ING GroupThink Forward, Act Now

Ralph HamersCEO, ING Group

Goldman Sachs Conference, Madrid – 12 June 2014www.ing.com

NOT FOR PUBLICATION, DISTRIBUTION OR RELEASE, DIRECTLY OR INDIRECTLY, IN OR INTO CANADA, JAPAN OR AUSTRALIA.

Key points

2

• ING Group announced Intention to Float of NN Group on Euronext Amsterdam

• The IPO of NN Group substantially completes the repositioning of ING as a pure bank

• ING Bank has strong financials, a unique business model and an attractive portfolio

• ING is well positioned to take advantage of the transformation in the banking landscape

• ING Bank posted a strong first quarter 2014 with a RoE of 10.2%

• ING will start paying a dividend over financial year 2015

ING Group announced IPO of NN Group on Euronext Amsterdam

3

• The intended IPO will only consist of existing ordinary shares in NN Group and the proceeds of the offering will be for ING Group

• Following the Offering, ING Group is expected to hold a majority stake in NN Group; complete exit by year-end 2016

• As previously announced, ING has agreed to sell NN Group shares at the IPO to three Asian-based investment firms for a total amount of EUR 150 mln

• In addition, ING Group has issued to each of these 3 investors mandatory exchangeable subordinated notes for a total amount of EUR 1,125 mln, of which EUR 450 mln will exchange at IPO

• Further details of the intended offer to be announced in the prospectus

Strong solvency and disciplined capital framework

4

Resulting in

Pro-forma 1Q14 IGD ratio of 264%3

Commercial capital at operating units

• NN Group intends to manage its operating units to their commercial capital levels

• All surplus capital above commercial levels returned from operating units to holding, subject to regulatory restrictions

• Pro-forma 1Q14 NN Life solvency of 251%1

Cash capital at holding

• NN Group seeks to hold cash capital in the holding to cover stress events and to fund 18 months of holding costs (incl. interest and other holding expenses)

• Pro-forma 1Q14 cash capital at holding of EUR 0.9 bln2

Leverage

• NN Group aims to maintain leverage and fixed charge cover ratios consistent with single ‘A’ financial strength rating

• Last Twelve Months (LTM) fixed charge coverage ratio of 5.6x as of 1Q14

• Pro-forma 1Q14 leverage ratio of 24%1

• Pro-forma 1Q14 gross financial leverage of EUR 3.7 bln1

Note: all pro-forma numbers are approximate1. Pro-forma based on 1Q14 capital positions adjusted for EUR 850 mln injection from ING Group, EUR 200 mln reduction of debt and EUR 450 mln injection into NN Life2. Pro-forma cash at holding of EUR 0.9bln including EUR 0.2 bln capital injection and EUR 0.1 bln proceeds from the sale of ING BoB Life and IIM Taiwan3. Pro-forma 1Q14 IGD solvency ratio of 264% based on 1Q14 IGD solvency ratio of 245% adjusted for EUR 850 mln capital injection from ING Group prior to IPO and issuance of external hybrid debt, which has been used to repay EUR 0.4 bln senior debt to ING Group

NN Group has set medium-term targets to deliver on earnings improvement and cash generation

5

Medium-term goal to increase earnings and recurring cash flows

• Over time and assuming normal markets, current regulatory framework and no material special items, generating free cash available to shareholders in a range around NN Group’s net operating result of the ongoing business

• Annual operating result before tax of the ongoing business* growth rate on average of 5-7%

• Reduction in administrative expenses in Netherlands Life, Non-life and Corporate/Holding by EUR 200 mln by 2016 versus 2013 reported

• Increase the net operating Return on Equity of the ongoing business* (from a pro-forma 7.1% in 2013) in the medium term

Dividend policy is focused on returning cash to shareholders

• 2014 half-year dividend of EUR 175 million, payable in 2015 • For 2015 and beyond, regular and ordinary dividend annually in

line with medium to long-term financial performance• Target pay-out ratio of 40-50% of IFRS net operating result from

ongoing business • Capital generated in excess of NN Group’s capital ambition, which

may change over time, is expected to be returned to shareholders unless it can be used for any other appropriate corporate purpose, including investments in value creating corporate opportunities

• NN Group is committed to distributing excess capital in a form which is most appropriate and efficient for shareholders at that specific point in time, such as cash or share buy backs

Business strategy focused on increasing cash and capital generation through efficiency, while delivering excellent service and products to our customers.

