ING Bank N.V. (NL) 10Y EUR Autocallable ESG Notes 11/28

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1 10Y EUR Autocallable ESG Notes 11/28 The index used is the Sustainable Europe Low Risk Equity Price EUR Index (SELRE). The SELRE is based on environmental, social and governance (ESG) criteria as well as on financial criteria. Autocallable 1 Maximum 10 years (early redemption is possible) 100% redemption (excluding Fees) of the Nominal Value (EUR 100), in EUR at maturity 2 or, where appropriate, in the event of early redemption Providing, according to certain conditions 2, a Bonus 3 Investment Policy ING emphasises sustainability in its corporate management, the services it provides and its investment products. Anyone investing in the ING 10Y EUR Autocallable ESG Notes 11/28 is choosing an investment over ten years. The ING 10Y EUR Autocallable ESG Notes 11/28 allow investors to diversify their bond portfolio by investing in a Note that combines the potential return with the performance of a socially responsible index via the Sustainable Europe Low Risk Equity Index EUR Price EUR (SELRE). Main characteristics These Notes are intended for customers looking for an investment: linked to the evolution of the Sustainable Europe Low Risk Equity Price EUR Index (SELRE) ( the Index 1 ); The Sustainable Europe Low Risk Equity Price Index (SELRE) is a Price Return type index with a synthetic dividend (see page 2); with a term of 10 years (to the extent that the conditions for early repayment are not met in the meantime); providing, under certain conditions 2, a repayment of capital with bonus 3 ; and who accept: that the issue price is 101% of the Nominal Value (EUR 100); if the Level of the Index recorded on any of the Annual Observation Dates is equal to or greater than the corresponding Barrier Level, the Notes will be redeemed at 100% of their Nominal value on the corresponding Early Redemption Date plus a gross Bonus, determined on the basis of the redemption date 1 ; the Level of the Index will be compared from the second year onwards and at each Annual Observation Date to a level determined on the basis an increasing percentage of its Initial Level ( Barrier Level ): 100% - 100% - 105% - 105% - 110% - 110% - 115% - 115%; Bonus levels (as a % of the Nominal value) in the event of early redemption: 5.00%; 7.50%; 10.00%; 12.50%; 15.00%; 17.50%; 20.00%; 22.50%. If the note is not early called: if, on the Final Observation Date, the Final Level of the Index is equal to or higher than the Initial Level, the Notes will be redeemed at 100% of their nominal value (EUR 100), plus 100% of any positive performance in the Index; if, on the Final Observation Date, the Final Level of the Index is lower than its Initial Level, the Notes will be redeemed at 100% of their nominal value and no bonus will be paid. In the event of bankruptcy and/or the risk of bankruptcy by the Issuer, investors may not receive the amounts to which they would be entitled and may lose their invested capital. The product offered is a structured note issued by ING Bank N.V. By subscribing to it the investor lends money to the issuer who agrees to pay him a coupon under certain conditions and to repay to him a certain amount, either at a possible early Redemption Date or at the Maturity Date (see «Brief Description» and «Main Features»). The money lent is not specifically invested in assets meeting ESG criteria. Only the return is linked to an index incorporating ESG criteria. In the event of default and/or risk of default by the Issuer, investors may not receive the amounts to which they would be entitled and may lose the capital invested. This complex financial instrument is intended for customers with sufficient experience to understand the characteristics of the product offered and who have sufficient knowledge to assess, based on their financial situation, the benefits and risks inherent in an investment in this complex instrument, and who understand the concepts of Index and of interest rates. 1 For all data, the definition of the Index and the Barrier Level, please refer to the Technical Data. 2 Except in the event of bankruptcy and/or the risk of bankruptcy by the Issuer 3 All bonuses are gross amounts, before the deduction of any taxes and duties (see «Taxation» below). 1

