Are you obliged to retain the product for the rest of your life?

ING LIFELONG INCOME Introduction The Key Information Document (KID) is a document containing a great many specialised terms and technical details. For that reason, we explain the basic characteristics of the product in a nutshell below. For the sake of clarity, please note that this page does not replace the KID itself. We strongly advise you to read the KID thoroughly, as well as the document with Other pre-contractual information. What does ING Lifelong Income offer? As the name indicates, you receive a guaranteed annuity for the rest of your life. When subscribing to the contract, the annuity is calculated based on your age at that moment and the single premium (minimum of 50,000 euros). The amount of the annuity can be increased if the financial markets do well, but after an increase in the amount of the annuity it cannot go back down. Each payment of the annuity results in a reduction of the remaining capital. If the remaining capital is reduced to zero as a result, the guaranteed annuity amount at that time remains guaranteed for the remaining term of the contract. What happens with the premium? The single premium (at least 50,000 euros) is invested in a diversified fund, and the value of your contract varies according to the value of the fund. Details about the composition of this fund can be found on pages 2 and 6. You can read about the possible impact of the fund s performance on the premium on page 3. What about tax? You do not pay tax on the original annuity. If the annuity increases, you are only taxed on the difference between the original annuity and the new annuity. More details can be found on page 7. What are the costs associated with this contract? There are both one-off and annual costs associated with this contract. Please go to page 6 for a detailed overview of these costs. You can see what the impact on your long-term return may be in a simulation on page 4. Are you obliged to retain the product for the rest of your life? No, you can surrender the entire remaining capital at any time. Please note, however, that during the first four years following the conclusion of the contract doing so will incur extra costs. See page 4 for more info. As from eight years following conclusion of the contract it is also possible to withdraw just a portion of the remaining capital (without costs). 1

Key Information Document Purpose This document provides you with key information about this investment product. It is not marketing material. The information is required by law to help you understand the nature, risks, costs, potential gains and losses of this product and to help you compare it with other products. Products ING Lifelong Income, product of NN Insurance Belgium SA/NV. For more information see our website www.nn.be or call us on 02 407 70 00. The FSMA is the competent authority responsible for the supervision. Date of production: 1 June 2018. You are about to purchase a product that is not simple and may be difficult to understand. What is this product? Type Objectives Intended retail investor Insurance benefits and costs Branch 23 life insurance ING Lifelong Income aims to generate a regular and guaranteed lifelong income by investing in a fund. This fund manages a portfolio in euro, of bonds (min. 40%), equities (max. 60%) and money market instruments issued by companies established in the EU. The return of the product depends on the performance of the underlying funds as mentioned in the performance scenarios of the section What are the risks and what could I get in return? of this key information document. The minimum age of the insurance taker at the subscription is 18 years, the minimum age of the insured for subscription is 50 years, the maximum age is 85 years. ING Belgium and NN Insurance Belgium SA/NV do not provide in principle investment services for US Persons. Moreover, ING Lifelong Income is not registered under the Securities Act. The intended retail investor has to have a knowledge of, and past experience with a branch 23 life insurance and to be able to bear investment loss. The needs and objectives of the target retail investor when retired are to look for in extra income. ING Lifelong Income ensures that the income will never drop, provided that the customer does not withdraw the reserve partially or in full. Even if the reserve were to fall to zero, the customer will continue to receive the income for life. Once every three years, the insurer will assess the value of the reserve. If it is higher than the value of the initial investment (or, where appropriate, the value of your reserve on the previous assessment), NN Insurance Belgium SA/NV will then increase the amount of the income. The overall premium: gross single premium of 10,000 