Company: INGVF
Filing Date: 2025-03-18
Form Type: 424B5
Source: 0001193125-25-056511
Chunk: 24

Company: ING GROEP NV
Filing Date: 2025-03-18
Form: 424B5
Chunk 24
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FR Index in March 2020, and has
published modeled, pre-publication estimates of SOFR going back to 2014. Such pre-publication estimates inherently involve assumptions, estimates and approximations. The
future performance of SOFR may therefore be difficult to predict based on the limited historical or hypothetical performance data and trends. The level of SOFR during the term of the notes may bear little or no relation to the historical level of
SOFR. Prior observed patterns, if any, in the behavior of market variables and their relation to SOFR such as correlations, may change in the future. Investors should therefore not rely on any historical changes or trends in SOFR as an indicator of
the future performance of SOFR. Since the initial publication of SOFR, daily changes in the rate have, on occasion, been more volatile than daily changes in other benchmark or market rates. As a result, the return on and value of SOFR-based notes
may fluctuate more than floating rate debt securities that are linked to less volatile rates.

The administrator of SOFR may make changes that could change the value of SOFR or may discontinue SOFR

The Federal Reserve Bank of New York (or a successor), as
administrator of SOFR, may make methodological or other changes that could change the value of SOFR, including changes related to the method by which SOFR is calculated, eligibility criteria applicable to the transactions used to calculate SOFR, or
timing related to the publication of SOFR (which may include withdrawing, suspending or discontinuing the calculation or dissemination of SOFR).

S-21

The administrator has no obligation to consider the interests of holders of the notes when
calculating, adjusting, converting, revising or discontinuing SOFR. Such changes, alterations, discontinuation or suspension could, among other things, have the effect of reducing, increasing or otherwise affecting the volatility of the published
rate or level of the relevant SOFR Benchmark which could have a material adverse effect on the trading price of and return on notes referencing such SOFR Benchmark (including potential rates of interest thereon).

Interest on the notes during the Floating Rate Period will be calculated using a SOFR Benchmark Replacement if a Benchmark Event occurs.

The relevant administrator may alter, discontinue or suspend calculation or dissemination of SOFR, in which case a fallback
method of determining the Floating Interest Rate on the notes will apply. If a SOFR Benchmark Event (which, amongst other events, includes the permanent discontinuation of the SOFR Benchmark or