Document:

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                                                                   Exhibit 10.15

                               CRM HOLDINGS, LTD.

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                     EMPLOYMENT AGREEMENT FOR LOUIS VIGLOTTI

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                               CRM HOLDINGS, LTD.

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                     EMPLOYMENT AGREEMENT FOR LOUIS VIGLOTTI
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1.    Term..................................................................   1
2.    Position, Duties and Responsibilities.................................   1
3.    Base Salary...........................................................   2
4.    Incentive Awards......................................................   2
5.    Long-Term Incentive Programs..........................................   2
6.    Other Payments........................................................   2
7.    Employee Benefit Programs.............................................   2
8.    Disability............................................................   3
9.    Reimbursement of Business and Other Expenses..........................   3
10.   Termination of Employment.............................................   4
11    Confidentiality; Litigation Cooperation; Non-disparagement............   8
12.   Non-competition.......................................................   9
13.   Non-solicitation......................................................  10
14.   Remedies..............................................................  10
15.   Resolution of Disputes................................................  10
16.   Indemnification.......................................................  10
17.   Excise Tax Gross-Up...................................................  11
18.   Miscellaneous.........................................................  13
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                              EMPLOYMENT AGREEMENT

      AGREEMENT, made and entered into as of the 22nd day of November 2005 by
and between CRM Holdings, Ltd., a Bermuda company (together with its
subsidiaries from time to time and its successors and assigns, "CRM"), and Louis
Viglotti (the "EXECUTIVE").

                              W I T N E S S E T H:

      WHEREAS, CRM is contemplating an initial public offering of its common
shares, $0.01 par value per share, registered with the US Securities and
Exchange Commission on Form S-1 in accordance with the requirements of the US
Securities Act of 1933, as amended (the "PUBLIC OFFERING");

      WHEREAS, CRM desires to employ Executive as of the date of the completion
of the Public Offering (the "EFFECTIVE DATE") and Executive desires to accept
such employment, pursuant to an agreement embodying the terms of such employment
(this "AGREEMENT").

      NOW, THEREFORE, in consideration of the premises and mutual covenants
contained herein and for other good and valuable consideration, the receipt of
which is mutually acknowledged, CRM and Executive (individually a "PARTY" and
together the "PARTIES") agree to be bound in accordance with the terms of this
Agreement.

      1.    Term.

            (a) The term of Executive's employment under this Agreement shall
commence on Effective Date and end on the fifth anniversary of such date (the
"ORIGINAL TERM"), unless terminated earlier in accordance herewith. The Original
Term shall be automatically renewed for successive one-year terms (the "RENEWAL
TERMS") unless at least 180 days prior to the expiration of the Original Term or
any Renewal Term, either Party notifies the other Party in writing that he or it
is electing to terminate this Agreement at the expiration of the then current
Term. "TERM" shall mean the Original Term and all Renewal Terms. If a Change in
Control (as defined below) occurs during the Term, the Term shall not expire
earlier than two years after the date of such Change in Control.

            (b) Non-renewal by CRM. In the event that this Agreement is not
renewed because CRM has given the 180-day notice prescribed in the preceding
paragraph on or before the expiration of the Term resulting in the expiration of
the Term prior to Executive's 62nd birthday, such non-renewal shall be treated
as a termination by the Company without "CAUSE" pursuant to Section 10(d).

      2.    Position, Duties and Responsibilities.

            (a) Generally. Executive shall serve as General Counsel ("GC") of
CRM as well as General Counsel of each of CRM's subsidiaries. In any and all
such capacities, Executive shall report to the Co-Chief Executive Officers.
Executive shall have and perform such duties, responsibilities, and authorities
as are customary for the general counsel or chief legal officers of similar size
companies and businesses as CRM, as are consistent with such positions and
status. Executive shall devote substantially all of his business time and
attention (except for periods of vacation or absence due to illness), and his
best efforts, abilities,

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experience, and talent to the position of GC of CRM.

            (b) Other Activities. During the Term, Executive may (i) serve on
the boards of directors of other corporations or trade associations and/or
charitable organizations, provided that Executive shall notify the Board of any
such position, (ii) engage in charitable activities and community affairs, and
(iii) manage personal investments and affairs, provided that such activities do
not materially interfere with the proper performance of his duties as GC.

            (c) Place of Employment. Executive's principal place of employment
shall be the corporate offices of the CRM entity for whom he is providing
service.

      3.    Base Salary.

      Executive shall be paid an annualized salary ("BASE SALARY") of not less
than $300,000 in accordance with CRM's normal pay practices. The Base Salary
shall be reviewed for increase by the Compensation Committee (the "COMPENSATION
COMMITTEE") of the Board of Directors (the "BOARD") no less than annually.

      4.    Incentive Awards.

      Executive shall be eligible to participate in CRM's annual incentive
compensation plan with a target annual incentive award opportunity of 50% of
Base Salary ("ANNUAL INCENTIVE") and a maximum bonus opportunity of no less than
75%, based on performance criteria as determined by the Compensation Committee
on an annual basis.

      5.    Long-Term Incentive Programs.

      Executive shall be eligible to participate in CRM's long--term incentive
compensation programs, as determined by the Compensation Committee.

      6.    Other Payments.

            (a) Car Allowance. Executive shall receive a $975 a month car
allowance, to cover the cost of owning, operating, maintaining and insuring a
motor vehicle of his choosing.

            (b) Vacation. Executive shall be entitled to five (5) weeks of paid
vacation and shall take holidays in accordance with CRM's standard holiday
schedule as amended from time to time.

            (c) Financial Counseling. Executive shall be entitled to
reimbursement of up to $10,000 per annum for financial counseling.

      7.    Employee Benefit Programs.

            During the Term, Executive shall be entitled to participate in CRM's
employee pension and welfare benefit plans and programs as such plans or
programs may be in effect from time to time, including, without limitation,
health, medical and dental coverage (together, "WELFARE BENEFITS").

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      8.    Disability.

            (a) If Executive becomes "Disabled" (as defined below) during the
Term, Executive shall receive 60% of his Base Salary, at the annual rate in
effect on the commencement date of his eligibility for CRM's long-term
disability benefits ("COMMENCEMENT DATE") for a period beginning on the
Commencement Date and ending with the earlier to occur of (A) Executive's
attainment of age 65, or (B) Executive's commencement of retirement benefits
from CRM. If Executive ceases to be Disabled during the Term, he may elect to
resume such position by written notice to CRM within 15 days after CRM delivers
its request. If he resumes such position, he shall thereafter be entitled to his
Base Salary at the annual rate in effect on the Commencement Date and, for the
year he resumes his position, a Pro Rata Annual Incentive (as defined). If he
ceases to be disabled during the Term and does not offer to resume his position
in accordance with the preceding sentence, he shall be treated as if he
voluntarily terminated his employment as of the date Executive ceases to be
disabled. If Executive is not offered his position by CRM after he ceases to be
Disabled during the Term, he shall be treated as if his employment was
terminated without Cause as of the date Executive ceases to be Disabled.

            (b) Executive shall be entitled to a Pro Rata Annual Incentive
assuming Target performance for the year in which the Commencement Date occurs,
such bonuses payable in a lump sum not later than 15 days after the Commencement
Date. Executive shall not be entitled to any annual incentive award with respect
to the period following the Commencement Date. If Executive recommences his
position in accordance with Section 8(a), he shall be entitled to a Pro Rata
Annual Incentive assuming Target performance for the year he resumes such
position.

            (c) During the period Executive is Disabled, he shall be treated as
an employee for purposes of all employee benefits, plans and programs in which
he was participating on the Commencement Date, except for any annual salary
increases or any new long-term incentive plan grants during any Disability
period.

            For purposes of this Agreement, "DISABILITY" means Executive's
inability, due to physical, mental, or emotional injury or limitation, to
substantially perform the duties of his employment, for a period of 180
consecutive days.

            (d) The benefits provided for in this Section 8 are instead of, and
not in addition to, any benefits provided for by the Company's long-term
disability policy, for which Executives waives payment upon complete
satisfaction of the Company's obligations to him under this Section 8.

      9.    Reimbursement of Business and Other Expenses.

      Executive is authorized to incur reasonable expenses in carrying out his
duties and responsibilities under this Agreement, and CRM shall promptly
reimburse him for all such reasonable business expenses, subject to
documentation in accordance with CRM's applicable policies.

      10.   Termination of Employment.

            (a) Death. If Executive dies during the Term, Executive's estate
and/or

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beneficiaries shall be entitled to (and their sole remedies under this Agreement
shall be):

                  (i) Base Salary through the date of Executive's death;

                  (ii) the balance of any incentive awards earned as of December
            31 of the prior year (but not yet paid), (together, with unpaid Base
            Salary, "ACCRUED AMOUNTS");

                  (iii) Pro Rata Annual Incentive for the year in which the date
            of termination ("TERMINATION DATE") occurs assuming Target
            performance ("PRO RATA ANNUAL INCENTIVE");

                  (iv) immediate vesting of all unvested and outstanding stock
            options, (and the right to exercise all such stock options for one
            year), the removal of any and all restrictions regarding any
            restricted stock or deferred stock units, and the vesting and
            settlement of any performance awards at target award levels
            (together, "EQUITY ACCELERATION");

                  (v) continued participation in all Welfare Benefits plans and
            programs at the same benefit level at which he was participating on
            the Termination Date for 12 months; and

                  (vi) other or additional benefits then due or earned in
            accordance with applicable plans and programs of CRM
            ("ENTITLEMENTS").

            (b) Termination by CRM for Cause.

                  (i) In the event CRM terminates Executive's employment for
            Cause, Executive's sole remedies under this Agreement shall be to
            receive his Accrued Amounts and any Entitlements. Executive shall
            not be entitled to receive any Severance Pay (as defined), Equity
            Acceleration or Welfare Benefits continuation, and his equity awards
            will be settled in accordance with the terms and conditions of the
            applicable grant agreements.

                  (ii) "CAUSE" shall mean Executive's:

                              (A) willful breach of Sections 11, 12 or 13 of
            this Agreement;

                              (B) conviction of, or plea of nolo contendre to,
            any felony that is materially and demonstrably injurious to CRM's
            financial condition or reputation;

                              (C) engaging in conduct constituting willful gross
            neglect or willful gross misconduct in carrying out his duties under
            this Agreement and that is demonstrably injurious to CRM's financial
            condition or reputation; or

                              (D) act or series of acts constituting misconduct
            resulting in a restatement of the Company's financial statements due
            to material non-compliance with any financial reporting requirement
            within the meaning of

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            Section 304 of The Sarbanes-Oxley Act of 2002.

            For purposes of this Agreement, an act or failure to act on
            Executive's part shall be considered "willful" if it was done or
            omitted to be done by him in bad faith, and shall not include any
            act or failure to act resulting from any incapacity or negligent act
            of Executive.

                  (i) A termination for "CAUSE" shall not take effect until
            Executive receives written notice by CRM stating in detail the
            particular act or acts or failure or failures to act constituting
            the grounds for Cause and must be received by Executive within 90
            days of CRM's learning of such act or acts or failure or failures to
            act. Executive shall have 30 days after the date that such written
            notice has been given to him in which to cure such conduct, to the
            extent such cure is possible. If he fails to cure such conduct,
            Executive shall be entitled to a hearing before the Committee within
            10 days of receipt of such notice to Executive. If, within five (5)
            days of such hearing, CRM delivers written notice to Executive from
            the Board stating that, in its good faith judgment, grounds for
            Cause on the basis of the original notice exist, Executive shall
            then be terminated for Cause.

            (c) Voluntary Termination. In the event of a termination of
employment by Executive on his own initiative after delivery of 10 business days
advance written notice, other than a termination due to death, Disability, or
Retirement (as defined), or by Executive for Good Reason, Executive shall be
entitled to receive only his Accrued Amounts and Entitlements.

            (d) Termination by the Company without Cause or by Executive for
Good Reason. If CRM terminates Executive's employment without Cause (which
termination shall be effective as of the date specified by CRM in a written
notice to Executive), other than due to Executive's death or Disability, or if
Executive terminates his employment for Good Reason (as defined below),
Executive's sole remedies under this Agreement shall be to receive:

                  (i) all Accrued Amounts; (ii) a Pro Rata Annual Incentive for
            the year in which the Termination Date occurs; (iii) all
            Entitlements, (iv) continuation of Welfare Benefits for 12 months
            and (v) Equity Acceleration (provided that Executive shall have the
            balance of the remaining term to exercise any such Stock Options).

                  (ii) In addition, Executive shall be entitled to receive
            severance pay ("SEVERANCE PAY") in cash equal to the sum of (A) the
            Base Salary amount immediately prior to the Termination Date (unless
            a reduction in Base Salary is the reason for a Good Reason
            termination, in which case, the Base salary amount prior to any such
            reduction), plus (B) the higher of (x) Executive's Annual Incentive
            opportunity (assuming Target performance) for the year in which the
            termination occurs, and (y) Executive's average Annual Incentive
            payment received over the prior two years immediately preceding the
            Termination Date.

            (e) Retirement. Upon Executive's Retirement (as defined below),
Executive

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shall be entitled to and his sole remedies under this Agreement shall be:

                  (i) Accrued Amounts; (ii) continued vesting of all outstanding
            stock options and the right to exercise such stock options for a
            period of one (1) year following the later of the date the options
            are fully vested or Executive's termination of employment or for the
            remainder of the exercise period, if less; (iii) Pro Rata Annual
            Incentive payment assuming Target performance for the year in which
            Executive retires, and (iv) continued medical coverage, paid for by
            CRM, for Executive and his spouse, for the longer of (A) 12 months,
            or (B) Executive's 65th birthday.

            (f) Certain definitions. For purposes of this Agreement, the
following terms shall have the meanings ascribed to them:

            "CHANGE IN CONTROL" shall mean any of the following:

                        (A) the acquisition at any time by a "person" or "group"
            (as that term is used in Sections 13(d) and 14(d)(2) of the US
            Securities Exchange Act of 1934, as amended (the "Exchange Act"))
            (excluding for this purpose the Company or any subsidiary or
            employee benefit plan thereof) of beneficial ownership (as defined
            in Rule 13d-3 of the Exchange Act) directly or indirectly, of
            securities representing 20% or more of the combined voting power in
            the election of directors of the then-outstanding securities of the
            Company or any successor of the Company;

                        (B) during any period of two consecutive years,
            individuals who at the beginning of such period constitute the
            Board, and any new director (other than a director designated by a
            person who has entered into an agreement with the Company to effect
            a transaction described in clause (A), (C), or (D) of this
            paragraph) whose election by the Board or nomination for election by
            the Company's stockholders was approved by a vote of at least
            two-thirds of the directors then still in office who either were
            directors at the beginning of the two-year period or whose election
            or nomination for election was previously so approved but excluding
            for this purpose any such new director whose initial assumption of
            office occurs as a result of either an actual or threatened election
            contest (as such terms are used in Rule 14a-11 of Regulation 14A
            promulgated under the Exchange Act) or other actual or threatened
            solicitation of proxies or consents by or on behalf of an
            individual, corporation, partnership, group, associate or other
            entity or Person other than the Board, cease for any reason to
            constitute at least a majority of the Board;

                        (C) approval by the shareholders of the Company of any
            merger, amalgamation or consolidation or statutory share exchange as
            a result of which the Company common stock shall be changed,
            converted or exchanged (other than a merger or share exchange with a
            wholly-owned subsidiary of the Company) or liquidation of the
            Company or any sale or disposition of 50% or more of the Company's
            assets or earning power; or

                        (D) approval by the Company's shareholders of any
            merger,

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            amalgamation or consolidation or statutory share exchange to which
            the Company is a party as a result of which the persons who were
            shareholders of the Company immediately prior to the effective date
            of the merger, amalgamation or consolidation or statutory share
            exchange shall have beneficial ownership of less than 50% of the
            combined voting power in the election of directors of the surviving
            corporation following the effective date of such merger,
            amalgamation or consolidation or statutory share exchange.

                        "GOOD REASON" shall mean Executive's termination of his
            employment with CRM following the occurrence, without Executive's
            written consent, of one or more of the following events (except as a
            result of a prior termination):

                        (A) a material diminution or change, adverse to
            Executive, in Executive's positions, titles, or offices as set forth
            in Section 2(a), status, rank, nature of responsibilities, or
            authority within CRM, or a removal of Executive from or any failure
            to elect or re-elect or, as the case may be, nominate Executive to
            any such positions or offices after delivery of written notice to
            either Co-Chief Executive Officer by Executive and 10 days to cure;

                        (B) an assignment of any duties to Executive which are
            inconsistent with his status as GC of CRM;

                        (C) any decrease in (i) Executive's annual Base Salary,
            or (ii) target Annual Incentive opportunity below 50% of Base
            Salary.

                        (D) any other failure by CRM to perform any material
            obligation under, or breach by CRM of any material provision of,
            this Agreement that is not cured within 30 days;

                        (E) any material increase in the amount of travel time
            that Executive is required to undertake at the Company's demand (and
            without Executive's consent) in the performance of his duties as an
            Executive of the Company (as compared to the amount of time
            typically spent by Executive immediately prior to the Company's
            initial public offering);

                        (F) a relocation of CRM's corporate offices outside a
            35-mile radius of CRM's then corporate offices;

                        (G) any failure to secure the agreement of any successor
            corporation (or other entity) to CRM to fully assume CRM's
            obligations under this Agreement;

                        (H) any material breach of this agreement by CRM.

                        "RETIREMENT" shall mean Executive's voluntary
            termination of employment with CRM at or after attaining age 62.

            (g) Timing of Termination Pay. All Severance Pay and other payments
due Executive hereunder shall be delivered no later than 15 days after the
Termination Date,

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provided that if executive is deemed to be a "key employee" for purposes of
Internal Revenue Code Section 409A ("Code Section 409A"), such payments shall
not be made to Executive by CRM until 6 months after the Termination Date if
necessary to avoid incurring excise taxes under Code Section 409A.

            (h) Mitigation and Offset. Executive has no obligation to mitigate
payments due him pursuant to this Agreement and CRM has no right to offset
against such payments.

            (i) Release of Employment Claims. As a condition to receipt of the
payments and benefits provided for in this Agreement, Executive agrees to
execute a release, in a form reasonably satisfactory to CRM, releasing any and
all claims arising out of Executive's employment (other than enforcement of this
Agreement, Executive's rights under any of CRM's incentive compensation and
employee benefit plans and programs, and any claim for any tort for personal
injury not arising out of or related to his termination of employment).

