Company: INGVF
Filing Date: 2025-09-04
Form Type: 424B5
Source: 0001193125-25-196042
Chunk: 37

Company: ING GROEP NV
Filing Date: 2025-09-04
Form: 424B5
Chunk 37
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 Shares to the Conversion Shares Depository (or to the relevant recipient) on the
Conversion Date, and under no circumstances shall such discharged obligations be reinstated. As a result, holders could lose all or part of the value of their investment in the Securities, as, following Conversion, they will receive only the
Conversion Shares, and the realizable value of the Conversion Shares may be significantly less than the principal amount of the Securities they hold. As a result, the value of the Conversion Shares they receive may be significantly less than the
principal amount of the Securities. Furthermore, upon the occurrence of Conversion, holders will no longer have a debt claim in relation to principal and any accrued but unpaid interest on the Securities shall be cancelled and shall not become due
and payable at any time.

In addition, upon the occurrence of Conversion, the holders will not be entitled to any compensation in the
event of any improvement in the Group CET1 Ratio after the Conversion Date. Holders should also note that upon the occurrence of a Trigger Event and, subsequently, a Conversion, existing holders of ordinary shares will not lose such ordinary shares
but become subject to dilution.

The circumstances surrounding or triggering Conversion are unpredictable, and there are a number of factors, including factors outside the Issuer’s control, that could affect the Group CET1 Ratio. The Issuer has no obligation to operate its business in such a way, or take any mitigating actions, to maintain or restore the Group CET1 Ratio and to avoid a Trigger Event and actions it takes could result in the Group CET1 Ratio falling.

The occurrence of a Trigger Event
and therefore Conversion is inherently unpredictable and depends on a number of factors, any of which may be outside the Issuer’s control. Although the Issuer currently publicly reports the Group CET1 Ratio only as of each quarterly period
end, a Trigger Event could occur at any time if the Group CET1 Ratio is less than 7.00% as determined by the Issuer, the Competent Authority or any agent appointed for such purpose by the Competent Authority. Thus, investors may receive only
limited, if any, warning of any deterioration in the Group CET1 Ratio. In addition, the Issuer’s regulator may instruct the Issuer to calculate the ratio as at any date. Moreover, any perceived or actual indication that the Group CET1 Ratio is
moving towards the level of a Trigger Event may have an adverse effect on the market price of the Securities. A decline or perceived decline in the Group CET1 Ratio may