Additional Tier 1

Trigger Event: Earlier of (i) the MAS notifying the Issuer in writing that it is of the opinion that a write-off or conversion is necessary, without which the Issuer would become non-viable and (ii) a decision by the MAS to make a public sector injection of capital or equivalent support, without which the Issuer would have become non-viable, as determined by the MAS

Write-off (Partial Allowed): Upon occurrence of a Trigger Event, cancellation of the accrued distributions and/or, permanent write-off (partial or in full) of the prevailing principal amount- Write-off amount as the MAS may direct, or as the Issuer (in accordance with the MAS) determines is required to be Written-off for the Trigger Event to cease to continue- Write-off pro rata with other Additional Tier 1 instruments that are capable of being converted or written-down under any applicable laws and/or their terms of issue.

Singapore Bail-in Power:

Notwithstanding any other term of the Perpetual Capital Securities, including without limitation Condition 7(b), or any other agreement or arrangement, the Perpetual Capital Securities may be subject to cancellation, modification, conversion, change in form, or have the effect as if a right of modification, conversion, or change of form had been exercised by the MAS in the exercise of the MAS’s powers under Division 6 of Part 8 of the FSM Act without prior notice. The Trustee (on behalf of the holders of the Perpetual Capital Securities) and each holder of a Perpetual Capital Security shall be subject, and shall be deemed to agree, to be bound by and acknowledge that they are each subject to having the Perpetual Capital Security being the subject of the exercise of the MAS’s powers under Divisions 6 of Part 8 of the FSM Act. Further, the Trustee (on behalf of the holders of the Perpetual Capital Securities) and each holder of a Perpetual Capital Security shall be deemed to agree to be bound by a Bail-in Certificate. The rights of the holders of Perpetual Capital Securities and the Trustee (on behalf of the holders of the Perpetual Capital Securities) under the Perpetual Capital Securities and these Conditions are subject to, and will be amended and varied (if necessary), solely to give effect to, the exercise of the MAS’s powers under Division 6 of Part 8 of the FSM Act

Variation:

Subject to Condition 6(j), where this Condition 6(f) is specified as being applicable in the applicable Pricing Supplement, the Issuer may at any time, without any requirement for the consent or approval of the Securityholders and having given not less than 15 days’ notice to the Securityholders in accordance with Condition 16 (which notice shall be irrevocable), vary the terms of those Perpetual Capital Securities, where such variation does not result in terms that are materially less favourable to the Securityholders and so that they remain or, as appropriate, become Qualifying Securities and provided further that:

(i) such variation does not itself give rise to any right of the Issuer to redeem the varied securities that is inconsistent with the redemption provisions of those Perpetual Capital Securities;

(ii) neither a Tax Event nor a Capital Event arises as a result of such variation; and (iii) the Issuer is in compliance with the rules of any stock exchange on which the Perpetual Capital Securities are for the time being listed or admitted to trading. Applicable; any variation (to the extent that any such variation would impact the eligibility of any Perpetual Capital Securities as Additional Tier I Capital Securities) is subject to the approval of the MAS