ING announces price and results on cash tender offer for EUR 4.0 billion Government Guaranteed Notes

NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, IN WHOLE OR IN PART, DIRECTLY OR INDIRECTLY, TO ANY U.S. PERSON (AS DEFINED IN REGULATION S UNDER THE UNITED STATES SECURITIES ACT OF 1933, AS AMENDED) OR IN OR INTO OR TO ANY PERSON LOCATED OR RESIDENT IN THE UNITED STATES OF AMERICA, ITS TERRITORIES AND POSSESSIONS, ANY STATE OF THE UNITED STATES OF AMERICA OR THE DISTRICT OF COLUMBIA OR ANY OTHER JURISDICTION WHERE TO DO SO WOULD CONSTITUTE A VIOLATION OF THE RELEVANT LAWS OF SUCH JURISDICTION.
  
On 19 June 2013 ING announced an offer to the holders of the Government Guaranteed Notes listed in the table below to tender any and all of the outstanding Notes with a total principal amount outstanding of EUR 4.0 billion. The offer expired at 5:00 p.m., CET, on 28 June 2013.

The aggregate principal amount of the notes validly tendered and accepted for purchase is  approximately EUR 1.28 billion, or 32% of the principal amount outstanding, leaving a remaining amount outstanding of approximately EUR 2.72 billion. ING Bank will pay a purchase price of EUR 1,022.19 per EUR 1,000 principal amount of notes validly tendered and accepted for purchase.

In addition to the purchase price, ING Bank will also pay any accrued and unpaid interest on each of the notes purchased pursuant to the offer up to, but excluding, the settlement date which is expected to be 3 July 2013.

In addition to the cash tender offer in Europe, a cash tender offer has been conducted in the US with a total principal amount outstanding of USD 2.25 billion the pricing and results of which will be announced separately. The results of both cash tender offers have no material impact on the results of ING Bank.

TARGETED SECURITIES

ISIN

Title of Security

Maturity   Date

Principal Amount Outstanding

Benchmark Security

Purchase   Spread

Purchase             Price

Aggregate Principal Amount Accepted for Purchase

XS0415072098

€4,000,000,000 3.375 per cent.  Fixed Rate Notes 2009 due 3 March 2014 issued by ING Bank and guaranteed by the State of The Netherlands

3 March 2014

€4.0 billion

BKO 0.25% due  14 March 2014 (ISIN: DE0001137370)

0 b.p.

€ 1,022.19

€ 1,277,069,000

The offer is being made subject to the terms and conditions set out in the Tender Offer Memorandum dated 19 June 2013.  ING Bank N.V. and J.P. Morgan Securities plc are acting as Joint Dealer Managers and Lucid Issuer Services Limited is acting as Tender Agent.