ING Bank N.V. (NL) 4Y NOK Floating Rate Notes 10/22

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1 ING Bank N.V. (NL) Structured Note 4 years In Norwegian kroner (NOK) 1 A half-yearly gross coupon in Norwegian kroner 1 of 1.30% minimum and.40% maximum (before taxes and duties and on an annual basis) Repayment of 100% of the capital invested (excluding fees) at maturity in Norwegian kroner 1 Main characteristics This product is intended for customers who are looking for an investment which: has a term of 4 years; entitles the investor to a 100% capital repayment in Norwegian kroner 1 (excluding fees) by the Issuer at maturity, except in the event of bankruptcy and/or the risk of bankruptcy by the Issuer; entitles the investor, on each Coupon Payment Date, to a gross half-yearly coupon equal to the «6-month NOK Nibor Norway Interbank Offered Rate» interest rate determined on the corresponding Observation Date, with a minimum of 1.30% 3 and a maximum of.40% 3 (expressed on an annual basis). In Norwegian kroner (NOK), which entails an exchange rate risk when amounts in Norwegian kroner are converted into euros. These Notes allow investors to benefit from a moderate rise in the 6-month NOK Nibor Norway Interbank Offered Rate and at the same time to be protected against any fall. They also enable investors to diversify their bond portfolio by investing in a floating rate note in Norwegian kroner. For further information, please see the technical data on pages 5 and 6. Actuarial return In the scenario where investors hold on to their note until maturity, the actuarial return in Norwegian kroner is a gross minimum (before taxes and duties) of 1.175% and a net minimum (after taxes and duties) of 0.784% on an annual basis. This return takes account of: an issue price of % 4 ; the coupons paid out half-yearly (after the deduction of taxes and duties for the net actuarial return) ; a redemption price when the Notes mature of 100% of the capital invested (in NOK) (excluding fees), except in the event of bankruptcy and/or the risk of bankruptcy by the Issuer; The proposed product is a structured note issued by ING Bank N.V. When subscribing to this product, investors lend money to the Issuer, who undertakes to pay coupons on the Coupon Payment Dates and to repay 100% of the capital invested in Norwegian kroner (excluding fees) when the Notes mature. 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. This complex financial instrument is intended for customers who have sufficient experience to understand the characteristics of the product offered and who have sufficient knowledge, notably familiarity with interest rates and EUR/NOK exchange rate risk, to assess the benefits and risks associated with investing in this complex instrument given their financial situation. 1 Which entails an exchange rate risk when converting amounts in Norwegian kroner into euros. Except in the event of bankruptcy and/or the risk of bankruptcy by the Issuer. 3 The coupons are gross amounts before the deduction of any taxes and duties (see «Taxation» below). The rates are expressed on an annual basis. 4 Issue price of %, including a fee for structuring and distributing the notes of 1% maximum. 1

2 Performance scenarios Potential investors are invited to read the Key Investor Information Document (page available on > ISIN XS ) should they require more information on the scenarios which are calculated based on the methodology of the European PRIIPs regulation (Regulation (EU) 186/014). Trend in the EUR/NOK rate (September September 018) The NOK currency is basically linked to oil prices. A decrease (increase) in the price of oil causes a decrease (increase) in Norwegian exports by value and therefore in international demand for NOK, given that oil is the country s main export. For example, the sharp fall in the price of oil in Euros led to a substantial depreciation (around 18%) in the currency between 014 and 016. As the oil price is expected to fall in the coming months, this could have a somewhat negative impact on the Norwegian currency. Other factors may come into play, however, such as divergences in monetary policy. The Norwegian central bank is currently one of the most restrictive in Europe (it has also announced that it intends to raise its key rate in September 018). This could therefore support the Norwegian krone in the next few months. The Norwegian currency could appreciate to NOK 9.5/EUR over the next 1 months, from the current level of NOK 9.5/EUR. Given the various forces at work, no guarantees can be given regarding the future trend in the currency. Source : Intern document ING Belgium, August 018 Illustration of exchange rate risk EURNOK Currency Sep-14 Dec-14 Mar-15 Jun-15 Sep-15 Dec-15 Mar-16 Jun-16 Sep-16 Dec-16 Mar-17 Jun-17 Sep-17 Dec-17 Mar-18 Jun-18 Past performance is not a reliable indicator of future performance. Source: Bloomberg Imagine that on the Payment Date (/10/018) of the Notes, EUR 1 is worth NOK : To buy NOK 1,000 at this rate, you would have to pay EUR (excluding fees). At maturity (1/10/0): if the NOK fell 10% against the EUR (NOK for EUR 1), you would only receive EUR 94.8 per NOK 1,000, which would represent a 10% currency loss on the capital in euros. if the NOK rose 10% against the EUR (NOK for EUR 1), you would receive EUR per NOK 1,000. In this case, you would realise a 10% currency gain on the capital in euros. Trend in the 6-month NOK Nibor (September September 018) NIBOR 6M (%) The 6-month NOK Nibor (Norway Interbank Offered Rate) is an estimate of the average 6-month interest rate at which six banks lend money between themselves on the Norwegian inter-bank market in Norwegian kroner (level at 5 September % on an annual basis). The 6-month NOK Nibor rate on each Observation Date is published in the financial press or on the website eng/ markedsaktivitet/#/ details/nibor6m.nibor/overview. 0.6 Sep-14 Sep-15 Sep-16 Sep-17 Sep-18 Past performance is not a reliable indicator of future performance. Source: Bloomberg

