9 August 2012 BELGIAN LION NV/SA. acting through its Compartment Belgian Lion SME I. as the Issuer. and STICHTING SECURITY AGENT BELGIAN LION

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1 9 August 2012 BELGIAN LION NV/SA I nstitutionele VBS naar Belgisch recht / S.L C. institutionnelle de droit beige acting through its Compartment Belgian Lion SME I as the Issuer and STICHTING SECURITY AGENT BELGIAN LION as the Security Agent and ING BELGIUM NV/SA as the Seller, the Servicer, the GIC Provider, the Swap Counterparty, the Liquidity Facility Provider, the Domiciliary Agent, the Arranger, the Listing Agent, the Corporate Services Provider and the Accounting Services Provider and ING BANK N.V. as the Administrator, the Manager and the Calculation Agent and STICHTING HOLDING BELGIAN LION STERLING CONSULT BVBA as the Issuer Directors and STERLING CONSULT BVBA Johan DEJANS Dirk Peter STOLP as the Stichting Holding Belgian Lion Directors and AMSTERDAMSCH TRUSTEE'S KANTOOR B.V. as the Security Agent Director TERMINATION AND RELEASE AGREEMENT of the Belgian Lion SME I Unwind Transaction

2 TABLE OF CONTENTS 1. Definitions Termination of the Termination Documents Acknowledgement and Discharge of Obligations under the Termination Documents. 4. Release of Security Waiver of Notice Requirement Further Assurance Final Payments Costs and Expenses Representations and Warranties o. Authorisations Corporate Obligations Entire Agreement Counterparts No Amendment or Waiver Severability. 16. Governing Law and Jurisdiction SCHEDULE The Termination Documents SCHEDULE Amounts Schedule Other Agreements

3 THIS TERMINATION AND RELEASE AGREEMENT (the Agreement) is made on 9 August 2012, BETWEEN: (1) BELGIAN LION NV/SA, an institutionele vennootschap voor belegging in schuldvorderingen naar Belgisch recht / societe d'investissement en creances institutionnelle de droit beige (an institutional company for investment in receivables), incorporated under Belgian law and with its registered office at Louizalaan 486, 1050 Brussels, Belgium, registered with the Crossroads Bank for Enterprises under number (LPR Brussels) (the Issuing Company), acting through its Compartment Belgian Lion SME I (the Issuer, which term where the context permits shall include its successors and permitted assigns); (2) ING BELGIUM NV/SA, a public limited liability company (naamloze vennootschap I societe anonyme) organised under Belgian law, with its registered office at Marnixlaan 24, 1000 Brussels, Belgium, registered with the Crossroads Bank for Enterprises under number (LPR Brussels) (the Seller, the Servicer, the GIC Provider, the Swap Counter party, the Liquidity Facility Provider, the Domiciliary Agent, the Arranger, the Listing Agent, the Accounting Services Provider and the Corporate Services Provider, which terms where the context permits shall include its successors and permitted assigns); (3) ING BANK N.V., organised as public limited liability company (naamloze vennootschap) under Dutch law with its registered office at Bijlmerplein 888, 1102 MG Amsterdam Zuidoost, The Netherlands, registered at the Chamber of Commerce of Amsterdam under no (the Administrator, the Manager and the Calculation Agent, which terms where the context permits shall include its successors and permitted assigns); (4) STICHTING SECURITY AGENT BELGIAN LION, organised as a foundation (stichting) under the laws of the Netherlands, with its registered office at Olympic Plaza, Fred Roeskestraat 123, 1076 EE Amsterdam, the Netherlands, registered with the Commercial Register of the Trade Register in Amsterdam under number (the Security Agent, which term where the context permits shall include its successors and permitted assigns); (5) STICHTING HOLDING BELGIAN LION organised as a private foundation (private stichtinglfondation privee) under Belgian law, with its registered office at Louizalaan 486, 1050 Brussels, Belgium, registered with the Crossroads Bank for Enterprises under number (LPR Brussels) (Stichting Holding Belgian Lion, which term where the context permits shall include its successor and permitted assigns); (6) STERLING CONSULT, organised as private limited liability company (besloten vennootschap met beperkte aansprakelijkheidlsociete privee a responsabilite limitee) under Belgian law, with its registered office at 2020 Antwerp, Camille Huysmanslaan 91, Belgium, registered with the Crossroads Bank for Enterprises under number (LPR Antwerp) (Sterling Consult, which term where the context permits shall include its successor and permitted assigns, and together with Stichting Holding Belgian Lion, the Issuer Directors and each an Issuer Director, which terms where the context permits shall include its successor and permitted assigns); (7) Johan DEJANS, living at 12, 58, Rue de la Victoire, L-8047 Strassen, Luxembourg, register number , holder of a Belgian Passport with number EG624228; (8) Dirk Peter STOLP, living at 1181 PK Amstelveen, Meester Sixlaan 32, the Netherlands, with

