Company: INGVF
Filing Date: 2025-09-04
Form Type: 424B5
Source: 0001193125-25-196042
Chunk: 91

Company: ING GROEP NV
Filing Date: 2025-09-04
Form: 424B5
Chunk 91
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 Issuer, surrendered for cancellation to the trustee. Securities so surrendered shall be cancelled forthwith. Any Securities so surrendered for
cancellation may not be reissued or resold and the obligations of the Issuer in respect of any such Securities shall be permanently and irrevocably discharged.

Substitution and Variation

Notwithstanding anything to the contrary in the Securities or the Indenture or supplemental indenture with respect thereto, if a Regulatory
Event, Tax Event or Alignment Event has occurred and is continuing with respect to any series of the Securities, then the Issuer may at its option at any time, and without any requirement for any consent or approval of the holders or beneficial
owners of such Securities, substitute such Securities, in whole but not in part, or vary the terms of such Securities, in whole but not in part, so that the substituted Securities are, or the Securities remain following such variation, Compliant
Securities. The Issuer shall give notice to the holders of the Securities of any substitution or variation of the Securities not less than 15 days nor more than 30 days prior to the date fixed for such substitution or variation and to the trustee at
least 5 business days prior to such date unless a shorter notice period shall be satisfactory to the trustee.

By its acquisition of the Securities or any beneficial interest therein, each holder and beneficial owner of the Securities and each subsequent holder and beneficial owner of the Securities, (i) acknowledges, accepts, agrees to be bound by, and consents to, the Issuer’s determination to substitute the Securities or vary the terms of the Securities as provided above, (ii) grants to the Issuer and the trustee full power and authority to take any action and/or to execute and deliver any document in the name and/or on behalf of such holder or beneficial owner, as the case may be, which is necessary or convenient to complete such substitution of the Securities or the variation of the terms of the Securities, 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 Securities or the variation of the terms of the Securities at the option of