Company: INGVF
Filing Date: 2025-03-20
Form Type: 424B5
Source: 0001193125-25-058308
Chunk: 47

Company: ING GROEP NV
Filing Date: 2025-03-20
Form: 424B5
Chunk 47
---
 Issuer shall deliver to the trustee an opinion from a recognized law or tax firm of international standing, chosen by the Issuer, prior to
delivering any notice of a redemption upon the occurrence of certain circumstances that require the payment of Additional Amounts, as set out in the section entitled “– Optional Tax and Regulatory Redemption” herein, confirming that
the Issuer is entitled to exercise its right of redemption as a result of such circumstances.

A notice of redemption shall be
irrevocable, except that the exercise of the Dutch Bail-In Power by the relevant resolution authority prior to the date fixed for redemption shall automatically revoke such notice and no notes shall be
redeemed and no payment in respect of the notes shall be due and payable.

If the Issuer has elected to redeem a series of notes but prior
to the payment of the redemption price with respect to such redemption the relevant resolution authority exercises its Dutch Bail-in Power with respect to the Issuer, the relevant redemption notice shall be
automatically rescinded and shall be of no force and effect, and no payment of the redemption price will be due and payable.

Conditions to Redemption, Substitution, Variation and Purchase

Notwithstanding any other provision, the Issuer may redeem, substitute, vary or purchase the notes (and give notice thereof to the holders of
such notes in the case of redemption, substitution or variation) only if the Issuer has obtained the prior permission of the relevant resolution authority and/or competent authority, as appropriate, at the time of redemption, substitution, variation
or purchase, if such permission is at the relevant time and in the relevant circumstances required (which may require the Issuer to demonstrate to the satisfaction of the relevant resolution authority and/or competent authority, as appropriate, that
the change in the applicable tax treatment of the notes or the change in treatment of the notes for purposes of the Loss Absorption Regulations, as applicable, was not reasonably foreseeable at the Issue Date and, in the case of a tax event, the
change in the applicable tax treatment of the notes is material), and subject to applicable law or regulation

S-37

(including without limitation under Directive 2013/36/EU (CRD IV), Regulation (EU) No 575/2013 (CRR—including articles 72b(2)(j), 77 and 78a thereof), Commission Delegated
Regulation (EU) No 241/2014, the BRRD and the SRM Regulation, as may be amended or replaced