Company: INGVF
Filing Date: 2025-03-20
Form Type: 424B5
Source: 0001193125-25-058308
Chunk: 117

Company: ING GROEP NV
Filing Date: 2025-03-20
Form: 424B5
Chunk 117
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| · |     | We must deposit in trust for the benefit of all holders a combination of money and U.S. government or U.S. government agency notes or bonds that will generate 
 enough cash to make interest, principal and any other payments on your debt securities on their various due dates.                                             |

| · |     | There must be a change in current U.S. federal tax law or an Internal Revenue Service ruling that lets us make the above deposit without causing you to be                                                                                              
 taxed on your debt security any differently than if we did not make the deposit and just repaid the debt security ourselves. Under current U.S. federal tax law, the deposit and our legal release from the debt security would be treated as though we 
 took back your debt security and gave you your share of the cash or bonds deposited in trust. In that event, you could recognize gain or loss on your debt security.                                                                                    |

| · |     | We must deliver to the trustee a legal opinion of our counsel confirming the tax law change or Internal Revenue Service ruling described above. |

In the case of the subordinated debt securities, the following requirements must also be met:

| · |     | No event or condition may exist that, under the provisions described above under “— Subordination Provisions,” would prevent us from making                              
 payments of principal, premium or interest on those subordinated debt securities on the date of the deposit referred to above or during the 90 days after that date; and |

| · |     | We must deliver to the trustee an opinion of counsel to the effect that (a) the trust funds will not be subject to any rights of holders of senior                                                                                                     
 indebtedness; and (b) after the 90-day period referred to above, the trust funds will not be subject to any applicable bankruptcy, insolvency, reorganization or similar laws affecting creditors’                                                     
 rights generally, except that if a court were to rule under any of those laws in any case or proceeding that the trust funds remained our property, then the relevant trustee and the holders of the subordinated debt securities would be entitled to 
 some enumerated rights as secured creditors in the trust funds.                                                                                                                                                                                        |

If we ever fully defease your debt security, you will have to rely solely on the trust deposit for payments on your debt security. You will not be able to look to us for payment in the event of any shortfall. Covenant Defeasance. Under current U.S. federal tax law, we can make the same type of deposit described above