Without limiting any other right to redeem the Notes before their Maturity Date under the Conditions, the Issuer may redeem all (but not some only) of the Notes before their Maturity Date under Condition 7.3 (Optional Early Redemption (Call)) as set out in the Information Memorandum at the Optional Redemption Amount (Call) (as defined below) together any with accrued but unpaid interest on such Notes to (but excluding) the Early Redemption Date (Call).

The "Optional Redemption Amount (Call)" means:

(b) Where the Early Redemption Date (Call) is prior to 90 days before the Maturity Date, the greater of:

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

ii. 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.

For the purposes of calculating the Optional Redemption Amount (Call):

“Reinvestment Rate” means, in respect of the Notes, the semi-quarterly coupon-matched asset swap rate expressed as a percentage per annum determined by the Calculation Agent, plus 0.35% (calculated as 25% of the Issue Margin, rounded to the nearest 5bps).

Early Redemption Date (Call): 09 July 2032