Document:

EX-4.4

 Exhibit 4.4 
  

 
  

BARCLAYS PLC, 
 Issuer 

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

 
 FIFTH
SUPPLEMENTAL INDENTURE 
 Dated as of [—], 2014 

 
  

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

Between Barclays PLC 
 and 

The Bank of New York Mellon, London Branch, Trustee 

$[—] [—]% Fixed Rate Resetting
Perpetual Subordinated Contingent Convertible 
 Securities (Callable 2019 and Every Five Years Thereafter) 

 
  

 

 BARCLAYS PLC 

Reconciliation and tie between Trust Indenture Act of 1939, as amended by the Trust Indenture Reform Act of 1990, and this Fifth Supplemental Indenture, dated
as of [—], 2014. 
  

			
	 Trust Indenture Act Section
	 	 Indenture
Section*

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

  

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

	

	

	

	

	

	

	

	

	

			
	 §317 (a)(1)
	 	4.03 of Fifth Supplemental Indenture
	  (a)(2)
	 	5.04
	  (b)
	 	10.03
	 §318 (a)
	 	1.07

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

  
 - ii - 

 TABLE OF CONTENTS 

 

							
	 	  	 	  	Page	 
	
	ARTICLE I DEFINITIONS AND OTHER PROVISIONS OF GENERAL APPLICATION	  
			
	SECTION 1.01	  	Definitions	  	 	2	  
	SECTION 1.02	  	Effect of Headings	  	 	17	  
	SECTION 1.03	  	Separability Clause	  	 	17	  
	SECTION 1.04	  	Benefits of Instrument	  	 	17	  
	SECTION 1.05	  	Relation to Base Indenture and First, Second, Third, Fourth and Fifth Supplemental Indentures	  	 	17	  
	SECTION 1.06	  	Construction and Interpretation	  	 	18	  
	
	ARTICLE II	  
	
	$[—] [—]% FIXED RATE RESETTING PERPETUAL SUBORDINATED CONTINGENT
CONVERTIBLE SECURITIES (CALLABLE 2019 AND EVERY FIVE YEARS THEREAFTER)	   
			
	SECTION 2.01	  	Creation of Series; Establishment of Form	  	 	19	  
	SECTION 2.02	  	Interest	  	 	20	  
	SECTION 2.03	  	Interest Payments Discretionary	  	 	20	  
	SECTION 2.04	  	Restriction on Interest Payments	  	 	21	  
	SECTION 2.05	  	Agreement to Interest Cancellation	  	 	22	  
	SECTION 2.06	  	Notice of Interest Cancellation	  	 	22	  
	SECTION 2.07	  	Payment of Principal, Interest and Other Amounts	  	 	23	  
	SECTION 2.08	  	Optional Redemption	  	 	23	  
	SECTION 2.09	  	Optional Tax Redemption	  	 	23	  
	SECTION 2.10	  	Regulatory Event Redemption	  	 	24	  
	SECTION 2.11	  	Notice of Redemption	  	 	25	  
	SECTION 2.12	  	Limitations on Redemption	  	 	26	  
	SECTION 2.13	  	Cancelled Interest Not Payable Upon Redemption	  	 	26	  
	SECTION 2.14	  	Condition to Repurchase	  	 	26	  
	SECTION 2.15	  	Automatic Conversion upon Capital Adequacy Trigger Event	  	 	26	  
	SECTION 2.16	  	Conversion Shares	  	 	30	  
	SECTION 2.17	  	Conversion Shares Offer	  	 	31	  
	SECTION 2.18	  	Settlement Procedure	  	 	33	  
	SECTION 2.19	  	Failure to Deliver a Conversion Shares Settlement Notice	  	 	34	  
	SECTION 2.20	  	Agreement with Respect to Exercise of U.K. Bail-In Power	  	 	35	  
	SECTION 2.21	  	Additional Amounts and FATCA Withholding Tax	  	 	37	  

  
 - iii - 

					
	 	  	 	  	Page
	ARTICLE III
	
	ANTI-DILUTION
			
	SECTION 3.01	  	Adjustment of Conversion Price and Conversion Shares Offer	  	
		  	Price	  	38
	SECTION 3.02	  	No Retroactive Adjustments	  	42
	SECTION 3.03	  	Decision of an Independent Financial Advisor	  	42
	SECTION 3.04	  	Rounding Down and Notice of Adjustment to the Conversion	  	
		  	Price and the Conversion Shares Offer Price	  	42
	SECTION 3.05	  	Qualifying Takeover Event	  	43
	
	ARTICLE IV
	
	ENFORCEMENT EVENTS AND REMEDIES
			
	SECTION 4.01	  	Winding-Up	  	44
	SECTION 4.02	  	Non-Payment Event	  	44
	SECTION 4.03	  	Limited Remedies for Breach of Obligations (Other than Non- Payment	  	45
	SECTION 4.04	  	No Other Remedies and Other Terms	  	45
	SECTION 4.05	  	Waiver of Past Defaults	  	46
	
	ARTICLE V
	
	SUBORDINATION
			
	SECTION 5.01	  	Securities Subordinate to Claims of Senior Creditors	  	47
	SECTION 5.02	  	No Set-Off	  	48
	
	ARTICLE VI
	
	MISCELLANEOUS PROVISIONS
			
	SECTION 6.01	  	Effectiveness	  	49
	SECTION 6.02	  	Original Issue	  	49
	SECTION 6.03	  	Ratification and Integral Part	  	49
	SECTION 6.04	  	Priority	  	49
	SECTION 6.05	  	Successors and Assigns	  	49
	SECTION 6.06	  	Counterparts	  	49
	SECTION 6.07	  	Governing Law	  	50
		
	EXHIBIT A – Form of Global Note	  	A-2
	EXHIBIT B – Form of Automatic Conversion Notice	  	B-1
	EXHIBIT C – Form of Capital Adequacy Trigger Event Officers’ Certificate	  	C-1
	EXHIBIT D – Form of Conversion Shares Offer Notice	  	D-1
	EXHIBIT E – Form of Conversion Shares Settlement Request Notice	  	E-1

  
 - iv - 

 FIFTH SUPPLEMENTAL INDENTURE, dated as of
[—], 2014 (the “Fifth Supplemental Indenture”) between BARCLAYS PLC, a public limited company registered in England and Wales (herein called the “Company”), having
its registered office at 1 Churchill Place, London E14 5HP, United Kingdom, and THE BANK OF NEW YORK MELLON, LONDON BRANCH, a New York banking corporation, as Trustee (herein called the “Trustee”), having its Corporate Trust Office
at One Canada Square, London E14 5AL, United Kingdom, to the CONTINGENT CONVERTIBLE SECURITIES INDENTURE, dated as of November 20, 2013 between the Company and the Trustee, as amended from time to time (the “Base Indenture”
and, together with this Fifth Supplemental Indenture, the “Indenture”). 
 RECITALS OF THE COMPANY 

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

WHEREAS, as contemplated by Section 3.01 of the Base Indenture, the Company intends to issue a new series of Contingent Convertible
Securities to be known as the Company’s “$[—] [—]% Fixed Rate Resetting Perpetual Subordinated Contingent Convertible Securities
(Callable 2019 and Every Five Years Thereafter)” (the “Securities”) under the Indenture; 
 WHEREAS, the Company has
taken all necessary corporate action to authorize the execution and delivery of this Fifth Supplemental Indenture; 
 NOW, THEREFORE, THIS
FIFTH SUPPLEMENTAL INDENTURE WITNESSETH: 
 For and in consideration of the premises and the other good and valuable consideration, the
receipt and sufficiency of which is hereby acknowledged, the Company and the Trustee mutually agree as follows with regard to the Securities: 

  
 - 1 - 

 ARTICLE I 

DEFINITIONS AND OTHER PROVISIONS OF GENERAL APPLICATION 

SECTION 1.01 Definitions. 

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

“Acquirer” means the Takeover Person that controls the Company following a Takeover Event. For the purposes of
this definition, “control” means the acquisition or holding of legal or beneficial ownership of more than 50% of the votes which may ordinarily be cast on a poll at a general meeting of the Company or the right to appoint or remove a
majority of the board of directors of the Company. 
 “Additional Tier 1 Capital” means (i) perpetual
subordinated capital instruments that meet the requirements set out in CRD IV to ensure that they are sufficiently loss absorbent on a “going concern” basis (i.e., capital that absorbs losses enabling the relevant credit institution to
avoid insolvency) and (ii) the share premium account related to such instruments. 
 “Approved Entity”
means a body corporate which, on the occurrence of the Takeover Event, has in issue Approved Entity Shares. On and after the date of a Qualifying Takeover Event, references herein to “Ordinary Shares” shall be read as references to
“Approved Entity Shares.” 
 “Approved Entity Shares” means ordinary shares in the capital of a
body corporate that constitutes Equity Share Capital or the equivalent (or depository or other receipts representing the same) which are listed and admitted to trading on a Recognized Stock Exchange. In relation to an Automatic Conversion in respect
of which the Conversion Date falls on or after the QTE Effective Date, references herein to “Conversion Shares” shall be deemed to be references to “Approved Entity Shares.” 

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

  
 - 2 - 

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

“Calculation Agent” means The Bank of New York Mellon, London Branch, or its successor appointed by the
Company pursuant to the Calculation Agent Agreement between the Company and The Bank of New York Mellon, dated as of the date hereof. 

“Cancellation Date” means (i) with respect to any Security for which a Conversion Shares Settlement
Notice is received by the Conversion Shares Depository on or before the Notice Cut-off Date, the applicable Conversion Shares Settlement Date and (ii) with respect to any Security for which a Conversion Shares Settlement Notice is not received
by the Conversion Shares Depository on or before the Notice Cut-off Date, the Final Cancellation Date. 

  
 - 3 - 

 “Capital Adequacy Trigger Event” shall occur if the Fully Loaded
CET1 Ratio as of any Quarterly Financial Period End Date or Extraordinary Calculation Date, as the case may be, is less than 7.00% on such date. 

