8Y EUR Magnet Performance Notes 06/22

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1 Promotional Document ING Belgium International Finance (Luxembourg) 8Y EUR Magnet Notes 06/22 The ING Belgium International Finance (Luxembourg) 8Y EUR Magnet Notes 06/22 (in short ING 8Y EUR Magnet Notes 06/22) are for investors looking for an investment: with a term of 8 years which gives right to a 100% redemption (excluding costs) of the capital invested by the Issuer at Maturity, except in the event of bankruptcy or default by the Issuer and/or the Guarantor which offers the possibility of benefiting from a variable gross annual coupon equal to the. The latter is calculated on the basis of an average the shares in with a share performance limited to 5.35% upward and -25% downward. The minimum coupon is 1.00% 1. The basket is made up of 20 equi-weighted shares from varied sectors and internationally diversified (mainly in Europe, the United States and Asia); suitable with an investor profile as from "Moderated". Description of the coupon fixing mechanism Eight (gross) variable coupons will be paid out 2 depending on the of shares (see selection on page 2), which will be limited to 5.35% in the best case (i.e. if no share has booked a negative performance). The minimum coupon is 1.00% 1 To calculate the performance of : The trend of each share is calculated by comparing its closing price on the relevant Observation Date 3 with its starting level. For each share, the starting level retained will correspond to its closing price on the Issue and Payment Date (05/06/2014). If, on the annual Observation Date, the trend of each share in the basket calculated in relation to its starting level:  is positive or stable (0.00%), a 5.35% will be retained for that share (this feature is called "Magnet" or "magnetic coupon")  is negative, its drop will only be taken into account down to -30%. The will equal the arithmetical mean of the performances retained for its component shares. The determines the rate of the coupon paid out 1 (see the fictitious example opposite). If the is higher than 1.00%, a coupon corresponding to the will be paid out for that year (with a maximum of 5.35% 1 ). If, conversely, the is equal to or below 1.00%, a coupon of 1.00% 1 will be paid out for the year. In the scenario where investors hold on to the Note until Maturity, the gross actuarial return (before taxes and duties) is at least 0.74%. This return takes account of:  an issue price of 102% 4  coupons possibly paid out  and a redemption price at End Maturity of 100%. Fictitious example: Shares which make up the basket booked per share booked per share % 5.35% % 5.35% % 5.35% % 5.35% % 5.35% % 5.35% % 5.35% % % % 5.35% % 5.35% % % % 5.35% % 5.35% % 5.35% % % % 5.35% % 5.35% % 5.35% % 5.35% % % of coupon paid out 1.36% 1.36% The financial instrument offered is a debt instrument issued by ING Belgium International Finance SA/nv and guaranteed by ING Belgium SA/nv. When subscribing to this product you are lending to the Issuer who undertakes to pay coupons on the Coupon Payment Dates. At the Maturity of the Notes the Issuer also undertakes to repay 100% of the capital invested excluding costs (i.e. EUR 100 per Denomination). In the event of bankruptcy or default by the Issuer and/ or the Guarantor, you might not receive the amounts to which you would have been entitled and could lose the capital invested. This complex financial instrument is for investors with sufficient experience to comprehend the characteristics of the product offered and with sufficient knowledge to assess, based on their financial situation, the advantages and risks inherent in an investment in this complex instrument, in particular knowledge of the shares in and interest rates. 1 The coupon amounts shown in this document are gross amounts before the deduction of any taxes and duties (see "Taxation" in the Technical Data on the last page). 2 For the Coupon Payment Dates see the Technical Data on the last page. 3 For the Observation Dates see the Technical Data on the last page. 4 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 ING Belgium International Finance (Luxembourg) 8Y EUR Magnet Notes 06/22 Examples showing how the coupon is calculated The figures below are purely hypothetical and serve only to inform investors about the calculation method of the gross annual coupons on the basis of different scenarios. The actual realisation of any of these scenarios in the future cannot be guaranteed. Furthermore, in the event of bankruptcy or default by the Issuer and/ or the Guarantor, you might not receive the amounts to which you would have been entitled and could lose the capital invested. PESSIMISTIC SCENARIO coupon paid out Year % 1.00% Year % 1.00% Year % 1.00% Year % 1.00% Year % 1.00% Year 6-20% 1.00% Year % 1.00% Year % 1.00% actuarial return of this simulation: 0.74% BASELINE SCENARIO coupon paid out Year % 1.00% Year % 1.05% Year % 1.00% Year % 1.05% Year % 1.20% Year % 1.50% Year % 1.65% Year % 1.70% actuarial return of this simulation: 1.00% OPTIMISTIC SCENARIO coupon paid out Year % 3.50% Year % 4.50% Year % 1.25% Year % 1.00% Year % 2.35% Year % 1.00% Year % 4.65% Year % 2.00% actuarial return of this simulation: 2.27% The actuarial return of these scenarios is a gross return, before taxes and duties, which takes account of the issue price of 102%. 