ING Bank N.V. (NL) 8Y EUR Step Up Rate Notes 10/26

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1 Brochure dated 14/09/2018. Investors are are hereby informed that the base prospectus has been subject with two supplements dated, 7 September 2018 and 13 September 2018 (following the agreement with the Dutch authorities on the payment of a fine and the resignation of the CFO of ING Group) and that following the publication of the supplements, ING Bank NV modified the commercial information document dated September 3, 2018 by adding the dates of the supplements (see «Prospectus» below). Structured Note 8 years 100% capital redemption 1 (including fees) in EUR at maturity A progressive fixed annual coupon 2 Risk class 1 Main characteristics This product is intended for customers looking for the following type of investment: for a period of 8 years ; which entitles the investor to 100% redemption of capital in EUR (excluding fees) from the Issuer at Maturity, except in the event of bankruptcy and/or potential bankruptcy of the Issuer; which entitles the investor to the payment of a progressive gross annual coupon2 in EUR of 0.15% at the end of the first year; 0.25% at the end of the second year; 0.35% at the end of the third year, 0.45% at the end of the fourth year; 0.55% at the end of the fifth year; 0.65% at the end of the sixth year; 0.75% at the end of the seventh year and 0.85% at the end of the end of the eighth year. (abbreviated to ING 8Y EUR Step Up Rate Notes 10/26 ) help investors diversify their bond portfolio by investing in a Note in euros at a progressive fixed rate Actuarial return In the event that the investor holds the Note until Maturity, the annual actuarial return will be % gross (before taxes and duties) and % net (after taxes and duties). This return takes into account the following: an issue price of 100.5% 3 ; coupons distributed annually (after deduction of taxes and duties for the net actuarial return); a redemption price at Maturity of the Notes of 100% of the capital invested (in euros) (excluding fees), except in the event of bankruptcy and/or potential bankruptcy of the Issuer. The product offered is a structured debt instrument issued by ING Bank N.V. By subscribing, the investor lends money to the Issuer, which undertakes to pay coupons on the Payment Dates and to refund 100% of the capital invested in the Notes at Maturity, excluding fees. In the event of bankruptcy and/or of potential bankruptcy of the Issuer, investors may not receive the amounts to which they would be entitled and may lose the capital invested. This complex instrument is intended for customers with sufficient experience to understand the characteristics of the product offered and with sufficient knowledge to assess, based on their financial situation, the benefits and risks inherent in an investment in this instrument, namely knowledge of interest rates. 1 Except in the event of bankruptcy and/or potential bankruptcy of the Issuer. 2 Coupons are gross amounts before collection of any taxes and duties (see Taxation below). The rates are expressed on an annual basis. 3 Issue price of 100.5%, including a commission for the structuring and distribution of the Notes up to a maximum of 1.50%. 1

2 Risk indicator The risk indicator 4 assumes that you will hold the product until the maturity date. The real risk may be very different if you decide to sell the note before its maturity date. In this case, you may suffer a capital loss/loss. lower risk Risk Potential return higher Risk factors Before subscribing to the Notes, it is recommended that potential investors read the Technical Data on the last page, the Prospectus (in particular, the Risk Factors section), 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 5, 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 may not recover the amounts to which they were entitled and may lose all or part of the amount invested and, potentially, any coupons due (bail-in 5 ). Risk of fluctuations in the value of the Notes (market risk) Certain parameters such as: - long-term changes in interest rates on the financial markets ((a long-term rise in market interest rates has a negative impact on the value of the Notes and a long-term drop in interest rates has a positive impact on the value of the Notes). - 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 These Notes will not be listed on a regulated market. ING Bank N.V. will guarantee market liquidity, under normal market conditions, by offering investors a redemption price. The redemption price is determined by ING Bank N.V. based on its own models and taking into account current market parameters (see Risk of fluctuation in the value of the Notes above). The redemption price may be less than the nominal value (EUR 100) of the Notes (risk of capital loss). Under normal market conditions, the difference between the redemption price and the market price (known as the bid-mid spread ) will be around 0.5%. Furthermore, the price offered by ING Bank N.V. does not include brokerage fees, the tax on stock exchange transactions or any taxes (see Technical Data ). 4 The risk indicator makes it possible to assess the risk level of the Note compared to others. It indicates the likelihood that the Note will suffer losses in the event of unfavourable movement in the financial markets or the inability of ING Bank N.V. to pay you (i.e., in the event of bankruptcy). The risk indicator calculation and the explanation below are based on the same principles as those applied to a PRIIP (Packaged Retail Investment and Insurance Product) although this product is not a PRIIP. We have classified this product in risk class 1 out of 7, which is the lowest risk class. In other words, the potential losses tied to future product returns are very low and, if the situation in the financial markets should deteriorate, it is unlikely that the ability of ING Bank N.V. to pay you would be affected. You are entitled to the restitution of at least 100% of your capital. Any potential redemptions beyond that percentage and any potential additional returns will depend on the future performance of the financial markets and are unpredictable. However, this protection against unforeseen market events will not apply in the event of exit before maturity. If we are not able to pay you the amounts due, you may lose your entire investment. 5 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 its Notes. These measures may result in a decrease in the nominal amount of the Notes or their conversion into shares of the credit institution in order to absorb its losses and/or with a view to recapitalisation (in some cases, the decrease in the nominal amount may result in a null value for the Notes). 2

