ING announces exchange offers and consent solicitations for three tranches of senior debt securities issued by ING Verzekeringen N.V. totalling EUR 2.6 billion. Holders have the possibility to exchange into new securities issued by ING Groep N.V. and/or consent to a modification of existing terms. ING announced today that, in preparation of the planned divestments ofits insurance and investment management activities, it will launch three separate exchange offers and consent solicitations on a total of three series of senior debt securities of ING Verzekeringen N.V. with a total nominal value of EUR 2.6 billion. The objective of the transaction is to remove potential ambiguity that the planned divestments may create with regards to these securities, predominantly with regards to the substantial assets disposal clauses which may be triggered by any or more of the divestments. The transaction provides holders the possibility to either exchange into new securities issued by ING Groep N.V. with the same coupon and the same remaining maturity, or to maintain their existing investment and consent to the modification of theexisting terms (fully detailed in the Exchange Offer and Consent Solicitation Memorandum). Conclusion: We keep our Accumulate rating and € 9.00 TP.