VARIABLE ANNUITY ACCOUNT B OF AETNA LIFE INS & ANNUITY CO, 485BPOS, 2000-12-13

VARIABLE ANNUITY ACCOUNT B OF AETNA LIFE INS & ANNUITY CO
485BPOS, 2000-12-13

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<PAGE>

As filed with the Securities and Exchange Registration No. 33-34370*
Commission on December 13, 2000 Registration No. 811-2512

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SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

FORM N-4

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POST-EFFECTIVE AMENDMENT NO. 44 TO
REGISTRATION STATEMENT UNDER THE SECURITIES ACT OF 1933

and Amendment to

REGISTRATION STATEMENT UNDER THE INVESTMENT COMPANY ACT OF 1940

-------------------------------------------------------------------------------
Variable Annuity Account B of Aetna Life Insurance and Annuity Company

Aetna Life Insurance and Annuity Company

151 Farmington Avenue, TS31, Hartford, Connecticut 06156

Depositor's Telephone Number, including Area Code: (860) 273-4686

Julie E. Rockmore, Counsel
Aetna Life Insurance and Annuity Company
151 Farmington Avenue, TS31, Hartford, Connecticut 06156
(NAME AND ADDRESS OF AGENT FOR SERVICE)

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It is proposed that this filing will become effective:

immediately upon filing pursuant to paragraph (b) of Rule 485
-----
X on December 14, 2000 pursuant to paragraph (b) of Rule 485
-----

*Pursuant to Rule 429(a) under the Securities Act of 1933, Registrant has
included a combined prospectus under this Registration Statement which includes
all the information which would currently be required in a prospectus relating
to the following earlier Registration Statement: 33-87932.

<PAGE>

VARIABLE ANNUITY ACCOUNT B
CROSS REFERENCE SHEET

<S> <C> <C>
LOCATION - PROSPECTUS DATED
FORM N-4 MAY 1, 2000, AS AMENDED BY ONE
SUPPLEMENT DATED AUGUST 21, 2000, TWO
ITEM NO. PART A (PROSPECTUS) SUPPLEMENTS EACH DATED DECEMBER 14, 2000
AND ONE SUPPLEMENT DATED MARCH 1,
2001

1 Cover Page................................... Cover Page

2 Definitions.................................. Not Applicable

3 Synopsis..................................... Contract Overview; Fee Table, as amended

4 Condensed Financial Information.............. Condensed Financial Information; Appendix IV -
Condensed Financial Information

5 General Description of Registrant,
Depositor, and Portfolio Companies........... Other Topics - The Company, as amended; Variable
Annuity Account B; Appendix III - Description of
Underlying Funds, as amended

6 Deductions and Expenses...................... Fee Table, as amended; Fees, as amended

7 General Description of Variable Annuity
Contracts.................................... Contract Overview; Other Topics, as amended

8 Annuity Period............................... The Income Phase

9 Death Benefit................................ Death Benefit

10 Purchases and Contract Value................. Purchase and Rights; Your Account Value

11 Redemptions.................................. Right to Cancel; Withdrawals; Systematic Distribution
Options, as amended

12 Taxes........................................ Taxation

13 Legal Proceedings............................ Other Topics - Legal Matters and Proceedings

14 Table of Contents of the Statement of
Additional Information....................... Contents of the Statement of Additional Information

</TABLE>
<PAGE>

<TABLE>
<S> <C> <C>
LOCATION - STATEMENT OF
ADDITIONAL INFORMATION
DATED MAY 1, 2000, AS AMENDED
FORM N-4 PART B (STATEMENT OF BY ONE SUPPLEMENT DATED
ITEM NO. ADDITIONAL INFORMATION) AUGUST 21, 2000

15 Cover Page........................................... Cover page

16 Table of Contents.................................... Table of Contents

17 General Information and History...................... General Information and History, as
amended

18 Services............................................. General Information and History, as
amended; Independent Auditors

19 Purchase of Securities Being Offered................. Offering and Purchase of Contracts, as
amended

20 Underwriters......................................... Offering and Purchase of Contracts, as
amended

21 Calculation of Performance Data...................... Performance Data; Average Annual Total
Return Quotations

22 Annuity Payments..................................... Income Phase Payments

23 Financial Statements................................. Financial Statements

PART C (OTHER INFORMATION)

Information required to be included in Part C is set forth under the appropriate
item, so numbered, in Part C to this Registration Statement.

</TABLE>
<PAGE>

PARTS A AND B

The Prospectus dated May 1, 2000, as amended, is incorporated into Part A of
this Post-Effective Amendment No. 44 by reference to Registrant's filing under
Rule 497(c) as filed on May 2, 2000 (File No. 33-34370) and by reference to
Post-Effective Amendment No. 43 to Registration Statement on Form N-4 (File No.
33-34370), as filed on April 14, 2000 and declared effective on May 1, 2000, and
by reference to Supplement dated August 21, 2000 filed in Registrant's filing
under Rule 497(e) on August 21, 2000.

The Statement of Additional Information dated May 1, 2000, as amended, is
incorporated into Part B of this Post-Effective Amendment No. 44 by reference to
Registrant's filing under Rule 497(c), as filed on May 2, 2000 and by reference
to Supplement dated August 21, 2000 as filed in Registrant's filing under Rule
497(e) on August 21, 2000.

Two Supplements each dated December 14, 2000 and one Supplement dated March
1, 2001 to the Prospectus are included in Part A of this Post-Effective
Amendment.

<PAGE>
VARIABLE ANNUITY ACCOUNT B

AETNA LIFE INSURANCE AND ANNUITY COMPANY

SUPPLEMENT DATED DECEMBER 14, 2000 TO PROSPECTUS DATED MAY 1, 2000,
AS AMENDED BY SUPPLEMENTS DATED AUGUST 21, 2000, DECEMBER 14, 2000 AND MARCH 1,
2001

The information in this supplement updates and amends certain information
contained in the prospectus dated May 1, 2000. You should read this supplement
along with the prospectus.

- The following information updates and replaces the "Systematic Distribution
Option Availability" paragraph on page 28 of the prospectus:

SYSTEMATIC DISTRIBUTION OPTION AVAILABILITY. Withdrawals under a systematic
distribution option are limited to your free withdrawal amount. See
"Fees--Early Withdrawal Charge--Free Withdrawals." If allowed by applicable
law, we may discontinue the availability of one or more of the systematic
distribution options for new elections at any time and/or to change the
terms of future elections.

- The following information updates and replaces the "Death Benefit" Section in
Appendix I--ALIAC Guaranteed Account:

DEATH BENEFIT. When a death benefit is paid under the contract within six
months of the date of death, only a positive aggregate MVA amount, if any,
is applied to the account value attributable to amounts withdrawn from the
Guaranteed Account. This provision does not apply upon the death of a
spousal beneficiary or joint contract holder who continued the account after
the first death. If a death benefit is paid more than six months from the
date of death, a positive or negative aggregate MVA amount, as applicable,
will be applied, except under certain contracts issued in the State of New
York.

X.34370-00 December 2000
<PAGE>
VARIABLE ANNUITY ACCOUNT B

AETNA LIFE INSURANCE AND ANNUITY COMPANY

SUPPLEMENT DATED DECEMBER 14, 2000 TO MAY 1, 2000 PROSPECTUS

GENERAL DESCRIPTION OF GET L

Series L of the Aetna GET Fund (GET L) is an investment option that may be
available during the accumulation phase of the contract. Aetna Life Insurance
and Annuity Company (the Company, we, our) makes a guarantee, as described
below, when you direct money into GET L. Aeltus Investment Management, Inc.
serves as investment adviser to GET L.

We will offer GET L shares only during its offering period, which is scheduled
to run from December 14, 2000 through the close of business on March 14, 2001.
GET L may not be available under your contract, your plan or in your state.
Please read the GET L prospectus for a more complete description of GET L,
including its charges and expenses.

INVESTMENT OBJECTIVE OF GET L

GET L seeks to achieve maximum total return, without compromising a minimum
targeted return, by participating in favorable equity market performance during
the guarantee period.

GET L's guarantee period runs from March 15, 2001 through March 14, 2006. During
the offering period, all GET L assets will be invested in short-term instruments
and during the guarantee period will be invested in a combination of fixed
income and equity securities.

THE GET FUND GUARANTEE

The guarantee period for GET L will end on March 14, 2006 which is GET L's
maturity date. The Company guarantees that the value of an accumulation unit of
the GET L subaccount under the contract on the maturity date (as valued after
the close of business on March 14, 2006) will not be less than its value as
determined after the close of business on the last day of the offering period.
If the value on the maturity date is lower than it was on the last day of the
offering period, we will transfer funds from our general account to the GET L
subaccount to make up the difference. This means that if you remain invested in
GET L until the maturity date, at the maturity date you will receive no less
than the value of your separate account investment directed to GET L as of the
last day of the offering period, less any maintenance fees or any amounts you
transfer or withdraw from the GET L subaccount. The value of dividends and
distributions made by GET L throughout the guarantee period is taken into
account in determining whether, for purposes of the guarantee, the value of your
GET L investment on the maturity date is no less than its value as of the last
day of the offering period. The guarantee does not promise that you will earn
the fund's minimum targeted return referred to in the investment objective.

If you withdraw or transfer funds from GET L before the maturity date, we will
process the transactions at the actual unit value next determined after we
receive your order. The guarantee will not apply to these amounts or to amounts
deducted as a maintenance fee, if applicable.

MATURITY DATE

Before the maturity date, we will send a notice to each contract holder who has
amounts in GET L. This notice will remind you that the maturity date is
approaching and that you must choose other investment options for your GET L
amounts. If you do not make a choice, on the maturity date we will transfer your
GET L amounts to another available series of the GET Fund that is accepting
deposits. If no GET Fund series is available, we will transfer your GET L
amounts to the fund or funds designated by the Company.

X.GETL34370-00 December 2000
<PAGE>
The following information supplements the "Fee Table" contained in the
prospectus:

MAXIMUM FEES DEDUCTED FROM INVESTMENTS IN THE SEPARATE ACCOUNT

In addition to the amounts currently listed under the heading "Fee Table" in the
prospectus, we will make a daily deduction of a GET L Guarantee Charge, equal on
an annual basis to the percentage shown below, from the amounts allocated to the
GET L investment option:

<TABLE>
<S> <C>
GET L GUARANTEE CHARGE (deducted daily during the Guarantee
Period)................................................... 0.50%
MAXIMUM TOTAL SEPARATE ACCOUNT EXPENSES..................... 1.90%(1)
</TABLE>

The following information supplements the "Fund Expense Table" contained in the
prospectus:

AETNA GET FUND SERIES L ANNUAL EXPENSES

(As a percentage of the average net assets.)

<TABLE>
<CAPTION>
INVESTMENT TOTAL FUND ANNUAL EXPENSES
ADVISORY FEES(2) OTHER EXPENSES(3) (AFTER EXPENSE REIMBURSEMENT)(4)
---------------- ----------------- --------------------------------
<S> <C> <C> <C>
Aetna GET Fund Series L 0.60% 0.15% 0.75%
</TABLE>

For more information regarding expenses paid out of assets of the fund, see the

GET L prospectus.

--------------------------------

<TABLE>
<C> <S>
(1) The total separate account expenses that apply to your
contract may be lower. Please refer to the "Fee Table"
section of your prospectus.
(2) The Investment Advisory Fee will be 0.25% during the
offering period and 0.60% during the guarantee period.
(3) "Other Expenses" include an annual fund administrative fee
of 0.075% of the average daily net assets of GET L and any
additional direct fund expenses.
(4) The investment adviser is contractually obligated through
GET L's maturity date to waive all or a portion of its
investment advisory fee and/or its administrative fee and/or
to reimburse a portion of the fund's other expenses in order
to ensure that GET L's Total Fund Annual Expenses do not
exceed 0.75% of the fund's average daily net assets. It is
not expected that GET L's actual expenses without this
waiver or reimbursement will exceed this amount.
</TABLE>

<PAGE>
The following information supplements the "Hypothetical Examples" contained in
the prospectus:

HYPOTHETICAL EXAMPLES--AETNA GET FUND SERIES L
ACCOUNT FEES YOU MAY INCUR OVER TIME. The following hypothetical examples show
the fees and expenses paid over time if you invest $1,000 in the GET L
investment option under the contract (until GET L's maturity date) and assume a
5% annual return on the investment.(5)

<TABLE>
<S> <C> <C> <C>
- THESE EXAMPLES ARE PURELY HYPOTHETICAL.
- THEY SHOULD NOT BE CONSIDERED A
REPRESENTATION OF PAST OR FUTURE EXPENSES OR
EXPECTED RETURNS.
- ACTUAL EXPENSES AND/OR RETURNS MAY BE MORE OR
LESS THAN THOSE SHOWN BELOW.
</TABLE>

<TABLE>
<CAPTION>
EXAMPLE A EXAMPLE B
<S> <C> <C> <C>
If you withdraw your entire If at the end of the periods
account value at the end of the shown you (1) leave your entire
periods shown, you would pay account value invested or
the following expenses, (2) select an income phase
including any applicable early payment option, you would pay
withdrawal charge: the following expenses (no
early withdrawal charge is
reflected):
</TABLE>

<TABLE>
<CAPTION>
1 YEAR 3 YEARS 5 YEARS 1 YEAR 3 YEARS 5 YEARS
--------- --------- --------- --------- --------- ---------
<S> <C> <C> <C> <C> <C> <C>

Aetna GET Fund Series L $90 $137 $177 $27 $83 $142
</TABLE>

--------------------------------

<TABLE>
<C> <S>
(5) The examples shown above reflect an annual mortality and
expense risk charge of 1.25%, an annual contract
administrative expense charge of 0.15%, an annual GET L
guarantee charge of 0.50%, a $30 annual maintenance fee that
has been converted to a percentage of assets equal to
0.022%, and all charges and expenses of the GET L Fund.
Example A reflects an early withdrawal charge of 7% of the
purchase payments at the end of year 1, 6% at the end of
year 3, and 4% at the end of year 5. (The expenses that you
would pay under your contract may be lower. Please refer to
the "Fee Table" section of your prospectus.)
</TABLE>

<PAGE>
The following information supplements "Appendix III--Description of Underlying
Funds" contained in the prospectus:

AETNA GET FUND (SERIES L)

INVESTMENT OBJECTIVE
Seeks to achieve maximum total return without compromising a minimum targeted
return (Targeted Return) by participating in favorable equity market performance
during the guarantee period, from March 15, 2001 through March 14, 2006, the
maturity date.

POLICIES
Prior to March 15, 2001, assets are invested entirely in short-term instruments.
After that date, assets are allocated between equities and fixed income
securities. Equities consist primarily of common stocks. Fixed income securities
consist primarily of short- to intermediate-duration U.S. Government securities
and may also consist of mortgage backed securities and corporate obligations.
The investment adviser uses a proprietary computer model to determine the
percentage of assets to allocate between the fixed and the equity components. As
the value of the equity component declines, more assets are allocated to the
fixed component.

RISKS
The principal risks of investing in Series L are those generally attributable to
stock and bond investing. The success of Series L's strategy depends on the
investment adviser's skill in allocating assets between the equity and fixed
components and in selecting investments within each component. Because Series L
invests in both stocks and bonds, it may underperform stock funds when stocks
are in favor and underperform bond funds when bonds are in favor. The risks
associated with investing in stocks include sudden and unpredictable drops in
the value of the market as a whole and periods of lackluster or negative
performance. The principal risk associated with investing in bonds is that
interest rates may rise, which generally causes bond prices to fall. If at the
inception of, or any time during, the guarantee period interest rates are low,
Series L assets may be largely invested in the fixed component in order to
increase the likelihood of achieving the Targeted Return at the maturity date.
The effect of low interest rates on Series L would likely be more pronounced at
the beginning of the guarantee period as the initial allocation of assets would
include more fixed income securities. In addition, if during the guarantee
period the equity markets experienced a major decline, Series L assets may
become largely invested in the fixed component in order to increase the
likelihood of achieving the Targeted Return at the maturity date. Use of the
fixed component reduces Series L's ability to participate as fully in upward
equity market movements, and therefore represents some loss of opportunity, or
opportunity cost, compared to a portfolio that is fully invested in equities.

INVESTMENT ADVISER: Aeltus Investment Management, Inc.

X.GETL34370-00 December 2000
<PAGE>
VARIABLE ANNUITY ACCOUNT B

AETNA LIFE INSURANCE AND ANNUITY COMPANY

SUPPLEMENT DATED MARCH 1, 2001 TO MAY 1, 2000 PROSPECTUS

GENERAL DESCRIPTION OF GET M

Series M of the Aetna GET Fund (GET M) is an investment option that may be
available during the accumulation phase of the contract. Aetna Life Insurance
and Annuity Company (the Company, we, our) makes a guarantee, as described
below, when you direct money into GET M. Aeltus Investment Management, Inc.
serves as investment adviser to GET M.

We will offer GET M shares only during its offering period, which is scheduled
to run from March 15, 2001 through the close of business on June 13, 2001. GET M
may not be available under your contract, your plan or in your state. Please
read the GET M prospectus for a more complete description of GET M, including
its charges and expenses.

INVESTMENT OBJECTIVE OF GET M

GET M seeks to achieve maximum total return, without compromising a minimum
targeted return, by participating in favorable equity market performance during
the guarantee period.

GET M's guarantee period runs from June 14, 2001 through June 13, 2006. During
the offering period, all GET M assets will be invested in short-term instruments
and during the guarantee period will be invested in a combination of fixed
income and equity securities.