      11.   Confidentiality; Litigation Cooperation; Non-disparagement.

            (a) Confidentiality. During the Term and at all times thereafter,
Executive shall not disclose to anyone (except in good faith in the ordinary
course of business to a person who will be advised by Executive to keep such
information confidential) or make use of any CONFIDENTIAL INFORMATION except in
the performance of his duties hereunder or when required to do so by legal
process, by any governmental agency having supervisory authority over the
business of CRM or by any administrative or legislative body (including a
committee thereof) that requires him to divulge, disclose or make accessible
such information. In the event that Executive is so ordered, he shall give
prompt written notice to CRM to allow CRM the opportunity to object to or
otherwise resist such order.

      For purposes of this Agreement, "CONFIDENTIAL INFORMATION" shall mean all
information concerning the business of CRM relating to any of their products,
product development, trade secrets, customers, suppliers, finances, and business
plans and strategies. Excluded from the definition of Confidential Information
is information (i) that is or becomes part of the public domain, other than
through the breach of this Agreement by Executive or (ii) regarding CRM's
business or industry properly acquired by Executive in the course of his career
as an executive in CRM's industry and independent of Executive's employment by
CRM. For this purpose, information known or available generally within the trade
or industry of CRM shall be deemed to be known or available to the public.

            (b) Non-Disclosure. During the Term and at all times thereafter,
Executive shall not disclose the existence or contents of this Agreement except
as otherwise publicly known and to the extent such disclosure is required by
law, by a governmental agency, or in a document required by law to be filed with
a governmental agency or in connection with enforcement of his rights under this
Agreement. In the event that disclosure is so required, Executive shall give
prompt written notice to CRM to allow CRM the opportunity to object to or
otherwise resist such requirement. This restriction shall not apply to such
disclosure by him to members of his immediate family, his tax, legal or
financial advisors, any lender, or tax authorities, or to potential future
employers to the extent necessary, each of whom shall be advised not to disclose
such information.

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            (c) Litigation Cooperation. Executive agrees to cooperate with CRM,
during the Term and thereafter (including following Executive's termination of
employment for any reason), by making himself reasonably available to testify on
behalf of CRM in any action, suit, or proceeding, whether civil, criminal,
administrative, or investigative, and to assist CRM, in any such action, suit,
or proceeding, by providing information and meeting and consulting with the
Board or its representatives or counsel, or representatives or counsel to CRM,
as reasonably requested; provided, however, that the same does not materially
interfere with his then current professional activities. CRM agrees to reimburse
Executive, on an after-tax basis, for all expenses actually incurred in
connection with his provision of testimony or assistance.

            (d) Non-Disparagement. Executive agrees that, during the Term and
thereafter (including following Executive's termination of employment for any
reason) he will not make statements or representations, or otherwise
communicate, directly or indirectly, in writing, orally, or otherwise, or take
any action which may, directly or indirectly, disparage CRM or their respective
officers, directors, employees, advisors, businesses or reputations. CRM agrees
that, during the Term and thereafter (including following Executive's
termination of employment for any reason), CRM will not make statements or
representations, or otherwise communicate, directly or indirectly, in writing,
orally, or otherwise, or take any action which may directly or indirectly,
disparage Executive, his business or reputation. However, nothing in this
Agreement shall preclude either of Executive or CRM from making truthful
statements or disclosures required by applicable law, regulation or legal
process.

      12.   Non-competition.

            (a) During the Restriction Period (as defined in Section 12(b)
below), Executive shall not engage in Competition with CRM or any Subsidiary.
"COMPETITION" shall mean engaging in any activity, except as provided below, for
a Competitor of CRM, whether as an employee, consultant, principal, agent,
officer, director, partner, shareholder (except as a less than one percent
shareholder of a publicly traded company) or otherwise. A "COMPETITOR" shall
mean any corporation or other entity which competes with the business conducted
by CRM, as determined on the date of termination of Executive's employment. If
Executive commences employment or becomes a consultant, principal, agent,
officer, director, partner, or shareholder of any entity that is not a
Competitor at the time Executive initially becomes employed or becomes a
consultant, principal, agent, officer, director, partner, or shareholder of the
entity, future activities of such entity shall not result in a violation of this
provision unless (x) such activities were contemplated by Executive at the time
Executive initially became employed or becomes a consultant, principal, agent,
officer, director, partner, or shareholder of the entity or (y) Executive
commences directly or indirectly overseeing or managing the activities of an
entity which becomes a Competitor during the Restriction Period, which
activities are competitive with the activities of CRM. Executive shall not be
deemed indirectly overseeing or managing the activities of such Competitor which
are competitive with the activities of CRM so long as he does not regularly
participate in discussions with regard to the conduct of the competing business.

            (b) For the purposes of this Section 12, "RESTRICTION PERIOD" shall
mean the period beginning with the Effective Date and ending with:

                  (i) in the case of a termination of Executive's employment
            without

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            Cause or by Executive for Good Reason or upon his Retirement,
            immediately upon such termination of employment;

                  (ii) in any other case, 12 months from the date of termination
            of employment.

      13.   Non-solicitation.

      During the period beginning with the Effective Date and ending 12 months
following the Termination Date, Executive shall not induce employees of CRM to
terminate their employment, nor shall Executive solicit or encourage any of
CRM's customers, or any corporation or other entity in a joint venture
relationship (directly or indirectly) with CRM, to terminate or diminish their
relationship with CRM or to violate any agreement with any of them. During such
period, Executive shall not hire, either directly or through any employee, agent
or representative, any employee of CRM or any person who was employed by CRM
within 180 days of such hiring.

      14.   Remedies.

      If Executive breaches any of the provisions contained in Sections 11, 12
or 13 above, CRM (a) subject to Section 15, shall have the right to immediately
terminate all payments and benefits due under this Agreement and (b) shall have
the right to seek injunctive relief. Executive acknowledges that such a breach
of Sections 11,12 or 13 would cause irreparable injury and that money damages
would not provide an adequate remedy for CRM; provided, however, the foregoing
shall not prevent Executive from contesting the issuance of any such injunction
on the ground that no violation or threatened violation of Section 11, 12 or 13
has occurred.

      15.   Resolution of Disputes.

      Any controversy or claim arising out of or relating to this Agreement or
any breach or asserted breach hereof or questioning the validity and binding
effect hereof arising under or in connection with this Agreement, (other than
seeking injunctive relief under Section 14), shall be resolved by binding
arbitration, to be held at an office closest to CRM's principal offices in
accordance with the rules and procedures of the American Arbitration
Association. Judgment upon the award rendered by the arbitrator(s) may be
entered in any court having jurisdiction thereof. Pending the resolution of any
arbitration or court proceeding, CRM shall continue payment of all amounts and
benefits due Executive under this Agreement. All costs and expenses of any
arbitration or court proceeding (including fees and disbursements of counsel)
shall be borne by the respective party incurring such costs and expenses, but
CRM shall reimburse Executive for such reasonable costs and expenses in the
event he substantially prevails in such arbitration or court proceeding.

      16.   Indemnification.

            (a) Company Indemnity. CRM agrees that if Executive is made a party,
or is threatened to be made a party, to any action, suit or proceeding, whether
civil, criminal, administrative or investigative (a "PROCEEDING"), by reason of
the fact that he is or was a director, officer or employee of CRM or is or was
serving at the request of CRM as a director, officer, member, employee or agent
of another corporation, partnership, joint venture, trust or

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other enterprise, including service with respect to employee benefit plans,
whether or not the basis of such Proceeding is Executive's alleged action in an
official capacity while serving as a director, officer, member, employee or
agent, Executive shall be indemnified and held harmless by CRM to the fullest
extent legally permitted or authorized by CRM's by-laws or resolutions of CRM's
Board or, if greater, by the laws of the State of New York against all cost,
expense, liability and loss (including, without limitation, attorney's fees,
judgments, fines, ERISA excise taxes or penalties and amounts paid or to be paid
in settlement) reasonably incurred or suffered by Executive in connection
therewith, and such indemnification shall continue as to Executive even if he
has ceased to be a director, member, officer, employee or agent of CRM or other
entity and shall inure to the benefit of Executive's heirs, executors and
administrators. CRM shall advance to Executive all reasonable costs and expenses
to be incurred by him in connection with a Proceeding within 20 days after
receipt by CRM of a written request for such advance. Such request shall include
an undertaking by Executive to repay the amount of such advance if it shall
ultimately be determined that he is not entitled to be indemnified against such
costs and expenses. The provisions of this Section 16(a) shall not be deemed
exclusive of any other rights of indemnification to which Executive may be
entitled or which may be granted to him, and it shall be in addition to any
rights of indemnification to which he may be entitled under any policy of
insurance.

            (b) No Presumption Regarding Standard of Conduct. Neither the
failure of CRM (including its Board, independent legal counsel or shareholders)
to have made a determination prior to the commencement of any proceeding
concerning payment of amounts claimed by Executive under Section 16(a) above
that indemnification of Executive is proper because he has met the applicable
standard of conduct, nor a determination by CRM (including its Board,
independent legal counsel or stockholders) that Executive has not met such
applicable standard of conduct, shall create a presumption that Executive has
not met the applicable standard of conduct.

            (c) Liability Insurance. CRM agrees to continue and maintain a
directors and officers' liability insurance policy covering Executive to the
extent CRM provides such coverage for its other executive officers.

      17.   Excise Tax Gross-Up.

      Notwithstanding any other provision of this Agreement or any other
agreement between Executive and the Company, if Executive becomes entitled to
one or more payments (with a "payment" including, without limitation, the
vesting of an option or other non-cash benefit or property) pursuant to any
plan, agreement or arrangement of the Company (together, "SEVERANCE PAYMENTS")
which are or become subject to the tax imposed by Section 4999 of the Internal
Revenue Code of 1986, as amended (the "CODE")(or any similar tax that may be
imposed) (the "EXCISE TAXES"), and (B) such Excise Taxes which become payable by
Executive equal or exceed 20% of the Severance Payments, the Company will pay to
Executive an additional amount ("GROSS-UP PAYMENT") at least 60 days prior to
the due date for payment of such Excise Taxes in an amount such that after
payment by Executive of all taxes (including without limitation all income and
employment tax and Excise Tax and treating as a tax the disallowance of any
deduction of Executive by virtue of the inclusion of the Gross-Up Payment in his
adjusted Gross Income), and interest and penalties with respect to such taxes,
imposed upon the Gross-Up Payment, Executive retains an amount of the Gross-Up
Payment equal to the Excise Taxes. The determination of whether any such
Gross-

                                       11
<PAGE>
Up Payment is due Executive and the amount of such payment, if any, shall be
made at the Company's expense by a nationally recognized accounting firm
mutually acceptable to Executive and the Company and such determination of such
firm shall be binding on both Executive and the Company.

      For purposes of determining whether any of the Severance Payments will be
subject to the Excise Tax and the amount of such Excise Tax:

                  (i) The Severance Payments shall be treated as "parachute
            payments" within the meaning of Section 280G(b)(2) of the Code, and
            all "excess parachute payments" within the meaning of Section
            280G(b)(1) of the Code shall be treated as subject to the Excise
            Tax, unless, and except to the extent that, in the written opinion
            of independent compensation consultants, counsel or auditors of
            nationally recognized standing ("INDEPENDENT ADVISORS") selected by
            CRM and reasonably acceptable to Executive, the Total Payments (in
            whole or in part) do not constitute parachute payments, or such
            excess parachute payments (in whole or in part) represent reasonable
            compensation for services actually rendered within the meaning of
            Section 280G(b)(4) of the Code in excess of the base amount within
            the meaning of Section 280G(b)(3) of the Code or are otherwise not
            subject to the Excise Tax;

                  (ii) The amount of the Severance Payments which shall be
            treated as subject to the Excise Tax shall be equal to the lesser of
            (A) the total amount of the Severance Payments or (B) the total
            amount of excess parachute payments within the meaning of Section
            280G(b)(1) of the Code (after applying clause (i) above); and

                  (iii) The value of any non-cash benefits or any deferred
            payment or benefit shall be determined by the Independent Advisors
            in accordance with the principles of Sections 280G(d)(3) and (4) of
            the Code.

      For purposes of determining the amount of the Gross-up Payment, Executive
shall be deemed (A) to pay federal income taxes at the highest marginal rate of
federal income taxation for the calendar year in which the Gross-up Payment is
to be made; (B) to pay any applicable state and local income taxes at the
highest marginal rate of taxation for the calendar year in which the Gross-up
Payment is to be made, net of the maximum reduction in federal income taxes
which could be obtained from deduction of such state and local taxes if paid in
such year (determined without regard to limitations on deductions based upon the
amount of Executive's adjusted gross income); and (C) to have otherwise
allowable deductions for federal, state, and local income tax purposes at least
equal to those disallowed because of the inclusion of the Gross-up Payment in
Executive's adjusted gross income. In the event that the Excise Tax is
subsequently determined to be less than the amount taken into account hereunder
at the time the Gross-up Payment is made, Executive shall repay to CRM at the
time that the amount of such reduction in Excise Tax is finally determined (but,
if previously paid to the taxing authorities, not prior to the time the amount
of such reduction is refunded to Executive or otherwise realized as a benefit by
Executive) the portion of the Gross-up Payment that would not have been paid if
such Excise Tax had been applied in initially calculating the Gross-up Payment,
plus interest on the amount of such repayment at the rate provided in Section
1274(b)(2)(B) of the Code. In the event that the Excise Tax is

                                       12
<PAGE>
determined to exceed the amount taken into account hereunder at the time the
Gross-up Payment is made (including by reason of any payment the existence or
amount of which cannot be determined at the time of the Gross-up Payment), CRM
shall make an additional Gross-up Payment in respect of such excess (plus any
interest and penalties payable with respect to such excess) at the time that the
amount of such excess is finally determined.

      The Gross-up Payment provided for above shall be paid on the 30th day (or
such earlier date as the Excise Tax becomes due and payable to the taxing
authorities) after it has been determined that the Severance Payments (or any
portion thereof) are subject to the Excise Tax; provided, however, that if the
amount of such Gross-up Payment or portion thereof cannot be finally determined
on or before such day, CRM shall pay to Executive on such day an estimate, as
determined by the Independent Advisors, of the minimum amount of such payments
and shall pay the remainder of such payments (together with interest at the rate
provided in Section 1274(b)(2)(B) of the Code), as soon as the amount thereof
can be determined. In the event that the amount of the estimated payments
exceeds the amount subsequently determined to have been due, such excess shall
constitute a loan by CRM to Executive, payable on the fifth day after demand by
CRM (together with interest at the rate provided in Section 1274(b)(2)(B) of the
Code). If more than one Gross-up Payment is made, the amount of each Gross-up
Payment shall be computed so as not to duplicate any prior Gross-up Payment. CRM
shall have the right to control all proceedings with the Internal Revenue
Service that may arise in connection with the determination and assessment of
any Excise Tax and, at its sole option, CRM may pursue or forego any and all
administrative appeals, proceedings, hearings, and conferences with any taxing
authority in respect of such Excise Tax (including any interest or penalties
thereon); provided, however, that CRM's control over any such proceedings shall
be limited to issues with respect to which a Gross-up Payment would be payable
hereunder, and Executive shall be entitled to settle or contest any other issue
raised by the Internal Revenue Service or any other taxing authority. Executive
shall cooperate with CRM in any proceedings relating to the determination and
assessment of any Excise Tax and shall not take any position or action that
would materially increase the amount of any Gross-Up Payment hereunder.

      18.   Miscellaneous.

            (a) Other Benefits. Except as specifically provided in this
Agreement, the existence of this Agreement shall not be interpreted to preclude,
prohibit or restrict Executive's participation in any other employee benefit or
other plans or programs in which he currently participates.

            (b) Assignability; Binding Nature. This Agreement shall be binding
upon and inure to the benefit of the Parties and their respective successors,
heirs (in the case of Executive) and permitted assigns. No rights or obligations
of CRM under this Agreement may be assigned or transferred by CRM except that
such rights or obligations may be assigned or transferred in connection with the
sale or transfer of all or substantially all of the assets of CRM, provided that
the assignee or transferee is the successor to all or substantially all of the
assets of CRM and such assignee or transferee assumes the liabilities,
obligations and duties of CRM, as contained in this Agreement, either
contractually or as a matter of law. CRM further agrees that, in the event of a
sale or transfer of assets as described in the preceding sentence, it shall take
whatever action it legally can to cause such assignee or transferee to expressly
assume the liabilities, obligations and duties of CRM hereunder. No rights or

                                       13
<PAGE>
obligations of Executive under this Agreement may be assigned or transferred by
Executive other than his rights to compensation and benefits, which may be
transferred only by will or operation of law.

            (c) Representation. CRM represents and warrants that it is fully
authorized and empowered to enter into this Agreement and that the performance
of its obligations under this Agreement will not violate any agreement between
it and any other person, firm or organization.

            (d) Entire Agreement. This Agreement shall become effective as of
the Effective Date. This Agreement contains the entire understanding and
agreement between the Parties concerning the subject matter hereof and, as of
the Effective Date, supersedes all prior agreements, understandings,
discussions, negotiations and undertakings, whether written or oral, between the
Parties with respect thereto.

            (e) Amendment or Waiver. No provision in this Agreement may be
amended unless such amendment is agreed to in writing and signed by Executive
and an authorized officer of CRM. Except as set forth herein, no delay or
omission to exercise any right, power or remedy accruing to any Party shall
impair any such right, power or remedy or shall be construed to be a waiver of
or an acquiescence to any breach hereof. No waiver by either Party of any breach
by the other Party of any condition or provision contained in this Agreement to
be performed by such other Party shall be deemed a waiver of a similar or
dissimilar condition or provision at the same or any prior or subsequent time.
Any waiver must be in writing and signed by Executive or an authorized officer
of CRM, as the case may be.

            (f) Severability. In the event that any provision or portion of this
Agreement shall be determined to be invalid or unenforceable for any reason, in
whole or in part, the remaining provisions of this Agreement shall be unaffected
thereby and shall remain in full force and effect to the fullest extent
permitted by law.

