Company: INGVF
Filing Date: 2025-09-04
Form Type: 424B5
Source: 0001193125-25-196042
Chunk: 59

Company: ING GROEP NV
Filing Date: 2025-09-04
Form: 424B5
Chunk 59
---
 euro and the U.S. dollar. For example, if the U.S. dollar depreciates relative to the euro, the euro value of the Issuer’s ADSs will decrease. The Floor
Price is fixed at $8.76 per ordinary share, subject to adjustment as described under “Description of the Securities — Anti-Dilution” below. Therefore, if the Floor Price is used to calculate the number of Conversion Shares to be
issued after a Conversion (because the Floor Price is higher than the Current Market Price on the relevant date), and the euro has depreciated against the U.S. dollar since the Issue Date, you will receive Conversion Shares having a lower value in
euro than you would have received if the euro had not depreciated or had appreciated against the U.S. dollar. If this happens you will not receive any additional compensation.

Exchange rate risks and exchange controls.

The Issuer will pay principal and interest on the Securities in U.S. dollars. This presents certain risks relating to currency conversions if
an investor’s financial activities are denominated principally in a currency or currency unit (the “Investor’s Currency”) other than U.S. dollars. These include the risk that exchange rates may significantly change
(including changes due to devaluation of the U.S. dollar or revaluation of the Investor’s Currency) and the risk that authorities with jurisdiction over the Investor’s Currency may impose or modify exchange controls. An appreciation in
the value of the Investor’s Currency relative to the U.S. dollar would decrease (i) the Investor’s Currency-equivalent yield on the Securities, (ii) the Investor’s Currency-equivalent value of the principal payable on the
Securities and (iii) the Investor’s Currency-equivalent market value of the Securities. If the Securities are denominated in a currency other than the currency of the country in which you are resident, you are exposed to the risk of
fluctuations in the exchange rate between the two aforementioned currencies. Government and monetary authorities may impose (as some have done in the past) exchange controls that could adversely affect an applicable exchange rate. As a result,
investors may receive less interest or principal than expected, or no interest or principal at all.

The Indenture contains provisions which may permit modification of the Securities without the consent of all investors.

The Indenture contains
provisions permitting modifications and amendments to the Securities without the consent of holders of the Securities in certain instances, and with the consent of not less than two-thirds in aggregate
outstanding