* Ongoing business includes Netherlands Life, Netherlands Non-Life, Insurance Europe, Japan Life, Investment Management and Other

ING Bank

6

ING Bank has a unique starting position

7

Effective business model

• Strong deposit gatherer across Europe• Leading ‘direct first’ bank in Europe• Client-focused Commercial Bank supported by leading Industry Lending franchise

Track record of delivery

• Disciplined cost management• Solid balance sheet• Consistent capital generator

Significant upside potential

• Mix of mature and growth businesses• Increasingly strong positions in “challenger” countries• Well placed to benefit from the European Banking Union

Market Leaders Challengers Growth Markets

Netherlands, Belgium/Luxembourg Germany/Austria, Spain, Italy, France and Australia

Poland, Turkey, Romania and Asian stakes

Commercial Banking International Network

Our business model: strong retail deposit gatherer and profitable Commercial Bank

8

54%

46%

Commercial BankingRetail Banking

Individual customers* (in mln)

30.5 32.9

2010 2013

+8%

Strong retail deposit gathering ability (in EUR bln)

Underlying result before tax(in %)

2013

Commercial Banking continues to deliver solid results (in EUR mln)

Underlying result before tax

338 355381 389

2010 2011 2012 2013

Commercial Banking Return on Equity (based on CET1 ratio of 10%) rose to 12.8%

Percentages based on pre-tax result Bank excluding Corporate Line

* Excluding Asian stakes and Vysya

2,218 2,0711,784

2,160

2010 2011 2012 2013

11.6% 11.5%9.7%

12.8%

2010 2011 2012 2013

Our balance sheet has a strong foundation to grow the business

9

46

42

20

23

5Retail depositsCorporate depositsPublic debtSubordinated debtInterbankRepo

1.18 1.13 1.04 1.02

2011 2012 2013 Mar 14

4.5%

2.5%3.0%

>10%10.0% 10.1%

1Q14 Reported 1Q14 Fully-Loaded Ambition 2017 Required 2019

Minimum CET1 requirement Capital conservation buffer* Systemic buffer*

10.0%

3.0 2.13.0

0.9 1.6

-0.22011 2012 2013

Change Common Equity Tier 1 Dividend upstream

3.9 3.72.8

* Phased-in from 2016-2019** Adjusted for divestments

Strong capital generation allowing EUR 8.1 bln dividend upstream to Group in past 3 years (in EUR bln)

Conservative funding mixPer 31 March 2014 (%)

Fully-loaded CET1 ratio at 10.1%, already above required level

Attractive Loan-to-Deposit Ratio**

435

1,000

640

512

450

11 141532 24 1710

2011 2013 2015F

Branch Calls Mobile Internet

Our ‘direct first’ business model is focused on the self-directed customer

10

0

25

50

75

0 20 40 60 80

Italy

Spain

Germany

PolandTurkey

UKFrance

Netherlands

SwedenSelf-directed consumer segment is expected to reach ~80% in Europe

within 10-15 years

Online banking access

Customers in Northern Europe are most self-directed today (in %)

Level of self-directed consumers

Belgium

Source: McKinsey

Mobile customers have much more frequent contact with their bankING NL, total number of contacts (in mln)

Source: ING Bank Netherlands

30.5 32.9

2010 2013

Increase in Individual customers ING Bank*… (in mln)

Our dedication to customer satisfaction leads to high NPS positions and a growing number of customers