2 The Sustainable Europe Low Risk Equity Price (SELRE) ING s experts in the field of sustainable investment (an investment aimed at reconciling economic performance with social and environmental impact), together with Sustainalytics, created the new Sustainable Europe Low Risk Equity Price Index (SELRE) and asked Solactive AG to maintain and publish the Index. For 20 years, Sustainalytics has been one of the world leaders in research and analysis in social and environmental responsibility, working with investors and financial institutions around the world. Sustainalytics provides social responsibility data about a large number of companies ( Since its founding in 2007, Solactive AG has been a key player in the development and management of indexes (indicators illustrating the evolution of specific business sectors or markets). Solactive specialises in the creation of custom indices (also called proprietary indices) ( Price Return type index with a «synthetic dividend» The Sustainable Europe Low Risk Equity Price Index (SELRE) is a «Price Return» type index with a «synthetic dividend». This means that the performance of the Index is calculated based on share price trends, including net dividends paid out per share 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. Use of the synthetic dividend technique makes it possible to reduce the fluctuations in potential dividend changes from one year to the next. Index composition Company Sector Stock market ALSTOM SA Industrials Paris BUNZL PLC Consumer goods London CARLSBERG AS CLASS B Consumer goods Copenhagen COLOPLAST AS CLASS B Health care Copenhagen DEUTSCHE WOHNEN SE Real estate Frankfurt EDENRED SA Consumer discretionary 4 Paris EIFFAGE SA Industrials Paris GEBERIT AG Industrials Zurich EDP ENERGIAS DE PORTUGAL SA Energy Lisbon HALMA PLC Industrials London HEINEKEN NV Consumer goods Amsterdam J SAINSBURY PLC Consumer goods London MERCK KGAA Health care Frankfurt NESTE CORPORATION Energy Helsinki ORANGE SA Telecommunications Paris ORSTED A/S Energy Copenhagen PARTNERS GROUP HOLDING AG Finance Zurich PERNOD RICARD SA Consumer goods Paris RELX PLC Information Service London ROCHE HOLDING AG Health care Zurich WHITBREAD PLC Consumer discretionary 4 London SEGRO PLC Real estate London SKY PLC Consumer discretionary4 London SMITH & NEPHEW PLC Health care London SWEDISH ORPHAN BIOVITRUM AB Biotechnology Stockholm SWISS RE AG Finance Zurich SWISSCOM AG Telecommunications Zurich TELEPERFORMANCE SE IT Service Paris UCB SA Health care Brussels ZURICH INSURANCE GROUP AG Finance Zurich (Source: Solactive AG, 8/10/2018) The investment universe is reviewed every 6 months. The composition of the SELRE Index is revised monthly. It can be viewed at com/?s=selre&index=de000sla00q0 4 Consumer discretionary consists of media, clothing, durable consumer goods, retail, automotive, luxury goods, hotel and leisure companies. 2

3 Selection methodology 5 for the 30 Index equities The Sustainable Europe Low Risk Equity Price Index (SELRE) is composed of 30 European stocks, selected conscientiously and in a completely transparent way among the companies analysed by Sustainalytics. The Index is based on environmental, social and governance (ESG) criteria as well as on financial criteria. The composition of the SELRE Index is reviewed once a month to ensure that it is made up of equities meeting these criteria. Investment universe provided by Sustainalytics Sustainalytics carries out an in-depth analysis of companies based on three main criteria (environmental, social and governance ESG). Its database, reviewed every 6 months, includes ESG analyses and scores for about 2,500 companies listed on the stock market. 1st stage: selection based on ESG filters provided by Sustainalytics First, each company is analysed in order to exclude those which earn more than 5% of their revenue from the production of nuclear energy, gambling, arms, tobacco, the production of palm oil, and pesticides. Then, only the best companies (ESG score above the sectoral average) are retained. The ESG filters aim to provide investors with an assurance that the final Index will only contain the best companies evaluated by Sustainalytics in terms of ESG performances compared to their industry. After applying this filter, there are about 700 equities left. For additional information: esg-ratings/ Investment universe provided by Sustainalytics 1st stage: selection based on ESG filters 2nd stage: selection based on liquidity 3rd stage: selection based on risk filters Final Index 2nd stage: selection based on liquidity The liquidity filter (liquidity measures the ease with which shares can be bought and sold without overly impacting their price) consists in keeping only those companies with the highest historical stock market liquidity. The basis of reference is