4 bis-register number (together with 10han Dejans and Sterling Consult, each a Stichting Holding Belgian Lion Director, which term where the context permits shall include its successor and permitted assigns); and (9) AMSTERDAMSCH TRUSTEE'S KANTOOR B.V., organised as a company with limited liability (besloten vennootschap) under the laws of the Netherlands, having its seat in Amsterdam, with its registered office at 1076 EE Amsterdam, the Netherlands, Fred. Roeskestraat 123-1, and registered with the Commercial Register of the Trade Register in Amsterdam under number (the Security Agent Director, which terms where the context permits shall include its successor and permitted assigns). The parties to this Agreement are hereinafter collectively referred to as the Parties and individually as a Party. WHEREAS: (A) (B) (C) (D) The Parties have entered into the documents listed in Schedule 1 (the Termination Documents) to which they are expressed to be a party in connection with the purchase, from time to time, by the Issuer of certain SME Loans and all Loan Security and Additional Security in relation to such SME Loans, from the Seller. The Issuer has financed through the issue of the Notes the purchase of the Portfolio of SME Loans. As a result of this financing, the Issuer owes certain amounts to the Noteholders. The Issuer has agreed to sell on the Effective Date all SME Loans, Loan Security and Additional Security transferred to it pursuant to the SME Loans Sale Agreement and that it still owns to the Seller pursuant to a repurchase agreement dated 9 August 2012 (the SME Loan Repurchase Agreement). The funds raised from the sale by the Issuer to the Seller, together with the funds standing to the Issuer Accounts, will be used to repay the outstanding amounts owed by the Issuer to the Secured Parties. Following the repayment of the Secured Parties, each of the Parties hereto acknowledges that the Termination Documents will be terminated in all respects on the Effective Date in accordance with the terms of this Agreement. WHEREBY IT IS AGREED as follows: 1. DEFINITIONS 1.1. Capitalised terms not otherwise defined in this Agreement have the meanings given to those terms in the master definitions agreement in relation to SME Loans made between inter alios, the Issuer and the Seller dated 30 I uly 2010, as it may have been, or may from time to time be, amended, restated, supplemented or otherwise modified (the Master Definitions Agreement); provided, however that if an expression is defined both in the Master Definitions Agreement and this Agreement, the definition set out in this Agreement shall prevail In this Agreement and the recitals hereto, except insofar the context requires otherwise: Effective Date means 10 August TERMINATION OF THE TERMINATION DOCUMENTS 2.1. Each Party hereby agrees that on, and with effect from, the Effective Date: (a) each of the Termination Documents and other ancillary documents shall be terminated in its entirety without further notice (notwithstanding any provision to the contrary in 2

