Document:

Tax Sharing Agreement

 Exhibit 10.31 
 TAX SHARING AGREEMENT 
 THIS AGREEMENT is entered into by and between ING AMERICA INSURANCE
HOLDINGS, INC. (“ING”) and each of its undersigned subsidiaries (the “Subsidiaries”, or in the singular “Subsidiary”). 
 WITNESSETH: 
 WHEREAS, ING and/or some or all of the Subsidiaries may join in the filing of
a state or local tax return on a consolidated, combined or unitary basis; and 
 WHEREAS, it is desirable for the Subsidiaries and ING to enter
into this Tax Sharing Agreement (“Agreement”) to provide for the manner of computation of the amounts and timing of payments among them, and various related matters; 
 NOW, THEREFORE, in consideration of the agreements contained herein and of other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties hereby agree as
follows: 
  

	1.	Applicability 

 The
parties intend that the provisions of this Agreement shall apply to situations in which a state or local franchise, income tax or other tax return based on, or measured by, net income (“state or local income tax return”) is filed on behalf
of more than one party to this Agreement on a consolidated, combined, or unitary basis (each company participating in such a return is referred to herein as a “Group Member”). ING is hereby authorized to determine, in its sole discretion,
whether any of the Subsidiaries will be included in the filing of a consolidated, combined, or unitary state or local income tax return, or whether any Subsidiary will file a separate, stand-alone state or local income tax. return, in states where
the choice is available. 
  

	2.	Allocation of Liability 

 For each taxable year during which a consolidated, combined or unitary state or local income tax return is filed, each Group Member will pay to the Designated Lead Company of such group an amount
determined as follows: 
 i.) Where the tax liability of the group of companies is calculated by reference to the consolidated,
combined, or unitary apportionment or allocation factors of the group as a whole, the amount of tax liability payable by each Group Member will be determined on the basis of its proportional share of the total group’s apportionment or
allocation factor. Each Group Member generating tax losses or credits, including any carryovers thereof, will be paid for such losses or credits as they are recognized and actually utilized to reduce the total tax liability of the group. 

ii.) Where the tax liability of the group of companies is calculated for each Group Member on a separate company basis utilizing separate
company apportionment or allocation factors, the amount of tax liability payable by each Group Member will be an amount equal to its separate company tax liability. Separate company losses or credits, and any carryovers thereof, will only be
recognized and paid for at the time, and to the extent, that they are utilized in the reduction of the consolidated, combined or unitary taxable income of the group. 

 iii.) In those situations in which ING or any of the Subsidiaries files separate,
stand-alone state or local income tax returns, each such party will be solely responsible for all taxes, additions to tax, penalties, and interest associated with such stand-alone filings. 

iv.) Unless specifically approved in writing, all payments made pursuant to this Agreement by a Group Member shall be made by that Group
Member, and not by any other company or business unit on its behalf. 
  

	3.	Separate Return Years 

 To the extent any portion of a tax loss or credit of a consolidated, combined or unitary group is carried back or carried forward to a separate return year of a Group Member (whether by operation of law
or at the discretion of the Designated Lead Company) the Group Member shall not be entitled to payment from the Designated Lead Company with respect thereto. This shall be the case whether or not the Group Member actually receives payment for the
benefit of such tax loss or credit from the applicable tax authority or otherwise. 
  

	4.	Installment Payments 

  

	 	a.	During and following a taxable year in which Group Members are included in a state or local income tax return filed on a consolidated, combined or unitary basis,
each shall pay to the Designated Lead Company, or receive from the Designated Lead Company, as the case may be, installment payments of the amount determined pursuant to section 2 of this Agreement. Payments shall made by or to each Group Member in
amounts that produce, on a group basis, cumulative installments consistent with the payment rules of the applicable taxing authority. Payments shall be made to/by each Group Member to/by the Designated Lead Company within 30 days of the installment
payment date mandated by the applicable taxing authority. The Designated Lead Company may revise the schedule of installment payments set forth in this paragraph, and may provide for annual rather than quarterly payments in cases where amounts due
fall below a certain threshold, although any such change shall be prospective and shall not take effect prior to written notice to the Group Members. 

  

	 	b.	The Designated Lead Company shall pay to the applicable taxing authority all required installments of state or local estimated taxes pursuant to applicable
provisions of state or local law on behalf of itself and each Group Member. The Designated Lead Company shall have the sole right to determine the amount of each such tax payment with respect to the group’s tax liability for the taxable year.

  

	 	c.	Should the amount of any tax payment made by the Designated Lead Company under this section to the taxing authority exceed the sum of installment payments made
by all Group Members for any corresponding installment date, the Designated Lead Company may, in its sole discretion, determine each Group Member’s fair and reasonable share of that excess, and notify each Group Member thereof. The amount of
such excess amount shall be paid over to the Designated Lead Company within 15 business days of the date of notification. 

  

	 	d.	If a penalty or an addition to tax for underpayment of estimated taxes is imposed on the group with respect to any required installment under applicable state or
local law, the Designated Lead Company shall, in its sole discretion, determine the amount of each Group Member’s share of such penalty or addition to tax, which amount shall be paid over to the Designated Lead Company within 15 business days
of the date of notification. 

  
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	5.	ADJUSTED RETURNS 

If any adjustments are made to the consolidated, combined or unitary returns for a taxable year, whether by reason of the filing of an
amended return, or a claim for refund with respect to such taxable year, or an audit with respect to such taxable year, the amounts due under this Agreement for such taxable year shall be redetermined by the Designated Lead Company taking into
account such adjustments. If, as a result of such redetermination, any amounts due under this Agreement shall differ from the amounts previously paid, then, except as provided in section 6 hereof, payment of such difference shall be made by each
Group Member to the Designated Lead Company, or by the Designated Lead Company to the Group Member, as the case may be, (a) in the case of an adjustment resulting in a refund or credit, not later than thirty (30) days after the date on
which such refund is received or credit is allowed with respect to such adjustment or (b) in the case of an adjustment resulting in the assertion of a deficiency, not later than thirty (30) days after the Group Member is notified of the
deficiency. Any amounts due to or from a Group Member under this section shall be determined with respect to such refund or deficiency taking into account any penalties, interest or other additions to tax which may be imposed. ING shall indemnify
each Subsidiary in the event the taxing authority levies upon such Subsidiary’s assets for unpaid taxes in excess of the amount required to be paid by such Subsidiary in relation to a consolidated, combined or unitary return filed pursuant to
this Agreement. 
  

	6.	PROCEDURAL MATTERS 

The Designated Lead Company shall prepare and file the consolidated, combined or unitary state or local return and any other returns,
documents or statements required to be filed with the appropriate jurisdiction, with respect to the determination of the tax liability of the filing group. In its sole discretion, the Designated Lead Company shall have the right with respect to any
return which it has filed or will file, (a) to determine (i) the manner in which such returns, documents or statements shall be prepared and filed, including, without limitation, the manner in which any item of income, gain, loss,
deduction or credit shall be reported, (ii) whether any extensions may be requested and (iii) the elections that will be made by any Group Member, (b) to contest, compromise or settle any adjustment or deficiency proposed, asserted or
assessed as a result of any audit of such returns by the taxing authority, (c) to file, prosecute, compromise or settle any claim for refund and (d) to determine whether any refunds to which the filing group may be entitled shall be paid
by way of refund or credited against the tax liability of the group. Each Group Member hereby irrevocably appoints the Designated Lead Company as its agent and attorney-in-fact to take such action (including the execution of documents) as the
Designated Lead Company may deem appropriate to effect the foregoing. 

  
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	7.	ADDITIONAL MEMBERS 

If future subsidiaries are acquired or created and they participate in the consolidated, combined or unitary filing, such subsidiaries
shall join in and be bound by this Agreement. This section will also apply to subsidiaries that are not eligible immediately to join the filing group, when they become eligible to join the filing group. 

 

	8.	COMPANIES LEAVING GROUP 

 Except as specifically treated to the contrary herein, a Group Member shall be treated as having withdrawn from this Agreement upon the signing of a letter of intent or a definitive agreement to sell the
Group Member. Amounts payable to or receivable from Designated Lead Company shall be recomputed with respect to the withdrawing Group Member, including an estimate of the remaining taxes actually payable or receivable upon the filing of the tax
return for the year of withdrawal, as of the last day such Group Member is a member of the group. Any amounts so computed as due to or from the Designated Lead Company to or from Group Member shall be paid prior to its leaving the group, provided,
however, that any deficiency or excess of taxes determined on the basis of the tax return filed for the year of withdrawal, and paid to or from Designated Lead Company related to the tax liability of the withdrawing Group Member for the portion of
the year of withdrawal during which it had been a member of the affiliated group, shall be settled not later than November 15 of the year following the year of the date of withdrawal. 

The extent to which Designated Lead Company or such Group Member is entitled to any other payments as a result of adjustments, as provided
in section 5 hereof, determined after such Group Member has left the affiliated group but affecting any taxable year during which this Agreement was in effect with respect to the Designated Lead Company and such Group Member, shall be provided for
pursuant to a separate written agreement between ING and the former Group Member or its new owner, or in the absence of such agreement, pursuant to the provision of section 5 hereof. Tax benefits arising from the carry back of losses or credits of
the former Group Member to tax years during which it was a member of the group shall not be refunded to the Group Member, unless specifically provided for pursuant to a separate written agreement between ING and the former Group Member, or its new
owner. 
  

	9.	BOOKS AND RECORDS 

The books, accounts and records of ING and the Subsidiaries shall be maintained so as to provide clearly and accurately the information
required for the operation of this Agreement. Notwithstanding termination of this Agreement, all materials including, but not limited to, returns, supporting schedules, workpapers, correspondence and other documents relating to the combined,
consolidated or unitary tax return shall be made available to ING and/or any Subsidiary during regular business hours. Records will be retained by ING and by each Subsidiary, in a manner satisfactory to ING, adequate to comply with any audit request
by the appropriate State or local taxing authority, and, in any event to comply with any record retention agreement entered into by ING or any Subsidiary with such taxing authority. 

  
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	10.	ESCROW AGREEMENTS 

The parties hereto agree that, to the extent required by applicable law, they shall enter into and file with appropriate jurisdictions any
escrow agreements or similar contractual arrangements with respect to the taxes covered by this Agreement. The terms of such agreements shall, to the extent set forth therein, and with respect to the parties thereto, prevail over the terms of this
Agreement. 
  

	11.	TERMINATION 

 This
Agreement shall be terminated if ING and the Subsidiaries agree in writing to such termination. 
  

