Company: INGVF
Filing Date: 2025-04-24
Form Type: F-3ASR
Source: 0001193125-25-093692
Chunk: 119

Company: ING GROEP NV
Filing Date: 2025-04-24
Form: F-3ASR
Chunk 119
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 or willful misconduct of the
depositary or its directors, officers, employees, agents or affiliates acting in their capacities as such under the deposit agreement.

Neither we nor the depositary nor any of our respective agents shall be liable to registered holders of ADRs or beneficial owners of interests
in ADSs for any indirect, special, punitive or consequential damages (including, without limitation, legal fees and expenses) or lost profits, in each case of any form incurred by any person or entity, whether or not foreseeable and regardless of
the type of action in which such a claim may be brought.

The depositary shall not be responsible for, and shall incur no liability in
connection with or arising from any act or omission to act on the part of the custodian except to the extent that (i) such custodian was not us or one of our affiliates when such act or omission occurred and (ii) a holder has incurred
liability directly as a result of the custodian having (a) committed fraud or willful misconduct in the provision of custodial services to the depositary or (b) failed to use reasonable care in the provision of custodial services to the
depositary as determined in accordance with the standards prevailing in the jurisdiction in which the custodian is located. As long as we or one of our affiliates is serving as the custodian with respect to the deposit agreement we shall be solely
liable for each and any act or failure to act on the part of the custodian.

No disclaimer of liability under the Securities Act of 1933
or the Securities Exchange Act of 1934, to the extent applicable, is intended by any provision of the deposit agreement.

Governing Law, Submission to Jurisdiction and Waiver of Right to Trial by Jury

The deposit agreement is governed by and construed in
accordance with the laws of the State of New York.

We have irrevocably agreed that any legal suit, action or proceeding against us
brought by the depositary or any holder, arising out of or based upon the deposit agreement or the transactions contemplated thereby, may be instituted in any state or federal court in New York, New York, and irrevocably waive any objection which we
may now or hereafter have to the laying of venue of any such proceeding, and irrevocably submit to the non-exclusive jurisdiction of such courts in any such suit, action or proceeding. We have also irrevocably
agreed that any legal suit, action or proceeding against