6Y6M EUR Sustainable Invest Notes 12/22

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1 Commercial information PRODUCT INFO SHEET 6Y6M EUR Sustainable Invest Notes 12/22 The (in short "ING 6Y5M EUR Sustainable Invest Notes 12/22") are for investors looking for an investment: with a term of 6 years and 6 months pegged to a socially responsible investment via the Sustainable Europe Low Risk Equity EUR (SELRE) index (" the Index" 1 ) which gives right, in the event the Index on the Final Observation Date performs positively, to repayment of 100% of the nominal value as well as payment of a single coupon corresponding to 100% of the positive performance of the index 1, except in the case of bankruptcy or risk of bankruptcy by the Issuer. in line with an investor profile as from "Balanced" (see p. 4). and who accept: the risk of loss on the capital invested of a maximum of 10%, if the Final Level of the Index observed on 25 November 2022 is below the Initial Level observed on 01 June Description of the mechanism 1 The ING will be redeemed at Maturity on (2 December 2022) at an amount pegged to the trend in the level of the Sustainable Europe Low Risk Equity EUR (SELRE) index. The performance of the Index will correspond to the trend observed between its Initial Level and its Average Final Level. Such Average Final Level, calculated on the Final Observation Dates (25 November 2022), corresponds to the arithmetical average of the Index closing levels, on 25 monthly Observation Dates ( between 25 November 2020 and 25 November 2022). On the Final Observation Date, if the Average Final Level of the Index is equal to or above its Initial Level, the Notes will be redeemed at 100% of their nominal value, plus 100% of any positive performance of the Index 2. On the Final Observation Date, if the Average Final Level of the Index is below its Initial Level, the Notes will be redeemed at 100% of their nominal value, minus the negative performance of the Index. Such amount will be at least equal to 90% excluding costs of the nominal value. Gross actuarial return In the scenario where investors hold on to the Note until Maturity, the gross actuarial return (before taxes and duties) or actual return is at least -1.91% (on an annual basis). Such minimum return takes account of: - an issue price of 102% 3 - and a redemption price at Maturity of 90% excluding costs (capital loss). - non-payment of coupons in the absence of a positive performance of the Index on the Final Observation Date. The financial product offered is derivative instrument issued by ING Bank N.V. When subscribing to this instrument, investors are lending money to the Issuer who undertakes to repay a certain amount at Maturity. At the Maturity of the Notes the Issuer does not undertake to repay 100% but 90% of the capital invested excluding costs (i.e. 90 euros per Denomination). In the event of bankrupt or risk of bankruptcy by the Issuer, investors might not receive the amounts to which they would have been entitled and could lose the capital invested In the case of a negative performance of the index on the End Observation Date, investors will lose a maximum of 10% of the capital invested. This financial instrument is for investors with sufficient experience to understand the product parameters and with sufficient knowledge to assess, based on their their financial situation, the advantages and risks inherent in an investment in this complex instrument, in particular knowledge of the index and interest rates. 1 For the Terms and Observation Dates see the Technical Data on the last page. 2 The possible amount of the possible single coupon indicated in this document is a gross amount before the deduction of any taxes and duties (see "Taxation" in the Technical Data on the last page). 3 Issue price of 102%, including a placement fee of 2% and a fee for structuring and distributing the Notes of a maximum of 1% on an annual basis.