            (g) Survivorship. The respective rights and obligations of the
Parties hereunder shall survive any termination of Executive's employment to the
extent necessary to the intended preservation of such rights and obligations.

            (h) Beneficiaries/References. Executive shall be entitled, to the
extent permitted under any applicable law, to select and change a beneficiary or
beneficiaries to receive any compensation or benefit payable hereunder following
Executive's death by giving CRM written notice thereof. In the event of
Executive's death or a judicial determination of his incompetence, reference in
this Agreement to Executive shall be deemed, where appropriate, to refer to his
beneficiary, estate or other legal representative.

            (i) Governing Law/Jurisdiction. This Agreement shall be governed by
and construed and interpreted in accordance with the laws of New York without
reference to principles of conflict of laws. CRM and Executive hereby consent to
the jurisdiction of any or all of the following courts for purposes of resolving
any dispute under this Agreement: (i) the United States District Court for New
York or (ii) any of the courts of the State of New York. CRM and Executive
further agree that any service of process or notice requirements in any such
proceeding shall be satisfied if the rules of such court relating thereto have
been substantially satisfied. CRM and Executive hereby waive, to the fullest
extent permitted by

                                       14
<PAGE>
applicable law, any objection which it or he may now or hereafter have to such
jurisdiction and any defense of inconvenient forum.

            (j) Notices. Any notice given to a Party shall be in writing and
shall be deemed to have been given when delivered personally or sent by
certified or registered mail, postage prepaid, return receipt requested, duly
addressed to the Party concerned at the address indicated below or to such
changed address as such Party may subsequently give such notice of:

                  If to CRM:        CRM Holdings, Ltd.
                                    Skandia International House
                                    16 Church Street
                                    Hamilton HM 12
                                    Bermuda

                  If to Executive:  Mr. Louis Viglotti
                                    112 Delafield Street
                                    Poughkeepsie, NY 12601
                                    (845) 452-4100

            (k) Headings. The headings of the sections contained in this
Agreement are for convenience only and shall not be deemed to control or affect
the meaning or construction of any provision of this Agreement.

            (l) Counterparts. This Agreement may be executed in two or more
counterparts.

           IN WITNESS WHEREOF, the undersigned have executed this Agreement as
of the date first written above.

                                    CRM HOLDINGS, LTD

                                    By: /s/ Sal Patafio
                                       ----------------------------------------
                                       Name:  Mr. Sal Patafio
                                       Title: Chairman of Compensation Committee
                                              of CRM Holdings, Ltd.

                                    By: /s/ Lou Viglotti
                                       ----------------------------------------
                                       Name: Mr. Lou Viglotti

                                       15
<PAGE>
                                    EXHIBIT A

                                  Defined Terms

(a)   "Accrued Amounts" has the meaning set forth in Section 10(a).

(b)   "Base Salary" has the meaning set forth in Section 3.

(c)   "Cause" shall have meaning set forth in Section 10(b).

(d)   "Change in Control" shall have the meaning set forth in Section 10(f).

(e)   "Code" has the meaning set forth in Section 17.

(f)   "Commencement Date" has the meaning set forth in Section 8(a).

(g)   "Compensation Committee" has the meaning set forth in Section 3.

(h)   "Competitor" or "Competition" has the meaning set forth in Section 12(a).

(i)   "Confidential Information" has the meaning set forth in Section 11(a).

(j)   "Disability" has the meaning set forth in Section 8(c).

(k)   "Entitlements" has the meaning set forth in Section 10(a).

(l)   "Equity Acceleration" has the meaning set forth in Section 10(a).

(m)   "Excise Taxes" has the meaning set forth in Section 17.

(n)   "Good Reason" has the meaning set forth in Section 10(f).

(o)   "Gross-up Payment" has the meaning set forth in Section 17.

(p)   "Independent Advisors" has the meaning set forth in Section 17(i).

(q)   "Net Income" means, for the purposes of this Agreement, the Company's net
      income for the relevant period, as determined in accordance with the
      Company's standard accounting practices and as reported in the Company's
      audited financial statements.

(r)   "Proceeding" has the meaning set forth in Section 16(a).

(s)   "Pro Rata Annual Incentive" has the meaning set forth in Section 10(a).

(t)   "Restriction Period" has the meaning set forth in Section 12(b).

(u)   "Retirement" has the meaning set forth in Section 10(f).

(v)   "Severance Pay" has the meaning set forth in Section 10(d).

                                       16
<PAGE>
(w)   "Severance Payments" has the meaning set forth in Section 17.

(x)   "Stock" means the common shares of CRM, par value $0.01 per share.

(y)   "Target" means the target level of performance and associated Annual
      Incentive designated by the Compensation Committee with respect to
      Executive for that relevant operating period.

(z)   "Term" has the meaning set forth in Section 1(a).

(aa)  "Termination Date" has the meaning set forth in Section 10(a).

(bb)  "Welfare Benefits" has the meaning set forth in Section 7.

                                       17EX-4.1

 

 

 

FORM OF

FIFTH SUPPLEMENTAL INDENTURE

between

ING GROEP N.V.,

as Issuer

and

THE BANK OF NEW YORK,

as Trustee

Dated as of December 8, 2005

to the Subordinated Indenture between

ING GROEP N.V.,

as Issuer

and

THE BANK OF NEW YORK,

as Trustee

Dated as of July 18, 2002

$1,000,000,000 principal amount of

5.775% Fixed/Floating ING Perpetual Debt Securities

 

 

 

 

	 	 	 	 	 
	ARTICLE 1
	 	 	 	 
	Definitions
	 	 	 	 
	Section 1.01. Definition Of Terms
	 	 	2	 
	 
	 	 	 	 
	ARTICLE 2
	 	 	 	 
	General Terms And Conditions Of The 5.775% Fixed/Floating ING Perpetual Debt Securities
	 	 	 	 
	 
	 	 	 	 
	Section 2.01. Designation And Principal Amount
	 	 	14	 
	Section 2.02. Maturity
	 	 	14	 
	Section 2.03. Form, Issuance, Registration And Exchange
	 	 	14	 
	Section 2.04. Payments
	 	 	15	 
	Section 2.05. Mandatory Payment Events; Mandatory Partial Payment Events
	 	 	20	 
	 
	 	 	 	 
	ARTICLE 3
	 	 	 	 
	Optional Redemption And Redemption Upon Certain Events
	 	 	 	 
	 
	 	 	 	 
	Section 3.01. Optional Redemption
	 	 	21	 
	Section 3.02. Optional Purchase
	 	 	22	 
	 
	 	 	 	 
	ARTICLE 4
	 	 	 	 
	Alternative Interest Satisfaction Mechanism
	 	 	 	 
	 
	 	 	 	 
	Section 4.01. Conditions Precedent
	 	 	23	 
	Section 4.02. Notices Of Exercise Of Alternative Interest Satisfaction Mechanism
	 	 	23	 
	Section 4.03. Alternative Interest Satisfaction Mechanism
	 	 	23	 
	Section 4.04. Insufficient Payment Ordinary Shares
	 	 	26	 
	Section 4.05. Market Disruption Event
	 	 	27	 
	 
	 	 	 	 
	ARTICLE 5
	 	 	 	 
	Remedies
	 	 	 	 
	 
	 	 	 	 
	Section 5.01. Defaults; Collection Of Indebtedness And Suits For Enforcement By Trustee
	 	 	28	 
	 
	 	 	 	 
	ARTICLE 6
	 	 	 	 
	Covenants Of The Issuer
	 	 	 	 
	 
	 	 	 	 
	Section 6.01. Dividend Restrictions For Deferred Interest Payments
	 	 	30	 
	Section 6.02. Calculation Agent
	 	 	30	 
	Section 6.03. Mandatory Interest Payments
	 	 	30	 
	Section 6.04. Deferral Of Certain Payments
	 	 	30	 

i

 

	 	 	 	 	 
	Section 6.05. Sufficiency Of Ordinary Shares
	 	 	30	 
	Section 6.06. Ranking
	 	 	31	 
	Section 6.07. Payment Of Proceeds From Sale Of Payment Ordinary Shares And Associated Cost Ordinary Shares
	 	 	32	 
	Section 6.08. Calculation Agency Agreement
	 	 	32	 
	Section 6.09. Officer’s Certificate On Deferral
	 	 	32	 
	Section 6.10. Officer’s Certificate For Market Disruption Event
	 	 	32	 
	 
	 	 	 	 
	ARTICLE 7
	 	 	 	 
	Subordination
	 	 	 	 
	 
	 	 	 	 
	Section 7.01. Agreement To Subordinate
	 	 	32	 
	Section 7.02. Section 1401 Of The Subordinated Indenture
	 	 	33	 
	 
	 	 	 	 
	ARTICLE 8
	 	 	 	 
	Form Of 5.775% Fixed/Floating ING Perpetual Debt Securities
	 	 	 	 
	 
	 	 	 	 
	Section 8.01. Form Of 5.775% Fixed/Floating ING Perpetual Debt Securities
	 	 	34	 
	 
	 	 	 	 
	ARTICLE 9
	 	 	 	 
	Original Issue Of 5.775% Fixed/Floating ING Perpetual Debt Securities
	 	 	 	 
	 
	 	 	 	 
	Section 9.01. Original Issue Of 5.775% Fixed/Floating ING Perpetual Debt Securities
	 	 	34	 
	 
	 	 	 	 
	ARTICLE 10
	 	 	 	 
	Winding Up
	 	 	 	 
	 
	 	 	 	 
	Section 10.01. Winding Up
	 	 	34	 
	 
	 	 	 	 
	ARTICLE 11
	 	 	 	 
	Satisfaction And Discharge
	 	 	 	 
	 
	 	 	 	 
	Section 11.01. Satisfaction And Discharge
	 	 	35	 
	 
	 	 	 	 
	ARTICLE 12
	 	 	 	 
	Miscellaneous
	 	 	 	 
	 
	 	 	 	 
	Section 12.01. Issuance Of Definitive Securities
	 	 	35	 
	Section 12.02. Ratification Of Subordinated Indenture;Fifth Supplemental Indenture Controls
	 	 	36	 
	Section 12.03. Trustee Not Responsible For Recitals
	 	 	36	 
	Section 12.04. Governing Law
	 	 	37	 
	Section 12.05. Severability
	 	 	37	 
	Section 12.06. Counterparts
	 	 	37	 

ii

 

	 	 	 	 	 
	EXHIBIT A
	Form of 5.775% Fixed/Floating ING Perpetual Debt Securities	 	A-1	 

iii

 

     FIFTH SUPPLEMENTAL INDENTURE dated as of December 8, 2005 (the “Fifth Supplemental Indenture”)
between ING Groep N.V., a company incorporated in The Netherlands (the “Company”), having its
statutory seat in Amsterdam and its principal office at Amstelveenseweg 500, 1081 KL Amsterdam,
P.O. Box 810, 1000 AV Amsterdam, The Netherlands, and The Bank of New York, a New York banking
corporation having its Corporate Trust Office at 101 Barclay Street, New York, New York, 10286, as
trustee (the “Trustee”) to the Subordinated Indenture, dated July 18, 2002, between the Company and
the Trustee (the “Subordinated Indenture” and, together with this Fifth Supplemental Indenture, the
“Indenture”). In addition, The Bank of New York, through its New York and London branches, has
agreed to act as Paying Agent hereunder.

     WHEREAS, the Company and the Trustee executed and delivered the Subordinated Indenture to
provide for the future issuance of the Company’s Securities to be issued from time to time in one
or more series as might be determined by the Company under the Subordinated Indenture, in an
unlimited aggregate principal amount, which may be authenticated and delivered as provided in the
Subordinated Indenture;

     WHEREAS, Section 301 of the Subordinated Indenture permits the terms of any series of
Securities to be established pursuant to a Board Resolution or in one or more indentures
supplemental to the Subordinated Indenture;

     WHEREAS, the Company desires to issue a series of Securities, the terms of which it deems
appropriate to set out in this Fifth Supplemental Indenture;

     WHEREAS, pursuant to the terms of the Subordinated Indenture, the Company may issue Securities
now and additional Securities of the same or different series at later dates under the Subordinated
Indenture, as established by the Company, and the Company desires to initially issue up to
$1,000,000,000 aggregate principal amount of securities, entitled the 5.775% Fixed/Floating ING
Perpetual Debt Securities (the “5.775% Fixed/Floating ING Perpetual Debt Securities”), the form and
substance of such 5.775% Fixed/Floating ING Perpetual Debt Securities and the terms, provisions and
conditions thereof to be set forth as provided in the Subordinated Indenture as supplemented by
this Fifth Supplemental Indenture;

     WHEREAS, pursuant to Section 301 of the Subordinated Indenture, the Company desires to appoint
The Bank of New York, through its New York and London branches, to act as Paying Agent with respect
to the 5.775% Fixed/Floating ING Perpetual Debt Securities and ING Financial Markets LLC, as
Calculation Agent with respect to the 5.775% Fixed/Floating ING Perpetual Debt Securities;

1

 

     WHEREAS, the 5.775% Fixed/Floating ING Perpetual Debt Securities shall be treated as a
separate series of Securities in accordance with the terms of the Indenture and for all purposes
under the Indenture; and

     WHEREAS, the Company has duly authorized the execution and delivery of this Fifth Supplemental
Indenture and requested that the Trustee execute and deliver this Fifth Supplemental Indenture, and
all requirements necessary to make this Fifth Supplemental Indenture a valid and binding instrument
in accordance with its terms have been done.

     NOW THEREFORE, in consideration of the purchase and acceptance of the 5.775% Fixed/Floating
ING Perpetual Debt Securities by the Holders thereof, and for the purpose of setting forth, as
provided in the Indenture, the form and substance of the 5.775% Fixed/Floating ING Perpetual Debt
Securities and the terms, provisions and conditions thereof, the Company covenants and agrees with
the Trustee and the Paying Agent as follows:

ARTICLE 1

Definitions

     Section 1.01. Definition Of Terms. For all purposes of the Indenture, except as otherwise
expressly provided or unless the context otherwise requires:

     (a) a term defined in the Subordinated Indenture and not otherwise defined herein has the same
meaning when used in this Fifth Supplemental Indenture;

     (b) unless otherwise specified, a reference to a Section or Article is to a Section or Article
of this Fifth Supplemental Indenture;

     (c) headings are for convenience of reference only and do not affect interpretation; and

     (d) the following terms have the meanings given to them in this Section 1.01(d) and shall have
the meaning set forth below for purposes of this Fifth Supplemental Indenture and the Subordinated
Indenture as it relates to the series of 5.775% Fixed/Floating ING Perpetual Debt Securities
created hereunder.

     “5.775% Fixed/Floating ING Perpetual Debt Securities” has the meaning set forth in the
recitals of this Fifth Supplemental Indenture, and shall include, unless the context otherwise
requires, any further 5.775% Fixed/Floating ING Perpetual Debt Securities which the Company is
permitted to issue and which will form a single series with the 5.775% Fixed/Floating ING Perpetual
Debt Securities.

2

 

     “Accrued Interest Payment” means Interest that shall continue to accrue after an Interest
Payment Date in respect of an Elective Deferral Interest Payment, the failure to make a payment
when due on a date of redemption, certain Payments which cannot be made due to insufficient
Ordinary Shares to satisfy the Alternative Interest Satisfaction Mechanism and failure to make a
Payment more than 14 days after its due date due to a Market Disruption Event.

     “Additional Amounts” has the meaning specified in Section 1006 of the Subordinated Indenture.

     “Alternative Interest Satisfaction Mechanism” has the meaning specified in Section 4.03
hereof.

     “Assets” means the non-consolidated gross assets of the Company as shown by the most recently
published audited balance sheet of the Company, but adjusted for contingencies and subsequent
events and to such extent as the directors, external auditors or, as the case may be, the
liquidator may determine to be appropriate.

     “Associated Costs” has the meaning assigned to such term in the Calculation Agency Agreement.

     “Associated Cost Ordinary Shares” means Ordinary Shares issued by the Company in accordance
with Section 4.03(c)(iii) hereof.

     “Base Redemption Price” in respect of the 5.775% Fixed/Floating ING Perpetual Debt Securities
means a redemption price equal to 100% of the aggregate principal amount of the 5.775%
Fixed/Floating ING Perpetual Debt Securities so redeemed, together with any Outstanding Payments in
respect thereof accrued to and including the date fixed for redemption.

     “Business Day” means a Monday, Tuesday, Wednesday, Thursday or Friday that is not a day on
which banking institutions in The Netherlands or New York City generally are authorized or
obligated by law, regulation or executive order to close.

     “Calculation Agency Agreement” means the calculation agency agreement, dated as of December 8,
2005, between the Company and the Calculation Agent, relating to the 5.775% Fixed/Floating ING
Perpetual Debt Securities, as the same may be amended from time to time.

     “Calculation Agent” means ING Financial Markets LLC, as calculation agent in relation to the
5.775% Fixed/Floating ING Perpetual Debt Securities, or its successor or successors for the time
being appointed under the Calculation Agency Agreement.

3

 

     “comparable treasury issue” means the United States treasury security or securities selected
by the quotation agent as having an actual or interpolated maturity comparable to the remaining
life of the 5.775% Fixed/Floating ING Perpetual Debt Securities to be redeemed that would be
utilized, at the time of selection and in accordance with customary financial practice, in pricing
new issues of corporate debt securities of a comparable maturity to the remaining life (as defined
in the definition of Make-Whole Amount).

     “comparable treasury price” means (a) the average of five reference treasury dealer quotations
for the relevant redemption date, after excluding the highest and lowest of such reference treasury
dealer quotations, or (b) if the quotation agent obtains fewer than five such reference treasury
dealer quotations, the average of all such quotations.

     “Deferral Interest Rate” means until December 8, 2015, an interest rate equal to the Fixed
Interest Rate and after December 8, 2015, the Floating Interest Rate applicable to the relevant
Interest Period.

     “Deferral Notice” means a notice to the Trustee, the Holders, the Paying Agent, if different
than the Trustee, and the Calculation Agent that a Payment will be deferred in accordance with the
Indenture.

     “Deferred Interest Payment” means any Elective Deferral Interest Payment, or part thereof,
which has not subsequently been satisfied, or any Required Deferral Interest Payment, or part
thereof, which has not subsequently been either (i) satisfied, or (ii) deferred pursuant to Section
2.04(f) hereof.

