Company: INGVF
Filing Date: 2025-03-18
Form Type: 424B5
Source: 0001193125-25-056511
Chunk: 52

Company: ING GROEP NV
Filing Date: 2025-03-18
Form: 424B5
Chunk 52
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clear and Clearstream Banking. See “Clearance and Settlement” in the accompanying prospectus for more information about these clearing systems. The notes will be issued in
definitive form only in the limited circumstances described under “Legal Ownership and Book-Entry Issuance — Owner’s Option to Obtain a Non-Global Security; Special Situations When a Global
Security Will Be Terminated” in the accompanying prospectus. If notes in definitive form are issued, they will be serially numbered and in denominations of $200,000 and integral multiples of $1,000 in excess thereof.

Payment of principal of and interest (if any) on the notes, so long as the notes are represented by global certificates, will be made in
immediately available funds. Beneficial interests in the global certificates will trade in the same-day funds settlement system of DTC, and secondary market trading activity in such interests will settle in same-day funds.

Each beneficial owner of notes issued in book-entry form shall be deemed to make each
of the same acknowledgements, agreements and representations that each registered noteholder is deemed to make.

S-41

U.S. FEDERAL INCOME TAX CONSIDERATIONS

Although the matter is not free from doubt, it is the opinion of Sullivan & Cromwell LLP that the 2029 notes, the 2031 notes and the
2036 notes should be treated as “variable rate debt instruments” (referred to as “variable rate debt securities” in the accompanying prospectus) that provide for a single fixed rate followed by a qualified floating rate for U.S.
federal income tax purposes and that the floating rate notes should be treated as “variable rate debt instruments” (referred to as “variable rate debt securities” in the accompanying prospectus) that provide for a qualified
floating rate for U.S. federal income tax purposes. If the notes are so treated, the notes will be subject to the U.S. federal income tax consequences described in the section entitled “Taxation — Material Tax Consequences of Owning Our
Debt Securities — U.S. Taxation” in the accompanying prospectus. Based on their expected pricing terms, the notes are expected to be issued without original issue discount for U.S. federal income tax purposes.

Substitution and Variation of Notes

As
described above in the section entitled “Description of Notes — Substitution and Variation”, if a Loss Absorption Disqualification Event has occurred and is continuing, then the Issuer may substitute or vary the