Document:

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                                                                  EXHIBIT 10.(o)

                               SERVICES AGREEMENT

This Services Agreement ("Agreement") is made this first day of June, 2002,
("Effective Date") by and between ING Life Insurance and Annuity Company, an
insurance company organized and existing under the laws of the state of
Connecticut ("Company"), and ING Financial Advisers, LLC, a broker-dealer
organized and existing under the laws of the state of Delaware ("Service
Provider").

                                    RECITALS

      WHEREAS, Service Provider is a broker-dealer registered with and a member
of the National Association of Securities Dealers and a investment advisor
registered with the Securities and Exchange Commission with experience and
expertise in broker-dealer and financial advisory services and investment; and

      WHEREAS, Service Provider possesses certain resources, including
experienced personnel, facilities and equipment, which enables it to provide
certain administrative, management, professional, advisory, consulting and other
services to the others ("Services"); and

      WHEREAS, Company desires to obtain certain services from Service Provider
as described herein for the benefit if its customers;

      WHEREAS, each party contemplates that such an arrangement will achieve
operating economies, synergies and expense savings, and improve services to the
benefit of its policyholders or contractholders; and

      NOW, THEREFORE, in consideration of these premises and of the mutual
promises set forth herein, and intending to be legally bound hereby, the parties
agree as follows:

      1.    SERVICES.

            (a)   Subject to the terms, conditions, and limitations of this
Agreement, the Service Provider will perform for the Company such of the
Services described in Exhibit A, attached hereto and incorporated herein by this
reference, as the Company may from time to time request.

            (b)   The Service Provider shall employ all operating and management
personnel necessary to provide the Services required by this Agreement. The
Service Provider shall also maintain such facilities and equipment and arrange
for provision of services by third parties as it deems reasonably necessary in
order to provide the Services required by the Agreement.

            (c)   The Service Provider shall keep and maintain or cause to be
kept and maintained full and complete documentation and records related to the
Services provided including the accounting necessary to support charges for
Services. The Service Provider shall maintain custody of said documentation and
records and shall make them available to the Company and the appropriate
insurance regulator of the Company upon request.

                                        1
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      2.    CHARGES FOR SERVICES.

            (a)   It is the intention of the parties that the charges for the
Services provided under this Agreement be determined in accordance with fair and
reasonable standards and that no party realize a profit nor incur a loss as a
result of the Services rendered pursuant to this Agreement.

            (b)   The Company agrees to reimburse the Service Provider for all
direct costs incurred on behalf of the Company and for all indirect costs which
may be charged to the Company as follows:

                  (i)   "Direct Costs" include costs incurred by the Service
Provider for Services provided directly to the Company, including but not
limited to: (a) All costs incident to any employee or employees who are employed
in rendering Services to the Company, such as salary, payroll taxes, and
benefits and (b) the cost of other reasonable and necessary business expenses
incurred by employees who are employed in rendering Services to the Company such
as training, travel and lodging. Direct Costs shall be charged in accordance
with reasonable functional cost studies and/or other information and
methodologies used by the Service Provider for internal cost distribution
including, where appropriate, an analysis of time spent by each employee
providing Services to the Company and/or the percentage of administrative
systems utilized. Data for this analysis will be collected through tracking of
unit costs of Services, through time studies conducted periodically, or through
other methods consistent with customary insurance accounting practices
consistently applied. Annually, the bases for determining direct costs shall be
modified and adjusted by mutual agreement of the Service Provider and the
Company, where necessary or appropriate, to fairly and equitably reflect the
actual cost incurred by the Service Provider on behalf of the Company.

                  (ii)  "Indirect Costs" include all other costs incurred by the
Service Provider in rendering Services to the Company, including but not limited
to the cost of rent or depreciation of office space, utilities, office
equipment, and supplies utilized by employees who are employed in rendering
Services to the Company. Indirect costs shall be charged to the Company based on
the proportion of total direct costs chargeable to the Company under
subparagraph (i), herein. In other words, if the direct costs chargeable to the
Company represents 20% of the Service Provider's total direct costs, then 20% of
the Service Provider's indirect costs will be charged to the Company.

            (c)   The charges for Direct Costs and Indirect Costs referred to
above shall be made by the Service Provider on a monthly, quarterly or annual
basis as appropriate for the particular Service. Payment of such charges shall
be made within 30 days after tender.

            (d)   In the event the Service Provider or the Company should
discover upon review of its accounting by its internal auditors, independent
auditor, any state insurance department, or other regulatory agency, that an
amount charged for Services provided hereunder was erroneous, the party
discovering the error will give prompt notice of such error to the affected
party under this Agreement. Such notice shall contain a description of the
accounting error, corrective action and supporting documentation. Any amounts
owing as a result of the correction shall be paid within sixty (60) days after
notice has been given.

