Document:

EX-10.1

 Exhibit 10.1 

EXECUTION COPY 
 CREDIT SUISSE
SECURITIES (USA) LLC 
 CREDIT SUISSE AG 

Eleven Madison Avenue 
 New York, NY
10010 
 CONFIDENTIAL 

November 19, 2013 
 Visant Secondary Holdings
Corp. 
 Visant Corporation 
 357 Main Street, 1st Floor 
 Armonk, NY 10504 

Attention: Marc Reisch 

                  Chief Executive Officer 

Project Celebration 

Commitment Letter 
 Ladies and Gentlemen:

 You have advised each of Credit Suisse AG (acting through such of its affiliates or branches as it deems appropriate,
“CS”) and Credit Suisse Securities (USA) LLC (“CS Securities” and, together with CS and their respective affiliates, the “Commitment Parties”, “we” or
“us”) that Visant Corporation (“Visant” or “you”) intends to acquire (the “Acquisition”), directly or indirectly, all of the outstanding equity interests
of the entity previously identified to us by you as “Celebration”, a Delaware corporation (the “Company”). You have further advised us that, in connection with the foregoing, you intend to consummate the other
Transactions described in the Transaction Description attached hereto as Exhibit A (the “Transaction Description”). Capitalized terms used but not defined herein shall have the meanings assigned to them in the
Transaction Description and in the Summaries of Principal Terms and Conditions attached hereto as Exhibit B (the “Senior Secured Term Loan Facility Term Sheet”) and Exhibit C (the “Bridge Term Sheet”;
together with the Senior Secured Term Loan Facility Term Sheet, the “Term Sheets”; this commitment letter, the Transaction Description, the Term Sheets and the Summary of Additional Conditions attached hereto as Exhibit D,
collectively, the “Commitment Letter”). 
 You have further advised us that, in connection therewith, it is intended
that the financing for the Transactions will include (i) up to a $260.01 million senior secured term loan facility (the “Senior Secured Term Loan Facility”) as further
described in the Senior Secured Term Loan Facility Term Sheet and (ii) up to $100.0 million in aggregate principal amount of senior unsecured notes issued by Visant in a Rule 144A private placement on the Closing Date (as defined below) on
terms substantially consistent with the Existing Senior Notes (as defined herein) pursuant to the Senior Notes Indenture (as defined herein) (such senior unsecured notes or any other senior unsecured notes, the “Mirror
Notes”); provided that if all or any portion of the contemplated $100.0 million of Mirror Notes are not issued by Visant on or prior to the Closing Date (as defined below), the financing shall also include up to $100.0 million of
senior unsecured fixed rate loans (the “Senior Unsecured Bridge Loans” or the “Bridge Loans”) under 

 

	1 	Closing Date borrowings pursuant to both Existing Credit Agreement and Senior Secured Term Loan Facility to be $260.0 million, plus an additional amount to reflect any additional original issue discount pursuant to the
exercise of flex as set forth in the Fee Letter, to be comprised of approximately $50.0 million of revolving credit borrowings pursuant to the Existing Credit Agreement and $210.0 million of term loan borrowings pursuant to the Senior Secured Term
Loan Facility. 

 
the senior unsecured credit facility (the “Senior Unsecured Bridge Facility” or the “Bridge Facility”) described in the Bridge Term Sheet (in each
case, plus an amount sufficient to fund any OID or upfront fees required to be funded in respect thereof on the Closing Date); provided that in any event, the combined aggregate amount of gross proceeds (after giving effect to any upfront
fees and OID funded on the Closing Date) from the Mirror Notes and Bridge Loans shall not exceed $100.0 million; provided further that Visant may in its sole discretion agree to reduce any commitment herein with respect to the Senior
Unsecured Bridge Facility without penalty or premium (provided that any such reduction will be pro rata among the Commitment Parties). The Senior Secured Term Loan Facility and the Bridge Facility are collectively referred to herein as the
“Facilities”. The Senior Secured Term Loan Facility may be effected, at the election of Visant made by written notice to the Commitment Parties prior to the commencement of the syndication of the Senior Secured Term Loan
Facility, (i) as an incremental facility pursuant to Section 2.15 of Visant’s existing Credit Agreement, dated as of September 22, 2010 (as amended, restated, supplemented or otherwise modified from time to time, the
“Existing Credit Agreement”), among Visant, Jostens Canada Ltd., as Canadian Borrower, Visant Secondary Holdings Corp. as Guarantor, the lending institutions from time to time parties thereto, Credit Suisse AG, as
administrative agent, Credit Suisse AG, Toronto Branch as Canadian Administrative Agent, and the other agents, arrangers and bookrunners from time to time parties thereto (such election to effect the Senior Secured Term Loan Facility as an
incremental facility under the Existing Credit Agreement, the “Incremental Election”) or (ii) under a new stand-alone credit agreement (such election, the “Stand-Alone Election”); provided
that it is understood that if Visant makes the Incremental Election, such election shall not have the effect of terminating the commitment of the Commitment Parties to provide the Senior Secured Term Loan Facility on the terms and subject to the
conditions set forth or referred to in this Commitment Letter, including the following proviso, which commitment shall terminate in accordance with the terms of this Commitment Letter; provided further that (x) Visant may, following the
commencement of the syndication of the Senior Secured Term Loan Facility, by written notice to the Commitment Parties, revoke either such election and make the other such election and (y) in the event of a revocation of the Incremental Election
(but not the revocation of the Stand-Alone Election) following the commencement of syndication, the condition precedent set forth in paragraph 7 of Exhibit D hereto shall not have been satisfied by any previously commenced Bank Marketing Period (as
defined in Exhibit D) and unless the Commitment Parties shall otherwise agree, a new Bank Marketing Period shall commence in accordance with the terms hereof following such revocation and election. In the event that the Incremental Election is
exercised, the Senior Secured Term Loan Facility shall have the maturity and pricing and be subject to the conditions precedent set forth or referred to in the Term Sheet, but shall otherwise have and be subject to the terms and conditions set forth
in the Existing Credit Agreement. 
 In connection with the foregoing, (a) CS is pleased to advise you of its commitment to provide
100% of the Senior Secured Term Loan Facility and (b) CS is pleased to advise you of its commitment to provide 100% of the Bridge Facility, in each case subject only to the satisfaction or waiver of the applicable conditions set forth in the
section entitled “Conditions to Initial Borrowing” in Exhibit B hereto, in the section entitled “Conditions to Borrowing” in Exhibit C hereto (in each case, limited on the Closing Date as indicated therein) and in Exhibit D
hereto. CS is referred to herein as the “Initial Lender”, in the capacity referred to in clause (a) above being herein called the “Initial Bank Lender” and in the capacity referred to in clause
(b) above being herein called the “Initial Bridge Lenders”. 
 It is agreed that (i) CS Securities will
act as sole lead arranger and bookrunner for the Senior Secured Term Loan Facility (in such capacity, a “Senior Bank Lead Arranger”); (ii) CS Securities will act as sole lead arranger and bookrunner for the Bridge
Facility (in such capacity, the “Senior Bridge Lead Arranger” and, together with the Senior Bank Lead Arranger, the “Lead Arranger”); (iii) CS Securities will act as sole physical bookrunner for
the Senior Secured Term Loan Facility; (iv) CS Securities will act as sole physical bookrunner for the Bridge Facility; (v) CS will act as administrative agent and collateral agent for the Senior Secured Term Loan Facility (in such
capacity, the “Bank  

  
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Administrative Agent”); and (vi) CS will act as administrative agent for the Bridge Facility (in such capacity, the “Bridge Administrative Agent”
and, together with the Bank Administrative Agent, the “Administrative Agents”). It is further agreed that CS Securities shall have “left” placement in any and all marketing materials or other documentation used in
connection with the Senior Secured Term Loan Facility. It is further agreed that CS Securities shall have “left” placement in any and all marketing materials or other documentation used in connection with the Bridge Facility. No
compensation (other than that expressly contemplated by this Commitment Letter and the Fee Letter referred to below) will be paid, and no other titles will be awarded to any Lender in order to obtain its commitment to participate in the Facilities
unless you and the Commitment Parties shall so agree. 
 The Lead Arranger reserves the right, prior to or after the execution of the
Facilities Documentation (as defined in Exhibit D), which we agree will be initially drafted by your counsel, to syndicate all or a portion of the Initial Lender’s commitments hereunder to a group of banks, financial institutions and other
institutional lenders identified by the Lead Arranger in consultation with you and reasonably acceptable to it and you with respect to the identity of such lenders (your consent not to be unreasonably withheld or delayed) including, without
limitation, any relationship lenders designated by you and reasonably acceptable to the Lead Arranger (such banks, financial institutions and other institutional lenders, together with the Initial Lender, the “Lenders”);
provided that, notwithstanding the Lead Arranger’s right to syndicate the Facilities and receive commitments with respect thereto (but subject to the fourth paragraph of this Commitment Letter), it is agreed that (i) syndication of,
or receipt of commitments or participations in respect of, all or any portion of the Initial Lender’s commitments hereunder prior to the date of the consummation of the Acquisition and the date of the initial funding under any of the Facilities
(the date of such funding, the “Closing Date”) shall not be a condition to the Initial Lender’s commitments; (ii) the Initial Lender shall not be relieved, released or novated from its obligations hereunder
(including its obligation to fund any of the Facilities on the Closing Date) in connection with any syndication, assignment or participation of the Facilities, including its commitments in respect thereof, until after the initial funding of the
Facilities has occurred; (iii) no assignment or novation shall become effective (as between you and us) with respect to all or any portion of the Initial Lender’s commitments in respect of the Facilities until after the initial funding of
the Facilities; (iv) unless you otherwise agree in writing, each Commitment Party shall retain exclusive control over all rights and obligations with respect to its commitments in respect of the Facilities, including all rights with respect to
consents, modifications, supplements, waivers and amendments, until the Closing Date has occurred and (v) we will not syndicate our commitments to (a) certain banks, financial institutions and other institutional lenders and investors that
have been separately identified in writing by you or Kohlberg Kravis Roberts & Co. L.P. (“KKR”) or DLJ Merchant Banking Partners III, L.P. (“DLJ” and, together with KKR, each
“Sponsor” and together the “Sponsors”; the Sponsors, together with certain other investors in Visant, the “Investors”) to us prior to the date of this Commitment Letter (or, if
so identified after such date (but prior to the Closing Date), that are reasonably acceptable to the Lead Arranger, (b) those persons who are competitors of the Company and its subsidiaries that are separately identified in writing by you or
KKR to us from time to time, and (c) in the case of each of clauses (a) and (b), any of their affiliates (other than any such affiliate that is affiliated with a financial investor in such person and that is not itself an operating company
or otherwise an affiliate of an operating company so long as such affiliate is a bona fide debt fund) that are either (i) identified in writing by you or KKR from time to time or (ii) clearly identifiable on the basis of such
affiliate’s name (clauses (a), (b) and (c) above, collectively “Disqualified Lenders”). 
 Without
limiting your obligations to assist with syndication efforts as set forth herein, it is understood that the Initial Lender’s commitments hereunder are not conditioned upon the syndication of, or receipt of commitments or participations in
respect of, the Facilities and in no event shall the commencement or successful completion of syndication of the Facilities constitute a condition to the availability of the Facilities on the Closing Date. The Lead Arranger intends to commence
syndication 

  
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efforts promptly upon the execution of this Commitment Letter and as part of its syndication efforts, it is its intent to have Lenders commit to the Facilities prior to the Closing Date (subject
to the limitations set forth in the preceding paragraph). You agree actively to assist the Lead Arranger, until the earlier to occur of (i) a Successful Syndication (as defined in the Fee Letter) and (ii) 30 days after the Closing Date
(such earlier date, the “Syndication Date”), in completing a timely syndication that is reasonably satisfactory to it and you. Such assistance shall include, without limitation, (a) your using commercially reasonable
efforts to ensure that any syndication efforts benefit materially from your existing lending and investment banking relationships and the existing lending and investment banking relationships of the Sponsors and, to the extent not in contravention
of the terms of the Acquisition Agreement as in effect on the date hereof, the Company, (b) direct contact between senior management, representatives and advisors of you and the Investors, on the one hand, and the proposed Lenders, on the other
hand (and your using commercially reasonable efforts, to the extent not in contravention of the terms of the Acquisition Agreement as in effect on the date hereof, to ensure such contact between senior management, representatives and advisors of the
Company, on the one hand, and the proposed Lenders, on the other hand), in all such cases at times and places mutually agreed upon, (c) your and the Sponsors’ assistance, and your using commercially reasonable efforts to cause the Company
to assist, to the extent not in contravention of the terms of the Acquisition Agreement as in effect on the date hereof, in the preparation of customary confidential information memoranda for the Facilities (any such memorandum, a
“Confidential Information Memorandum”) and other marketing materials to be used in connection with the syndications, (d) using your commercially reasonable efforts to procure a public corporate credit rating and a public
corporate family rating in respect of Visant from Standard & Poor’s Ratings Services (“S&P”) and Moody’s Investors Service, Inc. (“Moody’s”), respectively (or public ratings
confirmations from S&P and Moody’s, as applicable), and public ratings for the Facilities from each of S&P and Moody’s, in each case, prior to the launch of syndication, (e) the hosting, with the Lead Arranger, of no more than
two meetings of prospective Lenders at times and locations to be mutually agreed upon and (f) your ensuring (and with respect to the Company and its subsidiaries, to the extent not in contravention of the terms of the Acquisition Agreement as
in effect on the date hereof, your using commercially reasonable efforts to ensure) that there shall be no competing issues of debt securities, bridge loans or commercial bank or other credit facilities of the Company or Visant or any of its or your
subsidiaries being offered, placed or arranged (other than (i) the Mirror Notes (or the issuance of any “demand securities” issued in lieu of the Mirror Notes or other indebtedness issued in lieu of the Mirror Notes that has otherwise
been consented to by the Lead Arranger), (ii) the Buyer PIK Notes (as defined in the Acquisition Agreement) and (iii) debt securities issued in lieu of the Senior Secured Term Loan Facility pursuant to the flex provisions set forth in the
Fee Letter) if such debt securities, bridge loans or commercial bank or other credit facilities would, in the reasonable judgment of the Lead Arranger, materially impair the primary syndication of the Facilities (it is understood and agreed that any
deferred purchase price obligations, ordinary course working capital facilities and ordinary course capital lease, purchase money and equipment financings will not be deemed to materially impair the primary syndication of the Facilities).
Notwithstanding anything to the contrary contained in this Commitment Letter or the Fee Letter or any other letter agreement or undertaking concerning the financing of the Transactions to the contrary, neither the obtaining of the ratings referenced
above nor the compliance with any of the other provisions set forth in clauses (a) through (f) above or any other provision of this paragraph shall constitute a condition to the commitments hereunder or the funding of the Facilities on the
Closing Date or at any time thereafter. 
 The Lead Arranger, in its capacity as such, will, in consultation with you, manage all aspects of
any syndication of the Facilities, including decisions as to the selection of institutions reasonably acceptable to you to be approached and when they will be approached, when their commitments will be accepted, which institutions will participate
(subject to your consent rights and rights of appointment set forth in the second preceding paragraph), the allocation of the commitments among the Lenders and the amount and distribution of fees among the Lenders from the amounts to be paid to the
Commitment 

  
 [Commitment Letter]

  
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Parties pursuant to this Commitment Letter and the Fee Letter. To assist the Lead Arranger in its syndication efforts, you agree promptly to prepare and provide (and to use commercially
reasonable efforts, to the extent not in contravention of the terms of the Acquisition Agreement as in effect on the date hereof, to cause the Sponsors and the Company to provide) to the Lead Arranger all customary information with respect to you
and the Company and each of your and its respective subsidiaries and the Transactions, including all financial information and projections (including financial estimates, budgets, forecasts and other forward-looking information, the
“Projections”), as the Lead Arranger may reasonably request in connection with the structuring, arrangement and syndication of the Facilities. For the avoidance of doubt, you will not be required to provide any information to
the extent that the provision thereof would violate any law, rule or regulation binding upon you or any of your subsidiaries or affiliates or upon the Company or any of its respective subsidiaries or affiliates. Notwithstanding anything herein to
the contrary, the only historical financial statements that shall be required to be provided to the Commitment Parties in connection with the syndication of the Facilities shall be those required to be delivered pursuant to paragraphs 5 and 6 of
Exhibit D. 
 You hereby represent and warrant that, and, with respect to the Company, that, to your knowledge, (a) all written
information and written data (such information and data, other than (i) the Projections and (ii) information of a general economic or industry specific nature, the “Information”) that has been or will be made
available to the Commitment Parties by or on behalf of you or any of your representatives, taken as a whole, is or will be, when furnished, correct in all material respects and does not or will not, when furnished, contain any untrue statement of a
material fact or omit to state a material fact necessary in order to make the statements contained therein not materially misleading in light of the circumstances under which such statements are made (after giving effect to all supplements and
updates thereto from time to time) and (b) the Projections that have been or will be made available to the Commitment Parties by or on behalf of you or any of your representatives have been or will be prepared in good faith based upon
assumptions that you believe to be reasonable at the time made and at the time the related Projections are so furnished to the Commitment Parties, it being understood that the Projections are as to future events and are not to be viewed as facts,
that the Projections are subject to significant uncertainties and contingencies, many of which are beyond your control, that no assurance can be given that any particular Projections will be realized and that actual results during the period or
periods covered by any such Projections may differ significantly from the projected results and such differences may be material. You agree that if, at any time prior to the later of the Closing Date and the Syndication Date, you become aware that
any of the representations and warranties in the preceding sentence would be, or, with respect to the Company, to the best of your knowledge would be, incorrect in any material respect if the Information and Projections were being furnished, and
such representations and warranties were being made, at such time, then you will use commercially reasonable efforts to promptly supplement the Information and the Projections so that such representations and warranties will be, and, with respect to
the Company, to the best of your knowledge will be, correct in all material respects under those circumstances. In arranging and syndicating the Facilities, the Commitment Parties will be entitled to use and rely primarily on the Information and the
Projections without responsibility for independent verification thereof. 
 You hereby acknowledge that (a) the Lead Arranger will make
available Information and Projections to the proposed syndicate of Lenders by posting such Information and Projections on IntraLinks, SyndTrak Online or similar electronic means and (b) certain of the Lenders may be “public side”
Lenders (i.e., Lenders that wish to receive only information that (i) is publicly available, (ii) is not material with respect to you, the Company, your or its respective subsidiaries or the respective securities of any of the foregoing
for purposes of United States federal and state securities laws or (iii) constitutes information of a type that would be publicly available if you, the Company, or your or its respective subsidiaries, were public reporting companies (as
reasonably determined by you) (collectively, the “Public Side Information”; any information that is not Public Side Information, “Private Side  

  
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Information”)) and who may be engaged in investment and other market-related activities with respect to you, the Company, any of your or its respective subsidiaries or the
respective securities of any of the foregoing (each, a “Public Sider” and each Lender that is not a Public Sider, a “Private Sider”). 

If reasonably requested by the Lead Arranger, you will use commercially reasonable efforts to assist us in preparing a customary additional
version of the Confidential Information Memorandum to be used in connection with the syndication of the Facilities that includes only Public Side Information with respect to you, the Company, your or its respective subsidiaries or the respective
securities of any of the foregoing to be used by Public Siders. The Public Side Information will be substantially consistent with the information that would be included in any filings that would be required to be made by you, the Company, or any of
your or its respective subsidiaries with the Securities and Exchange Commission if you, the Company or any of your or its respective subsidiaries were public reporting companies. It is understood that in connection with your assistance described
above, customary authorization letters will be included in any Confidential Information Memorandum that authorize the distribution of the Confidential Information Memorandum to prospective Lenders, that contain the representations set forth in the
second preceding paragraph (which representations as to the Company, in the case of authorization letters to be delivered by the Company, shall not be qualified by knowledge) (and represent that the additional version of the Confidential Information
Memorandum contains only Public Side Information with respect to you, the Company, your or its respective subsidiaries and the respective securities of any of the foregoing (other than as set forth in the following paragraph)) and that exculpate
you, the Investors, the Company and your and their respective subsidiaries and us with respect to any liability related to the use or misuse of the contents of the Confidential Information Memorandum or any related marketing material by the
recipients thereof. 
 You agree to use commercially reasonable efforts to identify that portion of the Information that may be distributed
to the Public Siders as “PUBLIC”. You agree that, subject to the confidentiality and other provisions of this Commitment Letter, the Lead Arranger on your behalf may distribute the following documents to all prospective lenders in the form
provided to you and to your counsel a reasonable time prior to their distribution, unless you or your counsel advise the Lead Arranger in writing (including by email) within a reasonable time prior to their intended distribution that such material
should only be distributed to Private Siders: (a) the Term Sheets, (b) interim and final drafts of the Facilities Documentation, (c) administrative materials prepared by the Lead Arranger for prospective Lenders (such as a lender
meeting invitation, allocations and funding and closing memoranda) and (d) changes in the terms of the Facilities. If you advise us that any of the foregoing items should be distributed only to Private Siders, then the Lead Arranger will not
distribute such materials to Public Siders without your consent. 
 As consideration for the commitments of the Initial Lender hereunder and
for the agreement of the Lead Arranger and the Bookrunner to perform the services described herein, you agree to pay (or cause to be paid) the fees set forth in the Term Sheets and in the Fee Letter dated the date hereof and delivered herewith with
respect to the Facilities (the “Fee Letter”), if and to the extent payable. Once paid, such fees shall not be refundable under any circumstances, except as otherwise contemplated by the Fee Letter. 

The commitments of the Initial Lender hereunder to fund the Facilities on the Closing Date and the agreements of the Lead Arranger and the
Bookrunner to perform the services described herein are subject solely to (a) the applicable conditions set forth in the section entitled “Conditions to Initial Borrowing” in Exhibit B hereto and in the section entitled
“Conditions to Borrowing” in Exhibit C hereto and (b) the applicable conditions set forth in Exhibit D hereto, and upon satisfaction (or waiver by the Commitment Parties) of such conditions, the initial funding of the Facilities shall
occur, it being understood that there are no conditions (implied or otherwise) to the commitments hereunder, including 

  
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compliance with the terms of this Commitment Letter, the Fee Letter or the Facilities Documentation, other than those that are expressly stated in the section entitled “Conditions to Initial
Borrowing” in Exhibit B, in the section entitled “Conditions to Borrowing” in Exhibit C hereto and in Exhibit D to be conditions to the initial funding under the Facilities on the Closing Date.2 
 Notwithstanding anything to the contrary in this Commitment Letter (including each of
the exhibits attached hereto), the Fee Letter, the Facilities Documentation or any other letter agreement or other undertaking concerning the financing of the Transactions to the contrary (but subject to the satisfaction of the applicable conditions
set forth in the Existing Credit Agreement in the event that the Incremental Election is exercised as described in footnote 2 above), (i) the only representations and warranties the making of which shall be a condition to the availability of
the Facilities on the Closing Date shall be (A) such of the representations and warranties made by the Company with respect to the Company, its subsidiaries and their respective businesses in the Acquisition Agreement as are material to the
interests of the Lenders, but only to the extent that you (or one of your affiliates) have the right (taking into account any applicable cure provisions) to terminate your (or its) obligations under the Acquisition Agreement or decline to consummate
the Acquisition as a result of a breach of such representations and warranties in the Acquisition Agreement (to such extent, the “Company Representations”) and (B) the Specified Representations (as defined below) and
(ii) the terms of the Facilities Documentation shall be in a form such that they do not impair the availability of the Facilities on the Closing Date if the conditions set forth in the section entitled “Conditions to Initial
Borrowing” in Exhibit B hereto, in the section entitled “Conditions to Borrowing” in Exhibit C hereto and in Exhibit D hereto are satisfied (or waived by the Commitment Parties) (provided that, to the extent any security
interest in any Collateral (as defined in Exhibit B) is not or cannot be provided and/or perfected on the Closing Date (other than the pledge and perfection of the security interests (1) in the certificated equity securities of Visant, the
Company and any of their material wholly-owned U.S. domestic subsidiaries (to the extent required by the Term Sheets (provided that such certificated equity securities, other than certificated equity securities of Visant, its material
wholly-owned U.S. domestic subsidiaries and the Company, will be required to be delivered on the Closing Date only to the extent received from the Company after your use of commercially reasonable efforts to do so)) and (2) in other assets with
respect to which a lien may be perfected by the filing of a financing statement under the Uniform Commercial Code) after your use of commercially reasonable efforts to do so or without undue burden or expense, then the provision and/or perfection of
a security interest in such Collateral shall not constitute a condition precedent to the availability of the Facilities on the Closing Date but instead shall be required to be delivered after the Closing Date pursuant to arrangements and timing to
be mutually agreed (but, in any event, not later than 90 days after the Closing Date or such longer period as may be agreed by the Bank Administrative Agent) by the Bank Administrative Agent and Visant acting reasonably). For purposes hereof,
“Specified Representations” means the representations and warranties made by the Credit Parties (as defined in Exhibit B) to be set forth in the Facilities Documentation relating to the corporate or other organizational
existence of the Credit Parties, power and authority, due authorization, execution, delivery and enforceability, in each case related to the borrowing under, guaranteeing under, granting of security interests in the Collateral to, and performance
of, the Facilities Documentation; the incurrence of the loans and the provision of the Guarantees, in each case under the Facilities, and the granting of the security interests in the Collateral to secure the Senior Secured Term Loan Facility, not
conflicting with the Credit Parties’ constitutional documents or material debt documents; solvency as of the Closing Date (after giving effect to the Transactions) of Visant and its subsidiaries on a consolidated basis (solvency to be defined
in a manner consistent with the manner in which solvency is defined in the solvency certificate to be delivered 
  

	2 	In the event that the Incremental Option is exercised, all conditions set forth in this Commitment Letter (including Exhibit D hereto) and all conditions set forth or referred to in Section 2.15 of the Existing
Credit Agreement shall be required to be satisfied (or amended or waived in accordance with the terms hereof or of the Existing Credit Agreement, as applicable). 

  
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pursuant to paragraph 11 of Exhibit D); creation, validity and perfection of security interests in the Collateral to be perfected on the Closing Date (subject to permitted liens and the foregoing
provisions of this paragraph relating to Collateral); Federal Reserve margin regulations; the use of loan proceeds not violating the PATRIOT Act; and the Investment Company Act. This paragraph, and the provisions herein, shall be referred to as the
“Funding Conditions Provisions”. Without limiting the conditions precedent provided herein to funding the consummation of the Acquisition with the proceeds of the Facilities, the Lead Arranger will cooperate with you as
reasonably requested in coordinating the timing and procedures for the funding of the Facilities in a manner consistent with the Acquisition Agreement. 

You agree (a) to indemnify and hold harmless each of the Commitment Parties, its respective affiliates and the respective officers,
directors, employees, agents, controlling persons, members and the successors of each of the foregoing, but excluding any Investor in its capacity as such and such related parties to such Investor in such capacity (each, other than such excluded
parties, an “Indemnified Person”) from and against any and all losses, claims, damages and liabilities of any kind or nature and reasonable and documented out-of-pocket expenses, joint or several, to which any such
Indemnified Person may become subject, to the extent arising out of or in connection with any claim, litigation, investigation or proceeding, actual or threatened, relating to this Commitment Letter (including the Term Sheets), the Fee Letter, the
Transactions, the Facilities or any related transaction contemplated hereby (any of the foregoing, a “Proceeding”), regardless of whether any such Indemnified Person is a party thereto and whether such Proceeding is brought
by you or any other person, and to reimburse each such Indemnified Person upon demand for any reasonable and documented out-of-pocket legal fees and expenses incurred in connection with investigating or defending any of the foregoing by one firm of
counsel for all Indemnified Persons, taken as a whole, and, if necessary, by a single firm of local counsel in each appropriate jurisdiction for all such Indemnified Persons, taken as a whole (and, in the case of an actual or perceived conflict of
interest where the Indemnified Person affected by such conflict notifies you of the existence of such conflict and thereafter, after receipt of your consent (which consent shall not be unreasonably withheld or delayed), retains its own counsel, by
another firm of counsel for such affected Indemnified Person) or other reasonable and documented out-of-pocket fees and expenses incurred in connection with investigating or defending any of the foregoing; provided that the foregoing
indemnity will not, as to any Indemnified Person, apply to losses, claims, damages, liabilities or related expenses to the extent that they have resulted from (i) the willful misconduct, bad faith or gross negligence of such Indemnified Person
or any of such Indemnified Person’s affiliates or any of its or their respective officers, directors, employees, agents, controlling persons, members or the successors of any of the foregoing (as determined by a court of competent jurisdiction
in a final and non-appealable decision), (ii) a material breach of the obligations of such Indemnified Person (or any of such Indemnified Person’s affiliates or any of its or their respective officers, directors, employees, agents,
controlling persons, members or the successors of any of the foregoing) under this Commitment Letter, the Fee Letter or the Facilities Documentation (as determined by a court of competent jurisdiction in a final and non-appealable decision),
(iii) in the case of a Proceeding initiated by you or one of your permitted assignees against the relevant Indemnified Person, a breach of the obligations of such Indemnified Person or any of such Indemnified Person’s affiliates or of any
of its or their respective officers, directors, employees or agents of any of the foregoing under this Commitment Letter, the Fee Letter or the Facilities Documentation (as determined by a court of competent jurisdiction in a final and
non-appealable decision) or (iv) any Proceeding not arising from any act or omission by you or any of your affiliates that is brought by an Indemnified Person against any other Indemnified Person (other than disputes involving claims against
the Lead Arranger or the Administrative Agent in its capacity as such), and (b) to reimburse each Commitment Party and each Indemnified Person from time to time, upon presentation of a summary statement, for all reasonable and documented
out-of-pocket expenses (including but not limited to expenses of each Commitment Party’s due diligence investigation, consultants’ fees (to the extent any such consultant has been retained with your prior written consent (such consent not
to be unreasonably withheld or delayed)), syndication expenses, travel expenses and reasonable fees, disbursements and other 

  
 [Commitment Letter]

  
 8 

 
charges of counsel to the Lead Arranger identified in the Term Sheets and of a single firm of local counsel to the Lead Arranger in each appropriate jurisdiction (other than any allocated costs
of in-house counsel) or otherwise retained with your consent (such consent not to be unreasonably withheld or delayed)), in each case incurred in connection with the Facilities and the preparation of this Commitment Letter, the Fee Letter, the
Facilities Documentation and any security arrangements in connection therewith (collectively, the “Expenses”); provided that, except as set forth in the Fee Letter, you shall not be required to reimburse any of the
Expenses in the event the Closing Date does not occur. 
 Notwithstanding any other provision of this Commitment Letter, (i) no
Indemnified Person shall be liable for any damages arising from the use by others of information or other materials obtained through internet, electronic, telecommunications or other information transmission systems (including IntraLinks or SyndTrak
Online), except to the extent that such damages have resulted from the willful misconduct, bad faith or gross negligence of such Indemnified Person or any of such Indemnified Person’s affiliates or any of its or their officers, directors,
employees, agents, controlling persons, members or the successors of any of the foregoing (as determined by a court of competent jurisdiction in a final and non-appealable decision) and (ii) none of we, you, the Company, the Investors, any
subsidiaries of the foregoing or any Indemnified Person shall be liable for any indirect, special, punitive or consequential damages (including, without limitation, any loss of profits, business or anticipated savings) in connection with this
Commitment Letter, the Fee Letter, the Transactions (including the Facilities and the use of proceeds thereunder), or with respect to any activities related to the Facilities, including the preparation of this Commitment Letter, the Fee Letter and
the Facilities Documentation; provided that nothing in this paragraph shall limit your indemnity and reimbursement obligations set forth in the immediately preceding paragraph. 

You shall not be liable for any settlement of any Proceeding effected without your written consent (which consent shall not be unreasonably
withheld or delayed), but if settled with your written consent or if there is a final and non-appealable judgment by a court of competent jurisdiction for the plaintiff in any such Proceeding, you agree to indemnify and hold harmless each
Indemnified Person from and against any and all losses, claims, damages, liabilities and reasonable and documented legal or other out-of-pocket expenses by reason of such settlement or judgment in accordance with and to the extent provided in the
other provisions herein. 
 You shall not, without the prior written consent of any Indemnified Person (which consent shall not be
unreasonably withheld or delayed), effect any settlement of any pending or threatened proceedings in respect of which indemnity could have been sought hereunder by such Indemnified Person unless such settlement (i) includes an unconditional
release of such Indemnified Person in form and substance reasonably satisfactory to such Indemnified Person from all liability or claims that are the subject matter of such proceedings and (ii) does not include any statement as to or any
admission of fault, culpability, wrong doing or a failure to act by or on behalf of any Indemnified Person. 
 You acknowledge that the
Commitment Parties and their affiliates may be providing debt financing, equity capital or other services (including financial advisory services) to other persons in respect of which you may have conflicting interests regarding the transactions
described herein and otherwise. Neither the Commitment Parties nor any of their affiliates will use confidential information obtained from you or the Company by virtue of the transactions contemplated by this Commitment Letter or their other
relationships with you in connection with the performance by them of services for other persons, and neither the Commitment Parties nor any of their affiliates will furnish any such information to other persons. You also acknowledge that neither the
Commitment Parties nor any of their affiliates have any obligation to use in connection with the transactions contemplated by this Commitment Letter, or to furnish to you, confidential information obtained by them from other persons. 

  
 [Commitment Letter]

  
 9 

 As you know, each Commitment Party and its respective affiliates is a full service securities
firm engaged, either directly or through its affiliates, in various activities, including securities trading, commodities trading, investment management, financing and brokerage activities and financial planning and benefits counseling for both
companies and individuals. In the ordinary course of these activities, the Commitment Parties and their respective affiliates may actively engage in commodities trading or trade the debt and equity securities (or related derivative securities) and
financial instruments (including bank loans and other obligations) of you, the Company, any of your or its respective subsidiaries and affiliates and other companies which may be the subject of the arrangements contemplated by this letter for their
own account and for the accounts of their customers and may at any time hold long and short positions in such securities. The Commitment Parties and their respective affiliates may also co-invest with, make direct investments in, and invest or
co-invest client monies in or with funds or other investment vehicles managed by other parties, and such funds or other investment vehicles may trade or make investments in securities of you, the Company, any of your or its respective subsidiaries
and affiliates or other companies which may be the subject of the arrangements contemplated by this Commitment Letter or engage in commodities trading with any thereof. 

The Commitment Parties and their respective affiliates may have economic interests that conflict with those of the Company and you. You agree
that the Commitment Parties will act under this letter as independent contractors and that nothing in this Commitment Letter or the Fee Letter or otherwise will be deemed to create an advisory, fiduciary or agency relationship or fiduciary or other
implied duty between the Commitment Parties and you and the Company, your and its respective shareholders or your and its respective affiliates. You acknowledge and agree that (i) the transactions contemplated by this Commitment Letter and the
Fee Letter are arm’s-length commercial transactions between the Commitment Parties, on the one hand, and you and the Company, on the other, (ii) in connection therewith and with the process leading to such transaction each Commitment Party
is acting solely as a principal and not as agents or fiduciaries of you, the Company, your and its management, shareholders, creditors or any other person, (iii) the Commitment Parties have not assumed an advisory or fiduciary responsibility or
any other obligation in favor of you with respect to the transactions contemplated hereby or the process leading thereto (irrespective of whether the Commitment Parties or any of their respective affiliates have advised or are currently advising you
or the Company on other matters) except the obligations expressly set forth in this Commitment Letter and the Fee Letter and (iv) you have consulted your own legal, tax, accounting and financial advisors to the extent you deemed appropriate.
You further acknowledge and agree that you are responsible for making your own independent judgment with respect to such transactions and the process leading thereto. Please note that the Commitment Parties and their affiliates have not provided any
legal, accounting, regulatory or tax advice. You agree that you will not claim that the Commitment Parties (in their capacity as such) or their applicable affiliates, as the case may be, have rendered advisory services of any nature or respect, or
owe a fiduciary or similar duty to you or your affiliates, in connection with the transactions contemplated by this Commitment Letter or the process leading thereto. 

This Commitment Letter and the commitments hereunder shall not be assignable by any party hereto without the prior written consent of each
other party hereto (such consent not to be unreasonably withheld or delayed) (and any attempted assignment without such consent shall be null and void). This Commitment Letter and the commitments hereunder are intended to be solely for the benefit
of the parties hereto (and Indemnified Persons) and are not intended to confer any benefits upon, or create any rights in favor of, any person other than the parties hereto (and Indemnified Persons to the extent expressly set forth herein). Subject
to the limitations otherwise set forth herein, each Commitment Party reserves the right to employ the services of its respective affiliates or branches in providing services contemplated hereby and to allocate, in whole or in part, to their
affiliates or branches certain fees payable to such Commitment Party in such manner as such Commitment Party and its respective affiliates or branches may agree in their sole discretion and, to the extent so employed, such affiliates and branches
shall be 

  
 [Commitment Letter]

  
 10 

 
entitled to the benefits and protections afforded to, and subject to the provisions governing the conduct of, such Commitment Party hereunder. This Commitment Letter may not be amended or any
provision hereof waived or modified except by an instrument in writing signed by each of the Commitment Parties and you. This Commitment Letter may be executed in any number of counterparts, each of which shall be an original and all of which, when
taken together, shall constitute one agreement. Delivery of an executed counterpart of a signature page of this Commitment Letter by facsimile transmission or other electronic transmission (i.e., a “pdf” or “tif”) shall be
effective as delivery of a manually executed counterpart hereof. This Commitment Letter (including the exhibits hereto) and the Fee Letter (i) are the only agreements that have been entered into among the parties hereto with respect to the
Facilities and (ii) supersede all prior understandings, whether written or oral, among us with respect to the Facilities and set forth the entire understanding of the parties hereto with respect thereto. 

Each of the parties hereto agrees that (i) this Commitment Letter is a binding and enforceable agreement (subject to the effects of
bankruptcy, insolvency, fraudulent conveyance, reorganization and other similar laws relating to or affecting creditors’ rights generally and general principles of equity (whether considered in a proceeding in equity or law)) with respect to
the subject matter contained herein, including an agreement to negotiate in good faith the Facilities Documentation by the parties hereto in a manner consistent with this Commitment Letter, it being acknowledged and agreed that the funding of the
Facilities is subject only to the conditions precedent as provided herein and (ii) the Fee Letter is a binding and enforceable agreement (subject to the effects of bankruptcy, insolvency, fraudulent conveyance, reorganization and other similar
laws relating to or affecting creditors’ rights generally and general principles of equity (whether considered in a proceeding in equity or law)) of the parties thereto with respect to the subject matter set forth therein. 

THIS COMMITMENT LETTER AND THE RIGHTS AND DUTIES OF THE PARTIES HEREUNDER SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAWS OF
THE STATE OF NEW YORK; provided, however, that it is understood and agreed that (a) the interpretation of the definition of “Material Adverse Effect” (as referenced in Exhibit D hereto) (and whether or not such Material
Adverse Effect has occurred), (b) the determination of the accuracy of any Company Representations and whether as a result of any inaccuracy thereof you (or your affiliates) has the right (taking into account any applicable cure provisions) to
terminate your (or your affiliates’) obligations under the Acquisition Agreement or decline to consummate the Acquisition and (c) the determination of whether the Acquisition has been consummated in accordance with the terms of the
Acquisition Agreement, in each case shall be governed by, and construed in accordance with, the laws of Delaware, regardless of the laws that might otherwise govern under applicable principles of conflicts of laws thereof. 

