains of EUR 97 million on the sale of equity investments, also in the Benelux. These sales reflect ongoing efforts to reduce risk and optimise the capital positions in Europe and the US as both companies prepare for stand-alone futures.

Revaluations totalled EUR 26 million as EUR 72 million of positive CMO revaluations in Insurance US were partly offset by EUR 55 million of negative real estate revaluations in the Benelux.

Market and other impacts amounted to EUR -45 million. The Benelux recorded a EUR 166 million charge related to guarantees on separate account pension contracts (net of hedging). The current quarter also reflects EUR 163 million of market and other impacts in US Closed Block VA, related to reserve changes and gains on hedges focused on protecting regulatory capital, as well as EUR -34 million in DAC amortisation in Insurance US.

The fourth-quarter net result for Insurance was EUR 851 million, including net gains on divestments of EUR 721 million as well as a EUR 78 million net result from Insurance and ING Investment Management Asia reported under discontinued operations. Net gains on divestments mainly related to a EUR 745 million realised gain on the sale of Insurance Malaysia and a EUR 15 million goodwill write-off for ING Vysya Life Insurance. Special items after tax amounted to EUR -295 million, primarily reflecting EUR 172 million of net restructuring costs, of which EUR 149 million related to the accelerated transformation programme at Insurance Europe announced in the third quarter. Special items also included EUR 37 million of separation and IPO preparations costs and a EUR 49 million goodwill write-off for Insurance Benelux triggered by the annual impairment test. As a result, there is no remaining goodwill in Insurance Benelux.

Total new sales (APE) were up 12.7% year-on-year, on a constant currency basis. APE at Insurance US grew 18.9%, fuelled by higher Retirement sales, which offset lower Individual Life sales. APE in the Benelux fell 18.6% due to lower sales of Individual Life products in the Netherlands and lower sales in Belgium following a reduction in guaranteed rates. Central and Rest of Europe recorded a 13.3% increase in APE, driven by higher Pension sales in Turkey and the Czech Republic. On a sequential basis, total Insurance sales grew 23.6% at constant currencies, mainly due to higher Retirement sales at Insurance US, and higher Pension and Life sales in Central and Rest of Europe.

ING Group’s balance sheet decreased by EUR 79 billion to EUR 1,169 billion in the fourth quarter, or by EUR 68 billion excluding currency effects. Assets held for sale decreased by EUR 35 billion, reflecting the sale of ING Direct Canada and Insurance Malaysia. The remainder of the decrease was due to a reduction of short-term professional funding and seasonally lower positions at Financial Markets as the Bank continues to focus on balance sheet integration. Shareholders’ equity rose to EUR 54.4 billion (or EUR 14.30 per share), mainly due to the quarterly net profit.

ING Bank’s core Tier 1 ratio remained strong at 11.9%, supported by the gain from the sale of ING Direct Canada, which helped to partially fund a dividend upstream of EUR 2.125 billion to the Group. This was used to pay EUR 1.125 billion to the Dutch State and to reduce core debt in the Group holding company by EUR 1 billion to EUR 7 billion. Total risk-weighted assets at the Bank fell by EUR 8 billion in the quarter, including EUR 2 billion of negative currency impacts, primarily due to the sale of ING Direct Canada, lower lending volumes and de-risking in the investment portfolio.

In the fourth quarter, ING Bank issued EUR 6.7 billion of long-term debt. In the full-year 2012, ING Bank issued EUR 33.1 billion of debt with a tenor of more than one year compared with EUR 18 billion of long-term debt maturing in the whole of 2012, successfully covering its 2012 funding needs and pre-funding 2013 requirements. ING Bank has EUR 20.7 billion of debt with a tenor of more than one year maturing in 2013.

The Insurance Group Directive ratio (IGD) declined to 245% following the redemption of a EUR 1.25 billion hybrid security by

ING Verzekeringen N.V. in December 2012. The IGD ratio was also impacted by a deterioration of the solvency position at Nationale-Nederlanden Life resulting from updated mortality assumptions and the impact of market developments. These factors were offset by the sale of Insurance Malaysia.

On 1 January 2013, the revised IAS 19 on pensions came into effect, requiring immediate recognition of ‘unrecognised actuarial gains and losses’ through equity. The impact on ING Group’s capital would be approximately EUR -1.7 billion at Bank and EUR -0.9 billion at Insurance. The Bank’s core Tier 1 ratio would decline from 11.9% to 11.3%; however, this 60 basis point impact was already reflected in ING’s expected Basel III impact, which will phase out net pension assets from capital calculations over time. The IGD ratio for Insurance would decline from 245% to 236%. The pro-forma Group debt/equity ratio would rise from 11.1% to 11.6%. However, it is still uncertain whether this full effect will be reflected immediately in capital ratios as discussions with regulatory authorities on transitioning are ongoing. The recognition of ‘unrecognised actuarial gains and losses’ through equity will create volatility in equity and capital going forward.