“Capital Adequacy Trigger Event Officers’ Certificate” has the meaning set forth in Section 2.15(o)
hereof. 
 “Capital Regulations” means, at any time, the laws, regulations, requirements, standards,
guidelines and policies relating to capital adequacy for credit institutions of either (i) the PRA and/or (ii) any other national or European authority, in each case then in effect in the United Kingdom (or in such other jurisdiction in
which the Company may be organized or domiciled) and applicable to the Group. 
 “Cash Component” means that
portion, if any, of the Conversion Shares Offer Consideration consisting of cash. 
 “Cash Dividend” means
any dividend or distribution in respect of the Ordinary Shares to Shareholders of the Company which is to be paid or made in cash (in whatever currency), however described and whether payable out of share premium account, profits, retained earnings
or any other capital or revenue reserve or account and including a distribution or payment to Shareholders upon or in connection with a reduction of capital. 

“CET1 Capital” means, as of any Quarterly Financial Period End Date or Extraordinary Calculation Date, the
sum, expressed in pounds sterling, of all amounts that constitute common equity tier 1 capital of the Group as of such date, less any deductions from common equity tier 1 capital required to be made as of such date, in each case as calculated by the
Company on a consolidated basis in accordance with the Capital Regulations applicable to the Group on such Quarterly Financial Period End Date or Extraordinary Calculation Date, as the case may be (which calculation shall be binding on the Trustee
and the Holders and Beneficial Owners). For the purposes of this definition, the term “common equity tier 1 capital” shall have the meaning assigned to such term in CRD IV as interpreted and applied in accordance with the Capital
Regulations then applicable to the Group. 
 “Code” means the U.S. Internal Revenue Code of 1986, as
amended. 
 “Companies Act” means the Companies Act 2006 (UK). 

“Company” has the meaning set forth in the first paragraph of this Fifth Supplemental Indenture, and includes
any successor entity. 
 “Conversion Date” means the date on which the Automatic Conversion shall take
place, or has taken place, as applicable. 

  
 - 4 - 

 “Conversion Price” means
$[—] per Conversion Share (subject to certain anti-dilution adjustments pursuant to Section 3.01 hereof). 

“Conversion Shares” means Ordinary Shares of the Company to be issued to the Conversion Shares Depository (or
to the relevant recipient in accordance with the terms of the Securities) following an Automatic Conversion, which Ordinary Shares shall be in such number as is determined by dividing the aggregate principal amount of the Securities Outstanding
immediately prior to the Automatic Conversion on the Conversion Date by the Conversion Price, rounded down, if necessary, to the nearest whole number of Ordinary Shares. 

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

“Conversion Shares Offer” has the meaning set forth in Section 2.17(a) hereof. 

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

“Conversion Shares Offer Consideration” means in respect of each Security (i) if all of the Conversion
Shares are sold in the Conversion Shares Offer, the pro rata share of the cash proceeds from the sale of the Conversion Shares attributable to such Security translated from sterling into U.S. dollars at a then-prevailing exchange rate (less
any foreign exchange transaction costs), (ii) if some but not all of the Conversion Shares are sold in the Conversion Shares Offer, (x) the pro rata share of the cash proceeds from the sale of the Conversion Shares attributable to
such Security translated from sterling into U.S. dollars at a then-prevailing exchange rate (less any foreign exchange transaction costs) and (y) the pro rata share of the Conversion Shares not sold pursuant to the Conversion Shares
Offer attributable to such Security rounded down to the 

  
 - 5 - 

 
nearest whole number of Conversion Shares, and (iii) if no Conversion Shares are sold in a Conversion Shares Offer, the relevant Conversion Shares attributable to such Security rounded down
to the nearest whole number of Conversion Shares, subject in the case of (i) and (ii)(x) above to deduction from any such cash proceeds of an amount equal to the pro rata share of any stamp duty, stamp duty reserve tax, or any other
capital, issue, transfer, registration, financial transaction or documentary tax that may arise or be paid as a consequence of the transfer of any interest in the Conversion Shares to the Conversion Shares Depository as a consequence of the
Conversion Shares Offer. 
 “Conversion Shares Offer Notice” means the written notice (substantially in the
form attached hereto as Exhibit D) to be delivered by the Company to the Trustee directly and to the Holders of the Global Securities via DTC (or, if the Securities are definitive Securities, by the Company to the Trustee directly and to the
Holders at their addresses shown on the Contingent Convertible Security Register) specifying (i) whether or not the Company has elected that a Conversion Shares Offer be made and, if so, the Conversion Shares Offer Period, (ii) the
Suspension Date, (iii) details of the Conversion Shares Depository and (iv) if the Company has been unable to appoint a Conversion Shares Depository, such other arrangements for the issuance and/or delivery of the Conversion Shares or the
Conversion Shares Offer Consideration, as applicable, to the Holders of the Securities as it shall consider reasonable in the circumstances. 

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

“Conversion Shares Offer Price” means £[1.65] per Conversion Share (subject to certain anti-dilution
adjustments pursuant to Section 3.01 hereof). 
 “Conversion Shares Settlement Date” means
(i) with respect to any Security in relation to which a Conversion Shares Settlement Notice is received by the Conversion Shares Depository on or before the Notice Cut-off Date, the later of (a) the date that is two (2) Business Days
after the end of the relevant Conversion Shares Offer Period and (b) the date that is two (2) Business Days after the date on which such Conversion Shares Settlement Notice has been received by the Conversion Shares Depository and
(ii) with respect to any Security in relation to which a Conversion Shares Settlement Notice is not received by the Conversion Shares Depository on or before the Notice Cut-off Date, the date on which the Conversion Shares Depository delivers
the relevant Conversion Shares or Conversion Shares Component, if any, of any Conversion Shares Offer Consideration, as applicable. 

  
 - 6 - 

 “Conversion Shares Settlement Notice” means a written notice
(substantially in the form attached hereto as Exhibit E) to be delivered by a Holder or Beneficial Owner (or custodian, broker, nominee or other representative thereof) to the Conversion Shares Depository (or to the relevant recipient of the
Conversion Shares in accordance with the terms of the Securities), with a copy to the Trustee, no earlier than the Suspension Date containing the following information: (i) the name of the Holder or Beneficial Owner (or custodian, broker,
nominee or other representative thereof), (ii) the Tradable Amount of the book-entry interests in the Securities held by such Holder or Beneficial Owner (or custodian, broker, nominee or other representative thereof) on the date of such notice,
(iii) the name to be entered in the Company’s share register, (iv) the details of the CREST or other clearing system account or, if the Conversion Shares are not a participating security in CREST or another clearing system, the
address to which the Conversion Shares (or the Conversion Shares Component, if any, of any Conversion Shares Offer Consideration) and/or cash (if not expected to be delivered through DTC) should be delivered and (v) such other details as may be
required by the Conversion Shares Depository. 
 “Conversion Shares Settlement Request Notice” means the
written notice to be delivered by the Company to the Trustee directly and to the Holders and Beneficial Owner of the Securities via DTC (or, if the Securities are definitive Securities, by the Company to the Trustee directly and to the Holders at
their registered addresses as shown on the Contingent Convertible Securities Register) on the Suspension Date requesting that Holders and Beneficial Owners complete a Conversion Shares Settlement Notice and specifying (i) the Notice Cut-off
Date and (ii) the Final Cancellation Date. 
 “CRD IV” means the legislative package consisting of
Directive 2013/36/EU on access to the activity of credit institutions and the prudential supervision of credit institutions and investment firms, as the same may be amended or replaced from time to time, and the CRD IV Regulation. 

“CRD IV Regulation” means Regulation (EU) No. 575/2013 on prudential requirements for credit institutions
and investment firms of the European Parliament and of the Council of June 26, 2013, as amended from time to time. 

“CREST” means the relevant system, as defined in the CREST Regulations, or any successor clearing system. 

“CREST Regulations” means the Uncertificated Securities Regulations 2001 (SI 2001 No. 01/378), as
amended. 
 “CSO Obligations” means the obligations of the Company under the Securities that may arise in
connection with a Conversion Shares Offer to: (i) facilitate the preparation of a prospectus or other offering document, if applicable, and (ii) take responsibility for such prospectus or other offering document, which

  
 - 7 - 

 
obligations (and any claims relating to a failure to facilitate the preparation of, or take responsibility for, such prospectus or other offering document) shall terminate in the event of the
winding-up or administration of the Company. 
 “Current Market Price” means, in respect of an Ordinary
Share at a particular date, the average of the daily Volume Weighted Average Price of an Ordinary Share on each of the five (5) consecutive Dealing Days ending on the Dealing Day immediately preceding such date; provided that, if at any
time during the said five-dealing-day period the Volume Weighted Average Price shall have been based on a price ex-Cash Dividend (or ex- any other entitlement) and during some other part of that period the Volume Weighted Average Price shall have
been based on a price cum-Cash Dividend (or cum- any other entitlement), then: 
  

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

 

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

and provided further that, if on each of the said five Dealing Days the Volume Weighted Average Price shall have been based on a
price cum-Cash Dividend (or cum- any other entitlement) in respect of a Cash Dividend (or other entitlement) which has been declared or announced but the Ordinary Shares to be issued do not rank for that Cash Dividend (or other entitlement), the
Volume Weighted Average Price on each of such dates shall, for the 

  
 - 8 - 

	 	
purposes of this definition, be deemed to be the amount thereof reduced by an amount equal to such Cash Dividend or entitlement per ordinary share as at the date of first public announcement
relating to such Cash Dividend or entitlement, in any such case, determined on a gross basis and disregarding any withholding or deduction required to be made on account of tax, and disregarding any associated tax credit, 

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

“Dealing Day” means a day on which the Relevant Stock Exchange or relevant stock exchange or securities market
is open for business and on which Ordinary Shares may be dealt in (other than a day on which the Relevant Stock Exchange or relevant stock exchange or securities market is scheduled to or does close prior to its regular weekday closing time). 

“Default” has the meaning set forth in Section 4.04(b) hereof. 

“Distributable Items” shall have the meaning assigned to such term in CRD IV as interpreted and applied in
accordance with the Capital Regulations then applicable to the Company, but amended so that for so long as there is any reference therein to “before distributions to holders of own funds instruments” it shall be read as a reference to
“before distributions to holders of Parity Securities, the Securities or any Junior Securities.” 

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

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

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

  
 - 9 - 

 “Equity Share Capital” has the meaning provided in
Section 548 of the Companies Act. 
 “Extraordinary Calculation Date” means any Business Day (other
than a Quarterly Financial Period End Date) on which the Fully Loaded CET1 Ratio is calculated upon the instruction of the PRA or at the Company’s discretion. 

