Company: INGVF
Filing Date: 2025-03-18
Form Type: 424B5
Source: 0001193125-25-056511
Chunk: 23

Company: ING GROEP NV
Filing Date: 2025-03-18
Form: 424B5
Chunk 23
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 differ significantly from the SOFR Index Average
referenced herein or may apply such SOFR rates in a manner significantly different than set out herein (and the same could apply in respect of any SOFR Benchmark Replacements (as defined below), either of which may adversely affect the trading price
of these notes. Furthermore, the Issuer may in the future issue notes

S-20

referencing SOFR that differ materially in terms of interest determination when compared with any previous SOFR-referenced notes issued by it, including the notes described herein.

Additionally, the manner of adoption or application of SOFR-based rates in one market may differ materially compared with the application and
adoption of SOFR-based rates in other markets, such as the derivatives and loan markets, including the manner of adoption or application by the Issuer. Investors should carefully consider how any mismatch between the adoption of such reference rates
in the bond, loan and derivatives markets may impact any hedging or other financial arrangements which they may put in place in connection with any acquisition, holding or disposal of any notes.

The Floating Interest Rate (as defined below) on the notes is only capable of being determined immediately prior to the relevant Floating Rate
Interest Payment Date. It may be difficult for holders of the notes to estimate reliably the amount of interest which will be payable on the notes during the applicable Floating Rate Period, which could adversely impact the liquidity of the notes.
Further, if the notes become due and payable upon an Event of Default, any Floating Interest Rate payable shall be determined on the date the notes became due and payable and shall not be reset thereafter.

Uncertainty relating to the regulation of benchmarks may adversely affect the value of the notes.

SOFR and other interest rates or other types of rates and indices which are deemed to be “benchmarks” are the subject of ongoing
national and international regulatory discussions and proposals for reform. Some of these reforms are already effective, while others are still to be implemented. Following the implementation of any such reforms, the manner of administration of
benchmarks, including SOFR, may change, with the result that they may perform differently than in the past, or the benchmark could be eliminated entirely, or there could be other consequences that cannot be predicted. Any of the foregoing may have
an adverse effect on the value of the notes.

Historical levels of SOFR are not an indication of its future levels.

The Federal Reserve Bank of New York began to publish SOFR (in its current form) in April 2018 and the SO