The Issuer may redeem all (but not some) of the Subordinated Notes at their Early Redemption Amount, in whole but not in part, on the Call Date at the Issuer’s discretion, subject to certain conditions being met, inter alia, regulatory permission in accordance with Article 78 of the CRR. See Condition 11.7 (“Early redemption at the option of the Issuer (Issuer call)”) and Condition 11.10 (“Additional conditions to redemption of Subordinated Notes”), as amended by the relevant Pricing Supplement.

Call Date: 12 June 2035

Early redemption for MREL/TLAC Disqualification Event (MREL/TLAC Disqualification Event Call)

This Condition 11.8 applies to the Notes only if the Pricing Supplement states that this Condition 11.8 applies.

If the relevant Pricing Supplement states that this Condition 11.8 applies, upon the occurrence of a MREL/TLAC Disqualification Event, the Issuer may, at its option, at any time, redeem all (but not some) of the Notes of a Series in whole before their Maturity Date at the Redemption Amount and any interest accrued on it to (but excluding) the Redemption Date.

MREL/TLAC Disqualification Event means:
(a) with respect to any Senior Preferred Notes, that at any time all or part of the outstanding principal amount of such Senior Preferred Notes does not fully qualify as MREL/TLAC Eligible Instruments, except by reason of any quantitative limitation on the amount of unsubordinated obligations that can qualify as MREL/TLAC Eligible Instruments;
(b) with respect to any Senior Non-Preferred Notes, that at any time all or part of the outstanding principal amount of such Senior Non-Preferred Notes does not fully qualify as MREL/TLAC Eligible Instruments; and
(c) with respect to any Subordinated Notes, that at any time that all or part of the outstanding principal amount of such Subordinated Notes of a Series does not fully qualify as MREL/TLAC Eligible Instruments,
except, in each case, where such non-qualification was reasonably foreseeable at the applicable Issue Date or is due to the remaining maturity of such Notes being less than any period prescribed by the Applicable MREL/TLAC Regulations;

Early redemption for Capital Event

This Condition 11.9 applies to the Notes only if the Pricing Supplement states that the Notes are Subordinated Notes.

If the Notes are Subordinated Notes, upon the occurrence of a Capital Event, the Issuer may, at its option, at any time but subject to Condition 11.10 (“Additional conditions to redemption of Subordinated Notes”), redeem all (but not some) of the Subordinated Notes of a Series in whole before their Maturity Date at the Redemption Amount and any interest accrued on it to (but excluding) the Redemption Date.

Capital Event means a change in the regulatory classification of the Subordinated Notes, that was not reasonably foreseeable at their Issue Date, as a result of which such Subordinated Notes would be fully excluded from Tier 2 Capital