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

“Final Cancellation Date” means the date, as specified in the Conversion Shares Settlement Request Notice, on
which the Securities in relation to which no Conversion Shares Settlement Notice has been received by the Conversion Shares Depository on or before the Notice Cut-off Date shall be cancelled, which date may be up to twelve (12) Business Days
following the Notice Cut-off Date. 
 “Fully Loaded” means, in relation to a measure that is presented or
described as being on a “Fully Loaded” basis, that such measure is calculated without applying the transitional provisions set out in Part Ten of the CRD IV Regulation. 

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

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

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

  
 - 10 - 

 “Independent Financial Adviser” means an independent financial
institution of international repute appointed by the Company at its own expense. 
 “Interest Payment Date”
has the meaning set forth in Section 2.02(a) hereof. 
 “Issue Date” has the meaning set forth in
Section 2.01(f) hereof. 
 “Junior Securities” means any Ordinary Shares, securities or other
obligations (including any guarantee, credit support or similar undertaking) of the Company ranking, or expressed to rank, junior to the Securities in a winding-up or administration of the Company. 

“LSE” means the London Stock Exchange plc. 

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

  
 - 11 - 

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

NCP = ECP * (VWAPAES / VWAPOS) 

where: 

“NCP” is the New Conversion Price; 

“ECP” is the Conversion Price in effect on the Dealing Day immediately prior to the QTE Effective Date; 

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

“Non-Payment Event” has the meaning set forth in Section 4.02 hereof. 

“Notice Cut-off Date” means the date specified as such in the Conversion Shares Settlement Request Notice,
which date shall be at least forty (40) Business Days following the Suspension Date. 

  
 - 12 - 

 “Ordinary Reporting Date” means each Business Day on which
Quarterly Financial Information is published by the Company. 
 “Ordinary Share Capital” has the meaning
provided in Section 1119 of the Corporation Tax Act 2010 (or successor provision or legislation). 
 “Ordinary
Shares” means (a) prior to the QTE Effective Date, fully paid ordinary shares in the capital of the Company and (b) on and after the QTE Effective Date, the relevant Approved Entity Shares. 

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

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

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

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

“Prospectus” means the prospectus with respect to the Securities, dated
[—], 2014. 
 “Prudential Regulation Authority” or
“PRA” means the Prudential Regulation Authority of the United Kingdom or such other governmental authority in the United Kingdom (or if the Company becomes domiciled in a jurisdiction other than the United Kingdom, such other
jurisdiction) having primary responsibility for the prudential supervision of the Company. 
 “QTE Effective
Date” means the date with effect from which the New Conversion Condition shall have been satisfied. 

  
 - 13 - 

 “Qualifying Takeover Event” means a Takeover Event with respect
to which: (i) the Acquirer is an Approved Entity; and (ii) the New Conversion Condition is satisfied. 

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

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

“Recognized Stock Exchange” means an EEA Regulated Market or another regulated, regularly operating,
recognized stock exchange or securities market in an OECD member state. 
 “Reference Banks” has the meaning
set forth in the definition of Mid-Market Swap Rate. 
 “Regular Record Date” means the Business Day
immediately preceding each Interest Payment Date (or, if the Securities are definitive Securities, the 15th Business Day preceding each Interest Payment Date). 

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

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

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

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

  
 - 14 - 

 “Reset Date” means
[—], 2019 and each fifth anniversary date thereafter, commencing [—], 2024. 

“Reset Determination Date” means the second
(2nd) Business Day immediately preceding the Reset Date. 

“Risk Weighted Assets” means, as of any Quarterly Financial Period End Date or Extraordinary Calculation Date,
as the case may be, the aggregate amount, expressed in pounds sterling, of the risk weighted assets of the Group as of such date, as calculated by the Company on a consolidated basis in accordance with the Capital Regulations applicable to the Group
on such date (which calculation shall be binding on the Trustee and the Holders and Beneficial Owner). For the purposes of this definition, the term “risk weighted assets” means the risk weighted assets or total risk exposure amount, as
calculated by the Company in accordance with the Capital Regulations applicable to the Group. 

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

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

“Shareholders” means the holders of Ordinary Shares. 

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

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

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

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

  
 - 15 - 

 “Takeover Event Notice” means a notice to the Holders of the
Securities notifying them that a Takeover Event has occurred and specifying: (1) the identity of the Acquirer; (2) whether the Takeover Event is a Qualifying Takeover Event or not; (3) in the case of a Qualifying Takeover Event, if
determined at such time, the New Conversion Price; and (4) if applicable, the QTE Effective Date. 
 “Takeover
Person” includes any individual, company, corporation, firm, partnership, joint venture, undertaking, association, organization, trust, state or agency of a state (in each case whether or not being a separate legal entity) or other legal
entity. 
 “Tax Event” has the meaning set forth in Section 2.09(a) hereof. 

“Tier 1 Capital” means Tier 1 capital for the purposes of the Capital Regulations. 

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

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

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

“U.K. Taxation of Regulatory Capital Securities Regulations” has the meaning set forth in Section 2.09(a)
hereof. 

  
 - 16 - 

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

“Winding-Up Event” has the meaning set forth in Section 4.01(a) hereof. 

SECTION 1.02 Effect of Headings. 

The Article and Section headings herein are for convenience only and shall not affect the construction hereof. 

SECTION 1.03 Separability Clause. 

In case any provision in this 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 1.04 Benefits of
Instrument. 
 Nothing in this Fifth Supplemental Indenture, express or implied, shall give to any person, other than the parties hereto
and their successors hereunder and the Holders, any benefit or any legal or equitable right, remedy or claim under the Indenture. 
 SECTION
1.05 Relation to Base Indenture and First, Second, Third and Fourth Supplemental Indentures. 
 This Fifth Supplemental Indenture
constitutes an integral part of the Base Indenture. Notwithstanding any other provision of this Fifth Supplemental Indenture, all provisions of this Fifth Supplemental Indenture are expressly and solely for the benefit of the Holders and Beneficial
Owners of the Securities and any such provisions shall not be deemed to apply to any other Contingent Convertible Securities issued under the Base Indenture and shall not be deemed to amend, modify or supplement the Base Indenture, the First
Supplemental Indenture, dated November 20, 2013, the Second Supplemental Indenture, dated December 10, 2013, the Third Supplemental Indenture, of even date herewith or the Fourth Supplemental Indenture, of even date herewith, in each case
between the Company and the Trustee, for any purpose other than with respect to the Securities. 

  
 - 17 - 

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

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

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

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

(d) the terms “pounds sterling,” “sterling” and “£” mean British pounds sterling; 

(e) references herein to a specific Section, Article or Exhibit refer to Sections or Articles of, or an Exhibit to, this Fifth Supplemental
Indenture; 
 (f) wherever the words “include,” “includes” or “including” are used in this Fifth Supplemental
Indenture, they shall be deemed to be followed by the words “without limitation;” 
 (g) references to a Person are also to its
successors and permitted assigns; 
 (h) the use of “or” is not intended to be exclusive unless expressly indicated otherwise;

 (i) for purposes of Article III of this Fifth Supplemental Indenture, references therein to any act or statute or any provision of any
act or statute shall be deemed also to refer to any statutory modification or re-enactment thereof or any statutory instrument, order or regulation made thereunder or under such modification or re-enactment; and 

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

  
 - 18 - 

 ARTICLE II 

$[—]
[—]% FIXED RATE RESETTING PERPETUAL SUBORDINATED 
 CONTINGENT
CONVERTIBLE SECURITIES (CALLABLE 2019 AND EVERY 
 FIVE YEARS THEREAFTER) 

SECTION 2.01 Creation of Series; Establishment of Form. 

(a) There is hereby established a new series of Contingent Convertible Securities under the Base Indenture entitled the “$[—][—]% Fixed Rate Resetting Perpetual Subordinated Contingent Convertible Securities (Callable 2019 and Every Five Years Thereafter).” 

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

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

(f) The Securities shall be issued on [—], 2014 (the “Issue Date”). 

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

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

(i) The Securities shall be issued in denominations of USD 200,000 in principal amount and integral multiples of USD 1,000 in excess thereof.
The denominations cannot be changed without the consent of the Trustee. 

  
 - 19 - 

 (j) The denomination of each interest in a Global Security shall be the “Tradable
Amount” of such book-entry interest. Prior to an Automatic Conversion, the aggregate Tradable Amount of the interests in each Global Security shall equal such Global Security’s outstanding principal amount. Following an Automatic
Conversion, the principal amount of each Security shall equal zero, but the Tradable Amount of the book-entry interests in each Security shall remain unchanged as a result of the Automatic Conversion. 

SECTION 2.02 Interest. 

(a) From (and including) the Issue Date to (but excluding) [•], 2019, the interest rate on the Securities shall be [•]% per annum.
From and including each Reset Date to (but excluding) the next following Reset Date, the applicable per annum rate shall be equal to the sum of the applicable Mid-Market Swap Rate on the Reset Determination Date and [•]%. Subject to Sections
2.03 and 2.04 and the last sentence of this paragraph below, interest, if any, shall be payable in four equal quarterly installments in arrear on March 15, June 15, September 15 and December 15 of each year (each, an
“Interest Payment Date”), commencing on [•], 2014; provided that if such Interest Payment Date is not a Business Day, the Interest Payment Date shall be postponed to the next Business Day, and no further interest or
other payment shall be owed or made in respect of such delay. If any Reset Date is not a Business Day, the Reset Date shall occur on the next succeeding Business Day. Subject to Sections 2.03 and 2.04 below, interest on the Securities, if any, shall
be computed and payable in arrear and on the basis of a year of 360 days consisting of twelve (12) months of thirty (30) days each and, in the case of an incomplete month, the actual number of days elapsed. The first date on which interest
may be paid will be September 15, 2014 for the period commencing on (and including) [•], and ending on (but excluding) September 15, 2014. If a date of redemption is not a Business Day, the Company may pay interest (if any) and
principal on the next succeeding Business Day, but interest on that payment will not accrue during the period from and after the date of redemption. 

