Document:

EX-4.2

 Exhibit 4.2 
  

			
	

	  	CLIFFORD CHANCE LLP

 EXECUTION VERSION 

WESTERN POWER DISTRIBUTION PLC 

£500,000,000 
 3.625 PER
CENT. NOTES DUE 2023 
  
  

AGENCY AGREEMENT 
  

 

 CONTENTS 
  

							
	Clause	  	Page	 
			
	1.	  	Interpretation	  	 	1	  
			
	2.	  	Appointment of the Paying Agents	  	 	4	  
			
	3.	  	The Notes	  	 	4	  
			
	4.	  	Delivery of Permanent Global Note and Definitive Notes	  	 	5	  
			
	5.	  	Replacement Notes and Coupons	  	 	6	  
			
	6.	  	Payments to the Principal Paying Agent	  	 	7	  
			
	7.	  	Payments to Noteholders	  	 	8	  
			
	8.	  	Miscellaneous Duties of the Paying Agents	  	 	11	  
			
	9.	  	Fees and Expenses	  	 	14	  
			
	10.	  	Terms of Appointment	  	 	15	  
			
	11.	  	Changes in Paying Agents	  	 	19	  
			
	12.	  	Notices	  	 	21	  
			
	13.	  	Law and Jurisdiction	  	 	22	  
			
	14.	  	Rights of Third Parties	  	 	22	  
			
	15.	  	Modification	  	 	23	  
			
	16.	  	Counterparts	  	 	23	  
		
	Schedule 1 Form of Put Event Notice	  	 	24	  
		
	Schedule 2 Form of Put Event Receipt	  	 	26	  
		
	Schedule 3 Specified Offices of the Paying Agents	  	 	27	  
		
	Schedule 4 Duties under the Issuer-ICSDs Agreement	  	 	28	  

 THIS AGREEMENT is made on 6 November 2015 

BETWEEN 
  

	(1)	 WESTERN POWER DISTRIBUTION PLC (the “Issuer”); 

 

	(2)	 HSBC BANK PLC in its capacity as principal paying agent (the “Principal Paying Agent”); and 

 

	(3)	 HSBC CORPORATE TRUSTEE COMPANY (UK) LIMITED in its capacity as trustee (the “Trustee”) which expression includes any other
trustee for the time being of the Trust Deed referred to below. 

 WHEREAS 

 

	(A)	 The Issuer has authorised the creation and issue of £500,000,000 in aggregate principal amount of 3.625 per cent. Notes due 2023 (the
“Notes”). 

  

	(B)	 The Notes will be subject to, and have the benefit of, a trust deed dated 6 November 2015 (as amended or supplemented from time to time, the
“Trust Deed”) and made between the Issuer and the Trustee. 

  

	(C)	 The Notes will be in bearer form and in denominations of £100,000 and integral multiples of £1,000 in excess thereof (up to and
including £199,000. The Notes will initially be in the form of a temporary global note (the “Temporary Global Note”), interests in which will be exchangeable for interests in a permanent global note (the “Permanent
Global Note”) in the circumstances specified in the Temporary Global Note. The Permanent Global Note will in turn be exchangeable for notes in definitive form (“Definitive Notes”), with interest coupons
(“Coupons”) attached, only in certain limited circumstances specified in the Permanent Global Note. 

  

	(D)	 The Issuer, the Principal Paying Agent and the Trustee wish to record certain arrangements which they have made in relation to the Notes.

  

	(E)	 This is the Agency Agreement referred to in the Trust Deed. 

IT IS AGREED as follows: 
  

	1.	 INTERPRETATION 

  

	1.1	 Definitions 

In this Agreement the following expressions have the following meanings: 

“£” or “Sterling” or “GBP” denotes the lawful currency for the time
being of the United Kingdom; 
 “Clearstream, Luxembourg” means Clearstream Banking S.A.; 

“Code” means the U.S. Internal Revenue Code of 1986, as amended from time to time; 

“Common Safekeeper” means an ICSD in its capacity as common safekeeper or a person nominated by the ICSDs to
perform the role of common safekeeper; 

  
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 “Common Service Provider” means a person nominated by the ICSDs
to perform the role of common service provider; 
 “Conditions” means the Terms and Conditions of the Notes
(as scheduled to the Trust Deed and as modified from time to time in accordance with their terms), and any reference to a numbered “Condition” is to the correspondingly numbered provision thereof; 

“Euroclear” means Euroclear Bank S.A./N.V.; 

“Exchange Date” means the first day following the expiry of 40 days after the issue of the Notes; 

“FATCA” means Sections 1471 through 1474 of the Code, any regulations or agreements thereunder, any official
interpretations thereof, any law implementing an intergovernmental approach thereto, in each case, as amended from time to time, and an agreement described in Section 1471(b) of the Code; 

“FATCA Withholding” means any withholding or deduction required pursuant to an agreement described in
Section 1471(b) of the Code or otherwise imposed pursuant to Sections 1471 through 1474 of the Code (or any regulations thereunder or official interpretations thereof) or an intergovernmental agreement between the United States and another
jurisdiction facilitating the implementation thereof (or any law implementing such an intergovernmental agreement); 

“ICSDs” means Clearstream, Luxembourg and Euroclear; 

“Local Banking Day” means a day (other than a Saturday or a Sunday) on which commercial banks are open for
business (including dealings in foreign exchange and foreign currency deposits) in the city in which the Principal Paying Agent has its Specified Office; 

“Local Time” means the time in the city in which the Principal Paying Agent has its Specified Office; 

“Noteholders” means the holders of the Notes for the time being; 

“Paying Agent” means any institution in its respective Specified Office appointed as paying agent pursuant to
this Agreement (including, for the avoidance of doubt, the Principal Paying Agent), and includes any successors thereto appointed from time to time in accordance with Clause 11 (Changes in Paying Agents); 

“PRA” means the United Kingdom Prudential Regulation Authority; 

“Principal Paying Agent’s Group” means collectively and individually, HSBC Holdings plc, its affiliates,
subsidiaries, associated entities and any of their branches and offices, and “any member of the HSBC Group” has the same meaning; 

“Put Event Notice” means a notice of exercise relating to the put option contained in Condition 5(d)
(Redemption at the option of Noteholders), substantially in the form set out in Schedule 1 (Form of Put Event Notice) or such other form as may from time to time be agreed between the Issuer, the Principal Paying Agent and the Trustee
and distributed to each Paying Agent; 
 “Put Event Receipt” means a receipt delivered by a Paying Agent in
relation to a Definitive Note which is the subject of a Put Event Notice, substantially in the form set out in Schedule 2 (Form of Put Event Receipt) or such other form as may from time to time be agreed between the Issuer, the Principal
Paying Agent and the Trustee and distributed to each Paying Agent; 

  
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 “Required Paying Agent” means any Paying Agent (which may be the
Principal Paying Agent) which is the sole remaining Paying Agent with its Specified Office in any city where a stock exchange on which the Notes are listed requires there to be a Paying Agent; 

“Specified Office” means, in relation to any Paying Agent: 

 

	 	(a)	 the office specified against its name in Schedule 3 (Specified Offices of the Paying Agents); or 

 

	 	(b)	 such other office as such Paying Agent may specify in accordance with Clause 11.8 (Changes in Specified Offices); and 

“Successor” means, in relation to any person, an assignee or successor in title of such person who, under the
law of its jurisdiction of incorporation or domicile, has assumed the rights and obligations of such person under this Agreement or to which under such laws the same have been transferred. 

 

	1.2	 Records 

Any reference in this Agreement to the records of an ICSD shall be to the records that each of the ICSDs holds for its
customers which reflect the amount of such customers’ interests in the Notes (but excluding any interest in any Notes of one ICSD shown in the records of another ICSD). 
  

	1.3	 Clauses and Schedules 

Any reference in this Agreement to a Clause or a sub-clause or a Schedule is, unless otherwise stated, to a clause or a
sub-clause hereof or a schedule hereto. 
  

	1.4	 Principal and interest 

In this Agreement, any reference to principal or interest includes any additional amounts payable in relation thereto under
the Conditions. 
  

	1.5	 Terms defined in the Conditions and the Trust Deed 

Terms and expressions used but not defined herein have the respective meanings given to them in the Conditions and the Trust
Deed. 
  

	1.6	 Statutes 

Any reference in this Agreement to any legislation (whether primary legislation or regulations or other subsidiary legislation
made pursuant to primary legislation) shall be construed as a reference to such statute, provision, statutory instrument, order or regulation as the same may have been, or may from time to time be, amended or
re-enacted. 
  

	1.7	 Headings 

Headings and sub-headings are for ease of reference only and shall not affect the construction of this Agreement. 

  
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	1.8	 Liability 

All references in this Agreement to wilful default or fraud or gross negligence means a finding to such effect by a court of
competent jurisdiction in relation to the conduct of the relevant party. 
  

	1.9	 Successors 

Each party to this Agreement shall include any Successor thereto. 

 

	2.	 APPOINTMENT OF THE PAYING AGENTS 

  

	2.1	 Appointment 

The Issuer and, for the purposes of Clause 7.8 (Paying Agents to act for Trustee) only, the Trustee appoints each
Paying Agent as its agent in relation to the Notes for the purposes specified in this Agreement and in the Conditions. 
  

	2.2	 Acceptance of appointment 

Each Paying Agent accepts its appointment as agent of the Issuer and, in respect of Clause 7.8 (Paying Agents to act for
Trustee) only, the Trustee in relation to the Notes and agrees to comply with the provisions of this Agreement. 
  

	2.3	 Obligations several 

The obligations of the Paying Agents are several and not joint. 

 

	2.4	 Notices of Change of Trustee 

The Issuer shall forthwith give notice to each Paying Agent of any change in the person or persons comprising the Trustee.

  

	3.	 THE NOTES 

  

	3.1	 Availability 

The Issuer shall arrange for the unauthenticated, uneffectuated Permanent Global Note to be made available to or to the order
of the Principal Paying Agent not later than 10 days before the Exchange Date. If the Issuer is required to deliver Definitive Notes pursuant to the terms of the Permanent Global Note, the Issuer shall arrange for £500,000,000 in aggregate
principal amount of unauthenticated Definitive Notes to be made available to or to the order of the Principal Paying Agent as soon as practicable and in any event not later than 30 days after the bearer of the Permanent Global Note has requested its
exchange for Definitive Notes. The Issuer shall also arrange for such unauthenticated and, if applicable, uneffectuated Temporary Global Notes, Permanent Global Notes, Definitive Notes and Coupons as are required to enable the Principal Paying Agent
to perform its obligations under Clause 5 (Replacement Notes and Coupons) to be made available to or to the order of the Principal Paying Agent from time to time. 
  

	3.2	 Duties of Principal Paying Agent 

The Principal Paying Agent shall hold in safe keeping all unauthenticated and, if applicable, uneffectuated Temporary Global
Notes, Permanent Global Notes, Definitive Notes and Coupons delivered to it in accordance with Clause 3.1 (Availability) and shall ensure that they 

  
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are authenticated (in the case of Temporary Global Notes, Permanent Global Notes and Definitive Notes), effectuated (in the case of Temporary Global Notes and Permanent Global Notes) and
delivered only in accordance with the terms hereof, of the Conditions and of the Temporary Global Note or (as the case may be) the Permanent Global Note. 
  

	3.3	 Authority to authenticate and effectuate 

The Principal Paying Agent is authorised by the Issuer to authenticate and, to effectuate, the Temporary Global Note and the
Permanent Global Note, any replacement therefor and each Definitive Note by the signature of any of its officers or any other person duly authorised for the purpose by the Principal Paying Agent. 

 

	4.	 DELIVERY OF PERMANENT GLOBAL NOTE AND DEFINITIVE NOTES 

 

	4.1	 Delivery of Permanent Global Note 

Subject to receipt by the Principal Paying Agent of the Permanent Global Note in accordance with Clause 3.1
(Availability), the Principal Paying Agent shall, against presentation or (as the case may be) surrender to it or to its order of the Temporary Global Note and in accordance with the terms thereof, authenticate and deliver to the Common
Safekeeper the Permanent Global Note in the aggregate principal amount required by the terms of the Temporary Global Note (together with an instruction to the Common Safekeeper to effectuate the Permanent Global Note) or, if the Permanent Global
Note has already been issued in exchange for part only of the Temporary Global Note, instruct the ICSDs (in accordance with Schedule 4 (Duties under the Issuer-ICSDs Agreement)) to make appropriate entries in their records to reflect
such aggregate principal amount. 
  

	4.2	 Exchange of Temporary Global Note and Permanent Global Note 

On each occasion on which the Permanent Global Note is delivered pursuant to Clause 4.1 (Delivery of Permanent Global
Note) or a further exchange of interests in the Temporary Global Note for interests in the Permanent Global Note is made the Principal Paying Agent shall instruct the ICSDs (in accordance with Schedule 4 (Duties under the Issuer-ICSDs
Agreement)) to make appropriate entries in their records to reflect the aggregate principal amount of the Permanent Global Note so delivered (the “relevant principal amount”), the new aggregate principal amount of the Permanent Global
Note (which shall be the previous principal amount thereof plus the relevant principal amount) and the remaining principal amount of the Temporary Global Note (which shall be the previous principal amount thereof less the relevant principal amount).
The Principal Paying Agent shall cancel or procure the cancellation of the Temporary Global Note when and if it has made full exchange thereof for interests in the Permanent Global Note. 

 

	4.3	 Delivery of Definitive Notes 

Subject to receipt by the Principal Paying Agent of Definitive Notes in accordance with Clause 3.1 (Availability),
the Principal Paying Agent shall, against presentation or (as the case may be) surrender to it or to its order of the Permanent Global Note and in accordance with the terms thereof, authenticate and deliver Definitive Notes in the required aggregate
principal amount to the bearer of the Permanent Global Note; provided, however, that each Definitive Note shall at the time of its delivery have attached thereto only such Coupons as shall ensure that neither loss nor gain accrues to the
bearer thereof. 

  
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	4.4	 Exchange of Permanent Global Note for Definitive Notes 

On each occasion on which Definitive Notes are delivered in exchange for the Permanent Global Note, the Principal Paying Agent
shall instruct the ICSDs (in accordance with the provisions of Schedule 4 (Duties under the Issuer-ICSDs Agreement)) to make appropriate entries in their records to reflect the aggregate principal amount of Definitive Notes so delivered (the
“relevant principal amount”) and the remaining principal amount of the Permanent Global Note (which shall be the previous principal amount thereof less the relevant principal amount). The Principal Paying Agent shall cancel or procure the
cancellation of the Permanent Global Note when and if it has made full exchange for Definitive Notes. 
  

