Redemption at the Option of the Issuer

The Issuer may, at any time during the tenor of the Notes, upon giving not less than 30 nor more than 60 days’ notice to the Noteholders, redeem all or some of the Notes on any date prior to the Maturity Date at their Make-Whole Amount together with interest accrued to (but excluding) the date fixed for redemption. Any partial redemption of the Notes shall be applied on a pro rata basis. For the purposes of this Condition 6(d):

(i) the “Make-Whole Amount” means an amount equal to the greater of:

(1) an amount equal to the sum of:

(aa) the present value of the principal amount of the Notes discounted from the Maturity Date; and

(bb) the present value of the remaining scheduled interest with respect to the Notes to and including the Maturity Date,

where the expression “present value” in paragraphs (aa) and (bb) above shall be calculated by discounting the relevant amounts to the date of redemption of the Notes at the rate equal to the sum of: (I) the SORA-OIS corresponding to the duration of the remaining period to the Maturity Date of the Notes expressed on a semi-annual compounding basis (rounded up, if necessary, to four decimal places) on the tenth business day prior to the date of redemption of the Notes (the “Make-Whole Amount Determination Date”), provided that if there is no rate corresponding to the relevant period, the SORA-OIS used will be the interpolated interest rate as calculated using the SORA-OIS or the two periods most closely approximating the duration of the remaining period to the Maturity Date; and (II) 0.30 per cent.; and

(2) the Denomination Amount of the Notes; and

(ii) “SORA-OIS” means the (1) SORA-OIS reference rate available on the “OTC SGD OIS” page on Bloomberg under “BGN” appearing under the column headed “Ask” (or such other substitute page thereof or if there is no substitute page, the screen page which is the generally accepted page used by market participants at that time as determined by an independent financial institution (which is appointed by the Issuer and notified to the Issuing and Paying Agent and the Trustee)) at the close of business on the Make-Whole Amount Determination Date, or (2) if a Benchmark Event (as defined in Condition 5(VI)) has occurred in relation to the “SORA-OIS”, such rate as determined in accordance with Condition 5(VI).”;

The Issuer will, on each Make-Whole Amount Determination Date, calculate or procure an independent financial institution appointed by it in good faith to calculate, the relevant Make-Whole Amount. The Issuer will, or will procure such independent financial institution to, cause the relevant Make-Whole Amount to be notified to the Issuing and Paying Agent and the Trustee as soon as practicable after such determination. The making of each calculation by the Issuer or, as the case may be, such independent financial institution, shall (in the absence of manifest error) be final and binding upon all parties.”;