(b) In addition to any other restrictions on payments of principal and interest contained in this Fifth Supplemental Indenture, no repayment
of the principal amount of the Securities or payment of interest on the Securities shall become due and payable after the exercise of any U.K. Bail-In Power by the Relevant U.K. Resolution Authority unless such repayment or payment would be
permitted to be made by the Company under the laws and regulations of the United Kingdom and the European Union applicable to the Company. 

SECTION 2.03 Interest Payments Discretionary. 

(a) Interest on the Securities shall be due and payable only at the sole discretion of the Company, and the Company shall have sole and
absolute discretion at all times and for any reason to cancel (in whole or in part) any interest payment that would otherwise be payable on any Interest Payment Date. If the Company does not make an interest payment in respect of the Securities on
the relevant Interest Payment Date (or if the Company elects to make a payment of a portion, but not all, of such 

  
 - 20 - 

 
interest payment), such non-payment shall evidence the Company’s exercise of its discretion to cancel such interest payment (or the portion of such interest payment not paid), and
accordingly such interest payment (or the portion thereof not paid) shall not be due and payable. For the avoidance of doubt, if the Company provides notice to cancel a portion, but not all, of an interest payment in respect of the Securities, and
the Company subsequently does not make a payment of the remaining portion of such interest payment on the relevant Interest Payment Date, such non-payment shall evidence the Company’s exercise of its discretion to cancel such remaining portion
of such interest payment, and accordingly such remaining portion of the interest payment shall also not be due and payable. 
 (b) Interest
shall only be due and payable on an Interest Payment Date to the extent it is not cancelled or deemed cancelled (in each case, in whole or in part) in accordance with the provisions set forth in Sections 2.03(a) and 2.04 hereof, respectively, and
any interest cancelled or deemed cancelled (in each case, in whole or in part) pursuant to such sections shall not be due and shall not accumulate or be payable at any time thereafter, and Holders and Beneficial Owners of the Securities shall have
no rights thereto or to receive any additional interest or compensation as a result of such cancellation or deemed cancellation. 
 SECTION
2.04 Restriction on Interest Payments. 
 (a) Without limitation on the provisions of Section 2.03 and subject to the extent
permitted in paragraph (b) below in respect of partial interest payments in respect of the Securities, the Company shall not make an interest payment in respect of the Securities on any Interest Payment Date (and such interest payment shall
therefore be deemed to have been cancelled and thus shall not be due and payable on such Interest Payment Date) if: 
 (i) the Company has
an amount of Distributable Items on such Interest Payment Date that is less than the sum of (i) all distributions or interest payments made or declared by the Company since the end of the last financial year and prior to such Interest
Payment Date on or in respect of any Parity Securities, the Securities and any Junior Securities plus (ii) all distributions or interest payments payable by the Company (and not cancelled or deemed cancelled) on such Interest Payment
Date (x) on the Securities and (y) on or in respect of any Parity Securities, in the case of each of (i) and (ii), excluding any payments already accounted for in determining the Distributable Items; or 

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

(b) The Company may, in its sole discretion, elect to make a partial interest payment in respect of the Securities on any Interest Payment
Date, only to the extent that such partial interest payment may be made without breaching the restriction of paragraph (a) above. 

  
 - 21 - 

 (c) For purposes of this Fifth Supplemental Indenture, any interest cancelled pursuant to
Section 2.04(a) shall be “deemed cancelled” under the terms of the Securities and the Indenture and shall not be due and payable. 

SECTION 2.05 Agreement to Interest Cancellation. 

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

(i) interest is payable solely at the discretion of the Company, and no amount of interest shall become due and payable in respect of the
relevant interest period to the extent that it has been (x) cancelled (in whole or in part) by the Company at the Company’s sole discretion and/or (y) deemed cancelled (in whole or in part) as a result of the Company’s having
insufficient Distributable Items or failing to satisfy the Solvency Condition; and 
 (ii) a cancellation or deemed cancellation of
interest (in each case, in whole or in part) in accordance with the terms of the Indenture shall not constitute a default in payment or otherwise under the terms of the Securities or the Indenture. 

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

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

  
 - 22 - 

 SECTION 2.07 Payment of Principal, Interest and Other Amounts. 

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

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

SECTION 2.09 Optional Tax Redemption. 

(a) Subject to Sections 2.11 and 2.12 of this Fifth Supplemental Indenture, the Company may, at any time, at the Company’s option, redeem
the Securities, in whole but not in part, at a redemption price equal to 100% of the principal amount of the Securities then Outstanding, together with any accrued but unpaid interest (which excludes any interest cancelled or deemed cancelled as
described in Sections 2.03 and 2.04 above) to (but excluding) the date fixed for redemption, if the Company determines that as a result of a change in, or amendment to, the laws or regulations of any Taxing Jurisdiction, including any treaty to
which the relevant Taxing Jurisdiction is a party, or a change in an official application or interpretation of those laws or regulations on or after the Issue Date, including any decision of any court or tribunal which becomes effective on or after
the Issue Date (and, in the case of a successor entity, which becomes effective on or after the date of such successor entity’s assumption of the Company’s obligations): 

(i) the Company will or would be required to pay Additional Amounts to Holders of the Securities; 

  
 - 23 - 

 (ii) the Company would not be entitled to claim a deduction in respect of any
payments in computing the Company’s taxation liabilities or the amount of the deduction would be materially reduced; 

(iii) the Company would not, as a result of the Securities being in issue be able to have the losses or deductions set against
the profits or gains or profits or gains offset by the losses or deductions, of companies with which the Company is or would otherwise be so grouped for applicable United Kingdom tax purposes (whether under the group relief system current as at the
Issue Date or any similar system or systems having like effect as may from time to time exist); or 
 (iv) the Company
would, in the future, be required to bring into account a taxable credit if the principal amount of the Securities were to be written down or if the Securities were converted into Conversion Shares; 

(each such change in tax law or regulation or the official application or interpretation thereof, a “Tax Event”); provided,
however, that the Securities may only be redeemed pursuant to this Section 2.09 if, in the case of each Tax Event, the consequences of the Tax Event cannot be avoided by the Company’s taking reasonable measures available to the
Company. 
 (b) Prior to the delivery of any notice of redemption the Company shall deliver to the Trustee an opinion of independent counsel
of recognized standing, chosen by the Company, in a form satisfactory to the Trustee, confirming that the Company is entitled to exercise its right of redemption under this Section 2.09. 

SECTION 2.10 Regulatory Event Redemption. Subject to Sections 2.11 and 2.12 of this Fifth Supplemental Indenture, the Company may, at
the Company’s option, at any time, redeem the Securities, in whole but not in part, at a redemption price equal to 100% of the principal amount of the Securities then Outstanding, together with any accrued but unpaid interest (which excludes
any interest cancelled or deemed cancelled as described in Sections 2.03 and 2.04 above) to (but excluding) the date fixed for redemption, if, on or after the Issue Date, there occurs a change in the regulatory classification of the Securities that
results in, or would be likely to result in: 
  

	 	(a)	the whole of the outstanding aggregate principal amount the Securities; or 

  

	 	(b)	subject to the proviso below, any part of the outstanding aggregate principal amount of the Securities, 

ceasing to be included in, or counting towards, the Group’s Tier 1 Capital (a “Regulatory Event”); provided that, if the
inclusion of the Company’s right to redeem the Securities pursuant to paragraph (b) is at any time not in accordance with the Capital Regulations 

  
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applicable to instruments intended to qualify as Additional Tier 1 Capital, then the Company shall be deemed not to have, at that time, the right to exercise its right to redeem the Securities in
accordance with paragraph (b) above and the terms of the Securities shall be construed accordingly. 
 SECTION 2.11 Notice of
Redemption. 
 (a) Before the Company may redeem the Securities pursuant to Section 2.08, 2.09 or 2.10, the Company shall deliver
via DTC (or, if the Securities are definitive Securities, to the Holders at their addresses shown on the Contingent Convertible Security Register) prior notice of not less than thirty (30) days, nor more than sixty (60) days to the Holders
of the Securities. The Company shall deliver written notice of such redemption of the Securities to the Trustee at least five (5) Business Days prior to the date on which the relevant notice of redemption is sent to Holders (unless a shorter
notice period shall be satisfactory to the Trustee). Such notice shall specify the Company’s election to redeem the Securities and the date fixed for such redemption and shall be irrevocable except in the limited circumstances described in
paragraphs (b), (c) and (d) below. 
 (b) If the Company has delivered a notice of redemption pursuant to clause (a) of this
Section 2.11, but as of the date specified for redemption in such notice, the Solvency Condition is not satisfied in respect of the relevant redemption payment, such redemption notice shall be automatically rescinded and shall be of no force
and effect, and no payment in respect of the redemption amount shall be due and payable. 
 (c) If the Company has delivered a notice of
redemption pursuant to clause (a) of this Section 2.11, but prior to the payment of the redemption amount with respect to such redemption a Capital Adequacy Trigger Event occurs, such redemption notice shall be automatically rescinded and
shall be of no force and effect, no payment in respect of the redemption amount shall be due and payable, and, pursuant to Section 2.15 of this Fifth Supplemental Indenture, an Automatic Conversion shall occur after such Capital Adequacy
Trigger Event. 
 (d) If the Company has delivered a notice of redemption pursuant to clause (a) of this Section 2.11, but prior
to the payment of the redemption amount with respect to such redemption the Relevant U.K. Resolution Authority exercises its U.K. Bail-in Power with respect to the Company, such redemption notice shall be automatically rescinded and shall be of no
force and effect, and no payment in respect of the redemption amount shall be due and payable. 
 (e) If any of the events specified in
paragraphs (b), (c) and (d) above occurs, the Company shall promptly deliver notice to the Holders of the Securities via DTC (or, if the Securities are definitive Securities, to the Holders at their addresses shown on the Contingent
Convertible Security Register) and to the Trustee directly, specifying the occurrence of the relevant event. 

  
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 SECTION 2.12 Limitations on Redemption. Notwithstanding any other provision of this Fifth
Supplemental Indenture, the Company may redeem the Securities pursuant to Sections 2.08, 2.09 and 2.10 (and give notice thereof to the Holders of the Securities) only if the Company has obtained the prior consent of the PRA (if such consent is
required by the Capital Regulations) for the redemption of the relevant Securities. 
 SECTION 2.13 Cancelled Interest Not Payable Upon
Redemption. Any interest payments that have been cancelled or deemed cancelled pursuant to Sections 2.03 or 2.04 hereof shall not be payable if the Securities are redeemed pursuant to Section 2.08, 2.09 or 2.10 hereof. 

