Settlement of Initial Public Offering of NN Group

Today the Initial Public Offering of NN Group N.V. was settled. As a result of the settlement, ING Group has received EUR 2.0 billion in gross proceeds from the sale of 77 million existing ordinary shares in NN Group and the exchange into NN Group ordinary shares of EUR 450 million in mandatorily exchangeable notes. Consequently, ING's ownership of NN Group has been reduced to 71.4%.

ING has granted the joint global coordinators, on behalf of the underwriters, an over-allotment option to purchase up to approximately 11.6 million additional shares in NN Group (up to 15% of the offer shares) at the offer price of EUR 20.00. The over-allotment option can be exercised until 30 days after 2 July 2014. If this option is fully exercised, ING's ownership in NN Group will be further reduced to 68.1%. ING intends to divest its remaining stake in NN Group in an orderly manner and ultimately by year end-2016.

NN Group shares were listed and started trading on Euronext Amsterdam (on an if-and-when-delivered basis) on 2 July 2014 . As of today, the shares are traded unconditionally under the listing name 'NN Group' and the symbol 'NN'.

As announced earlier, Jan Holsboer and Yvonne van Rooy have stepped down from the Supervisory Board of ING Group today to concentrate on their task as members of the Supervisory Board of NN Group. Ralph Hamers (CEO of ING Group), Patrick Flynn (CFO of ING Group), Wilfred Nagel (CRO of ING Group), Heijo Hauser and Hans Schoen have become members of the Supervisory Board of NN Group. As announced on 5 June 2014, the Executive Board of NN Group as of today comprises of Lard Friese, chairman and chief executive officer, and Delfin Rueda Arroyo, chief financial officer. The management board of NN Group comprises next to Lard Friese and Delfin Rueda of Stan Beckers (chief executive officer ING Investment Management), Doug Caldwell (chief risk officer), David Knibbe (currently chief executive officer International Insurance, chief executive officer Netherlands Insurance as of 1 September 2014) and Dorothee van Vredenburch (chief change and organization)

More information about NN Group and the IPO is available in the prospectus dated 17 June 2014, copies of which may, subject to securities law restrictions in certain jurisdictions, be obtained at no cost from NN Group's head office during normal business hours. Alternatively, the prospectus can be downloaded from NN Group's website at www.nn-group.com. This prospectus can also be found on the website of the AFM at www.afm.nl (Dutch residents only). In addition, a copy of the prospectus may be obtained free of charge by sending a request in writing or by email to ING Bank N.V. as Listing Agent: ING Bank N.V., Attn,: Paying Agency Services, Location code AMP L02.007, Amsterdamse Poort, Bijlmerplein 888, 1102 MG Amsterdam, the Netherlands, email [e-mail].