ING Groep N.V.’s $1.5 Billion Perpetual Additional Tier 1 Contingent Convertible Capital Securities

Davis Polk advised the joint bookrunners in connection with an SEC-registered offering of $1.5 billion aggregate principal amount of 5.750% perpetual additional tier 1 contingent convertible capital securities of ING Groep N.V.

ING Financial Markets LLC, J.P. Morgan Securities LLC, BNP Paribas Securities Corp., Citigroup Global Markets Inc., Goldman Sachs & Co. LLC and HSBC Securities (USA) Inc. acted as joint bookrunners in the deal.

ING Groep N.V. is a global financial institution based in the Netherlands that offers banking services worldwide to more than 38 million customers in over 40 countries.

The Davis Polk corporate team included partner Reuven B. Young (Picture), counsel Connie I. Milonakis and associate Alexander W. Simmonds. Counsel Alon Gurfinkel and associate Omer Harel provided tax advice.

Involved fees earner: Alon Gurfinkel – Davis Polk & Wardwell; Omer Harel – Davis Polk & Wardwell; Connie Milonakis – Davis Polk & Wardwell; Alexander Simmonds – Davis Polk & Wardwell; Reuven Young – Davis Polk & Wardwell;

Law Firms: Davis Polk & Wardwell;

Clients: BNP Paribas Securities; Citigroup Global Markets Ltd; Goldman Sachs & Co.; HSBC Securities; ING Financial Markets LLC; J.P. Morgan Securities LLC;

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