Document:

Exhibit

Exhibit 10.3

 
 
April 3, 2019 
 
 
Haresh Shah 
Executive Vice President and Chief Financial Officer 
c/o Welbilt, Inc. 
2227 Welbilt Boulevard 
New Port Richey, Florida 34655
Dear Haresh:
This letter agreement (this “Letter”) memorializes certain terms of your separation from Welbilt, Inc. (the “Company”) and its affiliates, including certain waivers and releases by you required under the Welbilt, Inc. Executive Severance Policy (the “Severance Policy”) or otherwise in order to receive certain separation payments and benefits.
You and the Company agree that you will terminate from your position(s) as Executive Vice President and Chief Financial Officer effective April 7, 2019.  You also agree that, as of April 7, 2019, you resign from all positions you hold (if any) as an officer or director of the Company and the Company’s subsidiaries and affiliates, as applicable, and that you will promptly execute any documents and take any actions as may be necessary or reasonably requested by the Company to effectuate or memorialize your termination from all such positions.  Furthermore, you agree that, effective May 1, 2019 (the “Separation Date”), you resign from all other positions you hold (if any), and as an employee, of the Company and the Company’s subsidiaries and affiliates, as applicable, and that you will promptly execute any documents and take any actions as may be necessary or reasonably requested by the Company to effectuate or memorialize your termination from all positions with the Company and its subsidiaries and affiliates.
For purposes of the Severance Policy, your separation from the Company will be deemed a termination of employment without Cause (as defined in the Severance Policy), and you will receive the payments and benefits as specified on Exhibit A attached hereto, all subject to applicable tax withholding (the “Severance Benefits”).  The Severance Benefits will be in full satisfaction of any amounts due under the Severance Policy, the Welbilt, Inc. 2016 Omnibus Incentive Plan, and all other compensation arrangements between you and the Company.  However, to the extent provided under the Severance Policy or on Exhibit A, you will not be eligible for such Severance Benefits unless (a) no earlier than the Separation Date, and prior to the 60th day following the Separation Date, you execute the general release of all claims substantially in the form attached hereto as Exhibit B (the “Release”) and (b) any applicable revocation period has expired during such 60-day period without you revoking such Release. By signing this Letter, you acknowledge that the Severance Benefits are greater than what you would be legally entitled to receive in the absence of this Letter.
You agree that, during your employment, you must cooperate without limitation in performing all duties and other responsibilities reasonably assigned to or reasonably requested of you by the Company. You agree that, after the Separation Date, to the extent reasonably requested by the Company at any time, you will make yourself reasonably available to provide information and assistance to the Company in any dispute, proceeding, arbitration, investigation (whether internal or external) or litigation involving the Company of which you have material knowledge, or with respect to which you have material involvement, as a result of your employment with the Company, including, but not limited to, providing whatever information you have available to the Company, its attorneys, agents, contractors or other 

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representatives.  You agree and acknowledge that such assistance and cooperation may include, but not be limited to, providing relevant information and documents reasonably available to you about matters on which you worked.  You agree to make yourself reasonably available to the Company or its representatives (including but not limited to its attorneys) at a mutually agreeable time for interviews and meetings regarding any matter relating to your employment or matters on which you acquired material knowledge while employed at the Company as may be reasonably requested.  You expressly agree and understand that, even after the Separation Date, at the Company’s request, you will make yourself reasonably available for appearances in any dispute, arbitration, investigation, litigation, or other proceeding (including but not limited to depositions) on reasonable terms as may be necessary to effectuate the business of the Company subject to your scheduling obligations.  The Company will reimburse you for the reasonable expenses you incur in the course of cooperating with such Company requests.
By signing this Letter, you affirm that you have returned, or will return within a reasonable time after the Separation Date, to the Company all Company Property in good working order. “Company Property” includes company-owned motor vehicles, electronic or other equipment, supplies and documents.

[Signature Page Follows]

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Please indicate your agreement to the terms of this Letter by signing and dating this Letter where indicated below and returning a signed copy to the Company’s General Counsel.  This Letter may be executed by facsimile or electronically transmitted signature pages and in one or more counterparts, each of which shall be deemed an original, but all of which together shall constitute one and the same instrument.

	
		
	 
	

Sincerely,
WELBILT, INC. 

By:    /s/ William Johnson   
William C. Johnson
President and Chief Executive Officer
 
Date: April 3, 2019

	

Acknowledged and agreed as of the date written below
By:    /s/ Haresh Shah   
Haresh Shah
 
 
Date: April 3, 2019
	 

	 
	 

EXHIBIT A
Severance and Other Benefits
Severance benefits, including under the Severance Policy, which severance benefits consist of the items listed below (as further described in, and qualified by reference to, the Severance Policy). You shall not be eligible to receive the payments or benefits described in subsection a., b., c. or f. of this Exhibit A unless you execute and do not revoke the Release as described in the Letter.  All benefits, including the Additional Vesting Benefit (as defined below), will be subject to Section 10 of the Severance Policy, and all benefits other than the Additional Vesting Benefit will remain subject to Section 6 of the Severance Policy, in each case, to the extent applicable. 
		
	a.
	Payment of $412,000 in cash, representing an amount equal in value to your annual base salary at the time of termination of employment multiplied by one, and payable in substantially equal biweekly installments with the Company’s regular payroll over the one-year period following the Separation Date (provided that the initial and final payments may be a greater or lesser amount so as to conform with the Company’s regular payroll period); provided, however, that any amounts that would be payable prior to the effectiveness of the Release shall be delayed until the Release Effective Date (as defined in the Release);

		
	b.
	Payment of $370,800 in cash, representing an amount equal in value to your target annual cash incentive compensation opportunity for the year of the termination of employment multiplied by one, and payable in substantially equal biweekly installments with the Company’s regular payroll over the one-year period following the Separation Date (provided that the initial and final payments may be a greater or lesser amount so as to conform with the Company’s regular payroll period); provided, however, that any amounts that would be payable prior to the effectiveness of the Release shall be delayed until the Release Effective Date;

		
	c.
	Payment in cash, in an amount equal in value to the product of (A) the annual cash incentive compensation that you would have earned for the year of termination of employment based on actual performance if you had remained employed through the end of such year multiplied by (B) a fraction, the numerator of which is the number of days you were employed by the Company in the year of termination, and the denominator of which is 365, payable as soon as practicable after the Compensation Committee of the Board of Directors certifies the annual incentive performance for all employees for the year in which the Separation Date occurs, but no later than March 15 of the year following year in which the Separation Date occurs;

		
	d.
	If you are eligible for and elect continued coverage under COBRA (as defined in the Severance Policy) following your termination of employment, reimbursement by the Company to you for 100% of the monthly COBRA cost upon receipt of proof of payment through the last day of your COBRA continuation coverage period (which reimbursement shall be taxable to you).  You understand it is your sole obligation to make these COBRA payments on a monthly basis in order to continue your health or dental insurance benefits and that your failure to make these payments timely may result in cessation of benefits.  If you obtain other employment which offers any of such insurance coverage, the Company’s obligation to reimburse you for COBRA payments will be terminated.  You agree to furnish promptly to the Company all documentation required and/or reasonably requested by the 

Company regarding subsequent benefit eligibility. Any period of continued post-employment medical plan coverage provided in accordance with this Exhibit A shall count against the minimum period of coverage required by the medical continuation provisions of COBRA and any other applicable legislation;
		
	e.
	With respect to equity awards granted to you prior to the year of termination of employment, to the extent permitted by applicable law and under any applicable equity plan:  (A) any outstanding equity awards other than performance-based equity awards shall be deemed fully vested; and (B) any outstanding performance-based equity awards shall vest (if at all) based on actual performance determined at the end of the applicable performance period;

		
	f.
	With respect to equity awards granted to you in the year of termination of employment, to the extent permitted by applicable law and under any applicable equity plan:  (A) the first third (1/3) of each outstanding equity award other than any performance-based equity awards shall be deemed vested; (B) one third (1/3) of any outstanding performance-based equity awards shall vest (if at all) based on actual performance determined at the end of the applicable performance period (collectively, the “Additional Vesting Benefit”); and (C) the remainder of such equity awards shall be forfeited as of the date of your termination of employment; and 

		
	g.
	You shall have until the earlier of the expiration date of any unexercised option (including those for which the vesting date has been accelerated pursuant to subsection e. or f. above) or twenty-four (24) months from the Separation Date, to exercise any vested outstanding stock options granted to you by the Company.  Any stock options not exercised within twenty-four (24) months of the Separation Date (or, if earlier, by the original expiration date of the stock options) will be forfeited.  Any equity awards for which the vesting date has been accelerated, other than stock options, stock appreciation rights and performance-based equity awards will be settled within 15 days of the Separation Date, and any performance-based equity awards will be settled as soon as practicable following the end of the applicable performance period; provided, however, that, in each case, equity awards that vest in accordance with subsection e. or f. above will be paid within the short-term deferral period for purposes of Section 409A of the Internal Revenue Code of 1986, as amended (the “Code”) unless otherwise required for purposes of compliance with Section 409A of the Code, if applicable.

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EXHIBIT B
Release of All Claims
(To Be Executed On Or After Separation Date)
In exchange for, and as a condition to receipt of certain compensation and benefits under the Welbilt, Inc. Executive Severance Policy (the “Severance Policy”), Welbilt, Inc., a Delaware corporation (the “Company”) and Haresh Shah (“Executive”) have entered into this Release of All Claims (the “Release”) as of the last date set forth on the signature page hereto.  Executive acknowledges that Executive is not eligible to receive the Severance Payments (as defined in the Severance Policy) or the Additional Vesting Benefit (as defined in the letter agreement dated April 3, 2019 between Executive and the Company (the “Letter”)) unless (a) no earlier than the Separation Date (as defined in the Letter) and prior to the 60th day following the Separation Date, Executive executes this Release and (b) the Revocation Period has expired during such 60-day period without Executive revoking this Release.
1.    Release by Executive.
(i)    Executive waives any and all claims and hereby releases and forever discharges the Company and each and all of its current and former affiliated business entities, parent or sister corporations, predecessors, successors, affiliates, assigns, partners, insurers, guarantors, shareholders, board members, and each and all of their officers, directors, representatives, employees, agents, attorneys and other representatives (the “Released Parties”) from any and all claims and causes-of-action, charges, complaints, liabilities, obligations, promises, agreements, damages, actions, suits, rights, demands, losses, debts, costs and expenses of any nature whatsoever, whether known or unknown, suspected or unsuspected, disclosed or undisclosed, contingent or absolute, matured or unmatured, whether brought individually, as a member or representative of a class, or derivatively on behalf of the Company or shareholders of the Company, arising prior to the Release Effective Date, which Executive now has or ever had against the Released Parties with respect to or connected with Executive’s employment with the Company (collectively the “Claims”), including, but not limited to, any and all matters related in any way to Executive’s employment with or resignation from the Company, Executive’s ownership of Company stock, and any claims or causes-of-action under Title VII of the Civil Rights Act of 1964, the Civil Rights Act of 1866, 42 U.S.C. § 1981, the Americans With Disabilities Act of 1990, the Age Discrimination in Employment Act, the Older Workers Benefit Protection Act, the Civil Rights Act of 1991, the Family Medical Leave Act of 1993, the Employee Retirement Income Security Act of 1974, and any other federal, state or local anti-discrimination or anti-retaliation laws, and any other statutory, contractual, or tort, or equitable claims related in any manner to Executive’s employment, resignation from employment with the Company or Executive’s status as a shareholder of the Company.
		
	(b)
	This Release does not prohibit the following rights or Claims:  (1) Claims that first arise after Executive signs the Release or which arise out of or in connection with the interpretation or enforcement of the Release itself; (2) Executive’s right to file a charge or complaint with the EEOC or other federal or state agency, except Executive agrees and understands that Executive will not seek or accept any personal relief including, but not limited to, an award of monetary damages or reinstatement to employment, in connection with such a charge or claims; (3) any rights or Claims, whether specified above or not, that cannot be waived as a matter of law pursuant to federal, state or local statute; (4) any rights Executive has to indemnification from the Company; and (5) any rights Executive has to coverage under any 

director and officer liability insurance policy of the Company.  If it is determined that any Claim covered by this Release cannot be waived as a matter of law, Executive expressly agrees that this Release will nevertheless remain valid and fully enforceable as to the remaining released Claims.
		
	(c)
	By signing this Release, Executive understands that Executive voluntarily and knowingly waives any and all of Executive’s rights or claims under the federal Age Discrimination in Employment Act of 1967 (ADEA), as amended, that may have existed prior to the date Executive signs this Release.  However, Executive is not waiving any future rights or claims under the ADEA or Title VII of the Civil Rights Act for actions arising after the date Executive signs this Release.

		
	(d)
	Executive understands that Executive is releasing Claims that Executive may not know about, and that is Executive’s knowing and voluntary intent.  Executive expressly waives all rights that Executive might have under any law that is intended to prevent unknown Claims from being released.  Executive understands the significance of doing so.

2.    Government Proceedings.  Executive represents and warrants that Executive has not made, filed or lodged any complaints, charges or lawsuits or otherwise directly or indirectly commenced any proceeding against the Company and/or any Released Parties with any governmental agency, department or official; any regulatory authority, court, or other tribunal; and/or any other dispute resolution body.  Nothing in this Release (or any other policy, letter or agreement expressly incorporated herein) shall be construed to prevent Executive from providing truthful testimony under oath in a judicial or administrative proceeding or to prohibit or interfere with Executive’s right to participate as a complainant or witness in any federal, state or local governmental agency investigation (including but not limited to any activities protected under the whistleblower provisions of any applicable laws or regulations), during which communications can be made without authorization by or notification to the Company.  Executive is waiving, however, Executive’s right to any monetary recovery or relief (including but not limited to reinstatement of Executive’s employment) should the EEOC or any other agency or commission pursue any claims on Executive’s behalf, except with respect to any monetary recovery under the Dodd-Frank Wall Street Reform and Consumer Protection Act and The Sarbanes-Oxley Act of 2002.  Further, nothing in this Release (or any other policy, letter or agreement expressly incorporated herein) prevents Executive from providing, without prior notice to the Company, information to governmental authorities regarding possible legal violations or otherwise testifying or participating in any investigation or proceeding by any governmental authorities regarding possible legal violations.
3.    No Transfer of Potential Claims.  Executive represents and warrants that Executive has not previously assigned or transferred, or purported to assign or transfer, to any person or entity, any of the Claims released by this Release and Executive agrees to indemnify and hold harmless the Released Parties from any clam, demand, debt, obligation, liability, cost, expense, right of action or cause of action based on, arising out of or in assignment.
4.    Non-Admission of Liability.  Executive acknowledges and agrees that this Release shall not in any way be construed as an admission by the Company that it acted wrongfully with respect to Executive or any other person(s), or that Executive has any rights whatsoever against the Company or any Released Party.  The Company specifically disclaims any liability to or wrongful acts against Executive or any other person(s).

