Exhibit 99.1

Press release Corporate Communications Amsterdam, 5 November 2020 ING posts 3Q2020 net result of €788 million ING 3Q2020 result before tax of €1,204 million • Resilient result, with increased fee income and continued operational cost control; net interest income declines due to liability margin pressure, subdued lending growth and negative foreign currency impact • Result reflects significantly lower risk costs compared to 2Q2020, and impairments on our equity stake in TMB and on capitalised software ING provides capital update with revised CET1 ambition and distribution policy • New CET1 ratio ambition of around 12.5%, implying a ~200 bps buffer over current minimum regulatory requirements; our current CET1 ratio is 15.3% • New distribution policy of a 50% pay - out ratio of resilient net profit, in cash or a combination of cash and share repurchases CEO statement “Helping colleagues, customers and communities safely through the Covid - 19 pandemic remains a top priority, and I’m proud of how ING has stepped up to deal with this challenge,” said Steven van Rijswijk, CEO of ING Group. “The pandemic continues to have a significant impact everywhere, with the second wave in Europe and the US putting further pressure on consumers and businesses. Looking back, ING’s third - quarter results were resilient, with increased fee income from diversified income sources, coupled with good cost control and lower risk costs. We saw a reduction in net interest income resulting from margin pressure on liabilities combined with lower lending demand. Our easy, smart and personal digital - first offering keeps attracting customers, with a net increase of 213,000 primary customers over the quarter. “Our ambition to keep transforming into a leading data - driven digital bank remains firm. However, the challenging external environment requires that we remain flexible in ‘how’ and ‘where’ we deliver our Think Forward strategy. We are therefore refocusing our activities to ensure faster client delivery and a continuously improving end - to - end digital customer experience. In Wholesale Banking, we will concentrate even more on core clients and simplify our geographical footprint, which will require fewer staff. This includes closing our offices in South America and some in Asia, while continuing to serve the international needs of clients from our regional hubs. “In further developing our digital universal bank we’ll focus our efforts on three things: the global use of ING’s technology foundation – which includes our shared data lakes, cloud and modular IT building blocks; the re - use where possible of already developed mobile app components; and the rollout of global digital product offerings in the areas of insurance, investments and consumer lending. We’ve therefore decided to considerably reduce the scope of Maggie, a programme launched to provide a standardised customer experience and integrate the product offering in four of our European Challenger countries. The decision has been taken in light of the current economic headwinds and our learnings from the complexities and costs of cross - border system and product integration. “The change in Maggie’s scope has led to an impairment of €140 million, primarily related to capitalised software development costs. The refocusing of our wholesale and retail activities will result in a headcount reduction of approximately 1,000 FTEs by year - end 2021. “Today, we provide a capital update. Our new long - term CET1 ratio ambition level of around 12.5% translates into a ~200 bps buffer over current minimum regulatory requirements. We will manage well above this ambition level while Covid - 19 - related uncertainties remain. We also introduce a new distribution policy of a 50% pay - out ratio of resilient net profit, in the form of cash or a combination of cash and share repurchases. We believe this offers a sustainable and attractive return, and we will periodically review whether ING has structural excess capital available to return to shareholders. The execution of this policy will comply with prevailing ECB recommendations on shareholder distributions. “We stay focused on our gatekeeper role and ensuring the security and compliance of the bank. Thanks to our KYC enhancements, ten more countries are now connected to our adverse media screening tool. We also support initiatives to collectively fight financial crime together with other banks and law enforcement and regulatory authorities. And we remain resolute in our efforts to combat the climate crisis and contribute to a low - carbon society. Our second Terra report now includes our targets for how we will align our lending with the Paris climate goals in our nine most carbon - intensive sectors. I’m proud of the progress we continue to make, and how we’re living up to the transformational role we play in the economy and in society.” Analyst call 5 November 2020 at 9:00 am CET +31 (0)20 341 8221 (NL) +44 203 365 3209 (UK) +1 866 349 6092 (US) Live audio webcast at www.ing.com Media call 5 November 2020 at 11:00 am CET +31 (0)20 531 5855 (NL) +44 203 365 3210 (UK) Live audio webcast at www.ing.com Investor enquiries T: +31 (0)20 576 6396 E: investor.relations@ing.com Press enquiries T: +31 (0)20 576 5000 E: media.relations@ing.com

2 ING Press Release 3Q2020 Business Highlights Share Information 3Q2019 4Q2019 1Q2020 2Q2020 3Q2020 Shares (in millions, end of period) Total number of shares 3,896.6 3,896.7 3,900.5 3,900.6 3,900.6 - T r easury sha r es 0.6 0.9 1.3 0.5 1.5 - Sha r e s outstandin g 3,896.0 3,895.8 3,899.2 3,900.1 3,899.2 Average number of shares 3,895.8 3,895.9 3,896.3 3,899.5 3,900.0 Share price (in euros) End of period 9.60 10.69 4.78 6.20 6.06 High 10.50 10.97 11.08 7.27 7.17 Low 8.34 9.06 4.30 4.53 5.87 Net result per share (in euros) 0.35 0.23 0.17 0.08 0.20 Sha r eholders' equity per sha r e 13.74 (end of period in euros) 13.80 13.93 13.92 13.90 Dividend per share (in euros) - - - - - Price/earnings ratio 1) 7.2 8.7 4.3 7.6 9.0 Price/book ratio 0.70 0.77 0.34 0.45 0.44 Share information 1) Four - quarter rolling average Market capitalisation (in ð billion) 0 20 40 60 37 42 19 24 24 30 Sep. 2019 31 Mar. 2020 31 Dec. 2019 30 Jun. 2020 30 Sep. 2020 American Depositary Receipts (ADRs) For questions related to the ING ADR programme, please visit J.P. Morgan Depositary Receipts Services at www.adr.com, or contact: Shareholders or holders of ADRs can request a hard copy of ING’s audited financial statements, free of charge, at www.ing.com/publications.htm Stock exchanges Tickers (Bloomberg, Reuters) Security codes (ISIN, SEDOL) Euronext Amsterdam INGA NA, INGA.AS and Brussels New York Stock Exchange ING US, ING.N NL0011821202, BZ57390 / BYP1QY1 US4568371037, 2452643 Financial calendar Publication results 4Q2020: Publication 2020 ING Group Annual Report: 2021 Annual General Meeting: Ex - date for final dividend 2020 (Euronext Amsterdam)*: Record date for final dividend 2020 entitlement (Euronext Amsterdam)*: Record date for final dividend 2020 entitlement (NYSE)*: Publication results 1Q2021: Payment date final dividend 2020 (Euronext Amsterdam)*: Payment date final dividend 2020 (NYSE)*: Publication results 2Q2021: Ex - date for interim dividend 2021 (Euronext Amsterdam)*: Record date for interim dividend 2021 entitlement (Euronext Amsterdam)*: Record date for interim dividend 2021 entitlement (NYSE)*: Payment date interim dividend 2021 (Euronext Amsterdam)*: Payment date interim dividend 2021 (NYSE)*: Publication results 3Q2021: Friday, 12 February 2021 Thursday, 11 March 2021 Monday, 26 April 2021 Wednesday, 28 April 2021 Thursday, 29 April 2021 Thursday, 29 April 2021 Thursday, 6 May 2021 Friday, 7 May 2021 Friday, 14 May 2021 Friday, 6 August 2021 Tuesday, 10 August 2021 Wednesday, 11 August 2021 Monday, 16 August 2021 Wednesday, 18 August 2021 Wednesday, 25 August 2021 Thursday, 4 November 2021 * Only if any dividend is paid All dates are provisional Listing information The ordinary shares of ING Group are listed on the exchanges of Amsterdam, Brussels and New York (NYSE). Listings Table of contents Share Information Business Highlights Consolidated Results Retail Banking Wholesale Banking Corporate Line Consolidated Balance Sheet Risk Management Capital, Liquidity and Funding Economic Environment Appendix 2 3 4 9 13 16 17 19 21 23 24 Relative share price performance 1 January 2019 to 30 September 2020 140 120 100 80 60 40 30 Sep. 2020 1 July 2020 1 April 2020 1 Oct. 2019 1 Jan. 2020 1 Jan. 2019 1 April 2019 1 July 2019 Stoxx Europe 600 Banks ING Euro Stoxx Banks Euro Stoxx 50 Broker/Institutional investors please contact: J.P. Morgan Chase Bank, N.A. Depositary Receipts Group 383 Madison Avenue, Floor 11 New York, NY 10179 In the US: (866) JPM - ADRS Outside the US: +1 866 576 - 2377 ADR shareholders please contact: J.P. Morgan Chase Bank, N.A. Shareowner Services P.O. Box 64504 St. Paul, MN 55164 - 0504 Toll free number: +1 800 990 - 1135 Outside the US: +1 651 453 - 2128 Hearing impaired: +1 866 700 - 1652 Email: StockTransfer@equiniti.com

3 ING Press Release 3Q2020 Business Highlights This quarter we continued to put our strategy into practice, with a strong focus on keeping our colleagues and customers safe, while further enhancing the security and compliance of the bank. Despite the immediate challenges brought on by the Covid - 19 pandemic, we pressed on with our efforts to support the energy transition and combat the climate crisis. Working effectively in the ‘new normal’ The Covid - 19 pandemic has made it necessary to adapt to new ways of working and collaborating. Thanks to our digital foundation, we were able to quickly switch to a ‘work from home’ model, with more than 80% of all ING colleagues working from home at one point. We are now applying those learnings as we design a way of working best suited to the ‘new normal’ of a post - Covid - 19 world, with the health and safety of colleagues our top priority. We have created global guiding principles that aim to balance the advantages of working from home and working from the office. We will test and pilot these guiding principles in several countries when local health guidelines allow, taking a step - by - step approach that provides flexibility in implementation and respects local labour laws. Digital customer experience Our digital and contactless services help to keep customers safe by empowering them to do their banking and payments at a distance. Contactless mobile payment volumes continued to grow in all ING countries, with a 45% quarter - on - quarter increase in mobile card payment transactions largely as a result of increased digital behaviour from customers and more payment activity as lockdowns eased in many countries. And in the prolonged low interest environment, customers looking for alternatives to savings accounts are turning to investment products. We empower them to do so with smart mobile solutions like Easy Invest in the Netherlands, where customers can invest within minutes in four sustainable index funds. In Spain, retail investors have committed €1 billion in assets under management through our Carteras Naranja investment product, and in Germany we reached the milestone of €50 billion in assets under management from a total of 1.6 million investment accounts. In Belgium, all private individual customers can now use our OneWeb online banking solution, and 90% are migrated to the mobile OneApp also being used in Germany and the Netherlands. Focused innovation Innovation helps us to stay a step ahead of all the changes around us, and our innovation efforts aim to meet customers’ current and future needs in easy, smart and personal ways. To increase the speed and impact of our innovations, we aim to combine all ongoing innovation activities in a new dedicated business area called ING Neo. Subject to Works Council advice, ING Neo will bring together our Group, Retail and Wholesale Banking innovation teams and Labs with the more than 30 companies in which our ING Ventures fund has invested. Keeping banking safe, secure and compliant We continue to enhance how we manage non - financial risks and ‘know your customer’ (KYC) obligations. The Covid - 19 pandemic has led to new banking behaviour from customers, and our Covid - 19 taskforce has been identifying and analysing new behavioural patterns, leading to new cases of unusual transactions being reported to the relevant authorities. ING is now using a global pre - transaction screening system, ensuring a consistent approach to how we monitor customers and transactions. Ten more countries are now connected to our adverse media screening tool, which continuously screens clients against news reports related to financial and economic crime. The comprehensive steps taken to strengthen the process and management of KYC risks in Italy have been recognised by the local regulator Banca d’Italia, who has lifted its ban, imposed last year, on the onboarding of new customers. And in the Netherlands, following a successful proof - of - concept, we will continue our collaboration with four other large Dutch banks as part of Transaction Monitoring Netherlands (TMNL), which monitors anonymised transactions using a shared database. We believe that fighting financial crime will be most effective as a collaborative cross - border effort between all relevant stakeholders, and we strongly support initiatives to collectively fight financial crime together with other banks, law enforcement and regulatory authorities, and other public and private parties. Sustainability We remain focused on helping to build back a better and low - carbon world through our sustainable financing. Our second annual Terra progress report provides an update on our efforts to align our lending portfolio with the well - below - two - degrees goal of the Paris Climate Agreement. This update includes targets for all nine carbon - intensive sectors in scope, including a 19% reduction in financing to upstream oil & gas by 2040. We’re also integrating climate risk into our risk management framework, governance and business strategies . Our approach is detailed in our inaugural climate risk report . ING is one of the first banks to commit to publishing and acting on these types of climate disclosures . In support of our aim to facilitate the energy transition, we were involved in several significant green deals during the quarter. One such deal was for Northvolt AB: ING participated in a second lien debt facility to help establish Europe’s first homegrown gigafactory producing batteries for electric vehicles. Another example is the $1 billion senior secured credit facility for Aligned Energy, one of the world’s leading data centre providers. ING structured the sustainability - linked part of the loan, with Aligned Energy being the first data centre company to use a sustainability improvement loan. In total during the third quarter, ING supported 21 social and sustainability bonds, five green and sustainability improvement loans, and five sustainable structured finance transactions.

