ING Markets International – Disclaimer

The use of this website (the “Website”) is subject to the following general terms and conditions (the “General Terms and Conditions”). Please read these carefully. Accessing this Website constitutes your approval to being bound by these General Terms and Conditions and you should comply with these terms. If you do not accept these General Terms and Conditions, access to and use of this Website is not permitted.

This Website is the property of, and is maintained and updated by, ING Bank N.V. (“ING Bank”) (together with ING België N.V. (“ING Belgium”) if and insofar as this Website contains any information intended for residents of Belgium), trading under the trading names ‘ING Financial Markets’ and ‘ING Commercial Banking’.

This Website contains information on financial instruments (“Financial Instruments”) that are issued/traded by:

ING Bank; ING Belgium; ING Belgium International Finance S.A. (“ING Belgium International Finance”) ING Americas Issuance B.V. (“ING Americas Issuance” and jointly with ING Bank, ING Belgium and ING Belgium International Finance, “ING”)

ING Belgium also fulfils the role of distributor of Financial Instruments issued by ING Bank and of distributor and guarantor of Financial Instruments issued by ING Belgium International Finance. ING Bank also fulfils the role of guarantor of Financial Instruments issued by ING Americas Issuance B.V.

Headers in these General Terms and Conditions exclusively serve information purposes and should never be considered in the interpretation of these General Terms and Conditions.

I Information on this Website

(i) The information provided on this Website or in any other announcement containing a link to this Website is purely intended for personal use and information purposes. This information was not prepared in the context of any specific investment, financial situation or special need of any specific visitor of this Website. The information provided on this Website is not intended to be distributed to or used by any natural person or legal entity in any jurisdiction where such distribution or such use would be an infringement to applicable laws and regulations or if such use would subject ING to any form of mandatory registration in such jurisdiction. Insofar as this Website contains any opinions, statements and representations, ING provides these solely for personal use and information purposes. The above-mentioned opinions, statements and representations are not, and should not be considered as, any implicit or explicit investment recommendation.

(ii) The distribution of information on this Website may be limited by local laws and regulations in the jurisdiction from which you are visiting this Website. If such limitations are effective and if you visit this Website from such a jurisdiction, you should enquire after and observe such limitations.

(iii) Financial Instruments referred to on this Website are intended for use by residents of the country specified on the relevant product page as being the jurisdiction where such Financial Instruments are offered, and these Financial Instruments are not intended for or addressed to residents of any other jurisdictions. Residents of other jurisdictions may not carry out any actions based on the information on this Website. The Financial Instruments referred to on this Website are not offered to residents of the United States of America and are not otherwise available within the United States of America.

(iv) ING may update the information on this Website at any time without any obligation of prior notice, including interrupting access to the full Website or sections thereof.

II Promotional documents and offer documentation

(i) This Website may contain promotional or publicity announcements. These documents are distributed under the responsibility of the authorised distributor of the relevant Financial Instruments for the attention of all or some of its clients. Where any information on this Website refers to Financial Instruments, you should realise that this information solely concerns marketing information and that this does not constitute an offer, or invitation to make an offer, to buy or otherwise acquire, to enter into, or subscribe to, such Financial Instruments, nor is it an advice or recommendation to conclude or perform any action and is not intended or to be interpreted as such, unless explicitly stated otherwise. These documents are valid only during the offer period as listed therein. After expiration of the offer period, these documents are available on this Website only for information purposes and no new rights may be derived from these documents.

(ii) If this Website explicitly includes information regarding such an offer, or invitation to make such an offer, this Website will generally contain the relevant prospectus, Key Information Document, memorandum of information and/or other legally required offer documentation (“Offer Documentation”), containing the specific conditions of the relevant offer and the Financial Instruments, or hyperlinks to and/or other information regarding the availability of a copy of the Offer Documentation. After expiration of the offer period of the relevant Financial Instruments referred to on this Website, the relevant documents on this Website are available only for information purposes. As from that moment, these documents cannot be considered a continuous offer and no new rights can be derived from such documents.