5 any Termination Document or ancillary document) and shall cease to have any force and effect in accordance with the terms of this Agreement; (b) (c) (d) each of the Parties shall be fully and finally discharged from any and all of its respective obligations under the Termination Documents save for those obligations under the Termination Documents which are expressed to survive termination; no Party shall have any further right or claim under the Termination Documents unless such right or claim is in respect of an obligation expressed to survive termination; and the appointment of any attorney under any of the Termination Documents and ancillary documents shall be revoked, subject to (i) the payment of the Amounts referred to in Clause 8.1 and (ii) the release of security pursuant to Clause 4 of this Agreement The Parties agree that any provision of any Termination Document which is expressed to survive the termination of such Termination Document shall survive the termination thereof (including, without limitation, any indemnity obligation thereunder). 3. ACKNOWLEDGEMENT AND DISCHARGE OF OBLIGATIONS UNDER THE TERMINATION DOCUMENTS Each Secured Party acknowledges by its execution of this Agreement and represents and warrants to each other and to the Security Agent on the Effective Date that, subject to the payment of the Amounts referred to in Clause 8.1, all of the Secured Amounts owed to it have been unconditionally and irrevocably discharged or paid in full. The confirmation in this Clause 3 together with proof of payment of the Amounts referred to in Clause 8.1, shall constitute proof of the irrevocable and unconditional full and final discharge of all such Secured Amounts. 4. RELEASE OF SECURITY With effect on and from the Effective Date, each of the Parties acknowledges and agrees with the other Parties that the Issuer hereby requests pursuant to Clause 5 (Release of Security) of the Pledge Agreement, and the Security Agent hereby agrees, that, automatically upon the Effective Date and without any further action by the Security Agent, the Collateral (not yet released in accordance with the terms of the SME Loan Repurchase Agreement) is hereby released, reassigned and discharged (as appropriate) subject to the payment of the Amounts referred to in Clause WAIVER OF NOTICE REQUIREMENT Each of the Parties agrees with the other Parties that the requirement to provide notice in advance of the termination of any of the Termination Documents is hereby waived and that no liability whatsoever will arise in respect of any Party that fails to provide such notice as required pursuant to the provisions of the Termination Documents. 6. FURTHER ASSURANCE Upon and after completion of this Agreement, each of the Parties agrees with each of the other Parties that it shall do and execute all other necessary acts, agreements, documents and pass such resolutions as may be reasonably required for giving effect to the terms of this 3

6 Agreement. In particular, the Issuer (thereby assisted by ING Belgium) shall take all necessary steps to terminate the agreements set out in Schedule FINAL PAYMENTS Each of the Parties agrees that all amounts which are or will be due and payable to it under and in connection with the Termination Documents and this Agreement up to and including the Effective Date (the Amounts) are set out in Schedule 2 (Amounts) to this Agreement. Each of the Parties agrees with the other Parties that the Amounts will be paid in full directly on or before the Effective Date. The Parties agree that payment of the Amounts in full shall discharge fully and finally any obligation of the relevant party to pay such amounts. 8. COSTS AND EXPENSES 8.1. Any cost or expense incurred by any Party in relation to: (a) (b) (c) the release of any Security Interest created pursuant to any Termination Document; or the ongoing maintenance of the Issuer and, if appropriate, for the solvent liquidation of the Issuer (including, any senior expenses in relation to the operations of the Belgian Lion SME I Transaction, owed to third parties other than the Parties to this Agreement that would only fall due and payable following the Effective Date); or any other action undertaken at the request of the Issuer, the Seller and/or the Security Agent, shall be borne by the Seller in accordance with Clause 8.2 below. All costs and expenses shall be on a full indemnity and after tax basis The Issuer shall maintain, until its liquidation, at least one account opened with ING Belgium. Any sums standing to the credit of any account of the Issuer on any date following the Effective Date shall be controlled and monitored as a reserve against costs and expenses incurred in connection with the termination of the Transaction, and any other costs and expenses referred to in Clause 8.1 above (the Reserve Amount) and all costs and expenses shall, in the first instance, be paid out of the Reserve Amount and, following the reduction of the Reserve Amount to nil, shall thereafter be paid directly by the Seller. Any surplus Reserve Amount left outstanding following payment of all costs and expenses contemplated under this Clause 8 shall be paid to the Seller The Seller agrees to indemnify and keep indemnified the Security Agent on an after tax basis, from and against all losses, actions, claims, costs (including legal and travelling costs on a full indemnity basis), expenses (including insurance premium), demands and liabilities whether in contract, tort or otherwise now or hereafter sustained or otherwise incurred by the Security Agent or by any person for whose liability, act or omission the Security Agent may be answerable, in connection with anything done or omitted to be done under or pursuant to this Agreement or under or pursuant to any Termination Document, or in consequence of any payment in respect of the Secured Amounts (whether made by the Issuer or a third person) being declared void or impeached for whatever reason whatsoever save where the same is caused by or otherwise results from the gross negligence, wilful default, breach of fiduciary duty or fraud of the Security Agent. 4