4 ING Press Release 3Q2020 Consolidated Results Consolidated results 3Q2020 3Q2019 Change 2Q2020 Change 9M2020 9M2019 Change Profit or loss (in € million) Net interest income 3,329 3,529 - 5.7% 3,430 - 2.9% 10,260 10,481 - 2.1% Net fee and commission income 734 747 - 1.7% 723 1.5% 2,240 2,133 5.0% Investment income 103 104 - 1.0% 19 442.1% 144 279 - 48.4% Other income 120 246 - 51.2% 499 - 76.0% 824 973 - 15.3% Total income 4,286 4,626 - 7.3% 4,671 - 8.2% 13,468 13,867 - 2.9% Staff expenses 1,429 1,462 - 2.3% 1,458 - 2.0% 4,352 4,273 1.8% Regulatory costs 1) 111 106 4.7% 137 - 19.0% 774 718 7.8% Other expenses 1,073 872 23.1% 1,198 - 10.4% 3,113 2,687 15.9% Operating expenses 2,613 2,440 7.1% 2,793 - 6.4% 8,239 7,678 7.3% Gross result 1,673 2,187 - 23.5% 1,878 - 10.9% 5,229 6,190 - 15.5% Addition to loan loss provisions 2) 469 276 69.9% 1,336 - 64.9% 2,466 692 256.4% Result before tax 1,204 1,911 - 37.0% 542 122.1% 2,763 5,497 - 49.7% Taxation 389 543 - 28.4% 224 73.7% 942 1,526 - 38.3% Non - controlling interests 27 23 17.4% 19 42.1% 63 70 - 10.0% Net result 788 1,344 - 41.4% 299 163.5% 1,757 3,901 - 55.0% Net result per share (in €) 0.20 0.35 0.08 0.45 1.00 Capital ratios (end of period) ING Group shareholders' equity (in € billion) 54.3 - 0.2% 54.2 53.5 1.3% ING Group common equity Tier 1 ratio 3) 15.0% 15.3% 14.6% Customer lending/deposits (end of period, in € billion) Residential mortgages 298.7 0.1% 298.9 296.5 0.8% Other customer lending 324.0 - 4.7% 308.7 320.9 - 3.8% Customer deposits 605.8 0.0% 605.6 574.2 5.5% Profitability and efficiency Interest margin 1.38% 1.54% 1.44% 1.45% 1.54% Cost/income ratio 61.0% 52.7% 59.8% 61.2% 55.4% Return on equity based on IFRS - EU equity 4) 6.0% 10.5% 2.3% 4.5% 10.3% Employees (internal FTEs, end of period) 55,772 1.3% 56,492 53,981 4.7% Four - quarter rolling average key figures Interest margin 1.48% 1.54% 1.52% Cost/income ratio 60.9% 55.7% 58.9% Return on equity based on IFRS - EU equity 4) 5.1% 10.4% 6.1% Risk Stage 3 ratio (end of period) 1.6% 1.7% 1.6% Stage 3 provision coverage ratio (end of period) 31.3% 31.3% 29.3% Risk costs in bps of average customer lending 30 18 85 53 15 Risk - weighted assets (end of period, in € billion) 322.2 - 3.1% 312.3 319.7 - 2.3% 1) Regulatory costs comprise bank taxes and contributions to the deposit guarantee schemes (‘DGS’) and the (European) single resolution fund (‘SRF’). 2) The amount presented in 'Addition to loan loss provisions' is equivalent to risk costs. 3) Interim profit not included in CET1 capital in 3Q2020 amounts to €2,541 million (2Q2020: €1,754 million, 3Q2019: €1,711 million). 4) Annualised net result divided by average IFRS - EU shareholders' equity excluding interim profit not included in CET1 capital.

5 ING Press Release 3Q2020 Consolidated Results ING’s third - quarter 2020 net result was €788 million, down from €1,344 million in the third quarter of 2019, but up from €299 million in the second quarter of 2020, which had been negatively affected by elevated risk costs and impairments on goodwill reflecting the (expected) economic impact of the Covid - 19 pandemic. The third - quarter 2020 pre - tax result was negatively impacted by €370 million of impairments on ING’s equity stake in TMB as well as on capitalised software following the changed approach for project Maggie. Risk costs were higher year - on - year, but they declined significantly compared with the previous quarter. We saw a resumption of primary customer growth. Total primary customer relationships increased by 213,000 in the third quarter of 2020 to 13.7 million, and net customer deposits grew by €3.4 billion. Net core lending declined by €6.9 billion due to repayments on term loans and on revolving credit facilities following a spike at the end of March 2020, which had been driven by clients’ protective drawings to ensure liquidity amid the economic uncertainty. ING Group’s CET1 ratio rose to 15.3% at the end of September 2020 from 15.0% at the end of June 2020 due to a decrease in RWA (reflecting lower lending volumes, model impacts and currency impacts), partly offset by a decline in CET1 capital. The latter was mainly due to currency impacts, while the net profit of the third quarter has been reserved for future dividend. ING’s return on IFRS - EU equity was 6.0% in the third quarter of 2020. On a four - quarter rolling average basis, the return on IFRS - EU equity was 5.1%. Total results The third - quarter 2020 result before tax fell 37.0% compared with a year ago to €1,204 million, mainly due to the aforementioned €370 million of impairments related to ING’s stake in TMB and the reduction in scope of project Maggie (previously called Model Bank), combined with €193 million of higher risk costs. Excluding the impairments, the gross result (before risk costs) declined 6.6% as income was 2.4% lower, while expenses rose 1.4%. Compared with the second quarter of 2020, which included €310 million of goodwill impairments, the result before tax improved by €662 million, or 122%, due to €867 million of lower risk costs. Excluding the aforementioned impairments in both quarters, the gross result decreased by €145 million, mainly due to lower income. Total income Total income declined by €340 million, or 7.3%, to €4,286 million compared with the third quarter of 2019. Of this amount, €230 million was caused by an impairment on our equity stake in TMB, mainly caused by the deteriorated macro - economic situation in Thailand. Excluding this impairment, income was 2.4% lower. This was mainly due to continued margin pressure on customer deposits and lower interest results from foreign currency ratio hedging in the Corporate Line. Compared with the second quarter of 2020, income fell by €385 million, or 8.2%. In addition to the impairment on TMB, this decline was mainly caused by lower income in Wholesale Banking (primarily Financial Markets) and in the Corporate Line. These factors were partially offset by the annual dividend received from Bank of Beijing. Total customer lending decreased by €15.1 billion in the third quarter of 2020 to €607.6 billion. Adjusted for negative currency impacts and excluding declines in Treasury lending and the run - off portfolios of WUB and Lease, ING’s net core lending fell by €6.9 billion. Retail Banking grew net core lending by €1.1 billion. Of this amount, €1.0 billion was due to continued growth in residential mortgages, driven by Challengers & Growth Markets (predominantly Germany), while the mortgage portfolios of the Netherlands and Belgium declined. Other net core lending in Retail Banking grew by €0.1 billion, despite a €0.9 billion decline in the Netherlands. Net core lending in Wholesale Banking decreased by €8.0 billion, mainly reflecting repayments on term loans and further reductions in protective drawings associated with the Covid - 19 pandemic, which had spiked at the end of the first quarter. Customer deposits declined by €0.2 billion to €605.6 billion in the third quarter of 2020. Excluding a €1.5 billion decrease in Treasury and adjusted for €2.1 billion of negative currency impacts, net customer deposits grew by €3.4 billion. Retail Banking generated a net inflow of €4.4 billion, with growth in almost all segments, potentially reflecting lower business and consumer spending following the lockdown measures related to the Covid - 19 pandemic. Net customer deposits in Wholesale Banking decreased by €1.0 billion, mainly in Payments & Cash Management and in Financial Markets. Net interest income decreased to €3,329 million from €3,529 million in the third quarter of 2019. The interest results on customer deposits declined, caused by lower interest margins on both savings and current accounts due to lower reinvestment yields, while average current account volumes continued to increase. Although the overall lending margin remained stable, net interest income on customer lending declined slightly due to lower average volumes. Net interest income in the Corporate Line was also lower, mainly due to lower interest results from foreign currency ratio hedging. These declines were partly offset by higher Treasury - related interest results, which were partially supported by the introduction of the ECB’s two - tiering system at the end of

6 ING Press Release 3Q2020 Consolidated Results October 2019. The interest result in Financial Markets, which can be volatile, was slightly lower. Compared with the second quarter of 2020, total net interest income fell by €101 million, or 2.9%, of which about half was caused by lower interest results in the Corporate Line. Net interest income on customer lending declined slightly due to lower volumes, while there was a small improvement in the overall lending margin. The interest result on customer deposits was also lower due to continued margin pressure on both savings and current accounts. Treasury - related interest results were slightly higher, although this was partly offset by lower net interest income in Financial Markets. 3,750 3,500 3,250 3,000 2,750 1.6 1.5 1.4 1.3 1.7 Net interest income (in € million) and net interest margin (in %) 1.48% 3,329 1.54% 1.54% 3,529 3,501 3,430 3Q2019 4Q2019 1Q2020 2Q2020 3Q2020 Net interest income Net interest margin Net interest margin 4 - quarter rolling average 1.54% 1.38% 3,597 1.57% 1.54% 1.52% 1.44% 1.51% ING’s third - quarter 2020 net interest margin decreased to 1.38% from 1.44% in the second quarter of 2020. Two basis points of the decline were attributable to the increase of the average balance sheet, which was mainly due to higher average cash and balances with central banks following ING’s participation in TLTRO III in June and partly offset by lower average customer lending compared with the second quarter. Any conditional benefit from TLTRO III on net interest income has not been included yet. The remainder of the decline in the net interest margin was mainly attributable to lower product margins on customer deposits and a lower contribution from the Corporate Line, as well as a relatively lower impact from lending activities in total net interest income, even with the slight improvement in margin. On a four - quarter rolling average basis, the net interest margin declined by four basis points to 1.48% compared with the previous quarter. Net fee and commission income decreased 1.7% to €734 million from €747 million in the third quarter of 2019. In Retail Banking, net fee and commission income increased by €25 million. This was mainly driven by higher fee income on investment products, while fee income on daily banking products was more or less stable as the negative impact on (international) payment transactions from the lockdown measures related to the Covid - 19 pandemic was compensated by higher fees for payment packages. Total fee income in Wholesale Banking fell by €41 million, primarily in Daily Banking & Trade Finance (mainly caused by the impact of lower average oil prices in Trade & Commodity Finance) and in Financial Markets. The latter was due to lower client activity and the impact of a €14 million reclassification from 'commissions paid' to 'other income' in the year - ago quarter. Compared with the second quarter of 2020, net fee and commission income increased by €11 million, or 1.5%. Retail Banking fee income rose by €19 million, mainly due to higher daily banking fees reflecting a (partial) recovery of payment transactions following an easing of lockdown measures during the summer. This was partly offset by lower investment products fees due to a lower level of trades. Fee income in Wholesale Banking was €11 million lower, mainly due to seasonality in Financial Markets. Investment income amounted to €103 million compared with €104 million in the third quarter of 2019, and included a €95 million annual dividend from our stake in Bank of Beijing (which was €2 million higher than in the year - ago quarter). Compared with the second quarter of 2020, investment income rose by €84 million, driven by the Bank of Beijing dividend and partly offset by lower realised results on debt securities. Other income fell to €120 million from €246 million in the third quarter of 2019. Excluding the €230 million impairment on ING’s equity stake in TMB, other income rose by €104 million, mainly due to positive valuation adjustments in Financial Markets. Sequentially, other income dropped by €379 million. In addition to the €230 million impairment on TMB, this decline was mainly due to subdued client activity and challenging market conditions in Financial Markets during the third quarter, whereas the second quarter included higher positive marked - to - market fair value adjustments related to syndicated loans in Wholesale Banking. Operating expenses Total operating expenses increased by €173 million, or 7.1%, year - on - year, but they declined by €180 million, or 6.4%, compared with the second quarter of 2020. Third - quarter 2020 total operating expenses included €140 million of impairments on capitalised software following the decision to change the approach for project Maggie (previously Model Bank). The second quarter of 2020 included €310 million of goodwill impairments on a number of acquisitions in the past following the negative developments in the macro - economic outlook for the relevant business units in the context of the Covid - 19 pandemic. Regulatory costs in the third quarter of 2020 were €111 million compared with €106 million in the year - ago quarter and €137 million in the second quarter of 2020. 3,000 2,500 2,000 1,500 1,000 Operating expenses (in € million) and cost/income ratio (in %) 106 56.6% 303 57.0% 526 58.9% 310 137 55.7% 2,334 2,372 2,307 2,345 2,362 60.9% 62.5 52.5 3Q2019 4Q2019 1Q2020 2Q2020 3Q2020 Expenses excluding regulatory costs and impairments Regulatory costs Impairments C/I ratio (4 - quarter rolling average) 111 14 0 60.0 57.5 55.0