EACH OF THE PARTIES HERETO IRREVOCABLY WAIVES THE RIGHT TO TRIAL BY JURY IN ANY ACTION, PROCEEDING, CLAIM OR COUNTERCLAIM BROUGHT BY OR ON
BEHALF OF ANY PARTY RELATED TO OR ARISING OUT OF THIS COMMITMENT LETTER OR THE PERFORMANCE OF SERVICES HEREUNDER. 
 Each of the parties
hereto hereby irrevocably and unconditionally (a) submits, for itself and its property, to the exclusive jurisdiction of any New York State court or Federal court of the United States of America sitting in New York City in the Borough of
Manhattan, and any appellate court from any thereof, in any action or proceeding arising out of or relating to this Commitment Letter, the Fee Letter, the Transactions or the transactions contemplated hereby, or for recognition or enforcement of any
judgment, and agrees that all claims in respect of any such action or proceeding shall be heard and determined in such New York State court or, to the extent permitted by law, in such Federal court, (b) waives, to the fullest extent it may
legally and effectively do so, any objection which it may now or hereafter have to the laying of venue of any suit, action or proceeding arising out of or relating to this 

  
 [Commitment Letter]

  
 11 

 
Commitment Letter, the Fee Letter, the Transactions or the transactions contemplated hereby in any such New York State court or in any such Federal court and (c) waives, to the fullest
extent permitted by law, the defense of an inconvenient forum to the maintenance of such action or proceeding in any such court. Each of the parties hereto agrees to commence any such action, suit, proceeding or claim either in the United States
District Court for the Southern District of New York or in the Supreme Court of the State of New York, New York County located in the Borough of Manhattan. 

This Commitment Letter is delivered to you on the understanding that none of the Fee Letter and its terms or substance, or, prior to your
acceptance hereof, this Commitment Letter and its terms or substance or the activities of any Commitment Party pursuant hereto or to the Fee Letter, shall be disclosed, directly or indirectly, to any other person or entity (including other lenders,
underwriters, placement agents, advisors or any similar persons) except (a) to the Investors, and to your and any of the Investors’ subsidiaries and affiliates and your and their respective officers, directors, employees, agents,
attorneys, accountants, advisors and controlling persons who are informed of the confidential nature thereof, on a confidential and need-to-know basis, (b) if the Commitment Parties consent to such proposed disclosure (such consent not to be
unreasonably withheld or delayed) or (c) pursuant to the order of any court or administrative agency in any pending legal or administrative proceeding, or otherwise as required by applicable law, rule or regulation or compulsory legal process
or to the extent requested or required by governmental and/or regulatory authorities, in each case based on the reasonable advice of your legal counsel (in which case, you agree, to the extent practicable and not prohibited by applicable law, rule
or regulation, to inform us promptly thereof); provided that (i) you may disclose this Commitment Letter (but not the Fee Letter) and the contents hereof to the Company and its officers, directors, employees, agents, attorneys,
accountants, advisors and controlling persons, on a confidential and need-to-know basis, (ii) you may disclose the Commitment Letter and its contents in any offering memoranda or private placement memoranda relating to the Mirror Notes, in any
syndication or other marketing materials in connection with the Facilities (including any Confidential Information Memorandum and other customary marketing materials) or in connection with any public or regulatory filing requirement relating to the
Transactions, (iii) you may disclose the Term Sheets and the other exhibits and annexes to the Commitment Letter and the contents thereof, to potential Lenders and their affiliates involved in the related commitments, to equity investors and to
rating agencies in connection with obtaining ratings for Visant and the Facilities, (iv) you may disclose the aggregate fees contained in the Fee Letter as part of Projections, pro forma information or a generic disclosure of aggregate sources
and uses related to fee amounts related to the Transactions to the extent customary or required in offering and marketing materials for the Facilities and/or the Mirror Notes (or the issuance of any “demand securities” issued in lieu of
the Mirror Notes) or in any public or regulatory filing requirement relating to the Transactions, (v) to the extent the amounts of fees and other economic terms set forth therein have been redacted in a manner to be reasonably agreed upon, you
may disclose the Fee Letter and the contents thereof to the Company and its officers, directors, employees, agents, attorneys, accountants, advisors and controlling persons, on a confidential and need-to-know basis, (vi) you may disclose this
Commitment Letter (but not the Fee Letter) in any tender offer or proxy relating to the Transactions and (vii) you may disclose the Fee Letter and the contents thereof to any prospective equity investor and their respective officers, directors,
employees, attorneys, accountants and advisors, in each case on a confidential basis. You agree that you will permit us to review and approve (such approval not to be unreasonably withheld or delayed) any reference to us or any of our affiliates in
connection with the Facilities or the transactions contemplated hereby contained in any press release or similar written public disclosure prior to public release. The confidentiality provisions set forth in this paragraph shall survive the
termination of this Commitment Letter and expire and shall be of no further effect after the second anniversary of the date hereof. 
 Each
Commitment Party and its affiliates will use all non-public information provided to any of them or such affiliates by or on behalf of you hereunder or in connection with the Transactions solely for 

  
 [Commitment Letter]

  
 12 

 
the purpose of providing the services which are the subject of this Commitment Letter and negotiating, evaluating and consummating the transactions contemplated hereby and shall treat
confidentially all such information and shall not publish, disclose or otherwise divulge such information; provided that nothing herein shall prevent such Commitment Party from disclosing any such information (a) pursuant to the order of
any court or administrative agency or in any pending legal, judicial or administrative proceeding, or otherwise as required by applicable law, rule or regulation or compulsory legal process (in which case such Commitment Party agrees (except with
respect to any routine or ordinary course audit or examination conducted by bank accountants or any governmental or bank regulatory authority exercising examination or regulatory authority), to the extent practicable and not prohibited by applicable
law, rule or regulation, to inform you promptly thereof prior to disclosure), (b) upon the request or demand of any regulatory authority having jurisdiction over such Commitment Party or any of its affiliates (in which case such Commitment
Party agrees (except with respect to any routine or ordinary course audit or examination conducted by bank accountants or any governmental or bank regulatory authority exercising examination or regulatory authority) to the extent practicable and not
prohibited by applicable law, rule or regulation, to inform you promptly thereof prior to disclosure), (c) to the extent that such information becomes publicly available other than by reason of improper disclosure by such Commitment Party or
any of its affiliates or any related parties thereto in violation of any confidentiality obligations owing to you, the Investors, the Company or any of your or their respective subsidiaries or affiliates or related parties (including those set forth
in this paragraph), (d) to the extent that such information is received by such Commitment Party from a third party that is not, to such Commitment Party’s knowledge, subject to confidentiality obligations owing to you, the Investors, the
Company or any of your or their respective subsidiaries or affiliates or related parties, (e) to the extent that such information was already in our possession prior to any duty or other undertaking of confidentiality or is independently
developed by the Commitment Parties without the use of such information, (f) to other Commitment Parties and such Commitment Party’s affiliates and to its and their respective officers, directors, partners, employees, legal counsel,
independent auditors and other experts or agents who need to know such information in connection with the Transactions and who are informed of the confidential nature of such information and who are subject to customary confidentiality obligations
of professional practice or who agree to be bound by the terms of this paragraph (or language substantially similar to this paragraph) (with each such Commitment Party, to the extent within its control, responsible for such person’s compliance
with this paragraph), (g) to potential or prospective Lenders, hedge providers, participants or assignees, in each case who agree (pursuant to customary syndication practice) to be bound by the terms of this paragraph (or language substantially
similar to this paragraph); provided that (i) the disclosure of any such information to any Lenders, hedge providers or prospective Lenders, hedge providers or participants or prospective participants referred to above shall be made
subject to the acknowledgment and acceptance by such Lender, hedge provider or prospective Lender or participant or prospective participant that such information is being disseminated on a confidential basis (on substantially the terms set forth in
this paragraph or as is otherwise reasonably acceptable to you and each Commitment Party, including, without limitation, as agreed in any Information Materials or other marketing materials) in accordance with the standard syndication processes of
such Commitment Party or customary market standards for dissemination of such type of information, which shall in any event require “click through” or other affirmative actions on the part of the recipient to access such information and
(ii) no such disclosure shall be made by such Commitment Party to any person that is at such time a Disqualified Lender, (h) for purposes of establishing a “due diligence” defense or (i) to rating agencies in connection with
obtaining ratings for Visant, the Facilities and the Mirror Notes to the extent such rating agencies are subject to customary confidentiality obligations of professional practice or agree to be bound by the terms of this paragraph (or language
substantially similar to this paragraph). In the event that the Facilities are funded, the Commitment Parties’ and their respective affiliates’, if any, obligations under this paragraph, shall terminate automatically and be superseded by
the confidentiality provisions in the Facilities Documentation upon the initial funding thereunder to the extent that such provisions are binding on such Commitment Parties. Otherwise, the confidentiality provisions set forth in this paragraph shall
survive the termination of this Commitment Letter and expire and shall be of no further effect after the second anniversary of the date hereof. 

  
 [Commitment Letter]

  
 13 

 The syndication, reimbursement, compensation (if applicable in accordance with the terms hereof
and the Fee Letter), indemnification, confidentiality, jurisdiction, governing law, absence of fiduciary relationship and waiver of jury trial provisions contained herein and in the Fee Letter shall remain in full force and effect regardless of
whether Facilities Documentation shall be executed and delivered and notwithstanding the termination of this Commitment Letter or the Commitment Parties’ commitment hereunder; provided that your obligations under this Commitment Letter,
other than those relating to confidentiality and to the syndication of the Facilities, shall automatically terminate and be superseded by the corresponding provisions of the Facilities Documentation upon the initial funding thereunder, and you shall
be automatically released from all liability hereunder in connection therewith at such time. You may terminate this Commitment Letter and/or the Initial Lender’s commitments with respect to the Facilities (or portion thereof) hereunder at any
time subject to the provisions of the preceding sentence. 
 We hereby notify you that pursuant to the requirements of the USA PATRIOT Act,
Title III of Pub. L. 107-56 (signed into law October 26, 2001, as amended from time to time, the “PATRIOT Act”), each of us and each of the Lenders may be required to obtain, verify and record information that identifies
Visant and the Guarantors, which information may include their names, addresses, tax identification numbers and other information that will allow each of us and the Lenders to identify Visant and the Guarantors in accordance with the PATRIOT Act.
This notice is given in accordance with the requirements of the PATRIOT Act and is effective as to each of us and each Lender. 
 If the
foregoing correctly sets forth our agreement, please indicate your acceptance of the terms of this Commitment Letter and of the Fee Letter by returning to the Bank Administrative Agent on behalf of the Commitment Parties executed counterparts hereof
and of the Fee Letter not later than 5:00 p.m., New York City time, on November 20, 2013. The Initial Lender’s commitments hereunder and the obligations and agreements of the Commitment Parties contained herein will expire at such time in
the event that the Bank Administrative Agent has not received such executed counterparts in accordance with the immediately preceding sentence. If you do execute and deliver to us this Commitment Letter and the Fee Letter, this Commitment Letter and
the commitments and undertakings of each of the Commitment Parties shall remain effective and available for you until the earliest to occur of (i) after execution of the Acquisition Agreement and prior to the consummation of the Transaction,
the termination of the Acquisition Agreement by you (or your affiliates) or with your (or your affiliates’) written consent or otherwise in accordance with its terms (other than with respect to provisions therein that expressly survive
termination), prior to the closing of the Acquisition, (ii) the consummation of the Transaction with or without the funding of the Facilities and (iii) 11:59 p.m., New York City time, on May 19, 2014 (such date, the
“Commitment Termination Date”). Upon the occurrence of any of the events referred to in the preceding sentence, this Commitment Letter and the commitments of the Commitment Parties hereunder and the agreement of the
Commitment Parties to provide the services described herein shall automatically terminate unless each of the Commitment Parties shall, in its sole discretion, agree to an extension. 

[Remainder of this page intentionally left blank] 

  
 [Commitment Letter]

  
 14 

 The Commitment Parties are pleased to have been given the opportunity to assist you in connection
with the financing for the Acquisition. 
  

							
	Very truly yours,
		
		 	 CREDIT SUISSE AG, CAYMAN ISLANDS BRANCH

			
		 	By:	 	 /s/ Mikhail Faybusovich

		 		 	Name:	 	Mikhail Faybusovich
		 		 	Title:	 	Authorized Signatory
			
		 	By:	 	 /s/ Tyler R. Smith

		 		 	Name:	 	Tyler R. Smith
		 		 	Title:	 	Authorized Signatory
		
		 	 CREDIT SUISSE SECURITIES (USA) LLC

			
		 	By:	 	 /s/ Adam Forchheimer

		 		 	Name:	 	Adam Forchheimer
		 		 	Title:	 	Managing Director

  
 [Commitment Letter]

							
	Accepted and agreed to as of the date first above written:
		
		 	 VISANT SECONDARY HOLDINGS CORP.

			
		 	By:	 	 /s/ Marc L. Reisch

		 		 	Name:	 	Marc L. Reisch
		 		 	Title:	 	President and CEO
		
		 	VISANT CORPORATION
			
		 	By:	 	 /s/ Marc L. Reisch

		 		 	Name:	 	Marc L. Reisch
		 		 	Title:	 	President and CEO

  
 [Commitment Letter]

			
	CONFIDENTIAL	  	EXHIBIT A

 Project Celebration 

Transaction Description 

Capitalized terms used but not defined in this Exhibit A shall have the meanings set forth in the other Exhibits to the Commitment Letter
to which this Exhibit A is attached (the “Commitment Letter”) or in the Commitment Letter. 
 Jostens, Inc.
(“Jostens”), a wholly-owned direct subsidiary of Visant Corporation (“Visant”), intends to acquire, directly or indirectly, all of the outstanding equity interests of the entity previously identified
by us to you as “Celebration”, a Delaware corporation (the “Company”). 
 In connection with the
foregoing, it is intended that: 
  

	a)	Visant will apply the net proceeds from the Facilities and Mirror Notes to consummate the Acquisition (the “Acquisition Consideration”), to redeem, refinance or repay certain existing
indebtedness of the Company and its subsidiaries, including the Repaid Indebtedness (as defined below) (the “Refinancing”), and to pay fees, premiums and expenses incurred in connection with the Transactions, including, for
the avoidance of doubt, any Bonus Payment Amount and 2014 Management Bonus Amount (each as defined in the Acquisition Agreement) (such fees, premiums and expenses, the “Transaction Costs”, and together with the Acquisition
Consideration and the Refinancing, the “Acquisition Funds”). 

  

	b)	Pursuant to the Stock Purchase Agreement dated as of the date hereof (together with all exhibits and schedules thereto, collectively, as amended, the “Acquisition Agreement”) entered into with
the Company, Jostens will purchase all of the outstanding equity interests in the Company (the “Acquisition”) in accordance with the terms thereof. The equity holders of the Company shall have the right to receive the
Acquisition Consideration in accordance with the terms of the Acquisition Agreement. 

  

	c)	The Borrower will obtain up to $260.0 million under the Senior Secured Term Loan Facility, issue approximately $68.8 million of Buyer PIK Notes (or such other amount as required pursuant to the Acquisition Agreement
dated as of the date hereof) and issue the full amount of the Mirror Notes, in each case on or prior to the Closing Date of the Acquisition; provided that if and to the extent that the Mirror Notes issued on or prior to the Closing Date yield
(for the avoidance of doubt, after taking into account the issue price thereof (without further reduction to take into account fees and initial purchasers’ discounts)) less than $100.0 million in gross proceeds, the Commitment Parties shall
provide Bridge Loans to the Borrower in an amount sufficient to, when taken together with the aggregate amount of gross proceeds from the issued Mirror Notes, yield (for the avoidance of doubt, after taking into account the issue price thereof
(without further reduction to take into account fees and initial purchasers’ discounts)) combined gross proceeds of $100.0 million. 

  

	d)	It is understood that all amounts outstanding (other than contingent obligations) under (i) that certain Credit Agreement, dated as of November 1, 2010 (as amended, restated, supplemented or otherwise modified
from time to time, the “Target Existing Credit Facility”), by and among the Company, certain of the Company’s subsidiaries, the lenders from time to time party thereto, and General Electric Capital Corporation, as
administrative agent and (ii) the 10.875% Senior Secured Notes due 2016 of a subsidiary of the Company, will be repaid and/or satisfied and discharged and all commitments in respect thereof will be terminated and all liens on collateral in
respect thereof will be released (clauses (i) and (ii), collectively, the “Repaid Indebtedness”). 

The transactions described above and the payment of related fees and expenses are collectively referred to herein as the
“Transactions.” 

  
 [Transaction
Description] 

			
	CONFIDENTIAL	  	EXHIBIT B

 Project Celebration 

$260.0 million Senior Secured Term Loan Facility 

Summary of Principal Terms and Conditions 

All capitalized terms used but not defined herein shall have the meanings given to them in the Commitment Letter to which this term sheet is
attached, including Exhibit A thereto. 
  

			
	Borrower:	  	Visant Corporation (the “Borrower”).
		
	Transaction:	  	As set forth in Exhibit A to the Commitment Letter.
		
	Administrative Agent:	  	Credit Suisse AG (“CS”) will act as sole and exclusive administrative agent and collateral agent (in such capacity, the “Bank Administrative Agent”) in respect of the Senior Secured
Term Loan Facility (as hereinafter defined) for a syndicate of banks, financial institutions and other institutional lenders reasonably acceptable to the Borrower and excluding any Disqualified Lenders (together with the Initial Bank Lenders, the
“Bank Lenders”), and will perform the duties customarily associated with such roles.
		
	Sole Bookrunner and Lead Arranger:	  	CS Securities will act as sole lead arranger and bookrunner (in such capacity, the “Bank Lead Arranger”) and will perform the duties customarily associated with such roles.
		
	Other Agents:	  	The Borrower may designate additional financial institutions reasonably acceptable to the Lead Arranger (such consent not to be unreasonably withheld, delayed or conditioned) to act as syndication agent, documentation agent or
co-documentation agent as provided in the Commitment Letter.
		
	Senior Secured Term Loan Facility:	  	A senior secured term loan facility in an aggregate principal amount of up to $260.0 million (the “Term Loan Facility” or the “Senior Secured Term Loan Facility”; the loans thereunder,
the “Term Loans”; the Bank Lenders thereunder, the “Term Loan Lenders”).
		
	Incremental Election:	  	In the event that the Incremental Election is exercised, the Senior Secured Term Loan Facility shall have the maturity and pricing set forth in this Term Sheet, but shall otherwise have and be subject to the terms and conditions set
forth in the Existing Credit Agreement.
		
	Incremental Facilities:	  	The Senior Secured Term Loan Facility will permit the Borrower to add one or more incremental term loan facilities to the Senior Secured Term Loan Facility (each, an “Incremental Term Facility”; the
Incremental Term Facilities are collectively referred to as “Incremental Facilities”) in an aggregate principal amount of up to $100 million if, after giving effect to the incurrence of such additional amount, the
Consolidated Net Senior Secured Leverage Ratio (defined in a manner consistent with the Documentation Principles (as defined below)) is equal to or less than 3.75:1.00; provided that (i) no existing Bank Lender will be required to participate
in any such Incremental Facilities, (ii) no event of default exists, or would exist after, giving effect thereto (except in connection with permitted acquisitions, where no payment or bankruptcy event of default will be the standard), (iii) the
final maturity date and the weighted average maturity of any such Incremental Term Facility shall not be earlier

  
 [Senior Secured Term
Loan Facility Term Sheet] 

			
		  	 than, or shorter than, as the case may be, the maturity date or the weighted average life, as applicable, of the Term Loan Facility, (iv) the
pricing, interest rate margins, discounts, premiums, rate floors, fees and amortization schedule applicable to any Incremental Term Facility shall be determined by the Borrower and the lenders thereunder; (v) any Incremental Term Facility shall be
on terms and pursuant to documentation to be determined by the Borrower, provided that, to the extent such terms and documentation are not consistent with the Senior Secured Term Loan Facility (except to the extent permitted by clause (iii)
or (iv) above), they shall be reasonably satisfactory to the Bank Administrative Agent (it being understood to the extent that any financial maintenance covenant is added for the benefit of any Incremental Facility, no consent shall be required from
the Bank Administrative Agent or any Lender to the extent that such financial maintenance covenant is also added for the benefit of any corresponding existing facility) and (vi) the Term Loan Facility shall be subject to a “most favored
nation” pricing provision that ensures that the initial “yield” on any Incremental Term Facility does not exceed the “yield” at such time on the Term Loan Facility by more than 50 basis points (with “yield” being
determined by the Bank Administrative Agent taking into account the applicable margin, upfront fees, any original issue discount and any LIBOR or ABR floors).
  

The Senior Secured Term Loan Facility will permit the Borrower to utilize availability under the Incremental Facilities amount to issue first lien notes or
junior lien secured indebtedness (in each case, subject to customary intercreditor terms to be mutually agreed and set forth in an exhibit to the definitive documentation for the Senior Secured Term Loan Facility (the “Intercreditor
Terms”)) or unsecured indebtedness (with any such unsecured indebtedness being deemed to be secured for purposes of calculating the Consolidated Net Senior Secured Leverage Ratio referred to above), with the amount of such secured or
unsecured indebtedness reducing the aggregate principal amount available for the Incremental Facilities on terms substantially consistent with the Documentation Principles.

		
	Purpose/Use of Proceeds:	  	The proceeds of borrowings under the Term Loan Facility will be used by the Borrower, on the date of the initial borrowing under the Senior Secured Term Loan Facility (the “Closing Date”), together with the
proceeds of the issuance of the Buyer PIK Notes, the Mirror Notes and/or borrowings of the Bridge Loans and cash on hand of the Borrower, solely to provide Acquisition Funds.
		
	Availability:	  	The Term Loan Facility will be available in a single drawing on the Closing Date. Amounts borrowed under the Term Loan Facility that are repaid or prepaid may not be reborrowed.
		
	Interest Rates and Fees:	  	As set forth on Annex I to this Exhibit B.
		
	Default Rate:	  	With respect to overdue principal, the applicable interest rate plus 2.00% per annum, and with respect to any other overdue amount, including overdue interest, the interest rate applicable to ABR loans (as defined in Annex I) plus
2.00% per annum.
		
	Final Maturity:	  	The Term Loan Facility will mature on the date that is 91 days after the maturity date of any term loans made under the Existing Credit Agreement (as defined below)) (the “Maturity Date”); provided
that the Senior Secured Term Loan Facility Documentation shall provide the right of individual Term Loan Lenders to agree to

  
 [Senior Secured Term
Loan Facility Term Sheet] 

  
 B-2 

			
		  	extend the maturity of their Term Loans upon the request of the Borrower and without the consent of any other Bank Lender in a manner consistent with the Documentation Principles.
		
	Guarantees:	  	All obligations of the Borrower (the “Obligations”) under (i) the Senior Secured Term Loan Facility will be unconditionally guaranteed jointly and severally on an equal priority senior secured basis (the
“Guarantees”) by Visant Secondary Holdings Corp. (“Holdings”) and each subsidiary of the Borrower that provides a guarantee of the obligations under the Existing Credit Agreement (the
“Subsidiary Guarantors” and, together with Holdings, the “Guarantors”; the Guarantors together with the Borrower, the “Credit Parties”). Any guarantees to be issued in respect
of the Mirror Notes or the Bridge Loans (x) will be equal in right of payment with the obligations under the Guarantees and (y) will automatically be released upon the release of the corresponding guarantees under the Existing Credit Agreement and
the Senior Secured Term Loan Facility.
		
		  	Subject to the investments covenant in the Senior Secured Term Loan Facility Documentation and no continuing event of default, the Borrower may designate any subsidiary as an “unrestricted subsidiary” and subsequently
redesignate any such unrestricted subsidiary as a restricted subsidiary. Unrestricted subsidiaries will be excluded from the guarantee requirements and will not be subject to the representations and warranties, covenants, events of default or other
provisions of the Senior Secured Term Loan Facility Documentation, and the results of operations and indebtedness of unrestricted subsidiaries will not be taken into account for purposes of calculating any financial metric contained in the Senior
Secured Term Loan Facility Documentation except to the extent of distributions received therefrom. Notwithstanding the foregoing, no subsidiary may be designated as an unrestricted subsidiary under the Senior Secured Term Loan Facility if it is a
restricted subsidiary under the Existing Credit Agreement.
		
	Security:	  	Subject to the limitations set forth below in this section, and, on the Closing Date, the Funding Conditions Provision, the Obligations and the Guarantees will be secured by substantially all of the present and after acquired assets
of each of the Credit Parties that secure the obligations pursuant to the Existing Credit Agreement (collectively, the “Collateral”), which security interests shall be created on terms consistent with the Documentation
Principles; provided that such security shall be subject to a First Lien Intercreditor Agreement (as defined in the Existing Credit Agreement).
		
	Mandatory Prepayments:	  	None; provided that the Senior Secured Term Loan Facility Documentation will provide that the Term Loan Facility will be subject to customary mandatory prepayment provisions consistent with the Documentation Principles that
shall apply solely from and after the maturity, refinancing or repayment and termination in full of the facilities under the Existing Credit Agreement.
		
	Voluntary Prepayments and Reductions in Commitments:	  	Voluntary prepayments of borrowings under the Senior Secured Term Loan Facility will be permitted at any time, in minimum principal amounts to be agreed upon, without premium or penalty, subject to the payment of any
“Prepayment Premium” (as set forth under the heading “Prepayment Premium” in Annex I attached hereto) and subject to reimbursement of the Bank Lenders’ redeployment costs actually incurred in the case of a prepayment of
LIBOR borrowings other than on the last day of the relevant interest period. All voluntary prepayments of the Term Loan Facility

  
 [Senior Secured Term
Loan Facility Term Sheet] 

  
 B-3 

			
		  	and any Incremental Term Facility will be applied to the remaining principal under the Term Loan Facility or such Incremental Term Facility, as directed by the Borrower (and absent such direction, in direct order of maturity
thereof), including to any class of extending or existing Loans in such order as the Borrower may designate, and shall be applied to either the Term Loan Facility or any Incremental Term Facility as determined by the Borrower.
		
	Documentation:	  	The definitive documentation for the Term Loan Facility (collectively, the “Senior Secured Term Loan Facility Documentation”) will contain the terms set forth in this Exhibit B and will otherwise be
negotiated in good faith within a reasonable time period to be determined based on the expected Closing Date and be substantially consistent with the Borrower’s existing Credit Agreement, dated as of September 22, 2010 (as in effect on the date
hereof, the “Existing Credit Agreement”), among Visant, Jostens Canada Ltd., as Canadian Borrower, Visant Secondary Holdings Corp. as Guarantor, the lending institutions from time to time parties thereto, Credit Suisse AG, as
administrative agent, Credit Suisse AG, Toronto Branch as Canadian Administrative Agent, and the other agents, arrangers and bookrunners from time to time parties (with reasonable modifications to the mechanical and agency provisions to reflect the
administrative guidelines and practices of the Administrative Agent) (such precedent, the “Documentation Principles”). Notwithstanding the foregoing, the only conditions to the availability of the Senior Secured Term Loan
Facility on the Closing Date shall be the applicable conditions set forth in the “Conditions Precedent to Initial Borrowing” section below and in Exhibit D to the Commitment Letter.
		
	Conditions Precedent to Initial Borrowing:	  	The availability of the initial borrowing and other extensions of credit under the Senior Secured Term Loan Facility will be subject solely to (x) the applicable conditions set forth in Exhibit D to the Commitment Letter, (y)
subject to the Funding Conditions Provisions, the Company Representations and the Specified Representations being true and correct in all material respects (provided that any such Specified Representations which are qualified by materiality,
material adverse effect or similar language shall be true and correct in all respects) and (z) the delivery of a customary borrowing notice.3
		
		  	The representations and warranties will be required to be made in connection with the extension of credit on the Closing Date, except that the failure of any representation or warranty (other than the Specified Representations and
the Company Representations) to be true and correct on the Closing Date will not constitute the failure of a condition precedent to funding or a default under the Senior Secured Term Loan Facility.
		
	Conditions Precedent to All Subsequent Borrowings:	  	After the Closing Date, each extension of credit will be conditioned upon: delivery of a borrowing notice, accuracy of representations and warranties in all material respects (provided that any such representations and
warranties which are qualified by materiality, material adverse effect or similar language shall be true and correct in all respects) and absence of defaults or events of default.

 

	3 	 In the event that the Incremental Option is exercised, all conditions set forth in this Commitment Letter (including in Exhibit D hereto) and all
conditions set forth or referred to in Section 2.15 of the Existing Credit Agreement shall be required to be satisfied (or amended or waived in accordance with the terms hereof or of the Existing Credit Agreement, as applicable).

  
 [Senior Secured Term
Loan Facility Term Sheet] 

  
 B-4 

			
	Representations and Warranties:	  	Limited to the following: corporate status; corporate power and authority, authorization and no violation; litigation; margin regulations; governmental approvals; Investment Company Act; true and complete disclosure; financial
statements and financial condition; tax returns and payments; compliance with ERISA; subsidiaries; intellectual property; environmental laws; properties; solvency; OFAC and FCPA; subject, in the case of each of the foregoing representations and
warranties, to qualifications and limitations for materiality consistent with the Documentation Principles.
		
	Affirmative Covenants:	  	Limited to the following (to be applicable to Holdings, the Borrower and its restricted subsidiaries): Information, including (i) delivery of annual and quarterly financial statements and other information, and with annual financial
statements to be accompanied by an audit opinion from nationally recognized auditors that is not subject to qualification as to “going concern” or the scope of such audit, (ii) delivery of notices of defaults and certain material events
and (iii) other information substantially consistent with the Documentation Principles; books, records and inspections; maintenance of insurance; payment of taxes; consolidated corporate franchises; compliance with laws (including environmental
laws); ERISA and Canadian pension matters; good repair; transactions with affiliates; end of fiscal years and fiscal quarters; additional guarantors and grantors; pledges of additional stock and evidence of indebtedness; use of proceeds; changes in
business; further assurances; and maintenance of rating of facility; subject, in the case of each of the foregoing covenants, to exceptions and qualifications consistent with the Documentation Principles.
		
	Negative Covenants:	  	Limited to (to be applicable to Holdings, the Borrower and its restricted subsidiaries) limitations on: debt; liens; fundamental changes; asset sales; investments; dividends; debt payments and amendments and unpaid refinancing
amounts; and sale leasebacks; subject, in the case of each of the foregoing covenants, to exceptions, qualifications and, as appropriate, baskets consistent with the Documentation Principles.
		
	Financial Covenants:	  	Consistent with the financial covenants and levels set forth in Section 10.9, 10.10 and 10.11 of the Existing Credit Agreement on the date hereof.
		
		  	 The Senior Secured Term Facility Documentation shall contain “equity cure” provisions consistent with the Documentation
Principles.
  
 “EBITDA” shall be defined in a manner consistent
with the Documentation Principles.

		
	Events of Default:	  	Consistent with the Documentation Principles and limited to the following (to be applicable to Holdings, the Borrower and its restricted subsidiaries): nonpayment of principal, interest or other amounts; incorrectness of
representations and warranties in any material respect; violation of covenants; cross default and cross acceleration to material indebtedness; bankruptcy and insolvency of Holdings, the Borrower or any of its Specified Subsidiaries (defined in a
manner consistent with the Documentation Principles); ERISA or Canadian pension events; actual or asserted invalidity of material guarantees or security documents; material monetary judgments; and change of control, subject to threshold, notice and
grace period provisions and cures consistent with the Documentation Principles.

  
 [Senior Secured Term
Loan Facility Term Sheet] 

  
 B-5 

			
	Voting:	  	Amendments and waivers of the Senior Secured Term Loan Facility Documentation will require the approval of Bank Lenders holding more than 50% of the aggregate amount of the loans and commitments under the Senior Secured Term Loan
Facility held by the Bank Lenders (the “Required Lenders”), except that (i) the consent of each Bank Lender directly and adversely affected thereby shall be required with respect to: (A) increases in the commitment
of such Bank Lender, (B) reductions of principal, interest or fees owing to such Bank Lender (other than in respect of any waiver of post-default increase in interest rates), (C) extensions or postponement of final maturity or the scheduled
date of payment of any principal, interest or fees (other than in respect of any waiver of post-default increase in interest rates), and (D) releases of all or substantially all the value of the Guarantees or releases of liens on all or
substantially all of the Collateral, (ii) the consent of 100% of the Bank Lenders will be required with respect to modifications to any of the voting percentages that result in a decrease of voting rights for Bank Lenders and (iii) customary
protections for the Bank Administrative Agent will be provided.
		
		  	The Senior Secured Term Loan Facility shall contain provisions permitting the Borrower to replace non-consenting Bank Lenders in connection with amendments and waivers requiring the consent of all Bank Lenders or of all Bank Lenders
directly affected thereby so long as the Required Lenders shall have consented thereto.
		
	Cost and Yield Protection:	  	Consistent with the Documentation Principles, and to provide (i) with respect to any “Change in Law” (to be defined in a manner consistent with the Documentation Principles), that (x) the Dodd-Frank Wall Street Reform and
Consumer Protection Act and all requests, rules, regulations, guidelines or directives thereunder or issued in connection therewith and (y) all requests, rules, guidelines, requirements or directives promulgated by the Bank for International
Settlements, the Basel Committee on Banking Supervision (or any successor or similar authority) or the United States or foreign regulatory authorities pursuant to Basel III, shall in each case described in clauses (x) and (y) above be deemed to be a
Change in Law and have gone into effect after the date hereof, regardless of the date enacted, adopted, issued or implemented and (ii) if, after the Closing Date, any Change in Law relating to capital adequacy or liquidity of any Bank Lender or
compliance by any Bank Lender or its parent with any Change in Law relating to capital adequacy or liquidity occurring after the Closing Date, has or would have the effect of reducing the actual rate of return on such Bank Lender’s or its
parent’s or its affiliate’s capital or assets as a consequence of such Bank Lender’s commitments or obligations in respect of the Senior Secured Term Loan Facility to a level below that which such Bank Lender or its parent or its
affiliate could have achieved but for such Change in Law (taking into consideration such Bank Lender’s or its parent’s policies with respect to capital adequacy or liquidity), then from time to time, promptly after demand by such Bank
Lender (with a copy to the Bank Administrative Agent), the Borrower shall pay to such Bank Lender such actual additional amount or amounts as will compensate such Bank Lender or its parent for such actual reduction, it being understood and agreed,
however, that a Bank Lender shall not be entitled to such compensation as a result of such Bank Lender’s compliance with, or pursuant to any request or directive to comply with, any law, rule or regulation as in effect on the Closing Date or to
the extent such Bank Lender is not imposing such charges on or requesting such compensation from borrowers (similarly situated to the Borrower hereunder) under comparable syndicated credit facilities similar to the Senior Secured Term Loan
Facility.

  
 [Senior Secured Term
Loan Facility Term Sheet] 

  
 B-6 

			
	Assignments and Participations:	  	The Bank Lenders will be permitted to assign Term Loans with the consent of the Borrower (not to be unreasonably withheld or delayed); provided that no consent of the Borrower shall be required (i) after the occurrence
and during the continuance of a payment or bankruptcy Event of Default (with respect to Holdings, the Borrower or any Specified Subsidiary (to be defined consistent with the Documentation Principles)) or (ii) for assignments of Term Loans to any
existing Bank Lender or an affiliate of an existing Bank Lender or an approved fund. All assignments will require the consent of the Bank Administrative Agent unless such assignment is an assignment of Term Loans to another Bank Lender, an affiliate
of a Bank Lender or an approved fund, not to be unreasonably withheld or delayed. Assignments to natural persons shall be prohibited. Each assignment will be in an amount of an integral multiple of $1.0 million with respect to the Term Loan Facility
or, if less, all of such Bank Lender’s remaining loans and commitments of the applicable class. The Bank Administrative Agent shall receive a processing and recordation fee of $3,500 for each assignment (unless waived by the Bank Administrative
Agent).
		
		  	The Bank Lenders will be permitted to sell participations in the Senior Secured Term Loan Facility without restriction, other than as set forth in the next sentence, and in accordance with applicable law. Voting rights of
participants shall be limited to matters in respect of (a) reductions of principal, interest or fees, (b) extensions of final maturity or the scheduled date of payment of any principal, interest or fees and (c) releases of all or
substantially all of the value of the Guarantees or all or substantially all of the Collateral.
		
		  	 The Senior Secured Term Loan Facility Documentation shall provide that (a) Term Loans may be purchased and assigned on a non-pro rata basis,
subject to a cap on assignments to Non-Debt Fund Affiliates (as defined in the Existing Credit Agreement) consistent with that of the Existing Credit Agreement, through (i) open market purchases and (ii) Dutch auction or similar procedures to
be agreed that are offered to all Lenders on a pro rata basis in accordance with customary procedures to be agreed and subject to customary restrictions to be agreed and (b) the Sponsors, the Borrower and any other affiliates of the Borrower shall
be eligible assignees with respect to Term Loans; provided that (i) any such Term Loans acquired by the Borrower or any of its respective subsidiaries shall be retired and cancelled promptly upon acquisition thereof (or contribution thereto,
including as contemplated by the following clause (ii)) and (ii) any such Term Loans acquired by the Sponsors, Holdings or any of their affiliates may, with the consent of the Borrower, be contributed to the Borrower (whether through any of its
direct or indirect parent entities or otherwise) and exchanged for debt or equity securities of such parent entity or the Borrower that are otherwise permitted to be issued by such entity at such time.

 
 Assignments of Term Loans to the Sponsors and their respective affiliates (other than any
such affiliate that is a bona fide debt fund or entity that extends credit or buys loans in the ordinary course of business (“Affiliated Debt Fund”)) (each, an “Affiliated Lender”) shall be permitted
subject to the following limitations:
  
 (i) Affiliated Lenders will not receive
information provided solely to Bank Lenders and will not be permitted to attend/participate in Bank Lender meetings or receive any advice of counsel to the Bank Administrative Agent;

 
 (ii) the Affiliated Lenders shall have no right to vote any of their interest
under

  
 [Senior Secured Term
Loan Facility Term Sheet] 

  
 B-7 

			
		  	 the Senior Secured Term Loan Facility (such interest will be deemed voted in the same proportion as non-affiliated Bank Lenders voting on
such matter) except that each Affiliated Lender shall have the right to vote on any amendment, modification, waiver or consent that would require the vote of all Bank Lenders or the vote of all Bank Lenders directly and adversely affected thereby
and no amendment, modification, waiver or consent shall affect any Affiliated Lender (in its capacity as a Bank Lender) in a manner that is disproportionate to the effect on any Bank Lender of the same class or that would deprive such Affiliated
Lender of its pro rata share of any payments to which Bank Lenders are entitled; and
  

(iii) the amount of Term Loans purchased by Affiliated Lenders shall not exceed 30% of the aggregate outstanding amount of Term Loans at any time.

