Company: INGVF
Filing Date: 2025-09-04
Form Type: 424B5
Source: 0001193125-25-196042
Chunk: 56

Company: ING GROEP NV
Filing Date: 2025-09-04
Form: 424B5
Chunk 56
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 the Securities.

In addition to ratings assigned by any hired rating agencies, rating agencies not hired by the Issuer to rate the Securities may assign
unsolicited ratings. If any non-hired rating agency assigns an unsolicited rating to the Securities, there can be no assurance that such rating will not differ from, or be lower than, the ratings provided by a
hired rating agency. The decision to decline a rating assigned by a hired rating agency, the delayed publication of such rating or the assignment of a non-solicited rating by a rating agency not hired by the
Issuer could adversely affect the market value and liquidity of the Securities.

The Securities are not considered investment grade by one of the two rating agencies and are subject to the risks associated with non-investmentgrade securities.

The Securities, upon issuance, will not be considered to be investment grade securities by one of the two rating agencies, and as such will be
subject to a higher risk of price volatility than higher-rated securities. Furthermore, increases in leverage or deteriorating outlooks for the Issuer, or volatile markets, could lead to a significant deterioration in market prices of
below-investment grade rated securities such as the Securities.

Credit ratings may not reflect all risks.

One or more independent credit rating agencies may assign credit ratings to the Securities. The ratings may not reflect the potential impact
of all risks related to the structure, market, Conversion, Dutch Bail-in Power, additional factors discussed herein and other factors that may affect the value of the Securities and the ability of the Issuer
to make payments under the Securities (including, but not limited to, market conditions and funding-related and operational risks inherent to the business of the Issuer). A credit rating is not a recommendation to buy, sell or hold securities. There
is no assurance that a rating will remain for any given period of time or that a rating will not be suspended, lowered or withdrawn by the relevant rating agency if, in its judgment, circumstances in the future so warrant.

Moreover, the rating agencies that currently, or may in the future, publish a rating for the Issuer or the Securities may change the
methodologies that they use for analyzing securities with features similar to the Securities.

In the event that a rating assigned to the
Securities, 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 Securities. Real or expected downgrades, suspensions
or withdrawals of, or changes in the methodology