7 ING Press Release 3Q2020 Consolidated Results Expenses excluding regulatory costs and the aforementioned impairments increased by €28 million, or 1.2%, to €2,362 million compared with the third quarter of 2019. The higher expenses were mainly caused by the impact of collective - labour - agreement salary increases and one - off charges in this quarter (including legal provisions taken in Retail Netherlands and Spain and some other impairments), as well as €3 million of higher KYC - related expenses, whereas the year - ago quarter included a significant VAT refund in the Corporate Line. These increases were largely offset by lower expenses for third - party staff and other cost savings (including lower marketing and travel expenses as a result of the Covid - 19 restrictions), and the impact of the €40 million of legal provisions recorded at Challengers & Growth Markets in the third quarter of 2019. Compared with the second quarter of 2020, expenses excluding regulatory costs and the aforementioned impairments rose by €17 million, or 0.7%. The increase was visible in Retail Banking, mainly due to legal provisions taken in the Netherlands and Spain, whereas expenses in Wholesale Banking and the Corporate Line declined. Total KYC - related expenses declined by €4 million to €130 million in the third quarter of 2020. ING’s third - quarter 2020 cost/income ratio was 61.0% versus 52.7% in the year - ago quarter and 59.8% in the previous quarter. On a four - quarter rolling average basis, the cost/ income ratio increased to 60.9% from 55.7% one year ago and 58.9% in the previous four - quarter rolling period. Excluding regulatory costs and the aforementioned impairments as well as the impairment on TMB recorded under 'other income', the four - quarter rolling average cost/income ratio was 51.8%. Addition to loan loss provisions ING recorded €469 million of net additions to loan loss provisions in the third quarter compared with €276 million in the year - ago quarter and €1,336 million in the second quarter of 2020, when risk costs were severely impacted by a combination of increased collective provisioning reflecting the worsened macro - economic indicators due to the Covid - 19 pandemic and higher individual Stage 3 provisions. During this quarter, updated macro - economic indicators resulted in an €380 million overall release of collective provisions, predominantly in Stage 1 and Stage 2. However, as stricter lockdown restrictions are being put in place across Europe and as uncertainty remains, the effect of the release was offset by applying a management overlay to reflect the delay in expected credit losses. Together with the expected credit losses related to payment holidays granted to our clients, the total impact of releases and management overlay amounted to €172 million (versus €421 million in the second quarter of 2020). Stage 3 provisions were €290 million, well below the €771 million in the previous quarter. Addition to loan loss provisions (in € million) 1,500 1,000 500 0 - 500 Risk costs in bps of average customer lending (annualised) Stage 3 150 100 50 0 - 50 30 661 1,336 428 276 3Q2019 4Q2019 1Q2020 2Q2020 3Q2020 S2a%#  9 A ',!*3"',% - oR a*a,!# 1&##2 469 42 85 28 18 Wholesale Banking recorded €145 million of risk costs in the third quarter of 2020, up from €116 million in the year - ago quarter, but sharply down from €882 million in the second quarter of 2020. The third - quarter 2020 risk costs included €14 million of additional collective provisions reflecting the updated macro - economic indicators, including the management overlay. The remaining risk costs were predominantly related to various individual Stage 3 files. The elevated risk costs in the second quarter of 2020 had included various large additions to individual Stage 3 files (including a sizeable provision for a suspected external fraud case), as well as high collective Stage 1 and Stage 2 provisioning as a result of the economic impact of the Covid - 19 pandemic, including €252 million of collective provisions related to a worsened macro - economic outlook. Retail Netherlands recorded €47 million of risk costs in the third quarter of 2020, including €48 million of additional collective provisions reflecting the updated macro - economic indicators, including the management overlay and provisioning for loans subject to a payment holiday. This is up slightly from €43 million of risk costs in the year - ago quarter, but down from €120 million in the second quarter of 2020, which had included €65 million of collective provisions related to the worsened macro - economic indicators at that time, including provisioning for payment holidays. Risk costs in Retail Belgium were €137 million, including €57 million of additional collective provisions reflecting the updated macro - economic indicators, including the management overlay and provisioning for loans subject to a payment holiday. This compares with €44 million of total risk costs one year ago and €156 million in the previous quarter, which had included €45 million of collective provisions reflecting the macro - economic indicators and payment holidays, as well as high individual Stage 3 provisions in business banking. Risk costs in the Retail Challengers & Growth Markets amounted to €140 million, including €53 million of collective provisions reflecting the updated macro - economic indicators, including the management overlay and provisioning for loans subject to a payment holiday. This is up from €73 million of risk costs in the third quarter of 2019, but down from €178 million in the previous quarter, which had included €59 million of collective provisions related to the worsened macro - economic indicators in that quarter. The third - quarter 2020 risk costs were recorded mainly

8 ING Press Release 3Q2020 Segment Reporting: Retail Banking Consolidated Results in Australia, Romania, Germany and Poland. Risk costs in Germany are still relatively low at 12 basis points of average customer lending. ING Group’s Stage 2 ratio increased in the third quarter of 2020 to 7.6% from 7.0% at the end of June, and the Stage 3 ratio slightly increased to 1.7% from 1.6%. Total third - quarter 2020 risk costs amounted to 30 basis points of average customer lending on an annualised basis. Excluding the €172 million of additional collective provisions reflecting the updated macro - economic indicators, including the management overlay and provisioning for loans subject to payment holidays, risk costs were 19 basis points of average customer lending. ING’s through - the - cycle average is approximately 25 basis points. Result before tax Result before tax (in € million) 2,500 2,000 1,500 1,000 500 0 1,204 1,337 542 1,017 3Q2019 4Q2019 1Q2020 2Q2020 3Q2020 1,911 ING’s third - quarter 2020 result before tax was €1,204 million, down 37.0% from the year - ago quarter, mainly due to the impairments on TMB and project Maggie, combined with higher risk costs and lower net interest income. Compared with the second quarter of 2020, the result before tax more than doubled as the significantly lower risk costs more than offset the impact of the impairments. Net result ING’s net result was €788 million, down 41.4% year - on - year, but 164% higher than in the second quarter of 2020. The third - quarter 2020 effective tax rate was 32.3% compared with 28.4% in the year - ago quarter and 41.3% in the previous quarter. Year - to - date, the effective tax rate was 34.1% versus 27.8% in the same period of 2019. The relatively high effective tax rate in 2020 was mainly caused by the lower result before tax, which included the non - deductible impairment on our stake in TMB as well as the non - deductible goodwill impairments recorded in the second quarter . Return on equity ING Group (in %) 15 0 5 10 5.1 10.4 9.4 6.1 8.4 10.5 6.8 5.1 2.3 6.0 3Q2019 4Q2019 1Q2020 2Q2020 3Q2020 Return on IFRS - EU equity (quarter) Return on IFRS - EU equity (4 - quarter rolling average) In the third quarter of 2020, ING’s return on average IFRS - EU equity was 6.0% compared with 10.5% reported over the third quarter of 2019 and 2.3% over the second quarter of 2020. On a four - quarter rolling average basis, the return on ING Group’s average IFRS - EU equity declined to 5.1% from 10.4% one year ago. This decline in ROE was caused by a 49.0% lower four - quarter rolling net result, combined with a 4.5% increase in average equity. ING’s return on equity is calculated using IFRS - EU shareholders' equity after excluding 'interim profit not included in CET1 capital'. As at 30 September 2020, interim profit not included in CET1 capital amounted to €2,541 million, reflecting the reservation for the 2019 final dividend, which was suspended until at least 1 January 2021, as well as the full net profit over the third quarter of 2020, which has been reserved for future dividend. ING’s net result per share was €0.20 in the third quarter of 2020, based on an average number of shares outstanding of 3,900 million during the quarter. For the first nine months of 2020, the net result per share was €0.45. Dividend ING has decided to change its distribution policy from a progressive dividend to a pay - out ratio of 50% of resilient net profit (excluding extraordinary items). The 50% pay - out may be in the form of cash or a combination of cash and share repurchases. Any dividend or capital distribution is subject to prevailing ECB recommendation.

9 ING Press Release 3Q2020 Segment Reporting: Retail Banking Retail Benelux Retail Netherlands Retail Netherlands posted a result before tax of €540 million in the third quarter of 2020, up by €5 million, or 0.9%, from the year - ago quarter. The slight increase in pre - tax result was mainly attributable to higher Treasury - related revenues. This was largely offset by lower net interest income on mortgages and savings and current accounts, as well as slightly higher risk costs. Expenses remained flat year - on - year. Sequentially, the result before tax increased by €51 million, or 10.4%. This was predominantly caused by €73 million of lower risk costs. Income decreased, mainly reflecting lower income on mortgages, while operating expenses were €10 million higher than in the second quarter of 2020, due to the impact of provisions. The return on equity, based on a 13.5% common equity Tier 1 ratio, remained strong at 26.5% in the third quarter of 2020. Result before tax - Retail Netherlands (in ð million) 800 600 400 200 0 535 489 537 554 540 3Q2019 4Q2019 1Q2020 2Q2020 3Q2020 Total income increased by €9 million, or 0.8%, year - on - year. Higher Treasury - related income was largely offset by lower interest results on mortgages due to lower margins and a slight decrease in volume, as well as lower net interest income on savings and current accounts caused by margin compression, while average current account volumes continued to increase. Sequentially, total income decreased by €11 million, or 1.0%. This was mainly attributable to lower interest results on mortgages and lower interest results on savings and current accounts. These factors were only partly offset by higher fee income, mainly due to an increasing number of daily banking transactions, following subdued activity in the previous quarter due to lockdown measures. Total customer lending decreased by €4.1 billion in the third quarter of 2020 to €158.5 billion. Net core lending (excluding Treasury and the WUB run - off portfolio) decreased by €1.1 billion, of which €0.8 billion was in business lending (following lower usage of overdrafts) and €0.2 billion was due to lower mortgages. Customer deposits increased by €0.4 billion in the third quarter to €165.2 billion. Excluding Treasury, net customer deposits grew by €1.2 billion, reflecting an increase of €1.5 billion in current accounts, while savings and deposits decreased by €0.3 billion. Operating expenses remained flat versus the year - ago quarter at €532 million, as lower staff costs (including absorbing annual salary increases) and lower marketing and travel expenses were offset by €30 million in provisions related to legal claims and the announced closure of branches. On a sequential basis, expenses increased by €10 million, or 1.9%, mainly owing to the aforementioned provisions, partly compensated by lower regulatory expenses and cost savings, including lower expenses as a result of Covid - 19 measures. In € million Retail Benelux 3Q2020 3Q2019 Netherlands Belgium 3Q2020 3Q2019 3Q2020 3Q2019 Profit or loss Net interest income 1,320 1,383 871 895 448 488 Net fee and commission income 273 274 174 178 99 96 Investment income 3 3 2 1 1 2 Other income 108 67 72 37 37 31 Total income 1,704 1,727 1,119 1,110 585 617 Expenses excl. regulatory costs 863 876 507 508 356 367 Regulatory costs 25 22 25 24 0 - 2 Operating expenses 888 898 532 532 356 366 Gross result 816 829 587 578 229 252 Addition to loan loss provisions 184 87 47 43 137 44 Result before tax 632 742 540 535 92 207 Customer lending/deposits (end of period, in € billion) Residential mortgages 149.4 151.8 110.8 112.6 38.6 39.3 Other customer lending 100.0 100.2 47.7 49.3 52.3 50.9 Customer deposits 257.8 241.2 165.2 151.2 92.6 90.0 Profitability and efficiency Cost/income ratio 52.1% 52.0% 47.5% 47.9% 60.8% 59.2% Return on equity based on 13.5% CET1 1) 15.9% 17.2% 26.5% 22.0% 4.6% 10.8% Employees (internal FTEs, end of period) 17,651 17,471 9,833 9,424 7,818 8,047 Risk Risk costs in bps of average customer lending 29 14 12 11 60 20 Risk - weighted assets (end of period, in € billion) 86.8 94.6 45.2 54.1 41.5 40.5 Retail Benelux: Consolidated profit or loss account 1) After - tax return divided by average equity based on 13.5% of RWA (annualised).

10 ING Press Release 3Q2020 Segment Reporting: Retail Banking Third - quarter 2020 risk costs were €47 million, or 12 basis points of average customer lending. Risk costs were €43 million in the third quarter of 2019 and €120 million in the second quarter of 2020, which had included €65 million of collective provisions related to the macro - economic indicators and to loans subject to payment holidays. Risk costs for the third quarter of 2020 were fully driven by €48 million of additional collective provisions reflecting the updated macro - economic indicators, including the management overlay and provisioning for loans subject to a payment holiday. Risk - weighted assets increased by €0.1 billion in the third quarter of 2020 to €45.2 billion as an increase in operational RWA was largely offset by a decline in lending volume. Retail Belgium Retail Belgium, which includes Luxembourg, posted a third - quarter 2020 result before tax of €92 million versus €207 million in the year - ago quarter. The decrease was mainly attributable to higher risk costs, combined with lower net interest income on savings and current accounts due to margin compression, partly offset by lower expenses. On a sequential basis, the result before tax increased by €36 million as lower expenses and a decrease in risk costs more than offset a decline in income. The return on equity, based on a 13.5% common equity Tier 1 ratio, was 4.6% in the third quarter of 2020. - 92 56 3Q2019 4Q2019 1Q2020 2Q2020 3Q2020 Result before tax - Retail Belgium (in ð million) 400 - 200 0 200 207 92 111 Total income decreased by €32 million, or 5.2%, year - on - year. This decrease mainly reflects lower net interest income due to lower margins on savings and current accounts, as well as lower margins on lending products, whereas Treasury - related revenues were higher. Sequentially, total income decreased by €36 million, or 5.8%. This was mainly due to lower lending income (primarily in consumer lending) combined with decreased Treasury - related revenues and seasonally lower fee income on investment products. The latter was partly offset by higher fees on daily banking products following the decline in fees in the second quarter due to the lockdown measures. Customer lending increased by €0.2 billion in the third quarter of 2020 to €90.9 billion. Net core lending (excluding Treasury) also increased by €0.2 billion, of which €0.4 billion was in business lending and €0.1 billion in consumer lending; residential mortgages declined by €0.3 billion. Total customer deposits decreased by €1.0 billion in the third quarter to €92.6 billion. Excluding Treasury, net customer deposits decreased by €0.5 billion. Operating expenses were €356 million, a decrease of €10 million from the third quarter of 2019. This decrease was mainly due to lower staff costs driven by transformation initiatives, as well as cost savings (including lower expenses as a result of Covid - 19 measures), partly offset by higher IT expenses. On a sequential basis, expenses declined by €52 million, of which €43 million was caused by the goodwill impairment recognised in the second quarter relating to a previous acquisition made by ING Belgium. Excluding the goodwill impairment, expenses decreased by €9 million, mainly reflecting lower regulatory expenses. Third - quarter 2020 risk costs were €137 million, or 60 basis points of average customer lending. Risk costs included €57 million of additional collective provisions reflecting the updated macro - economic indicators, including the management overlay and provisioning for loans subject to a payment holiday. The remaining risk costs were mainly related to business lending, including provisioning on a number of individual files. Risk costs were €44 million in the third quarter of 2019 and €156 million in the previous quarter, which had included €45 million of collective provisions related to the macro - economic indicators and to loans subject to payment holidays. Risk - weighted assets decreased by €1.0 billion in the third quarter of 2020 to €41.5 billion. The decrease mainly reflects model updates.

