Press Releases

    AMSTERDAM, November 11 /PRNewswire-FirstCall/ --

    - Net income from operations in third quarter 12% higher
    - Gross revenues increase 10%, organic decline stable at 7%
    - Continued growth in infrastructure, environment stabilizes, buildings
      weak
    - Margin remains above 10% due to cost savings
    - Malcolm Pirnie merger contributes positively to revenues and profit
    - Outlook for full year 2009 adjusted upwards: from slight decline to
      slight increase in net income from operations

ARCADIS (EURONEXT: ARCAD), the international design, consulting, engineering and management services company, in the third quarter of 2009 produced net income from operations of EUR 18.2 million, 12% more than last year. Gross revenues increased 10% to EUR 470 million, also as a result of the merger with Malcolm Pirnie early in July. Organic gross revenue decline stabilized at 7%. Continued infrastructure growth was offset by an increased decline in buildings and a clearly reduced decline in environment. The better than expected results were achieved by excellent performance in infrastructure and environment, keeping the margin above 10%, while Malcolm Pirnie also contributed well. As a result of a weaker U.S. dollar the currency effect on revenues and profits was limited.

In the first nine months, gross revenues increased by 4% to EUR 1.3 billion aided by a positive currency effect of 3%. Due to the recession, gross revenues declined organically by 5%. The decline in environment and buildings was partially compensated by growth in infrastructure. Net income from operations increased 6% to EUR 50.8 million, despite restructuring charges of EUR 7.6 million. Good working capital management resulted in strong cash flow.

Malcolm Pirnie, a leading U.S. consultancy and engineering company in the water and environmental markets (1700 people, gross revenues $392 million), with whom we merged early July, was consolidated as of the third quarter. This merger provides us with a leading position in the fast growing water market and a top 10 position in the U.S.

CEO Harrie Noy said: "The positive results can be attributed to our strong market positions, strict cost controls and a strong focus by our staff on clients. Government investments are keeping the infrastructure market at a good level. In the third quarter we won some large GRiP(R) contracts indicating stabilization in the environmental activities. The buildings market remains very challenging, especially since private sector investments have declined strongly. The merger with Malcolm Pirnie is already starting to bear fruit in the form of numerous initiatives for top line synergy."

    Key figures

    Amounts in EUR million, unless                 Third       First nine
    otherwise noted                               quarter        months
                                              2009 2008   D  2009  2008   D
    Gross revenue                              470  427 10% 1,302 1,254  4%
    Net revenue                                318  284 12%   895   850  5%
                                                          -               -
    EBITA                                     29.8 30.3  2%  86.1  87.2  1%
    EBITA recurring 1)                        32.0 30.3  6%  88.3  87.2  1%
    Net income                                13.9 11.4 22%  50.7  40.0 27%
    Net income per share (in EUR)             0.21 0.19 11%  0.82  0.66 24%
    Net income from operations 2)             18.2 16.3 12%  50.8  47.8  6%
    Ditto per share (in EUR) 2)               0.28 0.27  4%  0.82  0.79  4%
    Average shares outstanding (in millions)  65.6 60.6      62.1  60.5

1) Excluding effect share participation plan Lovinklaan Foundation; see analysis under third quarter

2) Before amortization and non-operational items

Third quarter

Gross revenues increased 10%. The currency effect was 1%, while acquisitions contributed 16%, driven primarily by the merger with Malcolm Pirnie at the beginning of the third quarter. The organic gross revenue decline stabilized at 7%.

Net revenues (revenues produced by our own staff) increased by 12%. The currency effect was 1%, the contribution from acquisitions was 17%. Due to less subcontracting organic decline was 6%

Organic revenue growth was mainly seen in the Netherlands, Poland and to a lesser extent France. Due to the poor conditions in the real estate market, especially in England and with RTKL activities declined. In the United States, revenues increased as a result of the merger with Malcolm Pirnie, but organically revenues declined, albeit less than in previous quarters due to a pick up in environmental activities.

EBITA is impacted by EUR 2.2 million in costs related to the share participation program of the Lovinklaan Foundation, a main shareholder in ARCADIS. Under this program, employees can buy shares in ARCADIS at a discount. In 2009 participants have also received one-off bonus shares. Although the costs of this program are entirely paid for by the Foundation, IFRS requires these to be included in the profit and loss account of the Company. This results in the earlier noted amount of EUR 2.2 million, which has been earmarked as non-recurring. The regular cost of the current Lovinklaan program amounts to approximately EUR 0.1 million per quarter. There is no effect on cash flow or on the equity of the Company.