	12.	ADMINISTRATION 

This Agreement shall be administered by the Vice President of Taxes of ING or, in his/her absence, by any other officer of ING so
designated by the Controller of ING. Disputes between ING and any Subsidiary shall be resolved by the Vice President of Taxes of ING or other designated officer and the senior financial officer of each Subsidiary involved in the dispute. Should ING,
in its sole discretion, determine that any provision of this Agreement cannot be applied practicably to any item or any part of any state or local income tax return, ING shall apply a reasonable rule of operation in such situation, as determined in
its sole discretion, but predicated on the principle of equitable sharing of the tax impact of such item among those parties included in the tax return responsible for such tax impact. ING and the Subsidiaries each agree to indemnify any party to
this agreement for any loss or other injury sustained as a result of errors or omissions committed by ING or one of the Subsidiaries in connection with this Agreement. 
  

	13.	PERIOD COVERED 

This Agreement shall be effective with respect to each party thereto upon signing by such party, and shall supersede all previous
agreements between ING and any Subsidiary with respect to the matters contained herein and such previous agreement shall thereupon terminate. The Agreement shall apply to the taxable year 2001, to all prior taxable years which are open to
adjustments as provided in section 5 hereof (to the extent not subject to any separate tax sharing agreement) and to all subsequent periods unless and until amended or terminated, as provided in section 11 hereof. 

  
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 IN WITNESS WHEREOF, the parties hereto have executed this Tax Sharing Agreement. 

 

									
	ING America Insurance Holdings, Inc.	 		 	By:	 	 /s/ David Pendergrass

		 		 		 	Name:	 	David Pendergrass
		 		 		 	Title:	 	Treasurer
				
	Cyberlink Development, LLC	 		 	By:	 	 /s/ David Pendergrass

		 		 		 	Name:	 	David Pendergrass
		 		 		 	Title:	 	Vice President and Treasurer
				
	GAC Capital, Inc.	 		 	By:	 	 /s/ Boyd G. Combs

		 		 		 	Name:	 	Boyd G. Combs
		 		 		 	Title:	 	Senior Vice President, Tax
				
	ING America Life Corporation	 		 	By:	 	 /s/ David Pendergrass

		 		 		 	Name:	 	David Pendergrass
		 		 		 	Title:	 	Vice President and Treasurer
				
	ING Fund Services Co., LLC	 		 	By:	 	 /s/ Lydia L. Homer

		 		 		 	Name:	 	Lydia L. Homer
		 		 		 	Title:	 	Senior Vice President and Controller
				
	ING Mutual Funds Management Co., LLC (merged into ING Investments, LLC in 2001)	 		 	By:	 	 /s/ Lydia L. Homer

	 		 		 	Name:	 	Lydia L. Homer
	 		 		 	Title:	 	Senior Vice President and Controller
				
	ING North America Insurance Corporation	 		 	By:	 	 /s/ David Pendergrass

		 		 		 	Name:	 	David Pendergrass
		 		 		 	Title:	 	Vice President and Treasurer
				
	Life of Georgia Agency, Inc.	 		 	By:	 	 /s/ David Pendergrass

		 		 		 	Name:	 	David Pendergrass
		 		 		 	Title:	 	Vice President and Treasurer
				
	Life Insurance Company of Georgia	 		 	By:	 	 /s/ David Pendergrass

		 		 		 	Name:	 	David Pendergrass
		 		 		 	Title:	 	Vice President and Treasurer
				
	Lion Custom Investments, LLC	 		 	By:	 	 /s/ David Pendergrass

		 		 		 	Name:	 	David Pendergrass
		 		 		 	Title:	 	Vice President and Treasurer
				
	Lion II Custom Investments, LLC	 		 	By:	 	 /s/ David Pendergrass

		 		 		 	Name:	 	David Pendergrass
		 		 		 	Title:	 	Vice President and Treasurer
				
	MIA Office Americas, Inc.	 		 	By:	 	 /s/ David Pendergrass

		 		 		 	Name:	 	David Pendergrass
		 		 		 	Title:	 	Vice President and Treasurer

  
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	Orange Investment Enterprises, Inc.	 		 	By:	 	 /s/ David Pendergrass

		 		 		 	Name:	 	David Pendergrass
		 		 		 	Title:	 	Vice President and Treasurer
				
	QuickQuote, Inc.	 		 	By:	 	 /s/ Boyd G. Combs

		 		 		 	Name:	 	Boyd G. Combs
		 		 		 	Title:	 	Senior Vice President, Tax
				
	QuickQuote Financial, Inc.	 		 	By:	 	 /s/ Eric Banta

		 		 		 	Name:	 	Eric Banta
		 		 		 	Title:	 	Assistant Secretary
				
	QuickQuote Systems, Inc.	 		 	By:	 	 /s/ Eric Banta

		 		 		 	Name:	 	Eric Banta
		 		 		 	Title:	 	Assistant Secretary
				
	Southland Life Insurance Company	 		 	By:	 	 /s/ David Pendergrass

		 		 		 	Name:	 	David Pendergrass
		 		 		 	Title:	 	Vice President and Treasurer
				
	Springstreet Associates, Inc.	 		 	By:	 	 /s/ Boyd G. Combs

		 		 		 	Name:	 	Boyd G. Combs
		 		 		 	Title:	 	Senior Vice President, Tax
				
	First Columbine Life Insurance Company	 		 	By:	 	 /s/ David Pendergrass

		 		 		 	Name:	 	David Pendergrass
		 		 		 	Title:	 	Vice President and Treasurer
				
	First Secured Mortgage Deposit Corporation	 		 	By:	 	 /s/ Jeffrey William Seel

		 		 		 	Name:	 	Jeffrey William Seel
		 		 		 	Title:	 	President and Director
				
	First ING Life Insurance Company of New York	 		 	By:	 	 /s/ Eric Banta

		 		 		 	Name:	 	Eric G. Banta
		 		 		 	Title:	 	Secretary
				
	ING America Equities, Inc.	 		 	By:	 	 /s/ Paula Cludray-Engelke

		 		 		 	Name:	 	Paula Cludray-Engelke
		 		 		 	Title:	 	Secretary
				
	Midwestern United Life Insurance Company	 		 	By:	 	 /s/ David Pendergrass

		 		 		 	Name:	 	David Pendergrass
		 		 		 	Title:	 	Vice President and Treasurer
				
	Security Life of Denver Insurance Company	 		 	By:	 	 /s/ David Pendergrass

		 		 		 	Name:	 	David Pendergrass
		 		 		 	Title:	 	Vice President and Treasurer

  
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	Security Life Assignment Corporation	 		 	By:	 	 /s/ David Pendergrass

		 		 		 	Name:	 	David Pendergrass
		 		 		 	Title:	 	Vice President and Treasurer
				
	UC Mortgage Corp	 		 	By:	 	 /s/ Boyd G. Combs

		 		 		 	Name:	 	Boyd G. Combs
		 		 		 	Title:	 	Senior Vice President, Tax
				
	ING Brokers Network, LLC (fka ING Advisors Network, Inc.)	 		 	By:	 	 /s/ John S. Simmers

	 		 		 	Name:	 	John S. Simmers
		 		 		 	Title:	 	Director
				
	ING Insurance Agency, Inc.	 		 	By:	 	 /s/ John S. Simmers

		 		 		 	Name:	 	John S. Simmers
		 		 		 	Title:	 	Chief Executive Officer
				
	IFG Advisory Services, Inc. (aka Associated Financial Planners, Inc.)	 		 	By:	 	 /s/ Glenn Black

	 		 		 	Name:	 	Glenn Black
		 		 		 	Title:	 	Vice President, Taxation
				
	Carnegie Financial Corporation	 		 	By:	 	 /s/ E. Paul Stewart

		 		 		 	Name:	 	E. Paul Stewart
		 		 		 	Title:	 	Treasurer
				
	Carnegie Securities Corporation	 		 	By:	 	 /s/ E. Paul Stewart

		 		 		 	Name:	 	E. Paul Stewart
		 		 		 	Title:	 	Treasurer
				
	Compulife Agency, Inc.	 		 	By:	 	 /s/ E. Paul Stewart

		 		 		 	Name:	 	E. Paul Stewart
		 		 		 	Title:	 	Treasurer
				
	Compulife, Inc.	 		 	By:	 	 /s/ Boyd G. Combs

		 		 		 	Name:	 	Boyd G. Combs
		 		 		 	Title:	 	Senior Vice President, Tax
				
	Compulife Investor Services, Inc.	 		 	By:	 	 /s/ Joseph J. Elmy

		 		 		 	Name:	 	Joseph J. Elmy
		 		 		 	Title:	 	Tax Officer
				
	IFG Advisory, Inc.	 		 	By:	 	 /s/ E. Paul Stewart

		 		 		 	Name:	 	E. Paul Stewart
		 		 		 	Title:	 	Treasurer
				
	IFG Agency, Inc.	 		 	By:	 	 /s/ E. Paul Stewart

		 		 		 	Name:	 	E. Paul Stewart
		 		 		 	Title:	 	Treasurer

  
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	IFG Agency of Ohio, Inc.	 		 	By:	 	 /s/ E. Paul Stewart

		 		 		 	Name:	 	E. Paul Stewart
		 		 		 	Title:	 	Treasurer
				
	IFG Brokerage Corp.	 		 	By:	 	 /s/ E. Paul Stewart

		 		 		 	Name:	 	E. Paul Stewart
		 		 		 	Title:	 	Treasurer
				
	IFG Insurance Agency of Massachusetts, Inc.	 		 	By:	 	 /s/ E. Paul Stewart

		 		 		 	Name:	 	E. Paul Stewart
		 		 		 	Title:	 	Treasurer
				
	IFG Insurance Services, Inc.	 		 	By:	 	 /s/ E. Paul Stewart

		 		 		 	Name:	 	E. Paul Stewart
		 		 		 	Title:	 	Treasurer
				
	IFG Insurance Services of Alabama, Inc.	 		 	By:	 	 /s/ E. Paul Stewart

		 		 		 	Name:	 	E. Paul Stewart
		 		 		 	Title:	 	Treasurer
				
	IFG Network, Inc.	 		 	By:	 	 /s/ E. Paul Stewart

		 		 		 	Name:	 	E. Paul Stewart
		 		 		 	Title:	 	Treasurer
				
	IFG Network Securities, LLC	 		 	By:	 	 /s/ Glenn Black

		 		 		 	Name:	 	Glenn Black
		 		 		 	Title:	 	Vice President and Tax Officer
				
	IFG Services, Inc.	 		 	By:	 	 /s/ E. Paul Stewart

		 		 		 	Name:	 	E. Paul Stewart
		 		 		 	Title:	 	Treasurer
				
	Investors Financial Group, LLC	 		 	By:	 	 /s/ E. Paul Stewart

		 		 		 	Name:	 	E. Paul Stewart
		 		 		 	Title:	 	Treasurer
				
	Investors Financial Planning, Inc.	 		 	By:	 	 /s/ E. Paul Stewart

		 		 		 	Name:	 	E. Paul Stewart
		 		 		 	Title:	 	Treasurer
				
	National Alliance for Independent Portfolio Managers, Inc.	 		 	By:	 	 /s/ E. Paul Stewart