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Source: ING Analysis

AustriaItaly

1st

1st

2nd

1st

2nd

2nd

1st

1st

1st

2ndFrance

SpainAustralia

Turkey

Romania

Poland

GermanyNetherlandsBelgium

2nd+8%

Net Promoter Score (NPS) ranking vs. local competitors

…driven by strong customer growth in the challenger countries (in mln)

12.8 14.4

2010 2013

+13%

* Excluding Asian stakes and Vysya

We continue to converge towards a ‘direct first’ business model

12

Converging to a ‘direct first’ model with high cross-buy…

Bubble size = ING Client Balances 2013Cross-buy = average # of products per active customer 2013* Based on CET1 ratio of 10% on RWA

Direct first with high cross-buy

High Cross-Buy

Direct firstMainly branch based

Belgium and Germany prove the model is working

ING Belgium – leading market position• Product sales through direct channels increasing, while branches

still dominate cross-buy• C/I ratio declined to 62.5%, supported by reduction of branches• RoE* of 20.5% in 2013

ING Germany – challenger position• Diversifying product offering to customers to increase cross-buy,

while maintaining low cost base• C/I ratio declined to 50.5% in 2013 as scale benefits come

through• RoE* of 16.6% in 2013

ING Bank strategy

13

EMPOWERING PEOPLE TO STAY A STEP AHEAD IN LIFE AND IN BUSINESSPurpose

Enablers

Customer Promise

ANYTIME, ANYWHERE EMPOWER KEEP GETTING BETTERCLEAR AND EASY

OPERATIONAL EXCELLENCE

PERFORMANCE CULTURE

LENDING CAPABILITIES

SIMPLIFY & STREAMLINE

CREATING A DIFFERENTIATING CUSTOMER EXPERIENCEStrategicPriorities

4 THINK BEYOND TRADITIONAL BANKING TO DEVELOP NEW SERVICES AND BUSINESS MODELS

2 DEVELOP ANALYTICS SKILLS TO UNDERSTAND OUR CUSTOMERS BETTER

3 INCREASE THE PACE OF INNOVATION TO SERVE CHANGING CUSTOMER NEEDS

1 EARN THE PRIMARY RELATIONSHIP

14

32.9

14.5

7.2

Customers Active payment customers Primary customers

Growing our share of payment accounts is crucial to winning the primary relationship and increasing cross-buy

15

Primary customer: payment customer with recurrent income and at least one extra product

61%67%

25%

47%

38%

14%

67%

84%

75%

82%

72%

79%

NL Belgium Germany Spain Italy Australia% of multi-product (total active base)% of multi-product clients with payments

Payment accounts customers have more products ING aims to increase the amount of primary customers to at least 10 mln in 2017Total Individual Customers (in mln)

Improving customer service by further developing analytical skills

16

Improving customer service

• Provide an integrated, personalised and easy to use omni-channel offering• Cater to individual customer preferences of channel and mode of interaction

Countering fraud and cybercrime

• Detect and prevent fraudulent activity (e.g., suspicious credit card activity and money laundering)

Operational excellence

• Optimise ATM and branch locations, cash handling and branch staffing

Risk Management

• Optimise underwriting to increase consumer lending and reduce the time it takes to obtain a loan• Detect and prevent future defaults through early-warning systems and processes

Creating commercial opportunities

• Maximise retail banking campaign reactions using digital redesign and response modeling• Define cross-buy opportunities in Commercial Banking by embedding next-product-to-buy modeling into

(automated) account planning

Further reduction of complexity of IT platforms mainly required in the Benelux

Low cost model provides competitive advantage

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Among the best

Below average

Below average

Among the best

Challengers2013

Benelux 2013

Benelux 2015

CB 2013

CB 2015

Current projects To be developed

Efficiency

Cost effectiveness

0.0

0.5

1.0

1.5

2.0

2.5

0 100 200 300 400

ING Direct trendline

ING non Direct trendlineUniversal banks trendline

Other Direct trendline Economies of scale in Direct modelEconomies of scale in non-Direct model

Loans + Deposits (in EUR bln)