2 The basket of shares is made up as follows: Nom Isin Secteur ANGLO AMERICAN PLC GB00B1XZS820 Materials AXA SA FR Financials BANK OF CHINA LTD-H CNE Z5 Financials BHP BILLITON PLC GB Materials BP PLC GB Energy CHINA PETROLEUM & CHEMICAL-H CNE Q2 Energy CONOCOPHILLIPS US20825C1045 Energy DAIMLER AG-REGISTERED SHARES DE Consumer Discretionary 5 FERROVIAL SA ES Industrials GLAXOSMITHKLINE PLC GB Health Care INTEL CORP MCDONALD'S CORP US US Information Technology Consumer Discretionary 5 MERCK & CO. INC. US58933Y1055 Health Care SANDVIK AB SE Industrials SANOFI FR Health Care SINGAPORE TELECOMMUNICATIONS SKANDINAVISKA ENSKILDA BAN-A SG1T SE Telecommunication Services Financials STATOIL ASA NO Energy TELENOR ASA NO Telecommunication Services WASTE MANAGEMENT INC US94106L1098 Industrials The basket is made up of shares from the Materials, Finance, Energy, Consumer Discretionary 5, Industrial, Healthcare, Information Technologies and Telecommunications sectors. The shares in were selected mainly on the basis of the following criteria: Â they make up national benchmark indices (in the case of this basket: FTSE MIB, IBEX35, CAC40, Hang Seng, S&P 500, OMX Stockholm 30, NASDAQ 100, OBX Oslo 25, MSCI Singapore, DAX30); Â at the time of their selection and for each of them, at least two thirds of analysts who monitor such shares have given a positive or neutral opinion. Other parameters, such as correlation or anticipation of possibly high dividends (investors do not, however, benefit from the distribution of such dividends) influence the selection of the shares in. Investors can enquire at any branch of ING in Belgium for further information about the choice of sectors and the shares in and the sectors. 5 The "Consumer Discretionary" sector includes media, clothing, durable consumer goods, retail, automobile, luxury, hotel and leisure companies.

3 General risks Before subscribing to the Notes, any potential investor should read the Technical Data on page 5, the Base Prospectus, in particular the "Risk Factors" section, and the Issue Summary. Risks ING Belgium International Finance (Luxembourg) 8Y EUR Magnet Notes 06/22 Several types of risks are inherent in this Note: Risk of fluctuation in the value of the Notes (market risk) Certain parameters such as: - the trend in the prices of the shares which make up (a drop in their prices entails a drop in the value of the Notes and a rise in the prices of the shares 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 Guarantor'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. Insolvency risk of the Issuer and/or the Guarantor Investors are exposed to the Issuer's and/or the Guarantor's risk of insolvency (bankruptcy or default), which may result in the partial or total loss of the capital initially invested as well as any coupons possibly due (see Current Rating of the Guarantor below: Technical Data). Liquidity risk This Note will not be listed on a regulated market. ING Belgium SA/nv will guarantee market liquidity by offering investors a redemption price. This redemption price is determined by ING Belgium SA/nv 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 Belgium SA/nv does not include brokerage frees, the stock exchange tax and any taxes (see "Technical Data"). Counter-performance risk For each year, the annual coupon corresponding to the could be limited to 1% (i.e. a gross actuarial return of 0.74%) in the scenario where the were lower than 1%. Risk class specific to ING Belgium SA/nv The model ING Belgium SA/nv uses to determine the risk class of a Structured Note analyses the trend of its price in different market scenarios (worst-case, baseline, best-case). This analysis is based on the extreme levels of the underlying observed historically on the market. ("Volatility"* as defined opposite). The greater the price volatility, the higher the risk category. We differentiate between a total of seven risk classes, ranging from 1 (lowest risk) to 7 (highest risk). This model does not take into account certain major types of risk, such as the credit and liquidity risks in ING Belgium SA/nv, as well as the market risk in the event of divestment before the End Maturity of the Note. The ING 8Y EUR Magnet Notes 06/22 are in the risk class 3: lower Investor profile : Risk Return possibly higher The ING 8Y EUR Healthcare Notes 06/22 are for investors with a profile "Moderated". This product can also be suitable for investors with a "Balanced", "Active" or "Dynamic" profile in function of their knowledge and experience in terms of investments, their financial situation, their investment horizon and their attitude to risk. Investors are invited to contact their ING advisor to define their investor profile according to the above criteria's. For more information about this topic, > Investments > Useful Information > Investment Profiles What is volatility? 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. 3

