<Page>

                         INVESTMENT ADVISORY AGREEMENT

     THIS INVESTMENT ADVISORY AGREEMENT (the "Agreement"), dated March 31, 2001,
is by and between Aetna Life Insurance and Annuity Company, a corporation
existing under the laws of Connecticut ("Client"), and ING INVESTMENT MANAGEMENT
LLC, a Delaware limited liability company ("IIM").

     SECTION 1. APPOINTMENT OF IIM - Client hereby appoints IIM to provide
investment advisory services with respect to assets of Client allocated from
time to time by Client to IIM (the "Account") under the terms and conditions set
forth in this Agreement. IIM hereby accepts such appointment and agrees to
provide such investment advisory services, subject to the terms and conditions
of this Agreement.

     SECTION 2. INVESTMENT GUIDELINES - Client shall provide from time to time
written investment objectives and guidelines established by its Board of
Directors to IIM (the "Client Guidelines"). IIM shall make recommendations to
Client regarding the direction and management of the investment and reinvestment
of assets in the Account, and shall invest and reinvest the assets in the
Account consistent with the Client Guidelines. To the extent that Client's
investments are subject to restrictions based on the laws and regulations of
Client's domicile, Client will provide IIM with an initial copy and prompt
updates of such restrictions. The Client Guidelines currently in effect are
attached hereto as EXHIBIT "A".

     SECTION 3. DISCRETIONARY AUTHORITY: BROKERAGE: - Subject to the terms and
conditions of this Agreement, Client hereby confers, and IIM hereby accepts (a)
full discretion and authority to supervise, manage and direct their assets in
the Account, including, without limitation, establishing a securities lending
program, and (b) the right, power and authority, as Client's agent, to
negotiate, execute, deliver, amend, modify and/or terminate such legal documents
of every kind and nature which IIM believes are necessary or advisable in
connection with its performance of this Agreement (including without limitation,
contracts, deeds, notes, assignments, mortgages, leases, security agreements and
service agreements). IIM shall have the power and authority as Client's agent to
establish brokerage accounts on behalf of Client, to purchase, sell, invest,
reinvest, exchange, convert and trade the assets in the Account and to place all
orders for the purchase and sale of securities with or through brokers, dealers
or issuers selected by IIM (including those that from time to time may furnish
to IIM statistical and investment research information and other services).

     SECTION 4. ADMINISTRATIVE SERVICES - IIM will provide Client with the
following administrative services: preparation of Schedules B and D to Client's
annual statement; preparation of quarterly investment reports for submission by
Client to its Board of Directors; pricing of portfolios on a periodic basis as
mutually agreed; private placement securities servicing (provided that servicing
needs outside IIM's historical experience may be outsourced, and billed to
Client, at IIM's cost); coordination of purchases and sales at custodian

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banks; and management of a securities lending program and coordination of
securities lending transactions (as and if applicable to the Account). IIM
will also (at its election) either provide or arrange for the provision of
mortgage loan servicing for the Account. Client will pay the fees of any
third party mortgage loan servicer. IIM shall keep and maintain or cause to
be kept and maintained full and complete documentation and records of all
transactions in respect of the assets in the Account and shall reconcile its
books and records and the books and records of the custodian in a manner
deemed acceptable by IIM. IIM shall maintain custody of said documentation
and records and shall make them available to ALIAC and the Connecticut
Insurance Department upon request.

     SECTION 5. FEES - Client will pay to IIM as full compensation for services
rendered a quarterly fee based on the annual fees set forth in EXHIBIT "B",
which is attached hereto and incorporated herein by reference. The books,
accounts, and records for each party shall be maintained so as to clearly and
accurately disclose the precise details of the transactions to support the
reasonableness of the asset based fees charged. This fee schedule may be amended
by written agreement of the parties. If IIM shall serve for less than the whole
of any quarterly period, its compensation shall be payable on a pro rata basis
for the period of the calendar quarter for which it has served as an advisor
hereunder. No cash or securities due to or held for the Account shall be paid or
delivered to IIM except in payment of the fee payable to IIM under this
Agreement.

