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	OMNIBUS
      INSTRUMENT

     WHEREAS, the
parties named herein desire to enter into certain program documents contained
herein, each such document (unless otherwise specified in such document) dated
as of this 9th day of
October, 2007, relating to the issuance by ING USA Global Funding Trust 5 (the
“Trust”) of Notes with a principal amount of $750,000,000 to investors under the
secured notes program sponsored by ING USA;

     WHEREAS, the Trust
is a trust and will be organized under and its activities will be governed by
the provisions of the Trust Agreement (set forth in Section A of this Omnibus
Instrument), dated as of the date of the Pricing Supplement, by and between the
parties thereto indicated in Section E herein;

     WHEREAS, certain
expense and indemnification arrangements between ING USA and the Trustee, on
behalf of itself and on behalf of the Trust, are governed pursuant to the
provisions of the Expense and Indemnity Agreement dated as of May 25, 2005, by
and between ING USA and the Trustee;

     WHEREAS, certain
licensing arrangements between the Trustee, on behalf of the Trust, and ING
Groep N.V. will be governed pursuant to the provisions of the License Agreement
dated as of May 19, 2005, by and between the Trustee and ING Groep
N.V.;

     WHEREAS, certain
custodial arrangements for the Funding Agreement will be governed pursuant to
the provisions of the Custodial Agreement (the “Custodial Agreement”) dated as
of May 19, 2005 by and among U.S. Bank National Association, acting as custodian
(the “Custodian”), the Indenture Trustee and the Trustee, on behalf of the
Trust;

     WHEREAS, the Notes
will be issued pursuant to the Indenture (set forth in Section B of this Omnibus
Instrument), dated as of the Original Issue Date, by and between the parties
thereto indicated in Section E herein;

     WHEREAS, the sale
of the Notes will be governed by the Terms Agreement (set forth in Section C of
this Omnibus Instrument), dated as of the date of the Pricing Supplement, by and
among the parties thereto indicated in Section E herein; and

     WHEREAS, certain
agreements relating to the Notes and the Funding Agreement are set forth in the
Coordination Agreement (set forth in Section D of this Omnibus Instrument),
dated as of the date of the Pricing Supplement, by and among the parties thereto
indicated in Section E herein.

     All capitalized
terms used herein and not otherwise defined will have the meanings set forth in
the Indenture.

	[Remainder of Page Left
      Intentionally Blank]

	1

	SECTION A
TRUST AGREEMENT

     This TRUST
AGREEMENT (this “Trust Agreement”), dated as of the date of the Pricing
Supplement, is entered into by and between GSS Holdings II, Inc., a Delaware
corporation, as trust beneficial owner (the “Trust Beneficial Owner”), and U.S.
Bank National Association, a national banking association, as Trustee (the
“Trustee”).

	W I T N E S S E T
  H:

     WHEREAS, the Trust
Beneficial Owner and the Trustee desire to authorize the issuance of a Trust
Beneficial Interest and a series of Notes in connection with the entry into this
Trust Agreement;

     WHEREAS, all things
necessary to make this Trust Agreement a valid and legally binding agreement of
the Trustee and the Trust Beneficial Owner, enforceable in accordance with its
terms, have been done;

     WHEREAS, the
parties intend to provide for, among other things, (i) the issuance and sale of
the Notes (pursuant to the Indenture, the Distribution Agreement and the related
Terms Agreement) and the Trust Beneficial Interest, (ii) the use of the proceeds
of the sale of the Notes and Trust Beneficial Interest to acquire the Funding
Agreement, and (iii) all other actions deemed necessary or desirable in
connection with the transactions contemplated by this Trust Agreement;
and

     WHEREAS, the
parties hereto desire to incorporate by reference those certain Standard Trust
Terms, dated as of September 8, 2006, and attached to the Omnibus Instrument as
Exhibit A (the “Standard
Trust Terms”).

     NOW, THEREFORE, in
consideration of the agreements and obligations set forth herein and for other
good and valuable consideration, the sufficiency of which are hereby
acknowledged, each party hereby agrees as follows:

	ARTICLE
1

     Section 1.01
Incorporation by Reference. All terms, provisions and agreements set forth in the Standard
Trust Terms (except to the extent expressly modified herein) are hereby
incorporated herein by reference with the same force and effect as though fully
set forth herein. All capitalized terms not otherwise defined herein (including
the recitals hereof) shall have the meanings set forth in the Standard Trust
Terms (the Standard Trust Terms and this Trust Agreement, collectively, the
“Trust Agreement”). To the extent that the terms set forth in Article 2 of this
Trust Agreement are inconsistent with the terms of the Standard Trust Terms, the
terms set forth in Article 2 herein shall apply.

	A-1

	ARTICLE
2

     Section 2.01
Name. The Trust created
and governed by this Trust Agreement shall be the trust specified in the Omnibus
Instrument. The name of the Trust shall be the name specified in the first
paragraph of the Omnibus Instrument, as such name may be modified from time to
time by the Trustee following written notice to the Trust Beneficial
Owner.

     Section 2.02
Jurisdiction. The Trust
is hereby organized in, and formed under and pursuant to, the laws of the
jurisdiction specified in the Pricing Supplement.

     Section 2.03
Initial Capital Contribution and
Ownership. The Trust Beneficial Owner has paid or
has caused to be paid to, or to an account at the direction of, the Trustee, on
the date hereof, the sum of $15 (or, in the case of Notes issued with original
issue discount, such amount multiplied by the issue price of the Notes as
specified in the Pricing Supplement). The Trustee hereby acknowledges receipt in
trust from the Trust Beneficial Owner, as of the date hereof, of the foregoing
contribution, which shall be used along with the proceeds from the sale of the
series of Notes to purchase the Funding Agreement. Upon the creation of the
Trust and the registration of the Trust Beneficial Interest in the Securities
Register (as defined in the Trust Agreement) by the Trust Registrar in the name
of the Trust Beneficial Owner, the Trust Beneficial Owner shall be the sole
beneficial owner of the Trust.

     Section 2.04
Acknowledgment. The
Trustee, on behalf of the Trust, expressly acknowledges its duties and
obligations set forth in the Standard Trust Terms incorporated herein by
reference.

	 	Section 2.05 Additional Terms.

	 	None.

	     Section
      2.06 Omnibus Instrument; Execution and
      Incorporation of Terms.

     The parties hereto
will enter into this Trust Agreement by executing the Omnibus
Instrument.

     By executing the
Omnibus Instrument, the Trustee and the Trust Beneficial Owner hereby agree that
this Trust Agreement will constitute a legal, valid and binding agreement
between the Trustee and the Trust Beneficial Owner.

     All terms relating
to the Trust or the series of Notes not otherwise included herein will be as
specified in the Omnibus Instrument or Pricing Supplement, as indicated
herein.

     Section 2.07
Governing Law. This Trust
Agreement will be governed by, and construed in accordance with, the laws of the
jurisdiction specified in the Pricing Supplement.

     Section 2.08
Counterparts. This Trust
Agreement, through the Omnibus Instrument, may be executed in any number of
counterparts, each of which counterparts shall be deemed to be an original, and
all of which counterparts shall constitute but one and the same
instrument.

	A-2

	SECTION B
INDENTURE

     This INDENTURE
(this “Indenture”) is entered into as of the Original Issue Date by and between
the ING USA Global Funding Trust specified in the Omnibus Instrument (the
“Trust”) and Citibank, N.A., as indenture trustee (the “Indenture
Trustee”).

     Citibank, N.A., in
its capacity as Indenture Trustee, hereby accepts its role as Registrar, Paying
Agent, Transfer Agent and Calculation Agent hereunder.

     References herein
to “Indenture Trustee,” “Registrar,” “Transfer Agent,” “Paying Agent” or
“Calculation Agent” shall include the permitted successors and assigns of any
such entity from time to time.

	W I T N E S S E T
  H:

     WHEREAS, the Trust
has duly authorized the execution and delivery of this Indenture to provide for
the issuance of Notes;

     WHEREAS, all things
necessary to make this Indenture a valid and legally binding agreement of the
Trust and the other parties to this Indenture, enforceable in accordance with
its terms, have been done, and the Trust proposes to do all things necessary to
make the Notes, when executed by the Trust and authenticated and delivered
pursuant hereto, valid and legally binding obligations of the Trust as
hereinafter provided; and

     WHEREAS, the
parties hereto desire to incorporate by reference those certain Standard
Indenture Terms, dated as of September 8, 2006, and attached to the Omnibus
Instrument as Exhibit B
(the “Standard Indenture Terms”).

     NOW, THEREFORE, for
and in consideration of the premises and the purchase of the Notes by the
Holders thereof, it is mutually covenanted and agreed by each of the parties
hereto as follows:

	ARTICLE
1

     Section 1.01
Incorporation by Reference. All terms, provisions and agreements set forth in the Standard
Indenture Terms (except to the extent expressly modified herein) are hereby
incorporated herein by reference with the same force and effect as though fully
set forth herein. All capitalized terms not otherwise defined herein (including
the recitals hereof) shall have the meanings set forth in the Standard Indenture
Terms (the Standard Indenture Terms and this Indenture, collectively, the
“Indenture”). To the extent that the terms set forth in Article 2 of this
Indenture are inconsistent with the terms of the Standard Indenture Terms, the
terms set forth in Article 2 herein shall apply.

	B-1

	ARTICLE
2

     Section 2.01
Agreement to be Bound.
Each of the Trust, the Indenture Trustee, the Registrar, the Transfer Agent, the
Paying Agent and the Calculation Agent hereby agrees to be bound by all of the
terms, provisions and agreements set forth in the Indenture, with respect to all
matters contemplated in the Indenture, including, without limitation, those
relating to the issuance of the below-referenced Notes.

     Section 2.02
Designation of the Trust, the Notes and the Funding
Agreement. The Trust created by the Trust Agreement
specified in the Omnibus Instrument and referred to herein is the ING USA Global
Funding Trust specified in the Omnibus Instrument. The Notes issued by the Trust
and governed by the Indenture shall be the Notes specified in the Pricing
Supplement. The Funding Agreement designated hereby is the Funding Agreement
designated in the Pricing Supplement, effective as of the Original Issue Date,
between the Trust and ING USA.

	 	Section 2.03 Additional Terms.

	 	None.

     Section 2.04
Omnibus Instrument; Execution and Incorporation of
Terms.

     The parties hereto will
enter into this Indenture by executing the Omnibus Instrument.

     By executing the
Omnibus Instrument, the Indenture Trustee, the Registrar, the Transfer Agent,
the Paying Agent, the Calculation Agent and the Trust hereby agree that the
Indenture will constitute a legal, valid and binding agreement between the
Indenture Trustee, the Registrar, the Transfer Agent, the Paying Agent, the
Calculation Agent and the Trust.

     All terms relating
to the Trust or the Notes not otherwise included herein will be as specified in
the Omnibus Instrument or Pricing Supplement, as indicated herein.

     Section 2.05
Counterparts. This
Indenture, through the Omnibus Instrument, may be executed in any number of
counterparts, each of which counterparts shall be deemed to be an original, and
all of which counterparts shall constitute one and the same
instrument.

     Section 2.06
Acknowledgment of Multiple Roles. The parties expressly acknowledge and consent to U.S. Bank National
Association acting in the capacity of Trustee of the Trust and in the capacity
of Custodian with respect to the Funding Agreement being pledged and assigned by
the Trust to the Indenture Trustee. U.S. Bank National Association may, in such
dual capacities, discharge its separate functions fully, without hindrance or
regard to conflict of interest principles, duty of loyalty principles or other
breach of fiduciary duties to the extent that any such conflict or breach arises
from the performance by U.S. Bank National Association of any of its respective
duties in its capacities as Custodian and/or Trustee. The parties hereto waive
all defenses, claims or assertions against U.S. Bank National Association which
are based on the foregoing.

	B-2

	SECTION
  C

	TERMS
  AGREEMENT

     This TERMS
AGREEMENT (this “Terms Agreement”) is entered into as of the date of the Pricing
Supplement by and among ING USA Annuity and Life Insurance Company (“ING USA”),
the ING USA Global Funding Trust specified in the Omnibus Instrument (the
“Trust”) and the Agent(s) specified in the Pricing Supplement (the
“Agent(s)”).

	W I T N E S S E T
  H:

     WHEREAS, ING USA
and the Agent(s) have entered into that certain Distribution Agreement dated
September 12, 2006 (the “Distribution Agreement”).

     NOW, THEREFORE, in
consideration of the mutual promises set forth herein and other good and
valuable consideration, the sufficiency and receipt of which are hereby
acknowledged, each of the parties hereby agrees as follows:

	ARTICLE
1

     Section 1.01
Incorporation by Reference. The provisions of the Distribution Agreement and the related
definitions (unless otherwise specified herein) are incorporated by reference
herein and shall be deemed to have the same force and effect as if set forth in
full herein.

	ARTICLE
2

	 	Section 2.01 Addition of Trust as Party to Distribution
      Agreement.

     Pursuant to Section
1 of the Distribution Agreement, each of the undersigned parties hereby
acknowledges and agrees that the Trust, upon execution hereof by the Trust and
the other parties to this Terms Agreement, shall become a Trust for purposes of
the Distribution Agreement in accordance with the terms thereof, in respect of
the Notes, with all the authority, rights, powers, duties and obligations of a
Trust under the Distribution Agreement. The Trust confirms that any agreement,
covenant, acknowledgment, representation or warranty under the Distribution
Agreement applicable to the Trust is made by the Trust at the date hereof,
unless another time or times are specified in the Distribution Agreement, in
which case such agreement, covenant, acknowledgment, representation or warranty
shall be deemed to be confirmed by the Trust at such specified time or
times.

	 	Section 2.02 Purchase of Notes as Principal.

     (a) Subject in all
respects to the terms and conditions of the Distribution Agreement, the Trust
hereby agrees to sell to each Agent and each Agent hereby agrees to purchase,
severally and not jointly, the Notes having the terms specified in the Pricing
Supplement relating to such Notes.

C-1

     (b) In connection
with any purchase of Notes from the Trust by the Agent(s) as principal, the
parties agree that the items specified on Schedule I of the Omnibus Instrument
will be delivered as set forth in Schedule I.

