ING Fixed Income Managed Accounts
Intermediate Strategy
For financial professional use only. Not for inspection by, distribution or
quotation to, the general public.
Separately Managed Account
Quarter ending March 31, 2012
www.inginvestment.com
CAID #2324
Bank of America Corporation (“Bank of America”) is a financial holding company that, through its subsidiaries and
affiliated companies, provides banking and investment products and other financial services .
Merrill Lynch, Pierce, Fenner & Smith Incorporated is a wholly-owned subsidiary of Bank of America
Corporation, and a registered broker-dealer and member of FINRA and SIPC.
Investment products provided by Merrill Lynch, Pierce, Fenner & Smith, Incorporated:
Are Not FDIC Insured
Are Not Bank Guaranteed
May Lose Value
The views and opinions expressed in this presentation are not necessarily those of Bank of America Corporation;
Merrill Lynch, Pierce, Fenner & Smith Incorporated; or any affiliates.
Nothing discussed or suggested in these materials should be construed as permission to supersede or circumvent
any Bank of America, Merrill Lynch, Pierce, Fenner & Smith Incorporated policies, procedures, rules, and
guidelines.
Merrill Lynch, Pierce, Fenner & Smith Incorporated are not tax or legal advisors. Clients should consult a personal
tax or legal advisor prior to making any tax or legal related investment decisions.
For Investment Professional Use Only
FOR FINANCIAL PROFESSIONAL USE ONLY. Not for inspection by, distribution or quotation to, the general public.
2
Managed Accounts Fixed Income Investment Team
Richard C. Kilbride
Head of Fixed Income for Managed Accounts
richard.kilbride@inginvestment.com
212-309-1724
Portfolio Managers
Analyst
Portfolio Specialist
Karen Cronk
David Handy
Rachael Camargo
Senior Portfolio Manager
Credit Analyst
Portfolio Specialist
karen.cronk@inginvestment.com
212-309-8460
david.handy@inginvestment.com
212-309-6412
rachael.camargo@inginvestment.com
212-309-1734
Jeff Boundy
Portfolio Manager
jeffrey.boundy@inginvestment.com
212-309-6558
Toby Tolino
Portfolio Manager
tobias.tolino@inginvestment.com
212-309-5994
FOR FINANCIAL PROFESSIONAL USE ONLY. Not for inspection by, distribution or quotation to, the general public.
3
Intermediate SMA Investment Objectives
 Objective
–
Seeks to provide total return while preserving capital, largely through the use of Treasuries, Agencies and
Corporate credit securities of 1-10 year maturities
 Strategy
–
Diversified top-down, theme driven investment approach: returns come from numerous sources




–
Buy Discipline


–
Interest rate and yield curve positioning
Sector allocations
Relative value security analysis
Proprietary research generates original ideas
Top-down bond selection based on economic and interest rate outlook
Holdings adjusted as outlook is revisited and environment changes
Sell Discipline



Evaluate credit quality continuously and sell deteriorating credits
Sell bonds that exceed their relative value
Sell bonds that are no longer consistent with the macro outlook
 Risk Control
–
–
–
Measured portfolio duration shifts based on long-term economic outlook
Preference for liquid bonds from well-established corporations and government agencies
Little exposure to extremely rate-sensitive bonds with high durations or structured products
FOR FINANCIAL PROFESSIONAL USE ONLY. Not for inspection by, distribution or quotation to, the general public.
4
Investment Grade Investment Process
On-going Evaluation of Relative Value and Macro Views
Economic Analysis and Understanding
Formation of Market View
Interest Rates, Yield Curve
and Sector Outlook
Yield Curve Positioning
Sector Allocation
Industry Selection
Relative Value/ Fundamental
Research
Specific Security Selection
Portfolio Construction
FOR FINANCIAL PROFESSIONAL USE ONLY. Not for inspection by, distribution or quotation to, the general public.
5
Investment Process Critical Decisions
 Interest rate trend determines
duration

– Relative value assessments: across
governments, mortgages and
corporates
– Strongest driver of investment grade
fixed income performance
– Provides opportunity to lower risk
through diversification and increases
total return potential
– Measured portfolio maturity shifts
based on long-term economic outlook
 Yield curve
– Strategy based on expectations of
government policy, economic growth
and inflation
Sector

Industry
– Industry financial outlook relative to
overall macroeconomic outlook
– Stack ranking firms within industries
– Portfolio holdings are adjusted based
on anticipated yield curve shape

Issue selection
– Credit worthiness and relative value
– Process largely limited liquid
investment grade bonds
FOR FINANCIAL PROFESSIONAL USE ONLY. Not for inspection by, distribution or quotation to, the general public.
