Cumulative Deferral

If Cumulative Deferral is set out hereon, any distribution deferred pursuant to this Condition 4(IV) shall constitute "Arrears of Distribution". The Issuer may, at its sole discretion, elect to (in the circumstances set out in Condition 4(IV)(a)) further defer any Arrears of Distribution by complying with the foregoing notice requirement applicable to any deferral of an accrued distribution. The Issuer is not subject to any limit as to the number of times distributions and Arrears of Distribution can or shall be deferred pursuant to this Condition 4(IV) except that this Condition 4(IV)(c) shall be complied with until all outstanding Arrears of Distribution have been paid in full.

Dividend Stopper

If Dividend Stopper is set out hereon and on any Distribution Payment Date, payments of all distribution scheduled to be made on such date are not made in full by reason of this Condition 4(IV), the Issuer shall not:

(i) declare or pay any dividends, distributions or make any other payment on, and will procure that no dividend, distribution or other payment is made on:

(1) any of the Issuer's Junior Obligations; or

(2) if this Perpetual Security is a Senior Perpetual Security, (except on a pro rata basis) the Issuer's Senior Parity Obligations; or

(3) if this Perpetual Security is a Subordinated Perpetual Security, (except on a pro rata basis) any of the Issuer's Parity Obligations; or

(ii) redeem, reduce, cancel, buy-back or acquire for any consideration, and will procure that no redemption, reduction, cancellation, buy-back or acquisition for any consideration is made in respect of, any of:

(1) the Issuer's Junior Obligations; or

(2) if this Perpetual Security is a Senior Perpetual Security, (except on a pro rata basis) the Issuer's Senior Parity Obligations; or

(3) if this Perpetual Security is a Subordinated Perpetual Security, (except on a pro rata basis) any of the Issuer's Parity Obligations

Dividend Pusher

12 month look back period

If so provided hereon, the Issuer may, on giving irrevocable notice to the Perpetual Securityholders falling within the Issuer's Redemption Option Period shown on the face hereof, redeem all or, if so provided, some of the Perpetual Securities at their Redemption Amount or integral multiples thereof and on the date or dates so provided. Any such redemption of Perpetual Securities shall be at their Redemption Amount, together with distribution accrued (including any Arrears of Distribution and any Additional Distribution Amount) to (but excluding) the date fixed for redemption.

The Issuer may, on giving not less than 30 days' nor more than 60 days' prior notice to the Perpetual Securityholders, redeem in whole, but not in part, the Perpetual Securities on [TBD] 2027 or any Distribution Payment Date thereafter.