Financial calendar

Publication results 4Q2014: Wednesday, 11 February 2015

Publication results 1Q2015: Thursday, 7 May 2015

Annual general meeting: Monday, 11 May 2015

(These dates are provisional)

Listing information

ING ordinary shares are registered shares with a par value of EUR 0.24 per share. The (depositary receipts for) ordinary shares of ING Group are listed on the exchanges of Amsterdam, Brussels and New York (NYSE).

American Depositary Receipts (ADRs)

Note for editors

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Share information

1) Quarterly rolling average.

MARKET CAPITALISATION (in EUR billion)

ECONOMIC ACTIVITY

INTEREST RATES

CURRENCY MARKETS

CREDIT MARKETS

STOCK MARKETS

Source: ING Economics Department

CONSUMER CONFIDENCE

The third-quarter 2014 underlying net result of ING Bank improved to EUR 1,123 million from EUR 820 million in the third quarter of 2013 and EUR 923 million in the second quarter of 2014. The quarterly net result from the Banking businesses was a strong EUR 1,006 million, driven by lower risk costs and robust interest results. Including the net results of the legacy Insurance businesses, the net result of ING Group was EUR 928 million.

Following the IPO of NN Group in July, ING Group’s stake in NN Group stands at 68.1%. In light of ING Group’s intention to divest its remaining stake in NN Group over time, NN Group is classified as ‘held for sale’ and as ‘discontinued operations’ effective as of 30 September 2014. The classification change to ‘held for sale’ resulted in a EUR 403 million write-down of goodwill and other non-current assets. This impact is included in the third-quarter 2014 net result from discontinued operations of NN Group.

The changes in classification also require previously reported IFRS-EU profit and loss (P&L) figures to be restated. In the P&L, the net result of ING Group’s stake in NN Group is now presented on one line: ‘Discontinued operations NN Group’. In the balance sheet, assets and liabilities are also presented on one line. However, balance sheet figures for prior periods have not been restated.

Furthermore, ING Group has aligned the scope of ‘underlying’ figures as of the third quarter of 2014, in order to better reflect the performance of its core banking businesses. As a consequence, the result from discontinued insurance operations, the remaining insurance businesses (recorded under Insurance Other) and the intercompany eliminations between ING Bank and NN Group will no longer be part of ING Group’s underlying figures. Previously reported underlying profit and loss figures have been adjusted accordingly.

Banking

ING Bank posted strong third-quarter results. The underlying result before tax was EUR 1,486 million, up 34.7% from a year ago and 16.3% higher than in the previous quarter, reflecting higher interest results and a decline in risk costs. Total underlying income increased 4.5% year-on-year. This was achieved despite negative credit and debt valuation adjustments (CVA/DVA) and the deconsolidation of ING Vysya Bank as of the second quarter of 2014. Excluding these items, income rose 8.1% year-on-year and 4.5% quarter-on-quarter. Expenses increased slightly on both comparable quarters. The underlying return on IFRS-EU equity was 12.7% in the third quarter and 11.4% in the first nine months of 2014, in line with the Ambition 2017 target of 10-13%.

Commercial momentum was solid as ING Bank continued to support its customers’ financial needs. Net lending grew by EUR 3.3 billion in the third quarter (adjusted for currency impacts and additional transfers of WUB mortgages to NN Bank) and the net inflow of funds entrusted was EUR 4.3 billion.

Compared with a year ago, income and expenses were affected by the deconsolidation of ING Vysya Bank. As of the second quarter of 2014, ING’s share in the net profit of ING Vysya Bank is fully recorded under ‘other income’ (share of profit from associates), whereas in previous quarters ING Vysya Bank was fully consolidated.

Total underlying income

Total underlying income rose year-on-year by 4.5% to EUR 3,942 million, despite EUR 69 million of negative CVA/DVA impacts recorded in Commercial Banking and the Corporate Line; a year ago, the negative impacts were EUR 8 million. ING’s share in the net profit of ING Vysya Bank was EUR 9 million (recorded under other income), whereas the third quarter of last year included EUR 80 million of income from ING Vysya Bank when it was fully consolidated. Excluding both of these items, underlying income rose 8.1%, notably in Retail Banking and in the Industry Lending business within Commercial Banking. Compared with the previous quarter, which included EUR 58 million of negative CVA/DVA impacts, total underlying income increased 4.5%.

