Company: INGVF
Filing Date: 2025-04-24
Form Type: F-3ASR
Source: 0001193125-25-093692
Chunk: 172

Company: ING GROEP NV
Filing Date: 2025-04-24
Form: F-3ASR
Chunk 172
---
 income.

Because payments of dividends with respect to ordinary shares that are represented by ADSs are
generally expected to be made in euros, you will generally be required to determine the amount of dividend income by translating the euros into U.S. dollars at the “spot rate” on the date the dividend is distributed, regardless of whether
the payment is in fact converted into U.S. dollars. Generally, any gain or loss resulting from currency exchange fluctuations during the period from the date the dividend is distributed to the date such payment is converted into U.S. dollars will be
treated as ordinary income or loss and will not be eligible for the special tax rate applicable to qualified dividend income. Such gain or loss will generally be income or loss from sources within the United States for foreign tax credit limitation
purposes.

-115-

You will not be subject to tax on certain pro-rata
distributions of ordinary shares. However, a distribution of ordinary shares pursuant to a distribution in which shareholders have the right to choose to receive cash or shares will be taxable to the same extent that a dividend of cash would be
taxable. An otherwise non-taxable distribution of shares or rights to acquire shares may also be taxable to you as a dividend if the conversion prices or conversion ratios of certain securities convertible
into shares are not “fully adjusted” to reflect such distribution.

Capital Gains

If you are a U.S. holder and you sell or otherwise dispose of your ADSs representing our ordinary shares, you will recognize capital gain
or loss for U.S. federal income tax purposes equal to the difference between the U.S. dollar value of the amount that you realize and your tax basis, determined in U.S. dollars, in your ADSs representing our ordinary shares. Capital gain
of a non-corporate U.S. holder is generally taxed at preferential rates where the property is held for more than one year. The deductibility of capital losses is subject to limitations. The gain or loss
will generally be income or loss from sources within the United States for foreign tax credit limitation purposes.

PFIC Rules

We believe that ADSs should not currently be treated as stock of a PFICfor U.S. federal
income tax purposes, and we do not expect to become a PFIC in the foreseeable future. However, this conclusion is a factual determination made annually and thus may be subject to change. It is therefore possible that we could become a PFIC in a
future taxable year.

In general, we will be a PFIC with