euro 1 (excluding fees and taxes). The biometric risk premium: amount to 108 euro. See for the impact of this cost the table Cost over time of the section What are the costs? of this key information document. The value of the insurance benefit and its impact on the returns of the product is shown in the performance scenarios of the section What are the risks and what could I get in return?. Term: No maturity date ( contract is for life). The contract terminates on the death of the insured or in the event of a total withdrawal of the reserve on the policyholder s initiative. NN Insurance Belgium SA/NV cannot terminate the contract unilaterally. What are the risks and what could I get in return? The summary risk indicator is a guide to the level of risk of this product compared to other products. It shows how likely it is that the product will lose money because of movements in the markets or because we are not able to pay you. We have classified this product as 2 out of 7, which is a low risk class. This rates the potential losses from future performance at a low level and poor market conditions are very unlikely to impact our capacity to pay you. This product does not include any protection from future market performance so you could lose some or all of your investment. If we are not able to pay you what is owed, you could lose your entire investment. 1 The mentioned overall premium is an example. The contractual amount is minimum 50,000 euro (including fees and taxes). 2

Risk Indicator 1 2 3 4 5 6 7 Lower risk Higher risk What are the risks and what could I get in return? The risk indicator assumes you keep the product for 22years. The actual risk can vary significantly if you cash in at an early stage and you may get back less. Performance scenarios Investment 10,000 Insurance premium 108 Survival scenarios 1 year 11 years 22 years (recommended holding period) Stress scenario What you might get back after costs 6,743 11,064 16,203 Average return each year -32.57% 1.10% 2.98% Unfavourable scenario What you might get back after costs 8,879 11,394 14,408 Average return each year -11.21% 1.41% 2.42% Moderato scenario What you might get back after costs 9,991 16,317 24,929 Average return each year -0.09% 5.22% 5.29% Favourable scenario What you might get back after costs 11,182 23,261 39,714 Average return each year 11.82% 8.97% 8.06% Death scenario Insured event What your beneficiaries might get back after costs 9,991 12,705 17,194 This table shows the money you could get back over the next 22 years, under different scenarios, assuming that you invest 9,892.The scenarios shown illustrate how your investment could perform. You can compare them with the scenarios of other products. The scenarios presented are an estimate of future performance based on evidence from the past, and are not an exact indicator. What you get will vary depending on how the market performs and how long you keep the investment/product. The stress scenario shows what you might get back in extreme market circumstances, and it does not take into account the situation where we are not able to pay you. The figures shown include all the costs of the product itself and includes the cost of your distributor. The figures do not take into account your personal tax situation, which may also affect how much you get back. What happens if NN Insurance Belgium SA/NV is unable to pay out? Life insurance policies are special assets that are managed separately from the insurer s other assets. In the event the insurer goes bankrupt, these assets are reserved as a priority in order to fulfil the commitments towards policyholders and/or beneficiaries. Moreover, in the event that NN Insurance Belgium SA/NV defaults on its payments or goes bankrupt, annuity payments may be stopped and you may not be able to recover the entire value of your policy s reserve. ING Lifelong Income is not protected by the Belgian Special Protection Fund for Deposits and Life Insurance because there is no guarantee scheme for branch 23 products. What are the costs? The Reduction in Yield (RIY) shows what impact the total costs you pay will have on the investment return you might get. The total costs take into account one-off and ongoing costs. 3