	 		 		 	Name:	 	E. Paul Stewart
		 		 		 	Title:	 	Treasurer
				
	Pennington, Bass & Associates, Inc.	 		 	By:	 	 /s/ E. Paul Stewart

		 		 		 	Name:	 	E. Paul Stewart
		 		 		 	Title:	 	Treasurer

  
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	Planned Investments, Inc.	 		 	By:	 	 /s/ E. Paul Stewart

		 		 		 	Name:	 	E. Paul Stewart
		 		 		 	Title:	 	Treasurer
				
	Planned Investment Resources, Inc.	 		 	By:	 	 /s/ E. Paul Stewart

		 		 		 	Name:	 	E. Paul Stewart
		 		 		 	Title:	 	Treasurer
				
	MFSC Insurance Agency of California, Inc.	 		 	By:	 	 /s/ Douglas G. Temple-Trujillo

		 		 		 	Name:	 	Douglas G. Temple-Trujillo
		 		 		 	Title:	 	Director
				
	MFSC Insurance Agency of Massachusetts, Inc.	 		 	By:	 	 /s/ Boyd G. Combs

		 		 		 	Name:	 	Boyd G. Combs
		 		 		 	Title:	 	Senior Vice President, Tax
				
	MFSC Insurance Agency of Nevada, Inc.	 		 	By:	 	 /s/ Douglas G. Temple-Trujillo

		 		 		 	Name:	 	Douglas G. Temple-Trujillo
		 		 		 	Title:	 	Director
				
	MFSC Insurance Agency of Ohio, Inc.	 		 	By:	 	 /s/ Douglas G. Temple-Trujillo

		 		 		 	Name:	 	Douglas G. Temple-Trujillo
		 		 		 	Title:	 	Director
				
	MFSC Insurance Agency of Texas, Inc.	 		 	By:	 	 /s/ Boyd G. Combs

		 		 		 	Name:	 	Boyd G. Combs
		 		 		 	Title:	 	Senior Vice President, Tax
				
	MFSC Insurance Agency of Texas, Inc.	 		 	By:	 	 /s/ John S. Simmers

		 		 		 	Name:	 	John S. Simmers
		 		 		 	Title:	 	Director
				
	Multi-Financial Group, Inc.	 		 	By:	 	 /s/ Douglas G. Temple-Trujillo

		 		 		 	Name:	 	Douglas G. Temple-Trujillo
		 		 		 	Title:	 	Director
				
	Multi-Financial Securities Corporation	 		 	By:	 	 /s/ Douglas G. Temple-Trujillo

		 		 		 	Name:	 	Douglas G. Temple-Trujillo
		 		 		 	Title:	 	Director
				
	PMG Agency, Inc.	 		 	By:	 	 /s/ Luke F. Baum

		 		 		 	Name:	 	Luke F. Baum
		 		 		 	Title:	 	Vice President
				
	VESTAX Capital Corporation	 		 	By:	 	 /s/ Valerie G. Brown

		 		 		 	Name:	 	Valerie G. Brown
		 		 		 	Title:	 	Director

  
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	VESTAX Securities Corporation	 		 	By:	 	 /s/ Luke F. Baum

		 		 		 	Name:	 	Luke F. Baum
		 		 		 	Title:	 	Vice President,
		 		 		 		 	Chief Operating Officer and SROP
				
	VTX Agency, Inc.	 		 	By:	 	 /s/ R. Jack Conley

		 		 		 	Name:	 	R. Jack Conley
		 		 		 	Title:	 	Vice President,
		 		 		 		 	Secretary and Treasurer
				
	VTX Agency of Massachusetts, Inc.	 		 	By:	 	 /s/ R. Jack Conley

		 		 		 	Name:	 	R. Jack Conley
		 		 		 	Title:	 	Vice President,
		 		 		 		 	Secretary and Treasurer
				
	VTX Agency of Michigan, Inc.	 		 	By:	 	 /s/ R. Jack Conley

		 		 		 	Name:	 	R. Jack Conley
		 		 		 	Title:	 	Vice President,
		 		 		 		 	Secretary and Treasurer
				
	VTX Agency of Texas, Inc.	 		 	By:	 	 /s/ Luke F. Baum

		 		 		 	Name:	 	Luke F. Baum
		 		 		 	Title:	 	President, Secretary and Treasurer
				
	ING Payroll Management, Inc.	 		 	By:	 	 /s/ David Pendergrass

		 		 		 	Name:	 	David Pendergrass
		 		 		 	Title:	 	Treasurer
				
	Directed Services, Inc.	 		 	By:	 	 /s/ David Lee Jacobson

		 		 		 	Name:	 	David Lee Jacobson
		 		 		 	Title:	 	Senior Vice President and Assistant
		 		 		 		 	Secretary
				
	Equitable of Iowa Companies, Inc.	 		 	By:	 	 /s/ David Pendergrass

		 		 		 	Name:	 	David Pendergrass
		 		 		 	Title:	 	Vice President and Treasurer
				
	ING Funds Distributor, Inc. (fka ING Pilgrim Securities, Inc.; fka Pilgrim Securities, Inc.)	 		 	By:	 	 /s/ Lydia L. Homer

	 		 		 	Name:	 	Lydia L. Homer
		 		 		 	Title:	 	Senior Vice President and Controller
				
	Locust Street Securities, Inc.	 		 	By:	 	 /s/ Jacqueline C. Conley

		 		 		 	Name:	 	Jacqueline C. Conley
		 		 		 	Title:	 	Vice President, Compliance
				
	LSSI, Inc.	 		 	By:	 	 /s/ Jacqueline C. Conley

		 		 		 	Name:	 	Jacqueline C. Conley
		 		 		 	Title:	 	Secretary

  
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	LSSI Massachusetts Insurance Agency, Inc.	 		 	By:	 	 /s/ Karl Lindberg

		 		 		 	Name:	 	Karl Lindberg
		 		 		 	Title:	 	President and Secretary
				
	LSSI North Carolina, Inc.	 		 	By:	 	 /s/ Karl Lindberg

		 		 		 	Name:	 	Karl Lindberg
		 		 		 	Title:	 	President and Secretary
				
	LSSI Nevada, Inc.	 		 	By:	 	 /s/ Jacqueline C. Conley

		 		 		 	Name:	 	Jacqueline C. Conley
		 		 		 	Title:	 	Secretary
				
	LSSI Ohio Agency, Inc.	 		 	By:	 	 /s/ Karl Lindberg

		 		 		 	Name:	 	Karl S. Lindberg
		 		 		 	Title:	 	Vice President and Secretary
				
	LSSI Texas, Inc.	 		 	By:	 	 /s/ Jacqueline C. Conley

		 		 		 	Name:	 	Jacqueline C. Conley
		 		 		 	Title:	 	Secretary
				
	ReliaStar Financial Corp.	 		 	By:	 	 /s/ David Pendergrass

		 		 		 	Name:	 	David Pendergrass
		 		 		 	Title:	 	Vice President and Treasurer
				
	Bancwest Insurance Agency, Inc.	 		 	By:	 	 /s/ Paula Cludray-Engelke

		 		 		 	Name:	 	Paula Cludray-Engelke
		 		 		 	Title:	 	Assistant Secretary
				
	Washington Square Securities, Inc.	 		 	By:	 	 /s/ Joseph J. Elmy

		 		 		 	Name:	 	Joseph J. Elmy
		 		 		 	Title:	 	Tax Officer
				
	Washington Square Insurance Agency, Inc. (MA)	 		 	By:	 	 /s/ Joseph J. Elmy

		 		 		 	Name:	 	Joseph J. Elmy
		 		 		 	Title:	 	Tax Officer
				
	Washington Square Insurance Agency, Inc. (TX)	 		 	By:	 	 /s/ Joseph J. Elmy

		 		 		 	Name:	 	Joseph J. Elmy
		 		 		 	Title:	 	Tax Officer
				
	Washington Square Insurance Agency, Inc. (NM)	 		 	By:	 	 /s/ Joseph J. Elmy

		 		 		 	Name:	 	Joseph J. Elmy
		 		 		 	Title:	 	Tax Officer
				
	Washington Square Insurance Agency, Inc. (OH)	 		 	By:	 	 /s/ Joseph J. Elmy

		 		 		 	Name:	 	Joseph J. Elmy
		 		 		 	Title:	 	Tax Officer

  
 -7-

									
	PrimeVest Financial Services, Inc.	 		 	By:	 	 /s/ Joseph J. Elmy

		 		 		 	Name:	 	Joseph J. Elmy
		 		 		 	Title:	 	Tax Officer
				
	PrimeVest Insurance Agency of Alabama, Inc.	 		 	By:	 	 /s/ Kevin P. Mass

		 		 		 	Name:	 	Kevin P. Mass
		 		 		 	Title:	 	Secretary
				
	PrimeVest Insurance Agency of New Mexico, Inc.	 		 	By:	 	 /s/ Kevin P. Mass

		 		 		 	Name:	 	Kevin P. Mass
		 		 		 	Title:	 	Secretary
				
	PrimeVest Insurance Agency of Ohio, Inc.	 		 	By:	 	 /s/ Kevin P. Mass

		 		 		 	Name:	 	Kevin P. Mass
		 		 		 	Title:	 	Secretary
				
	PrimeVest Insurance Agency of Oklahoma, Inc.	 		 	By:	 	 /s/ Kevin P. Mass

		 		 		 	Name:	 	Kevin P. Mass
		 		 		 	Title:	 	Secretary
				
	Prime Vest Insurance Agency of Texas, Inc.	 		 	By:	 	 /s/ LeAnn Rummel McCool

		 		 		 	Name:	 	LeAnn Rummel McCool
		 		 		 	Title:	 	Sole Director and President,
		 		 		 		 	Secretary and Treasurer
				