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5.    Sufficiency of Consideration.  Executive agrees and acknowledges that the Severance Payments and the Additional Vesting Benefit, which Executive agrees and acknowledges that Executive is not entitled to receive absent execution of this Release, have provided good and sufficient consideration for every promise, duty, release, obligation, agreement and right contained in this Release.
6.    Consultation with Attorney.  By signing below, Executive represents and warrants that Executive has been offered a period of at least twenty-one (21) calendar days to consider this Release.  Executive acknowledges that if Executive signs this Release prior to the expiration of the 21-day period, that Executive did so voluntarily.  By signing this Release, Executive further acknowledges and agrees that:
		
	(a)
	Executive has carefully read and understands the terms of this Release;

		
	(b)
	Executive has signed this Release freely and voluntarily and without duress or coercion and with full knowledge of its significance and consequences and of the rights relinquished, surrendered, released and discharged hereunder;

		
	(c)
	The only consideration for signing this Release are the Severance Payments and the Additional Vesting Benefit and no other promise, agreement or representation of any kind has been made to Executive by any person or entity whatsoever to cause Executive to sign this Release; and

		
	(d)
	The Company advised Executive of Executive’s right to consult with an attorney before signing this Release.

7.    Revocation Period.  Executive may revoke this Release for a period of seven (7) calendar days following the day Executive executes this Release (“Revocation Period”).  Any revocation within this period must be submitted, in writing, to the Company’s General Counsel at joel.horn@welbilt.com and state, “I hereby revoke my agreement to enter into the Release.”  The revocation must be delivered to the Company’s General Counsel within seven (7) calendar days of Executive’s execution of this Release.  If Executive revokes this Release, then this Release shall terminate and be of no further force and effect.  If Executive does not revoke this Release prior to the eighth (8) day after Executive’s signing, Executive agrees that this Release shall become enforceable on the eighth (8) day after Executive’s signing (the “Release Effective Date”).
8.    Taxes and Indemnification.  The Company may withhold from the Severance Payments, the Additional Vesting Benefit and the other compensation and benefits payable in connection with Executive’s termination of employment (“Other Benefits”) all federal, state, city or other taxes as Company is required to withhold pursuant to any applicable law, regulation or ruling.  Executive further agrees to indemnify and hold Company harmless from any and all loss, costs, expenses, interest, payments, or penalties incurred by it as a result of adhering to the withholding elections provided by Executive and, as a result, not making certain deductions from the Severance Payments, Additional Vesting Benefit or Other Benefits.  In the event that it is subsequently determined by any federal, state, or local taxing authority that Executive owes any additional taxes with respect to the Severance Payments, Additional Vesting Benefit or Other Benefits, it is expressly agreed that the determination of any tax liability, if any, is between Executive and that taxing authority, and that Company will not be responsible for the payment of such taxes, including any interest and penalties.

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9.    Severability.  If any of the provisions of this Release are determined to be invalid by a court, arbitrator, or government agency of competent jurisdiction, the Parties agree that such a determination shall not affect the enforceability of the other provisions herein.
10.    Governing Law.  The laws of the State of Florida shall govern the validity and interpretation of this Release, without regard to conflict of laws provisions.
11.    Plain Meaning and Drafting.  This Release shall be interpreted in accordance with the plain meaning of its terms.  Although the initial draft of this Release has been drafted by counsel for the Company, the Parties agree that this Release cannot be construed in favor of or against any of the Parties to this Release.  The Parties agree that they have had the opportunity to consult with counsel of their choosing with respect to the terms of this Release.
12.    No Representations.  Executive represents and acknowledges that in executing this Release, Executive does not rely and has not relied upon any representation or statement not set forth herein made by the Company, by any of the Released Parties or by any of the Company’s or Released Parties’ agents, representatives, members, or attorneys with regard to the subject matter, basis, or effect of this Release or otherwise.
13.    Entire Agreement.  This Release, along with the Severance Policy, the Letter (including any exhibits thereto), and the Agreement Regarding Confidential Information, Intellectual Property, Non-Solicitation of Employees and Non-Compete, dated May 20, 2016, between the Company and Executive (the “Restrictive Covenants Agreement”), with the terms of each being expressly incorporated herein, set forth the entire agreement between the parties hereto and fully supersede any and all other prior agreements or understandings between the parties hereto pertaining to the subject matter hereof.  This Release shall not be modified except in writing signed by the parties hereto.
14.    Notice of Immunity Under the Defend Trade Secrets Act of 2016.  Notwithstanding any other provision of this Release or the Restrictive Covenants Agreement, 
		
	(a)
	Executive will not be held criminally or civilly liable under any federal or state trade secret law for any disclosure of a trade secret that: (i) is made: (A) in confidence to a federal, state, or local government official, either directly or indirectly, or to an attorney; and (B) solely for the purpose of reporting or investigating a suspected violation of law; or (ii) is made in a complaint or other document that is filed under seal in a lawsuit or other proceeding.

		
	(b)
	If Executive files a lawsuit for retaliation by Company for reporting a suspected violation of law, Executive may disclose a trade secret to Executive's attorney and use the trade secret information in the court proceeding if Executive: (i) files any document containing the trade secret under seal; and (ii) does not disclose the trade secret, except pursuant to court order.

15.    Remedies and Forum Selection.  Any controversy or claim arising out of or relating to this Release, including any claimed breach of the Release, or any other dispute between the Parties of any nature, shall be brought on the Circuit Court for Hillsborough County, Florida, this Court being the sole, exclusive, and mandatory venue and jurisdiction for any disputes between the Parties arising from or relating to this Release.  If any action is filed, by any Party, relating to a breach of this Release and/or enforcement of this Release, Executive expressly agrees and consents to jurisdiction in the Circuit Court for Hillsborough County, Florida and waives any claim that the Circuit Court for Hillsborough County, Florida is an inconvenient forum.  Should either Party file an action to enforce the terms of this Release, the prevailing 

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party in such action shall be awarded reasonable attorneys’ fees and costs incurred in bringing such action, in addition to any other remedies available in law or in equity.
16.    Counterparts.  This Release may be executed in counterparts, each of which, when taken together, shall constitute one entire original Release. Facsimile and/or scanned-and-emailed signatures are acceptable as originals.

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IN WITNESS WHEREOF, Executive and the Company have executed this Release as of the date written below their requisite signatures.
BY SIGNING THIS RELEASE, EXECUTIVE STATES THAT:  EXECUTIVE HAS READ IT; EXECUTIVE UNDERSTANDS IT AND KNOWS THAT EXECUTIVE IS GIVING UP IMPORTANT RIGHTS; EXECUTIVE AGREES TO ALL THE TERMS CONTAINED WITHIN THE RELEASE; EXECUTIVE IS AWARE OF EXECUTIVE’S RIGHTS TO CONSULT WITH AN ATTORNEY BEFORE SIGNING IT; EXECUTIVE HAS CONSULTED WITH EXECUTIVE’S ATTORNEY BEFORE SIGNING IT; AND EXECUTIVE HAS SIGNED IT KNOWINGLY AND VOLUNTARILY.
	
		
	 
	Executive
By:        
Haresh Shah 
 
Date:    , 2019

	 
	

Welbilt, Inc.
 
By:        
 
Its:    __________________________________ 
 
Date:    , 2019Exhibit 4.2

 

 

 

 

 

 

THE ROYAL
BANK OF SCOTLAND GROUP PLC

 

as Company

 

and

 

THE BANK
OF NEW YORK MELLON, ACTING THROUGH ITS LONDON BRANCH

 

as Trustee

 

 

 

 

FIFTH
SUPPLEMENTAL INDENTURE

 

dated as
of May 8, 2019

 

to the

 

AMENDED
AND RESTATED INDENTURE

 

dated as
of December 13, 2017

 

$1,250,000,000
4.445% Fixed Rate/Floating Rate Senior Notes due 2030

 

 

     

     

    

This FIFTH
SUPPLEMENTAL INDENTURE, dated as of May 8, 2019, among THE ROYAL BANK OF SCOTLAND GROUP PLC, a corporation incorporated in Scotland
with registered number SC045551, as issuer (the “Company”) and THE BANK OF NEW YORK MELLON, acting through
its London Branch, a banking corporation duly organized and existing under the laws of the State of New York, as trustee (the
“Trustee”) having its Corporate Trust Office at One Canada Square, London E14 5AL.

 

WITNESSETH:

 

WHEREAS,
the Company and the Trustee have executed and delivered an amended and restated Indenture dated as of December 13, 2017 (the “Base
Indenture”) to provide for the issuance of the Company’s Senior Debt Securities from time to time;

 

WHEREAS,
Section 9.01(f) of the Amended and Restated Indenture provides that the Company and the Trustee may enter into a supplemental
indenture to establish the forms or terms of the Senior Debt Securities of any series without the consent of Holders as permitted
under Sections 2.01 and 3.01 of the Amended and Restated Indenture;

 

WHEREAS,
the Company desires to issue, as a single series of Senior Debt Securities under the Base Indenture, $1,250,000,000 4.445% Fixed
Rate/Floating Rate Senior Notes due 2030 (the “Senior Notes”) to be issued pursuant to this Fifth Supplemental
Indenture dated as of May 8, 2019 (the “Fifth Supplemental Indenture” and, together with the Base Indenture,
the “Indenture”);

 

WHEREAS,
this Fifth Supplemental Indenture shall amend and supplement the Base Indenture except where this Fifth Supplemental Indenture
only applies to the Senior Notes; to the extent that the terms of the Base Indenture are inconsistent with the provisions of this
Fifth Supplemental Indenture, the terms of this Fifth Supplemental Indenture shall govern;

 

WHEREAS,
there are no debt securities outstanding of any series created prior to the execution of this Fifth Supplemental Indenture which
are entitled to the benefit of the provisions set forth herein or would be adversely affected by such provisions;

 

WHEREAS,
the entry into of this Fifth Supplemental Indenture has been authorized pursuant to a Board Resolution as required by Section
9.01 of the Base Indenture;

 

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WHEREAS,
the Company has requested that the Trustee execute and deliver this Fifth Supplemental Indenture, and whereas all actions required
by it to be taken in order to make this Fifth Supplemental Indenture a valid, binding and enforceable instrument in accordance
with its terms have been taken and performed, and the execution and delivery of this Fifth Supplemental Indenture has been duly
authorized in all respects; and

 

NOW, THEREFORE,
the Company and the Trustee mutually covenant and agree as follows:

 

Article
1

DEFINITIONS

 

Section
1.01.          Definition
of Terms. For all purposes of this Fifth Supplemental Indenture:

 

(a)       
a term defined anywhere in this Fifth Supplemental Indenture has the same meaning throughout;

 

(b)       
capitalized terms used but not otherwise defined herein shall have the meanings assigned to them in the Base Indenture;

 

(c)       
the singular includes the plural and vice versa;

 

(d)       
headings are for convenience of reference only and do not affect interpretation; and

 

(e)       
for purposes of this Fifth Supplemental Indenture and the Base Indenture, the term “series” shall mean
the series of securities designated as the Senior Notes.

 

Article
2

THE SENIOR DEBT SECURITIES

 

Section
2.01.          Terms
of the Senior Notes. The following terms relating to the Senior Notes are hereby established pursuant to Section 3.01 of the
Base Indenture:

 

(a)       
The title of the Senior Notes shall be the “4.445% Fixed Rate/Floating Rate Senior Notes due 2030”;

 

(b)       
The aggregate principal amount of the Senior Notes that may be authenticated and delivered under the Indenture shall not
initially exceed $1,250,000,000 (except as otherwise provided in the Indenture);

 

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(c)       
Principal on the Senior Notes shall be payable on May 8, 2030 (the “Maturity Date”), unless earlier
redeemed in accordance with the provisions set forth in Article 11 of the Indenture;

 

(d)       
The Senior Notes shall be issued in global registered form on or about May 8, 2019;

 

(e)       
From (and including) May 8, 2019, to (but excluding) May 8, 2029 (such period, the “Fixed Rate Period”),
interest on the Senior Notes will be payable at a rate of 4.445% per annum (the “Fixed Interest Rate”). During
the Fixed Rate Period, interest on the Senior Notes will be payable semi-annually in arrear on May 8 and November 8 of each year,
beginning on November 8, 2019 (each, a “Fixed Rate Period Interest Payment Date”) to (and including) May 8,
2029.

 

From
(and including) May 8, 2029, to (but excluding) the Maturity Date (such period, the “Floating Rate Period”),
the interest rate on the Senior Notes will be equal to the three-month U.S. dollar London interbank offered rate (“LIBOR”),
as determined by the Calculation Agent on the applicable Interest Determination Date, plus 1.871% per annum, accruing from May
8, 2029, to (but excluding) the Maturity Date. During the Floating Rate Period, interest on the Senior Notes will be payable quarterly
in arrear on August 8, 2029, November 8, 2029, February 8, 2030, and May 8, 2030, beginning on August 8, 2029, to and (including)
the Maturity Date (each, a “Floating Rate Period Interest Payment Date” and, together with each Fixed Rate
Period Interest Payment Date, each an “Interest Payment Date”) and will be reset quarterly on May 8, 2029,
August 8, 2029, November 8, 2029 and February 8, 2030, beginning on May 8, 2029 (each an “Interest Reset Date”).

 

During
the Fixed Rate Period:

 

(i)           
Interest will be calculated on the basis of twelve 30-day months or, in the case of an incomplete month, the actual number
of days elapsed, in each case assuming a 360-day year; and

 

(ii)           
If any scheduled interest payment date is not a business day, such interest payment date will be postponed to the next
day that is a business day, but interest on that payment will not accrue during the period from and after the scheduled interest
payment date.

 

During
the Floating Rate Period:

 

(i)           
Interest will be calculated on the basis of the actual number of days in each interest period, assuming a 360-day year.
An interest

 

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period
will be the period beginning on (and including) a Floating Rate Period Interest Payment Date and ending on (but excluding) the
next succeeding Floating Rate Period Interest Payment Date; provided that the first floating rate interest period
will begin May 8, 2029 and will end on (but exclude) the first Floating Rate Period Interest Payment Date.