	4.5	 Election of Common Safekeeper 

The Issuer hereby authorises and instructs the Principal Paying Agent to elect an ICSD to be Common Safekeeper for the
Temporary Global Note and the Permanent Global Note. From time to time, the Issuer and the Principal Paying Agent may agree to vary this election. The Issuer acknowledges that in connection with the election of either of the ICSDs as Common
Safekeeper any such election is subject to the right of the ICSDs to jointly determine that the other shall act as Common Safekeeper in relation to any such issue and agrees that no liability shall attach to the Principal Paying Agent in respect of
any such election made by it. 
  

	5.	 REPLACEMENT NOTES AND COUPONS 

  

	5.1	 Delivery of Replacements 

Subject to receipt of sufficient replacement Temporary Global Notes, Permanent Global Notes, Definitive Notes and Coupons in
accordance with Clause 3.1 (Availability), the Principal Paying Agent shall, upon and in accordance with the instructions of the Issuer (which instructions may, without limitation, include terms as to the payment of expenses and as to
evidence, security and indemnity), authenticate (if necessary) and deliver a Temporary Global Note, Permanent Global Note, Definitive Note or Coupon as a replacement for any Temporary Global Note, Permanent Global Note, Definitive Note or Coupon
which has been mutilated or defaced or which is alleged to have been destroyed, stolen or lost; provided, however, that: 
  

	 	5.1.1	 Surrender or destruction: no Temporary Global Note, Permanent Global Note, Definitive Note or Coupon, as the case may be, shall be delivered
as a replacement for any Temporary Global Note, Permanent Global Note, Definitive Note or Coupon which has been mutilated or defaced otherwise than against surrender of the same or, in the case of a Temporary Global Note or Permanent Global Note,
appropriate confirmation of destruction from the Common Safekeeper and in any case the Principal Paying Agent shall not issue any replacement Temporary Global Note, Permanent Global Note, Definitive Note or Coupon until the applicant has furnished
the Principal Paying Agent with such evidence and indemnity as the Issuer and/or the Principal Paying Agent may reasonably require and has paid such costs and expenses as may be incurred in connection with such replacement; and

  

	 	5.1.2	 Effectuation: any replacement Temporary Global Note or Permanent Global Note shall be delivered to the Common Safekeeper together with
instructions to effectuate it. 

  
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	5.2	 Replacements to be numbered 

Each replacement Temporary Global Note, Permanent Global Note, Definitive Note or Coupon delivered under this Agreement shall
bear a unique certificate or (as the case may be) serial number. 
  

	5.3	 Cancellation of mutilated or defaced Notes 

The Principal Paying Agent shall cancel each mutilated or defaced Temporary Global Note, Permanent Global Note, Definitive
Note or Coupon surrendered to it in respect of which a replacement has been delivered. 
  

	5.4	 Notification 

The Principal Paying Agent shall, upon request notify the Issuer, each other Paying Agent and the Trustee of the delivery by
it of any replacement Temporary Global Note, Permanent Global Note, Definitive Note or Coupon specifying the certificate or serial number thereof and the certificate or serial number (if any and if known) of the Temporary Global Note, Permanent
Global Note, Definitive Note or Coupon which it replaces and confirming that the Temporary Global Note, Permanent Global Note, Definitive Note or Coupon which it replaces has been cancelled and (if such is the case) destroyed in accordance with
Clause 8.8 (Destruction). 
  

	6.	 PAYMENTS TO THE PRINCIPAL PAYING AGENT 

  

	6.1	 Issuer to pay the Principal Paying Agent 

In order to provide for the payment of principal and interest in respect of the Notes as the same becomes due and payable, the
Issuer shall pay to the Principal Paying Agent, on or before the date which is one Local Banking Day before the day on which such payment becomes due, an amount equal to the amount of principal and/or (as the case may be) interest falling due in
respect of the Notes on such date in immediately available funds. In this Clause, the date on which a payment in respect of the Notes becomes due means the first date on which the holder of a Note or Coupon could claim the relevant payment by
transfer to an account under the Conditions. 
  

	6.2	 Manner and time of payment 

Each amount payable under Clause 6.1 (Issuer to pay the Principal Paying Agent) shall be paid unconditionally by credit
transfer in Sterling and in immediately available, freely transferable, cleared funds not later than 10.00 a.m. (London time) on the relevant day (or by such earlier time as may be determined by the Principal Paying Agent in its absolute discretion)
to such account with such bank in London as the Principal Paying Agent may from time to time by notice to the Issuer (with a copy to the Trustee) specify for such purpose. The Issuer shall, before 10.00 a.m. (London Time) on the second Local Banking
Day before the due date of each payment by it under Clause 6.1 (Issuer to pay the Principal Paying Agent), procure that the bank effecting payment for it confirms by authenticated SWIFT message to the Principal Paying Agent the payment
instructions relating to such payment. 
 If any payment provided for in Clause 6.1 (Issuer to pay the Principal Paying
Agent) is made late but otherwise in accordance with the provisions of this Agreement, the Principal Paying Agent and each Paying Agent shall nevertheless make payments in respect of the Notes as aforesaid following receipt by it of such
payment. 

  
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	6.3	 Exclusion of liens and interest 

The Principal Paying Agent shall be entitled to deal with each amount paid to it under this Clause 6 (Payments to the
Principal Paying Agent) in the same manner as other amounts paid to it as a banker by its customers; provided, however, that: 
  

	 	6.3.1	 it shall not exercise against the Issuer any lien, right of set-off or similar claim in respect thereof; and 

 

	 	6.3.2	 it shall not be liable to any person for interest thereon. 

No monies held by any Paying Agent need be segregated except as required by law. 

 

	6.4	 Application by Principal Paying Agent 

The Principal Paying Agent shall apply each amount paid to it under this Clause 6 (Payments to the Principal Paying
Agent) in accordance with Clause 7 (Payments to Noteholders) and shall not be obliged to repay any such amount unless the claim for the relevant payment becomes void under Condition 8 (Prescription), in which event it shall refund
at the written request of the Issuer such portion of such amount as relates to such payment by paying the same by credit transfer in Sterling to such account with such bank in London as the Issuer has by notice to the Principal Paying Agent
specified for the purpose. 
  

	6.5	 Failure to confirm payment instructions 

If the Principal Paying Agent has not, by 12.00 noon (Local Time) on the second Local Banking Day before the due date of any
payment to it under Clause 6.1 (Issuer to pay the Principal Paying Agent), received confirmation of the relevant payment instructions referred to in Clause 6.2 (Manner and time of payment), it shall forthwith notify the Issuer, the
Trustee and each other Paying Agent. If the Principal Paying Agent subsequently receives confirmation of such payment instructions, it shall forthwith notify the Issuer, the Trustee and each other Paying Agent. 

 

	7.	 PAYMENTS TO NOTEHOLDERS 

  

	7.1	 Payments by the Paying Agents 

Each Paying Agent acting through its Specified Office shall make payments of principal and interest in respect of the Notes in
accordance with the Conditions (and, in the case of the Temporary Global Note or the Permanent Global Note, the terms thereof); provided, however, that: 
  

	 	7.1.1	 if any Definitive Note or Coupon is presented or surrendered for payment to any Paying Agent and such Paying Agent has delivered a replacement
therefor or has been notified that the same has been replaced, such Paying Agent shall forthwith notify, upon request, the Issuer of such presentation or surrender and shall not make payment against the same until it is so instructed by the Issuer
and the Principal Paying Agent has received the amount to be so paid; 

  

	 	7.1.2	 a Paying Agent shall not be obliged (but shall be entitled) to make such payments of principal or interest in respect of the Notes, if:

  

	 	(a)	 in the case of the Principal Paying Agent, it has not received the full amount of any payment due to it under Clause 6.1 (Issuer to pay the
Principal Paying Agent); or 

  
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	 	(b)	 in the case of any other Paying Agent: 

  

	 	(i)	 it has been notified in accordance with Clause 6.5 (Failure to confirm payment instructions) that confirmation of the relevant payment
instructions has not been received, unless it is subsequently notified that confirmation of such payment instructions has been received; or 

  

	 	(ii)	 it is not able to establish that the Principal Paying Agent has received (whether or not at the due time) the full amount of any payment due to it
under Clause 6.1 (Issuer to pay the Principal Paying Agent); 

  

	 	7.1.3	 each Paying Agent shall cancel each Definitive Note or Coupon against surrender of which it has made full payment and shall, in the case of a
Paying Agent other than the Principal Paying Agent, deliver each Definitive Note or Coupon so cancelled by it to, or to the order of, the Principal Paying Agent; 

 

	 	7.1.4	 upon any payment being made in respect of the Temporary Global Note or the Permanent Global Note, the relevant Paying Agent shall instruct the
ICSDs (in accordance with Schedule 4 (Duties under the Issuer-ICSDs Agreement)) to make appropriate entries in their records to reflect the amount of such payment and, in the case of payment of principal, the remaining principal amount of the
Notes represented by such Temporary Global Note or Permanent Global Note (which shall be the previous principal amount thereof less the principal amount in respect of which payment has then been paid); and 

 

	 	7.1.5	 notwithstanding any other provision of this Agreement, each Paying Agent shall be entitled to make a deduction or withholding from any payment
which it makes under this Agreement for or on account of any present or future taxes, duties or charges if and to the extent so required by applicable law or by FATCA, in which event such Paying Agent shall make such payment after such withholding
or deduction has been made and shall account to the relevant authorities for the amount so withheld or deducted. 

  

	7.2	 Exclusion of liens 

No Paying Agent shall exercise any lien, right of set-off or similar claim against any person to whom it makes any payment
under Clause 7.1 (Payments by the Paying Agents) in respect thereof. 
  

	7.3	 Reimbursement by the Principal Paying Agent 

If a Paying Agent other than the Principal Paying Agent makes any payment in accordance with Clause 7.1 (Payments by the
Paying Agents): 
  

	 	7.3.1	 it shall notify the Principal Paying Agent of the amount so paid by it, the certificate or serial number (if any) of the Temporary Global Note,
Permanent Global Note, Definitive Note or Coupon against presentation or surrender of which payment of principal was made, or of the Temporary Global Note, Permanent Global Note or Definitive Note against presentation or surrender of which payment
of interest was made, and the number of Coupons by maturity against presentation or surrender of which payment of interest was made; 

  

	 	7.3.2	 subject to and to the extent of compliance by the Issuer with Clause 6.1 (Issuer to pay the Principal Paying Agent) (whether or not at the
due time), the Principal Paying Agent shall pay to such Paying Agent out of the funds received by it under Clause 6.1 

  
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(Issuer to pay the Principal Paying Agent), by credit transfer in Sterling and in immediately available, freely transferable, cleared funds to such account with such bank in London as such
Paying Agent has by notice to the Principal Paying Agent specified for the purpose, an amount equal to the amount so paid by such Paying Agent. 

  

	7.4	 Appropriation by the Principal Paying Agent 

If the Principal Paying Agent makes any payment in accordance with Clause 7.1 (Payments by the Paying Agents), it shall
be entitled to appropriate for its own account out of the funds received by it under Clause 6.1 (Issuer to pay the Principal Paying Agent) an amount equal to the amount so paid by it. 

 

	7.5	 Reimbursement by Issuer 

Subject to sub-clauses 7.1.1 and 7.1.2 (Payments by the Paying Agents), if a Paying Agent makes a payment in respect of
Notes on or after the due date for such payment under the Conditions at a time at which the Principal Paying Agent has not received the full amount of the relevant payment due to it under Clause 6.1 (Issuer to pay the Principal Paying Agent)
and the Principal Paying Agent is not able out of funds received by it under Clause 6.1 (Issuer to pay the Principal Paying Agent) to reimburse such Paying Agent therefor (whether by payment under Clause 7.3 (Reimbursement by the Principal
Paying Agent) or appropriation under Clause 7.4 (Appropriation by the Principal Paying Agent), the Issuer shall from time to time on demand pay to the Principal Paying Agent for account of such Paying Agent: 

 

	 	7.5.1	 the amount so paid out by such Paying Agent and not so reimbursed to it; and 

 

	 	7.5.2	 interest on such amount from the date on which such Paying Agent made such payment until the date of reimbursement of such amount;

 provided, however, that any payment made under sub-clause 7.5.1 above shall satisfy pro
tanto the obligations of the Issuer under Clause 6.1 (Issuer to pay the Principal Paying Agent). 
  

	7.6	 Interest 

Interest shall accrue for the purpose of sub-clause 7.5.2 (Reimbursement by Issuer) (as well after as before judgment)
at the rate per annum equal to the cost of the Principal Paying Agent of funding such amount, as certified by the Principal Paying Agent. Such interest shall be compounded daily. 

 

	7.7	 Partial payments 

If at any time and for any reason a Paying Agent makes a partial payment in respect of the Temporary Global Note, the
Permanent Global Note or any Definitive Note or Coupon presented or surrendered for payment to or to the order of that Paying Agent, such Paying Agent shall, in the case of the Temporary Global Note and/or the Permanent Global Note, instruct the
ICSDs (in accordance with the provisions of Schedule 4 (Duties under the Issuer-ICSDs Agreement)) to make appropriate entries in their respective records to reflect such partial payments and, in the case of any Definitive Note or Coupon,
enface thereon a statement indicating the amount and date of such payment. 

  
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	7.8	 Paying Agents to act for Trustee 

If any Event of Default occurs, the Paying Agents shall, if so required by notice given by the Trustee to the Issuer and the
Paying Agents (or such of them as are specified by the Trustee): 
  

	 	7.8.1	 act thereafter, until otherwise instructed by the Trustee, as the agents of the Trustee in relation to payments to be made by or on behalf of the
Trustee under the Trust Deed (save that the Trustee’s liability for the indemnification, remuneration and/or payment of out-of pocket expenses of any of the Paying Agents shall be limited to the amounts for the time being held by the Trustee on
the trusts of the Trust Deed and available to the Trustee for such purpose) and thereafter to hold all Definitive Notes and Coupons and all sums, documents and records held by them in respect of the Notes on behalf of the Trustee; and

  

	 	7.8.2	 deliver up all Definitive Notes and Coupons and all sums, documents and records held by them in respect of the Notes to the Trustee or as the
Trustee shall direct in such notice; provided, however, that such notice shall not be deemed to apply to any document or record which any Paying Agent is obliged not to release by any law or regulation. 