THE GET FUND GUARANTEE

The guarantee period for GET M will end on June 13, 2006 which is GET M's
maturity date. The Company guarantees that the value of an accumulation unit of
the GET M subaccount under the contract on the maturity date (as valued after
the close of business on June 13, 2006) will not be less than its value as
determined after the close of business on the last day of the offering period.
If the value on the maturity date is lower than it was on the last day of the
offering period, we will transfer funds from our general account to the GET M
subaccount to make up the difference. This means that if you remain invested in
GET M until the maturity date, at the maturity date you will receive no less
than the value of your separate account investment directed to GET M as of the
last day of the offering period, less any maintenance fees or any amounts you
transfer or withdraw from the GET M subaccount. The value of dividends and
distributions made by GET M throughout the guarantee period is taken into
account in determining whether, for purposes of the guarantee, the value of your
GET M investment on the maturity date is no less than its value as of the last
day of the offering period. The guarantee does not promise that you will earn
the fund's minimum targeted return referred to in the investment objective.

If you withdraw or transfer funds from GET M before the maturity date, we will
process the transactions at the actual unit value next determined after we
receive your order. The guarantee will not apply to these amounts or to amounts
deducted as a maintenance fee, if applicable.

MATURITY DATE

Before the maturity date, we will send a notice to each contract holder who has
amounts in GET M. This notice will remind you that the maturity date is
approaching and that you must choose other investment options for your GET M
amounts. If you do not make a choice, on the maturity date we will transfer your
GET M amounts to another available series of the GET Fund that is accepting
deposits. If no GET Fund series is available, we will transfer your GET M
amounts to the fund or funds designated by the Company.

X.GETM34370-00 March 2001
<PAGE>
The following information supplements the "Fee Table" contained in the
prospectus:

MAXIMUM FEES DEDUCTED FROM INVESTMENTS IN THE SEPARATE ACCOUNT

In addition to the amounts currently listed under the heading "Fee Table" in the
prospectus, we will make a daily deduction of a GET M Guarantee Charge, equal on
an annual basis to the percentage shown below, from the amounts allocated to the
GET M investment option:

<TABLE>
<S> <C>
GET M GUARANTEE CHARGE (deducted daily during the Guarantee
Period)................................................... 0.50%
MAXIMUM TOTAL SEPARATE ACCOUNT EXPENSES..................... 1.90%(1)
</TABLE>

The following information supplements the "Fund Expense Table" contained in the
prospectus:

AETNA GET FUND SERIES M ANNUAL EXPENSES

(As a percentage of the average net assets.)

For more information regarding expenses paid out of assets of the fund, see the

GET M prospectus.

--------------------------------

<TABLE>
<C> <S>
(1) The total separate account expenses that apply to your
contract may be lower. Please refer to the "Fee Table"
section of your prospectus.
(2) The Investment Advisory Fee will be 0.25% during the
offering period and 0.60% during the guarantee period.
(3) "Other Expenses" include an annual fund administrative fee
of 0.075% of the average daily net assets of GET M and any
additional direct fund expenses.
(4) The investment adviser is contractually obligated through
GET M's maturity date to waive all or a portion of its
investment advisory fee and/or its administrative fee and/or
to reimburse a portion of the fund's other expenses in order
to ensure that GET M's Total Fund Annual Expenses do not
exceed 0.75% of the fund's average daily net assets. It is
not expected that GET M's actual expenses without this
waiver or reimbursement will exceed this amount.
</TABLE>

<PAGE>
The following information supplements the "Hypothetical Examples" contained in
the prospectus:

HYPOTHETICAL EXAMPLES--AETNA GET FUND SERIES M
ACCOUNT FEES YOU MAY INCUR OVER TIME. The following hypothetical examples show
the fees and expenses paid over time if you invest $1,000 in the GET M
investment option under the contract (until GET M's maturity date) and assume a
5% annual return on the investment.(5)

<TABLE>
<CAPTION>
1 YEAR 3 YEARS 5 YEARS 1 YEAR 3 YEARS 5 YEARS
--------- --------- --------- --------- --------- ---------
<S> <C> <C> <C> <C> <C> <C>
Aetna GET Fund Series M $90 $137 $177 $27 $83 $142
</TABLE>

--------------------------------

<TABLE>
<C> <S>
(5) The examples shown above reflect an annual mortality and
expense risk charge of 1.25%, an annual contract administra-
tive expense charge of 0.15%, an annual GET M guarantee
charge of 0.50%, a $30 annual maintenance fee that has been
converted to a percentage of assets equal to 0.022%, and all
charges and expenses of the GET M Fund. Example A reflects
an early withdrawal charge of 7% of the purchase payments at
the end of year 1, 6% at the end of year 3, and 4% at the
end of year 5. (The expenses that you would pay under your
contract may be lower. Please refer to the "Fee Table"
section of your prospectus.)
</TABLE>

<PAGE>
The following information supplements "Appendix III--Description of Underlying
Funds" contained in the prospectus:

AETNA GET FUND (SERIES M)

INVESTMENT OBJECTIVE
Seeks to achieve maximum total return without compromising a minimum targeted
return (Targeted Return) by participating in favorable equity market performance
during the guarantee period, from June 14, 2001 through June 13, 2006, the
maturity date.

POLICIES
Prior to June 14, 2001, assets are invested entirely in short-term instruments.
After that date, assets are allocated between equities and fixed income
securities. Equities consist primarily of common stocks. Fixed income securities
consist primarily of short-to intermediate-duration U.S. Government securities
and may also consist of mortgage backed securities and corporate obligations.
The investment adviser uses a proprietary computer model to determine the
percentage of assets to allocate between the fixed and the equity components. As
the value of the equity component declines, more assets are allocated to the
fixed component.

RISKS
The principal risks of investing in Series M are those generally attributable to
stock and bond investing. The success of Series M's strategy depends on the
investment adviser's skill in allocating assets between the equity and fixed
components and in selecting investments within each component. Because Series M
invests in both stocks and bonds, it may underperform stock funds when stocks
are in favor and underperform bond funds when bonds are in favor. The risks
associated with investing in stocks include sudden and unpredictable drops in
the value of the market as a whole and periods of lackluster or negative
performance. The principal risk associated with investing in bonds is that
interest rates may rise, which generally causes bond prices to fall. If at the
inception of, or any time during, the guarantee period interest rates are low,
Series M assets may be largely invested in the fixed component in order to
increase the likelihood of achieving the Targeted Return at the maturity date.
The effect of low interest rates on Series M would likely be more pronounced at
the beginning of the guarantee period as the initial allocation of assets would
include more fixed income securities. In addition, if during the guarantee
period the equity markets experienced a major decline, Series M assets may
become largely invested in the fixed component in order to increase the
likelihood of achieving the Targeted Return at the maturity date. Use of the
fixed component reduces Series M's ability to participate as fully in upward
equity market movements, and therefore represents some loss of opportunity, or
opportunity cost, compared to a portfolio that is fully invested in equities.

INVESTMENT ADVISER: Aeltus Investment Management, Inc.

X.GETM34370-00 March 2001
<PAGE>

VARIABLE ANNUITY ACCOUNT B
PART C - OTHER INFORMATION

ITEM 24. FINANCIAL STATEMENTS AND EXHIBITS
(a) Financial Statements:
(1) Included in Part A:
Condensed Financial Information
(2) Included in Part B:
Financial Statements of Variable Annuity Account B:
- Statement of Assets and Liabilities as of December 31, 1999
- Statement of Operations for the year ended December 31, 1999
- Statements of Changes in Net Assets for the years ended
December 31, 1999 and 1998
- Condensed Financial Information for the year ended December
31, 1999
- Notes to Financial Statements
- Independent Auditors' Report
Financial Statements of the Depositor:
- Independent Auditors' Report
- Consolidated Statements of Income for the years ended
December 31, 1999, 1998 and 1997
- Consolidated Balance Sheets as of December 31, 1999 and 1998
- Consolidated Statements of Changes in Shareholder's Equity
for the years ended December 31, 1999, 1998 and 1997
- Consolidated Statements of Cash Flows for the years ended
December 31, 1999, 1998 and 1997
- Notes to Consolidated Financial Statements

(b) Exhibits
(1) Resolution of the Board of Directors of Aetna Life Insurance
and Annuity Company establishing Variable Annuity Account B(1)
(2) Not applicable
(3.1) Selling Agreement(2)
(3.2) Alternative Form of Wholesaling Agreement and Related Selling
Agreement(3)
(3.3) Federated Broker Dealer Agreement (9/2/94)(4)
(4.1) Variable Annuity Contract (G-CDA-97(NY))(6)
(4.2) Variable Annuity Contract Certificate (GMCC-97(NY)) to Contract
G-CDA-97(NY)(6)

<PAGE>

(4.3) Variable Annuity Contract (G-MP1(5/97))(7)
(4.4) Variable Annuity Contract Certificate (MP1CERT(5/97))(7)
(4.5) Variable Annuity Contract (I-MP1(5/97))(7)
(4.6) Variable Annuity Contract (G-MP1(5/96))(8)
(4.7) Variable Annuity Contract Certificate (MP1CERT(5/96))(8)
(4.8) Variable Annuity Contract (I-MP1(5/96))(8)
(4.9) Variable Annuity Contract (G-CDA-96(NY))(8)
(4.10) Variable Annuity Contract Certificate (GMCC-96(NY))(8)
(4.11) Variable Annuity Contract (G-CDA-IC(NQ))(9)
(4.12) Variable Annuity Certificate (GMCC-IC(NQ))(9)
(4.13) Variable Annuity Contract (G-CDA-IC(IR))(9)
(4.14) Variable Annuity Contract (I-CDA-IC(NQ/MP))(9)
(4.15) Variable Annuity Contract Certificate (GMCC-IC(IR))(10)
(4.16) Variable Annuity Contract (I-CDA-IC(IR/MP))(9)
(4.17) Variable Annuity Contracts and Certificates (G-CDA-IC(IR/NY)),
(GMCC-IC(IR/NY)), (G-CDA-IC(NQ/NY)), and (GMCC-IC(NQ/NY))(11)
(4.18) Endorsements (MP1IRA(5/97)) and (I-MP1IRA(5/97)) to Contract
G-MP1(5/96) and Certificate MP1CERT(5/96)(8)
(4.19) Endorsements (MP1QP(5/97)) and (I-MP1QP(5/97)) to Contract
G-MP1(5/96) and Certificate MP1CERT(5/96)(8)
(4.20) Endorsements (MP1TDA(5/97)) and (I-MP1TDA(5/97)) to Contract
G-MP1(5/96) and Certificate MP1CERT(5/96)(8)
(4.21) Endorsements (MP1DC(5/97)) and (I-MP1DC(5/97)) to Contract
G-MP1(5/96) and Certificate MP1CERT(5/96)(8)
(4.22) Endorsement (G-MP1IRA(11/96)) to Contract G-CDA-96(NY) and
Certificate GMCC-96(NY)(8)
(4.23) Endorsement (I-MP1END(9/97)) to Contract I-MP1(5/96)(7)
(4.24) Endorsement (E1-MPROTH-97) to Contract G-MP1(5/97)(6)
(4.25) Endorsement (EI1MPROTH-97) to Contract I-MP1(5/97)(6)
(4.26) Endorsement (MP1IRA(11/97)) to Contract G-MP1(5/97)(6)
(4.27) Endorsement (I-MP1IRA(11/97)) to Contract I-MP1(5/97)(6)
(4.28) Endorsement (MP1END(9/97)) to Contract G-MP1(5/97) and
Certificate MP1CERT(5/97)(12)
(4.29) Endorsement (I-MP1END(9/97)) to Contract I-MP1(5/97)(12)
(4.30) Endorsement (MPNQEND(4/95)) to Contract G-CDA-IC(NQ)(13)
(4.31) Endorsement (MPIREND(4/95)) to Contract G-CDA-IC(IR)(13)
(4.32) Endorsement (IMPNQEND(4/95)) to Contract I-CDA-IC(NQ/MP)(13)
(4.33) Endorsement (IMPIREND(4/95)) to Contract I-CDA-IC(IR/MP)(13)
(4.34) Endorsement (EMPGET98) to Contract G-MP1(5/97) and Certificate
MP1CERT(5/97)(14)

<PAGE>

(4.35) Endorsement (MPNQCERTEND(4/95)) to Certificate GMCC-IC(NQ)(13)
(4.36) Endorsement (MPIRCERTEND(4/95)) to Certificate GMCC-IC(IR)(13)
(4.37) Endorsement EGET(99) to Contracts G-MP1(5/97), G-CDA-97(NY) and
I-MP1(5/97) and Certificates MP1(CERT(5/97)) and GMCC-97(NY)(15)
(4.38) Contract Schedule I Accumulation Period (G-MP1(11/97)-5) to
Group Contract G-MP1(5/97)(6)
(4.39) Contract Schedule I Accumulation Period (I-MP1(11/97)-5) to
Individual Contract I-MP1(5/97)(6)
(5.1) Variable Annuity Contract Application (MPAPPNY(1/96))(6)
(5.2) Variable Annuity Contract Application (300-MAR-IB)(16)
(5.3) Variable Annuity Contract Application (710.6.13)(16)
(6.1) Certificate of Incorporation of Aetna Life Insurance and Annuity
Company(17)
(6.2) Amendment of Certificate of Incorporation of Aetna Life
Insurance and Annuity Company(18)
(6.3) By-Laws as amended September 17, 1997 of Aetna Life Insurance
and Annuity Company(19)
(7) Not applicable
(8.1) Fund Participation Agreement by and among Aetna Life Insurance
and Annuity Company and Aetna Variable Fund, Aetna Variable
Encore Fund, Aetna Income Shares, Aetna Balanced VP, Inc., Aetna
GET Fund on behalf of each of its series, Aetna Generation
Portfolios, Inc. on behalf of each of its series, Aetna Variable
Portfolios, Inc. on behalf of each of its series, and Aeltus
Investment Management, Inc. dated as of May 1, 1998(20)
(8.2) Amendment dated November 9, 1998 to Fund Participation Agreement
by and among Aetna Life Insurance and Annuity Company and Aetna
Variable Fund, Aetna Variable Encore Fund, Aetna Income Shares,
Aetna Balanced VP, Inc., Aetna GET Fund on behalf of each of its
series, Aetna Generation Portfolios, Inc. on behalf of each of
its series, Aetna Variable Portfolios, Inc. on behalf of each of
its series, and Aeltus Investment Management, Inc. dated as of
May 1, 1998(21)
(8.3) Second Amendment dated December 31, 1999 to Fund Participation
Agreement by and among Aetna Life Insurance and Annuity Company
and Aetna Variable Fund, Aetna Variable Encore Fund, Aetna
Income Shares, Aetna Balanced VP, Inc., Aetna GET Fund on behalf
of each of its series, Aetna Generation Portfolios, Inc. on
behalf of each of its series, Aetna Variable Portfolios, Inc. on
behalf of each of its series, and Aeltus Investment Management,
Inc. dated as of May 1, 1998 and amended on November 9, 1998(22)
(8.4) Third Amendment dated February 11, 2000 to Fund Participation
Agreement by and among Aetna Life Insurance and Annuity Company
and Aetna Variable Fund, Aetna Variable Encore Fund, Aetna
Income Shares, Aetna Balanced VP, Inc., Aetna GET Fund on behalf
of each of its series, Aetna Generation Portfolios, Inc. on
behalf of each of its series, Aetna Variable Portfolios, Inc. on
behalf of each of its series, and Aeltus Investment Management,
Inc. dated as of May 1, 1998 and amended on November 9, 1998 and
December 31, 1999(23)

<PAGE>
(8.5) Fourth Amendment dated May 1, 2000 to Fund Participation
Agreement by and among Aetna Life Insurance and Annuity Company
and Aetna Variable Fund, Aetna Variable Encore Fund, Aetna
Income Shares, Aetna Balanced VP, Inc., Aetna GET Fund on behalf
of each of its series, Aetna Generation Portfolios, Inc. on
behalf of each of its series, Aetna Variable Portfolios, Inc. on
behalf of each of its series, and Aeltus Investment Management,
Inc. dated as of May 1, 1998 and amended on November 9, 1998,
December 31, 1999 and February 11, 2000(22)
(8.6) Service Agreement between Aeltus Investment Management, Inc. and
Aetna Life Insurance and Annuity Company in connection with the
sale of shares of Aetna Variable Fund, Aetna Variable Encore
Fund, Aetna Income Shares, Aetna Balanced VP, Inc., Aetna GET
Fund on behalf of each of its series, Aetna Generation
Portfolios, Inc. on behalf of each of its series, and Aetna
Variable Portfolios, Inc. on behalf of each of its series dated
as of May 1, 1998(20)
(8.7) Amendment dated November 4, 1998 to Service Agreement between
Aeltus Investment Management, Inc. and Aetna Life Insurance and
Annuity Company in connection with the sale of shares of Aetna
Variable Fund, Aetna Variable Encore Fund, Aetna Income Shares,
Aetna Balanced VP, Inc., Aetna GET Fund on behalf of each of its
series, Aetna Generation Portfolios, Inc. on behalf of each of
its series and Aetna Variable Portfolios, Inc. on behalf of each
of its series dated as of May 1, 1998(21)
(8.8) Second Amendment dated February 11, 2000 to Service Agreement
between Aeltus Investment Management, Inc. and Aetna Life
Insurance and Annuity Company in connection with the sale of
shares of Aetna Variable Fund, Aetna Variable Encore Fund, Aetna
Income Shares, Aetna Balanced VP, Inc., Aetna GET Fund on behalf
of each of its series, Aetna Generation Portfolios, Inc. on
behalf of each of its series and Aetna Variable Portfolios, Inc.
on behalf of each of its series dated as of May 1, 1998 and
November 14, 1998(22)
(8.9) Third Amendment dated May 1, 2000 to Service Agreement between
Aeltus Investment Management, Inc. and Aetna Life Insurance and
Annuity Company in connection with the sale of shares of Aetna
Variable Fund, Aetna Variable Encore Fund, Aetna Income Shares,
Aetna Balanced VP, Inc., Aetna GET Fund on behalf of each of its
series, Aetna Generation Portfolios, Inc. on behalf of each of
its series and Aetna Variable Portfolios, Inc. on behalf of each
of its series dated as of May 1, 1998, November 14, 1998 and
February 11, 2000(22)
(8.10) Fund Participation Agreement (Amended and Restated) between
Aetna Life Insurance and Annuity Company, Alger American Fund
and Fred Alger Management, Inc. dated as of March 31, 1995(3)
(8.11) Fund Participation Agreement among Calvert Responsibly Invested
Balanced Portfolio, Calvert Asset Management Company, Inc. and
Aetna Life Insurance and Annuity Company dated December
1, 1997(24)
(8.12) Service Agreement between Calvert Asset Management Company, Inc.
and Aetna Life Insurance and Annuity Company dated December
1, 1997(24)