 

(ii)           
If any scheduled Interest Reset Date or Floating Rate Period Interest Payment Date (other than the Maturity Date) is not
a business day, such Interest Reset Date or Floating Rate Period Interest Payment Date will be postponed to the next day that
is a business day; provided that if that business day falls in the next succeeding calendar month, such Interest Reset
Date or Floating Rate Period Interest Payment Date will be the immediately preceding business day. If any such Floating Rate Period
Interest Payment Date (other than the Maturity Date) is postponed or brought forward as described above, the payment of interest
due on such postponed or brought forward Floating Rate Period Interest Payment Date will include interest accrued to but excluding
such postponed or brought forward Floating Rate Period Interest Payment Date;

 

(f)       
The regular record dates for the Senior Notes will be the 15th calendar day preceding each Interest Payment Date, whether
or not a business day;

 

(g)       
No premium, upon redemption or otherwise, shall be payable by the Company on the Senior Notes; and

 

(h)       
The form of the Senior Notes shall be evidenced by one or more global notes in registered form substantially in the form
of Exhibit A attached to this Fifth Supplemental Indenture and made a part thereof.

 

(i)       
Principal of and any interest on the Senior Notes shall be paid to the Holder through The Bank of New York Mellon, as paying
agent of the Company having offices in London, United Kingdom;

 

(j)       
The Senior Notes shall not be redeemable except as provided in Article 11 of the Base Indenture as amended by ‎Section
3.07 and ‎Section 3.08 of this Fifth Supplemental Indenture.
The Senior Notes shall not be redeemable at the option of the Holders at any time. In connection with any redemption of Senior
Notes pursuant to Section 11.08 of the Base Indenture, the date referenced therein shall be May 8, 2019.

 

(k)       
The Company shall have no obligation to redeem or purchase the Senior Notes pursuant to any sinking fund or analogous provision;

 

    5 

     

    

(l)       
The Senior Notes shall be issued only in denominations of $200,000 and integral multiples of $1,000 in excess thereof;

 

(m)       
The principal amount of, and any accrued interest on, the Senior Notes shall be payable upon the declaration of acceleration
thereof pursuant to Section 5.02 of the Base Indenture, as amended by ‎Section
3.04 of this Fifth Supplemental Indenture;

 

(n)       
Additional Amounts shall only be payable on the Senior Notes pursuant to Section 10.04 of the Base Indenture;

 

(o)       
The Senior Notes shall not be converted into or exchanged at the option of the Company for stock or other securities of
the Company;

 

(p)       
The Senior Notes shall be denominated in U.S. Dollars;

 

(q)       
The payment of principal of and interest, if any, on the Senior Notes shall be payable in U.S. Dollars;

 

(r)       
The payment of principal of and interest, if any, on the Senior Notes shall be payable only in the coin or currency in
which the Senior Notes are denominated which, pursuant to ‎(p)
above, shall be U.S. Dollars;

 

(s)       
The Senior Notes will be issued in the form of one or more global securities in registered form, without coupons attached,
and the initial Holder with respect to each such global security shall be Cede & Co., as nominee of The Depository Trust Company;

 

(t)       
Except in limited circumstances, the Senior Notes will not be issued in definitive form;

 

(u)       
The Calculation Agent for the Senior Notes is National Westminster Bank plc or its successor appointed by the Company,
pursuant to a calculation agent agreement expected to be entered into on May 8, 2019;

 

(v)       
Subject to ‎Section 2.01(w) below, LIBOR shall be determined
by the Calculation Agent in accordance with the following provisions:

 

		i.	With respect to any Interest
                                         Determination Date, LIBOR will be the rate (expressed as a percentage per annum) for
                                         deposits in U.S. dollars having a maturity of three months commencing on the related
                                         Interest Reset Date that appears on Reuters Page LIBOR01 as of 11:00 a.m., London time,
                                         on that Interest Determination Date. If no such rate appears, then LIBOR, in respect
                                         of that Interest Determination Date,

 

    6 

     

    

will
be determined in accordance with the provisions described in (ii) below.

 

		ii.	With respect to an Interest
                                         Determination Date on which no rate appears on Reuters Page LIBOR01(as defined below),
                                         the Calculation Agent will request the principal London offices of each of four major
                                         reference banks in the London interbank market, as selected and identified by the Company,
                                         to provide its offered quotation (expressed as a percentage per annum) for deposits in
                                         U.S. dollars for the period of three months, commencing on the related Interest Reset
                                         Date, to prime banks in the London interbank market at approximately 11:00 a.m., London
                                         time, on that Interest Determination Date and in a principal amount that is representative
                                         for a single transaction in U.S. dollars in that market at that time. If at least two
                                         quotations are provided, then LIBOR on that Interest Determination Date will be the arithmetic
                                         mean of those quotations. If fewer than two quotations are provided, then LIBOR on the
                                         Interest Determination Date will be the arithmetic mean of the rates quoted at approximately
                                         11:00 a.m., in the City of New York, on the Interest Determination Date by three major
                                         banks in the City of New York, as selected and identified by the Company, for loans in
                                         U.S. dollars to leading European banks, for a period of three months, commencing on the
                                         related Interest Reset Date, and in a principal amount that is representative for a single
                                         transaction in U.S. dollars in that market at that time. If at least two such rates are
                                         so provided, LIBOR on the Interest Determination Date will be the arithmetic mean of
                                         such rates. If fewer than two such rates are so provided, LIBOR on the Interest Determination
                                         Date will be LIBOR in effect with respect to the immediately preceding Interest Determination
                                         Date or, in the case of the initial Interest Determination Date, such rate as may be
                                         determined by such alternate method as reasonably selected by the Calculation Agent.

 

“Interest
Determination Date” means the second London banking day preceding each applicable Interest Reset Date.

 

All percentages
resulting from any calculation of any interest rate on the Senior Notes will be rounded, if necessary, to the nearest one hundred
thousandth of a percentage point, with five one-millionths of a percentage point rounded upward, and all dollar amounts would
be rounded to the nearest cent, with one-half cent being rounded upward;

 

(w)       
Notwithstanding the provisions described above under ‎Section
2.01(v) above, if the Company (in consultation with the Calculation Agent to the

 

    7 

     

    

extent
practicable) determines that a Benchmark Event has occurred or considers that there may be a Successor Rate, in either case, when
any rate of interest for a Floating Rate Interest Period (or the relevant component part thereof) remains to be determined by
reference to LIBOR, then the following provisions will apply:

 

(i)           
the Company will use reasonable endeavors to appoint an Independent Adviser to determine a Successor Rate or, alternatively,
if the Independent Adviser determines that there is no Successor Rate, an Alternative Reference Rate, no later than 5 business
days prior to an Interest Determination Date (the “IA Determination Cut-off Date”), for purposes of determining
the rate of interest for a Floating Rate Interest Period;

 

(ii)           
if the Company is unable to appoint an Independent Adviser, or the Independent Adviser appointed by the Company fails to
determine a Successor Rate or an Alternative Reference Rate prior to the IA Determination Cut-off Date, then the Company (in consultation
with the Calculation Agent to the extent practicable and acting in good faith) may determine a Successor Rate, or if the Company
determines that there is no Successor Rate, an Alternative Reference Rate, for purposes of determining the rate of interest for
a Floating Rate Interest Period; provided, however, that if the Company is unable or unwilling to determine a Successor
Rate or an Alternative Reference Rate prior to an Interest Determination Date in accordance with this sub-paragraph (ii), the
rate of interest will be equal to the rate of interest in effect with respect to the immediately preceding Interest Determination
Date, or, in the case of the initial Interest Determination Date, the rate of interest will be equal to the Fixed Interest Rate.

 

If
a Successor Rate or Alternative Reference Rate is determined in accordance with the preceding provisions, such Successor Rate
or Alternative Reference Rate shall be substituted for LIBOR for all future Floating Rate Interest Periods.

 

If
the Independent Adviser (in consultation with the Company) determines (or, if the Company is unable to appoint an Independent
Adviser, or the Independent Adviser fails to determine whether an Adjustment Spread should be applied, the Company determines)
that an Adjustment Spread is required to be applied to the Successor Rate or the Alternative Reference Rate, as applicable, and
determines the quantum of, or a formula or methodology for determining, such Adjustment Spread, then such Adjustment Spread shall
be applied to the Successor Rate or the Alternative Reference Rate, as applicable. If the Independent Adviser is, or the Company
is, as the case may be, unable to

 

    8 

     

    

determine
the quantum of, or a formula or methodology for determining, such Adjustment Spread, then such Successor Rate or Alternative Reference
Rate, as applicable, will apply without an Adjustment Spread.

 

If
the Independent Adviser or the Company, as the case may be, determines a Successor Rate or Alternative Reference Rate or, in each
case, any Adjustment Spread, in accordance with the above provisions, the Independent Adviser or the Company may also, following
consultation with the Calculation Agent to the extent practicable, specify changes to the Successor Rate or Alternative Reference
Rate, as applicable, or, in each case, the Adjustment Spread, including the determination of the display page for the Successor
Rate or Alternative Reference Rate or the method for determining the fallback rate in relation to the Senior Notes, as well as
specify changes to the day count fraction, business day convention, the definition of business day, the Interest Determination
Date or the Floating Rate Period Interest Payment Date, and related provisions and definitions. All such changes can be made in
order to follow market practice in relation to the Successor Rate or Alternative Reference Rate and such changes shall apply to
the Senior Notes for all future Floating Rate Interest Periods. Upon receipt of satisfactory documentation, the Trustee shall,
at our direction and expense, effect such amendments as may be required in order to give effect to this ‎Section 2.01(w) pursuant
to a supplemental indenture or an amendment to the Indenture, or issuances and authentication of new global or definitive notes
in respect of the Senior Notes, and the Trustee shall not be liable to any party for any consequences thereof, save as provided
in the Indenture and the Senior Notes. No Holder consent will be solicited or required in connection with effecting the Successor
Rate, Alternative Reference Rate or any related changes, including the Adjustment Spread, as applicable, and including for the
execution of any documents, amendments to the Indenture or Senior Notes or other steps by the Company, the Trustee, the Calculation
Agent or the principal paying agent (if required). The Company will, promptly following the determination of any Successor Rate,
Alternative Reference Rate or Adjustment Spread, give notice thereof and of any changes to the terms of the Senior Notes to the
Trustee, the Calculation Agent, the principal paying agent and the Holders, in accordance with Section 1.05 and Section 1.06 of
the Base Indenture. By its acquisition of Senior Notes, each Holder and Beneficial Owner of the Senior Notes and each subsequent
Holder and Beneficial Owner acknowledges, accepts, agrees to be bound by, and consents to, the Independent Adviser or the Company’s,
as applicable, determination of the Successor Rate, Alternative Reference Rate or Adjustment Spread, as applicable, any changes
in connection therewith as contemplated by this provision, and to any amendment or alteration of the terms of the Senior Notes,
including an amendment of the amount of interest due on the Senior Notes, as may be required in order to give effect to this ‎Section
2.01(w). The Trustee shall be entitled to rely on this

 

    9 

     

    

deemed
consent in connection with any supplemental indenture or amendment which may be necessary to effect the Successor Rate or Alternative
Reference Rate.

 

By
its acquisition of Senior Notes, each Holder of Senior Notes waives any and all claims against the Trustee, the Calculation Agent
and the principal paying agent for, agrees not to initiate a suit against the Trustee, the Calculation Agent and the principal
paying agent in respect of, and agrees that neither the Trustee, the Calculation Agent or the principal paying agent will be liable
for, any action that the Trustee, the Calculation Agent or the paying agent, as the case may be, takes, or abstains from taking,
in each case in accordance with this ‎Section 2.01(w). By its acquisition of Senior Notes, each Holder of Senior Notes agrees
that neither the Trustee, the Calculation Agent or the principal paying agent will have any obligation to determine any Successor
Rate, Alternative Reference Rate or Adjustment Spread (including any adjustments thereto), including in the event of any failure
by us to determine any Successor Rate, Alternative Reference Rate or Adjustment Spread.

 

An
Independent Adviser appointed pursuant to this section shall act in good faith and (in the absence of bad faith, gross negligence
or willful misconduct) shall have no liability whatsoever to the Company, the Trustee, the Calculation Agent or any Holder or
Beneficial Owner for any determination made by it or for any advice given to the Company in connection with any determination
made by the Company, pursuant to this ‎Section 2.01(w).

 

No
Successor Rate, Alternative Reference Rate and/or Adjustment Spread will be adopted pursuant to this ‎Section
2.01(w), nor will any other amendment to the terms of the Senior Notes be made, if and to the extent that, in the Company’s
determination, the same could reasonably be expected to prejudice the qualification of the Senior Notes as the Company’s
and/or the Regulatory Group’s minimum requirements for (A) own funds and eligible liabilities and/or (B) loss absorbing
capacity instruments.

 

(x)       
The Events of Default on the Senior Notes are as set forth in Section 5.01 of the Base Indenture as amended by ‎Section
3.03 of this Fifth Supplemental Indenture; and

 

(y)       
The Company may issue additional Senior Notes (“Additional Senior Notes”) after the date hereof having
the same ranking and same interest rate, Maturity Date, redemption terms and other terms as the Senior Notes except for the price
to the public and issue date, provided however that if such additional notes have the same CUSIP, ISIN and/or Common Code as the
Outstanding Senior Notes, such additional notes must be fungible with the Senior Notes for U.S. federal income tax purposes. Any
such Additional Senior

 

    10 

     

    

Notes, together
with the Senior Notes will constitute a single series of securities under the Indenture. There is no limitation on the amount
of notes or other debt securities that the Company may issue under the Indenture.