11 ING Press Release 3Q2020 Segment Reporting: Retail Banking In € million Retail Challengers & Growth Markets 3Q2020 3Q2019 Germany Other Challengers & Growth Markets 3Q2020 3Q2019 3Q2020 3Q2019 Profit or loss Net interest income 1,085 1,100 395 403 690 697 Net fee and commission income 206 180 97 74 109 106 Investment income 99 101 3 4 96 97 Other income - 160 75 19 28 - 179 47 Total income 1,230 1,456 515 509 715 947 Expenses excl. regulatory costs 899 753 253 234 647 519 Regulatory costs 74 72 19 15 55 56 Operating expenses 973 825 272 249 702 576 Gross result 256 631 243 260 13 371 Addition to loan loss provisions 140 73 26 - 7 114 80 Result before tax 116 559 217 268 - 100 291 Customer lending/deposits (end of period, in € billion) Residential mortgages 148.7 143.7 78.6 75.6 70.1 68.1 Other customer lending 38.6 39.4 11.4 11.0 27.2 28.4 Customer deposits 279.9 267.1 141.5 137.2 138.4 129.9 Profitability and efficiency Cost/income ratio 79.2% 56.7% 52.8% 49.0% 98.1% 60.8% Return on equity based on 13.5% CET1 1) 2.2% 16.0% 16.3% 20.3% - 6.4% 13.7% Employees (internal FTEs, end of period) 24,756 22,999 5,602 4,933 19,154 18,066 Risk Risk costs in bps of average customer lending 30 16 12 - 3 47 34 Risk - weighted assets (end of period, in € billion) 76.3 76.9 29.5 26.5 46.9 50.4 Retail Challengers & Growth Markets: Consolidated profit or loss account 1) After - tax return divided by average equity based on 13.5% of RWA (annualised). Retail Challengers & Growth Markets Retail Germany Retail Germany, which includes Austria, recorded a third - quarter 2020 result before tax of €217 million, which is €51 million lower than in the third quarter of 2019. This decrease was primarily due to higher risk costs as well as higher expenses related to business growth. Compared with the second quarter of 2020, the result before tax decreased by €45 million. This was due to higher risk costs and lower income – mainly reflecting lower fee income on investment products and savings - margin compression – while expenses remained flat. Result before tax - Retail Germany (in ð million) 400 300 200 100 0 232 217 268 262 241 3Q2019 4Q2019 1Q2020 2Q2020 3Q2020 Retail Germany continued to record solid growth in the third quarter of 2020, adding approximately 60,000 primary customers. Net core lending grew by €1.4 billion. The return on equity, based on a 13.5% common equity Tier 1 ratio, was 16.3% for the quarter. Total income was €515 million, up 1.2% from the third quarter of 2019. The increase was mainly driven by higher fee income on investment products thanks to a higher number of brokerage trades compared with a year ago. Higher lending income at healthy margins as well as higher Treasury - related revenues largely compensated for the continued margin pressure on savings and current accounts. Compared with the second quarter of 2020, total income decreased by €27 million. This is mainly explained by lower fee income on investment products, reflecting a lower number of trades in less volatile markets, combined with continued margin pressure on savings and current accounts and lower Treasury - related results. Total customer lending grew by €1.7 billion in the third quarter of 2020 to €90.0 billion. Net core lending, which excludes Treasury products, was up by €1.4 billion, mainly attributable to mortgages. Customer deposits increased by €1.8 billion to €141.5 billion. Excluding Treasury, net customer deposits increased by €1.7 billion, driven by equal growth in savings and current accounts. Operating expenses increased by €23 million from the third quarter of 2019. The increase was mainly due to investments to support business growth and to higher regulatory costs, as well as the consolidation of a subsidiary as from the first quarter of 2020. Sequentially, operating expenses remained flat. Risk costs were €26 million in the third quarter of 2020, including €3 million of collective provisions reflecting the updated macro - economic indicators, including the

12 ING Press Release 3Q2020 Segment Reporting: Wholesale Banking Segment Reporting: Retail Banking management overlay, compared with a net release of €7 million in the third quarter of 2019, which had included a release related to a mortgage model update. Compared with the second quarter of 2020, risk costs were up by €18 million, mainly related to consumer lending. Risk - weighted assets increased by €0.9 billion in the third quarter of 2020 to €29.5 billion, predominantly resulting from higher operational RWA. Retail Other Challengers & Growth Markets The third - quarter result before tax of Retail Other Challengers & Growth Markets was € - 100 million, reflecting €370 million of impairments. Of the total impairments, €230 million was related to ING’s equity stake in TMB, mainly caused by the deteriorated macro - economic situation in Thailand (booked as negative income). In addition, €140 million reflects the impairment of capitalised software following the decision to change the approach for project Maggie (booked as operating expenses). Excluding the aforementioned impairments, the result before tax for the third quarter was €270 million, down from €291 million one year ago. This decrease was mainly due to higher risk costs, partially offset by lower expenses. Compared with the second quarter of 2020, excluding impairments, the result before tax increased by €163 million. The increase was attributable to higher income (supported by the annual dividend received from Bank of Beijing) and lower risk costs in third quarter of 2020, while expenses were higher. The return on equity, based on a 13.5% common equity Tier 1 ratio, was - 6.4% in the third quarter of 2020. On a four - quarter rolling average basis, the ROE declined to 3.9% from 10.3% one year ago. Excluding the aforementioned impairments, the four - quarter rolling average ROE would have been 8.9%. Result before tax - Retail Other Challengers & Growth Markets (in ð million) 200 0 200 400 107 206 291 189 - 100 3Q2019 4Q2019 1Q2020 2Q2020 3Q2020 Total income was €715 million for the third quarter of 2020. Excluding the €230 million impairment on ING’s stake in TMB, income was €945 million, almost on par with the €947 million recorded one year ago. Excluding currency impacts of € - 43 million, income rose by €41 million, driven by higher net interest income reflecting higher volumes and despite the margin pressure on savings and current accounts, combined with increased net fee and commission income. Compared with the second quarter of 2020 and excluding the TMB impairment, income increased by €119 million. This was mainly driven by higher investment income due to the €95 million Bank of Beijing dividend, as well as higher fee income . The latter reflected a higher, though still suppressed level of daily banking transactions after a very low level in the previous quarter due to the lockdown measures . Customer lending decreased by €0.7 billion in the third quarter to €97.3 billion, mainly reflecting negative currency impacts, notably Turkish lira. Excluding these currency impacts and Treasury, net core lending increased by €0.5 billion, primarily driven by growth in Poland and Spain. Customer deposits increased by €0.5 billion in the third quarter to €138.4 billion. Net customer deposits (excluding currency impacts and Treasury) grew by €2.0 billion, driven by net inflows mainly in Australia, Spain and Poland. Total expenses were €702 million in the third quarter. Excluding the €140 million impairment following the decision to change the approach for project Maggie, expenses decreased by €14 million from a year ago to €562 million in the third quarter of 2020. This decline reflects €40 million of legal provisions recorded in the third quarter of 2019 and currency impacts of € - 20 million, which were largely offset by higher expenses due to business growth and a €7 million legal provision in Spain. Compared with the second quarter of 2020, total expenses excluding the impairment for project Maggie increased by €12 million. Third - quarter 2020 risk costs were €114 million and included €50 million of additional collective provisions reflecting the updated macro - economic indicators, including the management overlay and provisioning for loans subject to payment holidays in Australia. Total risk costs increased by €34 million compared with the third quarter of 2019, but were €56 million lower than in the previous quarter, which had included €57 million of collective provisioning related to the worsened macro - economic indicators in the second quarter of 2020. Risk - weighted assets decreased by €1.0 billion in the third quarter of 2020 to €46.9 billion, mainly due to currency impacts and the impairment of our equity stake in TMB, partly offset by higher operational RWA.

13 ING Press Release 3Q2020 Segment Reporting: Wholesale Banking Wholesale Banking In the third quarter of 2020, the result before tax of Wholesale Banking was €577 million, up slightly from €576 million one year ago. This minor change mainly reflects lower income in Daily Banking & Trade Finance and higher risk costs, offset by positive valuation adjustments and lower operating expenses. Sequentially, the result before tax was €879 million higher than in the previous quarter. This is primarily explained by a sharp decline in risk costs and lower operating expenses (as the second quarter included a €260 million goodwill impairment), which were only partly offset by lower income. Customer lending decreased by €12.2 billion in the third quarter of 2020 to €170.5 billion. Adjusted for currency impacts and excluding Treasury and the lease run - off portfolio, net core lending declined by €8.0 billion, mainly due to the repayment of term loans and the further reduction of revolving credit facilities after a spike at the end of the first quarter. Customer deposits declined by €1.9 billion in the third quarter of 2020 to €67.9 billion. Excluding currency impacts and Treasury, the decrease in net customer deposits was €1.0 billion and found mainly in Payments & Cash Management and in Financial Markets. The return on equity, based on a 13 . 5 % common equity Tier 1 ratio, was 8 . 2 % in the third quarter of 2020 . On a four - quarter rolling average basis, the ROE declined to 1 . 6 % from 8 . 2 % one year ago . Result before tax - Wholesale Banking (in ð million) - 500 750 500 250 0 - 250 - 302 576 577 236 98 3Q2019 4Q2019 1Q2020 2Q2020 3Q2020 Total income rose by €15 million year - on - year to €1,374 million, with all product groups recording higher income, except for Daily Banking & Trade Finance. Sequentially, income decreased by €135 million, or 8.9%, primarily due to lower income in Financial Markets and, to a lesser extent, Lending. Net interest income decreased by €29 million, or 3.1%, year - on - year. This decrease mainly reflects lower interest margins in Daily Banking & Trade Finance and lower average outstandings in Lending, partly offset by a higher interest result in Treasury & Other. On a sequential basis, net interest income was down €18 million, mainly caused by lower average outstandings in Lending at slightly higher margins and lower interest results in Financial Markets. Net fee and commission income decreased by €41 million, or 13.9%, compared with the third quarter of 2019. This was mostly due to lower fees in Trade & Commodity Finance as a result of lower average oil prices, and in Financial Markets due to lower client activity coupled with the impact of a €14 million reclassification from 'commissions paid' to 'other income' in In € million 3Q2020 3Q2019 3Q2020 3Q2019 3Q2020 3Q2019 3Q2020 3Q2019 3Q2020 3Q2019 Profit or loss Net interest income 909 938 618 633 152 192 86 94 53 19 Net fee and commission income 253 294 122 121 106 126 26 46 - 1 1 Investment income 2 1 0 0 0 1 0 1 1 0 Other income 210 127 7 - 11 9 17 184 92 10 29 Total income 1,374 1,359 747 744 267 335 297 232 64 49 Expenses excl. regulatory costs 644 657 220 219 186 169 183 198 55 70 Regulatory costs 8 1 1 0 0 0 3 1 1 6 7 Operating expenses 652 668 220 219 186 172 184 199 62 78 Gross result 722 692 526 525 81 163 113 33 2 - 29 Addition to loan loss provisions 145 116 146 129 - 4 - 5 2 0 1 - 8 Result before tax 577 576 381 396 85 167 111 33 1 - 21 Customer lending/deposits (end of period, in € billion) Residential mortgages 0.8 0.9 0.0 0.0 0.0 0.0 0.0 0.0 0.8 0.9 Other customer lending 169.7 180.9 137.8 143.6 26.2 31.1 1.4 1.8 4.2 4.5 Customer deposits 67.9 66.0 0.5 0.4 58.5 55.1 5.0 5.8 4.0 4.7 Profitability and efficiency Cost/income ratio 47.4% 49.1% 29.5% 29.5% 69.8% 51.4% 61.8% 85.7% 96.9% 159.6% Return on equity based on 13.5% CET1 1) 8.2% 8.4% 8.0% 8.9% 8.8% 15.4% 9.1% 3.3% 5.5% - 5.0% Employees (internal FTEs, end of period) 14,078 13,509 Risk Risk costs in bps of average customer lending 33 25 41 36 - 6 - 6 64 0 7 - 58 Risk - weighted assets (end of period, in € billion) 146.6 145.4 94.4 93.4 21.0 23.4 24.4 19.4 6.8 9.2 Wholesale Banking: Consolidated profit or loss account Total Wholesale Banking L ending Daily Banking & Trade Finance Financial Markets 2) Treasury & Other 1) After - tax return divided by average equity based on 13.5% of RWA (annualised). 2) Return on equity of ING's total Financial Markets activities (including Retail Banking) was 11.6% in 3Q2020 and 5.8% in 3Q2019.

14 ING Press Release 3Q2020 Segment Reporting: Wholesale Banking the year - ago quarter. Sequentially, net fee and commission income decreased 4.2% as higher fees in Lending were more than offset by declines in the other product groups. Total other income was €210 million, up from €127 million in the third quarter of 2019. The increase resulted primarily from positive valuation adjustments in Financial Markets and higher other income in Lending, which included positive marked - to - market adjustments related to syndicated loans. Sequentially, other income decreased by €105 million, predominantly due to lower results in Financial Markets (after a strong second quarter) as well as lower positive marked - to - market adjustments in Lending. Operating expenses decreased to €652 million from €668 million in the third quarter of 2019, including €14 million of impairments. Excluding these impairments, regulatory costs and currency impacts, expenses decreased by €17 million. This decrease was mostly driven by ongoing cost - efficiency measures, lower performance - related costs and lower travel - related expenses in the context of the Covid - 19 pandemic. These factors were partly offset by higher staff expenses related to annual salary increases and higher KYC costs. Sequentially, operating expenses decreased by €277 million, primarily due to the €260 million goodwill impairment recorded in the second quarter. Excluding the impairments, regulatory costs and currency impacts, expenses were €10 million lower, mainly attributable to the aforementioned cost - efficiency measures. Risk costs amounted to €145 million in the third quarter of 2020, or 33 basis points of average customer lending, compared with €116 million in the year - ago quarter. However, risk costs were well below the €882 million recorded in the second quarter of 2020, which had included elevated Stage 3 provisions as well as high collective Stage 1 and Stage 2 provisions reflecting the worsened macro - economic indicators driven by the Covid - 19 pandemic. In the third quarter of 2020, risk costs included €14 million of additional collective provisions reflecting the updated macro - economic indicators, including the management overlay. Furthermore, the risk costs predominantly reflect various individual Stage 3 provisions, primarily attributable to some existing files in the Netherlands, the UK, Asia and the Americas. Risk - weighted assets decreased in the third quarter of 2020 by €8.9 billion to €146.6 billion, largely due to currency impacts, lower market risk - weighted assets and a volume decline, partly offset by an increase of the TRIM add - on for large corporates. Lending Lending posted a result before tax of €381 million versus €396 million in the year - ago quarter. This decrease was mostly caused by higher risk costs and a decline in net interest income, partly offset by higher other income. Sequentially, the result before tax increased by €665 million, mainly driven by a sharp decline in risk costs. Net core lending (excluding currency effects) decreased by €6.4 billion in the third quarter of 2020, mainly due to repayments of term loans and further reduced utilisation of protective drawings on revolving credit facilities, which started at the onset of the Covid - 19 pandemic in the first quarter of 2020. Result before tax - Lending (in ð million) 600 300 0 300 600 396 381 337 84 - 284 3Q2019 4Q2019 1Q2020 2Q2020 3Q2020 Total lending income was €747 million, an increase of 0.4% year - on - year, primarily due to higher other income, which included €10 million of positive marked - to - market adjustments related to syndicated loans, whereas the year - ago quarter contained several smaller negative valuation adjustments. This increase was partly offset by lower net interest income, mainly due to negative currency impacts, which resulted in lower average outstandings. Sequentially, income decreased 3.9%, reflecting both lower other income and net interest income, while fee income rose. The decrease in other income is mainly explained by higher positive valuation adjustments in the previous quarter (related to the partial reversal of the negative valuation adjustments in the first quarter of 2020). Net interest income declined due to lower average volumes – albeit at slightly higher margins – as a result of decreased protective drawings under lower - margin revolving credit facilities. The increase in fee income mainly reflects a higher number of closings on syndicated transactions. Expenses showed a slight increase of 0.5% compared with the third quarter of 2019 as ongoing cost - efficiency measures, lower performance - related costs and the impact of the travel restrictions caused by the Covid - 19 pandemic were offset by higher staff expenses related to annual salary increases, as well as higher KYC costs. Sequentially, operating expenses fell 3.5%. This decrease mostly reflects the aforementioned cost - efficiency measures and lower regulatory costs. Risk costs amounted to €146 million, up from €129 million in the year - ago quarter, and were mainly attributable to various files in the Netherlands, Asia, the UK and the Americas. Sequentially, risk costs decreased by €687 million from €833 million in the second quarter of 2020, which had included elevated Stage 3 provisions (including a sizeable provision for a suspected external fraud case), as well as high collective Stage 1 and Stage 2 provisions. Daily Banking & Trade Finance Daily Banking & Trade Finance recorded a result before tax of €85 million versus €167 million in year - ago quarter, reflecting lower income, while expenses increased. Sequentially, the pre - tax result rose by €44 million, predominantly driven by lower risk costs, which were partly offset by decreased income.

