Company: INGVF
Filing Date: 2025-09-04
Form Type: 424B5
Source: 0001193125-25-196042
Chunk: 323

Company: ING GROEP NV
Filing Date: 2025-09-04
Form: 424B5
Chunk 323
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 cash or in kind, including deemed and constructive distributions; |

| (ii) | liquidation proceeds on redemption of the ADSs in excess of the average                                                                                                                                                                                                                                                                                                                            
 paid-in capital as recognized for Dutch dividend withholding tax purposes and, as a rule, the consideration for the repurchase of the ADSs by ING Groep N.V. in excess of the average paid-in capital recognized for Dutch dividend withholding tax purposes, unless such repurchase is (a) for temporary investment or (b) exempt on the basis of the Dutch Dividend Withholding Tax Act of 1965; |

| (iii) | the par value in respect of the issue of bonus shares to a holder of the ADSs, or an increase in the par value                                                                                      
 of the ADSs, in exchange for a lower consideration, except where the issue or increase is funded out of ING Groep N.V.’s paid-in capital as recognized for Dutch dividend withholding tax purposes; |

| (iv) | partial redemption of the ADSs to the extent this constitutes a repayment of contributed capital (as understood                                                                                                                                   
 under the Dutch Dividend Withholding Tax Act of 1965), and to the extent ING Groep N.V. has net profits (zuivere winst) (as that expression is understood for Dutch dividend withholding tax purposes), unless the shareholders of ING Groep N.V. 
 have resolved in a general meeting to make such repayment, and the par value of the ADSs concerned has been reduced by a corresponding amount by way of an amendment of the articles of association of ING Groep N.V.                             |

If dividends are distributed to an entity holding the ADSs that qualifies in respect of the ADSs for the participation exemption, as defined in the Dutch Corporate Income Tax Act of 1969, and if such ADSs are attributable to an enterprise carried out in The Netherlands, such dividends are exempt from Dutch dividend withholding tax, providedthat the recipient of the dividends can be considered the beneficial owner of the dividends. Subject to certain conditions, an exemption from Dutch dividend withholding tax will apply with respect to dividends distributed to entities that are (a) resident in a Member State of the European Union or the European Economic Area or (b) resident of another jurisdiction with which The Netherlands has concluded a double taxation convention that includes a dividend article, providedthat the holder of the ADS holds a qualifying participation in ING Groep N.V. and can be considered the beneficial owner of the dividends, unlesssuch holder holds our