On April 29, 2014, we revised the outlooks on ING Bank N.V. and ING Groep N.V. (ING) to negative from stable following a review of the potential for extraordinary government support within European bank ratings. Following the above rating action, we revised the outlook on the core operating entities of NN Group N.V. (NN Group), ING's insurance subgroup, to developing from stable, and affirmed the 'A' ratings on those entities. We are unlikely to take an upward rating action on ING Life Japan following the insulation of NN Group from ING, but would lower the ratings if we lower the ratings on core operating entities of NN Group. We are therefore revising the outlook on ING Life Japan to negative
