Promotional Document
ING Belgium International Finance
(Luxembourg)
6Y EUR Strategy Performance
Notes 02/18
The product offered is a
debt instrument issued
by ING Belgium
International Finance and
guaranteed by ING
Belgium.
When subscribing to this
product you are lending
to the Issuer who
undertakes to pay
coupons on the Coupon
Payment Dates. At the
End Maturity of the
Notes the Issuer also
undertakes to repay you
100% of their nominal
value. In the event of
bankruptcy or default by
the Issuer and/or the
Guarantor, you might
not receive the amounts
to which you would have
been entitled and could
lose the capital invested.
This instrument is for
investors with sufficient
experience to understand
the product parameters
and with sufficient
knowledge to assess,
based on their financial
situation, the advantages
and risks inherent in an
investment in this
complex instrument, in
particular knowledge of
the underlying and
interest rates.
WWW.ING.BE
The ING Belgium International Finance (Luxembourg) 6Y EUR Strategy Performance
Notes 02/18 (in short ING 6Y EUR Strategy Performance Notes 02/18) are for
investors looking for an investment:
 in the long term (6 years)
which gives right to a 100% redemption of the capital by the Issuer at End
Maturity, except in the event of bankruptcy or default by the Issuer and/or the
Guarantor
 which offers the possibility of benefiting from a gross annual coupon of at least
1.25%1 and at most 6.75%1 which will depend on the average performance of a
basket of 20 equi-weighted and internationally allocated shares (in Europe,
North America and Asia)
Description of the coupon fixing mechanism
Each year a gross coupon will be paid according to the
performance (in percentage) of a basket of shares, with
a minimum of 1.25%1 and a maximum of 6.75%1.
The performance of the basket will equal the arithmetical
mean of the trend of its component shares. The
performance of the basket, i.e. its average performance,
determines the rate of the gross coupon paid out.
The return of each share is calculated by comparing its
closing price three business days before the Payment
Date of the relevant coupon with its starting price. For
each share, the starting price retained will correspond
to its closing price on the Payment Date. The positive
performance of each share is capped at 6.75%1 and the
negative performance is limited to -20%.
Real
equity
performance
Performance
booked to
calculate the
average
performance of
the basket
65%
6.75%
30%
6.75%
4%
4%
0%
0%
-5%
-5%
-25%
-20%
By way of an example if the starting level of one of the shares in the basket corresponds to
100 and its closing price three business days before a Coupon Payment Date is 115, the
15% performance will be limited to 6.75%1. If, conversely, the closing price of such share
three business days before a Coupon Payment Date is 60, the negative performance of
-40% will be limited to -20%.
The gross actuarial return is at least 0.90%1 and at most 6.30%1 in the event the investor
holds on to the Note until End Maturity and taking into account the issue price (i.e. 102%),
any coupons possibly paid out and a redemption price at End Maturity of 100%.
1
The coupon amounts shown in this document are gross amounts before the deduction of any taxes and duties (see
"Taxation" below).
ING 6Y EUR Strategy Performance Notes 02/18
The basket of shares is made up as follows:
Name
Stock market
Sector
ISIN code
ABBOTT LABORATORIES
New York
Health
US0028241000
AMGEN INC
New York
Health
US0311621009
BAYER AG
Frankfurt
Health
The shares in the basket were selected mainly on
the basis of the following criteria:
DE000BAY0017
BRITISH AMERICAN TOBACCO PLC
London
Consumer staples
COCA-COLA CO/THE
New York
Consumer staples
US1912161007
DIAGEO PLC
London
Consumer staples
GB0002374006
Health
US4781601046
KONINKLIJKE AHOLD
Amsterdam
Consumer staples
NL0006033250
KONINKLIJKE KPN NV
Amsterdam
Telecom
NL0000009082
KRAFT FOODS INC
New York
Consumer staples
US50075N1046
METRO AG
Frankfurt
Consumer staples
DE0007257503
NESTLE SA -REGISTERED
Zurich
Consumer staples
CH0038863350
Health
DK0060102614
Telecom
JP3165650007
Health
CH0012032048
TELEFONICA S.A.
Madrid
Telecom
ES0178430E18
TELENOR ASA
Oslo
Telecom
NO0010063308
TELIASONERA AB
Stockholm
Telecom
SE0000667925
VERIZON COMMUNICATIONS INC
New York
Telecom
US92343V1044
VODAFONE GROUP PLC
London
Telecom
GB00B16GWD56
JOHNSON & JOHNSON
New York
NOVO NORDISK A/S-B
Copenhagen
NTT DOCOMO INC
Tokyo
ROCHE HOLDING AG
Zurich
In line with ING Belgium's investment strategy, the
basket is made up of defensive shares from the
Health, Consumer Staples and Telecom sectors.
The aforementioned sectors are considered as
defensive in ING's current strategy given their low
cyclical nature. This means that they could be less
aversely affected by an economic slowdown.