3 Risk Before subscribing to the Notes, it is recommended that potential investors read the Key Investor Information Document, the Technical Data at the end of this document and the Prospectus (particularly the «Risk Factors» section of the Prospectus), its summary and the Issue Summary. Exchange rate risk The issue is in Norwegian kroner (NOK), which entails an exchange rate risk when converting amounts received in Norwegian kroner into euros. The amount repaid at maturity in Norwegian kroner may, after conversion into euros, be lower than the equivalent in euros of the capital initially invested. The amount of the coupons received half-yearly in Norwegian kroner may also be reduced after conversion into euros. The risk is particularly prevalent for investors who do not have an account in Norwegian kroner. The trend in the EUR/NOK exchange rate has a positive or negative impact on the equivalent value of the notes in euros during their term and entails a capital gain or capital loss of the equivalent value of the notes in euros in the event of resale of the notes by investors before maturity. Risk of Issuer insolvency In the event of bankruptcy and/or the risk of bankruptcy and/or a bail-in 5 on the part of ING Bank N.V., the Notes may be cancelled in whole or in part or converted into equity instruments (shares), depending on the decision taken by the supervisory authority. In such a case, investors run the risk of not recovering all of the amounts to which they are entitled and of losing all or part of their investment and any coupons due. Risk of fluctuations in the value of the Notes (market risk) Certain parameters such as: - the trend in the long-term interest rates on the financial markets (a rise in interest rates on the long-term market has a negative impact on the value of the Notes and a fall in interest rates on the long-term market has a positive impact on the value of the Notes); - the trend in the Benchmark Rate (namely the NOK Nibor 6M) (a rise in the Benchmark Rate has a positive impact on the value of the coupons and a fall in the Benchmark Rate has a negative impact on the value of the coupons); - the prospect of a change in the Issuer s rating; have a positive or negative impact on the value of the Notes during their term and may result in a gain or loss if the Notes are sold by investors before maturity. 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. The purchase price is set by ING Bank N.V. based on its own models and taking into account market parameters at the time (see «Risk of fluctuations in the value of the Notes» above), and the 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 0.50%. In addition, the price offered by ING Bank N.V. does not include brokerage fees, exchange costs, stock exchange tax or any duties (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. 5 A bail-in is defined as a series of measures imposed by the supervisory authorities intended to ensure that the losses incurred by a credit institution in difficulty are borne by all or some of its creditors, including investors who subscribed to its Notes. The measures may result in a drop in the nominal amount of the 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 may result in a null value for the Notes). 3

4 Post-subscription information Investors who hold their Notes in a custody account with ING Belgium SA/nv can monitor the changes in the value of the Notes on a daily basis on Home Bank. After the close of the subscription period, other important information relating to the Notes will be available on 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). Prospectus The Issuer s «Base Prospectus for the Issuance of Medium Term Notes and Inflation Linked Notes (Level 1)» of June 018, including the supplements dated 3 August 018, 7 September 018 and 13 September 018 (the «Base Prospectus»), has been approved by the AFM in the Netherlands. The Prospectus consists of the Base Prospectus, the Final Terms 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 Issue Summary and the Key Investor Information Document are available at > XS and > Invest > Bonds and derivative instruments > Discover 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. Before subscribing to the Notes, all potential investors are invited to read and understand all of these documents. Additional information about Belgian law The Issuer declares that they have made the unfair clauses in the base prospectus inapplicable via the Final Terms. Warning This Promotional Document has been produced and distributed by ING Belgium SA/nv. It is therefore not and should not be interpreted as a recommendation to subscribe, or as advice or a recommendation to enter into any transactions. This Promotional Document is intended solely for the use of the original recipient and must not be reproduced, redistributed, passed on to any other person or published, in whole or in part. The financial instruments in question 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 persons with American citizenship, a mailing, legal or tax 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 if they are outside of the United States. 4

