Commentary & Deal Flow

Reoffer: 2yr: 3mE+55bp / 100 3yr: MS+55bp / 99.892 / 3.914% 6NC5: MS+100bp / 99.528 / 4.357%
Benchmark: 3yr: OBL 2.5 10-Nov-29 @ 98.43 / B+84.7bp HR 101% 6NC5: OBL 2.9 10-Aug-31 @ 98.99 / B+123.7bp HR 98%

Tranche 1 (2yr): Final book at €3.2bn (incl. JLM interest). Reference Benchmark: No hedges
Tranche 2 (3yr): Final book at €2.8bn (incl. JLM interest). Peak book €3.0bn (excl. JLM interest).
Tranche 3 (6NC5): Final book at €5.8bn (incl. JLM interest). Peak book €6.0bn (excl. JLM interest).

Launched:
2yr: €1.25bn @ 3mE+55bp - Book €2.9bn (excl. JLM interest)
3yr: €1.25bn @ MS+55bp - Book €3.0bn (excl. JLM interest)
6NC5: €1bn @ MS+100bp - Book €6.0bn (excl. JLM interest)
Spread set at:
2yr: 3mE+55bp# - Book €2.6bn excl. JLM interest (Size exp. €1bn)
3yr: MS+55bp# - Book €2.7bn excl. JLM interest (Size exp. €1bn)
6NC5: MS+100bp# - Book €5.5bn excl. JLM interest (Size exp. €1bn)
Book Update: Combined books above €7bn (excl. JLM interest)
IPTs: 2yr: 3mE+80a 3yr: MS+80/85bp 6NC5: MS+130/135bp

• Terms: 2Y OpCo FRN / 3Y OpCo FXD / 6NC5 HoldCo FXD-to-FRN
• Issuer:
  • 2-year FRN: ING Bank N.V.
  • 3-year FXD: ING Bank N.V.
  • 6NC5 FXD-to-FRN: ING Groep N.V.
• Issuer LEI:
  • 2-year FRN: 3TK20IVIUJ8J3ZU0QE75
  • 3-year FXD: 3TK20IVIUJ8J3ZU0QE75
  • 6NC5 FXD-to-FRN: 549300NYKK9MWM7GGW15
• Issuer Ratings:
  • 2-year FRN: A2 stable (Moody's), A+ stable (S&P), AA stable (Fitch), AA- stable (Scope)
  • 3-year FXD: A2 stable (Moody's), A+ stable (S&P), AA stable (Fitch), AA- stable (Scope)
  • 6NC5 FXD-to-FRN: A- stable (S&P), A+ stable (Fitch), AA- stable (Scope)
• Exp. Issue Ratings:
  • 2-year FRN: A2 (Moody's), A+ (S&P), AA (Fitch), AA- (Scope)
  • 3-year FXD: A2 (Moody's), A+ (S&P), AA (Fitch), AA- (Scope)
  • 6NC5 FXD-to-FRN: Baa1 (Moody's), A- (S&P), A+ (Fitch), A+ (Scope)
• Format: Senior unsecured, unsubordinated, Reg S bearer, New Global Note (NGN) bearer form, Category 2
• Use of Proceeds: General Corporate Purposes
• Settlement Date: 09-Nov-26 (T+5)
• Maturity:
  • 2-year FRN: 09-Nov-28
  • 3-year FXD: 09-Nov-29
  • 6NC5 FXD-to-FRN: 09-Nov-32
• Call Date:
  • 2-year FRN: Not Applicable
  • 3-year FXD: Not Applicable
  • 6NC5 FXD-to-FRN: 09-Nov-31
• Reoffer:
  • 2-year FRN: 3mE+55bp. Px 100%
  • 3-year FXD: MS+55bp. Px. 99.892%. Yield 3.914%
  • 6NC5 FXD-to-FRN: MS+100bp. Px 99.528%. Yield 4.357%
• Size:
  • 2-year FRN: €1.25bn
  • 3-year FXD: €1.25bn
  • 6NC5 FXD-to-FRN: €1bn
• Ref. Benchmark:
  • 3-year FXD: OBL 2.5 10-Nov-29 +84.7bp (Px 98.43%) HR 101%
  • 6NC5 FXD-to-FRN: OBL 2.9 10-Aug-31 +123.7bp (px 98.99%) HR 98%
• ISIN:
  • 2-year FRN: XS3560980214
  • 3-year FXD: XS3560980487
  • 6NC5 FXD-to-FRN: XS3560980727
• Coupon:
  • 2-year FRN: Floating Rate 3-month Euribor +55bp (Margin), per annum, payable quarterly in arrear; Actual/360
  • 3-year FXD: 3.875%, per annum, payable annually in arrear; Actual/Actual (ICMA)
  • 6NC5 FXD-to-FRN: From Issue Date to Optional Redemption Date, 4.25% p.a. annually in arrear Actual/Actual (ICMA); thereafter 3-month Euribor +100bp p.a. quarterly in arrear Actual/360
• Waiver of Set-Off:
  • 2-year FRN: Not Applicable
  • 3-year FXD: Not Applicable
  • 6NC5 FXD-to-FRN: Applicable
• Optional redemption:
  • 2-year FRN: Not Applicable
  • 3-year FXD: Not Applicable
  • 6NC5 FXD-to-FRN: Issuer may redeem at 100% on the Optional Redemption Date, subject to prior permission by the resolution authority
• Early redemption:
  • 2-year FRN: Not Applicable
  • 3-year FXD: Not Applicable
  • 6NC5 FXD-to-FRN: Loss Absorption Disqualification Event, subject to prior permission, at par plus accrued interest
• Clean-Up Call: Applicable if 75%+ of Notes redeemed/purchased and cancelled
• Tax Call: Applicable upon withholding or change in tax treatment
• Substitution and Variation:
  • 2-year FRN: Not Applicable
  • 3-year FXD: Not Applicable
  • 6NC5 FXD-to-FRN: Applicable
• Denomination: €100,000 + €100,000
• Listing/Docs: Euronext Amsterdam, Regulated Market / Issued off the €70bn Debt Issuance Programme of ING Groep N.V. and ING Bank N.V. dated 11-Mar-26
• Governing Law: Dutch Law
• Joint Bookrunners: Barclays, Credit Agricole Corporate and Investment Bank, ING (B&D), RBCCM, Santander, UBS
• Fees: The banks will be paid a fee by the Issuer in connection to the transaction
• Timing: TOE: 16.36 CET. FTT: 17.15 CET