4 ING Belgium International Finance (Luxembourg) 8Y EUR Magnet Notes 06/22 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, and cannot be offered or sold in the United States, nor to American citizens, even outside the United States, nor to Green Card holders. Information subsequent to subscription After the end of the subscription period, ING Belgium SA/nv will communicate to investors via its website (ing.be) all important information relating to the ING 8Y EUR Magnet Notes 06/22. The value of the Notes which is adapted weekly will also be accessible to investors via the internet (ing.be > Retail > Investments > Useful information > Net asset values and prices). In a later stage, it is possible that ING Belgium SA/nv will use other communication channels to correctly inform investors. Prospectus The Base Prospectus for the Issuance of Share Linked Notes and Participation Notes (Level 2) of 31 July 2013, including the Supplement of 24 September 2013 and of 10 March 2014, (the "Base Prospectus") of the Issuer was approved by the CSSF, Luxembourg's Financial Sector Supervisory Commission, on 31 July The Prospectus consists of the Base Prospectus as well as the Final Terms of the ING 8Y EUR Magnet Notes 06/22 of 2 May The 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 > IBIF Programme. The Final Terms can be viewed on the website com > 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. 4

5 ING 8Y EUR Magnet Notes 06/22 Technical Data Issuer Guarantor and Distributor Current Rating of the Guarantor ING Belgium International Finance SA, route d Esch 52, L-1470 Luxembourg ING Belgium SA/nv, 24, avenue Marnix, B-1000 Brussels. Standard and Poor s: A (Negative outlook); Moody s: A2 (Negative outlook); Fitch: A+ (Negative 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 value Issue price From 5 May 2014 to 28 May 2014 (inclusive), unless closed early. EUR 100/100% 102% of the Nominal Value Payment and Issue Date 5 June 2014 Maturity 15 June 2022 coupon Each year a variable gross coupon will be paid according to the performance (in percentage) of of shares, ranging from a gross 1.00% (i.e. a gross actuarial return of 0.74%) and 5.35% (i.e. a gross actuarial return of 5.02%) (see "Taxation" below). Observation Dates 5 June 2015, 6 June 2016, 5 June 2017, 5 June 2018, 5 June 2019, 5 June 2020, 7 June 2021, 6 June 2022 Coupon payment dates Redemption at Maturity Quotation Form & Custody Sale before Maturity Securities code Taxation Applicable Law Fees and charges 15 June 2015, 15 June 2016, 15 June 2017, 15 June 2018, 17 June 2019, 15 June 2020, 15 June 2021, 15 June 2022 The Notes will be redeemed at 100% of their Nominal Value at Maturity, except in the case of bankruptcy or default by the Issuer and/or the Guarantor. The Note will not be listed on a regulated market. 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. Under normal trading conditions, investors have the possibility to resell their Notes before Maturity to ING Belgium SA/nv 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 Belgium SA/nv does not include brokerage frees, the stock exchange tax and any taxes. ISIN: XS In the case of private individuals residing in Belgium. Withholding tax: the income from the Notes is liable to withholding tax, currently 25%. In the event of a sale on the secondary market, the Personal Income tax at the distinct rate of 25% will be owed on the amount of securities income received on that occasion and declared. Income from the Notes on which the 25% withholding tax has been levied does not need to be indicated in Personal Income Tax returns. Tax on stock market transactions: in the event of a sale on the secondary market, the stock market tax (TOB) will be levied, currently 0.09% (maximum 650 per transaction). In the case of private individuals who reside in a Member State of the European Union other than Belgium. The income from this Note will come under the current scope of the European Directive on the taxation of savings. In the event of "interest payments" by this Note, Belgium will transmit information to the relevant Member State in accordance with the principles stipulated by the Savings Directive. The "Taxation" section of the Base Prospectus describes the taxation system more extensively. Luxembourg Law 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 1.00% 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 Belgium SA/nv. The brokerage fee is available on the ING website (ing.be > Investments > Useful information > 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 versions in French and Dutch which in the event of a dispute, prevail. To subscribe or for more information: call go to ing.be go to a branch 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 05/05/2014 5