At any time on or after the Issue Date, the Issuer may, on giving not less than 30 nor more than 60 days’ notice to the Bondholders (which notice shall be irrevocable), redeem the Bonds (in whole, but not in part) on any business day provided that the Issuer has appointed a Calculation Agent prior to giving such notice, and provided further that:

(a) in the case of a redemption of any Bonds on any business day that is prior to 20 September 2029 (the “Make Whole Call Date”), such Bonds will be redeemed at the Make Whole Amount (as defined in the Conditions) per Calculation Amount; and

in each case, together with accrued and unpaid interest on the Bonds so redeemed to (but excluding) the applicable date fixed for redemption.

“Make Whole Amount” means an amount equal to the greater of:

(A) an amount equal to the sum of:

(x) the present value of the principal amount of the Bonds discounted from the Make Whole Call Date; and
(y) the present value of the remaining scheduled interest payments due on such Bonds to and including the Make Whole Call Date.

The expression “present value” in (x) and (y) above to be calculated by discounting the relevant amounts to the date of redemption of the Bonds at the rate equal to the sum of:

(1) the prevailing SGD SORA OIS corresponding to the duration of the remaining period to the Make Whole Call Date (the “Make Whole Call Reference Rate”) as of the close of business on the eighth business day prior to the date of redemption of the Bonds (the “Make Whole Amount Determination Date”), provided that if there is no quoted SGD SORA OIS corresponding to the relevant period, the “prevailing SGD SORA OIS” used will be the interpolated interest rate as calculated using the quoted SGD SORA OIS for the two periods most closely approximating the duration of the remaining period to the Make Whole Call Date and the actual number of days elapsed assuming a 365-day year; and

(2) 0.15 per cent.; and

B) the Calculation Amount