<PAGE>

(8.13) Fund Participation Agreement by and among Aetna Life Insurance
and Annuity Company, Insurance Management Series and Federated
Advisors dated July 1, 1994(25)
(8.14) Fund Participation Agreement between Aetna Life Insurance and
Annuity Company, Variable Insurance Products Fund and Fidelity
Distributors Corporation dated February 1, 1994 and amended on
December 15, 1994, February 1, 1995, May 1, 1995, January 1,
1996 and March 1, 1996(18)
(8.15) Fifth Amendment, dated as of May 1, 1997, to the Fund
Participation Agreement between Aetna Life Insurance and Annuity
Company, Variable Insurance Products Fund and Fidelity
Distributors Corporation dated February 1, 1994 and amended on
December 15, 1994, February 1, 1995, May 1, 1995, January 1,
1996 and March 1, 1996(7)
(8.16) Sixth Amendment dated November 6, 1997 to the Fund Participation
Agreement between Aetna Life Insurance and Annuity Company,
Variable Insurance Products Fund and Fidelity Distributors
Corporation dated February 1, 1994 and amended on December 15,
1994, February 1, 1995, May 1, 1995, January 1, 1996, March 1,
1996 and May 1, 1997(26)
(8.17) Seventh Amendment dated as of May 1, 1998 to the Fund
Participation Agreement between Aetna Life Insurance and Annuity
Company, Variable Insurance Products Fund and Fidelity
Distributors Corporation dated February 1, 1994 and amended on
December 15, 1994, February 1, 1995, May 1, 1995, January 1,
1996, March 1, 1996, May 1, 1997 and November 6, 1997(20)
(8.18) Eighth Amendment dated December 1, 1999 to Fund Participation
Agreement between Aetna Life Insurance and Annuity Company,
Variable Insurance Products Fund and Fidelity Distributors
Corporation dated February 1, 1994 and amended on December 15,
1994, February 1, 1995, May 1, 1995, January 1, 1996, March 1,
1996, May 1, 1997, November 6, 1997 and May 1, 1998(22)
(8.19) Fund Participation Agreement between Aetna Life Insurance and
Annuity Company, Variable Insurance Products Fund II and
Fidelity Distributors Corporation dated February 1, 1994 and
amended on December 15, 1994, February 1, 1995, May 1, 1995,
January 1, 1996 and March 1, 1996(18)
(8.20) Fifth Amendment, dated as of May 1, 1997, to the Fund
Participation Agreement between Aetna Life Insurance and Annuity
Company, Variable Insurance Products Fund II and Fidelity
Distributors Corporation dated February 1, 1994 and amended on
December 15, 1994, February 1, 1995, May 1, 1995, January 1,
1996 and March 1, 1996(7)
(8.21) Sixth Amendment dated as of January 20, 1998 to the Fund
Participation Agreement between Aetna Life Insurance and
Annuity Company, Variable Insurance Products Fund II and
Fidelity Distributors Corporation dated February 1, 1994 and
amended on December 15, 1994, February 1, 1995, May 1, 1995,
January 1, 1996, March 1, 1996 and May 1, 1997(27)

<PAGE>

(8.22) Seventh Amendment dated as of May 1, 1998 to the Fund
Participation Agreement between Aetna Life Insurance and
Annuity Company, Variable Insurance Products Fund II and
Fidelity Distributors Corporation dated February 1, 1994 and
amended on December 15, 1994, February 1, 1995, May 1, 1995,
January 1, 1996, March 1, 1996, May 1, 1997 and January 20,
1998(20)
(8.23) Eighth Amendment dated December 1, 1999 to Fund Participation
Agreement between Aetna Life Insurance and Annuity Company,
Variable Insurance Products Fund II and Fidelity Distributors
Corporation dated February 1, 1994 and amended on December 15,
1994, February 1, 1995, May 1, 1995, January 1, 1996, March 1,
1996, May 1, 1997, January 20, 1998 and May 1, 1998(22)
(8.24) Service Agreement between Aetna Life Insurance and Annuity
Company and Fidelity Investments Institutional Operations
Company dated as of November 1, 1995(28)
(8.25) Amendment dated January 1, 1997 to Service Agreement between
Aetna Life Insurance and Annuity Company and Fidelity
Investments Institutional Operations Company dated as of
November 1, 1995(7)
(8.26) Service Contract between Fidelity Distributors Corporation and
Aetna Life Insurance and Annuity Company dated May 2, 1997(21)
(8.27) Fund Participation Agreement among Janus Aspen Series and Aetna
Life Insurance and Annuity Company and Janus Capital Corporation
dated December 8, 1997(29)
(8.28) Amendment dated October 12, 1998 to Fund Participation Agreement
among Janus Aspen Series and Aetna Life Insurance and Annuity
Company and Janus Capital Corporation dated December 8, 1997(21)
(8.29) Second Amendment dated December 1, 1999 to Fund Participation
Agreement among Janus Aspen Series and Aetna Life Insurance and
Annuity Company and Janus Capital Corporation dated December 8,
1997 and amended on October 12, 1998(22)
(8.30) Amendment dated as of August 1, 2000 to Fund Participation
Agreement among Janus Aspen Series and Aetna Life Insurance and
Annuity Company and Janus Capital Corporation dated December 8,
1997, as amended on October 12, 1998 and December 1, 1999(30)
(8.31) Service Agreement between Janus Capital Corporation and Aetna
Life Insurance and Annuity Company dated December 8, 1997(29)
(8.32) First Amendment dated as of August 1, 2000 to Service Agreement
between Janus Capital Corporation and Aetna Life Insurance and
Annuity Company dated December 8, 1997(30)
(8.33) Distribution and Shareholder Services Agreement - Service Shares
of Janus Aspen Series (for Insurance Companies) dated August 1,
2000 between Janus Distributors, Inc. and Aetna Life Insurance
and Annuity Company(30)

<PAGE>

(8.34) Fund Participation Agreement between Aetna Life Insurance and
Annuity Company and Lexington Management Corporation regarding
Natural Resources Trust dated December 1, 1988 and amended
February 11, 1991(3)
(8.35) Fund Participation Agreement between Aetna Life Insurance and
Annuity Company, Lexington Emerging Markets Fund, Inc. and
Lexington Management Corporation (its investment advisor) dated
April 28, 1994(2)
(8.36) Fund Participation Agreement among MFS Variable Insurance Trust,
Aetna Life Insurance and Annuity Company and Massachusetts
Financial Services Company dated April 30, 1996, and amended on
September 3, 1996, March 14, 1997 and November 28, 1997(20)
(8.37) Fourth Amendment dated May 1, 1998 to the Fund Participation
Agreement by and among MFS Variable Insurance Trust, Aetna Life
Insurance and Annuity Company and Massachusetts Financial
Services Company dated April 30, 1996, and amended on September
3, 1996, March 14, 1997 and November 28, 1997(31)
(8.38) Fifth Amendment dated May 1, 1998 to Fund Participation
Agreement by and among MFS Variable Insurance Trust, Aetna Life
Insurance and Annuity Company and Massachusetts Financial
Services Company dated April 30, 1996, and amended on September
3, 1996, March 14, 1997 and November 28, 1997(32)
(8.39) Fifth Amendment dated July 1, 1999 to Fund Participation
Agreement by and among MFS Variable Insurance Trust, Aetna Life
Insurance and Annuity Company and Massachusetts Financial
Services Company dated April 30, 1996, and amended on September
3, 1996, March 14, 1997, November 28, 1997 and May 1, 1998(33)
(8.40) Fund Participation Agreement dated March 11, 1997 between Aetna
Life Insurance and Annuity Company and Oppenheimer Variable
Annuity Account Funds and Oppenheimer Funds, Inc.(25)
(8.41) First Amendment dated December 1, 1999 to Fund Participation
Agreement between Aetna Life Insurance and Annuity Company and
Oppenheimer Variable Annuity Account Funds and Oppenheimer
Funds, Inc. dated March 11, 1997(22)
(8.42) Service Agreement effective as of March 11, 1997 between
Oppenheimer Funds, Inc. and Aetna Life Insurance and Annuity
Company(25)
(8.43) Fund Participation Agreement between Aetna Life Insurance and
Annuity Company, Investors Research Corporation and TCI
Portfolios, Inc. dated July 29, 1992 and amended December 22,
1992 and June 1, 1994(3)
(8.44) Administrative Service Agreement between Aetna Life Insurance
and Annuity Company and Agency, Inc.(2)
(8.45) Sixth Amendment dated November 17, 2000 to Fund Participation
Agreement by and among MFS Variable Insurance Trust, Aetna Life
Insurance and Annuity Company and Massachusetts Financial
Services Company dated April 30, 1996, and amended on
September 3, 1996, March 14, 1997, November 28, 1997, May 1,
1998 and July 1, 1999.(5)
(9) Opinion and Consent of Counsel
(10) Consent of Independent Auditors
(11) Not applicable
(12) Not applicable
(13) Schedule for Computation of Performance Data(9)
(14.1) Powers of Attorney(5)

<PAGE>
(14.2) Authorization for Signatures(3)

1. Incorporated by reference to Post-Effective Amendment No. 6 to Registration
Statement on Form N-4 (File No. 33-75986), as filed on April 22, 1996.
2. Incorporated by reference to Post-Effective Amendment No. 22 to Registration
Statement on Form N-4 (File No. 33-34370), as filed on April 22, 1996.
3. Incorporated by reference to Post-Effective Amendment No. 5 to Registration
Statement on Form N-4 (File No. 33-75986), as filed on April 12, 1996.
4. Incorporated by reference to Post-Effective Amendment No. 3 to Registration
Statement on Form N-4 (File No. 33-79122), as filed on August 16, 1995.
5. Incorporated by reference to Pre-Effective Amendment No. 1 to Registration
Statement on Form N-4 (File No. 333-49176), as filed on November 30, 2000.
6. Incorporated by reference to Post-Effective Amendment No. 32 to Registration
Statement on Form N-4 (File No. 33-34370), as filed on December 16, 1997.
7. Incorporated by reference to Post-Effective Amendment No. 30 to Registration
Statement on Form N-4 (File No. 33-34370), as filed on September 29, 1997.
8. Incorporated by reference to Post-Effective Amendment No. 26 to Registration
Statement on Form N-4 (File No. 33-34370), as filed on February 21, 1997.
9. Incorporated by reference to Post-Effective Amendment No. 35 to Registration
Statement on Form N-4 (File No. 33-34370), as filed on April 17, 1998.
10. Incorporated by reference to Post-Effective Amendment No. 37 to Registration
Statement on Form N-4 (File No. 33-34370), as filed on April 9, 1999.
11. Incorporated by reference to Post-Effective Amendment No. 1 to Registration
Statement on Form N-4 (File No. 33-87932), as filed on September 19, 1995.
12. Incorporated by reference to Post-Effective Amendment No. 33 to Registration
Statement on Form N-4 (File No. 33-34370), as filed on February 12, 1998.
13. Incorporated by reference to Post-Effective Amendment No. 34 to Registration
Statement on Form N-4 (File No. 33-34370), as filed on February 27, 1998.
14. Incorporated by reference to Post-Effective Amendment No. 37 to Registration
Statement on Form N-4 (File No. 33-34370), as filed on September 14, 1998.
15. Incorporated by reference to Post-Effective Amendment No. 13 to Registration
Statement on Form N-4 (File No. 333-01107), as filed on April 7, 1999.
16. Incorporated by reference to Post-Effective Amendment No. 29 to Registration
Statement on Form N-4 (File No. 33-34370), as filed on August 18, 1997.
17. Incorporated by reference to Post-Effective Amendment No. 1 to Registration
Statement on Form S-1 (File No. 33-60477), as filed on April 15, 1996.
18. Incorporated by reference to Post-Effective Amendment No. 12 to Registration
Statement on Form N-4 (File No. 33-75964), as filed on February 11, 1997.
19. Incorporated by reference to Post-Effective Amendment No. 12 to Registration
Statement on Form N-4 (File No. 33-91846), as filed on October 30, 1997.
20. Incorporated by reference to Registration Statement on Form N-4 (File No.
333-56297) as filed on June 8, 1998.

<PAGE>

21. Incorporated by reference to Post-Effective Amendment No. 2 to Registration
Statement on Form N-4 (File No. 333-56297), as filed on December 14, 1998.
22. Incorporated by reference to Post-Effective Amendment No. 19 to Registration
Statement on Form N-4 (File No. 333-01107), as filed on February 16, 2000.
23. Incorporated by reference to Post-Effective Amendment No. 20 to Registration
Statement on Form N-4 (File No. 333-01107), as filed on April 4, 2000.
24. Incorporated by reference to Post-Effective Amendment No. 8 to Registration
Statement on Form N-4 (File No. 333-01107), as filed on February 19, 1998.
25. Incorporated by reference to Post-Effective Amendment No. 27 to Registration
Statement on Form N-4 (File No. 33-34370), as filed on April 16, 1997.
26. Incorporated by reference to Post-Effective Amendment No. 16 to Registration
Statement on Form N-4 (File No. 33-75964), as filed on February 9, 1998.
27. Incorporated by reference to Post-Effective Amendment No. 7 to Registration
Statement on Form S-6 (File No. 33-75248), as filed on February 24, 1998.
28. Incorporated by reference to Post-Effective Amendment No. 3 to Registration
Statement on Form N-4 (File No. 33-88720), as filed on June 28, 1996.
29. Incorporated by reference to Post-Effective Amendment No. 10 to Registration
Statement on Form N-4 (File No. 33-75992), as filed on December 31, 1997.
30. Incorporated by reference to Post-Effective Amendment No. 22 to Registration
Statement on Form N-4 (File No. 333-01107), as filed on August 14, 2000.
31. Incorporated by reference to Pre-Effective Amendment No. 1 to Registration
Statement on Form N-4 (File No. 333-56297), as filed on August 4, 1998.
32. Incorporated by reference to Post-Effective Amendment No. 4 to Registration
Statement on Form N-4 (File No. 333-56297), as filed on February 16, 1999.
33. Incorporated by reference to Post-Effective Amendment No. 11 to Registration
Statement on Form N-4 (File No. 333-56297), as filed on November 23, 1999.

<PAGE>

ITEM 25. DIRECTORS AND OFFICERS OF THE DEPOSITOR

NAME AND PRINCIPAL
BUSINESS ADDRESS* POSITIONS AND OFFICES WITH DEPOSITOR

Thomas J. McInerney Director and President

Allan Baker Director and Senior Vice President

Catherine H. Smith Director, Senior Vice President and
Chief Financial Officer

Kirk P. Wickman Senior Vice President, General
Counsel and Corporate Secretary

Deborah Koltenuk Vice President, Corporate Controller
and Assistant Treasurer

Brian Murphy Vice President and Chief Compliance
Officer

* The principal business address of all directors and officers listed is
151 Farmington Avenue, Hartford, Connecticut 06156.

ITEM 26. PERSONS CONTROLLED BY OR UNDER COMMON CONTROL WITH THE DEPOSITOR OR
REGISTRANT

Attached is a listing of all persons directly or indirectly controlled by or
under common control with the Registrant.

ING GROEP, N.V.
BHF-Bank AG
BHF Securities Corporation
ING Bank N.V.
Alegron Belegging B.V.
ING Bank Ukraine
ING Baring Securities (Romania) S.A.
Amsterdam Exchanges N.V.
Argencontrol
Artolis B.V.
Assurantiebedrijf ING Bank N.V.
Assurantiekantdoor Honig & Hageman BV
Noordster V.O.F.
Volmachtbedrijf ING Bank B.V.
Atlas Investeringsgroep N.V.
Atlas Investors Partnership III C.V.
B.V. Gemeenschappelijk Bezit Aandelen Necigef
Bank Brussels Lambert S.A.
ING Bank (Belgium) N.V./S.A.
Bancard Company S.A.
Cooperation Liquidation Terme Bourse S.C.
Europay Belgium S.C.
Institut De Reescompte S.C.
Societe Belge D' Investissement International S.C.
Society for Worldwide Interbank Financial Telecommunication S.C.
Visa Belgium SC
Bank Mendes Gans NV
B.V. Deelnemings En Financieringsmaatschappij "Nova Zembla"
B.V. Trust En Administratiekantoor Van Bank Mendes Gans N.V.
Bank Mendes Gans Effectenbewaarbedrijf N.V.
Brenko B.V.
Cabel B.V.
Handamar N.V.
Handamar Corporation
Intervest B.V.
Intervest PPM B.V.
Bank Slaski S.A. W Katowicach
*Rodkowoeropejskie Centrum Ratingu I Analiz S.A.
Bankowe Przedsi*Biorstwo Telekom. Telebank S.A.
BSK Konsulting SP Z.O.O.
BSK Leasing S.A.
Centralna Tabela Ofert S.A.