Recurring EBITA rose 6% to EUR 32.0 million. Acquisitions contributed 16%, the currency effect was limited. The organic decline of 10% was the same as in the first half year and was partly an effect of the reduced contribution from carbon credits due to slow procedures. Without this effect the organic decline was 8%. This was mainly the result of profit declines in England and in RTKL caused by poor conditions in the buildings market and a restructuring charge of EUR 2.3 million for further adjustment of our organization. This was offset by the continued good performance in the Netherlands and the United States. The margin (recurring EBITA as a percentage of net revenues) at 10.1% remained at a good level (2008: 10.7%). Excluding the impact from carbon credits the margin was 10.3%.

Financing charges amounted to EUR 3.3 million. This is higher than in the previous quarter due to the Malcolm Pirnie merger, but lower than the EUR 5.4 million (excluding the effect of derivatives) in 2008. This results from a lower working capital, while in 2008 exchange rate losses on loans in Brazil had a negative effect. The tax pressure is somewhat distorted by the cost of the Lovinklaan program. Excluding this impact, tax pressure was at 34.6%, slightly higher than the 32.4% of last year.

Net income from operations (which excludes the cost of the Lovinklaan program) rose 12% to EUR 18.2 million. This is better than the development of EBITA due to lower financing charges and a reduced minority interest due to lower profits from Brazil.

First nine months

Gross revenues increased 4%, while net revenues were 5% higher. The currency effect was 3%, the contribution from acquisitions 6%. Organically gross revenue declined 5%. Due to less subcontracting, the organic decline in net revenue was limited to 4%.

Recurring EBITA rose 1% to EUR 88.3 million. Acquisitions contributed 7%, the currency effect was 4%. Organically a decline of 10% occurred, in part due to a lower contribution from carbon credits. Excluding this effect the organic decline was 7%, also caused by a restructuring charge of EUR 7.6 million. The margin (recurring EBITA as a percentage of net revenue) was 9.9%, excluding the impact of carbon credits 10.2%, comparable with the 10.3% in 2008.

The unwinding of derivatives early in 2009 had a positive effect on financing charges of EUR 7.5 million. Excluding the effect of derivatives, financing charges declined to EUR 7.0 million (2008: EUR 12.2 million). This was a result of lower market interest rates, less working capital and an exchange rate gain on loans in Brazil which in 2008 still generated an exchange rate loss.

Net income from operations rose 6% to EUR 50.8 million and developed more favorably than EBITA. A higher tax pressure was offset by lower financing charges and a reduced minority interest due to a lower profit contribution from Brazil.

Developments per business line

Figures noted below concern gross revenues for the first nine months of 2009 compared to the same period last year, unless otherwise noted.

- Infrastructure

Gross revenues rose 17%. The currency effect was minus 1%. The contribution from acquisitions was 10% and mainly came from the water activities from Malcolm Pirnie, to be included in a separate business line next year. Gross revenue organically grew 9%, net revenue 5%. The difference results from strong subcontracting in Brazilian energy projects. Organic growth weakened somewhat because in the United States the municipal market is under pressure and the stimulus package is not yet showing a notable effect. In Brazil and Chile growth slowed due to less private investments. In Europe, government investments resulted in strong growth in the Netherlands, Poland, Belgium and France.

- Environment

Gross revenues were level with last year. The currency effect was 6%, the contribution from acquisitions 7% (LFR, SET and the environmental activities of Malcolm Pirnie). The organic decline was 13%, but in net revenues limited to 4% due to less subcontracting. In the quarter net revenues only declined by 1% which points to stabilization of the environmental activities. This partly resulted from two large GRiP(R) contract wins in the United States with a total value of $170 million. In Europe gross revenue increased, especially as a result of more government work. In Brazil, revenues for industrial clients declined, while in Chile mining sector work grew.

- Buildings

Gross revenues were 10% lower with a currency effect of 3%. Organically, gross revenues declined 13%, net revenues by 15%. The difference results from growth in facility management in the Netherlands with a significant amount of subcontracting. In the quarter the revenue decline accelerated, also because last year still saw growth. The commercial real estate market is depressed globally with the largest effects for ARCADIS in England and with RTKL where activities declined strongly. Services for industrial clients in Belgium also suffered from the recession. In addition to facility management, growth was realized in U.S. project management for education and government buildings.

Outlook

Although the first signals of an economic recovery are visible especially in the United States, it may take a while before the effects thereof are noticed in markets relevant to ARCADIS. This means that the uncertainty concerning market developments continues.

The infrastructure market is robust because governments continue to invest to speed up economic recovery. In Europe large programs are active to improve infrastructure. In the Netherlands this includes investments to upgrade rail infrastructure and increase road capacity. In Poland ARCADIS is involved in large cross country connections, while in Belgium and France large design-build projects are planned. In the United States the stimulus package is expected to produce effects as of 2010. Demand for water services is growing, also due to climate change. In South America the strong growth seen in recent years is weakening. The Olympic Games in 2016 in Brazil offer new opportunities.

