WRITE-DOWN (PARTIAL ALLOWED): In respect of each Tier 2 Subordinated Note, the Issuer shall reduce the principal amount and cancel any accrued but unpaid interest by an amount as the Issuer shall, in consultation with the MAS, determine or as the MAS may direct, which is required to reduced and cancelled for the Issuer to cease to be non-viable Write-down of Tier 2 securities will only occur after Additional Tier 1 Capital Securities with loss absorption features are fully written off or converted to equity, and pro rata with all other Tier 2 Capital Securities with loss absorption features

Write-down is permanent and irrevocable

• Issuer’s Call
  • Callable on 8 March 2022 only


• Redemption for Change of Qualification Event
  • Subject to Condition 5(k), if a Change of Qualification Event has occurred and is continuing, the Issuer may, having given not less than 30 but not more than 60 days prior written notice to the Noteholders in accordance with Condition 16 (which notice shall be irrevocable), redeem in accordance with these Conditions on any Interest Payment Date (if this Subordinated Note is at the relevant time a Floating Rate Note) or at any time (if this Subordinated Note is at the relevant time not a Floating Rate Note) all, but not some only, of the relevant Subordinated Notes, at their Early Redemption Amount or, if no Early Redemption Amount is specified hereon, at their nominal amount together with interest accrued but unpaid (if any) to (but excluding) the date fixed for redemption in accordance with these Conditions.