Company: INGVF
Filing Date: 2025-09-04
Form Type: 424B5
Source: 0001193125-25-196042
Chunk: 92

Company: ING GROEP NV
Filing Date: 2025-09-04
Form: 424B5
Chunk 92
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 the Issuer as provided above.

“Alignment Event” means, at any time on or after the Issue Date, the Capital
Regulations (or interpretation thereof) have been amended to permit instruments with one or more provisions that differ from those of the Securities at such time to be treated as Additional Tier 1 Capital.

S-71

“ Compliant Securities” means securities that comply with the following (which compliance has been certified to the trustee in a certificate signed by two authorized signatories of the Issuer and delivered to the trustee prior to the relevant substitution or variation):

| (1) | such securities are issued by the Issuer; |

| (2) | such securities rank equally with the ranking of the Securities as at the Issue Date; |

| (3) | (without prejudice to (2) above) such securities have terms not materially less favorable to holders of 
 the Securities than the terms of the Securities (as reasonably determined by the Issuer);               |

| (4) | (without prejudice to (3) above) such Securities (1) contain terms such that they comply with the                                                                                                                                                  
 then applicable Capital Regulations in order to be eligible to qualify in full towards the Issuer’s and/or the Regulatory Group’s Additional Tier 1 Capital; (2) have the same principal amount as the principal amount of the                     
 Securities and bear the same rate of interest from time to time applying to the Securities and preserve the same interest payment dates; (3) preserve the obligations (including the obligations arising from the exercise of any right) of the    
 Issuer as to redemption of the Securities, including (without limitation) as to timing of, and amounts payable upon, such redemption; (4) contain terms providing for the conversion or write-down of the principal amount of such securities only 
 if such terms are not materially less favorable to holders of the Securities than the corresponding provisions of the Securities and (5) preserve any existing rights to any accrued and unpaid interest and any other amounts payable under the   
 Securities which has accrued to holders of the Securities and not been paid (but subject always to the right of the Issuer subsequently to cancel such accrued and unpaid interest in accordance with the terms of the securities);                |

| (5) | such securities are listed on the same stock exchange or market as the Securities or the regulated market of 
 the London Stock Exchange or any EEA regulated market selected in good faith by the Issuer; and              |

| (6) | where the Securities which have been substituted or varied had a