Company: INGVF
Filing Date: 2025-09-04
Form Type: 424B5
Source: 0001193125-25-196042
Chunk: 111

Company: ING GROEP NV
Filing Date: 2025-09-04
Form: 424B5
Chunk 111
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 the aggregate consideration (if any) receivable for the ordinary shares                                                                                                                                            
 to be issued or otherwise made available upon conversion or exchange or upon exercise of the right of subscription, purchase or acquisition attached to such securities or, as the case may be, for the ordinary shares to be issued or to arise from any 
 such reclassification/redesignation would purchase at such Current Market Price per ordinary share; and                                                                                                                                                   |

S-84

| C | is the maximum number of ordinary shares to be issued or otherwise made available upon conversion or exchange                                                                                                                                           
 of such securities or upon the exercise of such right of subscription attached thereto at the initial conversion, exchange, subscription, purchase or acquisition price or rate or, as the case may be, the maximum number of ordinary shares which may 
 be issued or arise from any such reclassification/redesignation;                                                                                                                                                                                        |

providedthat if on the Effective Date such number of ordinary shares is to be determined by reference to the application of a formula or other variable feature or the occurrence of any event at some subsequent time (which may be when such securities are converted or exchanged or rights of subscription, purchase or acquisition are exercised or, as the case may be, such securities are reclassified/redesignated or at such other time as may be provided), then for the purposes of this paragraph (vii), “C” shall be determined by the application of such formula or variable feature or as if the relevant event occurs or had occurred as at the Effective Date and as if such conversion, exchange, subscription, purchase or acquisition or, as the case may be, reclassification/redesignation had taken place on the Effective Date. Such adjustment shall become effective on the Effective Date. “ Effective Date” means, for purposes of this paragraph (vii), the date of issue of such Securities or, as the case may be, the grant of such rights.

| (viii) | If and whenever there shall be any modification of the rights of conversion, exchange, subscription, purchase                                                                                                                                            
 or acquisition attaching to any securities (other than, for the avoidance of doubt, the Securities or any Further Capital Securities or comparable contingent convertible capital securities) as are mentioned in paragraph (vii) above (other than      
 in accordance with the terms (including terms as to adjustment) applicable to such securities upon issue) so that following such modification the consideration per ordinary share has been reduced and is less than 95% of the Current Market Price per 
 ordinary share on the date of the first public announcement of the proposals for