• Conditions of Distribution of Dividends
  Dividend payments on any Dividend Date are subject to reduction or non- payment in full if:
  • the Issuer is prevented by applicable Singapore banking regulations or other requirements of the Monetary Authority of Singapore ("MAS") from making payment in full of dividends or other distributions when due on Parity Obligations (as defined below);
  • such payment on Parity Obligations would cause a breach of the MAS´s published consolidated or unconsolidated capital adequacy requirements from time to time applicable to the Issuer; or
  • the Issuer has insufficient Distributable Reserves


• Non-Cumulative Distributions
  
  • Dividends will not be cumulative and Holders will have no claim for any Dividends not paid (or not paid in full) pursuant to any limitation or qualification on the Issuer´s obligation to pay Dividends
  
  
• Dividend Stopper
  
  • If any Dividend is not paid in full for any reason, the Issuer will not:
    • declare or pay any dividends or other distributions in respect of, or (if permitted) repurchase or redeem, its ordinary shares or any other security or obligation of the Issuer ranking junior to the Preference Shares (or contribute any moneys to a sinking fund for the redemption of such shares, securities or obligations); or
    • (if permitted) repurchase or redeem any Parity Obligation which are securities
  
  

the Preference Shares may be redeemed for cash as described below, in whole and not in part, at the option of the Issuer, on any date on or after the First Call Date (22 November 2020) at the Redemption Price (at 100%)

• the Preference Shares may be redeemed for cash as described below, in whole and not in part, at the option of the Issuer, on any day while a Change of Qualification Event (as defined below) continues, at the Redemption Price.


• "Change of Qualification Event" means that either:
  • any change or proposed change to the relevant requirements issued by the MAS in relation to the qualification of the Preference Shares as Tier I capital securities of DBS Bank or to the recognition of the Preference Shares as capital for calculating the Tier I and total capital adequacy ratios of DBS Bank, in each case on a consolidated or unconsolidated basis;
  • any change in the application of official or generally published interpretation of such relevant requirements issued by the MAS or any relevant authority (including a ruling or notice issued by the MAS or any relevant authority); or
  • any interpretation or pronouncement by the MAS or any relevant authority that provides for a position with respect to such relevant requirements issued by the MAS that differs from the previously generally accepted position in relation to similar transactions or which differs from any specific written statements made by any authority regarding the qualification of the Preference Shares as Tier I capital securities of DBS Bank or to the recognition of the Preference Shares as capital for calculating the Tier I and total capital adequacy ratios of DBS Bank, in each case on a consolidated or unconsolidated basis