MAS IMPOSES COMPOSITION AMOUNT OF $600 ON ING GROEP N.V. FOR FAILING TO NOTIFY THE SINGAPORE EXCHANGE SECURITIES TRADING LIMITED ["SGX-ST"] AND THE TRUSTEE OF ASCENDAS REAL ESTATE INVESTMENT TRUST OF CHANGE IN SUBSTANTIAL UNITHOLDINGS WITHIN STIPULATED TIMEFRAME

1       On 23 February 2010, ING Groep N.V. ["ING Groep"] paid a composition amount of $600 for contravening sections 137A and 137B of the Securities and Futures Act ["SFA"] which require substantial unitholders of listed real estate investment trusts ["REIT"] to notify the securities exchange and the trustee of the REIT, respectively, of a change in shareholdings.

2       ING Groep was late in notifying SGX-ST of its deemed unitholding change in Ascendas Real Estate Investment Trust ["Ascendas REIT"] which took place on 19 November 2009. ING Groep was also late in notifying the trustee of Ascendas REIT of its deemed unitholding change.  As a result, Ascendas REIT was unable to disseminate the information to the market as required under Rule 704(3) of the SGX Listing Manual.

3       ING Groep was previously warned by the Authority in November 2009 for contraventions of sections 137A and 137B of the SFA.

Substantial shareholders are required to notify the securities exchange of changes in their shareholdings in a timely manner. This is necessary for the proper functioning of a fair, efficient and transparent market.