Commentary & Deal Flow

Final Book: Above €2.6bn (incl. €275m JLM interest). Peak book above €2.7bn (incl. €260m JLM interest).

Launched: 5yr: €1.5bn @ MS+25bp - Books above €2.7bn (incl. €260m JLM interest)
Spread set at: 5yr: MS+25bp - Books above €2.1bn (incl. €260m JLM)
Book Update: Books above €1.6bn (incl. €260m JLM interest)
Guidance: 5yr: MS+30a

• Issuer: ING Bank N.V.
• Issuer Legal Entity Identifier (LEI): 3TK20IVIUJ8J3ZU0QE75
• Guarantor: ING Covered Bond Company B.V.
• Issue Ratings: Aaa/AAA/AAA (Moody's/S&P/Fitch)
• Status: Dutch Legislative Covered Bonds
• EU Harmonisation Label: European Covered Bond (Premium)
• Size: €1.5bn
• Reference Gilt: DBR 0 15-Feb-31, HR 110%
• Hedge Deadline: 13.15 CET
• Settlement Date: 08-Apr-26 (T+5)
• Maturity Date: 08-Apr-31 - 5yr soft bullet
• Extended Maturity Date: 08-Apr-32
• Coupon: Fixed Annual
• Coupon during Extended Maturity: 1 month Euribor + [■] bp, per annum, monthly in arrear, from 08-Apr-31 until 08-Apr-32
• Day Count Fraction until the Maturity Date: Actual/actual (ICMA)
• Business Day Convention until the Maturity Date: Following Business Day Convention, unadjusted
• Day Count Fraction during Extended Maturity: Actual/360
• Business Day Convention during Extended Maturity: Modified Following Business Day Convention, adjusted
• Business Day Centre: T2
• Denomination: €100k + €100k
• Listing: Euronext Amsterdam
• Governing Law: Dutch Law
• Joint Lead Managers: ING (B&D), Barclays, Commerzbank, DZ BANK, Erste Group, HSBC, Natixis, Raiffeisen Bank International
• Documentation: Issued off the ING Bank N.V. €30bn Hard and Soft Bullet Covered Bonds Programme dated 11-Mar-26
• Security Format: New Global Note (NGN) bearer form, RegS, Tefra D
• Target market: Manufacturer target market (MIFID II/UK MiFIR product governance) is eligible counterparties and professional clients only (all distribution channels). No EU PRIIPs or UK PRIIPs key information document (KID) has been prepared as not available to retail in EEA or in the UK
• Fees: The banks will be paid a fee by the Issuer in connection to the transaction
• Schedule: Books open, today's business
• Advertisement: This Term Sheet is an advertisement for the purposes of Regulation (EU) 2017/1129 (the “Prospectus Regulation”) and underlying legislation. It is not a prospectus or final terms for the purposes of the Prospectus Regulation or the Prospectus Rules: Admission to Trading on a Regulated Market (PRM) sourcebook. The Prospectus consisting of the securities note dated 11-Mar-26 and the registration document of ING Bank N.V. dated 11-Mar-26 is available at https://ing.com/investors/fixed-income-information/debt-securities-ing-bank-nv/hard-and-soft-bullet-covered-bonds and the Final Terms, when published, will be available on the same website and the website of the Euronext Amsterdam