 

	8.	 MISCELLANEOUS DUTIES OF THE PAYING AGENTS 

  

	8.1	 Records 

The Principal Paying Agent shall: 
  

	 	8.1.1	 maintain a record of the Temporary Global Note, the Permanent Global Note and all Definitive Notes and Coupons delivered hereunder and of their
redemption, payment, cancellation, mutilation, defacement, alleged destruction, theft, loss or replacement (and, in the case of the Temporary Global Note, exchange of interests thereof for interests in the Permanent Global Note, Definitive Notes
and, in the case of the Permanent Global Note, exchange thereof for Definitive Notes); provided, however, that no record need be maintained of the serial numbers of Coupons, save for the serial numbers of Coupons for which replacements have
been issued under Clause 5 (Replacement Notes and Coupons) and unmatured Coupons missing at the time of redemption or other cancellation of the relevant Definitive Notes and for any subsequent payments against such Coupons;

  

	 	8.1.2	 maintain a record of all certifications received by it in accordance with Clause 8.3 (Certifications) or the provisions of the Temporary
Global Note and all confirmations received by it in accordance with Clause 8.4 (Cancellation); and 

  

	 	8.1.3	 make such records available for inspection at all reasonable times by the Issuer, the other Paying Agents and the Trustee. 

 

	8.2	 Information from Paying Agents 

The Paying Agents shall make available to the Principal Paying Agent such information as may reasonable be required for: 

 

	 	8.2.1	 the maintenance of the records referred to in Clause 8.1 (Records); and 

 

	 	8.2.2	 the Principal Paying Agent to perform the duties set out in Schedule 4 (Duties under the Issuer-ICSDs Agreement). 

  
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	8.3	 Certifications 

Each Paying Agent shall promptly copy to the Issuer and, in the case of a Paying Agent other than the Principal Paying Agent,
the Principal Paying Agent any certification received by it in accordance with the provisions of the Temporary Global Note. 
  

	8.4	 Cancellation 

The Issuer may from time to time deliver to the Principal Paying Agent Definitive Notes and unmatured Coupons relating thereto
for cancellation, whereupon the Principal Paying Agent shall cancel such Definitive Notes and Coupons. In addition, the Issuer may from time to time instruct the Principal Paying Agent to cancel a specified aggregate principal amount of Notes
represented by the Temporary Global Note or the Permanent Global Note (which instructions shall be accompanied by evidence satisfactory to the Principal Paying Agent that the Issuer is entitled to give such instructions) whereupon the Principal
Paying Agent shall instruct the ICSDs (in accordance with the provisions of Schedule 4 (Duties under the Issuer-ICSDs Agreement)) to make appropriate entries in their respective records to reflect such cancellation. 

 

	8.5	 Definitive Notes and Coupons in issue 

As soon as practicable (and in any event within three months) after each interest payment date in relation to the Notes, after
each date on which Notes are cancelled in accordance with Clause 8.4 (Cancellation) and after each date on which the Notes fall due for redemption in accordance with the Conditions, the Principal Paying Agent shall notify the Issuer, the
other Paying Agents and the Trustee (on the basis of the information available to it) of the number of any Definitive Notes or Coupons against surrender of which payment has been made and of the number of any Definitive Notes or (as the case may be)
Coupons which have not yet been surrendered for payment. 
  

	8.6	 Forwarding of communications 

The Principal Paying Agent shall promptly forward to the Issuer a copy of any notice or communication addressed to the Issuer
by any Noteholder which is received by the Principal Paying Agent. 
  

	8.7	 Publication of notices 

The Principal Paying Agent shall, upon and in accordance with instructions of the Issuer and/or the Trustee received at least
10 days before the proposed publication date, arrange for the publication of any notice provided to it which is to be given to the Noteholders and shall supply a copy thereof to each other Paying Agent, the Trustee Euroclear, Clearstream, Luxembourg
and any competent authority, stock exchange and/or quotation system by which the Notes have been admitted to listing, trading and/or quotation. 
  

	8.8	 Destruction 

The Principal Paying Agent: 
  

	 	8.8.1	 Cancelled Notes: may destroy the Temporary Global Note following its cancellation in accordance with Clause 4.2 (Exchange of Temporary
Global Note and Permanent Global Note) and the Permanent Global Note following its cancellation in accordance with Clause 4.4 (Exchange of Permanent Global Note for Definitive Notes) and the Temporary Global Note, the Permanent Global
Note and each Definitive Note or Coupon delivered to or cancelled by it in accordance with sub-clause 7.1.3 (Payments 

  
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by the Paying Agents) or cancelled by it in accordance with Clause 5.3 (Cancellation of mutilated or defaced Notes) or Clause 8.4 (Cancellation), in which case it
shall furnish the Issuer with a certificate of destruction specifying the certificate or serial numbers (if any) of the Temporary Global Note or (as the case may be) the Permanent Global Note or Definitive Notes and the number of Coupons so
destroyed; 

  

	 	8.8.2	 Destruction by Common Safekeeper: may instruct the Common Safekeeper to destroy the Temporary Global Note and the Permanent Global Note in
accordance with Clause 4.2 (Exchange of Temporary Global Note and Permanent Global Note) or Clause 7.1 (Payments by the Paying Agents) in which case, upon receipt of confirmation of destruction from the Common Safekeeper, the Principal
Paying Agent shall furnish the Issuer with a copy of such confirmation; and 

  

	 	8.8.3	 Notes electronically delivered to the Common Safekeeper: where it has delivered the authenticated Temporary Global Note or the authenticated
Permanent Global Note to a Common Safekeeper for effectuation using electronic means, is authorised and instructed to destroy the authenticated Temporary Global Note or authenticated Permanent Global Note retained by it following its receipt of
confirmation from the Common Safekeeper that the Temporary Global Note or, as the case may be, the Permanent Global Note has been effectuated. 

  

	8.9	 Documents available for inspection 

The Issuer shall provide to each Paying Agent and the Trustee: 

 

	 	8.9.1	 conformed copies of this Agreement and the Trust Deed; 

  

	 	8.9.2	 if the provisions of Condition 5(b) (Redemption for Taxation Reasons) become relevant in relation to the Notes, the documents contemplated
under Condition 5(b) (Redemption for Taxation Reasons); and 

  

	 	8.9.3	 such other documents as may from time to time be required by the London Stock Exchange to be made available at the Specified Office of the Paying
Agent having its Specified Office in London. 

 Each of the Paying Agents shall make available for
inspection during normal business hours at its Specified Office the documents referred to above and, upon reasonable request, will allow copies of such documents to be taken. 
  

	8.10	 Voting Certificates and Block Voting Instructions 

Each Paying Agent shall, at the request of any Noteholder, issue Voting Certificates and Block Voting Instructions in a form
and manner which comply with the provisions of Schedule 3 (Provisions for Meetings of the Noteholders) to the Trust Deed (except that it shall not be required to issue the same less than 48 hours before the time fixed for any Meeting provided
for therein). Each Paying Agent shall keep a full record of Voting Certificates and Block Voting Instructions issued by it and shall give to the Issuer and the Trustee, not less than 24 hours before the time appointed for any Meeting, full
particulars of all Voting Certificates and Block Voting Instructions issued by it in respect of such Meeting. 
  

	8.11	 Exercise of put option 

Each Paying Agent shall make available to Noteholders during the period specified in Condition 5(d) (Redemption at the
option of Noteholders) for the deposit of Put Event Notices forms of Put Event Notice upon request during usual business hours at its Specified Office. 

  
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Upon receipt by a Paying Agent of a duly completed Put Event Notice and, in the case of a Put Event Notice relating to Definitive Notes, such Definitive Notes in accordance with Condition 5(d)
(Redemption at the option of Noteholders), such Paying Agent shall notify the Issuer and (in the case of a Paying Agent other than the Principal Paying Agent) the Principal Paying Agent thereof indicating the certificate or serial
numbers (if any) and principal amount of such Notes in respect of which the Put Option is exercised. Any such Paying Agent with which a Definitive Note is deposited shall deliver a duly completed Put Event Receipt to the depositing Noteholder and
shall hold such Definitive Note on behalf of the depositing Noteholder (but shall not, save as provided below or in the Conditions, release it) until the relevant Put Date, when it shall present such Definitive Note to itself for payment of the
redemption moneys therefor and interest (if any) accrued to such date in accordance with the Conditions and Clause 7 (Payments to Noteholders) and pay such amounts in accordance with the directions of the Noteholder contained in the Put Event
Notice; provided, however, that if, prior to the Put Date, such Definitive Note becomes immediately due and payable or upon due presentation of such Definitive Note payment of such redemption moneys is improperly withheld or refused, the
relevant Paying Agent shall mail notification thereof to the depositing Noteholder at such address as may have been given by such Noteholder in the relevant Put Event Notice and shall hold such Note at its Specified Office for collection by the
depositing Noteholder against surrender of the relevant Put Event Receipt. For so long as any outstanding Definitive Note is held by a Paying Agent in accordance with the preceding sentence, the depositor of the relevant Definitive Note, and not the
relevant Paying Agent, shall be deemed to be the bearer of such Definitive Note for all purposes. Any Paying Agent which receives a Put Event Notice in respect of Notes represented by the Permanent Global Note shall make payment of the relevant
redemption moneys and interest accrued to the Put Date in accordance with the Conditions, Clause 7 (Payments to Noteholders) and the terms of the Permanent Global Note. 

 

	8.12	 Issuer-ICSDs Agreement 

The Principal Paying Agent shall comply with the provisions set out in Schedule 4 (Duties under the Issuer-ICSDs
Agreement). 
  

	9.	 FEES AND EXPENSES 

  

	9.1	 Fees 

The Issuer shall pay to the Paying Agents such fees as have been separately agreed between the Issuer and the Paying Agents
(plus any applicable value added tax). 
  

	9.2	 Front-end expenses 

The Issuer shall on demand reimburse the Principal Paying Agent for all costs and expenses incurred by it in the negotiation,
preparation and execution of this Agreement, and shall on demand reimburse each Paying Agent for all costs and expenses (including, without limitation, legal fees and any publication, advertising, communication, courier, fax, postage and other
out-of-pocket expenses) properly incurred in connection with its services hereunder (plus any applicable value added tax, stamp, issue, registration, documentary or other taxes or duties thereon), other than such costs and expenses as are separately
agreed to be reimbursed out of the fees payable under Clause 9.1 (Fees). 
  

	9.3	 Taxes 

  

	 	9.3.1	 The Issuer shall pay all value added tax, sales, stamp, registration, issue, documentary and other taxes and duties (including any interest and
penalties thereon or in connection therewith) which are payable upon or in connection with the execution 

  
 - 14 - 

	 	 
and delivery of this Agreement, and, notwithstanding any other provision of this Agreement, the Issuer shall indemnify each Paying Agent on demand against any claim, demand, action, liability,
damages, cost, loss or expense (including, without limitation, legal fees and any applicable value added tax) which it incurs as a result or arising out of or in relation to any failure to pay or delay in paying any of the same or in connection with
the Issuer’s obligation to withhold or deduct an amount on account of tax, including without limitation, FATCA. All payments by the Issuer under this Clause 9 (Fees and Expenses) or Clause 10.6 (Indemnity in favour of the Paying
Agents) shall be made free and clear of, and without withholding or deduction for, any taxes, duties, assessments or governmental charges of whatsoever nature imposed, levied, collected, withheld or assessed by the United Kingdom or any
political subdivision or any authority thereof or therein having power to tax, unless such withholding or deduction is required by law. In that event, the Issuer shall pay such additional amounts as will result in the receipt by the relevant Paying
Agent of such amounts as would have been received by it if no such withholding or deduction had been required. 

  

	 	9.3.2	 If the Issuer or any Paying Agent is, in respect of any payment in respect of the Notes, required to withhold or deduct any amount for or on
account of any taxes, duties, assessments or governmental charges, the Issuer shall give written notice of that fact to such Paying Agent as soon as the Issuer becomes aware of the requirement to make the withholding or deduction and shall give to
the Paying Agent such information as the Paying Agent shall require to enable it to assess and comply with the requirement. Until such time, the Issuer confirms that all payments made by or on behalf of the Issuer shall be made free and clear of and
without withholding or deduction of any such amounts. 

  

	 	9.3.3	 The fees, commissions and expenses payable to the Paying Agents for services rendered and the performance of its obligations under this Agreement
shall not be abated by any remuneration or other amounts or profits receivable by such Paying Agent (or to its knowledge by any of its associates) in connection with any transaction effected by such Paying Agent with or for the Issuer.

  

	10.	 TERMS OF APPOINTMENT 

 

	10.1	 Rights and powers 

Each Paying Agent may, in connection with its services hereunder: 

 

	 	10.1.1	 except as ordered by a court of competent jurisdiction or otherwise required by law and regardless of any notice of ownership, trust or any other
interest therein, any writing thereon or any notice of any previous loss or theft thereof, but subject to sub-clause 7.1.1 (Payments by the Paying Agents), treat the holder of any Temporary Global Note, Permanent Global Note, Definitive Note
or Coupon as its absolute owner for all purposes and make payments thereon accordingly; 

  

	 	10.1.2	 assume that the terms of the Temporary Global Note, the Permanent Global Note and each Definitive Note and Coupon as issued are correct;

  

	 	10.1.3	 refer any question relating to the ownership of the Temporary Global Note, the Permanent Global Note or any Definitive Note or Coupon or the
adequacy or sufficiency of any evidence supplied in connection with the replacement of the Temporary Global Note, the Permanent Global Note or any Definitive Note or Coupon to the Issuer for determination by the Issuer and rely upon any
determination so made; 

  
 - 15 - 

	 	10.1.4	 request and be provided with such information from the Issuer, as it shall reasonably require; 

 

	 	10.1.5	 rely upon and shall be protected against Liability for acting on the terms of any notice, communication or other document believed by it to be
genuine and from the proper party; and 

  

	 	10.1.6	 engage and pay (at the expense of the Issuer) for the advice or services of any lawyers, auditors, financial advisors or other experts whose advice
or services it considers necessary and rely upon any advice so obtained (and such Paying Agent shall be protected and shall incur no liability as against the Issuer in respect of any action taken, or permitted to be taken, in accordance with such
advice and in good faith). 

  

	10.2	 Regulatory Provisions 

  

	 	10.2.1	 The Principal Paying Agent is authorised by the PRA and regulated by the FCA and PRA. 

 

	 	10.2.2	 Nothing shall require the Principal Paying Agent to carry on an activity of the kind specified by any provision of Part II (other than Article 5
(Accepting Deposits)) of the Financial Services and Markets Act 2000 (Regulated Activities) Order 2001, or to lend money to the Issuer. 