     SECTION 6. PROCEDURES - All transactions will be consummated by payment
to or delivery by Client, or such other party as the Client may designate in
writing (the "Custodian"), of all cash and/or securities due to or from the
Account. IIM shall not act as custodian for the Account. IIM shall instruct
all brokers or dealers executing orders on behalf of the Account to forward
copies of all brokerage confirmations promptly after execution of such
transaction to Client and/or the Custodian. Client will instruct the
Custodian, if any, to provide IIM with such periodic reports concerning the
status of the Account as IIM may reasonably request. IIM shall be authorized
to rely and act upon instruction received from any Client representative
reasonably believed by IIM to be authorized to provide such instruction.

     SECTION 7. PROXIES - Unless otherwise requested by Client, IIM shall vote
securities held in the Account in response to proxies solicited by the issuers
of such securities in accordance with IIM's proxy voting guidelines as in effect
from time to time. A copy of such guidelines will be provided to Client upon its
request.

     SECTION 8. SERVICE TO OTHER CLIENTS - It is understood that IIM provides
investment advisory services for other clients. It is further understood that
IIM may take investment action on behalf of such other clients which differs
from investment action taken on behalf of Client. If the purchase or sale of
securities for the Account and for one or more such other clients is considered
at or about the same time, the transactions in such securities will be allocated
in a manner deemed equitable by IIM.

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     SECTION 9. LIMITATION OF LIABILITY - In rendering services under this
Agreement, IIM will not be subject to any liability to Client or to any other
party for any act or omissions of IIM except as the result of IIM's gross
negligence or willful misconduct. IIM may, with respect to questions of law,
apply for and obtain the advice and opinion of counsel, and shall be fully
protected with respect to anything done by it in good faith in conformity with
such reasonable advice or opinion. Nothing herein shall in any way constitute a
waiver or limitation of any right of any party under applicable Federal or State
law.

     SECTION 11. CERTAIN EXPENSES - Client shall pay, or reimburse IIM for, all
costs and expenses incurred by IIM (including without limitation the fees and
expenses of outside counsel) in connection with litigation, workouts,
restructuring and other similar activities related to the performance of IIM's
obligations hereunder. IIM shall also be entitled to obtain reimbursement from
Client for such other fees, costs and expenses which are agreed upon by Client
and IIM and payable to unrelated third party contractors engaged by IIM pursuant
to this Agreement in connection with IIM's performance of this Agreement. The
expenses incurred and payments received or made will be allocated according to
customary accounting practices.

     SECTION 12. REPRESENTATIONS BY CLIENT - Client hereby represents and
warrants to IIM as follows:

          (a)  Client has the power and authority to execute, deliver and
perform its obligations under this Agreement;

          (b)  This Agreement has been duly authorized, validly executed and
delivered by one or more authorized signatories of Client, and this Agreement
constitutes a legal, valid and binding obligation of Client, enforceable against
Client in accordance with its terms;

          (c)  The execution and delivery of this Agreement and Client's
performance hereunder do not and will not be in contravention of or in
conflict with Clients charter documents or the provisions of any statute,
judgment, order, indenture, instrument, agreement or undertaking to which
Client is a party of by which Client's assets or properties are or may become
bound. Client has obtained all necessary consents and approvals of all
regulatory and governmental authorities and agencies having jurisdiction over
Client for Client to execute and deliver this Agreement and to perform
hereunder.

     SECTION 13. REPRESENTATIONS BY IIM - IIM hereby represents and warrants to
Client as follows:

          (a)  IIM has the power and authority to execute, deliver and perform
its obligations under this agreement;

          (b)  This agreement has been duly authorized, validly executed and
delivered by one or more authorized signatories of IIM, and this Agreement
constitutes a legal, valid and binding obligation of IIM, enforceable against
IIM in accordance with its terms;

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          (d)  The execution and delivery of this Agreement and IIM's
performance hereunder do not and will not be in contravention of or in
conflict with IIM's charter documents or the provisions of any statute,
judgment, order, indenture, instrument, agreement or undertaking to which IIM
is a party or by which IIM's assets or properties are or may become bound.
IIM has obtained all necessary consents and approvals of all regulatory and
governmental authorities and agencies having jurisdiction over IIM for IIM to
execute and deliver this Agreement and to perform hereunder.