Costs over Time The amounts shown here are the cumulative costs of the product itself, for three different holding periods. They include potential early exit penalties. The figures assume you invest 10,000. The figures are estimates and may change in the future. Table 1 Costs over time: Investment 10,000 Scenarios If you cash in after 1 year If you cash in after 11 years If you cash in after 22 years Total costs 433 2,904 5,764 Impact on return(riy) per year 4.33% 2.64% 2.62% Composition of the costs Table 2 Composition of the costs. The table below shows: the impact each year of the different types of costs on the investment return you might get at the end of the recommended holding period; the meaning of the different cost categories. This table shows the impact on return per year One off costs Ongoing costs Entry costs 0.09% The impact of the costs you pay when entering your investment. This is the most you will pay, and you could pay less. Exit costs 0% The impact of the cost of exiting your investment when it matures. Portfolio transaction costs 0.01% The impact of the costs of us buying and selling underlying investments for the product. Other ongoing costs 2.52% The impact of the costs that we take each year for managing your investments and the insurance costs presented in Section What is this product? How long should I hold it and can I take money out early? Recommended holding period: lifelong because the income is guaranteed for life (calculations based on 22 years because 67 years is legal age for retirement and the related life expectancy is 22 years). Partial surrender: After 8 years, the policyholder may withdraw part of the policy reserve provided such withdrawal amounts to a minimum of 2,500 euro and that a minimum of 2,500 euro remains in the reserve following the withdrawal. Following a partial withdrawal, the guaranteed lifelong annuity will be recalculated accordingly. Total surrender: The policyholder may withdraw the entire reserve of the contract at any time. The withdrawal penalty only applies for the first four years of the contract. The first month, after the 30 days of the cancellation period, it is 4.80%, thereafter it drops by 0.10% a month. Cancelation period: the policyholder has the right to terminate the contract within 30 days of the effective date. The amount of the reserve will be refunded, increased with any subscription charges and taxes paid. There are no cancellation costs. In case of surrender or cancelation, the performance (return) can be impacted (see performance scenarios ) and there is impact on the risk profile. The impact of the cost in case of a partial of total surrender is shown in Table 1 Costs over time. In case of a substantial withdrawal of the fund (more than 80% of its value or of more than 1.25 million euro), we may temporarily suspend the calculation of the value of units, and therefore also investment, withdrawal and transfer transactions. How can I complain? Do you have a complaint related to this contract? Please contact: ING Complaint Management Service, Cours Saint-Michel 60, B- 1040 Brussels Email: plaintes@ing.be Tel. +32 2 547 61 02 Fax +32 2 547 83 20. Are you dissatisfied with the way your complaint is being handled? Please refer to: Insurance Ombudsman, de Meeûssquare 35, B-1000 Brussels. Website: www.ombudsman.as Email: info@ombudsman.as Tel. +32 2 547 58 71 Fax +32 2 547 59 75. However, you have at any time the right to initiate legal proceedings. Other relevant information. For more information about the premium, the net asset value, the calculation of the lifelong annuity, the cost and the taxation,see Other pre-contractual information Document. For more information on the investment funds, see the management regulations available on request by NN Insurance Belgium NV/SA. The policy of conflicts of interests is available from any ING Belgium branch and from NN Insurance Belgium SA/NV. 4

Other pre-contractual information - the terms of the products applying on 01/06/2018 ING Lifelong Income product of NN Insurance Belgium SA/NV Premium Single-premium contract (no supplementary deposits allowed). Minimum gross single premium of 50,000 EUR (excluding fees and taxes). If a married or cohabiting couple takes out this product at the same time, two contracts with a minimum gross value of euros 25,000.00 each (excluding fees and taxes) may be taken out. If the policyholder has already taken out a similar policy, the minimum gross amount of the new policy is euros 25,000.00 (excluding fees and taxes). Net asset value The net amount deposited is converted into fund units. The deposit is converted into units by the latest on the first valuation of the fund following the date the deposit is received and provided the NN Insurance Belgium SA/NV account number is credited with the amount of the deposit by the latest three bank working days before such valuation. Otherwise, the conversion into units will be calculated on the basis of the next valuation. The net asset value is calculated by dividing the value of the fund s assets, minus the management fee, charges arising from the management of the fund (as indicated in the management regulations) and any taxes, levies and duties, by the number of units on the valuation date. The net asset value is fixed once a week, on Wednesdays. Each week NN Insurance Belgium SA/NV informs the press of the