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

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

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

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

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

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

(g) Within ten (10) Business Days following the Conversion Date, the Company shall deliver a Conversion Shares Offer Notice to the
Trustee directly and to the Holders of the Global Securities via DTC (or, if the Securities are definitive Securities, by the Company to the Trustee directly and to the Holders at their addresses shown on the Contingent Convertible Security
Register). 
 (h) The Conversion Shares shall initially be registered in the name of the Conversion Shares Depository (which shall hold the
Conversion Shares on behalf of the Holders and Beneficial Owners of the Securities) or the relevant recipient in accordance with the terms of the Securities, and each Holder and Beneficial Owner of the Securities shall be deemed to have irrevocably
directed the Company to issue the Conversion Shares corresponding to the conversion of its holding of Securities to the Conversion Shares Depository (or to such other relevant recipient). 

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

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

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

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

(m) The procedures set forth in this Section 2.15 are subject to change to reflect changes in DTC practices, and the Company may make
changes to the procedures set forth in this Section 2.15 to the extent reasonably necessary, in the opinion of the Company, to reflect such changes in DTC practices. 

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

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

(q) The Trustee shall not be liable with respect to (i) the calculation or accuracy of the Fully Loaded CET1 Ratio in connection with the
occurrence of a Capital Adequacy Trigger Event and the timing of such Capital Adequacy Trigger Event, (ii) the failure of the Company to post or deliver the underlying Fully Loaded CET1 Ratio calculations of a Capital Adequacy Trigger Event to
DTC, the Holders or the Beneficial Owners, (iii) any aspect of the Company’s decision to deliver a Conversion Notice or the related Automatic Conversion or (iv) the adequacy of the disclosure of these provisions in the Prospectus or
for the direct or indirect consequences thereof. 

  
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 (r) Following the issuance of the Conversion Shares to the Conversion Shares Depository (or to
the relevant recipient in accordance with the terms of the Securities) on the Conversion Date, the Securities shall remain in existence until the applicable Cancellation Date for the sole purpose of evidencing (a) the Holders’ and
Beneficial Owners’ right to receive Conversion Shares or Conversion Shares Offer Consideration, as applicable, from the Conversion Shares Depository (or such other relevant recipient, as applicable) and (b) the Company’s CSO
Obligations, if any. 
 (s) The Holders and Beneficial Owners shall not at any time have the option to convert to the Securities into
Conversion Shares. 
 (t) The occurrence of an Automatic Conversion shall not constitute a Default. 

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

SECTION 2.16 Conversion Shares. 

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

  
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Tradable Amount of the book-entry interests in the Securities held by such Holder on the Conversion Date rounded down, if necessary, to the nearest whole number of Conversion Shares. 

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

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

 SECTION 2.17 Conversion Shares Offer. 

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

  
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offering document, and the Company and/or its directors shall take responsibility for such prospectus or other offering document, in each case, if and to the extent then required by applicable
laws and regulations then in effect. If so requested by the Conversion Shares Depository as offeror, the Company shall indemnify the Conversion Shares Depository for any losses incurred in connection with any Conversion Shares Offer. 

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

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

  
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 SECTION 2.18 Settlement Procedure. 

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

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

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

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

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

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

(i) The Conversion Shares and any Conversion Shares Component shall not be available for delivery (i) to, or to a nominee for, Euroclear
or Clearstream, Luxembourg or any other person providing a clearance service within the meaning of Section 96 of the Finance Act 1986 of the United Kingdom or (ii) to a person, or nominee or agent for a person, whose business is or
includes issuing depository receipts within the meaning of Section 93 of the Finance Act 1986 of the United Kingdom, in each case at any time prior to the “abolition day” as defined in Section 111(1) of the Finance Act 1990 of
the United Kingdom, or, if earlier, such other time at which the Company, in its absolute discretion, determines that no charge under Section 67, 70, 93 or 96 of the Finance Act 1986 or any similar charge (under any successor legislation) would
arise as a result of such delivery or (iii) to the CREST account of such a person described in (i) or (ii). 
 (j) The Company may
make changes to the procedures set forth in this Section 2.18 to the extent such changes are reasonably necessary, in the opinion of the Company, to effect the delivery of the Conversion Shares or Conversion Shares Offer Consideration, as
applicable, to the Holders and Beneficial Owners of the Securities. 
 SECTION 2.19 Failure to Deliver a Conversion Shares Settlement
Notice. If any Holder or Beneficial Owner (or custodian, nominee, broker or other representative thereof) fails to deliver a Conversion Shares Settlement Notice and the relevant Securities, if applicable, to the Conversion Shares Depository on
or before the Notice Cut-off Date, the Conversion Shares Depository shall continue to hold the Conversion Shares or any Conversion Shares Component, as applicable to such Holder or Beneficial Owner, until a Conversion Shares Settlement Notice (and
the relevant Securities, if applicable) is so delivered; provided, however, that the relevant Securities 

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

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

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

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

(i) acknowledges and agrees that the exercise of the U.K. Bail-In Power by the Relevant U.K. Resolution Authority with respect to the
Securities or cancellation or deemed cancellation of interest on the Securities pursuant to Sections 2.03 and 2.04 shall not give rise to a default for purposes of Section 315(b) (Notice of Default) and Section 315(c) (Duties of
the Trustee in Case of Default) of the Trust Indenture Act; 

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

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

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

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

  
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 SECTION 2.21 Additional Amounts and FATCA Withholding Tax 

The Company agrees, to the extent the Company has actual knowledge of such information, to provide the Paying Agent with sufficient
information about any modification to the terms of the Securities for the purposes of determining whether FATCA Withholding Tax applies to any payment of principal or interest on the Securities. 

ARTICLE III 

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

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

A 
 B 

where: 
  

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

 

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

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

(b) If and whenever the Company shall issue any Ordinary Shares credited as fully paid to the Company’s shareholders as a class by way of
capitalization of profits or reserves (including any share premium account or capital redemption reserve) other than (1) where any such Ordinary Shares are or are to be issued instead of the whole or part of a Cash Dividend which the
Company’s shareholders would or could otherwise have elected to receive, (2) where the Company’s shareholders may elect to receive a Cash Dividend in lieu of such Ordinary Shares or (3) where any such Ordinary Shares are or are
expected to be issued in lieu of a dividend (whether or not a Cash 

  
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Dividend equivalent or amount is announced or would otherwise be payable to the Company’s Shareholders, whether at their election or otherwise), each of the Conversion Price and the
Conversion Shares Offer Price shall be adjusted by multiplying the relevant Price in effect immediately prior to such issue by the following fraction: 

A 
 B 

where: 
  

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

  

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

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

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

A+C 
 where: 

 

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

  

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

  

	 	C	is the number of Ordinary Shares to be issued. 

 Such adjustment shall become effective on the
Effective Date. 

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

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

  

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

  

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

  

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

  

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

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

A – B 

   A 

where: 

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

  

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

 Such adjustment shall become effective on the Effective Date. 

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

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

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

(iii) for the avoidance of doubt, the issue of Ordinary Shares following an Automatic Conversion or upon any conversion or exchange or the
exercise of any other options, warrants or other rights shall not result in an adjustment to either of the Prices; 
 (iv) in respect of
any adjustment pursuant to Sections 3.01(a)–(c) above, such adjustment shall be made only up to the extent it does not result in a Conversion Price or Conversion Shares Offer Price that, if applied to the number of relevant Securities at the
time of such adjustment, would result in a number of Conversion Shares that constitutes a greater proportion of Conversion Shares as a percentage of the total number of Ordinary Shares issued had the adjustment not been made nor had the corporate
event occurred; and 

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

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

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

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

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

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

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

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

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

(i) the Company shall, to the extent permitted by applicable law and regulation, on or prior to the QTE Effective Date, enter into such
agreements and arrangements (including, without limitation supplemental indentures to the Indenture and amendments and modifications to the terms and conditions of the Securities and the Indenture) as may be required to ensure that, effective upon
the QTE Effective Date, the Securities shall be convertible into, or exchangeable for, Approved Entity Shares, mutatis mutandis in accordance with, and subject to, the provisions of Sections 2.15 of this Fifth Supplemental Indenture, at the
New Conversion Price; 
 (ii) the Company shall, where the Conversion Date falls on or after the QTE Effective Date, procure (to the extent
within its control) the issue of the relevant number of Approved Entity Shares mutatis mutandis in the manner provided under Section 2.15 of this Fifth Supplemental Indenture. 

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

  
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 ARTICLE IV

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

(a) A “Winding-Up Event” shall result if (i) a court of competent jurisdiction in England (or such other jurisdiction in
which the Company may be organized) makes an order for the winding-up of the Company which is not successfully appealed within thirty (30) days of the making of such order, (ii) the Shareholders of the Company adopt an effective resolution
for the winding-up of the Company (other than , in the case of either (i) or (ii) above, under or in connection with a scheme of reconstruction, merger or amalgamation not involving a bankruptcy or insolvency) or (iii) following the
appointment of an administrator of the Company, the administrator gives notice that it intends to declare and distribute a dividend. 
 (b)
If a Winding-Up Event occurs before the occurrence of a Capital Adequacy Trigger Event, subject to Section 5.01, the principal amount of the Securities shall become immediately due and payable, without the need of any further action on the part
of the Trustee, the Holders or any other Person. 
 SECTION 4.02 Non-Payment Event. If the Company fails to pay any amount that has
become due and payable under the Securities and such failure continues for fourteen (14) days, the Trustee may provide a written notice of such failure to the Company. If within a period of fourteen (14) days following the provision of
such notice, the failure continues and has not been cured nor waived (a “Non-Payment Event”), the Trustee may, at its discretion, and without further notice to the Company, institute proceedings in England (or such other
jurisdiction in which the Company may be organized) (but not elsewhere) for the winding-up of the Company and/or prove in a winding-up of the Company and/or claim in a liquidation or administration of the Company. For the avoidance of doubt, if,
pursuant to Section 2.03 or 2.04 hereof, the 

  
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Company cancels any interest payment in respect of any Interest Payment Date or if such interest payment is deemed cancelled (in each case, in whole or in part), then such interest payment shall
not be due and payable in respect of such Interest Payment Date, and no Non-Payment Event under the Securities will occur or be deemed to have occurred as a result of such cancellation or deemed cancellation (in each case, in whole or in part). 