     SECTION 14. FORM ADV PART II - The parties hereto acknowledge that,
prior to the execution of this Agreement, IIM furnished to Client, for
Client's review and inspection, a copy of the Form ADV Part II most recently
filed by IIM with the Securities and Exchange Commission. Upon Client's
written or oral request, IIM shall provide to Client a copy of any future
Form ADV Part II.

     SECTION 15. TERMINATION - This Agreement shall be renewable yearly by
agreement of the parties, which renewal shall be automatic, unless terminated by
either party upon thirty (30) days prior written notice.

     SECTION 16. NOTICE - Any notice, advice or report to be given pursuant to
this Agreement shall be delivered or mailed:

                To IIM:        ING INVESTMENT MANAGEMENT LLC
                               c/o Corporate Counsel
                               5780 Powers Ferry Road - Suite 300
                               Atlanta, Georgia 30327-4349

                To Client:     AETNA LIFE INSURANCE AND ANNUITY COMPANY
                               c/o Chief Financial Officer
                               151 Farmington Ave.
                               Hartford, CT 06156

     SECTION 17. CONSTRUCTION OF AGREEMENT - This Agreement shall be construed
and the rights and obligations of the parties hereunder enforced in accordance
with the laws of the State of Georgia.

     SECTION 18. ASSIGNMENT This Agreement shall bind and inure to the benefit
of and be enforceable by the parties hereto and their permitted successors and
assigns hereunder: provided, however, that IIM may not assign its rights and
obligations under this Agreement unless and until it shall have first received
the prior written consent of Client. The above consent may be withheld for any
reason, but if such consent is given, IIM's assignee shall be required to assume
and agree to perform all the obligations of IIM hereunder and IIM shall remain
fully

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liable for the performance of its obligations under this Agreement arising
prior to any such assignment.

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     IN WITNESS WHEREOF, the parties hereto have executed this Agreement or
caused it to be executed by their duly authorized officers, all as of the day
and year first above.

CLIENT:                           AETNA LIFE INSURANCE AND ANNUITY COMPANY
                                  By: /s/ Shaun P. Matthews
                                      ------------------------------------
                                      Name: SHAUN P. MATTHEWS
                                      Title: SENIOR VICE PRESIDENT


IIM:                              ING INVESTMENT MANAGEMENT LLC
                                  By: /s/ Mark S. Jordahl
                                      ------------------------------------
                                      Name: MARK S. JORDAHL
                                      Title: PRESIDENT

                                       6
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                                                              EXHIBIT "A"

                                                           CLIENT GUIDELINES

               AETNA LIFE INSURANCE AND ANNUITY COMPANY

               GENERAL ACCOUNT INVESTMENT POLICY STATEMENT


Following is a statement of overall investment guidelines for ING FSI North
America (FSI-NA). The guidelines apply to the general accounts of the insurance
companies in the United States and Canada. The aggregate of portfolios for each
country should be within these guidelines; legal entity and individual
portfolios can be outside these guidelines with the approval of FSI-NA General
Management. Insurance Regulations pertaining to asset and portfolio
characteristics will, of course, supersede these guidelines. Also stated are
some specific guidelines and other considerations for our investment program.


BROAD GUIDELINES

I.   QUALITY

     Portfolios should be cautious in accepting credit risk. The incremental
     returns for accepting this risk can appear attractive in good times and
     inadequate in bad times. Therefore, it is the philosophy of FSI-NA that the
     credit risk exposure should be highly diversified, actively managed, and
     under continuous review. Specific maximum exposures have been selected to
     achieve these results.

     Average quality of fixed income securities - e.g., public bonds, private
     placements, asset-backed securities, and MBS/CMO - cannot be below A+ for
     each country. FSI-NA will monitor bond quality on a quarterly basis.

     Credit quality guidelines include maximum holdings of individual credits.
     These maximum holdings apply to initial purchases of securities. If
     existing holdings deteriorate in quality and violate these maximums the
     security must be immediately evaluated and brought into compliance with
     these guidelines or obtain approval of FSI-NA General Management. Each
     portfolio is expected to use adequate default charges to cover credit risk.

