Company: INGVF
Filing Date: 2025-09-04
Form Type: 424B5
Source: 0001193125-25-196042
Chunk: 71

Company: ING GROEP NV
Filing Date: 2025-09-04
Form: 424B5
Chunk 71
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 the case may be), and any Adjustment Spread and Benchmark Amendments. The occurrence of a Benchmark Event shall be determined by the Issuer and promptly notified to the Trustee and Principal Paying Agent and the Interest Calculation Agent. For the avoidance of doubt, neither the Trustee and Principal Paying Agent nor the Interest Calculation Agent shall have any responsibility for making such determination. Notwithstanding any other provision, no Successor Rate or Alternative Rate (as applicable) will be adopted, nor will the applicable Adjustment Spread be applied, nor will any other amendments to the terms of the Securities be made, if and to the extent that, in the determination of the Issuer, the same could reasonably be expected to prejudice the qualification of the Securities as Additional Tier 1 Capital. S-58

For the purposes of this section: “ Adjustment Spread” means either (a) a spread (which may be positive, negative or zero) or (b) a formula or methodology for calculating a spread, in each case to be applied to the Successor Rate or the Alternative Rate (as the case may be) and is the spread, formula or methodology which:

| (i) | in the case of a Successor Rate, is formally recommended in relation to the replacement of the Original                                                      
 Reference Rate with the Successor Rate by any Relevant Nominating Body; or (if no such recommendation has been made, or in the case of an Alternative Rate); |

| (ii) | the Issuer following consultation with the Independent Adviser, determines, is customarily applied to the                                                                                                                                                
 relevant Successor Rate or the Alternative Rate (as the case may be) in international debt capital markets transactions to produce an industry-accepted replacement rate for the Original Reference Rate; or (if the Issuer, following consultation with 
 the Independent Adviser, determines that no such spread is customarily applied);                                                                                                                                                                         |

| (iii) | the Issuer, following consultation with the Independent Adviser, determines, is recognized or acknowledged as                                                            
 being the industry standard for over-the-counter derivative transactions which reference the Original Reference Rate, where such rate has been replaced by the Successor 
 Rate or the Alternative Rate (as the case may be).                                                                                                                       |

“ Alternative Rate” means an alternative benchmark or screen rate which the Issuer, following consultation with the Independent Adviser, which is customarily applied in the international debt capital markets transactions for the purposes of determining rates of interest (or the relevant component part thereof) in U.S. dollars. “ Benchmark Event”