ING Bank continued to generate good business growth in the third quarter of 2014, including further increases in customer lending, in line with the long-term ambition to grow the asset side of the balance sheet. Total net lending (adjusted for currency impacts and the additional transfer of WUB mortgages to NN Bank) increased by EUR 3.3 billion. The net production of residential mortgages was EUR 1.0 billion and was generated entirely outside the Netherlands. Other lending rose by EUR 2.4 billion, of which EUR 1.9 billion was in Commercial Banking. This was driven by growth in Structured Finance and General Lending, which more than offset a reduction in Russian exposures and a further decline in Real Estate Finance. In Retail Banking, the net production of other lending was EUR 0.5 billion, mainly attributable to Turkey, Germany and Poland, while the Benelux reported a small decline due to low demand. The net lending growth was funded through a EUR 4.3 billion net inflow of funds entrusted (adjusted for currency impacts) during the third quarter. Commercial Banking generated EUR 3.1 billion of the net inflows and Retail Banking contributed EUR 1.3 billion.

The underlying interest result rose 7.5% to EUR 3,156 million from a year ago. Excluding the deconsolidation impact of ING Vysya Bank, the increase was 9.7%. The interest result on customer lending activities rose primarily due to higher margins on mortgages combined with higher volumes. The interest result on funds entrusted also improved due to growth in volumes and higher margins on savings. The margin on current accounts, however, declined compared with a year ago. Compared with the second quarter of 2014, the underlying interest result increased 5.7%. This was mainly attributable to higher interest results in Financial Markets this quarter, and the one-off loss on the accelerated amortisation of capitalised fees on issued debt in the previous quarter. These impacts were the main reason why the underlying interest margin of the Bank improved to 1.53% from 1.46% in the second quarter of 2014. The interest margin on total lending activities declined slightly despite a further improvement in mortgage margins. The margin on funds

entrusted increased, which was supported by client savings rate reductions in most countries. This margin increase offset the margin pressure on savings and current accounts caused by the low interest rate environment. The interest result also rose on higher volumes.

INTEREST RESULT (in EUR million) AND INTEREST MARGIN (in %)

Commission income rose 6.0% from a year ago to EUR 579 million. This was mainly due to higher fee income in Industry Lending and Retail Banking, which more than offset the deconsolidation impact of ING Vysya Bank. On a sequential basis, commission income declined 2.7%, mainly due to lower fees in Commercial Banking, particularly within Financial Markets.

Investment income declined to EUR 37 million from EUR 78 million in the third quarter of 2013. This was mainly due to a lower dividend from Bank of Beijing of EUR 22 million versus EUR 52 million last year. Compared with the second quarter of 2014, investment income was down 2.6% as the dividend from Bank of Beijing was not enough to compensate for lower net realised gains on bonds and equities and lower dividends from other investments.

Other income dropped to EUR 171 million from EUR 213 million in the third quarter of 2013, due to a negative swing in CVA/ DVA impacts (EUR -69 million in this quarter versus EUR -8 million a year ago). Excluding CVA/DVA impacts, other income rose by EUR 19 million year-on-year, supported by a higher profit on ING’s share in TMB Bank. Other income increased by EUR 19 million compared with the second quarter of 2014, which included EUR 58 million of negative CVA/DVA impacts and a negative transaction result on the sale of real estate in own use in the Netherlands.

Operating expenses

Underlying operating expenses rose 0.7% year-on-year to EUR 2,134 million. Excluding the deconsolidation impact of ING Vysya Bank and the Belgian bank taxes that were reported in the third quarter of 2013, operating expenses rose 3.2%. This was mainly due to higher pension costs in the Netherlands, business growth in Retail International and Industry Lending, and higher expenses on the Corporate Line. These increases were partly offset by the benefits from ongoing cost-saving initiatives. Compared with the previous quarter, expenses increased 1.7%. This was almost fully attributable to business growth and additional investments in Retail International, in line with our strategy. In Retail Netherlands, a provision of EUR 24 million was taken related to additional redundancies, which was largely offset by a seasonal release from

the holiday provision. The third-quarter underlying cost/income ratio for ING Bank was 54.1%, down from 56.2% a year ago. Excluding the CVA/DVA impacts in both quarters, the cost/income ratio improved to 53.2% from 56.0% in the third quarter of 2013.

The current cost-saving programmes at ING Bank are on track and expected to reduce expenses by EUR 955 million by 2017. Of these targeted amounts, EUR 580 million has already been achieved. Total headcount reductions related to these initiatives are estimated at 6,515 FTEs, of which 5,300 FTEs have already left ING Bank since the start of the programmes.

OPERATING EXPENSES (in EUR million) AND COST/INCOME RATIO (in %)

The total number of internal staff rose slightly to 52,854 FTEs at the end of September. This is 118 higher than at the end of June, mainly due to Retail International and to a lesser extent Commercial Banking, and more than offset further headcount declines in the Benelux.