Light branch network enables us to reach scale fasterCost / (Loans + Deposits) (in %)

1 ING internal dataSource: McKinsey Bank Explorer, SNL, Capital IQ, consolidated annual reports, ING

204

96

157144

Netherlands Germany / Spain /Italy

ING Bank well positioned to gain from the European Banking Union (in EUR bln)

We are broadening our asset base while ensuring maximum upside from the European Banking Union

18

Balance Sheet integration progressing well (in EUR bln)

Cumulative BS integration

24

35

48

2011 2012 2013

• Transferability of liquidity and capital to provide room for loan growth or reducing the investment portfolio or professional funding

• ING’s strategy keeps options open as far as direction and timing of a true European Banking Union is concerned

• Our strategy to develop local asset generating capabilities is therefore a no regret decision

Diversify balance sheets of funding rich countries

• Merged Retail Banking franchises with Commercial Banking in most challenger countries

• To create sustainable positions, we need to diversify our balance sheets through lending

LendingFunds entrusted

Mortgages Consumer/SME/MClending

Industry Lending General Lending

We aim to grow customer lending by approximately 4% per annum

Volume growth

General Lending +

IndustryLending ++

SME ++

Consumer Lending ++

Mortgages + / -

Leve

rage

CB

ex

perti

seE

xpan

d re

tail

franc

hise

A more diversified lending mix to result in higher NIM

19

Focus on relatively higher margin lending products

NIM 150-155 bps

56% 50%

19% 23%

15% 16%8% 10%

1%2%

2013 Indicative 2017

Lending to be more diversified

Other CB lending

General Lending & Transaction ServicesIndustry Lending

Consumer / SME / MC lendingMortgages

Industry Lending growth to provide superior returns

20

65.7%

0.5%

33.8%

Structured Finance (SF)Real Estate Finance (REF)Corporate Investments (CI)

18.3%22.3%

18.3% 19.2%

2010 2011 2012 2013

122

74 66

129147

377174

-66

-16-17-1

2001 2003 2005 2007 2009 2011 2013

40-45 bps across the cycle

Industry Lending

• Mature franchise built over 20 years• Deep-rooted relationships, with over 90% repeat business in 2013

• Selected industries: Oil & Gas, Metals & Mining, Power & Infra, Transportation, Commodities, Telecom & Media• Strong risk management and structuring capabilities - focused on solutions to clients needs • Currently building local expertise centres in Germany and Belgium, e.g. through transfer of knowledge

Industry Lending dominated by Structured Finance... ...which generates a high RoE**

...and risk costs across the cycle in line with total bank

EUR72 bln*

* Lending assets** Based on CET1 ratio of 10% on RWA

We will selectively expand our offer in the challenger countries with Consumer and SME Lending

21

…supported by payment accounts Germany (# ‘000s accounts)

Cross-buy likelihood Consumer Lending

2.74.2

1.7

64

2003 2010 2013 Relevant Market

CAGR+9%

Successfully continue building our Consumer Lending portfolio…

• Consumer lending proposition offered in Germany and Spain mainly via direct model. Similar offering was launched in Italy in 2013

• Increase the usage of mobile as additional sales channel providing instant approval

• Use analytical skills to speed up approval process, particularly for payment clients

…ready to explore new segment: SME/self-employed with Direct offer

• SME direct proposition launched in Spain in 2013• Model with focus on self-employed being investigated in Germany• Leverage strength in direct retail banking to move into self-

employed/micro-business segments in challenger countries• Straight-through-processing

Consumer Lending volume Germany (in EUR bln)

w/o Payment with Payment

5x

234

731

1,084

2003 2010 2013

CAGR+17%

Ambition 2017

22

Restructure to a pure bankOngoing

Accelerate2014-2015

Unlock full potential2016 onwards

Finalise restructuring to become a pure bank

• Complete Insurance divestments• Repay the Dutch State

Creating a differentiating customer experience

• Relentless customer focus • Increase primary relationships• Upgrade analytical skills• Increase pace of innovation

