The joint global co-ordinators in the Initial Public Offering (IPO) of NN Group N.V. have, on behalf of the underwriters, fully exercised their option to purchase additional existing shares of NN Group from ING Group. With the sale of 11.6 million additional shares (15% of the base offer shares) at the offer price of EUR 20.00 per share, the exercise of the over-allotment option generates gross proceeds to ING of EUR 231 million, and further reduces ING Group's ownership in NN Group from 71.4% to 68.1%. Total gross proceeds from the NN Group IPO including exchange of the first tranche of subordinated notes into NN Group shares and the over-allotment option amount to EUR 2.2 billion.

The sale of the additional shares from the over-allotment option will have an estimated negative impact of approximately EUR 288 million on the Third Quarter 2014 shareholders' equity of ING Group. This impact reflects the difference between the net proceeds of the sale of the 11.6 million additional shares to ING and the IFRS book value of these additional shares. The actual amount of this impact on the shareholders' equity of ING Group may differ and will depend on the IFRS book value of the additional shares at the settlement date of the transaction, which is expected on 15 July 2014, subject to customary closing conditions.

As previously announced, ING intends to reduce its shareholding in NN Group to below 50% before 31 December 2015 and divest the remaining stake before 31 December 2016, in an orderly manner and in line with the timeline ING has agreed with the European Commission. ING retains full flexibility in the way it may execute the divestment of the remaining stake in NN Group post IPO, subject to certain lock-up arrangements agreed with the underwriters.

More information about NN Group and the IPO is available in the prospectus dated 17 June 2014, copies of which may, subject to securities law restrictions in certain jurisdictions, be obtained at no cost from NN Group's head office during normal business hours. Alternatively, the prospectus can be downloaded from NN Group's website at www.nn-group.com