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ING Group: ING exchanges final tranche of NN Group anchor investment notes



ING announced today it will exchange the third and final tranche of EUR 337.5
million mandatory exchangeable subordinated notes which were issued in 2014
as part of the anchor investment in NN Group. EUR 208 million of the notes
will be exchanged into 6.9 million NN Group ordinary shares with the three
anchor investors. EUR 129.5 million of notes will be settled in cash with RRJ

This transaction will reduce ING's remaining stake in NN Group from 16.2% to
14.1% upon settlement of the transaction, which is expected to take place on
2 February 2016. As a result of this transaction the Relationship Agreement
between ING and NN Group dated 10 June 2014 will terminate.

The anchor investment in NN Group by three Asian institutional investors - RRJ
Capital, Temasek and SeaTown - was announced on 30 April 2014. In May 2014,
ING Group issued the mandatory exchangeable subordinated notes to the
aforementioned investors for a total amount of EUR 1.125 billion as part of
their investments in NN Group ahead of its IPO in July 2014. The notes
accrued a 4% coupon, and were mandatorily exchangeable into NN Group shares
in three tranches. The first tranche of an aggregate amount of EUR 450
million plus accrued interest was exchanged simultaneously with settlement of
the IPO on 7 July 2014 at EUR 19.70 per share. The second tranche of EUR
337.5 million was exchanged on 15 June 2015 at an exchange price of EUR 24.78
per share.

For this third and final tranche, the exchange price was set at a 3% discount
to the NN Group closing price on 22 January 2016, resulting in an exchange
price of approximately EUR 30.34 per share. The transaction will not have a
material impact on ING Group's shareholders' equity or capital ratios, nor on
the profit and loss account of ING Group.

Note for editors

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| Press enquiries Investor enquiries |
| Diederik Heinink ING Group Investor Relations |
|+31 20 576 2847 +31 20 576 6396 |
| |
ING Profile

ING is a global financial institution with a strong European base, offering
banking services through its operating company ING Bank and holding a
significant stake in the listed insurer NN Group NV. The purpose of ING Bank
is empowering people to stay a step ahead in life and in business. ING Bank's
more than 52,000 employees offer retail and commercial banking services to
customers in over 40 countries.

ING Group shares are listed (in the form of depositary receipts) on the
exchanges of Amsterdam (INGA NA, ING.AS), Brussels and on the New York Stock
Exchange (ADRs: ING US, ING.N).

Sustainability forms an integral part of ING's corporate strategy, which is
evidenced by ING Group shares being included in the FTSE4Good index and in
the Dow Jones Sustainability Index (Europe and World). where ING is among
the leaders in the Banks industry group.

| Important legal information |
| |
| |
|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) ING's |
|implementation of the restructuring plan as agreed with the European |
|Commission, (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) changes affecting interest rate levels, (7) changes |
|affecting currency exchange rates, (8) changes in investor and customer |
|behaviour, (9) changes in general competitive factors, (10) changes in laws |
|and regulations, (11) changes in the policies of governments and/or |
|regulatory authorities, (12) conclusions with regard to purchase accounting |
|assumptions and methodologies, (13) changes in ownership that could affect |
|the future availability to us of net operating loss, net capital and built-in |
|loss carry forwards, (14) changes in credit ratings, (15) ING's ability to |
|achieve projected operational synergies and (16) 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. |

ING exchanges final tranche NN notes


This announcement is distributed by NASDAQ OMX Corporate Solutions on behalf of NASDAQ OMX Corporate Solutions clients.
The issuer of this announcement warrants that they are solely responsible for the content, accuracy and originality of the information contained therein.
Source: ING Group via Globenewswire


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