Company: INGVF
Filing Date: 2025-09-04
Form Type: 424B5
Source: 0001193125-25-196042
Chunk: 120

Company: ING GROEP NV
Filing Date: 2025-09-04
Form: 424B5
Chunk 120
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 Dividend that is expressly declared by the Issuer to be a deferred or delayed dividend or distribution or any analogous or similar term due to any restriction, prohibition or recommendation (other than pursuant to any restrictions under the Capital Regulations) by the Competent Authority on the Group in respect of any previous financial year(s). “ Dividend” means any dividend or distribution to holders of ordinary shares (including a Spin-Off)whether of cash, assets or other property (and for these purposes a distribution of assets includes without limitation an issue of ordinary shares or other securities credited as fully or partly paid up by way of capitalization of profits or reserves), and however described and whether payable out of share premium account, profits, retained earnings or any other capital or revenue reserve or account, and including a distribution or payment to holders of ordinary shares upon or in connection with a reduction of capital provided that:

| (i) | where: |

| (A) | a Dividend in cash is announced which may at the election of a shareholder or shareholders of the Issuer be                                                                                                                                               
 satisfied by the issue or delivery of ordinary shares or other property or assets, or where a capitalization of profits or reserves is announced which may at the election of a shareholder or shareholders be satisfied by the payment of cash, then the 
 Dividend in question shall be treated as a Cash Dividend of an amount equal to the greater of (A) the Fair Market Value of such cash amount and (B) the Current Market Price of such ordinary shares as at the first date on which the ordinary           
 shares are traded ex-the relevant Dividend on the Relevant Stock Exchange or, as the case may be, the record date or other due date for                                                                                                                   |

S-90

| establishment of entitlement in respect of the relevant capitalization or, as the case may be, the Fair Market Value of such other property or assets as at the date of the first public                                                             
 announcement of such Dividend or capitalization or, in any such case, if later, the date on which the number of ordinary shares (or amount of such other property or assets, as the case may be) which may be issued and delivered is determined; or |

| (B) | there shall be any issue of ordinary shares by way of capitalization of profits or reserves (including any                                                                                                                                             
 share premium account or capital redemption reserve) where such issue is or is expressed to be in lieu of a Dividend (whether or not a Cash Dividend equivalent or amount is announced), or a Dividend