Company: INGVF
Filing Date: 2025-09-04
Form Type: 424B5
Source: 0001193125-25-196042
Chunk: 21

Company: ING GROEP NV
Filing Date: 2025-09-04
Form: 424B5
Chunk 21
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 the Securities 
 may become subject to write-down or conversion or expropriation if the Dutch Bail-in Power is exercised; and                                                                                                                                            |

| (v) | be able to evaluate (either alone or with the help of a financial adviser) possible scenarios for economic,  
 interest rate and other factors that may affect its investment and its ability to bear the applicable risks. |

A potential investor should not invest in the Securities which are complex financial instruments unless it has the knowledge and expertise (either alone or with a financial advisor) to evaluate how the Securities will perform under changing conditions (including, the likelihood of the Conversion into Conversion Shares), the resulting effects on the value of the Securities, and the impact this investment will have on the potential investor’s overall investment portfolio. Prior to making an investment decision, potential investors should consider carefully, in light of their own financial circumstances and investment objectives, all the information contained in this prospectus supplement and the accompanying prospectus or incorporated by reference herein. The Securities have no scheduled maturity, and you do not have the right to cause the Securities to be redeemed or otherwise accelerate the repayment of the principal amount of the Securities except in very limited circumstances. The Securities are perpetual securities and have no fixed maturity date or fixed redemption date and are not redeemable at the option or election of the holders. Accordingly, the Issuer is under no obligation to repay all or any part of the principal amount of the Securities, it has no obligation to redeem the Securities at any time and you have no right to call for their redemption or otherwise claim for the repayment of the principal amount of the Securities (except in the very limited circumstances following a Liquidation Event) where you have a claim as described under “Description of the Securities — Enforcement Events and Remedies”). Therefore, you will receive or realize a cash amount with respect to your investment of principal only (i) if the Issuer at its option redeems the Securities in accordance with their terms and applicable law (which would require the Issuer to obtain prior permission from the Competent Authority), (ii) by selling your Securities or, following the occurrence of a Trigger Event and the issue and delivery of Conversion Shares or ADSs, your Conversion Shares or ADSs or (iii) in the liquidation, moratorium of payments or bankruptcy of the Issuer (and, in the case of clause (ii) and (iii), the cash amount received or realized may be less than the principal amount of your Securities). See “— The Issuer may redeem the Securities at its option in certain