Company: INGVF
Filing Date: 2025-09-04
Form Type: 424B5
Source: 0001193125-25-196042
Chunk: 153

Company: ING GROEP NV
Filing Date: 2025-09-04
Form: 424B5
Chunk 153
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, where that customer would not qualify as 
 a professional client as defined in point (10) of Article 4(1) of MiFID II.                                     |

Consequently, no key information document required by the PRIIPs Regulation for offering or selling the Securities or otherwise making them available to retail investors in the EEA has been prepared and therefore offering or selling the Securities or otherwise making them available to any retail investor in the EEA may be unlawful under the PRIIPs Regulation. This prospectus supplement has been prepared on the basis that any offer of the Securities in any Member State of the EEA will be made pursuant to an exemption under the Prospectus Regulation from the requirement to publish a prospectus for offers of the Securities. This prospectus supplement is not a prospectus for the purposes of the Prospectus Regulation. MiFID II Product Governance / Professional Investors and ECPs only target market Solely for the purposes of the manufacturer’s product approval process, the target market assessment in respect of the Securities has led to the conclusion that: (i) the target market for the Securities is eligible counterparties and professional clients only, each as defined in MiFID II; and (ii) all channels for distribution of the Securities to eligible counterparties and professional clients are appropriate. Any person subsequently offering, selling or recommending the Securities (a “distributor”) should take into consideration the manufacturer’s target market assessment; however, a distributor subject to MiFID II is responsible for undertaking its own target market assessment in respect of the Securities (by either adopting or refining the manufacturer’s target market assessment) and determining appropriate distribution channels. S-111

United Kingdom Prohibition of Sales to United Kingdom Retail Investors Each underwriter has severally represented and agreed that it has not offered, sold or otherwise made available and will not offer, sell or otherwise make available any Securities to any retail investor in the United Kingdom. For these purposes:

| (a) | the expression “retail investor” means a person who is one (or more) of the following: |

| (i) | a retail client, as defined in point (8) of Article 2 of Regulation (EU) No 2017/565 as it forms part of 
 domestic law by virtue of the EUWA; or                                                                   |

| (ii) | a customer within the meaning of the provisions of the FSMA and any rules or regulations made under the FSMA to                                                                                                                      
 implement the Directive (EU) 2016/97, where that customer