Without limiting any other rights to redeem the Notes before their Maturity Date under the Conditions, all or some of the Notes are redeemable before their Maturity Date at the option of the Issuer under Condition 10.4 (“Early redemption at the option of the Issuer (Issuer call)”).

Where the Early Redemption Date (Call) is prior to 90 days before the Maturity Date, the Notes are redeemable at the Make-Whole Redemption Amount together with any interest accrued but unpaid on it to (but excluding) the Early Redemption Date (Call) where “Make-Whole Redemption Amount” means the greater of:

(a) the outstanding principal amount of the Notes at the Early Redemption Date (Call); and

(b) the present value at the Early Redemption Date (Call) of the Notes being redeemed, calculated as being (A) the present value of the outstanding principal amount of those Notes at the Maturity Date, plus (B) the present value of all required interest payments that would otherwise have accrued on those Notes from (and including) the Early Redemption Date (Call) through to (but excluding) the Maturity Date, in each case both (A) and (B) discounted to the Early Redemption Date (Call) on an annual basis (assuming a 365-day year) at the Reinvestment Rate.