“Deferred Interest Satisfaction Date” means the earlier of

     (i) with respect to a Required Deferral Interest Payment, the Interest Payment Date
following the 19th Business Day after the Required Deferral Condition fails to be met;

     (ii) the date on which the Company has resolved to satisfy a Deferred Interest
Payment as set forth in a notice to the Trustee, the Holders, the Paying Agent, if
different than the Trustee, and the Calculation Agent; or

     (iii) the date on which the Company is required to satisfy all Deferred Interest
Payments due to the occurrence of a Mandatory Payment Event or a Mandatory Partial Payment
Event.

     “determination date” has the meaning set forth in Section 2.04(b) hereof.

4

 

     “DTC” means the Depository Trust Company.

     “Elective Deferral Interest Payment” means any Payment on the 5.775% Fixed/Floating ING
Perpetual Debt Securities that is deferred due to the circumstances set forth in Section 2.04(f)
hereof.

     “First Call Date” means December 8, 2015.

     “Fixed Interest Rate” has the meaning set forth in Section 2.04(b) hereof.

     “Floating Interest Rate” has the meaning set forth in Section 2.04(b) hereof.

     “Indenture” has the meaning set forth in the recitals of this Fifth Supplemental Indenture.

     “IFRS” means International Financial Reporting Standards as issued by the International
Accounting Standard Board and as endorsed by the European Commission.

     “Interest” means interest payments on the 5.775% Fixed/Floating ING Perpetual Debt Securities
as calculated in accordance with Section 2.04(b) and 2.04(c) hereof and shall, where appropriate,
include Interest Amounts, Deferred Interest Payments and Accrued Interest Payments.

“Interest Amount” means

     (i) in respect of an Interest Payment, the amount of Interest payable on a 5.775%
Fixed/Floating ING Perpetual Debt Security for the relevant Interest Period; and

     (ii) in the event of redemption due to a Tax Event or Regulatory Event, any Interest
accrued from (and including) the preceding Interest Payment Date (or, if none, the Issue
Date) to (but excluding) the due date for redemption, if not an Interest Payment Date, as
calculated using the Interest Calculation Basis.

     “Interest Calculation Basis” means, on or prior to December 8, 2015, the calculation of
Interest on the basis of a 360-day year of twelve 30-day months; and thereafter, the calculation of
Interest on the basis of the actual number of days elapsed on the basis of a 360-day year.

     “Interest Payment” means, in respect of an Interest Payment Date, the aggregate Interest
Amounts for the Interest Period ending on such Interest Payment Date.

5

 

     “Interest Payment Date” has the meaning set forth in Section 2.04(d) hereof.

     “Interest Period” means the period commencing on (and including) the Issue Date and ending on
(but excluding) the first Interest Payment Date and each successive period commencing on (and
including) an Interest Payment Date and ending on (but excluding) the next succeeding Interest
Payment Date.

     “Issue Date” means December 8, 2005.

     “Junior Guarantee” means any guarantee, indemnity or other contractual support arrangement
entered into by the Company in respect of securities (regardless of name or designation) issued by
a Subsidiary or Undertaking and ranking junior to the 5.775% Fixed/Floating ING Perpetual Debt
Securities upon a liquidation of the Company or in respect of distributions or payment of dividends
or any other payment thereon.

     “Junior Securities” means the Ordinary Shares or any other securities of the Company that rank
junior to the 5.775% Fixed/Floating ING Perpetual Debt Securities with respect to distributions on
a return of assets, upon a liquidation of the Company or in respect of distributions, payments of
dividends or any other payment thereon.

     “Liabilities” means the non-consolidated gross liabilities of the Company as shown by the most
recently published audited balance sheet of the Company, but adjusted for contingencies and for
subsequent events and to such extent as the Company’s directors, external auditors or, as the case
may be, liquidator may determine.

     “LIBOR Calculation Agent” has the meaning set forth in Section 2.04(b) hereof.

     “London banking day” has the meaning set forth in Section 2.04(b) hereof.

     “Make-Whole Amount” means, as determined by the quotation agent, the sum of the present value
of the principal amount of the 5.775% Fixed/Floating ING Perpetual Debt Securities together with
the present values of scheduled payments of interest accrued from the date of redemption to the
Interest Payment Date on December 8, 2015 (the “remaining life”), in each case discounted to the
date of redemption on the Interest Calculation Basis at the treasury rate plus 40 basis points and
Outstanding Amounts due through the date of redemption.

6

 

     “Make-Whole Tax Event” means the occurrence of the events described in items (ii) and (iii)
under the definition of “Tax Event”, if such events and the related redemption occur prior to the
First Call Date.

     “Mandatory Partial Payment” payable on any Interest Payment Date means a payment in respect of
each 5.775% Fixed/Floating ING Perpetual Debt Security in an amount that results in payment of a
proportion of a full Interest
Payment on the 5.775% Fixed/Floating ING Perpetual Debt Security on such Interest Payment Date
equal to the proportion of a full dividend or full interest payment on the relevant Parity
Securities and/or payment on the relevant Parity Guarantees paid on the dividend or payment date in
respect of the relevant Parity Securities and/or Parity Guarantees immediately preceding such
Interest Payment Date.

     “Mandatory Partial Payment Event” means (a) prior to the occurrence of a Regulatory
Notification, the occurrence of any of the following:

     (i) the Company declares, pays or distributes a dividend or makes a payment on any of
its Parity Securities or Parity Guarantees; or

     (ii) any Subsidiary or Undertaking declares, pays or distributes a dividend on any
security issued by it benefiting from a Parity Guarantee or makes a payment on any
security issued by it benefiting from a Parity Guarantee, and

     (b) following the occurrence of a Regulatory Notification, the Company declares, pays or
distributes a dividend or makes a payment (other than a dividend in the form of Ordinary Shares) on
any of its securities or other instruments which are (i) Parity Securities and (ii) classified as
equity under IFRS.

     “Mandatory Payment Event” means (a) prior to the occurrence of a Regulatory Notification, the
occurrence of any of the following:

     (i) the Company declares, pays or distributes a dividend or makes a payment (other
than a dividend in the form of Ordinary Shares) on any of its Junior Securities or makes a
payment on a Junior Guarantee;

     (ii) any Subsidiary or Undertaking declares, pays or distributes a dividend on any
security issued by it benefiting from a Junior Guarantee or makes a payment (other than a
dividend in the form of ordinary shares) on any security issued by it benefiting from a
Junior Guarantee;

     (iii) the Company or any Subsidiary or Undertaking redeems, purchases or otherwise
acquires any of the Company’s Junior Securities,

7

 

any Parity Securities or any securities
issued by any Subsidiary or Undertaking benefiting from a Junior Guarantee or Parity
Guarantee, other than (1) by conversion into or in exchange for Ordinary Shares, (2) in
connection with transactions effected by or for the account of customers of the Company or
any Subsidiary or in connection with the distribution, trading or market-making activities
in respect of those securities, (3) in connection with the satisfaction by the Company or
any Subsidiary of its obligations under any employee benefit plans or similar arrangements
with or for the benefit of employees, officers, directors or consultants, (4) as a
result of a reclassification of the Company or any Subsidiary or the exchange or
conversion of one class or series of capital stock for another class or series of capital
stock, or (5) the purchase of the fractional interests in shares of the capital stock of
the Company or of any Subsidiary pursuant to the conversion or exchange provisions of that
capital stock or the security being converted or exchanged; or

     (iv) any moneys are paid to or made available for a sinking fund or for redemption of
any Junior Securities, Parity Securities or any securities issued by any Subsidiary or
Undertaking benefiting from a Junior Guarantee or Parity Guarantee, and

     (b) following the occurrence of a Regulatory Notification, the Company declares, pays or
distributes a dividend or makes a payment (other than a dividend in the form of Ordinary Shares) on
any of its securities or other instruments which are (i) Junior Securities and (ii) classified as
equity under IFRS.

     “Market Disruption Event” means

     (i) the occurrence or existence of any suspension of or limitation imposed on trading
by reason of movements in price exceeding limits permitted by Euronext Amsterdam N.V.’s
Eurolist by Euronext or on settlement procedures for transactions in the Ordinary Shares
on Euronext Amsterdam N.V.’s Eurolist by Euronext if, in any such case, that suspension or
limitation is, in the determination of the Calculation Agent, material in the context of
the sale of the Ordinary Shares;

     (ii) in the Company’s opinion, there has been a substantial deterioration in the
price and/or value of the Ordinary Shares, or circumstances are such as to prevent or, to
a material extent, restrict the issue or delivery of the Payment Ordinary Shares; or

     (iii) where, pursuant to the terms of the Indenture, moneys are required to be
converted from one currency into another currency in

8

 

respect of any Payment, but the
occurrence of any event that makes it impracticable to effect such conversion.

     “Notional Preference Shares” has the meaning set forth in Section 10.01 hereof.

     “Ordinary Shares” means the Company’s ordinary shares or bearer depository receipts issued in
respect of such ordinary shares as the context may require.

     “Outstanding Payment” means:

     (i) in relation to any Interest Payment, Deferred Interest Payment or Interest Amount
not falling within the definition of Interest Payment, that such payment (a) has either
become due and payable or would have become due and payable except for the
non-satisfaction on the relevant date due to a Solvency Condition not being satisfied or
the deferral, postponement or suspension of such payment, due to a Required Deferral
Condition, an Elective Deferral Interest Payment, insufficient Ordinary Shares available
to satisfy the Alternative Interest Satisfaction Mechanism, or failure to make a payment
more than 14 days after its due date due to a Market Disruption Event, and (b) in any such
case has not been satisfied; and

     (ii) in relation to any Accrued Interest Payment, any amount thereof which has not
been satisfied whether or not payment has become due.

     “Parity Guarantees” means any guarantee, indemnity or other contractual support arrangements
of the Company of securities of any Subsidiary or Undertaking, under which the holder of such
securities as the party who has the benefit of any such guarantee, indemnity or other contractual
support agreement is entitled, effectively from a financial point of view, to distributions on a
return of assets or on a liquidation, moratorium of payments or bankruptcy of the Company or to
distributions or payments of dividends and/or any other amounts thereunder by the Company, to the
same extent as the most senior class of preference shares and which (a) are expressed to be
similarly subordinated to Senior Debt as, and accordingly rank pari passu with, the 5.775%
Fixed/Floating ING Perpetual Debt Securities as regards any such distribution or payment or (b)
rank pari passu as expressed by such 5.775% Fixed/Floating ING Perpetual Debt Securities’ own terms
with the 5.775% Fixed/Floating ING Perpetual Debt Securities.

     Parity Guarantees include the Company’s guarantees (collectively the “Trust Preferred
Securities Guarantees”) of the 8.439% Non-cumulative Guaranteed Trust Preferred Securities issued
by ING Capital Funding Trust III.

9

 

     “Parity Interest Payment” has the meaning set forth in Section 6.05(a) hereof.

     “Parity Perpetual Securities” means the Company’s 6.50% ING Perpetual Securities issued on
September 27, 2001, the Company’s 7.05% ING Perpetual Debt Securities issued on July 18, 2002, the
Company’s 7.20% ING Perpetual Debt Securities issued on December 6, 2002, the Company’s Variable
Rate ING Perpetual Securities issued on June 20 2003, the Company’s 6.20% ING Perpetual Debt
Securities issued on October 17, 2003, the Company’s Variable Rate ING Perpetual Securities issued
on June 14, 2004, the Company’s 4.176% ING Perpetual Debt Securities issued on June 7, 2005 and the
Company’s 6.125% ING Perpetual Debt Securities issued on September 26, 2005.

     “Parity Securities” means

     (i) the most senior class of preference shares of the Company;

     (ii) any preference shares of the Company of similar rank as the most senior class of
preference shares of the Company; or

     (iii) other securities of the Company, the holders of which have claims that rank,
effectively from a financial point of view, pursuant to a Parity Guarantee or pursuant to
the provisions of such securities, as the most senior class of preference shares of the
Company, in each case as regards distributions on a return of assets or on a liquidation,
moratorium of payments or bankruptcy of the Company or in respect of distributions or
payments of dividends and/or any other amounts thereunder by the Company and which are
expressed to be similarly subordinated to Senior Debt as, and accordingly rank pari passu
with, the 5.775% Fixed/Floating ING Perpetual Debt Securities as regards any such
distributions or payments.

     Parity Securities includes the Parity Perpetual Securities.

     “Paying Agent” means The Bank of New York as paying agent in relation to the 5.775%
Fixed/Floating ING Perpetual Debt Securities, or its successor or successors for the time being
appointed in accordance with the terms of the Indenture.

     “Payment” means any Interest Payment, Deferred Interest Payment, Accrued Interest Payment or
Interest Amount not falling within the definition of Interest Payment.

     “Payment Default” has the meaning set forth in Section 5.01(a) hereof.

     “Payment Event” has the meaning set forth in Section 5.01(b) hereof.

10

 

     “Payment Ordinary Shares” means Ordinary Shares issued by the Company in accordance with
Section 4.03(c)(ii) hereof.

     “quotation agent” means Merrill Lynch, Pierce, Fenner & Smith Incorporated and its successors,
except that if Merrill Lynch, Pierce, Fenner & Smith Incorporated ceases to be a primary U.S.
Government securities dealer in New York City (a “primary treasury dealer”), the Company shall
designate another primary treasury dealer.

     “Record Date” means the Regular Record Date or the Special Record Date, as the case may be.

     “reference treasury dealer” means (a) the quotation agent and (b) any other primary treasury
dealer selected by the quotation agent after consultation with the Company.

     “reference treasury dealer quotations” means, with respect to each reference treasury dealer
and any redemption date, the average, as determined by the quotation agent, of the bid and asked
prices for the comparable treasury issue (expressed in each case as a percentage of its principal
amount) quoted in writing to the quotation agent by such reference treasury dealer at 3:30 p.m.
(New York City time), on the third Business Day preceding such redemption date.

     “Regular Record Date” means, until December 8, 2015, the May 24 or November 23 next preceding
the relevant Interest Payment Date (whether or not a Business Day); and thereafter, the date which
is fifteen calendar days preceding an Interest Payment Date (whether or not a Business Day).

     “Regulatory Event” means any time after the Company becomes subject to capital adequacy
regulations, the relevant regulator makes a determination that securities in the nature of the
5.775% Fixed/Floating ING Perpetual Debt Securities can no longer qualify as Tier 1 capital (or
instruments of a similar nature which qualify as core capital) for purposes of such capital
adequacy regulations.

     “Regulatory Notification” means, after the Company becomes subject to capital adequacy
regulations, the relevant regulator shall have notified it to the effect that on any date on which
a payment on the 5.775% Fixed/Floating ING Perpetual Debt Securities would otherwise have been due,
the Company’s capital ratio would after such payment be less than the minimum capital adequacy
requirements as enforced by the relevant regulator.

“Relevant Date” means

11

 

     (i) in respect of any payment other than a Winding-Up Claim, the date on which such
payment first becomes due and payable but, if the full amount of the monies payable on
such date has not been received by the Trustee on or prior to such date, the “Relevant
Date” means the date on which such monies shall have been so received and notice to that
effect shall have been given to the Holders in accordance with Section 106 of the
Subordinated Indenture; and

     (ii) in respect of a Winding-Up Claim, the date which is one day prior to the
commencement of the winding up.

     “Required Deferral Condition” means a determination by the Company that the Solvency
Conditions (i) are not satisfied on the Relevant Date, or (ii) will not be satisfied as a result of
making the relevant Payment.

     “Required Deferral Interest Payment” has the meaning set forth in Section 2.04(e) hereof.

     “Securities” has the meaning set forth in the Subordinated Indenture.

     “Senior Debt” means

     (i) all claims of unsubordinated creditors of the Company;

     (ii) all claims of creditors whose claims are, or are expressed to be, subordinated
(whether only in the event of the insolvency of the Company or otherwise) only to the
claims of unsubordinated creditors of the Company; and

     (iii) all claims of all other creditors of the Company except those whose claims are,
or are expressed to rank, pari passu with, or junior to, the claims of the Holders.

     “Solvency Conditions” means

     (i) the Company is able to make payments on its Senior Debt as such payments become
due; and

     (ii) the Company’s Assets exceed the sum of its Liabilities (excluding Liabilities
not considered Senior Debt).

     “Subordinated Indenture” has the meaning set forth in the first paragraph of this Fifth
Supplemental Indenture.

     “Tax Event” means a determination by the Company that on the next Interest Payment Date:

12

 

     (i) the Company would, for reasons outside its control, be unable to make the
required payment on such date without being required to pay Additional Amounts and the
Company cannot avoid such requirement or circumstance by taking such measures the Company,
acting in good faith, deems appropriate;

     (ii) payments of amounts in respect of Interest on the 5.775% Fixed/Floating ING
Perpetual Debt Securities (including, for the avoidance of doubt, where the payment of
Interest is to be satisfied by the issue of Ordinary Shares pursuant to the Alternative
Interest Satisfaction Mechanism), may be treated as “distributions” within the meaning of
Section II of the Dividend Withholding Tax Act 1965 (Wet op de dividendbelasting 1965); or
such other provision as may from time to time supersede or replace Section II of the
Dividend Withholding Tax Act of 1965 for the purposes of such definition) and the Company
cannot avoid
such requirement or circumstance by taking such measures the Company, acting in good
faith, deems appropriate; or

     (iii) there is more than an insubstantial risk that the Company will not obtain
substantially full relief for the purposes of the corporation tax of The Netherlands for
any payment of Interest (including, for the avoidance of doubt, where the payment of
Interest is to be satisfied by the issue of Ordinary Shares pursuant to the Alternative
Interest Satisfaction Mechanism), due to any proposed change or amendment to the laws of
The Netherlands, or any proposed change in the application of official or generally
published interpretation of such laws, or any interpretation or pronouncement by any
relevant tax authority that provides for a position with respect to such laws or
regulations that differs from the previously generally accepted position in relation to
similar transactions or which differs from any specific written confirmation given by a
tax authority in respect of the 5.775% Fixed/Floating ING Perpetual Debt Securities, where
such change or amendment becomes, or would become, effective, or in the case of a change
or proposed change in law if such change is enacted (or, in the case of a proposed change,
is expected to be enacted) by an Act of Parliament or made by Statutory Instrument on or
after December 2, 2005, and the Company cannot avoid this risk by taking such measures the
Company, acting in good faith, deems appropriate.

