Company: INGVF
Filing Date: 2025-09-04
Form Type: 424B5
Source: 0001193125-25-196042
Chunk: 40

Company: ING GROEP NV
Filing Date: 2025-09-04
Form: 424B5
Chunk 40
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The market price of the Securities is expected to be affected by changes, or anticipated changes, in the Group CET1 Ratio. Changes in the
Group CET1 Ratio may be caused by changes in the amount of Group CET1 Capital and/or Group Total Risk Exposure Amount (each of which shall be calculated by the Issuer on a consolidated basis and such calculation shall be binding on the trustee and
the holders), as well as changes to their respective definition and interpretation under the Capital Regulations. See “— The circumstances surrounding or triggering Conversion are unpredictable, and there are a number of factors, including factors outside the Issuer’s control, that could affect the Group CET1 Ratio. The Issuer has no obligation to operate its business in such a way, or take any mitigating actions, to maintain or restore the Group CET1 Ratio and to avoid a Trigger Event and actions it takes could result in the Group CET1 Ratio falling.”

S-36

Issuance of the Conversion Shares to the Conversion Shares Depository shall constitute a complete, irrevocable and automatic release of all of the Issuer’s obligations in respect of the Securities.

Upon a
Conversion, all of the Issuer’s obligations to the holders under the Securities shall be irrevocably and automatically released in consideration of the Issuer’s issuance and delivery of the Conversion Shares to the Conversion Shares
Depository (or to the relevant recipient) on the Conversion Date, and under no circumstances shall such released obligations be reinstated. Conversion shall not constitute a default or Event of Default (as defined in the Indenture) under the
Securities or the Indenture. Provided that the Issuer issues the Conversion Shares to the Conversion Shares Depository (or to the relevant recipient as contemplated above) in accordance with the terms of the Indenture as described herein, with
effect from the Conversion Date, holders of the Securities shall have recourse only to the Conversion Shares Depository (or to such other relevant recipient, as applicable) for the delivery to them of Conversion Shares. The holders’ sole
recourse for the Issuer’s failure to issue and deliver the Conversion Shares to the Conversion Shares Depository (or to the other relevant recipient) on the Conversion Date shall be the right to demand that the Issuer make such issuance and
delivery.

In addition, the Issuer has not yet appointed a Conversion Shares Depository, and it may not be able to appoint a Conversion
Shares Depository if Conversion occurs. In such a scenario, the Issuer would inform