<PAGE>

Dom Maklerski BSK S.A.
Gie*Da Papierow Warto*Clowych S.A.
ING BSK Asset Management S.A.
Krajowa Izba Rozliczeniowa S.A.
Biuro Informacji Kredytowe S.A.
Mi*Dzvnarodowa Szko*A Bankowo*Ci I Finansow SP Z.O.O.
Society for Worldwide Interbank Financial Telecommunication S.C.
Banque Baring Brothers (Suisse) S.A.
Benelux Investment Fund B.V.
Berliner Handels - Und Frankfurter Bank A.G.
Buenos Aires Equity Investments N.V.
Emprendimiento Recoleta S.A. (ERSA)
BPEP Holdings Limited
Baring Asia (GP) Limited
Baring European Fund Managers Limited
Baring Latin America GP Limited
Baring Latin America Partners Limited
Baring Private Equity Partners (Asia) PTE. Limited
Baring Private Equity Partners (China) Limited
ING Barings Private Equity (China) Limited
ING BPE (China) Advisers Limited
Baring Private Equity Partners (India) Limited
Baring Private Equity Partners GMBH
Baring Private Equity Partners Limited
Baring Venture Partners GMBH
Baring Venture Partners S.A
BHB Management Limited
BPEP General Partner I Limited
BPEP General Partner II Limited
BPEP Management (UK) Limited
BPEP Nominees Limited
Quartz Capital Partners Limited
Transtech Limited
BCEE Advisers Limited
BCEF Advisers Limited
BHR Management Limited
BI Advisers Limited
Blac Holdings Inc.
Blac Corp. Incorperated
BPEP Management Limited
Baring Mexico (GP) Limited
Baring Private Equity Partners Espana S.A.
Baring Private Equity Partners Mexico S.C.
BVP Mexico S.A.
Cavendish Nominees Limited
BPEP Participations Limited
Baring Vostok Capital Partners Limited
Baring Vostok Fund Managers Limited
ESD Managers Limited
Easdaq S.A.
International Private Equity Services Limited
Polytechnos Venture Partners GMBH
BVP Holdings Limited
Baring Capricorn Ventures Limited
Baring Communications Equity Limited
BCEA Advisers Limited
BCEA Management PTE. Limited

<PAGE>

Capricorn Venture Fund N.V.
Procuritas Partners KB
PAB Partner AB
BVP Management Limited
Capricorn Venture Partners N.V.
Czech Venture Partners S.R.O.
CI European Limited
SCGF Advisers Limited
BV Maatschappij Van Onroerende Goederen 'Het Middenstandshuis B'
BV Maatschappij Van Onroerende Goederen 'Het Middenstandshuis'
Amsterdamse Poort III B.V.
Bijlmerplein Leasing BV
Foppingadreef Leasing B.V.
BV Maatschappij Van Onroerende Goederen 'Het Middenstandshuis A'
BV Maatschappij Van Onroerende Goederen 'Het Middenstandshuis C'
Grondpoort III B.V.
C.V. Exploitatiemaatschappij Tunnel Onder De Noord
Cardona B.V.
Cedel International S.A.
Centrum Cocarde B.V.
Cene Bankiers N.V.
Administratie & Trustkantoor Beleggingsfonds Protestants Nederland BV
Amsterdam Exchanges N.V.
Arma Beheer B.V.
Beheer Administratie en Beleggingsmaatschappij Kant B.V.
Bewaarbedrijf Cene Bankiers B.V.
BV Algemene Beleggingsmaatschappij Cene Bankiers N.V.
Beheermaatschappij Jansen Groenekan B.V.
Copar B.V.
Fidele Management B.V.
Flexibel Beheer Utrecht B.V.
Hercules Beheer B.V.
Langosta B.V.
Mercurius Beheer B.V.
Nivo Investments B.V.
Remazon B.V.
Cene Bankiers Holdings N.V.
Cene Asset Management N.V.
Cene Management N.V.
Tawny Owl Investment Company N.V.
Cene Verzekeringen B.V.
N.V. Instituut Voor Ziekenhuisfinanciering
Utrechtse Participatiemaatschappij B.V.
Cofiton B.V.
Sterling Developments B.V.
Brooks Equities Inc.
Location 3 Ltd.
SDC Properties Inc.
Tripolis Vastgoed B.V.
Tripolis A C.V.
Tripolis B C.V.
Tripolis C C.V.
Combdring B.V.
Compensadora Electronica S.A.
Computer Centrum Twente B.V.
Corporacion Financiera ING (Colombia) S.A.
Credit Commercial De France S.A.

<PAGE>

Depositary Company ING Bank B.V.
Destara B.V.
ING Bank Ukraine
ING Baring Securities (Romania) S.A.
Effectenbeursvennootschap Van Brussel C.V.
Effectenbewaarbedrijf ING Bank N.V.
Euroclear Clearance System Public Limited Company
European Investment Fund (Center 757)
European Investment Fund (Center 920)
Extra Clearing B.V.
Amsterdam Exchanges N.V.
Extra Clearing GMBH
YVOF Floorbrokers B.V.
Easdaq S.A.
Financial Advisory & Consultancy Services B.V.
Owen Stanley Financial S.A.
Financial Facilities Management B.V.
Finemij B.V.
Gabela Belegging B.V.
Hamgia Beheer B.V.
ING Bank Urkraine
ING Baring Securities (Romania)S.A.
Ingvest III B.V.
Institucion Financiera Externa Middenbank Curacao N.V. (Uruguay)
Interbank On-Line System Limited
International Bankers S.A.
Interpay Nederland B.V.
Interunion Bank (Antilles) N.V.
Interadvies N.V.
Administratiekantoor De Leuve BV
Crediet Service Bank B.V.
Incassobureau Fiditon BV
NV Nationale Volksbank
Arenda B.V.
Spaarfondsen Beheer B.V.
Spaarfondsen Bewaar B.V.
Welvaert Financieringen NV
Welstand B.V.
Internationale Nederlanden (U.S.) Funding Corporation
ING (U.S.) Financial Holdings Corporation
ING (U.S.) Capital Financial Holdings LLC
ING (U.S.) Capital LLC
ING (U.S.) Capital Management Company LLC
ING (U.S.) Investment Corporation
Alliance Precision Plastics Corporation
Nitrogen Products, Inc.
ING Furman Selz Asset Management LLC
FSIP LLC
Taurus Partners, L.P.
The Corner Fund, L.P.
Fairway Capital Partners, L.P.
Anvers, L.P.
Anvers II, L.P.
Artemis Partners, L.P.
Furman Selz Capital Management LLC
Delta Asset Management
NorthStar Asset Management

<PAGE>

ING Capital Advisors, LLC
ING Capital Advisors Portfolio Management Corp.
ING Capital Senior Secured High Income Fund, L.P.
ING Emerging Markets Investors LLC
ING Emerging Partners L.P.
ING Equity Holdings, Inc.
ING Equity Partners L.P.
ING Realty Services, Inc.
ING (U.S.) Financial Services Corporation
ING Baring Grupo Financiero (Mexico) S.A. De C.V.
ING Inmobiliaria (Mexico) S.A. de C.V.
ING Bank (Mexico) S.A.
ING Baring (Mexico), S.A. de C.V., Casa de Bolsa
ING Baring (U.S.) Financial Holdings LLC
ING Baring (U.S.) Capital Markets, LLC
ING Baring (U.S.) Capital LLC
ING (U.S.) Latin American Capital LLC
Internationale Nederlanden (U.S.) Real Estate Finance, Inc.
1996 Olympic Corporation
California Acquisition Partners I
Coast Atlantic, Inc.
Highridge ING Atlantic L.P.
Apache Investments, Inc.
Kokopelli Associates, Ltd.
Blue Sky Properties Inc.
Montague Court, LLC
Calprop Portfolio, Inc.
The Center at San Marcos Corporation
Crow's Nest Corporation
Genesee Corporation
Algerine Inc.
Genreo Corporation
Northern Springs Portfolio, Inc
Laketon Corporation
Lucre Lake Corporation
ING Real Estate Investors, Inc.
Little Muddy Creek Corporation
FN Realty Advisors, Inc.
Mountain AMD L.P.
First Ohio Service Corporation
5850 Corporation
Colrad Development Corp.
Evergreen Valley Development
LFS Capital Corporation
Lisle Center, Inc.
Spectrum Holdings, Inc.
Cardinal Mortgage Corporation
E.N. One, Inc.
Fairfield Village Mortgage Corporation
Lincoln Ventures Corporation
Pathway Lands Incorporated
Amarak II Investments Corporation
Pimco Corporation
Baloo Corporation
Can II, LLC
Cap II Foreclosure Corporation
Penn Mar Associates, LLC

<PAGE>

Calprop II Portfolio, Inc.
Clear River Associates, Inc.
Amarak Investments Corporation
Great Lakes Management, Inc.
Canadian Ventures I L.P.
Falcon Gate, Inc.
Long Ears Corporation
Pleasantlake Corporation
S G Investors Corporation
Southgate Plaza, LLC
Ventura Ridge Associates, Inc.
Triangle Development Corporation
39 Vestry LLC
Tech Air Corporation
ING Barings Real Estate Acquisition Company
Pentagon Parkway Corporation
Artis Realty Advisors, Inc.
Coconut Corp.
Promontory Point, Inc.
Promontory Point Partnership
Seagate Development Corporation
Able Gateway Plaza, LLC
Mountain Creek Investors, Inc.
Mountain Creek Company, LLC
Telluride Mountain Village Ventures, LLC
Nashpike Corporation
Velocity One Inc.
B&I Associates, LLC
Brookhollow Associates, L.P.
Courtyard Plaza Associates, L.P.
Glen Harbor Associates, LLC
Hightree Associates, LLC
Lakebridge Partners, L.P.
Kent Hospitality Associates, L.P.
Northern Springs Limited Partnership
Ventura Hospitality Partners, L.P.
40 East Associates, L.P.
Springfield Corporate Center, LLC
Fountain Park Partners, L.P.
Westmoreland Associates, L.P.
Green Neck, LLC
Mallard Cove Investors, LLC
Calshops, LLC
BHI-Dover VII, L.P.
BHI-Dover VIII, L.P.
BHI-Dover X, L.P.
BHI-Dover XI, L.P.
Brickyard Investors, L.P.
Eastgate Hospitality Partners, L.P.
Festival Pasadena Associates, L.P.
Golden Bear Homes I, L.P.
Golden Bear Homes II, L.P.
Golden Bear Homes III, L.P.
Golden Bear Homes IV, L.P.
SPA Partners, L.P.
Miami Bay Hospitality Associates, L.P.
Royal River Partners, L.P.

<PAGE>

Wildewood Holdings, LLC
Madramp, LLC
201 Madison, LLC
RTC Commercial Assets Trust, NP3-3
Boulders Phoenician Limited Partnership
CPR Investments, Inc.
Phoenician Investments, L.P.
Wisconsin Option Inc.
Hammer & Nails, Inc.
RIB Residential LLC
RBG Residential Investors, LLC
RBG XXXV Corp.
Centerline/RBG XXXV, L.P.
RB Florida Partners, L.P.
Center VII Corporation
Center VIII Corporation
Center X Corporation
Fountain Park Corporation
Royal Falls Corporation
Woodward Investors Corporation
Woodward First National LLC
Qualco, Inc.
Quality Fifth Avenue Hotel Associates, LLc
Fifth Avenue Hospitality Associates, LLC
Baldco, Inc.
Sleepy Lake Corporation
High Flyer Corporation
Airport One Investors, LLC
Lower Westside Development Corp.
359 West 11th Street, LLC
Velocity Two, Inc.
Baldwin Hospitality, LLC
Sleepy Lake Partners, L.P.
ING Merger Inc.
Furman Selz Trust Company
Furman Selz (Ireland) LLC
Furman Selz Financial Services Unlimited
Furman Selz Advisors LLC
Furman Selz Capital LLC
Furman Selz Management (BVI) Ltd.
Furman Selz Investments LLC
Furman Selz Investors, L.P.
Furman Selz SBIC Investments LLC
Furman Selz SBIC, L.P.
ING Baring Furman Selz LLC
Furman Selz Investment II
Furman Selz Investors II, L.P.
Furman Selz Parallel Fund
Artisan Investment Management LLC
Michelangelo Partners, L.P.
Total Resources LLC
Furman Selz Resources LLC
Furman Selz Financial Services LLC
Furman Selz Merchant Capital LLC
Furman Selz Ventures, L.P.
Karnak Partners, L.P.
Saugatuck Partners, L.P.

<PAGE>

Crestwood Capital Partners, L.P.
Crestwood Capital Partners II, L.P.
Bridgewood Capital Partners, L.P.
ING TT&S (U.S.) Holdings Corporation
ING TT&S (U.S.) Securities, Inc.
ING (U.S.) Securities, Futures & Options Inc.
ING TT&S (U.S.) Capital Corporation
Furman Selz Proprietary, Inc.
ING (U.S.) Capital Investors Holdings, Inc.
ING (U.S.) Capital Securities, Inc.
Brecco, Inc.
FSIC LLC
Mutual Fund Funding 1994-1
Pacifica Funds Distributor, Inc.
Furman Selz Residential Funding LLC
FS Trust Company
ING Bank (Chile) S.A.
Edibank S.A.
Sociedad Interbancaria De Depositos De Valores S.A.
ING Bank (Eurasia)
ING Bank (Hungary) Rt.
Giro Elszamolasforgalmi Rt.
ING Duna Ingatlanhasznositc KFT
ING Bank (Luxembourg) S.A.
CMF Advisory S.A.H.
Euromix Advisory S.A.H.
ING Bank Luxfund Management S.A.
ING International Advisory S.A.H.
ING International II Advisory S.A.H.
ING Bank (Schweiz) A.G.
Kredietbank S.A. Luxembourgeoise
ING Bank (Uruguay) S.A.
Bolsa Electronica De Valores Del Uruguay S.A.
Compania Uruguaya De Medios De Procesamiento S.A.
Red. De Intercomunicacion De Alta Seguridad S.R.L.
ING Bank of Canada
ING Bank Corporate Investments B.V.
Entero B.V.
Eruca Belegging B.V.
ING Bank Mezzaninefonds B.V.
ING Bank Participatie PPM B.V.
MKB Beleggingen B.V.
MKB Vliehors II B.V.
Wijkertunnel Beheer II B.V.
Wijkertunnel Beheer II Management B.V.
MKB Vliehors III B.V.
Small Business Publishing B.V.
N&M Holding N.V.
ING Bank Dutch Fund N.V.
ING Bank Fondsen Beheer B.V.
ING Bank Geldmarkt Fonds N.V.
ING Bank Global Custody UK Nominees Limited
ING Bank Global Fund N.V.
ING Bank Guldem Fonds N.V.
ING Bank I.T. Fund N.V.
ING Bank Luxfund Management S.A.
ING Bank Middutch Fund N.V.

<PAGE>

ING Bank Obligatie Fonds N.V.
ING Bank Rentegroei Fonds N.V.
ING Bank Spaardividend Fonds N.V.
ING Bank Vastgoed Fonds B.V.
ING Bank Verre Oosten Fonds N.V.
ING Baring Capital Markets (C.R.), A.S.
ING Baring Financial Products
ING Baring Holding Nederland B.V.
Atlas Capital (Thailand) Limited ("Atlas")
ING Baring Securities (Thailand) Limited
ING Baring Holdings Limited
Baring Asset Management Holdings Ltd.
Baring Asset Management Ltd.
Baring International Investment Limited
Baring International Investment Management Holdings Ltd.
Baring Asset Management Inc.
Baring International Investment (Canada) Limited
Baring International Investment Management Limited
Baring Asset Management Holdings Inc.
Baring Asset Management UK Holdings Limited
Baring Asset Management (Asia) Holdings Limited
Austin Assets Limited
Baring Asset Management (Asia) Limited
Baring Asset Management (Australia) Limited
Baring Asset Management (Japan) Limited
Baring International Fund Managers (Bermuda) Limited
Baring International Fund Managers Limited
Baring International Investment (Far East) Limited
Baring Pacific Investments Limited
Baring Asset Management (C.I.) Limited
Baring International Fund Managers (Ireland) Ltd.
Baring Investment Services Inc.
Baring Mutual Fund Management S.A.
European and Asian Fund Management S.A.
Baring Investment Management Ltd.
Baring Quantative Management Ltd.
Baring Global Fund Managers Limited
Baring Private Asset Management Ltd.
Baring Fund Managers Limited
Baring Managed Funds Services Ltd.
Baring Private Investment Management Ltd.
Baring Trust Company Ltd.
Baring Trustees (Guernsey) Limited
Arnold Limited
International Metal Trading Limited
Barings (Isle of Man) Limited
Control Management Limited
Doyle Administration Limited
International Metal Trading Limited
ING Trust (Jersey) Ltd
Saline Nominees Limited
Truchot Limited
Vivian Limited
Barings (Guernsey) Limited
Barfield Nominees Limited
Barings Ireland Limited
Guernsey International Fund Managers Limited

<PAGE>

Arnold Limited
International Metal Trading Limited
Control Management Limited
Doyle Administration Limited
International Metal Trading Limited
International Fund Managers (Ireland) Ltd.
International Securitisation Managers (Ireland) Ltd
Saline Nominees Limited
Truchot Limited
Vivian Limited
International Fund Managers UK Ltd.
Ravensbourne Registration Services Ltd.
Barings Investment Services Limited
Baring Brothers Holdings Limited
Baring (U.S.) Holdings Limited
Abbotstone Investment Company Limited
Baring Brothers Limited
Baring Brothers (Finance) Limited
Baring Brothers Argentina S.A.
Baring Brothers International Limited
Barings C.F. Holdings Limited
B.B.A.H. Pty Limited
Baring Brothers Burrows & Co. Limited
Baring Brothers Burrows Securities Limited
SAIPH Pty Limited
BBHP Pty Limited
Baring Brothers (Deutschland) GMBH
Baring Brothers International GMBH
Baring Brothers (Espana) S.A.
Barings Brothers (Italia) SRL
Baring Properties (London Wall) Limited
Baring Properties Limited
Outwich Finance Limited
Outwich Limited
Baring Warrants PLC
Barings France S.A.
Barings Nominees Limited
Bishopscourt Holdings Limited
Bishipscourt Leasing (Holdings) Limited
Bishopscourt Asset Leasing Limited
Bishopscourt Equipment Leasing Limited
Bishopscourt Industrial Finance Limited
Bishopscourt Limited
Bishopscourt Securities Limited
BVC Nominees Limited
Cotton Nominees Limited
ING Baring International Advisers Limited
ING Baring Services (Eastern Europe) Limited
ING Baring Services Limited
The Mortgage Acceptance Corporation (Holdings) Limited
The Mortgage Acceptance Corporation Limited
Yealme Securities Limited
ING Baring Financial Products
ING Baring Securities Holdings Limited
ING Baring Securities Limited
ING Baring Securities (Andean Pact) Ltda
ING Barings Peru S.A.

