Company: INGVF
Filing Date: 2025-09-04
Form Type: 424B5
Source: 0001193125-25-196042
Chunk: 24

Company: ING GROEP NV
Filing Date: 2025-09-04
Form: 424B5
Chunk 24
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 the event of a Liquidation Event of the Issuer occurring in the intervening period between a Trigger Event and the Conversion Date) if the Issuer does not have sufficient funds to make
full payments on all of them, as applicable. In such a situation, holders could lose all or part of their investment.

Subject to
applicable law, neither any holder or beneficial owner of Securities nor the trustee acting on behalf of the holders and beneficial owners of Securities may exercise, claim or plead any right of set-off,
netting, compensation or retention in respect of any amount owed to it by the Issuer in respect of, or arising under or in connection with the Securities or the Indenture and each holder and beneficial owner of Securities, by virtue of its holding
of any Security or any interest therein, and the trustee acting on behalf of the holders and beneficial owners of Securities, shall, be deemed to have waived all such rights of set-off, netting, compensation
or retention. To the extent that any such holder or beneficial owner of Securities or any interest therein nevertheless claims a right of set-off, netting, compensation or retention in respect of any such
amount, whether by operation of law or otherwise, and irrespective of whether the set-off, netting, compensation or retention is effective under

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any applicable law, such holder or beneficial owner shall immediately transfer to the Issuer (or, if a Liquidation Event shall have occurred, the liquidator or administrator of the Issuer, as the
case may be) a Set-off Repayment and no rights can be derived from the Securities or any interest therein until the Issuer (or the liquidator or administrator of the Issuer, as the case may be) has received in
full the relevant Set-off Repayment and accordingly any such set-off, netting, compensation or retention shall be deemed not to have taken place. The foregoing shall not
prevent any set-off in order to give effect to a Conversion. Irrespective of any other set-off, netting, compensation or retention agreement providing otherwise, the
possibility of any set-off, netting, compensation or retention by a holder or beneficial owner of Securities shall be exclusively governed by Dutch law.

Interest payments may be cancelled on a discretionary or mandatory basis. Cancelled interest shall not be due and shall not accumulate or be payable at any time thereafter and the holders shall have no rights thereto.

The Issuer may elect not to pay interest, in
whole or in part, on any