In the environmental market regulation and sustainability provide a solid base. Although the recession has led to reduced demand for environmental services from private clients, activities in the United States appear to be stabilizing. The recent GRiP(R) contracts demonstrate that clients are using the downturn to refocus on their core business. ARCADIS was also recently selected as one of the prime contractors for the worldwide environmental program of the U.S. Air Force of $3 billion. Due to our advanced technologies, vendor reduction and outsourcing of environmental work by companies, we can increase our market share. Energy efficiency and reduction in carbon dioxide emissions are new themes that generate work.

The buildings market was hit hardest by the crisis. Both in England as well as for RTKL, market conditions are challenging and a recovery is not foreseen in the short term. RTKL partially compensates for the decline in the U.S. and English commercial market through projects in Asia (mainly China) and in the Middle East. In the U.S. the discussion about health care is leading to delays in hospital projects. For all of our services the emphasis remains on non-commercial segments, which benefit from stimulus funds. Facility management appears to be a growth market, as it fills a demand for cost savings.

CEO Harrie Noy concludes: "As a result of our timely adjustment we have been able to reasonably weather the recession until now. Our backlog is stable compared to the end of 2008 thanks to a good order intake across the board, partially offset by contract cancellations in buildings. In all three business lines we benefit from government stimulus programs. Because our capacity has been adjusted, revenues will also be lower in the coming quarters. Maintaining margins has priority, absorbing price pressure through cost reductions and a strong client focused approach. This year there is no contribution from the sale of energy projects, which last year generated EUR 2.2 million in net income in the fourth quarter. Because of the favorable results in the third quarter, the outlook for full year 2009 has been adjusted upwards: from a slight decline to a slight increase of 0 - 5% of net income from operations. This is barring unforeseen circumstances."

About ARCADIS:

ARCADIS is an international company providing consultancy, design, engineering and management services in infrastructure, environment and buildings. We aim to enhance mobility, sustainability and quality of life by creating balance in the built and natural environment. ARCADIS develops, designs, implements, maintains and operates projects for companies and governments. With more than 15,000 employees and over EUR 2.0 billion in revenues, the company has an extensive international network that is supported by strong local market positions. Visit us on the internet at: http://www.arcadis-global.com

    ARCADIS NV

    CONDENSED CONSOLIDATED STATEMENT OF INCOME

    Amounts in EUR millions,         Third quarter      First nine months
    unless otherwise stated
                                     2009    2008      2009         2008

    Gross revenue                     469.6   427.2      1,302.3     1,254.5
    Materials, services of third
    parties and subcontractors      (151.6) (143.4)      (407.1)     (404.9)
    Net revenue                       318.0   283.8        895.2       849.6
    Operational cost                (282.0) (249.3)      (792.0)     (747.3)
    Depreciation                      (6.3)   (5.6)       (17.9)      (17.0)
    Other income                        0.1     1.4          0.8         1.9
    EBITA                              29.8    30.3         86.1        87.2
    Amortization identifiable
    intangible assets                 (3.3)   (2.6)        (5.3)       (8.2)
    Operating income                   26.5    27.7         80.8        79.0
    Net finance expense               (3.3)   (9.5)          0.5      (14.9)
    Income from associates                -       -            -         0.1
    Profit before taxes                23.2    18.2         81.3        64.2
    Income taxes                      (8.8)   (5.9)       (29.7)      (21.3)
    Profit for the period              14.4    12.3         51.6        42.9

    Attributable to:
    Net income (Equity holders
    of the Company)                    13.9    11.4         50.7        40.0
    Minority interest                   0.5     0.9          0.9         2.9

    Net income                         13.9    11.4         50.7        40.0
    Amortization identifiable
    intangible assets after
    taxes                               2.1     1.8          3.4         5.6
    Lovinklaan employee share
    purchase plan                       2.2     0.1          2.3         0.2
    Net effects of financial
    instruments                                 3.0        (5.6)         2.0
    Net income from operations         18.2    16.3         50.8        47.8

    Net income per share (in
    euros)                             0.21    0.19         0.82        0.66
    Net income from operations
    per share (in euros)               0.28    0.27         0.82        0.79
    Weighted average number of
    shares (in thousands)            65,606  60,613       62,093      60,501