GB0002875804

sectoral and geographic diversification

high dividends

and/or major stock exchange capitalisations

at least two thirds of the stock analysts who
monitor such shares at the various financial
institutions have given a positive or neutral
opinion about such shares.
ING Belgium considers that the current price
of such shares incorporates any unfavourable
information and that such shares could, therefore, be
undervalued. Such undervaluation can offer a higher
growth potential. Conversely, other parameters,
such as correlation, which influence the selection
of the basket of shares can limit the potential
return of the investment.
Investors can enquire at any branch of ING in
Belgium for further information about the shares
in the basket. ING 6Y EUR Strategy Performance Notes 02/18
Examples showing how the coupon is calculated
The figures below are purely hypothetical and serve
only to inform investors about the calculation method
of the gross annual coupons on the basis of different
scenarios. The actual realisation of any of these scenarios
in the future cannot be guaranteed.
Best-case scenario
Baseline scenario
Worst-case scenario
Let us say that three business
days before a Coupon Payment
Date, the closing price of each
share in the basket has risen
more than 10% against its
starting level. As the positive
trend of each share is capped at
6.75%, the average performance
of the basket will correspond to
6.75%.
Let us say that three business
days before a Coupon Payment
Date, the price of some shares
has risen against their starting
level and that the average
performance of the basket is
4%.
Let us say that three business
days before a Coupon Payment
Date, the price of each share has
dropped against its starting level.
As the negative trend for each
share is limited to -20%, the
average performance of the
basket will therefore be negative
but limited nonetheless limited
to -20%.
A gross coupon of 6.75% will
be paid out for the relevant
period.
A gross coupon of 4% will be
paid out for the relevant
period.
Whatever
the
negative
performance of the basket,
a gross coupon of 1.25% will
be paid out for the relevant
period.
Risk class specific to ING Belgium SA/nv
ING Belgium SA/nv determines the risk class of a
Structured Note by analysing the trend of its price in
different market scenarios. Such analysis is based on
the historical observations of market parameters
(including volatility) which determine the price. The
greater the historical price volatility, the higher the
risk category. We differentiate between a total of
seven risk classes, ranging from 0 (lowest risk) to 6
(highest risk).
The ING 6Y EUR Strategy Performance Notes 02/18 are in the risk class 2:
0–1–2–3–4–5–6
This model does not take into account certain major
types of risk, such as the credit and liquidity risks
inherent in ING Belgium SA/nv, or the market risk in
the event of divestment before the End Maturity of
the Note.
ING Belgium SA/nv will communicate all the regularly
updated information relating to the ING 6Y EUR
Strategy Performance Notes 02/18 - including any
major change to the risk profile as well as the value of
the product - to investors via its website (www.ing.be).
In a later stage, it is possible that ING Belgium SA/nv
will use other communication channels to correctly
inform investors.
ING 6Y EUR Strategy Performance Notes 02/18
More information
Please read the technical data on the last page.
Risks
Several types of risks are inherent in this Note:
 Share price trends
The value of the Notes is correlated to changes in the
price of the underlying shares which constitute the
basket. A drop in their price could lead to a drop in the
price of the Notes. A rise in share prices could impact
positively on their value of the Notes. At End Maturity,
even if the value of the shares drops, the Notes will be
redeemed at 100% of their nominal value (except in the
case of bankruptcy or default by the Issuer and/or the
Guarantor).
 Market interest rate trends
The value of the Notes is correlated to market interest
rate fluctuations. In case of resale before End Maturity, a
rise in interest rates can impact negatively on the market
price of the Notes and a drop in market interest rates can
impact positively on the value of the Notes.
 Issuer/Guarantor
Investors are exposed to the Issuer's and/or the
Guarantor's risk of insolvency (bankruptcy or default),
which may result in the partial or total loss of the capital
initially invested as well as any coupons due but unpaid
(see “Rating” below: Technical data).
 Currencies
The Notes are issued in euros. This presents certain
exchange rate risks if an investor's financial activities
occur mainly in a currency other than the euro.
 Liquidity
Despite the listing of the Notes on the Luxembourg stock
exchange and daily fixing of an indicative price, the
market may not be very liquid. In addition, on the
secondary market it will only be possible to sell the Notes
once a week. Furthermore, if an investor sells his/her
Notes on the secondary market, the amount received
may be lower than the issue price (capital loss risk).
General risks:
Before subscribing to the Notes, any potential investor
should read the Prospectus, and in particular the "Risk
Factors" section (Chapter 1 of the Base Prospectus) and
its summary.
Prospectus
The Base Prospectus relating to the EUR 10,000,000,000
Issuance Programme of the Issuer was approved by
Luxembourg's Financial Sector Supervisory Commission
(Commission de Surveillance du Secteur Financier) on
5 July 2011.
The Prospectus consists of the Base Prospectus as well as
the Final Terms of the ING 6Y EUR Strategy Performance
Notes 02/18 of 30 December 2011.