6
Interest Rate Trend Determines Duration
Disciplined Interest Rate Anticipation
 Measured maturity/duration shifts
based on long-term economic
outlook
 Limit maturity/duration shifts to
generally to 20% of client
benchmark
Financial Economy
Real Economy
>
>
>
>
>
>
>
>
Growth
Savings
Fiscal Policy
Demographics
Real Rates
Capital Flows
Inflation
Monetary Policy
Investment Outlook
 Weekly formal evaluation of
investment outlook
Negative
> Rates higher
Neutral
> Rates stable
> Rates lower
Range
Duration
-20%
Positive
Benchmark
Duration
FOR FINANCIAL PROFESSIONAL USE ONLY. Not for inspection by, distribution or quotation to, the general public.
+20%
7
The Active Duration Decision
Profit from changes in market interest rates–examples of duration adjustments
5.5%
4.0
5.0%
3.5
4.5%
Yield
Duration (years)
4.5
ING duration (left scale)
 Historical example
indicative of investment
process that seeks total
return from anticipating
interest rate
environment.

Benchmark duration (left scale)
10-Yr T-note yield (right scale)
3.0
4.0%
ING Investment
Management added
interest rate risk
(duration) early in the
period and took off the
trade later in the period.
Dec-00 Jan-01 Feb-01 Mar-01 Apr-01 May-01 Jun-01 Jul-01 Aug-01 Sep-01 Oct-01 Nov-01 Dec-01
ING Investment Management Duration: Representative account in ING Intermediate Fixed Income Strategy.
Benchmark Duration: Lehman Intermediate Government Corporate Index (constant at 3.7 years).
Data source: Bloomberg. We deem this to be a reliable source but accuracy and completeness cannot be guaranteed.
Data in this chart are as of December 31, 2001. This portfolio was selected as a representative portfolio in order to demonstrate our investment process. ING
Investment Management did not use performance-based criteria in its selection. Duration is dynamic and subject to change at any time. The duration
variations of other client portfolios may differ from the portfolio illustrated here. Past performance is not indicative of future results.
FOR FINANCIAL PROFESSIONAL USE ONLY. Not for inspection by, distribution or quotation to, the general public.
8
Yield Curve Decision
 Implementation of duration
 Yield curve strategy based on fundamental outlook for:
– Federal Reserve Policy
– Treasury Supply
– Economic Growth
– Inflation
 “Bullet” structures generally have a yield advantage over “barbell” or “blanket”
structures
In a flattening, Barbell can outperform
Cost of Barbell is a lower yield
Bullet
X
Barbell
Yield %
Yield %
For Illustrative Purposes Only
6/05
12/04
Average Portfolio Maturity
(years)
Total returns for six month period
12/04 – 6/05: bullet two-year U.S.
Treasury = 0.723%
Barbelled identical duration
combination of three-month bill and
five-year U.S. Treasury = 1.26%, or
0.54% better.
Average Portfolio Maturity
(years)
Source of performance data: Bloomberg, Inc; used with permission. We deem this to be a reliable source but cannot guarantee accuracy and completeness. Past performance
is no guarantee of future results. This has been prepared by ING Investment Management for informational purposes. Nothing contained herein should be construed as (i) an
offer to sell or solicitation of an offer to buy any security or (ii) a recommendation as to the advisability of investing in, purchasing or selling any security. Any opinions expressed
herein reflect our judgment at this date and are subject to change.
FOR FINANCIAL PROFESSIONAL USE ONLY. Not for inspection by, distribution or quotation to, the general public.
9
Sector Decision
Representative Sector Allocation* (%)
March 2011
March 2012
March 2010
Cash 6%
Cash 7%
Cash 10%
Treasury 26%
Treasury 23%
Corporates 53%
Corporates 57%
Corporates 57%
Agency 18%
Agency 11%
Agency 17%
High quality sectors
Treasury 15%
Multiple sector approach
–
U.S. Treasuries
–
Lowers risk through diversification
–
Federal agencies
–
Increases total return potential
–
Investment-grade corporates
–
Mortgage-backed
–
Asset-backed
*The actual asset allocation of portfolios may vary depending on investor objectives, respective strategy and market conditions
FOR FINANCIAL PROFESSIONAL USE ONLY. Not for inspection by, distribution or quotation to, the general public.