     “Telerate page 3750” has the meaning set forth in Section 2.04(b) hereof.

     “three-month LIBOR” has the meaning set forth in Section 2.04(b) hereof.

     “treasury rate” means, with respect to any redemption date, the rate per annum equal to the
semi-annual equivalent yield to maturity or interpolated (on a

13

 

day count basis) of the comparable
treasury issue, assuming a price for the comparable treasury issue (expressed as a percentage of
its principal amount) equal to the comparable treasury price for such redemption date.

     “Trust Preferred Securities Guarantees” has the meaning given such term in the definition of
Parity Guarantees.

     “Trustee” means the Person named as the “Trustee” in the first paragraph of this instrument
until a successor trustee shall have become such pursuant to the applicable provisions of the
Subordinated Indenture, and thereafter “Trustee” shall mean the Person who is then the Trustee
thereunder, and if at any time there is more than one such Person, “Trustee” shall mean and include
each such Person.

     “Undertaking” means a corporate body, partnership, limited partnership, cooperative or an
incorporated association carrying on a trade or business with or without a view to profit in which
the Company has direct or indirect financial, commercial or contractual majority interest.

     “Winding-Up Claim” means amounts in respect of principal or Payments in respect of which a
Solvency Condition is not satisfied on the date upon which such principal or Payments would
otherwise be due and payable by the Company in connection with its liquidation (upon dissolution or
otherwise) and on any redemption of 5.775% Fixed/Floating ING Perpetual Debt Securities.

ARTICLE 2

General Terms And Conditions Of The 5.775% Fixed/Floating ING Perpetual Debt Securities

     Section 2.01. Designation And Principal Amount. The following series of Securities are
hereby authorized as the 5.775% Fixed/Floating ING Perpetual Debt Securities, initially to be
issued in the aggregate principal amount of $1,000,000,000.

     Section 2.02. Maturity. The 5.775% Fixed/Floating ING Perpetual Debt Securities have no
maturity date.

     Section 2.03. Form, Issuance, Registration And Exchange. The 5.775% Fixed/Floating ING
Perpetual Debt Securities shall:

     (a) be issued as registered Securities in minimum denominations of $1,000 (or in any integral
multiple thereof) in book-entry global form, and shall not be exchangeable for definitive
securities except as provided in Section 305 of the Subordinated Indenture;

14

 

     (b) not be exchangeable at any time for bearer securities; and

     (c) be issued as global 5.775% Fixed/Floating ING Perpetual Debt Securities registered in the
name of DTC or its nominee (initially the nominee will be Cede & Co.); provided, however, (i) such
global securities may not be transferred except as a whole by DTC to a nominee or a successor of
DTC, unless and until the 5.775% Fixed/Floating ING Perpetual Debt Securities are exchanged for
definitive securities in the limited instances described in Section 12.01 hereof; (ii) beneficial
interests in global 5.775% Fixed/Floating ING Perpetual Debt Securities may be held through
organizations that participate, directly or indirectly, in the DTC system; (iii) beneficial
interests in the global 5.775% Fixed/Floating ING Perpetual Debt Securities and all transfers
relating to the global 5.775% Fixed/Floating ING Perpetual Debt Securities will be reflected in the
book-entry records of DTC; and (iv) so long as DTC, or its nominee, is the holder of a global
5.775% Fixed/Floating ING Perpetual Debt Security, it will be considered the sole holder of the
global 5.775% Fixed/Floating ING Perpetual Debt Security for all purposes under the Indenture.

     Section 2.04. Payments.

     (a) Payment Method. (i) Any Payment on 5.775% Fixed/Floating ING Perpetual Debt Securities
which is payable, and is paid or duly provided for, on any Payment Date or on any date on which the
Company makes any Payment on the 5.775% Fixed/Floating ING Perpetual Debt Securities (including any
payment of Additional Amounts in accordance with Section 1006 of the Subordinated Indenture) shall
be paid by the Trustee to the Holder in whose name such 5.775% Fixed/Floating ING Perpetual Debt
Securities are registered on the relevant Record Date, by wire-transfer of same-day funds to the
Holder or, at the option of the Company, by check mailed to the address of the Holder as it appears
in the Company’s Security Register. For so long as the 5.775% Fixed/Floating ING Perpetual Debt
Securities are held in global form, all payments shall be made by wire-transfer of same-day funds.

     (ii) All payments made with respect to the 5.775% Fixed/Floating ING Perpetual Debt
Securities will be subject to any fiscal or other laws and regulations applicable thereto
in the place of payment. Except as expressly stated, such fiscal or other laws and
regulations will not affect the Company’s obligation to pay Additional Amounts.

     (b) Interest Rate. The 5.775% Fixed/Floating ING Perpetual Debt Securities will bear Interest
from the Issue Date through December 8, 2015 at a fixed rate per annum on their outstanding
principal amount equal to 5.775% (the “Fixed Interest Rate”), and after December 8, 2015 at a
floating rate per annum on their outstanding principal amount equal to three-month LIBOR plus 1.68%
(the “Floating Interest Rate”).

15

 

     As used herein, “three-month LIBOR” means a rate determined on the basis of the offered rates
for three-month U.S. dollar deposits commencing on the first day of the relevant Interest Period,
which appears on page Telerate page 3750 of as of approximately 11:00 a.m., London time, on the
determination date. If such rate does not appear on Telerate page 3750, three-month LIBOR will be
determined on the basis of the rates that three-month U.S. dollar deposits, commencing on the first
date of the relevant Interest Period and in a principal amount of not less than $1,000,000, are
offered to prime banks in the London interbank market by four major banks in the London interbank
market selected by the LIBOR calculation agent, after consultation with the Company, at
approximately 11:00 a.m., London time, on that determination date. The LIBOR calculation agent
will request the principal London office of each of such banks to provide a quotation at its rate.
If at least two such quotations are provided, three-month LIBOR with respect to that determination
date will be the arithmetic mean of such quotations. If fewer than two quotations are provided,
three-month LIBOR with respect to that determination date will be the arithmetic mean of the rates
quoted by three major money center banks in New York City selected by the LIBOR calculation agent,
after consultation with the Company, at approximately 11:00 a.m., New York City time, on the
relevant determination date for loans in U.S. dollars to leading European banks for a three-month
period commencing on the first day of the relevant quarterly period and in a principal amount of
not less
than $1,000,000. However, if the banks selected by the LIBOR calculation agent to provide
quotations are not quoting as described in this paragraph, three-month LIBOR for the applicable
period will be the same as three-month LIBOR as determined on the previous quarterly period.

     For purposes of the definition of “three-month LIBOR”:

     “determination date” for an Interest Period means two London banking days prior to the first
day of the relevant quarterly Interest Period.

     “LIBOR calculation agent” means ING Bank N.V.

     “London banking day” means a day on which dealings in deposits in U.S. dollars are transacted
in the London interbank market.

     “Telerate page 3750” means the display designated as “Page 3750” on the Moneyline/Telerate
Inc. (or such other page as may replace Page 3750) service or such other service or services as may
be nominated by the British Bankers’ Association as the information vendor for the purposes of
displaying London interbank offered rates for U.S. dollar deposits.

     All percentages resulting from any calculations on the 5.775% Fixed/Floating ING Perpetual
Debt Securities will be rounded, if necessary, to the nearest one hundred-thousandth of a
percentage point, with five one-millionths of

16

 

a percentage point rounded upward (e.g., 9.876545%
(or .09876545) being rounded to 9.87655% (or .0987655)), and all dollar amounts used in or
resulting from such calculation will be rounded to the nearest cent (with one-half cent being
rounded upward).

     (c) Interest Payment Dates. Subject to the provisions herein, Interest on the 5.775%
Fixed/Floating ING Perpetual Debt Securities (calculated in accordance with the Interest
Calculation Basis) will be payable from December 8, 2005 or from the most recent Interest Payment
Date to which interest has been paid or duly provided for, semi-annually in arrears on June 8 and
December 8 in each year, commencing on June 8, 2006, and after December 8, 2015, quarterly in
arrears on March 8, June 8, September 8 and December 8 in each year.

     (d) Accrued Interest Payments. The aggregate amount of any Accrued Interest Payments on the
5.775% Fixed/Floating ING Perpetual Debt Securities will bear Interest at the Deferral Interest
Rate (to the extent permitted by applicable law), as if such Accrued Interest Payments were
considered part of principal and will become payable as and when the Payment in respect of which
such Interest has accrued becomes payable. The amount of Interest which accrues (the “Additional
Interest”) in respect of any such Accrued Interest Payments shall be calculated by the Trustee in
consultation with the Company and shall be added, for purposes only of the calculation of the
amount of Additional Interest due on any Interest Payment Date or Deferred Interest Satisfaction
Date, as the
case may be, to the corresponding amount of Payments unpaid as at such Interest Payment Date
or Deferred Interest Satisfaction Date, as applicable, as if such amount would itself constitute a
Payment.

     When used with respect to any 5.775% Fixed/Floating ING Perpetual Debt Securities, “Interest
Payment Date” means the date for payment of any Interest, as it may be adjusted as described in the
next succeeding sentence, on such 5.775% Fixed/Floating ING Perpetual Debt Securities, as
determined by the Company and set forth in this Fifth Supplemental Indenture and the form of 5.775%
Fixed/Floating ING Perpetual Debt Securities attached as Exhibit A hereto. With respect to any
Interest Payment Date prior to and including December 8, 2015, if any Interest Payment Date would
otherwise fall on a day which is not a Business Day, it shall be postponed to the next day that is
a Business Day (without any interest or other payment with respect to the delay) and, for any
Interest Payment Date after December 8, 2015, if any date on which interest would otherwise be
payable falls on a day that is not a Business Day, then the Interest Payment Date will be the next
succeeding Business Day, except if such next succeeding Business Day falls in the next succeeding
calendar month, in which case the Interest Payment Date will be the immediately preceding Business
Day.

     (e) Required Deferral of Payments.

17

 

     (i) Other than in the case of a Mandatory Payment Event or a Mandatory Partial
Payment Event, the Company is required to give a Deferral Notice in accordance with
Section 2.04(h) hereof and to defer any payment where the Required Deferral Condition has
occurred or is continuing on the 20th Business Day preceding the date on which such
Payment would be due and payable and no Interest Payment shall be payable on such Interest
Payment Date. When used with respect to any 5.775% Fixed/Floating ING Perpetual Debt
Securities, “Required Deferral Interest Payment” means any Payment deferred in accordance
with this Section 2.04(e).

     (ii) Interest will not accrue on any Required Deferral Interest Payment except under
circumstances described under Section 4.03 hereof.

     (iii) Any Required Deferral Interest Payment, except in the case of a Mandatory
Payment Event or a Mandatory Partial Payment Event, shall be satisfied on the relevant
Deferred Interest Satisfaction Date if the Required Deferral Condition is no longer met as
of the 20th Business Day preceding any subsequent Interest Payment Date and the Company
(x) does not validly elect to defer such payment in accordance with Section 2.04(f)(i)
hereof; or (y) has not elected to pay such Deferred Interest Payment earlier in accordance
with Section 2.04(f)(f)(iii) hereof.

     (iv) At least 16 Business Days prior to the relevant Deferred Interest Satisfaction
Date, the Company shall give notice to the Trustee of the Deferred Interest Satisfaction
Date on which such Required Deferral Interest Payment will be satisfied. As soon as
practicable after receiving such notice but within two business days, the Trustee shall
provide notice to the Company of the amount of Accrued Interest Payments, (including any
Additional Interest) if any, payable on such Deferred Interest Satisfaction Date.

     (v) At least 16 Business Days prior to such Deferred Interest Satisfaction Date, the
Company shall provide a notice to the Paying Agent, the Calculation Agent and the Holders
in accordance with Section 106 of the Subordinated Indenture (a) that the Company will
satisfy such Required Deferral Interest Payment on the relevant Deferred Interest
Satisfaction Date, (b) the amount of the Accrued Interest Payments (including Additional
Interest), if any, payable on such Deferred Interest Satisfaction Date, as calculated by
the Trustee and (c) the Special Record Date for such Deferred Interest Satisfaction Date.

     (f) Elective Deferral of Payments.

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     (i) The Company may defer any Payment that is due and payable under the 5.775%
Fixed/Floating ING Perpetual Debt Securities, other than in the case of a Mandatory
Payment Event or a Mandatory Partial Payment Event, by giving a Deferral Notice to the
Trustee, the Calculation Agent and the Holders in accordance with Section 2.04(h) hereof,
including any Payment referred to in Section 2.04(e)(iii), 2.04(e)(iv), 2.04(e)(v) hereof
(except as otherwise provided therein), and no Interest Payment shall be payable on such
Interest Payment Date. When used with respect to any 5.775% Fixed/Floating ING Perpetual
Debt Securities, “Elective Deferral Interest Payment” means any Payment deferred in
accordance with this Section 2.04(f).

     (ii) Elective Deferral Interest Payments will accrue interest at the Deferral
Interest Rate from, and including, the date on which (but for such deferral) the Deferred
Interest Payment would otherwise have been due to be made to, but excluding, the relevant
Deferred Interest Satisfaction Date.

     (iii) Except in the case of a Mandatory Payment Event or a Mandatory Partial Payment
Event, the Company may satisfy any Elective Deferral Interest Payment at any time;
provided, however, any such Payment shall be satisfied by delivering a notice in
accordance with Section 4.03(c)(i) hereof not less than 16 Business Days prior to the
relevant Deferred Interest Satisfaction Date informing of the Company’s election to so
satisfy such Payment and specifying the relevant Deferred Interest Satisfaction Date.

     (g) Conditions Precedent for any Payment.

     (i) Except in a bankruptcy, all payments on the 5.775% Fixed/Floating ING Perpetual
Debt Securities will be conditional upon not triggering the Required Deferral Condition.

     (ii) Unless the Company obtains permission from its relevant regulator, it shall
satisfy any Deferred Interest Payments only in accordance with the Alternative Interest
Satisfaction Mechanism set forth in Article 4 below; provided, however, that the Company
is not required to utilize the Alternative Interest Satisfaction Mechanism to satisfy any
Mandatory Partial Payment payable on a Mandatory Partial Payment Date that coincides with
the date on which a Deferred Interest Payment has become mandatorily due and payable in
full.

     (h) Deferral Notice.

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     (i) The Company shall give any Deferral Notice not less than 16 Business Days prior
to the date on which any Payment would, in the absence of deferral, be due and payable.

     (ii) The Company must give a Deferral Notice in the case of a Required Deferral
Condition.

     (iii) Any Deferral Notice as to a Payment required to be paid pursuant to a Mandatory
Payment Event or a Mandatory Partial Payment Event will have no force or effect.

     Section 2.05. Mandatory Payment Events; Mandatory Partial Payment Events.

     (a) Deferred Interest Payments. Upon the occurrence of a Mandatory Payment Event or a
Mandatory Partial Payment Event, all Deferred Interest Payments will become mandatorily due and
payable in full on the date of either such event, notwithstanding any further Deferral Notice or an
occurrence or continuance of a Required Deferral Condition.

     (b) Satisfaction of Interest Payments following a Mandatory Payment Event. The Interest
Payments payable on the next two consecutive Interest Payment Dates or, after December 8, 2015, on
the next four consecutive Interest Payment Dates, following a Mandatory Payment Event will be
mandatorily due and payable in full, notwithstanding any Deferral Notice as to such Interest
Payments or the occurrence or continuance of any Required Deferral Condition; provided, however,
that if the Mandatory Payment Event is (x) a payment on a Junior Security, a Junior Guarantee or a
security benefiting from a Junior Guarantee or relates to the purchase or other acquisition of any
Junior Security, Parity Security or a security benefiting from a Junior Guarantee or a Parity
Guarantee, and (y) such payment is in respect of a semi-annual or quarterly payment or the
security purchased or acquired was payable semi-annually or quarterly, only the Interest Payments
payable on the next Interest Payment Date or, after December 8, 2015, on the next two Interest
Payment Dates or the next Interest Payment Date, respectively, shall be mandatorily due and payable
notwithstanding any Deferral Notice as to such Interest Payment or the occurrence or continuance of
any Required Deferral Condition. Such Mandatory Interest Payments may, at the Company’s election,
be satisfied in accordance with the Alternative Interest Satisfaction Mechanism.

     (c) Satisfaction of Interest Payments following a Mandatory Partial Payment Event. Mandatory
Partial Payments will be mandatorily due and payable, on the next two consecutive Interest Payment
Dates or, after December 8, 2015, on the next four consecutive Interest Payment Dates, following a
Mandatory Partial Payment Event, notwithstanding any Deferral Notice or

20

 

occurrence of the Required
Deferral Condition; provided, however, that if such Mandatory Partial Payment Event (x) is a
payment on a Parity Security, a Parity Guarantee or a security benefiting from a Parity Guarantee
and (y) such payment is in respect of a semi-annual or quarterly payment, only Mandatory Partial
Payments payable on the next Interest Payment Date or, after December 8, 2015, on the next two
Interest Payment Dates or the next Interest Payment Date, respectively, shall be mandatorily due
and payable notwithstanding any Deferral Notice as to such Interest Payment or the occurrence or
continuance of any Required Deferral Condition. Such Mandatory Partial Payments may, at the
Company’s election, be satisfied in accordance with the Alternative Interest Satisfaction
Mechanism.

ARTICLE 3

Optional Redemption And Redemption Upon Certain Events

     Section 3.01. Optional Redemption. (a) Any redemption made in accordance with this Article
3 shall be made in accordance with Sections 1101 through Section 1108 of the Subordinated
Indenture.

     (b) Upon giving not less than 30 nor more than 60 days’ notice to the Holders of 5.775%
Fixed/Floating ING Perpetual Debt Securities, and provided the Solvency Conditions are satisfied at
the time of such notice and at the time of redemption, the 5.775% Fixed/Floating ING Perpetual Debt
Securities may be redeemed, at the option of the Company and without the consent of the Holders or
the Trustee, as follows:

     (i) in whole or in part at the Base Redemption Price on December 8, 2015, and
thereafter on any Interest Payment Date;

     (ii) in whole (but not in part) at any time, at the Base Redemption Price:

     (A) upon the occurrence of a Tax Event (other than a Make-Whole Tax Event
prior to the First Call Date, in which case subsection (iii) shall apply),
provided that the Company has already delivered to the Trustee, in a form
satisfactory to the Trustee, a written legal opinion of independent Dutch
counsel of recognized standing, selected by the Company, confirming that such
Tax Event has occurred; or

     (B) on and after the First Call Date, upon the occurrence of a Regulatory
Event; and

21

 

     (iii) prior to the First Call Date, in whole (but not in part) at any time, at the
greater of the Base Redemption Price and the Make-Whole Amount:

     (A) upon the occurrence of a Make-Whole Tax Event, provided that the
Company has already delivered to the Trustee, in a form satisfactory to the
Trustee, a written legal opinion of independent Dutch counsel of recognized
standing, selected by the Company, confirming that such Make-Whole Tax Event has
occurred; or

     (B) upon the occurrence of a Regulatory Event.

