Company: INGVF
Filing Date: 2025-03-18
Form Type: 424B5
Source: 0001193125-25-056511
Chunk: 233

Company: ING GROEP NV
Filing Date: 2025-03-18
Form: 424B5
Chunk 233
---
 to a holder of the ADSs, an individual holding ADSs or an entity holding ADSs, such reference is restricted to an individual or entity holding legal title to as well as an economic interest in such ADSs or otherwise being regarded as owning ADSs for Dutch tax purposes. It is noted that for purposes of Dutch income, corporate and gift and inheritance tax, assets legally owned by a third party such as a trustee, foundation or similar entity, may be treated as assets owned by the (deemed) settlor, grantor or similar originator or the beneficiaries in proportion to their interest in such arrangement. Where the summary refers to “The Netherlands” or “Dutch” it refers only to the European part of the Kingdom of The Netherlands. For the purpose of this summary, the term “entity” means a corporation as well as any other person that is taxable as a corporation for Dutch corporate income tax purposes. Withholding tax Dividends received from the ADSs are generally subject to Dutch dividend withholding tax at a rate of 15% (2022 rate). The term “dividends” includes but is not limited to:

| (i) | distributions in 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; |

-114-

| (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