• Increase cross-buy

Accelerate operational excellence

• Start cost savings programmes • Deliver current cost savings programmes

• Deliver next wave of IT savings

Expand lending capabilities

• Invest to expand lending capabilities • Expand lending and NIM• Leverage our European franchise

when Banking Union is in place

Simplify and streamline

• Reduce bureaucracy• Appoint new Chief Operating Officer

and Chief Innovation Officer

Think Forward, Act Now

23

57%

9%ROE (%)

C/I (%) ~53-55%

~10-13%

~50-53%

10-13%

Value Creation roadmap is tailored to current market positions

24

2013 – 2017 roadmap

Market leaders Challengers Growth markets ING Bank 2017

Income + ++ ++ ~4% loan growth and margin improvement

Costs - + +Flat till 2015.

Thereafter depending on income growth

C/I - - - 50-53%

RoE + + + 10-13%

Manage for dividend Manage for sustainable profitable growth

We intend to resume dividend payments to shareholders over financial year 2015

25

Ambition 2017 Guidance

CET1(CRD IV) >10%

• Target fully loaded CET1 ratio remains >10% but it is prudent to maintain a comfortable buffer above the minimum to absorb regulatory changes and potential volatility

Leverage ~4%• Approximately 4% leverage; awaiting final regulations

C/I 50-53%• Aim to reach 50-53% cost/income ratio in 2016. Over time, improve

further towards the bottom end of the range.

RoE(IFRS-EU equity) 10-13%

• RoE target range maintained at 10-13% based on IFRS-EU equity (absorbing capital buffer)

Dividend pay-out

>40%• Target dividend pay-out >40%• First payment over the financial year 2015

1Q14 results

26

ING Bank posted another solid quarter…

27

Bank results (in EUR mln)

Gross result Addition to loan loss provisions

Underlying result before tax+

1,730 1,762 1,6551,464

1,644

-561 -616 -552 -560 -468

=

4Q13 1Q141Q13 2Q13 3Q13 4Q13 1Q141Q13 2Q13 3Q13 4Q13 1Q141Q13 3Q132Q13

• Underlying result before tax was EUR 1,176 mln in 1Q14, roughly flat from 1Q13 and up from 4Q13• Gross result was down from 1Q13 due to negative CVA/DVA impacts • Excluding CVA/DVA impacts, gross result was up 1.7% as higher results in Retail Banking were offset by lower results in Commercial Banking,

mainly due to Financial Markets• Risk costs were down from both 1Q13 and 4Q13 as economic conditions improved in certain markets

1,169 1,147 1,103904

1,176

2.51.4

-0.4

2.1

5.1

1Q13 2Q13 3Q13 4Q13 1Q14

...supported by higher margins, volume growth, strict cost control and lower risk costs…

28

8189

80 8165

1Q13 2Q13 3Q13 4Q13 1Q14

40-45 bps over the cycle

138 142150

145144

1Q13 2Q13 3Q13 4Q13 1Q14

Net interest margin increased to 150 bps in 1Q14, driven by higher results in Financial Markets which is volatile by nature (in bps)

Risk costs started to decline from 2013bps (of RWA)

Operating expenses, adjusted for Dutch/Belgian bank taxes and restructuring costs, down from 1Q13 and 4Q13

Increase in net loan growth in 1Q14Net loan growth (Client Balances, in EUR bln)

39 12 11 94

149

2,0802,1152,0522,0782,094

125676

1Q13 2Q13 3Q13 4Q13 1Q14Expenses Belgium bank taxes Restructuring costs Dutch bank tax

…resulting in a Return on Equity of 10.2%

29

ING committed to deliver target RoE of 10-13% in 2015 and beyond

• Normalisation of risk costs supports ROE growth• New business is ROE accretive• Re-pricing of the current balance sheet at the targeted net

interest margin will have a further uplift• Capital buffer to withstand volatility will impact ROE