                                        2
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            (e)   The Company shall have the right to inspect and audit, upon
reasonable notice to the Service Provider, all books and records of the Service
Provider related to the provision of the Services so as to verify the accuracy
of all expenses reimbursed under this Agreement.

      3.    TERM.

      This Agreement shall be effective as of the Effective Date, and shall end
on the 31st day of December, 2002. This Agreement shall be automatically renewed
on the first day of each calendar year thereafter for a twelve-month period
under the same terms and conditions, subject to the provisions for termination
set forth herein.

      4.    TERMINATION.

      This Agreement may be terminated by the Service Provider or by the
Company by providing thirty (30) days' written notice to that effect addressed
to the other party. Any Services provided following the effective date of
termination which, by their nature, continue after termination shall be provided
under the same terms and conditions which prevailed at the time of such notice.

      5.    STANDARD OF SERVICE.

      The Service Provider shall perform the Services in a competent and
professional manner according to standards agreed upon by the Service Provider
and the Company. The Service Provider agrees that it will exercise due diligence
to abide by and comply with all laws, statutes, rules, regulations, and orders
of any governmental authority in the performance of its Services under this
Agreement. The Service Provider will conduct its business and perform its
obligations in a manner which will not cause the possible revocation or
suspension of the Company's Certificate(s) of Authority or cause the Company to
sustain any fines, penalties, or other disciplinary action of any nature
whatsoever.

      6.    LIMITATION OF AUTHORITY.

      The Company shall retain ultimate control and responsibility for all
Services that it has delegated to the Service Provider under this Agreement. In
no event shall the Services involve control of the management of the business
and affairs of the Company. The Service Provider shall provide Services
hereunder as an independent contractor, and shall act hereunder so as to assure
the separate operating identity of the Company. While rendering Services to the
Company pursuant to this Agreement, the Service Provider, its officers and
employees shall not at any time or for any purpose be considered agents of the
Company unless otherwise expressly agreed to by the parties. Under no
circumstances shall the Services provided pursuant to this Agreement be deemed
to be those of a third party administrator pursuant to any applicable state
statutes.

                                        3
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      7.    INDEMNIFICATION.

            (a)   The Company hereby agrees to indemnify, defend and hold
harmless the Service Provider, its officers, directors and employees, from and
against any and all claims, demands, losses, liabilities, actions, lawsuits and
other proceedings, judgements and awards, and costs and expenses (including
reasonable attorneys' fees), arising directly or indirectly, in whole or in part
out of any action taken by the Service Provider within the scope of its duties
or authority hereunder, excluding only such of the foregoing as result from the
negligence or willful acts or omissions of the Service Provider, its officers,
directors, agents and employees. The provisions of this section shall survive
termination of this Agreement.

            (b)   The Service Provider hereby agrees to indemnify, defend and
hold harmless the Company and its officers, directors and employees from and
against any and all claims, demands, losses, liabilities, action, lawsuits and
other proceedings, judgments and awards, fines and penalties, and costs and
expenses (including reasonable attorneys' fees), arising directly or indirectly,
in whole or in part, out of the negligence or any willful act or omission of the
Service Provider or of any of its officers, directors, agents or employees, in
connection with this Agreement or the performance of the Service Provider's
Services hereunder, or out of any action taken by the Service Provider beyond
the scope of the Service Provider's duties or authority hereunder. The
provisions of this section shall survive termination of this Agreement.

      8.    NOTICES.

      All notices, requests, and communications required or permitted under
this Agreement shall be in writing and deemed given when addressed to the
applicable address set forth in Exhibit B attached hereto and (i) delivered by
hand to an officer of the other party, (ii) deposited with the U.S. Postal
Service, as first-class certified or registered mail, postage prepaid, or (iii)
deposited with an overnight courier. Any notice of a change of address shall be
given in the same manner.

      9.    COOPERATION.

      Each party to this Agreement shall cooperate with the other party, and
with appropriate governmental authorities (including, without limitation, the
Securities and Exchange Commission, the National Association of Securities
Dealers and state insurance regulators) and shall permit such authorities
reasonable access to its books and records in connection with any investigation
or inquiry relating to this Agreement or the transactions contemplated hereby.

      10.   ARBITRATION.

      Any controversy or claim arising out of or relating to this Agreement, or
the breach thereof, shall be settled by arbitration in accordance with the Rules
of the American Arbitration Association, and judgment upon the award may be
entered in any Court having jurisdiction thereof.

                                        4
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      11.   WAIVER.

      No waiver of any provision of this Agreement shall be deemed, or shall
constitute, waiver of any other provision, whether or not similar, nor shall any
waiver constitute a continuing waiver. No waiver shall be binding unless
executed in writing by the party making the waiver. Failure of any party to
exercise or delay in exercising any right or power granted under this Agreement
shall not operate as a waiver of any such right or power.

