Cumulative Deferral:

If Distribution Deferral is set out hereon, the relevant Issuer may, at its sole discretion, elect to defer (in whole and not in part) any distribution which is otherwise scheduled to be paid on a Distribution Payment Date to the next Distribution Payment Date by giving notice (a "Deferral Election Notice") to the Noteholders (in accordance with Condition 14) and to the Trustee and the Issuing and Paying Agent, the CMU Lodging and Paying Agent or the CDP Paying Agent, as the case may be, not more than 15 nor less than 5 Business Days (or such other notice period as may be specified hereon) prior to a scheduled Distribution Payment Date.

Dividend Stopper

(a) In respect of the Direct Issuance Perpetual Securities, if Dividend Stopper is set out hereon and on any Distribution Payment Date, payment of all Distribution payments scheduled to be made on such date is not made in full by reason of this Condition 4(h), the Company shall not and shall procure that none of its Subsidiaries shall:

(1) declare or pay any dividends, distributions or make any other payment on, and will procure that no dividend, distribution or other payment is made on:

(x) if this Perpetual Security is a Senior Perpetual Security, any of the Company's Junior Obligations; or

(y) if this Perpetual Security is a Subordinated Perpetual Security, any of the Company's Junior Obligations or (except on a pro rata basis) any of the Company's Parity Obligations; or

(2) redeem, reduce, cancel, buy-back or acquire for any consideration:

(x) if this Perpetual Security is a Senior Perpetual Security, any of the Company's Junior Obligations; or

(y) if this Perpetual Security is a Subordinated Perpetual Security, any of the Company's Junior Obligations or (except on a pro rata basis) any of the Company's Parity Obligations,

in each case, other than (i) in connection with any employee benefit plan or similar arrangements with or for the benefit of employees, officers, directors or consultants of the Group, (ii) as a result of the exchange or conversion of Parity Obligations for Junior Obligations, (iii) if the Company has made payment in whole (and not in part only) of all outstanding Arrears of Distributions (if applicable) and any Additional Distribution Amounts (if applicable) or (iv) when so permitted by an Extraordinary Resolution (as defined in the Trust Deed) of the Noteholders and/or otherwise specified in the applicable Pricing Supplement. For the avoidance of doubt, the restrictions in this Condition 4(h)(v)(a) shall only apply to the Company's Subsidiaries to the extent that such dividends, distributions or payments are made in respect of the Company's Junior Obligations or in the case of Subordinated Perpetual Securities (except on a pro rata basis) the Company's Parity Obligations and nothing in this Condition 4(h)(v)(a) shall restrict the Company or any of its Subsidiaries from making payment on its guarantees in respect of obligations which are not the Company's Junior Obligations or in the case of Subordinated Perpetual Securities (except on a pro rata basis) the Company's Parity Obligations.

Dividend Pusher Look back period of 3 months

If Call Option is specified hereon, the relevant Issuer may, on giving not less than 30 nor more than 60 days’ irrevocable notice to the Noteholders (or such other notice period as may be specified hereon) redeem all, or if so provided, some of the Perpetual Securities on any Optional Redemption Date shown on the face hereof. Any such redemption of Perpetual Securities shall be at their Early Redemption Amount. All Perpetual Securities in respect of which any such notice is given shall be redeemed on the date specified in such notice in accordance with this Condition 5(e). Callable on 18 July 2026 & at every distribution date thereafter at par.