  

	10.3	 Extent of duties 

Each Paying Agent shall only be obliged to perform the duties set out herein and no implied duties or obligations (including
without limitation duties or obligations of a fiduciary or equitable nature) shall be read into any such documents and if the Conditions are amended on or after the date of this Agreement in a way that affects the duties expressed to be performed by
a Paying Agent, it shall not be obliged to perform such duties as so amended unless it has first approved the relevant amendment. No Paying Agent shall: 
  

	 	10.3.1	 be under any fiduciary duty or other obligation towards or have any relationship of trust for or with any person or have any relationship of agency
for or with any person other than the Issuer and the Trustee; 

  

	 	10.3.2	 be required to do anything which would be illegal or contrary to applicable law or regulation; 

 

	 	10.3.3	 be under any obligation to take any action under this Agreement that it expects, and has so notified the Issuer in writing, will result in any
expense to or liability of such Paying Agent, the payment of which is not, in its opinion, assured to it within a reasonable time 

  

	 	10.3.4	 be under any duty to expend its own funds; 

  

	 	10.3.5	 be responsible to monitor compliance by any other party or take steps to ascertain whether any relevant event under this Agreement, the Trust Deed,
the Subscription Agreement or any other document has occurred and no Paying Agent shall be liable for loss arising from breach by that party or any such event; 

 

	 	10.3.6	 be liable to any person for any matter or thing done or omitted in any way in connection with this Agreement or any other document save in relation
to its own gross negligence, wilful default or fraud; or 

  

	 	10.3.7	 be responsible for or liable in respect of the legality, validity or enforceability of the Temporary Global Note, the Permanent Global Note or any
Definitive Note or Coupon or this Agreement or any act or omission of any other person (including, without limitation, any other Paying Agent). 

  
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	10.4	 FATCA Information 

  

	 	10.4.1	 The Issuer agrees to provide to each Paying Agent, and consents to the collection and processing by the Paying Agents of, any authorisations,
waivers, forms, documentation and other information, relating to its status (or the status of its direct or indirect owners or Noteholders) or otherwise required to be reported, under FATCA (“FATCA Information”). The Issuer further
consents to the disclosure, transfer and reporting of such FATCA Information to any relevant government or taxing authority, any member of the Principal Paying Agent’s Group, any sub-contractors, agents, service providers or associates of such
Principal Paying Agent’s Group, and any person making payments to such Principal Paying Agent or a member of such Paying Agent’s Group, including transfers to jurisdictions which do not have strict data protection or similar laws, to the
extent that such Paying Agent reasonably determines that such disclosure, transfer or reporting is necessary or warranted to facilitate compliance with FATCA. The Issuer agrees to inform each Paying Agent promptly, and in any event, within 30 days
in writing if there are any changes to the FATCA Information supplied to each Paying Agent from time to time. The Issuer warrants that each person whose FATCA Information it provides (or has provided) to such Paying Agent has been notified of and
agreed to, and has been given such other information as may be necessary to permit, the collection, processing, disclosure, transfer and reporting of their information as set out in this clause. 

 

	 	10.4.2	 The Issuer hereby covenants with each Paying Agent to reasonably promptly notify each Paying Agent of any amendment(s) or waiver(s) to the terms of
the Trust Deed, the Conditions or the Agency Agreement and to either (i) provide on an opinion of independent tax counsel that such amendment(s) or waiver(s) to the terms of the Trust Deed, the Conditions or the Agency Agreement will not
constitute a “material modification” of such document for the purposes of FATCA or (ii) promptly notify the Paying Agent of the effective date of the possible “material modification” of such document for the purposes of
FATCA. 

  

	 	10.4.3	 In the case of any default by the Issuer, each Paying Agent shall have no duty or responsibility in the performance of the Issuer’s
obligations under the Conditions. 

  

	 	10.4.4	 Notwithstanding any other provision of this Agreement, each Paying Agent shall be entitled to take any action or to refuse to take any action which
such Paying Agent regards as necessary for such Paying Agent to comply with any applicable law, regulation or fiscal requirement or FATCA, or the rules, operating procedures or market practice of any relevant stock exchange or other market or
clearing system. 

  

	 	10.4.5	 Nothing in this Agreement shall require the Paying Agents to assume an obligation of the Issuer arising under any provision of the listing,
prospectus, disclosure or transparency rules (or equivalent rules of any other competent authority besides the FCA or PRA). 

  

	10.5	 Freedom to transact 

Each Paying Agent may purchase, hold and dispose of Notes and Coupons and may enter into any transaction (including, without
limitation, any depository, trust or agency transaction) with any holders of Notes or Coupons or with any other person in the same manner as if it had 

  
 - 17 - 

 
not been appointed as the agent of the Issuer in relation to the Notes and shall not in any way be liable to account for any profit made or share of brokerage or commission or remuneration or
other amount or benefit received thereby or in connection therewith. 
  

	10.6	 Indemnity in favour of the Paying Agents 

The Issuer shall indemnify on demand each Paying Agent against any claim, demand, action, liability, damages, cost, loss or
expense (including, without limitation, legal fees and any applicable value added tax) which it incurs, other than such costs and expenses as are separately agreed to be reimbursed out of the fees payable under Clause 9.1 (Fees) and otherwise
than by reason of its own gross negligence, wilful default or fraud, as a result or arising out of or in relation to its acting as the agent of the Issuer under this Agreement. The indemnity contained in this Clause 10.6 shall survive the
termination or expiry of this Agreement and whether or not such Paying Agent is then a paying agent under this Agreement. 
  

	10.7	 Exclusion of liability 

Each Paying Agent will only be liable to the Issuer for losses, liabilities, costs, fees, expenses and demands arising
directly from the performance of its obligations under this Agreement suffered by or occasioned to the Issuer (“Liabilities”) to the extent that the Paying Agent has been grossly negligent, fraudulent or in wilful default in respect
of its obligations under this Agreement. Each Paying Agent shall not otherwise be liable or responsible for any Liabilities or inconvenience which may result from anything done or omitted to be done by it in connection with this Agreement. For the
avoidance of doubt the failure of a Paying Agent to make a claim for payment of interest and principal on the Issuer, shall not be deemed to constitute gross negligence, fraud or wilful default on the part of the Paying Agent. 

 

	10.8	 Consequential damages disclaimer 

Liabilities arising under Clause 10.7 (Exclusion of liability) shall be limited to the amount of the actual loss. Such
actual loss shall be determined (i) as at the date of default of the Paying Agent or, if later, the date on which the loss arises as a result of such default, and (ii) without reference to any special conditions or circumstances known to
the Paying Agent at the time of entering into the Agreement, or at the time of accepting any relevant instructions, which increase the amount of the loss. Notwithstanding any provision of this Agreement to the contrary, the Paying Agents shall not
in any event be liable for special, indirect, punitive or consequential loss or damage of any kind whatsoever (including but not limited to lost profits, goodwill, reputation or opportunity), whether or not foreseeable, even if the Paying Agent has
been advised of the likelihood of such loss or damage and regardless of whether the claim for loss or damage is made in negligence, for breach of contract, breach of duty or otherwise. 

 

	10.9	 Force Majeure 

The liability of each Paying Agent under Clause 10.7 (Exclusion of liability), will not extend to any liabilities
arising through any acts, events or circumstances not reasonably within its control, or resulting from the general risks of investment in or the holding of assets in any jurisdiction, including, but not limited to, liabilities arising from:
nationalisation, expropriation or other governmental actions; any law, order or regulation of a governmental, supranational or regulatory body; regulation of the banking or securities industry including changes in market rules or practice, currency
restrictions, devaluations or fluctuations; market conditions affecting the execution or settlement of transactions or the value of assets; breakdown, failure or malfunction of any third party transport, telecommunications, computer services or
systems; natural disasters or acts of God; war, terrorism, insurrection or revolution; and strikes or industrial action. 

  
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	11.	 CHANGES IN PAYING AGENTS 

  

	11.1	 Resignation 

Any Paying Agent may (without needing to give any reason and without incurring any Liability therefor) resign its appointment
upon not less than 45 days’ notice to the Issuer (with a copy to the Trustee and, in the case of a Paying Agent other than the Principal Paying Agent, to the Principal Paying Agent); provided, however, that: 

 

	 	11.1.1	 if such resignation would otherwise take effect less than 30 days before or after the maturity date or other date for redemption of the Notes or
any interest payment date in relation to the Notes, it shall not take effect until the thirtieth day following such date; and 

  

	 	11.1.2	 in the case of the Principal Paying Agent, or a Required Paying Agent, such resignation shall not take effect until a successor has been duly
appointed consistently with Clause 11.4 (Additional and successor agents) or Clause 11.5 (Paying Agents may appoint successors) and notice of such appointment has been given to the Noteholders. 

 

	11.2	 Revocation 

The Issuer may (with the prior written approval of the Trustee) revoke its appointment of any Paying Agent by not less than 60
days’ notice to such Paying Agent (with a copy, in the case of a Paying Agent other than the Principal Paying Agent, to the Principal Paying Agent); provided, however, that, in the case of the Principal Paying Agent or any Required
Paying Agent, such revocation shall not take effect until a successor has been duly appointed consistently with Clause 11.4 (Additional and successor agents) and previously approved in writing by the Trustee and notice of such appointment has
been given to the Noteholders. 
  

	11.3	 Automatic termination 

The appointment of any Paying Agent shall terminate forthwith if (a) such Paying Agent becomes incapable of acting,
(b) a receiver, manager or other similar officer is appointed, of the whole or any part of the undertaking, assets and revenues of such Paying Agent, (c) such Paying Agent admits in writing its insolvency or inability to pay its debts as
they fall due, (d) an administrator or liquidator of such Paying Agent or the whole or any part of the undertaking, assets and revenues of such Paying Agent is appointed (or application for any such appointment is made), (e) such Paying
Agent takes any action for a readjustment or deferment of any of its obligations or makes a general assignment or an arrangement or composition with or for the benefit of its creditors or declares a moratorium in respect of any of its indebtedness,
(f) an order is made or an effective resolution is passed for the winding-up of such Paying Agent or (g) any event occurs which has an analogous effect to any of the foregoing. If the appointment of the Principal Paying Agent or any
Required Paying Agent is terminated in accordance with the preceding sentence, the Issuer shall forthwith appoint a Successor in accordance with Clause 11.4 (Additional and successor agents). 

 

	11.4	 Additional and successor agents 

The Issuer may (with the prior written approval of the Trustee) appoint a successor principal paying agent and additional or
successor paying agents and shall forthwith give notice of any such appointment to the continuing Paying Agents, the Trustee and the Noteholders, whereupon the Issuer, the Trustee, the continuing Paying Agents and the additional or successor
principal paying agent or paying agent shall acquire and become subject to the same rights and obligations between themselves as if they had entered into an agreement in the form mutatis mutandis of this Agreement. 

  
 - 19 - 

	11.5	 Paying Agents may appoint Successors 

If any Paying Agent gives notice of its resignation in accordance with Clause 11.1 (Resignation) and by the tenth day
before the expiry of such notice a Successor has not been duly appointed in accordance with Clause 11.4 (Additional and successor agents), such Paying Agent may itself, following such consultation with the Issuer as is practicable in the
circumstances and with the prior written approval of the Trustee, appoint as its Successor any reputable and experienced financial institution and give notice of such appointment to the Issuer, the remaining Paying Agents, the Trustee and the
Noteholders, whereupon the Issuer, the remaining Paying Agents, the Trustee and such Successor shall acquire and become subject to the same rights and obligations between themselves as if they had entered into an agreement in the form mutatis
mutandis of this Agreement. 
  

	11.6	 Release 

Upon any resignation or revocation taking effect under Clause 11.1 (Resignation) or 11.2 (Revocation) or any
termination taking effect under Clause 11.3 (Automatic termination), the relevant Paying Agent shall: 
  

	 	11.6.1	 be released and discharged from its obligations under this Agreement (save that it shall remain entitled to the benefit of and subject to Clause
9.3 (Taxes), Clause 10.6 (Indemnity in favour of the Paying Agents) and Clause 11 (Changes in Paying Agents)); 

  

	 	11.6.2	 in the case of the Principal Paying Agent, deliver to the Issuer and to its successor a copy, certified as true and up-to-date by an officer or
authorised signatory of the Principal Paying Agent, of the records maintained by it in accordance with Clause 8.1 (Records); and 

  

	 	11.6.3	 forthwith (upon payment to it of any amount due to it in accordance with Clause 9 (Fees and Expenses) or Clause 10.6 (Indemnity in favour
of the Paying Agents) transfer all moneys and papers (including any unissued Notes held by it hereunder and any documents held by it pursuant to Clause 8.9 (Documents available for inspection)) to its Successor and, upon appropriate
notice, provide reasonable assistance to its Successor for the discharge of its duties and responsibilities hereunder. 

  

	11.7	 Merger 

Any legal entity into which any Paying Agent or the Trustee is merged or converted or any legal entity resulting from any
merger or conversion to which such Paying Agent or (as the case may be) the Trustee is a party or any legal entity to which any Paying Agent or (as the case may be) the Trustee sells all or substantially all of its corporate trust and agency
business shall, to the extent permitted by applicable law, be the Successor to such Paying Agent or, as the case may be, the Trustee without any further formality, whereupon the Issuer, the other Paying Agents, the Trustee (if applicable) and such
Successor shall acquire and become subject to the same rights and obligations between themselves as if they had entered into an agreement in the form mutatis mutandis of this Agreement. Notice of any such merger or conversion shall forthwith
be given by such successor to the Issuer, any other Paying Agents, the Trustee (if applicable) and the Noteholders. 

  
 - 20 - 

	11.8	 Changes in Specified Offices 

If any Paying Agent decides to change its Specified Office it shall give notice to the Issuer (with a copy to the Trustee and
the other Paying Agents) of the address of the new Specified Office stating the date on which such change is to take effect, which date shall be not less than 30 days after the date of such notice. The Issuer shall at its own expense not less than
14 days prior to the date on which such change is to take effect (unless the appointment of the relevant Paying Agent is to terminate pursuant to any of the foregoing provisions of this Clause 11 (Changes in Paying Agents) on or prior to the
date of such change) give notice thereof to the Noteholders. 
  

