Company: INGVF
Filing Date: 2025-09-04
Form Type: 424B5
Source: 0001193125-25-196042
Chunk: 51

Company: ING GROEP NV
Filing Date: 2025-09-04
Form: 424B5
Chunk 51
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 the Securities, in whole but not in part, so that the substituted securities are, or that the Securities remain, Compliant Securities. Any substitution or variation of the Securities is
subject to the provisions described under “Description of the Securities — Conditions to Redemption, Substitution, Variation and Purchase”.

While Compliant Securities are required to have terms not materially less favorable to holders of the Securities than the terms of the
relevant securities (as the Issuer reasonably determines), any such substitution or variation could adversely affect the interests of any particular holder or beneficial owner. In addition, the tax and stamp duty consequences of holding such
substituted or varied Securities could be different for some categories of holders or beneficial owners of Securities from the tax and stamp duty consequences for them of holding the Securities prior to such substitution or variation.

The Competent Authority may have discretion as to whether or not it will approve any substitution or variation of the Securities. Any such
substitution or variation which is considered by the Competent Authority to be material may be treated by it as the issuance of a new instrument. Therefore, the Securities, as so substituted or varied, must be eligible to qualify as Additional Tier
1 Capital, in accordance with the Capital Regulations (as defined herein) at the relevant time. This may include a requirement that (save in certain prescribed circumstances) the Securities may not be redeemed or repurchased prior to five years
after the effective date of such substitution or variation. Any such substitution or variation may therefore result in an extension of the effective maturity date of such Securities, requiring holders of Securities to hold the Securities longer than
anticipated at the time of issuance.

Holders or beneficial owners of the Securities may suffer tax consequences upon substitution or variation of terms following a Regulatory Event, Tax Event or Alignment Event

If upon the occurrence of a Regulatory Event,
Tax Event or Alignment Event, the Issuer determines to substitute all of the Securities for, or (where applicable) varies the terms of such Securities so that they remain or, as appropriate, become, Compliant Securities, such substitution or
variation in terms might be treated for a holder’s or beneficial owner’s local income tax purposes as a deemed disposition of such Securities by such holder or beneficial owner in exchange for new Securities. There is a risk that as a
result of this deemed disposition, a holder or beneficial owner could be required to recognize taxable gain or loss for these purposes, and such holders or beneficial owners could potentially be subject to other adverse tax consequences.

The Dutch corporate income tax and withholding tax treatment might