    ARCADIS NV

    CONDENSED CONSOLIDATED BALANCE SHEET
    Amounts in EUR millions              September 30, 2009 December 31, 2008
    Assets
    Non-current assets
    Intangible assets                                  335.6            249.3
    Property, plant & equipment                         77.3             66.5
    Investments in associates                           22.7             15.7
    Other investments                                    0.4              0.2
    Other non-current assets                            16.9             14.8
    Derivatives                                            -              3.8
    Deferred tax assets                                 13.8             12.2
    Total non-current assets                           466.7            362.5
    Current assets
    Inventories                                          0.6              0.8
    Derivatives                                          0.1              0.2
    (Un)billed receivables                             588.6            538.5
    Other current assets                                42.2             32.0
    Corporate tax assets                                11.7              6.5
    Cash and cash equivalents                          129.6            117.9
    Total current assets                               772.8            695.9
    Total assets                                     1,239.5          1,058.4
    Equity and Liabilities
    Shareholders' equity                               318.6            207.6
    Minority interest                                   15.9             12.3
    Total equity                                       334.5            219.9
    Non-current liabilities
    Provisions                                          28.7             26.7
    Deferred tax liabilities                            10.6              6.0
    Loans and borrowings                               341.0            266.8
    Derivatives                                          0.8             16.9
    Total non-current liabilities                      381.1            316.4
    Current liabilities
    Billing in excess of cost                          167.6            182.7
    Corporate tax liabilities                            5.3             18.7
    Current portion of loans and
    borrowings                                           5.5              4.9
    Current portion of provisions                        3.7              4.4
    Derivatives                                            -              0.1
    Accounts payable                                   119.2            133.2
    Accrued expenses                                    23.0             12.3
    Bankoverdrafts                                       7.1              6.2
    Short term borrowings                               11.0              3.6
    Other current liabilities                          181.5            156.0
    Total current liabilities                          523.9            522.1
    Total equity and liabilities                     1,239.5          1,058.4


    ARCADIS NV

    CONDENSED CONSOLIDATED STATEMENT OF CHANGES IN SHAREHOLDERS'
    EQUITY

    Amounts in EUR millions   Share    Share    Hedging   Cumulative
                             Capital   Premium  Reserve   Translation
                                                            Reserve


    Balance at December 31
    2007                       1.0      36.4               (29.8)
    Exchange rate
    differences                                              7.2
    Taxes related to
    share-based compensation
    Other comprehensive
    income                                                   7.2
    Profit for the period
    Total comprehensive
    income for the period                                    7.2
    Dividends to
    shareholders
    Stock split                0.2     (0.2)
    Own shares purchased for
    granted options
    Share-based compensation
    Options exercised
    Expansion ownership
    Balance at September 30
    2008                       1.2      36.2                (22.6)

    Balance at December 31
    2008                       1.2      36.2                (40.2)
    Exchange rate
    differences                                               8.0
    Effective portion of
    changes in fair value of
    cash flow hedges                              (1.0)
    Taxes related to
    share-based compensation
    Other comprehensive
    income                                        (1.0)       8.0
    Profit for the period
    Total comprehensive
    income for the period                         (1.0)       8.0
    Dividends to
    shareholders
    Share-based compensation
    Additional paid in
    capital                    0.1      70.6
    Options exercised
    Balance at September 30
    2009                       1.3     106.8      (1.0)     (32.2)

    (Table continued below)

    Amounts in EUR millions     Retained    Total       Minority  Total
                                Earnings Shareholders'  Interest Equity
                                            Equity
    Balance at December 31
    2007                          180.1     187.7          11.5  199.2
    Exchange rate
    differences                               7.2         (0.4)    6.8
    Taxes related to
    share-based compensation        0.2       0.2                  0.2
    Other comprehensive
    income                          0.2       7.4         (0.4)    7.0
    Profit for the period          40.0      40.0           2.9   42.9
    Total comprehensive
    income for the period          40.2      47.4           2.5   49.9
    Dividends to
    shareholders                  (24.8)   (24.8)         (1.2) (26.0)
    Stock split                                 -             -
    Own shares purchased for
    granted options                (4.5)    (4.5)                (4.5)
    Share-based compensation        4.6       4.6                  4.6
    Options exercised               1.2       1.2                  1.2
    Expansion ownership                                   (0.6)  (0.6)
    Balance at September 30
    2008                          196.8     211.6          12.2  223.8

    Balance at December 31
    2008                          210.4     207.6          12.3  219.9
    Exchange rate
    differences                               8.0           2.8   10.8
    Effective portion of
    changes in fair value of
    cash flow hedges                        (1.0)                (1.0)
    Taxes related to
    share-based compensation        1.3       1.3                  1.3
    Other comprehensive
    income                          1.3       8.3           2.8   11.1
    Profit for the period          50.7      50.7           0.9   51.6
    Total comprehensive
    income for the period          52.0      59.0           3.7   62.7
    Dividends to
    shareholders                  (27.1)   (27.1)         (0.1) (27.2)
    Share-based compensation        6.9       6.9                  6.9
    Additional paid in
    capital                                  70.7                 70.7
    Options exercised               1.5       1.5                  1.5
    Balance at September 30
    2009                          243.7     318.6          15.9  334.5

