Company: INGVF
Filing Date: 2025-09-04
Form Type: 424B5
Source: 0001193125-25-196042
Chunk: 115

Company: ING GROEP NV
Filing Date: 2025-09-04
Form: 424B5
Chunk 115
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 as provided above on the basis of the consideration or price                                                      
 received, receivable, paid or payable, regardless of whether all or part thereof is received, receivable, paid or payable by or to the Issuer or another entity. |

Notwithstanding the foregoing provisions:

| (A) | where the events or circumstances giving rise to any adjustment pursuant to paragraphs (i)–(x) above have                                                                                                                                                 
 already resulted or will result in an adjustment to the Floor Price or where the events or circumstances giving rise to any adjustment arise by virtue of any other events or circumstances which have already given or will give rise to an adjustment   
 to the Floor Price or where more than one event which gives rise to an adjustment to the Floor Price occurs within such a short period of time that, in the opinion of the Issuer, a modification to the operation of the adjustment provisions is        
 required to give the intended result, such modification shall be made to the operation of the adjustment provisions as may be determined in good faith by an Independent Conversion Adviser to be in its opinion appropriate to give the intended result; |

| (B) | such modification shall be made to the operation of the Indenture as may be determined in good faith by an                                                                              
 Independent Conversion Adviser to be in its opinion appropriate (i) to ensure that an adjustment to the Floor Price or the economic effect thereof shall not be taken into account more |

S-87

| than once, (ii) to ensure that the economic effect of a Dividend is not taken into account more than once and (iii) to reflect a redenomination of the issued ordinary shares for the 
 time being into a new currency;                                                                                                                                                       |

| (C) | for the avoidance of doubt, the issue of ordinary shares following a Conversion shall not result in an 
 adjustment to the Floor Price;                                                                         |

| (D) | no adjustment shall be made to the Floor Price where ordinary shares or any other securities (including rights,                                                                                                                                          
 warrants and options) are issued, offered, exercised, allotted, purchased, appropriated, modified or granted to, or for the benefit of, employees or former employees (including directors holding or formerly holding executive office or the personal  
 service company of any such person) or their spouses or relatives, in each case, of the Issuer or any of its Subsidiaries or any associated company or to a trustee or trustees to be held for the benefit of any such person, in any such case pursuant 
 to any share or option scheme.