Additional Tier 1

Write Down on a Loss Absorption Event:
(i) In instances where “Write Down” is specified as the Loss Absorption Measure in the relevant Pricing Supplement for any Perpetual Capital Securities, if a Loss Absorption Event occurs the Issuer shall, upon the issue of a Write Down Notice, irrevocably and without the need for the consent of the Trustee or the holders of any Perpetual Capital Securities:

(A) cancel any accrued but unpaid Distributions (up to the relevant Loss Absorption Measure Effective Date); and
(B) if the cancellations of Distributions in accordance with Condition 7(a)(i)(A) above, together with the cancellation of interest, dividend and/or distribution on any other Loss Absorbing Instruments on or before the relevant Loss Absorption Measure Effective Date, is in aggregate insufficient to result in the relevant Loss Absorption Event no longer continuing, irrevocably (without requiring the consent of the Securityholders) procure that the Registrar shall reduce the Prevailing Principal Amount, in respect of each Perpetual Capital Security (in whole or in part) by an amount equal to the relevant Write Down Amount (a “Write Down”, and “Written Down” shall be construed accordingly).

Multiple Loss Absorption Events and Write Downs in part:
(i) Where only part of the principal or Distribution of Additional Tier 1 Capital Securities of the Issuer is to be Written Down, the Issuer shall use reasonable endeavours to conduct any Write Down such that:
(A) holders of any Series of Perpetual Capital Securities are treated rateably and equally; and
(B) the Write Down of any Perpetual Capital Securities is conducted on a pro rata and proportionate basis with all other Additional Tier 1 Capital Securities of the Issuer, to the extent that such Additional Tier 1 Capital Securities are capable of being converted or written-down under any applicable laws (and/or their terms of issue which are analogous to these Conditions).

Singapore Bail-In Power:
Notwithstanding and to the exclusion of any other term of the Perpetual Capital Securities or any other agreements, arrangements, or understandings between the Issuer and the Trustee or any holder of any Perpetual Capital Securities, the Trustee and each holder of any Perpetual Capital Securities (which, for the purposes hereof, includes each holder of a beneficial interest in the Perpetual Capital Securities) by its acquisition of the Perpetual Capital Securities acknowledges and accepts that the Perpetual Capital Securities (including but not limited to any Amounts Due thereunder), may be the subject of a Bail-in Certificate, and subject to the exercise of Bail-in Powers by the Resolution Authority without any prior notice, and acknowledges, accepts, consents, and agrees to be bound by the exercise of any provision of the Bail-in Certificate in accordance with its terms (which will take effect without any other or further act by the Issuer and which shall be binding on the Issuer, the Trustee and each Securityholder) and the effect of the exercise of the Bail-in Powers by the Resolution Authority, that may include and result in one or more of the following:
(a) the cancellation of the whole or a part of such Perpetual Capital Securities;
(b) the modification, conversion or change in form of the whole or a part of such Perpetual Capital Securities;
(c) that such Perpetual Capital Securities are to have effect as if a right of modification, conversion or change of their form had been exercised under them; and
(d) any incidental, consequential and supplementary matters, including a requirement that the Issuer or any other person must comply with a general or specific direction set out in the Bail-in Certificate.