Loan loss provisions

The net addition to loan loss provisions declined in the third quarter. ING Bank added EUR 322 million to the provision for loan losses, down from EUR 552 million a year ago and EUR 405 million in the previous quarter. The sequential decline mainly reflects lower risk costs in Commercial Banking and was particularly visible in General Lending, which recorded a net release, while Real Estate Finance (part of Industry Lending) had another quarter of negligible risk costs. Net additions in Retail Benelux were almost stable because a small decline in the Netherlands was offset by somewhat higher risk costs in Belgium. Quarter-on-quarter, risk costs for Dutch mortgages were 8.8% lower at EUR 62 million. At Retail International, net additions rose from their unusually low level in the previous quarter, but they were substantially lower than a year ago. Total NPLs at ING Bank declined to EUR 15.7 billion from EUR 16.4 billion at the end of June 2014; the NPL ratio decreased slightly to 2.8% of total credit outstandings compared with 2.9% at the end of the second quarter.

Total risk costs were 44 basis points of average risk-weighted assets versus 55 basis points in the previous quarter and 80 basis points in the third quarter of 2013.

ADDITIONS TO LOAN LOSS PROVISIONS (in EUR million)

Underlying result before tax

The third-quarter 2014 underlying result before tax was EUR 1,486 million, an increase of 34.7% compared with the same quarter a year ago and driven by higher interest results and lower risk costs. Quarter-on-quarter, the underlying result before tax rose 16.3%. This was also caused by higher interest results and lower risk costs, partly offset by higher expenses in Retail International.

UNDERLYING RESULT BEFORE TAX (in EUR million)

Net result Banking

ING Bank’s underlying net result rose to EUR 1,123 million from EUR 820 million in the third quarter of 2013 and EUR 923 million in the second quarter of 2014. The effective underlying tax rate was 23.5% compared with 24.0% in the third quarter of 2013 and 26.5% in the previous quarter.

ING Bank’s third-quarter net result was EUR 1,006 million, including EUR -117 million of special items after tax. These items reflect the third (and last) payment of EUR 101 million related to the nationalisation of SNS, and another EUR 16 million for the previously announced restructuring programmes in Retail Netherlands. ING’s total bank levy related to the nationalisation of SNS was EUR 304 million. The first two tranches of EUR 101 million were paid, respectively, in the first and second quarter of 2014.

The year-to-date underlying return on IFRS-EU equity rose to 11.4% from 9.3% in the first nine months of 2013. The improvement was caused by a 16.5% increase in the underlying net result combined with a decline in the average equity base. The latter was caused by dividend payments to ING Group and the write-down in the net pension asset. The Ambition 2017 target range for return on IFRS-EU equity is 10-13%.

RETURN ON EQUITY (in %)

Net result ING Group

ING Group’s third-quarter net result was EUR 928 million, compared with EUR 128 million in the third quarter of last year and EUR 1,067 million in the second quarter of 2014. These figures include the net results of the legacy Insurance businesses.

For the third quarter of 2014, ING Group recorded a net result from the discontinued operations of NN Group of EUR -159 million, compared with EUR -728 million one year ago and EUR 264 million in the second quarter of 2014. The third-quarter result represents ING’s 68.1% stake in NN Group’s net result of EUR 354 million, as well as the financial impacts caused by the classification of NN Group to ‘held for sale’ as of 30 September 2014. These impacts were a EUR 70 million write-down of goodwill and a EUR 333 million write-down of certain other non-current assets.

As of the second quarter of 2014, NN Group publishes its own standalone quarterly earnings release. For more information, please visit: www.nn-group.com.

In September 2014, ING Group sold 30 million shares of common stock in Voya Financial, Inc. The financial impact of this transaction is reflected in the EUR 41 million net result from discontinued operations of Voya Financial. The net result of Insurance Other was EUR 43 million and consisted primarily of the net result relating to the revaluation of ING’s warrants on the shares of Voya in the quarter.

NET RESULT PER SHARE (in EUR)

ING Group’s third-quarter 2014 net result per share was EUR 0.24, based on an average number of shares outstanding of 3,854.5 million.

Other events

As announced on 26 October 2014, ING Bank comfortably passed the Asset Quality Review (AQR) and stress test which were part of the Comprehensive Assessment as conducted by the European Central Bank (ECB) and the European Banking Authority (EBA). The clear results of the AQR and stress test represent a confirmation of ING’s strong capital position, resilient balance sheet and prudent management approach.

Following the conclusion of the Comprehensive Assessment, the final repayment of core Tier 1 securities to the Dutch State will be accelerated. ING Group will pay the final tranche of EUR 1,025 million to the Dutch State on 7 November 2014, half a year ahead of the repayment schedule as agreed with the European Commission in 2012. This payment will consist of EUR 683 million in principal and EUR 342 million in interest and premiums. The total amount repaid to the Dutch State on the core Tier 1 securities will be EUR 13.5 billion, including EUR 10 billion in principal and EUR 3.5 billion in interest and premiums, giving the State an annualised return of 12.7%.

