Company: INGVF
Filing Date: 2025-09-04
Form Type: 424B5
Source: 0001193125-25-196042
Chunk: 134

Company: ING GROEP NV
Filing Date: 2025-09-04
Form: 424B5
Chunk 134
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 discloses that it is adopting a contrary position on
its U.S. federal income tax return.

Distributions on the Securities and Conversion Shares. In general, interest
payments with respect to the Securities and distributions with respect to Conversion Shares will be treated as dividends to the extent paid

S-98

out of the Issuer’s current or accumulated earnings and profits as determined for U.S. federal income tax purposes. Subject to the discussion under “— PFIC Considerations”
below, any portion of such a payment in excess of the Issuer’s current and accumulated earnings and profits will be treated first as a nontaxable return of capital that would reduce your tax basis in the Securities, and will thereafter be
treated as capital gain. The tax treatment of capital gain is discussed below under “— Sale or Redemption of the Securities and Conversion Shares.” Because the Issuer does not maintain calculations of its earnings and profits under
U.S. federal income tax principles, it is expected that all interest payments on the Securities and distributions on the Conversion Shares will generally be reported to U.S. holders as dividends.

Subject to the discussion under “— PFIC Considerations” below, if you are a
non-corporate U.S. Holder, interest payments the Issuer makes with respect to the Securities and distributions with respect to the Conversion Shares that are treated as dividends for U.S. federal income tax
purposes generally will be qualified dividend income taxable to you at the preferential rates applicable to long-term capital gains provided that you hold the Securities and/or Conversion Shares for more than 60 days during the 121-day period beginning 60 days before the ex-dividend date, which in the case of the Securities is generally the relevant record date in respect of the applicable Interest
Payment Date and meet other holding period requirements. Dividends the Issuer pays with respect to the Securities and Conversion Shares generally will be qualified dividend income provided that, in the year that you receive the dividend, the Issuer
is eligible for the benefits of the Treaty. The Issuer believes that it is currently eligible for the benefits of the Treaty and the Issuer therefore expects that dividends on the Securities and Conversion Shares will be qualified dividend income,
but there can be no assurance that the Issuer will continue to be eligible for the benefits of the Treaty. Amounts the Issuer pays with respect to the Securities and with respect to the Conversion Shares will not be eligible for the
dividends-received deduction generally allowed to U.S. corporations in respect of