Company: INGVF
Filing Date: 2025-09-04
Form Type: 424B5
Source: 0001193125-25-196042
Chunk: 104

Company: ING GROEP NV
Filing Date: 2025-09-04
Form: 424B5
Chunk 104
---
 the holder shall become the record holder of the related ADSs for all purposes under the ADS deposit agreement. However, the issuance of the ADSs by the ADS Depositary may be delayed until the ADS Depositary or its custodian receives confirmation that all required approvals have been given and that the Conversion Shares have been duly transferred to the custodian and that all applicable depositary fees and payments have been paid to the ADS Depositary. The delivery of the Conversion Shares to the ADS Depositary shall be deemed for all purposes to constitute the delivery of the Conversion Shares to any holder electing to be converted into ADSs. Anti-Dilution Adjustment of Floor Price Upon the happening of any of the events described below, the Floor Price shall be adjusted as follows:

| (i) | If and whenever there shall be a consolidation, reclassification/redesignation or subdivision affecting the                                                                                                            
 number of ordinary shares, the Floor Price shall be adjusted by multiplying the Floor Price in force immediately prior to such consolidation, reclassification/redesignation or subdivision by the following fraction: |

A B where:

| A | is the aggregate number of ordinary shares in issue immediately before such consolidation, 
 reclassification/redesignation or subdivision, as the case may be; and                     |

| B | is the aggregate number of ordinary shares in issue immediately after, and as a result of, such consolidation, 
 reclassification/redesignation or subdivision, as the case may be.                                             |

Such adjustment shall become effective on the date the consolidation, reclassification/redesignation or subdivision, as the case may be, takes effect. S-79

| (ii) | If and whenever the Issuer shall issue any of its ordinary shares credited as fully paid to the Issuer’s                                                                                                                                        
 shareholders by way of capitalization of profits or reserves (including any share premium account or capital redemption reserve) other than (1) where any such ordinary shares are or are to be issued instead of the whole or part of a Cash   
 Dividend which the shareholders would or could otherwise have elected to receive, (2) where the Issuer’s shareholders may elect to receive a Cash Dividend in lieu of such ordinary shares or (3) where any such ordinary shares are or         
 are expressed to be issued in lieu of a Dividend (whether or not a Cash Dividend equivalent or amount is announced or would otherwise be payable to shareholders, whether at their election or otherwise), the Floor Price shall be adjusted by 
 multiplying the Floor Price in force immediately prior to such issue by the following fraction