    ARCADIS NV

    CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS
    Amounts in EUR millions                               First nine months
                                                           2009      2008
    Cash flow from operating activities
    Profit for the period                                     51.6      42.9
    Adjustments for:
    Depreciation and amortization                             23.2      25.3
    Taxes on income                                           29.7      21.3
    Net finance expense                                      (0.5)      14.9
    Income from associates                                       -     (0.1)
                                                             104.0     104.3
    Share-based compensation                                   6.9       4.8
    Sale of activities and assets, net of cost               (0.8)     (1.1)
    Change in fair value of derivatives                      (0.2)
    Dividend received                                          0.2       0.5
    Interest received                                          4.1       4.1
    Interest paid                                           (12.8)    (17.8)
    Corporate tax paid                                      (37.3)    (27.0)
    Change in working capital                                (9.9)    (83.9)
    Change in deferred taxes and provisions                    7.5     (0.7)
    Net cash from operating activities                        61.7    (16.8)

    Cash flow from investing activities
    Net change in (in)tangible fixed assets                 (17.5)    (18.3)
    Acquisitions/divestments                                (78.5)    (54.7)
    Net change in associates and other investments           (6.8)     (7.6)
    Net change in other non-current assets                     1.2       5.1
    Net cash used in investing activities                  (101.6)    (75.5)

    Cash flow from financing activities
    Options exercised                                          1.5       1.2
    Issued shares                                              5.8
    Purchase own shares                                                (4.5)
    Change in borrowings                                      73.3      96.7
    Dividends paid                                          (27.2)    (24.9)
    Net cash from financing activities                        53.4      68.5
    Net change in cash and cash equivalents less bank
    overdrafts                                                13.5    (23.8)
    Exchange rate differences                                (2.7)       1.3
    Cash and cash equivalents less bank overdrafts at
    January 1                                                111.7      71.7
    Cash and cash equivalents less bank overdrafts at
    September 30                                             122.5      49.2

SOURCE ARCADIS NV

AMSTERDAM, NETHERLANDS -- (MARKET WIRE) -- 11/11/09 --

  * 3Q09 underlying net result of EUR 778 million, compared with EUR
    229 million in 2Q09 and EUR -568 million in 3Q08

       * Pre-tax market impacts of EUR -882 million include
         impairments on debt securities and real estate revaluations
         and impairments
       * Results excluding market impacts and risk costs were EUR 2.4
         billion, primarily attributable to the Bank
       * Cost reduction programmes brought operating expenses down
         9.3%, or EUR 330 million, from the third quarter last year
       * Divestments and special items totalled EUR -278 million,
         bringing the 3Q09 net result to EUR 499 million or EUR 0.25
         per share

  * Bank underlying net result of EUR 264 million, versus a loss of
    EUR -25 million in 2Q09 and EUR -101 million in 3Q08

       * Market impacts of EUR -1,121 million include EUR -664
         million impairments on debt securities, EUR -423 million on
         real estate
       * Strong interest income and Financial Markets results, lower
         costs drive results excl. market impacts and risk costs of
         EUR 2.0 billion

  * Insurance underlying net result of EUR 514 million, compared with
    EUR 254 million in 2Q09 and EUR -467 million in 3Q08

       * Favourable pre-tax market impacts of EUR 240 million
         including realised gains on equities and positive DAC
         unlocking
       * Lower investment margins and stable cost base lead to result
         excluding market impacts of EUR 346 million

  * Shareholders' equity and capital ratios strengthened

       * Shareholders' equity increases by 19%, or EUR 4.2 billion,
         in 3Q09 to EUR 26.5 billion as market values of debt
         securities increased
       * Core Tier 1 ratio increases to 7.6% from 7.3% at the end of
         2Q09; Risk-weighted assets decline EUR 8 billion to EUR 337
         billion
       * Group debt/equity ratio improves slightly to 13.1% from
         13.5% in 2Q09

  * Back to Basics transformation programme progressing on track or
    ahead of original targets

       * Cumulative reduction in Bank balance sheet of EUR 176
         billion, or 16%, since 30 September 2008 exceeds 10%
         reduction target
       * EUR 1 billion of cost savings achieved in fi rst nine months
         of 2009 versus revised annual target of EUR 1.3 billion
       * Total FTE reduction of 10,239 realised by end of September
         2009

CHAIRMAN'S STATEMENT

"ING achieved a strong commercial performance in the third quarter, illustrating the strength of our Banking and Insurance franchises even in this challenging economic environment," said Jan Hommen, CEO of ING Group. "The Bank continued to benefi t from resilient interest results and strong Financial Markets performance. Insurance sales improved from the second quarter, although investment margins were under pressure following de-risking measures taken earlier this year. Negative market impacts were less severe than in previous quarters as equity markets improved; however, results continued to be impacted by impairments on mortgage-backed securities and negative revaluations on real estate investments. This resulted in an underlying net profi t of EUR 778 million for the Group in the third quarter, supported by our ongoing efforts to drive down expenses."