the daily trading volume over 90 days. The second filter aims to provide investors with an assurance that the Final Index consists of the companies whose shares are the most liquid compared to other companies in the universe. After applying this filter, there are about 270 equities left. 3rd stage: selection based on risk filters Risk filters are used to rank companies based on certain risk categories* in order to retain only those which provide the best potential risk/return ratios. These filters aim to potentially reduce the risk of the final index to the extent that it consists of companies that best meet the defined criteria. After applying this filter, there are about 150 equities left. *The risk filters used are intended to improve the risk/return ratio by sorting shares based on a range of volatility criteria 6. Final index The Final Index consists of the 30 equities which passed the three selection stages. Each share receives an identical weighting (1/30) in the Final Index. The selection methodology is repeated each month to provide investors with a guarantee that the composition of the Index is in line with financial market trends. Conclusie This transparent selection methodology provides equities which are: Ethical, socially responsible and sustainable as defined by the methodology developed by Sustainalytics; Liquid; Relatively less risky (low historical volatility) Volatility measures the amplitude of the daily, weekly and monthly fluctuations of a financial asset. It is normally calculated based on historical data. High volatility means that significant fluctuations in the financial asset were recorded in the past and, therefore, indicates higher risk. 3

4 Performance scenarios The potential investor is invited to read the Key Investor Information Document (page 2, available on XS ) to obtain more information about the scenarios that are calculated based on the methodology of the European regulation on PRIIPs (EU Regulation 1286/2014). Observation Dates Autocall Barrier Levels (as a % of the Initial Level) 16/11/ % % 15/11/ % % 14/11/ % % 14/11/ % % 14/11/ % % 14/11/ % % 16/11/ % % 15/11/ % % If the Level of the Index is equal to or higher than the Autocall Barrier Level, the Gross Early Redemption Amount as a % of the nominal value (EUR 100) is: The Notes continue if the Level of the Index is below the Autocall Barrier Level. IF THE NOTE IS NOT REPAID EARLY: If, on the final Observation Date (14/11/2028), the Level of the Index is less than 100% of the Initial Level: Repayment at maturity of 100% (excluding fees) of the nominal value (EUR 100). If, on the final Observation Date (14/11/2028), the Level of the Index is equal to or higher than 100% of the Initial Level: Repayment at maturity of 100% (excluding fees) of the nominal value (EUR 100) plus 100% of any positive performance in the Index. Evolution of the Sustainable Europe Low Risk Equity Index (SELRE) October 2015 October Oct-15 Jan-16 Apr-16 Jul-16 Oct-16 Jan-17 Apr-17 Jul-17 Oct-17 Jan-18 Apr-18 Jul-18 Oct-18 Past performance does not necessarily predict future results. Source: Bloomberg 7/10/2018 Post-subscription information After the close of the subscription period, ING Belgium SA will inform investors of all important information related to the Notes via its website ( The value of the Notes, adjusted every day, will also be available to the investor on > XS In the event of a complaint, you can contact ING Complaint Management Cours Saint Michel, Brussels or send an to plaintes@ing.be. If you do not feel that the issue has been resolved to your satisfaction and you are acting on your own behalf, you can contact the financial disputes ombudsman at North Gate II, Avenue Roi Albert II 8, 1000 Brussels (ombudsman@ombudsfin.be). Additional information about Belgian law The Issuer declares that they comply with the Belgian code of economic law and, notably, the provisions relating to abusive clauses. As such, the issuer declares that they have made the abusive clauses in the base prospectus inapplicable via the Final Terms. 4