	Branson Insurance Agency, Inc.	 		 	By:	 	 /s/ Kevin P. Mass

		 		 		 	Name:	 	Kevin P. Mass
		 		 		 	Title:	 	Secretary
				
	Express America TC, Inc .	 		 	By:	 	 /s/ Lydia L. Homer

		 		 		 	Name:	 	Lydia L. Homer
		 		 		 	Title:	 	Senior Vice President and Controller
				
	EAMC Liquidation Corp.	 		 	By:	 	 /s/ Lydia L. Homer

		 		 		 	Name:	 	Lydia L. Homer
		 		 		 	Title:	 	Senior Vice President and Controller
				
	Granite Investment Services, Inc.	 		 	By:	 	 /s/ Joseph J. Elmy

		 		 		 	Name:	 	Joseph J. Elmy
		 		 		 	Title:	 	Tax Officer
				
	ReliaStar Investment Research, Inc.	 		 	By:	 	 /s/ Joseph J. Elmy

		 		 		 	Name:	 	Joseph J. Elmy
		 		 		 	Title:	 	Tax Officer
				
	ReliaStar Payroll Agent, Inc.	 		 	By:	 	 /s/ Paula Cludray-Engelke

		 		 		 	Name:	 	Paula Cludray-Engelke
		 		 		 	Title:	 	Secretary

  
 -8-

									
	ING Capital Corporation, LLC (fka ING Pilgrim Capital Corporation; fka Pilgrim Capital Corporation; fka Pilgrim Holdings Corporation)	 		 	By:	 	 /s/ Lydia L. Homer

	 		 		 	Name:	 	Lydia L. Homer
	 		 		 	Title:	 	Senior Vice President and Controller
				
	ING Pilgrim Funding, Inc. (fka Pilgrim Funding, Inc.)	 		 	By:	 	 /s/ Lydia L. Homer

		 		 		 	Name:	 	Lydia L. Homer
		 		 		 	Title:	 	Senior Vice President and Controller
				
	ING Funds Services, LLC (fka ING Pilgrim Group, LLC; fka Pilgrim Group, LLC)	 		 	By:	 	 /s/ Lydia L. Homer

	 		 		 	Name:	 	Lydia L. Homer
		 		 		 	Title:	 	Senior Vice President and Controller
				
	ING Investments, LLC (fka ING Pilgrim Investments, LLC; fka Pilgrim Investments, Inc.)	 		 	By:	 	 /s/ Lydia L. Homer

	 		 		 	Name:	 	Lydia L. Homer
		 		 		 	Title:	 	Senior Vice President and Controller
				
	ING Re Underwriters, Inc. (fka ReliaStar Managing Underwriters, Inc.)	 		 	By:	 	 /s/ Paula Cludray-Engelke

	 		 		 	Name:	 	Paula Cludray-Engelke
		 		 		 	Title:	 	Secretary
				
	ING National Trust (fka ReliaStar National Trust Company)	 		 	By:	 	 /s/ Robert J. Scalise

	 		 		 	Name:	 	Robert J. Scalise
		 		 		 	Title:	 	Assistant Vice President, Finance
				
	Northeastern Corporation	 		 	By:	 	 /s/ Boyd G. Combs

		 		 		 	Name:	 	Boyd G. Combs
		 		 		 	Title:	 	Senior Vice President, Tax
				
	Sucessful Money Management Seminars, Inc.	 		 	By:	 	 /s/ Duane Pfaff

		 		 		 	Name:	 	Duane Pfaff
		 		 		 	Title:	 	Vice President
				
	Financial Northeastern Corporation	 		 	By:	 	 /s/ Paula Cludray-Engelke

		 		 		 	Name:	 	Paula Cludray-Engelke
		 		 		 	Title:	 	Secretary
				
	FNC Insurance Services, Inc.	 		 	By:	 	 /s/ Jeffrey P. Zage

		 		 		 	Name:	 	Jeffrey P. Zage
		 		 		 	Title:	 	Secretary
				
	Financial Northeastern Securities, Inc.	 		 	By:	 	 /s/ Joseph J. Elmy

		 		 		 	Name:	 	Joseph J. Elmy
		 		 		 	Title:	 	Tax Officer
				
	Guaranty Brokerage Services, Inc. (fka Split Rock Financial, Inc.; fka Bisys Brokerage Services, Inc.)	 		 	By:	 	 /s/ Joseph J. Elmy

	 		 		 	Name:	 	Joseph J. Elmy
		 		 		 	Title:	 	Tax Officer

  
 -9-

									
	Bancwest Investment Services, Inc.	 		 	By:	 	 /s/ Joseph J. Elmy

		 		 		 	Name:	 	Joseph J. Elmy
		 		 		 	Title:	 	Tax Officer
				
	Washington Square Insurance Agency, Inc. (AL)	 		 	By:	 	 /s/ Joseph J. Elmy

		 		 		 	Name:	 	Joseph J. Elmy
		 		 		 	Title:	 	Tax Officer
				
	Lexington Funds Distributor, Inc.	 		 	By:	 	 /s/ Lydia L. Homer

		 		 		 	Name:	 	Lydia L. Homer
		 		 		 	Title:	 	Senior Vice President and Controller
				
	ING Advisors, Inc. (fka ING Pilgrim Advisors; fka ING Lexington Management Corporation)	 		 	By:	 	 /s/ Lydia L. Homer

	 		 		 	Name:	 	Lydia L. Homer
		 		 		 	Title:	 	Senior Vice President and Controller
				
	Lion Connecticut Holdings Inc.	 		 	By:	 	 /s/ Joseph J. Elmy

		 		 		 	Name:	 	Joseph J. Elmy
		 		 		 	Title:	 	Vice President and Tax Officer
				
	Aetna Financial Services, Inc.	 		 	By:	 	 /s/ Paula Cludray-Engelke

		 		 		 	Name:	 	Paula Cludray-Engelke
		 		 		 	Title:	 	Secretary
				
	ING Insurance Services Holding Company, Inc. (fka Aetna Insurance Agency Holding Co., Inc.)	 		 	By:	 	 /s/ Joseph J. Elmy

	 		 		 	Name:	 	Joseph J. Elmy
		 		 		 	Title:	 	Tax Officer
				
	ING Insurance Services, Inc. (fka Aetna Insurance Agency, Inc.)	 		 	By:	 	 /s/ Joseph J. Elmy

	 		 		 	Name:	 	Joseph J. Elmy
		 		 		 	Title:	 	Tax Officer
				
	ING Insurance Services of Alabama, Inc. (fka Aetna Insurance Agency of Alabama, Inc.)	 		 	By:	 	 /s/ Joseph J. Elmy

	 		 		 	Name:	 	Joseph J. Elmy
		 		 		 	Title:	 	Tax Officer
				
	ING Insurance Services of Massachusetts, Inc. (fka Aetna Insurance Agency of Massachusetts, Inc.)	 		 	By:	 	 /s/ Joseph J. Elmy

	 		 		 	Name:	 	Joseph J. Elmy
		 		 		 	Title:	 	Tax Officer
				
	Aetna Insurance Agency of Ohio, Inc.	 		 	By:	 	 /s/ Sandra B. Cloutier

		 		 		 	Name:	 	Sandra B. Cloutier
		 		 		 	Title:	 	President
				
	ING Retail Holding Company, Inc. (fka Aetna Retail Holding Company, Inc.)	 		 	By:	 	 /s/ Joseph J. Elmy

	 		 		 	Name:	 	Joseph J. Elmy
		 		 		 	Title:	 	Tax Officer

  
 -10-

									
	ING Retirement Services, Inc. (fka Aetna Retirement Services, Inc.)	 		 	By:	 	 /s/ David Pendergrass

	 		 		 	Name:	 	David Pendergrass
		 		 		 	Title:	 	Vice President and Treasurer
				
	ING Retirement Holdings, Inc. (fka Aetna Retirement Holdings, Inc.)	 		 	By:	 	 /s/ David Pendergrass

	 		 		 	Name:	 	David Pendergrass
		 		 		 	Title:	 	Vice President and Treasurer
				
	ING Insurance Services Holding Company, Inc. (fka Aetna Service Holding Company, Inc.)	 		 	By:	 	 /s/ Joseph J. Elmy

	 		 		 	Name:	 	Joseph J. Elmy
		 		 		 	Title:	 	Tax Officer
				
	Systematized Benefits Administrators, Inc.	 		 	By:	 	 /s/ Joseph J. Elmy

		 		 		 	Name:	 	Joseph J. Elmy
		 		 		 	Title:	 	Tax Officer
				
	FNI International, Inc.	 		 	By:	 	 /s/ John S. Simmers

		 		 		 	Name:	 	John S. Simmers
		 		 		 	Title:	 	Corporate Secretary
				
	Financial Network Investment Corporation	 		 	By:	 	 /s/ John S. Simmers

		 		 		 	Name:	 	John S. Simmers
		 		 		 	Title:	 	Corporate Secretary
				
	FN Insurance Services, Inc.	 		 	By:	 	 /s/ John S. Simmers

		 		 		 	Name:	 	John S. Simmers
		 		 		 	Title:	 	Executive Vice President and
		 		 		 		 	Secretary
				
	FN Insurance Agency of Massachusetts, Inc.	 		 	By:	 	 /s/ John S. Simmers

		 		 		 	Name:	 	John S. Simmers
		 		 		 	Title:	 	Secretary
				
	FN Insurance Agency of New Jersey, Inc.	 		 	By:	 	 /s/ John S. Simmers

		 		 		 	Name:	 	John S. Simmers
		 		 		 	Title:	 	Corporate Secretary
				
	FN Insurance Services of Nevada, Inc.	 		 	By:	 	 /s/ John S. Simmers

		 		 		 	Name:	 	John S. Simmers
		 		 		 	Title:	 	Secretary
				
	FN Insurance Services of Alabama, Inc.	 		 	By:	 	 /s/ John S. Simmers

		 		 		 	Name:	 	John S. Simmers
		 		 		 	Title:	 	Secretary
				
	FN Insurance Agency of Kansas, Inc.	 		 	By:	 	 /s/ John S. Simmers

		 		 		 	Name:	 	John S. Simmers
		 		 		 	Title:	 	Corporate Secretary

  
 -11-

									
	ING International Insurance Holdings, Inc. (fka Aetna International, Inc.)	 		 	By:	 	 /s/ Lena A. Rabbitt

	 		 		 	Name:	 	Lena A. Rabbitt
		 		 		 	Title:	 	Assistant Secretary
				
	ING International Nominee Holdings, Inc. (fka AE Five, Incorporated)	 		 	By:	 	 /s/ Lena A. Rabbitt

	 		 		 	Name:	 	Lena A. Rabbitt
		 		 		 	Title:	 	Assistant Secretary
				
	ALICA Holdings, Inc.	 		 	By:	 	 /s/ David Pendergrass

		 		 		 	Name:	 	David Pendergrass
		 		 		 	Title:	 	Vice President and Treasurer
				
	Aetna Capital Holdings, Inc.	 		 	By:	 	 /s/ Scott Burton

		 		 		 	Name:	 	Scott Burton
		 		 		 	Title:	 	Assistant Secretary
				
	Aetna International Fund Management, Inc.	 		 	By:	 	 /s/ Scott Burton

		 		 		 	Name:	 	Scott Burton
		 		 		 	Title:	 	Assistant Secretary
				
	Financial Network Investment Corporation of Hawaii	 		 	By:	 	 /s/ John S. Simmers

