ING successfully completes liability management offers

NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION TO ANY U.S. PERSON (AS DEFINED
BELOW) OR IN OR INTO OR TO ANY PERSON LOCATED OR RESIDENT IN OR AT ANY ADDRESS
IN THE UNITED STATES, ITS TERRITORIES AND POSSESSIONS OR TO ANY PERSON LOCATED
OR RESIDENT IN ANY OTHER JURISDICTION WHERE IT IS UNLAWFUL TO DISTRIBUTE THIS
DOCUMENT.

ING successfully completes liability management offers

* 64% of holders have accepted the exchange offers
* Proposals successfully passed to change terms and conditions of ING
Verzekeringen N.V. securities

On 8 March 2012, ING launched three separate exchange offers and consent
solicitations on a total of three series of senior debt securities of ING
Verzekeringen N.V. with a total nominal value of EUR 2.6 billion.

Holders had the possibility to exchange into new securities issued by ING Groep
N.V. and/or consent to a modification of existing terms. The offers were made on
the terms and conditions as set out in the Exchange Offer and Consent
Solicitation Memorandum dated 8 March 2012. The exchange offer deadline and the
early consent solicitation deadline were 16 March 2012. The consent solicitation
deadline was 27 March 2012.

On average 64% of holders have accepted the exchange offer. The total nominal
amount of new securities to be issued by ING Groep N.V. in exchange for the
existing ING Verzekeringen N.V. securities is EUR 1,654,063,000.

The proposals to amend the terms and conditions of each series of the existing
ING Verzekeringen N.V. securities, which were the subject of the consent
solicitations, were passed at the meetings on 30 March 2012.

The expected settlement date for the exchange offers and consent solicitations
is 4 April 2012.

Amount Consent
Accepted / Fee
ISIN Curr. Amount Coupon Maturity to be Exchange
Offered issued by Ratio
ING Groep
N.V.
-----------------------------------------------------------------------------------
XS0236243548 EUR 600,000,000 3.5% Nov-12 347,120,000 100% 0.25%

XS0267516911 EUR 1,000,000,000 3mEUR+17.5bps Sep-13 730,335,000 100% 2.50%

XS0267516598 EUR 1,000,000,000 4.0% Sep-13 576,608,000 100% 0.25%

This document is not an offer of securities for sale, a solicitation of an offer
to buy or a tender offer for securities in the United States or any other
jurisdiction. The exchange offers are not being made within, and this document
is not for distribution in or into, the United States of America or to any U.S.
person (as defined in Regulation S under the United States Securities Act of
1933, as amended (the "Securities Act")). Securities may not be offered, sold or