5 Risk factors Before subscribing to the Notes, it is recommended that potential investors read the Key Investor Information Document, the Technical Data on the last page, the Prospectus (the «Risk Factors» section in particular), its summary and the Issue Summary. Risk of Issuer insolvency In the event of ING Bank N.V. s bankruptcy and/or potential bankruptcy and/or bail-in 7, the Notes may be cancelled in whole or in part or converted into equity instruments (shares), depending on the decision of the supervisory authority. In this case, investors run the risk of not recovering the amounts to which they were entitled and may lose all or part of the amounts invested and potentially any interest due (see Technical Data ). Risk class We recommend that you refer to the Risk Indicator in the Key Investor Information Document, as well as the definition provided. Risk of fluctuations in the value of the Notes (market risk) Certain parameters such as: - changes in the underlying index (a drop in its level will entail a drop in the value of the Notes during their lifetime and a rise will have a positive impact on the value of the Notes before their Maturity Date); - changes in interest rates on the financial markets (a rise in market interest rates has a negative impact on the value of the Notes during their lifetime and a fall in market interest rates have a positive effect on the value of the Notes before their Maturity Date); - the prospect of a change in the Issuer s rating, will have a positive or negative impact on the value of the Notes during their lifetime and result in a capital gain or loss if the investor resells the Notes before their Maturity Date. Liquidity risk This Note will not be listed on a regulated market. ING Bank N.V. will guarantee liquidity by proposing a purchase price to investors. This redemption price is determined by ING Bank N.V. on the basis of its own models and taking into Account current market parameters (see «Risk of fluctuation in the value of Notes» above) as well as a difference between the purchase price and the mid price (Bid-Mid Spread). The purchase price may be less than the nominal value of the Notes (risk of loss). In normal market conditions, the difference between the purchase price and the market price («bid-mid spread») will be approximately 1.00%. In addition, the price offered by ING Bank N.V. does not include the brokerage fees, the tax on stock market transactions and any taxes (see «Technical Data»). Other important information The Notes are the subject of a public offer. This Product Sheet is a promotional document produced and distributed by ING Belgium SA/NV as Distributor of the Notes. It should not, therefore, be interpreted as a recommendation to subscribe, or as advice or a recommendation to carry out any transaction whatsoever. This Product Sheet is communicated or made available by ING Belgium SA/NV to all or some of its customers and is not based on examination of the specific situation of a given customer. This Product Sheet is intended for the sole 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, a postal, legal or tax address in the United States, a telephone number in the United States or a permanent residence permit for the United States («Green Card»), even outside the territory of the United States. Legal documentation The Issuer s «Base Prospectus for the Issuance of Index Linked Notes (Level 2)» of 22 June 2018, including its supplements dated 03 August 2018, 07 September 2018 and 13 September 2018, (the «Base Prospectus») has been approved by the AFM in the Netherlands. The Prospectus consists of the Base Prospectus, the Final Terms (15/10/2018) and the Issue Summary. The Base Prospectus is only available in English, with the exception of the Issue Summary and the Key Investor Information Document, which are also available in French. The Base Prospectus can be viewed at > ING Markets > Downloads > Global Issuance Programme. The Final Terms, the Summary of the Issue and the Key Information Document can be viewed on the websites > XS et > Invest > Bonds & Derivatives > Find out about our current Structured Notes offering > Final Terms. A copy of the documents can be obtained free of charge from all ING branches in Belgium or by telephone. It is recommended that potential investors read all of these documents before subscribing to the Notes. 7 A bail-in can be defined as a series of measures imposed by the supervisory authorities intended to pass on the losses of a credit institution in difficulty to all or some of its creditors, including investors who have subscribed to structured notes. The measures can result in a decrease in the nominal amount of the structured notes or in their conversion into shares of the credit institution in order to absorb its losses and/or recapitalise it (in some cases, the decrease in the nominal amount can result in a nil value for the structured notes). 5

