Company: INGVF
Filing Date: 2025-09-04
Form Type: 424B5
Source: 0001193125-25-196042
Chunk: 33

Company: ING GROEP NV
Filing Date: 2025-09-04
Form: 424B5
Chunk 33
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 does not appear on the Screen Page, the Reset Interest Rate is to be determined by the Interest Calculation Agent (as defined herein) by reference to quotations from banks communicated to the Interest Calculation Agent.

Where such quotations are not available (as may be the case if the relevant banks are not submitting rates for the determination of the
Original Reference Rate (as defined herein), the ultimate fallback for the purposes of calculation of interest for a particular Reset Date may result in the interest rate for the last preceding Interest Period being used. This may result in the
effective application of a fixed rate based on the interest rate for the previous Reset Period or, as the case may be, the application of the Initial Interest Rate applicable to the

S-32

Securities on the Issue Date. Uncertainty as to the continuation of the Original Reference Rate, the availability of quotes from reference banks, and the rate that would be applicable if the
Original Reference Rate is discontinued may adversely affect the value of, and return on, the Securities.

ii. Benchmark Events

If a Benchmark Event (which, amongst other events, includes the permanent discontinuation of an Original Reference Rate or an
announcement that an Original Reference Rate will be permanently discontinued in the future) occurs, the Issuer shall use its reasonable endeavors to appoint an Independent Adviser as soon as reasonably practicable, to advise the Issuer in
determining a Successor Rate (as defined herein) or Alternative Rate (as applicable) to be used in place of the Original Reference Rate.

If a Successor Rate or Alternative Rate (as applicable) is determined by the Issuer (in consultation with an Independent Advisor if the Issuer
has been able to appoint one), an Adjustment Spread may be determined by the Issuer (in consultation with an Independent Advisor if the Issuer has been able to appoint one) and applied to such Successor Rate or Alternative Rate (as applicable).

Furthermore, if a Successor Rate or Alternative Rate (as applicable) for the Original Reference Rate is determined by the Issuer (in
consultation with an Independent Advisor if the Issuer has been able to appoint one), the Issuer may vary the conditions, as necessary to ensure the proper operation of such Successor Rate or Alternative Rate (as applicable) and/or (in each case)
the applicable Adjustment Spread, without any requirement for consent or approval of the holders.

Any Successor Rate or Alternative Rate
(as applicable) will not be the economic equivalent of the Original Reference Rate and the use of any Successor Rate or