Company: INGVF
Filing Date: 2025-09-04
Form Type: 424B5
Source: 0001193125-25-196042
Chunk: 107

Company: ING GROEP NV
Filing Date: 2025-09-04
Form: 424B5
Chunk 107
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 of 
 “Fair Market Value”) be determined as at the Effective Date of such Cash Dividend, or, as the case may be, Non-Cash Dividend.                                                   |

| (D) | In making any calculations for the purposes of this paragraph (iii), such adjustments (if any) shall be made as 
 an Independent Conversion Adviser may determine in good faith to be                                             |

S-81

| appropriate to reflect (i) any consolidation or sub-division of any ordinary shares or (ii) the issue of ordinary shares by way of capitalization       
 of profits or reserves (or any like or similar event) or (iii) any increase in the number of ordinary shares in issue in the relevant year in question. |

| (iv) | If and whenever the Issuer shall issue ordinary shares to shareholders as a class by way of rights, or the                                                                                                                                                
 Issuer or any member of the Group or (at the direction or request or pursuant to any arrangements with the Issuer or any member of the Group) any other company, person or entity shall issue or grant to shareholders as a class by way of rights, any   
 options, warrants or other rights to subscribe for or purchase or otherwise acquire any ordinary shares, or any securities which by their terms of issue carry (directly or indirectly) rights of conversion into, or exchange or subscription for, or    
 the right to acquire, any ordinary shares (or shall grant any such rights in respect of existing securities so issued), in each case at a price per ordinary share which is less than 95% of the Current Market Price per ordinary share on the Effective 
 Date, the Floor Price shall be adjusted by multiplying the Floor Price in force immediately prior to the Effective Date by the following fraction:                                                                                                        |

A + B A + C where:

| A | is the number of ordinary shares in issue on the Effective Date; |

| B | is the number of ordinary shares which the aggregate consideration (if any) receivable for the ordinary shares                                                                                                                                            
 issued by way of rights, or for the securities issued by way of rights, or for the options or warrants or other rights issued or granted by way of rights and for the total number of ordinary shares deliverable on the exercise thereof, would purchase 
 at such Current Market Price per ordinary share; and                                                                                                                                                                                                      |

| C | is the number of ordinary shares to be issued or, as the case may be, the maximum number of ordinary shares                                                                                                                                      
 which may be issued upon exercise of such options, warrants or