ING Bank N.V. (NL) 5Y USD Participation Notes GOLD 09/23

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1 Commercial information Product sheet linked to LBMA Gold Price USD (PM) Structured Note 5 years In US dollars (USD)1 100 % repayment of capital in US dollars (USD)2 Potential for a single coupon capped at 40 % at maturity, in US dollars (before taxes and duties)3 Interest rates are rising more slowly than inflation (bearing in mind that the macroeconomic environment may limit the ability of the central bank (ECB) to raise rates) and real yields on government bonds are tending to fall or turn negative. In this context, gold should be able to act as a hedge against inflation and take advantage of this scenario. These notes allow investors to diversify their bond portfolio by investing in a Note that is linked to changes in the LBMA Gold Price USD (PM) and issued in US dollars. These Notes are intended for those looking for an investment: for a period of 5 years ; In US dollars (USD), which involves a currency risk in the event of conversion of amounts in US dollars into euros ; linked to changes in the London Bullion Market Association Gold Price USD (abbreviated, LBMA Gold Price USD (PM)), which is itself linked to the gold price (see page 2) ; which, in the event of a positive performance by the LBMA Gold Price USD (PM) on the Final Observation Date (29 August 2023), entitles the investor to the redemption of 100 % of the nominal value (100 USD) and the potential payment of a single coupon in USD corresponding to 100 % of any positive performance by the LBMA Gold Price USD (PM), capped at a coupon of 40 %2, except in the event of the bankruptcy and/or potential bankruptcy of the issuer. and who accept: an issue price of 101 %4 ; a gross actuarial return (equal to the net actuarial return) of % minimum annually in US dollars (loss of capital). The product offered is a structured debt instrument issued by ING Bank N.V. By subscribing, the investor lends money to the Issuer, who agrees to pay a single coupon linked to any positive performance in the LBMA Gold Price USD (PM) and to reimburse 100 % of the capital invested in US dollars at maturity (excluding fees). In the event of the bankruptcy and/or 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, including a degree of familiarity with the evolution of the LBMA Gold Price USD (PM) and the EUR/USD exchange rate risk. 1 Which involves a currency risk in the event of conversion of amounts in US dollars into euros. 2 Except in the event of the bankruptcy and/or potential bankruptcy of the Issuer. 3 The amounts of the coupons mentioned in this document are gross amounts, before any withholding of taxes and duties (see Taxation in the Technical Data on the last page). 4 Issue price of 101 %, including a commission for the structuring and distribution of the Notes up to a maximum of 3.50 %. 1

2 Evolution of the US dollar (USD) Over the last four years, the dollar s exchange rate against the euro has remained volatile, although it has been generally downwards since the beginning of It has therefore ranged between 1.04 at the beginning of January 2017 and 1.25 in January In the short term, the EUR/USD exchange rate should remain fairly volatile because of forces acting in opposite directions. On the one hand, the US Federal Reserve continues to pursue the normalisation of its monetary policy by raising its key rate and reducing the size of its balance sheet. This remains favourable to the US dollar, especially as in Europe the European Central Bank is not yet thinking about raising its rates. On the other hand, the dynamic for growth is strengthening in the eurozone, and the zone s financial assets are becoming more attractive. As a result, many international investors are increasing their position in the euro, which is why, in the recent past, the euro has strengthened. The aforementioned opposing forces are likely to result in increased volatility at least until the end of the year, as we have seen in recent months. We believe, however, that we should see a downward trend in the dollar over the next two years. No guarantee can be given in relation to the future exchange rate movements of the US dollar. Source: ING Belgium internal document, June Evolution of the EUR/USD (July 2013 July 2018) Past performance is not necessarily a guide to future performance. Evolution LBMA Gold Price USD (PM) Source : Bloomberg Source : Bloomberg Let s suppose that at the date of payment of the notes, 1 EUR is worth 1.22 USD: To acquire a denomination of 1,000 USD at this rate, you will have to pay EUR (excluding fees). At Maturity: if the EUR has appreciated by 10 % against the USD ( USD for 1 EUR), you will receive only EUR per denomination of 1,000 USD, which will result in a foreign exchange loss of 10 % on the value of the capital in euros. if the EUR has weakened by 10 % against the USD ( USD for 1 EUR), you will receive EUR per denomination of 1,000 USD. In this case, you will realise a capital gain of 10 % on the value of the capital in euros. The LBMA Gold Price USD (PM) is the benchmark price for gold, expressed in dollars, fixed in London by the London Bullion Market Association (LBMA). This international trade association, which represents the London market for gold and silver bullion, sets the price of gold twice a day. For more information: uk/precious-metal-prices Past performance is not necessarily a guide to future performance. Mechanism (except in the event of the bankruptcy and/or potential bankruptcy of the Issuer) On the Final Observation Date: Is the Final Value equal to or greater than the Initial Value? YES NO The Notes will be redeemed at 100 % of their face value (100 USD) in USD, increased by any positive performance in the LBMA Gold Price USD (PM) subject to a maximum of 40 %. The probability of reaching this maximum is very low. The Notes will be redeemed at an amount equal to 100 % of their nominal value (100 USD), in USD. 2