 

Article
3

AMENDMENTS TO THE BASE INDENTURE

 

Section
3.01.          Addition
of Definitions. With respect to the Senior Notes only, Section 1.01 of the Base Indenture is amended to include the following
definitions (which shall be deemed to arise in Section 1.01 in their proper alphabetical order):

 

“Adjustment
Spread” means a spread (which may be positive or negative) or formula or methodology for calculating a spread, which
the Independent Adviser (in consultation with the Company) or the Company, as applicable, determines is required to be applied
to the Successor Rate or the Alternative Reference Rate, as applicable, as a result of the replacement of LIBOR with the Successor
Rate or the Alternative Reference Rate, as applicable, and is the spread, formula or methodology which:

 

(i)                
in the case of a Successor Rate, is recommended in relation to the replacement of LIBOR with the Successor Rate by any
Relevant Nominating Body;

 

(ii)             
in the case of a Successor Rate for which no such recommendation has been made or in the case of an Alternative Reference
Rate, the Independent Adviser (in consultation with the Company) or the Company, as applicable, determines is recognized or acknowledged
as being in customary market usage for the purposes of determining floating rates of interest in respect of securities denominated
in U.S. dollars, where such rate has been replaced by the Successor Rate or the Alternative Reference Rate, as applicable; or

 

(iii)           
if no such customary market usage is recognized or acknowledged, the Independent Adviser in its discretion (in consultation
with the Company), or the Company in its discretion, as applicable, determines (acting in good faith) to be appropriate.

 

“Alternative
Reference Rate” means the reference rate (and related alternative screen page or source, if available) that the Independent
Adviser or the Company (as applicable) determines

 

    11 

     

    

has
replaced LIBOR in customary market usage for the purposes of determining floating rates of interest in respect of securities denominated
in U.S. dollars, or, if the Independent Adviser or the Company (as applicable) determines that there is no such rate, such other
rate as the Independent Adviser or the Company (as applicable) determines, each as in our own discretion acting in good faith,
is most comparable to LIBOR.

 

“Benchmark
Event” means:

 

		(i)	LIBOR has ceased to be published
                                         on Reuters Page LIBOR 01 as a result of LIBOR ceasing to be calculated or administered;
                                         or

 

		(ii)	a public statement by the administrator
                                         of LIBOR that it will cease publishing LIBOR permanently or indefinitely (in circumstances
                                         where no successor administrator has been appointed that will continue publication of
                                         LIBOR); or

 

		(iii)	a public statement by the
                                         supervisor of the administrator of LIBOR that LIBOR has been or will be permanently or
                                         indefinitely discontinued; or

 

		(iv)	a public statement by the supervisor
                                         of the administrator of LIBOR that means that LIBOR will be prohibited from being used
                                         or that its use will be subject to restrictions or adverse consequences; or

 

		(v)	it has or will become unlawful
                                         for the Calculation Agent or the Company to calculate any payments due to be made to
                                         any noteholder using LIBOR (including, without limitation, under the Benchmark Regulation
                                         (EU) 2016/1011, if applicable).

 

“Beneficial
Owners” shall mean (a) if the Senior Debt Securities are in global form, the beneficial owners of the Senior Debt Securities
(and any interest therein) and (b) if the Senior Debt Securities are held in definitive form, the Holders in whose names the Senior
Debt Securities are registered in the Senior Debt Security Register and any beneficial owners holding an interest in such Senior
Debt Securities held in definitive form.

 

“business
day” means any day, other than Saturday or Sunday, that is neither a legal holiday nor a day on which banking institutions
are authorised or required by law or regulation to close in the City of New York or in the City of London.

 

    12 

     

    

“Calculation
Agent” shall mean National Westminster Bank Plc or its successor appointed by the Company, pursuant to a calculation
agent agreement expected to be entered into on May 8, 2019.

 

“Default”
has the meaning set forth in Section 5.03.

 

“Event
of Default” has the meaning set forth in Section 5.01.

 

“Fifth
Supplemental Indenture” means this Fifth Supplemental Indenture under the Amended and Restated Indenture, dated as of
May 8, 2019, among the Company and the Trustee.

 

“Fixed
Rate Period” has the meaning set forth in Section 2.01 of the Fifth Supplemental Indenture.

 

“Floating
Rate Interest Period” means during the Floating Rate Period, the period beginning on (and including) a Floating Rate
Period Interest Payment Date and ending on (but excluding) the next succeeding Floating Rate Period Interest Payment Date;
provided that the first floating rate interest period will begin on May 8, 2029 and will end on (but exclude) the first
Floating Rate Period Interest Payment Date.

 

“Floating
Rate Period Interest Payment Date” has the meaning set forth in Section 2.01 of the Fifth Supplemental Indenture.

 

“Independent
Adviser” means an independent financial institution of international repute or other independent financial adviser experienced
in the international capital markets, in each case appointed by the Company at its own expense.

 

“Interest
Determination Date” has the meaning set forth in Section 2.01 of the Fifth Supplemental Indenture.

 

“Interest
Payment Date” has the meaning set forth in Section 2.01 of the Fifth Supplemental Indenture.

 

“Issue
Date” means May 8, 2019.

 

    13 

     

    

“LIBOR”
has the meaning set forth in Section 2.01 of the Fifth Supplemental Indenture.

 

“Loss
Absorption Disqualification Event” shall be deemed to have occurred if:

 

(i)           
at the time that any Loss Absorption Regulation becomes effective, and as a result of such Loss Absorption Regulation becoming
so effective, in each case with respect to the Company and/or the Regulatory Group, on or after the issue date of the Senior Notes,
the Senior Notes are or, in the Company’s opinion or in the opinion of the PRA are likely not to qualify in full towards
the Company’s and/or the Regulatory Group’s (A) own funds and eligible liabilities and/or (B) loss absorbing capacity
instruments; or

 

(ii)           
as a result of any amendment to, or change in, any Loss Absorption Regulation, or any change in the application or official
interpretation of any Loss Absorption Regulation, in any such case becoming effective on or after the issue date of the Senior
Notes, the Senior Notes are or, in the Company’s opinion or in the opinion of the PRA are likely to be, fully or partially
excluded from the Company’s and/or the Regulatory Group’s (A) own funds and eligible liabilities and/or (B) loss absorbing
capacity instruments,

 

in
each case as such minimum requirements are applicable to the Company and/or the Regulatory Group and determined in accordance
with, and pursuant to, the relevant Loss Absorption Regulations; provided that in the case of (i) and (ii) above, a Loss Absorption
Disqualification Event shall not occur where the exclusion of the Senior Notes from the relevant minimum requirement(s) is due
to the remaining maturity of the Senior Notes being less than any period prescribed by any applicable eligibility criteria for
such minimum requirements under the relevant Loss Absorption Regulations effective with respect to the Company and/or the Regulatory
Group on the issue date of the Senior Notes.

 

“Loss
Absorption Regulations” means, at any time, the laws, regulations, requirements, guidelines, rules, standards and policies
relating to minimum requirements for own funds and eligible liabilities and/or loss absorbing capacity instruments of the United
Kingdom, the PRA, the United Kingdom resolution authority, the Financial Stability Board and/or of the European

 

    14 

     

    

Parliament
or of the Council of the European Union then in effect in the United Kingdom including, without limitation to the generality of
the foregoing, any delegated or implementing acts (such as regulatory technical standards) adopted by the European Commission
and any regulations, requirements, guidelines, rules, standards and policies relating to minimum requirements for own funds and
eligible liabilities and/or loss absorbing capacity instruments adopted by the PRA and/or the United Kingdom resolution authority
from time to time (whether or not such regulations, requirements, guidelines, rules, standards or policies are applied generally
or specifically to the Company or to the Regulatory Group).

 

“Maturity
Date” has the meaning set forth in Section 2.01 of the Fifth Supplemental Indenture.

 

“PRA”
means the UK Prudential Regulation Authority and/or such other governmental authority in the United Kingdom having primary supervisory
authority with respect to the Company’s business.

 

“Regulatory
Group” means the Company, the Company’s subsidiary undertakings, participations, participating interests and any
subsidiary undertakings, participations or participating interests held (directly or indirectly) by any of the Company’s
subsidiary undertakings from time to time and any other undertakings from time to time consolidated with the Company for regulatory
purposes, in each case in accordance with the rules and guidance of the PRA then in effect.

 

“Relevant
Nominating Body” means, in respect of a reference rate:

 

(i)           
the central bank, reserve bank, monetary authority or any similar institution for the currency to which such reference
rate relates, or any other central bank or other supervisory authority which is responsible for supervising the administrator
of such reference rate; or

 

(ii)           
any working group or committee sponsored by, chaired or co-chaired by or constituted at the request of (a) the central
bank, reserve bank, monetary authority or any similar institution for the currency to which such reference rate relates, (b) any
central bank or other supervisory authority which is

 

    15 

     

    

responsible
for supervising the administrator of such reference rate, (c) a group of the aforementioned central banks or other supervisory
authorities, (d) the International Swaps and Derivatives Association, Inc. or any part thereof, or (e) the Financial Stability
Board or any part thereof.

 

“Reuters
Page LIBOR01” means the display that appears on Reuters Page LIBOR01 or any page as may replace such page on such service
(or any successor service) for the purpose of displaying LIBOR of major banks for U.S. dollars.

 

“Senior
Creditors” means creditors of the Company whose claims are admitted to proof in the winding up, liquidation, administration
or other insolvency procedure of the Company and who are unsubordinated creditors of the Company.

 

“Senior
Notes” has the meaning set forth in the recitals to the Fifth Supplemental Indenture.

 

“Successor
Rate” means the reference rate (and related alternative screen page or source, if available) that the Independent Adviser
or the Company (as applicable) determines is a successor to or replacement of LIBOR (for the avoidance of doubt, whether or not
LIBOR has ceased to be available) which is recommended by any Relevant Nominating Body.

 

Section
3.02.       Satisfaction and
Discharge. With respect to the Senior Notes only, Section 4.01 of the Base Indenture is amended and restated in its entirety
and shall read as follows:

 

Section
4.01.Satisfaction and Discharge of Amended and Restated Indenture. This Amended and Restated Indenture shall upon Company
Request cease to be of further effect with respect to the Senior Debt Securities (except as to any surviving rights of registration
of transfer or exchange of the Senior Debt Securities herein expressly provided for), and the Trustee, at the expense of the Company,
shall execute proper instruments acknowledging satisfaction and discharge of this Amended and Restated Indenture with respect
to the Senior Debt Securities when:

 

		(a)	all Senior Debt Securities theretofore
                                         authenticated and delivered (other than (A) Senior Debt Securities which have been destroyed,
                                         lost or stolen and which have been replaced or paid as provided in
                                         Section 3.06 and (B) Senior Debt Securities for whose payment money has theretofore
                                         been deposited in trust or segregated and

 

    16 

     

    

held
in trust by the Company and thereafter repaid to the Company or discharged from such trust, as provided in Section
10.03) have been delivered to the Trustee for cancellation;

 

		(b)	the Company has paid or caused
                                         to be paid all other sums payable hereunder by the Company with respect to the Senior
                                         Debt Securities; and

 

		(c)	the Company has delivered to
                                         the Trustee an Officer’s Certificate and an Opinion of Counsel, each stating that
                                         all conditions precedent herein provided for relating to the satisfaction and discharge
                                         of this Amended and Restated Indenture with respect to the Senior Debt Securities have
                                         been complied with.

 

Notwithstanding
any satisfaction and discharge of this Amended and Restated Indenture, the obligations of the Company to the Trustee under Section
6.07, the obligations of the Trustee to any Authenticating Agent under Section 6.14 and the last paragraph of Section 10.03, shall
survive such satisfaction and discharge, including any termination under any bankruptcy law.

 

Section
3.03.          Events
of Default. With respect to the Senior Notes only, Section 5.01 of the Base Indenture is amended and restated in its entirety
and shall read as follows:

 

Section
5.01.Events of Default. “Event of Default”, wherever used herein with respect to the Senior Debt
Securities, means the making of an order by a court of competent jurisdiction which is not successfully appealed within 30 days
of the making of such order, or valid adoption by the shareholders of the Company of an effective resolution, for the winding-up
of the Company (other than under or in connection with a scheme of amalgamation or reconstruction not involving a bankruptcy or
insolvency). The exercise of any U.K. bail-in power by the relevant U.K. authority shall not constitute a default or an Event
of Default under this Section 5.01 or a Default under Section 5.03.

 

Section
3.04.          Acceleration
of Maturity; Rescission and Annulment. With respect to the Senior Notes only, Section 5.02 of the Base Indenture is amended
by adding the following at the end of the section:

 

If
the Senior Debt Securities become due and payable and the Company fails to pay such amounts (or any damages awarded for breach
of any obligations in respect of the Senior Debt Securities or this Amended and Restated Indenture) forthwith upon demand,

 

    17 

     

    

notwithstanding
the continuing right of any Holder to receive payment of the principal of and interest on the Senior Debt Securities, or to institute
suit for the enforcement of any such payment, each as provided for under Section 316(b) (Directions and Waivers by Bondholders;
Prohibition of Impairment of Holders’ Right to Repayment) of the Trust Indenture Act, the Trustee, in its own name and
as trustee of an express trust, may institute proceedings for the winding up of the Company, and/or prove in a winding up of the
Company for all such due and payable amounts (including any damages awarded for breach of any obligations in respect of the Senior
Debt Securities or this Amended and Restated Indenture) but no other remedy shall be available to the Trustee or the Holders.

 

Section
3.05.       Defaults; Collection
of Indebtedness and Suits for Enforcement by Trustee. With respect to the Senior Notes only, Section 5.03 of the Base Indenture
is amended and restated in its entirety and shall read as follows:

 

Section
5.03.Defaults; Collection of Indebtedness and Suits for Enforcement by Trustee. “Default” wherever
used herein with respect to the Senior Debt Securities of a particular series, means any one of the following events (subject
as provided below, whatever the reason for such Default and whether it shall be voluntary or involuntary or be effected by operation
of law pursuant to any judgment, decree or order of any court or any order, rule or regulation of any administrative or governmental
body):

 

		(a)	the Company fails to pay any
                                         installment of interest in respect of the Senior Debt Securities of such series on or
                                         before the relevant Interest Payment Date and such failure continues for 14 days; or

 

		(b)	the Company fails to pay all
                                         or any part of the principal amount of the Senior Debt Securities of such series when
                                         it otherwise becomes due and payable, whether upon redemption or otherwise, and such
                                         failure continues for 7 days.

 

If
a Default occurs and is continuing, the Trustee may commence a proceeding for the winding up of the Company, provided that the
Trustee may not declare the principal amount of any Outstanding Senior Debt Securities of any series to be due and payable.