2 The Sustainable Europe Low Risk Equity (SELRE) Index ING's sustainable investment an investment aimed at reconciling economic performance with its social and environmental impact) experts, in conjunction with Sustainalytics, asked Solactive AG to create a new Sustainable Europe Low Risk Equity (SELRE) Index. Breakdown of the Index as at 04/04/2016 ADIDAS AG Company Sector Stock market Frankfurt ATOS SE Technology Paris BOUYGUES SA Industrials Paris DIAGEO PLC goods London ENAGAS SA Utilities Madrid FERROVIAL SA Industrials Madrid GEBERIT AG-REG Industrials Zurich GEMALTO Technology Amsterdam HANNOVER RUECK SE Finance Frankfurt LONDON STOCK EXCHANGE GROUP Finance London MUENCHENER RUECKVER AG-REG Finance Frankfurt NESTE OYJ Energy Helsinki NN GROUP NV Finance Amsterdam NOKIAN RENKAAT OYJ Helsinki NOVARTIS AG-REG Health care Zurich RANDGOLD RESOURCES LTD Raw materials London RECKITT BENCKISER GROUP PLC goods London RELX PLC goods London REXAM PLC Industrials London SABMILLER PLC goods London SGS SA-REG Industrials Zurich SNAM SPA Utilities Milan SODEXO Paris SWISS RE AG Finance Zurich SWISSCOM AG-REG Telecommunications Zurich TERNA SPA Utilities Milan TNT EXPRESS NV Industrials Amsterdam UCB SA Health care Brussels VIVENDI Paris WM MORRISON SUPERMARKETS goods London Sustainalytics has, for 20 years, been one of the world leaders in the field of social responsibility and environmental research, involving investors and financial institutions worldwide. Sustainalytics supplies social responsibility data on a large number of companies ( Solactive AG was set up in 2007 and is a key player in the sector of index development and management (indicators representative of the trend in a sector of activity or a specific market). Solactive specialises in the creation of personalised indexes (also called proprietary indexes) ( "Price" type Index The Sustainable Europe Low Risk Equity (SELRE) index is a "Price Return" type index with a "synthetic dividend". This means that the performance of the Index is calculated according to the trend of share prices, including net dividends paid out per share and minus a flat dividend of 3.5%. If the net dividends paid out are less than 3.5%, the performance of the Index will be lower than the trend in share prices. The use of the synthetic dividend technique makes it possible to reduce the variability around possible dividend changes from one year to the next. (Source: Solactive AG) The breakdown of the SELRE Index and its trend can be viewed on the website com/?s=selre&index=de000sla00q0 4 discretionary includes media, clothing, durable consumer goods, retail, automobile, luxury, hotel and leisure companies. 2

3 Methodology of the selection of the 30 shares of the Index The Sustainable Europe Low Risk Equity Index (SELRE) consists of 30 European equities, conscientiously selected in a totally transparent way among all the companies analysed by Sustainalytics. The breakdown of the Index is based on environmental, social and governance criteria (ESG) firstly and, secondly, financial criteria. The breakdown of the SELRE Index is reviewed once a month, to check that it is made up of shares meeting these criteria. Investment universe provided by Sustainalytics Sustainalytics thoroughly analyses companies according to 3 main criteria (environmental, social and governance ESG). Its databases include ESG analyses and scores for about 1,000 stock exchange listed companies (out of nearly 2,500 companies listed in Europe which make up the starting universe). 1 st stage: selection on the basis of ESG filters provided by Sustainalytics Firstly, companies where more than 5% of their turnover is realised in the production of nuclear energy, gambling, weapons, tobacco, the production of palm oil, pesticides, etc. are excluded. Then only the best companies (ESG score above sectoral average) are retained. These ESG filters ensure investors that the final Index includes only the best companies in terms of sustainable development and ESG performances. Investment universe provided by Sustainalytics 1 st stage: selection on the basis of ESG filters 2 nd stage: selection on the basis of liquidity 3 rd stage: selection on the basis of risk filters Final index 2 rd stage: selection on the basis of liquidity The liquidity filter (liquidity measures the ease with which shares can be bought and sold without impacting considerably on their price) consists in only keeping companies whose stock market liquidity is the highest. The basic reference is the daily trading volume over 90 days. This second filter ensures investors that the Final Index consists of companies whose shares are the most liquid. Final Index 3 rd stage: selection on the basis of risk filters The risk filters aim to rank companies according to certain risk categories* in order to only retain the least risky which makes it possible to attain the best return/risk ratios. Such filters ensure investors that the risk of the Final Index is reduced insofar as it consists of the least volatile companies. * The risk filters used aim to improve the return/risk ratio by sorting shares on the basis of the different volatility criteria. The Final Index consists of the 30 best shares which passed the 3 selection stages. Each share receives an identical weighting (1/30) in the Final Index. This selection methodology is repeated every month to ensure investors that the breakdown of the Index is adjusted to financial market trends. Conclusion This transparent selection methodology provides shares which are both: Ethical, socially responsible and sustainable Liquid Relatively less risky (low volatility) 3

