Company: INGVF
Filing Date: 2025-09-04
Form Type: 424B5
Source: 0001193125-25-196042
Chunk: 83

Company: ING GROEP NV
Filing Date: 2025-09-04
Form: 424B5
Chunk 83
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65

relevant Set-offRepayment and accordingly any such set-off,netting, compensation or retention shall be deemed not to have taken place. The foregoing shall not prevent any set-offin order to give effect to a Conversion. Irrespective of any other set-off,netting, compensation or retention agreement providing otherwise, the possibility of any set-off,netting, compensation or retention by a holder or beneficial owner of Securities shall be exclusively governed by Dutch law. Agreement and Acknowledgement with Respect to the Exercise of Dutch Bail-inPower With a view to Article 55 of the Directive 2014/59/EU of the European Parliament and of the Council (the “ Bank Recovery and Resolution Directive” or “ BRRD”), the Issuer has included the following two paragraphs in the terms of the Securities:

| (a) | Notwithstanding any other agreements, arrangements or understandings between the Issuer and any holder or                                                                                                                                                                                                                                                                                                                                                      
 beneficial owner of a Security, by acquiring the Securities, each holder and beneficial owner of a Security 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 relevant resolution authority) of all, or a portion, of the principal amount of, or interest on, the Securities and/or the conversion of all, or a portion of, the principal amount of, or                                                                                                                                                                                                                                                     
 interest on, the Securities 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 (whether or not at the point of non-viability and independently of or in combination with a resolution action), including by means of a variation to the terms of the Securities (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 Securities must otherwise be applied to absorb losses, or any expropriation of the Securities, in each case, to give effect to the exercise by the relevant                                                                                                                                                                                                       
 resolution authority of such Dutch Bail-in Power (whether at the point of non-viability or as taken together with a resolution action). Each holder and beneficial owner                                                                                                                                                                                                                                                                                       
 of a Security or any interest therein further acknowledges and agrees that the rights of holders and beneficial owners of a Security or