<PAGE>

ING Baring Securities Services Limited
Baring Securities (Property Services) Ltd
BS Property Services (Japan) Limited
ING Baring Data Limited
INGB Dormant Holding Company Limited
Baring Securities (London) Limited
Baring Securities (OTC Options) Limited
ING Baring Management Services PTE Ltd
ING Baring Research Limited
ING Baring Securities (Overseas) Ltd.
ING Baring Securities Management Services (Hong Kong) Ltd
Maketravel Limited
INGB Securities (International) Holdings Limited
Baring Securities (Financial Services) Limited
Barsec (International) Limited
Baring Nominees (Australia) Pty Ltd
Baring Research S.A. De C.V.
Baring Securities (Australia) Limited
Baring Securities (France) S.A.
Baring Securities Pakistan (Private) Limited
Barings Mauritius Limited
ING Barings India Private Limited
ING Baring Securities (India) Pvt. Ltd.
Celtec Holdings S.A.
ING Baring Corretora De Valores Mobiliarios S.A.
Corinvest Limited
Epcorp Limited
Galax Limited
Dropny B.V.
ING Baring Chile Limitada
ING Baring International PTE Ltd
ING Baring Operational Services (Taiwan) Limited
ING Baring Securities (Andean Pact) Ltda
ING Baring Securities (Hong Kong) Ltd
ING Baring Far East Nominees Limited
ING Baring Securities (Philippines) Inc.
ING Baring Securities (Singapore) PTE Ltd
ING Baring Nominees (Singapore) PTE Ltd
ING Baring Research (Malaysia) SDN. Bhd.
ING Baring Securities (Taiwan) Limited (SICE)
ING Baring Securities, Argentina S.A.
ING Baring South Africa Limited
ING Barings Southern Africa (Proprietary) Ltd
Anodyne Nominees (Proprietary) Limited
ING Barings Peru S.A.
ING Futures & Options (Hong Kong) Limited
ING UK Capital Limited
Lokmaipattana Co. Limited
PT ING Baring Securities Indonesia
INGB Securities Client Services Limited
Aliwall Limited
Barings Securities Nominees Limited
Brunera Limited
Cereus Limited
Dianthus Limited
Eranthis Limited
Francoa Limited

<PAGE>

Grassmere Limited
Leacroft Limited
Mountbatten Limited
ING Baring Securities (Japan) Limited
ING Baring Securities (Thailand) Limited
ING Baring Investment (Eurasia) Zao
ING Baring Securities (Hungary) Rt.
ING Baring Securities (Poland) Holding B.V.
ING Baring Securities (Romania) S.A.
ING Baring Securities (Slovakia), S.R.O.
Proctor & Gamble S.R.O.
ING Barings Ecuador Casa De Valores S.A.
ING BSK Asset Management S.A.
ING Capital Markets (Hong Kong) Limited
ING Compania De Inversiones Y Servicios Limitada
Bolsa Electronica De Chile, Bolsa De Valores S.A.
CISL Aruba A.E.C.
ING Consultants Co., Ltd.
ING Derivatives (London) Limited
Belgian Futures & Options Exchange
London Clearing House Limited
Liffe (Holdings) PLC
The International Petroleum Exchange of London Limited
ING Empreendimentos E Participacaos Ltda.
Guilder Corretora De Valores Mobiliarios S/A
ING Guilder Distribuidora De Titulos E Valores Mobiliarios S/A
ING Investment Management Ltda.
ING Servicos Ltda.
ING Finance (Ireland) Ltd
ING Forex Corporation
ING Futures & Options (Singapore) PTE Ltd
ING Inversiones, Ltda.
Corporacion Financiera ING (Colombia) S.A.
ING Investment Management Holdings (Antilles) N.V.
ING Lease Holding N.V.
CW Lease Belgium NV
CW Finance N.V.
CW Lease Luxembourg S.A.
Dealer Lease Service Belgium N.V.
CW Lease Nederland BV
Autolease OSS B.V.
CW Finance N.V.
CW Lease Belgium NV
CW Finance N.V.
CW Lease Luxembourg S.A.
Dealer Lease Service Belgium N.V.
CW Lease France S.N.C.
CW Lease Luxembourg S.A.
Dealer Lease Service Belgium N.V.
Gothia Estate II B.V.
Westment II B.V.
International Driver Service B.V.
Schade Herstel Bedrijf B.V.
ING Aircraft Lease B.V.
Fokker Brasil B.V.
ING Lease (Belgium) N.V.
Real Estate Lease SPC 1 N.V.

<PAGE>

Savin Lease N.V.
ING Lease (Espana) EFC, SA
ING Lease (France) S.A.
ING Lease (France) S.N.C.
ING Lease (Italia) SPA
ING Lease (Nederland) B.V.
Blauwe IRM B.V.
Graphic Lease B.V.
Groen Lease B.V.
GIL 1997 (Windkracht) B.V.
ING Lease Vastgoed B.V.
Newco-One Corp.
Ship Lease International B.V.
ZIL '96 B.V.
ING Lease (Polska)
ING Lease Holding (Deutschland) GMBH
CW Lease Deutschland GMBH
CW Lease Berlin GMBH
ING Lease Deutschland GMBH
IFSC Beteiligungsgesellschaft GMBH
ING Lease (Berlin) GMBH
ING Lease Kran und Schwertransport GMBH
ING Leasing Besitzgesellschaft MBH
ING Leasing Geschaeftsfuhrungsgesellschaft MBH
ING Leasing Gesellschaft Fur Beteiligungen MBH
ING Leasing GMBH & Co. Golf KG
ING Leasing GMBH & Co. Juliett KG
ING Leasing Treuhandsgeselschaft GMBH
ING Leasing Verwaltungsgesellschaft GMBH
Uta Finanz und Leasing GMBH
ING Lease Holdings (UK) Limited
CW Lease UK Ltd
CW Finance Ltd.
Leasing Principals Limited
ING Lease (UK) Limited
ING Farm Finance Limited
ING Farm Finance (June) Limited
ING Farm Finance (March) Limited
ING Farm Finance (September) Limited
ING Lease (UK) Nine Limited
ING Lease (UK) Six Limited
ING Lease (UK) Three Limited
MKL Rentals Limited
ING Lease Interfinance B.V.
CW Lease France S.N.C.
ING Lease (Italia) SPA
Real Estate Lease SPC 1 N.V.
Runoto Belgium N.V.
Diamond Lease
ING Lease International Equipment Finance B.V.
ING Aviation Lease B.V.
Air Finance Holland B.V.
Aviation Service Holland B.V.
ING Lease (Far East 2) B.V.
ING Lease (Far East) N.V.
ING Lease (Ireland) B.V.
ING Lease (France) S.N.C.

<PAGE>

ING Lease Structured Finance B.V.
Esbelto B.V.
Green Assets B.V.
Hirando B.V.
Hokabe Lease B.V.
ING Bank Geldmarkt Fonds Beheer B.V.
ING Lease Milieu B.V.
Quadralock 2 B.V.
SFING Europe B.V.
Tropelia B.V.
Virgula B.V.
ING Lease International Equipment Management B.V.
Air Finance Amsterdam B.V.
Air Holland Leasing II B.V.
ING (Holland Aircraft Lease) B.V.
ING Lease Aircraft B.V.
ING Lease Delaware, Inc.
Noord Lease B.V.
Postbank-Lease B.V.
Renting De Equipos E Inmuebles SA
Runoto Leasing BV
Runoto Belgium N.V.
Diamond Lease
ING Mercantile Mutual Bank Limited
ING Merchant Bank (Singapore) Limited
Export Credit Insurance Corporation of Singapore Ltd
ING Asset Management (Singapore) Ltd
ING Nominees (Singapore) PTE Ltd
ING Participation Dalrybbank B.V.
ING Private Banking Beheer B.V.
ING Bank Vastgoed Management B.V.
ING Securities (Eurasia) Zao
ING Servicios, C.A.
ING Sociedad De Bolsa (Argentina), S.A.
Mercado De Valores De Buenos Aires S.A.
ING Sviluppo Sim S.P.A.
ING Trust B.V.
Ingress N.V.
ING Management (Hong Kong) Ltd
ING Nominees (Hong Kong) Ltd
ING Trust (Antilles) NV
Formid Management N.V.
ING (Antilles) Portfolio Management N.V.
Monna NV
Jet NV
Simbad N.V.
ING Trust (Aruba) N.V.
ING Trust (BVI) Ltd.
ING Trust (Luxembourg) S.A.
ING Trust (Nederland) B.V.
ING Bank (Eurasia)
ING Bank (Luxembourg) S.A.
CMF Advisory S.A.H.
Euromix Advisory S.A.H.
ING Bank Luxfund Management S.A.
ING International Advisory S.A.H.
ING International II Advisory S.A.H.

<PAGE>

ING Baring Securities (Romania) S.A.
ING Holdings Empreendimentos Participacao Ltda.
Guilder Corretora De Valores Mobiliarios S/A
Management Services ING Bank B.V.
ING Bank (Eurasia)
ING Baring Investment (Eurasia) Zao
ING Securities (Eurasia) Zao
Muteka BV
ING Trust (Suisse) AG
Trust Maatschappij ING Bank B.V.
Anorga B.V.
Corpovea B.V.
N.V. Balmore Vastgoed U.S.A.
Den Hamer Beheer B.V.
Diagonac B.V.
Henry F. Holding B.V.
ING Aconto N.V.
N.V. Balmore Vastgoed U.S.A.
Mijcene B.V.
Vitigudino B.V.
N.V. Balmore Vastgoed U.S.A.
N.V. Balmore Vastgoed U.S.A.
Paramito B.V.
Rescit I BV
Storeria B.V.
Tuvor B.V.
Vitigudino B.V.
N.V. Balmore Vastgoed U.S.A.
Vitigudino B.V.
N.V. Balmore Vastgoed U.S.A.
Westward Capital II B.V.
ING Valores (Venezuela) C.A.
ING Vastgoed B B.V.
ING Real Estate (BHS) B.V.
ING Real Estate International Development B.V.
Holland Park Sp. Zoo
ING Real Estate Iberica SL
ING Real Estate International Development (Liege) B.V.
ING Real Estate Sp. Zoo
ING Real Estate Vasco Da Gama B.V.
London & Amsterdam Properties Ltd
London and Amsterdam Development Ltd.
London & Amsterdam Properties Ltd
MBO Camargo SA
Inmolor SA
MBO La Farga SA
Hospitalet Center, SL
MBO Morisson Ltd
Warsaw I B.V.
1300 Connecticut Avenue Joint Venture Ltd
ING Real Estate International Investment II B.V.
ING Real Estate International Investment III B.V.
ING Vastgoed Financiering N.V.
Bedrijfsgebouw MBO - Riho C.V.
Groeneveld MBO C.V.
M.B.O. Vastgoed Lease B.V.
Lindenburgh C.V.

<PAGE>

Maria Hove C.V.
MBO Brova C.V.
MBO North America Finance B.V.
Residential Financial Development LLC
ING Vastgoed Fondsen B.V.
Winkelfonds Nederland Management B.V.
ING Vastgoed Ontwikkeling B.V.
Amsterdamse Poort Holding IV B.V.
Amsterdamse Poort IV B.V.
Grondpoort IV B.V.
Amsterdamse Poort II B.V.
BV Bedrijvenpark G.P.
CV Bedrijvenpark G.P.
Grondpoort II B.V.
Gulogulo B.V.
Antibes Holding B.V.
ING Vastgoed Arena B.V.
Muller Bouwparticipatie B.V.
V.O.F. Winkelcentrum Markt Noorderpromenade Drachten
MBO - Ruijters B.V.
Holding 'T Loon B.V.
Vastgoed 'T Loon B.V.
Wolfstreet Holding B.V.
Wolfstreet B.V.
Wolfstreet Grond B.V.
MBO Brinkstraat Holding B.V.
MBO Brinkstraat B.V.
MBO Brinkstraat Grond B.V.
MBO Catharijnesingel Holding B.V.
MBO Catharijnesingel B.V.
MBO Catharijnesingel Grond B.V.
MBO De Centrale Holding B.V.
MBO De Centrale B.V.
MBO De Centrale Grond B.V.
MBO Dommelstaete Holding B.V.
MBO Dommestaete B.V.
MBO Emmasingel Holding B.V.
MBO Emmasingel B.V.
MBO Emmasingel Grond B.V.
MBO Guyotplein Holding B.V.
MBO Guyotplein B.V.
MBO Guyotplein Grond B.V.
MBO Kousteensedijk Holding B.V.
MBO Kousteensedijk B.V.
MBO Kousteensedijk Grond B.V.
MBO Kruseman Van Eltenweg Holding B.V.
MBO Kruseman Van Eltenweg B.V.
MBO Kruseman Van Eltenweg Grond B.V.
MBO Marienburg B.V.
Marienburg V.O.F.
MBO Martinetsingel Holding B.V.
MBO Martinetsingel B.V.
MBO Martinetsingel Grond B.V.
MBO Oranjerie Holding B.V.
MBO Oranjerie B.V.
MBO Oranjerie Grond B.V.
MBO Pleintoren Holding b.V.

<PAGE>

MBO Pleintoren BV
MBO Pleintoren Grond BV
MBO Via Catarina B.V.
Via Catarina "Empredimentos Imobiliarios" SA
MBO Walburg Holding B.V.
MBO Walburg B.V.
MBO Walburg Grond B.V.
MBO Willem II Singel Holding B.V.
MBO Willem II Singel B.V.
MBO Willem II Singel Grond B.V.
Q-Park Bovenmaas I B.V.
Q-Park N.V.
Q-Park Nederland B.V.
Q-Park Exploitatie B.V.
Q-Park De Bijenkorf B.V.
Q-Park Beheer B.V.
Q-Park Brabant B.V.
Q-Park Reserve I B.V.
Q-Park Byzantium B.V.
Q-Park City Holding B.V.
Q-Park City B.V.
Q-Park Schouwburg B.V.
Q-Park De Klomp B.V.
Q-Park Raadhuis B.V.
Q-Park Reserve II B.V.
Stadsherstel Historisch Rotterdam N.V.
Supermarkt Krouwel B.V.
V.O.F. Winkelcentrum Markt Noorderpromenade Drachten
Vastgoed De Brink Holding B.V.
Vastgoed De Brink B.V.
Wilhelminahof MBO B.V.
Zuidplein Beheer BV
ING Verwaltung (Deutschland) GMBH A.G.
Allgemeine Deutsche Direktbank AG
BNL Beteiligungsgeselschaft Neue Laender GMBH & Co. KG
Liquiditats-Konsortialbank GMBH
ING-North East Asia Bank
INIB N.V.
Locura Belegging B.V.
Luteola B.V.
Melifluo B.V.
Middenbank Curacao N.V.
Advisory Company Luxembourg
Altasec N.V.
Corporacion Financiera ING (Colombia) S.A.
Aralco N.V.
Atlas Venture Fund I, L.P.
Banco Latino-Americano De Exportaciones S.A.
Cayman Islands Funds N.V.
Corporacion Financiera ING (Colombia) S.A.
Datasegur S.R.L.
Fiseco N.V.
Granity Shipping N.V.
Institucion Financiera Externa Middenbank Curacao N.V. (Uruguay)
ING Bank (Chile) S.A.
Edibank S.A.
Sociedad Interbancaria De Depositor De Valores S.A.

<PAGE>

ING Barings Ecuador Casa De Valores S.A.
ING Compania De Inversiones Y Servicios Limitada
Bolsa Electronica De Chile, Bolsa De Valores S.A.
CISL Aruba A.E.C.
ING Inversiones, Ltda.
Corporacion Financiera ING (Colombia) S.A.
ING Sociedad De Bolsa (Argentina), S.A.
Mercado De Valores De Buenos Aires S.A.
Kamadora Investments N.V.
Corporacion Financiera ING (Colombia) S.A.
Lerac Investment S.A.
Red Rose Investments N.V.
Unilarse
Zermatt N.V.
Miopia B.V.
Multiaccess B.V.
MKB Adviseurs B.V.
MKB Card B.V.
MKB Investments BV
De Springelberg B.V.
Het Dijkhuis B.V.
Palino B.V.
Tiberia B.V.
MKB Punt B.V.
Business Compass Holding B.V.
N.V. Instituut Voor Ziekenhuisfinanciering
Nationale-Nederlanden Financiele Diensten B.V.
B.V. Financieringsmaatschappij Vola
B.V. Kredietmaatschappij Vola
Dealer Cash Plan B.V.
Cash Plan B.V.
Finantel B.V.
Sentax Assurantie B.V.
G. J. Van Geet Beheer B.V.
Alegro Krediet B.V.
Gelderse Discount Maatschappij B.V.
Sentax Beheer B.V.
Finam Krediet B.V.
Sentax Lease B.V.
Vola Geldleningen B.V.
Nederlandse Bouwbank N.V.
Nederlandse Financieringsmaatschappij Voor Ontwikkelingslanden N.V.
Nedermex Limited N.V.
Netherlands Caribbean Bank N.V.
Nethworks Integrated Project Consultancy B.V.
Nofegol Beheer B.V.
NCM Holding N.V.
NMB Equity Participaitons N.V.
NMB-Heller Holding N.V.
Handlowy-Heller SA
Heller GMBH
Heller Bank A.G.
International Credit Service S.A.S.
Heller Finanz GMBH
Info-Und Beratungsunternehmen GMBH
NMB-Heller Ltd.
NMB-Heller N.V.