     Section 2.03
Termination. Upon the
termination of this Terms Agreement pursuant to Section 13(b) of the
Distribution Agreement the undersigned parties hereby agree to allocate the
expenses reasonably incurred prior to or in connection with such termination as
follows:

	 	The expenses will be borne by ING
      USA.

     Section 2.04
Applicable Time. For
purposes of the Distribution Agreement, the Applicable Time shall be 3:15 p.m.
New York time, October 9, 2007.

     Section 2.05
Free Writing Prospectus(es) or Other
Information. For purposes of the Distribution
Agreement, each free writing prospectus or other information attached to the
Omnibus Instrument as Exhibit F constitutes a part of the Time of Sale Prospectus. 

     Section 2.06
Governing Law. This Terms
Agreement shall be governed by and construed in accordance with the laws of the
State of New York without regard to the principles of conflicts of laws
thereof.

     Section 2.07
Notices. For purposes of
Section 14 of the Distribution Agreement, the Trust’s communications details are
as set forth in Section D of the Omnibus Instrument.

     Section 2.08
Additional Terms. Each
Agent, severally and not jointly, represents, warrants and covenants with or to
(as the case may be) the Trust and the Company that it has not offered, sold or
delivered and it will not offer, sell or deliver, any of the Notes, in or from
any jurisdiction (other than the United States) except under circumstances that
are reasonably designed to result in compliance with the applicable securities
laws and regulations thereof.

	     Section
      2.09 Omnibus Instrument; Execution and
      Incorporation of Terms.

     The parties hereto
will enter into this Terms Agreement by executing the Omnibus
Instrument.

     By executing the
Omnibus Instrument, each party hereto agrees that this Terms Agreement will
constitute a legal, valid and binding agreement by and among such
parties.

     All terms relating
to the Trust or the Notes not otherwise included in this Terms Agreement will be
as specified in the Omnibus Instrument or Pricing Supplement, as indicated
herein.

     Section 2.10
Counterparts. This Terms
Agreement, through the Omnibus Instrument, may be executed in any number of
counterparts, each of which counterparts shall be deemed to be an original, and
all of which counterparts shall constitute but one and the same
instrument.

	[Remainder of Page Left
      Intentionally Blank]

C-2

	SECTION
  D

	COORDINATION
    AGREEMENT

     This COORDINATION
AGREEMENT (this “Coordination Agreement”), dated as of the date of the Pricing
Supplement, is entered into by and among ING USA Annuity and Life Insurance
Company (“ING USA”), the ING USA Global Funding Trust specified in the Omnibus
Instrument (the “Trust”), U.S. Bank National Association, in its capacity as
custodian of the Funding Agreement (“Custodian”) and Citibank, N.A., as
indenture trustee (the “Indenture Trustee”).

	W I T N E S S E T
  H

     WHEREAS, the Trust
will enter into the Funding Agreement with ING USA, effective as of the Original
Issue Date specified in the Pricing Supplement;

     WHEREAS, the Agents
(as defined in the Distribution Agreement) will sell the Notes in accordance
with the Registration Statement;

     WHEREAS, the Trust
intends to issue the Notes in accordance with the Indenture, to collaterally
assign to, and grant a security interest in, the Funding Agreement to and in
favor of the Indenture Trustee in accordance with the Indenture to secure
payment of the Notes; and

     WHEREAS, the
Custodian will hold the Funding Agreement on behalf of the Indenture Trustee
pursuant to the terms of the Custodial Agreement.

     NOW, THEREFORE, to
give effect to the agreements and arrangements established under the Terms
Agreement included in the Omnibus Instrument, as applicable, the Trust
Agreement, the Indenture and the Notes, and in consideration of the agreements
and obligations set forth herein and for other good and valuable consideration,
the sufficiency of which are hereby acknowledged, each party hereby agrees as
follows:

	ARTICLE
1

     Section 1.01
Delivery of the Funding Agreement. The Trust hereby authorizes the Custodian, on behalf of the
Indenture Trustee, to receive the Funding Agreement from ING USA pursuant to the
assignment of the Funding Agreement (the “Assignment”), to be entered into on
the Original Issue Date, included in the closing instrument dated as of the
Original Issue Date (the “Closing Instrument”).

Section 1.02 Issuance
and Purchase of the Notes.

     (a) Delivery of the
Funding Agreement to the Custodian, on behalf of the Indenture Trustee, pursuant
to the Assignment or execution of the cross-receipt contained in the Closing
Instrument shall be confirmation of payment by the Trust for the Funding
Agreement.

     (b) The Trust
hereby directs the Indenture Trustee, upon receipt of the Funding Agreement by
the Custodian, on behalf of the Indenture Trustee and pursuant to the
Assignment,

D-1

(i) to authenticate the certificates representing
the Notes (the “Notes Certificates”) in accordance with the Indenture and (ii)
to (A) deliver each relevant Notes Certificate to the clearing system or systems
identified in each such Notes Certificate, or to the nominee of such clearing
system, or the custodian thereof, for credit to such accounts as the Agent(s)
may direct, or (B) deliver each relevant Notes Certificate to the purchasers
thereof as identified by the Agent(s).

	ARTICLE
2

     Section 2.01
Directions Regarding Periodic
Payments. As registered owner of the Funding
Agreement as collateral securing payments on the Notes, the Indenture Trustee
will receive payments on the Funding Agreement on behalf of the Trust. The Trust
hereby directs the Indenture Trustee to use such funds to make payments on
behalf of the Trust pursuant to the Trust Agreement and the
Indenture.

     Section 2.02
Maturity of the Funding Agreement. Upon the maturity of the Funding Agreement and the return of funds
thereunder, the Trust hereby directs the Indenture Trustee to set aside from
such funds an amount sufficient for the repayment of the outstanding principal
on the Notes and Trust Beneficial Interest when due.

	ARTICLE
3

     Section 3.01
Officer’s Certificates.
ING USA hereby agrees to deliver an Officer’s Certificate, a copy of which is
attached to the Omnibus Instrument as Exhibit
D, on a quarterly basis to any rating agency
currently rating the Program. The Trust hereby agrees to deliver an Officer’s
Certificate, a copy of which is attached to the Omnibus Instrument as
Exhibit E, on a quarterly
basis to any rating agency currently rating the Program.

     Section 3.02
Filings. ING USA hereby
covenants to file, or cause to be filed, in a timely manner on behalf of the
Trust all reports, certifications or similar filings required under the
Securities Exchange Act of 1934, as amended.

	ARTICLE
4

     Section 4.01
No Additional Liability.
Nothing in this Coordination Agreement shall impose any liability or obligation
on the part of any party to this Coordination Agreement to make any payment or
disbursement in addition to any liability or obligation such party has under the
Program Documents, except to the extent that a party has actually received funds
which it is obligated to disburse pursuant to this Coordination
Agreement.

     Section 4.02
No Conflict. This
Coordination Agreement is intended to be in furtherance of the agreements
reflected in the documents related to the Program Documents, and not in
conflict. To the extent that a provision of this Coordination Agreement
conflicts with the provisions of one or more Program Documents, the provisions
of such Program Documents shall govern.

     Section 4.03
Governing Law. This
Coordination Agreement shall be governed by and construed in accordance with the
laws of the State of New York without regard to the principles of conflicts of
laws thereof.

D-2

     Section 4.04
Severability. If any
provision in this Coordination Agreement shall be invalid, illegal or
unenforceable, such provision shall be deemed severable from the remaining
provisions of this Coordination Agreement and shall in no way affect the
validity or enforceability of such other provisions of this Coordination
Agreement.

     Section 4.05
Notices. All demands,
notices and communications under this Coordination Agreement shall be in writing
and shall be deemed to have been duly given upon receipt at the addresses set
forth below:

	 	To the
Trust:

	 	ING USA Global Funding Trust 5
c/o U.S. Bank National Association
Corporate Trust Services
209 S.
      LaSalle Street, Suite 300
Chicago, Illinois
      60604
Attention: Patricia Child,
      VP
Telephone: (312) 325-8902
Facsimile: (212) 325-8905

	 	To the Indenture
  Trustee:

	 	Citibank, N.A.
Agency & Trust 
388 Greenwich
      Street, 14th
      Floor
New York, New York 10013
Facsimile: (212) 816-5527
Attention:
      Agency & Trust, ING USA Global Funding
Trust

	 	To ING USA:

	 	ING USA Annuity and Life Insurance
      Company
c/o ING Institutional
      Markets
1290 Broadway
Denver, Colorado 80203-5699
Attention: Karen Czizik, Vice President
Telephone: (303) 860-2322
Facsimile:
      (303) 813-2322 and (303) 860-2690

	 	With a copy
to:

	 	ING Institutional Markets
1290 Broadway
Denver, Colorado
      80203-5699
Attention: Barbara
      MacLean
Telephone: (303)
      894-5047
Facsimile: (303) 813-5047 and (303)
      860-2690

D-3

	 	To the
Custodian:

	 	U.S. Bank National Association
950 17th Street, 12th Floor
Attn: Corporate Trust Services
Denver, Colorado 80202
Telephone:
      (303) 585-4591
Facsimile: (303)
      585-6865

or at such other address as shall be designated
by any such party in a written notice to the other parties.

	ARTICLE
5

     Section 5.01
Omnibus Instrument; Execution and Incorporation of
Terms.

     The parties to this
Coordination Agreement will enter into this Coordination Agreement by executing
the Omnibus Instrument.

     By executing the
Omnibus Instrument, each party hereto agrees that this Coordination Agreement
will constitute a legal, valid and binding agreement by and among the Trust, ING
USA, the Custodian and the Indenture Trustee.

     All terms relating
to the Trust or the Notes not otherwise included in this Coordination Agreement
will be as specified in the Omnibus Instrument or Pricing Supplement, as
indicated herein.

     Section 5.02
Acknowledgment. ING USA
hereby acknowledges Section 2.10 and Section 3.02 of the Indenture and Section
6.1 of the Custodial Agreement. The Trust hereby acknowledges and agrees to be
bound by the terms of the Custodial Agreement and the License
Agreement.

     Section 5.03
Counterparts. This
Coordination Agreement, through the Omnibus Instrument, may be executed in any
number of counterparts, each of which counterparts shall be deemed to be an
original, and all of which counterparts shall constitute but one and the same
instrument.

     Section 5.04
Capitalized Terms. All
capitalized terms used herein and not otherwise defined in this Coordination
Agreement will have the meanings set forth in the Indenture.

     Section 5.05
Acknowledgment of Multiple Roles. The parties expressly acknowledge and consent to U.S. Bank National
Association acting in the capacity of Trustee of the Trust and in the capacity
of Custodian with respect to the Funding Agreement being pledged and assigned by
the Trust to the Indenture Trustee. U.S. Bank National Association may, in such
dual capacities, discharge its separate functions fully, without hindrance or
regard to conflict of interest principles, duty of loyalty principles or other
breach of fiduciary duties to the extent that any such conflict or breach arises
from the performance by U.S. Bank National Association of any of its respective
duties in its capacities as Custodian and/or Trustee. The parties hereto
waive

D-4

all defenses, claims or assertions against U.S.
Bank National Association which are based on the foregoing.

[Remainder of Page Left Intentionally
Blank]

D-5

	SECTION
  E

MISCELLANEOUS AND EXECUTION PAGES

     This Omnibus
Instrument may be executed by each of the parties hereto in any number of
counterparts, and by each of the parties hereto on separate counterparts, each
of which counterparts, when so executed and delivered, shall be deemed to be an
original, but all such counterparts shall together constitute but one and the
same instrument.

     Each signatory, by
its execution hereof, does hereby become a party to each of the agreements or
indenture identified for such party as of the date specified in such agreements
or indenture.

     IN WITNESS WHEREOF,
the undersigned have executed this Omnibus Instrument with respect to the Notes
as of the date first written above.

	ING USA ANNUITY AND LIFE
      INSURANCE 
	COMPANY (in executing
      below agrees and becomes a 
	party to (i) the Terms
      Agreement set forth in Section C 
	herein and (ii) the
      Coordination Agreement set forth in 
	Section D
    herein) 
	 
	By: 	 	  /s/ Karen
      Czizik
			
	 
                   Name: 	 	Karen Czizik 
	 
                   Title: 	 	Vice President 
	 
	 
	 
	CITIBANK, N.A. (in
      executing below agrees and 
	becomes a party to (i)
      the Indenture set forth in Section B 
	herein, as Indenture
      Trustee, Registrar, Transfer Agent, 
	Paying Agent and
      Calculation Agent and (ii) the 
	Coordination Agreement
      set forth in Section D herein, 
	not in its individual
      capacity but solely as Indenture 
	Trustee, Registrar,
      Transfer Agent, Paying Agent and 
	Calculation Agent), as
      Indenture Trustee, Registrar, 
	Transfer Agent, Paying
      Agent and Calculation Agent 
	 
	By: 	 	 /s/ Jennifer
      McCourt
			
	 
                   Name: 	 	 Jennifer
    McCourt
	 
                   Title: 	 	 Vice
  President

	[Execution Page 1 of
      3]

E-1

	THE ING USA GLOBAL FUNDING TRUST 
	DESIGNATED IN THIS OMNIBUS INSTRUMENT
  (in 
	executing below agrees and becomes a party to (i)
      the 
	Indenture set forth in Section B herein, (ii) the
      Terms 
	Agreement set forth in Section C herein and (iii)
      the 
	Coordination Agreement set forth in Section D
      herein) 
	 
	By: U.S. Bank National Association, not in its
      individual 
	capacity but solely in its capacity as Trustee of the
      Trust 
	 
	By:  /s/ Nancie J. Arvin
	       Name:  Nancie J. Arvin
	       Title:     Vice
    President
	 
	U.S. BANK NATIONAL ASSOCIATION (in
    executing 
	below agrees and becomes a party to the
    Trust 
	Agreement set forth in Section A herein), as
      Trustee 
	 
	By: /s/ Nancie J. Arvin
	      Name:  Nancie J. Arvin 
	      Title:     Vice
President
	 