	12.	 NOTICES 

  

	12.1	 Addresses for notices 

All notices and communications hereunder shall be made in writing (by letter or fax) and shall be sent as follows: 

 

	 	12.1.1	 Issuer: if to the Issuer, to it at: 

Western Power Distribution PLC 

Avonbank 

Feeder Road 

Bristol BS2 0TB 

Fax:     + 44 (0)1179 332001 

Attention: Company Secretary 
  

	 	12.1.2	 if to a Paying Agent, to it at the address or fax number specified against its name in Schedule 3 (Specified Offices of the Paying Agents)
(or, in the case of a Paying Agent not originally a party hereto, specified by notice to the parties hereto at the time of its appointment) for the attention of the person or department specified therein; 

 

	 	12.1.3	 if to the Trustee, to it at: 

HSBC Corporate Trustee Company (UK) Limited 

Level 27, 8 Canada Square 

London E14 5HQ 

Fax: +44 (0)207 991 4350 

Attention: CTLA Trustee Services Administration 

or, in any case, to such other address or fax number or for the attention of such other person or department as the addressee
has by prior notice to the sender specified for the purpose. 

  
 - 21 - 

	12.2	 Effectiveness 

Every notice or other communication sent in accordance with Clause 12.1 (Addresses for notices) if sent by letter,
shall be deemed to have been delivered when received and if sent by fax, shall be deemed to have been delivered on completion of its transmission, provided that any such notice or other communication which would otherwise take effect after
4.00 p.m. on any particular day shall not take effect until 10.00 a.m. on the immediately succeeding business day in the place of the addressee. 
  

	12.3	 Notices to Noteholders 

Any notice required to be given to Noteholders under this Agreement shall be given in accordance with the Conditions;
provided, however, that, so long as all the Notes are represented by the Temporary Global Note or the Permanent Global Note, notices to Noteholders shall be given in accordance with the terms of the Temporary Global Note or the Permanent
Global Note (as applicable). 
  

	12.4	 Notices in English 

All notices and other communications hereunder shall be made in the English language or shall be accompanied by a certified
English translation thereof. Any certified English translation delivered hereunder shall be certified a true and accurate translation by a professionally qualified translator or by some other person competent to do so. 

 

	13.	 LAW AND JURISDICTION 

  

	13.1	 Governing law 

This Agreement and any non-contractual obligations arising out of or in connection with it are governed by English law. 

 

	13.2	 English courts 

The courts of England have exclusive jurisdiction to settle any dispute (a “Dispute”), arising out of or in
connection with this Agreement (including a dispute relating to the existence, validity or termination of this Agreement or any non-contractual obligation arising out of or in connection with this Agreement) or the consequences of its nullity. 

 

	13.3	 Appropriate forum 

The parties agree that the courts of England are the most appropriate and convenient courts to settle any Dispute and,
accordingly, that they will not argue to the contrary. 
  

	13.4	 Rights of the Paying Agents and Trustee to take proceedings outside England 

Notwithstanding Clause 13.2 (English courts), the Principal Paying Agent and the Trustee may take proceedings relating
to a Dispute (“Proceedings”) in any other courts with jurisdiction. To the extent allowed by law, the Principal Paying Agent or the Trustee may take concurrent Proceedings in any number of jurisdictions. 

 

	14.	 RIGHTS OF THIRD PARTIES 

A person who is not a party to this Agreement shall have no rights under the Contracts (Rights of Third Parties) Act 1999 to
enforce any term of this Agreement. 

  
 - 22 - 

	15.	 MODIFICATION 

  

	15.1	 This Agreement may be amended by further agreement among the parties hereto. 

 

	15.2	 The Issuer undertakes to notify the Principal Paying Agent in advance of any substitution, in accordance with Clause 6.3.1(b) of the Trust Deed, in
order to ascertain whether the Principal Paying Agent requires any deeds, documents or instruments to be entered into or to receive any information so as to effect such substitution. The Issuer further undertakes not to modify Clause 6.3.1(b) of the
Trust Deed without the prior written consent of the Principal Paying Agent. 

  

	16.	 COUNTERPARTS 

This Agreement may be executed in any number of counterparts, each of which shall be deemed an original. Any party may enter
into this Agreement by signing any such counterpart. 
 AS WITNESS the hands of the duly authorised representatives of the parties
hereto the day and year first before written. 

  
 - 23 - 

 SCHEDULE 1 

FORM OF PUT EVENT NOTICE 
  

	To:	 [Paying Agent] 

WESTERN POWER DISTRIBUTION PLC 

(incorporated with limited liability under 

the laws of England) 

£500,000,000 

3.625 per cent. Notes due 2023 

PUT EVENT NOTICE 

OPTION 1 (DEFINITIVE NOTES) - [complete/delete as applicable] 

By depositing this duly completed Notice with the above Paying Agent for the above Notes (the “Notes”) in accordance with
Condition 5(d) (Redemption at the option of Noteholders), the undersigned holder of the Notes specified below and deposited with this Put Event Notice exercises its option to have such Notes redeemed in accordance with Condition 5(d)
(Redemption at the option of Noteholders) on [relevant Put Date]. 
 This Notice relates to the Note(s) bearing the following
certificate numbers and in the following denominations: 
  

							
	Certificate Number	 	 	 	Denomination	 	 
				
	  
	 		 	  
	 	
	  
	 		 	  
	 	
	  
	 		 	  
	 	

 OPTION 2 (PERMANENT GLOBAL NOTE) - [complete/delete as
applicable] 
 By depositing this duly completed Notice with the above Paying Agent for the above Notes (the
“Notes”) in accordance with Condition 5(d) (Redemption at the option of Noteholders) and the terms of the Permanent Global Note issued in respect of the Notes, the undersigned holder of the Permanent Global Note exercises its
option to have £[amount] of the Notes redeemed in accordance with Condition 5(d) (Redemption at the option of Noteholders) on [relevant Put Date]. 

[END OF OPTIONS] 

Payment should be made by transfer to [details of the relevant account maintained by the payee] with [name and address of the
relevant bank]. 
 All notices and communications relating to this Put Event Notice should be sent to the address specified below. 

 

			
	Name of holder:	 	  

		
	Contact details:	 	  

  
 - 24 - 

			
		 	  

		
		 	  

		
	Signature of holder:	 	  

		
	Date:	 	  

	
	[To be completed by Paying Agent:]
		
	Received by:	 	  

	
	[Signature and stamp of Paying Agent:]
		
	At its office at	 	  

		
		 	  

		
	On	 	  

  
  
  

THIS NOTICE WILL NOT BE VALID UNLESS ALL OF THE PARAGRAPHS REQUIRING COMPLETION HAVE BEEN DULY COMPLETED. 

  
 - 25 - 

 SCHEDULE 2 

FORM OF PUT EVENT RECEIPT 
  

WESTERN POWER DISTRIBUTION PLC 

(incorporated with limited liability under 

the laws of England) 

£500,000,000 

3.625 per cent. Notes due 2023 

PUT EVENT RECEIPT 
 We
hereby acknowledge receipt of a Put Event Notice relating to the Note(s) having the certificate number(s) and denomination(s) set out below. We will hold such Note(s) in accordance with the terms of the Terms and Conditions of the Notes and the
Agency Agreement dated 6 November 2015 relating thereto. 
 In the event that, pursuant to such Terms and Conditions and the Agency
Agreement, the depositor of such Note(s) becomes entitled to their return, we will return such Definitive Note(s) to the depositor against presentation and surrender of this Put Event Receipt. 

 

							
	Certificate Number	 	 	 	Denomination	 	 
				
	  
	 		 	  
	 	
	  
	 		 	  
	 	
	  
	 		 	  
	 	

  

			
	Dated:  [date]
	
	[PAYING AGENT]
		
	By:	 	  

		 	duly authorised

  
 - 26 - 

 SCHEDULE 3 

SPECIFIED OFFICES OF THE PAYING AGENTS 

The Principal Paying Agent: 

8 Canada Square 
 London E14 5HQ

 United Kingdom 
  

	Fax:	 +44 (0)345 587 0429 

Attention:        Corporate Trust and Loan Agency, The Senior Manager, CT Client Services 

  
 - 27 - 

 SCHEDULE 4 

DUTIES UNDER THE ISSUER-ICSDS AGREEMENT 
  

For so long as the Notes are, or are to be, represented by the Temporary Global Note or the Permanent Global Note, the Principal Paying Agent
will comply with the following provisions: 
  

	1.	 Initial issue outstanding amount: The Principal Paying Agent will inform each of the ICSDs, through the Common Service Provider appointed by
the ICSDs to service the Notes, of the initial issue outstanding amount (the “IOA”) for the Notes on or prior to the relevant Issue Date. 

  

	2.	 Mark up or mark down: If any event occurs that requires a mark up or mark down of the records which an ICSD holds for its customers to
reflect such customers’ interest in the Notes, the Principal Paying Agent will (to the extent known to it) promptly provide details of the amount of such mark up or mark down, together with a description of the event that requires it, to the
ICSDs (through the Common Service Provider) to ensure that the IOA of the Notes remains at all times accurate. 

  

	3.	 Reconciliation of records: The Principal Paying Agent will at least once every month reconcile its record of the IOA of the Notes with
information received from the ICSDs (through the Common Service Provider) with respect to the IOA maintained by the ICSDs for the Notes and will promptly inform the ICSDs (through the Common Service Provider) of any discrepancies.

  

	4.	 Resolution of discrepancies: The Principal Paying Agent will promptly assist the ICSDs (through the Common Service Provider) in resolving
any discrepancy identified in the IOA of the Notes. 

  

	5.	 Details of payments: The Principal Paying Agent will promptly provide the ICSDs (through the Common Service Provider) details of all amounts
paid by it under the Notes (or, where the Notes provide for delivery of assets other than cash, of the assets so delivered). 

  

	6.	 Change of amount: The Principal Paying Agent will (to the extent known to it) promptly provide to the ICSDs (through the Common Service
Provider) notice of any changes to the Notes that will affect the amount of, or date for, any payment due under the Notes. 

  

	7.	 Notices to Noteholders: The Principal Paying Agent will (to the extent known to it) promptly provide to the ICSDs (through the Common
Service Provider) copies of all information that is given to the holders of the Notes. 

  

	8.	 Communications from ICSDs: The Principal Paying Agent will promptly pass on to the Issuer all communications it receives from the ICSDs
directly or through the Common Service Provider relating to the Notes. 

  

	9.	 Default: The Principal Paying Agent will (to the extent known to it) promptly notify the ICSDs (through the Common Service Provider) of any
failure by the Issuer to make any payment or delivery due under the Notes when due. 

  
 - 28 - 

 SIGNATURES 

The Issuer 
 For
and on behalf of 
 WESTERN POWER DISTRIBUTION PLC 
  

By: 
  

The Principal Paying Agent 

For and on behalf of 
 HSBC
BANK PLC 
  
 By: 

 
 The Trustee 

For and on behalf of 
 HSBC
CORPORATE TRUSTEE COMPANY (UK) LIMITED 
  
 By:EX-4.3

 Exhibit 4.3 
  

			
	

	  	CLIFFORD CHANCE LLP

  
 EXECUTION VERSION 

 
  

WESTERN POWER DISTRIBUTION PLC 

£500,000,000 
 3.625 PER
CENT. NOTES DUE 2023 
  
  

 
 SUBSCRIPTION
AGREEMENT 
  
  

 

 CONTENTS 
  

							
	Clause	  	 	  	Page	 
			
	1.	  	 Interpretation
	  	 	1	  
			
	2.	  	 Issue of the Notes
	  	 	3	  
			
	3.	  	 Representations and Warranties by the Issuer
	  	 	4	  
			
	4.	  	 Undertakings by the Issuer
	  	 	9	  
			
	5.	  	 Selling Restrictions
	  	 	11	  
			
	6.	  	 Indemnification
	  	 	11	  
			
	7.	  	 Fees and Expenses
	  	 	11	  
			
	8.	  	 Closing
	  	 	13	  
			
	9.	  	 Termination
	  	 	15	  
			
	10.	  	 Survival
	  	 	16	  
			
	11.	  	 Time
	  	 	16	  
			
	12.	  	 Notices
	  	 	16	  
			
	13.	  	 Assignment
	  	 	17	  
			
	14.	  	 Law and Jurisdiction
	  	 	17	  
			
	15.	  	 Rights of Third Parties
	  	 	18	  
			
	16.	  	 Counterparts
	  	 	18	  
		
	Schedule – Selling Restrictions	  	 	19	  

 THIS AGREEMENT is made on 3 November 2015 

BETWEEN 
  

	(1)	 WESTERN POWER DISTRIBUTION PLC (the “Issuer”); 

 

	(2)	 BANCO SANTANDER, S.A., BARCLAYS BANK PLC (“Barclays”), LLOYDS BANK PLC and RBC EUROPE LIMITED, (together, the
“Joint Lead Managers”); and 

  

	(3)	 HSBC BANK PLC, MITSUBISHI UFJ SECURITIES INTERNATIONAL PLC, MIZUHO INTERNATIONAL PLC and THE ROYAL BANK OF SCOTLAND
PLC (each a “Co-Lead Manager” and together with the Joint Lead Managers, the “Managers”). 

WHEREAS 
  

	(A)	 The Issuer has authorised the creation and issue of £500,000,000 in aggregate principal amount of 3.625 per cent. Notes due 2023 (the
“Notes”). 

  

	(B)	 The Notes will be in bearer form and in denominations of £100,000 and integral multiples of £1,000 in excess thereof up to and
including £199,000. The Notes will initially be in the form of a temporary global note (the “Temporary Global Note”), which will be exchangeable for interests in a permanent global note (the “Permanent Global
Note”) in the circumstances specified in the Temporary Global Note. The Permanent Global Note will in turn be exchangeable for notes in definitive form (“Definitive Notes”), with interest coupons
(“Coupons”) attached, in the circumstances specified in the Permanent Global Note. 

  

	(C)	 The Notes will be issued subject to, and have the benefit of, a trust deed (the “Trust Deed”), a draft of which is in the agreed
form and to which will be scheduled the forms of the Temporary Global Note, the Permanent Global Note and any Definitive Notes. The Trust Deed will be made between the Issuer and HSBC Corporate Trustee Company (UK) Limited (the
“Trustee”) as trustee for the holders of the Notes from time to time. 

  

	(D)	 The Issuer will, in relation to the Notes, enter into an agency agreement (the “Agency Agreement”) with HSBC Bank Plc (the
“Principal Paying Agent”) and the Trustee. 

