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ING U.S., Inc.

Notes to the Consolidated Financial Statements

(Dollar amounts in millions, unless otherwise stated)

Generally, the following will cause an increase (decrease) in the FIA embedded derivative fair value liability:

• A decrease (increase) in nonperformance risk

• A decrease (increase) in lapses

Generally, the following will cause an increase (decrease) in the derivative and embedded derivative fair value

liabilities related to Stabilizer and MCG contracts:

• An increase (decrease) in interest rate implied volatility

• A decrease (increase) in nonperformance risk

• A decrease (increase) in lapses

• A decrease (increase) in policyholder deposits

The Company notes the following interrelationships:

• Higher long-term equity implied volatility is often correlated with lower equity returns, which will

result in higher in-the-moneyness, which in turn, results in lower lapses due to the dynamic lapse

component reducing the lapses. This increases the projected number of policies that are available to use

the GMWBL benefit and may also increase the fair value of the GMWBL.

• Generally, an increase (decrease) in benefit utilization will decrease (increase) lapses for GMWB and

GMWBL.

• Generally, an increase (decrease) in interest rate volatility will increase (decrease) lapses of Stabilizer

and MCG contracts due to dynamic participant behavior.

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