Company: INGVF
Filing Date: 2025-09-04
Form Type: 424B5
Source: 0001193125-25-196042
Chunk: 52

Company: ING GROEP NV
Filing Date: 2025-09-04
Form: 424B5
Chunk 52
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 change.

In general, the Dutch tax qualification of Additional Tier 1 instruments and similar instruments with equity-like features is not
straightforward and has been the subject of debate and court proceedings. For example, a judgment of the Dutch Supreme Court on May 15, 2020, which concerned a corporate hybrid security with certain terms similar to the terms of the Securities,
decided this matter in favor of the taxpayer qualifying the instrument in question as debt for Dutch corporate income tax purposes. If, as a result of this decision, Additional Tier 1 instruments, such as the Securities, are treated as debt for
Dutch corporate income tax purposes then interest payments on the Securities would in principle be tax deductible. Following this judgment, the Dutch State Secretary of Finance on several occasions has expressed the view that Additional Tier 1
instruments should be qualified as debt instruments for Dutch corporate income tax purposes. However, uncertainty remains as the judgment did not directly address Additional Tier 1 instruments such as the Securities. If the Securities are not
treated as debt for Dutch corporate income tax purposes, then any interest payment on the Securities would not be tax deductible at the level of the Issuer. This could result in a substantial Dutch corporate income tax payment

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by the Issuer in relation to the Securities and may entitle the Issuer to redeem the Securities as described under “Description of the Securities — Redemption” if the non-deductibility is a result of a Tax Law Change.

As the qualification as debt or equity for Dutch tax
purposes may also determine whether payments on the Securities are subject to Dutch dividend withholding tax, uncertainty also remains in this area. If the interest payments by the Issuer on the Securities are subject to Dutch dividend withholding
tax, the Issuer may be entitled to redeem your Securities as described under “Description of the Securities — Redemption” if this is a result of a Tax Law Change.

Investors are also referred to the risk factor “—The Issuer may redeem the Securities at its option in certain situations” above.

The Issuer’s gross-upobligation under the Securities is limited to payments of interest.

The Issuer’s obligation to pay Additional Amounts in respect of any withholding or
deduction in respect of Dutch taxes under the terms of the Securities applies only to payments of interest in respect of the Securities and not to payments of principal. Accordingly, the Issuer would not be required to pay any Additional Amounts
under the terms of the Securities to the extent any such withholding or deduction