Company: INGVF
Filing Date: 2025-09-04
Form Type: 424B5
Source: 0001193125-25-196042
Chunk: 93

Company: ING GROEP NV
Filing Date: 2025-09-04
Form: 424B5
Chunk 93
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 published rating solicited by the Issuer from                                                                                                                                            
 one or more rating agencies immediately prior to their substitution or variation, such securities benefit from (or will, as announced, or otherwise confirmed in writing, by each such relevant rating agency, benefit from) an equal or higher published 
 rating from each such rating agency as that which applied to the Securities.                                                                                                                                                                              |

Conversion Upon Trigger Event A “ Trigger Event” shall occur if at any time the Issuer, the Competent Authority or any agent appointed for such purpose by the Competent Authority has determined that the Group CET1 Ratio is less than 7.00%. If a Trigger Event occurs, the Securities shall be converted, in whole and not in part, into ordinary shares, at the Conversion Price described under “— Conversion Shares and Conversion Price” below, on the date specified in a Conversion Notice delivered in accordance with the procedures described under “— Conversion Procedure” below as the date on which the Conversion shall take place (the “ Conversion Date”). The Conversion Date shall occur without delay upon the occurrence of a Trigger Event and in any event within one month following the occurrence of a Trigger Event and in accordance with the requirements set out in Article 54 of the CRR as at the Issue Date. The Issuer shall immediately inform the Competent Authority of the occurrence of a Trigger Event and shall, prior to delivery of the Conversion Notice, deliver to the trustee a certificate signed by any two members of its executive board ( raad van bestuur) (the “ Executive Board”) stating that a Trigger Event has occurred. As soon as practicable after the Issuer delivers such certificate to the trustee (and, in any event, within such period as the Competent Authority may require), it shall deliver a Conversion Notice (which shall be irrevocable) to holders of the Securities as described under “— Conversion Procedure” below. The S-72

irrevocable and automatic release of all of the Issuer’s obligations to the holders under the Securities will occur upon and in consideration of the Issuer’s issuance of the
Conversion Shares to the Conversion Shares Depository (on behalf of the holders of the Securities) or to the relevant recipient, as described below (the “Conversion”). Failure to deliver a Conversion Notice shall not prevent
Conversion and Conversion shall not constitute a default under the Securities.

If a Trigger Event occurs, the Securities shall be
converted in full together with any other perpetual Additional Tier 1 contingent convertible capital securities of the Issuer that have the same trigger and that