15 ING Press Release 3Q2020 Segment Reporting: Wholesale Banking Result before tax - Daily Banking & Trade Finance (in ð million) 0 100 200 300 85 31 41 46 167 3Q2019 4Q2019 1Q2020 2Q2020 3Q2020 Total income decreased 20.3% year - on - year. This was mainly attributable to lower margins in Payments & Cash Management, which were primarily caused by Fed rate cuts, as well as lower average oil prices which affected net interest and fee income in Trade & Commodity Finance. Compared with the second quarter of 2020, income decreased 3.3%, mainly due to Trade & Commodity Finance and Payments & Cash Management. This decrease was only partly offset by higher income from Bank Mendes Gans that was driven by higher net interest income stemming from increased margins. Net core lending in DB&TF decreased by €1.8 billion, primarily in Trade & Commodity Finance. Operating expenses increased 8.1% year - on - year, mainly due to an additional impairment on intangible assets and higher IT expenses, partly compensated by lower staff costs and decreased regulatory expenses. Sequentially, expenses fell 2.1% due to lower regulatory costs. Risk costs were € - 4 million for the quarter compared with € - 5 million in the third quarter of 2019 and €46 million in the previous quarter. Financial Markets Financial Markets recorded a result before tax of €111 million compared with €33 million in the third quarter of 2019 and €217 million in the second quarter of 2020. Result before tax - Financial Markets (in ð million) 3Q2019 4Q2019 1Q2020 2Q2020 3Q2020 300 200 100 0 - 100 - 200 217 - 101 33 111 - 78 Income rose by €65 million from one year ago, mainly due to €91 million of positive valuation adjustments versus € - 25 million in the third quarter of 2019. Excluding these valuation adjustments, revenues decreased by €51 million, or 19.8%, primarily due to subdued client activity and challenging market conditions. Compared with the second quarter of 2020, which included €87 million of positive valuation adjustments, income fell by €109 million. This decrease was primarily caused by lower net revenues due to the aforementioned drivers. Operating expenses decreased 7.5% year - on - year, mainly due to lower staff costs as well as lower IT expenses. Sequentially, operating expenses declined by €4 million, predominantly due to lower regulatory costs and staff - related expenses. Treasury & Other Treasury & Other recorded a result before tax of €1 million versus € - 21 million in the third quarter of 2019 and € - 276 million in the previous quarter. The second - quarter 2020 result included €260 million of goodwill impairments related to a number of acquisitions in the past. Result before tax - Treasury & Other (in ð million) 100 0 - 100 - 200 - 300 - 400 46 1 - 21 - 31 - 276 3Q2019 4Q2019 1Q2020 2Q2020 3Q2020 Income increased to €64 million from €49 million a year ago, mainly reflecting higher Treasury income and higher hedge results, partly offset by lower Corporate Investments and Corporate Finance income. Sequentially, total income increased by €14 million, driven by higher hedge results that were partly offset by lower Corporate Finance fees and lower income from Corporate Investments. Operating expenses, excluding goodwill impairments, declined by €16 million year - on - year and by €2 million compared with the second quarter of 2020. The decrease compared with previous quarter was largely attributable to lower travel costs as a result of restrictions related to the Covid - 19 pandemic as well as lower regulatory expenses. Risk costs amounted to €1 million for the quarter compared to € - 8 million in the third quarter of 2019 (which included a release in the General Lease portfolio) and €2 million in the second quarter of 2020.

16 ING Press Release 3Q2020 Consolidated Balance Sheet Segment Reporting: Corporate Line The Corporate Line posted a result before tax of € - 122 million in the third quarter of 2020 compared with €35 million in the third quarter of 2019. Total income decreased to € - 22 million from €84 million one year ago, mainly due to a decline in net interest income. The deterioration was primarily due to lower interest results from foreign currency ratio hedging. Other income was also lower year - on - year, mainly as a result of negative revaluations on financial instruments. Operating expenses increased by €51 million, as in the third quarter of 2019 a high VAT refund was recognised. Compared with the second quarter of 2020, the result before tax decreased by €52 million. Income fell by €64 million, primarily due to lower income from foreign currency ratio hedging and negative revaluation results on financial instruments. Operating expenses decreased by €12 million, mainly owing to some impairments taken in the second quarter of 2020. In the third quarter of 2020, the Group Treasury - related result before tax was € - 20 million compared with €74 million in the same quarter of the previous year. The foreign currency ratio hedging result was €55 million in the third quarter of 2020 versus €146 million in the third quarter of 2019. The €91 million decrease was mainly due to a lower capital charge received from ING’s non - eurozone entities. The pre - tax result of Other Group Treasury amounted to € - 67 million versus € - 65 million in the year - ago quarter and includes items such as the isolated legacy funding costs (mainly negative interest results) caused by the replacement of short - term funding with long - term funding during 2012 and 2013. The Other Corporate Line result before tax, which includes items like shareholder expenses and unallocated income and other expenses, dropped to € - 102 million from € - 39 million one year ago. This deterioration mainly reflects the aforementioned VAT refund recognised in the third quarter of 2019. In € million 3Q2020 3Q2019 Profit or loss Net interest income 15 108 Net fee and commission income 2 0 Investment income 0 - 1 Other income - 39 - 23 Total income - 22 84 Expenses excl. regulatory costs 95 49 Regulatory costs 5 1 Operating expenses 100 49 Gross result - 122 35 Addition to loan loss provisions 0 0 Result before tax - 122 35 of which: Income on capital surplus - 7 - 7 Foreign currency ratio hedging 55 146 Other Group Treasury - 67 - 65 Group Treasury - 20 74 Other Corporate Line - 102 - 39 Corporate Line: Consolidated profit or loss account

17 ING Press Release 3Q2020 Consolidated Balance Sheet ING Group’s total balance sheet decreased by €28.4 billion to €956.5 billion in the third quarter of 2020, including €7.4 billion of negative currency impacts. The decrease was mainly due to lower loans and advances to customers and lower cash and balances with central banks. On the liability side of the balance sheet, the main decline was in debt securities in issue; customer deposits also showed a slight decrease. Net core lending decreased by €6.9 billion in the third quarter of 2020, while the net growth in customer deposits was €3.4 billion. ING Group’s loan - to - deposit ratio was 0.99 at the end of September 2020 versus 1.02 at the end of June 2020. Cash and balances with central banks Cash and balances with central banks decreased by €7.9 billion to €111.1 billion. The decrease was related to lower debt securities in issue. Loans and advances to and deposits from banks Loans and advances to banks decreased by €1.6 billion to €29.0 billion, while deposits from banks decreased by €0.5 billion. Financial assets/liabilities at fair value through profit or loss Financial assets at fair value through profit or loss increased by €1.3 billion to €112.4 billion. The quarterly increase was mainly due to €2.3 billion of higher reverse repos mandatorily at fair value through profit or loss, while trading assets were €1.2 billion lower. Financial liabilities at fair value through profit or loss were up by €0.2 billion. This amount consisted of €3.8 billion of higher financial liabilities designated at fair value through profit or loss (including €5.1 billion of increased repos), the impact of which was largely offset by €3.7 billion of lower trading liabilities (mainly repos and trading derivatives). Financial assets and liabilities at fair value through profit or loss consist predominantly of derivatives, securities and (reverse) repos, and are mainly used to facilitate client needs. Financial assets at fair value through OCI Financial assets at fair value through other comprehensive income (OCI) decreased by €1.7 billion to €37.2 billion, mainly due to €1.4 billion of lower debt securities (mainly government bonds). Securities at amortised cost Securities at amortised cost decreased by € 0 . 6 billion to € 50 . 5 billion, mainly due to lower investments in government bonds and covered bonds . Loans and advances to customers Loans and advances to customers decreased by €15.3 billion to €601.4 billion. This was due to a €15.1 billion decline in customer lending and a €0.2 billion increase in loan loss provisions. When adjusted for €4.8 billion of negative currency impacts, customer lending decreased by €10.3 billion. Consolidated balance sheet in € million 30 Sep. 20 30 Jun. 20 31 Dec. 19 30 Sep. 20 30 Jun. 20 31 Dec. 19 Assets Cash and balances with central banks Loans and advances to banks Financial assets at fair value through profit or loss - trading assets - non - trading derivatives - designated as at fair value through profit or loss - mandatorily at fair value through profit or loss Financial assets at fair value through OCI - equity securities fair value through OCI - debt securities fair value through OCI - loans and advances fair value through OCI Securities at amortised cost Loans and advances to customers - customer lending - provision for loan losses Investments in associates and joint ventures Property and equipment Intangible assets Other assets 111,081 118,971 53,202 Liabilities Deposits from banks Customer deposits - savings accounts - credit balances on customer accounts - corporate deposits - other Financial liabilities at fair value through profit or loss - trading liabilities - non - trading derivatives - designated as at fair value through profit or loss Other liabilities Debt securities in issue Subordinated loans 78,173 78,649 34,826 29,019 30,664 35,136 605,620 605,798 574,433 112,371 111,110 96,187 335,655 334,343 326,942 52,592 53,781 49,254 247,092 245,529 224,022 2,752 2,488 2,257 22,192 25,183 22,329 3,890 3,700 3,076 681 743 1,140 53,137 51,142 41,600 90,830 90,641 77,942 37,246 38,993 34,468 32,089 35,745 28,042 1,817 1,998 2,306 2,449 2,435 2,215 34,248 35,650 30,483 56,292 52,461 47,684 1,180 1,345 1,680 14,263 16,591 14,766 50,526 51,085 46,108 95,972 121,138 118,528 601,414 616,709 611,765 16,393 16,697 16,588 607,599 622,738 616,355 Total liabilities 901,251 929,515 837,082 - 6,185 - 6,029 - 4,590 1,467 1,775 1,790 Equity 2,987 3,086 3,172 Shareholders' equity 54,204 54,305 53,769 1,418 1,586 1,916 Non - controlling interests 1,025 1,022 893 8,952 10,864 7,999 Total equity 55,230 55,327 54,662 Total assets 956,481 984,842 891,744 Total liabilities and equity 956,481 984,842 891,744