     (c) Cancellation of any 5.775% Fixed/Floating ING Perpetual Debt Securities redeemed by the
Company pursuant to this Indenture will be effectuated by reducing the principal amount of the
5.775% Fixed/Floating ING Perpetual Debt Securities, and any 5.775% Fixed/Floating ING Perpetual
Debt Securities so cancelled will be discharged. Any 5.775% Fixed/Floating ING Perpetual Debt
Securities purchased by the Company may be held, reissued, resold or, at the Company’s option,
cancelled. Such cancellation shall be effectuated by decreasing in an equal amount the number of
5.775% Fixed/Floating ING Perpetual Debt Securities represented by the global security or
securities.

     (d) In the event the Base Redemption Price in respect of any 5.775% Fixed/Floating ING
Perpetual Debt Securities is improperly withheld or refused and is not paid by the Company,
Interest on such 5.775% Fixed/Floating ING Perpetual Debt Securities will continue to be payable
and accrue in accordance with Section 2.04(d) hereof until the date the Base Redemption Price is
actually paid (the “Delayed Redemption Payment Date”). Prior to the payment of any Base Redemption
Price which previously has been improperly withheld or refused, the Company shall inform the
Trustee of the proposed Delayed Redemption Payment Date and the Trustee shall, as soon as
practicable after receiving such notice, provide notice to the Company of the amount of Accrued
Interest Payments (together with Additional Interest) payable in connection therewith. The Company
shall then provide notice to the Paying Agent, if
different than the Trustee, and the Holders in accordance with Section 106 of the Subordinated
Indenture of (i) the Delayed Redemption Payment Date, (ii) the Special Record Date for the Delayed
Redemption Payment Date and (iii) the Accrued Interest Payments payable on such date, as calculated
by the Trustee.

     Section 3.02. Optional Purchase. The Company may at any time, subject to satisfaction of
the Solvency Conditions, purchase 5.775% Fixed/Floating ING Perpetual Debt Securities on the open
market in any manner and at any price.

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ARTICLE 4

Alternative Interest Satisfaction Mechanism

     Section 4.01. Conditions Precedent. Subject to the provisions of Article 5 of this Fifth
Supplemental Indenture and Article 5 of the Subordinated Indenture and notwithstanding any other
provision of this Indenture to the contrary, the Company’s ability to use the Alternative Interest
Satisfaction Mechanism to satisfy its Payment obligations with respect to the 5.775% Fixed/Floating
ING Perpetual Debt Securities is subject to Section 4.04 and 4.05 hereof.

     Section 4.02. Notices Of Exercise Of Alternative Interest Satisfaction Mechanism. The
Company shall give notice to the Trustee, the Paying Agent, if different than the Trustee, the
Calculation Agent and the Holders of the 5.775% Fixed/Floating ING Perpetual Debt Securities in
accordance with Sections 105 and 106, as applicable, of the Subordinated Indenture and in
accordance with the Calculation Agency Agreement at least 16 Business Days prior to the relevant
Interest Payment Date or Deferred Interest Satisfaction Date, as applicable, of its election
pursuant to Section 2.04 hereof, to pay all or part of a Deferred Interest Payment or to make any
other Payment pursuant to the Alternative Interest Satisfaction Mechanism, subject to Section
4.03(b) below.

     Section 4.03. Alternative Interest Satisfaction Mechanism.

     (a) Unless otherwise expressly provided in this Indenture, the Company shall satisfy any
Deferred Interest Payments in accordance with the Alternative Interest Satisfaction Mechanism.

     (b) Subject to the satisfaction of the Solvency Conditions, the Company may, at its option,
satisfy any Payment in accordance with the Alternative Interest Satisfaction Mechanism; provided,
however, that at the time of such election the Company shall have sufficient authorized Ordinary
Shares to issue such shares to satisfy such Payment in full.

     (c) Subject to and in accordance with the terms of the Calculation Agency Agreement, under the
"Alternative Interest Satisfaction Mechanism”:

     (i) the Company shall give notice to the Trustee, the Paying Agent, if different than
the Trustee, the Calculation Agent and the Holders of the 5.775% Fixed/Floating ING
Perpetual Debt Securities as provided in Section 4.02 hereof;

     (ii) on or prior to the eleventh business day prior to the relevant Interest Payment
Date or Deferred Interest Satisfaction Date, the Calculation Agent shall, pursuant to the
Calculation Agency Agreement, calculate the number of Payment Ordinary Shares that have an
aggregate

23

 

market value (converted from euros into U.S. dollars) of not less than 110% of
the relevant Payment and shall notify the Trustee and the Company accordingly of such
number of Payment Ordinary Shares to be issued;

     (iii) on or prior to the eleventh business day prior to the relevant Interest Payment
Date or Deferred Interest Satisfaction Date, the Calculation Agent shall, pursuant to the
Calculation Agency Agreement, calculate the number of Associated Cost Ordinary Shares
required to be issued by the Company as, on sale, produce a net amount (converted, where
necessary, into euros) of not less than the Associated Costs and shall notify the Trustee
and the Company of such number of Associated Cost Ordinary Shares to be issued;

     (iv) by the close of business on or before the seventh business day prior to the
relevant Interest Payment Date or Deferred Interest Satisfaction Date, the Company shall
notify the Calculation Agent that it has a sufficient number of Ordinary Shares and
corporate authorization to issue such number of Payment Ordinary Shares and Associated
Cost Ordinary Shares as shall have been notified to the Trustee and the Company by the
Calculation Agent in accordance with Section 4.03(c)(ii) and 4.03(c)(iii) above;

     (v) the Calculation Agent will use reasonable efforts on normal market terms to
procure purchasers for such Ordinary Shares as soon as reasonably practicable following
receipt of the notice referred to in clause (iv) above, in accordance with the terms of
the Calculation Agency Agreement, but no later than the fourth business day prior to the
relevant Interest Payment Date or Deferred Interest Satisfaction Date;

     (vi) one business day prior to the relevant Interest Payment Date or Deferred
Interest Satisfaction Date, the Company will issue or transfer such Payment Ordinary
Shares and Associated Cost Ordinary Shares in the open market as instructed by the
Calculation Agent, and will collect any sales proceeds;

     (vii) upon receipt of the sales proceeds, the Company shall immediately transfer the
sales proceeds (or such amount of sales proceeds
as is necessary to make the relevant Payment in full (after conversion from euros
into U.S. dollars as necessary)) to the Trustee or its agent who shall convert any
proceeds received in a currency other than U.S. dollars into U.S. dollars;

24

 

     (viii) the Trustee will apply the sales proceeds received from the Company (as
converted, if applicable) on the day the relevant Payment is due, towards the Payment to
be satisfied;

     (ix) if, following the procedures set forth in Section 4.03(c)(i) to 4.03(c)(viii)
above, there is a shortfall in the proceeds necessary to satisfy the relevant Payment that
is due or to pay the Associated Costs, the Calculation Agent, pursuant to its obligations
under the Calculation Agency Agreement, shall promptly notify the Trustee, the Paying
Agent, if different than the Trustee, and the Company, and the Calculation Agent, the
Trustee, the Paying Agent and the Company shall then take such steps as are reasonably
necessary to ensure, so far as practicable, that through issuing and selling additional
Payment Ordinary Shares or Associated Cost Ordinary Shares in accordance with Section
4.03(c)(i) to 4.03(c)(viii) above, proceeds from the additional sales together with the
proceeds referred to in Section 4.03(c)(vi) above are at least equal to, respectively, the
relevant Payment and any Associated Costs, such that the Payment and any Associated Costs
may be satisfied in full on the relevant Interest Payment Date or Deferred Interest
Satisfaction Date; provided that for such purpose, Section 4.03(c)(i) to 4.03(c)(viii)
above shall be modified as follows:

     (A) references therein to “Payment” shall be deemed to be references to the
amount by which the aggregate sum then paid to the Trustee by the Company in
respect of the relevant Payment pursuant to the provisions of this Section 4.03
is less than the full amount due (the “Payment Shortfall”);

     (B) references therein to “Associated Costs” shall be deemed to be
references to the aggregate of (a) the amount by which the sum received by the
Company in respect of Associated Costs is less than the Associated Costs and (b)
the Associated Costs determined in accordance with the Calculation Agency
Agreement but by reference to the numbers of additional Ordinary Shares required
to be issued in order to satisfy the Shortfall (such aggregate being the “Costs
Shortfall”); and

     (C) all matters required to be done by a stated time shall be done as soon
as practicable.

For the purposes of this Section 4.03(c)(ix), “Shortfall” means the aggregate of
the Payment Shortfall and the Costs Shortfall;

     (x) if the aggregate amounts paid to the Paying Agent are less than the amount
necessary to satisfy any Payment, after the Trustee

25

 

receives any Shortfall amounts it will
pay such amounts to the Paying Agent for payment to the Holders;

     (xi) if, despite these provisions, such a Shortfall still exists on the relevant
Interest Payment Date or Deferred Interest Satisfaction Date, the Company may, in
accordance with the provisions of this Indenture, either pay an amount equal to such
Shortfall as soon as practicable to the Trustee or continue to issue Payment Ordinary
Shares or Associated Cost Ordinary Shares, as the case may be, until the Trustee has
received funds equal to the full amount of such Shortfall. The Company shall be obligated
to issue additional Ordinary Shares to cover any Shortfall unless it satisfies the
Shortfall by making a direct payment to the Trustee; and

     (xii) if, pursuant to the Alternative Interest Satisfaction Mechanism, proceeds are
raised in excess of the amount required to pay the applicable Payments plus the Associated
Costs in connection with using the Alternative Interest Satisfaction Mechanism, any
remaining proceeds shall be retained by the Company.

     Section 4.04. Insufficient Payment Ordinary Shares. (a) (i) If the Company is to satisfy a
Payment pursuant to the Alternative Interest Satisfaction Mechanism and it does not, on the date
when the number of Payment Ordinary Shares required to be issued is determined, have a sufficient
number of Ordinary Shares available for issue, it shall notify the Trustee, the Calculation Agent
and the Holders that all or part, as the case may be, of the relevant Payment cannot be satisfied
due to an insufficient number of authorized Ordinary Shares.

     (ii) Upon the occurrence of the circumstances contemplated in Section 4.04(a)(i), the
Payment or part thereof shall be satisfied following the date of the Company’s next annual
general meeting or extraordinary general meeting of its shareholders at which a resolution
is passed authorizing a sufficient number of Ordinary Shares to be made available to
satisfy all or such part of the relevant Payment.

     (iii) However, if the number of Ordinary Shares authorized to be issued at any such
meeting contemplated in Section 4.04(a)(ii) above is insufficient to satisfy all or such
part of the relevant Payment, then those Ordinary Shares so issued will be applied by the
Company in partial satisfaction of all or such part of the Relevant Payment.

     (b) Following the passage of a resolution which authorizes the Company to issue additional
Ordinary Shares for this purpose:

     (i) the Company shall give notice to the Trustee at least 16 Business Days prior to
the date upon which the relevant Payment or, as the

26

 

case may be, the part thereof is to be made and the Trustee shall provide notice to
the Company and the Calculation Agent of the amount of the Accrued Interest Payments
(together with Additional Interest), if any, payable in connection with such Payment; and

     (ii) the Company shall provide at least 16 Business Days notice in accordance with
Section 106 of the Subordinated Indenture to the Calculation Agent and the Holders of the
date upon which the relevant Payment or, as the case may be, the part thereof is to be
made, which notice shall include the amount of the Accrued Interest Payments (together
with Additional Interest), if any, payable in connection with such Payment, as calculated
by the Trustee.

     (c) The relevant Payment or, as the case may be, the part thereof which is not so satisfied
will, unless it is a Required Deferred Interest Payment and has not been subsequently either
satisfied or deferred pursuant to an Elective Deferral Interest Payment, will continue to accrue
Interest at the Deferral Interest Rate from (and including) the date on which Payment would
otherwise have been due to (but excluding) the date on which such Payment or part thereof is
satisfied or, in the event of a Market Disruption Event, the date on which such payment or part
thereof, would, but for the occurrence of such Market Disruption Event, have been satisfied (from
which date Interest (if any) will accrue on such Payment as provided below).

     (d) If the Company does not have a sufficient number of Ordinary Shares and does not hold an
annual general meeting within six months of giving the notice set forth in Section 4.03(c)(i)
above, at which a resolution to make a sufficient number of Ordinary Shares available is proposed,
the Trustee will by notice require the Company to convene an extraordinary general meeting at which
such a resolution will be proposed on a date falling within 10 weeks of such notice from the
Trustee.

     (e) In the event that a resolution to make a sufficient number of Ordinary Shares available is
proposed at any such annual general meeting or extraordinary general meeting is rejected, the
resolution will be proposed at each general annual meeting or any extraordinary general meeting
thereafter until such time as the resolution has been passed by the Company’s shareholders.

     Section 4.05. Market Disruption Event. (a) If a Market Disruption Event exists on or after
the 15th Business Day preceding any date upon which a Payment or part thereof is due to be made or
satisfied pursuant to the Alternative Interest Satisfaction Mechanism, the Company may give notice
to the Trustee, the Paying Agent, the Calculation Agent and the Holders as soon as possible after
the Market Disruption Event has arisen or occurred, whereupon the relevant Payment

27

 

will be deferred
until such time as, in the opinion of the Company, the Market Disruption Event no longer exists.

     (b) Any such deferred Payment or part thereof will be satisfied as soon as practicable after
the Market Disruption Event no longer exists. The Company shall notify the Trustee of the date on
which such deferred Payment or part thereof will be satisfied and the Trustee shall provide notice
to the Company and the Calculation Agent of the amount of the Accrued Interest Payments (together
with Additional Interest), if any, payable in connection with such deferred Payment. The Company
shall then notify the Paying Agent, the Calculation Agent and the Holders in accordance with
Section 106 of the Subordinated Indenture of the date on which such deferred Payment or part
thereof will be satisfied and the amount of the Accrued Interest Payments (together with Additional
Interest), if any, payable in connection with such deferred Payment, as calculated by the Trustee.

     (c) Interest will not accrue on any deferred Payment or part thereof during a Market
Disruption Event; provided, however, that if the Company does not make a relevant payment or part
thereof for a period of 14 days or more after its due date, even if the Market Disruption Event is
continuing, such deferred Payments or part thereof will accrue Interest from (and including) the
date on which the relevant Payment or part thereof was due to be made to (but excluding) the date
on which such Payment or part thereof is made. Any such Interest shall accrue at the Fixed
Interest Rate and shall be satisfied only in accordance with the Alternative Interest Satisfaction
Mechanism and as soon as reasonably practicable after the relevant deferred Payment is made. No
liability shall attach to the Trustee or its agents if, as a result of a Market Disruption Event or
any other event outside the control of the Trustee or any such agent, the Trustee or any such agent
is unable to comply with its duties in connection with any payment made pursuant to the Alternative
Interest Satisfaction Mechanism.

ARTICLE 5

Remedies

Section 5.01. Defaults; Collection Of Indebtedness And Suits For Enforcement By Trustee.

     (a) “Payment Default”, wherever used herein with respect to the 5.775% Fixed/Floating ING
Perpetual Debt Securities, means solely the following event (regardless of the reason for such
Payment Default and whether it is voluntary, involuntary or is effected by operation of law
pursuant to any judgment, decree or order of any court or any order, rule or regulation of any
administrative or governmental body):

28

 

     The Company fails to pay or set aside for payment the amount due to satisfy any Payment on the
5.775% Fixed/Floating ING Perpetual Debt Securities when due, and such failure continues for 14
days; provided, however, that if the Company fails to make any Mandatory Interest Payment as a
result of failure to satisfy the Solvency Conditions, or due to a deferral of an Interest Payment
as permitted under the terms of this Indenture, that payment will constitute an Outstanding
Payment and will accumulate with any other Outstanding Payments until paid, but will not constitute
a Payment Default.

     (b) If a Payment Default occurs and is continuing, the Trustee may pursue all legal remedies
available to it, including commencing a judicial proceeding for the collection of the sums so due
and unpaid or a bankruptcy proceeding in The Netherlands (but not elsewhere) of the Company, but
the Trustee may not declare the principal amount of any outstanding 5.775% Fixed/Floating ING
Perpetual Debt Securities to be due and payable. If the Company fails to make payment and the
Solvency Conditions are not satisfied at the end of the 14-day period set forth in Section 5.01(a)
hereof, such failure does not constitute a Payment Default but instead constitutes a “Payment
Event”. On a Payment Event, the Trustee may institute bankruptcy proceedings against the Company
exclusively in The Netherlands, but may not pursue any other legal remedy, including a judicial
proceeding for the collection of the sums due and unpaid.

     (c) Notwithstanding the foregoing, Holders of the 5.775% Fixed/Floating ING Perpetual Debt
Securities have the absolute and unconditional right to institute suit for the enforcement of any
payment when due and such right may not be impaired without the consent of the Holder as provided
in Section 508 of the Subordinated Indenture. In addition, to the extent the Trustee is not
permitted to pursue the remedies provided for in Section 5.01(b) above as a matter of Dutch law,
the Holders of the 5.775% Fixed/Floating ING Perpetual Debt Securities may pursue such remedies in
accordance with the terms of the Subordinated Indenture.

     (d) Without prejudice to Section 5.04 and Section 5.05 of the Subordinated Indenture, the
Trustee is and shall be fully authorized by each and any holder of record of a 5.775%
Fixed/Floating ING Perpetual Debt Security to commence proceedings in The Netherlands in accordance
with Section 5.01(a) and 5.01(b) above, in the name and on behalf of such holder, as if the Trustee
were such holder of record, with a view to having the Company declared bankrupt in The Netherlands.