<PAGE>

Agpo Participatiemaatschappij B.V.
Felix Tigris B.V.
Inter Credit B.V.
International Credit Service S.A.S.
International Credit Service S.A.S.
NMB-Heller Zweigniederlassung Neuss
Zamenbrink B.V.
Zamenterp B.V.
OB Heller AS
Okalia N.V.
Olivacea B.V.
Ontwikkelingsmaatschappij Noordrand B.V.
Orcinus B.V.
Oscar Smit's Bank N.V.
Bouwmaatschappij Mecklenburgplein B.V.
Kenau B.V.
P.T. ING Indonesia Bank
Parmola B.V.
Paronyme B.V.
Pendola B.V.
Perotis B.V.
Policy Extra Holdings Limited
Postbank N.V.
Amsterdam Exchanges N.V.
Interpartes Incasso B.V.
Postbank Aandelenfonds N.V.
Postbank Beleggingsfonds N.V.
Postbank Beleggingsfondsen Beheer B.V..
Postbank Beleggingsfondsen Bewaar B.V.
Postbank Chipper Beheer B.V.
Postbank Euro Aandelen Fonds N.V.
Postbank Groen N.V.
Postbank I.T. Fonds N.V.
Postbank Interfinance B.V.
Postbank Nederlandfonds N.V.
Postbank Obligatie Fonds N.V.
Postbank Obligatiefonds Beheer B.V.
Postbank Vastgoedfonds N.V.
Postbank Vermogensgroeifonds N.V.
Postbank Wereldmerkenfonds N.V.
Postkantoren B.V.
Prena Belegging B.V.
T Oye Deventer B.V.
A. Van Der Molen Herenmode B.V.
A. Van Der Pol Beleggingsmaatschappij Amsterdam B.V.
A. Van Venrooy Beleggingen B.V.
A. Van Weringh Beleggingen B.V.
A.C.M. Nienhuis Houdstermaatschappij B.V.
B.V. Raadgevend Bureau Nienhuis Consultans
A.H. Blok Holding B.V.
A.H.M. Habets Beheer B.V.
A.J. Vos Makelaardij Onroerende Goederen B.V.
Abades B.V.
Abrocoma B.V.
Ad Barnhard Holding B.V.
Albranis B.V.
Almenzor B.V.

<PAGE>

Altimira B.V.
Ambito N.V.
Aralar B.V.
Atitlan B.V.
B.V. Beheersmaatschappij Nuyt En Heikens
B.V. Odripi
B.V. Varen ABC
B.V. Vulca Beleggingsmaatschappij
Barbatus B.V.
Barbuda B.V.
Bebida B.V.
Beheermaatschappij Van Der Reijnst B.V.
Beheermaatschappij Van Het Beleggingsfonds Van De 7 B.V.
Beheermaatschappij Darius B.V.
Beheermaatschappij Stouwe B.V.
Beheermaatschappij Van Putten B.V.
Beheersmaatschappij Elma Schrijen B.V.
Beheersmaatschappij K.G. Tjia B.V.
Beheersmaatschappij Luco Zuidlaren B.V.
Beheersmij A.J. Konst B.V.
Belagua B.V.
Bergara B.V.
Bermillio B.V.
Betulina B.V.
Bidasoa B.V.
Biporus B.V.
Blarina B.V.
Brasas B.V.
Bravura B.V.
Bremer-Van Mierlo Belegginsgmaatschappij B.V.
Bustia B.V.
C. J. Buyzen Beheer B.V.
C. J. H. - En J. J. Heimeriks Holding B.V.
Calando Belegging B.V.
Camilo B.V.
Castroverde B.V.
Catoneria B.V.
Cermanita B.V.
Cicania B.V.
Clacri B.V.
Colocar B.V.
OCB Beheer B.V.
Concolor B.V.
Cortada B.V.
Cotranco B.V.
Crescentes Prins B.V.
Cumbras B.V.
Cupula B.V.
D'Eijk B.V.
De Groninger Lederwaren Industrie B.V.
Delta Nederland Beheer B.V.
Dorsalis B.V.
Dr. De Grood Beheer B.V.
DKP Beheer B.V.
Dick Kooiman Publication/Productions B.V.
DSBV-Enserink B.V.
DSBV-Ploeger B.V.

<PAGE>

E. Romar Beheer B.V.
Omnium B.V.
Empluma B.V.
Entorno B.V.
Epic Investments B.V.
Ernsatus B.V.
Esvice B.V.
Exel Beheer B.V.
Exploitatie En Beleggingsmaatschappij Alja Eindhoven B.V.
F. R. Hoffschlag Beleggingen B.V.
Familiale Investerings Maatschappij F.I.M.
Farlita B.V.
Flantua Beheer B.V.
Fregenda B.V.
Funjob Investments B.V.
G. Laterveer Beheer B.V.
Garlito B.V.
Gebrema Beheer B.V.
Gekrabeheer B.V.
Germs Beleggingen B.V.
Glabana B.V.
Golpejas B.V.
H. Van Duinen Beheer B.V.
H. Mekenkamp Holding B.V.
Mekenkamp Beheer B.V.
H. Weterings Holding B.V.
H. D. En L.B. Meijer Beheer B.V.
H. G. Van Der Most Beheer B.V.
Handelsonderneming E. Spee B.V.
Hepec Beheer B.V.
Hilschip BV Hispidus B.V.
Hof En Frieling Beheer B.V.
Hof & Frieling Onroerend Goed B.V.
Holding Hoveling Beheer B.v.
Holding J.W.G. Huijbregts B.V.
Holding Schildersbedrijf West-Friesland B.V.
Holding Schuiling B.V.
Holding Th. A. Wellink B.V.
Hotel-Restaurant Boerhave B.V.
Huaco B.V.
Humada B.V.
Ignaro B.V.
Imbricata B.V.
Incoloro B.V.
Indonea B.V.
Allshoes Schoengroothandel B.V.
ING Bank Spaardividend Fonds Beheer B.V.
J & A Holding B.V.
J. B. Van Den Brink Beleggingsmaatschappij B.V.
J. G. Mekenkamp Holding B.V.
Mekenkamp Beheer B.V.
J. H. Moes Holding B.V.
J. P. Korenwinder Beheer B.V.
J. W. Th. M. Kohlen Beheer B.V.
Jemaas Beheer B.V.
Jongert Beheer B.V.

<PAGE>

K & M Beheer B.V.
Kalliope B.V.
Bacolac B.V.
Kapellenberg B.V.
Kijkgroep B.V.
Koehorst Promotion Beheer B.V.
KBM Maarssen B.V.
L. Martens Beheer B.V.
La Douce Vie Network B.V.
Lagotis B.V.
Larino B.V.
Latourette B.V.
Leaver B.V.
Ledanca B.V.
Lektura Tiel Beheer B.V.
Licorera B.V.
Liecene B.V.
Lin Beheer B.V.
Lomajoma Holdings B.V.
Lorkendreef Beheer N.V.
Lustroso B.V.
M. B. Van Der Vlerk B.V.
Madrigal B.V.
Marres B.V.
Masegoso B.V.
Matthew Holding B.V.
Mazairac Belegging B.V.
Minnaar Holding B.V.
Mirabilis B.V.
Molenwiede B.V.
Muguet B.V.
Multicover B.V.
Pulido B.V.
Mustang B.V.
Olseria B.V.
Arend Broekhuis B.V.
P. Nienhuis Houdstermaatschappij
P. J. Heinrici Beheer B.V.
Pastrana B.V.
Pedralva B.V.
Pemac B.V.
Penuria B.V.
Perola Belegging B.V.
Pertusa B.V.
Peter Trompalphen Aan Den Rijn Beheer B.V.
Phobos Beleggingen
Pinicola B.V.
Pluijmen Holding B.V.
Portelas B.V.
Postigo B.V.
Prestamo B.V.
Pruis Elburg Beheer B.V.
Puebla B.V.
Pulido B.V.
Rayhold Management En Deelneming B.V.
Rescoldo B.V.
Ressel B.v.

<PAGE>

Retrasos B.V.
Rodeba Deurne B.v.
Roelcene B.V.
Rowanda B.V.
Rudlolf & Peter Herenmode En Confectie B.V.
Sabra Holding B.V.
Valpacos B.V.
Sacobel Beheer B.V.
Schnieders Beheer B.V.
Simonis Beheer B.V.
Simonis Beleggingsmaatschappij B.V.
Sipororo B.V.
Spaleta B.V.
Spatgens Beheer B.V.
Stampida B.V.
Stamveld B.V.
Steendam Beleggingsmaatschappij Drachten B.V.
Storm Beheer B.V.
Beheermaatschappij Baarlo B.V.
Strokkur B.V.
Sunrise Investments B.V.
Sustento B.V.
Svalbard Beheer B.V.
T. A. Lie Beheer B.V.
T. M. D. Beheer B.V.
Beheermaatschappij Baarlo B.V.
Tadavia B.V.
Beleggings - En Beheer Maatschappij Solina B.V.
Refina B.V.
Talboom Beheer B.V.
Tapirus B.V.
Tarsius B.V.
Technisch Advies Bureau Jaba B.V.
Ter Linden En Heijer Holding B.V.
Tessara Zaanlandia B.V.
Thecoar B.V.
Theo Kentie Holding B.V.
Theo Kentie Design B.V.
Traslado B.V.
Trasgo B.V.
Treetop B.V.
Trituris B.V.
Truckstar Holding B.V.
Tucupido B.V.
Tricor B.V.
U. Ringsma Beheer B.V.
Unitres Holding B.V.
Vaanhold & Van Zon Holding B.V.
Van Den Heuvel Beheer B.V.
Van Loon Beheer B.V.
Van Roij Holding B.V.
Van Zwamen Holding B.V.
Vebe Olst B.V.
Vegem Beheer B.V.
Venidero B.V.
Vette Consultants B.V.
Vicar B.V.

<PAGE>

Vidriales B.V.
W. Van Den Berg B.V.
W. N. Van Twist Holding B.V.
Wabemij B.V.
Wiancini B.V.
Rentista B.V.
Reoco Limited
Rutilus B.V.
RL & T (International) N.V.
Securo De Depositos S.A.
Siam City Asset Management Co., Ltd
Slivast B.V.
Societe Financiere Du Libans. A.L.
Society for Worldwide Interbank Financial Telecommunication S.C.
Stichting Administratiekantoor ING Bank Global Custody
Tablero B.V.
Tolinea B.V.
Tripudio B.V.
Tunnel Onder De Noord B.V.
C. V. Exploitatiemaatschappij Tunnel Onder De Noord
Unidanmark A/S
Verenigde Bankbedrijven N. V.
Westland Utrecht Hypotheekbank N.V.
Amstgeld Management AG
Amstgeld N.V.
Amstgeld Trust AG
Bouw En Exploitatiemaatschappij Deska XXIII B.V.
Charterhouse Vermogensbeheer B.V.
Hypothecair Belang Gaasperdam I N.V.
Assorti Beheer Amsterdam B.V.
Muidergracht Onroerend Goed B.V.
Amstel Gaasperdam B. V.
Bouw-, Exploitatie En Administratie Maatschappij Amer IV B.V.
N.V. Zeker Vast Gaasperdam
Rijn Gaasperdam B.V.
Juza Onroerend Goed B.V.
Hazo Immobilia B.V.
Kort Ambacht Maatschappij Tot Exploitatie Van Onroerende Goederen B.V.
Utrechtse Financierings Bank N.V.
Utrechtse Hypotheekbank N.V.
Algemeene Waarborgmaatschappij N.V.
Hypotheekbank Voor Nederland II N.V.
Hypotheekbank Voor Nederland N.V.
Standard Hypotheekbank N.V.
ING Bank Hypotheken N.V.
Nationale Hypotheekbank N.V.
Hollandsche Hypotheekbank N.V.
Zuid Nederlandsche Hypotheekbank N.V.
Vermogensplanning N.B.I. B.V.
W.U.H. Finanz A.G.
Westland/Utrecht Leasing B.V.
Berchem Onroerend Goed B.V.
Berkelse Poort B.V.
Beuke Poort B.V.
Brasemer Poort B.V.
Bruine Poort B.V.
Denne Poort B.V.

<PAGE>

Doetichem Immobilia B.V.
Dommelse Poort B.V.
Drechtse Poort B.V.
Eike Poort B.V.
Esse Poort B.V.
Frabu Immobilia B.V.
Friese Poort B.V.
Gelderse Poort B.V.
Gele Poort B.V.
Grijze Poort B.V.
Groninger Poort B.V.
Helo Immobilia B.V.
Holendrecht Gemeenschappelijk Beheer B.V.
Holendrecht Parking B.V.
Hollandse Poort B.V.
Iepe Poort B.V.
Kager Poort B.V.
Kilse Poort B.V.
Lekse Poort B.V.
Limburgse Waterpoort B.V.
Lingese Poort B.V.
Markse Poort B.V.
Oranje Poort B.V.
Paarse Poort B.V.
Reggese Poort B.V.
Roerse Poort B.V.
Schepa Immobilia B.V.
Sparre Poort B.V.
Spoolde B.V.
Spuise Poort B.V.
Thames Poort B.V.
Utrechtse Poort B.V.
Vechtse Poort B.V.
Vliestse Poort B.V.
Westland/Utrecht Bouwonderneming Wubo VI B.V.
Westland/Utrecht Bouwonderonderneming Wubo IV B.V.
Wilge Poort B.V.
Zeeuwse Poort B.V.
Westland/Utrecht Verzekeringen B.V.
Westlandsche Hypotheekbank N.V.
Algemeene Hypotheekbank N.V.
Hypotheekbank Maatschappij Voor Hypothecaire Crediet N.V.
Groningsche Hypotheekbank N.V.
Vaderlandsche Hypotheekbank N.V.
Zeeuwsche Hypotheekbank N.V.
Zuid-Hollandsche Hypotheekbank N.V.
Zugut B.V.
ING Verzekeringen N.V.
ING Insurance International B.V.
Nationale-Nederlanden Intervest II B.V.
ING North America Real Estate Holdings Inc.
ING Financial Services International (Asia) Ltd.
Nationale-Nederlanden Intervest XIII B.V.
Nationale-Nederlanden Intertrust B.V.
N.N. US Realty Corp
B.V. Nederlandsche Flatbouwmaatschappij
NN Korea

<PAGE>

ING Continental Europe Holdings B.V.
De Vaderlandsche N.V.
Nationale Omnium N.V.
De Vaderlandsche Spaarbank N.V.
RVS Financial Services N.V.
Fiducre N.V.
Sodefina S.A.
SA De Vaderlandsche Luxemburg
Immo "De Hertoghe" NV
Westland/Utrecht Hypotheekmaatschappij N.V.
Intermediair Services N.V.
RVS Verzekeringen N.V.
Gefinac N.V.
Proodos General Insurances S.A.
NN Mutual Fund Management Co.
The Seven Provinces International B.V.
Nationale-Nederlanden Magyarorszagi Biztosito Rt
NN Mutual Fund Services and Consulting Ltd.
ING Management Services s.r.o.
Prumy Penzijni fond a.s.
Nationale-Nederlanden Polska S.A.
Nationale-Nederlanden Poist'ovna S.A.
ING Management Services Slovensko spol s.r.o.
Nationale-Nederlanden Agencia de Valores S.A.
NN Romania Asigurari de Viata S.A.
Sviluppo Finanziaria
ING Investment Management Italy
NN Vida Compania de Seguros y Raeseguros S.A.
NN Generales Compania e Seguros y Raeseguros
Nationale-Nederlanden Pojistovna
ING Latin American Holdings
ING Insurance Chile Holdings Limitada
ING Seguros de Vida S.A.
NNOFIC
Nationale-Nederlanden (UK) Ltd.
NN (UK General) Ltd.
The Orion Insurance
ING Australia Limited
Mercantile Mutual Holdings Ltd.
Mercantile Mutual Funds Management
Mercantile Mutual Global Ltd.
Athelas
Mercantile Mutual Insurance (Australia) Ltd.
M.A.F.G. Ltd.
Mercantile Equities Ltd.
Greater Pacific (Leasing) Ltd.
Amfas Australia Pty Ltd.
Australian General Insurance Co. Ltd.
"The Seven Provinces" Insurance Underwriters
MM Investment Management Ltd.
The Mercantile Mutual Life Insurance Co. Ltd.
MML Properties Pty Ltd.
Mercantile Mutual Deposits Ltd.
Union Investment Co. Ltd.
Mercantile Mutual Securities Ltd.
Tazak Pty Ltd.
Mercantile Mutual Custodians Pty. Ltd.

