Discretionary Cancellation of Interest
Interest Payments will not accrue if the Issuer has elected, at its sole discretion, to cancel payment of interest (non-cumulative – as set out below, cf. "—Interest Payments are noncumulative"), in whole or in part, on any Interest Payment Date.

Compulsory Cancellation of Interest
In addition, Interest Payments will not accrue, in whole or in part, on any Interest Payment Date:
(a) to the extent that such payment of interest together with

(1) any additional Distributions that are simultaneously planned or made or that have been made by the Issuer on the Notes and other Tier 1 Instruments in the then current financial year of the Issuer and
(2) the total amount of write-ups (if any) in accordance with § 5(4)(b) of the Terms and Conditions of the Notes or in respect of other AT1 Instruments which shall be effected as of the relevant Interest Payment Date or have been effected in the then current financial year of the Issuer would exceed the Available Distributable Items, provided that, for such purpose, the Available Distributable Items shall be increased by (i) an amount equal to what has been accounted for as expenses for Distributions in respect of Tier 1 Instruments (including payments of interest on the Notes) in the determination of the profit (Gewinn) on which the Available Distributable Items are based, and (ii) any other amounts that may be included for the purposes of determining the amounts distributable on additional tier 1 instruments under capital regulations applicable to the Issuer from time to time;

(b) if and to the extent that the competent authority orders that all or part of the relevant payment of interest be cancelled or another prohibition of Distributions is imposed by law or an authority or any other restriction to make Distributions exists under the Applicable Supervisory Regulations (including a prohibition of Distributions in connection with the calculation of the maximum distributable amount within the meaning of Article 141(2) of Directive 2013/36/EU as supplemented or amended from time to time (Capital Requirements Directive IV – "CRD IV") and as currently transposed into German law by § 10 (1) sentence 1 no. 5 e) KWG together with § 37 of the German Solvency Regulation (Solvabilitätsverordnung – SolvV) for the combined buffer requirements in accordance with § 10i KWG (the "Maximum Distributable Amount" or "MDA")); or

(c) if the Issuer is over-indebted within the meaning of § 19 InsO or illiquid within the meaning of § 17 InsO on the relevant Interest Payment Date or to the extent that the relevant payment of interest would result in an over-indebtedness or illiquidity of the Issuer (see also "—Note on payment restrictions prior to an insolvency" above).

Interest Payments are noncumulative
Interest Payments are non-cumulative. Consequently, Interest Payments in following years will not be increased to compensate for any shortfall in Interest Payments during a previous year and such shortfall shall not constitute an event of default under the terms and conditions of the Notes.

The Issuer may call the Notes for redemption at its discretion on each Optional Redemption Date.

"Optional Redemption Date" means:

(i) each Business Day (as defined in the Terms and Conditions of the Notes) during the period from 30 November 2027 (inclusive) to the First Reset Date (inclusive); and
(ii) after the First Reset Date, each Business Day falling in a period from 30 October (inclusive) immediately before each Interest Payment Date to such Interest Payment Date (inclusive).

"First Reset Date" means 30 April 2028.

"Interest Payment Date" means 30 April in each year. The first Interest Payment Date is 30 April 2023 (short first interest period).

Redemption for Regulatory Reasons.
The Issuer may redeem the Notes in whole, but not in part, at any time, with the prior approval of the competent authority and in accordance with § 5(7), at their Redemption Amount together with interest (if any, subject to a cancellation of interest payment pursuant to § 3(8)) accrued to the date fixed for redemption (exclusive), if there is a change in the regulatory classification of the Notes that would be likely to result in (i) their exclusion in full or in part from the Issuer's own funds under the CRR or (ii) a reclassification as a lower quality form of the Issuer's own funds since the issuance date, provided that the conditions in Article 78(4)(a) CRR are met, pursuant to which the competent authority may approve such redemption if (i) it considers the change in the regulatory classification to be sufficiently certain and (ii) the Issuer demonstrated to its satisfaction that the regulatory reclassification of the Notes was not reasonably foreseeable at the date of issuance.