     (e) The provisions of this Section 5.01 replace Sections 501, 502 and 503 of the Subordinated
Indenture in their entirety which is hereby amended and restated in its entirety by this Section
5.01.

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ARTICLE 6

Covenants Of The Issuer

     Section 6.01. Dividend Restrictions For Deferred Interest Payments. From the date the
Company delivers a Deferral Notice until any Deferred Interest Payment is paid in full on the
5.775% Fixed/Floating ING Perpetual Debt
Securities, the Company agrees that it will not recommend to its shareholders, and to the
fullest extent permitted by applicable law will otherwise act to prevent, any action that would
constitute a Mandatory Payment Event or Mandatory Partial Payment Event.

     Section 6.02. Calculation Agent. (a) For so long as any 5.775% Fixed/Floating ING Perpetual
Debt Securities remain outstanding, there shall at all times be a Calculation Agent hereunder. The
current Calculation Agent is set forth in Article 1 hereof. If the Calculation Agent is unable or
unwilling to act as such, or if it fails to make a determination, calculation or otherwise fails to
perform its duties under the Indenture or the Calculation Agency Agreement, the Company shall
appoint an independent investment bank acceptable to the Trustee to act as such in its place.
Neither the termination of the appointment of the Calculation Agent nor the resignation of the
Calculation Agent will be effective without a successor having been appointed.

     (b) All calculations and determinations made by the Calculation Agent with respect to the
5.775% Fixed/Floating ING Perpetual Debt Securities (absent manifest error) are final and binding
on the Company, the Trustee, the Paying Agent and the Holders.

     (c) Neither the Company nor the Trustee have any responsibility to anyone for any errors or
omissions in any calculation by the Calculation Agent.

     Section 6.03. Mandatory Interest Payments. Subject to satisfaction of the Solvency
Conditions, the Company agrees that it will not defer any Payment on the 5.775% Fixed/Floating ING
Perpetual Debt Securities on the Interest Payment Date falling on a Mandatory Interest Payment
Date.

     Section 6.04. Deferral Of Certain Payments. The Company agrees that if Payments stated to
be payable on any date have not been made on the Company’s preference shares or any other Parity
Securities, then it will defer Payments on the 5.775% Fixed/Floating ING Perpetual Debt Securities
payable on such date, unless a Mandatory Interest Payment is due.

Section 6.05. Sufficiency Of Ordinary Shares.

     (a) The Company represents and warrants that at the date of this Fifth Supplemental Indenture,
the Company has a sufficient number of authorized but

30

 

unissued Ordinary Shares necessary, and,
subject to the approval of the Company’s Supervisory Board, the Company’s Executive Board has the
necessary authority to make, during the next six-month period, (i) the Interest Payments required
to be made on the 5.775% Fixed/Floating ING Perpetual Debt Securities and (ii) the interest
payments required to be made on the Parity Perpetual Securities (each, a “Parity Interest
Payment”), assuming the Alternative Interest Satisfaction Mechanism or, in the case of the Parity
Perpetual Securities, any similar mechanism by which Parity Interest Payments may be
satisfied pursuant to a sale of the Company’s Ordinary Shares, is used for each Interest
Payment and Parity Interest Payment during such six-month period.

     (b) The Company agrees to keep available for issue a sufficient number of authorized but
unissued Ordinary Shares as it reasonably considers would be required to be issued as Payment
Ordinary Shares in connection with the next two interest payments until the First Call Date and
following that date, for the next four Interest Payments. Should the Company fail to comply with
this condition, no damages shall be payable in connection with such failure. The Trustee may
require that the Company, as soon as practicable, hold an extraordinary general meeting of its
shareholders at which a resolution will be passed to remedy such failure as provided in Section
4.04(d) hereof.

     (c) The Trustee is not obligated to monitor whether the Company has a sufficient number of
unissued Ordinary Shares available for issuance as Payment Ordinary Shares and the Trustee is
entitled to assume, unless it has actual knowledge to the contrary, that the Company is complying
with its obligations to do so.

     Section 6.06. Ranking. The Company agrees that, for so long as any 5.775% Fixed/Floating
ING Perpetual Debt Securities remain outstanding, it will not issue any preference shares (or other
securities which are akin to preference shares as regards distributions on a return of Assets or
upon a liquidation, moratorium of payments or bankruptcy of the Company or in respect of
distributions or payments of dividends and/or any other amounts thereunder by the Company) or give
any guarantee or contractual support arrangement in respect of any of its preference shares or such
other securities or in respect of any other entity if such preference shares, preferred securities,
guarantees or contractual support arrangements would rank (as regards distributions on a return of
Assets or on a liquidation, moratorium of payments or bankruptcy of the Company or in respect of
distributions of payments of dividends and/or any other amounts thereunder by the Company) senior
to the 5.775% Fixed/Floating ING Perpetual Debt Securities, unless the Company amends the terms of
the 5.775% Fixed/Floating ING Perpetual Debt Securities such that the 5.775% Fixed/Floating ING
Perpetual Debt Securities rank pari passu effectively from a financial point of view with any such
preference shares, such other securities akin to preference shares or such guarantee or support
undertaking.

31

 

     Section 6.07. Payment Of Proceeds From Sale Of Payment Ordinary Shares And Associated Cost
Ordinary Shares. The Company agrees that immediately on receipt of the proceeds of the sale of
Payment Ordinary Shares or Associated Cost Ordinary Shares in connection with the Alternative
Interest Satisfaction Mechanism, it shall (a) pay proceeds from the sale of Payment Ordinary Shares
to the Trustee (or any Paying Agent), either in Euros or converted into U.S. dollars, in such
amount as shall enable the Trustee to make the relevant Payment in full on the relevant Interest
Payment Date or Deferred
Interest Satisfaction Date, and (b) pay proceeds from the sale of Associated Cost Ordinary
Shares in Payment of all Associated Costs.

     Section 6.08. Calculation Agency Agreement. The Company shall comply with and perform all
its obligations under the Calculation Agency Agreement and use its reasonable efforts to procure
that the Calculation Agent complies with and performs all of its respective obligations under the
Calculation Agency Agreement and not make any amendment or modification to such agreement without
the prior written approval of the Trustee.

     Section 6.09. Officer’s Certificate On Deferral. If the Company elects or is obliged to
defer any Payment in accordance with Section 2.04 hereof, it shall deliver to the Trustee, no later
than the sixteenth Business Day prior to the relevant Interest Payment Date, an Officer’s
Certificate, certifying that the Required Deferral Condition was met on the 20th Business Day prior
to the relevant Interest Payment Date and if the Company shall elect to satisfy a Deferred Interest
Payment on an earlier date than the Interest Payment Date following that on which the Required
Deferral Condition fails to be met, deliver to the Trustee not later than the sixteenth Business
Day prior to making such payment an Officer’s Certificate certifying that the Required Deferral
Condition was no longer, on a date no more than 16 Business Days prior to the delivery of such
certificate, met.

     Section 6.10. Officer’s Certificate For Market Disruption Event. If, in the opinion of the
Company, there exists a Market Disruption Event as a consequence of which a Payment may be deferred
under Section 4.05 hereof, it shall deliver to the Trustee within two Business Days of such Market
Disruption Event having arisen or the Company having become aware of the same, an Officer’s
Certificate specifying the details of such Market Disruption Event.

ARTICLE 7

Subordination

     Section 7.01. Agreement To Subordinate. (a) The Company covenants and agrees, and each
Holder of 5.775% Fixed/Floating ING Perpetual Debt Securities issued hereunder, by such Holder’s
acceptance thereof, likewise

32

 

covenants and agrees, that the 5.775% Fixed/Floating ING Perpetual
Debt Securities issued hereunder (i)(A) shall rank pari passu with respect to each other, (B) shall
be similarly subordinated as, and accordingly rank pari passu with, the Trust Preferred Securities
Guarantees and (C) shall rank pari passu with other Parity Guarantees, the Parity Perpetual
Securities and other debt obligations expressed to be similarly subordinated as and, accordingly,
ranking pari passu with, the 5.775% Fixed/Floating ING Perpetual Debt Securities, such other Parity
Guarantees and the Parity Perpetual Securities, and (ii) are and will be subordinated
(“achtergesteld”), and accordingly be subject in right of payment to
prior payment in full upon liquidation, moratorium of payments or bankruptcy of the Company,
of all Senior Debt.

     (b) The Company further covenants and agrees, and each Holder of 5.775% Fixed/Floating ING
Perpetual Debt Securities issued hereunder, by such Holder’s acceptance thereof, likewise covenants
and agrees, that the rights regarding payments and the issuance of Ordinary Shares in accordance
with the Alternative Interest Satisfaction Mechanism will be subject to the Solvency Conditions.
In the event of liquidation, moratorium of payments or bankruptcy of the Company, the Payments
payable on the 5.775% Fixed/Floating ING Perpetual Debt Securities shall be an amount equal to the
lesser of (i) the aggregate amount of Payments pursuant to the terms and conditions of the 5.775%
Fixed/Floating ING Perpetual Debt Securities without giving effect to this Section 7.01(b) and (ii)
an amount equal to (A) the remaining assets of the Company after satisfaction of all claims which,
as a matter of law, are prior to those of holders of 5.775% Fixed/Floating ING Perpetual Debt
Securities or any Parity Security, Parity Guarantee or any similarly subordinated debt multiplied
by (B) a fraction, (x) the numerator of which is the aggregate amount of Payments due on the 5.775%
Fixed/Floating ING Perpetual Debt Securities pursuant to the terms and conditions thereof without
giving effect to this Section 7.01(b) and (y) the denominator of which is the sum (without
duplication) of the aggregate amount of all claims under the 5.775% Fixed/Floating ING Perpetual
Debt Securities, the aggregate liquidation preference of, and aggregate amount of all claims under,
any outstanding Parity Securities and Parity Guarantees and similarly subordinated debt obligations
with a formula or arrangement substantially similar to this Section 7.01(b), without application of
this Section 7.01(b) and the corresponding similar formula or arrangement.

     Section 7.02. Section 1401 Of The Subordinated Indenture. The provisions of Section 7.01
hereof replace in their entirety Section 1401 of the Subordinated Indenture which is hereby amended
and restated in its entirety by Section 7.01 hereof. In addition Section 1402 through Section 1414
of Article Fourteen of the Subordinated Indenture is hereby amended by replacing the term “Senior
Debt” as used in such sections with the term “Senior Debt” as defined in this Fifth Supplemental
Indenture.

33

 

ARTICLE 8

Form Of 5.775% Fixed/Floating ING Perpetual Debt Securities

     Section 8.01. Form Of 5.775% Fixed/Floating ING Perpetual Debt Securities. The 5.775%
Fixed/Floating ING Perpetual Debt Securities shall be substantially in the form of Exhibit A
hereto. Exhibit A hereto is hereby incorporated into and expressly made a part of this Fifth
Supplemental Indenture.

ARTICLE 9

Original Issue Of 5.775% Fixed/Floating ING Perpetual Debt Securities

     Section 9.01. Original Issue Of 5.775% Fixed/Floating ING Perpetual Debt Securities. 5.775%
Fixed/Floating ING Perpetual Debt Securities in the initial aggregate principal amount of
$1,000,000,000 may, upon execution of this Fifth Supplemental Indenture, be executed by the Company
and delivered to the Trustee for authentication, and the Trustee shall thereupon authenticate and
deliver such 5.775% Fixed/Floating ING Perpetual Debt Securities to or upon the written order of
the Company, in accordance with Section 303 of the Subordinated Indenture.

     There is no limit on the amount of 5.775% Fixed/Floating ING Perpetual Debt Securities which
may be issued subsequent to this Fifth Supplemental Indenture.

ARTICLE 10

Winding Up

     Section 10.01. Winding Up. If any action causes the Company’s liquidation (except solely
for the purpose of the Company’s reconstruction, amalgamation or the substitution of a successor in
business for the Company, the terms of which have previously been approved in writing by the
Trustee or by not less than a majority of the Holders) the Company will pay with respect to each
5.775% Fixed/Floating ING Perpetual Debt Security (in lieu of any other payment) an amount that
would have been payable in respect of the 5.775% Fixed/Floating ING Perpetual Debt Securities if,
on and after the day immediately before the winding up began, any Holder of those 5.775%
Fixed/Floating ING Perpetual Debt Securities had been the holder of the Company’s most senior class
of preference shares (the “Notional Preference Shares”) which have a preferential right to a return
of Assets upon liquidation over and so rank ahead of the holders of all other classes of the
Company’s issued shares for the time being in the Company’s capital, but ranking junior to Senior
Debt claims. Any such payment shall be made on the assumption that the amount that such Holder was

34

 

entitled to receive in respect of each Notional Preference Share on a return of Assets upon such
liquidation was an amount equal to the principal amount of $1,000 of the relevant 5.775%
Fixed/Floating ING Perpetual Debt Security and any other Outstanding Payments together with, and to
the extent not otherwise included within the foregoing, the pro rata share of any Winding-Up Claims
attributable to the 5.775% Fixed/Floating ING Perpetual Debt Security.

ARTICLE 11

Satisfaction And Discharge

     Section 11.01. Satisfaction And Discharge. The Company covenants and agrees, and each
Holder of 5.775% Fixed/Floating ING Perpetual Debt Securities issued hereunder, by such Holder’s
acceptance thereof, likewise covenants and agrees, that all 5.775% Fixed/Floating ING Perpetual
Debt Securities shall be issued as Securities subject to the provisions of Article 4 of the
Subordinated Indenture.

ARTICLE 12

Miscellaneous

     Section 12.01. Issuance Of Definitive Securities. (a) So long as DTC holds the global
5.775% Fixed/Floating ING Perpetual Debt Securities, the global securities will not be exchangeable
for definitive securities unless: (i) DTC notifies the Trustee that it is unwilling or unable to
continue to hold the book-entry 5.775% Fixed/Floating ING Perpetual Debt Securities or DTC ceases
to be a clearing agency registered under the Exchange Act and the Trustee does not appoint a
successor to DTC which is registered under the Exchange Act within 120 days; (ii) a Payment
Default has occurred and is continuing; (iii) a Payment Event has occurred; (iv) in the event of
the Company’s winding up it fails to make a payment on the 5.775% Fixed/Floating ING Perpetual Debt
Securities when due; or (v) at any time following a determination by the Company in its sole
discretion that the global securities of a particular series should be exchanged for definitive
debt securities of that series in registered form.

     (b) Each person having an ownership or other interest in 5.775% Fixed/Floating ING Perpetual
Debt Securities must rely exclusively on the rules and procedures of DTC, Euroclear or Clearstream,
Luxembourg, as the case may be, or any other securities intermediary through which that person
holds its interest to receive or direct the delivery of possession of any definitive security.

     (c) Any definitive securities will be issued in registered form only in denominations of
$1,000 and any integral multiples thereof and shall be

35

 

substantially in the form of the global
security included as Exhibit A hereto with such insertions, omissions, substitutions and other
variations as appropriate for definitive securities as evidenced by the execution of such
securities. To the extent permitted by law, the Company and the Trustee are entitled to treat the
person in whose name any definitive security is registered as its absolute owner.

     (d) Payments in respect of each series of definitive securities will be made to the person in
whose name the definitive securities are registered as it appears in the register for that series.
Payments will be made in respect of the 5.775% Fixed/Floating ING Perpetual Debt Securities by
check drawn on a bank in New York or, if the Holder requests, by transfer to the Holder’s account
in New York. Definitive securities must be presented to the Paying Agent for redemption.

     (e) If the Company issues definitive securities in exchange for global 5.775% Fixed/Floating
ING Perpetual Debt Securities, DTC, as holder of the global 5.775% Fixed/Floating ING Perpetual
Debt Securities, will surrender it against receipt of the definitive securities, cancel the
book-entry securities of that series and distribute the definitive securities of that series to the
person in the amounts that DTC specifies.

     (f) If definitive securities are issued in the limited circumstances as set forth above, such
securities may be transferred in whole or in part in denominations of any whole number of
securities upon surrender of the definitive securities certificates together with the form of
transfer endorsed on it, duly completed and executed at the specified office of the trustee. If
only part of a securities certificate is transferred, a new securities certificate representing the
balance not transferred will be issued to the transferor.

     Section 12.02. Ratification Of Subordinated Indenture; Fifth Supplemental Indenture
Controls. The Subordinated Indenture, as supplemented by this Fifth Supplemental Indenture, is in
all respects ratified and confirmed. This Fifth Supplemental Indenture shall be deemed part of the
Subordinated Indenture in the manner and to the extent herein and therein provided. The provisions
of this Fifth Supplemental Indenture shall supersede the provisions of the Subordinated Indenture
to the extent the Subordinated Indenture is inconsistent herewith.

     Section 12.03. Trustee Not Responsible For Recitals. The recitals herein contained are made
by the Company and not by the Trustee, and the Trustee assumes no responsibility for the accuracy
thereof. The Trustee makes no representation as to the validity or sufficiency of this Fifth
Supplemental Indenture or the 5.775% Fixed/Floating ING Perpetual Debt Securities. The Trustee
shall not be accountable for the use or application by the Company of the 5.775% Fixed/Floating ING
Perpetual Debt Securities or the proceeds thereof.

36

 

     Section 12.04. Governing Law. This Fifth Supplemental Indenture and each 5.775%
Fixed/Floating ING Perpetual Debt Security shall be governed by and construed in accordance with
the laws of the State of New York, except for Article 7, which shall be governed by and construed
in accordance with the laws of The Netherlands.

     Section 12.05. Severability. If any provision in the Subordinated Indenture, this Fifth
Supplemental Indenture or in the 5.775% Fixed/Floating ING Perpetual Debt Securities is determined
to be invalid, illegal or unenforceable, the validity, legality and enforceability of the remaining
provisions shall not in any way be affected or impaired thereby.

     Section 12.06. Counterparts. The parties may sign any number of copies of this Fifth
Supplemental Indenture. Each signed copy shall be an original, but all of them together represent
the same agreement. Any signed copy shall be sufficient proof of this Fifth Supplemental
Indenture.

37

 

     IN WITNESS WHEREOF, the parties hereto have caused this Fifth Supplemental Indenture to be
duly executed as of the day and year first above written.

