Company: INGVF
Filing Date: 2025-03-18
Form Type: 424B5
Source: 0001193125-25-056511
Chunk: 21

Company: ING GROEP NV
Filing Date: 2025-03-18
Form: 424B5
Chunk 21
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 use for analyzing notes with features similar to the notes.

In the event that a rating assigned to the notes or the Issuer is subsequently suspended, lowered or withdrawn for any reason, no person or
entity is obliged to provide any additional support or credit enhancement with respect to the notes. Real or expected downgrades, suspensions or withdrawals of, or changes in the methodology used to determine, credit ratings assigned to the Issuer
or the notes could cause the liquidity or trading prices of the notes to decline significantly.

Additionally, any uncertainty about the
extent of any anticipated changes to the credit ratings assigned to the Issuer or the notes may adversely affect the market value of the notes.

Other changes in law may adversely affect the rights of holders of the notes.

Changes in law after the date hereof may affect the rights of holders as well as the market value of the notes. Such changes in law may
include changes in statutory, tax and regulatory regimes, administrative practices and judicial decisions during the life of the notes, which may have an adverse effect on an investment in the notes.

Any legislative and regulatory uncertainty could also affect an investor’s ability to accurately value the notes and, therefore, affect
the trading price of the notes given the extent and impact on the notes that one or more regulatory or legislative changes, including those described above, could have on the notes.

S-19

The Indenture contains provisions which may permit modification of the notes without the consent of all investors.

The Indenture contain provisions permitting modifications and amendments to the notes without the
consent of holders of the notes in certain instances, and with the consent of holders of a majority in aggregate outstanding principal amount of the notes in other circumstances. Decisions by such holders of the notes will bind all holders of the
notes including holders of the notes who did not attend and vote at the relevant meeting and holders of the notes who voted in a manner contrary to the majority.

The notes have a minimum denomination.

As the notes may only be held and transferred in a minimum denomination plus a higher integral multiple of another smaller amount, it is
possible that the notes may be traded in amounts in excess of $200,000 (or its equivalent) that are not integral multiples of $1,000 (or its equivalent). Under the Indenture, a holder of the notes will be required to hold an amount of notes that is
not less than the minimum denomination of $200,000.

Because the Issuer is incorporated under the laws of The Netherlands and many of the