Company: INGVF
Filing Date: 2025-03-20
Form Type: 424B5
Source: 0001193125-25-058308
Chunk: 39

Company: ING GROEP NV
Filing Date: 2025-03-20
Form: 424B5
Chunk 39
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 the alternate rate that has been selected by the Issuer, in consultation with the                                                                                                                                        
 Independent Adviser, as the replacement for the then-current SOFR Benchmark for the applicable Corresponding Tenor giving due consideration to any industry-accepted rate as a replacement for the then-current SOFR Benchmark for U.S. 
 dollar-denominated floating rate notes at such time and (b) the SOFR Benchmark Replacement Adjustment;                                                                                                                                  |

“ SOFR Benchmark Replacement Adjustment” means the first alternative set forth in the order below that can be determined by the Issuer, following consultation with its Independent Adviser:

| (1) | the spread adjustment, or method for calculating or determining such spread adjustment (which may be a positive                                              
 or negative value or zero) that has been selected or recommended by the Relevant Governmental Body for the applicable Unadjusted SOFR Benchmark Replacement; |

| (2) | if the applicable Unadjusted SOFR Benchmark Replacement is equivalent to the ISDA Fallback Rate, then the ISDA 
 Spread Adjustment;                                                                                             |

S-32

| (3) | the spread adjustment (which may be a positive or negative value or zero) determined by the Issuer, following                                                                                                                                    
 consultation with its Independent Adviser, giving due consideration to any industry accepted spread adjustment, or method for calculating or determining such spread adjustment, for the replacement of the then-current SOFR Benchmark with the 
 applicable Unadjusted SOFR Benchmark Replacement for U.S. dollar-denominated floating rate notes at such time;                                                                                                                                   |

“ SOFR Benchmark Replacement Date” means the earliest to occur of the following events with respect to the then-current SOFR Benchmark (including the daily published component used in the calculation thereof):

| (1) | in the case of clause (1) or (2) of the definition of “SOFR Benchmark Event,” the later of                                                                                                                                                    
 (a) the date of the public statement or publication of information referenced therein and (b) the date on which the administrator of the SOFR Benchmark permanently or indefinitely ceases to provide the SOFR Benchmark (or such component); 
 or                                                                                                                                                                                                                                            |

| (2) | in the case of clause (3) of the definition of “SOFR Benchmark Event,” the date of the public 
 statement or publication of information referenced therein; and                               |

“ Unadjusted SOFR Benchmark Replacement” means the SOFR Benchmark Replacement excluding the applicable SOFR Benchmark Replacement Adjustment. Ranking The notes shall constitute the Issuer’s unsecured and unsubordinated obligations, ranking pari passuwithout