SECTION 4.03 Limited Remedies for Breach of Obligations (Other than Non-Payment). In addition to the remedies for a Non-Payment Event
provided in Section 4.02 above, the Trustee may, without further notice, institute such proceedings against the Company as the Trustee may deem fit to enforce any term, obligation or condition binding upon the Company under the Securities or
the Indenture (other than any payment obligation of the Company under or arising from the Securities or the Indenture, including, without limitation, payment of any principal or interest) (such obligation, a “Performance
Obligation”), provided always that the Trustee (acting on behalf of the Holders and Beneficial Owners of the Securities) and the Holders and Beneficial Owners of the Securities may not enforce, and may not be entitled to enforce or
otherwise claim, against the Company any judgment or other award given in such proceedings that requires the payment of money by the Company, whether by way of damages or otherwise (a “Monetary Judgment”), except by proving such Monetary
Judgment in a winding-up of the Company and/or by claiming such Monetary Judgment in an administration of the Company. For the avoidance of doubt, the sole and exclusive manner by which the Trustee (acting on behalf of the Holders and Beneficial
Owners of the Securities) and the Holders and Beneficial Owners of the Securities may seek to enforce or otherwise claim a Monetary Judgment against the Company in connection with the Company’s breach of a Performance Obligation shall be by
proving such Monetary Judgment in a winding-up of the Company and/or by claiming such Monetary Judgment in an administration of the Company. By its acquisition of the Securities, each Holder and Beneficial Owner of the Securities acknowledges and
agrees that such Holder and Beneficial Owner shall not seek to enforce or otherwise claim, and will not direct the Trustee (acting on behalf of the Holders and Beneficial Owners of the Securities) to enforce or otherwise claim, a Monetary Judgment
against the Company in connection with the Company’s breach of a Performance Obligation, except by proving such Monetary Judgment in a winding-up of the Company and/or by claiming such Monetary Judgment in an administration of the Company. 

SECTION 4.04 No Other Remedies and Other Terms 

(a) Other than the limited remedies specified in this Article IV, and subject to paragraph (c) below, no remedy against the Company shall
be available to the Trustee (acting on behalf of the Holders and Beneficial Owners of the Securities) and to the Holders and Beneficial Owners, whether for the recovery of amounts owing in respect of such Securities or under the Indenture, or in
respect of any breach by the Company of any of the Company’s obligations under or in respect of the terms of such Securities or 

  
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under the Indenture in relation thereto; provided, however, that the Company’s obligations to the Trustee under Section 6.07 of the Base Indenture and the Trustee’s
rights to have money collected applied first to pay amounts due to it under such Section pursuant to Section 5.06 of the Base Indenture expressly survive any such Default and are not subject to the subordination provisions of Section 5.01
of this Fifth Supplemental Indenture. 
 (b) In the case of a Default under the Securities, the Trustee shall exercise such of the rights
and powers vested in it by the Indenture, and use the same degree of care and skill in their exercise, as a prudent person would exercise or use under the circumstances in the conduct of his or her own affairs. A “Default” shall
occur upon (i) the occurrence of a Winding-Up Event that occurs before the Conversion Date or (ii) the occurrence of a Non-Payment Event or (iii) a breach by the Company of a Performance Obligation. For purposes of the Base Indenture,
“Event of Default” shall mean “Default” as defined in this Fifth Supplemental Indenture, except that the term “Event of Default” as used in Section 3.05 (c)(ii) of the Base Indenture and Article 8 of the Base
Indenture shall mean “Winding-Up Event.” 
 (c) Notwithstanding the limitations on remedies specified under this Article IV,
(1) the Trustee shall have such powers as are required to be authorized to it under the Trust Indenture Act in respect of the rights of the Holders and Beneficial Owners of the Securities under the provisions of the Indenture, and
(2) nothing shall impair the right of a Holder or Beneficial Owner of the Securities under the Trust Indenture Act, absent such Holder’s or Beneficial Owner’s consent, to sue for any payment due but unpaid with respect to the
Securities; provided that, in the case of (1) and (2) above, any payments in respect of, or arising from, the Securities, including any payments or amounts resulting or arising from the enforcement of any rights under the
Trust Indenture Act in respect of the Securities, shall be subject to the subordination provisions set forth in Section 5.01 of this Fifth Supplemental Indenture. 

SECTION 4.05 Waiver of Past Defaults. 

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

  
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 ARTICLE V 

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

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

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

(d) Any payment of interest not due by reason of the provisions contained in Sections 5.01(a)–(c) shall be deemed canceled pursuant to
Section 2.04 hereof. 
 SECTION 5.02 No Set-Off. Subject to applicable law, no Holder of Securities may exercise, claim or plead
any right of set-off, compensation or retention in respect of any amount owed to it by the Company arising under, or in connection with, the Securities and each Holder of Securities shall, by virtue of its holding of any Securities, be deemed to
have waived all such rights of set-off, compensation or retention. Notwithstanding the foregoing, if any amounts due and payable to any Holder 

  
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of the Securities by the Company in respect of, or arising under, the Securities are discharged by set-off, such Holder shall, subject to applicable law, immediately pay an amount equal to the
amount of such discharge to the Company (or, in the event of its winding-up or administration, the liquidator or administrator of the Company, as the case may be) and, until such time as payment is made, shall hold an amount equal to such amount in
trust for the Company (or the liquidator or administrator of the Company, as the case may be) and, accordingly, any such discharge shall be deemed not to have taken place. 

ARTICLE VI 

MISCELLANEOUS PROVISIONS 

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

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

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

SECTION 6.06 Counterparts. This Fifth Supplemental Indenture may be executed in any number of counterparts, each of which so executed
shall be deemed to be an original, but all such counterparts shall together constitute but one and the same instrument. 

  
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 SECTION 6.07 Governing Law. This Fifth Supplemental Indenture and the Securities shall be
governed by and construed in accordance with the laws of the State of New York, except for the subordination provisions and the waiver of set-off provisions in Article V of this Fifth Supplemental Indenture and the waiver of set-off provisions in
Section 5.03(b) of the Base Indenture, which are governed by, and construed in accordance with, English law. 

  
 - 50 - 

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

			
	 BARCLAYS PLC

		
	By:	 	  

	Name:	 	
	Title:	 	
	
	THE BANK OF NEW YORK MELLON, AS TRUSTEE, PAYING AGENT
AND SECURITY REGISTRAR 
		
	By:	 	  

	Name:	 	
	Title:	 	

 Signature Page to the Fifth Supplemental Indenture 

 Exhibit A 

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

BY PURCHASING THIS SECURITY, IN THE ABSENCE OF A CHANGE IN LAW OR AN ADMINISTRATIVE OR JUDICIAL RULING TO THE CONTRARY, THE HOLDER AGREES TO CHARACTERIZE THIS
SECURITY FOR ALL U.S. FEDERAL INCOME TAX PURPOSES AS PROVIDED ON THE FACE OF THIS SECURITY. 
 This Security is one of a duly authorized issue of securities
of the Company (as defined below) (herein called the “Securities” and each, a “Security”) issued and to be issued in one or more series under and governed by the Contingent Convertible Securities Indenture, dated as
of November 20, 2013 (the “Base Indenture”), as supplemented by the Fifth Supplemental Indenture, dated as of [•], 2014 (the “Fifth Supplemental Indenture” and, together with the Base Indenture, the
“Indenture”). 
 The rights of the Holder and Beneficial Owners of this Security are, to the extent and in the manner set forth in
Section 5.01 of the Fifth Supplemental Indenture (which amends in its entirety Section 12.01 of the Base Indenture), subordinated to the claims of other creditors of the Company, and this Security is issued subject to the provisions of
that Section 5.01, and the Holder of this Security, by accepting the same, agrees to, and shall be bound by, such provisions. The provisions of Section 5.01 of the Fifth Supplemental Indenture and the terms of this paragraph are governed
by, and shall be construed in accordance with, English law. 
 The rights of the Holder of this Security are subject to Section 2.15 of the Fifth
Supplemental Indenture. Effective upon, and following, the occurrence of the Automatic Conversion, the Holders and Beneficial Owners of the Securities (and any interest therein) prior to the occurrence of such Automatic Conversion shall not have any
rights against the Company with respect to repayment of the principal amount of this Security or payment of interest or any other amount in respect of this Security, which liabilities of the Company shall be irrevocably and automatically released,
and accordingly the principal amount of this Security shall equal zero at all times thereafter. 
 The exercise of any U.K. Bail-In Power by the Relevant
U.K. Resolution Authority may result in the (i) cancellation of all, or a portion, of the principal amount of, or interest on, the Securities and/or (ii) the conversion of all, or a portion of, the principal amount of, or interest on, the
Securities into shares or other securities or other obligations of the Company or another person, including by means of a variation to the terms of the Securities, in each case, to give effect to the exercise by the Relevant U.K. Resolution
Authority of such U.K. Bail-In Power. The rights of Holders and Beneficial Owners of the Securities are subject to, and will be varied, if necessary, so as to give effect to, the exercise of any U.K. Bail-in Power by the Relevant U.K. Resolution
Authority. 

  
 A-1 

 BARCLAYS PLC 

[•]% Fixed Rate Resetting Perpetual Subordinated Contingent Convertible Securities 

(Callable December 2019 and Every Five Years Thereafter) 
  

			
	 No. [    ]
	  	$[•]

 CUSIP NO. 06738EAB1 

ISIN NO. US06738EAB11 
 BARCLAYS
PLC, a company duly incorporated and existing under the laws of England and Wales (herein called the “Company”, which term includes any successor Person under the Indenture hereinafter referred to), for value received, hereby
promises to pay to Cede & Co., or registered assigns, the principal sum of $[•] ([•] Dollars), if and to the extent due, and to pay interest thereon, if any, in accordance with the terms hereof and the Indenture. The Securities
shall have no fixed maturity or fixed redemption date. From (and including) the Issue Date to (but excluding) [•], 2019, the interest rate on the Securities shall be [•]% per annum. From and including [•], 2019 and each fifth
anniversary date thereafter, commencing [•], 2024 (each such date, a “Reset Date”) to (but excluding) the next following Reset Date, the applicable per annum rate shall be equal to the sum of the applicable Mid-Market Swap Rate
on the Reset Determination Date and [•]%. Subject to the provisions on the reverse of this Security relating to cancellation and deemed cancellation of interest and to Sections 2.03 and 2.04 of the Fifth Supplemental Indenture and to the last
sentence of this paragraph, interest, if any, shall be payable in four equal quarterly installments in arrear on March 15, June 15, September 15 and December 15 of each year (each, an “Interest Payment
Date”). The first date on which interest may be paid will be September 15, 2014 for the period commencing on (and including) [•], 2014 and ending (but excluding) September 15, 2014. If a date of redemption is not a Business
Day, the Company may pay interest (if any) and principal on the next succeeding Business Day, but interest on that payment will not accrue during the period from and after the date of redemption. 

