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

Company: ING GROEP NV
Filing Date: 2025-03-18
Form: 424B5
Chunk 18
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 markets generally, including the introduction of any 
 financial transactions tax.                                                                                                                                     |

Accordingly, if you sell your notes in the secondary market, you may not be able to obtain a price equal to the principal amount of the notes or a price equal to the price that you paid for the notes. The Issuer may redeem the notes at its option in certain situations. The notes of each series may be redeemed at the Issuer’s option, in whole but not in part, on the applicable Call Date, at any time if at least 75% of the aggregate principal amount of the applicable series of notes issued has been redeemed or purchased and cancelled, or at any time upon the occurrence of certain tax events or upon the occurrence of a Loss Absorption Disqualification Event (where such Loss Absorption Disqualification Event is continuing), as described in the sections entitled “Description of Notes — Redemption” and “Description of Notes — Redemption — Optional Tax and Regulatory Redemption” in this prospectus supplement. If the Issuer redeems the notes of any series, investors in such notes may not be able to reinvest the redemption proceeds in securities offering a comparable yield. The exercise of (or perceived likelihood of S-17

exercise of) the redemption feature of the notes may limit their market value, which is unlikely to rise substantially above the price at which the notes can be redeemed. Furthermore, you have no
right to require the Issuer to redeem the notes.

The Issuer may substitute or vary the notes following a Loss Absorption Disqualification Event in a manner which may be adverse to holders of such notes.

Notwithstanding anything to the contrary in the
notes or the Indenture or supplemental indenture with respect thereto, if a Loss Absorption Disqualification Event has occurred and is continuing with respect to any series of the notes then the Issuer may substitute all (but not some only) of such
notes or vary the terms of all (but not some only) of such notes, so that the substituted notes are, or that the notes remain, Compliant Notes.

While Compliant Notes are required to have terms not materially less favorable to holders of the notes than the terms of the relevant notes
(as the Issuer reasonably determines in consultation with an independent adviser of recognized standing), any such substitution or variation could adversely affect the interests of any particular holder. In addition, the tax and stamp duty
consequences of holding such substituted or varied notes could be different for some categories of holders of the notes from the tax and stamp duty consequences for