(iii) Information relating to an individual series of Financial Instruments presented on this Website may be obtained from the relevant Offer Documentation. Exclusively the individual Offer Documentation is legally valid. Any other information that is made available on or from this Website should be read in conjunction with the relevant Offer Documentation. In the event of any discrepancies between the information on this Website and the individual Offer Documentation, such individual Offer Documentation shall be leading. The information presented on this Website does not constitute Offer Documentation, unless explicitly stated otherwise.

III Exclusion of liability

(i) ING took reasonable measures in order to guarantee the correctness and completeness of the contents of this Website. This information was compiled by ING from sources that ING deems reliable. Some of these sources are not the property of or managed by ING, and therefore ING cannot guarantee the correctness, completeness, actuality and quality of such sources, nor the availability at any given time of the data and information provided on this Website, and ING cannot accept any liability in this respect, insofar as this is permissible pursuant to the applicable laws and regulations. The opinions, statements or representations on this Website are not necessarily ING’s opinion or vision. All pricing information is indicative only and may not be presented in real-time. ING excludes any explicit or implicit guarantees, commitments or representations that this Website, including, but not limited to, the functionality available on or from this Website, will be updated; that access is uninterrupted and error-free; that issues will be resolved; or that each or any part of the contents or the material or the correctness, completeness or availability of the contents of this Website or any part of the contents or the material is suitable or available for use in any jurisdiction. If you are using this Website from any other jurisdiction, you are personally responsible for compliance with the applicable laws and regulations. ING may terminate production, maintenance or updates of this Website or any part thereof without any further or prior notice.

(ii) Insofar as this is permissible under the applicable laws and regulations, ING does not accept any liability in contract, tort, negligence, statutory duty or otherwise connected with the use of or access to this Website, including but not limited to any errors, flaws, omissions, imperfections or inaccuracies it may contain, or, if this Website is not accessible or available, any actions or lack of actions of any other party involved in the realisation or maintenance of this Website, or making details available to you on this Website, or any other issue regarding your access to or the impossibility of your access to or use of this Website (including service interruptions, removal of files, viruses, errors, flaws or any refusal to perform, communication issues, theft, destruction or unauthorised access), such irrespective of whether the circumstances giving rise to such issues fall within ING’s scope of authorisation and responsibility or not. Insofar as this is permissible under applicable laws and regulations, ING does not accept any liability for any direct or indirect economic losses (including but not limited to any loss of income, data, profit, agreements, use, opportunities, business activities or expected savings), loss in goodwill or reputation, special, additional or consequential losses, financial detriment or intangible losses, in each case incurred or due to or in connection with your use of this Website and these General Terms and Conditions, even if ING or any other party was informed of such possibility.

(iii) Access to and use of this Website is at your own risk and ING does not guarantee that the use of this Website or material downloaded from this Website could not harm any possessions, or otherwise reduces or eliminates the risks that the internet entails, such including but not limited to loss of data, infection by computer viruses, spyware, malware, Trojan horses and worms. Insofar as permissible under applicable laws and regulations, ING furthermore does not accept liability for losses or financial detriment due to changes introduced in the content of this Website by unauthorised third parties.

(iv) This Website may contain hyperlinks to other websites or sources of information (“External Information Sources”) that are not the property of ING. You are free to visit such External Information Sources at your own discretion. By visiting such External Information Sources, you agree that ING is not responsible for the availability of such External Information Sources and that such External Information Sources are not made available by the relevant provider on behalf of ING, and that ING did not conduct an evaluation, does not support and is not otherwise directly or indirectly responsible or liable (insofar as this is permissible under applicable laws and regulations) for (i) the privacy policy of such External Information Sources; (ii) the contents of such External Information Sources, including but not limited to advertisements, content, products, goods or any other material or services on or available through such External Information Sources; or (iii) the use by others of such External Information Sources; nor for any damage, loss, or offence caused by or supposedly caused by or in connection with the use of or relying on such advertisements, content, products, goods, or other material or services as are available on such External Information Sources.

(v) The above limitation or exclusion may not be applicable to you insofar as the applicable legislation does not allow such limitation or exclusion of liability for additional or consequential loss.

IV Personal data

(i) ING took all measures reasonably necessary to ensure that the personal data that you provide on this Website are treated with due care, and that such data shall be used exclusively for the purpose you have authorised. For more information, please refer to the Privacy Statement on this Website.