7 9. REPRESENTATIONS AND WARRANTIES Each of the Parties represents and warrants to each of the other Parties on the Effective Date that: (a) Capacity and authorisation: the execution, delivery and performance by it of this Agreement and any other documents to be delivered by it hereunder (i) are within its corporate powers, (ii) have been duly authorised by all necessary corporate action, (iii) do not contravene (a) its articles of association, (b) any law, rule or regulation applicable to it, (c) any contractual restriction binding on or affecting it or its property (unless such contravention would not have a material adverse effect) or (d) any order, writ, judgement, award, injunction or decree binding on or affecting it or its property; (b) Consents: there are no consents, approvals, authorisations, orders, notifications, registrations, filings or other formalities required by it from any governmental or other regulatory agencies in connection with the execution, delivery or performance by it of its obligations under this Agreement; (c) Legal validity: neither (i) the execution and delivery of this Agreement, (ii) the performance of the transactions therein contemplated, nor (iii) the compliance with the terms and provisions thereof will conflict with, violate or breach its constitutional documents or any law, order, decree or governmental or administrative regulation of general application and binding on it; (d) Arm's length transaction: this Agreement has been entered into by it in good faith for its own benefit and on arm's length commercial terms. 10. AUTHORISATIONS Each of the Secured Parties hereby: (a) (b) authorises, directs, requests and empowers the Security Agent to enter into this Agreement and to concur and to execute and do all such other Agreements, instruments, acts and things as may be necessary or appropriate or desirable in the sole opinion of the Security Agent to carry out and give effect to and to implement the measures referred to in this Agreement; and discharges and exonerates the Security Agent from all liability from which it may have become or may become liable under this Agreement in respect of any act or omission in connection herewith. 11. CORPORATE OBLIGATIONS No recourse under any obligation, covenant or agreement of any person contained in this Agreement shall be had against any shareholder, officer or director of the Issuer as such, by the enforcement of any assessment or by any legal proceeding, by virtue of any statute or otherwise; it being expressly agreed and understood that this Agreement is a corporate obligation of each moral person expressed to be a party hereto and no personal liability shall attach to or be incurred by the shareholders, officers, agents or directors of such person as such, or any of them, under or by reason of any of the obligations, covenants or agreements of such person contained in this Agreement, or implied therefrom, and that any and all personal liability for breaches by such person of any of such obligations, covenants or agreements, either under any applicable law or by statute or constitution, of every such shareholder, 5

8 officer, agent or director is hereby expressly waived by each moral person expressed to be a party hereto as a condition of and consideration for the execution of this Agreement. 12. ENTIRE AGREEMENT This Agreement and the Schedules together constitute the entire agreement and understanding between the Parties in relation to the subject matter of this Agreement and cancel and replace any other agreement or understanding in relation to such subject matter. 13. COUNTERP ARTS This Agreement may be executed in any number of counterparts, and by each party on separate counterparts. Each counterpart is an original, but all counterparts shall together constitute one and the same instrument. Delivery of a counterpart of this Agreement by attachment or telecopy shall be an effective mode of delivery. 14. NO AMENDMENT OR WAIVER No amendment or waiver of any provision of this Agreement nor consent to any departure by any of the parties there from shall in any event be effective unless the same shall be in writing and signed by each of the parties hereto. In the case of a waiver or consent, such waiver or consent shall be effective only in the specific instance and as against the party or parties giving it for the specific purpose for which it is given. 15. SEVERABILITY Where any provision in or obligation under this Agreement shall be invalid, illegal or unenforceable in any jurisdiction, the validity, legality and enforceability of the remaining provisions or obligations under this Agreement, or of such provision or obligation in any other jurisdiction, shall not be affected or impaired thereby. 16. GOVERNING LAW AND JURISDICTION This Agreement shall be governed by, and construed in accordance with, Belgian law For the benefit of the other parties hereto, each party to this Agreement irrevocably agrees that the courts of Brussels are to have jurisdiction to settle any dispute (including claims for set-off and counterclaims) which may arise in connection with the validity, effect, interpretation or performance of, or the legal relationships established by, this Agreement or otherwise in connection with this Agreement and for such purposes irrevocably submits to the jurisdiction of such courts All parties irrevocably waive any objections to the jurisdiction of any court referred to in this clause All parties agree that a judgment or order of any court referred to in this clause in connection with this Agreement is conclusive and binding on it and may be entered against it in the courts of any other jurisdiction. This Termination and Release Agreement has been executed in ten (10) originals on the day and year first before written and each party acknowledges receipt of one signed original. 6 (the signing page/allows immediately hereafter)