18 ING Press Release 3Q2020 Risk Management Consolidated Balance Sheet After also excluding a €3.0 billion decrease in short - term Treasury lending and a €0.3 billion decline in the WUB and Lease run - off portfolios, as well as €0.1 billion of positive valuation adjustment in hedged mortgages, net core lending decreased by €6.9 billion. Of this amount, net core lending at Wholesale Banking was €8.0 billion lower. This was mainly due to a €6.4 billion decrease in Lending (largely repayments of term loans and the further reduced utilisation of protective drawings on revolving credit facilities after a spike at the end of March 2020) and a €1.8 billion decline in Daily Banking & Trade Finance (mainly related to Trade & Commodity Finance). Net core lending in Retail Banking grew by €1.1 billion, almost fully due to a €1.0 billion increase in mortgage lending (mainly in Germany). Customer deposits Customer deposits decreased by €0.2 billion to €605.6 billion. When adjusted for €2.1 billion of negative currency impacts and a €1.5 billion decrease in clients’ short - term Treasury deposits, net customer deposits grew by €3.4 billion. This was due to a €4.4 billion increase in Retail Banking, including €3.6 billion of higher balances in current accounts and €0.8 billion of increased savings and deposits. Net customer deposits in Wholesale Banking decreased by €1.0 billion due to €0.6 billion of lower balances in Payments & Cash Management, €0.3 billion of lower other deposits and a €0.3 billion decrease in Financial Markets (attributable to money markets activities). Debt securities in issue Debt securities in issue decreased by €25.2 billion to €96.0 billion. This was mainly due to a €21.4 billion decrease of certificates of deposit/commercial paper (CD/CPs) related to lower lending levels and the strong growth of customer deposits in the first half of 2020. Other debt securities, mainly long - term debt, were €3.8 billion lower as maturities and negative currency impacts outpaced new issuances (including a $1 billion green bond issuance in July 2020). Shareholders’ equity Shareholders’ equity decreased slightly by €0.1 billion to €54.2 billion, as the third - quarter 2020 net result of €788 million was offset by a €690 million decrease of the currency translation reserve (as the euro appreciated against the USD, TRY and other currencies), €141 million of negative unrealised revaluations of equity securities (partly due to a decrease in the valuation of our stake in Bank of Beijing), and a €107 million negative change in the cashflow hedge reserve. Shareholders’ equity per share decreased to €13.90 as of 30 September 2020 from €13.92 as of 30 June 2020. in € million 3Q2020 2Q2020 Shareholders' equity beginning of period 54,305 54,334 Net result for the period 788 299 Unrealised revaluations of equity securities - 141 11 Unrealised revaluations of debt instruments 54 99 Realised gains/losses debt instruments transferred to profit or loss - 4 - 12 Change in cashflow hedge reserve - 107 142 Realised and unrealised other revaluations - 32 14 Change in liability credit reserve - 16 - 453 Defined benefit remeasurement - 39 - 85 Exchange rate differences - 690 - 52 Change in treasury shares - 6 3 Change in employee stock options and share plans 5 2 Changes in the composition of the group 0 0 Dividend 0 0 Other changes 87 3 Total changes - 101 - 28 Shareholders' equity end of period 54,204 54,305 Change in shareholders’ equity Shareholders’ equity in € million 30 Sep. 20 30 Jun. 20 Share premium/capital 17,128 17,128 Revaluation reserve equity securities 1,130 1,270 Revaluation reserve debt instruments 250 200 Revaluation reserve cashflow hedge 1,602 1,709 Other revaluation reserves 231 262 Defined benefit remeasurement reserve - 291 - 252 Currency translation reserve - 3,419 - 2,729 Treasury shares - 9 - 3 Liability credit reserve - 119 - 103 Retained earnings and other reserves 35,946 35,855 Net result year to date 1,757 969 Total 54,204 54,305

19 ING Press Release 3Q2020 Risk Management in € million 30 Sep. 2020 30 Jun. 2020 30 Sep. 2020 30 Jun. 2020 30 Sep. 2020 30 Jun. 2020 30 Sep. 2020 30 Jun. 2020 30 Sep. 2020 30 Jun. 2020 Residential mortgages Netherlands Other lending Netherlands of which Business lending Netherlands Residential mortgages Belgium Other lending Belgium of which Business lending Belgium 112,977 49,200 25,378 40,865 68,467 45,686 113,680 47,592 26,009 41,061 69,120 45,279 6,057 8,395 5,628 3,700 8,699 7,889 6,453 5,759 4,106 3,866 4,733 3,925 5.4% 17.1% 22.2% 9.1% 12.7% 17.3% 5.7% 12.1% 15.8% 9.4% 6.8% 8.7% 1,114 1,165 942 1,411 1,827 1,513 1,133 1,265 1,008 1,354 1,904 1,600 1.0% 2.4% 3.7% 3.5% 2.7% 3.3% 1.0% 2.7% 3.9% 3.3% 2.8% 3.5% Retail Benelux 271,509 271,452 26,851 20,812 9.9% 7.7% 5,517 5,655 2.0% 2.1% Residential mortgages Germany Other lending Germany Residential mortgages Other C&G Markets Other lending Other C&G Markets 77,790 30,433 70,146 34,647 76,176 27,894 70,359 32,216 1,593 870 1,846 2,810 1,538 855 1,901 3,667 2.0% 2.9% 2.6% 8.1% 2.0% 3.1% 2.7% 11.4% 384 314 636 1,502 388 309 612 1,597 0.5% 1.0% 0.9% 4.3% 0.5% 1.1% 0.9% 5.0% Retail Challengers & Growth Markets 213,015 206,645 7,119 7,962 3.3% 3.9% 2,836 2,907 1.3% 1.4% Lending Daily Banking & Trade Finance Financial Markets Treasury & Other 157,697 53,090 10,715 50,428 168,342 55,533 2,998 72,658 20,102 2,805 22 327 21,483 3,377 11 460 12.7% 5.3% 0.2% 0.6% 12.8% 6.1% 0.4% 0.6% 3,822 475 126 3,518 511 - 136 2.4% 0.9% 0.0% 0.3% 2.1% 0.9% 0.0% 0.2% Wholesale Banking 271,929 299,530 23,256 25,331 8.6% 8.5% 4,424 4,165 1.6% 1.4% Total loan book 756,453 777,627 57,226 54,106 7.6% 7.0% 12,777 12,727 1.7% 1.6% ING Group: Total credit outstandings 1) Credit outstandings Stage 2 Stage 2 ratio Stage 3 Stage 3 ratio 1) Lending and money market credit outstandings, including guarantees and letters of credit but excluding undrawn committed exposures (off balance positions) and Corporate Line. ING Group’s Stage 2 ratio increased in the third quarter to 7.6% due to additions to the watch list for business lending clients in Retail Benelux, and the Stage 3 ratio increased slightly to 1.7% as the size of the loan book decreased. Covid - 19 ING continues to closely monitor the ongoing Covid - 19 pandemic, as signs of a second wave of the Covid - 19 pandemic have become visible across Europe and several countries have again tightened lockdown measures. Our staff is still largely working from home, supported with the appropriate tools. A central ING team provides guidance on health and safety measures, travel advice and business continuity. As the situation differs from country to country, ING is following local government guidelines in its response to the Covid - 19 pandemic. Based on the potential economic and social implications for the countries and sectors where ING is active, mitigating actions have been implemented and will be adapted as necessary as we continue to support our customers during these challenging times. granted payment holidays in the context of the Covid - 19 pandemic. The total exposure of loans for which a payment holiday was granted amounts to €19.9 billion, of which over 55% were for customers located in the Netherlands and Belgium. The payment holiday schemes offered in the various countries differ slightly in terms of their scope, duration and key conditions. In line with the guidance from European regulators and bank supervisors (EBA, ESMA and ECB), credit facilities that benefit from a payment holiday are not automatically considered as forbearance. The EBA announced in the third quarter that the application date for its Guidelines related to moratoria would end on 30 September 2020, meaning that all new payment holidays after this date are individually assessed for forbearance and unlikely - to - pay under normal ING policy requirements. ING continues to carefully assess the creditworthiness of every customer and, if deemed necessary, credit facilities are qualified as forborne. ING’s total credit outstandings decreased versus the previous quarter as a result of a reduction in cash and balances with central banks. Stage 2 outstandings rose by €3.1 billion to €57.2 billion, mainly within Business lending Netherlands and Belgium. The transfer of clients to the watch list and the worsened outlook of high - risk industries triggered stage migration. Consequently, the Stage 2 ratio increased to 7.6% in the third quarter of 2020 from 7.0% in the previous quarter. ING Group’s Stage 3 amount increased slightly by €0.1 billion Credit risk management The measures implemented by ING in the first quarter of 2020 remained in force during the third quarter. As of end of September, approximately 205,000 customers had been ING Bank: Stock of provisions 1) in € million 30 Sep. 2020 30 Jun. 2020 Change Stage 1 12 - month ECL 744 716 28 Stage 2 Lifetime ECL not credit impaired 1,537 1,412 125 Stage 3 Lifetime ECL credit impaired 3,994 3,979 15 Purchased credit impaired 4 5 - 1 Total 6,279 6,112 167 1) At the end of September 2020, the stock of provisions included provisions for loans and advances to central banks (€5 million), loans and advances to banks (€22 million), financial assets at FVOCI (€17 million), securities at amortised cost (€24 million), provisions for loans and advances to customers (€6,185 million) and provisions for contingent liabilities (credit replacements) recorded under Provisions (€25 million).

20 ING Press Release 3Q2020 Capital, Liquidity and Funding Risk Management to €12.8 billion in the third quarter of 2020. Combined with the reduction in ING’s total credit outstandings, the Stage 3 ratio increased slightly to 1.7% in the third quarter of 2020 from 1.6% in the previous quarter. The Stage 3 ratio for Wholesale Banking rose to 1.6% (due to some individual files in the third quarter) from 1.4% in the previous quarter. For Retail Banking, the Stage 3 ratio improved slightly for both business lines following a decrease in Stage 3 amount of €0.1 billion for both Retail Benelux and Retail Challengers & Growth Markets, to respectively €5.5 billion and €2.8 billion. In the third quarter, ING Group’s stock of provisions increased by €0.2 billion to €6.3 billion. The increase is mainly in Stage 1 and Stage 2 collective provisions, reflecting the risk related to payment holidays and remaining uncertainty around the macro - economic outlook. Provisions in Stage 3 remained almost stable. The Stage 3 coverage ratio was unchanged at 31.3%. ING Group’s loan portfolio consists predominantly of asset - based and secured loans, including residential mortgages, project - and asset - based finance, and real estate finance. Market risk In the third quarter of 2020, the average Value - at - Risk (VaR) for ING Group’s trading portfolio decreased to €30 million from €39 million in the previous quarter, mainly due to a decrease in macro hedges and xVA hedges per end of the second quarter of 2020. Compared with the second quarter of 2020, the minimum of the total overnight VaR decreased to €26 million from €29 million, while the maximum decreased to €33 million from €48 million. ING Group: Consolidated VaR trading books in € million Minimum Maximum A v e r age Qua r ter - end Foreign exchange 2 3 2 2 Equities 2 4 2 4 Interest rate 21 34 29 21 Credit spread 13 20 16 17 Diversification 20 18 Total VaR 1) 26 33 30 26 1) The total VaR for the columns Minimum and Maximum cannot be calculated by taking the sum of the individual components since the observations for both the individual markets as well as for total VaR may occur on different dates. Non - financial risk As previously disclosed, after our September 2018 settlement with Dutch authorities concerning Anti - Money Laundering (AML) matters, and in the context of significantly increased attention on the prevention of financial economic crime, ING has experienced heightened scrutiny by authorities in various countries. The interactions with such regulatory and judicial authorities have included, and can be expected to continue to include, onsite visits, information requests, investigations and other enquiries. Such interactions, as well as ING’s internal assessments in connection with its global enhancement programme, have in some cases resulted in satisfactory outcomes, and also have resulted in, and may continue to result in, findings, or other conclusions which may require appropriate remedial actions by ING, or may have other consequences. We intend to continue to work in close cooperation with authorities as we seek to improve our management of non - financial risks in terms of policies, tooling, monitoring, governance, knowledge and behaviour. ING is also aware, including as a result of media reports, that other parties may, among other things, seek to commence legal proceedings against ING in connection with the subject matter of the settlement, have filed requests with the Court of Appeal in The Netherlands to reconsider the prosecutor’s decision to enter into the settlement agreement with ING and not to prosecute ING or (former) ING employees and that the Court is taking procedural steps as part of a diligent process before entering into its final decision making, or have filed or may file requests for disciplinary proceedings against ING employees based on the Dutch Banker’s oath. Also, as previously disclosed in March 2019, ING was informed by the Banca d’Italia of their report containing their conclusions regarding shortcomings in AML processes at ING’s Italian branch, which was prepared based on an inspection conducted from October 2018 until January 2019. ING Italy has been engaged in discussions with Banca d’Italia and Italian judiciary authorities. In February 2020, the Court of Milan confirmed and approved a plea bargain agreement with the Italian judiciary authorities. As a consequence, ING Italy has paid an administrative fine and disgorgement of profit. In addition, in February 2020, the Banca d’Italia imposed an administrative fine on ING Italy. Both amounts had already been provisioned in previous quarters. In September 2020, the Banca d’Italia announced that the ban on onboarding new customers at ING Italy, imposed in March 2019, has been removed. The decision follows the comprehensive steps undertaken by ING Italy to strengthen its processes and management of KYC compliance risks. ING continues to take steps to enhance its management of compliance risks and embed stronger awareness across the whole organisation. These steps are part of the global KYC programme and set of initiatives, which include enhancing KYC files and working on various structural improvements in compliance policies, tooling, monitoring, governance, knowledge and behaviour.

