Company: INGVF
Filing Date: 2025-09-04
Form Type: 424B5
Source: 0001193125-25-196042
Chunk: 35

Company: ING GROEP NV
Filing Date: 2025-09-04
Form: 424B5
Chunk 35
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 same could reasonably be expected to prejudice the qualification of the Securities
as Additional Tier 1 Capital, the relevant fallback provisions may not operate as intended at the relevant time. Any such consequences may adversely affect the value of, and return on, the Securities.

S-33

The market continues to develop in relation to risk free rates (including overnight rates such as SOFR).

Investors should be aware that the market continues to develop in relation to risk free rates, such as SOFR
as a reference rate in the capital markets for U.S. dollar, and their adoption as alternatives to the relevant interbank offered rates. The market or a significant part thereof may adopt risk free rates that are significantly different or may
apply such risk free rates in a manner significantly different than as set out herein (and the same could apply in respect of any Successor Rate or Alternative Rate (if and as applicable)), either of which may adversely affect the trading price of
the Securities.

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

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 Securities.

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

The publication of SOFR (in its current form) began in April 2018 and it therefore has a limited history. The future performance
of SOFR may therefore be difficult to predict based on the limited historical performance. The level of SOFR during the term of the Securities 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.

The Securities may be subject to Conversion following the occurrence of a Trigger Event, in which case the Securities will be converted into ordinary shares and upon the occurrence of such an