 
 For avoidance of doubt, the foregoing limitations shall not be applicable to Affiliated
Debt Funds, KKR Corporate Lending LLC or MCS Corporate Lending LLC.

		
	Expenses and Indemnification:	  	The Borrower shall pay, if the Closing Date occurs, all reasonable and documented out-of-pocket expenses of the Bank Administrative Agent and the Commitment Parties (without duplication) in connection with the syndication of the
Senior Secured Term Loan Facility and the preparation, execution, delivery, administration, amendment, waiver or modification and enforcement of the Senior Secured Term Loan Facility Documentation (including the reasonable fees and expenses of
counsel identified herein and of a single firm of local counsel in each appropriate jurisdiction (other than any allocated costs of in-house counsel) or otherwise retained with the Borrower’s consent (such consent not to be unreasonably
withheld or delayed)).
		
		  	The Borrower will indemnify and hold harmless the Bank Lead Arranger, the Bank Administrative Agent, the Commitment Parties and the Bank Lenders (without duplication) and their respective affiliates, and the officers, directors,
employees, agents, controlling persons, members and the successors of the foregoing (each, an “Indemnified Person”) from and against any and all losses, claims, damages and liabilities of any kind or nature (regardless of
whether any such Indemnified Person is a party thereto and whether any such proceeding is brought by the Borrower or any other person) and reasonable and documented out-of-pocket fees and expenses incurred in connection with investigating or
defending any of the foregoing by one firm of counsel for all Indemnified Persons, taken as a whole, and, if necessary, by a single firm of local counsel in each appropriate jurisdiction for all such Indemnified Persons, taken as a whole (and, in
the case of an actual or perceived conflict of interest where the Indemnified Person affected by such conflict notifies you of the existence of such conflict and thereafter, after receipt of your consent (which consent shall not be unreasonably
withheld or delayed), retains its own counsel, by another firm of counsel for such affected Indemnified Person) of any such Indemnified Person arising out of or relating to any claim, litigation, investigation or other proceeding (including any
inquiry or investigation of the foregoing) (regardless of whether such Indemnified Person is a party thereto or whether or not such action, claim, litigation or proceeding was brought by the Borrower, its equity holders, affiliates or creditors or
any other third person) that relates to the Transactions, including the financing contemplated hereby; provided that no Indemnified Person will be indemnified for any losses, claims, damages, liabilities or related expenses to the extent that
they have resulted from (i) the willful misconduct, bad faith or gross negligence of such Indemnified Person or any of such Indemnified Person’s affiliates or any of its or

  
 [Senior Secured Term
Loan Facility Term Sheet] 

  
 B-8 

			
		  	their respective officers, directors, employees, agents, controlling persons, members or the successors of any of the foregoing (as determined by a court of competent jurisdiction in a final and non-appealable decision), (ii) a
material breach of the obligations of such Indemnified Person or any of such Indemnified Person’s affiliates or any of the officers, directors, employees or agents of any of the foregoing (as determined by a court of competent jurisdiction in a
final and non-appealable decision), (iii) in the case of any claim, litigation, investigation or other proceeding brought by a Credit Party or one of its permitted assignees against the relevant Indemnified Person, a breach of the obligations of
such Indemnified Person or any of such Indemnified Person’s affiliates or any of its or their respective officers, directors, employees or agents of any of the foregoing (as determined by a court of competent jurisdiction in a final and
non-appealable decision) or (iv) any claim, litigation, investigation or other proceeding not arising from any act or omission by the Borrower or its affiliates that is brought by an Indemnified Person against any other Indemnified Person (other
than disputes involving claims against the Bank Lead Arranger or Bank Administrative Agent in their capacity as such).
		
	Governing Law and Forum:	  	New York.
		
	Counsel to the Agents:	  	Cravath, Swaine & Moore LLP.

  
 [Senior Secured Term
Loan Facility Term Sheet] 

  
 B-9 

 ANNEX I to 

EXHIBIT B 
  

			
	Interest Rates:	  	The interest rates under the Senior Secured Term Loan Facility will be, at the option of the Borrower, initially, LIBOR plus 5.75% or ABR plus 4.75%.
		
		  	The Borrower may elect interest periods of 1, 2, 3 or 6 months (or, if available to all relevant Bank Lenders, 12 months or a shorter period) for LIBOR borrowings.
		
		  	Calculation of interest shall be on the basis of the actual days elapsed in a year of 360 days (or 365 or 366 days, as the case may be, in the case of ABR loans based on the Prime Rate) and interest shall be payable at the end of
each interest period and, in any event, at least every 3 months and on the applicable maturity date.
		
		  	ABR is the highest of (i) the rate of interest publicly announced by the Bank Administrative Agent as its prime rate in effect at its principal office in New York City (the “Prime Rate”), (ii) the
federal funds effective rate from time to time plus 0.50% and (iii) LIBOR applicable for an interest period of one month plus 1.00%; provided that ABR shall be deemed to be no less than 2.00% per annum.
		
		  	LIBOR is the London interbank offered rate for dollars, for the relevant interest period; provided that LIBOR shall be deemed to be no less than 1.00% per annum.
		
	Prepayment Premium:	  	In the event of any voluntary prepayment or refinancing (other than a refinancing of the Senior Secured Term Loan Facility in connection with any transaction that would, if consummated, constitute a change of control, initial public
offering or Transformative Acquisition (as defined below)) of the Senior Secured Term Loan Facility in whole or in part with other broadly syndicated term loans under credit facilities with a lower Effective Yield (as defined below) than the
Effective Yield of the Senior Secured Term Loan Facility, or any amendment (other than an amendment of the Senior Secured Term Loan Facility in connection with any transaction that would, if consummated, constitute a change of control, initial
public offering or Transformative Acquisition) that reduces the Effective Yield of the Senior Secured Term Loan Facility (or any mandatory assignment of Term Loans in connection with any such amendment), in either case that occurs prior to the six
month anniversary of the Closing Date and the primary purpose of which is to lower the Effective Yield on the Senior Secured Term Loan Facility, each such prepayment, refinancing, amendment or assignment shall be subject to a prepayment premium of
1.0% of the principal amount of the Senior Secured Term Loans so prepaid, refinanced, amended or assigned. For the purposes of the foregoing, (i) “Transformative Acquisition” shall mean any acquisition by the Borrower or any
restricted subsidiary that is either (a) not permitted by the terms of the Senior Secured Term Loan Facility Documentation immediately prior to the consummation of such acquisition or (b) if permitted by the terms of the Senior Secured Term Loan
Facility Documentation immediately prior to the consummation of such acquisition, would not provide the Borrower and its subsidiaries with adequate flexibility under the Senior Secured Term Loan Facility Documentation for the continuation and/or
expansion of their combined operations following such consummation, as determined by the Borrower acting in good faith and (ii) “Effective Yield” shall mean, as of any date of determination, the sum of (x) the higher of (A)
the LIBOR rate on such date for a deposit in dollars with a maturity of one month and (B) the LIBOR floor, if any, with respect thereto as of such date, (y) the interest rate margins as of such date, (with such interest rate margin and interest
spreads to be determined by reference to the LIBOR rate) and (z) the amount of OID and upfront fees thereon (converted to yield assuming a four-year average life or, if shorter, actual average life, and without any present value discount).

  
 [Senior Secured Term
Loan Facility Term Sheet] 

			
	CONFIDENTIAL	  	EXHIBIT C

 Project Celebration 

$100.0 million Senior Unsecured Fixed Rate Bridge Loans 

Summary of Principal Terms and Conditions 

All capitalized terms used but not defined herein shall have the meanings given to them in the Commitment Letter to which this term sheet is
attached, including Exhibit A thereto. 
  

			
	Borrower:	  	The Borrower under the Senior Secured Term Loan Facility (the “Borrower”).
		
	Transactions:	  	As set forth in Exhibit A to the Commitment Letter.
		
	Bridge Administrative Agent:	  	Credit Suisse AG (“CS”) will act as the sole and exclusive administrative agent (in such capacity, the “Bridge Administrative Agent”) for a syndicate of banks, financial institutions
and other institutional lenders and investors reasonably acceptable to the Bridge Lead Arranger and (without limiting anything under “Assignment and Participation” below) the Borrower excluding any Disqualified Lender (together with the
Initial Bridge Lender, the “Bridge Lenders”), and will perform the duties customarily associated with such role.
		
	Bridge Sole Bookrunner and Lead Arranger:	  	CS Securities will act as the sole lead arranger and bookrunner (in such capacity, the “Bridge Lead Arranger”) and will perform the duties customarily associated with such roles.
		
	Syndication Agent, Documentation Agent or Co-Documentation Agents:	  	The Borrower may designate additional financial institutions reasonably acceptable to the Lead Arranger (such consent not to be unreasonably withheld, delayed or conditioned) to act as syndication agent, documentation agent or
co-documentation agent as provided in the Commitment Letter.
		
	Senior Unsecured Bridge Loans:	  	The Bridge Lenders will make senior unsecured fixed rate loans (the “Bridge Loans”) to the Borrower on the Closing Date in an aggregate principal amount sufficient to, when taking into account the
All-In-Issue Price (as defined below) of the Bridge Loans, yield (for the avoidance of doubt, after taking into account the issue price thereof (without further reduction to take into account fees and initial purchasers’ discounts)), an
aggregate amount of gross proceeds of $100.0 million minus the aggregate amount (for the avoidance of doubt, after taking into account the issue price thereof (without further reduction to take into account fees and initial purchasers’
discounts)) of gross proceeds from any Mirror Notes and Securities (as defined in the Fee Letter) issued on or prior to the Closing Date. For the avoidance of doubt, the use of “gross proceeds” herein is specifically intended to be
distinguished and different from the “principal amount” of any such instrument.
		
	Availability:	  	The Bridge Lenders will make the Bridge Loans on the Closing Date simultaneously with (a) the consummation of the Acquisition and (b) the initial funding under the Senior Secured Term Loan Facility. Amounts borrowed under the Bridge
Facility that are repaid or prepaid may not be reborrowed.
		
	Uses of Proceeds:	  	The proceeds of the Bridge Loans will be used by the Borrower on the Closing Date, together with the proceeds of borrowings under the Senior Secured Term Loan Facility, the proceeds from the issuance of the Buyer PIK Notes, the
proceeds from the issuance of any Mirror Notes, and cash on hand at the Borrower, solely to provide Acquisition Funds.

  
 [Bridge Term Sheet]

			
		
	Ranking:	  	The Bridge Loans will rank equal in right of payment with the Borrower’s 10% Senior Notes due 2017 (the “Existing Senior Notes”) and other senior indebtedness of the Borrower and will not be
secured.
		
	Guarantees:	  	All obligations of the Borrower under the Bridge Facility will be jointly and severally guaranteed by each guarantor that provides (or is required to provide) a guarantee of the obligations under the Existing Senior Notes, on a
senior basis (such guarantees, the “Bridge Guarantees”). The Bridge Guarantees will rank equal in right of payment with the guarantees of the Existing Senior Notes.
		
	Security:	  	None.
		
	Maturity:	  	The Bridge Loans will mature on October 1, 2017 (the “Bridge Loan Maturity Date”). At any time or from time to time on or after the one-year anniversary of the Closing Date (such date, the
“Conversion Date”), at the option of the applicable Bridge Lender, the Bridge Loans may be exchanged in whole or in part for senior unsecured exchange notes (the “Exchange Notes”) having an equal
principal amount. Such Exchange Notes shall be issued as additional Existing Senior Notes pursuant to that certain Indenture, dated as of September 22, 2010, among the Borrower, the guarantors party thereto and U.S. Bank National Association (the
“Senior Notes Indenture”) and shall have terms applicable to the Existing Senior Notes thereunder as described in Annex I to this Exhibit C. For purposes of the Commitment Letter and Fee Letter, references to the
“Senior Notes Indenture” and the “Existing Senior Notes” shall mean each of those instruments as in effect on the date hereof, without giving effect to any further amendments, waivers, modifications or
other changes thereto.
		
		  	The Bridge Loans and the Exchange Notes shall rank equal in right of payment for all purposes.
		
	Original Issue Discount/Upfront Fees:	  	 Subject to the terms and conditions hereof, the Bridge Loans will be funded by the Bridge Lenders on the Closing Date at an issue price, for
each $100.00 of principal amount of Bridge Loans, that is equal to the Reference Price less $5.50 (the issue price so determined, the “All-In-Issue Price”); provided that, notwithstanding the foregoing and without
taking into account fees payable under the Fee Letter, the All-In-Issue Price shall be no less than the issue price that would provide the Bridge Lenders with a yield-to-maturity of 16.00% as of the Closing Date, as calculated by the Bridge Lead
Arranger in accordance with customary market convention.
  
 As used herein:

 
 “Reference Price” shall mean the quotient obtained by dividing (i)
the sum of the Average Daily Price for each Qualifying Trading Day during the 30-calendar day period ending on the date immediately prior to the Closing Date by (ii) the total number of Qualifying Trading Days in such 30-calendar day period (with
such quotient expressed as a dollar amount carried out to the fifth decimal place rounded upward or downward, and with $0.000005 being rounded upward); provided that if there shall be no Qualifying Trading Day during such 30-calendar day
period then the Reference Price shall instead be a price to be mutually agreed by the Borrower and the Bridge Lead Arranger, each acting reasonably.

  
 [Bridge Term Sheet]

  
 C-2 

			
		
		  	 “Qualifying Trade” shall mean any trade of the Existing Senior Notes reported on TRACE with a trade size of at least
$500,000 principal amount of Existing Senior Notes.
  
 “Qualifying Trading
Day” shall mean any day on which at least one Qualifying Trade is made.
  

“Average Daily Price” shall mean, for any Qualifying Trading Day, the quotient obtained by dividing (i) the sum of the individual
trading prices reported on TRACE for each Qualifying Trade made on such day expressed as a number (and not a percentage) as reported by TRACE (e.g., the trading price of the sole trade reported by TRACE on 10/08/13 is “92.750”) by (ii) the
number of Qualifying Trades made on such day (with such quotient being rounded upward or downward to the fifth decimal place and with .000005 being rounded upward).

		
	Interest Rate and Interest Payments:	  	The Bridge Loans will bear interest payable semi-annually, in arrears, at a rate equal to 10% per annum. Calculation of interest shall be on the basis of actual days elapsed in a year of 360 days.
		
	Default Rate:	  	Overdue principal, interest, fees and other amounts shall bear interest at the applicable interest rate plus 2.00% per annum.
		
		  	Notwithstanding anything to the contrary set forth herein, in no event shall any cap or limit on the yield or interest rate payable with respect to the Bridge Loans or Exchange Notes affect the payment of any default rate of
interest in respect of any Bridge Loan or Exchange Notes.
		
	Mandatory Prepayment:	  	The Borrower will be required to make an offer to prepay the Bridge Loans on a pro rata basis, which offer shall be at 100% of the principal amount thereof with a portion of the net cash proceeds of all non-ordinary
course asset sales by the Borrower and its restricted subsidiaries in excess of amounts either reinvested or required to be paid to the lenders under the Senior Secured Term Loan Facility or to holders of certain other indebtedness, subject to the
Bridge/Bond Documentation Principles (it being agreed that, as between the holders of Bridge Loans and the holders of Existing Senior Notes, any such prepayment shall be offered to each class of holders on a pro rata basis). The Borrower will also
be required to offer to prepay the Bridge Loans following the occurrence of a change of control (to be defined in a manner consistent with the Bridge/Bond Documentation Principles) at 101% of the outstanding principal amount thereof, subject to the
Bridge/Bond Documentation Principles.
		
	Optional Prepayment:	  	The Bridge Loans may be prepaid, in whole or in part, at a prepayment price that shall be equal to the redemption price that would otherwise then be applicable to outstanding Existing Senior Notes under the Senior Notes Indenture at
the time of such prepayment, plus accrued and unpaid interest, upon not less than three days’ prior written notice, at the option of the Borrower at any time.
		
	Documentation:	  	The definitive documentation for the Bridge Facility (the “Bridge Facility Documentation”) shall contain the terms set forth in this Exhibit C and shall otherwise be negotiated in good faith within a
reasonable time period to be determined based on the expected Closing Date and substantially consistent with the

  
 [Bridge Term Sheet]

  
 C-3 

			
		
		  	terms of the Existing Senior Notes (reflecting, in the case of the Bridge Facility, credit agreement format) as modified to reflect such changes to be mutually agreed between Visant and the Lead Arranger, each in its sole discretion
(such precedent, provisions and requirements, the “Bridge/Bond Documentation Principles”). Notwithstanding the foregoing, the only conditions to the availability of the Bridge Facility on the Closing Date shall be the
applicable conditions set forth in the “Conditions to Borrowing” section below and in Exhibit D to the Commitment Letter.
		
	Conditions to Borrowing:	  	 The availability of the borrowing under the Bridge Facility on the Closing Date will be subject solely to (a) the applicable conditions set
forth in Exhibit D to the Commitment Letter, (b) subject to the Funding Conditions Provisions, the Company Representations and the Specified Representations being true and correct in all material respects (provided that any such Specified
Representations which are qualified by materiality, material adverse effect or similar language shall be true and correct in all respects) and (c) the delivery of a customary borrowing notice.

 
 The representations and warranties will be required to be made in connection with the
borrowing of Bridge Loans on the Closing Date, except that the failure of any representation or warranty (other than the Specified Representations and the Company Representations) to be true and correct in all material respects on the Closing Date
will not constitute the failure of a condition precedent to funding or a default under the Bridge Facility.

		
	Representations and Warranties:	  	The Bridge Loan Documentation will contain representations and warranties as are substantially similar to those for the Senior Secured Term Loan Facility, but in any event will not be less favorable to the Borrower than those in the
Senior Secured Term Loan Facility, including as to exceptions and qualifications.
		
	Covenants:	  	The Bridge Loan Documentation will contain such affirmative and negative covenants with respect to the Borrower and its restricted subsidiaries as contained in the Senior Notes Indenture. In addition, the Borrower and the restricted
subsidiaries shall not, directly or indirectly, redeem, prepay, offer to purchase or otherwise redeem or discharge any of the Existing Senior Notes without similarly redeeming, prepaying offering to purchase or otherwise redeeming or discharging the
Bridge Loans on a pro rata basis.
		
	Financial Maintenance Covenants:	  	None.
		
	Events of Default:	  	Limited to nonpayment of principal, interest or other amounts; violation of covenants; incorrectness of representations and warranties in any material respect; cross payment default at final maturity and cross acceleration to
material indebtedness; bankruptcy or insolvency of the Borrower or its significant restricted subsidiaries; material monetary judgments; ERISA or Canadian pension events; and actual or asserted invalidity of guarantees, consistent in each case with
the Bridge/Bond Documentation Principles.
		
	Cost and Yield Protection:	  	Usual for facilities and transactions of this type (including customary Dodd-Frank and Basel III provisions, to apply to the extent the applicable Bridge Lender is

  
 [Bridge Term Sheet]

  
 C-4 

			
		  	imposing such charges on other similarly situated borrowers under comparable syndicated credit facilities) consistent with the Bridge/Bond Documentation Principles; it being agreed that the Bridge Loan Documentation will provide
customary provisions protecting the Borrower from withholding tax liabilities in form and substance reasonably satisfactory to the Borrower and the Bridge Administrative Agent.
		
	Assignment and Participation:	  	The Bridge Lenders will have the absolute and unconditional right to assign Bridge Loans after the Closing Date without the consent of the Borrower.
		
		  	The Bridge Lenders will have the right to participate their Bridge Loans, before or after the Closing Date, to other financial institutions without restriction, other than customary voting limitations. Participants will have the
same benefits as the selling Lenders would have with regard to yield protection and increased costs, subject to customary limitations and restrictions.
		
		  	The Bridge Facility Documentation shall provide that Bridge Loans may be purchased by the Sponsors and their affiliates (including the Borrower) and assigned on a non-pro rata basis (such purchased Bridge Loans, the
“Sponsor Bridge Loans”).
		
	Voting:	  	Amendments and waivers of the Bridge Loan Documentation will require the approval of Lenders holding more than 50% of the outstanding Bridge Loans (disregarding the Sponsor Bridge Loans which may not be voted to the extent held by
the Borrower or any of its affiliates), except that (a) the consent of 100% of the Bridge Lenders will be required with respect to certain amendments and waivers consistent with the Bridge/Bond Documentation Principles, including: (i) reductions of
principal or interest rates, (ii) change the Bridge Loan Maturity Date or the scheduled date of payment of any principal, interest or fees, (iii) additional restrictions on the right to exchange for Exchange Notes or any amendment of the rate
of such exchange, (iv) any amendment to the Exchange Notes that requires (or would, if any Exchange Notes were outstanding, require) the approval of all holders of Exchange Notes and (v) make any change in the ranking of the Bridge Loans or the
Bridge Guarantees that would adversely affect the Lenders and (b) without notice to or the consent of any Bridge Lender, the Borrower and the Bridge Administrative Agent may amend or supplement the Bridge Loan Documentation to, among other
things, cure any ambiguity, omission, mistake, defect or inconsistency and make any change that does not adversely affect the rights of any Bridge Lenders.
		
	Expenses and Indemnification:	  	 The Borrower shall pay, if the Closing Date occurs, all reasonable and documented out-of-pocket expenses of the Bridge Administrative Agent
and the Commitment Parties (without duplication) in connection with the syndication of the Bridge Facility and the preparation, execution, delivery, administration, amendment, waiver or modification and enforcement of the Bridge Facility
Documentation (including the reasonable fees and expenses of counsel identified herein and of a single firm of local counsel in each appropriate jurisdiction (other than any allocated costs of in-house counsel) or otherwise retained with the
Borrower’s consent (such consent not to be unreasonably withheld or delayed)).
  

The Borrower will indemnify and hold harmless the Bridge Lead Arranger, the Bridge Administrative Agent, the Commitment Parties and the Bridge Lenders (without
duplication) and their respective affiliates, and the officers, directors,

  
 [Bridge Term Sheet]

  
 C-5 

			
		  	employees, agents, controlling persons, members and the successors of the foregoing (each, an “Indemnified Person”) from and against any and all losses, claims, damages and liabilities of any kind or nature
and reasonable and documented out-of-pocket fees and expenses incurred in connection with investigating or defending any of the foregoing by one firm of counsel for all Indemnified Persons, taken as a whole, and, if necessary, by a single firm of
local counsel in each appropriate jurisdiction for all such Indemnified Persons, taken as a whole (and, in the case of an actual or perceived conflict of interest where the Indemnified Person affected by such conflict notifies you of the existence
of such conflict and thereafter, after receipt of your consent (which consent shall not be unreasonably withheld or delayed), retains its own counsel, by another firm of counsel for such affected Indemnified Person) arising out of or relating to any
claim, litigation, investigation or other proceeding (including any inquiry or investigation of the foregoing) (regardless of whether such Indemnified Person is a party thereto or whether or not such action, claim, litigation or proceeding was
brought by the Borrower, its equity holders, affiliates or creditors or any other third person) that relates to the Transactions, including the financing contemplated hereby; provided that no Indemnified Person will be indemnified for any
losses, claims, damages, liabilities or related expenses to the extent that they have resulted from (i) the willful misconduct, bad faith or gross negligence of such Indemnified Person or any of such Indemnified Person’s affiliates or any of
its or their respective officers, directors, employees, agents, controlling persons, members or the successors of any of the foregoing (as determined by a court of competent jurisdiction in a final and non-appealable decision), (ii) a material
breach of the obligations of such Indemnified Person or any of such Indemnified Person’s affiliates or any of the officers, directors, employees, or agents of any of the foregoing under the Bridge Facility Documentation (as determined by a
court of competent jurisdiction in a final and non-appealable decision), (iii) in the case of any claim, litigation, investigation or other proceeding brought by a Credit Party or one of its permitted assignees against the relevant Indemnified
Person, a breach of the obligations of such Indemnified Person or any of such Indemnified Person’s affiliates or any of its or their respective officers, directors, employees or agents of any of the foregoing (as determined by a court of
competent jurisdiction in a final and non-appealable decision) or (iv) any claim, litigation, investigation or other proceeding not arising from any act or omission by the Borrower or its affiliates that is brought by an Indemnified Person against
any other Indemnified Person (other than disputes involving claims against the Bridge Lead Arranger or Bridge Administrative Agent in their capacity as such).
		
	Governing Law:	  	New York.
		
	Counsel to the Bridge Administrative Agent and Bridge Lead Arranger:	  	Cravath, Swaine & Moore LLP.

  
 [Bridge Term Sheet]

  
 C-6 

			
	CONFIDENTIAL	 	ANNEX I to
		 	EXHIBIT C

 Exchange Notes 
  

			
	Issuer:	  	The Borrower will issue the Exchange Notes under the Senior Notes Indenture. The Borrower, in its capacity as the issuer of the Exchange Notes, is referred to as the “Issuer”.
		
	Principal Amount:	  	The Exchange Notes will be available only in exchange for the Bridge Loans on or after the Conversion Date. The principal amount of any Exchange Note will equal 100% of the aggregate principal amount of the Bridge Loan for which it
is exchanged.
		
	Maturity:	  	The Exchange Notes will mature on October 1, 2017.
		
	Interest Rate:	  	The Exchange Notes will bear interest payable semi-annually, in arrears, at a rate equal to 10% per annum.
		
	Default Rate:	  	Overdue principal, interest, fees and other amounts shall bear interest at the applicable interest rate plus 2.00% per annum.
		
	Ranking:	  	Same as the Bridge Loans.
		
	Guarantees:	  	Same as the Bridge Loans.
		
	Security:	  	None.
		
	Offer to Purchase from Asset Sale Proceeds:	  	Same as the Existing Senior Notes.
	Offer to Purchase upon Change of Control:	  	Same as the Existing Senior Notes.
	Optional Redemption:	  	The Exchange Notes will be redeemable on the same terms and at the same rate as the Existing Senior Notes.
		
	Defeasance and Discharge Provisions:	  	Consistent with the Bridge/Bond Documentation Principles.
	Modification:	  	Consistent with the Bridge/Bond Documentation Principles.
		
	Registration Rights:	  	No registration rights; provided that the Bridge Lead Arranger may, at its option, require the Exchange Notes to be issued with registration rights substantially similar to the registration rights for the Existing Senior
Notes solely in the event that the Lead Arranger and the Borrower mutually agree that, after a SEC registered exchange offer, the Exchange Notes would become fungible with the Existing Senior Notes for tax
purposes.

  
 [Exchange Notes] 

			
	CONFIDENTIAL	 	 ANNEX I to

EXHIBIT C

  

			
		
	Right to Transfer Exchange Notes:	  	The holders of the Exchange Notes shall have the absolute and unconditional right to transfer such Exchange Notes to any third parties.
	Covenants:	  	Consistent with the Bridge/Bond Documentation Principles.
		
	Events of Default:	  	Consistent with the Bridge/Bond Documentation Principles.
	Governing Law:	  	New York.

  
 [Exchange Notes] 

			
	CONFIDENTIAL	 	EXHIBIT D

 Project Celebration 

Summary of Additional Conditions 

Except as otherwise set forth below, the availability and initial funding on the Closing Date of each of the Facilities shall be subject to
the satisfaction or waiver of the following conditions: 
 1. The Acquisition shall have been or, substantially concurrently with the
initial borrowing under the Senior Secured Term Loan Facility shall be, consummated in all material respects in accordance with the terms of the Acquisition Agreement dated as of the date hereof, without giving effect to any modifications,
amendments or express waivers or consents thereto that are materially adverse to the Lenders without the consent of the Lead Arranger (not to be unreasonably withheld or delayed) (it being understood and agreed that (a) any change to the
definition of “Material Adverse Effect” contained in the Acquisition Agreement shall be deemed to be materially adverse to the Lenders, and (b) any increase or reduction in the purchase price shall not be deemed to be materially
adverse to the Lenders; provided that (i) any increase is not funded, directly or indirectly, with the proceeds of any indebtedness and (ii) any reduction shall be allocated first, to reduce the Buyer PIK Notes, second, to reduce
the commitments in respect of the Bridge Facility and lastly, to reduce the commitments in respect of the Senior Secured Term Loan Facility. 

2. Since August 31, 2012, there has not occurred any Material Adverse Effect (as defined in the Acquisition Agreement). 

3. Substantially simultaneously with the initial borrowing under the Senior Secured Term Loan Facility, the Refinancing shall be consummated.
If any indebtedness (other than indebtedness under the Facilities or indebtedness under the Existing Credit Agreement) is issued or incurred to consummate such Refinancing or otherwise provide Acquisition Funds, such indebtedness shall be on terms
reasonably satisfactory to the Lead Arranger (it being understood that (i) Mirror Notes (or “demand securities” issued in lieu of the Mirror Notes) having such terms substantially consistent with the Existing Senior Notes and
(ii) the Buyer PIK Notes last made available to the Lead Arranger prior to its execution of this Commitment Letter are satisfactory). 

4. All fees required to be paid on the Closing Date pursuant to the Fee Letter and reasonable out-of-pocket expenses required to be paid on
the Closing Date pursuant to the Commitment Letter, to the extent invoiced at least three business days prior to the Closing Date (except as otherwise reasonably agreed by the Borrower), shall, upon the initial borrowings under any Facility, have
been, or will be substantially simultaneously, paid (which amounts may, at your option, be offset against the proceeds of the Facilities). 

5. The Lead Arranger shall have received (a) the audited consolidated balance sheets of Visant and its consolidated subsidiaries and of
American Achievement Corporation and its consolidated subsidiaries, in the case of Visant, as of December 31, 2010, December 31, 2011 and December 31, 2012, and in the case of American Achievement Corporation, as of
August 28, 2010, August 27, 2011 and August 31, 2012 and the related audited consolidated statements of income, cash flows and stockholders’ equity of Visant and its consolidated subsidiaries and of American Achievement
Corporation and its consolidated subsidiaries, in the case of Visant for the years ended December 31, 2010, December 31, 2011 and December 31, 2012, and in the case of American Achievement Corporation, for the years ended
August 28, 2010, August 27, 2011 and August 31, 2012 and for each subsequent fiscal year ended at least 90 days before the Closing Date, and (b) the unaudited interim consolidated balance sheets of Visant and its
subsidiaries and of American Achievement Corporation and its subsidiaries, in each case for each subsequent fiscal quarter (other than December 31, 2013) ended at 

  
 [Summary of
Additional Conditions] 

 
least 60 days before the Closing Date, and the related unaudited consolidated statements of income, cash flows and stockholders’ equity of Visant and its subsidiaries and of American
Achievement Corporation and its subsidiaries for each subsequent fiscal quarter (other than December 31, 2013) ended at least 60 days before the Closing Date. The Lead Arranger hereby acknowledges receipt of the audited financial statements
referred to in clause (a) above as of, and for the years ended, December 31, 2010, 2011 and 2012 (with respect to Visant) and August 28, 2010, August 27, 2011 and August 31, 2012 (with respect to American Achievement
Corporation). 
 6. The Lead Arranger shall have received a pro forma consolidated balance sheet and related pro forma statement of income
of the Borrower (including with respect to American Achievement Corporation and its subsidiaries) as of and for the 12-month period ending on the last day of the most recently completed four-fiscal quarter period of the Borrower ended at least 60
days prior to the Closing Date (or 90 days prior to the Closing Date in case such four fiscal quarter period is the end of the Borrower’s fiscal year) (provided that, such pro forma combined financial statements shall include American
Achievement Corporation’s consolidated balance sheet as of the nearest applicable American Achievement Corporation fiscal period end and its related statement of income for the 12-month period ending on the last day of the four-fiscal quarter
period of American Achievement Corporation ending within 93 days of the end of the Borrower’s 12-month period presented therein), prepared after giving effect to the Transactions as if the Transactions had occurred as of such dates (in the case
of such balance sheet) or at the beginning of such period (in the case of such income statement), which need not be prepared in compliance with Regulation S-X of the Securities Act of 1933, as amended, or include adjustments for purchase accounting
(including adjustments of the type contemplated by Financial Accounting Standards Board Accounting Standards Codification 805, Business Combinations (formerly SFAS 141R)). 

7. With respect to the Senior Secured Term Facility, the Bank Lead Arranger shall have been afforded a period (the “Bank Marketing
Period”) of at least 15 consecutive calendar days following receipt of the Confidential Information Memorandum to syndicate the Senior Secured Term Loan Facility; provided that (i) November 28, 2013 to and including
December 1, 2013 will be disregarded for purposes of determining such 15 consecutive calendar day period and (ii) such 15 consecutive calendar day period shall either end on or prior to December 20, 2013 or, if such period has not
ended on or prior to such date, then it shall commence no earlier than January 6, 2014. 
 8. With respect to the Bridge Facility,
(a) investment banks reasonably acceptable to the Lead Arranger (the “Investment Banks”) shall have been engaged to privately place the Mirror Notes, and each Investment Bank shall have received (i) a customary
preliminary offering memorandum containing (A) all customary information (other than a “description of notes” and information customarily provided by the Investment Banks or their counsel), including financial statements, business and
other financial data of the type and form that are customarily included in private placements pursuant to Rule 144A promulgated under the Securities Act (including information required by Regulation S-X and Regulation S-K under the Securities Act,
which is understood not to include consolidating financial statements, separate subsidiary financial statements and other financial statements and data that would be required by Sections 3-10 and 3-16 of Regulation S-X and Item 402 of
Regulation S-K and information regarding executive compensation disclosure related to SEC Release Nos. 33-8732A, 34-54302A and IC-27444A and other customary exceptions) and (B) pro forma financial statements of the type and form that are
customarily included in private placements pursuant to Rule 144A promulgated under the Securities Act to be prepared in a manner consistent to the extent required by paragraph 6 above with Regulation S-X (and in the case of pro forma financial
statements for the twelve-month period ending on the last day of the most recently completed four-fiscal quarter period presented, as if Regulation S-X was applicable to such financial statements) and (ii) all other financial data that would be
reasonably necessary for the Investment Banks to receive customary “comfort” letters from the independent accountants of each of 

  
 [Summary of
Additional Conditions] 

  
 D-2 

 
Visant and American Achievement Corporation in connection with the offering of the Mirror Notes (and the Borrower shall have made all commercially reasonable efforts to provide the Investment
Banks with drafts of such “comfort” letters (which shall provide customary “negative assurance” comfort), which such accountants are prepared to issue upon completion of customary procedures) and (b) the Investment Banks
shall have been afforded a period (the “Bridge Marketing Period”) of at least 15 consecutive calendar days upon receipt of the information described in clause (a)(and throughout which such information meets the requirement of
clause(a)) to seek to place the Mirror Notes with qualified purchasers thereof; provided that (i) November 28, 2013 to and including December 1, 2013 will be disregarded for purposes of determining such 15 consecutive calendar
day period and (ii) such 15 consecutive calendar day period shall either end on or prior to December 20, 2013 or, if such period has not ended on or prior to such date, then the Bridge Marketing Period shall commence no earlier than
January 6, 2014. 
 For purposes of paragraph 7 and 8 above, the Bank Marketing Period and the Bridge Marketing Period (each, a
“Marketing Period”) shall not be deemed to have commenced if, prior to the completion of such 15 consecutive calendar day period, (i) Deloitte & Touche LLP shall have withdrawn its audit opinion with respect to
any audited financial statements of American Achievement Corporation for the fiscal years ended August 31, 2013, August 31, 2012 or August 27, 2011, in which case no Marketing Period shall be deemed to commence unless and until a
new unqualified audit opinion is issued with respect to such withdrawn financial statements for the applicable periods by Deloitte & Touche LLP or another independent public accounting firm reasonably acceptable to Visant; (ii) the
financial statements of American Achievement Corporation and its consolidated subsidiaries delivered pursuant to paragraphs 5 and 6 above would be required to be updated under Rule 3-12 of Regulation S-X in order to be sufficiently current on any
day during such 15 consecutive calendar day period to permit a registration statement using such financial statements to be declared effective by the Securities and Exchange Commission (“SEC”) on the last day of such 15
consecutive calendar day period, in which case no Marketing Period shall be deemed to commence unless and until, at the earliest, the receipt by Visant of updated financial statements that would be required under Rule 3-12 of Regulation S-X to
permit a registration statement using such financial statements to be declared effective by the SEC on the last day of such new 15 consecutive calendar day period; (iii) American Achievement Corporation determines to restate any historical
financial statements of American Achievement Corporation delivered pursuant to paragraphs 5 and 6 above, in which case no Marketing Period shall be deemed to commence unless and until such restatement has been completed and the relevant financial
statement has been amended or American Achievement Corporation has indicated that it has concluded that no restatement shall be required in accordance with GAAP. 

9. The Administrative Agents and the Lead Arranger shall have received all documentation and other information about the Borrower and the
Guarantors as shall have been reasonably requested in writing by the Administrative Agents or the Lead Arranger at least seven calendar days prior to the Closing Date and as is mutually agreed to be required by U.S. regulatory authorities under
applicable “know your customer” and anti-money laundering rules and regulations, including without limitation the PATRIOT Act. 

10. Subject in all respects to the Funding Conditions Provisions, (a) the Guarantees shall have been executed and be in full force and
effect or substantially simultaneously with the initial borrowing under the Senior Secured Term Loan Facility, shall be executed and become in full force and effect, (b) if applicable, the Bridge Guarantees shall have been executed and be in
full force and effect or substantially simultaneously with the initial borrowing under the Bridge Facility, shall be executed and become in full force and effect and (c) with respect to the Senior Secured Term Loan Facility, all documents and
instruments required to perfect the Bank Administrative Agent’s security interest in the Collateral shall have been executed and delivered by each Credit Party party thereto and, if applicable, be

  
 [Summary of
Additional Conditions] 

  
 D-3 

 
in proper form for filing, and none of the Collateral shall be subject to any other pledges, security interest or mortgages, except for the liens permitted under the Senior Secured Term Loan
Facility Documentation (it being understood that in each case, with respect to the Company and its subsidiaries that become Subsidiary Guarantors, if the requirements set forth in clause (a) through (c) above cannot be satisfied as a
condition precedent solely because the directors and managers of the Company and its subsidiaries have not authorized such acts and the election of new directors or managers to authorize such acts has not taken place prior to the Closing Date, such
election shall take place, such authorization shall be provided and such requirements will be satisfied no later than immediately following the consummation of the Acquisition and the initial funding of the Senior Secured Term Loan Facility and, if
applicable, the Bridge Facility and in no event later than 5:00 p.m., New York City time on the Closing Date, but only if prior to any funding of the Facilities the Lead Arrangers are reasonably satisfied that the conditions described in this
paragraph 10 will be satisfied with respect to the Company and its subsidiaries immediately after such funding). 
 11. Subject in all
respects to the Funding Conditions Provisions, (a) the Senior Secured Term Loan Facility Documentation and, if applicable, the Bridge Facility Documentation (collectively, the “Facilities Documentation”) (which, in each
case, shall be in accordance with the terms of the Commitment Letter and the Term Sheets and the Documentation Principles and the Bridge/Bond Documentation Principles, as applicable) shall have been executed and delivered by the Credit Parties and
(b) customary legal opinions, customary officer’s closing certificates, organizational documents, customary evidence of authorization and good standing certificates in jurisdictions of formation/organization, in each case with respect to
the Borrower and the Guarantors (to the extent applicable) and a solvency certificate (as of the Closing Date after giving effect to the Transactions and substantially in the form of Annex D-I attached hereto, certified by a senior authorized
financial officer of the Borrower) shall have been delivered to each of the Bank Lead Arranger and the Bridge Lead Arranger, as applicable (it being understood that in each case, with respect to the Company and its subsidiaries that become
Subsidiary Guarantors, if any of the requirements set forth in clauses (a) and (b) above cannot be satisfied as a condition precedent solely because the directors and managers of the Company and its subsidiaries have not authorized such
acts and the election of new directors or managers to authorize such acts has not taken place prior to the Closing Date, such election shall take place, such authorization shall be provided and such requirements will be satisfied no later than
immediately following the consummation of the Acquisition and the initial funding of the Senior Secured Term Loan Facility and, if applicable, the Bridge Facility and in no event later than 5:00 p.m., New York City time on the Closing Date, but only
if prior to any funding of the Facilities the Lead Arrangers are reasonably satisfied that the conditions described in this paragraph 11 will be satisfied with respect to the Company and its subsidiaries immediately after such funding). 