21 ING Press Release 3Q2020 Capital, Liquidity and Funding ING Group: Capital position in € million 30 Sep. 2020 30 Jun. 2020 Shareholders' equity (parent) 54,204 54,305 - Interim profit not included in CET1 capital 1) - 2,541 - 1,754 - Other regulatory adjustments - 3,876 - 4,330 Regulatory adjustments - 6,417 - 6,083 Available common equity Tier 1 capital 47,787 48,222 Additional Tier 1 securities 2) 5,865 6,085 Regulatory adjustments additional Tier 1 48 54 Available Tier 1 capital 53,700 54,361 Supplementary capital - Tier 2 bonds 3) 9,567 9,696 Regulatory adjustments Tier 2 - 898 - 914 Available BIS capital 62,369 63,143 Risk - weighted assets 312,307 322,234 Common equity Tier 1 ratio 15.3% 15.0% Tier 1 ratio 17.2% 16.9% Total capital ratio 20.0% 19.6% Leverage Ratio 4.7% 4.3% 1) The interim profit not included in CET1 capital ING Group as per 30 September 2020 was €2,541 million, of which €788 million relates to the result of 2020 and €1,754 million relates to the result of 2019. 2) Including €4,882 million which is CRR/CRD IV - compliant (2Q2020: €5,103 million) and €982 million to be replaced as capital recognition is subject to CRR/CRD IV grandfathering rules (2Q2020: €982 million). 3) Including €9,414 million which is CRR/CRD IV - compliant (2Q2020: €9,546 million), and €153 million to be replaced as capital recognition is subject to CRR/CRD IV grandfathering rules (2Q2020: €150 million). ING Group’s CET1 ratio increased by 0.3% to 15.3% from the previous quarter, despite reserving the full 3Q2020 interim profit (€788 million) for dividend. The increase in the CET1 ratio was mainly due to lower RWA, which was mainly driven by lower volumes (€2.9 billion), positive risk migration (€1.4 billion) and lower market RWA (€2.3 billion). The liquidity position remained robust as the 12 - month moving average Liquidity Coverage Ratio (LCR) increased to 132% in the third quarter. New CET1 ambition and distribution policy ING has changed its CET1 ambition from the current level of around 13.5% to around 12.5%, reflecting among others a structural reduction of capital requirements and increased visibility of expected regulatory RWA inflation. The reductions of capital requirements reflect the application of Art.104a of the Capital Requirements Directive, which allowed ING to replace CET1 capital with AT1/T2 capital, as well as a reduction of the Systemic Risk Buffer. ING’s new ambition level of around 12.5% is still comfortably above the current MDA level of 10.51%, implying a management buffer of ~200 basis points. Given the current uncertainty caused by Covid - 19, we will manage the CET1 ratio at a level well above 12.5% until there is more clarity on how the economy will emerge from the Covid - 19 pandemic. ING has decided to change its distribution policy from a progressive dividend to a pay - out ratio of 50% of resilient net profit (excluding extraordinary items). The 50% pay - out may be in the form of cash or a combination of cash and share repurchases. Any dividend or capital distribution is subject to prevailing ECB recommendation. Capital ratios ING Group’s CET1 ratio increased 0.3% - point to 15.3% in the third quarter of 2020. ING’s CET1 capital decreased by €0.4 billion to €47.8 billion, mainly due to €0.7 billion of negative currency impacts (as the euro appreciated against the USD, TRY and other currencies), as well as to €0.1 billion of lower debt and equity revaluation reserves. This was partly offset by €0.3 billion in other capital movements, primarily the impact of intangibles (€0.2 billion, mainly related to Maggie) and the transitional arrangements of IFRS 9 (€0.1 billion). The third - quarter 2020 interim profit of €788 million has not been included in CET1 capital. ING Group’s Tier 1 ratio (including grandfathered securities) increased to 17.2% at the end of September 2020, mirroring trends in the CET1 ratio. The total capital ratio (including grandfathered securities) increased to 20.0%. No Additional Tier 1 or Tier 2 securities were issued or redeemed during this quarter. The leverage ratio of ING Group according to the Delegated Act (including grandfathered securities) takes into account the impact of grossing up the notional cash pool activities. In a press release on 17 September 2020, the ECB authorised the temporary exclusion of certain central bank exposures from the leverage ratio. As a result, ING’s leverage ratio on 30 September 2020 temporarily increased to 4.7% due to the exclusion of €91.2 billion of central bank balances from leverage exposure. This temporary exclusion is allowed until June 2021. Without the exclusion, the leverage ratio would have been 4.4%. Risk - weighted assets At the end of September 2020, ING Group’s total RWA amounted to €312.3 billion, which is €9.9 billion lower than at the end of the previous quarter. At comparable FX rates, total RWA decreased by €6.7 billion. Excluding the effect of FX rate changes, credit RWA decreased by €7.3 billion when

22 ING Press Release 3Q2020 Economic Environment Capital, Liquidity and Funding compared to the previous quarter. This decrease is mainly explained by lower lending volumes (€2.9 billion), primarily in Wholesale Banking, and positive risk migration (€1.4 billion), mainly due to a reduction of loan exposures being higher than the reduction in cover values. Credit RWA were furthermore reduced by changes in IRB equity positions (€0.9 billion, mainly due to an impairment of €230 million on ING’s stake in TMB), and changes in other on - balance assets (€0.5 billion). The impact of model updates was limited despite a €1.5 billion TRIM add - on for large corporates. Operational RWA increased by €2.9 billion to €39.9 billion due to Advanced Measurement Approach (AMA) model updates. Market RWA decreased by €2.3 billion to €8.3 billion, mostly due to a reduction in exposures. FX movements reduced total RWA in the third quarter by €3.2 billion. in € billion 30 Sep. 2020 30 Jun. 2020 Credit RWA 264.1 274.6 Operational RWA 39.9 37.1 Market RWA 8.3 10.6 Total RWA 312.3 322.2 ING Group: Composition of RWA in € million 30 Sep. 2020 30 Jun. 2020 TLAC capacity 86,643 86,690 TLAC (as a percentage of RWA) 27.7% 26.9% TLAC (as a percentage of leverage exposure) 7.5% 6.9% TLAC surplus (shortage) based on LR 17,719 11,386 TLAC surplus (shortage) based on RWA 36,674 35,133 In 2021 , European banks, including ING, will receive a new MREL requirement which will be RWA - and LR - based, and result from the implementation of BRRD 2 as per year - end 2020 . For ING, the RWA - based requirement is expected to be the most binding . ING Group aims to grow into its MREL requirement during the transitional period . Liquidity and funding ING holds a buffer of High Quality Liquid Assets (HQLA) to ensure sufficient liquidity in times of stress. The adequacy of this buffer is measured by the Liquidity Coverage Ratio (LCR). In the third quarter of 2020, ING’s 12 - month moving average LCR increased to 132% from 130% in the previous quarter. The increase was supported by the combination of lower demand for credit and continued inflow of customer deposits. LCR 12 - month moving average in € billion 30 Sep. 2020 30 Jun. 2020 Level 1 132.0 128.1 Level 2A 5.1 5.1 Level 2B 3.8 4.2 Total HQLA 141.0 137.5 Stressed Outflow 196.3 198.5 Stressed Inflow 89.8 92.4 LCR 132% 130% In % 30 Sep. 2020 30 Jun. 2020 Loan - to - deposit ratio 0.99 1.02 Key figures Customer deposits (retail) 50% 49% Customer deposits (corporate) 20% 20% Lending / repurchase agreement 7% 6% Interbank 9% 9% CD/CP 3% 5% Long - term senior debt 9% 9% Subordinated debt 2% 2% Total 1) 100% 100% ING’s funding mix remains well - diversified. It consists mainly of retail deposits, in addition to corporate deposits, Interbank and long - term - debt, including capital. This combination creates a stable source of long - term funding. Compared to the second quarter of 2020, there were no major fluctuations in the funding mix during the third quarter of 2020. ING Group: Loan - to - deposit ratio and funding mix TLAC and MREL requirements Total Loss Absorption Capacity (TLAC) requirements apply to ING Group at the consolidated level of the resolution group and are currently set at 16% of RWA and 6% of Leverage Ratio exposure. The available TLAC capacity consists of own funds and senior debt instruments. ING Group meets the TLAC requirements with a TLAC ratio as per 30 September 2020 of 27.7% of RWA and 7.5% of Leverage Ratio exposure. 1) Liabilities excluding trading securities and IFRS equity. ING Group: TLAC requirement ING’s long - term debt position decreased by €3.5 billion versus the second quarter of 2020. The delta can be explained by the new issuance of €0.9 billion of Green HoldCo senior instruments, maturities of €3.8 billion, and €0.6 billion of other impacts (mainly FX). Long - term debt maturity ladder per currency, 30 September 2020 ING Group shall, by 31 December 2023, comply with MREL on a consolidated basis at the level of 10.54% TLOF (approximately 28.58% of RWA, based on year - end 2017 balance sheet and capital requirements). However, intermediate targets will apply (binding per 1 January 2022). in € billion T o tal ʹ20 ʹ21 ʹ22 ʹ23 ʹ24 ʹ25 ʹ26 >ʹ26 EUR 60 3 10 8 5 1 4 5 24 USD 19 0 2 4 3 1 0 2 6 Other 9 0 2 1 1 1 0 1 1 Total 88 4 14 13 9 3 4 9 31 Ratings The ratings from S&P, Moody’s and Fitch remained unchanged in the quarter. On 15 September 2020, Fitch removed ING Groep's and ING Bank's Issuer Default Rating (IDRs), Viability Rating (VRs) and debt ratings from Rating Watch Negative (RWN) and assigned Negative Outlooks. Main credit ratings of ING on 4 November 2020 Standard & Poor's Rating Outlook Moody's Rating Outlook Fitch Rating Outlook ING Groep N.V. ING Bank N.V. A - A+ Negati v e Stable Baa1 Aa3 Stable Stable A+ Negative AA - Negative

23 Source: ING Economics Department ING Press Release 3Q2020 Economic Environment Economic activity Following the second - quarter slowdown in economic activity caused by lockdowns worldwide, activity growth resumed in the third quarter of 2020 as indicated by business surveys in the US and the eurozone. However, the pace of the economic recovery may be difficult to maintain in the fourth quarter as countries in Europe have started to introduce new restrictive measures to fight the surge in Covid - 19 cases. Index Eurozone composite PMI US composite PMI 1 July 30 Sept. 2020 2020 1 Jan. 1 Apr. 1 July 2019 2019 2019 1 Oct. 2019 1 Oct. 2018 1 Apr. 2020 1 Jan. 2020 70 60 50 40 30 20 10 Consumer confidence Eurozone consumer confidence continued to recover in the third quarter following the record low in April. However, current confidence levels still reveal a high level of concern regarding possible future unemployment rates. - 5 - 10 - 15 - 20 - 25 1 Oct. 1 Jan. 1 Apr. 2018 2019 2019 C - ,m"#,!# ',"'!a2 - 0 Index 0 1 July 30 Sept. 2020 2020 1 Oct. 2019 1 July 2019 1 Apr. 2020 1 Jan. 2020 Euro - dollar The euro - dollar exchange rate stabilised in the third quarter, as the reversal of dollar liquidity positions came to an end amid the alleviation of the acute financial stress at the beginning of the pandemic. The ECB has not yet addressed the persistently low inflation, which is causing increasing pressure to commit to providing more stimulus. USD per 1 EUR 1.0 1 Oct. 1 Jan. 1 Apr. 1 July 1 Oct. 1 Jan. 1 Apr. 1 July 30 Sept. 2018 2019 2019 2019 2019 2020 2020 2020 2020 EUR/USD 1.1 1.2 1.3 Interest rates US 10 - year swap rates rose slightly in the third quarter, reflecting the prospect for a fiscal stimulus package in the US, where bold action would make a material difference to long - term recovery prospects. More broadly, interest rates remained low as both the ECB and Fed signalled that stimulus remained the primary focus of monetary policy. Percentages Eurozone 10 yr swap Eurozone 3m interbank US 10 yr swap US 3m interbank - 1 1 Oct. 1 Jan. 1 Apr. 1 July 1 Oct. 1 Jan. 1 Apr. 1 July 30 Sept. 2018 2019 2019 2019 2019 2020 2020 2020 2020 4 3 2 1 0 Stock markets US stocks resumed their upward trend in the third quarter, passing their pre - Covid - 19 crisis peak before experiencing a small correction at the beginning of September. Stocks in the eurozone continued to trade below pre - Covid - 19 averages. Index 1,000 200 1 Oct. 1 Jan. 1 Apr. 1 July 1 Oct. 1 Jan. 1 Apr. 1 July 30 Sept. 2018 2019 2019 2019 2019 2020 2020 2020 2020 S&P 500 (lhs) Europe Stoxx 600 (rhs) 2,000 400 3,000 4 ,000 600 800 Credit spreads Credit spreads tightened further over the course of the third quarter. The rapid start of economic recovery and support from central bank asset purchase programs helped credit spreads to return to pre - crisis levels. Basis points 400 300 200 100 0 1 Oct. 1 Jan. 1 Apr. 1 July 1 Oct. 1 Jan. 1 Apr. 1 July 30 Sept. 2018 2019 2019 2019 2019 2020 2020 2020 2020 iTraxx Main 5 yr (Europe) CDX IG 5 yr (US)

24 ING Press Release 3Q2020 Appendix In € million 3Q2020 3Q2019 3Q2020 3Q2019 3Q2020 3Q2019 3Q2020 3Q2019 Net interest income 3,329 3,529 2,405 2,483 909 938 15 108 Net fee and commission income 734 747 479 454 253 294 2 0 Investment income 103 104 102 105 2 1 0 - 1 Other income 120 246 - 52 143 210 127 - 39 - 23 Total income 4,286 4,626 2,934 3,183 1,374 1,359 - 22 84 Expenses excl. regulatory costs 2,502 2,334 1,763 1,629 644 657 95 49 Regulatory costs 111 106 99 94 8 11 5 1 Operating expenses 2,613 2,440 1,861 1,723 652 668 100 49 Gross result 1,673 2,187 1,073 1,460 722 692 - 122 35 Addition to loan loss provisions 469 276 324 160 145 116 - 0 - 0 Result before tax 1,204 1,911 749 1,301 577 576 - 122 35 Taxation 389 543 222 345 161 164 5 34 Non - controlling interests 27 23 23 22 4 1 - - 0 Net result 788 1,344 503 933 412 410 - 127 1 Consolidated profit or loss account: ING Group Profit or loss account T o tal of which: Retail Banking of which: Wholesale Banking of which: Corporate Line Banking Profitability and efficiency T o tal Retail Banking Wholesale Banking Corporate Line Banking 3Q2019 In € million 3Q2020 3Q2019 3Q2020 3Q2019 3Q2020 3Q2019 3Q2020 Cost/income ratio Return on IFRS - EU equity 1) 61.0% 6.0% 52.7% 10.5% 63.4% 54.1% 47.4% 49.1% n . a. n . a. In € million 9M2020 9M2019 9M2020 9M2019 9M2020 9M2019 9M2020 9M2019 Net interest income 10,260 10,481 7,298 7,352 2,773 2,769 188 361 Net fee and commission income 2,240 2,133 1,426 1,307 814 832 - 1 - 6 Investment income 144 279 135 147 8 15 0 118 Other income 824 973 353 588 558 361 - 87 23 Total income 13,468 13,867 9,213 9,394 4,153 3,977 101 497 Expenses excl. regulatory costs 7,465 6,960 4,995 4,766 2,222 1,951 248 243 Regulatory costs 774 718 610 566 158 154 5 - 2 Operating expenses 8,239 7,678 5,605 5,332 2,380 2,105 254 241 Gross result 5,229 6,190 3,608 4,062 1,773 1,872 - 153 256 Addition to loan loss provisions 2,466 692 1,063 414 1,400 278 3 - 0 Result before tax 2,763 5,497 2,545 3,648 373 1,593 - 155 256 Taxation 942 1,526 767 1,007 184 374 - 9 145 Non - controlling interests 63 70 51 61 12 9 - 0 - 0 Net result 1,757 3,901 1,726 2,580 177 1,210 - 146 110 1) Annualised net result divided by average IFRS - EU shareholders' equity excluding interim profit not included in CET1 capital. Profit or loss account T o tal of which: Retail Banking of which: Wholesale Banking of which: Corporate Line Banking In € million 9M2020 9M2019 9M2020 9M2019 9M2020 9M2019 9M2020 9M2019 Cost/income ratio Return on IFRS - EU equity 1) 61.2% 4.5% 55.4% 10.3% 60.8% 56.8% 57.3% 52.9% n . a. n . a. Profitability and efficiency T o tal Retail Banking Wholesale Banking Corporate Line Banking 1) Annualised net result divided by average IFRS - EU shareholders' equity excluding interim profit not included in CET1 capital.

