Company: INGVF
Filing Date: 2025-09-04
Form Type: 424B5
Source: 0001193125-25-196042
Chunk: 135

Company: ING GROEP NV
Filing Date: 2025-09-04
Form: 424B5
Chunk 135
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 dividends received from other U.S. corporations.

Dividends will generally be income from sources outside the United States and will generally be “passive” income for purposes of
computing the foreign tax credit allowable to you. However, if (a) we are 50% or more owned, by vote or value, by United States persons (a “United States-owned foreign corporation”) and (b) at least 10% of our earnings
and profits are attributable to sources within the United States, then for foreign tax credit purposes, a portion of our dividends would be treated as derived from sources within the United States. With respect to any dividend paid for any taxable
year, the United States source ratio of our dividends for foreign tax credit purposes would be equal to the portion of our earnings and profits from sources within the United States for such taxable year, divided by the total amount of our earnings
and profits for such taxable year. There can be no assurances that we are not, or will not become, a United States-owned foreign corporation. If a portion of dividends we pay are characterized as from sources within the United States as a result of
these rules, this could adversely affect a U.S. holder’s foreign tax credit limitation (and, depending on your circumstances, may limit your ability to credit any Dutch withholding tax on dividends against your U.S. federal income tax
liability). The rules governing foreign tax credits are complex, and U.S. holders should consult their tax advisers regarding the creditability of foreign taxes in a U.S. holder’s particular circumstances.

If any Dutch tax is withheld from a payment or distribution with respect to the Securities or Conversion Shares, the U.S. federal income tax
consequences to you as a result of such withholding are described in the accompanying prospectus under “Taxation — Material Tax Consequences of Owning American Depositary Shares — U.S. Taxation — U.S. Holders —
Distributions.”

Substitution and Variation of the Securities and Conversion of the Securities into Conversion Shares. You generally will not recognize any gain or loss in respect of the receipt of the Conversion Shares upon a Conversion or upon the substitution or variation of the terms of the Securities. Your tax basis of the Conversion
Shares received or of the substituted or modified Securities, as applicable, will equal the tax basis of the Securities converted, or being substituted or modified, and the holding period of such Conversion Shares or Securities will generally
include the period during which the Securities were held prior to such Conversion or such substitution or variation