Retail Banking recorded a strong underlying result before tax of EUR 946 million, up from EUR 745 million in the third quarter of 2013. The improvement was mainly due to higher interest margins on lending and savings in most countries. Expenses were stable, while risk costs declined. Compared with the second quarter of 2014, the result before tax rose 8.7%, due to higher interest results and the annual dividend from Bank of Beijing. This was in part offset by higher expenses and risk costs in Retail International. Commercial momentum continued in the third quarter with a EUR 1.3 billion net growth in funds entrusted and EUR 1.4 billion of net lending production.

UNDERLYING RESULT BEFORE TAX - RETAIL BANKING (in EUR million)

Underlying income rose 6.3% year-on-year to EUR 2,737 million. The increase was driven by higher interest results as a result of improved margins on savings and lending in most countries, which more than compensated for the impact of the deconsolidation of ING Vysya Bank. Compared with the second quarter of 2014, income increased 5.3% due to higher margins on mortgages and savings as well as the EUR 22 million annual dividend from Bank of Beijing. The net inflow of funds entrusted was EUR 1.3 billion, despite small outflows in the Netherlands and Germany. Net lending grew by EUR 1.4 billion, entirely outside the Benelux.

Operating expenses declined 0.2% from the third quarter of 2013 to EUR 1,504 million, but they increased 2.6% from the previous quarter. Excluding the deconsolidation impact of ING Vysya Bank, operating expenses rose 2.6% on both comparable quarters. This increase was mainly in Retail International due to business growth and extra investments in line with our strategy.

Risk costs were EUR 287 million, down 11.4% from a year ago, but up 9.1% from the previous quarter. The sequential increase was mainly due to Retail International after some positive one-offs in the second quarter of 2014.

The underlying return on equity based on a 10% common equity Tier 1 ratio rose to 18.0% from 15.5% in the third quarter of 2013. The increase reflects higher results, which more than offset an 8.0% increase in RWA from a year ago.

RETAIL NETHERLANDS

UNDERLYING RESULT BEFORE TAX - NETHERLANDS (in EUR million)

Retail Netherlands reported a strong third-quarter result. The underlying result before tax rose to EUR 330 million from EUR 274 million in the third quarter of 2013, reflecting higher interest margins on lending and savings, and lower risk costs. Compared with the second quarter of 2014, which included a one-off loss on the sale of real estate in own use, the result rose 14.6% due to improved margins on lending and savings.

Total underlying income rose 3.8% from a year ago to EUR 1,081 million. This increase mainly reflects higher margins on lending and savings, which more than compensated for a decline in net lending assets. The decrease in lending was primarily due to lower mortgage volumes. Compared with the previous quarter, income increased by EUR 44 million, or 4.2%. Adjusted for the EUR 23 million one-off loss on the sale of real estate in own use in the second quarter, underlying income rose 2.0% due to higher margins on mortgages and savings, supported by reductions in client savings rates in July. This increase was partly offset by lower margins on current accounts, consistent with the low interest rate environment. The mortgage portfolio declined by EUR 0.8 billion in the third quarter, of which EUR 0.3 billion was caused by additional transfers of WUB mortgages to NN Bank. Other lending, including business lending, declined by EUR 0.1 billion. Funds entrusted decreased by EUR 0.6 billion due to an outflow from current accounts, which were seasonally high in the second quarter because they included holiday allowances.

Operating expenses were EUR 571 million, up EUR 15 million from the same quarter of last year, predominantly explained by higher pension costs and extra contributions to HR provisions. The latter was mainly caused by lower market-linked discount rates. In addition, a provision of EUR 24 million was taken related to additional redundancies compared with EUR 21 million of additional provisions in the third quarter of 2013. Compared with the second quarter of 2014, operating expenses were flat as the additional redundancy provision was offset by the seasonal release from the holiday provision and lower marketing costs. Cost-efficiency programmes remain on track to realise EUR 480 million of annual cost savings by the end of 2017. Of this amount, EUR 328 million has already been realised.

Risk costs totalled EUR 180 million, down from EUR 210 million a year ago. Compared with the previous quarter, risk costs rose slightly due to higher additions in consumer / other lending, while net additions for business lending stayed relatively stable at EUR 104 million. Risk costs for Dutch mortgages declined to EUR 62 million from EUR 68 million in the second quarter of 2014.

Risk-weighted assets decreased by EUR 3.5 billion in the third quarter to EUR 59.3 billion, mainly due to improvements in Dutch house prices, run-off of the mortgage portfolio and other risk-mitigating actions such as resolving arrears caused by the implementation of SEPA.