3 Performance scenarios Potential investors are advised to read the Key Investor Information Document (page 2, available on > XS ) for more information about the scenarios calculated using the methodology of the European Union s regulation on PRIIPs (Regulation (EU) No. 1286/2014). Risk factors Before subscribing to the Notes, potential investors are advised to read the Technical Data on the last page, the Securities Note and Summary, and in particular the Risk Factors section, the Registration Document and the Issue Summary. Currency risk The issue is denominated in US dollars (USD), which entails a foreign exchange risk when amounts received in US dollars are converted into euros. The amount repaid at maturity in US dollars may, after conversion into euros, be lower than the equivalent in euros of the capital initially invested. Any single coupon, in US dollars could, following conversion into euros, also be reduced in value in the same way. The risk is particularly relevant for investors who do not have a US dollar account. Changes in the EUR/USD exchange rate have a positive or negative impact on the counter-value in euros of the notes during their lifetime and result in a capital gain or loss in the counter-value of the notes in euros if the investor resells these before their maturity date. Risk of fluctuation in the value of the Notes (market risk) Certain parameters such as: - changes in the LBMA Gold Price USD (PM) (a fall in its level will entail a fall in the value of the Notes and a rise will have a positive impact on the value of the Notes). Its evolution is linked to the evolution of the price of gold (see page 2) ; - changes in interest rates on the financial markets (a rise in interest rates will negatively impact the value of the Notes and a drop in interest rates will have a positive impact on their value) ; - 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. Risk of Issuer insolvency In the event of ING Bank N.V. s bankruptcy and/or potential bankruptcy and/or bail-in5, the Notes may be cancelled in whole or in part or converted into equity instruments (shares), depending on the decision of the controlling authority. In this case, investors may not recover the amounts to which they were entitled and may lose all or part of the amounts invested and potentially any interest owed. 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 its own models and taking account 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 market price ( Bid-Mid Spread ) of around 1.00 % under normal market conditions. The redemption price could be lower than the nominal value (100 USD) of the Notes (capital loss risk). In addition, the price offered by ING Bank N.V. does not include brokerage fees, the tax on stock market transactions or any taxes or duties (see Technical Data). Risks in relation to gold The price of gold is influenced by a number of factors. Rising interest rates often lead to a fall in the price of precious materials such as gold ; lower interest rates have the opposite effect. The performance of stock markets also affects the price of gold. When stock markets perform well, the demand for gold falls, which depresses the price of gold. Inflation, exchange rate fluctuations, (geo-) political tensions and instability also have an impact on the price of gold ; gold is traditionally considered a safe haven in times of uncertainty. 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 structured notes. These 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). 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 via Home Bank on a daily basis. After the close of the subscription period, ING Belgium SA/NV will inform investors of any important information relating to the ING 5Y USD Participation Gold 09/23 via its website ( > XS ). In the event of a complaint, you can contact ING Complaint Management Cours Saint Michel, Brussels. If you are not completely satisfied with the results and are a private customer acting on your own behalf, you can contact the financial disputes ombudsman at North Gate II, Avenue Roi Albert II 8 bte. 2, 1000 Brussels ( Legal documents The Securities Note and Summary of 16 July 2018 (the SNS ) and the Registration Document of 30 March 2018, including its supplements dated 11 May 2018 and 22 June 2018 ( Registration Document ) of the Issuer. have been approved by the AFM in the Netherlands. The Prospectus consists of the Registration Document and the SNS as well as the Issue Summary. The SNS is only available in English. The Summary of the Issue and the Key Information Document are also available in French. The Registration Document can be viewed at > ING Markets > Downloads > Global Issuance Programme. The SNS, Issue Summary and Key Investor Information Document can be viewed at > XS and be > Investing > Bonds and derivative products > Discover our current offer of Structured Notes > SNS. 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 review all of these documents before subscribing to the Notes. Additional information about Belgian law The Issuer declares that it complies with the Belgian Code of Economic Law and, in particular, the provisions relating to unfair contract terms. In this respect, the Issuer states that they have rendered the unfair clauses included in the pass-ported Securities Note and Summary non-applicable via the definitive terms and conditions. Other important information This Promotional Document is 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 offered 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. 4