	U.S. BANK NATIONAL ASSOCIATION (in
    executing 
	below acknowledges and agrees to Section 5.01 of
      the 
	Standard Trust Terms as set forth in Section A herein),
      in 
	its individual capacity 
	 
	By: /s/ Nancie J. Arvin
	      Name:  Nancie J. Arvin
	      Title:     Vice
President
	 
	U.S. BANK NATIONAL ASSOCIATION (in
    executing 
	below agrees and becomes a party to the
      Coordination 
	Agreement set forth in Section D herein), as
      Custodian 
	 
	By: /s/ Seth Dodson
	       Name:  Seth Dodson
	        Title:   
  VP

	[Execution Page 2 of
  3]

E-2

	GSS HOLDINGS II, INC. (in executing below
    agrees 
	and becomes a party to the Trust Agreement set forth
      in 
	Section A herein), as Trust Beneficial
    Owner 
	 
	By: /s/ Bernard J. Angelo 
	      Name:  Bernard J. Angelo
	      Title:     Vice
    President 
	 
	BANC OF AMERICA SECURITIES LLC (in
    executing 
	below agrees and becomes a party to the
    Terms 
	Agreement set forth in Section C
  herein) 
	 
	By: /s/ Lily Chang
	      Name:  Lily Chang
	      Title:     Principal 
	 
	DEUTSCHE BANK SECURITIES INC. (in
    executing 
	below agrees and becomes a party to the
    Terms 
	Agreement set forth in Section C
  herein) 
	 
	By:  /s/ Mary
  Hardgrove 
	       Name:  Mary Hardgrove
	       Title:    
    Director
	 
	By:  /s/ Ed Sunoo 
	       Name:  Ed Sunoo 
	       Title:    
    Director 
	 
	MORGAN STANLEY & CO. INCORPORATED
  (in 
	executing below agrees and becomes a party to the
      Terms 
	Agreement set forth in Section C
  herein) 
	 
	By:  /s/ Aron Jaroslawicz 
	       Name:  Aron
Jaroslawicz 
	       Title:    Executive
      Director 

	[Execution Page 3 of
  3]

E-3

INDEX OF EXHIBITS AND SCHEDULES TO THE OMNIBUS
INSTRUMENT

	Exhibit A  	  	Standard Trust Terms  
	Exhibit B  	  	Standard Indenture Terms  
	Exhibit C  	  	Pricing Supplement  
	Exhibit D  	  	ING USA Annuity and Life Insurance Company
      Officer’s Certificate  
	Exhibit E  	  	ING USA Global Funding Trusts Trustee
      Officer’s Certificate  
	Exhibit F  	  	Free Writing Prospectus(es) or Other
      Information  
	Schedule I  	  	Terms Agreement Specifications 
  

E-4

	EXHIBIT A
Standard Trust Terms

As filed as Exhibit 4.5 to the Post Effective
Amendment No. 2 filed with the Securities and Exchange Commission on September
8, 2006 to ING USA Annuity and Life Insurance Company’s Registration Statement
on Form S-3 (No. 333-123457). 

A-1

	EXHIBIT B
Standard Indenture Terms

As filed as Exhibit 4.1 to the Post Effective
Amendment No. 2 filed with the Securities and Exchange Commission on September
8, 2006 to ING USA Annuity and Life Insurance Company’s Registration Statement
on Form S-3 (No. 333-123457).

B-1

	EXHIBIT C
Pricing Supplement

As filed with the Securities and Exchange
Commission pursuant to Rule 424(b) under the Securities Act, dated as of the
date hereof, with respect to the Notes to be issued by the Trust.

C-1

	EXHIBIT D
ING USA Annuity and Life Insurance
  Company

	Officer’s
    Certificate

     The undersigned, an
officer of ING USA Annuity and Life Insurance Company, an Iowa stock life
insurance company (“ING USA”), does hereby certify to Standard & Poor’s
Ratings Services, a division of The McGraw-Hill Companies, Inc., in such
capacity and on behalf of ING USA, to the knowledge of the undersigned and after
reasonable inquiry, that:

	1.      	each of the representations and
      warranties of ING USA contained in each Expense and Indemnity Agreement
      entered into in connection with the Registration Statement (defined
      below), and each Funding Agreement issued in connection with the Program
      (the “Specified Agreements”) (other than any representation or warranty
      expressly made as of a date prior to the date hereof) are true and correct
      on and as of the date hereof, with the same effect as though such
      representation or warranty had been made on and as of the date
      hereof; 
	 
	2.      	no default under any of the Specified
      Agreements and no event or any condition which, with notice or lapse of
      time or both, would become a default, has occurred and is continuing as of
      the date hereof; 
	 
	3.      	ING USA has performed and complied with,
      respectively, in all material respects, all of the agreements, covenants,
      obligations and conditions applicable to ING USA required
      by the Specified Agreements to be performed or complied with by ING USA on
      or before the date hereof;  
	 	
	4.      	the Registration Statement filed on Form
      S-3 (File No. 333-123457) (the “Registration Statement”) by ING USA has
      been declared effective by the Securities and Exchange Commission (the
      “Commission”) under the Securities Act of 1933, as amended (the “Act”) and
      no stop order suspending the effectiveness of the Registration Statement
      has been issued and no proceedings for that purpose have been commenced by
      or are pending before or contemplated by the Commission; 
	 
	5.      	all filings, if any, required by Rule
      424 and Rule 430A under the Act have been made in a timely manner;
    
	 
	6.      	since ______, the Trusts organized in
      connection with the program contemplated by the Registration Statement
      have issued the following series of Notes: 
	 
	 	[List each series of Notes issued in the
      relevant quarter] [(collectively, the “Designated Notes”)]; and
  
	 
	7.      	the Funding Agreements issued in
      connection with the Designated Notes have been executed and delivered by
      ING USA in accordance with the terms and conditions of the Program
      Documents. 
	 

D-1

     Capitalized terms
used herein and not otherwise defined herein shall have the meanings set forth
in the Standard Indenture Terms attached as Exhibit 4.1 to the Registration
Statement.

     IN WITNESS WHEREOF,
the undersigned has executed this Certificate as of the ____ day of
______________, 200__.

	[NAME], [in his/her] capacity as an authorized
      officer of  
	ING USA  
	  
	By:_____________________________ 
    
	 
                   Name:  
	 
                   Title:  

D-2

	EXHIBIT E
ING USA Global Funding Trusts
Trustee Officer’s
Certificate

     U.S. Bank National
Association, not in its individual capacity but solely in its capacity as
trustee acting on behalf of each common law trust organized under the laws of
the State of Illinois (in such capacity, the “Trustee,” and each such common law
trust being referred to herein as a “Trust”) in connection with the program
contemplated by Registration Statement filed on Form S-3 (File No. 333-123457)
by ING USA Annuity and Life Insurance Company with the Securities and Exchange
Commission on May 17, 2005, as amended by Post Effective Amendment No. 1 filed
with the Commission on June 16, 2006, and Post Effective Amendment No. 2 filed
with the Commission on September 8, 2006 (the “Registration Statement”), does
hereby certify to Standard & Poor’s Ratings Services, a division of The
McGraw-Hill Companies, Inc., in such capacity and on behalf of each Trust, to
the knowledge of the Trustee without any independent investigation,
that:

	1.      	each of the representations and
      warranties of each Trust contained in the Notes issued in connection with
      the Program, each Indenture entered into in connection with the
      Registration Statement and the Expense and Indemnity Agreement concerning
      the Trusts (the “Specified Agreements”) (other than any representation or
      warranty expressly made as of a date prior to the date hereof) are true
      and correct on and as of the date hereof, with the same effect as though
      such representation or warranty had been made on and as of the date
      hereof; 
	 
	2.      	no default under any of the Specified
      Agreements and no event or any condition which, with notice or lapse of
      time or both, would become a default, has occurred and is continuing as of
      the date hereof; 
	 
	3.      	each Trust has performed and complied
      with, respectively, in all material respects, all of the agreements,
      covenants, obligations and conditions applicable to such Trust required by
      the Specified Agreements to be performed or complied with by such Trust on
      or before the date hereof; 
	 
	4.      	the Notes issued in connection with the
      Program have been issued, in all material respects, in accordance with the
      terms and conditions of the Program Documents; and 
	 
	5.      	each Funding Agreement has been executed
      and delivered by the related Trust in accordance with the terms and
      conditions of the Program Documents. 
	 

     Capitalized terms
used herein and not otherwise defined herein shall have the meanings set forth
in the Standard Indenture Terms attached as Exhibit 4.1 to the Registration
Statement. In no event shall U.S. Bank National Association in its personal
corporate capacity (or any officer of the Trustee in his or her personal
capacity) have any liability for any of the certifications or statements
contained in this Trustee Officer’s Certificate, such liability being solely
that of each Trust.

E-1

     IN WITNESS WHEREOF,
the undersigned has executed this Certificate as of the _____day of
_____________, 200___.

	U.S. Bank National Association, not in its
      individual  
	capacity but solely in its capacity as Trustee
      acting on  
	behalf of each Trust  
	  
	By: ________________________

	 
                   Name:  
	 
                   Title:  

E-2

	
EXHIBIT F

Free Writing Prospectus(es) or Other Information

[Final Summary of Terms to be attached]

F-1

	SCHEDULE
  I

	Terms Agreement
      Specifications

I. In connection with Section 3(a)(iv) of the
Distribution Agreement, the Program under which the Notes are issued is rated
Aa3 by Moody’s Investors Service, Inc. (“Moody’s”), AA by Standard & Poor’s
Rating Services, a division of The McGraw-Hill Companies, Inc. (“S&P”) and
aa- by A.M. Best Company (“A.M. Best”). ING USA expects that the Notes will be
rated Aa3 by Moody’s. The Company’s financial strength rating is Aa3 by Moody’s
and AA by S&P.

II. In accordance with Section 2.02(b) of the
Terms Agreement and in connection with the purchase of Notes from the Trust by
the Agent(s) as principal, the following items will be delivered on or prior to
the Settlement Date to the Agent(s): 

	 
                       a)  	  	Opinion of Sidley Austin LLP, addressed to the
      Agents, regarding enforceability of  
	the Notes;  	  	  
	  
	 
                       b)  	  	Opinion of Sidley Austin LLP, addressed to the
      Agents, regarding certain tax matters;  
	  
	 
                       c)  	  	Opinion of Thacher Proffitt & Wood LLP,
      addressed to the Agents, regarding the  
	Indenture Trustee;
      and  
	  
	 
                       d)  	  	Reliance Letter of Amy S.B. Widmann, Counsel
      for ING USA, addressed to the  
	Agents, regarding the
      enforceability of the Funding Agreement. 

III. In accordance with Section 2.02(b) of the
Terms Agreement, the following reliance letters addressed to Banc of America
Securities LLC and Banc of America Securities Limited will be delivered on, or
as soon as reasonably practicable after, the Settlement Date to Banc of America
Securities LLC and Banc of America Securities Limited:

	 
                       a) Reliance letter of internal counsel to ING
      USA Annuity and Life Insurance Company  
	with respect to the opinions delivered
      pursuant to Section 7(b)(i) of the Distribution Agreement; 
  
	  
	 
                       b) Reliance letter of Sidley Austin LLP with
      respect to the opinions and memorandum  
	delivered pursuant to Sections 7(b)(ii)-(viii)
      of the Distribution Agreement;  
	  
	 
                       c) Reliance letter of Thompson Hine LLP with
      respect to the opinion delivered pursuant  
	to Section 7(b)(x) of the Distribution
      Agreement;  
	  
	 
                       d) Reliance letter of Thacher Proffitt &
      Wood LLP with respect to the opinion delivered  
	pursuant to Section 7(b)(xi) of the
      Distribution Agreement; and  
	  
	 
                       e) Reliance letter of Schuyler, Roche &
      Zwirner, a Professional Corporation, with  
	respect to the opinion delivered pursuant to
      Section 7(b)(xii) of the Distribution Agreement. 
  

IV. All capitalized terms used herein and not
otherwise defined herein will have the meanings set forth in the Distribution
Agreement.

I-1rmtn5note.pdf -- Converted by SECPublisher 4.0, created by BCL Technologies Inc., for SEC Filing

THIS NOTE IS A GLOBAL NOTE WITHIN THE MEANING OF
THE INDENTURE (HEREINAFTER DEFINED) AND IS REGISTERED IN THE NAME OF A
DEPOSITARY (AS DEFINED IN THE INDENTURE) OR A NOMINEE OF A DEPOSITARY. THIS NOTE
IS NOT EXCHANGEABLE FOR NOTES REGISTERED IN THE NAME OF A PERSON OTHER THAN THE
DEPOSITARY OR ITS NOMINEE EXCEPT IN THE LIMITED CIRCUMSTANCES DESCRIBED IN THE
INDENTURE, AND NO TRANSFER OF THIS NOTE (OTHER THAN A TRANSFER OF THIS NOTE AS A
WHOLE BY THE DEPOSITARY TO A NOMINEE OF THE DEPOSITARY OR BY A NOMINEE OF THE
DEPOSITARY TO THE DEPOSITARY OR ANOTHER NOMINEE OF THE DEPOSITARY) MAY BE
REGISTERED EXCEPT IN THE LIMITED CIRCUMSTANCES DESCRIBED IN THE
INDENTURE.

UNLESS THIS NOTE IS PRESENTED BY AN AUTHORIZED
REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY, A NEW YORK CORPORATION (“DTC”),
TO THE TRUST (HEREINAFTER DEFINED) OR ITS AGENT FOR REGISTRATION OF TRANSFER,
EXCHANGE OR PAYMENT, AND UNLESS ANY CERTIFICATE ISSUED IS REGISTERED IN THE NAME
OF CEDE & CO. OR SUCH OTHER NAME AS REQUESTED BY AN AUTHORIZED
REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO CEDE & CO. OR SUCH OTHER
ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC), ANY TRANSFER,
PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS
WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE & CO., HAS AN
INTEREST HEREIN.

