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).

“Common Equity Tier 1 Capital” means Common Equity Tier 1 Capital of the Issuer under MAS Notice 637;

“Loss Absorbing Instrument” means any instrument (other than the Perpetual Capital Securities) issued directly or indirectly by the Issuer which (a) in the case of a Winding-Up of the Issuer ranks pari passu with, or junior to, the Perpetual Capital Securities; and (b)(i) contains provisions relating to a write down of the prevailing principal amount of such instrument or which otherwise permit the write down of such instrument under circumstances analogous to those in these Conditions, or (ii) contains provisions relating to or otherwise permitting a conversion of the prevailing principal amount of such instrument into Shares (or any other securities which qualify as Common Equity Tier 1 Capital) under circumstances analogous to those in these Conditions, and in respect of which the conditions (if any) to the operation of such provisions are (or with the giving of any certificate or notice which is capable of being given by the Issuer, would be) satisfied;

“Loss Absorption Event” means the earlier of:

(i) MAS notifying the Issuer in writing that it is of the opinion that a write down or conversion is necessary, without which the Issuer would become non-viable; and

(ii) MAS notifying the Issuer in writing of its decision to make a public sector injection of capital, or equivalent support, without which the Issuer would have become non-viable, as determined by MAS;