Company: INGVF
Filing Date: 2025-09-04
Form Type: 424B5
Source: 0001193125-25-196042
Chunk: 23

Company: ING GROEP NV
Filing Date: 2025-09-04
Form: 424B5
Chunk 23
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 of their investment in the Securities irrespective of whether the Issuer has sufficient assets available to settle what would have been the claims of the holders of the Securities or other securities subordinated to the same extent
as the Securities, in proceedings relating to a Liquidation Event or otherwise. Therefore, even if other securities that rank pari passu with the Securities are paid in full, following the Trigger Event, the holders will have no rights to the
repayment of the principal amount of the Securities or the payment of interest on the Securities and will rank as holders of ordinary shares (or beneficial owners of ordinary shares). The claims of holders of ordinary shares in a Liquidation Event
are the most junior ranking of all claims. Claims in respect of ordinary shares are not for a fixed principal amount but rather are limited to a share of the surplus assets (if any) remaining following payment of all amounts due in respect of the
liabilities of the Issuer.

Also, there is a risk that, pursuant to Section 212rf of the Dutch Bankruptcy Code
(Faillissementswet), instruments which are expressed to rank pari passu with or lower than the Securities may in the Issuer’s bankruptcy rank senior to the Securities if these other instruments do not qualify or are disqualified
as own funds. As described in the below section, “Description of the Securities — Ranking,” the ranking of the Securities is subject to mandatory applicable law, including as provided pursuant to Section 212rf of the Dutch
Bankruptcy Code.

Although the Securities may pay a higher rate of interest than comparable securities which are not so subordinated,
there is a real risk that an investor in the Securities will lose all or some of its investment should the Issuer become insolvent since its assets would be available to pay such amounts only after all of its senior and more senior subordinated
creditors have been paid in full.

Therefore, if, prior to the occurrence of a Trigger Event, a Liquidation Event occurs, the liquidator
or administrator of the Issuer in a distribution would first apply assets of the Issuer to satisfy all rights and claims of holders of Senior Instruments. If the Issuer does not have sufficient assets to settle claims of such Senior Instrument
holders in full, the claims of the holders of the Securities will not be settled and, as a result, the holders will lose the entire amount of their investment in the Securities. The Securities will share equally in payment with claims under Parity
Instruments (or with claims in respect of ordinary shares, in