Commentary & Deal Flow

Launched: 5yr: €1bn @ MS+16bp - Books above €2.4bn (incl. €205m JLM interest) pre-rec
Guidance: 5yr: MS+22a

• Issuer: ING-DiBa AG
• LEI: 3KXUNHVVQFIJN6RHLO76
• Issue Rating: Aaa (Moody's)
• Type: Mortgage Covered Bond / Hypothekenpfandbrief
• EU Harmonisation Label: European Covered Bond (Premium)
• Format/Selling restrictions: Reg S / Bearer / TEFRA D and as otherwise set out in the Base Prospectus
• Tranche Name: EUR Green 5Y Fixed
• Spread: MS+16bp
• Size: €1bn
• Settlement: 01-Sep-26 (T+5)
• Maturity: 01-Sep-31 (Soft Bullet)
• Business Day Convention: Following Business Day Convention, unadjusted
• Coupon: [•]%, per annum, annually in arrear. Actual/Actual (ICMA). T2.
• Docs: Issued off the ING-DiBa €20bn Debt Issuance Programme dated 13-May-26
• Use of Proceeds: The Issuer will apply an amount equivalent to the net proceeds from the offer of the Pfandbriefe specifically for financing and/or re-financing of specified green projects and activities in accordance with certain prescribed eligibility criteria as further described in ING’s Global Green Funding Framework
• Denoms: €100k+100k
• Listing/Law: Frankfurt Stock Exchange, Regulated Market / German Law
• Bookrunners: BayernLB, Credit Agricole CIB, Helaba, HSBC, ING (B&D), Nordea and UniCredit
• Target Market: MiFID II professionals/ECPs-only/No EU PRIIPs KID or UK PRIIPs KID or UK CCI product summary – Manufacturer target market (MIFID II product governance) is eligible counterparties and professional clients only (all distribution channels). No EU PRIIPs key information document (KID) or UK PRIIPs KID or UK CCI product summary has been prepared as not available to retail in EEA and the UK
• Fees: The banks will be paid a fee by the Issuer in connection to the transaction
• ISIN: DE000A2YNWH6
• Timing: Books open. Today's business
• Books Subject: 11.50 CET / 10.50 UKT
• Advertisement: Issued off the ING-DiBa €20bn Debt Issuance Programme dated 13-May-26, as supplemented from time to time and as available on https://www.ing.de/ueber-uns/unternehmen/investor-relations/investor-relations-en/#funding (English Link) and Final Terms, when available on https://www.ing.de/ueber-uns/unternehmen/investor-relations/investor-relations-en/#funding (English Link) or on https://www.ing.de/ueber-uns/unternehmen/investor-relations/#funding (German Link)
• Stabilisation: FCA/ICMA stabilisation