Company: INGVF
Filing Date: 2025-09-04
Form Type: 424B5
Source: 0001193125-25-196042
Chunk: 312

Company: ING GROEP NV
Filing Date: 2025-09-04
Form: 424B5
Chunk 312
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 rate can reasonably be expected to inversely reflect contemporaneous variations in the cost 
 of newly borrowed funds.                                                                                          |

Your debt security will also have a single qualified floating rate or an objective rate if interest on your debt security is stated at a fixed rate for an initial period of one year or less followed by either a qualified floating rate or an objective rate for a subsequent period, and either:

| • |     | the fixed rate and the qualified floating rate or objective rate have values on the issue date of the debt 
 security that do not differ by more than 0.25 percentage points; or                                        |

| • |     | the value of the qualified floating rate or objective rate is intended to approximate the fixed rate. |

In general, if your variable rate debt security provides for stated interest at a single qualified floating rate or objective rate, or one of those rates after a single fixed rate for an initial period, all stated interest on your debt security is qualified stated interest. In this case, the amount of OID, if any, is determined by using, in the case of a qualified floating rate or qualified inverse floating rate, the value as of the issue date of the qualified floating rate or qualified inverse floating rate, or, for any other objective rate, a fixed rate that reflects the yield reasonably expected for your debt security. If your variable rate debt security does not provide for stated interest at a single qualified floating rate or a single objective rate, and also does not provide for interest payable at a fixed rate other than a single fixed rate for an initial period, you generally must determine the interest and OID accruals on your debt security by:

| • |     | determining a fixed rate substitute for each variable rate provided under your variable rate debt security; |

| • |     | constructing the equivalent fixed rate debt instrument, using the fixed rate substitute described above; |

| • |     | determining the amount of qualified stated interest and OID with respect to the equivalent fixed rate debt 
 instrument; and                                                                                            |

| • |     | adjusting for actual variable rates during the applicable accrual period. |

When you determine the fixed rate substitute for each variable rate provided under the variable rate debt security, you generally will use the value of each variable rate as of the issue date or, for an objective rate that is not a qualified inverse floating rate, a rate that reflects the reasonably expected yield on your debt security. If your variable rate debt security provides for stated interest either at one or more qualified floating rates or at a qualified inverse floating rate, and