10
Industry Selection
 Assessment of industry fundamentals based on economic environment
and industry strength
– Some industries can be significant holdings, while others may be totally
avoided
 Stack-ranking approach
– Bias to selecting strongest players in each industry
– May drill deeper down in strongest industries
– Function of economic and industry outlook
We believe the above named issuers are examples of the strongest companies in their particular industry based on their
fundamentals of financial strength. Nothing contained herein should be construed as (i) an offer to sell or solicitation of an offer to
buy any security or (ii) a recommendation as to the advisability of investing in, purchasing or selling any security. Any opinions
expressed herein reflect our judgment at this date and are subject to change. These holdings may not reflect the actual holdings of
other Fixed Income portfolios managed by ING Investment Management . Past performance is not indicative of future results.
FOR FINANCIAL PROFESSIONAL USE ONLY. Not for inspection by, distribution or quotation to, the general public.
11
Issue Selection
Process for All Investment Grade Strategies
Relative Value
Screening
Fundamental
Research
Joint
Review
Bond market is OTC:
efficient execution
can add value
Screening Procedures
Systems, Compliance
and Technology
Seasoned
Judgment
Model
Portfolio
FOR FINANCIAL PROFESSIONAL USE ONLY. Not for inspection by, distribution or quotation to, the general public.
12
Managed Account Customization

To the extent that we can, we want our investment approach to address a clients risk
tolerances and reward expectations
–
Distinct from only an “off the shelf” product approach, we want to customize a solution for a
“consultative sale” if practical

Typically, these approaches work by constraining our “one contract” platform product
to the specific requirements desired

The guidelines can be constrained to fit specific investment needs; for example:
–
Short –Term MA
 Shorter bond maturities held in the portfolio that target a duration range of 1 and 5 years
–
Government Only MA
 Excludes all corporate credit within the portfolio and has an average AAA quality rating
FOR FINANCIAL PROFESSIONAL USE ONLY. Not for inspection by, distribution or quotation to, the general public.
13
Model Portfolio as of March 31, 2012
ISSUE
CPN
MTY
YTM
MKT VALUE
RTG
ISSUE
US TREASURY N/B
0.880 11/30/2016
0.94
105,038,628
AAA
FANNIE MAE
0.380
0.61
87,189,215
AA+
39,382,000
CASH
3/16/2015
3/31/2012
CPN
MTY
YTM
MKT VALUE
RTG
UNITED PARCEL SERVICE
3.130
1/15/2021
2.49
12,458,752
AA-
CATERPILLAR INC
1.380
5/27/2014
0.63
12,456,755
A
NR
WALT DISNEY COMPANY/THE
1.130
2/15/2017
1.40
12,438,005
A
AMERICAN EXPRESS CREDIT
2.380
3/24/2017
2.26
12,431,308
A-
CISCO SYSTEMS INC
4.950
2/15/2019
2.33
12,428,318
A+
TOYOTA MOTOR CREDIT CORP
2.050
1/12/2017
1.64
12,414,497
A+
TRANSOCEAN INC
4.950
11/15/2015
2.77
12,411,307
BBB-
3M COMPANY
1.380
9/29/2016
1.20
12,405,010
AA-
US TREASURY N/B
0.250 12/15/2014
0.46
37,067,004
AAA
GENERAL ELEC CAP CORP
4.380
9/16/2020
3.57
18,962,944
AA
PEPSICO INC
5.000
6/1/2018
2.03
18,644,662
A
FANNIE MAE
1.630 10/26/2015
0.80
18,566,754
AA+
NOVARTIS CAPITAL CORP
2.900
4/24/2015
0.77
18,501,610
AA-
JPMORGAN CHASE & CO
5.130
9/15/2014
2.06
18,300,310
A
DIRECTV HOLDINGS/FING
3.550
3/15/2015
1.57
12,321,850
BBB-
AMERICAN INTL GROUP
5.850
1/16/2018
4.10
12,919,896
BBB+
BERKSHIRE HATHAWAY FIN
5.400
5/15/2018
2.16
12,312,127
AA-
MERRILL LYNCH & CO
6.880
4/25/2018
4.70
12,796,342
A-
VERIZON COMMUNICATIONS
3.500
11/1/2021
3.14
12,236,084
A-
BANK OF NOVA SCOTIA
2.550
1/12/2017
1.87
12,535,929
AA-
VODAFONE GROUP PLC
4.150
6/10/2014
0.95
12,210,892
A-
TIME WARNER CABLE INC
5.000
2/1/2020
3.39
12,509,700
BBB
NEWMONT MINING CORP
3.500
3/15/2022
3.81
12,054,302
BBB+
GOLDMAN SACHS GROUP INC
1.070
9/29/2014
2.98
12,483,444
A
AT&T INC
1.600
2/15/2017
1.63
11,947,053
A-
ROYAL BANK OF CANADA
1.150
3/13/2015
1.15
12,472,247
AA-
TOTAL
2.14
4.25
1.50
622,359,163
AA-
INTEL CORP
1.950
10/1/2016
1.28
12,462,219
A+
BC INT GOV/CREDIT
3.05
4.34
1.45
This is a sample Intermediate Fixed Income portfolio. One account was selected by our portfolio managers as a representative account that best
represents this investment style. ING Investment Management did not use performance-based criteria in determining which account to include.