<PAGE>

Mercantile Mutual Casualty Insurance Ltd.
Australian Brokers Holdings Ltd.
Australian Brokers Ltd.
Australian Community Insurance Ltd.
Mercantile Mutual Insurance (Workers Compensation) Ltd.
Mercantile Mutual Insurance (N.S.W. Workers Compensation) Ltd.
Prosafe Investments Ltd.
Dinafore Pty Ltd.
Tongkang Pty Ltd.
MM Investment Management
ING Canada Holdings Inc.
AFP Financial Services
ING Canada Inc.
The Halifax Insurance Company
Western Union Insurance Company
Wellington Insurance Company
La Compagnie d'Assurances Belair
The Commerce Group Insurance La Compagnie d'Assurances
NN Life Insurance Company of Canada
NN Funds Limited
NN Capital Management
NN Maple Leaf
ING America Insurance Holdings Inc.
Lion Holdings, Inc.
Imperial Fire-Marine Re-Insurance Company Limited
Aetna Retirement Services, Inc.
Aetna Retirement Holdings, Inc.
Aetna Trust Company FSB
Aetna Services Holdling Company, Inc.
Systematized Benefits Administrators, Inc.
Aetna Retail Holding Company, Inc.
Aetna Financial Services, Inc.
Aetna Insurance Agency Holding Company, Inc.
Aetna Insurance Agency, Inc.
Aetna Insurance Agency of Ohio, Inc.(a)
Aetna Insurance Agency of Massachusetts, Inc.
Aetna Insurance Agency of Alabama, Inc.
FNI International, Inc.
Financial Network Investment Corporation
Financial Network Investment Corporation of Hawaii
FN Insurance Agency of Massachusetts, Inc.
FN Insurance Services, Inc.
FN Insurance Services of Alabama, Inc.
FN Insurance Services of Nevada, Inc.
Financial Network Investment Corporation of Kauai, Inc.
FN Insurance Agency, Kansas, Inc.
FN Insurance Agency, New Jersey, Inc.
FN Insurance Services HI, Inc.
Financial Network Investment Corporation, Honolulu, Inc.
Financial Network Investment Corporation, Puerto Rico, Inc.
Aetna Life Insurance and Annnuity Company
Aetna Insurance Company of America
Aetna Variable Encore Fund
Aetna Variable Fund
Aetna Income Shares

--------------------
(a) Non-voting interest

<PAGE>

Aetna New Series Fund, Inc.(b)
Aetna Series Fund
Aetna Generation Portfolios, Inc.
Portfolio Partners, Inc.(c)
Aetna GET Fund
Aetna Variable Portfolio, Inc.
Aetna Balanced VP, Inc.
Aetna Investment Services, LLC
Aetna Investment Adviser Holding Company, Inc.
Aeltus Investment Management, Inc.
Aetna Investment Management (bermuda) Holdings Lilmited
China Dynamic Investment Management (Hong Kong) Limited
Aeltus Trust Company
Aeltus Capital, Inc.
Elijah Asset Management, Limited Liability Company
Aetna International, Inc.
Aetna Life Insurance Company of America
Aetna Heart Investment Holdings Limited
Aetna Heart Co., Ltd. (Taiwan)
Aetna South Life Agency Co., Ltd. (Taiwan)
Aetna Life Insurance Agency Co. (Taiwan)
Huei Hong Securities Co., Ltd. (Taiwan)
Aetna Heart Publishing Company Ltd.
Aetna Sinopac Credit Card Company Limited
P.T. Aetna Life Indonesia
The Aetna Heiwa Life Insurance Company Limited (Japan)(d)
Aetna Confirmation Service Co. (Japan)
Helwa Information Conter
Aetna Premium Collection Co. (Japan)(e)
Aetna Leasing Co. (Japan)(f)
Aetna Capital Holdings, Inc.
Pacific-Aetna Life Insurance Co., Ltd.(g)
Aetna International Holdings (Hong Kong) I Limited
Aetna Life Insurance Company (Bermuda) Limited
East Asia Aetna Services Company Limited
Strategic Investors Asia Ltd.
Aetna International Fund Management, Inc.
Aetna Information Technology (Guanghzou) Limited
AII 1, L.L.C
AII 2, L.L.C
AII 3, L.L.C
AII 4, L.L.C
Aetna Argentina S.A.
Aetna Salud S.A.
Assistencia Medica Social Argentina S.A.
Aetna Vida S.A.
ALIAC Holdings, Inc.
Seguradora East Asia Aetna Macau S.A.R. L. (Macau)
Aetna International Holdings (Hong Kong) II Limited
Daya Aetna (Malaysia) SDN, BHD.

--------------------
(b) Aetna Life Insurance Company owns 1% of Aetna Series Fund, Inc.
(c) Aetna Insurance Company of America owns 3% of Portfolio Partners, Inc.
(d) Aetna Premium collection Co. owns 7.5% of this entity.
(e) The Aetna Heiwa Life Insurance Company Limited owns 10% of this entity
(f) Aetna Premium Collection Co. owns 35% of this entity, Heiwa Information
Center owns 35% of this entity.
(g) Aetna Life Insurance Company owns 1% of Pacific-Aetna Life Insurance Co.,
Ltd.

<PAGE>

Genesis Healthcare SDN, BHD
Aetna Universal Insurance Berhad
Aetna S.A.
Aetna Chile Seguros Generales S.A.
Aetna Administradora de Fondos de Inversion S.A.
Aetna Chile Seguros de Vida S.A.
Aetna Pensiones S.A.
Administradora de Fondos de Pensiones Santa Maria S.A.
Santa Maria Internacional S.A.
Aetna Pensiones Peru S.A. (Peru)(h)
Administradora de Fondos de Pensiones Integra S.A. (Peru)(i)
Aetna Credito Hipotecario, S.A.
Inmobilaria Padre Mariano S.A.(j)
Inmobilaria Inmarangatu S.A.
Asesories Previdencia (Chile)
Cruz-Blanca Isapre, S.A.(k)
Aetna Salud S.A.
Prosana S.A.(l)
Inversiones Cali Limitada
Inversiones Medellin Limitada
Rio Madgalena Limitada
Cruz Blanca EPS S.A. (Columbia)
Laboratorio Bio Imagen Limitada (Columbia)
Aetna International Peru S.A.(m)
Wiese Aetna Compania de Seguros S.A. (Peru)
Novasalud Peru S.A. Entidad Prestadora de Salud (Peru)
Arcelia Limited(n)
Aetna Life and Casualty International Finance N.V.
Aetna (Netherlands) Holdings B.V.
Sul America Aetna Seguros de Previdencia S.A.
Sul America Aetna Companhia Nacional de Seguros e Previdencia (Brazil) Sul
Sul America Servicos Medicos S.A.
Sualet Servicios Medicos (Brazil)
Brasilsaude Companhia de Segoros (Brazil)
Clube Dos Executivos, S.A.
Executivos S/A Administracao e Promocao de Seguros
Executivos Corretorae Administradora de Seguros S/C LTDA
Aetna Securiteis Investment Management (Taiwan)Ltd.
AE Five Incorporated
Aelan Inc.
The Aetna Heiwa Life Insurance Company Limited
Aetna MPF Limited(o)
Aetna Investment Management (Taiwan) Limited
Aetna (H.K.) Services Limited
PLJ Holdings Limited
Aetna Investment Management (F.E.) Limited
Osatspa Insurance Co. Ltd.

--------------------
(h) Aetna S.A. Owns 34% of this company
(i) Aetna Pensiones Peru S.A. owns 40% of this company
(j) Aetna S.A. owns 1% of this company
(k) Cruz Blanca Isapre also owns 25% of Health Group, S.A., which, in turn,
holds interests in various Chilean health companies. Cruz Blanca Isapre
also owns 25% of Cruz Blanca EPS (Columbia)
(l) Cruz Blanca Isapre, S.A. owns 50% interest in this entity.
(m) Aetna Chile Seguros de Vida S.A. and Aetna Chile Seguros Generales S.A.
have combined ownership of 14%
(n) Strategic Investors Asia Ltd. Owns 39% of Aetna Life Insurance Company
(Bermuda) Ltd.
(o) AII 1-4 L.L.C. holds a 50% interest in this company

<PAGE>

Osatspa Life Insurance Co., Ltd.
Aetna Phillipine Ventures, Inc.
Aetna Life Insurance Inc. (Philippines)
Aetna Healthcare, Inc. (Phillipines)
Aetna Trust Limited
Ameribest Life Insurance Company
CyberLink Development, Inc.
Equitable of Iowa Companies, Inc.
Directed Services, Inc.
Equitable Life Insurance Company of Iowa
USG Annuity & Life Company
Equi-Select Series Trust
Equitable of Iowa Companies Capital Trust
Equitable of Iowa Companies Capital Trust II
ING Funds Distributor, Inc.
Golden American Life Insurance Company
The GCG Trust
First Golden American Life Insurance Company of New York
ING Advisors Network, Inc.
ING Insurance Agency, Inc.
Investors Financial Group, Inc.
Carnegie Financial Corporation
Carnegie Securities Corporation
IFG Brokerage Corp.
IFG Insurance Agency of Oklahoma, Inc.(p)
IFG Insurance Agency of Texas, Inc.(p)
Compulife, Inc.
Compulife Agency, Inc.
IFG Advisory, Inc.
IFG Advisory Services, Inc.
National Alliance of Independent Portfolio Managers, Inc.
IFG Agency of Ohio, Inc.(p)
IFG Agency, Inc.
IFG Insurance Agency of Massachusetts, Inc.(p)

--------------------
(p) Company owned by individual pursuant to state law. Shareholder agreement
with parent company.

<PAGE>

IFG Insurance Services of Alabama, Inc.(p)
IFG Network, Inc.
IFG Services, Inc.
Investors Financial Planning Inc.
Compulife Investor Services, Inc.
IFG Network Securities, Inc.
Comprehensive Financial Services, Inc.
Nanis Investment Services, LLC
Pennington, Bass & Associates, Inc.
Planned Investment Resources, Inc.
Planned Investments, Inc.
Locust Street Securities, Inc.
LSSI Nevada, Inc.(p)
LSSI North Carolina, Inc.(p)
LSSI Ohio Agency, Inc.(p)
LSSI Texas, Inc.(p)
LSSI, Inc.(p)
United Life & Annuity Insurance Company
United Variable Services, Inc.
ING America Life Corporation
Life Insurance Company of Georgia
Powers Ferry Properties, L.P.
Springstreet Associates, Inc.
Life of Georgia Agency, Inc.
Southland Life Insurance Company
Security Life of Denver Insurance Company
Combined Financial Services, LLC(q)
Tailored Investment Notes Trust 1991-1
First ING Life Insurance Company of New York
First Secured Mortgage Deposit Corporation
ING America Equities
Midwestern United Life Insurance Company
Afore Bital ING, S.A. de C.V.
First Columbine Life Insurance Company
ING Funds Service Co., Inc.
ING Funds Trust(r)
ING Investment Management LLC(s)
ING Mutual Funds Management Company, LLC
ING North America Insurance Corporation
ING Seguros Sociedad Anonima de Capital Variable
ING Payroll Management, Inc.
ING Risk Management(Bermuda) Limited
ING Variable Insurance Trust(r)
Lion Custom Investments LLC
Lion Custom Investments II LLC
MIA Office Americas, Inc.
Multi-Financial Group, Inc.
--------------------
(q) ING Investment Management LLC owned 50% by ING America Insurance
Holdings, Inc. and 50% by Equitable of Iowa Companies, Inc.
(r) Entities owned by retail public investor. ING provides services to them
(s) Security Life and Denver holds a 40% membership interest in Combined
Financial Services, LLC, and 60% is held by two individuals.

<PAGE>

Multi-Financial Securities Corporation
Multi-Financial Securities Corporation Massachusetts(p)
Multi-Financial Securities Corporation of Ohio(p)
Multi-Financial Securities Corporation of Texas(p)
Orange Investment Enterprises, Inc.
Quichote, Inc.
QuickQuote Systems, Inc.
QuickQuote Financial, Inc.
ReliaStar Financial Corp.
ReliaStar Life Insurnace Company
NWNL Benefits Corporation
Northern Life Insurance Company
Nordic, Inc.
Security Connecticut Life Insurance Company
ReliaStar Reinsurance Group, Ltd.
ReliaStar Reinsurance Group (UK) Ltd.
Washington Square Insurance Agency, Inc.
Washington Square Insurance Agency, Inc. (Puerto Rico)
Washington Square Insurance Agency, Inc. (Ohio)
Washington Square Insurance Agency, Inc. (New Mexico)
IB Holdings LLC
Northeastern Corporation
The New Providence Ins. Co. LTD
ING Pilgrim Capital Corporation
ING Pilgrim Group, Inc.
ING Pilgrim Securities, Inc.
ING Pilgrim Funding, Inc.
ING Pilgrim Investments, Inc.
Pilgrim Financial, Inc.
Lexington Funds Distributor, Inc.
Market Systems Research Advisors, Inc.
Market Systems Research, Inc.
Lexington Global Asset Managers, LTC
ING Lexington Management Corporation
Piedmont Asset Advisors, LLC
Express America T.C. Corp.
EAMC Liquidation Corp
ReliaStar Investment Resdarch, Inc.
Successful Money Management Seminars, Inc.
PrimeVest Financial Services, Inc.
PrimeVest Insurance Agency of Alabama, Inc.
PrimeVest Insurance Agency of New Mexico, Inc.
PrimeVest Insurance Agency of Ohio, Inc.
Granite Investment Services, Inc.
Branson Insurance Agency, Inc.
Split Rock Financial, Inc.
Branwest Investment Services, Inc.
Branwest Insurance Agency, Inc.
Arrowhead Ltd.
ReliaStar Payroll Agent, Inc.
ReliaStar Managing Underwriters, Inc.
Financial Northeastern Corp
Financial Northeastern Securities, Inc.
FNC Inurance Services, Inc.
ING National Trust
Security Life Assignment Corp.
ING Seguros S.A. de C.V.

<PAGE>

United Protective Company
Security Life of Denver International Ltd.
SLR Management (Bermuda) Ltd.
UC Mortgage Corp.
Unit Investment Trusts(r)
United Life & Annuity Insurance Company
United Variable Services, Inc.
VESTAX Capital Corporation, Inc.
VESTAX Securities Corp.
VTX Agency Inc.
PMG Agency, Inc.
VTX Agency of Michigan, Inc.p
VTX Agency of Massachusetts, Inc.p
VTX Agency of Texas, Inc.p
ING US P&C Corporation
Diversified Settlements, Inc.
Peerless Insurance Company
The Netherlands Insurance Company
America First Insurance Company
Alabama First Insurance Company
Excelsior Insurance Company
Indiana Insurance
Consolidated Insurance Company
Cooling-Grumme-Mumford Company, Inc.
Blue Cross Medical Consultancy (Singapore) Pte. Ltd.
ING Indonesia Insurance P.T.
ING Life Insurance Japan
Nederlandse Reassurantie Groep Holding N.V.
Nederlandse Reassurantie Groep N.V.
NRG London Levensherverzekering
Algemene Levensherverzekering Maatschappij N.V.
Vereenigde Assurantie Bedrijven "Nederland" N.V.
Reassurantie Holding Nederland N.V.
Internationale Reassurantie Maatschappij Nederland N.V.
Reassurantie Maatschappij Nederland N.V.
Ruckversicherungs-Clearing A.G.
Reinsurers Marketing B.V.
N.V. Beleggingsmaatschappij NRG
Reassurantie Beleggingen N.V.
NRG Woningbouw B.V.
BMA Beleggingsmaatschappij "Alliance" B.V.
"Traviata" Onroerend Goed B.V.
The Victory Reinsurance Corporation of the Netherlands N.V.
NRG Victory Holdings Ltd.
NRG London Reinsurance Company Ltd.
NRG Fenchurch Insurance Company Ltd.
NRG Victory Australia Holdings Ltd.
NRG Victory Australia Ltd.
NRG Victory Reinsurance Corporation Ltd.
The Victory Health Reinsurance Corporation Ltd.
NRG Victory Management Ltd.
European Life Marketing & Actuarial Consultancy Ltd.
European Life Marketing & Actuarial Consultancy 92 Ltd.
Medical Expenses Development and Insurance Consultancy Services Ltd.
NRG Victory Management Services Ltd.
General Reinsurance Syndicate Ltd.
General Reinsurance Syndicate Ltd. (Trustee)

<PAGE>

London Reinsurance Comp. Ltd.
NRG Victory Life and Health Services Ltd.
NRG Victory Canada Management Ltd.
NRG Victory Management (Hong Kong) Ltd.
NRG America Holding Company
Philadelphia Reinsurance Corporation
NRG America Life Reassurance Corporation
NRG American Management Corporation
Market Run Off Services Ltd.
NRG Antillean Holding N.V.
NRG Antillean Reinsurance Company N.V.
NRG Victory International Ltd.
NRG Victory Management (Bermuda) Ltd.
SRO Run-Off Ltd. Bermuda
ING Life Insurance Co. (Phillippines)
ING Penta Life Insurance Indonesia P.T.
ING Insurance Consultants (HK) Ltd.
ING Reinsurance International Holding Co. Ltd.
ING Reinsurance International
Nationale-Nederlanden Nederland B.V.
Nationale-Nederlanden Schadeverzekering Maatschappij N.V.
H. van Veeren B.V.
Nationale-Nederlanden Greek General Insurance Company S.A.
Nationale-Nederlanden Levensverzekering Maatschappij N.V.
B.V. Beleggingsmaatschappij Berendaal
Consortium Scheveninggen B.V.
RVS Beroeps-en Bedrijfsfinanciering B.V.
De Bossche Poort B.V.
ING Vastgoed V B.V.
ING Vastgoed Belegging B.V.
B.V. Beleggingsmaatschappij Vinkendaal
Muggenburg Beheer B.V.
Muggenburg C.V.
ING REI Investment U.K. B.V.
Nationale-Nederlanden Real Estate Ltd.
ING Vastgoed Beheer Maatschappij I B.V.
ING Vastgoed Bewaar Maatschappij I B.V.
Nationale-Nederlanden Intervest 52 B.V.
Bouwfonds Nationale-Nederlanden B.V.
Nationale-Nederlanden Bouwfonds 1975 B.V.
Bouwfonds AVG B.V.
Bouwfonds Nemavo B.V.
Bouwfonds Anklaar-Apeldoorn 1967 B.V.
Bouwfonds Bilthoven 1969 B.V.
Bouwfonds Roveso B.V.
RVS Bouwfonds B.V.
Bouwfonds Utrecht 1967 B.V.
Amersfoort Premiewoningen B.V.
Bouwfonds Valken Staete B.V.
Nationale-Nederlanden Bouwfonds 1976 B.V.
ING Real Estate International Investment I B.V.
ING REI Investment U.K. B.V.
ING Vastgoed Fondsbelegging BV
Jetta Vastgoed B.V.
B.V. Algemene Beleggingsmaatschappij "Lapeg"
ING Insurance Argentina
Nationale-Nederlanden Greek Life Insurance Company S.A.

