Company: INGVF
Filing Date: 2025-03-18
Form Type: 424B5
Source: 0001193125-25-056511
Chunk: 19

Company: ING GROEP NV
Filing Date: 2025-03-18
Form: 424B5
Chunk 19
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 them of holding the notes prior to such substitution or variation.

The competent authority and/or resolution authority, as appropriate, may have discretion as to whether or not it will approve any substitution
or variation of the notes. Any such substitution or variation which is considered by the competent authority and/or resolution authority to be material may be treated by it as the issuance of a new instrument. Therefore, the notes, as so substituted
or varied, must be eligible to qualify as minimum requirements for own funds and eligible liabilities and/or loss absorbing capacity instruments, as applicable, in accordance with the then prevailing Loss Absorption Regulations (as defined below),
as applicable to the Issuer and/or the Regulatory Group (as defined below) at the relevant time.

Holders of certain types of notes may suffer tax consequences upon substitution or variation of terms following a Loss Absorption Disqualification Event

If
following the occurrence of a Loss Absorption Disqualification Event, the Issuer determines to substitute all of the notes of a series for, or (where applicable) varies the terms of such notes so that they remain or, as appropriate, become,
Compliant Notes, such substitution or variation in terms might be treated for a holder’s local income tax purposes as a deemed disposition of such notes by such holder in exchange for new notes. There is a risk that as a result of this deemed
disposition, a holder could be required to recognize capital gain or loss for income tax purposes equal to the difference, if any, between the issue price of the new notes and the holder’s tax basis in the notes, and could potentially be
subject to other adverse tax consequences.

There is no established trading market for the notes and one may not develop.

Each series of the notes is a new issue of securities and has no established trading market. Although application has been made
to have the notes admitted to listing and to trading on the NYSE, there can be no assurance that an active trading market will develop. If the notes are traded after their initial issuance, they may trade at a discount to their initial offering
price, depending upon prevailing interest rates, the market for similar securities, general economic conditions and the financial condition of the Issuer. Even if an active trading market does develop, it may not be liquid and may not continue.
Therefore, investors may not be able to sell their notes easily or at all or at prices that will provide them with a yield comparable to similar investments that have a developed secondary market. If the secondary market for the notes is limited,
there may be few