		 		 		 	Name:	 	John S. Simmers
		 		 		 	Title:	 	Secretary
				
	Financial Network Investment Corporation of Hilo, Inc.	 		 	By:	 	 /s/ John S. Simmers

		 		 		 	Name:	 	John S. Simmers
		 		 		 	Title:	 	Corporate Secretary
				
	Financial Network Investment Corporation Of Honolulu	 		 	By:	 	 /s/ John S. Simmers

		 		 		 	Name:	 	John S. Simmers
		 		 		 	Title:	 	Corporate Secretary
				
	Financial Network Investment Corporation of Kauai, Inc.	 		 	By:	 	 /s/ John S. Simmers

		 		 		 	Name:	 	John S. Simmers
		 		 		 	Title:	 	Corporate Secretary
				
	Financial Network Investment Corporation of Puerto Rico, Inc.	 		 	By:	 	 /s/ John S. Simmers

	 		 		 	Name:	 	John S. Simmers
		 		 		 	Title:	 	Corporate Secretary
				
	FN Insurance Services of HI, Inc.	 		 	By:	 	 /s/ John S. Simmers

		 		 		 	Name:	 	John S. Simmers
		 		 		 	Title:	 	Vice President and
		 		 		 		 	Corporate Secretary
				
	ReliaStar Life Insurance Company	 		 	By:	 	 /s/ Paula Cludray-Engelke

		 		 		 	Name:	 	Paula Cludray-Engelke
		 		 		 	Title:	 	Secretary

  
 -12-

									
	Northern Life Insurance Company	 		 	By:	 	 /s/ Paula Cludray-Engelke

		 		 		 	Name:	 	Paula Cludray-Engelke
		 		 		 	Title:	 	Secretary
				
	Security-Connecticut Life Insurance Company	 		 	By:	 	 /s/ Paula Cludray-Engelke

		 		 		 	Name:	 	Paula Cludray-Engelke
		 		 		 	Title:	 	Secretary
				
	ING Life Insurance and Annuity Company	 		 	By:	 	 /s/ Paula Cludray-Engelke

		 		 		 	Name:	 	Paula Cludray-Engelke
		 		 		 	Title:	 	Secretary
				
	ING Insurance Company of America	 		 	By:	 	 /s/ Paula Cludray-Engelke

		 		 		 	Name:	 	Paula Cludray-Engelke
		 		 		 	Title:	 	Secretary
				
	Equitable Life Insurance Company of Iowa	 		 	By:	 	 /s/ Paula Cludray-Engelke

		 		 		 	Name:	 	Paula Cludray-Engelke
		 		 		 	Title:	 	Secretary
				
	USG Annuity & Life Company	 		 	By:	 	 /s/ Paula Cludray-Engelke

		 		 		 	Name:	 	Paula Cludray-Engelke
		 		 		 	Title:	 	Secretary
				
	Golden American Life Insurance Company	 		 	By:	 	 /s/ Paula Cludray-Engelke

		 		 		 	Name:	 	Paula Cludray-Engelke
		 		 		 	Title:	 	Secretary

  
 -13-Master Claim Agreement

 Exhibit 10.35 
 ING Groep N.V., Executive Board Charter 
 EXECUTION COPY 

CONFIDENTIAL 
 MASTER CLAIM
AGREEMENT 
 APRIL 2012 
 ING GROEP N.V. 
 and 

ING AMERICA INSURANCE HOLDINGS, INC. 
 and 
 ING INSURANCE EURASIA N.V. 

 ING Groep N.V., Executive Board Charter 

CONTENTS 
  

							
	Clause	  	Page	 
	 1.
	  	 Interpretation
	  	 	2	  
			
	 2.
	  	 Effective date
	  	 	2	  
			
	 3.
	  	 Allocated Liability for Litigation (including the related Losses)
	  	 	2	  
			
	 4.
	  	 Principles for Allocation of Liability for Litigation (including the related Losses)
	  	 	2	  
			
	 5.
	  	 Unallocated Liability for Litigation and Losses
	  	 	4	  
			
	 6.
	  	 Objection Against Allocation
	  	 	4	  
			
	 7.
	  	 Conduct of Litigation
	  	 	5	  
			
	 8.
	  	 Right to Join Litigation
	  	 	7	  
			
	 9.
	  	 Duty to Co-Operate
	  	 	7	  
			
	 10.
	  	 Indemnification and Payments
	  	 	8	  
			
	 11.
	  	 Insurance
	  	 	9	  
			
	 12.
	  	 Subordinate Status
	  	 	9	  
			
	 13.
	  	 Termination
	  	 	10	  
			
	 14.
	  	 Confidentiality and Disclosure
	  	 	10	  
			
	 15.
	  	 Notices
	  	 	11	  
			
	 16.
	  	 Rights and Obligations Relating to Subsidiaries
	  	 	12	  
			
	 17.
	  	 General
	  	 	12	  
			
	 18.
	  	 Governing Law
	  	 	13	  
			
	 19.
	  	 Dispute Resolution
	  	 	13	  
		
	 SIGNATORIES
	  	 	17	  
		
	 SCHEDULE 1 Allocated Liability for Litigation
	  	 	18	  
		
	 SCHEDULE 2 Litigation Notice
	  	 	19	  
		
	 SCHEDULE 3 Objection Notice
	  	 	20	  
		
	 SCHEDULE 4 Determination Notice
	  	 	21	  
		
	 SCHEDULE 5 Joiner Notice
	  	 	22	  
		
	 SCHEDULE 6 Interpretation
	  	 	23	  
		
	 SCHEDULE 7 Statement Concerning Unit-Linked Products
	  	 	26	  
		
	 APPENDIX 1 Governance Manual and Decision Structure
	  	 	27	  
		
	 Part 1 ING Group Governance Manual Dated 13 December 2010
	  	 	27	  
		
	 APPENDIX 2 Dispute Resolution Flow Chart
	  	 	3	  

  
 -i-

 ING Groep N.V., Executive Board Charter 

 

 THIS MASTER CLAIM AGREEMENT (the MCA) dated 17 April 2012 is made 

BETWEEN: 
  

	(1)	ING GROEP N.V., a public company incorporated under the laws of the Netherlands whose registered office is in Amsterdam, the Netherlands and registered with the
Chamber of Commerce under number 33231073 (Groep); 

  

	(2)	ING AMERICA INSURANCE HOLDINGS, INC., a company incorporated under the laws of the State of Delaware, United States of America, whose registered office is in
Delaware and with Delaware ID number 3026651 (Insurance US); and 

  

	(3)	ING INSURANCE EURASIA N.V., a public company incorporated under the laws of the Netherlands whose registered office is in Amsterdam, the Netherlands and
registered with the Chamber of Commerce under number 52403424 (Insurance Eurasia), 

 together the Parties and each
a Party. 
 WHEREAS: 
  

	(A)	Groep is separating and divesting its insurance and investment management businesses, including the insurance and investment management businesses of Insurance US and
Insurance Eurasia, respectively, through a sale, initial public offering or otherwise. After completion of that process, Insurance US and Insurance Eurasia will no longer be wholly-owned group companies of Groep. 

 

	(B)	The Parties wish to establish uniform arrangements between the Parties in respect of the allocation of liability for and handling of Litigation (as defined in Schedule
6) that may be filed against any Party, or its Subsidiary (as defined in Schedule 6), and related Losses (as defined in Schedule 6) incurred by that Party, or that Party’s Subsidiary, for which responsibility should belong wholly or partially
to another Party, or that Party’s Subsidiary. 

  

	(C)	The Parties wish to lay down these uniform arrangements between them in respect of the allocation of liability for and handling of Litigation in this MCA, which, except
for Schedule I and Schedule 7, is subordinate to, and does not supersede, any existing or future written arrangement among the Parties or their respective Subsidiaries or any of them concerning the same subject matters as set out in this MCA.

  

	(D)	Generally, a Party who is named as a defendant or respondent in a Litigation, or whose Subsidiary is named as a defendant or respondent in a Litigation, will be
responsible for handling the defence of the matter and the consequences thereof. Because of the relationship of the Parties, however, there may be instances where a Party or its Subsidiary is named as a defendant or respondent in a matter where
another Party (or its Subsidiary) should have the responsibility for conducting the Litigation and the related Losses in the particular circumstance. This MCA is intended to provide a means for addressing these circumstances.

  

	(E)	The Parties wish to apply the ING Group Governance Manual (as defined in Schedule 6) and the ING Group Decision Structure (as defined in Schedule 6) when determining of
which Party a company is a Subsidiary (as defined in Schedule 6). For the purpose of this MCA and in accordance with the ING Group Governance Manual and the ING Group Decision Structure, Insurance US (and its Subsidiaries) and Insurance Eurasia (and
its Subsidiaries) shall not be regarded as subsidiaries of Groep. For the avoidance of doubt, the accession to the MCA by Insurance Eurasia also covers all ING’s Asian insurance and investment management businesses. 

 ING Groep N.V., Executive Board Charter 

 

 THE PARTIES AGREE as follows: 

 

	1.	INTERPRETATION 

  

	1.1	In addition to terms defined elsewhere in this MCA, the definitions and other provisions in Schedule 6 apply throughout this MCA, unless the contrary intention appears

  

	2.	EFFECTIVE DATE 

 This MCA
becomes effective on the date of this MCA. 
  

	3.	ALLOCATED LIABILITY FOR LITIGATION (INCLUDING THE RELATED LOSSES) 

 Schedule I lists the liability for Litigation (including the related Losses) that has been allocated amongst the Parties and their Subsidiaries. The Parties agree that they are bound by the allocations as
set out in Schedule I and that they will not dispute such allocations whether by way of Objection Notice or otherwise. The allocation as set out in Schedule I supersedes all prior arrangements among the Parties (or their respective Subsidiaries) or
any of them concerning the same subject matter. 
  

	4.	PRINCIPLES FOR ALLOCATION OF LIABILITY FOR LITIGATION (INCLUDING THE RELATED LOSSES) 

 

	4.1	If (i) the liability for any Litigation (including the related Losses) is not allocated pursuant to this MCA as set out in Schedule I or otherwise, and
(ii) the Party which is the Formal Litigant or whose Subsidiary is the Formal Litigant in that Litigation does not accept full liability for such Litigation (including the related Losses) as set out in a Litigation Notice sent in accordance
with clause 5, the unallocated liability for such Litigation (including the related Losses) shall be allocated in accordance with the following principles to a Party or its Business, or to more Parties or their Businesses: 

 

	 	(a)	to which any loss or profit resulting from the Litigation would have been attributable if such loss or profit had arisen in the period covered by the Groep consolidated
annual accounts for the year 2011; 

  

	 	(b)	which enjoyed the profit and loss of the business activities which gave rise to the Litigation; 

  
 -2-

 ING Groep N.V., Executive Board Charter 

 

	 	(c)	to which the liability for earlier litigation was allocated of which the Litigation is a sequel or otherwise directly related; 

 

	 	(d)	that employs, or employed, the management responsible for the actions causing the Litigation; 

 

	 	(e)	that employed the persons whose action or inaction is the subject of Litigation; and/or 

 

	 	(f)	any other principle the Parties may deem relevant. 