These holdings represent only a sample portfolio and may not reflect the actual holdings of other Intermediate Fixed Income portfolios managed
by ING Investment Management . The performance of other Intermediate Fixed Income portfolios may be better or worse than that of this sample
portfolio. Past performance is not indicative of future results.
FOR FINANCIAL PROFESSIONAL USE ONLY. Not for inspection by, distribution or quotation to, the general public.
14
AA1/AA2
Portfolio Characteristics as of March 31, 2012
Ten Largest Holdings(3)
Coupon %
Maturity
Weight
US TREASURY N/B
0.88 11/30/2016
17.0%
FANNIE MAE
0.38
14.0%
CASH
0.00
7.0%
US TREASURY N/B
0.25 12/15/2014
6.0%
GENERAL ELEC CAP CORP
4.38
9/16/2020
3.0%
FANNIE MAE
1.63 10/26/2015
3.0%
PEPSICO INC
5.00
6/1/2018
3.0%
SANOFI
2.63
3/29/2016
3.0%
JPMORGAN CHASE & CO
5.13
9/15/2014
3.0%
AMERICAN INTL GROUP
5.85
1/16/2018
2.0%
3/16/2015
Portfolio Characteristics
Average Maturity
Average Duration
Yield to Maturity
Average Coupon
Portfolio
4.3
3.92 yrs
1.5%
2.1%
Index
4.3
3.95 yrs
1.5%
3.1%
Sector Allocation
CASH
TREASURY
AGENCY
CORP
MTG
SUPRA
Portfolio
6%
23%
17%
54%
0%
0%
Index
0%
55%
13%
28%
0%
4%
*For information purposes only and not a recommendation to purchase or sell any security.
It should not be assumed that securities held in the future will be profitable or will equal the performance of the securities mentioned
herein. One account was selected by our portfolio managers as a representative account that generally best represents this
investment management style. Actual holdings of other Intermediate Fixed Income portfolios managed by ING Investment
Management may differ. ING Investment Management did not use performance-based criteria in determining which account to
include. The performance of other Intermediate Fixed Income portfolios may be better or worse than that of this sample portfolio.
The information contained herein is as of the above date, unless otherwise noted.
FOR FINANCIAL PROFESSIONAL USE ONLY. Not for inspection by, distribution or quotation to, the general public.
15
ING Intermediate Fixed Income Merrill Lynch
as of March 31, 2012
Annualized Total Returns(1)
Annual Returns
7%
6.1%
6.2%
6%
5.7%
6.1%
5.8%
5.6%
5.4%
5.4%
5.2%
5.2%
4.8%
5%
4.4%
4.5%
4.1%
4.1%
4%
3%
2%
1%
1.1%
1.1%
0.8%0.7%
0.8%0.7%
ING IFI
(Gross)
ING IFI
(Net)
Index
2011
5.3%
4.0%
5.9%
2010
5.6%
2.4%
6.0%
2009
4.7%
3.4%
5.7%
2008
5.6%
4.3%
4.1%
2007
8.2%
6.9%
7.4%
2006
4.1%
2.8%
4.1%
2005
2.5%
1.2%
1.6%
2004
2.5%
1.2%
2.9%
2003
4.1%
2.8%
4.2%
2002
10.6%
9.3%
9.7%
0%
QTD
YTD
1 year
Gross
Net
3 Year
5 Year
7 Year
10 Year
Style Index*
* Preliminary returns. Index= Merrill Lynch Corp & Govt 1-10 Yr. One cannot invest directly in an index.