RETAIL BELGIUM

UNDERLYING RESULT BEFORE TAX - BELGIUM (in EUR million)

Retail Belgium recorded another solid underlying result before tax of EUR 209 million. The result improved 24.4% on the third quarter of 2013, driven by higher volumes and increased interest margins on mortgages and savings. The cost/income ratio improved by more than six percentage points to 58.6%. Compared with the second quarter of 2014, the result before tax declined 5.0%. This was primarily due to lower interest margins, lower fee income and a 2.0% increase in expenses. These factors were partially offset by lower risk costs.

Total underlying income was EUR 612 million, up 6.8% from the third quarter of last year. The improvement was mainly attributable to volume growth and higher interest margins on mortgages and savings. Compared with the previous quarter, income decreased 1.4%. Although the interest margin on mortgages continued to improve, this was not sufficient to compensate for moderate margin pressure on other products as well as a decline in securities fee income. Funds entrusted grew by EUR 1.2 billion in the third quarter, while net lending assets declined by EUR 0.4 billion.

Operating expenses decreased by EUR 14 million year-on-year to 359 million. The decline was mainly due to the absence of Belgian bank taxes in the third quarter of 2014, whereas last year’s third quarter included a EUR 12 million charge. On a sequential basis, expenses rose by EUR 7 million and were mainly related to higher IT costs and additional redundancies. The strategic projects announced by ING Belgium remain on track to realise EUR 160 million of cost savings by the end of 2017, of which EUR 79 million has been realised so far.

Risk costs increased to EUR 44 million from EUR 32 million a year ago, but declined from EUR 49 million in the previous quarter. The decline compared with the second quarter of 2014 was mainly attributable to business lending. The net addition for mortgages remained low at EUR 5 million.

Risk-weighted assets declined by EUR 0.5 billion in the third quarter to EUR 23.8 billion, mainly due to lower volumes in non-mortgage lending.

RETAIL GERMANY

UNDERLYING RESULT BEFORE TAX - GERMANY (in EUR million)

Retail Germany had its second consecutive record quarter with an underlying result before tax of EUR 213 million, up from EUR 165 million in the third quarter of 2013. The improvement in results was driven by a solid increase in income, reflecting both volume growth and higher margins on savings. This was partly offset by higher expenses due to business growth and strategic investments, and a slight increase in risk costs. The cost/income ratio improved by almost four percentage points to 46.5%. Compared with the second quarter of 2014, the result before tax rose 6.0%, due to higher interest results, partly offset by higher expenses and higher risk costs.

Underlying income was EUR 434 million, up 20.2% from the third quarter of 2013. The increase primarily reflects higher interest results stemming from higher margins, as well as higher lending and savings balances. The interest margin on savings improved, supported by a decrease in the core rate in July 2014. Compared with the previous quarter, income rose 8.5% due to higher interest results following the core rate cut. Funds entrusted decreased by EUR 0.2 billion in the third quarter, while the net production in retail lending was EUR 0.7 billion, of which EUR 0.5 billion was for residential mortgages.

Operating expenses were EUR 202 million, up 11.6% from the third quarter in 2013 and 7.4% higher than in the second quarter of 2014. The increase compared with both previous quarters primarily reflects an increase in headcount as well as strategic investments to support business growth and attract primary bank clients. As revenue growth has been outpacing cost growth, the cost/income ratio improved both year-on-year and sequentially to 46.5%.

Risk costs were EUR 19 million, up from EUR 15 million in the third quarter of 2013 and EUR 10 million in the previous quarter. Both comparable quarters were influenced by positive one-offs. Risk costs in the third quarter of 2014 were 29 basis points of average RWA.

Risk-weighted assets increased by EUR 0.7 billion to EUR 26.0 billion in the third quarter, mainly reflecting volume growth and model changes in the investment book.

RETAIL REST OF WORLD

UNDERLYING RESULT BEFORE TAX - REST OF WORLD (in EUR million)

The underlying result before tax of Retail Rest of World rose to EUR 194 million from EUR 137 million in the third quarter of 2013 and EUR 161 million in the previous quarter. The higher result versus the year-ago quarter mainly reflects better commercial results in Turkey, France, Poland and Italy; higher contributions from our stakes in ING Vysya Bank and TMB; and lower losses in the UK Legacy run-off portfolio. This was partly offset by lower results in Spain and a lower annual dividend from Bank of Beijing.

Underlying income rose 1.7% to EUR 611 million compared with a year ago. The improvement was driven by higher margins and volumes in Poland, Turkey, France and Italy, and lower losses in the UK legacy run-off portfolio. Underlying income grew 19.8%, excluding the deconsolidation of ING Vysya Bank and the lower dividend from Bank of Beijing (which was EUR 22 million in the current quarter versus EUR 52 million a year ago). Compared with the second quarter of 2014, income increased by EUR 71 million due to higher income in Turkey and France and the dividend from Bank of Beijing. Net funds entrusted increased by EUR 1.0 billion in the third quarter, mainly driven by Poland and Turkey. The net production in retail lending was EUR 1.9 billion, with growth concentrated in Turkey, Poland and Australia.