  
 [Summary of
Additional Conditions] 

  
 D-4 

			
	CONFIDENTIAL	 	ANNEX D-I

 Form of Solvency Certificate 

Date:                      

To the Administrative Agent and each of the Lenders party to the Credit Agreement referred to below: 

I, the undersigned, a senior authorized financial officer of             , a
                          (the “Borrower”), in that capacity only and not in my individual capacity (and
without personal liability), do hereby certify as of the date hereof, and based upon facts and circumstances as they exist as of the date hereof (and disclaiming any responsibility for changes in such fact and circumstances after the date hereof),
that: 
 1. This certificate is furnished to the Administrative Agent and the Lenders pursuant to Section
            of the Credit Agreement, dated as of                  , 2013, among
                     (the “Credit Agreement”). Unless otherwise defined herein, capitalized terms used in this certificate
shall have the meanings set forth in the Credit Agreement. 
 2. For purposes of this certificate, the terms below shall have the following
definitions: 
 (a) “Fair Value” 

The amount at which the assets (both tangible and intangible), in their entirety, of the Borrower and its Subsidiaries taken as a whole would
change hands between a willing buyer and a willing seller, within a commercially reasonable period of time, each having reasonable knowledge of the relevant facts, with neither being under any compulsion to act. 

(b) “Present Fair Salable Value” 

The amount that could be obtained by an independent willing seller from an independent willing buyer if the assets (both tangible and
intangible) of the Borrower and its Subsidiaries taken as a whole are sold on a going concern basis with reasonable promptness in an arm’s-length transaction under present conditions for the sale of comparable business enterprises insofar as
such conditions can be reasonably evaluated. 
 (c) “Stated Liabilities” 

The recorded liabilities (including contingent liabilities that would be recorded in accordance with GAAP) of the Borrower and its
Subsidiaries taken as a whole, as of the date hereof after giving effect to the consummation of the Transactions (including the execution and delivery of the Credit Agreement, the making of the Loans and the use of proceeds of such Loans on the date
hereof), determined in accordance with GAAP consistently applied. 
 (d) “Identified Contingent Liabilities” 

The maximum estimated amount of liabilities reasonably likely to result from pending litigation, asserted claims and assessments, guaranties,
uninsured risks and other contingent liabilities of the Borrower and its Subsidiaries taken as a whole after giving effect to the Transactions (including the 

  
 [Solvency
Certificate] 

 
execution and delivery of the Credit Agreement, the making of the Loans and the use of proceeds of such Loans on the date hereof) (including all fees and expenses related thereto but exclusive of
such contingent liabilities to the extent reflected in Stated Liabilities), as identified and explained in terms of their nature and estimated magnitude by responsible officers of the Borrower. 

(e) “Will be able to pay their Stated Liabilities and Identified Contingent Liabilities as they mature” 

For the period from the date hereof through the Maturity Date, the Borrower and its Subsidiaries taken as a whole will have sufficient assets
and cash flow to pay their respective Stated Liabilities and Identified Contingent Liabilities as those liabilities mature or (in the case of Identified Contingent Liabilities) otherwise become payable, in light of business conducted or anticipated
to be conducted by the Credit Parties as reflected in the projected financial statements and in light of the anticipated credit capacity. 

(f) “Do not have Unreasonably Small Capital” 

For the period from the date hereof through the Maturity Date, the Borrower and its Subsidiaries taken as a whole after consummation of the
Transactions (including the execution and delivery of the Credit Agreement, the making of the Loans and the use of proceeds of such Loans on the date hereof) is a going concern and has sufficient capital to reasonably ensure that it will continue to
be a going concern for such period. I understand that “unreasonably small capital” depends upon the nature of the particular business or businesses conducted or to be conducted, and I have reached my conclusion based on the needs and
anticipated needs for capital of the business conducted or anticipated to be conducted by the Credit Parties as reflected in the projected financial statements and in light of the anticipated credit capacity. 

3. For purposes of this certificate, I, or officers of the Borrower under my direction and supervision, have performed the following
procedures as of and for the periods set forth below. 
 (a) I have reviewed the financial statements (including the pro forma financial
statements) referred to in Section      of the Credit Agreement. 
 (b) I have knowledge of and have reviewed to my
satisfaction the Credit Agreement. 
 (c) As a senior authorized financial officer of the Borrower, I am familiar with the financial
condition of the Borrower and its Subsidiaries. 
 4. Based on and subject to the foregoing, I hereby certify on behalf of the Borrower that
after giving effect to the consummation of the Transactions (including the execution and delivery of the Credit Agreement, the making of the Loans and the use of proceeds of such Loans on the date hereof), it is my opinion that (i) the Fair
Value of the assets of the Borrower and its Subsidiaries taken as a whole exceed their Stated Liabilities and Identified Contingent Liabilities, (ii) the Present Fair Salable Value of the assets of the Borrower and its Subsidiaries taken as a
whole exceed their Stated Liabilities and Identified Contingent Liabilities; (iii) the Borrower and its Subsidiaries taken as a whole do not have Unreasonably Small Capital; and (iv) the Borrower and its Subsidiaries taken as a whole will
be able to pay their Stated Liabilities and Identified Contingent Liabilities as they mature. 
 * * * 

  
 [Solvency
Certificate] 

  
 D-I-2 

 IN WITNESS WHEREOF, the Borrower has caused this certificate to be executed on its behalf by
Senior Authorized Financial Officer as of the date first written above. 
  

			
	[Borrower]
		
	By:	 	  

		 	Name:
		 	Title:

  
 [Solvency
Certificate] 

  
 D-I-3EX-4.2

 Exhibit 4.2 
  

 
  

BARCLAYS PLC, 
 Issuer 

and 
 THE BANK OF NEW YORK MELLON,
LONDON BRANCH, 
 Trustee 
  

 
 FIRST
SUPPLEMENTAL INDENTURE 
 Dated as of November 20, 2013 

 
  

To the Contingent Convertible Securities Indenture, dated as of November 20, 2013, 

Between Barclays PLC 
 and 

The Bank of New York Mellon, London Branch, Trustee 

$2,000,000,000 8.25% Fixed Rate Resetting Perpetual Subordinated Contingent 

Convertible Securities (Callable December 2018 and Every Five Years Thereafter) 

 
  

 

 BARCLAYS PLC 

Reconciliation and tie between Trust Indenture Act of 1939, as amended by the Trust Indenture Reform Act of 1990, and this First Supplemental Indenture, dated
as of November 20, 2013. 
  

					
	 Trust Indenture Act Section
	  	 Indenture Section*

	 §310
	 	(a)(1)	  	6.09
		 	(a)(2)	  	6.09
		 	(a)(3)	  	Not Applicable
		 	(a)(4)	  	Not Applicable
		 	(b)	  	6.08, 6.10
		 	(c)	  	Not Applicable
	 §311
	 	(a)	  	6.13
		 	(b)	  	6.13
		 	(c)	  	Not Applicable
	 §312
	 	(a)	  	7.01, 7.02(a)
		 	(b)	  	7.02(b)
		 	(c)	  	7.02(c)
	 §313
	 	(a)	  	7.03(a)
		 	(b)	  	7.03(a)
		 	(c)	  	1.06, 7.03(a)
		 	(d)	  	7.03(b)
	 §314
	 	(a)	  	7.04, 10.06
		 	(b)	  	Not Applicable
		 	(c)(1)	  	1.02
		 	(c)(2)	  	1.02
		 	(c)(3)	  	Not Applicable
		 	(d)	  	Not Applicable
		 	(e)	  	1.02
		 	(f)	  	Not Applicable
	 §315
	 	(a)	  	6.01, 6.03
		 	(b)	  	6.02
		 	(c)	  	5.04, 6.01
		 	(d)(1)	  	6.01, 6.03
		 	(d)(2)	  	6.01, 6.03
		 	(e)	  	5.14
	 §316
	 	(a)(1)(A)	  	5.02, 5.12
		 	(a)(1)(B)	  	5.13
		 	(a)(2)	  	Not Applicable
		 	(a)(last sentence)	  	1.01
		 	(b)	  	5.08
	 §317
	 	(a)(1)	  	4.03 of First Supplemental Indenture
		 	(a)(2)	  	5.04
		 	(b)	  	10.03
	 §318
	 	(a)	  	1.07

 NOTE: This reconciliation and tie shall not, for any purpose, be deemed to be a part of this First Supplemental Indenture or
the Contingent Convertible Securities Indenture. 
  
  

	*	Section numbers refer to the Base Indenture unless otherwise indicated. 

 TABLE OF CONTENTS 

 

							
	 	 	 	  	Page	 
	ARTICLE I DEFINITIONS AND OTHER PROVISIONS OF GENERAL APPLICATION	  
			
	 SECTION 1.01
	 	Definitions	  	 	2	  
	 SECTION 1.02
	 	Effect of Headings	  	 	17	  
	 SECTION 1.03
	 	Separability Clause	  	 	17	  
	 SECTION 1.04
	 	Benefits of Instrument	  	 	17	  
	 SECTION 1.05
	 	Relation to Base Indenture	  	 	17	  
	 SECTION 1.06
	 	Construction and Interpretation	  	 	17	  
	
	ARTICLE II	  
	
	 $2,000,000,000 8.25% FIXED RATE RESETTING PERPETUAL

SUBORDINATED CONTINGENT CONVERTIBLE SECURITIES (CALLABLE

DECEMBER 2018 AND EVERY FIVE YEARS THEREAFTER)
	   
   

  

			
	 SECTION 2.01
	 	Creation of Series; Establishment of Form	  	 	18	  
	 SECTION 2.02
	 	Interest	  	 	20	  
	 SECTION 2.03
	 	Interest Payments Discretionary	  	 	20	  
	 SECTION 2.04
	 	Restriction on Interest Payments	  	 	21	  
	 SECTION 2.05
	 	Agreement to Interest Cancellation	  	 	21	  
	 SECTION 2.06
	 	Notice of Interest Cancellation	  	 	22	  
	 SECTION 2.07
	 	Payment of Principal, Interest and Other Amounts	  	 	22	  
	 SECTION 2.08
	 	Optional Redemption	  	 	23	  
	 SECTION 2.09
	 	Optional Tax Redemption	  	 	23	  
	 SECTION 2.10
	 	Regulatory Event Redemption	  	 	24	  
	 SECTION 2.11
	 	Notice of Redemption	  	 	25	  
	 SECTION 2.12
	 	Limitations on Redemption	  	 	25	  
	 SECTION 2.13
	 	Cancelled Interest Not Payable Upon Redemption	  	 	26	  
	 SECTION 2.14
	 	Condition to Repurchase	  	 	26	  
	 SECTION 2.15
	 	Automatic Conversion upon Capital Adequacy Trigger Event	  	 	26	  
	 SECTION 2.16
	 	Conversion Shares	  	 	30	  
	 SECTION 2.17
	 	Conversion Shares Offer	  	 	31	  
	 SECTION 2.18
	 	Settlement Procedure	  	 	32	  
	 SECTION 2.19
	 	Failure to Deliver a Conversion Shares Settlement Notice	  	 	35	  
	 SECTION 2.20    
	 	Agreement with Respect to Exercise of U.K. Bail-In Power	  	 	35	  

  
 - ii - 

							
	ARTICLE III	  
	
	ANTI-DILUTION	  
			
	 SECTION 3.01    
	 	Adjustment of Conversion Price and Conversion Shares Offer Price	  	 	37	  
	 SECTION 3.02
	 	No Retroactive Adjustments	  	 	41	  
	 SECTION 3.03
	 	Decision of an Independent Financial Advisor	  	 	41	  
	 SECTION 3.04
	 	Rounding Down and Notice of Adjustment to the Conversion Price and the Conversion Shares Offer Price	  	 	41	  
	 SECTION 3.05
	 	Qualifying Takeover Event	  	 	42	  
	
	ARTICLE IV	  
	
	DEFAULTS AND REMEDIES	  
			
	 SECTION 4.01
	 	Winding-Up	  	 	43	  
	 SECTION 4.02
	 	Non-Payment Event	  	 	44	  
	 SECTION 4.03
	 	Limited Remedies for Breach of Obligations (Other than Non-Payment	  	 	44	  
	 SECTION 4.04
	 	No Other Remedies and Other Terms	  	 	45	  
	 SECTION 4.05
	 	Waiver of Past Defaults	  	 	45	  
	
	ARTICLE V	  
	
	SUBORDINATION	  
			
	 SECTION 5.01
	 	Securities Subordinate to Claims of Senior Creditors	  	 	46	  
	 SECTION 5.02
	 	No Set-Off	  	 	47	  
	
	ARTICLE VI	  
	
	MISCELLANEOUS PROVISIONS	  
			
	 SECTION 6.01
	 	Effectiveness	  	 	48	  
	 SECTION 6.02
	 	Original Issue	  	 	48	  
	 SECTION 6.03
	 	Ratification and Integral Part	  	 	48	  
	 SECTION 6.04
	 	Priority	  	 	48	  
	 SECTION 6.05
	 	Successors and Assigns	  	 	48	  
	 SECTION 6.06
	 	Counterparts	  	 	48	  
	 SECTION 6.07
	 	Governing Law	  	 	48	  
		
	 EXHIBIT A – Form of Global Note
	  	 	A-1	  
	 EXHIBIT B – Form of Automatic Conversion Notice
	  	 	B-1	  
	 EXHIBIT C – Form of Capital Adequacy Trigger Event Officers’ Certificate
	  	 	C-1	  
	 EXHIBIT D – Form of Conversion Shares Offer Notice
	  	 	D-1	  
	 EXHIBIT E – Form of Conversion Shares Settlement Request Notice
	  	 	E-1	  

  
 - iii - 

 FIRST SUPPLEMENTAL INDENTURE, dated as of November 20, 2013 (the “First Supplemental
Indenture”) between BARCLAYS PLC, a public limited company registered in England and Wales (herein called the “Company”), having its registered office at 1 Churchill Place, London E14 5HP, United Kingdom, and THE BANK OF
NEW YORK MELLON, LONDON BRANCH, a New York banking corporation, as Trustee (herein called the “Trustee”), having its Corporate Trust Office at One Canada Square, London E14 5AL, United Kingdom, to the CONTINGENT CONVERTIBLE
SECURITIES INDENTURE, dated as of November 20, 2013 between the Company and the Trustee, as amended from time to time (the “Base Indenture” and, together with this First Supplemental Indenture, the
“Indenture”). 
 RECITALS OF THE COMPANY 

WHEREAS, the Company and the Trustee are parties to the Base Indenture, which provides for the issuance by the Company from time to time of
Contingent Convertible Securities in one or more series; 
 WHEREAS, Section 9.01(f) of the Base Indenture permits supplements thereto
without the consent of Holders of Contingent Convertible Securities to establish the form or terms of Contingent Convertible Securities of any series as permitted by Sections 2.01 and 3.01 of the Base Indenture; 

WHEREAS, as contemplated by Section 3.01 of the Base Indenture, the Company intends to issue a new series of Contingent Convertible
Securities to be known as the Company’s “$2,000,000,000 8.25% Fixed Rate Resetting Perpetual Subordinated Contingent Convertible Securities (Callable December 2018 and Every Five Years Thereafter)” (the “Securities”)
under the Indenture; 
 WHEREAS, the Company has taken all necessary corporate action to authorize the execution and delivery of this First
Supplemental Indenture; 
 NOW, THEREFORE, THIS FIRST SUPPLEMENTAL INDENTURE WITNESSETH: 

For and in consideration of the premises and the other good and valuable consideration, the receipt and sufficiency of which is hereby
acknowledged, the Company and the Trustee mutually agree as follows with regard to the Securities: 

  
 - 1 - 

 ARTICLE I 

DEFINITIONS AND OTHER PROVISIONS OF GENERAL APPLICATION 

SECTION 1.01 Definitions. 

Except as otherwise expressly provided or unless the context otherwise requires, all terms used in this First Supplemental Indenture that are
defined in the Base Indenture shall have the meanings ascribed to them in the Base Indenture. The following terms used in this First Supplemental Indenture have the following respective meanings with respect to the Securities only: 

“Acquirer” means the Takeover Person that controls the Company following a Takeover Event. For the purposes of
this definition, “control” means the acquisition or holding of legal or beneficial ownership of more than 50% of the votes which may ordinarily be cast on a poll at a general meeting of the Company or the right to appoint or remove a
majority of the board of directors of the Company. 
 “Approved Entity” means a body corporate which, on the
occurrence of the Takeover Event, has in issue Approved Entity Shares. On and after the date of a Qualifying Takeover Event, references herein to “Ordinary Shares” shall be read as references to “Approved Entity Shares.” 

“Approved Entity Shares” means ordinary shares in the capital of a body corporate that constitutes Equity
Share Capital or the equivalent (or depository or other receipts representing the same) which are listed and admitted to trading on a Recognized Stock Exchange. In relation to an Automatic Conversion in respect of which the Conversion Date falls on
or after the QTE Effective Date, references herein to “Conversion Shares” shall be deemed to be references to “Approved Entity Shares.” 

“Automatic Conversion” means the irrevocable and automatic release of all of the Company’s obligations
under the Securities (other than the CSO Obligations, if any) in consideration of the Company’s issuance of the Conversion Shares at the Conversion Price to the Conversion Shares Depository (on behalf of the Holders and Beneficial Owners of the
Securities) or to the relevant recipient of such Conversion Shares, all in accordance with the terms of the Securities. 

  
 - 2 - 

 “Automatic Conversion Notice” means the written notice
(substantially in the form attached hereto as Exhibit B) to be delivered by the Company to the Trustee directly and to the Holders of the Global Securities via DTC (or, if the Securities are definitive Securities, by the Company to the
Trustee directly and to the Holders at their addresses shown on the Contingent Convertible Security Register) specifying (i) that a Capital Adequacy Trigger Event has occurred, (ii) the Conversion Date or expected Conversion Date,
(iii) that the Company has the option, at its sole and absolute discretion, to elect that a Conversion Shares Offer be conducted and that the Company will issue a Conversion Shares Offer Notice via DTC within ten (10) Business Days
following the Conversion Date notifying Holders of the Company’s election and (iv) that the Securities shall remain in existence for the sole purpose of evidencing (a) the right of the Holders to receive Conversion Shares or
Conversion Shares Offer Consideration, as applicable, from the Conversion Shares Depository and (b) the Company’s CSO Obligations, if any, and that the Securities may continue to be transferable until the Suspension Date, which shall be
specified in the Conversion Shares Offer Notice. 
 “Balance Sheet Condition” has the meaning set forth in
Section 5.01(c) hereof. 
 “Base Indenture” has the meaning set forth in the first paragraph of this
First Supplemental Indenture. 
 “Beneficial Owners” shall mean (a) with respect to Global Securities,
the beneficial owners of the Securities prior to the occurrence of the Final Cancellation Date and (b) with respect to definitive Securities, the Holders in whose names the Securities are registered in the Contingent Convertible Security
Register. 
 “Business Day” means any weekday, other than one on which banking institutions are authorized
or obligated by law or executive order to close in London, United Kingdom, or in New York City. 
 “Calculation
Agent” means The Bank of New York Mellon, London Branch, or its successor appointed by the Company pursuant to the Calculation Agent Agreement between the Company and The Bank of New York Mellon, dated as of the date hereof. 

“Cancellation Date” means (i) with respect to any Security for which a Conversion Shares Settlement
Notice is received by the Conversion Shares Depository on or before the Notice Cut-off Date, the applicable Settlement Date and (ii) with respect to any Security for which a Conversion Shares Settlement Notice is not received by the Conversion
Shares Depository on or before the Notice Cut-off Date, the Final Cancellation Date. 
 “Capital Adequacy Trigger
Event” shall occur if the Fully Loaded CET1 Ratio as of any Quarterly Financial Period End Date or Extraordinary Calculation Date, as the case may be, is less than 7.00% on such date. 

“Capital Adequacy Trigger Event Officers’ Certificate” has the meaning set forth in Section 2.15(o)
hereof. 

  
 - 3 - 

 “Capital Regulations” means, at any time, the laws, regulations,
requirements, standards, guidelines and policies relating to capital adequacy for credit institutions of either (i) the PRA and/or (ii) any other national or European authority, in each case then in effect in the United Kingdom (or in such
other jurisdiction in which the Company may be organized or domiciled) and applicable to the Group. 
 “Cash
Component” means that portion, if any, of the Conversion Shares Offer Consideration consisting of cash. 

“Cash Dividend” means any dividend or distribution in respect of the Ordinary Shares to Shareholders of the
Company which is to be paid or made in cash (in whatever currency), however described and whether payable out of share premium account, profits, retained earnings or any other capital or revenue reserve or account and including a distribution or
payment to Shareholders upon or in connection with a reduction of capital. 
 “CET1 Capital” means, as of
any Quarterly Financial Period End Date or Extraordinary Calculation Date, the sum, expressed in pounds sterling, of all amounts that constitute common equity tier 1 capital of the Group as of such date, less any deductions from common equity tier 1
capital required to be made as of such date, in each case as calculated by the Company on a consolidated basis in accordance with the Capital Regulations applicable to the Group on such Quarterly Financial Period End Date or Extraordinary
Calculation Date, as the case may be (which calculation shall be binding on the Trustee and the Holders and Beneficial Owners). For the purposes of this definition, the term “common equity tier 1 capital” shall have the meaning assigned to
such term in CRD IV (as the same may be amended or replaced from time to time) as interpreted and applied in accordance with the Capital Regulations then applicable to the Group. 

“Code” means the U.S. Internal Revenue Code of 1986, as amended. 

“Companies Act” means the Companies Act 2006 (UK). 

“Company” has the meaning set forth in the first paragraph of this First Supplemental Indenture, and includes
any successor entity. 
 “Conversion Date” means the date on which the Automatic Conversion shall take
place, or has taken place, as applicable. 
 “Conversion Price” means $2.64 per Conversion Share (subject to
certain anti-dilution adjustments pursuant to Section 3.01 hereof). 
 “Conversion Shares” means
Ordinary Shares of the Company to be issued to the Conversion Shares Depository (or to the relevant recipient in accordance with the terms of the Securities) following an Automatic Conversion, which Ordinary Shares shall be in such number as is
determined by dividing the aggregate principal amount of the Securities Outstanding immediately prior to the Automatic Conversion on the Conversion Date by the Conversion Price, rounded down, if necessary, to the nearest whole number of Ordinary
Shares. 

  
 - 4 - 

 “Conversion Shares Component” means that portion, if any, of the
Conversion Shares Offer Consideration consisting of Conversion Shares. 
 “Conversion Shares Depository”
means a financial institution, trust company, depository entity, nominee entity or similar entity to be appointed by the Company on or prior to any date when a function ascribed to the Conversion Shares Depository in the Indenture is required to be
performed, to perform such functions and which, as a condition of such appointment, such entity will be required to undertake, for the benefit of the Holders and Beneficial Owners of the Securities, to hold the Conversion Shares (and any Conversion
Shares Offer Consideration) on behalf of such Holders and Beneficial Owners of the Securities in one or more segregated accounts, unless otherwise required for the purposes of the Conversion Shares Offer and, in any event, on terms consistent with
the Indenture. 
 “Conversion Shares Offer” has the meaning set forth in Section 2.17(a) hereof. 

“Conversion Shares Offer Agent” means the agent(s), if any, to be appointed on behalf of the Conversion Shares
Depository by the Company, in its sole and absolute discretion, to act as placement or other agent of the Conversion Shares Depository to facilitate a Conversion Shares Offer. 

“Conversion Shares Offer Consideration” means in respect of each Security (i) if all of the Conversion
Shares are sold in the Conversion Shares Offer, the pro rata share of the cash proceeds from the sale of the Conversion Shares attributable to such Security translated from sterling into U.S. dollars at a then-prevailing exchange rate (less
any foreign exchange transaction costs), (ii) if some but not all of the Conversion Shares are sold in the Conversion Shares Offer, (x) the pro rata share of the cash proceeds from the sale of the Conversion Shares attributable to
such Security translated from sterling into U.S. dollars at a then-prevailing exchange rate (less any foreign exchange transaction costs) and (y) the pro rata share of the Conversion Shares not sold pursuant to the Conversion Shares
Offer attributable to such Security rounded down to the nearest whole number of Conversion Shares, and (iii) if no Conversion Shares are sold in a Conversion Shares Offer, the relevant Conversion Shares attributable to such Security rounded
down to the nearest whole number of Conversion Shares, subject in the case of (i) and (ii)(x) above to deduction from any such cash proceeds of an amount equal to the pro rata share of any stamp duty, stamp duty reserve tax, or any other
capital, issue, transfer, registration, financial transaction or documentary tax that may arise or be paid as a consequence of the transfer of any interest in the Conversion Shares to the Conversion Shares Depository as a consequence of the
Conversion Shares Offer. 

  
 - 5 - 

 “Conversion Shares Offer Notice” means the written notice
(substantially in the form attached hereto as Exhibit D) to be delivered by the Company to the Trustee directly and to the Holders of the Global Securities via DTC (or, if the Securities are definitive Securities, by the Company to the
Trustee directly and to the Holders at their addresses shown on the Contingent Convertible Security Register) specifying (i) whether or not the Company has elected that a Conversion Shares Offer be made and, if so, the Conversion Shares Offer
Period, (ii) the Suspension Date and (iii) if the Company has been unable to appoint a Conversion Shares Depository, such other arrangements for the issuance and/or delivery of the Conversion Shares or the Conversion Shares Offer
Consideration, as applicable, to the Holders of the Securities as it shall consider reasonable in the circumstances. 

“Conversion Shares Offer Period” means the period during which the Conversion Shares Offer may occur, which
period shall end no later than forty (40) Business Days after the delivery of the Conversion Shares Offer Notice. 

“Conversion Shares Offer Price” means £1.65 per Conversion Share (subject to certain anti-dilution
adjustments pursuant to Section 3.01 hereof). 
 “Conversion Shares Settlement Notice” means a written
notice (substantially in the form attached hereto as Exhibit E) to be delivered by a Holder or Beneficial Owner (or custodian, broker, nominee or other representative thereof) to the Conversion Shares Depository (or to the relevant recipient
of the Conversion Shares in accordance with the terms of the Securities), with a copy to the Trustee, no earlier than the Suspension Date containing the following information: (i) the name of the Holder or Beneficial Owner (or custodian,
broker, nominee or other representative thereof), (ii) the Tradable Amount of the book-entry interests in the Securities held by such Holder or Beneficial Owner (or custodian, broker, nominee or other representative thereof) on the date of such
notice, (iii) the name to be entered in the Company’s share register, (iv) the details of the CREST or other clearing system account or, if the Conversion Shares are not a participating security in CREST or another clearing system,
the address to which the Conversion Shares (or the Conversion Shares Component, if any, of any Conversion Shares Offer Consideration) and/or cash (if not expected to be delivered through DTC) should be delivered and (v) such other details as
may be required by the Conversion Shares Depository. 
 “Conversion Shares Settlement Request Notice” means
the written notice to be delivered by the Company to the Trustee directly and to the Holders and Beneficial Owner of the Securities via DTC (or, if the Securities are definitive Securities, by the Company to the Trustee directly and to the Holders
at their registered addresses as shown on the Contingent Convertible Securities Register) on the Suspension Date requesting that Holders and Beneficial Owners complete a Conversion Shares Settlement Notice and specifying (i) the Notice Cut-off
Date and (ii) the Final Cancellation Date. 

  
 - 6 - 

 “CRD IV” means the legislative package consisting of Directive
2013/36/EU on access to the activity of credit institutions and the prudential supervision of credit institutions and investment firms and the CRD IV Regulation. 

“CRD IV Regulation” means Regulation (EU) No. 575/2013 on prudential requirements for credit institutions
and investment firms of the European Parliament and of the Council of June 26, 2013. 
 “CREST” means
the relevant system, as defined in the CREST Regulations, or any successor clearing system. 
 “CREST
Regulations” means the Uncertificated Securities Regulations 2001 (SI 2001 No. 01/378), as amended. 

“CSO Obligations” means the obligations of the Company under the Securities that may arise in connection with
a Conversion Shares Offer to: (i) facilitate the preparation of a prospectus or other offering document, if applicable, and (ii) take responsibility for such prospectus or other offering document, which obligations (and any claims relating
to a failure to facilitate the preparation of, or take responsibility for, such prospectus or other offering document) shall terminate in the event of the winding-up or administration of the Company. 

“Current Market Price” means, in respect of an Ordinary Share at a particular date, the average of the daily
Volume Weighted Average Price of an Ordinary Share on each of the five (5) consecutive Dealing Days ending on the Dealing Day immediately preceding such date; provided that, if at any time during the said five-dealing-day period the
Volume Weighted Average Price shall have been based on a price ex-Cash Dividend (or ex- any other entitlement) and during some other part of that period the Volume Weighted Average Price shall have been based on a price cum-Cash Dividend (or cum-
any other entitlement), then: 
  

	 	(i)	if the Ordinary Shares to be issued do not rank for the Cash Dividend (or entitlement) in question, the Volume Weighted Average Price on the dates on which the Ordinary Shares shall have been based on a price cum-Cash
Dividend (or cum- any other entitlement) shall, for the purposes of this definition, be deemed to be the amount thereof reduced by an amount equal to such Cash Dividend or entitlement per ordinary share as at the date of first public announcement
relating to such Cash Dividend or entitlement, in any such case, determined on a gross basis and disregarding any withholding or deduction required to be made on account of tax, and disregarding any associated tax credit; or 

  
 - 7 - 

	 	(ii)	if the Ordinary Shares to be issued do rank for the Cash Dividend (or entitlement) in question, the Volume Weighted Average Price on the dates on which the Ordinary Shares shall have been based on a price ex-Cash
Dividend (or ex- any other entitlement) shall, for the purposes of this definition, be deemed to be the amount thereof increased by an amount equal to such Cash Dividend or entitlement per ordinary share as at the date of first public announcement
relating to such Cash Dividend or entitlement, in any such case, determined on a gross basis and disregarding any withholding or deduction required to be made on account of tax, and disregarding any associated tax credit, 

and provided further that, if on each of the said five Dealing Days the Volume Weighted Average Price shall have been based on a
price cum-Cash Dividend (or cum- any other entitlement) in respect of a Cash Dividend (or other entitlement) which has been declared or announced but the Ordinary Shares to be issued do not rank for that Cash Dividend (or other entitlement), the
Volume Weighted Average Price on each of such dates shall, for the purposes of this definition, be deemed to be the amount thereof reduced by an amount equal to such Cash Dividend or entitlement per ordinary share as at the date of first public
announcement relating to such Cash Dividend or entitlement, in any such case, determined on a gross basis and disregarding any withholding or deduction required to be made on account of tax, and disregarding any associated tax credit, 

and provided further that, if the Volume Weighted Average Price of an Ordinary Share is not available on one or more of the said
five Dealing Days (disregarding for this purpose the proviso to the definition of Volume Weighted Average Price), then the average of such Volume Weighted Average Prices which are available in that five-dealing-day period shall be used (subject to a
minimum of two such prices) and if only one, or no, such Volume Weighted Average Price is available in the relevant period, the Current Market Price shall be determined in good faith by an Independent Financial Adviser. 

  
 - 8 - 

 “Dealing Day” means a day on which the Relevant Stock Exchange
or relevant stock exchange or securities market is open for business and on which Ordinary Shares may be dealt in (other than a day on which the Relevant Stock Exchange or relevant stock exchange or securities market is scheduled to or does close
prior to its regular weekday closing time). 
 “Default” has the meaning set forth in Section 4.04(b)
hereof. 
 “Distributable Items” shall have the meaning assigned to such term in CRD IV (as the same may be
amended or replaced from time to time) as interpreted and applied in accordance with the Capital Regulations then applicable to the Company, but amended so that for so long as there is any reference therein to “before distributions to holders
of own funds instruments” it shall be read as a reference to “before distributions to holders of Parity Securities, the Securities or any Junior Securities.” 

“DTC” means The Depository Trust Company, or any successor clearing system. 

“EEA Regulated Market” means a market as defined by Article 4.1(14) of Directive 2004/39/EC of the European
Parliament and of the Council on markets in financial instruments, as the same may be amended from time to time. 

“Effective Date” means, for the purposes of Section 3.01(c) hereof, the first date on which the Ordinary
Shares are traded ex-rights on the Relevant Stock Exchange and, for the purposes of Section 3.01(d) hereof, the first date on which the Ordinary Shares are traded ex-the relevant Cash Dividend on the Relevant Stock Exchange. 

“Equity Share Capital” has the meaning provided in Section 548 of the Companies Act. 

“Extraordinary Calculation Date” means any Business Day (other than a Quarterly Financial Period End Date) on
which the Fully Loaded CET1 Ratio is calculated upon the instruction of the PRA or at the Company’s discretion. 

“Extraordinary Dividend” means any Cash Dividend that is expressly declared by the Company to be a capital
distribution, extraordinary dividend, extraordinary distribution, special dividend, special distribution or return of value to shareholders or any analogous or similar term, in which case the Extraordinary Dividend shall be such Cash Dividend. 

“Final Cancellation Date” means the date, as specified in the Conversion Shares Settlement Request Notice, on
which the Securities in relation to which no Conversion Shares Settlement Notice has been received by the Conversion Shares Depository on or before the Notice Cut-off Date shall be cancelled, which date may be up to twelve (12) Business Days
following the Notice Cut-off Date. 

  
 - 9 - 

 “Fully Loaded” means, in relation to a measure that is presented
or described as being on a “Fully Loaded” basis, that such measure is calculated without applying the transitional provisions set out in Part Ten of the CRD IV Regulation (as may be amended from time to time). 

“Fully Loaded CET1 Ratio” means, as of any Quarterly Financial Period End Date or Extraordinary Calculation
Date, as the case may be, the ratio of CET1 Capital as of such date to the Risk Weighted Assets as of the same date, expressed as a percentage and on the basis that all measures used in such calculation shall be calculated on a Fully Loaded basis.

 “Governmental Entity” means (i) the United Kingdom Government, (ii) an agency of the United
Kingdom Government or (iii) a Takeover Person or entity (other than a body corporate) controlled by the United Kingdom Government or any such agency referred to in clause (ii) of this definition. If the Company is then organized in another
jurisdiction, the references to “United Kingdom Government shall be read as references to the government of such other jurisdiction.” 

“Indenture” has the meaning set forth in the first paragraph of this First Supplemental Indenture. 

“Independent Financial Adviser” means an independent financial institution of international repute appointed
by the Company at its own expense. 
 “Interest Payment Date” has the meaning set forth in
Section 2.02(a) hereof. 
 “Issue Date” has the meaning set forth in Section 2.01(f) hereof. 

“Junior Securities” means any Ordinary Shares, securities or other obligations (including any guarantee,
credit support or similar undertaking) of the Company ranking, or expressed to rank, junior to the Securities in a winding-up or administration of the Company. 

“LSE” means the London Stock Exchange plc. 

  
 - 10 - 

 “Mid-Market Swap Rate” is the mid-market U.S. dollar swap rate
Libor basis having a five-year maturity appearing on Bloomberg page “ISDA 01” (or such other page as may replace such page on Bloomberg, or such other page as may be nominated by the person providing or sponsoring the information appearing
on such page for purposes of displaying comparable rates) at 11:00 a.m. (New York time) on the relevant Reset Determination Date, as determined by the Calculation Agent. If such swap rate does not appear on such page (or such other page or
service), the Mid-Market Swap Rate shall instead be determined by the Calculation Agent on the basis of (i) quotations provided by the principal office of each of four major banks in the U.S. dollar swap rate market (which banks shall be
selected by the Calculation Agent in consultation with the Company no less than 20 calendar days prior to the relevant Reset Determination Date) (the “Reference Banks”) of the rates at which swaps in U.S. dollars are offered by it
at approximately 11:00 a.m. (New York time) (or thereafter on such date, with the Calculation Agent acting on a best efforts basis) on the relevant Reset Determination Date to participants in the U.S. dollar swap rate market for a five-year period
and (ii) the arithmetic mean expressed as a percentage and rounded, if necessary, to the nearest 0.001% (0.0005% being rounded upwards) of such quotations. If the relevant Mid-Market Swap Rate is still not determined on the relevant Reset
Determination Date in accordance with the foregoing procedures, the relevant Mid-Market Swap Rate shall be the mid-market U.S. dollar swap rate Libor basis having a five-year maturity that appeared on the most recent Bloomberg page “ISDA
01” (or such other page as may replace such page on Bloomberg, or such other page as may be nominated by the person providing or sponsoring the information appearing on such page for purposes of displaying comparable rates) that was last
available prior to 11:00 a.m. (New York time) on each Reset Determination Date, as determined by the Calculation Agent. 

“New Conversion Condition” means the condition that shall be satisfied if (a) by not later than seven
(7) Business Days following the completion of a Takeover Event where the Acquirer is an Approved Entity, there shall be arrangements in place for the Approved Entity to provide for issuance of Approved Entity Shares following an Automatic
Conversion of the Securities on terms mutatis mutandis identical to the provisions under Section 2.15 below and (b) the Company, in its sole and absolute discretion has determined that such arrangements are in the best interest of
the Company and its shareholders taken as a whole having regard to the interests of its stakeholders (including, but not limited to, the Holders of the Securities) and are consistent with applicable law and regulation (including, without limitation
to, the guidance of any applicable regulatory body). 
 “New Conversion Price” means the amount determined
in accordance with the following formula, which shall apply from the QTE Effective Date: 
 NCP = ECP * (VWAPAES / VWAPOS)

 where: 

“NCP” is the New Conversion Price; 

  
 - 11 - 

 “ECP” is the Conversion Price in effect on the Dealing Day immediately
prior to the QTE Effective Date; 
 “VWAPAES” means the average of the Volume Weighted Average Price of the
Approved Entity Shares (translated, if necessary, into U.S. dollars at the Prevailing Rate on the relevant Dealing Day) on each of the five Dealing Days ending on the Dealing Day prior to the closing date of the Takeover Event (and where references
in the definition of “Volume Weighted Average Price” to “ordinary share” shall be construed as a reference to the Approved Entity Shares and in the definition of “Dealing Day,” references to the “Relevant Stock
Exchange” shall be to the relevant Recognized Stock Exchange); and 
 “VWAPOS” is the average of the Volume
Weighted Average Price of the Ordinary Shares (translated, if necessary, into U.S. dollars at the Prevailing Rate on the relevant Dealing Day) on each of the five Dealing Days ending on the Dealing Day immediately prior to the closing date of the
Takeover Event. 
 “Non-Payment Event” has the meaning set forth in Section 4.02 hereof. 

