Company: INGVF
Filing Date: 2025-03-20
Form Type: 424B5
Source: 0001193125-25-058308
Chunk: 53

Company: ING GROEP NV
Filing Date: 2025-03-20
Form: 424B5
Chunk 53
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 Taxation” in the accompanying prospectus. Based on their expected pricing terms, the notes are expected to be issued without original issue discount for U.S. federal income tax purposes.

Substitution and Variation of Notes

As
described above in the section entitled “Description of Notes — Substitution and Variation”, if a Loss Absorption Disqualification Event has occurred and is continuing, then the Issuer may substitute or vary the terms of the notes.
Depending on the circumstances, any such substitution or variation might be treated for U.S. federal income tax purposes as a taxable deemed or actual disposition of notes in exchange for new notes. As a result of this deemed or actual disposition,
a beneficial owner of notes could be required to recognize gain or loss for U.S. federal income tax purposes equal to the difference, if any, between the issue price of the new notes (as determined for U.S. federal income tax purposes), and the
beneficial owner’s tax basis in the notes and could be subject to certain other adverse tax consequences. Prospective purchasers should consult their tax advisers concerning the U.S. federal income tax consequences to them of any such
substitution or variation with respect to the notes.

S-41

DUTCH TAX CONSIDERATIONS

It is the opinion of PricewaterhouseCoopers Belastingadviseurs N.V. that the notes should be treated as debt for Dutch income tax purposes.

The section entitled “Taxation — Material Tax Consequences of Owning Our Debt Securities — Netherlands Taxation” in
the accompanying prospectus is hereby superseded and replaced in its entirety with the following:

This section provides a general summary
of the material Dutch tax issues and consequences of acquiring, holding, substitution, variation, redeeming and/or disposing of the debt securities. This summary provides general information only and is restricted to the matters of Dutch taxation
stated herein. The information given below is neither intended as tax advice nor purports to describe all of the tax considerations that may be relevant to a prospective purchaser of the debt securities.

The prospective purchaser should consult his or her own tax advisor regarding Dutch tax consequences of acquiring, holding, substitution,
variation, redeeming and/or disposing of the debt securities.

This summary is based on the tax legislation, published case law, and other
regulations in The Netherlands in force as of the date of this prospectus, without prejudice to any amendments introduced at a later date and implemented with or without retroactive effect.

This summary does not describe the potential consequences for holders of the