ING increases size of NN Group offering

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ING announced today that it has increased the number of ordinary shares to be sold in the offering of NN Group shares as announced on 17 February 2015 from the initial 43 million to 52 million ordinary shares of NN Group. The decision to  increase the offer size is due to significant investor demand. Following completion of the transaction at the increased size, ING Group's stake in NN Group's outstanding capital is expected to decrease to approximately 55% from currently 68.1%.

As announced earlier, NN Group has stated its intention to repurchase up to EUR 200 million of its ordinary shares from ING Group at the offer price through an order in the book, which ING Group has agreed to fully allocate.

ING Group has previously announced that, following the initial public offering of NN Group on 2 July 2014, ING Group intends to divest its remaining stake in NN Group over time, in line with its strategy to divest all of its insurance and investment management businesses. With this transaction, ING Group further reduces its stake in NN Group while retaining flexibility in the divestment of the remaining stake. NN Group ordinary shares are traded on Euronext Amsterdam under the symbol 'NN'.

The offer price and the final number of shares sold will be determined at the conclusion of the book building process and will be announced in a separate press release. The book is open with immediate effect and is expected to close ultimately by 17.30 CET on 18 February 2015, although ING Group reserves the right to close the book before then at short notice. The transaction is expected to settle on 20 February 2015. As of the settlement date of the offering, the remaining shares in NN Group held by ING Group will be subject to a lock-up period of 90 days (subject to certain exceptions and the Joint Bookrunners' right to waive the lock up restrictions).

Morgan Stanley, Deutsche Bank and ING Bank are acting as Joint Bookrunners for the offering.

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