ING raises EUR 1.5 billion with perpetual bond sale

Amsterdam, 10 April 2008

ING Group announced today that it raised EUR 1.5 billion from the sale of euro-denominated perpetual subordinated bonds called ING Perpetuals IV. Due to strong investor demand, the subscription period was closed a day early after just three days. The coupon rate of the issue was fixed today at 8% with issue price par.

The issue was successfully sold in the Benelux (48%), Switzerland (17%), the United Kingdom (11%) and more than ten other European countries, as well as to investors in Asia (15%). The majority of the issue was sold to retail and private banking clients (75%), while asset managers, pension funds and insurers also showed a strong appetite (15%). The ING Perpetuals IV were distributed through ING’s network and the networks of BNP Paribas, UBS, ABN Amro and Rabobank.

The yearly coupon of 8% (a fixed coupon amount of EUR 80 on a minimum denomination of EUR 1,000 nominal) will be paid from 18 April 2009. ING can call the issue at par after 5 years and annually thereafter. An application has been made for trading of the ING Perpetuals IV on Euronext Amsterdam by NYSE Euronext from 18 April 2008. The issue qualifies as hybrid Tier-1 capital for ING Group.

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Raymond Vermeulen
ING Group
+31 20 541 5682

Raymond.Vermeulen@ing.com

ING is a global financial institution of Dutch origin offering banking, investments, life insurance and retirement services to over 75 million private, corporate and institutional clients in more than 50 countries. With a diverse workforce of about 125,000 people, ING comprises a broad spectrum of prominent companies that increasingly serve their clients under the ING brand.