<Page>

                         INVESTMENT ADVISORY AGREEMENT

     THIS INVESTMENT ADVISORY AGREEMENT (the "Agreement"), dated march 31, 2001,
is by and between Aetna Insurance Company of America, a corporation existing
under the laws of Florida ("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 the 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,
lend, 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 periodic basis as
mutually agreed; private placement securities servicing (provided that servicing
needs outside of IIM's historical experience may be outsourced, and billed to
Client, at IIM's cost); coordination of purchases and sales at custodian banks;
and management of a securities lending program and coordination of securities
lending

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transactions ( which may include reinvestment by IIM or its designee of cash
collateral supporting securities lending transactions) (as and if applicable to
Account). IIM will also (at its election) either provide or arrange for the
provision of 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.

     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. 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 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 proved 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 take 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.

     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.

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     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
obligation 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.

     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 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 or 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
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;

          (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

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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 may be terminated by either party
on the month-end next following receipt of written notice of termination.

     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 INSURANCE COMPANY OF AMERICA
                                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 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 INSURANCE COMPANY OF
                                        AMERICA

                                        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
                                                 ------------------------------

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                                  EXHIBIT "A"

                               CLIENT GUIDELINES

                       AETNA INSURANCE COMPANY OF AMERICA

                  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 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.

     May 11, 1998

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     A.   Maximum Holdings of Individual Credits - US

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

AAA Mortgage-Backed Securities (per issue)                                                                2.00%

AA Backed-Backed Securities (per issue)                                                                   1.00

Corporates, Public and 144A Private Assets-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 Assets-Backed
  Securities:
     A- or better                                                                                         0.60
     BBB+ or 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>

     B.   MAXIMUM HOLDINGS OF INDIVIDUAL CREDITS - CANADA

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

     Provincial Government (per Province)                                                       15%

     Municipal Government (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, 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

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     denominated in or swapped into the currency of the liability to be
     consistent with our marching 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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<Table>
<Caption>
                                                            CANADIAN ASSET CLASS MAXIMUMS
                                                            -----------------------------
<S>                                                                     <C>
ASSET CLASS

Bonds and MBS                                                           100%

Insured Mortgages                                                        50

Commercial Mortgages                                                     30

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.

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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. Theses may include spread/benchmarks, total return benchmarks,
competitive measurement and positioning, and investment income targets depending
on the nature of the assets/liability relationship and the portfolio management
strategy. Actual results vs. benchmarks will be reviewed quarterly.

TAX EFFICIENCY

Portfolio can be modified to achieve enhance 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: or as
otherwise determined by the treasury department.