25 ING Press Release 3Q2020 Appendix Geographical split of the segments: Consolidated profit or loss account T o tal Netherlands Belgium Germany Other Challengers Wholesale Banking Growth Markets Rest of World Othe r 1) billion) 3Q2019 106 - 0 - 1 - 21 84 48 1 48 35 - 0 35 - 1 35 35 28 - 0 8 0.0 0.4 0.0 57.8% 7.2% 6 - 4 2.9 3Q2020 14 2 0 - 39 - 23 97 5 102 - 125 - 0 - 125 - - 3 - 122 - 125 - 1 - - 124 0.0 0.4 0.0 n . a. - 135.5% 12 - 10 2.7 3Q2019 422 127 1 72 622 288 3 291 331 86 245 - 245 - 245 71 - 174 0.0 70.2 12.9 46.8% 8.7% 3,779 49 60.5 3Q2020 403 101 0 55 560 285 2 286 273 83 191 - 191 - 191 45 - 146 0.0 66.6 11.1 51.2% 6.7% 3,739 48 6 1 .6 3Q2019 400 75 97 73 644 275 41 316 328 72 256 236 20 - 256 38 23 195 11.2 27.3 41.4 49.0% 15.5% 14,634 75 41.0 3Q2020 396 78 96 - 155 415 267 42 309 106 66 40 5 35 - 40 38 27 - 25 12.6 25.2 46.9 74.5% 0.2% 14,984 69 37.8 3Q2019 449 70 0 3 523 326 22 348 176 35 141 55 86 - 141 46 - 95 56.9 33.1 94.9 66.4% 7.9% 5,375 16 35.5 3Q2020 439 68 0 6 514 464 19 483 31 43 - 12 - 105 93 - - 12 7 - - 19 57.6 32.7 98.7 94.0% - 1.6% 6,115 19 34.8 3Q2019 538 85 5 36 664 269 15 284 380 2 377 268 110 - 377 123 1 254 75.8 46.1 138.1 42.8% 16.9% 5,307 1 44.3 3Q2020 519 104 3 25 651 290 19 309 342 19 323 217 106 - 323 99 1 222 78.8 43.7 142.9 47.5% 14.1% 6,031 6 47.0 3Q2019 556 132 1 64 753 437 - 2 436 317 62 255 207 48 - 255 77 0 178 39.4 66.5 110.5 57.9% 9.7% 9,279 23 53.9 3Q2020 523 132 1 56 712 421 - 0 421 291 130 161 92 69 - 161 42 0 119 38.7 66.5 108.3 59.1% 6.4% 8,936 49 54.8 3Q2019 1,057 258 2 20 1,337 692 26 717 619 19 601 535 66 - 601 160 - 0 441 113.2 77.2 176.4 53.7% 16.2% 15,601 4 81.6 3Q2020 1,034 249 3 171 1,457 677 25 702 755 129 626 540 86 - 626 158 - 0 468 111.4 73.5 197.7 48.2% 18.8% 16,675 27 73.6 3Q2019 3,529 747 104 246 4,626 2,334 106 2,440 2,187 276 1,911 1,301 576 35 1,911 543 23 1,344 296.5 320.9 574.2 52.7% 12.7% 53,981 18 319.7 3Q2020 3,329 734 103 120 4,286 2,502 111 2,613 1,673 469 1,204 749 577 - 122 1,204 389 27 788 298.9 308.7 605.6 61.0% 7.6% 56,492 30 312.3 In € million Net interest income Net fee and commission income Investment income Other income Total income Expenses excl. regulatory costs Regulatory costs Operating expenses Gross result Addition to loan loss provisions Result before tax Retail Banking Wholesale Banking Corporate Line Result before tax Taxation Non - controlling interests Net result Customer lending/deposits (end of period, in € Residential mortgages Other lending Customer deposits Profitability and efficiency Cost/income ratio Return on equity based on 13.5% CET1 2) Employees (internal FTEs, end of period) Risk Risk costs in bps of average customer lending Risk - weighted assets (end of period, in € billion) 1) Region Other consists of Corporate Line and Real Estate run - off portfolio. 2) After - tax return divided by average equity based on 13.5% of RWA (annualised). Consolidated profit or loss account: Geographical split

26 ING Press Release 3Q2020 Appendix Geographical split of the segments: Consolidated profit or loss account T o tal Netherlands Belgium Germany Other Challengers Wholesale Banking Growth Markets Rest of World Othe r 1) billion) 9M2019 3 5 3 - 7 119 31 497 244 - 2 242 255 - 0 255 - - 1 256 255 141 - 0 114 0.0 0.4 0.0 48.7% 36.3% 6 - 1 2.9 9M2020 184 - 1 1 - 83 100 252 5 257 - 157 3 - 160 - - 5 - 155 - 160 - 11 - 0 - 149 0.0 0.4 0.0 257.2% - 54.6% 12 64 2.7 9M2019 1,209 324 1 254 1,789 879 52 931 858 136 722 - 722 - 722 120 - 602 0.0 70.2 12.9 52.0% 9.6% 3,779 26 60.5 9M2020 1,227 318 0 252 1,797 871 59 930 867 761 106 - 106 - 106 35 - 71 - 66.6 11.1 51.8% 1.1% 3,739 137 61.6 9M2019 1,200 231 105 232 1,767 791 141 932 835 202 633 511 122 - 633 122 69 442 11.2 27.3 41.4 52.7% 12.1% 14,634 71 41.0 9M2020 1,195 210 103 41 1,548 797 157 953 595 271 324 227 97 - 324 109 61 153 12.6 25.2 46.9 61.6% 5.1% 14,984 93 37.8 9M2019 1,334 212 - 0 9 1,555 918 67 986 570 127 443 218 225 - 443 147 - 296 56.9 33.1 94.9 63.4% 8.3% 5,375 19 35.5 9M2020 1,333 204 1 19 1,557 1,088 64 1,152 405 255 150 - 32 181 - 150 63 - 87 57.6 32.7 98.7 74.0% 2.4% 6,115 38 34.8 9M2019 1,599 226 25 124 1,974 851 87 938 1,036 - 30 1,066 716 350 - 1,066 356 2 708 75.8 46.1 138.1 47.5% 16.0% 5,307 - 3 44.3 9M2020 1,578 332 3 105 2,018 880 81 961 1,057 260 797 711 86 - 797 269 3 525 78.8 43.7 142.9 47.6% 11.1% 6,031 28 47.0 9M2019 1,668 402 16 225 2,311 1,260 200 1,460 851 161 690 536 154 - 690 209 0 480 39.4 66.5 110.5 63.2% 8.8% 9,279 20 53.9 9M2020 1,613 434 19 137 2,203 1,326 221 1,547 656 468 188 56 131 - 188 67 0 121 38.7 66.5 108.3 70.2% 2.1% 8,936 58 54.8 9M2019 3,118 745 14 98 3,974 2,018 172 2,189 1,785 97 1,689 1,667 22 - 1,689 431 - 1 1,258 113.2 77.2 176.4 55.1% 16.4% 15,601 7 81.6 9M2020 3,131 743 16 354 4,245 2,252 186 2,438 1,807 449 1,358 1,583 - 225 - 1,358 410 - 1 949 111.4 73.5 197.7 57.4% 12.3% 16,675 32 73.6 9M2019 10,481 2,133 279 973 13,867 6,960 718 7,678 6,190 692 5,497 3,648 1,593 256 5,497 1,526 70 3,901 296.5 320.9 574.2 55.4% 12.4% 53,981 15 319.7 9M2020 10,260 2,240 144 824 13,468 7,465 774 8,239 5,229 2,466 2,763 2,545 373 - 155 2,763 942 63 1,757 298.9 308.7 605.6 61.2% 5.5% 56,492 53 312.3 In € million Net interest income Net fee and commission income Investment income Other income Total income Expenses excl. regulatory costs Regulatory costs Operating expenses Gross result Addition to loan loss provisions Result before tax Retail Banking Wholesale Banking Corporate Line Result before tax Taxation Non - controlling interests Net result Customer lending/deposits (end of period, in € Residential mortgages Other lending Customer deposits Profitability and efficiency Cost/income ratio Return on equity based on 13.5% CET1 2) Employees (internal FTEs, end of period) Risk Risk costs in bps of average customer lending Risk - weighted assets (end of period, in € billion) 1) Region Other consists of Corporate Line and Real Estate run - off portfolio. 2) After - tax return divided by average equity based on 13.5% of RWA (annualised). Consolidated profit or loss account: Geographical split

Important legal information Elements of this press release contain or may contain information about ING Groep N.V. and/ or ING Bank N.V. within the meaning of Article 7(1) to (4) of EU Regulation No 596/2014. ING Group’s annual accounts are prepared in accordance with International Financial Reporting Standards as adopted by the European Union (‘IFRS - EU’). In preparing the financial information in this document, except as described otherwise, the same accounting principles are applied as in the 2019 ING Group consolidated annual accounts. All figures in this document are unaudited. Small differences are possible in the tables due to rounding. Certain of the statements contained herein are not historical facts, including, without limitation, certain statements made of future expectations and other forward - looking statements that are based on management’s current views and assumptions and involve known and unknown risks and uncertainties that could cause actual results, performance or events to differ materially from those expressed or implied in such statements. Actual results, performance or events may differ materially from those in such statements due to a number of factors, including, without limitation: (1) changes in general economic conditions, in particular economic conditions in ING’s core markets, including changes affecting currency exchange rates, (2) the effects of the Covid - 19 pandemic and related response measures, including lockdowns and travel restrictions, on economic conditions in countries in which ING operates, on ING’s business and operations and on ING’s employees, customers and counterparties, (3) changes affecting interest rate levels, (4) any default of a major market participant and related market disruption, (5) changes in performance of financial markets, including in Europe and developing markets, (6) changes in the fiscal position and the future economic performance of the United States, including potential consequences of a downgrade of the sovereign credit rating of the US government, (7) consequences of the United Kingdom’s withdrawal from the European Union, (8) changes in or discontinuation of ‘benchmark’ indices, (9) inflation and deflation in our principal markets, (10) changes in conditions in the credit and capital markets generally, including changes in borrower and counterparty creditworthiness, (11) failures of banks falling under the scope of state compensation schemes, (12) non - compliance with or changes in laws and regulations, including those financial services and tax laws, and the interpretation and application thereof, (13) geopolitical risks, political instabilities and policies and actions of governmental and regulatory authorities, (14) ING’s ability to meet minimum capital and other prudential regulatory requirements, (15) outcome of current and future litigation, enforcement proceedings, investigations or other regulatory actions, including claims by customers, (16) operational risks, such as system disruptions or failures, breaches of security, cyber - attacks, human error, changes in operational practices or inadequate controls including in respect of third parties with which we do business, (17) risks and challenges related to cybercrime including the effects of cyber - attacks and changes in legislation and regulation related to cybersecurity and data privacy, (18) changes in general competitive factors, (19) the inability to protect our intellectual property and infringement claims by third parties, (20) changes in credit ratings, (21) business, operational, regulatory, reputation and other risks and challenges in connection with climate change, (22) inability to attract and retain key personnel, (23) future liabilities under defined benefit retirement plans, (24) failure to manage business risks, including in connection with use of models, use of derivatives, or maintaining appropriate policies and guidelines, (25) changes in capital and credit markets, including interbank funding, as well as customer deposits, which provide the liquidity and capital required to fund our operations, (26) the other risks and uncertainties detailed in the most recent annual report of ING Groep N.V. (including the Risk Factors contained therein) and ING’s more recent disclosures, including press releases, which are available on www.ING.com. This document may contain inactive textual addresses to internet websites operated by us and third parties. Reference to such websites is made for information purposes only, and information found at such websites is not incorporated by reference into this document. ING does not make any representation or warranty with respect to the accuracy or completeness of, or take any responsibility for, any information found at any websites operated by third parties. ING specifically disclaims any liability with respect to any information found at websites operated by third parties. ING cannot guarantee that websites operated by third parties remain available following the publication of this document, or that any information found at such websites will not change following the filing of this document. Many of those factors are beyond ING’s control. Any forward looking statements made by or on behalf of ING speak only as of the date they are made, and ING assumes no obligation to publicly update or revise any forward - looking statements, whether as a result of new information or for any other reason . This document does not constitute an offer to sell, or a solicitation of an offer to purchase, any securities in the United States or any other jurisdiction . 27 ING Press Release 3Q2020 ING profile ING is a global financial institution with a strong European base, offering banking services through its operating company ING Bank. The purpose of ING Bank is empowering people to stay a step ahead in life and in business. ING Bank’s more than 55,000 employees offer retail and wholesale banking services to customers in over 40 countries. ING Group shares are listed on the exchanges of Amsterdam (INGA NA, INGA.AS), Brussels and on the New York Stock Exchange (ADRs: ING US, ING.N). Sustainability forms an integral part of ING’s strategy, evidenced by ING’s leading position in sector benchmarks by Sustainalytics and MSCI and our ‘A - list’ rating by CDP. ING Group shares are included in major sustainability and Environmental, Social and Governance (ESG) index products of leading providers STOXX, Morningstar and FTSE Russell. Further information All publications related to ING’s 3Q2020 results can be found at www.ing.com/3q2020, including a video with CEO Steven van Rijswijk. The video is also available on YouTube. Additional financial information is available at www.ing.com/qr: • ING Group historical trend data • ING Group analyst presentation (also available via SlideShare) For further information on ING, please visit www.ing.com. Frequent news updates can be found in the Newsroom or via the @ING_news Twitter feed. Photos, videos of ING operations, buildings and its executives are available for download at Flickr. ING presentations are available at SlideShare.