      12.   MISCELLANEOUS.

      This Agreement may not be assigned by either party without the prior
written consent of the other party. This Agreement constitutes the entire
agreement of the parties hereto. This Agreement may be amended only by a written
instrument executed by both parties. If any portion of this Agreement is invalid
under any applicable statute or rule of law, it shall not affect the remainder
of this Agreement which shall remain valid and binding. This Agreement shall be
binding on the parties, their legal representatives and successors. This
Agreement shall be construed in accordance with and governed by the laws of the
State of Connecticut, without regard to principles of conflict of laws.

      13.   COUNTERPARTS.

      This Agreement may be executed in separate counterparts, each of which
shall be deemed an original, but all of which together shall constitute one and
the same instrument.

      IN WITNESS WHEREOF, the parties have caused this Agreement to be duly
executed as of the date first above written.

                                        ING Financial Advisers, LLC

                                        By:   /s/ Christina Lareau
                                              --------------------
                                        Name:     Christina Lareau
                                        Title:    Vice President

                                        ING Life Insurance and Annuity Company

                                        By:   /s/ Paula Cludray-Engelke
                                              -------------------------
                                        Name:     Paula Cludray-Engelke
                                        Title:    Secretary

                                        5
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                                    Exhibit A

-     Financial counseling and related counseling and education services to
      existing and potential policyholders, contractholders, certificate
      holders, beneficiaries, and other customers of Company, including in
      connection with payment of life benefit proceeds to beneficiaries of life
      insurance policies and related products.

-     Administrative services, including customer service, establishment and
      maintenance of customer benefit accounts and information files, processing
      account payments, and tax reporting.

-     Preparation of sales promotional items, advertising materials and training
      programs.

-     Related financial and other reporting, including reconciliation of
      customer checkbook accounts with Company's general ledgers and tracking
      expenses related to claim payouts, administration of checkbook accounts
      and other expenses related to provision of the services, information and
      data processing services, and printing, record, file, mail and supply
      services.

                                        6
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                                    Exhibit B
                              Addresses for Notice

      ING Financial Advisers, LLC
      151 Farmington Avenue
      Hartford, CT 06156

      ING Life Insurance and Annuity Company
      151 Farmington Avenue
      Hartford, CT 06156

                                        7<Page>

                                                                  EXHIBIT 10.(p)

                          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 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/to 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 services 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
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 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 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

                                        1
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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 of 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.

       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 or any party under applicable Federal or State
law.

                                        2
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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
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 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
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;
                    (c)  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.

                                        3
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       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 LIFE INSURANCE AND ANNUITY COMPANY
                                c/o Chief Financial Officer
                                151 Farmington Avenue
                                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.

       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/    David Pendergrass
                                        ----------------------------------------
                                        Name:  David Pendergrass
                                        Title: Vice President and Treasurer

       IIM:                         ING INVESTMENT MANAGEMENT LLC

                                    By: /s/    Mark S. Jordahl
                                        ----------------------------------------
                                        Name:  Mark S. Jordahl
                                        Title: President

                                        4
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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.

                                        5
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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

       Corporate, Public and 144A Private Asset-Backed                       1.00
       Securities and Commercial Mortgage-Backed Securities
       AAA and 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>

                                        6
<Page>

B.     MAXIMUM HOLDINGS OF INDIVIDUAL CREDITS - CANADA

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

       Quality Rating (CBRS)                                                % of
                                                                        Total Assets

       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, 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.

                                        7
<Page>

       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

                                        8
<Page>

<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 bond 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.

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.

                                        9
<Page>

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 b FSI-NA.

SHORT TERM INVESTMENT REQUIREMENTS - US

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.

                                       10
<Page>

                                    EXHIBIT B

                          ING INVESTMENT MANAGEMENT LLC
                              ADVISORY FEE SCHEDULE
                              AS OF JANUARY 1, 2003

ANNUAL ADVISORY FEES (based on assets under management):
(minimum is $50,000 for small portfolios)

<Table>
<Caption>
                             ASSET CLASS                                             BASIS POINT FEE
----------------------------------------------------------------------------------------------------
<S>                                                                              <C>
-    Public bonds, MBS, CMO-A, Passthroughs,                                                25.0

-    Private Placements (investment grade)                                                  25.0

-    Below Investment Grade                                                                 44.0

-    Derivatives / Residuals / CMO-B                                                        65.0

-    Short Term Assets                                                                       25

-    Actively Managed Common Stock & Preferred Stock                                        52.0

-    Indexed Common Stocks                                                                  10.0

-    Commercial Mortgages                                                                   25.0

-    Real Estate Equity, Foreclosed Mortgages, and Problem Commercial Loans                  69

-    portfolio management and investment services (applied to all assets under   1.8 b.p. for first $1.0
     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)                                                  23

-    private placements (international - investment grade)                                  33

-    private placements (BIG)                                                               40

-    commercial mortgages                                                                  16.7
</Table>

                                       11

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