Company: INGVF
Filing Date: 2025-09-04
Form Type: 424B5
Source: 0001193125-25-196042
Chunk: 34

Company: ING GROEP NV
Filing Date: 2025-09-04
Form: 424B5
Chunk 34
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 Alternative Rate (as applicable) (including with the application of an Adjustment Spread) may result in the Securities performing
differently (which may include payment of a lower interest rate) than they would if the Original Reference Rate were to continue to apply in its current form. Furthermore, the composition and characteristics of the Successor Rate or Alternative Rate
(as applicable) may not be the same as those of the Original Reference Rate. Each of the foregoing means that a Benchmark Event may adversely affect the value of the Securities, the return on the Securities and the price at which investors can sell
such Securities. If the Issuer is unable to appoint an Independent Adviser, the Issuer, acting in good faith, may still determine (i) a Successor Rate or Alternative Rate (as applicable) and (ii) in each case, an Adjustment Spread, and/or
any other amendments to the terms of the Securities (including, without limitations, any Benchmark Amendments without consultation with an Independent Adviser. Where, for the purposes of determining any Successor Rate, Alternative Rate or Adjustment
Spread and/or any other amendments to the terms of the Securities (including, without limitations, any Benchmark Amendments) (as the case may be), the Issuer will act in good faith as an expert and take into account any relevant and applicable
market precedents and customary market usage as well as any published guidance from relevant associations involved in the establishment of market standards and/or protocols in the international debt capital markets, any such determinations by the
Issuer may lead to a conflict of interests of the Issuer and the holders including with respect to certain determinations and judgments that the Issuer may make that may influence the amount receivable under the Securities. As a result, investors in
the Securities may receive less interest than expected.

If the Issuer is unable to appoint an Independent Adviser, the Independent
Adviser fails to determine a Successor Rate or Alternative Rate (as applicable) for the life of the Securities, or the Issuer fails to determine a Successor Rate or Alternative Rate (as applicable) without consultation with an Independent Adviser,
the initial Interest Rate, or the Interest Rate applicable as at the last preceding Reset Determination Date before the occurrence of the Benchmark Event, will continue to apply. This will result in the Securities, in effect, becoming fixed rate
Securities. Furthermore, if the Issuer determines it is not able to follow the prescribed steps or if and to the extent that, in the determination of the Issuer, the