Additional Tier 1

Bail-in

Conversion upon Conversion Trigger Event

If a Conversion Trigger Event occurs, each Security shall, subject to and as provided in this Condition 7(a), be automatically and irrevocably discharged and satisfied by its Conversion into Ordinary Shares, credited as fully paid, in the manner and in the circumstances described below and the issuance and delivery of such Ordinary Shares to the Conversion Shares Depositary, to be held on trust by the Conversion Shares Depositary (on terms permitting a Conversion Shares Offer in accordance with Condition 7(b)(iii)) for the Securityholders, as provided below. Such Conversion shall occur without delay upon the occurrence of a Conversion Trigger Event.

Conversion Trigger Event:

The Conversion Trigger Event shall occur if at any time the CET1 Ratio is less than 7.00 per cent. The CET1 Ratio is calculated on a consolidated and fully loaded basis.

Conversion:If the Conversion Trigger Event occurs, each Security shall be automatically and irrevocably discharged and satisfied by its Conversion into Ordinary Shares, credited as fully paid, and the issuance of such Ordinary Shares to the Conversion Shares Depositary to be held on trust by the Conversion Shares Depositary for the Securityholders. The Conversion shall occur without delay upon the occurrence of a Conversion Trigger Event.

Conversion Price: The Conversion Price per Ordinary Share in respect of the Securities is U.S.$26.379 subject to certain anti-dilution adjustments as described herein. As at 28 May 2026, the Conversion Price was equivalent to a price of £19.630, translated into U.S. Dollars at an exchange rate of £1 = U.S.$1.3438.

Recognition of UK Bail-in Power

(a) Agreement and acknowledgement with respect to the exercise Notwithstanding and to the exclusion of any other agreements, arrangements or understandings between the Issuer and any Securityholder (or the Trustee on behalf of the Securityholders), by its acquisition of the Securities (or any interest therein), each Securityholder acknowledges and accepts that the Amounts Due may be subject to the exercise of the UK Bail-in Power by the Resolution Authority, and acknowledges, accepts, consents, and agrees to be bound by:

(i) the effect of the exercise of the UK Bail-in Power by the Resolution Authority, that may include and result in any of the following, or some combination thereof:

(A) the reduction of all, or a portion, of the Amounts Due;

(B) the conversion of all, or a portion, of the Amounts Due in respect of the Securities into shares, other securities or other obligations of the Issuer, or another person (and the issue to or conferral on the Securityholder of such shares, securities or obligations), including by means of an amendment, modification or variation of the terms of the Securities;

(C) the cancellation of the Securities (if applicable); and/or

(D) the amendment or alteration of the maturity of the Securities or amendment of the amount of interest payable on the Securities, or the date on which the interest becomes payable, including by suspending payment for a temporary period; and

(ii) the variation of the terms of the Securities, as determined by the Resolution Authority, to give effect to the exercise of the UK Bail-in Power by the Resolution Authority.