(ii) We herewith inform you that visiting this Website may automatically create cookies which may be temporarily stored in your computer's memory or hard disk. A cookie is a small text file that a website places on your computer in order to enable your computer to have certain information available at a later stage. Cookies serve to register information relevant to your use of this Website and may contain information regarding the settings you selected on this website and regarding your location. Cookies do not contain any personal information that others may read or understand about you, such as your name or account numbers. If you do not wish for ING to make use of cookies when visiting this Website, you can select settings in your browser to configure your computer to not accept any cookies. However, this may limit your use of this Website and certain functionalities of this Website may in that case not be available. By using this Website, you confirm that you were informed regarding this method and you grant ING permission to use the said information.

VI Intellectual property, copyrights and trademarks

(i) All and any property and intellectual property rights of this Website (in particular regarding, but not limited to copy, images, lay-out and informatics programming) which are the property of ING Bank, ING Belgium or any other entity that is part of ING Groep N.V. (“ING Group”) are herewith explicitly reserved.

(ii) The content of this Website is protected by copyrights and other intellectual property rights, which are the property of or were licensed to ING Bank, ING Belgium or any other entity that is part of ING Group.

(iii) You have a non-exclusive user license for this Website. However, no property rights or intellectual property rights are transferred to you. This license only grants you the right to access and consult the content of this Website, and to normal use of the services offered on this Website, for your personal requirements only and in accordance with these General Terms and Conditions.

(iv) Reproduction and/or re-use in any form of any component of the content of this Website without the explicit prior permission in writing of the legal holder is prohibited, except for making a copy or summary for personal, non-commercial purposes and on the condition that all copyright statements and statements in connection with other intellectual property rights included or described in these materials or on this Website are maintained.

(v) Any creation of a hyperlink to the homepage or secondary pages, files or applications of this Website, for commercial or other purposes, is permitted only after ING's explicit prior permission. Framing of the full Website or sections thereof is strictly prohibited unless ING granted prior permission in writing.

(vi) This Website contains various registered and non-registered trademarks that are the property of ING Bank, ING Belgium and/or companies that are part of ING Group. Such trademarks may, among other things, not be used as metatags on other websites. Such trademarks include, but are not limited to: the ‘ING’ logo, ‘ING Bank’, ‘ING België’, ‘ING Belgium International Finance’, ‘ING Financial Markets’, ‘ING Commercial Banking’ and ‘ING’. If you should have any doubt whether a certain expression is a trademark of ING Bank, ING Belgium and/or companies that are part of ING Group, please contact ING Bank or ING Belgium.

VII Index disclaimer

(i) Certain Financial Instruments regarding which information is provided on this Website refer to an index as a reference (“Index”). These Financial Instruments are explicitly not sponsored, endorsed, sold or promoted by the relevant Index or sponsor of the relevant Index (“Index Sponsor”). The Index Sponsor has not issued any explicit or implicit statement, guarantee or commitment regarding any results that could possibly be achieved by using the Index and/or the level at which the Index is or could be at any time at a certain date or otherwise.

(ii) The Index Sponsor is not liable (be it due to negligence or otherwise) for any errors in the calculation or publication of the Index and has no obligation to point any errors out to any party or person. The Index Sponsor has not issued any explicit or implicit statement, guarantee or commitment regarding purchasing or accepting risks regarding the relevant Financial Instruments being desirable or advisable.

(iii) Insofar as this is permissible under applicable laws and regulations, ING does not accept any liability for actions and/or omissions of the Index Sponsor in connection with the calculation, updates or maintenance of the relevant Index. ING is not affiliated with and is not in control of the Index or the Index Sponsor and does not control the calculation, composition or distribution of the Index, unless explicitly stated otherwise.

(iv) Although ING receives information regarding the Index from publicly available sources it considers reliable, the correctness, completeness and actuality of this information is not specifically checked by ING. ING does not issue any explicit or implicit statements, guarantees or commitments and does not accept any responsibility for the correctness, completeness and actuality of any information in the Index as far as applicable laws and regulations allow.