 

Subject
to applicable law, the Trustee (acting on behalf of the Holders) and the Holders of the Senior Debt Securities by their acceptance
thereof will be deemed to have waived to the fullest extent permitted by law any right of set-off, counterclaim or combination
of accounts with respect to the Senior Debt Securities, the Fifth Supplemental Indenture or this Amended and Restated Indenture
(or between the Company’s obligations under or in

 

    18 

     

    

respect
of any Senior Debt Security and any liability owed by a Holder to the Company) that they (or the Trustee acting on their behalf)
might otherwise have against the Company, whether before or during any winding-up, liquidation or administration of the Company.
Notwithstanding the above, if any of such rights and claims of any such Holder (or the Trustee acting on behalf of such Holders)
against the Company are discharged by set-off, such Holder (or the Trustee acting on behalf of such Holders) will immediately
pay an amount equal to the amount of such discharge to the Company or, in the event of any winding-up, liquidation or administration
of the Company, the liquidator or administrator (or other relevant insolvency official), as the case may be, to be held on trust
for the Senior Creditors and until such time as payment is made will hold a sum equal to such amount on trust for the Senior Creditors
and accordingly such discharge shall be deemed not to have taken place.

 

Notwithstanding
the foregoing and any other provisions, a failure to make any payment on the Senior Debt Securities of any series shall not be
a Default if it is withheld or refused, upon independent counsel’s advice delivered to the Trustee, in order to comply with
any applicable fiscal or other law or regulation or order of any court of competent jurisdiction, provided, however, that the
Trustee may require the Company to take any action which, upon independent counsel’s advice delivered to the Trustee, is
appropriate and reasonable in the circumstances (including proceedings for a court declaration), in which case the Company shall
immediately take and expeditiously proceed with the action and shall be bound by any final resolution resulting therefrom. If
any such action results in a determination that the relevant payment can be made without violating any applicable law, regulation
or order then the payment shall become due and payable on the expiration of the applicable 14-day or seven-day period after the
Trustee gives written notice to the Company informing it of such determination.

 

Upon
the occurrence of any Event of Default or Default, the Company shall give prompt written notice to the Trustee. Except as otherwise
provided in this Article 5, the Trustee may proceed to protect and enforce its rights and the rights of the Holders of the Senior
Debt Securities whether in connection with any breach by the Company of its obligations under the Senior Debt Securities, this
Amended and Restated Indenture or otherwise, including by judicial proceedings, provided that the Company shall not, as a result
of any such action by the Trustee, be required to pay any amount representing or measured by reference to principal or interest
on the Senior Debt Securities of any series prior to any date on which the

 

    19 

     

    

principal
of, or any interest on, the Senior Debt Securities of any such series would have otherwise been payable.

 

No
recourse for the payment of the principal of (or premium, if any) or interest, if any, on any Senior Debt Security, or for any
claim based thereon and no recourse under or upon any obligation, covenant or agreement of the Company in this Amended and Restated
Indenture, or in any Senior Debt Security, or because of the creation of any indebtedness represented thereby, shall be had against
any incorporator, stockholder, officer or director, past, present or future, of the Company or of any successor corporation of
the Company, either directly or through the Company or any successor corporation whether by virtue of any constitution, statute
or rule of law, or by the enforcement of any assessment or penalty or otherwise; it being expressly understood that to the extent
lawful all such liability is hereby expressly waived and released as a condition of, and as a consideration for, the execution
of this Amended and Restated Indenture and the issue of the Senior Debt Securities.

 

No
remedy against the Company, other than as referred to in Article 5 of this Amended and Restated Indenture, shall be available
to the Trustee or the Holders of the Senior Debt Securities whether for the recovery of amounts owing in respect of such Senior
Debt Securities or under this Amended and Restated Indenture or in respect of any breach by the Company of its obligations under
this Amended and Restated Indenture or in respect of the Senior Debt Securities, except that the Trustee and the Holders shall
have such rights and powers as they are entitled to have under the Trust Indenture Act, including the Trustee’s prior lien
on any amounts collected following a Default or Event of Default for payment of the Trustee’s fees and expenses, and provided
that any payments on the Senior Debt Securities are subject to the subordination provisions set forth in this Amended and Restated
Indenture.

 

Notwithstanding
any contrary provisions, nothing shall impair the right of a Holder, absent the Holder’s consent, to sue for any payments
due but unpaid with respect to the Senior Debt Securities.

 

Section
3.06.          With
respect to the Senior Notes only, Sections 5.07(a), 5.07(b), 5.11, 5.13, 6.02, 6.03(i), 8.03(c) of the Base Indenture shall be
amended to add the words “or Default” after each appearance of the words “Event of Default”.

 

Section
3.07.          Optional
Redemption Due to Changes in Tax Treatment. With respect to the Senior Notes only, Section 11.08 of the Base Indenture is

 

    20 

     

    

amended to
replace in the first paragraph (i) the word “Unless” with the words “Subject to Sections 11.04 and 11.11 and
unless” and (ii) the words “on any Interest Payment Date,” with “at any time during the Fixed Rate Period
and thereafter only on a Floating Rate Period Interest Payment Date”.

 

Section
3.08.          Redemption
of Senior Debt Securities. With respect to the Senior Notes only, Article 11 of the Base Indenture is amended to amend and
restate Section 11.04 and to add a Section 11.09, Section 11.10 and Section 11.11, each of which shall read as follows:

 

Section
11.04. Notice of Redemption. Unless otherwise provided as contemplated by Section 3.01 with respect to any series of Senior
Debt Securities, notice of redemption shall be given (i) not less than 5 business days nor more than 60 calendar days prior to
the Redemption Date to each Holder of Senior Debt Securities to be redeemed and (ii) to Trustee at least 5 business days prior
to such date, unless a shorter notice period shall be satisfactory to the Trustee in the manner and to the extent provided in
Section 1.06.

 

Any redemption
notice will state:

 

		a)	the Redemption Date;

 

		b)	the Redemption Price;

 

		c)	that, and subject to what conditions,
                                         the Redemption Price will become due and payable on the Redemption Date and that payments
                                         will cease to accrue on such date;

 

		d)	the place or places at which
                                         each Holder may obtain payment of the Redemption Price; and

 

		e)	the CUSIP, Common Code and/or
                                         ISIN number or numbers, if any, with respect to such series of Senior Debt Securities.

 

Notice
of redemption of Senior Debt Securities to be redeemed at the selection of the Company shall be given by the Company or, at the
Company’s Request, by the Trustee in the name and at the expense of the Company.

 

Section
11.09.Optional Redemption. Subject to Section 11.11, the Company may, at the Company’s option and in its sole
discretion, redeem the Senior Debt Securities, in whole but not in part, on May 8, 2029, at a Redemption Price equal to 100% of
the principal amount of the Senior

 

    21 

     

    

Debt
Securities of any series together with any accrued but unpaid interest to, but excluding, the Redemption Date.

 

Section
11.10. Loss Absorption Disqualification Event Redemption. Subject to Sections 11.04 and 11.11, the Company may, at the
Company’s option and in its sole discretion, redeem the Senior Debt Securities, in whole but not in part, at any time during
the Fixed Rate Period and thereafter only on a Floating Rate Period Interest Payment Date, at a Redemption Price equal to 100%
of the principal amount of the Senior Debt Securities of any series together with any accrued but unpaid interest to, but excluding,
the Redemption Date, if the Company determines that a Loss Absorption Disqualification Event has occurred and is continuing.

 

Before
the publication of any notice of redemption pursuant to a Loss Absorption Disqualification Event, the Company shall deliver to
the Trustee a certificate signed by two authorised signatories of the Company stating that, in such signatories’ belief,
the condition for redemption has occurred and is continuing as at the date of the certificate, and the Trustee is entitled to
conclusively rely on and shall accept such certificate as sufficient evidence of such occurrence, in which event it shall be conclusive
and binding on the Holders.

 

Section
11.11. Conditions to Redemption and Repurchase. Notwithstanding any other provision, the Company may only redeem Senior
Debt Securities of any series prior to their Maturity Date (as provided for in Section 11.08, Section 11.09 and Section 11.10)
or repurchase Senior Debt Securities of any series (and give notice thereof to the Holders of such series of Senior Debt Securities
in the case of redemption) if the Company has obtained the prior consent of the PRA, to the extent such consent is at the relevant
time and in the relevant circumstances required (if at all) by the Loss Absorption Regulations or applicable laws or regulations
in effect in the United Kingdom.

 

Article
4

MISCELLANEOUS

 

Section
4.01.       Effect of Supplemental
Indenture. Upon the execution and delivery of this Fifth Supplemental Indenture by the Company and the Trustee, and the delivery
of the documents referred to in ‎Section 4.02 herein, the
Base Indenture shall be amended and supplemented in accordance herewith, and this Fifth Supplemental Indenture shall form a part
of the Base Indenture for all purposes in respect of the Senior Notes.

 

    22 

     

    

Section
4.02.          Other
Documents to Be Given to the Trustee. As specified in Section 9.03 of the Base Indenture and subject to the provisions of
Section 6.03 of the Base Indenture, the Trustee shall be entitled to receive an Officer’s Certificate and an Opinion of
Counsel stating the recitals contained in Section 1.02 of the Base Indenture, and in the case of such Opinion of Counsel, that
this Fifth Supplemental Indenture is authorized or permitted by the Base Indenture, conforms to the requirements of the Trust
Indenture Act, and (subject to Section 1.03 of the Base Indenture) constitutes valid and binding obligations of the Company enforceable
in accordance with their terms, subject to applicable bankruptcy, insolvency and similar laws affecting creditors’ rights
generally, concepts of reasonableness and equitable principles of general applicability and may be subject to possible judicial
or regulatory actions giving effect to governmental actions or foreign laws affecting creditors’ rights, as conclusive evidence
that this Fifth Supplemental Indenture complies with the applicable provisions of the Base Indenture.

 

Section
4.03.          Confirmation
of Indenture. The Base Indenture and this Fifth Supplemental Indenture with respect to the Senior Notes, is in all respects
ratified and confirmed, including without limitation Section 6.07 and Article 12 of the Base Indenture, and the Base Indenture,
this Fifth Supplemental Indenture and all indentures supplemental thereto shall, in respect of the Senior Notes, be read, taken
and construed as one and the same instrument. This Fifth Supplemental Indenture constitutes an integral part of the Base Indenture
with respect to the Senior Notes. In the event of a conflict between the terms and conditions of the Base Indenture and the terms
and conditions of this Fifth Supplemental Indenture, the terms and conditions of this Fifth Supplemental Indenture shall prevail
with respect to the Senior Notes.

 

Section
4.04.          Concerning
the Trustee. The Trustee does not make any representations as to the validity or sufficiency of this Fifth Supplemental Indenture.
The recitals and statements herein are deemed to be those of the Company and not the Trustee. In entering into this Fifth Supplemental
Indenture, the Trustee shall be entitled to the benefit of every provision of the Base Indenture relating to the conduct of or
affecting the liability of or affording protection to the Trustee.

 

Section
4.05.          Governing
Law. This Fifth Supplemental Indenture and the Senior Notes shall be governed by and construed in accordance with the laws
of the State of New York, irrespective of conflicts of laws principles, except as stated in Section 1.12 of the Base Indenture,
and except that the authorization and execution by the Company of this Fifth Supplemental Indenture and the Senior Notes shall
be governed by (in addition to the laws of the State of New York

 

    23 

     

    

relevant to
execution) the respective jurisdictions of the Company and the Trustee, as the case may be.

 

Section
4.06.          Reparability.
In case any provision contained in this Fifth Supplemental Indenture shall be invalid, illegal or unenforceable, the validity,
legality and enforceability of the remaining provisions shall not in any way be affected or impaired thereby.

 

Section
4.07.          Counterparts.
This Fifth Supplemental Indenture may be executed in any number of counterparts, each of which shall be an original, but such
counterparts shall together constitute but one and the same instrument.

 

[Signature
Page Follows]

 

    24 

     

    

IN WITNESS
WHEREOF, the parties hereto have caused this Fifth Supplemental Indenture to be duly executed as of the date first written above.

 

 

 

 

	 	THE ROYAL BANK OF SCOTLAND
    GROUP PLC, as the Company
	 	 
	 	 
	 	By:	/s/ Robert Begbie
	 		 Name: Robert Begbie
	 		Title:   RBS Treasurer

 

 

	 	THE BANK OF NEW YORK MELLON,
    LONDON BRANCH, as Trustee
	 	 
	 	 
	 	By:	/s/ Thomas Vanson
	 	 	Name: Thomas Vanson
	 	 	Title: Authorised Signatory

  

 

[Signature
Page to Fifth Supplemental Indenture] 

     

     

    

EXHIBIT
A

 

FORM OF
SENIOR NOTES

 

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

 

CUSIP
No. [●]

ISIN
No. [●]

 

THE ROYAL
BANK OF SCOTLAND GROUP plc

 

[●]%
Fixed rate/floating rate SENIOR Notes due 2030

(“SENIOR NOTES”)

 

	No. [●]	$[●]

 

THE ROYAL
BANK OF SCOTLAND GROUP plc (herein called the “Company,” which term includes any successor person under the
Indenture (as defined on the reverse hereof)), for value received, hereby promises to pay to CEDE & CO., or registered assignees,
the principal sum of $[●] ([●] million dollars) on May 8, 2030 (the “Maturity Date”), or on such
earlier date as the principal hereof may become due in accordance with the terms hereof and to pay interest thereon:

 

(1) from
(and including) May 8, 2019 (the “Issue Date”), to (but excluding) May 8, 2029 (such period, the “Fixed
Rate Period”), semi-annually in arrear on May 8 and November 8 of each year, beginning on November 8, 2019, to (and
including) May 8, 2029 (each, a “Fixed Rate Period Interest Payment Date”), at a rate of 4.445% per annum (the
“Fixed Interest Rate”); and

 

(2) from
(and including) May 8, 2029 to (but excluding) the Maturity Date (such period, the “Floating Rate Period”),
quarterly in arrear on August 8, 2029, November 8, 2029, February 8, 2030 and May 8, 2030, beginning on August 8, 2029, to (and
including)

 

    (Face of Security continued on next page) 

     

    

the Maturity Date (each, a “Floating
Rate Period Interest Payment Date” and, together with each Fixed Rate Period Interest Payment Date, each an “Interest
Payment Date”), equal to the three-month U.S. dollar London interbank offered rate (“LIBOR”), as
determined by the Calculation Agent on the applicable Interest Determination Date, plus 1.871% per annum, accruing from May 8,
2029, to (but excluding) the Maturity Date and which interest rate will be reset quarterly on May 8, 2029, August 8, 2029, November
8, 2029 and February 8, 2030, beginning on May 8, 2029 (each an “Interest Reset Date”).