"We have achieved most of the targets set out in the fi rst phase of our Back to Basics programme thanks to the enormous efforts of our management and staff. Operating expenses have been reduced by EUR 1 billion on a comparable basis, and we expect to reach our EUR 1.3 billion target for the full year. We exceeded our target for de-leveraging the Bank's balance sheet, reaching a 16% reduction over the past 12 months, while improving our margins. Divestments of non-core activities gained pace in the third quarter, and we have demonstrated a disciplined approach to achieve attractive prices even in the current market environment."

"In the fourth quarter, we announced plans to take our Back to Basics programme a step further and move towards a full separation of Banking and Insurance. This was not a decision we took lightly, but I strongly believe it is the right choice and the right time. The financial services industry will be transformed as a result of the crisis and the winners will be those institutions that can regain their customers' trust, offering transparent products, value for money and superior service. The split will enable both the Bank and the Insurer to adapt more quickly and emerge from the crisis more effi cient, more agile, and more focused on meeting our customers' needs."

"In the Netherlands we have proven that ING can achieve attractive returns in the most competitive retail banking market in Europe. ING Direct has set the global standard for internet banking with high customer satisfaction and one of the lowest cost bases in the industry. Our One Bank strategy will leverage these skills across the organisation to grow our retail banking franchise, offering customers a different kind of banking experience while delivering attractive returns for shareholders."

"Our insurance company is a leader in retirement services with an attractive mix of mature and growth markets. We will take great care to ensure the separation of the business goes smoothly and that we continue to deliver business as usual for our customers. The divestment of insurance will be done carefully to ensure value for shareholders is protected while balancing the interests of all stakeholders."

"We have a lot of work ahead, but this is the beginning of an exciting new phase for ING. Our resolution with the European Commission on restructuring will put behind uncertainty and enable us to focus on the future. We are also raising equity to repay the first half of the capital support received from the Dutch State a year ago, which is an important milestone on our road to recovery. It is time to move forward, and I look forward to the journey ahead."

The full report including tables can be downloaded from the following link:

ING Group Q3 2009 Results: http://www.ing.com/cms/idc_cgi_isapi.dll?IdcService=GET_FILE&dDocName=420389_EN&RevisionSelectionMethod=latestReleased

The following documents can be downloaded from around 07:15 am CET from the following links:

Analyst Presentation: http://www.ing.com/cms/idc_cgi_isapi.dll?IdcService=GET_FILE&dDocName=420393_EN&RevisionSelectionMethod=latestReleased

Quarterly Report: http://www.ing.com/cms/idc_cgi_isapi.dll?IdcService=GET_FILE&dDocName=420396_EN&RevisionSelectionMethod=latestReleased

Group Statistical Supplement: http://www.ing.com/cms/idc_cgi_isapi.dll?IdcService=GET_FILE&dDocName=420399_EN&RevisionSelectionMethod=latestReleased

US Statistical Supplement: http://www.ing.com/cms/idc_cgi_isapi.dll?IdcService=GET_FILE&dDocName=420405_EN&RevisionSelectionMethod=latestReleased

Investor enquiries
T: +31 20 541 5460
E: investor.relations@ing.com


Press enquiries
T: +31 20 541 5433
E: mediarelations@ing.com

Conference calls and webcasts

Jan Hommen, Koos Timmermans and Patrick Flynn will discuss the results in an analyst and investor conference call on 11 November 2009 at 9:00 CET. Members of the investment community can join in listen-only mode at +31 20 794 8500 (NL), +44 208 515 2315 (UK) or +1 480 629 9771 (US) and via live audio webcast at www.ing.com.

A press conference call will be held on 11 November 2009 at 11:30 CET. Journalists are invited to join the conference call in listen-only mode at +31 20 794 8500 (NL) or +44 207 190 1537 (UK).

This announcement was originally distributed by Hugin. The issuer is solely responsible for the content of this announcement.

2009 Third Quarter Results ING Group: http://hugin.info/130668/R/1354120/328186.pdf

Copyright © Hugin AS 2009. All rights reserved.

NEW YORK, NY -- (MARKET WIRE) -- 11/11/09 -- Morgan Stanley is the prime brokerage preferred by hedge fund managers with more than $1 billion in assets in the fifth annual Alpha Awards, which rank the top service providers as chosen by managers of hedge funds large and small.

The complete list of winning firms and analysts can be found on our web site, www.iimagazine.com.

BNP Paribas is the broker of choice among managers of funds with less than $1 billion.

The awards, which originated in Institutional Investor's sister publication Alpha and are being published for the first time in Institutional Investor this year, rank service providers in five broad categories: accounting, administration, law firms (onshore and offshore), and prime brokerage.