VIII Availability of this Website

(i) To the extent of its possibilities and subject to the limitations as set out in these General Terms and Conditions in the provisions above, ING makes a maximum effort to ensure 24/7 availability of this Website.

(ii) ING does not commit to providing permanent, uninterrupted and secure access to this Website. ING furthermore reserves the right to interrupt access to its Website at any time and without any prior notice in the case of risk of abuse or fraud, to carry out maintenance or to introduce changes or updates to this Website.

IX Changes to these General Terms and Conditions or information on thisWebsite

ING may change the content of this Website, including these General Terms and Conditions, at any time, and ING has no obligation to remove obsolete information from this Website or specifically mark it as obsolete. You are advised to carefully consult these General Terms and Conditions prior to each visit to this Website. ING points out that you should not presume that the content of this Website is always up-to-date or complete, and the content must also not be used as a replacement of your independent judgment. You should carefully read any publications or disclaimers placed on this Website.

X Advice and investment services / activities

(i) No investment services are provided and no investment activities are performed on this Website as referred to in the EU Directive 2014/65/EU (“MiFID”) and the implementation of MiFID in local legislation and regulations of the jurisdiction from which you are visiting this website.

(ii) The information presented on this Website is not intended for delivery of any financial, investment, legal, tax, accounting or professional advice and nothing in the pages of this Website should in any way be interpreted as an offer unless explicitly stated otherwise (see I (iv)). If you require further information or advice regarding the information on this Website or advice relating to your financial situation and investment purposes, you should consult an independent financial advisor before making an investment decision. Each investment decision must exclusively be based on the Offer Documentation.

(iii) Persons who at any time acquire or enter into Financial Instruments should do this exclusively based on their own independent judgement regarding the characteristics or suitability of the Financial Instruments for their personal investment purposes, and based only on the information as set out in the Offer Documentation, and if necessary after obtaining professional advice. The information on this Website is not targeted to any specific investor and does not form individual investment advice.

(iv) You are expected to personally check whether or not a certain investment strategy or buying or selling any Financial Instrument is appropriate for you in terms of your own knowledge and experience, investment needs, investment objectives, investment horizon and (financial) circumstances. Questions relating to the suitability of an investment for your specific situation in financial and other terms should be presented to your (financial) advisors. Certain investment strategies included on this Website and Financial Instruments may not be open to or suitable for all investors.

(v) The value of and return on Financial Instruments as set out on this Website may rise or fall, and investors may receive less than the amounts invested. The value of your investment may fluctuate. Past performance is not an indication of future results.

(vi) ING may buy, sell or hold Financial Instruments (long or short positions) that relate to or are derived from the Financial Instruments as set out in herein. This may affect the value of such Financial Instruments. Buying these Financial Instruments involves risks. Investors should duly consider all risks before investing in Financial Instruments. Information regarding the return on a Financial Instrument or underlying value is always based on past performance. However, the historical price development of a Financial Instrument or underlying value does not in any way form a basis for expected future returns or price development, or any guarantee regarding future returns or price development.

(vii) The values and prices as listed on this Website regarding a certain Financial Instruments or underlying value do not necessarily reflect the actual value or available price in the relevant market at the moment an investor intends to buy or sell a certain Financial Instrument. The values and prices as listed on this Website do not reflect the size of a transaction. This means that the size of a certain transaction may result in deviating values and prices.

(viii) The values and prices of a Financial Instrument or underlying value listed on this Website are not displayed in real-time. This means that the values and prices as listed on this Website may substantially deviate from the current values and prices of such Financial Instruments and underlying values.

(ix) The Financial Instruments described on this website are either debt instruments issued by ING Bank or ING Belgium International Finance or derivatives traded on the basis of a bilateral contract. By subscribing to such Financial Instruments, you lend money to the issuer of such Financial Instruments. In the event of bankruptcy or bad debt of the issuer (or, if applicable, of the guarantor), you run the risk of not being returned the amounts you would be entitled to and losing the principal you invested.