The performance information shown is calculated by Merrill Lynch and taken unmodified from the Merrill Consults profile for ING Intermediate Fixed Income. Gross returns are presented before the
wrap fee is deducted. Returns include the reinvestment of income. Net performance is shown after the this strategy in compliance with GIPS standards. Index source: FactSet. Index return source:
Factset. We deem this to be a reliable source, but accuracy and completeness cannot be guaranteed. Gross of Fee returns are “Pure Gross” and do not reflect the deduction of
transaction costs associated with investment. ING Investment Management calculates its own performance results for guarantee accuracy and completeness. Indices are unmanaged and one
cannot invest directly in an index.
Past performance does not guarantee or indicate future results.
FOR FINANCIAL PROFESSIONAL USE ONLY. Not for inspection by, distribution or quotation to, the general public.
16
Appendix
FOR FINANCIAL PROFESSIONAL USE ONLY. Not for inspection by, distribution or quotation to, the general public.
17
Fixed Income Investment Management Team
Richard C. Kilbride
Head of Fixed Income for Managed Accounts
Years of investment experience: 32
Rick Kilbride joined ING Investment Management’s predecessor firm Furman Selz in 2001 as head of fixed income. Upon
integration into ING Investment Management he assumed responsibility for the investment grade managed account business.
Previously, he spent 12 years at Merrill Lynch, most recently leading an investment team managing leveraged loans and highyield bonds. He also was the London-based managing director of Merrill’s global institutional separate account fixed income
portfolio management business. Before that, he was responsible for Merrill's initial efforts to build a U.S. institutional fixed
income separate account presence, served as chief investment strategist of its captive insurance company, and was the
asset-liability manager of Merrill Lynch Bank and Trust. He served on the board of directors of that bank for five years.
Previously, he was a vice president in Paine Webber's institutional fixed income sales and trading business and began his
career as an analyst on General Motors’ New York treasury staff. Rick holds a B.A. from Colorado College (where he has also
taught) and an M.B.A. from the Amos Tuck School at Dartmouth College. He is a member of the CFA Institute and the New
York Society of Security Analysts.
Karen Cronk
Senior Portfolio Manager
Years of investment experience: 27
Karen Cronk is a Senior Portfolio Manager providing leadership in the determination of portfolio strategy and structure. She is
also responsible for implementing the portfolio construction and trading strategies. Additionally, she manages the fixed income
group’s analytics and modeling. Karen joined ING Investment Management’s predecessor firm in February of 1995.
Previously, Karen was a senior portfolio manager at Bankers Trust with responsibility for managing short-term portfolios,
focusing on the goals and guidelines of institutional accounts, including pension plans, corporate treasuries, endowments and
public funds. While at Bankers Trust, Karen was a leader in the design and development of a customized client reporting
system. Previously, she was the operations manager of a short-term management group at Chemical Bank. Karen is a
graduate of Villanova University with a B.A. in economics, and has an M.B.A. in finance from New York University.
FOR FINANCIAL PROFESSIONAL USE ONLY. Not for inspection by, distribution or quotation to, the general public.
18
Fixed Income Investment Management Team
Jeff Boundy
Portfolio Manager
Years of investment experience: 34
Jeff Boundy is Portfolio Manager with the Fixed Income Managed Accounts team, managing the municipal bond sectors, a
role he has held since 2004. The strategies include 13 state-specific strategies, 23 state preferred programs as well as a
national approach. Jeff has over 31 years of experience in equity and fixed income trading and operations. Since joining ING
Investment Management’ predecessor firm in 1996, he has held a variety of trading and operational responsibilities.
Previously, he was with Morgan Stanley Asset Management. He received a B.B.A. from Baruch College.
Toby Tolino
Portfolio Manager
Years of investment experience: 12
Toby Tolino is a Portfolio Manager in the Fixed Income Managed Account group with trading and municipal portfolio
management responsibilities. Toby joined ING Investment Management in 2000 and has experience in trading, operations
and middle office management. In his prior role, Toby managed a team of Senior Portfolio Management Assistants (PMAs)
supporting more than ten Portfolio Managers who ran portfolios in all asset classes. He was also responsible for ING
Investment Management’s outsourcing relationship for the SMA back office operations. Prior to heading Middle Office, Toby
led the NY Fixed Income PMA team and has served in various other operational roles. Toby currently attends CUNY and
holds the Series 7 license.