Administrators -- regardless of what size hedge funds they service -- report that business has never been more brisk, even though total hedge fund assets are still down about $400 billion from their 2008 peak of $1.9 trillion, according to Chicago-based Hedge Fund Research. The unprecedented $65 billion investment fraud perpetrated by Bernard Madoff underscored the importance of independent, third-party administration.

"Largely because of events such as Madoff and the collapse of Lehman, there's a drive from investors to see self-administered funds have third-party administration involved," says Cory Thackeray, head of Goldman Sachs' administrative services group, which is ranked No. 1 for a third straight year among managers of large hedge funds.

The financial crisis has also sparked a surge in business for law firms serving the hedge fund industry. With fund launches down precipitously and liquidations at record levels, restructuring has become the name of the game.

"This was a year in which you needed, as a hedge fund lawyer, to have not just legal experience but real business experience to add that value to clients," observes Steven Nadel, one of seven partners in the investment management group at Seward & Kissel, in first place as the onshore law firm of choice among managers of bigger hedge funds.

The complete list of winning firms and analysts can be found on our web site, www.iimagazine.com.

For more information about this ranking, please contact Michele Bickford at mbickford@iiresearchgroup.com or (212) 224-3360.

Contact:
Michele Bickford
mbickford@iiresearchgroup.com
(212) 224-3360

Telenity and CIS Enable Zain Nigeria to Address Demand for Innovative Mobile Services

MONROE, Conn.--(BUSINESS WIRE)-- Telenity (www.telenity.com), a leading provider of next generation converged services platforms and applications for communications networks, announced today that Zain Nigeria has chosen Telenity's market leading Mobile Collect Call Application, Canvas(R) PayForMe(TM) for deployment in its network. Established in 2000, Zain Nigeria is one of the fastest growing operations of Zain Group in Africa. The Nigerian operator currently covers thousands of communities across the six geopolitical zones of the country and accounts for 20% of Zain Group's total revenues.

Telenity and its local partner CIS Nigeria will provide Zain Nigeria a mobile collect call system that supports 20 million subscribers. This new win, with yet another Zain Group operation, is a joint success of the two companies and is an affirmation to their commitment to the region and their mutual customers.

Canvas PayForMe, Mobile Collect Call Application also known as wireless reverse charge calling, provides mobile subscribers the opportunity to make calls even if they run out of credit or have a low balance in their prepaid accounts. By allowing the costs of the call to be charged to the called party pending subscriber consent, Canvas PayForMe helps operators increase their network usage and stimulate revenue generating calls that would not have been otherwise made.

Canvas PayForMe, Mobile Collect Call application will help Zain Nigeria remain competitive and continue to be the "first" to offer Nigerian subscribers leading innovative services that help improve their communications experience and lifestyles.

"We are proud to bring innovative mobile communication service to the vibrant and diverse Nigerian communities, even to customers across various social and economic spectrum," said Shamel Hanafi, Zain Nigeria's Chief Commercial Officer. "Our company's strategy has always been to deliver additional value to our customers by offering them services that truly support their lifestyles and we are very optimistic that Telenity's mobile collect call solution will help us achieve this. We were also impressed with the technical expertise and the local sensitivity that Telenity and CIS offered us during the selection process."

"The Mobile Collect Call solution deployment in Zain Nigeria is a significant strategic achievement for Telenity and our local partner CIS as it expands further our presence in Africa," said Ahmet Ozalp, Chief Executive Officer at Telenity. "We continue to invest in the rapidly growing Africa and the Middle East regions, where we are focusing on product-based solutions along with strong localized support from CIS to address the needs of our existing and future customers."

"Mobile collect call service is a great way for operators to increase their revenues by capturing traffic that they would otherwise lose while at the same time improving communications for their subscribers," said Charbel K. Bou-Eid, Managing Director at CIS Nigeria. "Together with Telenity, we are proud to collaborate with Zain Nigeria in making this value proposition a reality for both the operator and its subscribers."

About Telenity

Telenity is a leading provider of next generation converged services and applications for communications networks. Telenity's market ready software solutions include: integrated advanced messaging (SMS, MMS, USSD) applications, innovative value added services (personalized call management, mobile collect call, missed call notification, voice/video mail, multimedia ringback tones, location-based people finder); and reusable service delivery components (messaging gateway, 3rd party access gateway and location gateways) enabling rapid service creation and deployment. Headquartered in USA, Telenity's worldwide customer base includes network operators, service providers and application providers serving over 300 million customers. Telenity partners with global and regional network equipment providers, system integrators and computing platform manufacturers. Learn more about Telenity's Canvas(R) family of converged services solutions at www.telenity.com and download a copy of Telenity's online newsletter Telescope.