 IT IS AGREED as follows: 

 

	1.	 INTERPRETATION 

  

	1.1	 Definitions 

In this Agreement the following expressions have the following meanings: 

“£” or “Sterling” or “GBP” denotes the lawful currency for the time
being of the United Kingdom; 
 “Clearstream, Luxembourg” means Clearstream Banking S.A.; 

  
 - 1 - 

 “Closing Date” means, subject to Clause 8.2 (Postponed
closing), 6 November 2015; 
 “Common Safekeeper” means an ICSD in its capacity as common
safekeeper or a person nominated by the ICSDs to perform the role of common safekeeper; 
 “Conditions”
means the terms and conditions of the Notes as scheduled to the agreed form of the Trust Deed as the same may be modified prior to the Closing Date, and any reference to a numbered “Condition” is to the correspondingly numbered
provision thereof; 
 “Euroclear” means Euroclear Bank S.A./N.V.; 

“Event of Default” means one of those circumstances described in Condition 9 (Events of Default); 

“FCA” means the United Kingdom Financial Conduct Authority; 

“FSMA” means the Financial Services and Markets Act 2000; 

“Group” means, at any time, the Issuer together with its Subsidiaries; 

“ICSDs” means Clearstream, Luxembourg and Euroclear; 

“Issue Documents” means the Trust Deed and the Agency Agreement; 

“Issue Price” means 99.581 per cent. of the aggregate principal amount of the Notes; 

“Licence” means, in respect of a Licensed Subsidiary, the electricity distribution licence granted or treated
as granted under section 6(1)(c) of the Electricity Act 1989 that authorises such Licensed Subsidiary to distribute electricity; 

“Licensed Subsidiary” means each of Western Power Distribution (West Midlands) plc, Western Power
Distribution (East Midlands) plc, Western Power Distribution (South Wales) plc and Western Power Distribution (South West) plc; 

“Loss” means any liability, damages, cost, loss or expense (including, without limitation, legal fees, costs
and expenses and any value added tax thereon); 
 “person” means any individual, company, corporation,
firm, partnership, joint venture, association, organisation, state or agency of a state or other entity, whether or not having separate legal personality; 

“Preliminary Prospectus” means the preliminary prospectus dated 23 October 2015 prepared in connection
with the issue of the Notes; 
 “Prospectus” means the prospectus dated the date of this Agreement prepared
in connection with the issue of the Notes, as the same may be amended or supplemented from time to time provided, however, that for the purposes of Clause 3.3 (Representations repeated) any such amendment or supplement shall be
disregarded unless the Joint Lead Managers (on behalf of the Managers) expressly agree otherwise; 

  
 - 2 - 

 “Prospectus Directive” means Directive 2003/71/EC, as amended,
(subject as provided in the Schedule); 
 “Related Party” means, in respect of any person, any affiliate of
that person or any officer, director, employee or agent of that person or any such affiliate or any person by whom any of them is controlled (where the terms “affiliate” and “controlled” have the meanings given to
them by the Securities Act and the regulations thereunder); 
 “Restructuring Event” has the meaning given
to it in the Conditions; 
 “Securities Act” means the United States Securities Act of 1933, as amended;
and 
 “Stabilising Manager” means Barclays. 

 

	1.2	 Clauses and Schedules 

Any reference in this Agreement to a Clause, a sub-clause or a Schedule is, unless otherwise stated, to a clause or sub-clause
hereof or a schedule hereto. 
  

	1.3	 Legislation 

Any reference in this Agreement to any legislation (whether primary legislation or regulations or other subsidiary legislation
made pursuant to primary legislation) shall be construed as a reference to such legislation as the same may have been, or may from time to time be, amended or re-enacted. 
  

	1.4	 Headings 

Headings and sub-headings are for ease of reference only and shall not affect the construction of this Agreement. 

 

	1.5	 Agreed Form 

Any reference herein to a document being in “agreed form” means that the document in question has been agreed
between the proposed parties thereto, subject to any amendments that the parties may agree upon prior to the Closing Date. 
  

	2.	 ISSUE OF THE NOTES 

  

	2.1	 Undertaking to issue 

The Issuer undertakes to the Managers that: 
  

	 	2.1.1	 Issue of Notes: subject to and in accordance with the provisions of this Agreement, the Notes will be issued on the Closing Date, in
accordance with this Agreement and the Issue Documents; and 

  

	 	2.1.2	 Issue documentation: it will, on or before the Closing Date, execute the Issue Documents. 

  
 - 3 - 

	2.2	 Undertaking to subscribe 

The Managers undertake to the Issuer that, subject to and in accordance with the provisions of this Agreement, they will
subscribe for the Notes on the Closing Date at the Issue Price plus (if the Closing Date is postponed in accordance with Clause 8.2 (Postponed closing)) any accrued interest in respect thereof. The obligations of the Managers under
this sub-clause are joint and several. 
  

	2.3	 Stabilisation 

In connection with the issue of the Notes, the Stabilising Manager (or persons acting on behalf of the Stabilising Manager)
may over allot Notes or effect transactions with a view to supporting the price of the Notes at a level higher than that which might otherwise prevail. However, there is no assurance that the Stabilising Manager (or persons acting on behalf of a
Stabilising Manager) will undertake stabilisation action. Any stabilisation action may begin on or after the date on which adequate public disclosure of the terms of the Notes is made and, if begun, may be ended at any time, but it must end no later
than the earlier of 30 days after the issue date of the Notes and 60 days after the date of the allotment of the Notes. Such stabilisation shall be conducted in accordance with all applicable laws and rules. Any loss or profit sustained as a
consequence of any such over-allotment or stabilisation shall be for the account of the Stabilising Manager. The Managers acknowledge that the Issuer has not authorised the creation and issue of Notes in excess of £500,000,000 in aggregate
principal amount. 
  

	2.4	 Fixed price re-offering 

Each Manager represents, warrants and agrees that, prior to being notified by Barclays that the Notes are free to trade, it
has not offered or sold and will not offer or sell (and has procured and will procure that none of its Subsidiaries or affiliates offers or sells) any Notes at a price less than the offered price set by Barclays. 

 

	2.5	 Agreement among Managers 

The execution of this Agreement on behalf of all parties hereto will constitute acceptance by each Manager of the ICMA
Agreement Among Managers Version 1 with respect to the Notes and reference therein to the Lead Manager shall mean the Managers and reference therein to the Settlement Manager shall mean Barclays, and it shall be subject to any amendment notified to
such Manager in writing at any time prior to the receipt by Barclays of the document appointing such Manager’s authorised signatory and its execution of this Agreement. 
  

	3.	 REPRESENTATIONS AND WARRANTIES BY THE ISSUER 

  

	3.1	 Issuer’s representations 

The Issuer represents and warrants to the Managers that: 

 

	 	3.1.1	 Incorporation and authorisation: the Issuer and each Licensed Subsidiary is duly incorporated and validly existing under the laws of England
with full power and authority to conduct its business as described in the Preliminary Prospectus and the Prospectus and is lawfully qualified to do business in those jurisdictions in which business is conducted by it; 

  
 - 4 - 

	 	3.1.2	 Capacity: the Issuer has full power and capacity to create and issue the Notes, to execute this Agreement and the Issue Documents and to
undertake and perform the obligations expressed to be assumed by it herein and therein, and the Issuer has taken all necessary action to approve and authorise the same; 

 

	 	3.1.3	 No breach: the creation, issue and sale of the Notes, the execution of this Agreement and the Issue Documents and the undertaking and
performance by the Issuer of the obligations expressed to be assumed by it herein and therein and compliance with the terms and obligations herein and therein (in each case by it) will not: 

 

	 	(a)	 conflict with, or result in a breach of any of the terms or provisions of, or constitute a default under the documents constituting it or any
agreement or instrument to which it is a party or by which it or any of its properties is bound; or 

  

	 	(b)	 infringe any existing applicable law, rule, regulation, judgment, order or decree of any government, governmental body or court in the jurisdiction
of its incorporation, or so far as the Issuer is aware, any foreign jurisdiction, law or regulation, or any of its properties which is material in the context of the transactions contemplated by this Agreement and the Issue Documents;

  

	 	3.1.4	 Legal, valid, binding and enforceable: this Agreement constitutes and, upon due execution by or on behalf of the Issuer and (in the case of
the Temporary Global Note, the Permanent Global Note and any Definitive Notes) due authentication, effectuation and delivery, the Issue Documents, the Temporary Global Note, the Permanent Global Note and any Definitive Notes will, subject to laws of
bankruptcy and other laws affecting the rights of creditors generally, constitute legal, valid, binding and enforceable obligations of the Issuer; 

  

	 	3.1.5	 Status: the Notes will constitute direct, general and unconditional obligations of the Issuer which (i) rank pari passu
and without preference among themselves and (ii) will at all times rank at least pari passu with all other present and future unsecured and unsubordinated obligations of the Issuer, save for such obligations as may be preferred by
provisions of law that are both mandatory and of general application; 

  

	 	3.1.6	 Approvals: all authorisations, consents and approvals required by the Issuer in connection with the creation, issue and sale of the Notes,
the execution of this Agreement and the Issue Documents, the performance by the Issuer of the obligations expressed to be undertaken by it herein and therein and the distribution of the Preliminary Prospectus and the Prospectus in accordance with
the provisions set out in the Schedule have been (or will, prior to the Closing Date, be) obtained and are (or will, on the Closing Date, be) in full force and effect; 

  
 - 5 - 

	 	3.1.7	 Taxation: subject as described in the Preliminary Prospectus and the Prospectus, all payments of principal and interest in respect of the
Notes and the Coupons, and all payments by the Issuer under this Agreement and the Issue Documents, may be made free and clear of, and without withholding or making any deduction for or on account of, any taxes, duties, assessments or governmental
charges of whatever nature imposed, levied, collected, withheld or assessed by or on behalf of the United Kingdom or any political subdivision or authority thereof or therein having power to tax; 

 

	 	3.1.8	 Preliminary Prospectus: the Preliminary Prospectus contained as of its date of issue all information which was (in the context of the issue,
offering and sale of the Notes) material; as of such date such information was true and accurate in all material respects and was not misleading in any material respect; any opinions, predictions or intentions expressed in the Preliminary Prospectus
were as of such date honestly held or made and were not misleading in any material respect; the Preliminary Prospectus did not omit to state any material fact necessary to make such information, opinions, predictions or intentions (in the context of
the issue, offering and sale of Notes) not misleading in any material respect; and all proper enquiries were made to ascertain or verify the foregoing; 

  

	 	3.1.9	 Prospectus: the Prospectus contains all information which is (in the context of the issue, offering and sale of the Notes) material; such
information is true and accurate in all material respects and is not misleading in any material respect; any opinions, predictions or intentions expressed in the Prospectus are honestly held or made and are not misleading in any material respect;
the Prospectus does not omit to state any material fact necessary to make such information, opinions, predictions or intentions (in the context of the issue, offering and sale of the Notes) not misleading in any material respect and all proper
enquiries have been made to ascertain or verify the foregoing; 

  

	 	3.1.10	 Investor Presentations: the presentation materials used by the Issuer in meetings with prospective investors in the Notes (the
“Investor Presentations”) as at their respective dates, when read together with the Preliminary Prospectus and/or the Prospectus, as the case may be, contained all information which is (in the context of the issue of the Notes)
material; as of their respective dates, such Investor Presentations and any statements made by the Issuer in the Investor Presentations were true and accurate in all material respects and not misleading; any opinions, predictions or intentions
expressed in the Investor Presentations or such statements were, as at the dates thereof, honestly held or made and were not misleading; and all reasonable and proper enquiries were made to ascertain or verify the foregoing; 

 

	 	3.1.11	 Financial statements: the Issuer’s consolidated audited financial statements for its financial year ended 31 March 2015 were
prepared in accordance with accounting principles generally accepted in the United Kingdom and consistently applied and give (in conjunction with the notes thereto) a true and fair view of the financial condition of the Issuer and its Subsidiaries
(taken as a whole) as at the date as of which they were prepared and the result of the operations of the Issuer and its Subsidiaries (taken as a whole) during the periods then ended; 

  
 - 6 - 

	 	3.1.12	 General duty of disclosure: the Prospectus contains all such information with respect to the Issuer and the Notes as is necessary to enable
investors to make an informed assessment of the assets and liabilities, financial position, profits and losses and prospects of the Issuer and of the rights attaching to the Notes; 

 

	 	3.1.13	 No material litigation: there are no pending actions, suits or proceedings against or affecting the Issuer and/or any member of the Group or
any of their respective properties (including any claims against directors in relation to or concerning the business of the Issuer and/or the Group) that it is aware of, which if determined adversely to the Issuer and/or the Group, as the case may
be, would individually or in the aggregate have a material adverse effect on the Issuer and/or the Group’s condition (financial or other), prospects, results of operations or general affairs or profitability which is material in the context of
the issue of the Notes, or on its ability to perform its obligations under the this Agreement, the Issue Documents or the Notes in any material respect in the context of the issue of the Notes, or that are otherwise material in the context of the
issue of the Notes and, so far as it is aware, no such actions, suits or proceedings are threatened or contemplated; 

  

	 	3.1.14	 No Material Change: since the date of its last consolidated audited financial statements copies of which have been delivered to each
Manager, there has been no adverse change in the prospects of the Issuer and its subsidiaries and no significant change in the financial or trading position of the Issuer and its subsidiaries; 

 

	 	3.1.15	 No Event of Default or Restructuring Event: so far as it is aware no event has occurred or circumstance arisen that might (whether or not
with the passage of time and/or giving of notice and/or fulfilment of any other requirement) constitute a Restructuring Event or an Event of Default; 

  

	 	3.1.16	 Sanctions and anti-corruption: 

  

	 	(a)	 Sanctions: none of the Issuer or any member of the Group nor, to the best knowledge of the Issuer, any director, officer, agent, employee or
other person acting on behalf of the Issuer or any member of the Group is currently a target of any financial or economic sanctions or trade embargoes administered or enforced by the Office of Foreign Assets Control of the US Department of Treasury
(OFAC), the U.S. Departments of State or Commerce or any other US, EU, United Nations or UK economic sanctions (“Sanctions”); 

  

	 	(b)	 Anti-corruption: neither the Issuer nor, to the best of the knowledge of the Issuer, any director, officer, agent, employee, affiliate of or
person acting on behalf of the Issuer or any member of the Group has engaged in any activity or conduct which would violate the U.S. Foreign Corrupt Practices Act of 1997 and the U.K. Bribery Act of 2010, each as amended and the rules and
regulations thereunder; 

  

	 	(c)	 Anti-money laundering: its operations are and have been at all times conducted in compliance with applicable financial recordkeeping and
reporting requirements of the Money Laundering Laws (as defined 

  
 - 7 - 

	 	 
below) and no action, suit or proceeding by or before any court or governmental agency, authority or body or any arbitrator involving it with respect to the Money Laundering Laws is pending or,
to the best of its knowledge, threatened, where “Money Laundering Laws” means the United States Currency and Foreign Transactions Reporting ACT of 1970, the money laundering statutes of all applicable jurisdictions, the rules and
regulations thereunder and any related or similar rules, regulations or guidelines, issued, administered or enforced by any governmental agency; and 

  

	 	(d)	 the Issuer has instituted and maintains policies and procedures designed to prevent money laundering, bribery and corruption by the Group and by
persons associated with the Group. 