FOR FINANCIAL PROFESSIONAL USE ONLY. Not for inspection by, distribution or quotation to, the general public.
19
Fixed Income Investment Management Team
David Handy
Credit Analyst
Years of investment experience: 6
David Handy joined ING Investment Management in 2010 as a Credit Analyst for the Fixed Income Managed Accounts team.
David is responsible for credit monitoring, fundamental analysis and quantitative measurement for investment grade taxable
bonds. He also performs risk analytics and portfolio modeling. Previously David was a portfolio analyst at Citi Global Wealth
Management in the Strategic Asset Allocation group and was responsible for portfolio modeling and risk analysis. David also
worked at the US Department of Treasury for the Trouble Asset Relief Program and also at the Office of Economic Policy.
David holds a B.A. in mathematics and economics from Kenyon College and an M.B.A. in quantitative finance from New York
University. He has passed the three levels of the CFA exam, is a member of the CFA Institute and the New York Society of
Analysts.
Rachael Camargo
Portfolio Specialist
Years of investment experience: 11
Rachael Camargo is a Portfolio Specialist within ING Investment Management’s Multi-Asset Strategies and Solutions team.
She is responsible for driving asset growth and retention activities for traditional asset allocation products, portable alpha
strategies and customized solutions with ING’s distribution, external parties and key clients. Rachael manages the business
and commercial aspects of the investment team in partnership with product management, sales and client service groups.
Previously, Rachael was responsible for the firm’s fundamental equity strategies, including Large-Cap Core, 130/30, and
sector-specific portfolios such as global natural resources, technology and financials. Her experience also extends to closedend funds from concept through launch. Rachael joined ING Investment Management in 2001. Prior to joining ING, she
worked at Grey Global Group and Wechsler Ross & Partners. She received a B.F.A. from Carnegie Mellon University and an
M.B.A. from New York University’s Stern School of Business. Additionally, she holds the Series 7 and 66 licenses with FINRA.
FOR FINANCIAL PROFESSIONAL USE ONLY. Not for inspection by, distribution or quotation to, the general public.
20
ING Investment Management U.S.
Partnership
Perspectives
Solutions
Performance
Develop a long-term
partnership with us.
Improve the effectiveness of
your business with our global
perspectives and ideas you
can put into action.
Construct a durable portfolio
for your clients from our
investment solutions across
many asset classes.
Look for strong and
sustained risk-adjusted
performance from our
investment solutions.
$166 Billion AUM
|
Over 900 Employees
|
Over 250 Investment Professionals
Statistics as of 12/31/2011
FOR FINANCIAL PROFESSIONAL USE ONLY. Not for inspection by, distribution or quotation to, the general public.
21
Disclosures
This information is proprietary and cannot be reproduced or distributed. Certain information may be
received from sources ING Investment Management (“ING IM”) considers reliable; ING IM does not
represent that such information is accurate or complete. Certain statements contained herein may
constitute "projections," "forecasts" and other "forward-looking statements" which do not reflect actual
results and are based primarily upon applying retroactively a hypothetical set of assumptions to certain
historical financial data. Actual results, performance or events may differ materially from those in such
statements due to, among other things, (i) general economic conditions, in particular economic conditions
in ING IM's core markets, (ii) performance of financial markets, including emerging markets, (iii) the
frequency and severity of insured loss events, (iv) mortality and morbidity levels and trends, (v)
persistency levels, (vi) interest rate levels, (vii) currency exchange rates (viii) general competitive factors,
(ix) changes in laws and regulations, (x) changes in the policies of governments and/or regulatory
authorities, (xi) conclusions with regard to purchase accounting assumptions and methodologies, (xii) ING
IM's ability to achieve projected operational synergies. Any opinions, projections, forecasts and forward
looking statements presented herein are valid only as of the date of this document and are subject to
change. Nothing contained herein should be construed as (i) an offer to buy any security or (ii) a
recommendation as to the advisability of investing in, purchasing or selling any security. ING IM assumes
no obligation to update any forward-looking information.
FOR FINANCIAL PROFESSIONAL USE ONLY. Not for inspection by, distribution or quotation to, the general public.
22