“Notice Cut-off Date” means the date specified as such in the Conversion Shares Settlement Request Notice,
which date shall be at least forty (40) Business Days following the Suspension Date. 
 “Ordinary Reporting
Date” means each Business Day on which Quarterly Financial Information is published by the Company. 

“Ordinary Share Capital” has the meaning provided in Section 832 of the Income and Corporation Taxes Act
1988 (or successor provision or legislation). 
 “Ordinary Shares” means (a) prior to the QTE Effective
Date, fully paid ordinary shares in the capital of the Company and (b) on and after the QTE Effective Date, the relevant Approved Entity Shares. 

“Parity Securities” means any preference shares, securities or other obligations (including any guarantee,
credit support or similar undertaking) of the Company ranking, or expressed to rank, pari passu with the Securities in a winding-up or administration of the Company. 

“Performance Obligation” has the meaning set forth in Section 4.03 hereof. 

  
 - 12 - 

 “Prevailing Rate” means, in respect of any currencies on any
day, the spot rate of exchange between the relevant currencies prevailing as at or about 12:00 pm, London time, on that date as appearing on or derived from the relevant page on Bloomberg (or such other information service provider that displays the
relevant information) or, if such a rate cannot be determined at such time, the rate prevailing as at or about 12:00 pm, London time, on the immediately preceding day on which such rate can be so determined or, if such rate cannot be so determined
by reference to the relevant page on Bloomberg (or such other information service provider that displays the relevant information), the rate determined in such other manner as an Independent Financial Adviser shall in good faith prescribe. 

“Price” means the Conversion Price or the Conversion Shares Offer Price, as applicable. 

“Prospectus Supplement” means the prospectus supplement with respect to the Securities, dated
November 13, 2013. 
 “Prudential Regulation Authority” or “PRA” means the Prudential
Regulation Authority of the United Kingdom or such other governmental authority in the United Kingdom (or if the Company becomes domiciled in a jurisdiction other than the United Kingdom, such other jurisdiction) having primary responsibility for
the prudential supervision of the Company. 
 “QTE Effective Date” means the date with effect from which the
New Conversion Condition shall have been satisfied. 
 “Qualifying Takeover Event” means a Takeover Event
with respect to which: (i) the Acquirer is an Approved Entity; and (ii) the New Conversion Condition is satisfied. 

“Quarterly Financial Information” means the financial information of the Group in respect of a fiscal quarter
that is contained in the principal financial report for such fiscal quarter published by the Company. As of the date of this First Supplemental Indenture, the principal financial reports published by the Company with respect to each fiscal quarter
are: (i) the first quarter (Q1) interim management statement in respect of the first fiscal quarter, (ii) the interim results announcement in respect of the first half of the year (including the second fiscal quarter), (iii) the third
quarter (Q3) interim management statement in respect of the first nine (9) months of the year (including the third fiscal quarter) and (iv) the results announcement in respect of the full year (including the fourth fiscal quarter). 

“Quarterly Financial Period End Date” means the last day of each fiscal quarter. 

“Recognized Stock Exchange” means an EEA Regulated Market or another regulated, regularly operating,
recognized stock exchange or securities market in an OECD member state. 

  
 - 13 - 

 “Reference Banks” has the meaning set forth in the definition of
Mid-Market Swap Rate. 
 “Regular Record Date” means the Business Day immediately preceding each Interest
Payment Date (or, if the Securities are definitive Securities, the 15th Business Day preceding each Interest Payment Date). 

“Regulatory Event” has the meaning set forth in Section 2.10 hereof. 

“Relevant Currency” means sterling or, if at the relevant time or for the purposes of the relevant calculation
or determination the LSE is not the Relevant Stock Exchange, the currency in which the Ordinary Shares are quoted or dealt in on the Relevant Stock Exchange at such time. 

“Relevant Stock Exchange” means the LSE or, if at the relevant time the Ordinary Shares are not at that time
listed and admitted to trading on the LSE, the principal stock exchange or securities market on which the Ordinary Shares are then listed, admitted to trading or quoted or accepted for dealing. 

“Relevant U.K. Resolution Authority” has the meaning set forth in the definition of U.K. Bail-In Power. 

“Reset Date” means December 15, 2018 and each fifth anniversary date thereafter, commencing
December 15, 2023. 
 “Reset Determination Date” means the second (2nd) Business Day immediately preceding the Reset Date. 
 “Risk
Weighted Assets” means, as of any Quarterly Financial Period End Date or Extraordinary Calculation Date, as the case may be, the aggregate amount, expressed in pounds sterling, of the risk weighted assets of the Group as of such date, as
calculated by the Company on a consolidated basis in accordance with the Capital Regulations applicable to the Group on such date (which calculation shall be binding on the Trustee and the Holders and Beneficial Owner). For the purposes of this
definition, the term “risk weighted assets” means the risk weighted assets or total risk exposure amount, as calculated by the Company in accordance with the Capital Regulations applicable to the Group. 

“Securities” has the meaning set forth in the Recitals. 

“Senior Creditors” has the meaning set forth in Section 5.01(c) hereof. 

  
 - 14 - 

 “Settlement Date” means (i) with respect to any Security in
relation to which a Conversion Shares Settlement Notice is received by the Conversion Shares Depository on or before the Notice Cut-off Date, the later of (a) the date that is two (2) Business Days after the end of the relevant Conversion
Shares Offer Period and (b) the date that is two (2) Business Days after the date on which such Conversion Shares Settlement Notice has been received by the Conversion Shares Depository and (ii) with respect to any Security in
relation to which a Conversion Shares Settlement Notice is not received by the Conversion Shares Depository on or before the Notice Cut-off Date, the date on which the Conversion Shares Depository delivers the relevant Conversion Shares or
Conversion Shares Component, if any, of any Conversion Shares Offer Consideration, as applicable. 

“Shareholders” means the holders of Ordinary Shares. 

“Solvency Condition” has the meaning set forth in Section 5.01(c) hereof. 

“Subsidiary” has the meaning provided in Section 1159 of the Companies Act. 

“Suspension Date” means the date specified in the Conversion Shares Offer Notice as the date on which DTC
shall suspend all clearance and settlement of transactions in the Securities in accordance with its rules and procedures, which date shall be no later than thirty-eight (38) Business Days after the delivery of the Conversion Shares Offer Notice
(and, if the Company elects that a Conversion Shares Offer be made, such date shall be at least two (2) Business Days prior to the end of the relevant Conversion Shares Offer Period). 

“Takeover Event” shall mean an offer made to all (or as nearly as may be practicable all) shareholders (or all
(or as nearly as may be practicable all) such shareholders other than the offeror and/or any associate (as defined in Section 988(1) of the Companies Act) of the offeror), to acquire all or a majority of the issued Ordinary Share Capital of the
Company or if any Takeover Person proposes a scheme with regard to such acquisition and (such offer or scheme having become or been declared unconditional in all respects or having become effective) the right to cast more than 50% of the votes which
may ordinarily be cast on a poll at a general meeting of the Company has or will become unconditionally vested in any Takeover Person and/or any associate of that Takeover Person (as defined in Section 988(1) of the Companies Act). 

“Takeover Event Notice” means a notice to the Holders of the Securities notifying them that a Takeover Event
has occurred and specifying: (1) the identity of the Acquirer; (2) whether the Takeover Event is a Qualifying Takeover Event or not; (3) in the case of a Qualifying Takeover Event, if determined at such time, the New Conversion Price;
and (4) if applicable, the QTE Effective Date. 
 “Takeover Person” includes any individual, company,
corporation, firm, partnership, joint venture, undertaking, association, organization, trust, state or agency of a state (in each case whether or not being a separate legal entity) or other legal entity. 

  
 - 15 - 

 “Tax Event” has the meaning set forth in Section 2.09(a)
hereof. 
 “Tier 1 Capital” means Tier 1 capital for the purposes of the Capital Regulations. 

“Tradable Amount” has the meaning set forth in 2.01(j) hereof. 

“Trustee” has the meaning set forth in the first paragraph of this First Supplemental Indenture. 

“U.K. Bail-In Power” means any statutory write-down and/or conversion power existing from time to time under
any laws, regulations, rules or requirements relating to the resolution of banks, banking group companies, credit institutions and/or investment firms incorporated in the United Kingdom in effect and applicable in the United Kingdom to the Company
or other members of the Group, including but not limited to any such laws, regulations, rules or requirements that are implemented, adopted or enacted within the context of a European Union directive or regulation of the European Parliament and of
the Council establishing a framework for the recovery and resolution of credit institutions and investment firms, and/or within the context of a U.K. resolution regime by way of amendment to the U.K. Banking Act 2009, as amended, or otherwise,
pursuant to which obligations of a bank, banking group company, credit institution or investment firm or any of its affiliates can be reduced, cancelled and/or converted into shares or other securities or obligations of the Company or any other
person (and a reference to the “Relevant U.K. Resolution Authority” is to any authority with the ability to exercise a U.K. Bail-In Power). 

“U.K. Taxation of Regulatory Capital Securities Regulations” has the meaning set forth in Section 2.09(a)
hereof. 
 “Volume Weighted Average Price” means, in respect of an Ordinary Share (or an Approved Entity
Share, as applicable) on any Dealing Day, the order book volume-weighted average price of an Ordinary Share (or Approved Entity Shares, as applicable) published by or derived from the relevant page on Bloomberg or such other source as shall be
determined in good faith to be appropriate by an Independent Financial Adviser on such Dealing Day, provided that if on any such Dealing Day such price is not available or cannot otherwise be determined as provided above, the “Volume Weighted
Average Price” of an ordinary share (or an Approved Entity Shares, as applicable) in respect of such Dealing Day shall be the volume weighted average price, determined as provided above, on the immediately preceding Dealing Day on which the
same can be so determined or determined as an Independent Financial Adviser might otherwise determine in good faith to be appropriate. 

  
 - 16 - 

 “Winding-Up Event” has the meaning set forth in
Section 4.01(a) hereof. 
 SECTION 1.02 Effect of Headings. The Article and Section headings herein are for convenience only and
shall not affect the construction hereof. 
 SECTION 1.03 Separability Clause. In case any provision in this First Supplemental
Indenture shall be invalid, illegal or unenforceable, the validity, legality and enforceability of the remaining provisions shall not in any way be affected or impaired thereby. 

SECTION 1.04 Benefits of Instrument. Nothing in this First Supplemental Indenture, express or implied, shall give to any person, other
than the parties hereto and their successors hereunder and the Holders, any benefit or any legal or equitable right, remedy or claim under the Indenture. 

SECTION 1.05 Relation to Base Indenture. This First Supplemental Indenture constitutes an integral part of the Base Indenture.
Notwithstanding any other provision of this First Supplemental Indenture, all provisions of this First Supplemental Indenture are expressly and solely for the benefit of the Holders and Beneficial Owners of the Securities and any such provisions
shall not be deemed to apply to any other Contingent Convertible Securities issued under the Base Indenture and shall not be deemed to amend, modify or supplement the Base Indenture for any purpose other than with respect to the Securities. 

SECTION 1.06 Construction and Interpretation. Unless the express otherwise requires: 

(a) the words “hereof”, “herein” and “hereunder” and words of similar import, when used in this First
Supplemental Indenture, refer to this First Supplemental Indenture as a whole and not to any particular provision of this First Supplemental Indenture; 

(b) the terms defined in the singular have a comparable meaning when used in the plural, and vice versa; 

(c) the terms “dollars” and “$” and mean United States Dollars; 

  
 - 17 - 

 (d) the terms “pounds sterling,” “sterling” and “£” mean
British pounds sterling; 
 (e) references herein to a specific Section, Article or Exhibit refer to Sections or Articles of, or an Exhibit
to, this First Supplemental Indenture; 
 (f) wherever the words “include”, “includes” or “including” are used
in this First Supplemental Indenture, they shall be deemed to be followed by the words “without limitation;” 
 (g) references to a
Person are also to its successors and permitted assigns; 
 (h) the use of “or” is not intended to be exclusive unless expressly
indicated otherwise; 
 (i) for purposes of Article III of this First Supplemental Indenture, references therein to any act or statute or any
provision of any act or statute shall be deemed also to refer to any statutory modification or re-enactment thereof or any statutory instrument, order or regulation made thereunder or under such modification or re-enactment; and 

(j) references to any issue or offer or grant to Shareholders “as a class” or “by way of rights” shall be taken to be
references to an issue or offer or grant to all or substantially all Shareholders, as the case may be, other than Shareholders, as the case may be, to whom, by reason of the laws of any territory or requirements of any recognized regulatory body or
any other stock exchange or securities market in any territory or in connection with fractional entitlements, it is determined not to make such issue or offer or grant. 

ARTICLE II 

$2,000,000,000 8.25% FIXED RATE RESETTING PERPETUAL 

SUBORDINATED CONTINGENT CONVERTIBLE SECURITIES (CALLABLE 

DECEMBER 2018 AND EVERY FIVE YEARS THEREAFTER) 

SECTION 2.01 Creation of Series; Establishment of Form. 

(a) There is hereby established a new series of Contingent Convertible Securities under the Base Indenture entitled the “$2,000,000,000
8.25% Fixed Rate Resetting Perpetual Subordinated Contingent Convertible Securities (Callable December 2018 and Every Five Years Thereafter).” 

(b) The Securities shall be issued initially in the form of one or more registered Global Securities that shall be deposited with DTC on the
Issue Date. The Global Securities shall be registered in the name of Cede & Co. and executed and delivered in substantially the form attached hereto as Exhibit A. 

  
 - 18 - 

 (c) The Company shall issue the Securities in an aggregate principal amount of $2,000,000,000.
The Company may from time to time, without the consent of the Holders of the Securities, issue additional securities having the same ranking and same interest rate, interest cancellation terms, redemption terms, Conversion Price and other terms as
the Securities described in this First Supplemental Indenture, except for the price to public and date of issue. Any such additional securities subsequently issued shall rank equally and ratably with the Securities in all respects, so that such
further securities shall be consolidated and form a single series with the Securities. 
 (d) Any proposed transfer of an interest in
Securities held in the form of a Global Security and shall be effected through the book-entry system maintained by DTC. 
 (e) The Securities
shall not have a sinking fund. 
 (f) The Securities shall be issued on November 20, 2013 (the “Issue Date”). 

(g) The Securities shall have no fixed maturity or fixed redemption date. 

(h) The interest rate on the Securities is set forth in Section 2.02(a) hereof. 

(i) The Securities shall be issued in denominations of USD 200,000 in principal amount and integral multiples of USD 1,000 in excess thereof.
The denominations cannot be changed without the consent of the Trustee. 
 (j) The denomination of each interest in a Global Security shall
be the “Tradable Amount” of such book-entry interest. Prior to an Automatic Conversion, the aggregate Tradable Amount of the interests in each Global Security shall equal such Global Security’s outstanding principal amount.
Following an Automatic Conversion, the principal amount of each Security shall equal zero, but the Tradable Amount of the book-entry interests in each Security shall remain unchanged as a result of the Automatic Conversion. 

  
 - 19 - 

 SECTION 2.02 Interest. 

(a) From (and including) the Issue Date to (but excluding) December 15, 2018, the interest rate on the Securities shall be 8.25% per
annum. From and including each Reset Date to (but excluding) the next following Reset Date, the applicable per annum rate shall be equal to the sum of the applicable Mid-Market Swap Rate on the Reset Determination Date and 6.705%. Subject to
Sections 2.03 and 2.04 and the last sentence of this paragraph below, interest, if any, shall be payable in four equal quarterly installments in arrear on March 15, June 15, September 15 and December 15 of each year
(each, an “Interest Payment Date”), commencing on March 15, 2014; provided that if such Interest Payment Date is not a Business Day, the Interest Payment Date shall be postponed to the next Business Day, and no further
interest or other payment shall be owed or made in respect of such delay. If any Reset Date is not a Business Day, the Reset Date shall occur on the next succeeding Business Day. Subject to Sections 2.03 and 2.04 below, interest on the Securities,
if any, shall be computed and payable in arrear and on the basis of a year of 360 days consisting of twelve (12) months of thirty (30) days each and, in the case of an incomplete month, the actual number of days elapsed. The first date on
which interest may be paid will be March 15, 2014 for the period commencing on (and including) November 20, 2013, and ending on (but excluding) March 15, 2014. 

(b) In addition to any other restrictions on payments of principal and interest contained in this First Supplemental Indenture, no repayment of
the principal amount of the Securities or payment of interest on the Securities shall become due and payable after the exercise of any U.K. Bail-In Power by the Relevant U.K. Resolution Authority unless such repayment or payment would be permitted
to be made by the Company under the laws and regulations of the United Kingdom and the European Union applicable to the Company. 
 SECTION
2.03 Interest Payments Discretionary. 
 (a) Interest on the Securities shall be due and payable only at the sole discretion of the
Company, and the Company shall have sole and absolute discretion at all times and for any reason to cancel (in whole or in part) any interest payment that would otherwise be payable on any Interest Payment Date. If the Company does not make an
interest payment in respect of the Securities on the relevant Interest Payment Date (or if the Company elects to make a payment of a portion, but not all, of such interest payment), such non-payment shall evidence the Company’s exercise of its
discretion to cancel such interest payment (or the portion of such interest payment not paid), and accordingly such interest payment (or the portion thereof not paid) shall not be due and payable. For the avoidance of doubt, if the Company provides
notice to cancel a portion, but not all, of an interest payment in respect of the Securities, and the Company subsequently does not make a payment of the remaining portion of such interest payment on the relevant Interest Payment Date, such
non-payment shall evidence the Company’s exercise of its discretion to cancel such remaining portion of such interest payment, and accordingly such remaining portion of the interest payment shall also not be due and payable. 

(b) Interest shall only be due and payable on an Interest Payment Date to the extent it is not cancelled or deemed cancelled (in each case, in
whole or in part) in accordance with the provisions set forth in Sections 2.03(a) and 2.04 hereof, respectively, and any interest cancelled or deemed cancelled (in each case, in whole or in part) pursuant to such sections shall not be due and shall
not accumulate or be payable at any time thereafter, and Holders and Beneficial Owners of the Securities shall have no rights thereto or to receive any additional interest or compensation as a result of such cancellation or deemed cancellation. 

  
 - 20 - 

 SECTION 2.04 Restriction on Interest Payments. 

(a) Without limitation on the provisions of Section 2.03 and subject to the extent permitted in paragraph (b) below in respect of
partial interest payments in respect of the Securities, the Company shall not make an interest payment in respect of the Securities on any Interest Payment Date (and such interest payment shall therefore be deemed to have been cancelled and thus
shall not be due and payable on such Interest Payment Date) if: 
 (i) the Company has an amount of Distributable Items on such Interest
Payment Date that is less than the sum of (i) all distributions or interest payments made or declared by the Company since the end of the last financial year and prior to such Interest Payment Date on or in respect of any Parity
Securities, the Securities and any Junior Securities plus (ii) all distributions or interest payments payable by the Company (and not cancelled or deemed cancelled) on such Interest Payment Date (x) on the Securities and (y) on
or in respect of any Parity Securities, in the case of each of (i) and (ii), excluding any payments already accounted for in determining the Distributable Items; or 

(ii) the Solvency Condition is not satisfied in respect of such interest payment. 

(b) The Company may, in its sole discretion, elect to make a partial interest payment in respect of the Securities on any Interest Payment
Date, only to the extent that such partial interest payment may be made without breaching the restriction of paragraph (a) above. 
 (c)
For purposes of this First Supplemental Indenture, any interest cancelled pursuant to Section 2.04(a) shall be “deemed cancelled” under the terms of the Securities and the Indenture and shall not be due and payable. 

SECTION 2.05 Agreement to Interest Cancellation. 

(a) By its acquisition of the Securities, each Holder and each Beneficial Owner shall be deemed to have contracted and agreed that: 

(i) interest is payable solely at the discretion of the Company, and no amount of interest shall become due and payable in respect of the
relevant interest period to the extent that it has been (x) cancelled (in whole or in part) by the Company at the Company’s sole discretion and/or (y) deemed cancelled (in whole or in part) as a result of the Company’s having
insufficient Distributable Items or failing to satisfy the Solvency Condition; and 

  
 - 21 - 

 (ii) a cancellation or deemed cancellation of interest (in each case, in whole or in part) in
accordance with the terms of the Indenture shall not constitute a default in payment or otherwise under the terms of the Securities or the Indenture. 

(b) Interest on the Securities shall only be due and payable on an interest payment date to the extent it is not cancelled or deemed cancelled
under Sections 2.03 or 2.04 hereof. Any interest cancelled or deemed cancelled (in each case, in whole or in part) in the circumstances described in Sections 2.03 and 2.04 above shall not be due and shall not accumulate or be payable at any time
thereafter, and Holders and Beneficial Owners of the Securities shall have no rights thereto or to receive any additional interest or compensation as a result of such cancellation or deemed cancellation of interest in respect of the Securities. 

SECTION 2.06 Notice of Interest Cancellation. Notwithstanding anything to the contrary in the Indenture (including Section 1.06 of
the Base Indenture), if practicable, the Company shall provide notice of any cancellation or deemed cancellation of interest (in each case, in whole or in part) to the Holders of the Securities through DTC (or, if the Securities are definitive
Securities, to the Holders at their addresses shown in the Contingent Convertible Security Register) and to the Trustee directly on or prior to the relevant Interest Payment Date and shall endeavor to do so at least five (5) Business Days prior
to the relevant Interest Payment Date. Failure to provide such notice shall have no impact on the effectiveness of, or otherwise invalidate, any such cancellation or deemed cancellation of interest, or give the Holders and Beneficial Owners of the
Securities any rights as a result of such failure. 
 SECTION 2.07 Payment of Principal, Interest and Other Amounts. 

(a) Payments of principal of and interest, if any, on the Securities shall be made in such coin or currency of the United States of America as
at the time of payment is legal tender for payment of public and private debts and such payments on Securities represented by a Global Security shall be made through one or more Paying Agents appointed under the Base Indenture to DTC or its nominee,
as the Holder of the Global Security. Initially, the Paying Agent and the Security Registrar for the Securities shall be The Bank of New York Mellon, London Branch, One Canada Square, London E14 5AL, United Kingdom. The Company may change the Paying
Agent without prior notice to the Holders of the Securities, and in such an event the Company may act as Paying Agent or Contingent Convertible Security Registrar. Payments of principal of and interest on the Securities represented by a Global
Security shall be made by wire transfer of immediately available funds; provided, however, that in the case of payments of principal, such Global Security is first surrendered to the Paying Agent. 

  
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 SECTION 2.08 Optional Redemption. Subject to the limitations specified in Sections 2.11
and 2.12 of this First Supplemental Indenture, the Company may, at the Company’s option, redeem the Securities, in whole but not in part, on any Reset Date at a redemption price equal to 100% of the principal amount of the Securities then
Outstanding, together with any accrued but unpaid interest (which excludes any interest cancelled or deemed cancelled as described in Sections 2.03 and 2.04 above) to (but excluding) the date fixed for redemption. 

SECTION 2.09 Optional Tax Redemption. 

(a) Subject to Sections 2.11 and 2.12 of this First Supplemental Indenture, the Company may, at the Company’s option, redeem the
Securities, in whole but not in part, at a redemption price equal to 100% of the principal amount of the Securities then Outstanding, together with any accrued but unpaid interest (which excludes any interest cancelled or deemed cancelled as
described in Sections 2.03 and 2.04 above) to (but excluding) the date fixed for redemption, if the Company determines that as a result of a change in, or amendment to, the laws or regulations of any Taxing Jurisdiction, including any treaty to
which the relevant Taxing Jurisdiction is a party, or a change in an official application or interpretation of those laws or regulations (including, without limitation, (1) any failure to become effective prior to March 15, 2014 of
regulations applicable to the Securities substantially in the form of the draft U.K. Taxation of Regulatory Capital Securities Regulations published on July 16, 2013 (the “U.K. Taxation of Regulatory Capital Securities
Regulations”) and (2) any material amendment (whether at the time such amendment becomes effective or thereafter) to the final U.K. Taxation of Regulatory Capital Securities Regulations (each of (1) and (2) referred to herein
as a “deemed change”)) on or after the Issue Date, including any decision of any court or tribunal which becomes effective on or after the Issue Date (and, in the case of a successor entity, which becomes effective on or after the date of
such successor entity’s assumption of the Company’s obligations): 
 (i) the Company will or would be required to
pay Additional Amounts to Holders of the Securities; 
 (ii) the Company would not be entitled to claim a deduction in
respect of any payments in computing the Company’s taxation liabilities or the amount of the deduction would be materially reduced; 

(iii) the Company would not, as a result of the Securities being in issue be able to have the losses or deductions set against
the profits or gains or profits or gains offset by the losses or deductions, of companies with which the Company is or would otherwise be so grouped for applicable United Kingdom tax purposes (whether under the group relief system current as at the
Issue Date or any similar system or systems having like effect as may from time to time exist); or 

  
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 (iv) the Company would, in the future, be required to bring into account a
taxable credit if the principal amount of the Securities were to be written down or if the Securities were converted into Conversion Shares; 
 (each such
change (or deemed change) in tax law or regulation or the official application or interpretation thereof, a “Tax Event”); provided, however, that the Securities may only be redeemed pursuant to this Section 2.09
if, in the case of each Tax Event, the consequences of the Tax Event cannot be avoided by the Company’s taking reasonable measures available to the Company. 

(b) Notwithstanding the provisions of clause (a) of this Section 2.09, if a Tax Event occurs as a result of the failure of
regulations applicable to the Securities in substantially the form of the U.K. Taxation of Regulatory Capital Securities Regulations to become effective prior to March 15, 2014 (such Tax Event, a “Relevant Tax Event”), and on
or after March 15, 2014 there is a change in tax law or regulation (including, without limitation, the coming into effect of the U.K. Taxation Regulatory Capital Securities Regulations) or the official application or interpretation thereof (a
“Remedying Change”) which, had such Remedying Change been effective prior to March 15, 2014, would have caused the Relevant Tax Event not to occur, then, from the date on which the Remedying Change becomes effective, the
Company shall not have the right to deliver any notice of redemption pursuant to Section 2.11 below in relation to the Relevant Tax Event; provided, however, that any notice of redemption in relation to the Relevant Tax Event that
was delivered by the Company prior to the date on which the Remedying Change became effective shall continue in full force and effect. 
 (c)
Prior to the delivery of any notice of redemption the Company shall deliver to the Trustee an opinion of independent counsel of recognized standing, chosen by the Company, in a form satisfactory to the Trustee, confirming that the Company is
entitled to exercise its right of redemption under this Section 2.09. 
 SECTION 2.10 Regulatory Event Redemption. Subject to
Sections 2.11 and 2.12 of this First Supplemental Indenture, the Company may, at the Company’s option, redeem the Securities, in whole but not in part, at a redemption price equal to 100% of the principal amount of the Securities then
Outstanding, together with any accrued but unpaid interest (which excludes any interest cancelled or deemed cancelled as described in Sections 2.03 and 2.04 above) to (but excluding) the date fixed for redemption, if, on or after the Issue Date,
there occurs a change in the regulatory classification of the Securities that results in, or would be likely to result in, any of the outstanding aggregate principal amount of the Securities ceasing to be included in, or counting towards, the
Group’s Tier 1 Capital (a “Regulatory Event”). 

  
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 SECTION 2.11 Notice of Redemption. 

(a) Before the Company may redeem the Securities pursuant to Section 2.08, 2.09 or 2.10, the Company shall deliver via DTC (or, if the
Securities are definitive Securities, to the Holders at their addresses shown on the Contingent Convertible Security Register) prior notice of not less than thirty (30) days, nor more than sixty (60) days to the Holders of the Securities.
The Company shall deliver written notice of such redemption of the Securities to the Trustee at least five (5) Business Days prior to the date on which the relevant notice of redemption is sent to Holders (unless a shorter notice period shall
be satisfactory to the Trustee). Such notice shall specify the Company’s election to redeem the Securities and the date fixed for such redemption and shall be irrevocable except in the limited circumstances described in paragraphs (b),
(c) and (d) below. 
 (b) If the Company has delivered a notice of redemption pursuant to clause (a) of this
Section 2.11, but as of the date specified for redemption in such notice, the Solvency Condition is not satisfied in respect of the relevant redemption payment, such redemption notice shall be automatically rescinded and shall be of no force
and effect, and no payment in respect of the redemption amount shall be due and payable. 
 (c) If the Company has delivered a notice of
redemption pursuant to clause (a) of this Section 2.11, but prior to the payment of the redemption amount with respect to such redemption a Capital Adequacy Trigger Event occurs, such redemption notice shall be automatically rescinded and
shall be of no force and effect, no payment in respect of the redemption amount shall be due and payable, and, pursuant to Section 2.15 of this First Supplemental Indenture, an Automatic Conversion shall occur after such Capital Adequacy
Trigger Event. 
 (d) If the Company has delivered a notice of redemption pursuant to clause (a) of this Section 2.11, but prior to
the payment of the redemption amount with respect to such redemption the Relevant U.K. Resolution Authority exercises its U.K. Bail-in Power with respect to the Company, such redemption notice shall be automatically rescinded and shall be of no
force and effect, and no payment in respect of the redemption amount shall be due and payable. 
 (e) If any of the events specified in
paragraphs (b), (c) and (d) above occurs, the Company shall promptly deliver notice to the Holders of the Securities via DTC (or, if the Securities are definitive Securities, to the Holders at their addresses shown on the Contingent
Convertible Security Register) and to the Trustee directly, specifying the occurrence of the relevant event. 
 SECTION 2.12 Limitations
on Redemption. Notwithstanding any other provision of this First Supplemental Indenture, the Company may redeem the Securities pursuant to Sections 2.08, 2.09 and 2.10 (and give notice thereof to the Holders of the Securities) only if the
Company has obtained the prior consent of the PRA (if such consent is required by the Capital Regulations) for the redemption of the relevant Securities. 

  
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 SECTION 2.13 Cancelled Interest Not Payable Upon Redemption. Any interest payments that
have been cancelled or deemed cancelled pursuant to Sections 2.03 or 2.04 hereof shall not be payable if the Securities are redeemed pursuant to Section 2.08, 2.09 or 2.10 hereof. 

SECTION 2.14 Condition to Repurchase. The Company or any member of the Group may purchase or otherwise acquire any of the Outstanding
Securities at any price in the open market or otherwise in accordance with the Capital Regulations applicable to the Group in force at the relevant time, and subject to the prior consent of the PRA (if such consent is required by the Capital
Regulations) and to applicable law and regulation. 
 SECTION 2.15 Automatic Conversion upon Capital Adequacy Trigger Event. 

(a) If a Capital Adequacy Trigger Event has occurred as of any Quarterly Financial Period End Date or Extraordinary Calculation Date, as the
case may be, then the Automatic Conversion shall occur without delay, and all of the Company’s obligations under the Securities (other than the CSO Obligations, if any) shall be irrevocably and automatically released in consideration of the
Company’s issuance of the Conversion Shares to the Conversion Shares Depository (or to the relevant recipient in accordance with the terms of the Securities) on the Conversion Date. Under no circumstances shall such released obligations be
reinstated. If the Company has been unable to appoint a Conversion Shares Depository, it shall effect, by means it deems reasonable in the circumstances (including, without limitation, issuance of the Conversion Shares to another nominee or to the
Holders of the Securities directly), the issuance and/or delivery of the Conversion Shares or Conversion Shares Offer Consideration, as applicable, to the Holders of the Securities, and such issuance shall irrevocably and automatically release all
of the Company’s obligations under the Securities (other than the CSO Obligations, if any) as if the Conversion Shares had been issued to the Conversion Shares Depository. 

(b) The Automatic Conversion shall occur without delay upon the occurrence of a Capital Adequacy Trigger Event. 

 

  
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 (c) The Company shall (a) immediately inform the PRA of the occurrence of a Capital Adequacy
Trigger Event and (b) deliver an Automatic Conversion Notice to the Trustee directly and to the Holders via DTC: 
 (i) in the case of
a Capital Adequacy Trigger Event that has occurred as of any Quarterly Financial Period End Date, on or within five (5) Business Days after the relevant Ordinary Reporting Date; and 

(ii) in the case of a Capital Adequacy Trigger Event that has occurred as of any Extraordinary Calculation Date, on or as soon as practicable
after such Extraordinary Calculation Date. 
 (d) The date on which the Automatic Conversion Notice shall be deemed to have been given shall
be the date on which it is dispatched by the Company to DTC (or, if the Securities are definitive Securities, to the Trustee). 
 (e) The
Company shall request that DTC post the Automatic Conversion Notice on its Reorganization Inquiry for Participants System pursuant to DTC’s procedures then in effect (or such other system as DTC uses for providing notices to holders of
securities). Within two (2) Business Days of its receipt of the Automatic Conversion Notice, the Trustee shall transmit the Automatic Conversion Notice to the direct participants of DTC holding the Securities at such time. 

(f) The Automatic Conversion shall occur on the Conversion Date and all of the Company’s obligations under the Securities (other than the
CSO Obligations, if any) shall be irrevocably and automatically released in consideration of the Company’s issuance of the Conversion Shares to the Conversion Shares Depository (or to the relevant recipient in accordance with the terms of the
Securities), and the principal amount of the Securities shall equal zero at all times thereafter (for the avoidance of doubt, the Tradable Amount shall remain unchanged as a result of the Automatic Conversion). 

(g) Within ten (10) Business Days following the Conversion Date, the Company shall deliver a Conversion Shares Offer Notice to the Trustee
directly and to the Holders of the Global Securities via DTC (or, if the Securities are definitive Securities, by the Company to the Trustee directly and to the Holders at their addresses shown on the Contingent Convertible Security Register). 

(h) The Conversion Shares shall initially be registered in the name of the Conversion Shares Depository (which shall hold the Conversion Shares
on behalf of the Holders and Beneficial Owners of the Securities) or the relevant recipient in accordance with the terms of the Securities, and each Holder and Beneficial Owner of the Securities shall be deemed to have irrevocably directed the
Company to issue the Conversion Shares corresponding to the conversion of its holding of Securities to the Conversion Shares Depository (or to such other relevant recipient). 

  
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 (i) The Conversion Shares Depository (or the relevant recipient in accordance with the terms of
the Securities, as applicable) shall hold the Conversion Shares on behalf of the Holders and Beneficial Owners of the Securities, who shall be entitled to direct the Conversion Shares Depository or such other relevant recipient, as applicable, to
exercise on their behalf all rights of an ordinary shareholder (including voting rights and rights to receive dividends); provided, however, that Holders and Beneficial Owners shall not have any rights to sell or otherwise transfer the
Conversion Shares until such time as the Conversion Shares have been delivered to the Holders or Beneficial Owners in accordance with the procedures set forth under Section 2.18 hereof. 

(j) Provided that the Company issues the Conversion Shares to the Conversion Shares Depository (or the relevant recipient in accordance with
the terms of the Securities) in accordance with the terms of the Securities, with effect from the Conversion Date, Holders and Beneficial Owners of the Securities shall have recourse only to the Conversion Shares Depository (or to such other
relevant recipient, as applicable) for the delivery to them of Conversion Shares or, if the Company elects that a Conversion Shares Offer be made, of any Conversion Shares Offer Consideration to which such Holders and Beneficial Owners are entitled.

 (k) Effective upon, and following, the occurrence of the Automatic Conversion, Holders and Beneficial Owners shall not have any rights
against the Company with respect to repayment of the principal amount of the Securities or payment of interest or any other amount on or in respect of such Securities, which liabilities of the Company shall be automatically released, and accordingly
the principal amount of the Securities shall equal zero at all times thereafter. Any interest in respect of an interest period ending on any Interest Payment Date falling between the date of a Capital Adequacy Trigger Event and the Conversion Date
shall be deemed to have been cancelled pursuant to Section 2.03 above upon the occurrence of such Capital Adequacy Trigger Event and shall not be due and payable. 

(l) By its acquisition of the Securities, each Holder and each Beneficial Owner shall be deemed to have (i) consented to
(x) Automatic Conversion of its Securities following a Capital Adequacy Trigger Event and (y) the appointment of the Conversion Shares Depository, the issuance of the Conversion Shares to the Conversion Shares Depository and the potential
sale of the Conversion Shares pursuant to a Conversion Shares Offer and acknowledged that such events in (x) and (y) may occur without any further action on the part of such Holders or Beneficial Owners or the Trustee and
(ii) authorized, directed and requested DTC and any direct participant in DTC or other intermediary through which it holds such Securities to take any and all necessary action, if required, to implement the Automatic Conversion without any
further action or direction on the part of such Holder or Beneficial Owner or the Trustee. 
 (m) The procedures set forth in this
Section 2.15 are subject to change to reflect changes in DTC practices, and the Company may make changes to the procedures set forth in this Section 2.15 to the extent reasonably necessary, in the opinion of the Company, to reflect such
changes in DTC practices. 

  
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 (n) Notwithstanding anything to the contrary contained in the Indenture or the Securities, once
the Company has delivered an Automatic Conversion Notice following the occurrence of a Capital Adequacy Trigger Event (or following an Automatic Conversion (if sooner)), (i) the Holders and Beneficial Owners shall have no rights whatsoever
under the Indenture or the Securities to instruct the Trustee to take any action whatsoever and (ii) as of the date of the Automatic Conversion Notice, except for any indemnity and/or security provided by any Holder or by any Beneficial Owner
in such direction or related to such direction, any direction previously given to the Trustee by any Holders or by any Beneficial Owners shall cease automatically and shall be null and void and of no further effect; except in each case of
(i) and (ii) of this Section 2.15(n), with respect to any rights of Holders or Beneficial Owners with respect to any payments under the Securities that were unconditionally due and payable prior to the date of the Automatic Conversion
Notice or unless the Trustee is instructed in writing by the Company to act otherwise. 
 (o) On or (if reasonably practicable) prior to
delivering the Automatic Conversion Notice, the Company shall deliver to the Trustee a certificate signed by two Authorized Officers, in the form attached hereto as Exhibit C, specifying that a Capital Adequacy Trigger Event has occurred (the
“Capital Adequacy Trigger Event Officers’ Certificate”). The Trustee is entitled to conclusively rely on and accept such Capital Adequacy Trigger Event Officers’ Certificate without any duty whatsoever of further inquiry
as sufficient and conclusive evidence of the occurrence of a Capital Adequacy Trigger Event, and such Capital Adequacy Trigger Event Officers’ Certificate shall be conclusive and binding on the Trustee, the Holders and the Beneficial Owners.