  

	4.2	Notwithstanding clause 4.1, if: 

  

	 	(a)	the liability for a fine, penalty, punitive damages or other economic sanction imposed by a Governmental Authority (a Sanction) (including the Losses directly
relating to such Sanction (together with the Sanction, the Sanction Losses) is not allocated pursuant to this MCA as set out in Schedule I or otherwise; and 

 

	 	(b)	the Party on which the Sanction was imposed or whose Subsidiary on which the Sanction was imposed does not accept full liability for the Sanction, the unallocated
liability for such Sanction (including the related Litigation and related Losses) shall be allocated to a Party or its Business, or to more Parties or their Businesses, that caused the Sanction by its action or inaction and the Litigation directly
related to the Sanction shall be conducted by the Litigation Conduct Party. 

  

	4.3	The liability for any Litigation (including the related Losses) may be allocated to more than one Party or its Business. 

 

	4.4	If the liability for any Litigation (including the related Losses) does not exceed EUR 50,000 in total, that specific Litigation (including the related Losses) shall
not be allocated pursuant to clauses 4.1 and 4.2. The liability for any Litigation (including the related Losses) that falls below this threshold must be fully paid for, and the relevant Litigation must be conducted, by the Formal Litigant. The
exception as set out in this clause 4.4 shall not apply if: 

  

	 	(a)	the liability for any Litigation (including the related Losses) falls below the threshold of EUR 50,000 in total; and 

 

	 	(b)	are suffered, or expected to be suffered, by (i) a Party that is wholly-owned by Groep, or (ii) by Groep, if Groep wishes to allocate the liability for that
specific Litigation (including the related Losses) to a Party that is wholly-owned by Groep, 

 in which case the
liability for that specific Litigation (including the related Losses) will be allocated in accordance with clauses 4.1, 4.2, 19.1 and 19.2(a). 

  
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	5.	UNALLOCATED LIABILITY FOR LITIGATION AND LOSSES 

  

	5.1	If (i) a Party is, or becomes, aware of any Litigation not listed in Schedule 1 and in which that Party, or its Subsidiary, is the Formal Litigant, and
(ii) that Party does not accept full liability for such Litigation (including the related Losses), that Party must send a Litigation Notice to all other Parties that, according to the notifying Party, should bear all, or part of, the Losses
(these Parties together with the Formal Litigant, the Relevant Parties). The Formal Litigant must send the Litigation Notice as soon as reasonably practicable but in any event within eight (8) weeks of becoming aware of such Litigation.

  

	5.2	Each Litigation Notice must contain: 

  

	 	(a)	the proposed allocation of the liability for the Litigation (including the related Losses)to the Party or its Business, or to more Parties or their Businesses
(including a percentage split of such allocation between the Parties or their Businesses), based on the allocation principles set out in clause 4; 

  

	 	(b)	the reasons for the proposed allocation; 

  

	 	(c)	a summary of the Litigation, including the parties to the Litigation, claimed amounts, a description of the dispute and the status; and 

 

	 	(d)	any other information that is useful for assessing the Litigation and the proposed allocation. 

 

	5.3	Failure to timely issue a Litigation Notice pursuant to clause 5.1 will not result in a loss of rights under this MCA, but any damages arising because of the Litigation
Notice not issued on time will be borne by the Party that should have issued the Litigation Notice on time. Failure to issue a Litigation Notice within six months after becoming aware of such Litigation results in the loss of all rights of the
Formal Litigant under this MCA and the Formal Litigant must conduct the Litigation and is fully liable for the related Losses. 

  

	6.	OBJECTION AGAINST ALLOCATION 

  

	6.1	The Party, Parties, that received a Litigation Notice shall have eight (8) weeks after receipt of the Litigation Notice in which to object to the allocation
proposed in the Litigation Notice by issuing an Objection Notice. Each Objection Notice must be sent to all Relevant Parties. If no Objection Notice is issued within eight (8) weeks of receipt of a Litigation Notice, the allocation proposed in
the Litigation Notice shall become final and binding. 

  

	6.2	Until eight (8) weeks after the receipt of the Litigation Notice in accordance with clause 6.1, and, if an Objection Notice is issued, also after that period until
the Litigation (including the related Losses) have been allocated in accordance with the MCA: 

  

	 	(a)	the Formal Litigant shall not make, and shall procure that there is not made, any admission of liability, agreement, settlement or compromise with any person nor
consent, and procure that there is not consented, to the entry of any judgment or final order in relation to any such Litigation, unless the Relevant Parties agree otherwise; 

  
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	 	(b)	the Relevant Parties shall have 15 Business Days from the date of the Objection Notice to unanimously agree on the allocation of the liability for the Litigation
(including the related Losses) which agreement shall be final and binding; and 

  

	 	(c)	and if no agreement is reached pursuant to clause 6.1 or 6.2(b), the Relevant Parties shall immediately try to solve the matter in accordance with clause 19.

  

	7.	CONDUCT OF LITIGATION 

  

	7.1	Litigation for which the liability has not, or has not yet, been allocated in accordance with clause 4.1 shall be conducted by the Formal Litigant in full compliance
with clause 6.2(a). 

  

	7.2	(a) If the liability for specific Litigation (including the related Losses) has been allocated to one Party or its Business, the Litigation shall be conducted (as
construed in Schedule 6) by that Party (or any of its Subsidiaries). 

  

	 	(b)	If the liability for specific Litigation (including the related Losses) has been allocated to multiple Parties or their Businesses, the Litigation shall be conducted by
the Party (or any of its Subsidiaries) to which the largest part of the liability for the specific Litigation (including the related Losses) has been allocated. 

 

	 	(c)	If two or more Parties or their Businesses equally share the liability for specific Litigation (including the related Losses), the Party (or any of its Subsidiaries)
that also is the Formal Litigant shall conduct the relevant Litigation. For the avoidance of doubt, if there are two or more Formal Litigants, they may each conduct the Litigation as a party thereto. 

The Party (or any of its Subsidiaries), or Parties (or any of their Subsidiaries), that may conduct that Litigation pursuant to this
clause 7.2 shall be the Litigation Conduct Party, or Litigation Conduct Parties. 
  

	7.3	A Litigation Conduct Party shall conduct the Litigation for which the liability has been allocated to it in accordance with this MCA. 

 

	7.4	To the extent reasonably possible, the Formal Litigant, and, if the Litigation Conduct Party is not the same Party as the Formal Litigant, the Litigation Conduct Party,
shall take into account the views and interests of all Relevant Parties (without prejudice to clause 8). 

  

	7.5	No decision or agreement as regards the conduct of Litigation pursuant to this clause 7 shall affect the basis upon which the liability for specific Litigation
(including the related Losses) is to be allocated or shall constitute an allocation of the liability for that Litigation (including the related Losses). 

  
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	7.6	If the Litigation Conduct Party cannot conduct the Litigation as a party to the Litigation pursuant to applicable law and regulation, the following shall apply. If the
Litigation Conduct Party is not a Subsidiary of the Formal Litigant, the Formal Litigant shall: 

  

	 	(a)	conduct the Litigation in accordance with the instructions of the Litigation Conduct Party; 

 

	 	(b)	provide all relevant documents, correspondence and other information concerning the Litigation to the Litigation Conduct Party; and 

 

	 	(c)	if so required by the Litigation Conduct Party in writing: 

  

	 	(i)	ensure that the Litigation Conduct Party is, to the extent possible under applicable law, (A) placed in a position to take over the conduct of the Litigation by
transferring the Litigation to the Litigation Conduct Party through the provision of a power of attorney or otherwise, or (B) added or brought in as a third party to the Litigation, in both cases at least allowing the Litigation Conduct Party
to represent its own interests in the Litigation; and 

  

	 	(ii)	provide such information and assistance as the Litigation Conduct Party may reasonably request in connection with the preparation for and conduct of the Litigation,

 provided that the Litigation Conduct Party shall keep the Formal Litigant informed of the progress of any
proceedings and shall consult with the Formal Litigant prior to taking any action which may affect the Formal Litigant. 
  

	7.7	If the Formal Litigant is entitled to recover from any third party any sum in respect of any Litigation whether by way of third party recourse, insurance, payment
discount or otherwise, it shall inform the Litigation Conduct Party and the Litigation Conduct Party may request the Formal Litigant to take action to recover such sum. If the Litigation Conduct Party makes such request, the Formal Litigant shall
take all reasonable steps to recover any sum whether by way of a claim against its insurer or otherwise including but not limited to commencing and conducting legal proceedings. The Formal Litigant shall keep the Litigation Conduct Party informed of
the progress of any action taken. 

  

	7.8	Any Formal Litigant: 

  

	 	(a)	is not required to seek, or comply with, the requirements of the Litigation Conduct Party under this clause 7 to the extent necessary to avoid the Formal Litigant
breaching any criminal or regulatory laws, orders, regulations or equivalent; 

  

	 	(b)	may, in that event, instead conduct the Litigation in such a manner as it considers appropriate so as to avoid breaching any criminal or regulatory laws, orders,
regulations or equivalent; and 

  

	 	(c)	shall remain entitled to be indemnified pursuant to clause 10 although it has not sought, or complied with, the requirements of the Litigation Conduct Party under this
clause 7, provided it provides immediate written notice to the Litigation Conduct Party of relying on this clause 7.8 and it specifies all relevant details of the Litigation and the manner in which this clause 7.8 is being relied upon.

  
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	7.9	If the notice pursuant to clause 7.8(c) would, in the reasonable opinion of the Formal Litigant, cause the Formal Litigant to breach any criminal or regulatory laws,
orders, regulations or equivalent, such notice may be postponed until it no longer causes such breach. 

  

	8.	RIGHT TO JOIN LITIGATION 

  

	8.1	If another Party not being the Litigation Conduct Party has a, direct or indirect, material interest in the conduct and result of the Litigation, it may decide to join
as a party to the Litigation by issuing a Joiner Notice to the Litigation Conduct Party. 

  

	8.2	“Material interest” includes, but is not limited to, material reputational risk, risk of adverse precedent effect, or being allocated a percentage of
liability for the Litigation (including the related Losses) between 35% up to and including 50%. 