	CUSIP No.: 44982X AD
      9  	  	Principal Amount: U.S.
      $750,000,000  	  	  
	  
	ING USA GLOBAL FUNDING TRUST 5 
	  
	SECURED MEDIUM-TERM NOTES 
	  
	  	  	Floating Rate Note: [X] Yes [ ] No. If yes, 
  
	Original Issue Date: October 11,
      2007  	  	       
                 Regular Floating Rate Notes [X] 
    	  	  
	Issue Price: 100%  	  	       
                 Inverse Floating Rate Notes [ ] 
    	  	  
	Stated Maturity Date: October 9,
      2009  	  	       
                 Floating Rate/Fixed Rate Notes [
      ]   	  	  
	Settlement Date: October 11,
      2007  	  	       
                 Fixed Rate/Floating Rate Notes [
      ]   	  	  
	Securities Exchange Listing: [ ] Yes [X] No.
      If yes,  	  	       
                 Interest Rate: 1-month LIBOR +
      0.36%  
	       
                 indicate name(s) of Securities
      Exchange(s):  	  	       
                 Interest Rate Basis(es):  	  	  
	Depositary: The Depository Trust
      Company  	  	       
                 LIBOR [X]  	  	  
	Authorized Denominations: $1,000 and
      integral  	  	       
                 [ X] LIBOR Reuters Page:
      LIBOR01  
	multiples of $1,000 in excess
      thereof  	  	       
                 [ ] LIBOR Telerate Page:  	  	  
	Collateral held in the Trust: ING USA
      Annuity and Life  	  	  	  	  
	   Insurance Company Funding
      Agreement No. RMTN-  	  	       
                 LIBOR Currency: U.S. Dollars 
	  	  
	   5, all proceeds of the
      Funding Agreement and all  	  	       
                 EURIBOR [ ]  	  	  
	   rights and books and
      records pertaining to the  	  	       
                 CMT Rate [ ]  	  	  
	   foregoing. 
	  	Designated CMT Moneyline  
	Additional Amounts to be Paid: [ ] Yes [X]
      No  	  	Telerate Page:  	  	  

1

	Interest Rate or Formula:
      1-month LIBOR + 0.36%  	  	 
                         
                         
                       If Telerate Page
      7052:  
	Fixed Rate Note: [ ] Yes
      [X] No. If yes,  	  	 
                         
                         
                       [ ] Weekly
      Average  
	 
                       Interest
      Rate:  	  	 
                         
                         
                       [ ] Monthly
      Average  
	 
                       Interest Payment
      Frequency:  	  	 
                         
                       Designated CMT Maturity
      Index:  
	 
                       Day Count
      Convention:  	  	 
                       CD Rate [ ] 
    
	 
                       Additional/Other
      Terms:  	  	 
                       Commercial Paper Rate [
      ]  
	Amortizing Note: [ ] Yes
      [X] No. If yes,  	  	 
                       Eleventh District Cost of
      Funds Rate [ ]  
	 
                       Amortization schedule or
      formula:  	  	 
                       Federal Funds Rate [
      ]  
	 
                       Additional/Other
      Terms:  	  	 
                       Prime Rate [
      ]  
	Discount Note: [ ] Yes [X]
      No. If yes,  	  	 
                       Treasury Rate [
      ]  
	 
                       Total Amount of
      Discount:  	  	 
                       Index Maturity:
      1-month  
	 
                       Initial Accrual Period of
      Discount:  	  	 
                       Spread and/or Spread
      Multiplier: + 0.36%  
	 
                       Interest Payment
      Dates:  	  	 
                       Initial Interest Rate, if
      any: 5.47625%  
	 
                       Additional/Other
      Terms:  	  	 
                       Initial Interest Reset
      Date: November 9, 2007  
	Redemption Provisions: [ ]
      Yes [X] No. If yes,  	  	 
                       Interest Reset Dates: Each
      Interest Payment  
	 
                       Initial Redemption
      Date:  	  	Date.  
	 
                       Initial Redemption
      Percentage:  	  	 
                       Interest Determination
      Date(s): The second  
	  	  	London Banking Day prior
      to the related Interest Reset  
	 
                       Annual Redemption
      Percentage Reduction,  	  	Date.  
	if any:  	  	  
	  	  	 
                       Interest Payment Dates:
      The ninth day of each  
	 
                       Additional/Other
      Terms:  	  	calendar month of each
      year.  
	Repayment Provisions: [ ]
      Yes [X] No. If yes,  	  	 
                       Maximum Interest Rate, if
      any:  
	 
                       Repayment
      Date(s):  	  	 
                       Minimum Interest Rate, if
      any:  
	 
                       Repayment
      Price:  	  	 
                       Fixed Rate Commencement
      Date, if any:  
	 
                       Additional/Other
      Terms:  	  	 
                       Floating Rate Commencement
      Date, if any:  
	  	  	 
                       Fixed Interest Rate, if
      any:  
	  	  	 
                       Day Count Convention: As
      indicated on the  
	  	  	reverse
      hereof.  
	  	  	 
                       Additional/Other Terms:
      Not applicable  
	  	  	Regular Record Date(s):
      The date that is fifteen (15)  
	  	  	calendar days prior to the
      applicable Interest Payment  
	  	  	Date.  
	  	  	Sinking Fund: Not
      applicable  
	  	  	Specified Currency: U.S.
      Dollars  
	  	  	Exchange Rate Agent: Not
      applicable  
	  	  	Calculation Agent:
      Citibank, N.A.  
	  	  	Additional/Other Terms:
      Not applicable  

     The ING USA Global
Funding Trust designated above (the “Trust”), for value received, hereby
promises to pay to Cede & Co., or its registered assigns, the Principal
Amount specified above on the Stated Maturity Date specified above and, if so
specified above, to pay interest thereon from the Original Issue Date specified
above or from the most recent Interest Payment Date specified above to which
interest has been paid or duly

2

provided for at the rate per annum determined in accordance with the provisions on the reverse hereof and as specified above, until the principal hereof is paid or made available for payment. Unless otherwise specified above,
payments of principal, premium, if any, and interest hereon will be made in the lawful currency of the United States of America (“U.S. Dollars” or “United States Dollars”). If the Specified Currency specified above is other than
U.S. Dollars, the Holder (as defined in the Indenture) shall receive such payments in such Foreign Currency (as hereinafter defined). The “Principal Amount” of this Note at any time means (1) if this Note is a Discount Note (as hereinafter
defined), the Amortized Face Amount (as hereinafter defined) at such time and (2) in all other cases, the Principal Amount hereof. Capitalized terms not otherwise defined herein shall have their meanings set forth in the Indenture, dated as of the
date of the Pricing Supplement (the “Indenture”), between Citibank, N.A., as the indenture trustee (the “Indenture Trustee”), and the Trust, or on the face hereof.

     This Note will mature on the Stated Maturity Date, unless its principal (or any installment of its principal) becomes due and payable prior to the Stated Maturity Date, whether, as applicable, by the
declaration of acceleration of maturity, notice of redemption by the Trust or otherwise (the Stated Maturity Date or any date prior to the Stated Maturity Date on which this Note becomes due and payable, as the case may be, is referred to as the
“Maturity Date”).

     A “Discount Note” is any Note that has an Issue Price that is less than 100% of the Principal Amount thereof by more than a percentage equal to the product of 0.25% and the number of full
years to the Stated Maturity Date.

     Unless otherwise specified above, the interest payable on each Interest Payment Date or the Maturity Date will be the amount of interest accrued from and including the Original Issue Date or from and
including the last Interest Payment Date to which interest has been paid or duly provided for, as the case may be, to, but excluding, such Interest Payment Date or the Maturity Date, as the case may be.

     Unless otherwise specified above, the interest payable on any Interest Payment Date will be paid to the Person that was the Holder on the Regular Record Date for such Interest Payment Date, which
Regular Record Date shall be the fifteenth (15th) calendar day, whether or not a Business Day, immediately preceding the related Interest Payment Date; provided that, notwithstanding any provision of the Indenture to the contrary, interest payable on any Maturity Date shall be payable to the Person to whom principal shall be payable; and provided, further, that unless otherwise specified above, in the case of a Note initially issued between a Regular Record Date and the Interest Payment Date relating to such Regular Record Date, interest
for the period beginning on the Original Issue Date and ending on such Interest Payment Date shall be paid on the Interest Payment Date following the next succeeding Regular Record Date to the Holder on such next succeeding Regular Record
Date.

     Payments of principal of, and premium, if any, and interest and other amounts due and owing, if any, will be made through the Indenture Trustee to the account of DTC or its nominee and will be made in
accordance with depositary arrangements with DTC.

3

     Unless otherwise specified on the face hereof, the Holder hereof will not be obligated to pay any administrative costs imposed by banks in making payments in immediately available funds by the Trust.
Unless otherwise specified on the face hereof, any tax assessment or governmental charge imposed upon payments hereunder, including, without limitation, any withholding tax, will be borne by the Holder hereof.

     REFERENCE IS HEREBY MADE TO THE FURTHER PROVISIONS OF THIS NOTE SET FORTH ON THE REVERSE HEREOF.  SUCH FURTHER PROVISIONS SHALL FOR ALL PURPOSES HAVE THE SAME EFFECT AS IF SET FORTH AT THIS
PLACE.

     Unless the certificate of authentication hereon shall have been executed by the Indenture Trustee pursuant to the Indenture, this Note shall not be entitled to any benefit under such Indenture or be
valid or obligatory for any purpose.

4

     IN WITNESS WHEREOF,
the Trust has caused this instrument to be duly executed, by manual or facsimile
signature.

	 	 	 	 	THE ING USA GLOBAL FUNDING TRUST 
	 	 	 	 	SPECIFIED ON THE FACE OF THIS NOTE 
	 
	Dated: 	 	Original Issue Date 	 	By: U.S. Bank National Association, not in
    its 
	 	 	 	 	individual capacity but solely as
  Trustee. 
	 
	 
	 
	 	 	 	 	By: /s/ Patricia M. Child 
	 	 	 	 	      Authorized Officer 

	CERTIFICATE OF
      AUTHENTICATION

     This is one of the
Notes of the ING USA Global Funding Trust specified on the face of this Note
referred to in the within-mentioned Indenture.

	 	 	 	 	CITIBANK, N.A. 
	 	 	 	 	As Indenture Trustee 
	 
	Dated: 	 	Original Issue Date 	 	 
	 
	 	 	 	 	By:  /s/ Jennifer McCourt 
	 	 	 	 	       Authorized
Signatory 

5

	[REVERSE FORM OF
      NOTE]

Section 1. General. This Note is one of a duly
authorized issue of Notes of the Trust. The Notes are issued pursuant to the
Indenture.

	Section 2. Currency.

     (a) Unless
specified otherwise on the face hereof, this Note is denominated in, and
payments of principal, premium, if any, and/or interest, if any, will be made in
U.S. Dollars. If specified as the Specified Currency, this Note may be
denominated in, and payments of principal, premium, if any, and/or interest, if
any, may be made in a single currency other than U.S. Dollars (a “Foreign
Currency”). If this Note is denominated in a Foreign Currency, the Holder of
this Note is required to pay for this Note in the Specified Currency.

     (b) Unless
specified otherwise on the face hereof, if this Note is denominated in a Foreign
Currency, the Trust is obligated to make payments of principal of, and premium,
if any, and interest, if any, on, this Note in the Specified Currency. Any
amounts so payable by the Trust in the Specified Currency will be converted by
the Exchange Rate Agent into U.S. Dollars for payment to the Holder hereof
unless otherwise specified on the face of this Note or the Holder elects, in the
manner described below, to receive these amounts in the Specified Currency. If
this Note is denominated in a Foreign Currency, any U.S. Dollar amount to be
received by the Holder hereof will be based on the highest bid quotation in The
City of New York received by the Exchange Rate Agent at approximately 11:00
A.M., New York City time, on the second Business Day preceding the applicable
payment date from three recognized foreign exchange dealers (one of whom may be
the Exchange Rate Agent) selected by the Exchange Rate Agent and approved by the
Trust for the purchase by the quoting dealer of the Specified Currency for U.S.
Dollars for settlement on that payment date in the aggregate amount of the
Specified Currency payable to all Holders of the Notes scheduled to receive U.S.
Dollar payments and at which the applicable dealer commits to execute a
contract. All currency exchange costs will be borne by the Holders of the Notes
by deductions from any payments. If three bid quotations are not available,
payments will be made in the Specified Currency. If this Note is denominated in
a Foreign Currency, the Holder of this Note may elect to receive all or a
specified portion of any payment of principal, premium, if any, and/or interest,
if any, in the Specified Currency by submitting a written request to the
Indenture Trustee at its Corporate Trust Office in The City of New York on or
prior to the applicable Regular Record Date or at least 15 calendar days prior
to the Maturity Date, as the case may be. This written request may be mailed or
hand delivered or sent by cable, telex or other form of facsimile transmission.
This election will remain in effect until revoked by written notice delivered to
the Indenture Trustee on or prior to a Regular Record Date or at least 15
calendar days prior to the Maturity Date, as the case may be. The Holder of a
Note denominated in a Foreign Currency to be held in the name of a broker or
nominee should contact their broker or nominee to determine whether and how an
election to receive payments in the Specified Currency may be made. Unless
specified otherwise on the face hereof, if the Specified Currency is other than
U.S. Dollars, a beneficial owner of a Note represented by a global security
which elects to

6

receive payments of principal, premium, if any,
and/or interest, if any, in the Specified Currency must notify the Participant
through which it owns its interest on or prior to the applicable Regular Record
Date or at least 15 calendar days prior to the Maturity Date, as the case may
be, of its election. The applicable Participant must notify DTC of its election
on or prior to the third Business Day after the applicable Regular Record Date
or at least 12 calendar days prior to the Maturity Date, as the case may be, and
DTC will notify the Indenture Trustee of that election on or prior to the fifth
Business Day after the applicable Regular Record Date or at least ten calendar
days prior the Maturity Date, as the case may be. If complete instructions are
received by the Participant from the applicable beneficial owner and forwarded
by the Participant to DTC, and by DTC to the Indenture Trustee, on or prior to
such dates, then the applicable beneficial owner will receive payments in the
Specified Currency.