Operating expenses decreased by EUR 25 million from a year ago to EUR 372 million. Excluding the deconsolidation of ING Vysya Bank, expenses increased 4.6%, mainly due to strategic investments, increased bank levies/deposit insurance premiums and higher IT costs to support business growth. Sequentially, operating expenses rose by EUR 18 million, mainly due to strategic investments and increased regulatory costs. Similar to the German operations, revenue growth in Retail Rest of World has been outpacing cost growth, leading to an improvement in the cost/ income ratio compared with both previous quarters.

Risk costs were EUR 44 million, down from EUR 67 million in the third quarter of 2013, which included a EUR 15 million net addition for the UK legacy run-off portfolio and EUR 27 million for ING Vysya Bank. Risk costs increased by EUR 19 million from the previous quarter, mainly in Turkey, which benefited from the impact of a decreased probability of default in the second quarter. Total risk costs in the third quarter were at 42 basis points of average RWA, down from 64 basis points a year ago, but up from 24 basis points in the second quarter of 2014, which benefited from the aforementioned one-off impact.

Risk-weighted assets increased in the third quarter by EUR 0.9 billion to EUR 42.8 billion, mainly reflecting business growth and increases in the market value of the strategic stakes.

Commercial Banking reported a strong performance in the third quarter. Structured Finance delivered another good result and total risk costs declined to EUR 34 million. The underlying result before tax was EUR 677 million, including a EUR -42 million CVA/ DVA impact. Excluding the CVA/DVA impact, the pre-tax result increased 56.0% from the third quarter of 2013, with results improving in all segments. The pre-tax result of Structured Finance rose 77%. Compared with the second quarter of 2014, the pre-tax result excluding CVA/DVA increased 10.3%, driven by higher results in Industry Lending and General Lending & Transaction Services. This offset lower results in Financial Markets and Bank Treasury.

UNDERLYING RESULT BEFORE TAX -

COMMERCIAL BANKING (in EUR million)

Total underlying income was flat versus the third quarter of 2013. The CVA/DVA effects, reported within Financial Markets, were EUR -42 million for the quarter, down strongly from EUR 10 million in the third quarter of 2013 and a slight improvement from EUR -47 million in the previous quarter. Excluding the CVA/ DVA impact, income was 4.0% higher than in the third quarter of 2013. Industry Lending income was 10.1% higher than last year due to the strong performance of Structured Finance (supported by strong volume growth), which offset lower income in Real Estate Finance. Financial Markets income, excluding CVA/DVA effects, was up 3.1% as a result of higher income on FX products, partly offset by lower income in the Equities business.

Compared with the second quarter of 2014, income excluding CVA/DVA effects fell 4.0%. Higher income in Structured Finance was more than offset by lower income in Bank Treasury as a result of lower capital gains and lower positive revaluations of derivatives used for hedging purposes. Financial Markets income excluding CVA/DVA effects was down 6.5%, due to lower client flows in Debt Capital Markets.

The interest result rose 12.8% compared with a year ago due to higher interest results in Financial Markets and in the core lending business. This increase was partly offset by a lower interest result within Bank Treasury. The increase in the core lending business was mainly driven by continued net lending growth in Structured

Finance against a slightly lower margin. The interest result in Bank Treasury declined due to the impact of the low interest rate environment, which resulted in lower investment spreads, and due to actions to meet new regulatory requirements. Compared with the previous quarter, interest income increased, attributable fully to Financial Markets.

Commission income rose 4.8% from the same quarter of last year, driven by Structured Finance within Industry Lending. The higher commission income in Structured Finance was largely due to strong volume growth. Compared with the previous quarter, commission income declined 8.0%, mainly due to lower client flows in Debt Capital Markets, which is part of Financial Markets.

Investment income was EUR 17 million, down from EUR 23 million in the third quarter of 2013 and EUR 45 million in the previous quarter. Compared with the second quarter, investment income declined, due to lower capital gains from the sale of bonds within Bank Treasury.

Total other income was EUR 120 million, down from EUR 228 million a year ago. This decrease was partly due to negative CVA/ DVA impacts in Financial Markets. Compared with the previous quarter, other income declined by EUR 42 million, attributable mainly to Financial Markets.

Operating expenses decreased 2.4% on the third quarter of 2013, which included EUR 17 million of additional reorganisation charges. Cost savings from the current restructuring plans and lower impairments within Real Estate Development were offset by salary increases (partly driven by headcount growth in Structured Finance) and higher pension costs in the Netherlands. Compared with the previous quarter, expenses were down 2.4%, mainly due to lower impairments on real estate assets. The cost/income ratio was 44.1% compared with 45.2% in the third quarter of 2013 and 43.5% in the previous quarter. The restructuring programmes announced by Commercial Banking are on track to realise EUR 315 million of cost savings by the end of 2017. At the end of September 2014, EUR 173 million of cost savings had already been realised.

