Company: INGVF
Filing Date: 2025-09-04
Form Type: 424B5
Source: 0001193125-25-196042
Chunk: 326

Company: ING GROEP NV
Filing Date: 2025-09-04
Form: 424B5
Chunk 326
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, dividends from the ADSs may be subject to Dutch withholding tax if paid or accrued to an affiliated (gelieerde) entity of
ING Groep N.V. if such entity (i) is considered to be resident (gevestigd) in a jurisdiction that is listed in the yearly updated Dutch Regulation on low-taxing states and non-cooperative jurisdictions for tax purposes (Regeling laagbelastende staten en niet-coöperatieverechtsgebieden voor belastingdoeleinden), or (ii) has a
permanent establishment located in such jurisdiction to which the dividends are attributable, or (iii) is entitled to the dividends for the main purpose or one of the main purposes to avoid taxation of another person, or (iv) is not
considered to be the recipient of the dividends in its jurisdiction of residence because such jurisdiction treats another (lower-tier) entity as the recipient of the dividends (hybrid mismatch), or (v) is not treated as resident anywhere (also
a hybrid mismatch), or (vi) is a reverse hybrid

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whereby the jurisdiction of residence of a higher-tier beneficial owner (achterliggende gerechtigde) that has a qualifying interest ( kwalificerend belang) in the reverse hybrid treats the reverse hybrid as tax transparent and that higher-tier beneficial owner would have been taxable based on one (or more) of the items in (i)-(v) above had the dividends been paid or accrued to him or her directly, all within the meaning of the Dutch Withholding Tax Act 2021 ( Wet bronbelasting 2021). The term ‘dividends’ should be interpreted in a manner consistent with its interpretation under the Dutch Dividend Withholding Tax Act of 1965, as described above. In the event that any withholding would be required pursuant to the Dutch Withholding Tax Act 2021 with respect to payments on the ADSs, ING Groep N.V. will not pay any additional amounts in respect of this withholding. An entity is generally affiliated within the meaning of the Dutch Withholding Tax Act 2021 if it can directly or indirectly, either alone or as part of a qualifying unity, control the decisions made by ING Groep N.V. An example of such control includes a situation in which an entity has more than 50% of the voting rights in ING Groep N.V. An entity is also affiliated if, broadly speaking, ING Groep N.V. can directly or indirectly