 

“Interest
Determination Date” means the second London banking day preceding each applicable Interest Reset Date.

 

“London
banking day” means any day on which dealings in U.S. dollars are transacted in the London interbank market.

 

Subject to
the provisions below, LIBOR shall be determined by the Calculation Agent in accordance with the following provisions:

 

		i.	With respect to any Interest
                                         Determination Date, LIBOR will be the rate (expressed as a percentage per annum) for
                                         deposits in U.S. dollars having a maturity of three months commencing on the related
                                         Interest Reset Date that appears on Reuters Page LIBOR01 as of 11:00 a.m., London time,
                                         on that Interest Determination Date. If no such rate appears, then LIBOR, in respect
                                         of that Interest Determination Date, will be determined in accordance with the provisions
                                         described in (ii) below.

 

		ii.	With respect to an Interest
                                         Determination Date on which no rate appears on Reuters Page LIBOR01 (as defined below),
                                         the calculation agent will request the principal London offices of each of four major
                                         reference banks in the London interbank market, as selected and identified by the Company,
                                         to provide its offered quotation (expressed as a percentage per annum) for deposits in
                                         U.S. dollars for the period of three months, commencing on the related Interest Reset
                                         Date, to prime banks in the London interbank market at approximately 11:00 a.m., London
                                         time, on that Interest Determination Date and in a principal amount that is representative
                                         for a single transaction in U.S. dollars in that market at that time. If at least two
                                         quotations are provided, then LIBOR on that Interest Determination Date will be the arithmetic
                                         mean of those quotations. If fewer than two quotations are provided, then LIBOR on the
                                         Interest Determination Date will be the arithmetic mean of the rates quoted at approximately
                                         11:00 a.m., in the City of New York, on the Interest Determination Date by three major
                                         banks in the City of New York, as selected and identified by the Company, for loans in
                                         U.S. dollars to leading European banks, for a period of three months, commencing on the
                                         related Interest Reset Date, and in a principal amount that is representative for a single
                                         transaction

 

    (Face of Security continued on next page) 

     

    

in
U.S. dollars in that market at that time. If at least two such rates are so provided, LIBOR on the Interest Determination Date
will be the arithmetic mean of such rates. If fewer than two such rates are so provided, LIBOR on the Interest Determination Date
will be LIBOR in effect with respect to the immediately preceding Interest Determination Date or, in the case of the initial Interest
Determination Date, such rate as may be determined by such alternate method as reasonably selected by the Calculation Agent.

 

“Reuters
Page LIBOR01” means the display that appears on Reuters Page LIBOR01 or any page as may replace such page on such service
(or any successor service) for the purpose of displaying LIBOR of major banks for U.S. dollars.

 

All percentages
resulting from any calculation of any interest rate on this Senior Note will be rounded, if necessary, to the nearest one hundred
thousandth of a percentage point, with five one-millionths of a percentage point rounded upward, and all dollar amounts would
be rounded to the nearest cent, with one-half cent being rounded upward.

 

Notwithstanding
the provisions relating to the determination of LIBOR described above, if the Company (in consultation with the Calculation Agent
to the extent practicable) determines that a Benchmark Event has occurred or considers that there may be a Successor Rate, in
either case, when any rate of interest for a Floating Rate Interest Period (or the relevant component part thereof) remains to
be determined by reference to LIBOR, then the following provisions will apply:

 

		(1)	the Company will use reasonable
                                         endeavors to appoint an Independent Adviser to determine a Successor Rate or, alternatively,
                                         if the Independent Adviser determines that there is no Successor Rate, an Alternative
                                         Reference Rate, no later than 5 business days prior to an Interest Determination Date
                                         (the “IA Determination Cut-off Date”), for purposes of determining
                                         the rate of interest for the Floating Rate Interest Period;

 

		(2)	if the Company is unable to appoint
                                         an Independent Adviser, or the Independent Adviser appointed by the Company fails to
                                         determine a Successor Rate or an Alternative Reference Rate prior to the IA Determination
                                         Cut-off Date, then the Company (in consultation with the Calculation Agent to the extent
                                         practicable and acting in good faith) may determine a Successor Rate, or if the Company
                                         determines that there is no Successor Rate, an Alternative Reference Rate, for purposes
                                         of determining the rate of interest for a Floating Rate Interest Period; provided,
                                         however, that if the Company is unable or unwilling to determine a Successor Rate
                                         or an Alternative Reference Rate prior to an Interest Determination Date in accordance
                                         with this sub-paragraph (2), the rate of interest will be equal to the rate of interest
                                         in effect with respect to the immediately preceding Interest

 

    (Face of Security continued on next page) 

     

    

Determination Date,
or, in the case of the initial Interest Determination Date, the rate of interest will be equal to the Fixed Interest Rate.

 

If a Successor
Rate or Alternative Reference Rate is determined in accordance with the preceding provisions, such Successor Rate or Alternative
Reference Rate shall be substituted for LIBOR for all future Floating Rate Interest Periods.

 

If the Independent
Adviser (in consultation with the Company) determines (or, if the Company is unable to appoint an Independent Adviser, or the
Independent Adviser fails to determine whether an Adjustment Spread should be applied, the Company determines) that an Adjustment
Spread is required to be applied to the Successor Rate or the Alternative Reference Rate, as applicable, and determines the quantum
of, or a formula or methodology for determining, such Adjustment Spread, then such Adjustment Spread shall be applied to the Successor
Rate or the Alternative Reference Rate, as applicable. If the Independent Adviser is, or the Company is, as the case may be, unable
to determine the quantum of, or a formula or methodology for determining, such Adjustment Spread, then such Successor Rate or
Alternative Reference Rate, as applicable, will apply without an Adjustment Spread.

 

If the Independent
Adviser or the Company, as the case may be, determines a Successor Rate or Alternative Reference Rate or, in each case, any Adjustment
Spread, in accordance with the above provisions, the Independent Adviser or the Company may also, following consultation with
the Calculation Agent to the extent practicable, specify changes to the Successor Rate or Alternative Reference Rate, as applicable,
or, in each case, the Adjustment Spread, including the determination of the display page for the Successor Rate or Alternative
Reference Rate or the method for determining the fallback rate in relation to the Senior Notes, as well as specify changes to
the day count fraction, business day convention, the definition of business day, the Interest Determination Date or the Floating
Rate Period Interest Payment Date, and related provisions and definitions. All such changes can be made in order to follow market
practice in relation to the Successor Rate or Alternative Reference Rate and such changes shall apply for all future Floating
Rate Interest Periods. Upon receipt of satisfactory documentation, the Trustee shall, at our direction and expense, effect such
amendments as may be required in order to give effect to this provision pursuant to a supplemental indenture or an amendment to
the Indenture, or issuances and authentication of new global or definitive notes in respect of this Senior Notes, and the Trustee
shall not be liable to any party for any consequences thereof, save as provided in the Indenture and this Senior Note. No Holder
consent will be solicited or required in connection with effecting the Successor Rate or Alternative Reference Rate or any related
changes, including the Adjustment Spread, as applicable, and including for the execution of any documents, amendments to the Indenture
or this Senior Note or other steps by the Company, the Trustee, the Calculation Agent or the principal paying agent (if required).
The Company will, promptly following the determination of any Successor Rate, Alternative Reference Rate or Adjustment Spread,
give notice thereof and of any changes to the terms of this Senior Note to the Trustee, the Calculation Agent, the principal paying
agent and the Holders, in accordance with

 

    (Face of Security continued on next page) 

     

    

Section 1.05 and Section 1.06
of the Base Indenture. By its acquisition of this Senior Note, each Holder and Beneficial Owner of this Senior Note and each subsequent
Holder and Beneficial Owner acknowledges, accepts, agrees to be bound by, and consents to, the Independent Adviser or the Company’s,
as applicable, determination of the Successor Rate, Alternative Reference Rate or Adjustment Spread, as applicable, any changes
in connection therewith as contemplated by this provision, and to any amendment or alteration of the terms of the Senior Note,
including an amendment of the amount of interest due on the Senior Note, as may be required in order to give effect to this provision.
The Trustee shall be entitled to rely on this deemed consent in connection with any supplemental indenture or amendment which
may be necessary to effect the Successor Rate or Alternative Reference Rate.

 

By its acquisition
of this Senior Note, each Holder of this Senior Note waives any and all claims against the Trustee, the Calculation Agent and
the principal paying agent for, agrees not to initiate a suit against the Trustee, the Calculation Agent and the principal paying
agent in respect of, and agrees that neither the Trustee, the Calculation Agent or the principal paying agent will be liable for,
any action that the Trustee, the Calculation Agent or the paying agent, as the case may be, takes, or abstains from taking, in
each case in accordance with this provision. By its acquisition of this Senior Note, each Holder of this Senior Note agrees that
neither the Trustee, the Calculation Agent or the principal paying agent will have any obligation to determine any Successor Rate,
Alternative Reference Rate or Adjustment Spread (including any adjustments thereto), including in the event of any failure by
us to determine any Successor Rate, Alternative Reference Rate or Adjustment Spread.

 

An Independent
Adviser appointed pursuant to the above provisions shall act in good faith and (in the absence of bad faith, gross negligence
or willful misconduct) shall have no liability whatsoever to the Company, the Trustee, the Calculation Agent or any Holder or
Beneficial Owner for any determination made by it or for any advice given to the Company in connection with any determination
made by the Company, pursuant to the above provisions.

 

No Successor
Rate, Alternative Reference Rate and/or Adjustment Spread will be adopted pursuant to the above provisions, nor will any other
amendment to the terms of this Senior Note be made, if and to the extent that, in the Company’s determination, the same
could reasonably be expected to prejudice the qualification of this Senior Note as the Company’s and/or the Regulatory Group’s
minimum requirements for (A) own funds and eligible liabilities and/or (B) loss absorbing capacity instruments.

 

“Adjustment
Spread” means a spread (which may be positive or negative) or formula or methodology for calculating a spread, which
the Independent Adviser (in consultation with the Company) or the Company, as applicable, determines is required to be applied
to the Successor Rate or the Alternative Reference Rate, as applicable, as a

 

    (Face of Security continued on next page) 

     

    

result of the replacement of
LIBOR with the Successor Rate or the Alternative Reference Rate, as applicable, and is the spread, formula or methodology which:

 

		(i)	in the case of a Successor
                                         Rate, is recommended in relation to the replacement of LIBOR with the Successor Rate
                                         by any Relevant Nominating Body; or

 

		(ii)	in the case of a Successor
                                         Rate for which no such recommendation has been made or in the case of an Alternative
                                         Reference Rate, the Independent Adviser (in consultation with the Company) or the Company,
                                         as applicable, determines is recognized or acknowledged as being in customary market
                                         usage for the purposes of determining floating rates of interest in respect of securities
                                         denominated in U.S. dollars, where such rate has been replaced by the Successor Rate
                                         or the Alternative Reference Rate, as applicable; or

 

		(iii)	if no such customary market
                                         usage is recognized or acknowledged, the Independent Adviser in its discretion (in consultation
                                         with the Company), or the Company in its discretion, as applicable, determines (acting
                                         in good faith) to be appropriate.

 

“Alternative
Reference Rate” means the reference rate (and related alternative screen page or source, if available) that the Independent
Adviser or the Company (as applicable) determines has replaced LIBOR in customary market usage for the purposes of determining
floating rates of interest in respect of securities denominated in U.S. dollars, or, if the Independent Adviser or the Company
(as applicable) determines that there is no such rate, such other rate as the Independent Adviser or the Company (as applicable)
determines, each as in our own discretion acting in good faith, is most comparable to LIBOR.

 

“Benchmark
Event” means:

 

		(i)	LIBOR has ceased to be published
                                         on Reuters Page LIBOR 01 as a result of LIBOR ceasing to be calculated or administered;
                                         or

 

		(ii)	a public statement by the administrator
                                         of LIBOR that it will cease publishing LIBOR permanently or indefinitely (in circumstances
                                         where no successor administrator has been appointed that will continue publication of
                                         LIBOR); or

 

		(iii)	a public statement by the
                                         supervisor of the administrator of LIBOR that LIBOR has been or will be permanently or
                                         indefinitely discontinued; or

 

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		(iv)	a public statement by the supervisor
                                         of the administrator of LIBOR that means that LIBOR will be prohibited from being used
                                         or that its use will be subject to restrictions or adverse consequences; or

 

		(v)	it has or will become unlawful
                                         for the Calculation Agent or the Company to calculate any payments due to be made to
                                         any noteholder using LIBOR (including, without limitation, under the Benchmark Regulation
                                         (EU) 2016/1011, if applicable).

 

“Floating
Rate Interest Period” means during the Floating Rate Period, the period beginning on (and including) a Floating Rate
Period Interest Payment Date and ending on (but excluding) the next succeeding Floating Rate Period Interest Payment Date;
provided that the first floating rate interest period will begin on May 8, 2029 and will end on (but exclude) the first
Floating Rate Period Interest Payment Date.

 

“Independent
Adviser” means an independent financial institution of international repute or other independent financial adviser experienced
in the international capital markets, in each case appointed by the Company at its own expense.

 

“Relevant
Nominating Body” means, in respect of a reference rate:

 

		(i)	the central bank, reserve bank,
                                         monetary authority or any similar institution for the currency to which such reference
                                         rate relates, or any other central bank or other supervisory authority which is responsible
                                         for supervising the administrator of such reference rate; or

 

		(ii)	any working group or committee
                                         sponsored by, chaired or co-chaired by or constituted at the request of (a) the central
                                         bank, reserve bank, monetary authority or any similar institution for the currency to
                                         which such reference rate relates, (b) any central bank or other supervisory authority
                                         which is responsible for supervising the administrator of such reference rate, (c) a
                                         group of the aforementioned central banks or other supervisory authorities, (d) the International
                                         Swaps and Derivatives Association, Inc. or any part thereof, or (e) the Financial Stability
                                         Board or any part thereof.

 

“Successor
Rate” means the reference rate (and related alternative screen page or source, if available) that the Independent Adviser
or the Company (as applicable) determines is a successor to or replacement of LIBOR (for the avoidance of doubt, whether or not
LIBOR has ceased to be available) which is recommended by any Relevant Nominating Body.

