Company: INGVF
Filing Date: 2025-09-04
Form Type: 424B5
Source: 0001193125-25-196042
Chunk: 82

Company: ING GROEP NV
Filing Date: 2025-09-04
Form: 424B5
Chunk 82
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 securities, instruments or obligations of the Issuer: (i) the holders of which are
unsubordinated creditors of the Issuer (“Unsubordinated Instruments”), or (ii) which are, or are expressed to be, subordinated (whether only in the event of the liquidation of the Issuer or otherwise) to Unsubordinated
Instruments but not further or otherwise, or (iii) which in case of a Liquidation Event occurring prior to the Trigger Event are, or are expressed to be, further or otherwise subordinated, other than those which in such event rank, or are
expressed to rank, pari passu with or junior to the Securities. For the avoidance of doubt, “Senior Instruments” includes securities, instruments or obligations of the Issuer which are Tier 2 instruments within the meaning
of Article 52(1)(d) of the CRR.

Waiver of Right of Set-off

Subject to applicable law, neither any holder or beneficial owner of Securities nor the trustee acting on behalf of the holders and beneficial
owners of Securities may exercise, claim or plead any right of set-off, netting, compensation or retention in respect of any amount owed to it by the Issuer in respect of, or arising under, or in connection
with, the Securities or the Indenture and each holder and beneficial owner of Securities, by virtue of its holding of any Securities or any interest therein, and the trustee acting on behalf of the holders and beneficial owners of Securities, shall
be deemed to have waived all such rights of set-off, netting, compensation or retention. To the extent that any such holder or beneficial owner of Securities or any interest therein nevertheless claims a right
of set-off, netting, compensation or retention in respect of any such amount, whether by operation of law or otherwise, and irrespective of whether the set-off, netting,
compensation or retention is effective under any applicable law, such holder or beneficial owner shall immediately transfer to the Issuer (or, if a Liquidation Event shall have occurred, the liquidator or administrator of the Issuer, as the case may
be) an amount equal to the amount which purportedly has been set off, netted, compensated or retained (such a transfer, a “Set-offRepayment”) and no rights can be derived from the
Securities or any interest therein until the Issuer (or the liquidator or administrator of the Issuer, as the case may be) has received in full the

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