4 4 Examples to illustrate the various scenarios The figures below are purely hypothetical and serve only to inform investors about the calculation method of any coupons on the basis of different scenarios. The actual realisation of any of these scenarios in the future cannot be guaranteed. Moreover in the event of bankrupt or risk of bankruptcy by the Issuer, you might not receive the amounts to which you would have been entitled and could lose the capital invested. Worst-case scenario Where the Average Final Level of the Index is 20.00% below its Initial Level the Notes will be redeemed at 90.00% (i.e. EUR 90 per denomination) excluding costs of their nominal value and no coupon will be paid out. Gross actuarial return (before withholding tax and deduction of taxes and duties) of this simulation: -1.91% (capital loss). Baseline scenario Where the Average Final Level of the Index is 6.05% above its Initial Level the Notes will be redeemed at 100% (i.e. EUR100 per denomination) of their nominal value and a coupon of 6.05% will be paid out. Gross actuarial return (before withholding tax and deduction of taxes and duties) of this simulation: 0.60%. Best-case scenario Where the Average, Final Level of the Index is 40% above its Initial Level, the Notes will be redeemed at 100% (i.e. EUR100 per denomination) of their nominal value and a coupon of 40% will be paid out. Gross actuarial return (before withholding tax and deduction of taxes and duties) of this simulation: 4.99%. General risks Before subscribing to the Notes, any potential investor are required to read the Technical data on the last page, the Base Prospectus, in particular the "Risk Factors" section, and the Issue Summary. Several types of risks are inherent in this Note: Risk of capital loss If the Final Level of the Index is below the Initial Level at Maturity, no coupon will be paid out and the amount repaid at Maturity will be lower than the capital initially invested. In that case, investors would suffer a loss on their capital equivalent to the fall in the Index, with a maximum of 10% 5. Risk of fluctuation in the value of the Notes (market risk) Certain parameters such as: - the trend of the underlying Index (a drop in its level entails a drop in the value of the Notes and a rise in it impacts positively on the value of the Notes) - the trend in interest rates on financial markets (a rise in interest rates can impact negatively on the value of the Notes and a drop in interest rates can impact positively on the value of the Notes), - the prospect of a review of the Issuer's "rating" impact positively or negatively on the value of the Notes during their lifetime and entail a capital gain or a capital loss in the event of resale of the Notes by investors before their Maturity. Risks of insolvency of the Issuer In the event of bankrupt or risk of bankruptcy by the Issuer (Insolvency Risk), investors could lose all or part of the capital invested as well as any coupons owed (see "Current Rating of the Issuer" below: Technical data at the end). In the event ING Bank N.V. goes or is likely to go bankrupt the Notes can be cancelled in whole or in part, or converted into specific capital instruments (shares), depending on the decision of the controlling authority. In that case, investors run the risk of not recuperating the amounts to which they are entitled and of losing all or part of the amount invested and possibly owed by way of interest. Please read the Prospectus carefully and, in particular, the relating risk factors. Liquidity risk This Note will not be listed on a regulated market. ING Bank N.V. will guarantee market liquidity by offering investors a redemption price. This redemption price is determined by ING Bank N.V. on the basis of models specific to it and taking account of current market parameters (see "Risk of fluctuation in the value of the Notes" above) as well as the difference between the buying price and the selling price of approximately 1.00% under normal market conditions. The redemption price could be lower than the nominal value of the Notes (capital loss risk). Furthermore the price offered by ING Bank N.V. does not include brokerage frees, the stock exchange tax and any taxes (see "Technical data"). Risk linked to the Index and its hedging by ING If (i) the Sponsor of the Index substantially changes the Index, its formula or calculation method, (ii) the Sponsor of the Index terminates the Index (without a succeeding Index), (iii) the Sponsor of the Index does not calculate the Index and no longer publishes the level of the Index, or (iv) ING is no longer authorised to hold components of the Index and/or to sell them, ING Bank S.A./nv will have the right to change the terms and conditions of the Notes with a view to neutralising the distortion effects or to end them early by redeeming them at their market value which could be lower than the capital invested excluding costs. The Notes are not sponsored, approved, sold or promoted by the Index Sponsor. Moreover the Index Sponsor has not made a statement about the appropriateness of acquiring or taking a risk in relation to the Notes and/or the future trend of the Index. Investor profile This Note is for customers with a "Balanced", "Active" or "Dynamic" investor profile. If an investor benefits from structural investment advice taking account of the distribution of his or her portfolio (Personal Banking), this Note is suitable as from the "Moderated"profile. Investment in this Note assumes a good understanding of its characteristics and particularly understanding of the ensuing risks. ING Belgium will have to establish if your knowledge and experience of the product are sufficient. It must inform you in the event that the product is not appropriate for you. If the bank recommends a financial instrument in connection with investment advice, it must assess whether the product is appropriate by taking into account your knowledge of and experience with the product, your investment objectives and horizon, as well as your financial situation. For more information on this subject, visit > Investments > Useful information > Investment profiles. 5 In that case, investors would suffer a loss on their capital of a maximum of 10% to which the distribution fee of 2% should be added.