net asset value and always indicates the net asset value in the annual policy statement. Covers As long as the insured is alive The amount of the guaranteed lifelong annuity NN Insurance Belgium SA/NV will pay out a guaranteed lifelong annuity. The policyholder may request that such amount be paid according to the frequency of his/her choice: i.e. monthly, quarterly, half yearly or annually. Is calculated at the start of the contract on the basis of: the net amount deposited (is the gross amount deposited after deduction of fee and taxes) the conversion rate applied. The conversion rate is based on the age of the insured when he signs the con-tract. For the minimum age of 50 years it is 1.75%. This percentage rises by 0.10% per year the insured is over the age of 50 when the contract is taken out. The maximum percentage applied is 5.25% in the case of an insured aged 85. This percentage continues to apply throughout the lifetime of the contract. The guaranteed lifelong annuity is calculated on an annual basis by multiplying the basic reserve (at the start of the contract this is the net amount deposited) by the applicable conversion rate. If the frequency is not annual, the amount will be reduced proportionally in accordance with the frequency chosen. 5

Evaluation moment Once every three years after the contract became effective, the reserve value known at that time will be compared to the basic reserve. If, on the comparison date, the reserve is higher than the basic reserve, such reserve at the time of comparison will become the new basic reserve and the periodical lifelong annuity will be recalculated. If, at the time of comparison, the reserve is lower than the applicable basic reserve at that time, the current basic reserve will be maintained until the next comparison date. In that case, the level of the periodical guaranteed lifelong annuity will be maintained. Each periodical payment of the guaranteed lifelong annuity will reduce the reserve in the contract through the sale of units. If such payment depletes the reserve, the guaranteed lifelong annuity valid at that time will remain at the same level for the remainder of the contract. In the event of a partial withdrawal (only possible after a period of 8 years), the basic reserve will be reduced proportionally and the guaranteed lifelong annuity will be recalculated. In the event of a total withdrawal the lifelong annuity will no longer be paid out. The policyholder may not request that the annuity payments be stopped. Costs Entry fee Management fee on the funds Cover charges for the guaranteed lifelong annuity Amounts to 2% and is calculated on the single deposit, after deduction of all applicable levies and taxes. Example: with a deposit of EUR 100,000, first the tax on life insurance premiums of 2% is deducted as follows: EUR 100,000/1.02 = EUR 98,039.22 and then the entry fee is deducted as follows: EUR 98,039.22*0.98 = EUR 96,078.43, and it is this latter sum that is the net premium that is invested in the fund. 0.65% on an annual basis and is calculated proportionally on the net asset value each month. The fund invests in four other underlying funds (managed by NN Investment Partners) and the latter also applies own management fees. These management fees are already included in the net asset value of the four underlying funds. These fees for the four funds together varies and amount to an average of 1.0205% and a maximum of 1.10% per annum. In addition to these management fees, there are also costs resulting from the management of the fund, such as charges for the custody of securities, administrative costs, cost of the annual reports and publications, transaction costs, and others. This list is non-exhaustive and can be amended at any time according to the aforementioned formalities. Both the management fee and the costs resulting from the management of the fund are included in the fund s net asset value. These charges include compensation to ING Belgium for its services as an intermediary. See also the policy of conflicts of interest on the websites of NN Insur-ance Belgium SA/NV and ING Belgium SA. The guarantee charges for the guaranteed lifelong income amount to 1.10% on an annual basis. They are calculated on the basic reserve or on the new basic reserve if the guaranteed lifelong income is increased. These charges are levied on the number of units obtained, for the first time when the contract is first valued. Afterwards, the payment will be made once every 4 weeks by cancelling the required number of (fractional) units, provided there are still units on the contract. 6

