ING GROEP NV

CAUTIONARY STATEMENT WITH RESPECT TO

FORWARD-LOOKING STATEMENTS

Certain of the statements contained herein are not historical facts, including, without limitation, certain

statements made of future expectations and other forward-looking statements that are based on

management’s current views and assumptions and involve known and unknown risks and uncertainties that

could cause actual results, performance or events to differ materially from those expressed or implied in

such statements. Actual results, performance or events may differ materially from those in such statements

due to a number of factors, including, without limitation,

•changes in general economic conditions and customer behaviour, in particular economic conditions in

ING’s core markets, including changes affecting currency exchange rates and the regional and global

economic impact of the invasion of Russia into Ukraine and related international response measures

•changes affecting interest rate levels

•any default of a major market participant and related market disruption

•changes in performance of financial markets, including in Europe and developing markets

•fiscal uncertainty in Europe and the United States

•discontinuation of or changes in ‘benchmark’ indices

•inflation and deflation in our principal markets

•changes in conditions in the credit and capital markets generally, including changes in borrower and

counterparty creditworthiness

•failures of banks falling under the scope of state compensation schemes

•non-compliance with or changes in laws and regulations, including those concerning financial services,

financial economic crimes and tax laws, and the interpretation and application thereof

•geopolitical risks, political instabilities and policies and actions of governmental and regulatory

authorities, including in connection with the invasion of Russia into Ukraine and related international

response measures

•legal and regulatory risks in certain countries with less developed legal and regulatory frameworks

•prudential supervision and regulations, including in relation to stress tests and regulatory restrictions on

dividends and distributions, (also among members of the group)

•ING’s ability to meet minimum capital and other prudential regulatory requirements

•changes in regulation of US commodities and derivatives businesses of ING and its customers

•application of bank recovery and resolution regimes, including write-down and conversion powers in

relation to our securities

•outcome of current and future litigation, enforcement proceedings, investigations or other regulatory

actions, including claims by customers or stakeholders who feel misled or treated unfairly, and other

conduct issues

•changes in tax laws and regulations and risks of non-compliance or investigation in connection with tax

laws, including FATCA

•operational and IT risks, such as system disruptions or failures, breaches of security, cyber-attacks,

human error, changes in operational practices or inadequate controls including in respect of third parties

with which we do business and including any risks as a result of incomplete, inaccurate, or otherwise

flawed outputs from the algorithms and data sets utilized in artificial intelligence

•risks and challenges related to cybercrime including the effects of cyberattacks and changes in

legislation and regulation related to cybersecurity and data privacy, including such risks and challenges

as a consequence of the use of emerging technologies, such as advanced forms of artificial intelligence

and quantum computing

•changes in general competitive factors, including ability to increase or maintain market share

•inability to protect our intellectual property and infringement claims by third parties

•inability of counterparties to meet financial obligations or ability to enforce rights against such

counterparties

•changes in credit ratings

•business, operational, regulatory, reputation, transition and other risks and challenges in connection with

climate change and Environmental, Social and Governance (ESG)-related matters, including data and

reporting

•inability to attract and retain key personnel

•future liabilities under defined benefit retirement plans

•failure to manage business risks, including in connection with use of models, use of derivatives, or

maintaining appropriate policies and guidelines

•changes in capital and credit markets, including interbank funding, as well as customer deposits, which

provide the liquidity and capital required to fund our operations, and

•the other risks and uncertainties detailed in the most recent annual report of ING Groep N.V. (including

the Risk Factors contained therein) and ING’s more recent disclosures, including press releases, which are

available on www.ing.com.

This document may contain ESG-related material that has been prepared by ING on the basis of publicly

available information, internally developed data and other third-party sources believed to be reliable. ING

has not sought to independently verify information obtained from public and third-party sources and makes

no representations or warranties as to accuracy, completeness, reasonableness or reliability of such

information.

Materiality, as used in the context of ESG, is distinct from, and should not be confused with, such term as

defined in the Market Abuse Regulation or as defined for Securities and Exchange Commission (‘SEC’)

ING Group Annual Report 2023 on Form 20-F 6

reporting purposes. Any issues identified as material for purposes of ESG in this annual report are therefore

not necessarily material as defined in the Market Abuse Regulation or for SEC reporting purposes. In

addition, there is currently no single, globally recognized set of accepted definitions in assessing whether

activities are “green” or “sustainable.” Without limiting any of the statements contained herein, we make no

representation or warranty as to whether any of our securities constitutes a green or sustainable security or

conforms to present or future investor expectations or objectives for green or sustainable investing. For

information on characteristics of a security, use of proceeds, a description of applicable project(s) and/or

any other relevant information, please reference the offering documents for such security.

This annual report contains inactive textual addresses to internet websites operated by us and third parties.

Reference to such websites is made for information purposes only, and information found at such websites

is not incorporated by reference into this annual report. ING does not make any representation or warranty

with respect to the accuracy or completeness of, or take any responsibility for, any information found at

any websites operated by third parties. ING specifically disclaims any liability with respect to any

information found at websites operated by third parties. ING cannot guarantee that websites operated by

third parties remain available following the filing of this annual report or that any information found at such

websites will not change following the filing of this annual report. Many of those factors are beyond ING’s

control.

Any forward-looking statements made by or on behalf of ING speak only as of the date they are made, and

ING assumes no obligation to publicly update or revise any forward-looking statements, whether as a result

of new information or for any other reason.

This document does not constitute an offer to sell, or a solicitation of an offer to purchase, any securities in

the United States or any other jurisdiction.

ING Group Annual Report 2023 on Form 20-F 7