5 Risk class specific to ING Belgium SA/nv The model used by ING Belgium SA/nv to determine the risk class of a Structured Note analyses the volatility of its return on the basis of the weekly trend of the underlying observed historically on the market. The greater the price volatility calculated, the higher the risk category. Such risk level is then corrected to take into account the Issuer risk and any exchange risk for investors in euro transactions. There are a total of seven risk classes, ranging from 1 (lowest risk) to 7 (highest risk). Further information is available on ing.be (Investments>Bonds>Structured Notes>Risk class). This model does not take into account certain major types of risk, such as the liquidity risk in ING Bank N.V., as well as the market risk in the event of sale before the End Maturity of the Note. The ING 6Y6M EUR Sustainable Invest Notes 12/22 are in the risk category 3: risk What is volatility? Risk Return return higher Volatility describes the scale of daily, weekly or monthly variations of a financial asset. Generally it is calculated on the basis of historical observations. High volatility means that the financial asset has recorded major fluctuations in the past and, consequently, indicates a higher risk. Disclaimer This Promotional Document is produced and distributed by ING Belgium SA/nv. Therefore it is not and should not be interpreted as a recommendation to subscribe, or advice or recommendation to conclude any transaction. Moreover, this Promotional Document is communicated or made available by ING Belgium SA/nv to some or all of its customers and is not based on an examination of the individual situation of a particular customer. Unless the decision to invest is the outcome of investment advice provided by ING Belgium SA/nv, it is up to the customer to decide whether the financial instrument concerned by this Promotional Document is suited to his/her situation, without prejudice to the obligation of ING Belgium SA/nv to provide the information required with regard to the customer's knowledge and experience of financial instruments. This Promotional Document is intended for the use of the original recipient and must not be reproduced, redistributed or passed on to any other person or published, in whole or in part. The financial instruments concerned will not be registered pursuant to the United States Securities Act of 1933, as amended ("Securities Act"), and cannot be offered or sold in the United States, nor to individuals with American nationality, with a legal, fiscal or postal address in the United States, a telephone number in the United States; or with a permanent residence permit for the United States ("Green Card ), even outside the United States. Prospectus The Base Prospectus for the Issuance of Index Linked Notes (Level 2) of 29 June 2015, as supplemented from time to time, (the "Base Prospectus") of the Issuer was approved by the AFM of the Netherlands. The Prospectus consists of the Base Prospectus as well as the Final Terms of the ING 6Y6M EUR Sustainable Invest Notes 12/22 of 2 May The Base Prospectus is available only in English, with the exception of the Issue summary, which is also available in French. The Base Prospectus can also be viewed on the website com > ING Markets > Downloads > Global Issuance Programme. The Final Terms of 2 May 2016 can be viewed on the website > ING Markets > Products > search "XS " > Downloads. A copy of each of these documents is available, free of charge, from any ING branch in Belgium or simply by phoning. Information supplementary to Belgian law The Issuer could be required to respect the Code of Belgian Economic Law, in particular the provisions relating to misuse clauses, in the application of the clauses of the base prospectus and the final terms relating to the issue of this product distributed in Belgium, provided such provisions apply to the latter. Information subsequent to subscription After the end of the subscription period, ING Belgium SA/nv will communicate to investors via its website ( all important information relating to the ING. The value of the Notes which is adapted weekly will also be accessible to investors via the internet ( > Retail > Investments > Bonds > Structured Notes > Structured Note prices). In a later stage, it is possible that ING Belgium SA/nv will use other communication channels to correctly inform investors. Complaints can be lodged with ING Complaint Management Cours St Michel Brussels. If you do not obtain satisfaction and you are a private individual acting for private purposes, you can contact the financial dispute ombudsman, North Gate II, Avenue Roi Albert II 8, 1000 Brussels ( 5