  

	 	3.1.17	 Additional Consents: all consents, licences, authorisations and approvals (including any such as it considers may be required pursuant to
any Licence), necessary for the conduct of the Group’s business substantially as conducted at the date hereof, which if not obtained or complied with or which if revoked or terminated, would have an adverse change on its condition (financial or
other) or the Group’s general affairs that is, in each case, material in the context of the issue of the Notes, have been or will be obtained prior to the Issue Date and, so far as it is aware, will not be revoked or otherwise terminated
(unless to be replaced with an analogous consent, licence, authorisation and approval); 

  

	 	3.1.18	 No SUSMI: it is a foreign issuer and there is no substantial U.S. market interest (as defined in Rule 902(j)(2) and (3) of Regulation S
under the Securities Act) with respect to the Issuer’s debt securities; 

  

	 	3.1.19	 Directed Selling Efforts: neither it, nor, so far as it is aware, any of its affiliates, nor any persons acting on its or their behalf have
engaged or will engage in any directed selling efforts (as defined in Regulation S under the Securities Act) with respect to the Notes; and 

  

	 	3.1.20	 Stabilisation: neither it nor, so far as it is aware, any of its affiliates (as defined in Rule 501(b) of Regulation D under the Securities
Act), nor any person acting on its behalf has taken or will take, directly or indirectly, any action designed to cause or to result in, or that has constituted or which might reasonably be expected to cause or result in, the stabilisation in
violation of applicable laws or manipulation of the price of any security to facilitate the sale or resale of Notes. 

  

	3.2	 Change in matters represented 

The Issuer shall forthwith notify the Managers of anything which at any time prior to the later of completion (in the view of
the Managers) of the offer of the Notes and admission of the Notes to trading on the Regulated Market of the London Stock Exchange has or may have rendered, or will or may render, untrue or incorrect in any respect any representation and warranty by
the Issuer in this Agreement as if it had been made or given at such time with reference to the facts and circumstances then subsisting. 

  
 - 8 - 

	3.3	 Representations repeated 

The representations and warranties in Clause 3.1 (Issuer’s representations) shall be deemed to be repeated (with
reference to the facts and circumstances then subsisting) on each date falling on or before the Closing Date. 
  

	4.	 UNDERTAKINGS BY THE ISSUER 

  

	4.1	 Publication and delivery of Prospectus 

The Issuer shall procure that the Prospectus is made available to the public in accordance with the requirements of the
Prospectus Directive and relevant implementing measures in the United Kingdom. In addition the Issuer shall deliver to the Managers, without charge, on the date of this Agreement and hereafter from time to time as requested as many copies of the
Prospectus as the Managers may reasonably request. 
  

	4.2	 Supplements 

Without prejudice to its obligations under applicable law, the Issuer shall at the request of the Managers at any time prior
to the later of completion (in the view of the Managers) of the offer of the Notes and admission of the Notes to trading on the Regulated Market of the London Stock Exchange amend or supplement the Prospectus to the satisfaction of the Managers. The
Issuer shall procure that any such amended Prospectus or supplementary Prospectus is made available to the public in accordance with the requirements of the Prospectus Directive and relevant implementing measures in the United Kingdom. In addition
the Issuer shall deliver, without charge, to the Managers from time to time as many copies of the relevant amended Prospectus or supplementary Prospectus as the Managers may reasonably request. 

 

	4.3	 No announcements 

From the date of this Agreement to (and including) the Closing Date, the Issuer shall not, without the prior written consent
of the Joint Lead Managers (on behalf of the Managers) (such consent not to be unreasonably withheld or delayed), make: 
  

	 	4.3.1	 any public announcement which might reasonably be expected to have a material adverse effect on the marketability of the Notes, other than any
announcement required by law or by any relevant regulatory or similar body or stock exchange; or 

  

	 	4.3.2	 any communication which might reasonably be expected to prejudice the ability of any Manager lawfully to offer or sell the Notes in accordance with
the provisions set out in the Schedule hereto. 

  

	4.4	 No competing issues 

The Issuer agrees that, during the period commencing on the date of this Agreement and ending on the date which is 30 calendar
days after the Closing Date, neither the Issuer nor any of its Subsidiaries nor any other person on their behalf, will, without the prior written consent of the Managers, issue, place, offer, sell, contract to sell or otherwise dispose of any other
notes, bonds or other debt securities in any financial market. 

  
 - 9 - 

	4.5	 Delivery of Notes 

The Issuer shall make arrangements reasonably satisfactory to the Managers to procure that the Temporary Global Note shall be
exchanged for a Permanent Global Note or for Definitive Notes, that the Permanent Global Note shall be exchanged for Definitive Notes, in each case in accordance with the Agency Agreement and the relevant Note. 

 

	4.6	 Listing and Trading 

The Issuer shall use all reasonable endeavours to procure that the Notes are admitted to listing on the Official List of the
FCA and to trading on the Regulated Market of the London Stock Exchange, and to maintain such admission/listing until none of the Notes is outstanding; provided, however, that, if it is impracticable or unduly burdensome to maintain such
admission/listing, the Issuer shall use all reasonable endeavours to procure and maintain as aforesaid the admission to listing, trading and/or quotation for the Notes by such other competent authorities, stock exchanges and/or quotation systems as
it may (with the approval of the Managers and the Trustee) decide and further, the Issuer shall be responsible for any fees incurred in connection therewith. 
  

	4.7	 No fiduciary duty 

The Issuer: 
  

	 	4.7.1	 acknowledges and agrees that no fiduciary or agency relationship between the Issuer and any Manager has been created in respect of any issue of
Notes, irrespective of whether any Manager has advised or is advising the Issuer on other matters; and 

  

	 	4.7.2	 hereby waives any claims that it may have against any Manager with respect to any breach of fiduciary duty in connection with any issue of Notes.

  

	4.8	 Stabilisation  

In relation to the Notes, the Issuer authorises the Stabilising Manager to make adequate public disclosure of the information
required by Commission Regulation (EC) 2273/2003. 
  

	4.9	 Proceeds 

  

	 	4.9.1	 The Issuer will ensure that the proceeds raised in connection with the issue of the Notes will not (to the extent that it, having made reasonable
inquiries, is able to link the application of the proceeds of the Notes to the relevant activities) directly or indirectly be lent, contributed or otherwise made available (in a manner which results in a violation of any Sanctions) to any person or
entity (whether or not related to the Issuer) for the purpose of financing the activities of any person, entity or vessel currently the subject of Sanctions or located, organised or resident in any country or territory that is the subject of
Sanctions or in any other manner that will result in a violation by any person (including any Manager) of Sanctions; 

  
 - 10 - 

	 	4.9.2	 it will ensure that the proceeds raised in connection with the issue of the Notes will not (to the extent that it, having made reasonable
inquiries, is able to link the application of the proceeds of the Notes to the relevant activities) directly or indirectly be lent, contributed or otherwise made available in any manner that would result in a violation of the Foreign Corrupt
Practices Act of 1977 or the UK Bribery Act 2010; and 

  

	 	4.9.3	 it will use the net proceeds for the issuance of the Notes in the manner described in the Prospectus under “Use of Proceeds”.

  

	4.10	 Notification of Event of Default or Restructuring Event 

It shall notify each of the Managers and the Trustee promptly upon it becoming aware of the occurrence of an Event of Default
or a Restructuring Event. 
  

	5.	 SELLING RESTRICTIONS 

Each of the parties to this Agreement represents, warrants and undertakes as set out in the Schedule. 

 

	6.	 INDEMNIFICATION 

The Issuer undertakes to each Manager that if that Manager or any of that Manager’s Related Parties incurs any Loss
arising out of, in connection with or based on: 
  

	 	6.1.1	 Misrepresentation: any inaccuracy or alleged inaccuracy of any representation and warranty by the Issuer in this Agreement (on the date of
this Agreement or on any date when it is deemed to be repeated); or 

  

	 	6.1.2	 Breach: any breach or alleged breach by the Issuer of any of its undertakings in this Agreement; or 

 

	 	6.1.3	 Prospectus: any untrue or misleading (or allegedly untrue or misleading) statement in, or any omission (or alleged omission) from, the
Preliminary Prospectus or the Prospectus, 

 the Issuer shall pay to that Manager on demand an amount
equal to such Loss. No Manager shall have any duty or other obligation, whether as fiduciary or trustee for any of its Related Parties or otherwise, to recover any such payment or to account to any other person for any amounts paid to it under this
Clause. 
  

	7.	 FEES AND EXPENSES 

  

	7.1	 Combined management and underwriting commission 

The Issuer shall, on the Closing Date, pay to Barclays for the account of the Managers a combined management and underwriting
commission of 0.485 per cent. of the aggregate principal amount of the Notes. Such commission shall be deducted from the Issue Price. 

  
 - 11 - 

	7.2	 Issuer’s costs and expenses 

The Issuer is responsible for paying: 
  

	 	7.2.1	 Professional advisers: the fees and expenses of the legal, accountancy and other professional advisers instructed by the Issuer (including,
for the avoidance of doubt, the fees and expenses of the Managers’ legal advisers) in connection with the creation and issue of the Notes and the preparation of the Preliminary Prospectus and the Prospectus; 

 

	 	7.2.2	 Legal documentation: the costs incurred in connection with the preparation and execution of this Agreement and the Issue Documents and any
other document connected with the Notes; 

  

	 	7.2.3	 Printing: the cost of setting, proofing, printing and delivering the Preliminary Prospectus, the Prospectus, the Temporary Global Note, the
Permanent Global Note and any Definitive Notes; 

  

	 	7.2.4	 Trustee and Agents: the fees and expenses of the other parties to the Issue Documents (other than, for the avoidance of doubt, any tax on
such parties’ net income, profit or gains); 

  

	 	7.2.5	 Advertising: the cost of any advertising agreed between the Issuer and the Managers; 

 

	 	7.2.6	 Listing and trading: the costs incurred in connection with the application for the Notes to be admitted to the Official List of the FCA and
admitted to trading on the Regulated Market of the London Stock Exchange; 

  

	 	7.2.7	 Ratings: the cost of obtaining any credit rating for the Notes. 

If any of the Managers incurs any of such fees, costs and expenses on behalf of the Issuer, the Issuer shall on demand
reimburse that Manager for the same. Any amount due to a Manager under this sub-clause may be deducted from the Issue Price. 
  

	7.3	 Management expenses 

In addition, the Issuer shall reimburse each Manager on demand for all legal fees and expenses and any travelling,
communication, courier, postage and other out-of-pocket expenses incurred by it in connection with the management of the issue of the Notes. Any amount due to a Manager under this sub-clause may be deducted from the Issue Price. 

 

	7.4	 Taxes 

All payments by and on behalf of the Issuer in respect of the obligations of the Issuer under this Agreement shall be made
free and clear of, and without withholding or deduction for or on account of, any taxes, duties, assessments or governmental charges of whatever nature imposed, levied, collected, withheld or assessed by or on behalf of within the United Kingdom or
any political subdivision or any authority thereof or therein having power to tax, unless such withholding or deduction is required by law. In that event, the Issuer shall pay such additional amounts as will result in the receipt by the relevant
Manager of such amounts as would have been received by it if no such withholding or deduction had been required. 

  
 - 12 - 

	7.5	 Stamp duties 

The Issuer shall pay all stamp, registration and other taxes and duties (including any interest and penalties thereon or in
connection therewith) which may be payable upon or in connection with the creation and issue of the Notes and the execution of this Agreement and the Issue Documents, and the Issuer shall indemnify each Manager against any claim, demand, action,
liability, damages, cost, loss or expense (including, without limitation, legal fees) which it may incur as a result or arising out of or in relation to any failure to pay or delay in paying any of the same. 

 

	8.	 CLOSING 

  

	8.1	 Closing 

Subject to Clause 8.3 (Conditions precedent), the closing of the issue shall take place on the Closing Date, whereupon:

  

	 	8.1.1	 Delivery of Temporary Global Note: the Issuer shall deliver the Temporary Global Note, duly executed on behalf of the Issuer and
authenticated in accordance with the Issue Documents, to a Common Safekeeper designated for the purpose by Euroclear and Clearstream, Luxembourg for credit on the Issue Date to the account of Euroclear and Clearstream, Luxembourg with such Common
Safekeeper; and 

  

	 	8.1.2	 Payment of net issue proceeds: against such delivery, the Managers shall procure the payment of the net proceeds of the issue of the Notes
(namely the Issue Price plus (if the Closing Date is postponed in accordance with Clause 8.2 (Postponed closing)) accrued interest less the fees and expenses that are to be deducted pursuant to Clause 7 (Fees and Expenses)) to
the Issuer by credit transfer in Sterling for immediate value to such account as the Issuer has designated to the Managers. 

  

	8.2	 Postponed closing 

The Issuer and the Joint Lead Managers (on behalf of the Managers) may agree to postpone the Closing Date to another date not
later than 20 November 2015, whereupon all references herein to the Closing Date shall be construed as being to that later date. 
  

