Commentary & Deal Flow

Book Update: Books above £320m (excl. JLM) pre-rec
Spread set at: 2yr: SONIA+85bp - IOIs > £300m (incl £10m JLM interest)

• Issuer: ING Bank N.V.
• Issuer LEI: 3TK20IVIUJ8J3ZU0QE75
• Issuer Ratings: A2/A+/AA/AA- (Moody's/S&P/Fitch/Scope)
• Exp. Issue Ratings: A2/A+/AA/AA- (Moody's/S&P/Fitch/Scope)
• Rating Split: Issuer: A2/A+/AA/AA- (Moody's/S&P/Fitch/Scope), Issue: 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: General Corporate Purposes
• Settlement Date: 09-Nov-26 (T+4)
• Tranche: 2yr FRN
• Maturity: 09-Nov-28
• Spread: SONIA+85bp
• Size: Expected £300m
• Coupon: 9 February, 9 May, 9 August, 9 November, in each year, commencing on 09-Feb-27, up to and including the Maturity Date, adjusted in accordance with the Business Day Convention
• Waiver of Set-off: Not applicable
• Early redemption: Not applicable
• Clean-Up Call: Applicable, the Issuer may at any time, 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, if, prior to the date of such notice, 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: £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
• Joint Bookrunners: BBVA, BMO Capital Markets, ING, Lloyds, NatWest, Nomura, Wells Fargo Securities
• Target Market: MiFID II / UK MiFIR professionals / ECPs-only - 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 disclosure document required by the FCA Product Disclosure Sourcebook (DISC) has been prepared as not available to retail in the EEA or in the UK
• Fees: The banks will be paid a fee by the Issuer in connection to the transaction
• Timing: Books open, Today's business
• Books Subject Deadline: 1.30pm CET
• Advertisement: Base Prospectus dated 11-Mar-26, as supplemented and as available on https://ing.com/investors/fixed-income-information/debt-securities-ing-groep-nv/senior-bonds and Final Terms, when available on https://ing.com/investors/fixed-income-information/debt-securities-ing-groep-nv/senior-bonds