                                       7
<Page>

     May 11, 1998

     A.   MAXIMUM HOLDINGS OF INDIVIDUAL CREDITS - US

<Table>
<Caption>
                                                                           % OF
SECURITY                                                               TOTAL ASSETS
--------                                                               ------------
<S>                                                                <C>
US Governments and all US Government Guaranteed                           No Limit

AAA Mortgage-Backed Securities (per issue)                                 2.00%

AA Mortgage-Backed Securities (per issue)                                  1.00

Corporates, Public and 144A Private Asset-Backed                           1.00
  Securities, and Commercial Mortgage-Backed Securities
  AAA to AA-

Corporates and Whole Loan MBS/CMO A+ to A-                                 0.75

Corporates and Whole Loan MBS/CMO BBB+ to BBB-                             0.50

Private Placements, Private and Public Asset-Backed
  Securities:
      A- or better                                                         0.60
      BBB+ to BBB-                                                         0.45

Public and Private Non-Investment Grade                                    0.25
  (Split-Rated, BB and B)

Foreign Based Corporations

      Corporates based in countries rated at least A-/A3           Same as for domestic
      and/or U.S. $ convertibility risk mitigated transactions     companies

      All Others                                                           0.25

Commercial Mortgage (per transaction)                                      0.45
</Table>

                                       8
<Page>

B.   MAXIMUM HOLDINGS OF INDIVIDUAL CREDITS - CANADA

<Table>
<Caption>
     QUALITY RATING (CBRS)                              % OF TOTAL ASSETS
     ---------------------                              -----------------
<S>                                                     <C>
     Federal Government                                     No Limit

     Provincial Governments (per Province)                     15%

     Municipal Governments (per Municipality)                   5

     Financial Papers of Six Largest Banks (per Bank)           5

     Corporates AAA                                             4

     Corporate AA                                               3

     Corporates A                                               2

     Corporates BBB                                             1

     Mortgage-backed securities Guaranteed by NHA               2

     Commercial Mortgages (uninsured)                           1

     Private Placements                                         1

             AAA                                                1.0
             AA                                                 0.8
             A                                                  0.6
             BBB                                                0.5

     Public & Private Below Investment Grade                    0.3
</Table>

II.  MATCHING

     To minimize interest rate risk, we embrace the basic principle that for
     each portfolio,

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     duration and, if applicable, cash flow must bear a known relationship to
     the corresponding characteristics of life insurance and savings product
     liabilities. The duration of each portfolio must be maintained within the
     range established by FSI-NA and may not exceed target duration by more than
     one year. The asset/liability relationship will be monitored and documented
     on a regular basis.

     Only fixed-income securities and commercial mortgages are authorized for
     liability matching unless general account liabilities are linked to equity
     performance. Common stock, real estate, and other equity investments are
     permissible in surplus portfolios and are to be excluded from duration of
     fixed income assets. All assets should be either denominated in or swapped
     into the currency of the liability to be consistent with our matching
     philosophy.

III. DIVERSIFICATION

     The asset mix of the country will be within maximum exposures for the
     general account assets (excluding separate accounts and segregated/variable
     accounts):

<Table>
<Caption>
                                                   US ASSET CLASS MAXIMUMS
                                                   -----------------------
<S>                                                <C>
ASSET CLASS

Public Bonds                                                 100%
Below Investment Grade                                         8.5
Foreign Based Corporations
     Aggregate Limit                                          10
     Country Limit (by rating category)
          AAA to AA-                                           4
          A+ to BBB                                            3
          Below Investment Grade or Unrated                    2
MBS/CMO (including CMO-B)                                     40
CMO-B                                                          7*
Commercial Mortgages                                          20
Private Placements                                            30
Preferred Stock                                               10
"Basket Assets"                                               10**
(Common Stock, Real Estate and other
 Equity Investments)
</Table>

       *  Target maximum is 7%; allocation may increase to 8% over short term
          periods -- i.e., three consecutive month ends -- to take advantage of
          market opportunities

       ** not to exceed surplus

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<Page>

<Table>
<Caption>
                                                 CANADIAN ASSET CLASS MAXIMUMS
                                                 -----------------------------
<S>                                              <C>
ASSET CLASS

Bonds and MBS                                                100%

Insured Mortgages                                             50

Commercial Mortgages                                          50

Below Investment Grade                                         5

Preferred Shares                                              30

Common Shares                                                 15*

Private Placements                                            20

Short term securities excluding operating cash                20
</Table>

* (i) Excluding equities matched to general account liabilities and (ii) not to
      exceed surplus.

