Company: INGVF
Filing Date: 2025-03-20
Form Type: 424B5
Source: 0001193125-25-058308
Chunk: 192

Company: ING GROEP NV
Filing Date: 2025-03-20
Form: 424B5
Chunk 192
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 to take such action as the depositary in its sole discretion may deem necessary or appropriate to carry out the purposes of the deposit agreement and the applicable ADR(s), the 
 taking of such actions to be the conclusive determinant of the necessity and appropriateness thereof.                                                                                                                                                     |

Fees and Payments made by the ADR depositary to ING In consideration for acting as depositary, the depositary has agreed to provide us with certain amounts on an annual basis. In the year ended December 31, 2021, the ADR depositary paid aggregate fees and made other direct and indirect payments to us in an amount of USD 10,498,456. Under certain circumstances, including removal of the ADR depositary or termination of the ADR program by us, we are required to repay the ADR depositary certain amounts reimbursed and/or expenses paid to or on behalf of us. -85-

LEGAL OWNERSHIP AND BOOK-ENTRY ISSUANCE

In this section, we describe special considerations that will apply to registered securities issued in global — i.e., book-entry
— form. First we describe the difference between legal ownership and indirect ownership of registered securities. Then we describe special provisions that apply to global securities.

Who is the Legal Owner of a Registered Security?

Each security in registered form will be represented either by a certificate issued in definitive form to a particular investor or by one or
more global securities representing the entire issuance of securities. We refer to those who have securities registered in their own names on the books that we, the trustee in respect of any debt securities or capital securities or any agent
maintain for this purpose as the “holders” of those securities. These persons are the legal holders of the securities. We refer to those who, indirectly through others, own beneficial interests in securities that are not registered in
their own names as indirect owners of those securities. As we discuss below, indirect owners are not legal holders, and investors in securities issued in book-entry form or in street name will be indirect owners.

Legal Holders

Our
obligations, as well as the obligations of the trustee under any indenture and the obligations, if any, of any agent and any other third parties employed by us, the trustee or any of those agents, run only to the legal holders of the securities. We
do not have obligations to investors who hold beneficial interests in global securities, in street name or by any other indirect means. This will be the case whether an investor chooses to be an indirect owner