 (p) All authority conferred or agreed to be conferred by each Holder and Beneficial Owner pursuant to this Section 2.15, including
the consents given by such Holder and Beneficial Owner, shall be binding upon the successors, assigns, heirs, executors, administrators, trustees in bankruptcy and legal representatives of such Holder and Beneficial Owner. 

(q) The Trustee shall not be liable with respect to (i) the calculation or accuracy of the Fully Loaded CET1 Ratio in connection with the
occurrence of a Capital Adequacy Trigger Event and the timing of such Capital Adequacy Trigger Event, (ii) the failure of the Company to post or deliver the underlying Fully Loaded CET1 Ratio calculations of a Capital Adequacy Trigger Event to
DTC, the Holders or the Beneficial Owners, (iii) any aspect of the Company’s decision to deliver a Conversion Notice or the related Automatic Conversion or (iv) the adequacy of the disclosure of these provisions in the Prospectus
Supplement or for the direct or indirect consequences thereof. 
 (r) Following the issuance of the Conversion Shares to the Conversion
Shares Depository (or to the relevant recipient in accordance with the terms of the Securities) on the Conversion Date, the Securities shall remain in existence until the applicable Cancellation Date for the sole purpose of evidencing (a) the
Holders’ and Beneficial Owners’ right to receive Conversion Shares or Conversion Shares Offer Consideration, as applicable, from the Conversion Shares Depository (or such other relevant recipient, as applicable) and (b) the
Company’s CSO Obligations, if any. 

  
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 (s) The Holders and Beneficial Owners shall not at any time have the option to convert to the
Securities into Conversion Shares. 
 (t) The occurrence of an Automatic Conversion shall not constitute a Default. 

(u) Notwithstanding any other provision herein, by its acquisition of the Securities, each Holder and each Beneficial Owner (i) agrees to
all of the terms and conditions of the Securities, including, without limitation, those related to (x) the occurrence of a Capital Adequacy Trigger Event and any related Automatic Conversion and (y) the appointment of the Conversion Shares
Depository, the issuance of the Conversion Shares to the Conversion Shares Depository (or to the relevant recipient in accordance with the terms of the Securities) and the potential sale of the Conversion Shares pursuant to a Conversion Shares
Offer, (ii) agrees that effective upon, and following, the occurrence of the Automatic Conversion, no amount shall be due and payable to the Holders or the Beneficial Owners under the Securities and the liability of the Company to pay any such
amounts (including the principal amount of, or any interest in respect of, the Securities) shall be automatically released, and the Holders and the Beneficial Owners shall not have the right to give any direction to the Trustee with respect to the
Capital Adequacy Trigger Event and any related Automatic Conversion and (iii) waives, to the extent permitted by the Trust Indenture Act, any claim against the Trustee arising out of its acceptance of its trusteeship for the Securities,
including, without limitation, claims related to or arising out of or in connection with a Capital Adequacy Trigger Event and/or any Automatic Conversion. 

SECTION 2.16 Conversion Shares. 

(a) The number of Conversion Shares to be issued to the Conversion Shares Depository on the Conversion Date shall equal the quotient obtained
by dividing the (i) aggregate principal amount of the Securities Outstanding immediately prior to the Automatic Conversion on the Conversion Date by (ii) the Conversion Price rounded down, if necessary, to the nearest whole number of
Conversion Shares. Fractions of Conversion Shares shall not be issued following an Automatic Conversion and no cash payment shall be made in lieu thereof. The number of Conversion Shares to be held by the Conversion Shares Depository for the benefit
of each Holder shall equal the quotient obtained by dividing (i) the number of Conversion Shares thus calculated by (ii) the Tradable Amount of the book-entry interests in the Securities held by such Holder on the Conversion Date rounded
down, if necessary, to the nearest whole number of Conversion Shares. 

  
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 (b) The Conversion Shares issued following an Automatic Conversion shall be fully paid and
non-assessable and shall in all respects rank pari passu with the fully paid Ordinary Shares of the Company in issue on the Conversion Date, except in any such case for any right excluded by mandatory provisions of applicable law, and except
that the Conversion Shares so issued shall not rank for (or, as the case may be, the relevant Holder or Beneficial Owner shall not be entitled to receive) any rights, the entitlement to which falls prior to the Conversion Date. 

(c) Subject to Section 3.05, if a Qualifying Takeover Event occurs, and the Conversion Date falls on or after the QTE Effective Date, then
in such case Approved Entity Shares of the Approved Entity shall be issued to the Conversion Shares Depository instead of Conversion Shares with the same effect as if Conversion Shares had been issued pursuant to Section 2.16(a) above. 

SECTION 2.17 Conversion Shares Offer. 

(a) The Company may, in its sole and absolute discretion and following the occurrence of an Automatic Conversion, elect that the Conversion
Shares Depository make an offer of all or some of the Conversion Shares to all or some of the Company’s ordinary shareholders at a cash price per Conversion Share equal to the Conversion Shares Offer Price, subject as provided in this
Section 2.17 (the “Conversion Shares Offer”). The Company may, on behalf of the Conversion Shares Depository, appoint a Conversion Shares Offer Agent to act as placement or other agent to facilitate the Conversion Shares Offer.
If the Company elects a Conversion Shares Offer to be conducted, the Conversion Shares Offer Period, during which time the Conversion Shares Offer may be made, shall end no later than forty (40) Business Days following the delivery of the
Conversion Shares Offer Notice. 
 (b) Any Conversion Shares Offer shall be made subject to applicable laws and regulations in effect at the
relevant time and shall be conducted, if at all, only to the extent that the Company, in its sole and absolute discretion, determines that the Conversion Shares Offer is practicable. The Company or the purchasers of the Conversion Shares sold in any
Conversion Shares Offer shall bear the costs and expenses of any Conversion Shares Offer (with the exception of any stamp duty, stamp duty reserve tax, or any other capital, issue, transfer, registration, financial transaction or documentary tax
that may arise or be paid as a consequence of the transfer of Conversion Shares to the Conversion Shares Depository as a consequence of the Conversion Shares Offer), including the fees of the Conversion Shares Offer Agent, if any. If a prospectus or
other offering document is required to be prepared in connection with a Conversion Shares Offer, the Company shall facilitate the preparation of such prospectus or other offering document, and the Company and/or its directors shall take
responsibility for such prospectus or other offering document, in each case, if and to the extent then required by applicable laws and regulations then in effect. If so requested by the Conversion Shares Depository as offeror, the Company shall
indemnify the Conversion Shares Depository for any losses incurred in connection with any Conversion Shares Offer. 

  
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 (c) Upon completion of the Conversion Shares Offer, the Company or the Conversion Shares
Depository shall provide notice to the Holders of the Securities of the composition of the Conversion Shares Offer Consideration (and of the deductions to the Cash Component, if any, of the Conversion Shares Offer Consideration (as set out in the
definition of “Conversion Shares Offer Consideration” in Section 1.01)) per $1,000 Tradable Amount of the Securities. The Company reserves the right, in its sole and absolute discretion, to terminate the Conversion Shares
Offer at any time during the Conversion Shares Offer Period by providing at least three (3) Business Days’ notice to the Trustee directly and to the Holders of the Global Securities via DTC (or, if the Securities are definitive Securities,
by the Company to the Trustee directly and to the Holders at their addresses shown on the Contingent Convertible Security Register), and, if it does so, the Company may, in its sole and absolute discretion, take steps (including, without limitation,
changing the Suspension Date) to deliver to Holders and Beneficial Owners (or the custodian, nominee, broker or other representative thereof) of the Securities the Conversion Shares at a time that is earlier than the time at which such Holders and
Beneficial Owners (or the custodian, nominee, broker or other representative thereof) would have otherwise received the Conversion Shares Offer Consideration, had the Conversion Shares Offer been completed. 

(d) If the Company elects, in its sole and absolute discretion, that a Conversion Shares Offer be conducted by the Conversion Shares
Depository, each Holder or Beneficial Owner, by its acquisition of the Securities, shall be deemed to have: (i) consented to (x) any Conversion Shares Offer and to the Conversion Shares Depository’s using the Conversion Shares to
settle any Conversion Shares Offer in accordance with the terms of the Securities and (y) the transfer of the beneficial interest it holds in the Conversion Shares to the Conversion Shares Depository in connection with the Conversion Shares
Offer in accordance with the terms of the Securities, and (ii) irrevocably agreed that (x) the Company, the Conversion Shares Depository and the Conversion Shares Offer Agent, if any, may take any and all actions necessary to conduct the
Conversion Shares Offer in accordance with the terms of the Securities, and (y) none of the Company, the Trustee, the Conversion Shares Depository or the Conversion Shares Offer Agent, if any, shall, to the extent permitted by applicable law,
incur any liability to the Holders or Beneficial Owners in respect of the Conversion Shares Offer (except for the obligations of the Conversion Shares Depository in respect of the Holders’ and Beneficial Owners’ entitlement to any
Conversion Shares Offer Consideration). 
 SECTION 2.18 Settlement Procedure. 

(a) Delivery of the Conversion Shares or Conversion Shares Offer Consideration, as applicable, to the Holders and Beneficial Owners of the
Securities shall be made in accordance with the procedures set forth in this Section 2.18, which remain subject to change to reflect changes in DTC practices. 

  
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 (b) The Conversion Shares Offer Notice shall specify the Suspension Date. 

(c) On the Suspension Date, the Company shall deliver, to the Trustee directly and to the Holders and of the Global Securities via DTC (or, if
the Securities are definitive Securities, to the Holders at their addresses shown on the Contingent Convertible Security Register) a Conversion Shares Settlement Request Notice, pursuant to which the Company shall request that Holders and Beneficial
Owners complete a Conversion Shares Settlement Notice and shall specify the Notice Cut-off Date and the Final Cancellation Date. 
 (d)
Holders and Beneficial Owners (or the custodian, nominee, broker or other representative thereof) shall not receive delivery of the relevant Conversion Shares or Conversion Shares Component, as applicable, unless such Holders or Beneficial Owners
(or the custodian, nominee, broker or other representative thereof) deliver the applicable Conversion Shares Settlement Notice to the Conversion Shares Depository on or before the Notice Cut-off Date; provided that, if such delivery is made
after the end of normal business hours at the specified office of the Conversion Shares Depository, such delivery shall be deemed for all purposes to have been made or given on the next following Business Day. 

(e) With respect to any Global Securities, the Conversion Shares Settlement Notice must be given in accordance with the standard procedures of
DTC (which may include, without limitation, delivery of the notice to the Conversion Shares Depository by electronic means) and in a form acceptable to DTC and the Conversion Shares Depository. With respect to any definitive Securities, the
Conversion Shares Settlement Notice must be delivered to the specified office of the Conversion Shares Depository together with the relevant Securities. 

(f) Subject to satisfaction of the requirements and limitations set forth in this Section 2.18 and provided that the Conversion Shares
Settlement Notice and the relevant Securities, if applicable, are delivered on or before the Notice Cut-Off Date, the Conversion Shares Depository shall deliver the relevant Conversion Shares (rounded down to the nearest whole number of Conversion
Shares) or Conversion Shares Component (rounded down to the nearest whole number of Conversion Shares), as applicable, to the Holder or Beneficial Owner (or custodian, nominee, broker or other representative thereof) of the relevant Securities
completing the relevant Conversion Shares Settlement Notice in accordance with the instructions given in such Conversion Shares Settlement Notice on the applicable Settlement Date. 

  
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 (g) Each Conversion Shares Settlement Notice shall be irrevocable. The Conversion Shares
Depository shall determine, in its sole and absolute discretion, whether any Conversion Shares Settlement Notice has been properly completed and delivered, and such determination shall be conclusive and binding on the relevant Holder or Beneficial
Owner. If any Holder or Beneficial Owner fails to properly complete and deliver a Conversion Shares Settlement Notice and the relevant Securities, if applicable, the Conversion Shares Depository shall be entitled to treat such Conversion Shares
Settlement Notice as null and void. 
 (h) Neither the Company, nor any member of the Group shall be liable for any stamp duty, stamp duty
reserve tax, or any other capital, issue, transfer, registration, financial transaction or documentary tax that may arise or be paid as a consequence of the delivery of Conversion Shares or Conversion Shares Component, as applicable, which tax shall
be borne solely by the Holder, Beneficial Owner or, if different, the person to whom the Conversion Shares or that portion, if any, of any Conversion Shares Offer Consideration consisting of Conversion Shares, as applicable, is delivered. 

(i) The Conversion Shares and any Conversion Shares Component shall not be available for delivery (i) to, or to a nominee for, Euroclear
or Clearstream, Luxembourg or any other person providing a clearance service within the meaning of Section 96 of the Finance Act 1986 of the United Kingdom or (ii) to a person, or nominee or agent for a person, whose business is or
includes issuing depository receipts within the meaning of Section 93 of the Finance Act 1986 of the United Kingdom, in each case at any time prior to the “abolition day” as defined in Section 111(1) of the Finance Act 1990 of
the United Kingdom, or, if earlier, such other time at which the Company, in its absolute discretion, determines that no charge under Section 67, 70, 93 or 96 of the Finance Act 1986 or any similar charge (under any successor legislation) would
arise as a result of such delivery or (iii) to the CREST account of such a person described in (i) or (ii). 
 (j) The Company may
make changes to the procedures set forth in this Section 2.18 to the extent such changes are reasonably necessary, in the opinion of the Company, to effect the delivery of the Conversion Shares or Conversion Shares Offer Consideration, as
applicable, to the Holders and Beneficial Owners of the Securities. 

  
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 SECTION 2.19 Failure to Deliver a Conversion Shares Settlement Notice. If any Holder or
Beneficial Owner (or custodian, nominee, broker or other representative thereof) fails to deliver a Conversion Shares Settlement Notice and the relevant Securities, if applicable, to the Conversion Shares Depository on or before the Notice Cut-off
Date, the Conversion Shares Depository shall continue to hold the Conversion Shares or any Conversion Shares Component, as applicable to such Holder or Beneficial Owner, until a Conversion Shares Settlement Notice (and the relevant Securities, if
applicable) is so delivered; provided, however, that the relevant Securities shall be cancelled on the Final Cancellation Date, and any Holder or Beneficial Owner (or custodian, nominee, broker or other representative thereof) of
Securities delivering a Conversion Shares Settlement Notice after the Notice Cut-off Date shall be required provide evidence of its entitlement to the relevant Conversion Shares or that portion, if any, of any Conversion Shares Offer Consideration
consisting of Conversion Shares, as applicable, satisfactory to the Conversion Shares Depository in its sole and absolute discretion in order to receive delivery of such Conversion Shares or that portion, if any, of any Conversion Shares Offer
Consideration consisting of Conversion Shares, as applicable. The Company shall have no liability to any Holder or Beneficial Owner of the Securities for any loss resulting from such Holder’s or Beneficial Owner’s failure to receive any
Conversion Shares or that portion, if any, of any Conversion Shares Offer Consideration consisting of Conversion Shares, as applicable, or from any delay in the receipt thereof, in each case as a result of such Holder or Beneficial Owner (or
custodian, nominee, broker or other representative thereof) failing to duly submit a Conversion Shares Settlement Notice and the relevant Securities, if applicable, on a timely basis or at all. 

SECTION 2.20 Agreement with Respect to Exercise of U.K. Bail-In Power. 

(a) Each Holder and Beneficial Owner of the Securities acknowledges, agrees to be bound by and consents to the exercise of any U.K. Bail-In
Power by the Relevant U.K. Resolution Authority that may result in the cancellation of all, or a portion, of the principal amount of, or interest on, the Securities and/or the conversion of all, or a portion of, the principal amount of, or interest
on, the Securities into shares or other securities or other obligations of the Company or another person, including by means of a variation to the terms of the Securities to give effect to the exercise by the Relevant U.K. Resolution Authority of
such U.K. Bail-In Power. Each Holder and Beneficial Owner further acknowledges and agrees that the rights of Holders and Beneficial Owners of the Securities are subject to, and will be varied, if necessary, so as to give effect to, the exercise of
any U.K. Bail-in Power by the Relevant U.K. Resolution Authority. For the avoidance of doubt, the potential conversion of the Securities into shares, other securities or other obligations in connection with the exercise of any U.K. Bail-in Power by
the Relevant U.K. Resolution Authority is separate and distinct from an Automatic Conversion following a Capital Adequacy Trigger Event. 

(b) By its acquisition of the Securities, each Holder and Beneficial Owner: 

(i) acknowledges and agrees that no exercise of the U.K. Bail-In Power by the Relevant U.K. Resolution Authority with respect to the
Securities or cancellation or deemed cancellation of interest on the Securities pursuant to Sections 2.03 and 2.04 shall give rise to a default for purposes of Section 315(b) (Notice of Default) and Section 315(c) (Duties of the
Trustee in Case of Default) of the Trust Indenture Act; 

  
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 (ii) to the extent permitted by the Trust Indenture Act, waives any and all claims against the
Trustee for, agrees not to initiate a suit against the Trustee in respect of, and agrees that the Trustee shall not be liable for, any action that the Trustee takes, or abstains from taking, in either case in accordance with the exercise of the U.K.
Bail-In Power by the Relevant U.K. Resolution Authority with respect to the Securities. 
 (iii) acknowledges and agrees that, upon the
exercise of any U.K. Bail-In Power by the Relevant U.K. Resolution Authority, (a) the Trustee shall not be required to take any further directions from Holders or Beneficial Owners of the Securities under Section 5.12 of the Base Indenture
and (b) the Indenture shall impose no duties upon the Trustee whatsoever with respect to the exercise of any U.K. Bail-In Power by the Relevant U.K. Resolution Authority. Notwithstanding the foregoing, if, following the completion of the
exercise of the U.K. Bail-In Power by the Relevant U.K. Resolution Authority, the Securities remain outstanding, then the Trustee’s duties under the Indenture shall remain applicable with respect to the Securities following such completion to
the extent that the Company and the Trustee shall agree pursuant to a supplemental indenture or an amendment to this First Supplemental Indenture. 

(iv) shall be deemed to have (i) consented to the exercise of any U.K. Bail-In Power as it may be imposed without any prior notice by the
Relevant U.K. Resolution Authority of its decision to exercise such power with respect to the Securities and (ii) authorized, directed and requested DTC and any direct participant in DTC or other intermediary through which it holds such
Securities to take any and all necessary action, if required, to implement the exercise of any U.K. Bail-In Power with respect to the Securities as it may be imposed, without any further action or direction on the part of such Holder and such
Beneficial Owner. 
 (c) Each Holder or Beneficial Owner that acquires its Securities in the secondary market shall be deemed to acknowledge
and agree to be bound by and consent to the same provisions specified in the Indenture to the same extent as the Holders and Beneficial Owners of the Securities that acquire the Securities upon their initial issuance, including, without limitation,
with respect to the acknowledgement and agreement to be bound by and consent to the terms of the Securities, including in relation to interest cancellation, Automatic Conversion, the Conversion Shares Offer, the U.K. Bail-In Power and the
limitations on remedies specified in Section 4.03 hereof. 
 (d) No repayment of the principal amount of the Securities or payment of
interest on the Securities shall be come due and payable after the exercise of any U.K. Bail-in Power by the Relevant U.K. Resolution Authority unless such repayment or payment would be permitted to be made by the Company under the laws and
regulations of the United Kingdom and the European Union applicable to the Company. 

  
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 (e) Upon the exercise of the U.K. Bail-In Power by the Relevant U.K. Resolution Authority with
respect to the Securities, the Company shall provide a written notice to DTC as soon as practicable regarding such exercise of the U.K. Bail-In Power for purposes of notifying Holders and Beneficial Owners of such occurrence. The Company shall also
deliver a copy of such notice to the Trustee for information purposes. 
 (f) The Company’s obligations to indemnify the Trustee in
accordance with Section 6.07 of the Base Indenture shall survive any exercise of the U.K. Bail-In Power by the Relevant U.K. Resolution Authority with respect to the Securities and any Automatic Conversion hereunder. 

(g) The exercise of the U.K. Bail-In Power by the Relevant U.K. Resolution Authority with respect to the Securities shall not constitute a
Winding-Up Event or a Non-Payment Event. 
 ARTICLE III 

ANTI-DILUTION 
 SECTION
3.01 Adjustment of Conversion Price and Conversion Shares Offer Price. Upon the occurrence of any of the events described below, the Conversion Price and the Conversion Shares Offer Price shall be adjusted as follows: 

(a) If and whenever there shall be a consolidation, reclassification or subdivision in relation to the Ordinary Shares of the Company, each
Price shall be adjusted by multiplying the relevant Price in effect immediately prior to such consolidation, reclassification or subdivision by the following fraction: 

A 
 B 

where: 
  

	 	A	is the aggregate number of Ordinary Shares of the Company in issue immediately before such consolidation, reclassification or subdivision, as the case may be; and 

 

	 	B	is the aggregate number of Ordinary Shares of the Company in issue immediately after, and as a result of, such consolidation, reclassification or subdivision, as the case may be. 

Such adjustment shall become effective on the date the consolidation, reclassification or subdivision, as the case may be, takes effect. 

  
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 (b) If and whenever the Company shall issue any Ordinary Shares credited as fully paid to the
Company’s shareholders as a class by way of capitalization of profits or reserves (including any share premium account or capital redemption reserve) other than (1) where any such Ordinary Shares are or are to be issued instead of the
whole or part of a Cash Dividend which the Company’s shareholders would or could otherwise have elected to receive, (2) where the Company’s shareholders may elect to receive a Cash Dividend in lieu of such Ordinary Shares or
(3) where any such Ordinary Shares are or are expected to be issued in lieu of a dividend (whether or not a Cash Dividend equivalent or amount is announced or would otherwise be payable to the Company’s Shareholders, whether at their
election or otherwise), each of the Conversion Price and the Conversion Shares Offer Price shall be adjusted by multiplying the relevant Price in effect immediately prior to such issue by the following fraction: 

A 
 B 

where: 
  

	 	A	is the aggregate number of Ordinary Shares of the Company in issue immediately before such issue; and 

  

	 	B	is the aggregate number of Ordinary Shares of the Company in issue immediately after such issue. 

Such adjustment shall become effective on the date of issue of such Ordinary Shares. 

(c) If and whenever the Company shall issue any Ordinary Shares to all or substantially all of the Company’s shareholders as a class by
way of rights at a price per ordinary share which is less than 95% of the Current Market Price per ordinary share on the Effective Date, each of the Conversion Price and the Conversion Shares Offer Price shall be adjusted by multiplying the relevant
Price in effect immediately prior to the Effective Date by the following fraction: 
 A+B 

A+C 
 where: 

 

	 	A	is the aggregate number of Ordinary Shares of the Company in issue on the Effective Date; 

  

	 	B	is the aggregate number of Ordinary Shares of the Company that the aggregate consideration (if any) receivable for the Ordinary Shares issued by way of rights would purchase at such Current Market Price per Ordinary
Share on the Effective Date; and 

  

	 	C	is the number of Ordinary Shares to be issued. 

 Such adjustment shall become effective on the
Effective Date. 

  
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 For the purpose of any calculation of the consideration receivable or price pursuant to this
Section 3.01(c), the following provisions shall apply: 
  

	 	(1)	the aggregate consideration receivable or price for Ordinary Shares issued for cash shall be the amount of such cash; 

  

	 	(2)	if the consideration or price determined pursuant to (1) above (or any component thereof) shall be expressed in a currency other than the Relevant Currency, it shall be converted into the Relevant Currency at the
Prevailing Rate on the Effective Date; 

  

	 	(3)	in determining the consideration or price pursuant to the above, no deduction shall be made for any commissions or fees (howsoever described) or any expenses paid or incurred for any underwriting, placing or management
of the issue of the relevant Ordinary Shares or otherwise in connection therewith 

  

	 	(4)	the consideration or price shall be determined as provided in clauses (1) – (3) above on the basis of the consideration or price received, receivable, paid or payable, regardless of whether all or part
thereof is received, receivable, paid or payable by or to the Company or another entity; and 

  

	 	(5)	references herein to “cash” shall be construed as cash consideration within the meaning of Section 583(3) of the Companies Act. 

(d) If and whenever the Company shall pay any Extraordinary Dividend to shareholders of the Company as a class, each of the Conversion Price
and the Conversion Shares Offer Price shall be adjusted by multiplying the relevant Price in effect immediately prior to the Effective Date by the following fraction: 

  
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 A - B 

  A 
 where:

  

	 	A	is the Current Market Price of one Ordinary Share on the Effective Date; and 

  

	 	B	is the portion of the aggregate Extraordinary Dividend attributable to one ordinary share, with such portion being determined by dividing the aggregate Extraordinary Dividend by the number of Ordinary Shares entitled to
receive the relevant Extraordinary Dividend. If the Extraordinary Dividend shall be expressed in a currency other than the Relevant Currency, it shall be converted into the Relevant Currency at the Prevailing Rate on the relevant Effective Date.

 Such adjustment shall become effective on the Effective Date. 

(e) Notwithstanding provisions of Sections 3.01(a) – (d) above: 

(i) where the events or circumstances giving rise to any adjustment pursuant to this section have already resulted or will result in an
adjustment to each of the Prices or where the events or circumstances giving rise to any adjustment arise by virtue of any other events or circumstances that have already given or will give rise to an adjustment to each of the Prices or where more
than one event that gives rise to an adjustment to each of the Prices occurs within such a short period of time that, in the opinion of the Company, a modification to the operation of the adjustment provisions is required to give the intended
result, such modification shall be made to the operation of the adjustment provisions as may be determined in good faith by an Independent Financial Adviser to be in its opinion appropriate to give the intended result; 

(ii) such modification shall be made to the operation of the Indenture as may be determined in good faith by an Independent Financial Adviser
to be in its opinion appropriate to ensure that an adjustment to each of the Prices or the economic effect thereof shall not be taken into account more than once; 

(iii) for the avoidance of doubt, the issue of Ordinary Shares following an Automatic Conversion or upon any conversion or exchange or the
exercise of any other options, warrants or other rights shall not result in an adjustment to either of the Prices; 

  
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 (iv) in respect of any adjustment pursuant to Sections 3.01(a)–(c) above, such adjustment
shall be made only up to the extent it does not result in a Conversion Price or Conversion Shares Offer Price that, if applied to the number of relevant Securities at the time of such adjustment, would result in a number of Conversion Shares that
constitutes a greater proportion of Conversion Shares as a percentage of the total number of Ordinary Shares issued had the adjustment not been made nor had the corporate event occurred; and 

(v) in respect of any adjustment pursuant to Section 3.01(d) above, such adjustment shall be made only up to the extent it does not
result in a Conversion Price or Conversion Shares Offer Price that, if applied to the number of relevant Securities at the time of such adjustment, would result in the issue of an additional number of Conversion Shares having a value that is greater
than the value of the aggregate Extraordinary Dividend which would be attributable to the Ordinary Shares underlying the Securities had such Ordinary Shares been issued. 

SECTION 3.02 No Retroactive Adjustments. The Company shall not issue any additional Conversion Shares if the Automatic Conversion
occurs after the record date in respect of any consolidation, reclassification or sub-division as described in Section 3.01(a) above, or after the record date or other due date for the establishment of entitlement for any such issue,
distribution, grant or offer (as the case may be) as is described in Sections 3.01(b)–(d) above, but before the relevant adjustment to the relevant Price becomes effective under such Section. 

SECTION 3.03 Decision of an Independent Financial Advisor. If any doubt shall arise as to whether an adjustment falls to be made to
either of the Prices or as to the appropriate adjustment to such Prices, and following consultation between the Company and an Independent Financial Adviser, a written opinion of such Independent Financial Adviser in respect thereof is delivered,
such written opinion shall be conclusive and binding on the Company and the Holders and Beneficial Owners, save in the case of manifest error. 

SECTION 3.04 Rounding Down and Notice of Adjustment to the Conversion Price and the Conversion Shares Offer Price. 

(a) On any adjustment, the resultant Conversion Price and Conversion Shares Offer Price, if a number that is of more decimal places than the
initial Conversion Price or Conversion Shares Offer Price, as the case may be, shall be rounded to such decimal place. No adjustment shall be made to either of the Prices where such adjustment (rounded down if applicable) would be less than 1% of
the relevant Price then in effect. Any adjustment not required to be made, and/or any amount by which the relevant Price has been rounded down, shall be carried forward and taken into account in any subsequent adjustment, and such subsequent
adjustment shall be made on the basis that the adjustment not required to be made had been made at the relevant time and/or, as the case may be, that the relevant rounding down had not been made. 

  
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 (b) Notice of any adjustments to the Conversion Price or the Conversion Shares Offer Price shall
be given by the Company to Holders via DTC (or, if the Securities are definitive Securities, via the Trustee) promptly after the determination thereof. 

(c) The Conversion Price and the Conversion Shares Offer Price shall not in any event be reduced to below the nominal value of the Ordinary
Shares. The Company hereby undertakes that it shall not take any action, and shall procure that no action is taken, that would otherwise result in an adjustment to the Conversion Price or the Conversion Shares Offer Price to below such nominal
value. 
 SECTION 3.05 Qualifying Takeover Event. 

(a) Within ten (10) Business Days following the occurrence of a Takeover Event, the Company shall give notice thereof to the Holders and
Beneficial Owners of the Securities by means of a Takeover Event Notice. 
 (b) If the Takeover Event is a Qualifying Takeover Event, the
Securities shall, where the Conversion Date falls on or after the QTE Effective Date, be converted into or exchanged for Approved Entity Shares of the Approved Entity, mutatis mutandis as provided under Section 2.15 above, at a
Conversion Price that shall initially be the New Conversion Price, which may be higher or lower than the Conversion Price. 
 (c) The New
Conversion Price shall be subject to adjustment in the circumstances provided for under Section 3.01(a) above (if necessary with such modifications and amendments as an Independent Financial Adviser acting in good faith shall determine to be
appropriate), and the Company shall give notice to the Holders of the Securities of the New Conversion Price and of any such modifications and amendments thereafter. 

(d) In the case of a Qualifying Takeover Event: 

(i) the Company shall, to the extent permitted by applicable law and regulation, on or prior to the QTE Effective Date, enter into such
agreements and arrangements (including, without limitation supplemental indentures to the Indenture and amendments and modifications to the terms and conditions of the Securities and the Indenture) as may be required to ensure that, effective upon
the QTE Effective Date, the Securities shall be convertible into, or exchangeable for, Approved Entity Shares, mutatis mutandis in accordance with, and subject to, the provisions of Sections 2.15 of this First Supplemental Indenture, at the
New Conversion Price; 

  
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 (ii) the Company shall, where the Conversion Date falls on or after the QTE Effective Date,
procure (to the extent within its control) the issue of the relevant number of Approved Entity Shares mutatis mutandis in the manner provided under Section 2.15 of this First Supplemental Indenture. 

(e) For the avoidance of doubt, if for any reason (including, without limitation, because the Acquirer is a Governmental Entity), a Takeover
Event fails to be Qualifying Takeover Event, there shall not be any automatic adjustment to the terms of the Securities, whether in the manner provided for in this Article III in respect of Qualifying Takeover Events, or at all. 

ARTICLE IV 
 DEFAULTS
AND REMEDIES 
 With respect to the Securities only, Section 5.01 of the Base Indenture shall be amended and restated in its entirety as follows in
Section 4.01 hereof, Section 5.02 of the Base Indenture shall be amended and restated in its entirety as follows in Sections 4.02 and 4.03 hereof, Section 5.03(a) of the Base Indenture shall be amended and restated in its entirety as
follows in Section 4.04 hereof, Section 5.13 of the Base Indenture shall be amended and restated in its entirety as follows in Section 4.05 hereof, and references in the Base Indenture to such Sections shall be to such Sections as
amended and restated in entirety by this First Supplemental Indenture. Section 5.10 of the Base Indenture shall apply to the Securities subject to the limitations on remedies specified in this Article IV. 

SECTION 4.01 Winding-Up. 

(a) A “Winding-Up Event” shall result if (i) a court of competent jurisdiction in England (or such other jurisdiction in
which the Company may be organized) makes an order for the winding-up of the Company which is not successfully appealed within thirty (30) days of the making of such order, (ii) the Shareholders of the Company adopt an effective resolution
for the winding-up of the Company (other than , in the case of either (i) or (ii) above, under or in connection with a scheme of reconstruction, merger or amalgamation not involving a bankruptcy or insolvency) or (iii) following the
appointment of an administrator of the Company, the administrator gives notice that it intends to declare and distribute a dividend. 
 (b)
If a Winding-Up Event occurs before the occurrence of a Capital Adequacy Trigger Event, the principal amount of the Securities shall become immediately due and payable, without the need of any further action on the part of the Trustee, the Holders
or any other Person. 

  
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 SECTION 4.02 Non-Payment Event. If the Company fails to pay any amount that has become due
and payable under the Securities and such failure continues for fourteen (14) days, the Trustee may provide a written notice of such failure to the Company. If within a period of fourteen (14) days following the provision of such notice,
the failure continues and has not been cured nor waived (a “Non-Payment Event”), the Trustee may, at its discretion, and without further notice to the Company, institute proceedings in England (or such other jurisdiction in which
the Company may be organized) (but not elsewhere) for the winding-up of the Company and/or prove in a winding-up of the Company and/or claim in a liquidation or administration of the Company. For the avoidance of doubt, if, pursuant to
Section 2.03 or 2.04 hereof, the Company cancels any interest payment in respect of any Interest Payment Date or if such interest payment is deemed cancelled (in each case, in whole or in part), then such interest payment shall not be due and
payable in respect of such Interest Payment Date, and no Non-Payment Event under the Securities will occur or be deemed to have occurred as a result of such cancellation or deemed cancellation (in each case, in whole or in part). 

SECTION 4.03 Limited Remedies for Breach of Obligations (Other than Non-Payment). In addition to the remedies for a Non-Payment Event
provided in Section 4.02 above, the Trustee may without further notice institute such proceedings against the Company as it may deem fit to enforce any term, obligation or condition binding upon the Company under the Securities or the Indenture
(other than any payment obligation of the Company under or arising from the Securities or the Indenture, including payment of any principal or interest, including Additional Amounts) (such obligation, a “Performance Obligation”),
provided that the Company shall not as a consequence of the institution of any such proceedings be obliged to pay any sum or sums, in cash or otherwise (including damages). For the avoidance of doubt, any breach by the Company of any
Performance Obligation shall not confer upon the Trustee (acting on behalf of the Holders) and/or the Holders or Beneficial Owners of the Securities any claim for damages and, in the event of such a breach of a Performance Obligation, the sole and
exclusive remedy that the Trustee (acting on behalf of the Holders) and/or the Holders or Beneficial Owners of the Securities may seek under the Securities and the Indenture is specific performance under the laws of the State of New York. By its
acquisition of the Securities, each Holder and Beneficial Owner of the Securities acknowledges and agrees (i) that such Holder and Beneficial Owner shall not seek, and shall not direct the Trustee (acting on their behalf) to seek, any claim for
damages against the Company in respect of any breach by the Company of a Performance Obligation, and (ii) that the sole and exclusive remedy that such Holder and Beneficial Owner and/or the Trustee (acting on their behalf) may seek under the
Securities and the Indenture for a breach by the Company of a Performance Obligation is specific performance under the laws of the State of New York. 

  
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 SECTION 4.04 No Other Remedies and Other Terms 

(a) Other than the limited remedies specified in this Article IV, and subject to paragraph (c) below, no remedy against the Company shall
be available to the Trustee (acting on behalf of the Holders) and to the Holders and Beneficial Owners, whether for the recovery of amounts owing in respect of such Securities or under the Indenture, or in respect of any breach by the Company of any
of the Company’s obligations under or in respect of the terms of such Securities or under the Indenture in relation thereto; provided, however, that the Company’s obligations to the Trustee under Section 6.07 of the Base
Indenture and the Trustee’s rights to have money collected applied first to pay amounts due to it under such Section pursuant to Section 5.06 of the Base Indenture expressly survive any such Default and are not subject to the subordination
provisions of Section 5.01 of this First Supplemental Indenture. 
 (b) In the case of a Default under the Securities, the Trustee shall
exercise such of the rights and powers vested in it by the Indenture, and use the same degree of care and skill in their exercise, as a prudent person would exercise or use under the circumstances in the conduct of his or her own affairs. A
“Default” shall occur (i) upon the occurrence of a Winding-Up Event that occurs before the Conversion Date or (ii) upon the occurrence of a Non-Payment Event or (iii) upon a breach by the Company of a Performance
Obligation. For purposes of the Base Indenture, “Event of Default” shall mean “Default” as defined in this First Supplemental Indenture, except that the term “Event of Default” as used in Section 3.05 (c)(ii) of
the Base Indenture and Article 8 of the Base Indenture shall mean “Winding-Up Event.” 
 (c) Notwithstanding the limitations on
remedies specified under this Article IV, (1) the Trustee shall have such powers as are required to be authorized to it under the Trust Indenture Act in respect of the rights of the Holders and Beneficial Owners of the Securities under the
provisions of the Indenture, and (2) nothing shall impair the right of a Holder or Beneficial Owner of the Securities under the Trust Indenture Act, absent such Holder’s or Beneficial Owner’s consent, to sue for any payment due but
unpaid with respect to the Securities; provided that, in the case of (1) and (2) above, any payments in respect of, or arising from, the Securities, including any payments or amounts resulting or arising from the enforcement of any
rights under the Trust Indenture Act in respect of the Securities, shall be subject to the subordination provisions set forth in Section 5.01 of this First Supplemental Indenture. 

SECTION 4.05 Waiver of Past Defaults. 

(a) Holders of not less than a majority in aggregate principal amount of the Outstanding Securities may on behalf of the Holders of all of the
Securities waive any past Default that results from a breach by the Company of a Performance Obligation. Holders of a majority of the aggregate principal amount of the Outstanding Securities shall not be entitled to waive any past default that
results from a Winding-Up Event or a Non-Payment Event. 
 (b) Upon the occurrence of any waiver permitted by paragraph (a) above, such
Default shall cease to exist, and any Default with respect to any series arising therefrom shall be deemed to have been cured and not to have occurred for every purpose of the Base Indenture, but no such waiver shall extend to any subsequent or
other Default or impair any right consequent thereon.  