XI United States of America

(i) UNDER NO CIRCUMSTANCES SHALL THE INFORMATION ON THIS WEBSITE CONSTITUTE AN OFFER TO SELL OR AN SOLICITATION TO OFFER TO BUY, NOR SHALL THERE BE ANY SALE OF ANY SECURITIES AS DESCRIBED ON THIS WEBSITE SOLD IN THE UNITED STATES OF AMERICA OR ANY OTHER JURISDICTION WHERE SUCH AN OFFER OR INVITATION OR SALE WOULD BE UNLAWFUL. EXPLICITLY, SUCH SECURITIES HAVE NOT AND WILL NOT BE REGISTERED UNDER THE U.S. SECURITIES ACT OF 1933, AS AMENDED (THE SECURITIES ACT) OR THE SECURITIES LAWS OF ANY STATE OF THE UNITED STATES OF AMERICA OR ANY OTHER JURISDICTION OF THE UNITED STATES OF AMERICA, AND THE SECURITIES MAY NOT BE OFFERED OR SOLD WITHIN THE UNITED STATES OF AMERICA, OR TO, OR FOR THE ACCOUNT OR BENEFIT OF ‘US PERSONS’ (AS DEFINED IN REGULATION S OF THE SECURITIES ACT) EXCEPT PURSUANT TO AN EXEMPTION OR IF THIS IS PART OF A TRANSACTION NOT SUBJECT TO REGISTRATION REQUIREMENTS UNDER THE SECURITIES ACT AND ANY OTHER APPLICABLE STATE OR FEDERAL SECURITIES LAWS.

(ii) THE INFORMATION INCLUDED ON THIS WEBSITE MAY NOT BE FORWARDED OR DISTRIBUTED TO ANY OTHER PERSON AND MAY NOT IN ANY WAY BE REPRODUCED, AND SPECIFICALLY MAY NOT BE FORWARDED TO ANY ‘US PERSON’ (AS DEFINED IN REGULATION S OF THE SECURITIES ACT) OR TO ANY ADDRESS IN THE UNITED STATES OF AMERICA. ANY ENTIRE OR PARTIAL FORWARDING, DISTRIBUTION OR REPRODUCTION OF SUCH INFORMATION IS NOT AUTHORISED. NON-COMPLIANCE WITH THESE GUIDELINES MAY LEAD TO AN INFRINGEMENT OF THE SECURITIES ACT OR THE APPLICABLE LAWS OF OTHER JURISDICTIONS OF THE UNITED STATES OF AMERICA.

(iii) BY CLICKING ON 'TO THE WEBSITE' AND GAINING ACCESS TO THE INFORMATION ON THIS WEBSITE, YOU STATE THAT YOU ARE NOT A 'US PERSON' AND THAT YOU ARE NOT LOCATED IN THE UNITED STATES OF AMERICA, ITS TERRITORIES AND POSSESSIONS, ANY STATE OF THE UNITED STATES OF AMERICA OR THE DISTRICT OF COLUMBIA AND THAT YOU ARE AUTHORISED TO RECEIVE THE INFORMATION REFERRED TO ON THIS WEBSITE.

XII Enforceability

If any provision of these General Terms and Conditions is judged unenforceable, the unenforceability of such a provision shall not affect the validity and enforceability of the other provisions, and in such a case the provision deemed unenforceable shall be replaced by an enforceable provisions resembling the intention of the provision deemed unenforceable as closely as possible.

XIII Governing law

Any disputes in the context of ING Bank’s services relevant to these General Terms and Conditions and the use of this Website and the information displayed on this Website by ING Bank are governed by Dutch law and the competent court in Amsterdam shall have exclusive jurisdiction for the submission of any disputes ensuing from or relating to these General Terms and Conditions.

All disputes in the context of ING Belgium’s services or the products or services of ING Belgium International Finance that are related to these General Terms and Conditions and the use of this Website and the information displayed on this Website by ING Belgium or ING Belgium International Finance are governed by Belgian law, and the competent courts and courts of appeal of the Legal District of Brussels shall be competent for submission of any disputes ensuing from or relating to these, excepting in cases where provisions in legislation and regulations that are mandatory or related to public order (in particular relating to consumer disputes) refer to the competent courts.

The provisions of these General Terms and Conditions shall apply without prejudice to the applicable legal or regulatory provisions, mandatory provisions or public order provisions.

Reproduction and distribution are prohibited without ING Bank N.V.’s and ING België N.V.’s explicit prior permission in writing