The Issuer may, at its option on the Early Redemption Date, having given not less than fifteen (15) nor more than thirty (30) calendar days’ irrevocable notice, under certain conditions, redeem all or some of the outstanding Notes at par together with accrued interest to (but excluding) the Early Redemption Date. For further details please refer to Condition 9.8 (Early redemption at the option of the Issuer (Issuer call)) and the applicable Pricing Supplement.

Early Redemption Date: 30 June 2031

Early redemption upon the occurrence of a MREL or TLAC Disqualification Event (MREL or TLAC Disqualification Event Call)

If the relevant Pricing Supplement states that the Issuer may redeem the Notes of a Series before their Maturity Date under this Condition 9.6, upon the occurrence of a MREL or TLAC Disqualification Event, the Issuer may, at its option (subject to the provisions of Condition 9.13 (“Conditions to redemption, substitution, variation, purchase or cancellation of Notes prior to the Maturity Date”)), redeem all (but not some) of the outstanding Notes of a Series in whole but not in part at the Redemption Amount and any interest accrued on it to (but excluding) the Redemption Date.

“MREL or TLAC Disqualification Event” means a change in the classification of the Notes under the MREL or TLAC Requirements, that was not reasonably foreseeable by the Issuer at the Issue Date of the Notes, and that would likely to result in or has resulted in the Notes being fully or partially excluded from the own funds or eligible liabilities available to meet the MREL or TLAC Requirements (as called or defined by the then applicable laws and regulations or MREL or TLAC criteria applicable to the Issuer). For the avoidance of doubt, the exclusion of a Series of Notes from the own funds or eligible liabilities available to meet the MREL or TLAC Requirements due to the remaining maturity of such Notes being less than any period prescribed thereunder, does not constitute a MREL or TLAC Disqualification Event; and

“MREL or TLAC Requirements” means the minimum requirements for own funds and eligible liabilities and/or total loss-absorbing capacity requirements applicable to the Issuer and/or the Group referred to in the BRRD and CRD or any other European Union laws and regulations implemented in French laws and regulations and/or as set out in policies and/or principles of the Single Resolution Board as the case may be, and/or as per the Financial Stability Board TLAC Term Sheet dated 9 November 2015, as amended from time to time.