About CIS Group

CIS Group is a leading technology solutions provider to business and institutions and is part of an international group operating in Africa and the Middle East. CIS Group offers complete turnkey solutions integrating hardware, middleware and vertical solutions. Its responsibilities encompass the design, installation and after sales services of complex systems with multi-vendor configurations and project management. It is composed of experienced professionals with complementary skills in the field of data communication servicing a complete line of information systems solutions tailored to the needs of the African and Middle East market, totaling 30 countries and servicing 4000 customers. At the local level sales and support activities are carried out by selected local companies (+42 in Africa and Middle East).

CIS developed partnerships with worldwide leading ICT vendors to meet the needs of the different sectors (Finance, Telco, Government and Extended Manufacturing) in computing, software and networking equipment. For more information about CIS group please visit www.groupcis.com.

About Zain Group

Zain is a leading emerging markets player in the field of telecommunications aiming to become one of the top ten mobile operators in the world by 2011. Today it is the 4th largest mobile network in the world in terms of geographical footprint with commercial presence in 24 countries spread across the Middle East and Africa providing mobile voice and data services to 64.7 million active customers as at 31 March 2009.

Zain operates in the following countries: Bahrain, Burkina Faso, Chad, the Republic of the Congo, the Democratic Republic of the Congo, Gabon, Ghana, Iraq, Jordan, Kenya, Kuwait, Malawi, Madagascar, Niger, Nigeria, Saudi Arabia, Sierra Leone, Sudan, Tanzania, Uganda and Zambia. In Lebanon, the company manages the network on behalf of the government operating as mtc-touch. In Morocco, Zain in a joint venture, owns 31% of Wana Telecom. On May 18, 2009, Zain entered into a merger agreement with Palestinian Telecommunication Company Plc (Paltel) that will result in Zain attaining 56.5% of the company subjective to regulatory approvals.

Zain offers innovative services in its markets such as One Network, the world's first borderless mobile telecommunications network enabling customers to receive calls and SMS without charge and to make them at local rates throughout many countries in Africa and the Middle East. Customers can also top up their mobiles with airtime bought in their home country or from more than 1,000,000 outlets across 18 countries.

The Zain brand is wholly owned by Mobile Telecommunications Company KSC, which is listed on the Kuwait Stock Exchange (Stock ticker: ZAIN). Zain is listed in the Financial Times' Global 500 Index which ranks the world's largest companies based on market capitalization. For more, please visit www.zain.com.

Meet Telenity and CIS Executives at:

    --  AfricaCom 2009, November 11-12, Cape Town, South Africa
    --  3G Middle East 2009, December 7-8, Dubai, UAE

Telenity and Canvas are registered trademarks of Telenity.

    Source: Telenity

DALLAS and NEW YORK, Nov. 11 /PRNewswire-FirstCall/ -- Trintech Group Plc (Nasdaq: TTPA), a leading global provider of integrated financial governance, risk management and compliance software solutions, announced today that it would be showcasing its next-generation Unity Financial GRC Software Suite during three separate events being held in New York City this month.

    --  Current Financial Reporting Issues (CFRI) Annual FEI Conference:
        --  November 16-17
        --  New York Marriott Marquis Times Square
        --  Booth #108
    --  XBRL US National Conference:
        --  November 17-18
        --  New York Marriott Marquis Times Square
        --  Booth #6
    --  First Annual Executive Knowledge Exchange:
        --  November 19
        --  Irish Consulate, New York City

        --  To register, contact hilliary.opseth@trintech.com

Noted industry experts will be presenting and discussing the future and changing landscape of financial reporting for accounting professionals, auditors, financial managers, and other users of financial statements. The events coincide with Trintech's recent announcement of the Unity Xtensible Financial Reporting (XFR) solution, which includes embedded support for the report tagging and output of financial statements with XBRL. In support of these events Trintech has also published a new white paper entitled "Making the Business Case For Change" on how companies can make a business case for automation of critical processes in financial reporting. The white paper will be available to all attendees at each event, and can also be downloaded at http://www.Trintech.com/Change.

About Trintech Group

Trintech Group Plc (NASDAQ: TTPA) is a leading global provider of integrated financial governance, risk management, and compliance software solutions for commercial, financial, and healthcare markets. Trintech's recognized expertise in reconciliation process management, financial data aggregation, revenue and cost cycle management, financial close, risk management, and compliance enables customers to gain greater visibility and control of their critical financial processes leading to better overall business performance.

For more information on how Trintech can help you increase confidence in business performance and reduce financial risk, please contact us online at www.trintech.com or at our principal business office in Addison, Texas, or through an international office in Ireland, the United Kingdom, or the Netherlands.

    Trintech Press Contact:
    Dallas: Dave Tomlinson - Director, Marketing
    Tel. +1 972 739-1611. Email: dave.tomlinson@trintech.com

SOURCE Trintech Group Plc