	 	 	 	 	 
	 	ING GROEP N.V.

     as Issuer

 	 
	 	By:  	 	 
	 	 	Name:  	 	 
	 	 	Title:  	 	 
	 
	 	 	 
	 	By:  	 	 
	 	 	Name:  	 	 
	 	 	Title:  	 	 
	 
	 	THE BANK OF NEW YORK, as Trustee 

     and Paying Agent

 	 
	 	By:  	 	 
	 	 	Name:  	 	 
	 	 	Title:  	 	 
	 

38

 

EXHIBIT A

FORM OF 5.775% Fixed/Floating ING Perpetual Debt Securities

THIS SECURITY IS A GLOBAL SECURITY WITHIN THE MEANING OF THE INDENTURE HEREINAFTER REFERRED TO AND
IS REGISTERED IN THE NAME OF A DEPOSITARY OR A NOMINEE THEREOF. THIS SECURITY MAY NOT BE EXCHANGED
IN WHOLE OR IN PART FOR A SECURITY REGISTERED, AND NO TRANSFER OF THIS SECURITY IN WHOLE OR IN PART
MAY BE REGISTERED, IN THE NAME OF ANY PERSON OTHER THAN SUCH DEPOSITARY OR A NOMINEE THEREOF,
EXCEPT IN THE LIMITED CIRCUMSTANCES DESCRIBED IN THE INDENTURE.

The rights of the Holders of the Securities are, to the extent and in the manner set forth in
Section 1401 of the Subordinated Indenture and Article 7 of the Fifth Supplemental Indenture,
subordinated to Senior Debt, and this Security is issued subject to the provisions of Article 14 of
the Subordinated Indenture and Article 7 of the Fifth Supplemental Indenture, and the Holder of
this Security, by accepting the same, agrees to and shall be bound by such provisions. The terms
of this paragraph are governed by, and shall be construed in accordance with, the laws of The
Netherlands.

ING Groep N.V.

     5.775% Fixed/Floating ING Perpetual Debt Securities (the “Securities”)

	 	 	 	 	 
	No.
	 	 	 	 
	CUSIP No.: 456837 AC 7
	 	$	 	 
	ISIN No.: US456837AC74
	 	 	 	 
	COMMON CODE: 023796252
	 	 	 	 

     ING Groep N.V., a holding company duly organized and existing under the laws of The
Netherlands, having its corporate seat in Amsterdam, The Netherlands (herein called the
“Company”, which term includes any successor Person under the Indenture hereinafter
referred to), for value received, hereby promises to pay to CEDE & Co., or registered assigns, the
principal sum of [ ] ($[ ]) (but only at such times as set forth in the Indenture with respect to
Optional Redemption and Redemption Upon Certain Events in Article 3 of the Fifth Supplemental
Indenture) and to pay interest thereon from December 8, 2005 or from the most recent Interest
Payment Date to which interest has been paid or duly provided for, semi-annually in arrears on June
8 and December 8 in each year, commencing on June 8, 2006, and at such other times as are set forth
in the

A-1

 

Indenture at the fixed rate of 5.775% per annum until December 8, 2015, and after December
8, 2015, quarterly in arrears on March 8, June 8, September 8 and
December 8 in each year, as such Interest Payment Date may be adjusted as provided in the
Indenture, and at such other times as are set forth in the Indenture, at a floating rate of
three-month LIBOR plus 1.68% per annum, until the principal hereof is paid or made available for
payment. Unless otherwise provided herein, the interest so payable, and punctually paid or duly
provided for, on any Interest Payment Date will, as provided in such Indenture, be paid to the
Person in whose name this Security (or one or more Predecessor Securities) is registered at the
close of business on the Regular Record Date for such interest, which shall be the May 24 or
November 23 (whether or not a Business Day), as the case may be, next preceding such Interest
Payment Date until December 8, 2015, and thereafter the date (whether or not a Business Day) which
is fifteen calendar days preceding such Interest Date. If interest is required to be calculated
for any period less than a year, it will be calculated based on a 360-day year consisting of twelve
30-day months, for interest payable on or prior to December 8, 2015, and for interest payable
thereafter based on the actual number of days elapsed in a 360-day year. With respect to any
Interest Payment Date prior to and including December 8, 2015, if any Interest Payment Date would
otherwise fall on a day which is not a Business Day, it shall be postponed to the next day that is
a Business Day (without any interest or other payment with respect to the delay) and, for any
Interest Payment Date after December 8, 2015, if any date on which interest would otherwise be
payable falls on a day that is not a Business Day, then the Interest Payment Date will be the next
succeeding Business Day, except if such next succeeding Business Day falls in the next succeeding
calendar month, in which case the Interest Payment Date will be the immediately preceding Business
Day.

     Subject to the immediately following paragraph, if applicable, any Payment on this Security
which is payable, and is paid or duly provided for, on any Interest Payment Date or on any date on
which the Company makes any Payment (including any payment of Additional Amounts in accordance with
Section 1006 of the Subordinated Indenture) shall be paid in U.S. dollars to the registered Holder,
including through a Paying Agent by wire-transfer of same-day funds to the Holder or, at the option
of the Company, by check mailed to the address of the Holder as it appears in the Company’s
Security Register. For so long as this Security is held in global form, all payments shall be made
in U.S. dollars by wire-transfer of same-day funds.

     The Company shall under certain circumstances, and in accordance with the Indenture, defer
payments of interest on this Security. Any interest on this Security which is not paid or duly
provided for on any applicable Interest Payment Date, together with any other payments in respect
of this Security not paid on any date on which such Payment has become due and payable or would
have become due and payable except that payment is not made as permitted by

A-2

 

the Indenture, so long
as the same remains unpaid, shall constitute “Outstanding Payments.” Outstanding Payments will
accumulate until paid. Outstanding Payments on this Security, when paid, as provided subject to
the conditions in the
Indenture, will be paid on the Deferred Interest Satisfaction Date to the Holder in whose name
this Security is registered at the close of business on a Special Record Date for the Payment due
on such Deferred Interest Satisfaction Date to be fixed by the Trustee, notice of which shall be
given to Holders of Securities not less than 10 days prior to such Special Record Date, or be paid
in any other lawful manner not inconsistent with the requirements of any securities exchange on
which this Security may be listed, and upon such notice as may be required by such exchange, all as
more fully provided in the Indenture.

     Outstanding Payments, other than Accrued Interest Payments, shall not bear interest. Accrued
Interest Payments will accrue interest at the Deferral Interest Rate. The amount of interest so
accrued in respect of any Accrued Interest Payments will be satisfied as and when the Outstanding
Payments are satisfied in accordance herewith. The amount of additional interest payable with
respect to any Accrued Interest Payments will be calculated by the Trustee in accordance with the
provisions of the Indenture.

     Except in the case of a Mandatory Payment Event or a Mandatory Partial Payment Event, the
Company may satisfy any Elective Deferral Interest Payment at any time on not less than 16 Business
Days’ notice to the Trustee, the Calculation Agent and Holders in accordance with the Indenture,
and any Required Deferral Interest Payment shall be satisfied on the relevant Deferred Interest
Satisfaction Date, by giving not less than 16 Business Days’ notice to the Trustee, the Calculation
Agent and Holders, if the Required Deferral Condition is no longer met on the 20th Business Day
preceding any subsequent Interest Payment Date, provided that the Company has not previously paid
such amount and does not validly elect to defer such payment as an Elective Deferral Interest
Payment.

     Reference is hereby made to the further provisions of this Security set forth on the reverse
hereof, which further provisions shall for all purposes have the same effect as if set forth at
this place.

     Unless the certificate of authentication hereon has been executed by the Trustee referred to
on the reverse hereof by manual signature, this Security shall not be entitled to any benefit under
the Indenture or be valid or obligatory for any purpose.

A-3

 

     IN WITNESS WHEREOF, the Company has caused this instrument to be duly executed.

	 	 	 	 	 
	 	ING Groep N.V.

 	 
	 	By:  	 	 
	 	 	Name:  	 	 
	 	 	Title:  	 	 
	 
	 	 	 
	 	By:  	 	 
	 	 	Name:  	 	 
	 	 	Title:  	 	 
	 

	 	 	 
	Attest:
	 	 
	 

	 	 
	 
	 	 

A-4

 

This is one of the Securities of the series designated herein and referred to in the Indenture.

Dated: December 8, 2005

	 	 	 	 	 
	 	The Bank of New York,

As Trustee

 	 
	 	By:  	 	 
	 	 	Authorized Signatory 	 
	 	 	 	 

A-5

 

	 	 	 	 	 

[Reverse of Security]

     This Security is one of a duly authorized issue of securities of the Company (herein called
the “Securities”), issued and to be issued in one or more series under a Subordinated Debt
Indenture, dated as of July 18, 2002 (herein called the “Subordinated Indenture”), and a
Fifth Supplemental Indenture, dated as of December 8, 2005 (herein called the “Fifth
Supplemental Indenture” and together with the Subordinated Indenture, the “Indenture”),
between the Company and The Bank of New York, as Trustee (herein called the “Trustee”,
which term includes any successor trustee under the Indenture), and reference is hereby made to the
Indenture for a statement of the terms of the Securities and the respective rights, limitations of
rights, duties and immunities thereunder of the Company, the Trustee, the holders of Senior Debt
and the Holders of the Securities and of the terms upon which the Securities are, and are to be,
authenticated and delivered. The Securities are subject to all such terms. This Security is one
of the series designated on the face hereof and there is no limitation on the amount of Securities
of such series which may be issued.

     Except in a bankruptcy, all payments on this Security will be conditional upon not triggering
the Required Deferral Condition. The “Required Deferral Condition” will be met if the
Company determines that the Solvency Conditions (i) are not satisfied on the Relevant Date, or (ii)
will not be satisfied following the relevant Payment. The “Solvency Conditions” are
satisfied where (i) the Company is able to make payments on its Senior Debt as such payments become
due, and (ii) the Company’s Assets exceed the sum of its Liabilities (excluding Liabilities not
considered Senior Debt). The amount payable in respect of the principal of this Security will be
determined in accordance with the provisions of Article 14 of the Subordinated Indenture and
Articles 7 and 10 of the Fifth Supplemental Indenture.

     The Securities will constitute direct, unsecured subordinated obligations of the Company,
subject to the Solvency Conditions, and the subordination provisions described herein and in the
Indenture, and will rank pari passu without any preference among themselves.

     If the Company fails to pay or set aside for payment the amount due to satisfy any Payment on
the Securities when due and such failure continues for 14 days, it will constitute a “Payment
Default” (provided, however, that if the Company fails to make any Mandatory Interest Payment
as a result of failure to satisfy the Solvency Conditions, or due to a deferral of an Interest
Payment as permitted under the terms of the Indenture, that payment will constitute an Outstanding
Payment and will accumulate with any other Outstanding Payments until paid, but will not constitute
a Payment Default). If any Payment Default occurs and is continuing, the Trustee may pursue all
legal remedies available to it, including commencing a judicial proceeding for the collection of
the sums due

A-6

 

and unpaid or a bankruptcy proceeding in The Netherlands (but not elsewhere) of the
Company, but the Trustee may not declare the principal amount of any
outstanding Securities to be due and payable. If the Company fails to make payment when due,
and such failure continues for 14 days, and the Solvency Conditions are not satisfied at the end of
such 14-day period, such failure does not constitute a Payment Default but instead constitutes a
“Payment Event.” On a Payment Event, the Trustee may institute bankruptcy proceedings
exclusively in The Netherlands, but may not pursue any other legal remedy, including a judicial
proceeding for the collection of the sums due and unpaid. To the extent the Trustee is not
permitted to pursue the remedies provided for herein as a matter of Dutch law, the Holders of the
Securities may pursue such remedies in accordance with the terms of the Subordinated Indenture.
Notwithstanding the foregoing, Holders of this Security have the absolute and unconditional right
to institute suit for the enforcement of any payment when due and such right may not be impaired
without the consent of the Holder as provided in Section 508 of the Subordinated Indenture.

     Payments under the Securities will be made without withholding or deduction for or on account
of any present or future tax, duty, assessment or governmental charge imposed by the government of
The Netherlands upon or as a result of such payments, or the government of a jurisdiction in which
a successor to the Company is organized (or any political subdivision or taxing authority thereof
or therein) (a “Relevant Jurisdiction”) (“Taxes”), unless required by law. To the
extent any such Taxes are so levied or imposed, the Company will, subject to the exceptions and
limitations set forth in Section 1006 of the Indenture, pay such additional amounts
(“Additional Amounts”) to the Holder of any Security who is not a resident of a Relevant
Jurisdiction as may be necessary in order that the net payment of the principal of and interest on
such Security and any other amounts payable on such Security, after withholding for or on account
of such Taxes imposed upon or as a result of such payment, will not be less than the amount
provided for in such Security to be then due and payable.

     Except as provided below, the Securities are not redeemable at the option of the Company prior
to December 8, 2015.

     The Securities may be redeemed, at the option of the Company and without the consent of the
Holders or the Trustee, at a redemption price equal to the aggregate principal amount of the
Securities so redeemed, together with any Outstanding Payments in respect thereof accrued to and
including the date fixed for redemption (the “Base Redemption Price”), subject to the
Solvency Condition: (i) in whole or in part on December 8, 2015, or any Interest Payment Date
thereafter; (ii) in whole (but not in part) upon the occurrence of a Tax Event (other than a
Make-Whole Tax Event prior to the First Call Date, in which case the next succeeding paragraph
shall apply), provided that the Company has already delivered to the Trustee, in a form
satisfactory to the Trustee, a written

A-7

 

legal opinion of independent Dutch counsel of recognized
standing, selected by the Company, confirming that a Tax Event has occurred; or (iii) in whole (but
not in part) upon the occurrence of a Regulatory Event.

     Prior to the First Call Date, the Securities may be redeemed in whole (but not in part), at
the option of the Company and without the consent of the Holders or the Trustee, subject to the
Solvency Condition, at the greater of (a) the Base Redemption Price and (b) the Make-Whole Amount:
(i) upon the occurrence of a Make-Whole Tax Event, provided that the Company has already delivered
to the Trustee a written legal opinion in a form satisfactory to the Trustee of independent Dutch
counsel of recognized standing, selected by the Company, confirming that a Tax Event has occurred;
or (ii) upon the occurrence of a Regulatory Event.

     The indebtedness evidenced by this Security is, to the extent provided in the Indenture,
subordinate and subject in right of payment to the prior payment in full of all Senior Debt, and
this Security is issued subject to the provisions of the Indenture with respect thereto. Each
Holder of this Security, by accepting the same, (i) agrees to and shall be bound by such
provisions; (ii) authorizes and directs the Trustee on his or her behalf to take such actions as
may be necessary or appropriate to effectuate the subordination so provided; and (iii) appoints the
Trustee his or her attorney-in-fact for any and all such purposes. Each Holder hereof, by his or
her acceptance hereof, waives all notice of the acceptance of the subordination provisions
contained herein and in the Indenture by each holder of Senior Debt, whether now outstanding or
hereafter created, incurred, assumed or guaranteed, and waives reliance by each such holder upon
said provisions.

     References herein to principal, interest amounts, Accrued Interest Payments, Payments or
Outstanding Payments on the Securities shall be deemed also to refer to any Additional Amounts
which may be payable under the foregoing provisions.

     The Indenture permits, with certain exceptions as therein provided, the amendment thereof and
the modification of the rights and obligations of the Company and the rights of the Holders of the
Securities of each series to be affected under the Indenture at any time by the Company and the
Trustee with the consent of the Holders of a majority in principal amount of the Securities at the
time Outstanding of all series to be affected (considered together as one class for this purpose).
The Indenture also contains provisions (i) permitting the Holders of a majority in principal amount
of the Securities of each series at the time outstanding, on behalf of the Holders of all

A-8

 

Securities of such series, to waive compliance by the Company with certain provisions of the
Indenture and (ii) permitting the Holders of a majority in principal amount of the Securities at
the time outstanding of any series to be affected under the Indenture (with each such series
considered separately for this purpose), on behalf of the Holders of all Securities of such series,
to waive certain past defaults under the Indenture and their consequences. Any such consent or
waiver by the Holder of this Security shall be conclusive and binding upon such Holder and upon all
future Holders of this Security and of any Security issued upon the registration of transfer hereof
or in exchange herefor or in lieu hereof, whether or not notation of such consent or waiver is made
upon this Security.

     No reference herein to the Indenture and no provision of this Security or of the Indenture
shall alter or impair the obligation of the Company, which is absolute and unconditional, to pay
the principal of and any premium and interest on this Security at the times, place and rate, and in
the coin or currency, herein prescribed.

     As provided in the Indenture and subject to certain limitations therein set forth, the
transfer of this Security is registrable in the Security Register, upon surrender of this Security
for registration of transfer at the office or agency of the Company in any place where the
principal of and any premium and interest on this Security are payable, duly endorsed by, or
accompanied by a written instrument of transfer in form satisfactory to the Company and the
Security Registrar duly executed by, the Holder hereof or his attorney duly authorized in writing,
and thereupon one or more new Securities of this series and of like tenor, of authorized
denominations and for the same aggregate principal amount, will be issued to the designated
transferee or transferees.

     The Securities of this series are issuable only in registered form without coupons in
denominations of $1,000 and any integral multiple thereof. As provided in the Indenture and subject
to certain limitations therein set forth, Securities of this series shall be represented by a
Global Security and are not exchangeable for definitive Securities of this series except in
specific circumstances set forth in the Indenture.

     No service charge shall be made for any such registration of transfer or exchange, but the
Company may require payment of a sum sufficient to cover any tax or other governmental charge
payable in connection therewith.

     Prior to due presentment of this Security for registration of transfer, the Company, the
Trustee and any agent of the Company or the Trustee may treat the Person in whose name this
Security is registered as the owner hereof for all purposes, whether or not this Security be
overdue, and neither the Company, the Trustee nor any such agent shall be affected by notice to the
contrary.

     This Security is a Global Security and is subject to the provisions of the Indenture relating
to Global Securities, including the limitations in Section 305 thereof on transfers and exchanges
of Global Securities.

A-9

 

     This Security and the Indenture shall be governed by and construed in accordance with the laws
of the State of New York except for the subordination provisions contained herein and in the
Indenture, which shall be governed by and construed in accordance with the laws of The Netherlands.

     All terms used in this Security which are defined in the Indenture shall have the meanings
assigned to them in the Indenture.

A-10

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