5 - Technische Daten Issuer ING Bank N.V., Amsterdamse Poort, Bijlmerplein 888, Amsterdam, 1102 MG, The Netherlands (Dutch-registered company) 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 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: Subscription period From 16 July to 31 August 2018 (inclusive), except early close. Denomination/Nominal value 100 USD/100 % Issue price 101 % of the Nominal Value (100 USD) Issue date and payment 5 September 2018 Maturity 5 September 2023 Initial Value Closing price of the LBMA Gold Price USD (PM) at 31 August 2018 (Initial Observation Date). Final Value Closing price of the LBMA Gold Price USD (PM) at 29 August 2023 (Final Observation Date) ISIN code XS Redemption at Maturity At Maturity, if the Final Value is equal to or greater than its Initial Value, the Notes will be redeemed at 100 % of their nominal value (100 USD) in US dollars, increased by any positive performance of the LBMA Gold Price USD (PM) subject to a maximum of 40 %, except in the event of the bankruptcy and/or potential bankruptcy of the Issuer. If the Final Value of the LBMA Gold Price USD (PM) is lower than the Initial Value, the Notes will be redeemed at an amount equal to 100 % of their nominal value in US dollars, except in the case of the bankruptcy and/or potential bankruptcy of the Issuer, and no coupon will be paid. Sale before Maturity see liquidity risks on page 3 5

6 ING - Technical Data 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 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, a 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 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. Commissions and fees - Entry charges: maximum 3.5 % for the full duration of the note (the impact of the costs you pay when you take out the investment and when the costs are integrated in the price) ; Ongoing charges: 0.25 % per annum (the impact of the costs incurred annually for the management of your investment). - Exit costs if selling the notes before maturity/early redemption: under normal market conditions, 1 % (see Bid-Mid Spread in Liquidity risk ). The sale of the Notes may take place below the price paid by the investor at the time of issue (risk of capital loss) In addition, the price offered by ING Bank N.V. does not include brokerage fees, the tax on stock market transactions and any taxes. In the event that the Notes are redeemed before their Maturity, brokerage fees will be applied on top of the price established by ING Bank N.V. ( > Prices and payments > Prices for the main securities transactions). An investor who does not have a US dollar account will, in addition to the fees and costs intrinsic to the Notes, bear the foreign exchange costs (3 %) when acquiring US dollars to subscribe to the Notes (market offer price on the date of the transaction) and/or the sale of US dollars when encashing coupons and/or repayment at maturity (market bid price at the date of the transaction). ING Belgium SA/NV Bank avenue Marnix 24, B-1000 Brussels RPM Brussels VAT: BE BIC: BBRUBEBB - IBAN: BE Publisher: Marie-Noëlle De Greef cours Saint-Michel 60, B-1040 Brussels Editing Team & Graphic Studio Marketing ING Belgium F 07/18 6