     (c) The Trust will
indemnify the Holder hereof against any loss incurred as a result of any
judgment or order being given or made for any amount due under this Note and
that judgment or order requiring payment in a currency (the “Judgment Currency”)
other than the Specified Currency, and as a result of any variation between: (i)
the rate of exchange at which the Specified Currency amount is converted into
the Judgment Currency for the purpose of that judgment or order; and (ii) the
rate of exchange at which the Holder, on the date of payment of that judgment or
order, is able to purchase the Specified Currency with the amount of the
Judgment Currency actually received.

     (d) Unless
otherwise specified on the face hereof, if payment hereon is required to be made
in a Foreign Currency and such currency is unavailable due to the imposition of
exchange controls or other circumstances beyond the Trust’s control, then the
Trust will be entitled to make payments with respect hereto in U.S. Dollars on
the basis of the Market Exchange Rate (as hereinafter defined), computed by the
Exchange Rate Agent, on the second Business Day prior to the particular payment
or, if the Market Exchange Rate is not then available, on the basis of the most
recently available Market Exchange Rate.

     (e) The “Market
Exchange Rate” for the Foreign Currency shall mean the noon dollar buying rate
in The City of New York for cable transfers for the Foreign Currency as
certified for customs purposes (or, if not so certified, as otherwise
determined) by the Federal Reserve Bank of New York.

     (f) All
determinations made by the Exchange Rate Agent shall be at its sole discretion
and shall, in the absence of manifest error, be conclusive for all purposes and
binding on the Holder hereof.

     (g) All costs of
exchange in respect of this Note, if denominated in a Foreign Currency, will be
borne by the Holder hereof.

Section 3. Determination of Interest Rate and Certain Other
Terms.

	(a)      	Fixed Rate Notes. If this Note is specified on the face hereof as a “Fixed Rate
      Note”: 
	 

7

(i) This Note will bear interest at the rate per
annum specified on the face hereof. Interest on this Note will be computed on
the basis of a 360-day year of twelve 30-day months.

	(ii)  	  	Unless otherwise
      specified on the face hereof, the Interest Payment  
	Dates for this Note
      will be as follows:  	  	  
	  
	       Interest Payment
      Frequency  	  	Interest
      Payment Dates  
	
      

    		
      

    
	  
	       Monthly  	  	Fifteenth day of each
      calendar  
	  	  	  	  	month, beginning in the
      first  
	  	  	  	  	calendar month following
      the month  
	  	  	  	  	this Note was
      issued.  
	  
	       Quarterly  	  	Fifteenth day of every
      third calendar  
	  	  	  	  	month, beginning in the
      third  
	  	  	  	  	calendar month following
      the month  
	  	  	  	  	this Note was
      issued.  
	  
	       Semi-annual  	  	Fifteenth day of every
      sixth calendar  
	  	  	  	  	month, beginning in the
      sixth  
	  	  	  	  	calendar month following
      the month  
	  	  	  	  	this Note was
      issued.  
	  
	       Annual  	  	Fifteenth day of every
      twelfth  
	  	  	  	  	calendar month, beginning
      in the  
	  	  	  	  	twelfth calendar month
      following the  
	  	  	  	  	month this Note was
      issued.  

	 	(iii)     
	If any Interest Payment Date or the
      Maturity Date of this Note falls on a day that is not a Business Day, the
      Trust will make the required payment of principal, premium, if any, and/or
      interest or other amounts on the next succeeding Business Day, and no
      additional interest will accrue in respect of the payment made on that
      next succeeding Business Day. 
	 
	(b)      	Floating Rate
      Notes. If this Note is specified on the face
      hereof as a “Floating Rate Note”: 
	 
	 	(i)      	Interest Rate Basis. Interest on this Note will be determined by reference to the
      applicable Interest Rate Basis or Interest Rate Bases, which may, as
      described below, include the CD Rate, the CMT Rate, the Commercial Paper
      Rate, the Eleventh District Cost of Funds Rate, the Federal Funds Rate,
      LIBOR, EURIBOR, the Prime Rate or the Treasury Rate (each as defined
      below). 
	 
	 	(ii)      	Effective Rate. The rate derived from the applicable Interest Rate Basis will
      be determined in accordance with the related provisions below. The
      interest rate in effect on each day will be based on: (1) if that day is
      an Interest Reset Date, the rate determined as of the Interest
      Determination Date immediately preceding that Interest Reset Date; or (2)
      if that day is not an 
	 

8

Interest Reset Date, the rate determined as of
the Interest Determination Date immediately preceding the most recent Interest
Reset Date.

(iii) Spread; Spread
Multiplier; Index Maturity. The “Spread” is the
number of basis points (one one-hundredth of a percentage point) specified on
the face hereof to be added to or subtracted from the related Interest Rate
Basis or Interest Rate Bases applicable to this Note. The “Spread Multiplier” is
the percentage specified on the face hereof of the related Interest Rate Basis
or Interest Rate Bases applicable to this Note by which the Interest Rate Basis
or Interest Rate Bases will be multiplied to determine the applicable interest
rate. The “Index Maturity” is the period to maturity of the instrument or
obligation with respect to which the related Interest Rate Basis or Interest
Rate Bases will be calculated.

(iv) Regular Floating
Rate Note. Unless this Note is specified on the face
hereof as a Floating Rate/Fixed Rate Note, a Fixed Rate/Floating Rate Note or an
Inverse Floating Rate Note, this Note (a “Regular Floating Rate Note”) will bear
interest at the rate determined by reference to the applicable Interest Rate
Basis or Interest Rate Bases: (1) plus or minus the applicable Spread, if any;
and/or (2) multiplied by the applicable Spread Multiplier, if any. Commencing on
the first Interest Reset Date, the rate at which interest on this Regular
Floating Rate Note is payable will be reset as of each Interest Reset Date;
provided, however, that
the interest rate in effect for the period, if any, from the Original Issue Date
to the first Interest Reset Date will be the Initial Interest Rate.

(v) Floating
Rate/Fixed Rate Notes. If this Note is specified on
the face hereof as a “Floating Rate/Fixed Rate Note”, this Note will bear
interest at the rate determined by reference to the applicable Interest Rate
Basis or Interest Rate Bases: (1) plus or minus the applicable Spread, if any;
and/or (2) multiplied by the applicable Spread Multiplier, if any. Commencing on
the first Interest Reset Date, the rate at which this Floating Rate/Fixed Rate
Note is payable will be reset as of each Interest Reset Date; provided, however, that: (A) the interest
rate in effect for the period, if any, from the Original Issue Date to the first
Interest Reset Date will be the Initial Interest Rate specified on the face
hereof; and (B) the interest rate in effect commencing on the Fixed Rate
Commencement Date will be the Fixed Interest Rate, if specified on the face
hereof, or, if not so specified, the interest rate in effect on the day
immediately preceding the Fixed Rate Commencement Date.

(vi) Fixed
Rate/Floating Rate Notes. If this Note is specified
on the face hereof as a “Fixed Rate/Floating Rate Note”, this Note will bear
interest at the rate per annum specified on the face hereof as the Fixed
Interest Rate; provided, however, that commencing on the Floating Rate Commencement Date, this Note
will bear interest at the rate determined by reference to the applicable
Interest Rate Basis or Interest Rate Bases: (1) plus or minus the

9

applicable Spread, if any; and/or (2) multiplied
by the applicable Spread Multiplier, if any. Commencing on the first Interest
Reset Date, the rate at which this Fixed Rate/Floating Rate Note is payable will
be reset as of each Interest Reset Date.

(vii) Inverse Floating
Rate Notes. If this Note is specified on the face
hereof as an “Inverse Floating Rate Note”, this Note will bear interest at the
Fixed Interest Rate minus the rate determined by reference to the applicable
Interest Rate Basis or Interest Rate Bases: (1) plus or minus the applicable
Spread, if any; and/or (2) multiplied by the applicable Spread Multiplier, if
any; provided, however,
that interest on this Inverse Floating Rate Note will not be less than zero.
Commencing on the first Interest Reset Date, the rate at which interest on this
Inverse Floating Rate Note is payable will be reset as of each Interest Reset
Date; provided, however,
that the interest rate in effect for the period, if any, from the Original Issue
Date to the first Interest Reset Date will be the Initial Interest
Rate.

(viii) Interest Reset
Dates. The period between Interest Reset Dates will
be the “Interest Period.” Unless otherwise specified on the face hereof, the
Interest Reset Dates will be, in the case of this Floating Rate Note if by its
terms it resets: (1) daily—each business day; (2) weekly—the Wednesday of each
week, with the exception of any weekly reset Floating Rate Note as to which the
Treasury Rate is an applicable Interest Rate Basis, which will reset the Tuesday
of each week; (3) monthly—the fifteenth day of each calendar month, with the
exception of any monthly reset Floating Rate Note as to which the Eleventh
District Cost of Funds Rate is an applicable Interest Rate Basis, which will
reset on the first calendar day of the month; (4) quarterly—the fifteenth day of
March, June, September and December of each year; (5) semi-annually—the
fifteenth day of the two months of each year specified on the face hereof; and
(6) annually—the fifteenth day of the month of each year specified on the face
hereof; provided, however, that, with respect to a Floating Rate/Fixed Rate Note, the rate of
interest thereon will not reset after the particular Fixed Rate Commencement
Date. If any Interest Reset Date for this Floating Rate Note would otherwise be
a day that is not a Business Day, the particular Interest Reset Date will be
postponed to the next succeeding Business Day, except that in the case of a
Floating Rate Note as to which LIBOR is an applicable Interest Rate Basis and
that Business Day falls in the next succeeding calendar month, the particular
Interest Reset Date will be the immediately preceding Business Day.

(ix) Interest
Determination Dates. The interest rate applicable to
a Floating Rate Note for an Interest Period commencing on the related Interest
Reset Date will be determined by reference to the applicable Interest Rate Basis
as of the particular “Interest Determination Date”, which will be: (1) with
respect to the Commercial Paper Rate, Federal Funds Rate and the Prime Rate—the
Business Day immediately preceding the related Interest Reset Date; (2) with
respect to the CD Rate and the CMT Rate—the second

10

Business Day preceding the related Interest Reset
Date; (3) with respect to the Eleventh District Cost of Funds Rate—the last
working day of the month immediately preceding the related Interest Reset Date
on which the Federal Home Loan Bank of San Francisco publishes the Eleventh
District Index (as defined below); (4) with respect to LIBOR and EURIBOR—the
second London Banking Day (as defined below) preceding the related Interest
Reset Date; and (5) with respect to the Treasury Rate—the day of the week in
which the related Interest Reset Date falls on which day Treasury Bills (as
defined below) are normally auctioned (i.e., Treasury Bills are normally sold at
auction on Monday of each week, unless that day is a legal holiday, in which
case the auction is normally held on the following Tuesday, except that the
auction may be held on the preceding Friday); provided, however, that if an auction is
held on the Friday of the week preceding the related Interest Reset Date, the
Interest Determination Date will be the preceding Friday. The Interest
Determination Date pertaining to a Floating Rate Note, the interest rate of
which is determined with reference to two or more Interest Rate Bases, will be
the latest Business Day which is at least two Business Days before the related
Interest Reset Date for the applicable Floating Rate Note on which each Interest
Reset Basis is determinable. “London Banking Day” means a day on which
commercial banks are open for business (including dealings in the LIBOR
Currency, as hereinafter defined) in London.

(x) Calculation
Dates. The interest rate applicable to each Interest
Period will be determined by the Calculation Agent on or prior to the
Calculation Date (as defined below), except with respect to LIBOR, EURIBOR and
the Eleventh District Cost of Funds Rate, which will be determined on the
particular Interest Determination Date. Upon request of the Holder of a Floating
Rate Note, the Calculation Agent will disclose the interest rate then in effect
and, if determined, the interest rate that will become effective as a result of
a determination made for the next succeeding Interest Reset Date with respect to
such Floating Rate Note. The “Calculation Date”, if applicable, pertaining to
any Interest Determination Date will be the earlier of: (1) the tenth calendar
day after the particular Interest Determination Date or, if such day is not a
Business Day, the next succeeding Business Day; or (2) the Business Day
immediately preceding the applicable Interest Payment Date or the Maturity Date,
as the case may be.

(xi) Maximum or
Minimum Interest Rate. If specified on the face
hereof, this Note may have either or both of a Maximum Interest Rate or a
Minimum Interest Rate. If a Maximum Interest Rate is so designated, the interest
rate for a Floating Rate Note cannot ever exceed such Maximum Interest Rate and
in the event that the interest rate on any Interest Reset Date would exceed such
Maximum Interest Rate (as if no Maximum Interest Rate were in effect) then the
interest rate on such Interest Reset Date shall be the Maximum Interest Rate. If
a Minimum Interest Rate is so designated, the interest rate for a Floating Rate
Note cannot ever be less than such Minimum Interest

11

Rate and in the event that the interest rate on
any Interest Reset Date would be less than such Minimum Interest Rate (as if no
Minimum Interest Rate were in effect) then the interest rate on such Interest
Reset Date shall be the Minimum Interest Rate. Notwithstanding anything to the
contrary contained herein, the interest rate on a Floating Rate Note shall not
exceed the maximum interest rate permitted by applicable law.

(xii) Interest
Payments. Unless otherwise specified on the face
hereof, the Interest Payment Dates will be, in the case of a Floating Rate Note
which resets: (1) daily, weekly or monthly—the fifteenth day of each calendar
month or on the fifteenth day of March, June, September and December of each
year, as specified on the face hereof; (2) quarterly—the fifteenth day of March,
June, September and December of each year; (3) semi-annually—the fifteenth day
of the two months of each year specified on the face hereof; and (4)
annually—the fifteenth day of the month of each year as specified on the face
hereof. In addition, the Maturity Date will also be an Interest Payment Date. If
any Interest Payment Date other than the Maturity Date for this Floating Rate
Note would otherwise be a day that is not a Business Day, such Interest Payment
Date will be postponed to the next succeeding Business Day, except that in the
case of a Floating Rate Note as to which LIBOR is an applicable Interest Rate
Basis and that Business Day falls in the next succeeding calendar month, the
particular Interest Payment Date will be the immediately preceding Business Day.
If the Maturity Date of a Floating Rate Note falls on a day that is not a
Business Day, the Trust will make the required payment of principal, premium, if
any, and interest or other amounts on the next succeeding Business Day, and no
additional interest will accrue in respect of the payment made on that next
succeeding Business Day.