Diversification by asset class is desirable to add economic diversification and
to diversify away the risks of credit, liquidity, and convexity/call. It is our
philosophy that diversification among and within asset classes mitigates those
infrequent but severe periods that befall every asset class from time-to-time.

SPECIFIC GUIDELINES

     1.   No venture capital.

     2.   Maximum exposure to below investment grade bonds limited to 8.5% of
          assets.

     3.   Interest rate swaps, currency swaps, interest rate caps and floors,
          equity options, and other derivatives may be used in conjunction with
          specific direct investments or for portfolio asset liability
          management provided the resultant exposure is within counterparty
          exposure limits separately established; use of derivatives for
          purposes beyond the parameters established in these guidelines is
          prohibited.

                                       11

<Page>

REAL ESTATE EQUITIES

In order to opportunistically take advantage of equity real estate investments
offering unusually attractive returns or joint transactions with ING real
estate, such investments are permissible but the book value of such assets would
be limited to no more than two percent (2%) of invested assets.

INVESTMENT RESULTS

FSI-NA General Management will approve investment performance benchmarks for
each portfolio. These may include spread/benchmarks, total return benchmarks,
competitive measurement and positioning, and investment income targets depending
on the nature of the asset/liability relationship and the portfolio management
strategy. Actual results vs. benchmarks will be reviewed quarterly.

TAX EFFICIENCY

Portfolios can be modified to achieve enhanced after-tax results. These
modifications generally take two forms: tax-enhanced investments such as common
and preferred shares to minimize income taxes and transactions undertaken to
minimize capital gains taxes. These activities are encouraged as long as they
are consistent with the tax position in each country and do not incur capital
loss beyond levels approved by FSI-NA.

SHORT TERM INVESTMENT REQUIREMENTS -- U.S.

Short-term (90 days or less) investing will be done only in Treasury,
Mortgage-Backed Repurchase Agreements, Commercial Paper, Time Deposits, Bankers
Acceptance Notes and Loan Participations in domestic companies carrying a
quality rating of A1, P1 or the long-term credit rating of A3 or higher.

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                                                          EXHIBIT "B"

                         ING INVESTMENT MANAGEMENT LLC

                             ADVISORY FEE SCHEDULE

                              AS OF APRIL 1, 2001

ANNUAL ASSET MANAGEMENT FEES (based on assets under management):

<Table>
<Caption>
ASSET CLASS                                                        BASIS POINT FEE
----------------------------------------------------------------------------------------
<S>                                                             <C>
-  public bonds, MBS, CMO-A, preferred stock, insured                    20.0
   residential mortgages and short term investments

-  private placements (investment grade)                                 20.0

-  below investment grade                                                25.0

-  derivatives                                                           50.0

-  CMO-B                                                                 50.0

-  actively managed common stock and other high yield                    50.0
   stock programs

-  indexed common stocks                                                 10

-  commercial mortgages                                                  20.0

-  real estate, foreclosed mortgages, and problem                        72.7
   commercial loans

-  portfolio management and investment services (applied to     1.8 b.p. for first $1.0
   all assets under management per portfolio)                   billion and 0.8 b.p.
                                                                for the excess

-  separate accounts, segregated funds, and pension trusts      5.0 b.p. in additional
                                                                to the asset class
                                                                charge
</Table>

PRODUCTION FEE (one-time fee assessed at close of transaction):

<Table>
<Caption>
ASSET CLASS                                                        BASIS POINT FEE
----------------------------------------------------------------------------------------
<S>                                                             <C>
-  private placements (investment grade)                                 20.7

-  private placements (international - investment grade)                 30.0

-  private placements (BIG)                                              40.0

-  commercial mortgages                                                  16.7
</Table>

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