Ban on Net Short Positions on Financial Stocks in Belgium, France, Italy and Spain

The regulators of Belgium, France, Italy and Spain have announced a net short position ban in respect of the stocks of financial institutions of Belgium, France, Italy and Spain. No transaction may be effected which creates or increases a net short position in the relevant financial stocks as well as in, indices or baskets which contain the relevant financial stocks.

Covered short sales and short derivative transactions, such as short Sprinters and/or short ING Turbos in relation to the relevant financial stocks, are allowed only to the extent they hedge long positions in such financial stock. This means that any Sprinter and/or ING Turbo transaction is permissible provided that the actual or synthetic position in the relevant stocks remains positive or neutral.