Company: INGVF
Filing Date: 2025-09-04
Form Type: 424B5
Source: 0001193125-25-196042
Chunk: 44

Company: ING GROEP NV
Filing Date: 2025-09-04
Form: 424B5
Chunk 44
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 deteriorated significantly, a Trigger Event may
be accompanied by a deterioration in the market price of the Issuer’s ordinary shares, which may be expected to continue after the occurrence of the Trigger Event. If the Current Market Price is lower than the Floor Price, then the Floor Price
will be used to calculate the number of Conversion Shares to be issued upon Conversion, resulting in the issuance of a lower number of Conversion Shares than would be issued if such number were to be calculated based on the Current Market Price. The
Floor Price is fixed at the time of issue of the Securities at $8.76 per ordinary share, and is subject to certain anti-dilution adjustments, as described under “—Holders have limited anti-dilution protection and do not have anti-dilution protection in all circumstances.” below. As a result, the Conversion Price may not reflect the market price of ordinary shares of the Issuer, which could be significantly lower than the Conversion Price.

You may be subject to taxes upon Conversion.

Neither the Issuer, nor any member of the Group will pay, or shall be liable for, any taxes or capital, stamp, issue and registration or
transfer taxes or duties arising upon Conversion or that may arise or be paid as a consequence of the issue and delivery of Conversion Shares to the Conversion Shares Depository. A holder of Securities must pay any taxes and capital, stamp, issue
and registration and transfer taxes or duties arising on Conversion in connection with the issue and delivery of the Conversion Shares to the Conversion Shares Depository and such holder must pay all, if any, such taxes or duties arising by
reference to any disposal or deemed disposal of such holder’s Security or interest therein, in each case as are attributable to such holder. Any taxes and capital, stamp, issue and registration and transfer taxes or duties arising on delivery
or transfer of Conversion Shares or ADSs to a purchaser in any Conversion shall be payable by the relevant purchaser of those Conversion Shares or, if the holder elects, ADSs, as applicable.

Holders have limited anti-dilution protection and do not have anti-dilution protection in all circumstances.

The number of Conversion Shares to be issued to the Conversion Shares Depository upon Conversion will be the aggregate principal amount of the
Securities outstanding immediately prior to Conversion on the Conversion Date divided by the Conversion Price (rounded down to the nearest whole number of Conversion Shares). The Conversion Price will be equal to the highest of (i) the Current
Market Price (as defined in “Description of