 

During the
Fixed Rate Period:

 

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(i)           
Interest will be calculated on the basis of twelve 30-day months or, in the case of an incomplete month, the actual number
of days elapsed, in each case assuming a 360-day year; and

 

(ii)           
If any scheduled interest payment date is not a business day, such interest payment date will be postponed to the next
day that is a business day, but interest on that payment will not accrue during the period from and after the scheduled interest
payment date.

 

During
the Floating Rate Period:

 

(iii)           
Interest will be calculated on the basis of the actual number of days in each interest period, assuming a 360-day year.
An interest period will be the period beginning on (and including) a Floating Rate Period Interest Payment Date and ending on
(but excluding) the next succeeding Floating Rate Period Interest Payment Date; provided that the first floating rate
interest period will begin on May 8, 2029 and will end on (but exclude) the first Floating Rate Period Interest Payment Date.

 

(iv)           
If any scheduled Interest Reset Date or Floating Rate Period Interest Payment Date (other than the Maturity Date) is not
a business day, such Interest Reset Date or Floating Rate Period Interest Payment Date will be postponed to the next day that
is a business day; provided that if that business day falls in the next succeeding calendar month, such Interest Reset Date
or Floating Rate Period Interest Payment Date will be the immediately preceding business day. If any such Floating Rate Period
Interest Payment Date (other than the Maturity Date) is postponed or brought forward as described above, the payment of interest
due on such postponed or brought forward Floating Rate Period Interest Payment Date will include interest accrued to but excluding
such postponed or brought forward Floating Rate Period Interest Payment Date.

 

The regular
record dates for this Senior Note will be the 15th calendar day preceding each Interest Payment Date, whether or not a business
day.

 

If (i) the
Company fails to pay any installment of interest in respect of this Senior Note on or before the relevant Interest Payment Date
and such failure continues for 14 days, or (ii) the Company fails to pay all or any part of the principal amount of this Senior
Note when it otherwise becomes due and payable, whether upon redemption or otherwise, and such failure continues for 7 days (each
of (i) and (ii), a “Default”), the Trustee may commence a proceeding for the winding up of the Company, provided
that the Trustee may not declare the principal amount of any Outstanding Senior Notes to be due and payable.

 

    (Face of Security continued on next page) 

     

    

Payment of
the principal amount of, and any interest on, this Senior Note will be made in such coin or currency of the United States of America
as at the time of payment is legal tender for payment of public and private debts. Such payment shall be made to the Holder including
through a Paying Agent of the Company outside the United Kingdom for collection by the Holder.

 

Prior to
due presentment of this Senior Note for registration of transfer, the Company, the Trustee and any agent of the Company or the
Trustee may treat the Person in whose name this Senior Note is registered as the owner of such Senior Note for the purpose of
receiving payment of principal and interest, if any, on such Senior Note and for all other purposes whatsoever, whether or not
such Senior Note be overdue, and neither the Company, the Trustee nor any agent of the Company or the Trustee shall be affected
by notice to the contrary.

 

Reference
is hereby made to the further provisions of this Senior Note set forth on the reverse hereof, which further provisions shall for
all purposes have the same effect as if set forth at this place.

 

Unless the
certificate of authentication hereon has been executed by the Trustee referred to on the reverse hereof by manual signature, this
Senior Note shall not be entitled to any benefit under the Indenture or be valid or obligatory for any purpose.

 

Notwithstanding
any other term of any Senior Notes, the Indenture, or any other agreements, arrangements, or understandings between the Company
and any Holder or Beneficial Owner, by its acquisition of this Senior Note, each Holder (including each Beneficial Owner) of this
Senior Note acknowledges, accepts, agrees to be bound by and consents to the exercise of any U.K. bail-in power by the relevant
U.K. authority that may result in (i) the reduction or cancellation of all, or a portion, of the principal amount of, or interest
on, this Senior Note; (ii) the conversion of all, or a portion, of the principal amount of, or interest on, this Senior Note into
ordinary shares or other securities or other obligations of the Company or another person; and (iii) the amendment or alteration
of the maturity of this Senior Note, or amendment of the amount of interest due on this Senior Note, or the dates on which interest
becomes payable, including by suspending payment for a temporary period; which U.K. bail-in power may be exercised by means of
variation of the terms of this Senior Note solely to give effect to the exercise by the relevant U.K. authority of such U.K. bail-in
power. Each Holder (including each Beneficial Owner) of this Senior Note further acknowledges and agrees that the rights of the
Holders and/or Beneficial Owners under this Senior Note are subject to, and will be varied, if necessary, solely to give effect
to, the exercise of any U.K. bail-in power by the relevant U.K. authority.

 

    (Face of Security continued on next page) 

     

    

For these
purposes, “U.K. bail-in power” means any write-down, conversion, transfer, modification or suspension power
existing from time to time under any laws, regulations, rules or requirements relating to the resolution of banks, banking group
companies, credit institutions and/or investment firms incorporated in the United Kingdom in effect and applicable in the United
Kingdom to the Company or other members of the Group, including but not limited to any such laws, regulations, rules or requirements
which are implemented, adopted or enacted within the context of a European Union directive or regulation of the European Parliament
and of the Council establishing a framework for the recovery and resolution of credit institutions and investment firms (whether
or not the U.K. is a member of the European Union) and/or within the context of a U.K. resolution regime under the Banking Act
2009, as the same has been or may be amended from time to time (whether pursuant to the U.K. Financial Services (Banking Reform)
Act 2013 (the “Banking Reform Act 2013”), secondary legislation or otherwise, the “Banking Act”),
pursuant to which any obligations of a bank, banking group company, credit institution or investment firm or any of its affiliates
can be reduced, cancelled, modified, transferred and/or converted into shares or other securities or obligations of the obligor
or any other person (or suspended for a temporary period) or pursuant to which any right in a contract governing such obligations
may be deemed to have been exercised, “relevant U.K. authority” means any authority with the ability to exercise
a U.K. bail-in power.

 

 

    (Face of Security continued on next page) 

     

    

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

 

Dated: May 8, 2019

 

	 	Executed by 

    

    THE ROYAL BANK OF SCOTLAND GROUP PLC
	 	 
	 	 
	 	By:	 
	 	Name:	 
	 	Title:	Authorized Signatory

 

	 	By:	 
	 	Name:	 
	 	Title:	Authorized Signatory

  

 

    

 

    

     

    

CERTIFICATE
OF AUTHENTICATION

 

This is one
of the Senior Notes of the series designated herein referred to in the within-mentioned Indenture.

 

Dated: May 8, 2019

 

	 	THE BANK
OF NEW YORK MELLON, LONDON BRANCH 

        as Trustee

         

	 	 
	 	 By:	 
	 	 	Authorized Signatory

 

 

     

     

    

[Reverse
of Note]

 

This
note is one of a duly authorized issue of securities of the Company (herein called the “Senior Notes”) issued
and to be issued in one or more series under an amended and restated Indenture dated as of
December 13, 2017 (the “Amended and Restated Indenture”), as amended and supplemented in respect of the Senior
Notes by the Fifth Supplemental Indenture dated as of May 8, 2019 (the “Fifth Supplemental Indenture” and,
together with the Base Indenture, the “Indenture”), in
each case among the Company, as issuer, and The Bank of New York Mellon, acting through its London Branch as trustee (herein called
the “Trustee,” which term includes any successor trustee under the Indenture). Reference is hereby made to
the Indenture and all indentures supplemental thereto for a statement of the respective rights, limitations of rights, duties
and immunities thereunder of the Company, the Trustee and the Holders of the Senior Notes and of the terms upon which the Senior
Notes are, and are to be, authenticated and delivered.

 

This Senior
Note is one of the series designated on the face hereof, initially limited in aggregate principal amount to $1,250,000,000.

 

The Company
may, from time to time, without the consent of the Holders of the Senior Notes, issue Additional Senior Debt Securities having
the same ranking and interest rate, Maturity Date, redemption terms and other terms as the Senior Notes of this series, except
for the price to the public and issue date. Any such Additional Senior Debt Securities, together with the Senior Notes of this
series, will constitute a single series of Senior Notes under the Indenture and shall be included in the definition of “Senior
Debt Securities” in the Indenture where the context requires; provided, however, that if such Additional Senior Debt Securities
are not fungible with the Outstanding Senior Notes of this series for U.S. federal income tax purposes, the Additional Senior
Debt Securities must have a CUSIP, ISIN and/or other identifying number (as the case may be) different from those used for the
Outstanding Senior Notes of this series.

 

The Senior
Notes will initially be issued in the form of one or more global Senior Notes (each, a “Global Senior Note”).
Except as provided in the Indenture, a Global Senior Note shall not be exchangeable for one or more definitive Senior Notes.

 

The Senior
Notes of this series will constitute direct, unconditional, unsecured and unsubordinated obligations of the Company, as described
herein, ranking pari passu without any preference among themselves, and equally with all other outstanding unsecured and
unsubordinated obligations, present and future of the Company, except such obligations as are preferred by operation of law.

 

If an Event
of Default with respect to the Senior Notes of this series shall have occurred and be continuing, the Trustee or the Holder or
Holders of not less than 25% in aggregate principal amount of the Outstanding Senior Notes of this series may declare the principal
amount of, and any accrued interest on, all the Senior Notes to be due and payable immediately, in the manner, with the effect
and subject to the conditions provided in the Indenture.

 

    

     

    

Except as
otherwise provided in Article 5 of the Indenture, the Trustee may proceed to protect and enforce its rights and the rights of
the Holders of the Senior Notes whether in connection with any breach by the Company of its obligations under the Senior Notes,
the Indenture or otherwise, including by judicial proceedings, provided that the Company shall not, as a result of any such action
by the Trustee, be required to pay any amount representing or measured by reference to principal or interest on the Senior Notes
prior to any date on which the principal of, or any interest on, the Senior Notes would have otherwise been payable.

 

If a Default
occurs and is continuing, the Trustee may commence a proceeding for the winding up of the Company, provided that the Trustee may
not declare the principal amount of any Outstanding Senior Notes to be due and payable.

 

Notwithstanding
any other provisions of the Indenture, failure to make any payment on the Senior Notes shall not be a Default if it is withheld
or refused, upon independent counsel’s advice delivered to the Trustee, in order to comply with any applicable fiscal or
other law or regulation or order of any court of competent jurisdiction, provided, however, that the Trustee may require the Company
to take any action which, upon independent counsel’s advice delivered to the Trustee, is appropriate and reasonable in the
circumstances (including proceedings for a court declaration), in which case the Company shall immediately take and expeditiously
proceed with the action and shall be bound by any final resolution resulting therefrom. If any such action results in a determination
that the relevant payment can be made without violating any applicable law, regulation or order then the payment shall become
due and payable on the expiration of the applicable 14-day or seven-day period after the Trustee gives written notice to the Company
informing it of such determination.

 

Subject to
applicable law, the Trustee (acting on behalf of the Holders) and the Holders of the Senior Notes by their acceptance thereof
will be deemed to have waived to the fullest extent permitted by law any right of set-off, counterclaim or combination of accounts
with respect to the Senior Notes, the Fifth Supplemental Indenture or the Amended and Restated Indenture (or between the Company’s
obligations under or in respect of the Senior Notes and any liability owed by a Holder to the Company) that they (or the Trustee
acting on their behalf) might otherwise have against the Company, whether before or during any winding-up, liquidation or administration
of the Company. Notwithstanding the above, if any of such rights and claims of any such Holder (or the Trustee acting on behalf
of such Holders) against the Company are discharged by set-off, such Holder (or the Trustee acting on behalf of such Holders)
will immediately pay an amount equal to the amount of such discharge to the Company or, in the event of any winding-up, liquidation
or administration of the Company, the liquidator or administrator (or other relevant insolvency official), as the case may be,
to be held on trust for the Senior Creditors and until such time as payment is made will hold a sum equal to such amount on trust
for the Senior Creditors and accordingly such discharge shall be deemed not to have taken place.

 

No remedy
against the Company, other than as referred to in Article 5 of the Indenture, shall be available to the Trustee or the Holders
of the Senior Notes whether for

 

 

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the recovery of amounts owing
in respect of such Senior Notes or under the Indenture or in respect of any breach by the Company of its obligations under the
Indenture or in respect of the Senior Notes, except that the Trustee and the Holders shall have such rights and powers as they
are entitled to have under the Trust Indenture Act, including the Trustee’s prior lien on any amounts collected following
a Default or Event of Default for payment of the Trustee’s fees and expenses, and provided that any payments on the Senior
Notes are subject to the subordination provisions set forth in the Indenture.

 

All amounts
of principal, premium, if any, and interest on the Senior Notes will be paid by the Company without deduction or withholding for,
or on account of, any and all present and future income, stamp and other taxes, levies, imposts, duties, charges, fees, deductions
or withholdings now or hereafter imposed, levied, collected, withheld or assessed by or on behalf of the United Kingdom or any
political subdivision or any authority thereof or therein having the power to tax (the “U.K. Taxing Jurisdiction”),
unless such deduction or withholding is required by law.

