Division c)

The Netherlandsfurthermore commits that ING will adhere to an acquisition ban:

• ING will refrain from acquisitions of financial institutions for an additional period. Moreover, ING will refrain, for the same period, from acquiring any (other) businesses that would slow down the repayment of the Core Tier 1 Securities to the Netherlands. The acquisition ban will apply until 18 November 2015 or until the date on which more than 50 % of the Insurance/IM operations in Asia, 50 % of Insurance/IM US and 50 % of Insurance/IM Europe have been divested, whichever date comes earlier^f1.

• Notwithstanding that prohibition, ING may, after obtaining the Commission’s approval, acquire businesses, in particular if it is essential in order to safeguard financial stability or competition in the relevant markets.