6 ING - Technical data Issuer Distributor Rating/ Current rating of the Issuer ING Bank N.V., Amsterdamse Poort, Bijlmerplein 888, Amsterdam, 1102 MG Netherlands (Dutch incorporated company) ING Belgium SA/nv, 24, avenue Marnix, B-1000 Brussels. Standard and Poor s: A(Stable outlook); Moody s: A1 (Stable outlook); Fitch: A+ (Stable outlook). Ratings are given for purely information purposes and are not recommendations to buy, sell or keep securities of the Issuer. Rating agencies can suspend, change or withdraw them at any time. Rating notices can be viewed on the following website: Nominal amount A minimum of EUR 5,000,000 Subscription period Denominations/nominal EUR 100 / 100% Issue price Payment and Issue Date 1 June 2016 From 2 May 2016 to 27 May 2016 (inclusive), unless closed early. 102% of the Nominal Value Maturity 2 December 2022 The Index Initial Level Average Final Level Observation Dates The Sustainable Europe Low Risk Equity Index (SELRE) (Bloomberg code SELRE index) is an index calculated by Solactive AG. It is a price Index which consists of 30 shares, including the net dividends paid out by such shares minus a fixed dividend rate of 3.5% per annum and a monthly revision of the breakdown of the index to ensure the best shares are retained (for more explanations see page 2). Closing price of the SELRE on 1 June 2016 ("Initial Observation Date"). Arithmetical average of the closing levels of the Index on each Observation Date. 25 November 2020, 28 December 2020, 25 January 2021, 25 February 2021, 25 March 2021, 26 April 2021, 25 May 2021, 25 June 2021, 26 July 2021, 25 August 2021, 27 September 2021, 25 October 2021, 25 November 2021, 27 December 2021, 25 January 2022, 25 February 2022, 25 March 2022, 25 April 2022, 25 May 2022, 27 June 2022, 25 July 2022, 25 August 2022, 26 September 2022, 25 October 2022, 25 November 2022 Redemption at Maturity Quotation Jurisdiction Sale before Maturity Form & Custody Securities code Taxation Fees and charges If the Final Level of the Index is equal to or above its Initial Level, the Notes will be redeemed at 100% of their nominal value, plus 100% of the positive performance of the Index. If the Average Final Level of the Index is below its Initial Level, the Notes will be redeemed at an amount equal to 100% of their nominal value minus the negative performance of the Index. Such amount will be at least equal to 90% excluding costs of the nominal value (capital loss risk). The Note will not be listed on a regulated market. English legislation Under normal trading conditions, investors have the possibility to resell their Notes before Maturity to ING Bank N.V. once a week (see also "Liquidity risk" above). The redemption price could be lower than the nominal value of the Notes (capital loss risk). Furthermore the price offered by ING Bank N.V. does not include brokerage frees, the stock exchange tax and any taxes. Delivery solely on a securities portfolio with a financial institution. Custody in an account with ING Belgium SA/nv is free. Please enquire with other financial institutions about the safe-custody fees they apply. ISIN: XS In the case of private individuals residing in Belgium. Withholding tax: the income from the Notes is liable to withholding tax, currently 27%. In the event of a sale on the secondary market, the Personal Income tax at the distinct rate of 27% will be owed on the amount of securities income received on that occasion and declared. Income from the Notes on which the 27% withholding tax has been levied does not need to be indicated in the Personal Income Tax return. Tax on stock market transactions: in the event of a sale on the secondary market, the stock market tax (TOB) will be levied, currently 0.27% (maximum 650 per transaction). For private individuals with a tax residence located in a State which participates in the Standard for automatic exchange of financial account information (Common Reporting Standard CRS Standard) and/or who are a Specified U.S. Person within the meaning of the Foreign Account Tax Compliance Act (FATCA). This Note falls under the scope of the CRS Standard and FATCA. Belgium will transmit information to the participating State in the CRS Standard where the tax residence of the private individual is located and/or to the United States of America, in accordance with the rules as defined in the CRS Standard and FATCA. The Issuer pays the Distributor a placement fee of 2% included in the Issue Price. The latter also includes a fee for structuring and distributing the securities of a maximum of 1% on an annual basis. In the event of resale of the Notes before their Maturity, brokerage fees will be applied to the price established at ING Bank N.V. The brokerage fee is available on the ING website (ing.be > Investments > Charges and regulations > List of charges applied to the main securities transactions). The English version of this promotional document is a translation of the official French and Dutch versions which, in the event of a dispute, prevail. ING Belgium SA/nv Bank avenue Marnix 24, B-1000 Brussels Brussels RPM/RPR VAT: BE BIC: BBRUBEBB IBAN: BE Publisher: Inge Ampe Cours Saint-Michel 60, B-1040 Brussels Editing Team & Graphic Studio Marketing ING Belgium E 04/16 6