Company: INGVF
Filing Date: 2025-09-04
Form Type: 424B5
Source: 0001193125-25-196042
Chunk: 137

Company: ING GROEP NV
Filing Date: 2025-09-04
Form: 424B5
Chunk 137
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emptions in your particular circumstances.

Adjustment of the Floor Price. The Floor Price is subject to adjustment under certain circumstances. U.S. Treasury
Regulations promulgated under Section 305 of the Code may treat a U.S. holder of the Securities as having received a constructive distribution if and to the extent that certain adjustments (or, in some cases, certain failures to make
adjustments) to the fixed conversion rates increase a U.S. holder’s proportionate interest in the assets or earnings and profits of the Issuer. If adjustments that do not qualify as being pursuant to a bona fide reasonable adjustment formula
are made (or, in some cases, adjustments that do so qualify fail to be made), you may be treated as having received a distribution even though you have not received any cash or property. For example, the IRS could assert that a decrease in the Floor
Price to reflect an Adjustable Extraordinary Dividend to holders of ordinary shares give rise to a constructive taxable distribution to the U.S. holders of the Securities. Any constructive distribution would be includable in such U.S. holder’s
income at its then fair market value in a manner described above under “— Distributions on the Securities and Conversion Shares.” Although the Issuer does not believe that an adjustment in most cases should give rise to a taxable
distribution, it is possible that the IRS, and, if challenged, a court, could disagree. Adjustments to the Floor Price made pursuant to a bona fide reasonable adjustment formula that has the effect of preventing dilution of the interest of a
U.S. holder of the Securities, however, will generally not be considered to result in a constructive distribution to the U.S. holder.

PFIC Considerations. The Issuer does not expect to be a passive foreign investment company (“PFIC”) for
U.S. federal income tax purposes, and therefore believes that the Securities and Conversion Shares should not be treated as stock of a PFIC, but this conclusion is a factual determination made annually and thus may be subject to change. In
general, the Issuer will be a PFIC with respect to you if, for any taxable year in which you hold the Securities or Conversion Shares, either (i) at least 75% of the gross income of the Issuer for the taxable year is passive income or
(ii) at least 50% of the value, generally determined on the basis of a quarterly average, of the Issuer’s assets is attributable to assets that produce or are held for the