Company: INGVF
Filing Date: 2025-09-04
Form Type: 424B5
Source: 0001193125-25-196042
Chunk: 132

Company: ING GROEP NV
Filing Date: 2025-09-04
Form: 424B5
Chunk 132
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 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 Securities, so long as the Securities are represented by global certificates, will be made in immediately available funds. Beneficial interests in the global certificates will trade in the same-dayfunds settlement system of DTC, and secondary market trading activity in such interests will settle in same-dayfunds. The Issuer currently expects such trading and settlement to continue in the period between the Conversion Date and the Suspension Date. Each beneficial owner of Securities issued in book-entry form shall be deemed to make each of the same acknowledgements, agreements and representations that each register holder of Securities is deemed to make, and to have authorized, directed and requested DTC and any direct participant in DTC or other intermediary through which it holds its interest in any Securities to take any and all actions that may be necessary to implement any Conversion without any further action or direction on the part of such holder or the trustee. S-97

TAX CONSIDERATIONS

The material U.S. federal income and Dutch tax consequences of your investment in the Securities are summarized below. The discussion below
supplements the discussion under “Taxation” in the accompanying prospectus, and constitutes the opinion of Sullivan & Cromwell LLP, United States counsel to the Issuer, insofar as it relates to matters of U.S. federal income tax
law, and the opinion of PricewaterhouseCoopers Belastingadviseurs N.V. insofar as it relates to matters of Dutch tax law. In particular, the discussion below incorporates by reference certain discussions under “Taxation — Material Tax
Consequences of Owning American Depositary Shares — U.S. Taxation — U.S. Holders — Information with Respect to Foreign Financial Assets,” and “Taxation — Material Tax Consequences of Owning American
Depositary Shares — U.S. Taxation — Backup Withholding and Information Reporting” in the accompanying prospectus.

WE URGE YOU TO CONSULT YOUR TAX ADVISER AS TO THE TAX CONSEQUENCES OF OWNERSHIP OF SECURITIES AND CONVERSION SHARES DESCRIBED BELOW AND AS TO THE APPLICATION OF STATE, LOCAL, OR OTHER TAX LAWS TO YOUR INVESTMENT IN YOUR SECURITIES AND CONVERSION SHARES.

Material U.S. Federal Income Tax Consequences

As described in the accompanying prospectus, insofar as it relates to U.S. federal income tax consequences