6 Technical data for the ING 10Y EUR Autocallable Notes 10/28 Issuer ING Bank N.V., Amsterdamse Poort, Bijlmerplein 888, Amsterdam, 1102 MG The Netherlands (a company incorporated under Dutch law) www. ingmarkets.com Applicable law Dutch law. Distributor ING Belgium SA/NV, Avenue Marnix 24, B-1000 Brussels Current Issuer rating Standard and Poor s: A+ (Stable outlook); Moody s: Aa3 (Stable outlook); Fitch: A+ (Stable outlook). Ratings are provided for informational purposes only and are not recommendations to buy, sell or hold the Issuer s securities. Rating agencies may suspend, change or withdraw them at any time. Rating notices can be viewed on the following website: thematiques/epargner-etinvestir/questions-cles/notation/ Subscription period From 15 October 2018 to 16 November 2018 inclusive (assuming no early closure) Denomination/Nominal value EUR 100/100 % Issue price 101% of the Nominal Value Issue date and payment 21 November 2018 Maturity date 21 November 2028 ISIN Code XS Initial Level The closing level of the Index on 16 November 2018 («Initial Observation Date») Final Level The closing level of the Index on 14 November 2028 («Final Observation Date») Observation level The closing level of the Index on an Annual Observation Date Annual Observation Dates 16 November 2020, 15 November 2021, 14 November 2022, 14 November 2023, 14 November 2024, 14 November 2025, 16 November 2026, 15 November 2027 Barrier Level (as a % of the Initial Level): 100% - 100% - 105% - 105% - 110% - 110% - 115%

7 Early redemption If the Level of the Index recorded on any of the Annual Observation Dates is equal to or greater than the corresponding Barrier Level, the Notes will be redeemed at 100% of their Nominal value on the corresponding Early Redemption Date plus a gross Bonus, determined on the basis of the redemption date. Possible Early Redemption Dates with Bonus 23 November 2020, 22 November 2021, 21 November 2022, 21 November 2023, 21 November 2024, 21 November 2025, 23 November 2026, 22 November 2027 Levels of Bonus (as a% of the Nominal value) in the event of early redemption: 5.00%; 7.50%; 10.00%; 12.50%; 15.00%; 17.50%; 20.00%; 22.50% Redemption at the Maturity Date If, on the final Observation Date, the Final Level of the Index is equal to or higher than the Initial Level, the Notes will be redeemed at 100% of their Nominal value (EUR 100) plus 100% of any positive performance in the Index. If, on the Final Observation Date, the Final Level of the Index is lower than its Initial Level, the Notes will be redeemed at 100% of their nominal value and no bonus will be paid. Commissions and fees - Entry costs: maximum 3.44% (including the diference (1) between the issue price and 100% and including a commission for the structuring and the distribution of the notes of maximum 2.44%) for the entire duration of the note (The impact of the costs you pay when you take out your investment and when costs are integrated into the price); - Exit costs if selling the notes before maturity: under normal market conditions, 1% (the «Bid-Mid Spread»). This does not include brokerage fees, the tax on stock market transactions or any taxes or duties ( > Tariffs and regulations > Estimation of transaction costs for financial instruments). Taxation (The tax treatment depends on the individual situation of each investor and is subject to change later) In relation to individuals who are resident for tax purposes in Belgium Withholding tax Income from the Notes is subject to the Belgian withholding tax, which is currently 30%. In the event of a sale on the secondary market, Personal Income Tax at the separate rate of 30% will be owed on the amount of securities income received at the time and declared. Income from the Notes on which the 30% withholding tax has been levied does not need to be declared in the Personal Income Tax return. Tax on stock exchange transactions In the event of a sale on the secondary market, the tax on stock exchange transactions (TOB) will be levied, currently 0.12% (maximum 1,300 per transaction). For private individuals with their tax residence located in a State which participates in the 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 application of the CRS and FATCA. Belgium will forward information to the State participating in the CRS where the private individual s tax residence is located and/or to the United States, in accordance with the rules defined in the CRS and FATCA. ING Belgium SA/NV Bank/Lender Avenue Marnix 24, B-1000 Brussels RPM Brussels VAT No.: BE BIC: BBRUBEBB IBAN: BE Responsible publisher: Marie-Noëlle De Greef Cours Saint-Michel 60, B-1040 Brussels Editing Team & Graphic Studio Marketing ING Belgium E 10/18.