ING announced today the pricing of approximately 65.2 million shares of common stock sold in the Initial Public Offering of ING U.S., Inc., its U.S.-based retirement, investment and insurance business, at USD 19.50 per share, which is below the previously announced estimated price range. The shares are expected to begin trading tomorrow on the New York Stock Exchange under the ticker symbol "VOYA."

As previously announced, the IPO of ING U.S. consists of both a primary component of shares offered by ING U.S. and a secondary component of shares offered by ING Group. Based on the final price-per-share announced today, and excluding the exercise of an overallotment option by the underwriters, the total offering amounts to USD 1.3 billion, including USD 0.6 billion in gross proceeds from the primary offering for ING U.S. and approximately USD 0.7 billion (approximately EUR 0.5 billion at current exchange rates) in gross proceeds for ING Group. Upon the closing of the sale, scheduled for May 7, the IPO reduces the ownership of ING Group in ING U.S. to 75%.

The underwriters have the option for 30 days to purchase up to an additional 9.8 million of ING U.S. shares from ING Group at the initial public offering price, corresponding to a maximum of 15% of the total number of shares offered in the IPO. Fully exercising this overallotment option would further reduce ING Group's remaining stake in ING U.S. to approximately 71%.

As previously announced, ING Group intends to use the proceeds from the secondary offering for the reduction of Group core debt. The USD 1.5 billion contingent funding facility currently in place between ING U.S. and ING Bank N.V. will also be cancelled upon completion of this offering.

As announced on 16 April 2013, the offering will not impact the profit and loss account of ING Group, as ING U.S. will continue to be fully consolidated by ING Group. At the price announced today, the offering will have a negative impact of approximately EUR 1.7 billion on the Shareholders' equity of ING Group (excluding the exercise of the underwriter's overallotment option). This amount reflects the difference between the net proceeds of this offering to ING Group and the estimated IFRS book value of the 25% stake divested in this IPO. This offering will not have a material impact on the regulatory capital of either ING Insurance or ING Bank.

As previously announced, ING Group is divesting its insurance and investment management businesses as part of a restructuring programme agreed with the European Commission. Following the IPO, ING intends to divest its remaining stake in ING U.S. over time, as previously agreed with the European Commission. The sale of any remaining shares is subject to a lock-up period of 180 days from today.

The registration statement relating to these securities has been declared effective by the U.S. Securities and Exchange Commission. A copy of the registration statement may be obtained by visiting the SEC website at www.sec.gov. This press release shall not constitute an offer to sell or the solicitation of an offer to buy, any securities, nor shall there be any offer, solicitation or sale of any securities in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such jurisdiction.

De ECB
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Debut of ING U.S. on NYSE marks milestone in restructuring of ING Group.

ING announced today that ING U.S., Inc., its U.S.-based retirement, investment and insurance business, started trading today on the New York Stock Exchange (NYSE) under the ticker symbol "VOYA" . The market debut follows an Initial Public Offering (IPO) that, upon completion, will reduce ING Group's stake in ING U.S. to 75%.

"The successful listing of ING U.S. is a very important milestone in the restructuring of ING," said Jan Hommen, CEO of ING Group. "In the past four years, we have made huge steps in reducing the size and complexity of our company while at the same time improving our financial strength and enhancing our focus on our customers."

"The employees and leadership of ING U.S. have put immense effort in preparing their company for a standalone future as a listed company. I am confident that ING U.S. continues to be well positioned to capture market opportunities and bring benefits to all its stakeholders. While the achievements to date are remarkable, our work at ING Group is far from done. We will now embark on the final phase of our restructuring. We will reinforce our efforts to maintain the momentum in divesting our remaining insurance and investment management businesses, using the vigour and dynamism the ING U.S. team has shown as inspiration."

ING has made strides in delivering on a restructuring programme announced in 2009 and actively managing its portfolio of businesses in line with its strategic objectives. Already in 2009, ING sold its 70%-stake in ING Canada as well as its 51%-stake in a life insurance and investment management joint venture in Australia and New Zealand. In 2010, ING completed the operational separation of the Insurance and Banking activities. In 2011, ING sold the Insurance and investment management operations in Latin-America and its Real Estate Investment Management business. In 2012, ING completed the sale of ING Direct USA and the sale of ING Direct Canada. Since the end of December 2012, ING has also completed the sale of ING Direct UK, the divestment of major parts of its Asian Insurance and investment management units, and today ING U.S. shares started trading on the NYSE. With the listing of 25% of ING U.S. shares on the NYSE, ING has fulfilled its commitment to the European Commission to divest 25% of ING U.S. before the end of 2013. In line with the timeline set out in the restructuring programme, ING intends to divest its remaining stake in ING U.S. over time.

As to the offering of ING U.S., the underwriters have the option for 30 days to purchase up to an additional 9.8 million of ING U.S. shares from ING Group at the initial public offering price of USD 19.50 per share, corresponding to a maximum of 15% of the total number of shares offered in the IPO. Fully exercising this overallotment option would further reduce ING Group's remaining stake in ING U.S. to approximately 71%. The sale of any remaining shares is subject to a lock-up period of 180 days from 1 May 2013.

The registration statement relating to the securities of ING U.S. has been declared effective by the U.S. Securities and Exchange Commission (SEC). A copy of the registration statement may be obtained by visiting the SEC website at www.sec.gov. This press release shall not constitute an offer to sell or the solicitation of an offer to buy, any securities, nor shall there be any offer, solicitation or sale of any securities in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such jurisdiction.