  

	8.3	Without prejudice to clause 8.4, the Litigation Conduct Party shall, as soon as practically possible, procure that the Party who issued the Joiner Notice is, to the
extent possible under applicable law, added or brought in as a third party to the Litigation which allows that Party (or its Subsidiary) to represent its own interests in the Litigation. If the Party who issued the Joiner Notice (or its Subsidiary)
cannot be added or brought in as a third party to the Litigation, the Litigation Conduct Party shall keep the Party who issued the Joiner Notice informed of the progress of any proceedings and shall consult with, and take into account the reasonable
commercial interest of, the Party who issued the Joiner Notice prior to taking any action which may affect that Party. 

  

	8.4	If the Litigation Conduct Party does not accept the Joiner Notice by another Party or breaches its obligation set out in clause 8.3, the matter shall immediately be
settled in accordance with clause 19. 

  

	8.5	Nothing in this clause 8 affects the liability for any Litigation (including the related Losses), as allocated in accordance with this MCA (for the avoidance of doubt,
including Schedule 1). 

  

	9.	DUTY TO CO-OPERATE 

  

	9.1	Each Party shall, and shall procure that its Subsidiaries shall, to the extent permitted by law and in the context of this MCA: 

 

	 	(a)	provide all assistance reasonably requested by any other Party to defend or pursue any Litigation; 

  
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	 	(b)	retain and preserve: 

  

	 	(i)	all Documents relating to a Business for a period as provided by the relevant applicable laws; and 

 

	 	(ii)	all Documents relating to Litigation of which it is or becomes aware for a period of seven (7) years from the later of: (A) the date of this MCA or
(B) the date on which the specific Litigation is settled or a court passes final and binding judgment concerning the Litigation, or such longer period as can reasonably be demonstrated to be required by a Party for the purposes of Litigation;

  

	 	(c)	allow any other Party, and its professional advisers and auditors, reasonable access to the Documents referred to in clause 9.l(b), including the right to take copies
at the requesting Party’s expense, to the extent that they relate or may relate to any Litigation and the requesting Party has a reasonable interest in gaining access to such Documents; 

 

	 	(d)	allow any other Party, and its professional advisers and auditors, reasonable access to personnel with knowledge relating to the Documents referred to in clause 9.l(b)
above or of any matter relating to the Litigation; 

  

	 	(e)	make available the personnel referred to in clause 9.l(d) above for the purpose of providing witness evidence; 

 

	 	(f)	at all times take all steps necessary to maintain any legal privilege that exists in relation to any Documents relevant to any Litigation of which they have been
notified or any information received or obtained pursuant to this MCA. 

  

	9.2	The provisions of clause 9.1 constitute the minimum requirements for co-operation between the Parties and are without prejudice to any other, more onerous, obligations
agreed to by any Party in other relevant agreements. 

  

	9.3	If, and to the extent, a Party, or any of its Subsidiaries, has a material conflicting interest, such Party may refuse to perform its obligations set out in clause 9.1.
If the Litigation Conduct Party does not accept such non co-operation, the Disputing Parties shall immediately try to solve the matter in accordance with clause 19. 

 

	10.	INDEMNIFICATION AND PAYMENTS 

  

	10.1	A Party shall be an indemnifying party if and to the extent the liability for specific Litigation (including the related Losses) has been allocated to that Party, or
its Business, in accordance with this MCA (for the avoidance of doubt, including Schedule 1) (the Indemnifying Party). 

  
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	10.2	If a Party (or any of its Subsidiaries), or Parties (or any of their Subsidiaries), incur or bear Losses as a result of being a Formal Litigant, Litigation Conduct
Party or both in connection with specific Litigation, the Indemnifying Party, or Indemnifying Parties, shall indemnify that Party or those Parties for those Losses, except to the extent those Losses are: 

 

	 	(a)	caused by or aggravated by a Party’s (or any of its Subsidiaries’) fraud, gross negligence or wilful misconduct; or 

 

	 	(b)	recovered by the Loss-bearing Party from a third party. 

  

	10.3	The Indemnifying Party, or Indemnifying Parties, shall indemnify in the proportion in which the liability for the Litigation (including the related Losses) has been
allocated to them, or their Business, in accordance with this MCA. 

  

	10.4	In the event that there is more than one Indemnifying Party in respect of specific Litigation, the Indemnifying Parties shall be severally, but not jointly, liable to
indemnify. 

  

	10.5	If any amounts are recovered by an Indemnified Party from a third party, including but not limited to an insurer, following the payment of any amount or amounts under
this clause 10 by an Indemnifying Party, or Indemnifying Parties, in respect of the same Litigation, the Indemnified Party shall promptly return to the Indemnifying Party or Indemnifying Parties in the proportions in which the liability for the
Litigation (including the related Losses) has been allocated, an amount equal to the amount recovered from the third party less the reasonable out-of-pocket costs of such recovery and any taxation incurred in connection with such recovery.

  

	11.	INSURANCE 

  

	11.1	This MCA does not release Parties (or any of their Subsidiaries) to fulfil its obligations under an agreement with any relevant insurer to report the Litigation
received. 

  

	11.2	The provisions of this MCA shall not affect (i) any provision of any insurance policy or an agreement with an insurer or (ii) reasonable requirement of any
relevant insurer concerning the way Litigation is conducted. 

  

	11.3	In the event that one or more policies of insurance apply to a particular Litigation, and in the event that the relevant insurers do not agree as regards how the
Litigation is to be conducted, the Parties shall consult together and with their insurers and fully co-operate with a view to agreeing how the Litigation is to be conducted. 

 

	12.	SUBORDINATE STATUS 

  

	12.1	Except for Schedule 1 and Schedule 7, this MCA is subordinate to and does not supersede any written arrangements among the Parties (or their respective
Subsidiaries) or any of them concerning the same subject matter as set out herein. Nothing in clauses 6, 7, 8 and 9 affects the liability for any Litigation (including the related Losses), as allocated in, or in accordance with, Schedule 1 and
Schedule 7. 

  

	12.2	For the avoidance of doubt, Parties may agree on additional arrangements to the MCA if all Parties agree. 

  
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	13.	TERMINATION 

 This MCA
shall terminate on its 15th anniversary, provided that clauses 1, 6 up to and including 12, and 14 up to and including clause 19 shall continue to apply to the extent that Legal Proceedings are still pending on that date. 

 

	14.	CONFIDENTIALITY AND DISCLOSURE 

  

	14.1	Each Party shall, and shall procure that each of its Subsidiaries shall, keep confidential all information provided to it by, or on behalf of, another Party or
otherwise obtained by it under or in connection with this MCA which relates to another Party or their Subsidiaries (the Confidential Information). 

  

	14.2	Nothing in this clause 14 prevents any Confidential Information being disclosed: 

 

	 	(a)	with the written approval of the other Party to whom the Confidential Information relates which approval shall not be unreasonably withheld or delayed (thereby taking
into account each Party’s duty to cooperate under clause 9); or 

  

	 	(b)	to the extent required by law or any competent regulatory body or deemed necessary by a Party in connection with any Litigation, provided that a Party who discloses any
Confidential Information that qualifies as Insider Information shall promptly notify the other Party to whom that Confidential Information relates, where practicable and lawful to do so, before disclosure occurs and consult that other Party
regarding the form, timing and content of such disclosure; or 

  

	 	(c)	to the extent that the information is in or comes into the public domain other than as a result of a breach of this MCA or any other undertaking or duty of
confidentiality by any Party; or 

  

	 	(d)	to any Party’s professional advisers or auditors or insurer/broker. 

  

	14.3	Each Party acknowledges that certain Confidential Information that might be provided to it may be considered insider information in relation to securities of another
Party under applicable securities law and regulation, if such securities are listed on a stock exchange (as is the case for Groep on the date of this MCA) (Insider Information). The possession of Insider Information may give rise to certain
securities law restrictions. Accordingly, each Party undertakes that, as long as any information provided to it constitutes Insider Information, it will comply with all applicable securities laws. 

  
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	15.	NOTICES 

  

	15.1	All notices, requests, claims, demands and other communications hereunder must be in writing and may be delivered in person or sent by registered post or fax to the
Party to whom it is to be given as follows: 

  

	 	(a)	If to Groep: 

 Bijlmerplein 888

 1102 MG Amsterdam 
 The Netherlands 
 Fax: +31(0)205760950 

For the attention of: General Counsel. 
  

	 	(b)	If to Insurance US: 

 230 Park
Avenue 
 New York, NY 10169 
 United States of America 
 Fax:
[—] 
 Marked for the attention of: General Counsel 

 

	 	(c)	If to Insurance Eurasia: 

 ING
Insurance Eurasia N.V. 
 Corporate Legal 
 Location Code IH 04.508 
 Amstelveenseweg 500 

1081 KL Amsterdam 
 The Netherlands 
 Fax: +31(0)205416767 

marked for the attention of: General Counsel 
 or at such other address or fax number as it may notify to the other Parties under this clause. 
  

	15.2	Any notice or document shall be deemed to be given: 

  

	 	(a)	if delivered in person, at the time of delivery; or 

  

	 	(b)	if sent by post, at 10:00 a.m. on the second Business Day after it was put into the post, if sent within the jurisdiction, or at 10:00 a.m. (local time at the place of
destination) on the fifth Business Day after it was put into the post, if sent by airmail, or 

  

	 	(c)	if sent by fax, on the date of transmission, if transmitted before 5.00 p.m. (local time at the place of destination) on any Business Day and in any other case on the
Business Day following the date of transmission. 

  
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	15.3	In proving service of a notice or document it shall be sufficient to prove that delivery was made or that the envelope containing the notice or communication was
properly addressed and posted, or that the fax was properly addressed and transmitted. 

  

	15.4	The Parties agree that the provisions of clause 14.3 shall not apply to the service of any summons, order, judgment or other document relating to or in connection with
any legal proceedings. 

  

	16.	RIGHTS AND OBLIGATIONS RELATING TO SUBSIDIARIES 

  

	16.1	Each of the Parties warrants that it will procure and secure, to its best efforts and within its power, that all the terms and obligations stated in this MCA shall also
be fulfilled and upheld by any and all of its Subsidiaries. 

  

	16.2	In case of an intragroup restructuring of a Subsidiary, or Subsidiaries, the Party under whose governance structure the transferred Subsidiary falls, or Subsidiaries
fall, shall procure full compliance of this MCA by that Subsidiary, or Subsidiaries. 

  

	16.3	If a Party divests one or more of its Subsidiaries, it will use best efforts to procure a joint and several guarantee from the third-party acquirer (or third-party
acquirers) for the continued performance by that Subsidiary, or those Subsidiaries, of their obligations under this MCA, for the benefit of the other Parties and their Subsidiaries. Once a Subsidiary is divested to a third-party acquirer (or
third-party acquirers), the Party under whose governance structure the divested Subsidiary fell shall no longer be responsible for the compliance of this MCA by that Subsidiary. 

