Company: INGVF
Filing Date: 2025-03-20
Form Type: 424B5
Source: 0001193125-25-058308
Chunk: 21

Company: ING GROEP NV
Filing Date: 2025-03-20
Form: 424B5
Chunk 21
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 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.

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.

S-18

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 members of the Issuer’s Supervisory and Executive Board and officers reside outside of the United States, it may be difficult for you to enforce judgments against the Issuer or the members of the Issuer’s Supervisory and Executive Boards or officers.

Most of the Issuer’s Supervisory Board members, the Issuer’s Executive Board members and some of
the experts named in the