Net additions to loan loss provisions were EUR 34 million in this quarter, down from EUR 227 million in the third quarter of 2013 and EUR 142 million in the previous quarter. The decline on the previous quarter was mainly visible in General Lending, which benefited from a release on a larger file, and in Structured Finance. Risk costs in Real Estate Finance remained low at EUR 4 million for the quarter.

Risk-weighted assets increased by EUR 4.0 billion from the previous quarter to EUR 139.0 billion, mainly due to FX impacts and higher volumes in the core lending business. The underlying return on equity, based on a 10% common equity Tier 1 ratio, was 15.8%, up from 12.1% in the third quarter of 2013 and 12.4% in the second quarter of this year.

INDUSTRY LENDING

UNDERLYING RESULT BEFORE TAX -

INDUSTRY LENDING (in EUR million)

Industry Lending posted an underlying result before tax of EUR 373 million, up 83.7% from a year ago and 11.3% from the previous quarter. The increases on both quarters reflect strong income growth in Structured Finance and lower risk costs in both Real Estate Finance and Structured Finance. Income rose 10.1% year-on-year due to Structured Finance, partly offset by lower income in Real Estate Finance. In Structured Finance, the net lending assets, excluding FX impacts, increased by EUR 7.8 billion year-on-year and by EUR 1.3 billion compared with the second quarter, more than offsetting the volume decrease in Real Estate Finance. The Real Estate Finance portfolio shrank by EUR 3.1 billion compared with last year and by EUR 1.1 billion compared with the second quarter, excluding FX impacts. Expenses were 10.8% higher than last year due to additional hiring to support the growth ambition in Structured Finance, higher pension costs in the Netherlands and higher performance-related costs. Expenses fell 7.5% on the previous quarter, which included impairments on repossessed real estate assets. The cost/income ratio remained low at 22.6%.

The net additions to loan loss provisions amounted to EUR 49 million, down from EUR 181 million a year ago and EUR 63 million in the second quarter of 2014. Risk costs in Real Estate Finance remained low at EUR 4 million for the quarter.

GENERAL LENDING & TRANSACTION SERVICES

UNDERLYING RESULT BEFORE TAX -

GENERAL LENDING & TRANSACTION SERVICES (in EUR million)

The underlying result before tax from General Lending & Transaction Services was EUR 187 million, up 32.6% from a year ago and 71.6% higher than in the second quarter of 2014. The increase was driven by releases on risk costs and a small decline in expenses. Income in this quarter was slightly lower than last year, when higher income in Trade Financial Services was more than offset by lower income in General Lending. Income in General Lending was 8.4% lower than a year ago, due to lower interest margins, whereas income in Trade Financial Services benefited from higher interest margins and higher volumes.

Compared with the previous quarter, total income declined 3.2%. This was mainly due to General Lending, where both interest margins and commissions decreased on a slightly higher portfolio.

Expenses declined 3.2% on the previous year (which included part of the EUR 17 million additional restructuring charges) and 0.6% on the previous quarter. The restructuring savings and lower IT investments resulted in lower expenses compared with both quarters, partly offset by higher salaries. Risk costs were EUR -28 million for the quarter, down from EUR 13 million in the third quarter of 2013 and EUR 58 million in the previous quarter. The decline was driven by the release on a larger file.

FINANCIAL MARKETS

UNDERLYING RESULT BEFORE TAX -

FINANCIAL MARKETS (in EUR million)

The results for Financial Markets, excluding the volatile CVA/DVA impacts, were solid. The CVA/DVA effects were EUR -42 million for the quarter versus EUR 10 million in the third quarter of 2013 and EUR -47 million in the previous quarter. Excluding the CVA/ DVA impacts, results from Financial Markets were EUR 97 million, up slightly from EUR 93 million a year ago, but down from EUR 126 million in the previous quarter.

Income excluding CVA/DVA increased 3.1% on the same quarter of 2013. The increase was mainly due to higher income on FX products, partly offset by lower income in the Equities business. Sequentially, comparable income fell 6.5% due to lower client flows in Debt Capital Markets.

Operating expenses increased 2.5% year-on-year and 4.1% on the previous quarter. Both increases were mainly due to higher performance-related costs and increased IT investments.