	8.3	 Conditions precedent 

The Managers shall only be under obligation to subscribe and pay for the Notes if: 

 

	 	8.3.1	 Closing documents: the Managers receive on (or, in the case of the evidence referred to in sub-paragraph (d), on or before) the Closing
Date: 

  

	 	(a)	 Legal opinions: legal opinions dated the Closing Date and addressed to the Managers, the Trustee and the Principal Paying Agent from
Allen & Overy LLP in a form acceptable to the Managers; 

  
 - 13 - 

	 	(b)	 Internal Authorisations of the Issuer: certified copies of constitutive documents of the Issuer and internal authorisations of the Issuer
authorising the issue of the Notes, the execution of this Agreement and the Issue Documents and the performance of the Issuer’s obligations thereunder and the appointment of the persons named in sub-clause 8.3.1(d) below (Certificate of
Incumbency); 

  

	 	(c)	 Closing certificate: a closing certificate dated the Closing Date, addressed to the Managers and, signed by duly authorised signatory on
behalf of the Issuer in a form acceptable to the Managers; 

  

	 	(d)	 Certificate of Incumbency: certificates from the Issuer certifying the names, titles and specimen signatures of the persons authorised on
behalf of the Issuer, as the case may be: 

  

	 	(i)	 to execute this Agreement and the Issue Documents or the Notes (as appropriate); 

 

	 	(ii)	 to authorise the issue of the Notes and sign or give or deliver all notices and other documents to be delivered in connection with this Agreement
and the Issue Documents; and 

  

	 	(iii)	 to take any other action in relation to this Agreement and the Issue Documents; 

 

	 	(e)	 Comfort letters: comfort letters dated the date of this Agreement and the Closing Date and addressed to the Managers from Ernst &
Young LLP; in a form acceptable to the Managers; 

  

	 	(f)	 Rating: confirmation from Moody’s Investors Service Limited, Standard & Poor’s Credit Market Services Europe Limited and
Fitch Ratings Limited that they have assigned a rating to the Notes; 

  

	 	(g)	 Issuer – ICSDs Agreement: a duly executed or conformed copy of the agreement between the Issuer and the ICSDs with respect to the
settlement in the ICSDs of Notes in New Global Note form; 

  

	 	(h)	 Effectuation Authorisation: a duly executed or conformed copy of the authorisation from the Issuer to the relevant ICSD acting as Common
Safekeeper to effectuate the Temporary Global Note and the Permanent Global Note; and 

  

	 	(i)	 Common Safekeeper Election Form: a duly executed or conformed copy of the election form pursuant to which the Fiscal Agent has elected an
ICSD as Common Safekeeper in accordance with Clause 4.5 (Election of Common Safekeeper) of the Agency Agreement; 

  

	 	8.3.2	 Issue documentation: the Issue Documents are executed on or before the Closing Date by or on behalf of all parties thereto;

  

	 	8.3.3	 No material adverse change: there has, since the date of this Agreement, been no adverse change, or any development reasonably likely to
involve an adverse change, in the condition (financial or otherwise) of the Issuer or any of its Subsidiaries that is material in the context of the issue of the Notes; 

  
 - 14 - 

	 	8.3.4	 Accuracy of representations: the representations and warranties by the Issuer in this Agreement are true and correct on the date of this
Agreement and on each date on which they are deemed to be repeated and would be true and correct if they were repeated on the Closing Date with reference to the facts and circumstances then subsisting; 

 

	 	8.3.5	 Listing and trading: the Managers receive confirmation on or before the Closing Date that the Notes have, subject only to the execution,
authentication and delivery of the Temporary Global Note, been admitted to the Official List of the FCA and admitted to trading on the Regulated Market of the London Stock Exchange 

provided, however, that the Joint Lead Managers (on behalf of the Managers) may, at their discretion, waive
satisfaction of any of the conditions specified in this Clause 8.3. 
  

	9.	 TERMINATION 

  

	9.1	 Managers’ right to terminate 

The Managers may give a termination notice to the Issuer at any time prior to the payment of the net proceeds of the issue of
the Notes to the Issuer on the Closing Date if: 
  

	 	9.1.1	 Inaccuracy of representation: any representation and warranty by the Issuer in this Agreement is or proves to be untrue or incorrect on the
date of this Agreement or on any date on which it is deemed to be repeated; 

  

	 	9.1.2	 Breach of obligation: the Issuer fails to perform any of its obligations under this Agreement; 

 

	 	9.1.3	 Failure of condition precedent: any of the conditions in Clause 8.3 (Conditions precedent) is not satisfied or waived by the Joint
Lead Managers (on behalf of the Managers) on the Closing Date; or 

  

	 	9.1.4	 Force majeure: since the date of this Agreement there has been, in the opinion of the Managers, such a change in national or international
financial, political or economic conditions or currency exchange rates or exchange controls as would in its view be likely to prejudice materially the success of the offering and distribution of the Notes or dealings in the Notes in the secondary
market. 

  

	9.2	 Consequences 

Upon the giving of a termination notice under Clause 9.1 (Managers’ right to terminate) and subject to Clause 9.3
(Saving): 
  

	 	9.2.1	 Discharge of Issuer: the Issuer shall be discharged from performance of its obligations under Clauses 2.1 (Undertaking to issue), 7.1
(Combined management and underwriting commission) and sub-clause 8.1.1 (Delivery of Temporary Global Note); and 

  

	 	9.2.2	 Discharge of Managers: the Managers shall be discharged from performance of their respective obligations under Clause 2.2 (Undertaking to
subscribe) and sub-clause 8.1.2 (Payment of net issue proceeds). 

  
 - 15 - 

	9.3	 Saving 

A discharge pursuant to Clause 9.2 (Consequences) shall not affect the other obligations of the parties to this
Agreement and shall be without prejudice to accrued liabilities. 
  

	10.	 SURVIVAL 

The provisions of this Agreement shall continue in full force and effect notwithstanding the completion of the arrangements
set out herein for the issue of the Notes and regardless of any investigation by any party to this Agreement. 
  

	11.	 TIME 

Any date or period specified herein may be postponed or extended by mutual agreement among the parties but, as regards any
date or period originally fixed or so postponed or extended, time shall be of the essence. 
  

	12.	 NOTICES 

  

	12.1	 Addresses for notices 

All notices and other communications hereunder shall be made in writing and in English (by letter or fax) and shall be sent as
follows: 
  

	 	12.1.1	 Issuer: if to the Issuer, to it at: 

  

	 	  	 Western Power Distribution PLC 

	 	  	 Avonbank 

	 	  	 Feeder Road 

	 	  	 Bristol BS2 0TB 

  

	 	  	 Tel:      + 44 (0)1179 332000 

	 	  	 Fax:     + 44 (0)1179 332001 

	 	  	 Attention: Company Secretary 

  

	 	12.1.2	 Managers: if to the Managers, to them at: 

  

	 	  	 Barclays Bank PLC 

	 	  	 5 The North Colonnade 

	 	  	 London E14 4BB 

	 	  	 United Kingdom 

  

	 	  	 Tel:      +44 (0) 20 7773 9090 

	 	  	 Fax:     +44 (0) 20 7516 7548 

	 	  	 Attention: Debt Syndicate 

  
 - 16 - 

	12.2	 Effectiveness 

Every notice or other communication sent in accordance with Clause 12.1 (Addresses for notices) shall be effective upon
receipt by the addressee; provided, however, that any such notice or other communication that is received (or deemed to take effect in accordance with the foregoing) outside business hours or on a non-business day in the place of receipt
shall be deemed to take effect at the opening of business on the next following business day in such place. Any communication delivered to any party under this Agreement which is to be sent by fax or electronic communication will be written legal
evidence. Each communication from the Issuer may only be revoked if the relevant Manager has not acted on it. 
  

	13.	 ASSIGNMENT 

  

	13.1	 By the Issuer 

The Issuer may not assign or transfer its rights or obligations under this Agreement without the prior written consent of the
Managers and any purported assignment or transfer without such consent shall be void. 
  

	13.2	 By the Managers 

No Manager may assign its rights or transfer its obligations under this Agreement, in whole or in part, without the prior
written consent of the Issuer and any purported assignment or transfer without such consent shall be void, except for an assignment and transfer of all of such Manager’s rights and obligations hereunder in whatever form such Manager determines
may be appropriate to a partnership, corporation, trust or other organisation in whatever form that may succeed to, or to which the Manager transfers, all or substantially all of such Manager’s assets and business and that assumes such
obligations by contract, operation of law or otherwise. Upon any such transfer and assumption of obligations, such Manager shall be relieved of and fully discharged from all obligations under this Agreement, whether such obligations arose before or
after such transfer and assumption. 
  

	14.	 LAW AND JURISDICTION 

  

	14.1	 Governing law 

This Agreement and any non-contractual obligations arising out of or in connection with it are governed by English law. 

 

	14.2	 English courts 

The courts of England have exclusive jurisdiction to settle any dispute (a “Dispute”), arising out of or in
connection with this Agreement (including a dispute relating to the existence, validity or termination of this Agreement or any non-contractual obligation arising out of or in connection with this Agreement) or the consequences of its nullity. 

  
 - 17 - 

	14.3	 Appropriate forum 

The Issuer agrees that the courts of England are the most appropriate and convenient courts to settle any Dispute and,
accordingly, that it will not argue to the contrary. 
  

	14.4	 Rights of the Managers to take proceedings outside England 

Notwithstanding Clause 14.2 (English courts), the Managers may take proceedings relating to a Dispute
(“Proceedings”) in any other courts with jurisdiction. To the extent allowed by law, the Managers may take concurrent Proceedings in any number of jurisdictions. 

 

	15.	 RIGHTS OF THIRD PARTIES 

A person who is not a party to this Agreement has no right under the Contracts (Rights of Third Parties) Act 1999 to enforce
any term of this Agreement except and to the extent (if any) that this Agreement expressly provides for such Act to apply to any of its terms. 
  

	16.	 COUNTERPARTS 

This Agreement may be executed in any number of counterparts and by different parties hereto in separate counterparts, each of
which when so executed shall be deemed to be an original and all of which when so executed shall constitute one and the same binding agreement between the parties. 

AS WITNESS the hands of the duly authorised representatives of the parties to this Agreement the day and year first before written.

  
 - 18 - 

 SCHEDULE 

Selling Restrictions 
  

	1.	 GENERAL 

Each Manager undertakes to the Issuer that it will comply with all applicable laws and regulations in each country or
jurisdiction in which it purchases, offers, sells or delivers Notes or has in its possession or distributes the Prospectus or any related offering material, in all cases at its own expense. 

 

	2.	 UNITED STATES 

  

	2.1	 No registration under Securities Act 

The Notes have not been and will not be registered under the Securities Act and may not be offered or sold within the United
States or to, or for the benefit of, U.S. persons except pursuant to an exemption from, or in a transaction not subject to, the registration requirements of the Securities Act. 

 

	2.2	 Compliance by Issuer with United States securities laws 

The Issuer represents, warrants and undertakes to each of the Managers that neither it nor any of its respective affiliates
(including any person acting on behalf of the Issuer or any of its affiliates) has offered or sold, or will offer or sell, any Notes in any circumstances which would require the registration of any of the Notes under the Securities Act or the
qualification of the Trust Deed as an indenture under the United States Trust Indenture Act of 1939 and, in particular, that: 
  

	 	2.2.1	 No directed selling efforts: neither the Issuer nor any of its affiliates nor any person acting on its or their behalf has engaged or will
engage in any directed selling efforts with respect to the Notes; and 

  

	 	2.2.2	 No SUSMI: the Issuer reasonably believes that there is no substantial U.S. market interest in its debt securities. 

 

	2.3	 Managers’ compliance with United States securities laws 

Each Manager represents, warrants and undertakes to the Issuer that it has not offered or sold, and will not offer or sell,
any Notes constituting part of its allotment within the United States except in accordance with Rule 903 of Regulation S under the Securities Act and, accordingly, that neither it nor any of its affiliates (including any person acting on behalf of
such Manager or any of its affiliates) has engaged or will engage in any directed selling efforts with respect to the Notes. 
  

	2.4	 Managers’ compliance with United States Treasury regulations 

Each Manager represents, warrants and undertakes to the Issuer that: 

 

	 	2.4.1	 Restrictions on offers etc: except to the extent permitted under United States Treasury Regulation §1.163-5(c)(2)(i)(D) (the “D
Rules”): 

  

	 	(a)	 No offers etc to United States or United States persons: it has not offered or sold, and during the restricted period will not offer or
sell, any Notes to a person who is within the United States or its possessions or to a United States person; and 

  

	 	(b)	 No delivery of definitive Notes in United States: it has not delivered and will not deliver in definitive form within the United States or
its possessions any Notes sold during the restricted period; 

  
 - 19 - 

	 	2.4.2	 Internal procedures: it has, and throughout the restricted period will have, in effect procedures reasonably designed to ensure that its
employees or agents who are directly engaged in selling Notes are aware that the Notes may not be offered or sold during the restricted period to a person who is within the United States or its possessions or to a United States person, except as
permitted by the D Rules; and 

  

	 	2.4.3	 Additional provision if United States person: if it is a United States person, it is acquiring the Notes for the purposes of resale in
connection with their original issuance and, if it retains Notes for its own account, it will only do so in accordance with the requirements of United States Treasury Regulation §1.163-5(c)(2)(i)(D)(6), 

and, with respect to each affiliate of such Manager that acquires Notes from such Manager for the purpose of offering or
selling such Notes during the restricted period, such Manager undertakes to the Issuer that it will obtain from such affiliate for the benefit of the Issuer the representations, warranties and undertakings contained in sub-clauses 2.4.1, 2.4.2 and
2.4.3. 
  

	2.5	 Interpretation 

Terms used in clauses 2.2 and 2.3 above have the meanings given to them by Regulation S under the Securities Act. Terms used
in clause 2.4 above have the meanings given to them by the United States Internal Revenue Code and regulations thereunder, including the D Rules. 
  

	3.	 UNITED KINGDOM 

Each Manager represents, warrants and undertakes to the Issuer and each other Manager that: 

 

	3.1	 Financial promotion: it has only communicated or caused to be communicated, and will only communicate or cause to be communicated, any
invitation or inducement to engage in investment activity (within the meaning of section 21 of the FSMA) received by it in connection with the issue or sale of any Notes in circumstances in which section 21(1) of the FSMA does not apply to the
Issuer; and 

  

	3.2	 General compliance: it has complied and will comply with all applicable provisions of the FSMA with respect to anything done by it in
relation to the Notes in, from or otherwise involving the United Kingdom. 

  
 - 20 - 

 SIGNATURES 

The Issuer 
 WESTERN POWER DISTRIBUTION PLC 

 

			
	 By:
  
	 	

  
 The Managers 

BARCLAYS BANK PLC 
  

			
	By:	 	

 BANCO SANTANDER, S.A 

HSBC BANK PLC 
 LLOYDS BANK PLC 

MITSUBISHI UFJ SECURITIES INTERNATIONAL PLC 
 MIZUHO
INTERNATIONAL PLC 
 RBC EUROPE LIMITED 
 THE
ROYAL BANK OF SCOTLAND PLC 
  

			
	By:	 	
		
		 	(under power of attorney)

 SIGNATURES 

The Issuer 
 WESTERN POWER DISTRIBUTION PLC 

 

			
	By:	 	

  
 The Managers 

BARCLAYS BANK PLC 
  

			
	By:	 	

 BANCO SANTANDER, S.A 

HSBC BANK PLC 
 LLOYDS BANK PLC 

MITSUBISHI UFJ SECURITIES INTERNATIONAL PLC 
 MIZUHO
INTERNATIONAL PLC 
 RBC EUROPE LIMITED 
 THE
ROYAL BANK OF SCOTLAND PLC 
  

			
	 By:
  
	 	

		
		 	(under power of attorney)

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