5 - Technical Data Issuer ING Bank N.V., Amsterdamse Poort, Bijlmerplein 888, Amsterdam, 110 MG, Netherlands (Dutch-registered company) Applicable law Dutch law. Distributor ING Belgium SA/nv, Avenue Marnix 4, B-1000 Brussels Current Issuer rating Standard and Poor s: A+ (Stable outlook); Moody s: Aa3 (Stable outlook); Fitch: A+ (Stable outlook). Ratings are given purely for information purposes and are not recommendations to buy, sell or hold the Issuer s securities. Rating agencies may suspend, change or withdraw them at any time. Ratings can be consulted at epargneretinvestirquestions-cles/notation/ Subscription period From 14 September 018 to 17 October 018 (inclusive), unless closed early. Quarterly coupons On each Coupon Payment Date, a gross half-yearly coupon will be paid that is equal to the «6-month NOK Nibor» determined on the corresponding Observation Date, with a minimum of 1.30% 3 and a maximum of.40% 3 (expressed on an annual basis). Denomination/Nominal value NOK 1,000/100% Issue price % of the Nominal Value Issue date and payment date October 018 Maturity 1 October 0 ISIN XS Redemption prior to Maturity See «Liquidity risk» on page 3 and «Commissions and fees» below. Redemption on the Maturity Date The Notes will be repaid at 100% of their Nominal Value at maturity in Norwegian kroner, except in the event of bankruptcy and/or the risk of bankruptcy and/or a bail-in by the Issuer. Commissions and fees - Entry costs: maximum 1.50% (including the difference (0.50%) between the issue price and 100% and including a fee for structuring and distributing the Notes of a maximum of 1.00%); - Exit costs before maturity: in normal market conditions, 0.5% (see bid-mid spread in «Liquidity risk»). Notes may be sold for less than the price paid by the investor at the time of their issuing (risk of loss). Furthermore, the price offered by ING Bank N.V. does not include brokerage fees, stock exchange tax or any duties. If the Notes are sold before maturity, brokerage fees will be applied to the price established by ING Bank N.V. ( > Prices and payments > Prices of the main securities transactions). - In addition to the fees and costs intrinsic to the Notes, investors who do not hold an account in Norwegian kroner must also bear the exchange costs (3%) when buying Norwegian kroner to purchase the Notes (market selling price on the date of the transaction) and/or selling Norwegian kroner on coupon collection and/or repayment on maturity (market purchase price on the date of the transaction). Except in the event of bankruptcy and/or the risk of bankruptcy by the Issuer. 3 The coupons are gross amounts before the deduction of any taxes and duties (see «Taxation» in the Technical Data on the last page). The rates are expressed on an annual basis. 5

6 - Technical Data Coupon Payment Dates 3 April 019, October 019, April 00, October 00, April 01, October 01, April 0, 1 October 0 Coupon Period The period since (and including) a Coupon Payment Date (or the Issue Date for the first Coupon Period) until the next (first) Coupon Payment Date (not included). Taxation - In the case of private individuals residing in Belgium for tax purposes: Withholding tax Income from the Notes is subject to the Belgian withholding tax, which is currently 30%. If the Notes are sold on the secondary market, the income from movable property received and declared will be subject to a personal income tax rate of 30%. Any income from the Notes for which withholding tax of 30% has been paid does not need to be declared under personal income tax. Stock exchange tax A stock exchange tax (TOB) will be levied on sales on the secondary market, which is currently 0.1% ( 1,300 maximum per transaction). - In the case of private individuals whose tax residence is located in a country participating in the Common Reporting Standard (CRS) and/or who are a Specified U.S. Person within the meaning of the Foreign Account Tax Compliance Act (FATCA): This Note falls within the scope of the CRS and FATCA. Belgium will send information conforming to the principles defined by the CRS and FATCA to the country participating in the CRS in which the tax residence of the private individual is located and/or to the United States of America. ING Belgium SA/nv Bank/Lender Avenue Marnix 4, B-1000 Brussels RPM Brussels VAT BE BIC: BBRUBEBB IBAN: BE Managing Editor: Marie-Noëlle De Greef Cours Saint-Michel 60, B-1040 Brussels Editing Team & Graphic Studio Marketing ING Belgium E 08/18 6