  
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 ARTICLE V 

SUBORDINATION 
 SECTION
5.01 Securities Subordinate to Claims of Senior Creditors. With respect to the Securities only, this Section 5.01 hereby amends Section 12.01 of the Base Indenture in its entirety, and references in the Base Indenture to Article
Twelve and Section 12.01 thereof shall be to such Article and Section as amended by this Section 5.01. 
 (a) The Securities shall
constitute the Company’s direct, unsecured and subordinated obligations, ranking equally without any preference among themselves. The rights and claims of the Holders and Beneficial Owners of the Securities in respect of or arising from the
Securities shall be subordinated to the claims of Senior Creditors. 
 (b) If: 

(i) an order is made, or an effective resolution is passed, for the winding-up of the Company (except in any such case for a solvent
winding-up solely for the purpose of a merger, reconstruction or amalgamation); or 
 (ii) following the appointment of an administrator of
the Company, the administrator gives notice that it intends to declare and distribute a dividend, then (1) if such events specified in (i) or (ii) above occur prior to the date on which a Capital Adequacy Trigger Event occurs, there
shall be payable by the Company in respect of each Security (in lieu of any other payment by the Company), such amount, if any, as would have been payable to a Holder of Securities if, on the day prior to the commencement of the winding-up or such
administration and thereafter, such Holder of Securities were the holder of the most senior class of preference shares in the capital of the Company, having an equal right to a return of assets in the winding-up or such administration to, and so
ranking pari passu with, the holders of such class of preference shares (if any) from time to time issued by the Company that has a preferential right to a return of assets in the winding-up or such administration, and so ranking ahead of the
holders of all other classes of issued shares for the time being in the capital of the Company, but ranking junior to the claims of Senior Creditors, and on the assumption that the amount that such Holder of Securities was entitled to receive in
respect of such preference shares, on a return of assets in such winding-up or such administration, were an amount equal to the principal amount of the relevant Security, and (2) if such events specified in (i) or (ii) above occur on
or after the date on which a Capital Adequacy Trigger Event occurs but prior to the Conversion Date, there shall be payable by the Company in respect of each Security (in lieu of any other payment by the Company) such amount, if any, as would have
been payable to a Holder of the Securities on a return of assets in such winding-up or such administration if the Conversion Date in respect of an Automatic Conversion has occurred immediately prior to the occurrence of such events specified in
(i) or (ii) above. 

  
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 (c) Other than in the event of a winding-up or administration of the Company as described in
paragraph (b) above, payments in respect of or arising from the Securities shall be conditional (i) upon the Company’s being solvent at the time of payment by the Company, and (ii) in that no sum in respect of or arising from the
Securities may fall due and be paid except to the extent that the Company could make such payment and still be solvent immediately thereafter (such condition referred to herein as the “Solvency Condition”). For purposes of
determining whether the Solvency Condition is met, the Company shall be considered to be solvent at a particular point in time if (i) it is able to pay its debts owed to Senior Creditors as they fall due and (ii) the Balance Sheet
Condition has been met. 
 “Senior Creditors” means creditors of the Company (i) who are unsubordinated creditors;
(ii) whose claims are, or are expressed to be, subordinated (whether only in the event of the winding-up or administration of the Company or otherwise) to the claims of unsubordinated creditors of the Company but not further or otherwise; or
(iii) whose claims are, or are expressed to be, junior to the claims of other creditors of the Company, whether subordinated or unsubordinated, other than those whose claims rank, or are expressed to rank, pari passu with, or junior to,
the claims of the Holders of the Securities. 
 The “Balance Sheet Condition” shall be satisfied in relation to the Company
if the value of its assets is at least equal to the value of its liabilities (taking into account its contingent and prospective liabilities), according to the criteria that would be applied by the High Court of Justice of England and Wales (or the
relevant authority of such other jurisdiction in which the Company may be organized) in determining whether the Company is “unable to pay its debts” under section 123(2) of the U.K. Insolvency Act 1986 or any amendment or
re-enactment thereof (or in accordance with the corresponding provisions of the applicable laws of such other jurisdiction in which the Company may be organized). 

SECTION 5.02 No Set-Off. Subject to applicable law, no Holder of Securities may exercise, claim or plead any right of set-off,
compensation or retention in respect of any amount owed to it by the Company arising under, or in connection with, the Securities and each Holder of Securities shall, by virtue of its holding of any Securities, be deemed to have waived all such
rights of set-off, compensation or retention. 

  
 - 47 - 

 ARTICLE VI 

MISCELLANEOUS PROVISIONS 

SECTION 6.01 Effectiveness. This First Supplemental Indenture shall become effective upon its execution and delivery. 

SECTION 6.02 Original Issue. The Securities may, upon execution of this First Supplemental Indenture, be executed by the Company and
delivered by the Company to the Trustee for authentication, and the Trustee shall, upon delivery of a Company Order, authenticate and deliver such Securities as in such Company Order provided. 

SECTION 6.03 Ratification and Integral Part. The Base Indenture as supplemented by this First Supplemental Indenture, is in all
respects ratified and confirmed, including without limitation all the rights, immunities and indemnities of the Trustee, and this First Supplemental Indenture shall be deemed an integral part of the Base Indenture in the manner and to the extent
herein and therein provided. 
 SECTION 6.04 Priority. This First Supplemental Indenture shall be deemed part of the Base Indenture
in the manner and to the extent herein and therein provided. The provisions of this First Supplemental Indenture shall, with respect to the Securities and subject to the terms hereof, supersede the provisions of the Base Indenture to the extent the
Base Indenture is inconsistent herewith. 
 SECTION 6.05 Successors and Assigns. All covenants and agreements in the Base Indenture,
as supplemented and amended by this First Supplemental Indenture, by the Company shall bind its successors and assigns, whether so expressed or not. 

SECTION 6.06 Counterparts. This First Supplemental Indenture may be executed in any number of counterparts, each of which so executed
shall be deemed to be an original, but all such counterparts shall together constitute but one and the same instrument. 
 SECTION 6.07
Governing Law. This First Supplemental Indenture and the Securities shall be governed by and construed in accordance with the laws of the State of New York, except for the subordination provisions and the waiver of set-off provisions in
Article V of this First Supplemental Indenture and the waiver of set-off provisions in Section 5.03(b) of the Base Indenture, which are governed by, and construed in accordance with, English law. 

  
 - 48 - 

 IN WITNESS WHEREOF, the parties hereto have caused this First Supplemental Indenture to be duly
executed, all as of the day and year first above written. 
  

			
	BARCLAYS PLC
		
	By:	 	 /s/ Jennifer Moreland

		 	Name: Jennifer Moreland
		 	Title: Managing Director
	
	THE BANK OF NEW YORK MELLON, LONDON BRANCH, AS TRUSTEE,
PAYING AGENT AND SECURITY REGISTRAR 
		
	By:	 	 /s/ Beth Kleeh

		 	Name: Beth Kleeh
		 	Title: Vice President

 Signature Page to the First Supplemental Indenture 

 Exhibit A 

Form of Global Note 
 THIS SECURITY IS A
GLOBAL REGISTERED SECURITY WITHIN THE MEANING OF THE INDENTURE HEREINAFTER REFERRED TO AND IS REGISTERED IN THE NAME OF A DEPOSITARY OR A NOMINEE THEREOF. THIS SECURITY MAY NOT BE EXCHANGED IN WHOLE OR IN PART FOR A SECURITY REGISTERED, AND NO
TRANSFER OF THIS SECURITY IN WHOLE OR IN PART MAY BE REGISTERED, IN THE NAME OF ANY PERSON OTHER THAN SUCH DEPOSITARY OR A NOMINEE THEREOF, EXCEPT IN THE LIMITED CIRCUMSTANCES DESCRIBED IN THE INDENTURE. 

BY PURCHASING THIS SECURITY, IN THE ABSENCE OF A CHANGE IN LAW OR AN ADMINISTRATIVE OR JUDICIAL RULING TO THE CONTRARY, THE HOLDER AGREES TO CHARACTERIZE THIS
SECURITY FOR ALL U.S. FEDERAL INCOME TAX PURPOSES AS PROVIDED ON THE FACE OF THIS SECURITY. 
 This Security is one of a duly authorized issue of securities
of the Company (as defined below) (herein called the “Securities” and each, a “Security”) issued and to be issued in one or more series under and governed by the Contingent Convertible Securities Indenture, dated as
of November 20, 2013 (the “Base Indenture”), as supplemented by the First Supplemental Indenture, dated as of November 20, 2013 (the “First Supplemental Indenture” and, together with the Base Indenture,
the “Indenture”). 
 The rights of the Holder and Beneficial Owners of this Security are, to the extent and in the manner set forth in
Section 5.01 of the First Supplemental Indenture (which amends in its entirety Section 12.01 of the Base Indenture), subordinated to the claims of other creditors of the Company, and this Security is issued subject to the provisions of
that Section 5.01, and the Holder of this Security, by accepting the same, agrees to, and shall be bound by, such provisions. The provisions of Section 5.01 of the First Supplemental Indenture and the terms of this paragraph are governed
by, and shall be construed in accordance with, English law. 
 The rights of the Holder of this Security are subject to Section 2.15 of the First
Supplemental Indenture. Effective upon, and following, the occurrence of the Automatic Conversion, the Holders and Beneficial Owners of the Securities (and any interest therein) prior to the occurrence of such Automatic Conversion shall not have any
rights against the Company with respect to repayment of the principal amount of this Security or payment of interest or any other amount in respect of this Security, which liabilities of the Company shall be irrevocably and automatically released,
and accordingly the principal amount of this Security shall equal zero at all times thereafter. 
 The exercise of any U.K. Bail-In Power by the Relevant
U.K. Resolution Authority may result in the (i) cancellation of all, or a portion, of the principal amount of, or interest on, the Securities and/or (ii) the conversion of all, or a portion of, the principal amount of, or interest on, the
Securities into shares or other securities or other obligations of the Company or another person, including by means of a variation to the terms of the Securities to give effect to the exercise by the Relevant U.K. Resolution Authority of such U.K.
Bail-In Power. The rights of Holders and Beneficial Owners of the Securities are subject to, and will be varied, if necessary, so as to give effect to, the exercise of any U.K. Bail-in Power by the Relevant U.K. Resolution Authority. 

  
 A-1 

 Exhibit A 

BARCLAYS PLC 
 8.25% Fixed Rate
Resetting Perpetual Subordinated Contingent Convertible Securities 
 (Callable December 2018 and Every Five Years Thereafter) 

 

			
	 No. [    ]
	  	$500,000,000                

 CUSIP NO. 06738E AA3 

ISIN NO. US06738EAA38 
 BARCLAYS
PLC, a company duly incorporated and existing under the laws of England and Wales (herein called the “Company”, which term includes any successor Person under the Indenture hereinafter referred to), for value received, hereby
promises to pay to Cede & Co., or registered assigns, the principal sum of $500,000,000 (five hundred million Dollars), if and to the extent due, and to pay interest thereon, if any, in accordance with the terms hereof and the Indenture.
The Securities shall have no fixed maturity or fixed redemption date. From (and including) the Issue Date to (but excluding) December 15, 2018, the interest rate on the Securities shall be 8.25% per annum. From and including
December 15, 2018 and each fifth anniversary date thereafter, commencing December 15, 2023 (each such date, a “Reset Date”) to (but excluding) the next following Reset Date, the applicable per annum rate shall be equal to
the sum of the applicable Mid-Market Swap Rate on the Reset Determination Date and 6.705%. Subject to the provisions on the reverse of this Security relating to cancellation and deemed cancellation of interest and to Sections 2.03 and 2.04 of the
First Supplemental Indenture and to the last sentence of this paragraph, interest, if any, shall be payable in four equal quarterly installments in arrear on March 15, June 15, September 15 and December 15 of each year
(each, an “Interest Payment Date”). The first date on which interest may be paid will be March 15, 2014 for the period commencing on (and including) November 20, 2013 and ending (but excluding) March 15, 2014. 

The Mid Market Swap Rate is the mid-market U.S. dollar swap rate Libor basis having a five-year maturity appearing on Bloomberg page
“ISDA 01” (or such other page as may replace such page on Bloomberg, or such other page as may be nominated by the person providing or sponsoring the information appearing on such page for purposes of displaying comparable rates) at
11:00 a.m. (New York time) on the relevant Reset Determination Date, as determined by the Calculation Agent. If such swap rate does not appear on such page (or such other page or service), the Mid-Market Swap Rate shall instead be determined by
the Calculation Agent on the basis of (i) quotations provided by the principal office of each of four major banks in the U.S. dollar swap rate market (which banks shall be selected by the Calculation Agent in consultation with the Company no
less than 20 calendar days prior to the relevant Reset Determination Date) (the “Reference Banks”) of the rates at which swaps in U.S. dollars are offered by it at approximately 11:00 a.m. (New York time) (or thereafter on such
date, with the Calculation Agent acting on a best efforts basis) on the relevant Reset Determination Date to participants in the U.S. dollar swap rate market for a five-year period and (ii) the arithmetic mean expressed as a percentage and
rounded, if necessary, to the nearest 0.001% (0.0005% being rounded upwards) of such quotations. If the relevant Mid-Market Swap Rate is still not determined on the relevant Reset Determination Date in accordance with the foregoing procedures,
the relevant Mid-Market Swap Rate shall be the mid-market U.S. dollar swap rate Libor basis having a five-year maturity that appeared on the most recent Bloomberg page “ISDA 01” (or such other page as may replace such page on Bloomberg, or
such other page as may be nominated by the person providing or sponsoring the information appearing on such page for purposes of displaying comparable rates) that was last available prior to 11:00 a.m. (New York time) on each Reset Determination
Date, as determined by the Calculation Agent. The “Reset Determination Date” is the second Business Day immediately preceding each Reset Date. 

  
 A-2 

 If any Interest Payment Date is not a Business Day, the Interest Payment Date shall be postponed
to the next Business Day, and no further interest or other payment shall be owed or made in respect of such delay. 
 Subject to the
limitations specified on the reverse of this Security, interest on the Securities, if any, shall be computed and payable in arrear and on the basis of a year of 360 days consisting of twelve (12) months of thirty (30) days each and, in the
case of an incomplete month, the actual number of days elapsed. 
 The interest, if any, so payable, and paid or duly provided for, on any
Interest Payment Date will, as provided in the Indenture, be paid to the Person in whose name this Security (or one or more Predecessor Securities) is registered at the close of business on the Regular Record Date for such interest which shall be
the Business Day immediately preceding each Interest Payment Date (whether or not a Business Day). 
 In addition to any other restrictions
on payments of principal and interest contained in the First Supplemental Indenture, no repayment of the principal amount of the Securities or payment of interest on the Securities shall become due and payable after the exercise of any U.K. Bail-In
Power by the Relevant U.K. Resolution Authority unless such repayment or payment would be permitted to be made by the Company under the laws and regulations of the United Kingdom and the European Union applicable to the Company. 

Interest on the Securities shall be due and payable only at the sole discretion of the Company, and the Company shall have sole and absolute
discretion at all times and for any reason to cancel (in whole or in part) any interest payment that would otherwise be payable on any Interest Payment Date. If the Company does not make an interest payment in respect of the Securities on the
relevant Interest Payment Date (or if the Company elects to make a payment of a portion, but not all, of such interest payment), such non-payment shall evidence the Company’s exercise of its discretion to cancel such interest payment (or the
portion of such interest payment not paid), and accordingly such interest payment (or the portion thereof not paid) shall not be due and payable. For the avoidance of doubt, if the Company provides notice to cancel a portion, but not all, of an
interest payment in respect of the Securities, and the Company subsequently does not make a payment of the remaining portion of such interest payment on the relevant Interest Payment Date, such non-payment shall evidence the Company’s exercise
of its discretion to cancel such remaining portion of such interest payment, and accordingly such remaining portion of the interest payment shall also not be due and payable. 

  
 A-3 

 Interest shall only be due and payable on an Interest Payment Date to the extent it is not
cancelled or deemed cancelled (in each case, in whole or in part) in accordance with the terms of this Security, and any interest cancelled or deemed cancelled (in each case, in whole or in part) pursuant to this Security shall not be due and shall
not accumulate or be payable at any time thereafter, and Holders and Beneficial Owners of the Securities shall have no rights thereto or to receive any additional interest or compensation as a result of such cancellation or deemed cancellation. 

Without limitation on the foregoing paragraph and subject to the extent permitted by the following sentence in respect of partial interest
payments in respect of the Securities, the Company shall not make an interest payment in respect of the Securities on any Interest Payment Date (and such interest payment shall therefore be deemed to have been cancelled and thus shall not be due and
payable on such Interest Payment Date) if either (a) the Company has an amount of Distributable Items on such Interest Payment Date that is less than the sum of (i) all distributions or interest payments made or declared by the
Company since the end of the last financial year and prior to such Interest Payment Date on or in respect of any Parity Securities, the Securities and any Junior Securities plus (ii) all distributions or interest payments payable by the
Company (and not cancelled or deemed cancelled) on such Interest Payment Date (x) on the Securities and (y) on or in respect of any Parity Securities, in the case of each of (i) and (ii), excluding any payments already accounted for
in determining the Distributable Items; or (b) the Solvency Condition is not satisfied in respect of such interest payment. The Company may, in its sole discretion, elect to make a partial interest payment in respect of the Securities on any
Interest Payment Date, only to the extent that such partial interest payment may be made without breaching the restrictions of this paragraph. Any interest cancelled pursuant to this paragraph shall be “deemed cancelled” under the terms of
this Security and the Indenture and shall not be due and payable. 
 By its acquisition of the Securities, each Holder and each Beneficial
Owner shall be deemed to have contracted and agreed that (i) interest is payable solely at the discretion of the Company, and no amount of interest shall become due and payable in respect of the relevant interest period to the extent that it
has been (x) cancelled (in whole or in part) by the Company at the Company’s sole discretion and/or (y) deemed cancelled (in whole or in part) as a result of the Company’s having insufficient Distributable Items or failing to
satisfy the Solvency Condition; and (ii) a cancellation or deemed cancellation of interest (in each case, in whole or in part) in accordance with the terms of the Indenture shall not constitute a default in payment or otherwise under the terms
of the Securities or the Indenture. Interest on the Securities shall only be due and payable on an interest payment date to the extent it is not cancelled or deemed cancelled under the terms of this Security and Sections 2.03 and 2.04 of the First
Supplemental Indenture. Any interest cancelled or deemed cancelled (in each case, in whole or in part) in the circumstances described in this Security shall not be due and shall not accumulate or be payable at any time thereafter, and Holders and
Beneficial Owners of the Securities shall have no rights thereto or to receive any additional interest or compensation as a result of such cancellation or deemed cancellation of interest in respect of the Securities. 

  
 A-4 

 Payments of principal of and interest, if any, on the Securities shall be made in such coin or
currency of the United States of America as at the time of payment is legal tender for payment of public and private debts and such payments shall be made through one or more Paying Agents appointed under the Base Indenture to the Holder of this
Security. Initially, the Paying Agent and the Security Registrar for the Securities shall be The Bank of New York Mellon, London Branch, One Canada Square, London E14 5AL, United Kingdom. The Company may change the Paying Agent or the Security
Registrar without prior notice to the Holders of the Securities, and in such an event the Company may act as Paying Agent or Security Registrar. Payments of principal of and interest on the Securities shall be made by wire transfer of immediately
available funds; provided, however, that in the case of payments of principal, this Security is first surrendered to the Paying Agent. 

This Security shall be governed by and construed in accordance with the laws of the State of New York, except for the subordination provisions
referred to herein and in Section 5.01 of the First Supplemental Indenture (which amends in its entirety Section 12.01 of the Base Indenture), and the waiver of set-off provisions referred to in Section 5.02 of the First Supplemental
Indenture and the waiver of set-off provisions in Section 5.03(b) of the Base Indenture, which are governed by, and construed in accordance with, English law. 

Reference is hereby made to the further provisions of this Security set forth on the reverse hereof, which further provisions shall for all
purposes have the same effect as if set forth at this place. 
 All terms used in this Security which are defined in the Indenture shall
have the meanings assigned to them in the Indenture, as defined herein. 
 THIS SECURITY IS NOT A DEPOSIT AND IS NOT INSURED BY THE UNITED
STATES FEDERAL DEPOSIT INSURANCE CORPORATION OR ANY OTHER GOVERNMENT AGENCY OF THE UNITED STATES OR THE UNITED KINGDOM. 
 Unless the
certificate of authentication hereon has been executed by the Trustee referred to on the reverse hereof, directly or through an Authenticating Agent, by manual signature of an authorized signatory, this Security shall not be entitled to any benefit
under the Indenture or be valid or obligatory for any purpose. 
 By purchasing this Security, the Holder of this Security agrees (in the
absence of a statutory, regulatory, administrative or judicial ruling to the contrary) to treat this Security as equity of the Company for U.S. federal income tax purposes. 

  
 A-5 

 IN WITNESS WHEREOF, the Company has caused this instrument to be duly executed. 

 

							
	Date: November 20, 2013	 		 		 	BARCLAYS PLC
				
		 		 	By:	 	  

		 		 		 	Name:
		 		 		 	Title:
				
		 		 	By:	 	  

		 		 		 	Name:
		 		 		 	Title:

 Trustee’s Certificate of Authentication 

This is one of the Securities of the series designated herein referred to in the Indenture. 

 

							
	Date: November 20, 2013	 		 		 	THE BANK OF NEW YORK MELLON, LONDON BRANCH
		 		 		 	As Trustee
				
		 		 	By:	 	  

		 		 		 	Authorized Signatory

 Signature Page to Global Note 

 (Reverse of Security) 

This Security is one of a duly authorized issue of securities of the Company (herein called the “Securities” and each, a
“Security”) issued and to be issued in one or more series under and governed by the Contingent Convertible Securities Indenture, dated as of November 20, 2013 (herein called the “Base Indenture”), between the
Company and The Bank of New York Mellon, London Branch, as Trustee (herein called the “Trustee,” which term includes any successor trustee under the Base Indenture), as supplemented and amended by the First Supplemental Indenture,
dated as of November 20, 2013 (the “First Supplemental Indenture” and, together with the Base Indenture, the “Indenture”), and reference is hereby made to the Indenture, the terms of which are incorporated
herein by reference, for a statement of the respective rights, limitations of rights, duties and immunities thereunder of the Company, the Trustee, the Holders of the Securities and of the terms upon which the Securities are, and are to be,
authenticated and delivered. Insofar as the provisions of the Indenture may conflict with the provisions set forth in this Security, the former shall control for purposes of this Security. 

This Security is one of the series designated on the face hereof, limited to a principal amount of $2,000,000,000, which amount may be
increased at the option of the Company if in the future it determines that it may wish to sell additional Securities of this series. References herein to “this series” mean the series designated on the face hereof. 

Any amounts to be paid by the Company on the Securities shall be made without deduction or withholding for, or on account of, any and all
present or future income, stamp and other taxes, levies, imposts, duties, charges, fees, deductions or withholdings (“Taxes”) now or hereafter imposed, levied, collected, withheld or assessed by, or on behalf of, the United Kingdom
or any U.K. political subdivision or authority thereof or therein having the power to tax (each a “Taxing Jurisdiction”), unless such deduction or withholding is required by law. If any such Taxes shall at any time be required by
any Taxing Jurisdiction to be deducted or withheld, the Company shall, subject to the exceptions and limitations set forth in Section 10.04 of the Base Indenture and Section 5.01 of the First Supplemental Indenture, pay such additional
amounts of, or in respect of, the principal of, and any interest on, the Securities (“Additional Amounts”) as may be necessary in order that the net amounts paid to the Holders of the Securities, after such deduction or withholding,
shall equal the respective amounts of principal and interest that would have been payable in respect of such Securities had no such deduction or withholding been required. 

Any amounts to be paid by the Company or the Paying Agent on the Securities shall be paid net of any deduction or withholding imposed or
required pursuant to Sections 1471 through 1474 of the U.S. Internal Revenue Code of 1986, as amended (the “Code”), any current or future regulations or official interpretations thereof, any agreement entered into pursuant to
Section 1471(b) of the Code, or any fiscal or regulatory legislation, rules or practices adopted pursuant to any intergovernmental agreement entered into in connection with the implementation of such Sections of the Code (a “FATCA
Withholding Tax”), and neither the Company nor the Paying Agent shall be required to pay Additional Amounts on account of any FATCA Withholding Tax. 

  
 A-7 

 Any Paying Agent shall be entitled to make a deduction or withholding from any payment which it
makes under the Securities and the Indenture for or on account of (i) any present or future taxes, duties or charges if and to the extent so required by any applicable law and (ii) any FATCA Withholding Tax (together, “Applicable
Law”). In either case, the Paying Agent shall make any payment after a deduction or withholding has been made pursuant to Applicable Law and shall report to the relevant authorities the amount so deducted or withheld. However, such
deduction or withholding will not apply to payments made under the Securities and the Indenture through the relevant clearing systems. In all cases, the Paying Agent shall have no obligation to gross up any payment made subject to any deduction or
withholding pursuant to Applicable Law. In addition, amounts deducted or withheld by the Paying Agent as described in this paragraph will be treated as paid to the Holder of the Securities, and the Company will not pay Additional Amounts in respect
of such deduction or withholding, except to the extent the provisions in this paragraph explicitly provide otherwise. 
 Subject to the
limitations specified below, the Company may, at the Company’s option, redeem the Securities, in whole but not in part, on any Reset Date at a redemption price equal to 100% of the principal amount of the Securities then Outstanding, together
with any accrued but unpaid interest (which excludes any interest cancelled or deemed cancelled as specified below) to (but excluding) the date fixed for redemption. 

Subject to the limitations specified below, the Company may, at the Company’s option, redeem the Securities, in whole but not in part at
a redemption price equal to 100% of the principal amount of the Securities then Outstanding, together with any accrued but unpaid interest (which excludes any interest cancelled or deemed cancelled as specified below) to (but excluding) the date
fixed for redemption, if on or after the Issue Date there occurs a change in the regulatory classification of the Securities that results in, or would be likely to result in, any of the outstanding aggregate principal amount of the Securities
ceasing to be included in, or counting towards, the Group’s Tier 1 Capital (a “Regulatory Event”). 

  
 A-8 

 Subject to the limitations specified below, the Company may, at the Company’s option, redeem
the Securities, in whole but not in part at a redemption price equal to 100% of the principal amount of the Securities then Outstanding, together with any accrued but unpaid interest (which excludes any interest cancelled or deemed cancelled as
specified below) to (but excluding) the date fixed for redemption, if the Company determines that as a result of a change in, or amendment to, the laws or regulations of any Taxing Jurisdiction, including any treaty to which the relevant Taxing
Jurisdiction is a party, or a change in an official application or interpretation of those laws or regulations (including, without limitation, (1) any failure to become effective prior to March 15, 2014 of regulations applicable to the
Securities substantially in the form of the draft U.K. Taxation of Regulatory Capital Securities Regulations published on July 16, 2013 (the “U.K. Taxation of Regulatory Capital Securities Regulations”) and (2) any
material amendment (whether at the time such amendment becomes effective or thereafter) to the final U.K. Taxation of Regulatory Capital Securities Regulations (each of (1) and (2) referred to herein as a “deemed change”))
on or after the Issue Date, including any decision of any court or tribunal, which becomes effective on or after the Issue Date (and, in the case of a successor entity, which becomes effective on or after the date of such successor entity’s
assumption of the Company’s obligations): (a) the Company will or would be required to pay Additional Amounts to Holders of the Securities, (b) the Company would not be entitled to claim a deduction in respect of any payments in
computing the Company’s taxation liabilities or the amount of the deduction would be materially reduced, (c) the Company would not, as a result of the Securities being in issue, be able to have the losses or deductions set against the
profits or gains, or profits or gains offset by the losses or deductions, of companies with which the Company is or would otherwise be so grouped for applicable United Kingdom tax purposes (whether under the group relief system current as at the
Issue Date, or any similar system or systems having like effect as may from time to time exist), or (d) the Company would, in the future, be required to bring into account a taxable credit if the principal amount of the Securities were to be
written down or if the Securities were converted into Conversion Shares (each of (a), (b), (c) and (d) above, a “Tax Event”); provided, however, that the Securities may only be redeemed pursuant to this
paragraph if, in the case of each Tax Event, the consequences of the Tax Event cannot be avoided by the Company taking reasonable measures available to the Company. 

Notwithstanding the provisions of clause (a) in the preceding paragraph, if a Tax Event occurs as a result of the failure of regulations
applicable to the Securities in substantially the form of the U.K. Taxation of Regulatory Capital Securities Regulations to become effective prior to March 15, 2014 (such Tax Event, a “Relevant Tax Event”), and on or after
March 15, 2014 there is a change in tax law or regulation (including, without limitation, the coming into effect of the U.K. Taxation of Regulatory Capital Securities Regulations) or the official application or interpretation thereof (a
“Remedying Change”) which, had such Remedying Change been effective prior to March 15, 2014, would have caused the Relevant Tax Event not to occur, then, from the date on which the Remedying Change becomes effective, the
Company shall not have the right to deliver any notice of redemption as described below in relation to the Relevant Tax Event; provided, however, that any notice of redemption in relation to the Relevant Tax Event that was delivered by the
Company prior to the date on which the Remedying Change became effective shall continue in full force and effect. Prior to the delivery of any notice of redemption, the Company shall deliver to the Trustee an opinion of independent counsel of
recognized standing, chosen by the Company, in a form satisfactory to the Trustee confirming that the Company is entitled to exercise its right of redemption under Section 2.09 of the First Supplemental Indenture. 

  
 A-9 

 Any interest payments that have been cancelled or deemed cancelled pursuant to the terms of this
Security and the Indenture shall not be payable if the Securities are redeemed pursuant to any of the four preceding paragraphs. 
 Before
the Company may redeem the Securities pursuant to any of the preceding paragraphs relating to the Company’s rights of redemption, the Company shall deliver prior notice of not less than thirty (30) days, nor more than sixty (60) days
to the Holders of the Securities. The Company shall deliver written notice of such redemption of the Securities to the Trustee at least five (5) Business Days prior to the date on which the relevant notice of redemption is sent to Holders
(unless a shorter notice period shall be satisfactory to the Trustee). Such notice shall specify the Company’s election to redeem the Securities and the date fixed for such redemption and shall be irrevocable except in the limited circumstances
described in this paragraph. If the Company has delivered a notice of redemption pursuant to this paragraph, but as of the date specified for redemption in such notice, the Solvency Condition is not satisfied in respect of the relevant redemption
payment, such redemption notice shall be automatically rescinded and shall be of no force and effect, and no payment in respect of the redemption amount shall be due and payable. If the Company has delivered a notice of redemption pursuant to this
paragraph, but prior to the payment of the redemption amount with respect to such redemption a Capital Adequacy Trigger Event occurs, such redemption notice shall be automatically rescinded and shall be of no force and effect, no payment in respect
of the redemption amount shall be due and payable, and, pursuant to the terms of this Security and the Indenture, an Automatic Conversion shall occur after such Capital Adequacy Trigger Event. If the Company has delivered a notice of redemption
pursuant to this paragraph, but prior to the payment of the redemption amount with respect to such redemption the Relevant U.K. Resolution Authority exercises its U.K. Bail-in Power with respect to the Company, such redemption notice shall be
automatically rescinded and shall be of no force and effect, and no payment in respect of the redemption amount shall be due and payable. If any of the events specified in each of the preceding three sentences occurs, the Company shall promptly
deliver notice to the Holders of the Securities and to the Trustee directly, specifying the occurrence of the relevant event. 

Notwithstanding any other provision of this Security or the First Supplemental Indenture, the Company may redeem the Securities at the
Company’s option on any date fixed for redemption or as a result of a Regulatory Event or a Tax Event (and give notice thereof to the Holders of the Securities) only if the Company has obtained the prior consent of the PRA (if such consent is
required by the Capital Regulations) for the redemption of the relevant Securities. 

  
 A-10 

 The Company or any member of the Group may purchase or otherwise acquire any of the Outstanding
Securities at any price in the open market or otherwise in accordance with the Capital Regulations applicable to the Group in force at the relevant time, and subject to the prior consent of the PRA (if such consent is required by the Capital
Regulations) and to applicable law and regulation. 
 If a Capital Adequacy Trigger Event has occurred as of any Quarterly Financial Period
End Date or Extraordinary Calculation Date, as the case may be, then the Automatic Conversion shall occur without delay and all of the Company’s obligations under the Securities (other than the CSO Obligations, if any) shall be irrevocably and
automatically released in consideration of the Company’s issuance of the Conversion Shares to the Conversion Shares Depository (or to the relevant recipient in accordance with the terms of the Securities) on the Conversion Date. Under no
circumstances shall such released obligations be reinstated. If the Company has been unable to appoint a Conversion Shares Depository, it shall effect, by means it deems reasonable in the circumstances (including, without limitation, issuance of the
Conversion Shares to another nominee or to the Holders of the Securities directly), the issuance and/or delivery of the Conversion Shares or Conversion Shares Offer Consideration, as applicable, to the Holders of the Securities, and such issuance
shall irrevocably and automatically release all of the Company’s obligations under this Security (other than the CSO Obligations, if any) as if the Conversion Shares had been issued to the Conversion Shares Depository. 

The Automatic Conversion shall occur without delay upon the occurrence of a Capital Adequacy Trigger Event. 

Upon the occurrence of the Automatic Conversion, all of the Company’s obligations under the Securities (other than the CSO Obligations,
if any) shall be irrevocably and automatically released in consideration of the Company’s issuance of the Conversion Shares to the Conversion Shares Depository (or to the relevant recipient in accordance with the terms of the Securities), and
the principal amount of the Securities shall equal zero at all times thereafter (for the avoidance of doubt, the Tradable Amount shall remain unchanged as a result of the Automatic Conversion). 

By its acquisition of the Securities, each Holder and each Beneficial Owner shall be deemed to have (i) consented to (x) Automatic
Conversion of its Securities following a Capital Adequacy Trigger Event and (y) the appointment of the Conversion Shares Depository, the issuance of the Conversion Shares to the Conversion Shares Depository and the potential sale of the
Conversion Shares pursuant to a Conversion Shares Offer and acknowledged that such events in (x) and (y) may occur without any further action on the part of such Holders or Beneficial Owners or the Trustee and (ii) authorized,
directed and requested DTC and any direct participant in DTC or other intermediary through which it holds such Securities to take any and all necessary action, if required, to implement the Automatic Conversion without any further action or
direction on the part of such Holder or Beneficial Owner or the Trustee. 

  
 A-11 

 The procedures set forth in this Security and Section 2.15 of the First Supplemental
Indenture are subject to change to reflect changes in DTC practices, and the Company may make changes to the procedures set forth in this Section 2.15 to the extent reasonably necessary, in the opinion of the Company, to reflect such changes in
DTC practices. 
 Notwithstanding anything to the contrary contained in the Indenture or this Security, once the Company has delivered an
Automatic Conversion Notice following the occurrence of a Capital Adequacy Trigger Event (or following an Automatic Conversion (if sooner)), (i) the Holders and Beneficial Owners shall have no rights whatsoever under the Indenture or the
Securities to instruct the Trustee to take any action whatsoever and (ii) as of the date of the Automatic Conversion Notice, except for any indemnity and/or security provided by any Holder or by any Beneficial Owner in such direction or related
to such direction, any direction previously given to the Trustee by any Holders or by any Beneficial Owners shall cease automatically and shall be null and void and of no further effect; except in each case of (i) and (ii) of this
sentence, with respect to any rights of Holders or Beneficial Owners with respect to any payments under the Securities that were unconditionally due and payable prior to the date of the Automatic Conversion Notice or unless the Trustee is instructed
in writing by the Company to act otherwise. 
 All authority conferred or agreed to be conferred by each Holder and Beneficial Owner
pursuant to this Security, including the consents given by such Holder and Beneficial Owner, shall be binding upon the successors, assigns, heirs, executors, administrators, trustees in bankruptcy and legal representatives of such Holder and
Beneficial Owner. 
 The Trustee shall not be liable with respect to (i) the calculation or accuracy of the Fully Loaded CET1 Ratio in
connection with the occurrence of a Capital Adequacy Trigger Event and the timing of such Capital Adequacy Trigger Event, (ii) the failure of the Company to post or deliver the underlying Fully Loaded CET1 Ratio calculations of a Capital
Adequacy Trigger Event to DTC, the Holders or the Beneficial Owners, (iii) any aspect of the Company’s decision to deliver a Conversion Notice or the related Automatic Conversion or (iv) the adequacy of the disclosure of these
provisions in the Prospectus Supplement or for the direct or indirect consequences thereof. 
 Following the issuance of the Conversion
Shares to the Conversion Shares Depository (or to the relevant recipient in accordance with the terms of the Securities, as applicable) on the Conversion Date, this Security shall remain in existence until the applicable Cancellation Date for the
sole purpose of evidencing (a) the Holders’ and Beneficial Owners’ right to receive Conversion Shares or Conversion Shares Offer Consideration, as applicable, from the Conversion Shares Depository (or such other relevant recipient)
and (b) the Company’s CSO Obligations, if any. 

  
 A-12 

 The Holders and the Beneficial Owners shall not at any time have the option to convert the
Securities into Conversion Shares. 
 The occurrence of an Automatic Conversion shall not constitute a Default. 

Notwithstanding any other provision of this Security or the Indenture, by its acquisition of the Securities, each Holder and each Beneficial
Owner (i) agrees to all of the terms and conditions of the Securities, including, without limitation, those related to (x) the occurrence of a Capital Adequacy Trigger Event and any related Automatic Conversion and (y) the appointment
of the Conversion Shares Depository, the issuance of the Conversion Shares to the Conversion Shares Depository (or to the relevant recipient in accordance with the terms of the Securities) and the potential sale of the Conversion Shares pursuant to
a Conversion Shares Offer, (ii) agrees that effective upon, and following, the occurrence of the Automatic Conversion, no amount shall be due and payable to the Holders or the Beneficial Owners under the Securities and the liability of the
Company to pay any such amounts (including the principal amount of, or any interest in respect of, the Securities) shall be automatically released, and the Holders and the Beneficial Owners shall not have the right to give any direction to the
Trustee with respect to the Capital Adequacy Trigger Event and any related Automatic Conversion and (iii) waives, to the extent permitted by the Trust Indenture Act, any claim against the Trustee arising out of its acceptance of its trusteeship
for the Securities, including, without limitation, claims related to or arising out of or in connection with a Capital Adequacy Trigger Event and/or any Automatic Conversion. 

The Conversion Price and the Conversion Shares Offer Price shall be subject to adjustment as provided in Article III of the First Supplemental
Indenture. 
 The Company may, in its sole and absolute discretion and following the occurrence of an Automatic Conversion, elect that the
Conversion Shares Depository make an offer of all or some of the Conversion Shares to all or some of the Company’s ordinary shareholders at a cash price per Conversion Share equal to the Conversion Shares Offer Price, subject as provided in
this Security (the “Conversion Shares Offer”). 
 If the Company elects, in its sole and absolute discretion, that a
Conversion Shares Offer be conducted by the Conversion Shares Depository, each Holder or Beneficial Owner, by its acquisition of the Securities, shall be deemed to have: (i) consented to (x) any Conversion Shares Offer and to the
Conversion Shares Depository’s using the Conversion Shares to settle any Conversion Shares Offer in accordance with the terms of the Securities and (y) the transfer of the beneficial interest it holds in the Conversion Shares to the
Conversion Shares Depository in connection with the Conversion Shares Offer in accordance with the terms of the Securities, and (ii) irrevocably agreed that (x) the Company, the Conversion Shares Depository and the Conversion Shares Offer
Agent, if any, may take any and all actions necessary to conduct the Conversion Shares Offer in accordance with the terms of the Securities, and (y) none of the Company, the Trustee, the Conversion Shares Depository or the Conversion Shares
Offer Agent, if any, shall, to the extent permitted by applicable law, incur any liability to the Holders or Beneficial Owners in respect of the Conversion Shares Offer (except for the obligations of the Conversion Shares Depository in respect of
the Holders’ and Beneficial Owners’ entitlement to any Conversion Shares Offer Consideration). 