The Mid Market Swap Rate is the mid-market U.S. dollar swap rate Libor basis having a five-year maturity appearing on Bloomberg page
“ISDA 01” (or such other page as may replace such page on Bloomberg, or such other page as may be nominated by the person providing or sponsoring the information appearing on such page for purposes of displaying comparable rates) at
11:00 a.m. (New York time) on the relevant Reset Determination Date, as determined by the Calculation Agent. If such swap rate does not appear on such page (or such other page or service), the Mid-Market Swap Rate shall instead be determined by
the Calculation Agent on the basis of (i) quotations provided by the principal office of each of four major banks in the U.S. dollar swap rate market (which banks shall be selected by the Calculation Agent in consultation with the Company no
less than 20 calendar days prior to the relevant Reset Determination Date) (the “Reference Banks”) of the rates at which swaps in U.S. dollars are offered by it at approximately 11:00 a.m. (New York time) (or thereafter on such
date, with the 

  
 A-2 

 
Calculation Agent acting on a best efforts basis) on the relevant Reset Determination Date to participants in the U.S. dollar swap rate market for a five-year period and (ii) the arithmetic
mean expressed as a percentage and rounded, if necessary, to the nearest 0.001% (0.0005% being rounded upwards) of such quotations. If the relevant Mid-Market Swap Rate is still not determined on the relevant Reset Determination Date in
accordance with the foregoing procedures, the relevant Mid-Market Swap Rate shall be the mid-market U.S. dollar swap rate Libor basis having a five-year maturity that appeared on the most recent Bloomberg page “ISDA 01” (or such other page
as may replace such page on Bloomberg, or such other page as may be nominated by the person providing or sponsoring the information appearing on such page for purposes of displaying comparable rates) that was last available prior to 11:00 a.m. (New
York time) on each Reset Determination Date, as determined by the Calculation Agent. The “Reset Determination Date” is the second Business Day immediately preceding each Reset Date. 

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

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

  
 A-3 

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

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

  
 A-4 

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

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

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

  
 A-5 

 Exhibit A 

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

Date:  [•], 2014 

BARCLAYS PLC 

By:
                                 

      Name: 

      Title: 

By:
                                 

      Name: 

      Title: 

Trustee’s Certificate of Authentication 

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

Date:  [•], 2014 

THE BANK OF NEW YORK MELLON 

As Trustee 

By:
                                 

      Authorized Signatory 

 
 Signature Page to Global Note 

 Appendix A 

(Reverse of Security) 
 This
Security is one of a duly authorized issue of securities of the Company (herein called the “Securities” and each, a “Security”) issued and to be issued in one or more series under and governed by the Contingent
Convertible Securities Indenture, dated as of November 20, 2013 (herein called the “Base Indenture”), between the Company and The Bank of New York Mellon, London Branch, as Trustee (herein called the “Trustee,”
which term includes any successor trustee under the Base Indenture), as supplemented and amended by the Fifth Supplemental Indenture, dated as of [•], 2014 (the “Fifth Supplemental Indenture” and, together with the Base
Indenture, the “Indenture”), and reference is hereby made to the Indenture, the terms of which are incorporated herein by reference, for a statement of the respective rights, limitations of rights, duties and immunities thereunder
of the Company, the Trustee, the Holders of the Securities and of the terms upon which the Securities are, and are to be, authenticated and delivered. Insofar as the provisions of the Indenture may conflict with the provisions set forth in this
Security, the former shall control for purposes of this Security. 
 This Security is one of the series designated on the face hereof,
limited to a principal amount of $[•], which amount may be increased at the option of the Company if in the future it determines that it may wish to sell additional Securities of this series. References herein to “this series”
mean the series designated on the face hereof. 
 Any amounts to be paid by the Company on the Securities shall be made without deduction or
withholding for, or on account of, any and all present or future income, stamp and other taxes, levies, imposts, duties, charges, fees, deductions or withholdings (“Taxes”) now or hereafter imposed, levied, collected, withheld or
assessed by, or on behalf of, the United Kingdom or any U.K. political subdivision or authority thereof or therein having the power to tax (each a “Taxing Jurisdiction”), unless such deduction or withholding is required by law. If
any such Taxes shall at any time be required by any Taxing Jurisdiction to be deducted or withheld, the Company shall, subject to the exceptions and limitations set forth in Section 10.04 of the Base Indenture and Section 5.01 of the Fifth
Supplemental Indenture, pay such additional amounts of, or in respect of, the principal of, and any interest on, the Securities (“Additional Amounts”) as may be necessary in order that the net amounts paid to the Holders of the
Securities, after such deduction or withholding, shall equal the respective amounts of principal and interest that would have been payable in respect of such Securities had no such deduction or withholding been required. 

Any amounts to be paid by the Company or the Paying Agent on the Securities shall be paid net of any deduction or withholding imposed or
required pursuant to Sections 1471 through 1474 of the U.S. Internal Revenue Code of 1986, as amended (the “Code”), any current or future regulations or official interpretations thereof, any agreement entered into pursuant to
Section 1471(b) of the Code, or any fiscal or regulatory legislation, rules or practices adopted pursuant to any intergovernmental agreement entered into in connection with the implementation of such Sections of the Code (or any law
implementing such an intergovernmental agreement) (a “FATCA Withholding Tax”), and neither the Company nor the Paying Agent shall be required to pay Additional Amounts on account of any FATCA Withholding Tax.1 
  
  

	1 	Note: the Indenture provision just reads “and the company shall not be required to pay additional amounts on account of . . . .” Assume we should update indenture to include Paying Agent?

  
 E-7 

 Any Paying Agent shall be entitled to make a deduction or withholding from any payment which it
makes under the Securities and the Indenture for or on account of (i) any present or future taxes, duties or charges if and to the extent so required by any applicable law and (ii) any FATCA Withholding Tax (together, “Applicable
Law”). In either case, the Paying Agent shall make any payment after a deduction or withholding has been made pursuant to Applicable Law and shall report to the relevant authorities the amount so deducted or withheld. However, such
deduction or withholding will not apply to payments made under the Securities and the Indenture through the relevant clearing systems. In all cases, the Paying Agent shall have no obligation to gross up any payment made subject to any deduction or
withholding pursuant to Applicable Law. In addition, amounts deducted or withheld by the Paying Agent as described in this paragraph will be treated as paid to the Holder of the Securities, and the Company will not pay Additional Amounts in respect
of such deduction or withholding, except to the extent the provisions in this paragraph explicitly provide otherwise. 
 The Company agrees,
to the extent the Company has actual knowledge of such information, to provide the Paying Agent with sufficient information about any modification to the terms of the Securities for the purposes of determining whether FATCA Withholding Tax applies
to any payment of principal or interest on the Securities. 
 Subject to the limitations specified below, the Company may, at the
Company’s option, redeem the Securities, in whole but not in part, on any Reset Date at a redemption price equal to 100% of the principal amount of the Securities then Outstanding, together with any accrued but unpaid interest (which excludes
any interest cancelled or deemed cancelled as specified below) to (but excluding) the date fixed for redemption. 
 Subject to the
limitations specified below, the Company may, at any time, at the Company’s option, redeem the Securities, in whole but not in part at a redemption price equal to 100% of the principal amount of the Securities then Outstanding, together with
any accrued but unpaid interest (which excludes any interest cancelled or deemed cancelled as specified below) to (but excluding) the date fixed for redemption, if on or after the Issue Date there occurs a change in the regulatory classification of
the Securities that results in, or would be likely to result in (a) the whole of the outstanding aggregate principal amount the Securities; or (b) subject to the proviso below, any part of the outstanding aggregate principal amount of the
Securities, ceasing to be included in, or counting towards, the Group’s Tier 1 Capital (a “Regulatory Event”); provided that, if the inclusion of the Company’s right to redeem the Securities pursuant to paragraph
(b) is at any time not in accordance with the Capital Regulations applicable to instruments intended to qualify as Additional Tier 1 Capital, then the Company shall be deemed not to have, at that time, the right to exercise its right to redeem
the Securities in accordance with (b) above and the terms of the Securities shall be construed accordingly. 