(xiii) Rounding. Unless otherwise specified on
the face hereof, all percentages resulting from any calculation on this Floating
Rate Note will be rounded to the nearest one hundred-thousandth of a percentage
point, with five one-millionths of a percentage point rounded upwards. All
dollar amounts used in or resulting from any calculation on this Floating Rate
Note will be rounded, in the case of U.S. Dollars, to the nearest cent or, in
the case of a Foreign Currency, to the nearest unit (with one-half cent or unit
being rounded upwards).

(xiv) Interest
Factor. With respect to this Floating Rate Note,
accrued interest is calculated by multiplying the principal amount of such Note
by an accrued interest factor. The accrued interest factor is computed by adding
the interest factor calculated for each day in the particular Interest Period.
The interest factor for each day will be computed by dividing the interest rate
applicable to such day by 360, in the case of a Floating Rate Note as to which
the CD Rate, the Commercial Paper Rate, the Eleventh District Cost of Funds
Rate, the Federal Funds Rate, LIBOR, EURIBOR or the Prime Rate is an applicable
Interest Rate Basis, or by the actual number of days in the year, in the case of
a Floating Rate Note as to which the CMT Rate or the Treasury

12

Rate is an applicable Interest Rate Basis. The
interest factor for a Floating Rate Note as to which the interest rate is
calculated with reference to two or more Interest Rate Bases will be calculated
in each period in the same manner as if only the applicable Interest Rate Basis
specified above applied.

(xv) Determination of
Interest Rate Basis. The Calculation Agent shall
determine the rate derived from each Interest Rate Basis in accordance with the
following provisions.

(A) CD Rate
Notes. If the Interest Rate Basis is the CD Rate,
this Note shall be deemed a “CD Rate Note.” Unless otherwise specified on the
face hereof, “CD Rate” means: (1) the rate on the particular Interest
Determination Date for negotiable United States dollar certificates of deposit
having the Index Maturity specified on the face hereof as published in H.15(519)
(as defined below) under the caption “CDs (secondary market)”; or (2) if the
rate referred to in clause (1) is not so published by 3:00 P.M., New York City
time, on the related Calculation Date, the rate on the particular Interest
Determination Date for negotiable United States dollar certificates of deposit
of the particular Index Maturity as published in H.15 Daily Update (as defined
below), or other recognized electronic source used for the purpose of displaying
the applicable rate, under the caption “CDs (secondary market)”; or (3) if the
rate referred to in clause (2) is not so published by 3:00 P.M., New York City
time, on the related Calculation Date, the rate on the particular Interest
Determination Date calculated by the Calculation Agent as the arithmetic mean of
the secondary market offered rates as of 10:00 A.M., New York City time, on that
Interest Determination Date, of three leading non-bank dealers in negotiable
United States dollar certificates of deposit in The City of New York (which may
include the purchasing agent or its affiliates) selected by the Calculation
Agent for negotiable United States dollar certificates of deposit of major
United States money market banks for negotiable United States certificates of
deposit with a remaining maturity closest to the particular Index Maturity in an
amount that is representative for a single transaction in that market at that
time; or (4) if the dealers so selected by the Calculation Agent are not quoting
as mentioned in clause (3), the CD Rate in effect on the particular Interest
Determination Date. “H.15(519)” means the weekly statistical release designated
as H.15(519), or any successor publication, published by the Board of Governors
of the Federal Reserve System. “H.15 Daily Update” means the daily update of
H.15(519), available through the world-wide-web site of the Board of Governors
of the Federal Reserve System at http://www.federalreserve.gov/releases/H15/
update, or any successor site or publication.

(B) CMT Rate
Notes. If the Interest Rate Basis is the CMT Rate,
this Note shall be deemed a “CMT Rate Note.” Unless otherwise specified on the
face hereof, “CMT Rate” means:

13

(1) if CMT Moneyline Telerate Page 7051 is
specified on the face hereof:

	i.      	the percentage equal to the
      yield for United States Treasury securities at “constant maturity” having
      the Index Maturity specified on the face hereof as published in
      H.15(519) under the caption “Treasury Constant Maturities”, as the yield is displayed on Moneyline Telerate
      (or any successor service) on page 7051 (or any other page as may replace
      the specified page on that service) (“Moneyline Telerate Page 7051”), for
      the particular Interest Determination Date; or   
	 
	ii.      	if the rate referred to in
      clause (i) does not so appear on Moneyline Telerate Page 7051, the
      percentage equal to the yield for United States Treasury securities at
      “constant maturity” having the particular Index Maturity and for the
      particular Interest Determination Date as published in
      H. 15(519) under the caption “Treasury
      Constant Maturities”; or 
	 
	iii.      	if the rate referred to in
      clause (ii) does not so appear in H. 15(519),
      the rate on the particular Interest Determination Date for the period of
      the particular Index Maturity as may then be published by either the
      Federal Reserve System Board of Governors or the United States Department
      of the Treasury that the Calculation Agent determines to be comparable to
      the rate which would otherwise have been published in H.15(519); or
    
	 	     	
	iv.      	if the rate referred to in
      clause (iii) is not so published, the rate on the particular Interest
      Determination Date calculated by the Calculation Agent as a yield to
      maturity based on the arithmetic mean of the secondary market bid prices
      at approximately 3:30 P.M., New York City time, on that Interest
      Determination Date of three leading primary United States government
      securities dealers in The City of New York (which may include the
      purchasing agent or its affiliates) (each, a “Reference Dealer”) selected
      by the Calculation Agent from five Reference Dealers selected by the
      Calculation Agent and eliminating the highest quotation, or, in the event
      of equality, one of the highest, and the lowest quotation or, in the event
      of equality, one of the lowest, for United States Treasury securities with
      an original maturity equal to the particular Index Maturity, a remaining
      term to maturity no more than one year shorter than that Index Maturity
      and in a principal 
	 

14

	 	amount that is representative for a
      single transaction in the securities in that market at that time;
      or 
	 
	v.      	if fewer than five but more than two of
      the prices referred to in clause (iv) are provided as requested, the rate
      on the particular Interest Determination Date calculated by the
      Calculation Agent based on the arithmetic mean of the bid prices obtained
      and neither the highest nor the lowest of the quotations shall be
      eliminated; or 
	 
	vi.      	if fewer than three prices referred to
      in clause (iv) are provided as requested, the rate on the particular
      Interest Determination Date calculated by the Calculation Agent as a yield
      to maturity based on the arithmetic mean of the secondary market bid
      prices as of approximately 3:30 P.M., New York City time, on that Interest
      Determination Date of three Reference Dealers selected by the Calculation
      Agent from five Reference Dealers selected by the Calculation Agent and
      eliminating the highest quotation or, in the event of equality, one of the
      highest and the lowest quotation or, in the event of equality, one of the
      lowest, for United States Treasury securities with an original maturity
      greater than the particular Index Maturity, a remaining term to maturity
      closest to that Index Maturity and in a principal amount that is
      representative for a single transaction in the securities in that market
      at that time; or 
	 
	vii.      	if fewer than five but more than two
      prices referred to in clause (vi) are provided as requested, the rate on
      the particular Interest Determination Date calculated by the Calculation
      Agent based on the arithmetic mean of the bid prices obtained and neither
      the highest nor the lowest of the quotations will be eliminated; or
    
	 
	viii.     
	if fewer than three prices referred to
      in clause (vi) are provided as requested, the CMT Rate in effect on the
      particular Interest Determination Date; or 
	 

(2) if CMT Moneyline Telerate Page 7052 is
specified on the face hereof:

	i.      	the percentage equal to the one-week or
      one-month, as specified on the face hereof, average yield for United
      States Treasury securities at “constant maturity” having the Index
      Maturity specified on the face hereof as published in H.15(519) opposite
      the caption “Treasury 
	 

15

	 	Constant Maturities”, as the
      yield is displayed on Moneyline Telerate (or any successor service) (on
      page 7052 or any other page as may replace the specified page on that
      service) (“Moneyline Telerate Page 7052”), for the week or month, as
      applicable, ended immediately preceding the week or month, as applicable,
      in which the particular Interest Determination Date falls; or

	 
	ii.      	if the rate referred to in
      clause (i) does not so appear on Moneyline Telerate Page 7052, the
      percentage equal to the one-week or one-month, as specified on the face
      hereof, average yield for United States Treasury securities at “constant
      maturity” having the particular Index Maturity and for the week or month,
      as applicable, preceding the particular Interest Determination Date as
      published in H. 15(519) opposite the caption “Treasury
      Constant Maturities”;
      or    
	 	     	
	iii.      	if the rate referred to in
      clause (ii) does not so appear in H.15(519), the one-week
      or one-month, as specified on the face hereof, average yield for United
      States Treasury securities at “constant maturity” having the particular
      Index Maturity as otherwise announced by the Federal Reserve Bank of New
      York for the week or month, as applicable, ended immediately preceding the
      week or month, as applicable, in which the particular Interest
      Determination Date falls; or   
	 	   	
	iv.      	if the rate referred to in
      clause (iii) is not so published, the rate on the particular Interest
      Determination Date calculated by the Calculation Agent as a yield to
      maturity based on the arithmetic mean of the secondary market bid prices
      at approximately 3:30 P.M., New York City time, on that Interest
      Determination Date of three Reference Dealers selected by the Calculation
      Agent from five Reference Dealers selected by the Calculation Agent and
      eliminating the highest quotation, or, in the event of equality, one of
      the highest, and the lowest quotation or, in the event of equality, one of
      the lowest, for United States Treasury securities with an original
      maturity equal to the particular Index Maturity, a remaining term to
      maturity no more than one year shorter than that Index Maturity and in a
      principal amount that is representative for a single transaction in the
      securities in that market at that time; or 
	 
	v.      	if fewer than five but more
      than two of the prices referred to in clause (iv) are provided as
      requested, the rate on the 
	 

16

	 	particular Interest Determination Date
      calculated by the Calculation Agent based on the arithmetic mean of the
      bid prices obtained and neither the highest nor the lowest of the
      quotations shall be eliminated; or 
	 
	vi.      	if fewer than three prices referred to
      in clause (iv) are provided as requested, the rate on the particular
      Interest Determination Date calculated by the Calculation Agent as a yield
      to maturity based on the arithmetic mean of the secondary market bid
      prices as of approximately 3:30 P.M., New York City time, on that Interest
      Determination Date of three Reference Dealers selected by the Calculation
      Agent from five Reference Dealers selected by the Calculation Agent and
      eliminating the highest quotation or, in the event of equality, one of the
      highest and the lowest quotation or, in the event of equality, one of the
      lowest, for United States Treasury securities with an original maturity
      greater than the particular Index Maturity, a remaining term to maturity
      closest to that Index Maturity and in a principal amount that is
      representative for a single transaction in the securities in that market
      at the time; or 
	 
	vii.      	if fewer than five but more than two
      prices referred to in clause (vi) are provided as requested, the rate on
      the particular Interest Determination Date calculated by the Calculation
      Agent based on the arithmetic mean of the bid prices obtained and neither
      the highest nor the lowest of the quotations will be eliminated; or
    
	 
	viii.     
	if fewer than three prices referred to
      in clause (vi) are provided as requested, the CMT Rate in effect on that
      Interest Determination Date. 
	 

If two United States Treasury securities with an
original maturity greater than the Index Maturity specified on the face hereof
have remaining terms to maturity equally close to the particular Index Maturity,
the quotes for the United States Treasury security with the shorter original
remaining term to maturity will be used.

(C) Commercial Paper
Rate Notes. If the Interest Rate Basis is the
Commercial Paper Rate, this Note shall be deemed a “Commercial Paper Rate Note.”
Unless otherwise specified on the face hereof, “Commercial Paper Rate” means:
(1) the Money Market Yield (as defined below) on the particular Interest
Determination Date of the rate for commercial paper having the Index Maturity
specified on the face hereof as published in H.15(519) under the caption
“Commercial Paper—Nonfinancial”; or (2) if

17

the rate referred to in clause (1) is not so
published by 3:00 P.M., New York City time, on the related Calculation Date, the
Money Market Yield of the rate on the particular Interest Determination Date for
commercial paper having the particular Index Maturity as published in H.15 Daily
Update, or such other recognized electronic source used for the purpose of
displaying the applicable rate, under the caption “Commercial
Paper—Nonfinancial”; or (3) if the rate referred to in clause (2) is not so
published by 3:00 P.M., New York City time, on the related Calculation Date, the
rate on the particular Interest Determination Date calculated by the Calculation
Agent as the Money Market Yield of the arithmetic mean of the offered rates at
approximately 11:00 A.M., New York City time, on that Interest Determination
Date of three leading dealers of United States dollar commercial paper in The
City of New York (which may include the purchasing agent or its affiliates)
selected by the Calculation Agent for commercial paper having the particular
Index Maturity placed for industrial issuers whose bond rating is “Aa”, or the
equivalent, from a nationally recognized statistical rating organization; or (4)
if the dealers so selected by the Calculation Agent are not quoting as mentioned
in clause (3), the Commercial Paper Rate in effect on the particular Interest
Determination Date. “Money Market Yield” means a yield (expressed as a
percentage) calculated in accordance with the following formula:

	Money Market Yield =  	  	D x 360  	  	x 100  
			
      

      360 – (D x
    M)		
	  	  	  	  	  

where “D” refers to the applicable per annum rate
for commercial paper quoted on a bank discount basis and expressed as a decimal,
and “M” refers to the actual number of days in the applicable Interest Period.
(D) Eleventh District Cost of Funds Rate
Notes. If the Interest Rate Basis is the Eleventh
District Cost of Funds Rate, this Note shall be deemed an “Eleventh District
Cost of Funds Rate Note.” Unless otherwise specified on the face hereof,
“Eleventh District Cost of Funds Rate” means: (1) the rate equal to the monthly
weighted average cost of funds for the calendar month immediately preceding the
month in which the particular Interest Determination Date falls as set forth
under the caption “11th District” on the display on Moneyline Telerate (or any
successor service) on page 7058 (or any other page as may replace the specified
page on that service) (“Moneyline Telerate Page 7058”) as of 11:00 A.M., San
Francisco time, on that Interest Determination Date; or (2) if the rate referred
to in clause (1) does not so appear on Moneyline Telerate Page 7058, the monthly
weighted average cost of funds paid by member institutions of the Eleventh
Federal Home Loan Bank District that was most recently announced (the “Eleventh
District Index”) by the Federal Home Loan Bank of San Francisco as the cost of
funds for the calendar month immediately preceding that Interest Determination
Date; or (3) if the Federal Home Loan Bank of San Francisco fails to announce
the Eleventh District Index on or prior to the particular Interest Determination
Date for

18

the calendar month immediately preceding that
Interest Determination Date, the Eleventh District Cost of Funds Rate in effect
on the particular Interest Determination Date.