  
 A-13 

 Each Holder and Beneficial Owner of the Securities acknowledges, agrees to be bound by and
consents to the exercise of any U.K. Bail-In Power by the Relevant U.K. Resolution Authority that may result in the cancellation of all, or a portion, of the principal amount of, or interest on, the Securities and/or the conversion of all, or a
portion of, the principal amount of, or interest on, the Securities into shares or other securities or other obligations of the Company or another person, including by means of a variation to the terms of the Securities to give effect to the
exercise by the Relevant U.K. Resolution Authority of such U.K. Bail-In Power. Each Holder and Beneficial Owner further acknowledges and agrees that the rights of Holders and Beneficial Owners of the Securities are subject to, and will be varied, if
necessary, so as to give effect to, the exercise of any U.K. Bail-in Power by the Relevant U.K. Resolution Authority. For the avoidance of doubt, the potential conversion of the Securities into shares, other securities or other obligations in
connection with the exercise of any U.K. Bail-in Power by the Relevant U.K. Resolution Authority is separate and distinct from an Automatic Conversion following a Capital Adequacy Trigger Event. 

By its acquisition of the Securities, each Holder and Beneficial Owner acknowledges and agrees that (i) no exercise of the U.K. Bail-In
Power by the Relevant U.K. Resolution Authority with respect to the Securities or any cancellation or deemed cancellation of interest pursuant to the terms of this Security and the Indenture shall give rise to a default for purposes of
Section 315(b) (Notice of Default) and Section 315(c) (Duties of the Trustee in Case of Default) of the U.S. Trust Indenture Act of 1939, as amended, (ii) to the extent permitted by the Trust Indenture Act, waives any
and all claims against the Trustee for, agrees not to initiate a suit against the Trustee in respect of, and agrees that the Trustee shall not be liable for, any action that the Trustee takes, or abstains from taking, in either case in accordance
with the exercise of the U.K. Bail-In Power by the Relevant U.K. Resolution Authority with respect to the Securities, (iii) acknowledges and agrees that, upon the exercise of any U.K. Bail-In Power by the Relevant U.K. Resolution Authority,
(a) the Trustee shall not be required to take any further directions from Holders or Beneficial Owners of the Securities under Section 5.12 of the Base Indenture and (b) the Indenture shall impose no duties upon the Trustee whatsoever
with respect to the exercise of any U.K. Bail-In Power by the Relevant U.K. Resolution Authority. Notwithstanding the foregoing in (iii), if, following the completion of the exercise of the U.K. Bail-In Power by the Relevant U.K. Resolution
Authority, the Securities remain outstanding, then the Trustee’s duties under the Indenture shall remain applicable with respect to the Securities following such completion to the extent that the Issuer and the Trustee shall agree pursuant to a
supplemental indenture or an amendment to the First Supplemental Indenture, and (iv) shall be deemed to have (a) consented to the exercise of any U.K. Bail-In Power as it may be imposed without any prior notice by the Relevant U.K.
Resolution Authority of its decision to exercise such power with respect to the Securities and (b) authorized, directed and requested DTC and any direct participant in DTC or other intermediary through which it holds such Securities to take any
and all necessary action, if required, to implement the exercise of any U.K. Bail-In Power with respect to the Securities as it may be imposed, without any further action or direction on the part of such Holder and such Beneficial Owner. 

  
 A-14 

 Each Holder and Beneficial Owner that acquires its Securities in the secondary market shall be
deemed to acknowledge and agree to be bound by and consent to the same provisions specified in the Indenture to the same extent as the Holders and Beneficial Owners of the Securities that acquire the Securities upon their initial issuance,
including, without limitation, with respect to the acknowledgement and agreement to be bound by and consent to the terms of the Securities, including in relation to interest cancellation, Automatic Conversion, the Conversion Shares Offer, the U.K.
Bail-In Power and the limitations on remedies specified in in this Security and Section 4.03(b) of the First Supplemental Indenture. 

Upon the exercise of the U.K. Bail-In Power by the Relevant U.K. Resolution Authority with respect to the Securities, the Company shall
provide a written notice to DTC as soon as practicable regarding such exercise of the U.K. Bail-In Power for purposes of notifying Holders and Beneficial Owners of such occurrence. The Company shall also deliver a copy of such notice to the Trustee
for information purposes. The Company’s obligations to indemnify the Trustee in accordance with Section 6.07 of the Base Indenture shall survive any exercise of the U.K. Bail-In Power by the Relevant U.K. Resolution Authority with respect
to the Securities and any Automatic Conversion. 
 The exercise of the U.K. Bail-In Power by the Relevant U. K. Resolution Authority with
respect to the Securities shall not constitute a Winding-Up Event or Non-Payment Event. 
 A “Winding-Up Event” shall
result if (i) a court of competent jurisdiction in England (or such other jurisdiction in which the Company may be organized) makes an order for the winding-up of the Company which is not successfully appealed within thirty (30) days of
the making of such order, (ii) the Shareholders of the Company adopt an effective resolution for the winding-up of the Company (other than, in the case of either (i) or (ii) above, under or in connection with a scheme of
reconstruction, merger or amalgamation not involving a bankruptcy or insolvency) or (iii) following the appointment of an administrator of the Company, the administrator gives notice that it intends to declare and distribute a dividend. 

If a Winding-Up Event occurs before the occurrence of a Capital Adequacy Trigger Event, the principal amount of this Security shall become
immediately due and payable, without the need of any further action on the part of the Trustee, the Holders or any other Person. 

  
 A-15 

 If the Company fails to pay any amount that has become due and payable under this Security and
such failure continues for fourteen (14) days, the Trustee may provide a written notice of such failure to the Company. If within a period of fourteen (14) days following the provision of such notice, the failure continues and has not been
cured nor waived (a “Non-Payment Event”), the Trustee may, at its discretion, and without further notice to the Company, institute proceedings in England (or such other jurisdiction in which the Company may be organized) (but not
elsewhere) for the winding-up of the Company and/or prove in a winding-up of the Company and/or claim in a liquidation or administration of the Company. For the avoidance of doubt, if, pursuant to this Security and Section 2.03 or 2.04 of the
First Supplemental Indenture, the Company cancels any interest payment on any Interest Payment Date or if such interest payment is deemed cancelled (in each case, in whole or in part), then such interest payment shall not be due and payable in
respect of such Interest Payment Date, and no Non-Payment Event under the Securities will occur or be deemed to have occurred as a result of such cancellation or deemed cancellation (in each case, in whole or in part). 

In addition to the remedies for a Non-Payment Event provided in the paragraph above, the Trustee may without further notice institute such
proceedings against the Company as it may deem fit to enforce any term, obligation or condition binding upon the Company under the Securities or the Indenture (other than any payment obligation of the Company under or arising from the Securities or
the Indenture, including payment of any principal or interest, including Additional Amounts) (such obligation, a “Performance Obligation”), provided that the Company shall not as a consequence of the institution of any such
proceedings be obliged to pay any sum or sums, in cash or otherwise (including damages). For the avoidance of doubt, any breach by the Company of any Performance Obligation shall not confer upon the Trustee (acting on behalf of the Holders) and/or
the Holders or Beneficial Owners of the Securities any claim for damages and, in the event of such a breach of a Performance Obligation, the sole and exclusive remedy that the Trustee (acting on behalf of the Holders) and/or the Holders or
Beneficial Owners of the Securities may seek under the Securities and the Indenture is specific performance under the laws of the State of New York. By its acquisition of the Securities, each Holder and Beneficial Owner of the Securities
acknowledges and agrees (i) that such Holder and Beneficial Owner shall not seek, and shall not direct the Trustee (acting on their behalf) to seek, any claim for damages against the Company in respect of any breach by the Company of a
Performance Obligation, and (ii) that the sole and exclusive remedy that such Holder and Beneficial Owner and/or the Trustee (acting on their behalf) may seek under the Securities and the Indenture for a breach by the Company of a Performance
Obligation is specific performance under the laws of the State of New York. 

  
 A-16 

 Other than the limited remedies specified in this Security and Article IV of the First
Supplemental Indenture, and subject to the second paragraph below, no remedy against the Company shall be available to the Trustee (acting on behalf of the Holders) and to the Holders and Beneficial Owners, whether for the recovery of amounts owing
in respect of such Securities or under the Indenture, or in respect of any breach by the Company of any of the Company’s obligations under or in respect of the terms of such Securities or under the Indenture in relation thereto;
provided, however, that the Company’s obligations to the Trustee under Section 6.07 of the Base Indenture and the Trustee’s rights to have money collected applied first to pay amounts due to it under such Section pursuant to
Section 5.06 of the Base Indenture expressly survive any such Default and are not subject to the subordination provisions of Section 5.01 of the First Supplemental Indenture. 

In the case of a Default under this Security, the Trustee shall exercise such of the rights and powers vested in it by the Indenture, and use
the same degree of care and skill in their exercise, as a prudent person would exercise or use under the circumstances in the conduct of his or her own affairs. A “Default” shall occur (i) upon the occurrence of a Winding-Up
Event that occurs before the Conversion Date or (ii) upon the occurrence of a Non-Payment Event or (iii) upon a breach by the Company of a Performance Obligation. 

Notwithstanding the limitations on remedies specified in this Security and under Article IV of the First Supplemental Indenture, (1) the
Trustee shall have such powers as are required to be authorized to it under the Trust Indenture Act in respect of the rights of the Holders and Beneficial Owners of the Securities under the provisions of the Indenture, and (2) nothing shall
impair the right of a Holder or Beneficial Owner of the Securities under the Trust Indenture Act, absent such Holder’s or Beneficial Owner’s consent, to sue for any payment due but unpaid with respect to the Securities; provided
that, in the case of (1) and (2) above, any payments in respect of, or arising from, the Securities, including any payments or amounts resulting or arising from the enforcement of any rights under the Trust Indenture Act in respect of the
Securities, shall be subject to the subordination provisions set forth in Section 5.01 of the First Supplemental Indenture. 

  
 A-17 

 The Securities shall constitute the Company’s direct, unsecured and subordinated
obligations, ranking equally without any preference among themselves. The rights and claims of the Holders and Beneficial Owners of the Securities in respect of or arising from the Securities shall be subordinated to the claims of Senior Creditors.
If (a) an order is made, or an effective resolution is passed, for the winding-up of the Company (except in any such case for a solvent winding-up solely for the purpose of a merger, reconstruction or amalgamation); or (b) following the
appointment of an administrator of the Company, the administrator gives notice that it intends to declare and distribute a dividend, then (1) if such events specified in (a) or (b) above occur prior to the date on which a Capital
Adequacy Trigger Event occurs, there shall be payable by the Company in respect of each Security (in lieu of any other payment by the Company), such amount, if any, as would have been payable to a Holder of Securities if, on the day prior to the
commencement of the winding-up or such administration and thereafter, such Holder of Securities were the holder of the most senior class of preference shares in the capital of the Company, having an equal right to a return of assets in the
winding-up or such administration to, and so ranking pari passu with, the holders of such class of preference shares (if any) from time to time issued by the Company that has a preferential right to a return of assets in the winding-up or
such administration, and so ranking ahead of the holders of all other classes of issued shares for the time being in the capital of the Company, but ranking junior to the claims of Senior Creditors, and on the assumption that the amount that such
Holder of Securities was entitled to receive in respect of such preference shares, on a return of assets in such winding-up or such administration, were an amount equal to the principal amount of the relevant Security, and (2) if such events
specified in (a) or (b) above occur on or after the date on which a Capital Adequacy Trigger Event occurs but prior to the Conversion Date, there shall be payable by the Company in respect of each Security (in lieu of any other payment by
the Company) such amount, if any, as would have been payable to a Holder of the Securities on a return of assets in such winding-up or such administration if the Conversion Date in respect of an Automatic Conversion has occurred immediately prior to
the occurrence of such events specified in (a) or (b) above. Other than in the event of a winding-up or administration of the Company as described in this paragraph, payments in respect of or arising from the Securities shall be
conditional (i) upon the Company’s being solvent at the time of payment by the Company, and (ii) in that no sum in respect of or arising from the Securities may fall due and be paid except to the extent that the Company could make
such payment and still be solvent immediately thereafter (such condition referred to herein as the “Solvency Condition”). For purposes of determining whether the Solvency Condition is met, the Company shall be considered to be
solvent at a particular point in time if (x) it is able to pay its debts owed to Senior Creditors as they fall due and (y) the Balance Sheet Condition has been met. “Senior Creditors” means creditors of the Company (aa)
who are unsubordinated creditors; (bb) whose claims are, or are expressed to be, subordinated (whether only in the event of the winding-up or administration of the Company or otherwise) to the claims of unsubordinated creditors of the Company but
not further or otherwise; or (cc) whose claims are, or are expressed to be, junior to the claims of other creditors of the Company, whether subordinated or unsubordinated, other than those whose claims rank, or are expressed to rank, pari
passu with, or junior to, the claims of the Holders of the Securities. The “Balance Sheet Condition” shall be satisfied in relation to the Company if the value of its assets is at least equal to the value of its liabilities
(taking into account its contingent and prospective liabilities), according to the criteria that would be applied by the High Court of Justice of England and Wales (or the relevant authority of such other jurisdiction in which the Company may be
organized) in determining whether the Company is “unable to pay its debts” under section 123(2) of the U.K. Insolvency Act 1986 or any amendment or re-enactment thereof (or in accordance with the corresponding provisions of the
applicable laws of such other jurisdiction in which the Company may be organized). 

  
 A-18 

 Subject to applicable law, no Holder of Securities may exercise, claim or plead any right of
set-off, compensation or retention in respect of any amount owed to it by the Company arising under, or in connection with, the Securities and each Holder of Securities shall, by virtue of its holding of any Securities, be deemed to have waived all
such rights of set-off, compensation or retention. 
 The Indenture permits, with certain exceptions as therein provided, the amendment
thereof and the modification of the rights and obligations of the Company and the rights of the Holders of the Securities of each series to be affected under the Indenture at any time by the Company and the Trustee with the consent of the Holders of
a majority in principal amount of the Securities then Outstanding of each series to be affected. The Indenture also contains provisions permitting the Holders of a majority in aggregate principal amount of the Securities of each series then
Outstanding, on behalf of the Holders of all Securities of such series, to waive compliance by the Company with certain provisions of the Indenture and certain past Defaults under the Indenture and their consequences. Any such consent or waiver by
the Holder of this Security shall be conclusive and binding upon such Holder and upon all future Holders of this Security and of any Security issued upon the registration of transfer hereof or in exchange herefor or in lieu hereof, whether or not
notation of such consent or waiver is made upon this Security. 
 As provided in and subject to the provisions of the Indenture, the Holder
of this Security shall not have any right to institute any proceeding, judicial or otherwise, with respect to the Indenture or for the appointment of a receiver or trustee or for any other remedy thereunder, unless such Holder shall have previously
given the Trustee written notice of a continuing Default with respect to the Securities of this series, the Holders of not less than 25% in aggregate principal amount of the Securities of this series then Outstanding shall have made written request
to the Trustee to institute proceedings in respect of such Default as Trustee and offered to the Trustee reasonable indemnity against the costs, expenses and liabilities to be incurred in compliance with such request, the Trustee shall not have
received from the Holders of a majority in principal amount of Securities of this series then Outstanding a direction inconsistent with such request, and shall have failed to institute any such proceeding, for sixty (60) days after receipt of
such notice, request and offer of indemnity, and, in the case of a proceeding in England (or such other jurisdiction in which the Company may be organized) (but not elsewhere) for the winding-up of the Company, such proceeding is in the name and on
behalf of the Trustee to the same extent (but no further or otherwise) as the Trustee would have been entitled so to do. 
 Notwithstanding
any contrary provisions in this Security, nothing shall impair the right of a Holder of this Security under the Trust Indenture Act, absent such Holder’s consent, to sue for any payments due but unpaid with respect to this Security. 

  
 A-19 

 As provided in the Indenture and subject to certain limitations therein set forth, the transfer
of this Security is registrable in the Contingent Convertible Security Register, upon surrender of this Security for registration of transfer at the office or agency of the Company in any place where the principal of this Security is payable, duly
endorsed by, or accompanied by a written instrument of transfer in form satisfactory to the Company and the Security Registrar duly executed by, the Holder hereof or his attorney duly authorized in writing. Thereupon one or more new Securities of
this series and of like tenor, of authorized denominations and for the same aggregate principal amount, will be issued to the designated transferee or transferees. 

This Security, and any other Securities of this series and of like tenor, are issuable only in registered form without coupons in initial
denominations of $200,000 and increments of $1,000 thereafter. The denominations cannot be changed without the consent of the Trustee. The denomination of each interest in this Security shall be the “Tradable Amount” of such
book-entry interest. Prior to an Automatic Conversion, the aggregate Tradable Amount of the interests in this Security shall equal this Security’s outstanding principal amount. Following an Automatic Conversion, the principal amount of this
Security shall equal zero, but the Tradable Amount of the book-entry interests in this Security shall remain unchanged as a result of the Automatic Conversion. 

No service charge shall be made for any such registration of transfer or exchange, but the Company may require payment of a sum sufficient to
cover any tax or other governmental charge payable in connection therewith. 
 Prior to due presentment of this Security for registration of
transfer, the Company, the Trustee and any agent of the Company or the Trustee may treat the Person in whose name this Security is registered as the owner hereof for all purposes, whether or not this Security be overdue, and neither the Company, the
Trustee nor any such agent shall be affected by notice to the contrary. 
 This Security shall be governed by and construed in accordance
with the laws of the State of New York, except for the subordination provisions referred to herein and in Section 5.01 of the First Supplemental Indenture (which amends in its entirety Section 12.01 of the Base Indenture), and the waiver
of set-off provisions referred to in Section 5.02 of the First Supplemental Indenture and the waiver of set-off provisions in Section 5.03(b) of the Base Indenture, which are governed by, and construed in accordance with, English law.

  
 A-20 

 Exhibit B 

Form of Automatic Conversion Notice1 

NOTICE TO DTC AND FOR PUBLICATION 

AS A NOTICE TO HOLDERS AND BENEFICIAL OWNERS 

[Barclays Letterhead] 
  

					
	To:	  	 The Depository Trust Company
 55 Water Street,
25th Floor
 New York, NY 10041-0099
 Attn: Mandatory
Reorganization Department
 Fax: +1 (212) 855-5488
 Email:
mandatoryreorgannouncements@dtcc.com
	  	
			
	Cc:	  	 The Bank of New York Mellon
 Merck House

Seldown
 Poole, Dorset BH15 1PX

United Kingdom
 Attn: International Corporate Trust Services

Email: corpsov2@bnymellon.com
 Fax: 01202 689600

Tel: 01202 689978
	  	 The Bank of New York Mellon
 101 Barclay
Street
 Floor 7-E
 New York, New York 10286

United States of America
 Attn: International Corporate Trust

Fax: +1 (212) 815-5366

 Re: Barclays PLC $2,000,000,000 8.25% Fixed Rate Resetting Perpetual Subordinated Contingent Convertible Securities
(Callable December 2018 and Every Five Years Thereafter) (CUSIP: 06738E AA3, ISIN: US06738EAA38) – Notice to DTC, Holders and Beneficial Owners of the Occurrence of a Capital Adequacy Trigger Event 

This notice is in relation to Barclays PLC’s (the “Company”) $2,000,000,000 8.25% Fixed Rate Resetting Perpetual Subordinated Contingent
Convertible Securities (Callable December 2018 and Every Five Years Thereafter) (CUSIP: 06738E AA3, ISIN: US06738EAA38) issued on November 20, 2013 (the “Securities”) pursuant to the Contingent Convertible Securities Indenture,
dated November 20, 2013, between the Company and The Bank of New York Mellon, London Branch, as Trustee (the “Trustee”), as supplemented by the First Supplemental Indenture, dated November 20, 2013, between the Company and
the Trustee (together, the “Indenture”), and pursuant to the prospectus supplement dated November 13, 2013, supplementing the prospectus dated September 6, 2013. Capitalized terms used herein and not defined herein shall
have the respective meanings ascribed to such terms in the Indenture. 
  

	1 	Note: Addresses to be reconfirmed prior to when notice is sent; subject to modification if Securities are in definitive form and to changes in DTC (or successor clearing system) policies and procedures.

  
 B-1 

 Barclays PLC hereby notifies The Depository Trust Company (“DTC”), the Holders and Beneficial
Owners of the Securities that a Capital Adequacy Trigger Event has occurred with respect to the Securities. Such Capital Adequacy Trigger Event has occurred because the Group’s Fully Loaded CET1 Ratio as of [Date], as calculated by
Barclays PLC on a consolidated basis in accordance with the Capital Regulations applicable to the Group on such date, was less than 7.00%. 
 Upon the
occurrence of the Capital Adequacy Trigger Event, the terms of the Securities provide for an Automatic Conversion of the Securities on the Conversion Date, which [was] [is expected to be]
[Date]2. Upon the Automatic Conversion, all of Barclays PLC’s obligations under the Securities (other than with respect to the CSO Obligations, if any) shall be irrevocably and
automatically released in consideration of Barclays PLC’s issuance of ordinary shares of Barclays PLC (the “Conversion Shares”) to the Conversion Shares Depository (or other relevant recipient). However, the terms of the
Securities provide that the Securities shall remain in existence until the applicable Settlement Date for the sole purpose of evidencing (a) a right to receive Conversion Shares or Conversion Shares Offer Consideration, as applicable, from the
Conversion Shares Depository and (b) the Company’s CSO Obligations, if any. 
 In addition, the terms of the Securities provide that Barclays PLC
may, in its sole and absolute discretion, elect that a Conversion Shares Offer be conducted. Within ten (10) business days of the Conversion Date, Barclays PLC will deliver to DTC, the Holders and the Beneficial Owners a Conversion Shares Offer
Notice specifying, among other things, whether or not Barclays PLC has elected that a Conversion Shares Offer be conducted and the Suspension Date. The Securities may continue to trade until the Suspension Date. 

Accordingly, Barclays PLC hereby instructs DTC to indicate to all participants that payments of principal and interest are no longer payable under the
Securities as of the Conversion Date and that the Securities will have no further entitlement to interest or principal as of such date by making a note to that effect in its systems. 

Barclays PLC further requests DTC to post this notice on its Reorganization Inquiry for Participants System (or such other system as DTC uses for providing
notices to holders of securities). 
 Should DTC, any Holder or any Beneficial Owner of the Securities have any inquiries, please contact: 

[Barclays Contact Person] 
 [Telephone] 

[Fax] 
 [Email] 

 

	2 	Note: To be completed with the Conversion Date. 

  
 B-2 

 Exhibit C 

Form of Capital Adequacy Trigger Event Officers’ Certificate 

BARCLAYS PLC 
 Capital Adequacy
Trigger Event Officers’ Certificate 
 This Capital Adequacy Trigger Event Officers’ Certificate is being delivered in relation to Barclays
PLC’s (the “Company”) $2,000,000,000 8.25% Fixed Rate Resetting Perpetual Subordinated Contingent Convertible Securities (Callable December 2018 and Every Five Years Thereafter) (CUSIP: 06738E AA3, ISIN: US06738EAA38) issued on
November 20, 2013 (the “Securities”) pursuant to the Contingent Convertible Securities Indenture (the “Base Indenture”), dated November 20, 2013, between the Company and The Bank of New York Mellon, as
Trustee (the “Trustee”), as supplemented by the First Supplemental Indenture, dated November 20, 2013, between the Company and the Trustee (the “First Supplemental Indenture”), and pursuant to the prospectus
supplement dated November 13, 2013, supplementing the prospectus dated September 6, 2013 (together, the “Prospectus”). 

Pursuant to Section 1.02 of the Base Indenture and Section 2.15 of the First Supplemental Indenture, the undersigned, being authorized signatories
of the Company and authorized by the Company to give this certificate, each hereby certify as follows: 
  

	(a)	I have read the provisions of the Base Indenture and those of the First Supplemental Indenture, setting forth certain provisions in respect of the occurrence of a Capital Adequacy Trigger Event (as defined in the First
Supplemental Indenture), including Section 2.15 of the First Supplemental Indenture, and the definitions relating thereto; 

  

	(b)	I have reviewed such corporate records and such other documents as I have deemed necessary as a basis for the opinion hereinafter expressed; 

 

	(c)	I have also made such other examinations and investigations as I have deemed necessary to enable me to express an informed opinion as to the matters set forth in (d) below; and 

 

	(d)	a Capital Adequacy Trigger Event has occurred with respect to the Securities. Such Capital Adequacy Trigger Event has occurred because the Group’s (as defined in the First Supplemental Indenture) Fully Loaded CET1
Ratio (as defined in the First Supplemental Indenture) as of [Date], as calculated by Barclays PLC on a consolidated basis in accordance with the capital adequacy standards and guidelines of the Financial Services Authority of the United
Kingdom (or such other governmental authority having primary responsibility for the prudential supervision of Barclays PLC) on such date, was less than 7.00%. 

  
 C-1 

 Concurrently with the delivery of this Capital Adequacy Trigger Event Officers’ Certificate, the Company is
delivering to The Depository Trust Company (“DTC”) an Automatic Conversion Notice (as defined in the First Supplemental Indenture) as a notice to DTC and for publication as a notice to Holders (as defined in the Base Indenture) and
Beneficial Owners (as defined in the First Supplemental Indenture) in the form set forth in Exhibit B to the First Supplemental Indenture. 
 The Trustee is
entitled to conclusively rely on and accept this Capital Adequacy Trigger Event Officers’ Certificate without any duty whatsoever of further inquiry as sufficient and conclusive evidence of the occurrence of the Capital Adequacy Trigger Event,
and this Capital Adequacy Trigger Event Officers’ Certificate shall be conclusive and binding on the Trustee and the Holders as defined in the Base Indenture) and Beneficial Owners (as defined in the First Supplemental Indenture). 

 

			
	Dated: [•]
	
	BARCLAYS PLC
		
	By:	 	  

		 	Name:
		 	Title:
		
	By:	 	  

		 	Name:
		 	Title:

  
 C-2 

 Exhibit D 

Form of Conversion Shares Offer Notice3 

NOTICE TO DTC AND FOR PUBLICATION 

AS A NOTICE TO HOLDERS AND BENEFICIAL OWNERS 

[Barclays Letterhead] 
  

					
	To:	  	 The Depository Trust Company
 55 Water Street,
25th Floor
 New York, NY 10041-0099
 Attn: Mandatory
Reorganization Department
 Fax: +1 (212) 855-5488
 Email:
mandatoryreorgannouncements@dtcc.com
	  	
			
	Cc:	  	 The Bank of New York Mellon
 Merck House

Seldown
 Poole, Dorset BH15 1PX

United Kingdom
 Attn: International Corporate Trust Services

Email: corpsov2@bnymellon.com
 Fax: 01202 689600

Tel: 01202 689978
	  	 The Bank of New York Mellon
 101 Barclay
Street
 Floor 7-E
 New York, New York 10286

United States of America
 Attn: International Corporate Trust

Fax: +1 (212) 815-5366

 Re: Barclays PLC $2,000,000,000 8.25% Fixed Rate Resetting Perpetual Subordinated Contingent Convertible Securities
(Callable December 2018 and Every Five Years Thereafter) (CUSIP: 06738E AA3, ISIN: US06738EAA38) – Notice to DTC, Holders and Beneficial Owners of [Election to Conduct a Conversion Shares Offer][Election Not to Conduct a Conversion Shares
Offer] 
 This notice is in relation to Barclays PLC’s (the “Company”) $2,000,000,000 8.25% Fixed Rate Resetting Perpetual
Subordinated Contingent Convertible Securities (Callable December 2018 and Every Five Years Thereafter) (CUSIP: 06738E AA3, ISIN: US06738EAA38) issued on November 20, 2013 (the “Securities”) pursuant to the Contingent
Convertible Securities Indenture, dated November 20, 2013, between Barclays PLC and The Bank of New York Mellon, London Branch, as Trustee (the “Trustee”) , as supplemented by the First Supplemental Indenture, dated
November 20, 2013, between the Company and the Trustee (together, the “Indenture”), and pursuant to the prospectus supplement dated November 13, 2013, supplementing the prospectus dated September 6, 2013 (together,
the “Prospectus”). Capitalized terms used herein and not defined herein shall have the respective meanings ascribed to such terms in the Indenture. 
  

 

	3 	Note: Addresses to be reconfirmed prior to when notice is sent; subject to modification if Securities are in definitive form and to changes in DTC (or successor clearing system) policies and procedures.

  
 D-1 

 Barclays PLC hereby notifies The Depository Trust Company (“DTC”), the Holders and the
Beneficial Owners of the Securities that it has elected that a Conversion Shares Offer [not] be conducted. [The Conversion Shares Offer Period will extend from the date of this notice until
[Date]4. [Conversion Shares Depository] has been appointed as Conversion Shares Depository for the Conversion Shares Offer.]5 
 In addition, Barclays PLC hereby notifies DTC, the Holders and the Beneficial Owners of the Securities
that the Suspension Date shall be [Date]6. Accordingly, Barclays PLC hereby instructs DTC to implement a “chill” on the clearance and settlement of the Securities on the
Suspension Date. As described in the Prospectus, Holders and Beneficial Owners will not be able to settle the transfer of any Securities following the Suspension Date, and any sale or other transfer of the Securities that a Holder or Beneficial
Owner may have initiated prior to the commencement to the Suspension Date that is scheduled to settle after the Suspension Date will be rejected by DTC and will not be settled within DTC. 

Barclays PLC further requests DTC to post this notice on its Reorganization Inquiry for Participants System (or such other system as DTC uses for providing
notices to holders of securities). 
 Should DTC, any Holder or any Beneficial Owner of the Securities have any inquiries, please contact: 

[Barclays Contact Person] 
 [Telephone] 

[Fax] 
 [Email] 

 
  

	4 	Note: Insert the date that the Conversion Shares Offer expires, which shall be no later than forty (40) business days after the delivery of this Conversion Shares Offer Notice. 

	5 	Note: If Barclays PLC has been unable to appoint a Conversion Shares Depository (or other nominee), it shall also include in this notice such other arrangements for the issuance and/or delivery of the
Conversion Shares or the Conversion Shares Offer Consideration, as applicable, to the holders of the Securities as it has put in place. 

	6 	Note: Insert the Suspension Date, which is the date on which DTC shall suspend all clearance and settlement of the Securities, which date shall be no later than thirty-eight (38) business days after the
delivery of the Conversion Shares Offer Notice and at least two (2) business days prior to the end of the Conversion Shares Offer Period, if any). 

  
 D-2 

 Exhibit E 

Form of Conversion Shares Settlement Request Notice7 

NOTICE TO DTC AND FOR PUBLICATION 

AS A NOTICE TO HOLDERS AND BENEFICIAL OWNERS 

[Barclays Letterhead] 
  

					
	To:	  	 The Depository Trust Company
 55 Water Street,
25th Floor
 New York, NY 10041-0099
 Attn: Mandatory
Reorganization Department
 Fax: +1 (212) 855-5488
 Email:
mandatoryreorgannouncements@dtcc.com
	  	
			
	Cc:	  	 The Bank of New York Mellon
 Merck House

Seldown
 Poole, Dorset BH15 1PX

United Kingdom
 Attn: International Corporate Trust Services

Email: corpsov2@bnymellon.com
 Fax: 01202 689600

Tel: 01202 689978
	  	 The Bank of New York Mellon
 101 Barclay
Street
 Floor 7-E
 New York, New York 10286

United States of America
 Attn: International Corporate Trust

Fax: +1 (212) 815-5366

 Re: Barclays PLC $2,000,000,000 8.25% Fixed Rate Resetting Perpetual Subordinated Contingent Convertible Securities
(Callable December 2018 and Every Five Years Thereafter) (CUSIP: 06738E AA3, ISIN: US06738EAA38) – Notice to DTC, Holders and Beneficial Owners Requesting that Holders and Beneficial Owners Complete a Conversion Shares Settlement Notice

 This notice is in relation to Barclays PLC’s (the “Company”) $2,000,000,000 8.25% Fixed Rate Resetting Perpetual Subordinated
Contingent Convertible Securities (Callable December 2018 and Every Five Years Thereafter) (CUSIP: 06738E AA3, ISIN: US06738EAA38) issued on November 20, 2013 (the “Securities”) pursuant to the Contingent Convertible Securities
Indenture, dated November 20, 2013, between Barclays PLC and The Bank of New York Mellon, London Branch, as Trustee (the “Trustee”), as supplemented by the First Supplemental Indenture, dated November 20, 2013, between the
Company and the Trustee (together, the “Indenture”), and pursuant to the prospectus supplement dated November 13, 2013, supplementing the prospectus dated September 6, 2013. Capitalized terms used herein and not defined
herein shall have the respective meanings ascribed to such terms in the Indenture. 
  

 

	7 	Note: Addresses to be reconfirmed prior to when notice is sent; subject to modification if Securities are in definitive form and to changes in DTC (or successor clearing system) policies and procedures.

  
 E-1 

 Barclays PLC hereby requests that Holders and Beneficial Owners of the Securities provide notice to [Name of
Conversion Shares Depository (or other nominee)], as [Conversion Shares Depository]8, and the Trustee in the form provided in Appendix A before [Date]9 (the “Notice Cut-off Date”). 
 If a Holder or Beneficial Owner of the Securities
properly completes and delivers a Conversion Shares Settlement Notice on or before the Notice Cut-off Date, the Conversion Shares Depository shall, in accordance with the terms of the First Supplemental Indenture, deliver to such Holder or
Beneficial Owner the relevant Conversion Shares (rounded down to the nearest whole number of Conversion Shares) or Conversion Shares Offer Consideration, as applicable, two (2) business days after the date on which the Conversion Shares
Settlement Notice is received by the Conversion Shares Depository. 
 If a Holder or Beneficial Owner of the Securities fails to properly complete and
deliver a Conversion Shares Settlement Notice before the Notice Cut-off Date, the Conversion Shares Depository shall continue to hold the relevant Conversion Shares (or Conversion Shares Component, if applicable). However, the relevant Securities
shall be cancelled on the Final Cancellation Date, which shall be [Date],10 and any Holder or Beneficial Owner delivering a Conversion Shares Settlement Notice after the Notice Cut-off Date
will have to provide evidence of its entitlement to the relevant Conversion Shares (or the relevant Conversion Shares Component, if applicable) satisfactory to the [Conversion Shares Depository] in its sole and absolute discretion in order to
receive delivery of such Conversion Shares (or the relevant Conversion Shares Component, if applicable). 
 Barclays PLC further requests DTC to post this
notice on its Reorganization Inquiry for Participants System (or such other system as DTC uses for providing notices to holders of securities). 
 Should
DTC, any Holder or any Beneficial Owner of the Securities have any inquiries, please contact: 
 [Barclays Contact Person] 

[Telephone] 
 [Fax] 

[Email] 
  

	8 	Note: If Barclays PLC has been unable to appoint a Conversion Shares Depository, this should refer to the entity undertaking its functions. 

	9 	Note: The Notice-Cut-off Date must be at least forty (40) business days following the Suspension Date. 

	10 	Note: The Final Cancellation Date may be up to twelve (12) business days following the Notice Cut-Off Date. 

  
 E-2 

 Appendix A 

Form of Conversion Shares Settlement Notice11 

NOTICE TO THE [CONVERSION SHARES DEPOSITORY AND] DTC 
  

					
	To:	  	 The Depository Trust Company
 55 Water Street,
25th Floor
 New York, NY 10041-0099
 Attn: Mandatory
Reorganization Department
 Fax: +1 (212) 855-5488
 Email:
mandatoryreorgannouncements@dtcc.com
	  	 [Contact details of [Conversion Shares

Depository] to be included.]

			
	Cc:	  	 The Bank of New York Mellon
 Merck House

Seldown
 Poole, Dorset BH15 1PX

United Kingdom
 Attn: International Corporate Trust Services

Email: corpsov2@bnymellon.com
 Fax: 01202 689600

Tel: 01202 689978
	  	 The Bank of New York Mellon
 101 Barclay
Street
 Floor 7-E
 New York, New York 10286

United States of America
 Attn: International Corporate Trust

Fax: +1 (212) 815-5366

 Re: Barclays PLC $2,000,000,000 8.25% Fixed Rate Resetting Perpetual Subordinated Contingent Convertible Securities
(Callable December 2018 and Every Five Years Thereafter) (CUSIP: 06738E AA3, ISIN: US06738EAA38) – Conversion Shares Settlement Notice to the [Conversion Shares Depository and] DTC 

This notice is in relation to Barclays PLC’s (the “Company”) $2,000,000,000 8.25% Fixed Rate Resetting Perpetual Subordinated Contingent
Convertible Securities (Callable December 2018 and Every Five Years Thereafter) (CUSIP: 06738E AA3, ISIN: US06738EAA38) issued on November 20, 2013 (the “Securities”) pursuant to the Contingent Convertible Securities Indenture,
dated November 20, 2013, between Barclays PLC and The Bank of New York Mellon, London Branch, as Trustee (“Trustee”), as supplemented by the First Supplemental Indenture, dated November 20, 2013, between the Company and
the Trustee (together, the “Indenture”), and pursuant to the prospectus supplement dated November 13, 2013, supplementing the prospectus dated September 6, 2013. Capitalized terms used herein and not defined herein shall
have the respective meanings ascribed to such terms in the Indenture. 
  

	11 	Note: Addresses to be reconfirmed prior to when notice is sent; subject to modification if Securities are in definitive form and to changes in DTC and CREST (or successor clearing system) policies and
procedures. 

  
 E-3 

			
	INFORMATION OF THE HOLDER OR BENEFICIAL OWNER FOR DELIVERY OF CONVERSION SHARES OR CONVERSION SHARES OFFER CONSIDERATION
		
	Surname/Company Name	  	First name
	
	Name to be entered in Barclays PLC’s share register
	
	Tradable Amount of the Securities held on the date hereof
		
	CREST participant ID	  	CREST member account (if applicable)
	
	Cash account details (if applicable)
	
	[Account details of clearing system account]12
	
	[Address to which any Conversion Shares should be delivered]13

 YOU MUST DELIVER THE CONVERSION SHARES SETTLEMENT NOTICE TO THE CONVERSION SHARES DEPOSITORY AND THE TRUSTEE VIA DTC BEFORE
[DATE].14 
 If you fail to properly complete and deliver the Conversion Shares
Settlement Notice on or before the Notice Cut-off Date, the Conversion Shares Depository shall continue to hold your Conversion Shares (or Conversion Shares Component, if applicable). However, your Securities shall be cancelled on the Final
Cancellation Date, which shall be [Date],15 and you will have to provide evidence of your entitlement to the relevant Conversion Shares (or the relevant Conversion Shares Component, if
applicable) satisfactory to the Conversion Shares Depository in its sole and absolute discretion in order to receive delivery of such Conversion Shares (or Conversion Shares Component, if any, of any Conversion Shares Offer Consideration). 

 

	12 	Note: To be included if the Conversion Shares will be delivered through a clearing system account other than CREST. 

	13 	Note: To be included if the Conversion Shares are not a participating security in CREST or any another clearing system. 

	14 	Note: The Notice Cut-off Date must be at least forty (40) business days following the Suspension Date. 

	15 	Note: The Final Cancellation Date may be up to twelve (12) business days following the Notice Cut-off Date. 

	

  
 E-4

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