Company: INGVF
Filing Date: 2025-09-04
Form Type: 424B5
Source: 0001193125-25-196042
Chunk: 46

Company: ING GROEP NV
Filing Date: 2025-09-04
Form: 424B5
Chunk 46
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 to participate in arrangements whereby such securities may be acquired by them or (x) a determination is made by the Issuer that the Floor Price should be reduced for
whatever reason (but only in the situations and only to the extent provided in “Description of the Securities — Anti-Dilution”). These may include any modifications as an Independent Conversion Adviser (as defined under
“Description of the Securities — Anti-Dilution — Definitions”) shall determine to be appropriate, including for certain situations falling between the Conversion Date and the applicable Settlement Date. There is no
requirement that there should be an adjustment for every corporate or other event that may affect the market price of the Conversion Shares. Furthermore, the adjustment events that are included in the terms of the Securities are less extensive than
those often included in the terms of convertible securities, including other series of additional tier 1 contingent convertible securities of the Issuer. Accordingly, the occurrence of events in respect of which no adjustment to the Conversion Price
is made may adversely affect the value of the Securities.

Holders of the Securities may be obliged to make a take-over bid following a Trigger Event if they take delivery of ordinary shares.

Upon the occurrence of a Trigger Event, holders of the
Securities receiving Conversion Shares or ADSs from the Conversion Shares Depository may have to make a take-over bid addressed to the shareholders of the Issuer pursuant to the rules of Dutch law implementing the Takeovers Directive (2004/25/EC) as
amended or replaced from time to time if their aggregate holdings in the Issuer reach a specified percentage (currently 30%) of the voting rights in the Issuer as a result of Conversion of the Securities into Conversion Shares.

Holders may be subject to disclosure obligations and/or may need approval from a relevant governmental authority following Conversion.

As the holders of the Securities may receive Conversion Shares if a Trigger Event occurs, an investment in the Securities may
result in holders, following Conversion, having to comply with certain disclosure and/or approval requirements pursuant to laws and regulations applicable in The Netherlands. For example, pursuant to Dutch law, the Issuer (and The Netherlands
Authority for the Financial Markets, the “AFM”) must be notified by a person when the percentage of voting rights or shares in the Issuer controlled by that person (together with its concert parties), by virtue of direct or
indirect holdings of shares aggregated with direct or indirect holdings of certain financial instruments, reaches or crosses 3% and certain specified percentage points thereafter. In addition,