ING 1Q2023 Financial Targets Update

Withholding tax mechanics Withholding tax mechanics ■ Cash dividend payments in the Netherlands are subject to 15% dividend withholding tax ■ Additional distributions in the form of a share buyback are subject to 17.65% withholding tax, however exempted if the cash dividend paid in the calendar year is in excess of a company specific hurdle ■ The hurdle is calculated by taking the average cash dividend paid in the last 7 calendar years (-/- the minimum and maximum amount), corrected for annual inflation If the cash dividend in a calendar year is less than the hurdle, withholding tax on a share buyback will need to be paid on the difference between the hurdle and the amount of cash dividend paid ■ The tax authorities will assess the implications of the distributions at the end of each calendar year and will not impose withholding tax on a share buyback during the year Implications For ING, the hurdle in 2023 is €~2.8 bln ■ Following the cash dividend payments of €0.3 bln in January 2023 and €1.4 bln in May 2023, the remaining amount to reach the hurdle is €~1.1 bln ■ An interim dividend for 2023 is expected to be paid in August 2023 25

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