10-13%10.2%

9.0%

7.0%

2012 2013 1Q14 Ambition 2017

ING committed to deliver target RoE of 10-13% in 2015 and beyond

Wrap up

30

Wrap up

31

• ING Group announced Intention to Float of NN Group on Euronext Amsterdam

• The IPO of NN Group substantially completes the repositioning of ING as a pure bank

• ING Bank has strong financials, a unique business model and an attractive portfolio

• ING is well positioned to take advantage of the transformation in the banking landscape

• ING Bank posted a strong first quarter 2014 with a RoE of 10.2%

• ING will start paying a dividend over financial year 2015

Appendix

32

Netherlands#1 Life & #3 Non-life

Belgium#10 Life & #12 Non-life

Czech Rep.#6 VPF2 Pensions & #4 Life

Poland #1 MPF1 Pension & #7 Life

Slovakia #1 MPF1 & #4 VPF Pensions & #6 LifeHungary#1 MPF1

& #6 VPF Pensions #1 Life

Spain#16 Life3

Romania#1 VPF2/MPF1

Pensions & #1 Life

Bulgaria#3 VPF2 Pensions & #8 Life

Greece #2 Life Turkey#6 VPF2 Pensions & #15 Life

JapanTop 3 player in COLI

Note: Other countries not included above are Luxembourg (#11 Life)1. MPF: Mandatory Pension Fund (2nd pillar); 2. VPF: Voluntary Pension Fund (3rd pillar); 3. Spanish Life market remains dominated by banks4. The EV methodology used by the Company is based on a market consistent approach

Our business

• Strong business positions with international presence• Investment management presence in 18 countries• Deep operating knowledge of markets as market positions were

built organically• Unified international business culture, with best practice sharing

across geographies• Shareholders’ equity of EUR 14.7 bln as at 31 March 2014• 1Q14 pro-forma shareholders’ equity, including capital injection of

EUR 850 mln, of EUR 15.5 bln• Embedded Value (EV) of EUR 10.3 bln as at 31 December 2013• Indicative EV adjusted for Pre-IPO impacts (capital injection and

pension agreement) of EUR 10.7 bln as at 31 December 2013

Our presence

NN Group is leading Dutch insurer with strong European insurance and investment management footprint, and attractive Japanese business

33

All segments NN Group contributing to clear and ambitious financial targets

34

Management objectives

Netherlands Life• Maintain operating result before tax broadly stable at 2013 levels over the medium term

NetherlandsNon-life• Achieve a combined ratio of 97% or below by 2018

Insurance Europe• Achieve mid-single digit operating result before tax annual growth rate on average over the 2013-18 period

Investment Management

• Achieve mid-single digit operating result before tax annual growth rate on average over the 2013-18 period

Japan Life• Achieve low to mid-single digit operating result before tax annual growth rate on average over the

2013-18 period

NN Bank• Achieve a RoE of 7% by 2018, based on the net operating result of NN Bank as a percentage of the average

shareholders' equity of NN Bank.

Double leverage comfortably covered by proceeds from Insurance

35

3.8

-0.2

-3.0

0.8 -1.3

0.2

1Q14 MV 43% Voya MV 10% SulAm Capital injection NN Group Pre-IPO investments NNGroup

Pro-forma balance coveredby IPO NN Group

Group core debt of EUR 3.8 bln at 1Q14 covered by (market) value Voya, SulAm, pre-IPO investments and intended IPO NN Group

• Remaining stake Voya 43% and remaining stake SulAmerica 10% • Ahead of the base case IPO, ING will inject EUR 850 mln of capital into NN Group to finalise the capital structure of NN Group• ING Group secures EUR 1.275 bln investment in NN Group ahead of IPO • Remaining balance of ING Group core debt will be covered by intended IPO of NN Group; IPO to comprise only secondary shares

Group core debt covered by (market) value Voya, SulAm, pre-IPO investments and IPO NN Group (in EUR bln)