The Prospectus is available only in English, with the
exception of the summary of the Base Prospectus, which
is also available in French. These documents can be
consulted at the website www.ing.be, under the
headings "Investments" and then " In the spotlight".
A copy is available, free of charge, from any ING branch
in Belgium or simply by calling 02 +32 464 60 04.
ING 6Y EUR Strategy Performance Notes 02/18
Disclaimer
This Promotional Document is produced and distributed by ING Belgium SA/nv. Therefore it is not and should not be
interpreted as a recommendation to subscribe, or advice or recommendation to conclude any transaction.
Moreover this Promotional Document is communicated or made available by ING Belgium SA/nv to some or all of its
customers and is not based on an examination of the individual situation of a particular customer. Customers must
decide whether the financial instrument to which this Promotional Document relates is appropriate in view of their
situation. This Promotional Document is intended for the use of the original recipient and must not be reproduced,
redistributed or passed on to any other person or published, in whole or in part. The financial instruments concerned
will not be registered pursuant to the United States Securities Act of 1933, as amended, and cannot be offered or
sold in the United States, nor to American citizens, even outside the United States, nor to Green Card holders.
To subscribe or for more information:
- call 02 464 60 64
- surf to www.ing.be
- go to an ING branch.
ING 6Y EUR Strategy Performance Notes 02/18
ING 6Y EUR Strategy Performance Notes 02/18 technical data
Issuer
ING Belgium International Finance SA, 52 route d’Esch, L-2965 Luxembourg.
Guarantor and Distributor
ING Belgium SA/nv, 24, avenue Marnix, B-1000 Brussels.
Guarantor’s current rating
Standard and Poor’s: A+ (Stable); Moody’s: Aa3 (Negative) and Fitch: A+ (Stable)
Ratings are given for purely information purposes and are not recommendations to buy,
sell or keep securities of the Issuer. Rating agencies can suspend, change or withdraw
them at any time. Rating notices can be viewed on the following website
www.ing.com/our-company/investor-relations/ratings.htm.
Nominal amount
Subscription period
Denominations/nominal value
Issue price
A minimum of EUR 5,000,000
From 2 January 2012 to 27 January 2012 unless closed early.
EUR 100/100%
102% of the nominal value
Payment date
6 February 2012
End maturity
15 February 2018
Gross coupon
Each year a gross coupon will be paid according to the performance (in percentage) of a
basket of shares, with a minimum of 1.25% and a maximum of 6.75% (see above).
Coupon Payment Dates
15 February 2013, 17 February 2014, 16 February 2015, 15 February 2016, 15 February
2017 and 15 February 2018
Repayment
at End Maturity
The Notes will be redeemed at 100% of their nominal value at End Maturity, except in
the case of bankruptcy or default by the Issuer and/or the Guarantor.
Form
Delivery solely on a securities portfolio with a financial institution. Custody in an account
with ING Belgium SA/nv is free. Please enquire with other financial institutions about
the safe-custody fees they apply.
Listing and Secondary Market
Quotation of the Notes on the Luxembourg stock exchange has been requested. Any
sale of the Notes before End Maturity will be conducted at the market price (see "Risks"
below). Investors may obtain an indicative price for the Notes from their financial
intermediary throughout their lifetime. Every three months ING Belgium SA/nv will
communicate the market value of the product via the Internet (www.ing.be > Retail >
Investments > Practical information > Net asset values and rates). As a market maker
ING Belgium SA/nv ensures a certain level of liquidity by offering purchase prices. Under
normal trading conditions, the spread - i.e. the difference between the buying price and
the selling price on the secondary market - applicable in the case of a resale of securities
before the End Maturity will be in keeping with market conditions (approximately 1%).
Furthermore, brokerage charges of a maximum of 0.50% will be applied to the
established price.
Securities code
ISIN: XS0717614795
Taxation
Income from the Notes collected by private individuals residing in Belgium for tax
purposes is liable to Belgian withholding tax, currently 21%. In the event of a sale on the
secondary market, the amount of securities income must be indicated in your personal
income tax return. Furthermore the stock market tax (TOB) will be levied currently it is
0.09% (maximum €650). In the case of private individuals residing in a Member State of
the European Union other than Belgium, the income from this Note will come under the
current scope of the Savings Directive. Belgium will transmit information about the
“interest payments” of this Note to the relevant Member State. The Chapter 1
"Taxation" section of the Base Prospectus describes the taxation system more
extensively.
Fees
The Issuer pays the Distributor a placement fee of 2% included in the Issue Price. A fee
for structuring and distributing the securities of a maximum of 1% on an annual basis is
also included in the Issue Price.
ING Belgium SA/nv – Bank – avenue Marnix 24, B-1000 Brussels – Brussels RPM/RPR – VAT: BE 0403.200.393 – BIC: BBRUBEBB – IBAN: BE45 3109 1560 2789.
Publisher: Philippe Wallez – cours Saint-Michel 60, B-1040 Brussels – 704615E – 12/11 – © Editing Team & Graphic Studio - Marketing ING Belgium.