3 Post-subscription information After the close of the subscription period, ING Belgium SA/NV will inform investors of all important information relating to the ING 8Y EUR Step Up Rate Notes 10/26 via its website: The value of the Notes, which is adjusted weekly, will also be accessible to investors via the Internet ( XS ). In the event of a complaint, you can contact ING Complaint Management Cours Saint Michel, Brussels, or by at plaintes@ing.be. If you are not completely satisfied with the results and are a private customer acting on your own behalf for private purposes, you can contact the financial disputes ombudsman at North Gate II, Avenue Roi Albert II 8 bte 2, 1000 Brussels ( Legal documents The Issuer s Base Prospectus for the Issuance of Medium Term Notes and Inflation Linked Notes (Level 1) of 22 June 2018, including its supplement dated 3 August 2018, 7 September 2018 and 13 September 2018, (the Base Prospectus ) was approved by the AFM in the Netherlands. The Prospectus comprises the Prospectus comprises 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 which is also available in French. The Base Prospectus can be viewed at > ING Markets > Downloads > Global Issuance Programme. The Final Terms and the Issue Summaries can be viewed at > XS and > Investing > Bonds and derivative products > Discover our current offer of Structured Notes > Final Terms. A copy of each of these documents is available free of charge from any ING branch in Belgium or by telephone. It is recommended that potential investors read all of these documents before subscribing to the Notes. Additional information about Belgian law The Issuer states that they comply with the Belgian code of economic law and, notably, the provisions relating to misuse clauses. In this respect, the Issuer states that they have made the misuse clauses included in the base prospectus non-applicable via the definitive terms and conditions. Other important information This Promotional Document has been produced and distributed by ING Belgium SA/NV. It should not, therefore, be interpreted as a recommendation to subscribe, or as advice or a recommendation to carry out any transactions whatsoever. This Promotional Document 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 marketed or sold in the United States, nor to individuals with American nationality, with a mailing, 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 of the United States. 3

4 ING - Données techniques Issuer ING Bank N.V., Amsterdamse Poort, Bijlmerplein 888, Amsterdam, 1102 MG, The Netherlands (Dutch-registered company) Applicable law Dutch law. Distributor ING Belgique S.A., 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 given for purely informational purposes and are not recommendations to buy, sell or keep the securities of the Issuer. Rating agencies can suspend, change or withdraw them at any time. Rating notices can be viewed on the following website: pargneretinvestirquestions-cles/notation Subscription period From 3 September to 28 September 2018 (inclusive), subject to early closing. Annual coupons Each year, the Notes pay, on each payment date, a fixed annual coupon of 0.27 % at the end of the first year; 0.37 % at the end of the second year; 0.47 % at the end of the third year, 0.57 % at the end of the fourth year; 0.67 % at the end of the fifth year; 0.77 % at the end of the sixth year; 0.87 % at the end of the seventh year and 0.97 % at the end of the end of the eighth year. Denomination/Nominal value 100 EUR/100% Issue price Repayment of % of the Nominal Value (EUR 100). Issue date and payment payment 03 October 2018 Maturity 02 October 2026 ISIN Code XS Sale before Maturity See Liquidity risk on page 2 and Commissions and fees below. Redemption at Maturity The Notes will be redeemed at Maturity at 100% of their Nominal Value in euros (EUR 100), except in the event of the bankruptcy and/or potential bankruptcy and/or bail-in of the Issuer. Commissions and fees - Entry costs: maximum 1.50% (including the difference (0.50%) between the issue price and 100%, and including a commission for the structuring and distribution of the Notes of a maximum of 1.00 %). - Exit costs if selling the Notes before Maturity: under normal market conditions, 0.5% (see the 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 capital loss). Furthermore, the price offered by ING Bank N.V. does not include brokerage fees, the tax on stock exchange transactions or any taxes. If the Notes are redeemed before their Maturity, brokerage fees will be applied on top of the price established by ING Bank N.V. ( > Charges and regulations > Charges applied to the main securities transactions). 4

5 ING Technical Data Coupon payment dates 03 October 2019, 05 October 2020, 04 October 2021, 03 October 2022, 03 October 2023, 03 October 2024, 03 October 2025, 02 October Coupon Period 03 October 2019, 05 October 2020, 04 October 2021, 03 October 2022, 03 October 2023, 03 October 2024, 03 October 2025, 02 October Taxation - Private individuals with their tax residence in Belgium: Withholding tax Income from the Notes is subject to 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 the 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 on the Personal Income Tax return. Tax on stock exchange transactions In the event of a sale on the secondary market, the Belgian stock exchange tax (TOB) will be levied, at the current rate of 0.12% (maximum of 1,300 per transaction). - For private individuals with their tax residence located in a State which participates in the Common Reporting Standard (CRS) and/or who are a Specified US Person within the meaning of the Foreign Account Tax Compliance Act (FATCA): This Note falls under the scope of application of the CRS Standard and FATCA. Belgium will forward information to the State participating in the CRS Standard where the private individual s tax residence is located and/or to the United States, in accordance with the rules defined in the CRS Standard and FATCA. ING Belgique S.A. Banque/Prêteur Avenue Marnix 24, B-1000 Bruxelles RPM Bruxelles TVA BE BIC : BBRUBEBB IBAN : BE Éditeur responsable : Marie-Noëlle De Greef Cours Saint-Michel 60, B-1040 Bruxelles Editing Team & Graphic Studio Marketing ING Belgium F 08/18 5