Strategic Framework ING bank for Decision Making

36

Strategic Review

Market Attractiveness

Strategic Fit

Connectivity

Sustainable Share

Relevance to Customers

Market Position

Sustainable Balance Sheet

Financial Hurdles

High

Medium / Low

Grow / build scale

Maintain

Repair

Consolidate / Exit

Market leader

Challengers

Business Action Plan

For every business, we will execute one of these

four options

Sub-scale

Growth markets

Net lending increased further in both Retail and Commercial Banking

37

489.4 490.70.61.7 0.5 -0.31.1 1.8 1.5-0.6

-0.5 -4.4

31/12/13 Retail NL Retail Belgium

Retail Germany

Retail RoW CB SF* CB REF* CB GL&TS* CB Other* DeconsolidationVysya /

Transfers

FX 30/03/14

Lending Assets ING Bank (Client Balances, in EUR bln)

Net lending, excluding the impact of FX and deconsolidation Vysya / asset transfers, increased by EUR 5.1 bln

• Net lending in Retail Banking increased by EUR 2.6 bln as higher net lending in Retail Belgium, Retail Germany and Retail RoW more than offset lower net lending in the Netherlands

• Net lending in Commercial Banking increased by EUR 2.4 bln as higher net lending in Structured Finance and General Lending & Transaction Services offset lower net lending in Real Estate Finance and Lease run-off (included in CB Other)

• The impact of the deconsolidation of ING Vysya amounts to EUR -4.0 bln and the transfers to NN Bank were EUR -0.3 bln in 1Q14

Retail Banking: EUR +2.6 bln Commercial Banking: EUR +2.4 bln

* SF is Structured Finance; REF is Real Estate Finance; GL&TS is General lending & Transaction Services; Other includes Lease run-off

ING Group’s Annual Accounts are prepared in accordance with International Financial Reporting Standards as adopted by the European Union (‘IFRS-EU’). In preparing the financial information in this document, the same accounting principles are applied as in the 1Q2014 ING Group Interim Accounts. All figures in this document are unaudited. Small differences are possible in the tables due to rounding.Certain of the statements contained herein are not historical facts, including, without limitation, certain statements made of future expectations and other forward-looking statements that are based on management’s current views and assumptions and involve known and unknown risks and uncertainties that could cause actual results, performance or events to differ materially from those expressed or implied in such statements. Actual results, performance or events may differ materially from those in such statements due to, without limitation: (1) changes in general economic conditions, in particular economic conditions in ING’s core markets, (2) changes in performance of financial markets, including developing markets, (3) consequences of a potential (partial) break-up of the euro, (4) the implementation of ING’s restructuring plan to separate banking and insurance operations, (5) changes in the availability of, and costs associated with, sources of liquidity such as interbank funding, as well as conditions in the credit markets generally, including changes in borrower and counterparty creditworthiness, (6) the frequency and severity of insured loss events, (7) changes affecting mortality and morbidity levels and trends, (8) changes affecting persistency levels, (9) changes affecting interest rate levels, (10) changes affecting currency exchange rates, (11) changes in investor, customer and policyholder behaviour, (12) changes in general competitive factors, (13) changes in laws and regulations, (14) changes in the policies of governments and/or regulatory authorities, (15) conclusions with regard to purchase accounting assumptions and methodologies, (16) changes in ownership that could affect the future availability to us of net operating loss, net capital and built-in loss carry forwards, (17) changes in credit ratings, (18) ING’s ability to achieve projected operational synergies and (19) the other risks and uncertainties detailed in the Risk Factors section contained in the most recent annual report of ING Groep N.V. Any forward-looking statements made by or on behalf of ING speak only as of the date they are made, and, ING assumes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information or for any other reason. This document does not constitute an offer to sell, or a solicitation of an offer to purchase, any securities in the United States or any other jurisdiction. The securities of NN Group have not been and will not be registered under the U.S. Securities Act of 1933, as amended (the “Securities Act”), and may not be offered or sold within the United States absent registration or an applicable exemption from the registration requirements of the Securities Act.www.ing.com

Important legal information

38