ING completes share buyback programme

Amsterdam, 23 May 2008

ING Group announced today that it has completed the share buyback programme started on 4 June 2007. Under the programme ING has repurchased 183,158,017 (depositary receipts for) ordinary shares in the market for a total consideration of EUR 4,903,355,838.50. That brings the average purchase price for the total programme to EUR 26.77.

As of today ING holds approximately 9.9% of ING Group capital on its own books - very close to the legal limit of 10%. A small free margin needs to be maintained to accommodate rebalancing of the delta hedge portfolio which is used to hedge employee options. At the last General Meeting of Shareholders in April ING has obtained approval to cancel the repurchased shares, but this will not become effective until the end of June. ING has therefore decided that the buyback programme is completed.

John Hele, CFO of ING said: “The successful share buyback illustrates ING’s disciplined approach to capital management. ING will continue to use its strong capital base to create value for our shareholders”.

Detailed information on the buyback programme such as the daily number of repurchased shares, the total consideration and the average share price can be obtained on the ING website at www.ing.com/investorrelations.

Press enquiries

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 130,000 people, ING is dedicated to setting the standard in helping our clients manage their financial future.