BANK TREASURY, REAL ESTATE AND OTHER

UNDERLYING RESULT BEFORE TAX -

BANK TREASURY, REAL ESTATE AND OTHER (in EUR million)

Bank Treasury, Real Estate and Other booked an underlying result before tax of EUR 62 million, up from EUR 25 million in the third quarter of 2013, but down from EUR 81 million in the previous quarter. Income decreased 4.4% year-on-year, mainly as a result of portfolio reductions within the General Lease run-off activities. Sequentially, income was down 22.2%, mainly within Bank Treasury since the previous quarter included high positive revaluations of derivatives used for hedging purposes and higher capital gains on bonds. Expenses dropped 30.8% from the third quarter of 2013, which included part of the EUR 17 million additional restructuring charges. The decline was mainly due to lower impairments within Real Estate Development (RED) and ongoing reductions in the run-off business. Compared with the previous quarter, expenses decreased 15.6%, partly due to lower performance-related costs. Risk costs decreased to EUR 13 million due to lower additions to provisions in the Leasing business in Italy.

Corporate Line Banking posted an underlying result of EUR -137 million versus EUR -113 million in the third quarter of 2013. The underlying result before tax in the previous quarter, which included a EUR 51 million one-off loss following the accelerated amortisation of capitalised fees on issued debt, was EUR -197 million.

Capital Management-related results decreased to EUR 35 million from EUR 64 million in the same quarter of last year.

Income on capital surplus was EUR 119 million compared to EUR 120 million in the same quarter of last year.

Solvency costs improved to EUR 34 million from EUR 67 million in the third quarter of last year. The improvement mainly reflects the call of hybrid securities in December 2013 and April 2014.

Financing charges rose to EUR 53 million from EUR 41 million in the same quarter of 2013. This was mainly due to FX hedges, driven by the appreciation of the US dollar, and higher expenses from ING Group which are fully allocated to the banking results.

The result of Other Capital Management deteriorated to EUR 3 million from EUR 52 million in the same quarter of last year. The lower result was mainly caused by the one-off increase of a model reserve provision. In addition, fair value results were more negative than in the same quarter of last year.

Bank Treasury-related results include the isolated legacy costs (mainly negative interest results) for replacing short-term funding with long-term funding. The Bank Treasury-related results improved to EUR -121 million from EUR -139 million in the third quarter of last year. The improvement was mainly due to a positive swing in fair value results on long-term debt.

DVA on own-issued debt was EUR -27 million (mainly in the covered bond portfolio) compared to EUR -18 million in the third quarter of 2013.

‘Other’ was EUR -23 million versus EUR -19 million in the same quarter of previous year, as a reimbursement related to Icesave was more than offset by higher shareholder expenses, additional regulatory costs and the absence of a value-added tax restitution this quarter.

The balance sheet of ING Group increased to EUR 991 billion from EUR 971 billion at the end of June. NN Group assets and liabilities have been transferred to assets/liabilities held for sale. The EUR 20 billion increase in total assets versus the pro-forma balance sheet of 30 June 2014 is due to EUR 7 billion in higher assets held for sale, EUR 9 billion of positive currency impacts in ING Bank and a EUR 5 billion higher valuation in trading derivatives related to lower interest rates. Customer lending grew by EUR 3 billion at comparable currency rates. Savings accounts remained flat despite client rate cuts. ING Bank’s loan-to-deposit ratio decreased to 1.02 from 1.03 in June.

Cash and balances with central banks

Cash and balances with central banks increased by EUR 1 billion to EUR 13 billion, with more cash placed at non-eurozone central banks in order to avoid the negative ECB deposit rate.

Amounts due from and to banks

Amounts due from banks decreased by EUR 1 billion to EUR 42 billion, while amounts due to banks declined by EUR 2 billion to EUR 30 billion.

Loans and advances to customers

Loans and advances to customers grew by EUR 3 billion, excluding currency impacts, to EUR 520 billion. The growth was due to EUR 3 billion in higher customer lending. This includes a EUR 2 billion increase in non-mortgage lending due to growth in Commercial Banking (mainly in Structured Finance, General Lending and Financial Markets, partly offset by lower Real Estate Finance loans). Customer lending also includes EUR 1 billion in higher residential mortgages, with growth mainly in Germany, Belgium and Australia. Residential mortgages in the Netherlands were lower, due partly to additional mortgage transfers to NN Bank.

Financial assets/liabilities at fair value

Financial assets at fair value through P&L increased by EUR 9 billion to EUR 142 billion, mainly due to a EUR 5 billion higher valuation of trading derivatives, following a further decline of interest rates, as well as positive currency impacts. These developments were for the most part mirrored in Financial liabilities at fair value through P&L, which rose by EUR 5 billion to EUR 105 billion. Financial assets and liabilities at fair value consists predominantly of derivatives, securities and repos, which are mainly used to facilitate the servicing of ING’s clients.

Investments

Investments increased slightly to EUR 95 billion from EUR 94 billion in June as a result of a higher valuation of equity stakes. Debt securities remained flat.