<PAGE>

RVS Levensverzekering N.V.
RVS Schadeverzekering N.V.
Tiel Utrecht Levensverzekering N.V.
Tiel Utrecht Schadeverzekering N.V.
Utrechtsche Algemeene Brandverzekering Maatschappij N.V.
Assurantiekantoor A Brugmans B.V.
Algemene Zeeuwse Verzekering Maatschappij N.V.
Apollonia Levensverzekering N.V.
N.V. Nationale Borg-Maatschappij
N.V. Belegging- en Beheer Maatschappij Keizersgracht
Antilliaanse Borg-Maatschappij N.V.
Amfas Exploitatie Maatschappij B.V.
AVG Exploitatie en Beheer B.V.
Amfas Hypotheken N.V.
Noordwester Hypotheken N.V.
Amfinex II B.V.
Westermij B.V.
Amfico B.V.
AVG Exploitatie I B.V.
ING Bewaar Maatschappij IV B.V.
S.C.P. AVG Investissement
Assurantiemaatschappij "De Zeven Provincien" N.V.
"Transatlantica" Herverzekering Maatschappij N.V.
"The Seven Provinces" Insurance Underwriters Ltd.
Ramus Insurance Ltd.
Tiel Utrecht Verzekerd Sparen N.V.
B.V. Algemene Beleggings Maatschappij Reigerdaal
Oostermij B.V.
Nationale-Nederlanden Pensioendiensten B.V.
Nationale-Nederlanden Zorgvezekering N.V.
B.V. Algemene Beleggingsmaatschappij "Kievietsdaal"
NeSBIC-Postbank B.V.
Nitido B.V.
Podocarpus Beheer B.V.
Parcom Ventures B.V.
Parcom Beheer BV
Parcom CV
Parcom Services BV
Postbank Schadeverzekering N.V.
Maatschappij tot Exploitatie van Onroerende Goederen "Gevers Deynootplein" BV
Maatschappij tot Exploitatie van Onroerende Goederen "Kurhaus" B.V.
Postbank Levensverzekering N.V.
RVS Beleggingen N.V.
Netherlands Life Insurance Company Ltd.
AO Artsen-Verzekeringen N.V.
Grabenstrasse Staete B.V.
ING Life Insurance International N.V.
Nationale-Nederlanden Internationale Schadeverzekering N.V.
Fatum Vermogensbeheer
N.V. Surinaamse Verzekeringsagenturen Maatschappij
Seguros Norman Moron N.V.
N.V. Arubaanse Verzekeringsagenturen Maatschappij
Nationale-Nederlanden Herverzekering Maatschappij N.V.
AVG Exploitatie IX B.V.
Jahnstrasze Gebaude B.V.
Maatschappij tot Exploitatie van Onroerende Goederen "Palace" B.V.
Nationale-Nederlanden Interfinance B.V.

<PAGE>

Maatschappij tot Exploitatie van Onroerende Goederen "Grand Hotel" B.V.
N.V. Haagsche Herverzekering Maatschappij van 1836
Baring Central European Investments B.V.
Baring Asian Flagship Investments B.V.
ING Fund Management B.V.
Wijkertunnel Beheer I B.V.
Nationale-Nederlanden Beleggingsrekening N.V.
Nationale-Nederlanden CSFR Real Estate v.o.s.
ING Bewaar Maattschappij I B.V
ING Vastgoed B.V.
ING Real Estate (Asia) PTE Ltd.
ING Real Estate North America Corporation
Nationale-Nederlanden Intervest XII B.V.
B.V. Algemene Beleggingsmaatschappij Van Markenlaan
Kantoorgebouw Johan de Wittlaan B.V.
Nationale-Nederlanden Holdinvest B.V.
Nationale-Nederlanden International Investment Advisors B.V.
B.V. Algemene Beleggingsmaatschappij Fazantendaal
Maatschappij Stadhouderslaan B.V.
DESKA LII B.V.
J.H. Alta en Co. B.V.
Westland/Utrecht Projektontwikkeling B.V.
Bouwonderneming Amer LII B.V.
ING Real Estate Colombo B.V.
Loeffpleingarage B.V.
B.V. Maatschappij tot Exploitatie van Onroerende Goederen Smeetsland
B.V. Vastgoedmaatschappij "Combuta"
B.V. Vastgoed Maatschappij "Promes"
Beheer- en Exploitatiemaatschappij "De Vestingwachter" B.V.
Nationale-Nederlanden Hypotheekbank N.V.
N.V. Arnhemsche Hypotheekbank voor Nederland
Nationale-Nederlanden Financiering Maatschappij B.V.
B.V. Betaalzegelbedrijf "De Voorzorg" J. van Ouwel
Nationale-Nederlanden Finance Corporation (Curacao) I.L.
Nationale-Nederlanden Vermogensbeheer B.V.
NeSBIC Nationale-Nederlanden B.V.
BOZ B.V.
ABV Staete B.V.
B.V. "De Administratie" Maatschappij tot Exploitatie van Onroerende Goederen
Amersfoort-Staete B.V.
Arnhem Staete B.V.
Belart Staete B.V.
Belart S.A.
N.V. Square Montgomery
Steenstaete S.A.
Berkel-Staete I B.V.
Berkel-Staete II B.V.
Blijenhoek Staete B.V.
S.N.C. Blijenhoek Staete et Cie
SNC Peau Bearn
Brussel Staete B.V.
Grote Markt Staete B.V.
Hoogoorddreef I B.V.
SNC Haven
Trompenburg Parking B.V.
Lena Vastgoed B.V.
S.A. du 59 Avenue d'lena

<PAGE>

SNC le Murier
Kleber Vastgoed B.V.
S.A. du 42 Avenue Kleber
B.V. De Oude Aa-Stroom
Portefeuille Staete B.V.
S.C.I. 1e Portefeuille
S.C.I. le Michelet
S.C.I. Roissy Bureaux International
S.C.I. Square d'Asnieres
SNC Le Dome
B.V. Amiloh
ING Vastgoed N.V.
Immo Management Service S.A.
S.A. Regent-Bruxelles
Nationale-Nederlanden/Immobilier S.A.R.L.
Immogerance S.A.R.L.
Nationale-Nederlanden Intervest IV B.V.
SAS Espace Daumesnil
Nationale-Nederlanden V B.V.
Nationale-Nederlanden VII B.V.
ING Real Estate Espace Daumesnil B.V.
ING Real Estate Parking Daumesnil Viaduc B.V.
SAS Parking Daumesnil Viaduc
Cadran Invest S.A.
ING Bewaar Maatschappij II B.V.
ING Bewaar Maatschappij III B.V.
ING REI Investment Spain B.V.
ING Inmeubles S.A.
ING Bewaar Maatschappij V B.V.
ING Asset Management B.V.
Postbank Verzekeringen Beheer Maatschappij B.V.
Postbank Verzekeringen Bewaar Maatschappij B.V.
ING Vastergoed B.V.
Nationale-Nederlanden Intervest IX B.V.
Nationale-Nederlanden CSFR Intervest S.R.O.
ING Real Estate Praha Housing a.s.
Nationale-Nederlanden Praha Real Estate V.O.S.
Nationale-Nederlanden Intervest XI B.V.
Nationale-Nederlanden Hungary Real Estate KFT
ING Investment Management (Hungary) Rt.
ING Investment Management (Asia Pacific) Limited
ING Investment Management (Czech Republic) S.A.
IIM India (India) Private Ltd.

<PAGE>

ITEM 27. NUMBER OF CONTRACT OWNERS

As of September 30, 2000, there were 101,541 individuals holding interests in
variable annuity contracts funded through Variable Annuity Account B.

ITEM 28. INDEMNIFICATION

Section 33-779 of the Connecticut General Statutes ("CGS") provides that a
corporation may provide indemnification of or advance expenses to a director,
officer, employee or agent only as permitted by Sections 33-770 to 33-778,
inclusive, of the CGS. Reference is hereby made to Section 33-771(e) of the CGS
regarding indemnification of directors and Section 33-776(d) of CGS regarding
indemnification of officers, employees and agents of Connecticut corporations.
These statutes provide in general that Connecticut corporations incorporated
prior to January 1, 1997 shall, except to the extent that their certificate of
incorporation expressly provides otherwise, indemnify their directors, officers,
employees and agents against "liability" (defined as the obligation to pay a
judgment, settlement, penalty, fine, including an excise tax assessed with
respect to an employee benefit plan, or reasonable expenses incurred with
respect to a proceeding) when (1) a determination is made pursuant to Section
33-775 that the party seeking indemnification has met the standard of conduct
set forth in Section 33-771 or (2) a court has determined that indemnification
is appropriate pursuant to Section 33-774. Under Section 33-775, the
determination of and the authorization for indemnification are made (a) by the
disinterested directors, as defined in Section 33-770(3); (b) by special
counsel; (c) by the shareholders; or (d) in the case of indemnification of an
officer, agent or employee of the corporation, by the general counsel of the
corporation or such other officer(s) as the board of directors may specify.
Also, Section 33-772 provides that a corporation shall indemnify an individual
who was wholly successful on the merits or otherwise against reasonable expenses
incurred by him in connection with a proceeding to which he was a party because
he was a director of the corporation. Pursuant to Section 33-771(d), in the case
of a proceeding by or in the right of the corporation or with respect to conduct
for which the director, officer, agent or employee was adjudged liable on the
basis that he received a financial benefit to which he was not entitled,
indemnification is limited to reasonable expenses incurred in connection with
the proceeding against the corporation to which the individual was named a
party.

The statute does specifically authorize a corporation to procure indemnification
insurance on behalf of an individual who was a director, officer, employee or
agent of the corporation. Consistent with the statute, Aetna Inc. has procured
insurance from Lloyd's of London and several major United States and
international excess insurers for its directors and officers and the directors
and officers of its subsidiaries, including the Depositor.

ITEM 29. PRINCIPAL UNDERWRITER

(a) In addition to serving as the principal underwriter for the
Registrant, Aetna Investment Services, LLC (AIS) (formerly Aetna
Investment Services, Inc.) also acts as the principal underwriter
for Aetna Income Shares, Aetna Variable Fund, Aetna Variable Encore
Fund, Aetna Balanced VP, Inc., Aetna Variable Portfolios, Inc.,
Aetna Generation Portfolios, Inc., Aetna GET Fund, and

<PAGE>
Portfolio Partners, Inc. (all management investment companies
registered under the Investment Company Act of 1940 (1940 Act)).
Additionally, AIS acts as the principal underwriter for Variable
Life Account B of Aetna Life Insurance and Annuity Company, Variable
Life Account C of Aetna, Variable Annuity Account C of Aetna and
Variable Annuity Account G of Aetna (separate accounts of Aetna
registered as unit investment trusts under the 1940 Act). AIS is
also the principal underwriter for Variable Annuity Account I of
Aetna Insurance Company of America (AICA) (a separate account of
AICA registered as a unit investment trust under the 1940 Act).

(b) The following are the directors and principal officers of the Principal
Underwriter:

<TABLE>
<CAPTION>
Name and Principal Business Address* Positions and Offices with Principal Underwriter
<S> <C>
Maureen M. Gillis Director and President
Allan Baker Director and Senior Vice President
Robert L. Francis Director and Senior Vice President
Marie Augsberger Senior Vice President
Steven A. Haxton Senior Vice President
Gary J. Hegedus Senior Vice President
Deborah Koltenuk Vice President, Treasurer and Chief Financial Officer
Therese Squillacote Vice President and Chief Compliance Officer
John F. Todd Corporate Secretary and Counsel (Chief Legal Officer)
Martin T. Conroy Vice President and Assistant Treasurer
Reginald Bowen Vice President
Christina Lareau Vice President
Dwyatt McClain Vice President
Terran Titus Vice President
William T. Abramowicz Vice President
Douglas J. Ambrose Vice President
Louis E. Bachetti Vice President
Ronald R. Barhorst Vice President
Robert H. Barley Vice President
Steven M. Bresler Vice President
David Brounley Vice President
Daniel P. Charles Vice President
Brian D. Comer Vice President
Albert J. DiCristofaro, Jr. Vice President
John B. Finigan Vice President
Brian P. Harrington Vice President
Bernard P. Heffernon Vice President
William S. Jasien Vice President
Jess D. Kravitz Vice President
George D. Lessner Vice President
Katherine E. Lewis Vice President
Susan J. Lewis Vice President
James F. Lille Vice President
David J. Linney Vice President

<PAGE>

Richard T. Mason Vice President
Joseph F. McClain Vice President
Pamela Mulvey Vice President
W. Michael Montgomery Vice President
Scott T. Neeb Vice President
Patrick F. O'Christie Vice President
Paulette Playce Vice President
Marcellous J. Reed Vice President
Charles A. Dklader Vice President
Frank W. Snodgrass Vice President
S. Bradford Vaughan, Jr. Vice President
Mark Woolhiser Vice President
David A. Kelsey Assistant Vice President
Rose-Marie DeRensis Assistant Corporate Secretary
Melinda L. Dziavit Assistant Corporate Secretary
</TABLE>

*The principal business address of all directors and officers listed is:
151 Farmington Avenue, Hartford, Connecticut 06156

ITEM 30. LOCATION OF ACCOUNTS AND RECORDS

All accounts, books and other documents required to be maintained by
Section 31(a) of the 1940 Act and the rules under it relating to the securities
described in and issued under this Registration Statement are located at the
home office of the Depositor as follows:

Aetna Life Insurance and Annuity Company
151 Farmington Avenue
Hartford, Connecticut 06156

ITEM 31. MANAGEMENT SERVICES

Not applicable

ITEM 32. UNDERTAKINGS

Registrant hereby undertakes:

(a) to file a post-effective amendment to this registration statement on Form
N-4 as frequently as is necessary to ensure that the audited financial
statements in the registration statement are never more than sixteen
months old for as long as payments under the variable annuity contracts
may be accepted;

(b) to include as part of any application to purchase a contract offered by a
prospectus which is part of this registration statement on Form N-4, a
space that an applicant can check to request a Statement of Additional
Information; and

<PAGE>

(c) to deliver any Statement of Additional Information and any financial
statements required to be made available under this Form N-4 promptly
upon written or oral request.

(d) The Company hereby represents that it is relying upon and will comply
with the provisions of Paragraphs (1) through (4) of the SEC Staff's
No-Action Letter dated November 28, 1988 with respect to language
concerning withdrawal restrictions applicable to plans established
pursuant to Section 403(b) of the Internal Revenue Code. See American
Counsel of Life Insurance; SEC No- Action Letter, [1988 WL 235221,
*13 (S.E.C.)].

(e) Insofar as indemnification for liability arising under the Securities Act
of 1933 may be permitted to directors, officers and controlling persons
of the Registrant pursuant to the foregoing provisions, or otherwise, the
Registrant has been advised that in the opinion of the Securities and
Exchange Commission such indemnification is against public policy as
expressed in the Act and is, therefore, unenforceable. In the event that
a claim for indemnification against such liabilities (other than the
payment by the Registrant of expenses incurred or paid by a director,
officer or controlling person of the Registrant in the successful
defense of any action, suit or proceeding) is asserted by such director,
officer or controlling person in connection with the securities being
registered, the Registrant will, unless in the opinion of its counsel the
matter has been settled by controlling precedent, submit to a court of
appropriate jurisdiction the question of whether such indemnification
by it is against public policy as expressed in the Act and will be
governed by the final adjudication of such issue.

(f) Aetna Life Insurance and Annuity Company represents that the fees and
charges deducted under the contracts covered by this registration
statement, in the aggregate, are reasonable in relation to the services
rendered, the expenses expected to be incurred, and the risks assumed by
the insurance company.

<PAGE>

SIGNATURES

As required by the Securities Act of 1933 and the Investment Company Act of
1940, the Registrant, Variable Annuity Account B of Aetna Life Insurance and
Annuity Company, certifies that it meets the requirements of Securities Act Rule
485(b) for effectiveness of this Post-Effective Amendment to its Registration
Statement on Form N-4 (File No. 33-34370) and has duly caused this
Post-Effective Amendment to be signed on its behalf by the undersigned,
thereunto duly authorized, in the City of Hartford, State of Connecticut, on the
13th day of December, 2000.

VARIABLE ANNUITY ACCOUNT B OF AETNA
LIFE INSURANCE AND ANNUITY COMPANY
(REGISTRANT)

By: AETNA LIFE INSURANCE AND ANNUITY
COMPANY
(DEPOSITOR)

By: Thomas J. McInerney*
---------------------
Thomas J. McInerney
President

As required by the Securities Act of 1933, this Post-Effective Amendment
No. 44 to the Registration Statement on Form N-4 (File No. 33-34370)
has been signed by the following persons in the capacities and on the dates
indicated.

SIGNATURE TITLE DATE
<S> <C> <C>
Thomas J. McInerney* Director and President )
---------------------- (principal executive officer) )
Thomas J. McInerney )
)
Allan Baker* Director ) December
---------------------- ) 13, 2000
Allan Baker )
)
Catherine H. Smith* Director and Chief Financial Officer )
---------------------- )
Catherine H. Smith )
)
Deborah Koltenuk* Corporate Controller )
---------------------- )
Deborah Koltenuk )

By: /s/ J. Neil McMurdie
--------------------
J. Neil McMurdie
*Attorney-in-Fact
</TABLE>

<PAGE>

VARIABLE ANNUITY ACCOUNT B
EXHIBIT INDEX

EXHIBIT NO. EXHIBIT

99-B.9 Opinion and Consent of Counsel
--------------

99-B.10 Consent of Independent Auditors
--------------