Dividend

Given the uncertain financial environment, increasing regulatory requirements and ING’s priority to repurchase the remaining outstanding core Tier 1 securities, the Executive Board will not propose to pay a dividend over 2012 at the AGM in May. ING intends to resume dividend payments on common shares when all remaining core Tier 1 securities have been repaid to the Dutch State and regulatory capital requirements have been met.

Customer preferences and habits are changing, and the demands on the financial industry from regulators, customers, shareholders and society at large are increasing. ING recognises the importance of these trends and has initiatives focused on customer centricity, operational excellence and sustainability at the core of its strategy.

Improving the customer experience

Seeking direct input and feedback from customers in an open dialogue is vital in order to keep up with today’s consumer trends and preferences. Social media is an increasingly important channel for engaging with customers. Our activities on social media were recognised in the fourth quarter of 2012 when ING Netherlands was named the number one social media brand in the Netherlands by Social Embassy. ING was cited by the jury as being one of the few banks that knows how to foster constructive interaction on social media about financial products and services.

In January 2013, ING Bank Slaski in Poland introduced ING BusinessMobile, a mobile app to help corporate clients manage their funds in a secure and convenient environment, including signing and sending orders via ING’s internet banking system. A similar app is already in use at ING Netherlands and ING Belgium.

Another way ING is improving the customer experience is by encouraging customers to improve their financial knowledge. ING Insurance Europe launched an online ‘financial personality’ test in seven European countries, that is helping consumers become more aware of their financial behavior. This tool is available free of charge to the general public.

Tailored insurance offerings

ING Insurance Czech Republic launched a new product designed especially for women. ‘For You’ offers women not only financial support in case of a cancer diagnosis, but also a community platform where women can learn about prevention and treatment, share their experiences and discuss their concerns with medical professionals. ‘For You’ is a key project for Insurance Central and Rest of Europe. If this pilot is successful in the Czech Republic, it will be introduced in other European countries.

Customer and quality awards

In the Netherlands, Nationale-Nederlanden won first place for Pensions and second place for Insurance in a well-known annual survey by Management Team, a Dutch business magazine, which gauges companies’ level of satisfaction with their financial service providers. In Slovakia, ING Insurance was awarded first place in the Golden Coin Competition 2012 for its unit-linked life insurance product ‘ING Smart’ (in the category ‘public poll’). In the same competition, ‘ING Smart Senior’, a product designed for people aged 55 and over, was named ‘Newcomer of the Year’.

ING in society

ING’s sustainability approach focuses on achieving long-term business success for both ING and its clients while contributing towards economic development, a healthy environment and a stable society. During the fourth quarter, ING made further progress in embedding sustainability into its business activities.

ING Sustainable Procurement Programme

In 2012, ING initiated its Sustainable Procurement Programme in order to fully integrate sustainability into the procurement process. This is an important step in translating our ambitions into tangible guidelines. As a signatory to the UN Global Compact (UNGC), ING has asked its suppliers to comply with the UNGC principles, which promote human rights, fair labour practices, environmental protection and anti-corruption.

Celebrating 12 ¹/₂ years of sustainable investments

The ING Sustainable Investment team, part of ING Private Banking in the Netherlands, recently celebrated its 12 ¹/₂-year anniversary. The ING Sustainable Investments strategy focuses on the economic implications of sustainable development from the perspectives of risk reduction and emerging opportunities. It also tries to identify investment opportunities that relate to important sustainability issues such as scarcity of raw materials and water, talent retention and renewable energy.

Unlocking potential value by identifying opportunities and/or risks through the use of environmental, social and governance indicators is also a strength of ING Investment Management (ING IM). In 2012, the assets under management of ING IM’s Sustainable Equity Strategy tripled compared with year-end 2011 to EUR 837 million, driven by its consistent investment approach and solid performance record.

ING Global Challenge 2012

In 2012, ING held its Global Challenge for the fifth straight year. This annual flagship event, which takes place around the United Nations’ Universal Children’s Day on 20 November, encourages ING employees all over the globe to rise to the challenge of supporting disadvantaged children and families. During the 2012 Global Challenge, ING employees raised over EUR 500,000 for projects aimed at children’s education and welfare as well as other good causes. Money and awareness were raised through a variety of volunteer and fundraising activities that are as diverse as ING’s employee base. Activities included a fitness challenge in Australia, a book donation programme in Poland, and a thank-a-thon in the Netherlands through which 4,500 UNICEF pledge donors received a personal telephone call to thank them for their support.

In partnership with UNICEF, ING’s overall aim is to have positively impacted the lives of at least one million children in need by 2015, by providing access to schools, better quality education and safer and healthier living conditions.