Company: INGVF
Filing Date: 2025-03-18
Form Type: 424B5
Source: 0001193125-25-056511
Chunk: 14

Company: ING GROEP NV
Filing Date: 2025-03-18
Form: 424B5
Chunk 14
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 complete such substitution of the notes or the variation of the terms of the notes, as applicable; and (iii) to the extent permitted by the Trust Indenture Act, waives any and all claims, in law and/or in equity,       
 against the Issuer and the trustee for, agrees not to initiate a suit against the Issuer or the trustee in respect of, and agrees that neither the Issuer nor the trustee shall be liable for, any action that the Issuer or the trustee takes, or       
 abstains from taking, in either case in connection with the substitution of the notes or the variation of the terms of the notes at the option of the Issuer as provided in “Description of Notes — Substitution and Variation”                          
 herein.                                                                                                                                                                                                                                                  |

S-11

| Agreement with Respect to the Exercise of Bail-In 
 Power                                             |     | No principal of, or interest on, the notes shall become due and payable after the exercise of any Dutch                                                                                                                                                
 Bail-in Power by the relevant resolution authority except as permitted under the laws and regulations of The Netherlands and the European Union applicable to the Issuer.                                                                              |
|                                                   |     | Notwithstanding any other agreements, arrangements or understandings between the Issuer and any holder or beneficial owner of the notes, by acquiring any notes, each holder and beneficial owner of the notes or any interest                         
 therein acknowledges, accepts, recognizes, agrees to be bound by, and consents to the exercise of, any Dutch Bail-in Power by the relevant resolution authority that may result in the reduction (including to                                         
 zero), cancellation or write-down (whether on a permanent basis or subject to a write-up by the resolution authority) of all, or a portion, of the principal amount of, or interest on, the notes and/or the                                           
 conversion of all, or a portion, of the principal amount of, or interest on, the notes into shares or claims which may give right to shares or other instruments of ownership or other securities or other obligations of the Issuer or obligations of 
 another person, including by means of a variation to the terms of the notes (which may include amending the interest amount or the maturity or interest payment dates, including by suspending payment for a temporary period), or that the notes must 
 otherwise be applied to absorb losses, or any expropriation of the notes, in each case, to give effect to the exercise by the relevant resolution authority of such Dutch Bail-in Power. Each holder and                                               
 beneficial owner of a note or any