Company: INGVF
Filing Date: 2025-09-04
Form Type: 424B5
Source: 0001193125-25-196042
Chunk: 133

Company: ING GROEP NV
Filing Date: 2025-09-04
Form: 424B5
Chunk 133
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, this
section applies to you only if you are a U.S. holder (as defined in the accompanying prospectus) and you hold your Securities or Conversion Shares as capital assets for tax purposes and does not describe all of the tax consequences which may be
applicable to you if you are a member of a class of holders subject to special rules or are otherwise excluded from the discussion in this prospectus supplement (for example, if you did not purchase your Securities in the initial issuance of the
Securities).

This section does not address the U.S. federal estate, gift, Medicare contribution, or alternative minimum tax consequences,
if any, to U.S. holders of the Securities, or any state, local or non-U.S. tax consequences to U.S. holders. The Issuer has not sought, nor will it seek, any ruling from the IRS with respect to matters
discussed below. There can be no assurance that the IRS will not take a different position concerning the tax consequences of the purchase, ownership, conversion or disposition of the Securities or that any such position would not be sustained.

This section is based on the Internal Revenue Code of 1986 (the “Code”), as amended, its legislative history, existing and
proposed regulations, published rulings and court decisions, all as currently in effect, as well as on the double taxation treaty between The Netherlands and the United States of America (the “Treaty”). These authorities are
subject to change, possibly on a retroactive basis.

If an entity or arrangement treated as a partnership for U.S. federal income tax
purposes holds the Securities, the U.S. federal income tax treatment of a partner will generally depend on the status of the partner and the tax treatment of the partnership. A partner in an entity or arrangement treated as a partnership for U.S.
federal income tax purposes holding the Securities should consult its tax adviser with regard to the U.S. federal income tax treatment of an investment in the Securities.

Characterization of the Securities for U.S. federal income tax purposes. There are no authorities addressing the tax
consequences of an instrument with terms similar to the Securities. As a result, it is unclear whether the Securities should be treated as equity or debt of the Issuer for U.S. federal income tax purposes. We believe and the discussion below
assumes, however, that the Securities will be treated as equity of the Issuer for U.S. federal income tax purposes. This characterization will be binding on a holder, unless the holder expressly