 

	17.	GENERAL 

  

	17.1	Each of the Parties shall, at its own cost and expense, execute and do (or use its reasonable endeavours to procure to be executed and done by any Subsidiary or
necessary third party) all such deeds, documents, acts and things as any other Party may from time to time reasonably require to give full effect to this MCA. 

 

	17.2	No Party may assign any of its rights or transfer any of the obligations under this MCA or any interest therein (including by means of contract assignment, legal
demerger or novation) without the prior written consent of the other party. 

  

	17.3	Each Party shall pay the costs and expenses incurred by it in connection with entering into this MCA. 

 

	17.4	This MCA may be executed in any number of counterparts. This has the same effect as if the signatures on the counterparts were on a single copy of this MCA.

  

	17.5	If at any time any provision of this MCA is or becomes illegal, invalid or unenforceable in any respect under the laws of any jurisdiction, this shall not affect or
impair: 

  

	 	(a)	the legality, validity or enforceability in that jurisdiction of any other provision of this MCA; or 

  
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	 	(b)	the legality, validity or enforceability under the law of any other jurisdiction of that or any other provision of this MCA; and 

any such illegal, invalid or unenforceable provision shall be replaced by a legal, valid and enforceable provision which, given the
contents and purpose of this MCA is, to the greatest extent possible, similar to that of the original provision. 
  

	17.6	The rights of each party under this MCA: 

  

	 	(a)	may be exercised as often as necessary; 

  

	 	(b)	are, unless this MCA provides otherwise, cumulative and not exclusive of rights and remedies provided by law; and 

 

	 	(c)	may be waived only in writing. 

  

	17.7	Delay in exercising or non-exercise of any such right is not a waiver of that right. 

 

	17.8	None of the clauses of this MCA are intended to be invoked by anyone other than the Parties (derdenbeding). 

 

	17.9	Nothing stated in or implied by this MCA shall be deemed as any agreement by any Party that it has engaged in any wrongdoing or that is has any liability to any
plaintiff or other third party. 

  

	18.	GOVERNING LAW 

  

	18.1	This MCA is governed by and shall be construed in accordance with the laws of the Netherlands. 

 

	18.2	Any power of attorney or other document executed in connection with this MCA or the transactions provided for in this MCA shall be governed by and construed in
accordance with the laws of the Netherlands. 

  

	19.	DISPUTE RESOLUTION 

Amicable settlement 
  

	19.1	Any dispute arising out of or in connection with this MCA between Parties (the Disputing Parties) shall be submitted to the CFOs and general counsels of the
Disputing Parties to be settled and resolved by them within 15 Business Days of the matter being referred to them, or such longer period as unanimously agreed by those CFOs and general counsels, following and upon written request of either one of
the Disputing Parties. Any agreement reached by the CFOs and general counsels of the Disputing Parties shall be final and binding. 

  
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	19.2	If a dispute is not resolved and settled in accordance with clause 19.1 and: 

 

	 	(a)	such dispute is between (i) Groep and one or more Parties which are (directly or indirectly) wholly-owned by Groep or (ii) two or more Parties which are
(directly or indirectly) wholly-owned by Groep, the dispute will be settled in accordance with the internal governance as laid down in the ING Group Governance Manual and the ING Group Decision Structure; or 

 

	 	(b)	such dispute is between (i) Groep and one or more Parties which are not (directly or indirectly) wholly-owned by Groep or (ii) two or more Parties which are
not (directly or indirectly) wholly-owned by Groep, and 

  

	 	(A)	such dispute relates to clause 1 up to and including clause 18 of this MCA, the matter shall be referred for determination by an Expert in accordance with clauses 19.3
up to and including 19.14; or 

  

	 	(B)	such dispute relates to this MCA other than to clause 1 up to and including clause 18 (but for the avoidance of doubt, including but not limited to the execution of a
binding advice of an Expert, or Experts, given pursuant to clauses 19.3 up to and including 19.14), the matter shall be finally settled by arbitration in accordance clause 19.15. 

Expert 
  

	19.3	If a dispute is referred for determination by an Expert in accordance with clause 19.2(b)(A), any Disputing Party may propose the appointment of an individual as expert
(the Expert) to determine the allocation of the liability for the Litigation (including the related Losses) by issuing a Determination Notice to the other Relevant Parties as soon as reasonably practicable. If the Relevant Parties unanimously
agree on the proposed Expert, that Expert shall be appointed by the Relevant Parties. 

  

	19.4	If the Relevant Parties fail to appoint the Expert in accordance with clause 19.3 within 15 Business Days of the date of the Determination Notice (or such longer period
as unanimously agreed by the CFOs of the Relevant Parties), each Disputing Party shall appoint one (1) Expert. The Experts so appointed by the Relevant Parties shall jointly appoint one (1) additional Expert who shall act as chairman (the
Chairman). This Chairman shall have a casting vote in case of a deadlock. 

  

	19.5	If the Experts, who are appointed by the Parties under clause 19.4, fail to appoint a Chairman within ten (10) Business Days after the date on which the Experts
were appointed and Insurance US is: 

  

	 	(a)	one of the Relevant Parties, the Relevant Parties shall within five (5) Business Days instruct the president of the Institute of Chartered Accountants of England
and Wales to appoint an Expert who shall act as Chairman within ten (10) Business Days; or 

  

	 	(b)	not a Disputing Party, the Relevant Parties shall within five (5) Business Days instruct the president of the Royal Dutch Institute for Registered Accountants to
appoint an Expert who shall act as Chairman within ten (10) Business Days. 

  
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	19.6	A person may only be appointed as Chairman, if that person: 

  

	 	(a)	does not have any conflict of interest, including but not limited to existing business relationships with or management role, professional advisory role or consultancy
role at one or more of the Relevant Parties; and 

  

	 	(b)	has proven experience in the financial services industry and willing and able to act as Expert within the proposed time frame. 

 

	19.7	If no Chairman is appointed pursuant to clause 19.5, the dispute shall be resolved pursuant to clause 19.15. 

 

	19.8	The Relevant Parties may make written submission to the Experts within ten (10) Business Days after the appointment of an Expert in accordance with clause 19.3 or
a Chairman in accordance with clause 19.4 or 19.5. The Expert, or Experts, shall be entitled to make such additional enquiries as he may determine in his discretion to assist with the binding advice. Any such enquiries will be made in writing
jointly to the Disputing Parties setting out the issues that the Expert, or Experts consider(s) that either or all Disputing Parties should address. 

  

	19.9	The Expert, or Experts shall ensure that all Disputing Parties have a reasonable opportunity to present their arguments both in writing and in a hearing (should any
Disputing Party request a hearing), taking into account the timeframe to render the binding advice. 

  

	19.10	The Disputing Parties shall request the Expert, or Experts, to determine the referred dispute within 30 Business Days after the appointment of an Expert in accordance
with clause 19.3 or a Chairman in accordance with clause 19.4 or 19.5. The Expert, or Experts, shall act as an expert and not as an arbitrator. 

  

	19.11	The Disputing Parties shall make all relevant Documents within their control available in a timely fashion to the Expert, or Experts, if so requested by the Expert, or
Experts. 

  

	19.12	The Disputing Parties require any dispute to remain confidential between them and the Expert, or Experts. The Expert, or Experts, agree(s) to observe and ensure such
confidentiality and to ensure that all documentation and correspondence remain confidential. The Expert, or Experts, will not disclose any confidential information concerning the Disputing Parties’ business to third parties without the relevant
Disputing Parties’ prior written consent unless otherwise required by law, a court of competent jurisdiction, taxation authorities or other government or regulatory authority. 

 

	19.13	The decision of the Expert, or Experts, shall be final and binding on the Disputing Parties. 

  
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 ING Groep N.V., Executive Board Charter 

 

	19.14	If an Expert is, or Experts are, appointed to determine the allocation of the liability for the Litigation (including the related Losses) in accordance with clauses
19.3 up to and including 19.14, the costs of the sole Expert appointed in accordance with clause 19.3, or of the Chairman, shall be borne by the Disputing Parties pro rata to the percentages in which the liability for the Litigation has been
allocated. The costs of Experts appointed pursuant to clause 19.4 shall be awarded by the Experts (including the Chairman) as they think fit. Each Disputing Party shall pay its own costs and expenses incurred by it in connection with the appointment
of, and the written submissions to, the Expert or Experts. 

 Arbitration 

 

	19.15	If a dispute is not resolved and settled in accordance with clause 19.1 and the dispute is not, or cannot be, referred for: (i) settlement in accordance with
clause 19.2(a); or (ii) determination by an Expert in accordance with clause 19.2(b)(A), any dispute arising out of or in connection with this clause 19 (including, for the avoidance of doubt, the execution (tenuitvoerlegging) of a
binding advice of the Expert, or Experts, and questions in respect of the authority of the arbiters) shall be finally settled by arbitration in accordance with the rules of the Netherlands Arbitration Institute (Nederlands Arbitrage
Instituut). The arbitral tribunal shall be composed of three arbitrators appointed in accordance with those rules. The place of the arbitration will be Amsterdam, the Netherlands. The language of arbitration shall be English. The arbitrators
shall decide according tot the rules of law. Consolidation of arbitral proceedings with other proceedings as provided for in article 1046 of the Dutch Code of Civil Procedure is excluded. 

 

	19.16	This clause 19 shall also apply to disputes arising in connection with agreements which are connected with this MCA, unless the relevant agreement expressly provides
otherwise. 

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 -16-

 ING Groep N.V., Executive Board Charter 

 

 SIGNATORIES 
 This MCA may be signed in any number of counterparts, all of which taken together shall constitute one and the same agreement. This MCA has been signed by the Puties {or their duly authorised
representatives) on the date stated at the beginning of this MCA. 
  

									
	ING GROEP N.V.	 		 		 	
			
	 /s/ Jan-Willem Vink
	 		 	 /s/ Cornelis Blokbergen

	Signed by:	 	Jan-Willem Vink	 		 	Signed by:	 	Cornelis Blokbergen
	Title/function:	 	General Counsel	 		 	Title/function:	 	Head Corporate Legal Department
				
	ING AMERICA INSURANCE HOLDINGS INC	 		 		 	
			
	 /s/ Bridget Healy
	 		 	 /s/ Paul Howell

	Signed by:	 	Bridget Healy	 		 	Signed by:	 	Paul Howell
	Title/function:	 	 General Counsel
 Executive Vice
President & Chief Legal
 Officer
	 		 	Title/function:	 	Deputy General Counsel-Litigation
				
	ING INSURANCE EURASIA N.V.	 		 		 	
			
	 /s/ Lard Friese
	 		 	 /s/ Janet Stuijt

	Signed by:	 	Lard Friese	 		 	Signed by:	 	Janet Stuijt
	Title/function:	 	 Member
 Management Board
EurAsia
	 		 	Title/function:	 	General Counsel & Head of Compliance

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