 

If deduction
or withholding of any such taxes, levies, imposts, duties, charges, fees, deductions or withholdings shall at any time be required
by the U.K. Taxing Jurisdiction, the Company will pay such additional amounts with respect to the principal of and premium, if
any, and interest on the Senior Notes (“Additional Amounts”) as may be necessary in order that the net amounts
paid to the Holders of the Senior Notes, after such deduction or withholding, shall equal the amounts of such payments which would
have been payable in respect of such Senior Notes had no such deduction or withholding been required; provided, however, that
the foregoing will not apply to any such tax, levy, impost, duty, charge, fee, deduction or withholding that would not have been
payable or due but for the fact that:

 

(i) the Holder
or the beneficial owner of the Senior Note is a domiciliary, national or resident of, or engaging in business or maintaining a
permanent establishment or physically present in, the U.K. Taxing Jurisdiction or otherwise has some connection with the U.K.
Taxing Jurisdiction other than the mere holding or ownership of a Senior Note, or the collection of the payment on any Senior
Note,

 

(ii) except
in the case of a winding-up of the Company in the United Kingdom, the Senior Note is presented (where presentation is required)
for payment in the United Kingdom,

 

(iii) the
Senior Note is presented (where presentation is required) for payment more than 30 days after the date payment became due or was
provided for, whichever is later, except to the extent that the Holder would have been entitled to such Additional Amount on presenting
(where presentation is required) the Senior Note for payment at the close of such 30 day period,

 

(iv) the
Holder or the beneficial owner of the Senior Note or the payment on such Senior Note failed to comply with a request by the Company
or its liquidator or other authorized person addressed to the Holder (x) to provide information concerning the nationality, residence
or identity of the Holder or such beneficial owner or (y) to make

 

 

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any declaration
or other similar claim to satisfy any requirement, which in the case of (x) or (y), is required or imposed by a statute, treaty,
regulation or administrative practice of the U.K. Taxing Jurisdiction as a precondition to exemption or relief from all or part
of such deduction or withholding,

 

(v) the withholding
or deduction is required to be made pursuant to European Council Directive 2003/48/EC on the taxation of savings income or any
Directive amending, supplementing or replacing such Directive, or any law implementing or complying with, or introduced in order
to conform to, such Directive or Directives,

 

(vi) the
withholding or deduction is required to be made pursuant to Sections 1471 through 1474 of the U.S. Internal Revenue Code of 1986,
as amended, any agreement with the U.S. Treasury entered into with respect thereto, any U.S. Treasury regulation issued thereunder
or any other official interpretations or guidance issued with respect thereto; any intergovernmental agreement entered into with
respect thereto, or any law, regulation, or other official interpretation or guidance promulgated pursuant to such an intergovernmental
agreement,

 

(vii) the
Senior Note is presented (where presentation is required) for payment by or on behalf of a Holder who would have been able to
avoid such withholding or deduction by presenting (where presentation is required) the Senior Note to another paying agent in
a Member State of the European Union, or

 

(viii) any
combination of subclauses (i) through (vii) above,

 

nor shall
Additional Amounts be paid with respect to a payment on the Senior Notes to any Holder who is a fiduciary or partnership or person
other than the sole beneficial owner of such payment to the extent such payment would be required by the laws of the U.K. Taxing
Jurisdiction to be included in the income for tax purposes of a beneficiary or settlor with respect to such fiduciary or a member
of such partnership or a beneficial owner who would not have been entitled to such Additional Amounts, had it been the Holder.

 

Whenever
in the Indenture there is mentioned, in the context of Senior Notes, the payment of the principal, premium, if any, or interest
on, or in respect of, any Senior Notes, such mention shall be deemed to include mention of the payment of Additional Amounts provided
for herein to the extent that, in such context, Additional Amounts are, were or would be payable in respect thereof pursuant to
the provisions of the foregoing paragraph and as if express mention of the payment of Additional Amounts (if applicable) were
made in any provisions hereof where such express mention is not made.

 

The Company
will have the option to redeem Senior Notes of this series, in whole but not in part, on not less than 5 business days nor more
than 60 calendar days’ notice, at any time during the Fixed Rate Period and thereafter only on a Floating Rate Period Interest
Payment Date, at a Redemption Price equal to 100% of the principal amount, together with accrued but unpaid interest, if any,
in respect of the Senior Notes to the date fixed for redemption, if, at any time, the Company shall determine that as a result
of a

 

 

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change in or
amendment to the laws or regulations of the U.K. Taxing Jurisdiction (including any treaty to which a U.K. Taxing Jurisdiction
is a party), or any change in the official application or interpretation of such laws or regulations (including a decision of
any court or tribunal) which change or amendment becomes effective on or after May 8, 2019:

 

(a)           
in making any payment under the Senior Notes, including any payment in respect of principal or premium, if any, or interest,
the Company has or will or would on the next Interest Payment Date become obligated to pay Additional Amounts;

 

(b)           
payment of interest on the next Interest Payment Date in respect of any of the Senior Notes would be treated as a “distribution”
within the meaning of Section 1000 of the Corporation Tax Act 2010 of the United Kingdom (or any statutory modification or re-enactment
thereof for the time being); or

 

(c)           
on the next Interest Payment Date the Company would not be entitled to claim a deduction in respect of such payment of
interest in computing its United Kingdom taxation liabilities (or the value of such deduction to the Company would be materially
reduced).

 

In any case
where the Company shall determine that as a result of any change in the official application or interpretation of any laws or
regulations it is entitled to redeem Senior Notes of this series, the Company shall be required to deliver to the Trustee prior
to the giving of any notice of redemption a written legal opinion of independent United Kingdom counsel of recognized standing
(selected by the Company) in a form satisfactory to the Trustee confirming that the relevant change in the official application
or interpretation of such laws or regulations has occurred and that the Company is entitled to exercise its right of redemption.

 

The Company
may, at the Company’s option and in its sole discretion, redeem Senior Notes of this series, in whole but not in part, on
May 8, 2029, at a Redemption Price equal to 100% of the principal amount of the Senior Notes of this series together with any
accrued but unpaid interest to, but excluding, the Redemption Date.

 

The Company
may, at the Company’s option and in its sole discretion, redeem Senior Notes of this series, in whole but not in part, at
any time during the Fixed Rate Period and thereafter only on a Floating Rate Period Interest Payment Date, at a Redemption Price
equal to 100% of the principal amount of the Senior Notes of this series together with any accrued but unpaid interest to, but
excluding, the Redemption Date, if the Company determines that a Loss Absorption Disqualification Event has occurred and is continuing.
Before the publication of any notice of redemption pursuant to a Loss Absorption Disqualification Event, the Company shall deliver
to the Trustee a certificate signed by two authorised signatories of the Company stating that, in such signatories’ belief,
the condition for redemption has occurred and is continuing as at the date of the certificate, and the Trustee is entitled to
conclusively rely on and shall accept such certificate as sufficient evidence of such occurrence, in which event it shall be conclusive
and binding on the Holders.

 

 

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Notwithstanding
any other provision, the Company may only redeem Senior Notes of this series prior to their Maturity Date or repurchase Senior
Notes (and give notice thereof to the Holders of this series of Senior Notes in the case of redemption) if the Company has obtained
the prior consent of the PRA, to the extent such consent is at the relevant time and in the relevant circumstances required (if
at all) by the Loss Absorption Regulations or applicable laws or regulations in effect in the United Kingdom.

 

If the Company
elects to redeem Senior Notes of this series, the Senior Notes will cease to accrue interest from the Redemption Date, provided
the Redemption Price has been paid in accordance with the Indenture.

 

Upon
payment of (i) the amount of principal
so declared due and payable and (ii) accrued and unpaid interest, all of the Company’s obligations in respect of the payment
of the principal of, and accrued and unpaid interest on, the Senior Notes of this series shall terminate.

 

The Indenture
permits, with certain exceptions as therein provided, the amendment thereof and the modification of the rights and obligations
of the Company and the rights of the Holders of the Senior Notes of each series to be affected thereby by the Company and the
Trustee with the consent of the Holders of not less than a majority in principal amount of the Senior Notes at the time outstanding
of each such series. The Indenture also contains provisions permitting the Holders of a majority in aggregate principal amount
of the Outstanding Senior Notes of each series, on behalf of the Holders of all Senior Notes of such series, to waive compliance
by the Company with certain provisions of the Indenture and certain past Events of Default and Defaults under the Indenture and
their consequences. Any such consent or waiver by the Holder of this Senior Note shall be conclusive and binding upon such Holder
and upon all future Holders of this Senior Note and of any Senior Note issued in exchange herefor or in lieu hereof, whether or
not notation of such consent or waiver is made upon this Senior Note.

 

No reference
herein to the Indenture and no provision of this Senior Note or of the Indenture shall alter or impair the obligation of the Company,
which is absolute and unconditional, to pay, if and when due and payable, the principal of, and interest on, this Senior Note
at the times, place and rate, and in the coin or currency, herein prescribed.

 

As set forth
in, and subject to, the provisions of the Indenture, no Holder of any Senior Note of this series will have the right to institute
any proceeding with respect to the Indenture, this Senior Note or any remedy thereunder; provided, however, that such limitations
do not apply to a suit instituted by the Holder hereof for the enforcement of payment of the principal or interest as and when
the same shall have become due and payable in accordance with the terms hereof and the Indenture.

 

Notwithstanding
any other term of any Senior Notes, the Indenture, or any other agreements, arrangements, or understandings between the Company
and any Holder or Beneficial Owner, by its acquisition of Senior Notes, each Holder (including each Beneficial Owner) of the Senior
Notes acknowledges, accepts, agrees to be bound by and consents to the exercise of any U.K. bail-in power by the relevant U.K.
authority that

 

 

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may result in (i) the reduction
or cancellation of all, or a portion, of the principal amount of, or interest on, the Senior Notes; (ii) the conversion of all,
or a portion, of the principal amount of, or interest on, the Senior Notes into ordinary shares or other securities or other obligations
of the Company or another person; and (iii) the amendment or alteration of the maturity of the Senior Notes, or amendment of the
amount of interest due on the Senior Notes, or the dates on which interest becomes payable, including by suspending payment for
a temporary period; which U.K. bail-in power may be exercised by means of variation of the terms of the Senior Notes solely to
give effect to the exercise by the relevant U.K. authority of such U.K. bail-in power. Each Holder (including each Beneficial
Owner) of the Senior Notes further acknowledges and agrees that the rights of the Holders and/or Beneficial Owners under the Senior
Notes are subject to, and will be varied, if necessary, solely to give effect to, the exercise of any U.K. bail-in power by the
relevant U.K. authority.

 

For these
purposes, “U.K. bail-in power” means any write-down, conversion, transfer, modification or suspension power
existing from time to time under any laws, regulations, rules or requirements relating to the resolution of banks, banking group
companies, credit institutions and/or investment firms incorporated in the United Kingdom in effect and applicable in the United
Kingdom to the Company or other members of the Group, including but not limited to any such laws, regulations, rules or requirements
which are implemented, adopted or enacted within the context of a European Union directive or regulation of the European Parliament
and of the Council establishing a framework for the recovery and resolution of credit institutions and investment firms (whether
or not the U.K. is a member of the European Union) and/or within the context of a U.K. resolution regime under the Banking Act
2009, as the same has been or may be amended from time to time (whether pursuant to the U.K. Financial Services (Banking Reform)
Act 2013 (the “Banking Reform Act 2013”), secondary legislation or otherwise, the “Banking Act”),
pursuant to which any obligations of a bank, banking group company, credit institution or investment firm or any of its affiliates
can be reduced, cancelled, modified, transferred and/or converted into shares or other securities or obligations of the obligor
or any other person (or suspended for a temporary period) or pursuant to which any right in a contract governing such obligations
may be deemed to have been exercised, “relevant U.K. authority” means any authority with the ability to exercise
a U.K. bail-in power.

 

By its acquisition
of Senior Notes each Holder (including each Beneficial Owner) of the Senior Notes:

 

(a)       acknowledges
and agrees that upon the exercise of the U.K. bail-in power by the relevant U.K. authority it shall not give rise to a Default
or an Event of Default for purposes of Section 315(b) (Notice of Default) and Section 315(c) (Duties of the Trustee in Case of
Default) of the Trust Indenture Act;

 

(b)       to
the extent permitted by the Trust Indenture Act, waives any and all claims against the Trustee for, agrees not to initiate a suit
against the Trustee in respect of, and agrees that the Trustee shall not be liable for, any action that the Trustee takes, or

 

 

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abstains from taking, in either
case in accordance with the exercise of the U.K. bail-in power by the relevant U.K. authority with respect to the Senior Notes;
and

 

(c)       acknowledges
and agrees that, upon the exercise of any U.K. bail-in power by the relevant U.K. authority, (a) the Trustee shall not be required
to take any further directions from Holders of the Senior Notes under Section 5.12 of the Base Indenture, and (b) neither the
Base Indenture nor this Fifth Supplemental Indenture shall impose any duties upon the Trustee whatsoever with respect to the exercise
of any U.K. bail-in power by the relevant U.K. authority.

 

Notwithstanding
the foregoing, if, following the completion of the exercise of the U.K. bail-in power by the relevant U.K. authority, the Senior
Notes remain outstanding (for example, if the exercise of the U.K. bail-in power results in only a partial write-down of the principal
of the Senior Notes), then the Trustee’s duties under the Indenture shall remain applicable with respect to the Senior Notes
following such completion to the extent that the Company and the Trustee shall agree pursuant to a supplemental indenture or an
amendment to the Fifth Supplemental Indenture.

 

The exercise
of any U.K. bail-in power by the relevant U.K. authority shall not constitute a default or an Event of Default under Section 5.01
of the Indenture.

 

By its acquisition
of Senior Notes, each Holder and Beneficial Owner shall be deemed to have:

 

(v)           
consented to the exercise of any U.K. bail-in power as it may be imposed without any prior notice by the relevant U.K.
authority of its decision to exercise such power with respect to the Senior Notes and

 

(vi)           
authorized, directed and requested DTC and any direct participant in DTC or other intermediary through which it holds such
Senior Notes to take any and all necessary action, if required, to implement the exercise of any U.K. bail-in power with respect
to the Senior Notes as it may be imposed, without any further action or direction on the part of such Holder or Beneficial Owner.

 

No repayment
of the principal amount of the Senior Notes or payment of interest on the Senior Notes shall become due and payable after the
exercise of any U.K. bail-in power by the relevant U.K. authority unless, at the time that such repayment or payment, respectively,
is scheduled to become due, such repayment or payment would be permitted to be made by the Company under the laws and regulations
of the United Kingdom and the European Union applicable to the Company and the Group.

 

Upon the
exercise of the U.K. bail-in power by the relevant U.K. authority with respect to the Senior Notes, the Company shall provide
a written notice to DTC as soon as practicable regarding such exercise of the U.K. bail-in power for purposes of notifying Holders
of such occurrence. The Company shall also deliver a copy of such notice to the Trustee for information purposes.

 

 

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If the Company
has elected to redeem Senior Notes of this series but prior to the payment of the redemption amount with respect to such redemption
the relevant U.K. authority exercises its U.K. bail-in power with respect to any Senior Notes, the relevant redemption notices
shall be automatically rescinded and shall be of no force and effect, and no payment of the redemption amount will be due and
payable.

 

Any Holder
(including each Beneficial Owner) that acquires Senior Notes in the secondary market shall be deemed to acknowledge and agree
to be bound by and consent to the same provisions specified in the Indenture to the same extent as the Holders and Beneficial
Owners of the Senior Notes that acquire the Senior Notes upon their initial issuance, including, without limitation, with respect
to the acknowledgement and agreement to be bound by and consent to the terms of the Senior Notes related to the U.K. bail-in power.

 

This Senior
Note will be governed by the laws of the State of New York.

 

Unless otherwise
defined herein, all terms used in this Senior Note which are defined in the Indenture shall have the meanings assigned to them
in the Indenture.

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