Interest Payments Discretionary

The Issuer shall be entitled at its full discretion to cancel (in whole or in part) any amounts of interest otherwise payable in respect of the Securities on any date. Unless otherwise specified, references in these Conditions to a payment of interest being "cancelled" (and similar references) shall include cancellation by reason of it not being due in accordance with Condition 2(b) (Subordination – conditions to payment), the cancellation of such payment of interest (or relevant part thereof) in accordance with Condition 5(b) (Restrictions on Interest Payments) or 9(g) (Accrued Interest following Capital Adequacy Trigger) or, as appropriate, the Issuer's exercise of its discretion otherwise to cancel such payment of interest (or relevant part thereof) in accordance with this Condition 5(a).

If the Issuer does not make any such payment of interest (or any part thereof) on the relevant date for payment, such non-payment shall evidence the non-payment and cancellation of such payment of interest (or relevant part thereof) and accordingly such interest shall not in any such case be due and payable.

Non-cumulative

Any payment of interest (or relevant part thereof) which is cancelled shall not become due and shall not accumulate or be payable at any time after its cancellation, and Securityholders shall have no rights in respect thereof and any such cancellation or non-payment (in whole or in part) shall not constitute a default or event of default on the part of the Issuer for any purpose.

Restrictions on Interest Payments

Without prejudice to (1) Condition 5(a) (Interest Payments Discretionary) above or (2) the prohibition contained in Chapter 4 of the "CRR Firms – Capital Buffers" Part of the PRA Rulebook (or any succeeding provision(s) amending or replacing such chapter) ("Chapter 4") on the making of payments on the Securities before the Maximum Distributable Amount has been calculated, if and to the extent that on any date on which interest is payable in respect of the Securities:

(i) the amount of Relevant Distributions relating to such date exceeds the amount of Distributable Items; or
(ii) the aggregate of (A) the relevant interest amount payable in respect of the Securities and (B) the amounts of any distributions of the kind referred to in Rule 4.3(2) of Chapter 4 (or any succeeding provision amending or replacing such rule) exceeds the Maximum Distributable Amount (if any) applicable to the Issuer as of such date; or
(iii) the Lead Regulator applicable to the Issuer orders the Issuer to cancel (in whole or in part) the interest otherwise payable on such date,

the Issuer shall cancel (in whole or, as the case may be, in part) the interest otherwise payable on such date.

The Issuer shall be responsible for determining compliance with this Condition 5(b) and neither the Trustee, nor any Paying Agent, Transfer Agent or Calculation Agent shall be required to monitor such compliance or to perform any calculations in connection therewith.

Redemption at the Option of the Issuer

At Issuer’s sole discretion, in whole (but not in part), on any business day during the 6-month period ending on the First Reset Date, the Second Reset Date and each Subsequent Reset Date, subject to obtaining the Relevant Supervisory Consent.

The optional redemption price will be at par plus (to the extent not cancelled pursuant to the Conditions) any accrued and unpaid interest to (but excluding) the date of redemption.

First Call Period: From (and including) 24 March 2030 to (and including) 24 September 2030

Redemption upon Capital Disqualification Event

Subject to Condition 2(b) (Subordination – conditions to payments), Condition 6(g) (Capital Adequacy Trigger Notice) and Condition 6(i) (Supervisory Consent), if this Condition 6(f) is specified as being applicable in the relevant Pricing Supplement, then, following the occurrence of a Capital Disqualification Event, the Issuer may, within 90 days of the occurrence of the relevant Capital Disqualification Event and on giving not less than 30 nor more than 60 days' notice (ending, in the case of Floating Rate Securities, on an Interest Payment Date) to the Trustee (with a copy to the Principal Paying and Conversion Agent) and to the Securityholders in accordance with Condition 14 (Notices) (which notice shall, subject to Conditions 2(b) (Subordination – conditions to payment) and 6(g) (Capital Adequacy Trigger Notice), be irrevocable), at its option, redeem all, but not some only, of the Securities at the Capital Disqualification Event Early Redemption Price, together with (to the extent not cancelled pursuant to these Conditions) interest accrued and unpaid, if any, to the date fixed for redemption.