Commentary & Deal Flow

Interest Payment Dates:

Fixed Rate Period: interest will be payable semi-annually in arrear on 23 March and 23 September of each year, commencing on 23 September, 2026 and ending on the Call Date.

Floating Rate Period: interest will be payable quarterly in arrear on 23 March, 23 June, 23 September and 23 December, commencing on 23 June, 2031 and ending on the Maturity Date.

Quarterly in arrears on 23 March, 23 June, 23 September and 23 December of each year, commencing on 23 June, 2026 and ending (and including) on the Maturity Date.

Fixed Rate Period: interest will be payable semi-annually in arrear on 23 March and 23 September of each year, commencing on 23 September, 2026 and ending on the Call Date.

Floating Rate Period: interest will be payable quarterly in arrear on 23 March, 23 June, 23 September and 23 December, commencing on 23 June, 2036 and ending on the Maturity Date.

Benchmark Treasury:

T 3 1/2 02/28/31

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T 4 1/8 02/15/36

CUSIP:

456837BU6

456837BW2

456837BV4

ISIN:

US456837BU63

US456837BW20

US456837BV47

Listing:

New York Stock Exchange

Dutch Bail-in Acknowledgement:

Applicable

Events Of Default:

No acceleration under any circumstance other than in an event of bankruptcy or, in certain circumstances, liquidation

Governing Law:

New York law, except for the waiver of set-off provisions, which will be governed by Dutch law

Special Event Redemption:

Anytime upon the occurrence of certain tax events or ineligibility for purposes of certain loss absorption regulations, subject to prior permission of the competent authority, if so required

Business Days:

Any weekday, other than one on which banking institutions are authorized or obligated by law or executive order to close in London, England, Amsterdam, the Netherlands or in the City of New York, United States

Clean-Up Call:

Applicable, at 75%

Substitution and Variation:

Anytime at the option of the Issuer and without consent of noteholders upon the occurrence of ineligibility for purposes of certain loss absorption regulations

Day Count Fraction:

30 / 360 during the Fixed Rate Period

Actual / 360 during the Floating Rate Period

Actual / 360

30 / 360 during the Fixed Rate Period

Actual / 360 during the Floating Rate Period

Bookrunners:

BMO Capital Markets / BofA Securities / Citigroup / ING / J.P. Morgan / Scotiabank / Wells Fargo Securities

B&D:

J.P. Morgan

Use of Proceeds:

General Corporate Purposes

Sales into Canada:

Yes, via exemption

Prohibition of Sales to each Retail Investor:

No PRIIPs or UK PRIIPs key information document (KID) has been prepared as not available to retail in the EEA or the United Kingdom.