ING 1Q2023 Financial Targets Update

Hyperinflation accounting in Turkey Application of IAS 29 to consolidation of ING Turkey We applied IAS 29 ('Financial Reporting in Hyperinflationary Economies') to the consolidation of our subsidiary in Turkey, effective as of 1 January 2022, as cumulative inflation in Turkey over the last three years has exceeded 100% ■ The application of IAS 29 resulted in a negative accounting impact on ING Group's net result in 1Q2023 of €-68 mln, reflecting the adjustments for changes in the general purchasing power of the Turkish lira Resilient net profit and shareholders' distribution has not been affected as the total quarterly P&L impact of €68 mln was treated as a significant item not linked to the normal course of business, in line with ING's distribution policy Impact on results (in € mln) 4Q2022 1Q2023 Profit or loss Net interest income Total income 14 1 Net fee and commission income Investment income 1 0 0 0 Other income -32 -70 -17 -69 Expenses excl. regulatory costs 9 4 Regulatory costs 0 Operating expenses 9 4 Gross result -26 -73 Addition to loan loss provisions 1 0 Result before tax -27 -73 Taxation 7 -6 Net result -34 -68 19

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