Commentary & Deal Flow

Reoffer: 2yr FRN: 3mE+38bp / 100 3yr FXD: MS+40bp / 99.913 / 3.281% 7yr FXD: MS+70bp / 99.599 / 3.691%
Benchmark: 3yr FXD: OBL 2.1 12-Apr-29 @ 98.35 / B+58.9bp / HR 102% 7yr FXD: DBR 2.3 15-Feb-33 @ 96.35 / B+79.1bp / HR 102%

2yr FRN: Final Book above €3.8bn (excl. JLM interest, pre-rec)
3yr FXD: Final Book above €2.3bn (excl. JLM interest, pre-rec). Peak book above €2.5bn.
7yr FXD: Final Book above €2.6bn (excl. JLM interest, pre-rec). Peak book above €2.8bn.

Launched:
2yr FRN: €1.25bn @ 3mE+38bp - Book above €3.8bn (excl. JLM interest, pre-rec)
3yr FXD: €1.0bn @ MS+40bp - Book above €2.5bn (excl. JLM interest, pre-rec)
7yr FXD: €1.0bn @ MS+70bp - Book above €2.8bn (excl. JLM interest, pre-rec)
Book Update: Combined books above €6.2bn (excl. JLM interest)
IPTs: 2yr FRN: 3mE+60-65bp 3yr FXD: MS+65a 7yr FXD: MS+95a

• Issuer: ING Bank N.V.
• Issuer LEI: 3TK20IVIUJ8J3ZU0QE75
• Issuer Ratings: A2 stable (Moody’s), A+ stable (S&P), AA- stable (Fitch), AA- stable (Scope)
• Exp. Issue Ratings: A2/A+/AA-/AA- (Moody’s/S&P/Fitch/Scope)
• Format: Senior unsecured, unsubordinated, Reg S bearer, New Global Note (NGN) bearer form, Category 2
• Use of proceeds: An amount equivalent to the net proceeds of the Notes will be used to finance and/or refinance, in whole or in part, a portfolio of green loans (the “Eligible Green Loan Portfolio”) in accordance with the relevant eligibility criteria (the “Eligibility Criteria”) as set out and amended from time to time under the ING global green funding framework (the “ING Global Green Funding Framework”). Pending the full allocation of an amount equal to the net proceeds of the Notes to the Eligible Green Loan Portfolio, ING will hold and/or invest the balance of net proceeds not yet allocated to the Eligible Green Loan Portfolio within a separate account of its treasury department, at its own discretion, in cash and/or other liquid instruments in its liquidity portfolio
• Settlement Date: 12-May-26 (T+5)
• Maturity:
• • 2yr FRN: 12-May-28
  • 3yr FXD: 12-May-29
  • 7yr FXD: 12-May-33
• Reoffer:
• • 2yr FRN: 3mE+38bps. Px 100
  • 3yr FXD: MS+40bps. Px 99.913. Yield: 3.281%
  • 7yr FXD: MS+70bps. Px 99.599. Yield 3.691%
• Ref Benchmark:
• • 3yr FXD: OBL 2.1 12-Apr-29 #189 +58.9bps (Px 98.35) HR: 102%
  • 7yr FXD: DBR 2.3 15-Feb-33 79.1bps (Px 96.35) HR: 102%
• Size:
• • 2yr FRN: €1.25bn
  • 3yr FXD: €1bn
  • 7yr FXD: €1bn
• ISIN:
• • 2yr FRN: XS3371718266
  • 3yr FXD: XS3371718423
  • 7yr FXD: XS3371718340
• Coupon:
• • 2yr FRN: FRN Quarterly, Actual/360, Adjusted
  • 3yr FXD: 3.250% Fixed Annual, Actual/Actual, Unadjusted
  • 7yr FXD: 3.625% Fixed Annual, Actual/Actual, Unadjusted
• Waiver of Set-Off: Not Applicable
• Clean-Up Call: Applicable; if, 75 per cent. or more in nominal amount of the Notes hitherto issued have been redeemed or purchased and cancelled
• Tax Call: Applicable, upon withholding, or a change in applicable tax treatment as specified in Condition 6(b) of the terms and conditions of the DIP the Issuer may, but shall not be obliged to, on giving not less than 15 nor more than 30 days’ notice, redeem all but not some of the Notes for the time being outstanding at an amount per Note equal to 100% of the Specified Denomination, together with interest (if any) accrued to (but excluding) the date of redemption
• Substitution and Variation: Not Applicable
• Denomination: Minimum €100,000 + €100,000
• Listing/Docs: Euronext Amsterdam, Regulated Market / Issued off the EUR 70bn Debt Issuance Programme of ING Groep N.V. and ING Bank N.V. dated 11-Mar-26, as supplemented from time to time
• Governing Law: Dutch Law
• ESG Structurer: ING
• Joint Bookrunners: Commerzbank, ING (B&D), J.P. Morgan, Mizuho, Societe Generale and UniCredit
• Target Market: MiFID II / UK MiFIR professionals/ECPs-only/No PRIIPs KID – Manufacturer target market (MIFID II / UK MiFIR product governance) is eligible counterparties and professional clients only (all distribution channels). No EU PRIIPs key information document (KID) or UK PRIIPs KID / CCI product summary 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
• Timing:
• • 2yr FRN: TOE: 15:54 CET. FTT: 16:15 CET
  • 3yr FXD: TOE: 15:52 CET. FTT: 16:15 CET
  • 7yr FXD: TOE: 15:54 CET. FTT: 16:15 CET
• Advertisement: Base Prospectus dated 11-Mar-26, as supplemented and as available on https://ing.com/investors/fixed-income-information/debt-securities-ing-bank-nv/senior-bonds and Final Terms, when available on https://ing.com/investors/fixed-income-information/debt-securities-ing-bank-nv/senior-bonds