(E) Federal Funds Rate
Notes. If the Interest Rate Basis is the Federal
Funds Rate, this Note shall be deemed a “Federal Funds Rate Note.” Unless
otherwise specified on the face hereof, “Federal Funds Rate” means: (1) the rate
on the particular Interest Determination Date for United States dollar federal
funds as published in H.15(519) under the caption “Federal Funds (Effective)”
and displayed on Moneyline Telerate (or any successor service) on page 120 (or
any other page as may replace the specified page on that service) (“Moneyline
Telerate Page 120”); or (2) if the rate referred to in clause (1) does not so
appear on Moneyline Telerate Page 120 or is not so published by 3:00 P.M., New
York City time, on the related Calculation Date, the rate on the particular
Interest Determination Date for United States dollar federal funds as published
in H.15 Daily Update, or such other recognized electronic source used for the
purpose of displaying the applicable rate, under the caption “Federal Funds
(Effective)”; or (3) if the rate referred to in clause (2) is not so published
by 3:00 P.M., New York City time, on the related Calculation Date, the rate on
the particular Interest Determination Date calculated by the Calculation Agent
as the arithmetic mean of the rates for the last transaction in overnight United
States dollar federal funds arranged by three leading brokers of United States
dollar federal funds transactions in The City of New York (which may include the
purchasing agent or its affiliates) selected by the Calculation Agent prior to
9:00 A.M., New York City time, on that Interest Determination Date; or (4) if
the brokers so selected by the Calculation Agent are not quoting as mentioned in
clause (3), the Federal Funds Rate in effect on the particular Interest
Determination Date.

(F) LIBOR
Notes. If the Interest Rate Basis is LIBOR, this
Note shall be deemed a “LIBOR Note.” Unless otherwise specified on the face
hereof, “LIBOR” means: (1) if “LIBOR Telerate” is specified on the face hereof
or if neither “LIBOR Reuters” nor “LIBOR Telerate” is specified on the face
hereof as the method for calculating LIBOR, the rate for deposits in the LIBOR
Currency having the Index Maturity specified on the face hereof, commencing on
the related Interest Reset Date, that appears on the LIBOR Page (as defined
below) as of 11:00 A.M., London time, on the particular Interest Determination
Date; or (2) if “LIBOR Reuters” is specified on the face hereof, the arithmetic
mean of the offered rates, calculated by the Calculation Agent, or the offered
rate, if the LIBOR Page by its terms provides only for a single rate, for
deposits in the LIBOR Currency having the particular Index Maturity, commencing
on the related Interest Reset Date, that appear or appears, as the case may be,
on the LIBOR Page as of 11:00 A.M., London time, on the particular Interest
Determination Date; or (3) if fewer than two offered rates appear,

19

or no rate appears, as the case may be, on the
particular Interest Determination Date on the LIBOR Page as specified in clause
(1) or (2), as applicable, the rate calculated by the Calculation Agent of at
least two offered quotations obtained by the Calculation Agent after requesting
the principal London offices of each of four major reference banks (which may
include affiliates of the purchasing agent) in the London interbank market to
provide the Calculation Agent with its offered quotation for deposits in the
LIBOR Currency for the period of the particular Index Maturity, commencing on
the related Interest Reset Date, to prime banks in the London interbank market
at approximately 11:00 A.M., London time, on that Interest Determination Date
and in a principal amount that is representative for a single transaction in the
LIBOR Currency in that market at that time; or (4) if fewer than two offered
quotations referred to in clause (3) are provided as requested, the rate
calculated by the Calculation Agent as the arithmetic mean of the rates quoted
at approximately 11:00 A.M., in the applicable Principal Financial Center, on
the particular Interest Determination Date by three major banks (which may
include affiliates of the purchasing agent) in that Principal Financial Center
selected by the Calculation Agent for loans in the LIBOR Currency to leading
European banks, having the particular Index Maturity and in a principal amount
that is representative for a single transaction in the LIBOR Currency in that
market at that time; or (5) if the banks so selected by the Calculation Agent
are not quoting as mentioned in clause (4), LIBOR in effect on the particular
Interest Determination Date. “LIBOR Currency” means the currency specified on
the face hereof as to which LIBOR shall be calculated or, if no currency is
specified on the face hereof, United States Dollars. “LIBOR Page” means either:
(1) if “LIBOR Reuters” is specified on the face hereof, the display on the
Reuter Monitor Money Rates Service (or any successor service) on the page
specified on the face hereof (or any other page as may replace that page on that
service) for the purpose of displaying the London interbank rates of major banks
for the LIBOR Currency; or (2) if “LIBOR Telerate” is specified on the face
hereof or neither “LIBOR Reuters” nor “LIBOR Telerate” is specified on the face
hereof as the method for calculating LIBOR, the display on Telerate (or any
successor service) on the page specified on the face hereof (or any other page
as may replace such page on such service) for the purpose of displaying the
London interbank rates of major banks for the LIBOR Currency.

(G) EURIBOR
Notes. If the Interest Rate Basis is EURIBOR, this
Note shall be deemed a “EURIBOR Note.” Unless otherwise specified on the face
hereof, “EURIBOR” means: (1) with respect to any Interest Determination Date
relating to this EURIBOR Note (a “EURIBOR Interest Determination Date”), the
rate for deposits in euros as sponsored, calculated and published jointly by the
European Banking Federation and ACI – The Financial Market Association, or any
company established by the joint sponsors for purposes of compiling and
publishing those rates,

20

having the Index Maturity specified on the face
hereof, commencing on the applicable Interest Reset Date, as the rate appears on
Moneyline Telerate or any successor service, on page 248 (or any other page as
may replace that specified page on the service) (“Moneyline Telerate Page 248”)
as of 11:00 A.M., Brussels time, on the applicable EURIBOR Interest
Determination Date; or (2) if such rate does not appear on Moneyline Telerate
Page 248, or is not so published by 11:00 A.M., Brussels time, on the applicable
EURIBOR Interest Determination Date, such rate will be calculated by the
Calculation Agent and will be the arithmetic mean of at least two quotations
obtained by the Calculation Agent after requesting the principal Euro-zone (as
defined below) offices of four major banks in the Euro-zone interbank market to
provide the Calculation Agent with its offered quotation for deposits in euros
for the period of the Index Maturity specified on the face hereof, commencing on
the applicable Interest Reset Date, to prime banks in the Euro-zone interbank
market at approximately 11:00 A.M., Brussels time, on the applicable EURIBOR
Interest Determination Date and in a principal amount not less than the
equivalent of $1 million in euros that is representative for a single
transaction in euro in the market at that time; or (3) if fewer than two such
quotations are so provided, the rate on the applicable EURIBOR Interest
Determination Date will be calculated by the Calculation Agent and will be the
arithmetic mean of the rates quoted at approximately 11:00 A.M., Brussels time,
on such EURIBOR Interest Determination Date by four major banks in the Euro-zone
for loans in euro to leading European banks, having the Index Maturity specified
on the face hereof, commencing on the applicable Interest Reset Date and in a
principal amount not less than the equivalent of $1 million in euros that is
representative for a single transaction in euros in the market at that time; or
(4) if the banks so selected by the Calculation Agent are not quoting as
mentioned above, EURIBOR will be EURIBOR in effect on the applicable EURIBOR
Interest Determination Date. “Euro-zone” means the region comprised of member
states of the European Union that have adopted the single currency in accordance
with the treaty establishing the European Community, as amended by the treaty on
European Union.

(H) Prime Rate
Notes. If the Interest Rate Basis is the Prime Rate,
this Note shall be deemed a “Prime Rate Note.” Unless otherwise specified on the
face hereof, “Prime Rate” means: (1) the rate on the particular Interest
Determination Date as published in H.15(519) under the caption “Bank Prime
Loan”; or (2) if the rate referred to in clause (1) is not so published by 3:00
P.M., New York City time, on the related Calculation Date, the rate on the
particular Interest Determination Date as published in H.15 Daily Update, or
such other recognized electronic source used for the purpose of displaying the
applicable rate, under the caption “Bank Prime Loan”; or (3) if the rate
referred to in clause (2) is not so published by 3:00 P.M., New York City time,
on the related Calculation Date, the rate on the particular Interest
Determination Date calculated by the Calculation Agent

21

as the arithmetic mean of the rates of interest
publicly announced by each bank that appears on the Reuters Screen US PRIME 1
Page (as defined below) as the applicable bank’s prime rate or base lending rate
as of 11:00 A.M., New York City time, on that Interest Determination Date; or
(4) if fewer than four rates referred to in clause (3) are so published by 3:00
p.m., New York City time, on the related Calculation Date, the rate calculated
by the Calculation Agent as the particular Interest Determination Date
calculated by the Calculation Agent as the arithmetic mean of the prime rates or
base lending rates quoted on the basis of the actual number of days in the year
divided by a 360-day year as of the close of business on that Interest
Determination Date by three major banks (which may include affiliates of the
purchasing agent) in The City of New York selected by the Calculation Agent; or
(5) if the banks so selected by the Calculation Agent are not quoting as
mentioned in clause (4), the Prime Rate in effect on the particular Interest
Determination Date. “Reuters Screen US PRIME 1 Page” means the display on the
Reuter Monitor Money Rates Service (or any successor service) on the “US PRIME
1” page (or any other page as may replace that page on that service) for the
purpose of displaying prime rates or base lending rates of major United States
banks.

(I) Treasury Rate
Notes. If the Interest Rate Basis is the Treasury
Rate, this Note shall be deemed a “Treasury Rate Note.” Unless otherwise
specified on the face hereof, “Treasury Rate” means: (1) the rate from the
auction held on the Interest Determination Date (the “Auction”) of direct
obligations of the United States (“Treasury Bills”) having the Index Maturity
specified on the face hereof under the caption “INVESTMENT RATE” on the display
on Moneyline Telerate (or any successor service) on page 56 (or any other page
as may replace that page on that service) (“Moneyline Telerate Page 56”) or page
57 (or any other page as may replace that page on that service) (“Moneyline
Telerate Page 57”); or (2) if the rate referred to in clause (1) is not so
published by 3:00 P.M., New York City time, on the related Calculation Date, the
Bond Equivalent Yield (as defined below) of the rate for the applicable Treasury
Bills as published in H.15 Daily Update, or another recognized electronic source
used for the purpose of displaying the applicable rate, under the caption “U.S.
Government Securities/Treasury Bills/Auction High”; or (3) if the rate referred
to in clause (2) is not so published by 3:00 P.M., New York City time, on the
related Calculation Date, the Bond Equivalent Yield of the auction rate of the
applicable Treasury Bills as announced by the United States Department of the
Treasury; or (4) if the rate referred to in clause (3) is not so announced by
the United States Department of the Treasury, or if the Auction is not held, the
Bond Equivalent Yield of the rate on the particular Interest Determination Date
of the applicable Treasury Bills as published in H.15(519) under the caption
“U.S. Government Securities/Treasury Bills/Secondary Market”; or (5) if the rate
referred to in clause (4) is not so published by 3:00 P.M., New York

22

City time, on the related Calculation Date, the
rate on the particular Interest Determination Date of the applicable Treasury
Bills as published in H.15 Daily Update, or another recognized electronic source
used for the purpose of displaying the applicable rate, under the caption “U.S.
Government Securities/Treasury Bills/Secondary Market”; or (6) if the rate
referred to in clause (5) is not so published by 3:00 P.M., New York City time,
on the related Calculation Date, the rate on the particular Interest
Determination Date calculated by the Calculation Agent as the Bond Equivalent
Yield of the arithmetic mean of the secondary market bid rates, as of
approximately 3:30 P.M., New York City time, on that Interest Determination
Date, of three primary United States government securities dealers (which may
include the purchasing agent or its affiliates) selected by the Calculation
Agent, for the issue of Treasury Bills with a remaining maturity closest to the
Index Maturity specified on the face hereof; or (7) if the dealers so selected
by the Calculation Agent are not quoting as mentioned in clause (6), the
Treasury Rate in effect on the particular Interest Determination Date. “Bond
Equivalent Yield” means a yield (expressed as a percentage) calculated in
accordance with the following formula:

	Bond Equivalent Yield =  	  	D x N  	  	x 100  
			
      

      360 – (D x
    M) 		
	  	  	 	  	  

where “D” refers to the applicable per annum rate
for Treasury Bills quoted on a bank discount basis and expressed as a decimal,
“N” refers to 365 or 366, as the case may be, and “M” refers to the actual
number of days in the applicable Interest Period.

	(c)      	Discount
      Notes. If this Note is specified on the face
      hereof as a “Discount Note”: 
	 
	 	(i)      	Principal and
      Interest. This Note will bear interest in the
      same manner as set forth in Section 3(a) above, and
      payments of principal and interest shall be made as set forth on the face
      hereof. Discount Notes may not bear any interest currently or may bear
      interest at a rate that is below market rates at the time of issuance. The
      difference between the Issue Price of a Discount Note and par is referred
      to as the “Discount”. 
	 	