9 Belgian Lion NV /SA Institutionele V.B.S. naar Belgisch recht / S.Le. institutionnelle de droit beige acting through it Compartment Belgian Lion SME I as Issuer Special proxyholder Stichting Security Agent Belgian Lion as Security Agent Francis us lohannes Husken Special proxyholder Stichting Holding Belgian Lion as Issuer Director Special proxyholder Dirk Peter STOLP. n Lion Director

10 Johan DEJANS 10hannes Husken Amsterdamsch Trus Franciscus ohannes Husken Special proxyholder as Issuer Director at Ion Director represen tive, represented by Franciscus 10hannes Husken (permanent representative) Manager 8

11 ING Belgium NV/SA unterparty, Liquidity Facility Provider, Domiciliary Agent, Listing Agent, GIC te Servicer Provider and Accounting Services Provider Igor Nicolaes Special proxyholder Igor Nicolaes Special proxyholder 9

12 SCHEDULE 1 THE TERMINATION DOCUMENTS Administration Agreement entered into on 30 July 2010 between inter alios the Seller, the Administrator, the Issuer and the Security Agent relating to, inter alia, the provision by the Administrator of certain administrative services to the Issuer; Domiciliary Agency Agreement entered into on 30 July 2010, between the Issuer, the Security Agent, the Calculation Agent and the Domiciliary Agent pursuant to which the Domiciliary Agent will act as domiciliary agent in respect of the Notes, provide certain payment services in respect of the Notes on behalf of the Issuer and pursuant to which the Calculation Agent will provide interest rate determination services to the Issuer; GIC Agreement entered into on 30 July 2010, between, inter alios, the GIC Provider, the Administrator and the Issuer pursuant to which the Issuer Accounts will be opened; Liquidity Facility Agreement dated 30 July 2010, between the Issuer, the Liquidity Facility Provider, the Administrator and the Security Agent and any extension or renewal thereof; Master Definitions Agreement entered into on 30 July 2010, between inter alios the Issuer, the Seller and the Security Agent; Parallel Debt Agreement entered into on 30 July 2010 by the Issuer, the Security Agent and the Secured Parties substantially in the agreed form as the same may be amended, restated, supplemented or otherwise modified from time to time; Pledge Agreement entered into on 30 July 2010 between the Issuer, and the other Secured Parties pursuant to which the Issuer will pledge the Collateral; Servicing Agreement entered into on 30 July 2010, between, inter alios, the Issuer, the Servicer and the Security Agent, relating to, inter alia, the provision by the Servicer of servicing the Loans for the Issuer; SME Loan Sale Agreement entered into on 30 July 2010 between inter alios the Seller and the Issuer and relating to the Portfolio; Subscription Agreement entered into on 30 July 2010 between the Issuer and the Manager relating to the subscription and issue of the Notes; Swap Agreement being the 1992 ISDA Master Agreement (Multi-Currency Cross Border) entered into on 30 July 2010 between the Issuer, the Security Agent and the Swap Counterparty, together with the Schedule and the Credit Support Annex thereto and the Confirmation entered into thereunder.

13 SCHEDULE 2 AMOUNTS Nil

14 SCHEDULE 3 OTHER AGREEMENTS Clearing Agreement entered into on 30 July 2010 between the Issuer, the Domiciliary Agent and the National Bank of Belgium, whereunder the National Bank of Belgium undertakes, inter alia, to act as securities clearing institution in relation to the Notes; Deposit Agreement entered into by the Seller, the Issuer, the Security Agent and notary public Vincent Berquin, associated notary, member of the civil company constituted under the form of a cooperative company with limited liability "Berquin, Notaries", having its seat at 1000 Brussels, Avenue Lloyd George 11, registered with the Crossroads Bank for Enterprises under number (LPR Brussels), as the same may be amended, restated, supplemented or otherwise modified from time to time. 12