Investment funds linked to ING Lifelong Income Funds in which investment is allowed: ING Lifelong Income Yellow with ISIN code BE0948481156. Administrators Fund manager of the fund ING Lifelong Income Yellow: NN Insurance Belgium SA/NV. Fund manager of the underlying funds: NN Investment Partners. Net asset value The initial net asset value is 100 EUR per unit as calculated on 18/02/2009. Underlying assets ING Lifelong Income Yellow invests in 4 underlying funds who are divided into two asset classes: Equities: max. 60% NN (L) EURO HIGH DIVIDEND V CAP (ISIN code LU0407160505) NN (L) EURO EQUITY V CAP (ISIN code LU0407160687) Bonds: min. 40% NN (L) EURO FIXED INCOME V CAP EUR (ISIN code LU0555023828) NN (L) EUROMIX BOND V CAP EUR (ISIN code LU0577845638) Other financial instruments can be used to comply with the investment objective. The management charges linked to the underlying assets are already calculated on the basis of the net asset value of ING Lifelong Income Yellow. On the advice of NN Investment Partners, the underlying assets may change or be increased at any time. The proportion between the underlying assets may also change provided the initial objective and investment strategy are respected. Policyholders are informed of such changes. If he does not agree with the changes, he has the right to step out free of charges. Transfer between funds NN Insurance Belgium SA/NV also reserves the right to modify the underlying assets in the case of compelling reasons. This compelling reasons may include: sustainable poor performance of an underlying asset or bankruptcy administrator of the funds. These examples are not exhaustive nor restrictive. Not applicable Taxation In accordance with current tax legislation: The policyholder s deposit is subject to a premium tax of 2.00%. Guaranteed lifelong annuity The guaranteed lifelong annuity is taxed according to the annuity taxation system, which means that only the income (yield) included in the lifelong annuity represents taxable income from movable property. The taxable income corresponds to the difference between the increased guaranteed lifelong annuity (following a three-yearly increase) and the guaranteed lifelong annuity determined at the start of the contract. The taxable income is taxed separately at 27.00% (plus the municipal tax). NN Insurance Belgium SA/NV will declare such income on a 281.40 tax form. The beneficiary must declare such income on his/her personal income tax return. 7

Death of the insured Withdrawals In the event of the death of the insured, the taxable income corresponds to the positive difference between the contract reserve at the time of death and the single premium paid in (after deduction of taxes but before entry fees), minus the untaxed portion of the guaranteed lifelong annuity already paid out by NN Insurance Belgium SA/NV before the death. The taxable income is taxed separately at 27% (plus the municipal tax). NN Insurance Belgium SA/NV will declare such income on a 281.40 tax form. The beneficiary must declare such income on his/her personal income tax return. The general rules regarding death duties apply. A withdrawal is to be considered as a prepayment of future lifelong annuity. Consequently, the annuity taxation system applies and only the yield included in the withdrawal value represents taxable income from movable property. This also applies in case of withdrawals in the legal reflection period of 30 days. The taxable income is equivalent to the difference between the contract reserve and the single premium paid in (after taxes but before entry fees), minus the untaxed portion of the periodical income already paid out. In the event of a partial withdrawal, a proportional rate is applied depending on the proportion of the reserve which is withdrawn. The taxable income is taxed separately at 27% (plus the municipal tax). NN Insurance Belgium SA/NV will declare such income on a 281.40 tax form. The beneficiary must declare such income on his/her personal income tax return. These rules apply in accordance with current tax law and subject to change in the future. In case of change of these tax rules, NN Insurance Belgium SA/NV cannot be held responsible for the consequences. Please note: tax treatment depends on the individual situation of the client and may change in the future. When reference is made to a tax system this must be understood to mean the tax system applicable to an average retail client with the capacity of a natural person who is a Belgian resident. Information Once a year, ING Belgium SA/NV will send the policyholder an overview with the position of the contract. Belgian law is applicable on this contract. Insurer NN Insurance Belgium SA/NV, mortgage lender licensed by the FSMA and insurance company licensed by the NBB under the number 2550 for the Branches 1a, 2, 21, 22, 23, 25, 26. Registered office : Avenue Fonsny 38, B-1060 Brussels - RLP Brussels - VAT BE 0890.270.057 - BIC: BBRUBEBB - IBAN: BE28 3100 7627 4220. 06/2018 8