Company: INGVF
Filing Date: 2025-03-18
Form Type: 424B5
Source: 0001193125-25-056511
Chunk: 126

Company: ING GROEP NV
Filing Date: 2025-03-18
Form: 424B5
Chunk 126
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 · |     | change the provisions of the applicable indenture dealing with modification and waiver in any other respect, except to increase any required percentage 
 referred to above or to add to the provisions that cannot be changed or waived without approval of the holder of each affected debt security.           |

Changes Not Requiring Approval The second type of change does not require any approval by holders of the debt securities. These changes are limited to clarifications and changes that would not adversely affect the debt securities in any material respect. Nor do we need any approval to make any change that affects only debt securities to be issued under the applicable indenture after the changes take effect. We may also make changes or obtain waivers that do not adversely affect a particular debt security, even if they affect other debt securities. In those cases, we do not need to obtain the approval of the holder of that debt security; we need only obtain any required approvals from the holders of the affected debt securities or other debt securities. Modification of Subordination Provisions We may not amend the subordinated debt indenture to alter the subordination of any outstanding subordinated debt securities without the written consent of each holder of senior indebtedness then outstanding -39-

who would be adversely affected. In addition, we may not modify the subordination provisions of the subordinated debt indenture in a manner that would adversely affect the subordinated debt securities of any one or more series then outstanding in any material respect, without the consent of the holders of a majority in aggregate principal amount of all affected series then outstanding, voting together as one class (and also of any affected series that by its terms is entitled to vote separately as a series, as described below). Changes Requiring Majority Approval Any other change to either indenture and the debt securities issued under that indenture would require the following approval:

| · |     | if the change affects only one series of debt securities, it must be approved by the holders of a majority in principal amount of the relevant series of debt 
 securities; or                                                                                                                                                |

| · |     | if the change affects more than one series of debt securities issued under an indenture, it must be approved by the holders of a majority in principal amount                                                      
 of the series affected by the change, with all affected series voting together as one class for this purpose (and of any series that by its terms is entitled to vote separately as a series, as described below). |

In each case, the required approval must be given by written consent. The same majority approval would be required for us to obtain