Company: INGVF
Filing Date: 2025-09-04
Form Type: 424B5
Source: 0001193125-25-196042
Chunk: 22

Company: ING GROEP NV
Filing Date: 2025-09-04
Form: 424B5
Chunk 22
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 situations.” for additional information on the Issuer’s ability to redeem the Securities. The Issuer’s obligations under the Securities will be unsecured and subordinated, and the rights of the holders of Securities will be further subordinated upon conversion into Conversion Shares. The Issuer’s obligations under the Securities will be unsecured and subordinated obligations of the Issuer, ranking pari passuwithout any preference among themselves. If a Liquidation Event occurs prior to a Trigger Event, the Securities will be subordinated to Senior Instruments of the Issuer, and rank pari passuwith all Parity Instruments of the Issuer, in each case in accordance with and subject to mandatory applicable law, including as provided pursuant to Section 212rf of the Dutch Bankruptcy Code ( Faillissementswet). In the circumstances described above, the amount of any claim in respect of each Security shall be its principal amount. By virtue of such subordination, payments (if any) to the holders of the Securities will, in the case of a Liquidation Event, only be made after all payment obligations of the Issuer in respect of Senior Instruments have been satisfied. In addition, holders should be aware that, upon the occurrence of a Trigger Event, all of the Issuer’s obligations under the Securities shall be irrevocably and automatically released in consideration of the Issuer’s S-26

issuance of the Conversion Shares to the Conversion Shares Depository (or to the relevant recipient). If a Liquidation Event occurs on or after a Trigger Event but before the Conversion Shares
deliverable upon Conversion are issued and delivered to the Conversion Shares Depository (or other relevant person), each holder of a Security shall have a claim, in lieu of any other payment by the Issuer, for the amount, if any, it would have been
entitled to receive if the Conversion relating to such Trigger Event had occurred, and the relevant number of Conversion Shares to which such holder would have been entitled had been delivered to such holder, immediately prior to the Liquidation
Event. Each holder will be effectively further subordinated due to the change in its status from (in case of a Liquidation Event occurring prior to a Trigger Event) being the holder of a debt instrument ranking ahead of holders of ordinary shares to
(in case of a Liquidation Event occurring after a Trigger Event) being the holder of ordinary shares or being entitled to delivery of ordinary shares as evidenced by the Security. As a result, upon the occurrence of Conversion, the holders could
lose all or part