	 	(ii)      	Redemption; Repayment;
      Acceleration. In the event a Discount Note is
      redeemed, repaid or accelerated, the amount payable to the Holder of such
      Discount Note will be equal to the sum of: (A) the Issue Price (increased
      by any accruals of Discount) and, in the event of any redemption of such
      Discount Note, if applicable, multiplied by the Initial Redemption
      Percentage (as adjusted by the Annual Redemption Percentage Reduction, if
      applicable); and (B) any unpaid interest accrued on such Discount Note to
      the Maturity Date (“Amortized Face Amount”). Unless otherwise specified on
      the face hereof, for purposes of determining the amount of Discount that
      has accrued as of any date on which a redemption, repayment or
      acceleration of maturity 
	 

23

occurs for a Discount Note, a Discount will be
accrued using a constant yield method. The constant yield will be calculated
using a 30-day month, 360-day year convention, a compounding period that, except
for the Initial Period (as defined below), corresponds to the shortest period
between Interest Payment Dates for the applicable Discount Note (with ratable
accruals within a compounding period), a coupon rate equal to the initial coupon
rate applicable to the applicable Discount Note and an assumption that the
maturity of such Discount Note will not be accelerated. If the period from the
date of issue to the first Interest Payment Date for a Discount Note (the
“Initial Period”) is shorter than the compounding period for such Discount Note,
a proportionate amount of the yield for an entire compounding period will be
accrued. If the Initial Period is longer than the compounding period, then the
period will be divided into a regular compounding period and a short period with
the short period being treated as provided above.

     (d) Amortizing Notes. If this Note is
specified on the face hereof as an “Amortizing Note”, this Note will bear
interest in the same manner as set forth in Section 3(a) above, and payments on
principal, premium, if any, and interest will be made as set forth on the face
hereof and/or in accordance with Schedule
I attached hereto. The Trust will make payments
combining principal, premium (if any) and interest, if applicable, on the dates
and in the amounts set forth in the table appearing in Schedule I attached to this Note or in
accordance with the formula specified on the face hereof. Payments made hereon
will be applied first to interest due and payable hereon and then to the
reduction of the unpaid principal amount hereof.

Section 4. Redemption. If no redemption right is
set forth on the face hereof, this Note may not be redeemed prior to the Stated
Maturity Date, except as set forth in the Indenture or in Section 10 hereof. In
the case of a Note that is not a Discount Note, if a redemption right is set
forth on the face of this Note, the Trust shall elect to redeem this Note on the
Interest Payment Date after the Initial Redemption Date set forth on the face
hereof on which the Funding Agreement is to be redeemed in whole or in part by
ING USA Annuity and Life Insurance Company (“ING USA”) (each, a “Redemption
Date”), in which case this Note must be redeemed on such Redemption Date in
whole or in part, as applicable, prior to the Stated Maturity Date, in
increments of $1,000 at the applicable Redemption Price (as defined below),
together with unpaid interest, if any, accrued thereon to, but excluding, the
applicable Redemption Date. “Redemption Price” shall mean an amount equal to the
Initial Redemption Percentage (as adjusted by the Annual Redemption Percentage
Reduction, if applicable) multiplied by the unpaid Principal Amount of this Note
to be redeemed. The unpaid Principal Amount of this Note to be redeemed shall be
determined by multiplying (1) the Outstanding Principal Amount of this Note by
(2) the quotient derived by dividing (A) the outstanding principal amount of the
Funding Agreement to be redeemed by ING USA by (B) the outstanding principal
amount of the Funding Agreement. The Initial Redemption Percentage, if any,
applicable to this Note shall decline at each anniversary of the Initial
Redemption Date by an amount equal to the applicable Annual Redemption
Percentage Reduction, if any, until the Redemption Price is equal to 100% of the
unpaid amount thereof to be redeemed. Notice must be given not more than sixty
(60) nor less than thirty (30) calendar days prior

24

to the proposed Redemption Date. In the event of
redemption of this Note in part only, a new Note for the unredeemed portion
hereof shall be issued in the name of the Holder hereof upon the surrender
hereof. If less than all of this Note is redeemed, the Indenture Trustee will
select by lot or, in its discretion, on a pro rata basis, the amount of the
interest of each direct Participant in the Trust to be redeemed.

Section 5. Sinking Funds and Amortizing Notes.
Unless specified on the face hereof, this Note will not be subject to, or
entitled to the benefit of, any sinking fund. If this Note is an Amortizing
Note, this Note may pay an amount in respect of both interest and principal
amortized over the life of this Note.

Section 6. Repayment. If no repayment right is
set forth on the face hereof, this Note may not be repaid at the option of the
Holder hereof prior to the Stated Maturity Date. If a repayment right is granted
on the face of this Note, this Note may be subject to repayment at the option of
the Holder on any Interest Payment Date on and after the date, if any, indicated
on the face hereof (each, a “Repayment Date”). On any Repayment Date, unless
otherwise specified on the face hereof, this Note shall be repayable in whole or
in part in increments of $1,000 at the option of the Holder hereof at a
repayment price equal to 100% of the Principal Amount to be repaid, together
with interest thereon payable to the Repayment Date. For this Note to be repaid
in whole or in part at the option of the Holder hereof, this Note must be
received by the Indenture Trustee, with the form entitled “Option to Elect
Repayment”, below, duly completed by the Indenture Trustee. Exercise of such
repayment option by the Holder hereof shall be irrevocable. 

Section 7. Modifications and Waivers. The
Indenture contains provisions permitting the Trust and the Indenture Trustee (1)
at any time and from time to time without notice to, or the consent of, the
Holders of any Notes issued under the Indenture to enter into one or more
supplemental indentures for certain enumerated purposes and (2) with the consent
of the Holders of a majority in aggregate principal amount of the Outstanding
Notes affected thereby, to enter into one or more supplemental indentures for
the purpose of adding any provisions to, or changing in any manner or
eliminating any of the provisions of, the Indenture or of modifying in any
manner the rights of Holders of Notes under the Indenture; provided, that, with respect to certain
enumerated provisions, no such supplemental indenture shall be entered into
without the consent of the Holder of each Note affected thereby. Any such
consent or waiver by the Holder of this Note shall be conclusive and binding
upon such Holder and upon all future Holders of this Note and of any Note issued
upon the registration of transfer hereof or in exchange hereof or in lieu
hereof, whether or not notation of such consent or waiver is made upon this Note
or such other Notes.

Section 8. Obligations Unconditional. No
reference herein to the Indenture and no provisions of this Note or of the
Indenture shall impair the right of each Holder of any Note, which is absolute
and unconditional, to receive payment of the principal of, and any interest on,
and premium, if any, on, such Note on the respective Stated Maturity Date or
redemption date thereof and to institute suit for the enforcement of any such
payment, and such rights shall not be impaired without the consent of such
Holder. 

Section 9. Events of Default. If an Event of
Default with respect to this Note shall occur and be continuing, the principal
of, and all other amounts payable on, the Notes 

25

may be declared due and payable, or may be automatically accelerated, as the case may be, in the manner and with the effect provided in the Indenture. In the event that this Note is a Discount Note, the amount of principal of this
Note that becomes due and payable upon such acceleration shall be equal to the amount calculated as set forth in Section 3(c) hereof.

Section 10. Withholding; Tax Event and Redemption. All amounts due on this Note will be made without any applicable withholding or deduction for or on
account of any present or future taxes, duties, levies, assessments or other governmental charges of whatever nature imposed or levied by or on behalf of any governmental authority, unless such withholding or deduction is required by law. Unless
otherwise specified on the face hereof, the Trust will not pay any additional amounts to the Holder of this Note in respect of such withholding or deduction, any such withholding or deduction will not give rise to an event of default or any
independent right or obligation to redeem this Note and the Holder will be deemed for all purposes to have received cash in an amount equal to the portion of such withholding or deduction that is attributable to such Holder’s interest in this
Note as equitably determined by the Trust.

     If (1) a Tax Event (defined below) as to the Funding Agreement occurs and (2) ING USA redeems the Funding Agreement in whole or in part, the Trust will redeem the Notes, subject to the terms and
conditions of Section 2.05 of the Indenture, at the Tax Event Redemption Price (defined below) together with unpaid interest accrued thereon to the applicable redemption date. “Tax
Event” means that ING USA shall have received an opinion of independent legal counsel stating in effect that as a result of (a) any amendment to, or change (including any announced prospective change) in, the laws (or any regulations
thereunder) of the United States or any political subdivision or taxing authority thereof or therein or (b) any amendment to, or change in, an interpretation or application of any such laws or regulations by any governmental authority in the United
States, which amendment or change is enacted, promulgated, issued or announced on or after the effective date of the Funding Agreement, there is more than an insubstantial risk that (i) the Trust is, or will be within ninety (90) days of the date
thereof, subject to U.S. federal income tax with respect to interest accrued or received on the Funding Agreement or (ii) the Trust is, or will be within ninety (90) days of the date thereof, subject to more than a de minimis amount of taxes, duties
or other governmental charges. “Tax Event Redemption Price” means an amount equal to the unpaid principal amount of this Note to be redeemed, which shall be determined by multiplying (1) the Outstanding Principal Amount of this Note by (2)
the quotient derived by dividing (A) the outstanding principal amount to be redeemed by ING USA of the Funding Agreement by (B) the outstanding principal amount of the Funding Agreement.

Section 11. Listing. Unless otherwise specified on the face hereof, this Note will not be listed on any securities exchange.

Section 12. Collateral. The Collateral for this Note includes the Funding Agreement specified on the face hereof.

Section 13. No Recourse Against Certain Persons. No recourse shall be had for the payment of any principal, interest or any other sums at any time owing
under the terms of this Note, or for any claim based hereon, or otherwise in respect hereof, or based on or in 

26

respect of the Indenture or any indenture
supplemental thereto, against the Nonrecourse Parties, whether by virtue of any
constitution, statute or rule of law, or by the enforcement of any assessment or
penalty or otherwise, all such personal liability being, by the acceptance
hereof and as part of the consideration for issue hereof, expressly waived and
released.

	Section 14. Miscellaneous.

     (a) This Note is
issuable only as a registered Note without coupons in denominations of $1,000
and any integral multiple in excess thereof unless otherwise specified on the
face of this Note.

     (b) Prior to due
presentment for registration of transfer of this Note, the Trust, the Indenture
Trustee, the Registrar, the Paying Agent, any Agent and any other agent of the
Trust or the Indenture Trustee may treat the Person in whose name this Note is
registered as the owner hereof for the purpose of receiving payment as herein
provided and for all other purposes, whether or not this Note shall be overdue,
and none of the Trust, the Indenture Trustee, the Registrar, the Paying Agent,
any Agent or any other agent of the Trust or the Indenture Trustee shall be
affected by notice to the contrary.

     (c) The Notes are
being issued by means of a book-entry-only system with no physical distribution
of certificates to be made except as provided in the Indenture. The book-entry
system maintained by DTC will evidence ownership of the Notes, with transfers of
ownership effected on the records of DTC and its Participants pursuant to rules
and procedures established by DTC and its Participants. The Trust and the
Indenture Trustee will recognize Cede & Co., as nominee of DTC, as the
registered owner of the Notes and as the Holder of the Notes for all purposes,
including payment of principal, premium (if any) and interest, notices and
voting. Transfer of principal, premium (if any) and interest to participants of
DTC will be the responsibility of DTC, and transfer of principal, premium (if
any) and interest to beneficial holders of the Notes by Participants of DTC will
be the responsibility of such Participants and other nominees of such beneficial
holders. So long as the book-entry system is in effect, the selection of any
Notes to be redeemed or repaid will be determined by DTC pursuant to rules and
procedures established by DTC and its Participants. Neither the Trust nor the
Indenture Trustee will not be responsible or liable for such transfers or
payments or for maintaining, supervising or reviewing the records maintained by
DTC, its Participants or persons acting through such Participants.

     (d) This Note or
portion hereof may not be exchanged for Definitive Notes, except in the limited
circumstances provided for in the Indenture. The transfer or exchange of
Definitive Notes shall be subject to the terms of the Indenture. No service
charge will be made for any registration of transfer or exchange, but the Trust
may require payment of a sum sufficient to cover any tax or other governmental
charge payable in connection therewith.

Section 15. GOVERNING LAW. THIS NOTE SHALL BE
GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW
YORK.

27

	OPTION TO ELECT
      REPAYMENT

     The undersigned
hereby irrevocably request(s) and instruct(s) the Trust to repay this Note (or
portion hereof specified below) pursuant to its terms at a price equal to the
Principal Amount hereof together with interest to the repayment date, to the
undersigned, at:

______________________________________________________________________________________________________________________

______________________________________________________________________________________________________________________(Please print or typewrite name and address of the
undersigned).

     For this Note to be
repaid, the Indenture Trustee (or the Paying Agent on behalf of the Indenture
Trustee) must receive at its Corporate Trust Office, or at such other place or
places of which the Trust shall from time to time notify the Holder of this
Note, not more than sixty (60) nor less than thirty (30) days prior to a
Repayment Date, if any, shown on the face of this Note, this Note with this
“Option to Elect Repayment” form duly completed.

     If less than the
entire Principal Amount of this Note is to be repaid, specify the portion hereof
(which shall be in increments of $1,000) which the Holder elects to have repaid
and specify the denomination or denominations (which shall be $______ or an
integral multiple of $1,000 in excess of $______) of the Notes to be issued to
the Holder for the portion of this Note not being repaid (in the absence of any
such specification, one such Note will be issued for the portion not being
repaid).

	$ ___________________________ 	  	________________________________  
			
	  
	DATE: _______________________ 	  	NOTICE: The signature on this 
  
	  	  	Option to Elect Repayment must 
  
	  	  	correspond with the name as 

	  	  	written upon the face of this
      Note  
	  	  	in every particular, without 
  
	  	  	alteration or enlargement or any 
    
	  	  	change whatever.  
	  
	Principal Amount to be repaid, if amount to
      be  	  	Fill in for registration of Notes 
    
	repaid is less than the Principal Amount of
      this  	  	if to be issued otherwise than 
  
	Note (Principal Amount remaining must be
      an  	  	to the registered Holder:  
	authorized denomination)  	  	  
	  	  	Name:_____________________  
	  
	$_________________________  	  	Address:___________________ 

			__________________________
	  	  	(Please print name and  
	  	  	address including zip code) 
  

SOCIAL SECURITY OR OTHER TAXPAYER ID
NUMBER:_________________________

28

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00130-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00130-of-00352.parquet"}]]