  
 E-8 

 Subject to the limitations specified below, the Company may, at any time, at the Company’s
option, redeem the Securities, in whole but not in part at a redemption price equal to 100% of the principal amount of the Securities then Outstanding, together with any accrued but unpaid interest (which excludes any interest cancelled or deemed
cancelled as specified below) to (but excluding) the date fixed for redemption, if the Company determines that as a result of a change in, or amendment to, the laws or regulations of any Taxing Jurisdiction, including any treaty to which the
relevant Taxing Jurisdiction is a party, or a change in an official application or interpretation of those laws or regulations on or after the Issue Date, including any decision of any court or tribunal, which becomes effective on or after the Issue
Date (and, in the case of a successor entity, which becomes effective on or after the date of such successor entity’s assumption of the Company’s obligations): (a) the Company will or would be required to pay Additional Amounts to
Holders of the Securities, (b) the Company would not be entitled to claim a deduction in respect of any payments in computing the Company’s taxation liabilities or the amount of the deduction would be materially reduced, (c) the
Company would not, as a result of the Securities being in issue, be able to have the losses or deductions set against the profits or gains, or profits or gains offset by the losses or deductions, of companies with which the Company is or would
otherwise be so grouped for applicable United Kingdom tax purposes (whether under the group relief system current as at the Issue Date, or any similar system or systems having like effect as may from time to time exist), or (d) the Company
would, in the future, be required to bring into account a taxable credit if the principal amount of the Securities were to be written down or if the Securities were converted into Conversion Shares (each of (a), (b), (c) and (d) above, a
“Tax Event”); provided, however, that the Securities may only be redeemed pursuant to this paragraph if, in the case of each Tax Event, the consequences of the Tax Event cannot be avoided by the Company taking
reasonable measures available to the Company. 
 Prior to the delivery of any notice of redemption, the Company shall deliver to the Trustee
an opinion of independent counsel of recognized standing, chosen by the Company, in a form satisfactory to the Trustee confirming that the Company is entitled to exercise its right of redemption under Section 2.09 of the Fifth Supplemental
Indenture. 
 Any interest payments that have been cancelled or deemed cancelled pursuant to the terms of this Security and the Indenture
shall not be payable if the Securities are redeemed pursuant to any of the four preceding paragraphs. 
 Before the Company may redeem the
Securities pursuant to any of the preceding paragraphs relating to the Company’s rights of redemption, the Company shall deliver prior notice of not less than thirty (30) days, nor more than sixty (60) days to the Holders of the
Securities. The Company shall deliver written notice of such redemption of the Securities to the Trustee at least five (5) Business Days prior to the date on which the relevant notice of redemption is sent to Holders (unless a shorter notice
period shall be satisfactory to the Trustee). Such notice shall specify the Company’s election to redeem the Securities and the date fixed for such redemption and shall be irrevocable except in the limited circumstances described in this
paragraph. If the Company has delivered a notice of redemption pursuant to this paragraph, but as of the date specified for redemption in such notice, the Solvency Condition is not satisfied in respect of the relevant redemption payment, such
redemption notice shall be automatically rescinded and shall be of no force and effect, and no payment in respect of the redemption 

  
 E-9 

 
amount shall be due and payable. If the Company has delivered a notice of redemption pursuant to this paragraph, but prior to the payment of the redemption amount with respect to such redemption
a Capital Adequacy Trigger Event occurs, such redemption notice shall be automatically rescinded and shall be of no force and effect, no payment in respect of the redemption amount shall be due and payable, and, pursuant to the terms of this
Security and the Indenture, an Automatic Conversion shall occur after such Capital Adequacy Trigger Event. If the Company has delivered a notice of redemption pursuant to this paragraph, but prior to the payment of the redemption amount with respect
to such redemption the Relevant U.K. Resolution Authority exercises its U.K. Bail-in Power with respect to the Company, such redemption notice shall be automatically rescinded and shall be of no force and effect, and no payment in respect of the
redemption amount shall be due and payable. If any of the events specified in each of the preceding three sentences occurs, the Company shall promptly deliver notice to the Holders of the Securities and to the Trustee directly, specifying the
occurrence of the relevant event. 
 Notwithstanding any other provision of this Security or the Fifth Supplemental Indenture, the Company
may redeem the Securities at the Company’s option on any date fixed for redemption or as a result of a Regulatory Event or a Tax Event (and give notice thereof to the Holders of the Securities) only if the Company has obtained the prior consent
of the PRA (if such consent is required by the Capital Regulations) for the redemption of the relevant Securities. 
 The Company or any
member of the Group may purchase or otherwise acquire any of the Outstanding Securities at any price in the open market or otherwise in accordance with the Capital Regulations applicable to the Group in force at the relevant time, and subject to the
prior consent of the PRA (if such consent is required by the Capital Regulations) and to applicable law and regulation. 
 If a Capital
Adequacy Trigger Event has occurred as of any Quarterly Financial Period End Date or Extraordinary Calculation Date, as the case may be, then the Automatic Conversion shall occur without delay and all of the Company’s obligations under the
Securities (other than the CSO Obligations, if any) shall be irrevocably and automatically released in consideration of the Company’s issuance of the Conversion Shares to the Conversion Shares Depository (or to the relevant recipient in
accordance with the terms of the Securities) on the Conversion Date. Under no circumstances shall such released obligations be reinstated. If the Company has been unable to appoint a Conversion Shares Depository, it shall effect, by means it deems
reasonable in the circumstances (including, without limitation, issuance of the Conversion Shares to another nominee or to the Holders of the Securities directly), the issuance and/or delivery of the Conversion Shares or Conversion Shares Offer
Consideration, as applicable, to the Holders of the Securities, and such issuance shall irrevocably and automatically release all of the Company’s obligations under this Security (other than the CSO Obligations, if any) as if the Conversion
Shares had been issued to the Conversion Shares Depository. 
 The Automatic Conversion shall occur without delay upon the occurrence of a
Capital Adequacy Trigger Event. 

  
 E-10 

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

By its acquisition of the Securities, each Holder and each Beneficial Owner shall be deemed to have (i) consented to (x) Automatic
Conversion of its Securities following a Capital Adequacy Trigger Event and (y) the appointment of the Conversion Shares Depository, the issuance of the Conversion Shares to the Conversion Shares Depository and the potential sale of the
Conversion Shares pursuant to a Conversion Shares Offer and acknowledged that such events in (x) and (y) may occur without any further action on the part of such Holders or Beneficial Owners or the Trustee and (ii) authorized,
directed and requested DTC and any direct participant in DTC or other intermediary through which it holds such Securities to take any and all necessary action, if required, to implement the Automatic Conversion (including any related Conversion
Shares Offer) without any further action or direction on the part of such Holder or Beneficial Owner or the Trustee. 
 The procedures set
forth in this Security and Section 2.15 of the Fifth Supplemental Indenture are subject to change to reflect changes in DTC practices, and the Company may make changes to the procedures set forth in this Section 2.15 to the extent
reasonably necessary, in the opinion of the Company, to reflect such changes in DTC practices. 
 Notwithstanding anything to the contrary
contained in the Indenture or this Security, once the Company has delivered an Automatic Conversion Notice following the occurrence of a Capital Adequacy Trigger Event (or following an Automatic Conversion (if sooner)), (i) the Holders and
Beneficial Owners shall have no rights whatsoever under the Indenture or the Securities to instruct the Trustee to take any action whatsoever and (ii) as of the date of the Automatic Conversion Notice, except for any indemnity and/or security
provided by any Holder or by any Beneficial Owner in such direction or related to such direction, any direction previously given to the Trustee by any Holders or by any Beneficial Owners shall cease automatically and shall be null and void and of no
further effect; except in each case of (i) and (ii) of this sentence, with respect to any rights of Holders or Beneficial Owners with respect to any payments under the Securities that were unconditionally due and payable prior to the date
of the Automatic Conversion Notice or unless the Trustee is instructed in writing by the Company to act otherwise. 
 All authority
conferred or agreed to be conferred by each Holder and Beneficial Owner pursuant to this Security, including the consents given by such Holder and Beneficial Owner, shall be binding upon the successors, assigns, heirs, executors, administrators,
trustees in bankruptcy and legal representatives of such Holder and Beneficial Owner. 
 The Trustee shall not be liable with respect to
(i) the calculation or accuracy of the Fully Loaded CET1 Ratio in connection with the occurrence of a Capital Adequacy Trigger Event and the timing of such Capital Adequacy Trigger Event, (ii) the failure of the Company to post or deliver
the underlying Fully Loaded CET1 Ratio calculations of a Capital Adequacy 

  
 E-11 

 
Trigger Event to DTC, the Holders or the Beneficial Owners, (iii) any aspect of the Company’s decision to deliver a Conversion Notice or the related Automatic Conversion or
(iv) the adequacy of the disclosure of these provisions in the Prospectus or for the direct or indirect consequences thereof. 

Following the issuance of the Conversion Shares to the Conversion Shares Depository (or to the relevant recipient in accordance with the terms
of the Securities, as applicable) on the Conversion Date, this Security shall remain in existence until the applicable Cancellation Date for the sole purpose of evidencing (a) the Holders’ and Beneficial Owners’ right to receive
Conversion Shares or Conversion Shares Offer Consideration, as applicable, from the Conversion Shares Depository (or such other relevant recipient) and (b) the Company’s CSO Obligations, if any. 

The Holders and the Beneficial Owners shall not at any time have the option to convert the Securities into Conversion Shares. 

The occurrence of an Automatic Conversion shall not constitute a Default. 

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

The Conversion Price and the Conversion Shares Offer Price shall be subject to adjustment as provided in Article III of the Fifth Supplemental
Indenture. 
 The Company may, in its sole and absolute discretion and following the occurrence of an Automatic Conversion, elect that the
Conversion Shares Depository make an offer of all or some of the Conversion Shares to all or some of the Company’s ordinary shareholders at a cash price per Conversion Share equal to the Conversion Shares Offer Price, subject as provided in
this Security (the “Conversion Shares Offer”). 
 If the Company elects, in its sole and absolute discretion, that a
Conversion Shares Offer be conducted by the Conversion Shares Depository, each Holder or Beneficial 

  
 E-12 

 
Owner, by its acquisition of the Securities, shall be deemed to have: (i) consented to (x) any Conversion Shares Offer and to the Conversion Shares Depository’s using the
Conversion Shares to settle any Conversion Shares Offer in accordance with the terms of the Securities and (y) the transfer of the beneficial interest it holds in the Conversion Shares to the Conversion Shares Depository in connection with the
Conversion Shares Offer in accordance with the terms of the Securities, and (ii) irrevocably agreed that (x) the Company, the Conversion Shares Depository and the Conversion Shares Offer Agent, if any, may take any and all actions
necessary to conduct the Conversion Shares Offer in accordance with the terms of the Securities, and (y) none of the Company, the Trustee, the Conversion Shares Depository or the Conversion Shares Offer Agent, if any, shall, to the extent
permitted by applicable law, incur any liability to the Holders or Beneficial Owners in respect of the Conversion Shares Offer (except for the obligations of the Conversion Shares Depository in respect of the Holders’ and Beneficial
Owners’ entitlement to any Conversion Shares Offer Consideration). 
 By its acquisition of the Securities, each Holder and Beneficial
Owner of the Securities acknowledges, agrees to be bound by and consents to the exercise of any U.K. Bail-In Power by the Relevant U.K. Resolution Authority that may result in the cancellation of all, or a portion, of the principal amount of, or
interest on, the Securities and/or the conversion of all, or a portion of, the principal amount of, or interest on, the Securities into shares or other securities or other obligations of the Company or another person, including by means of a
variation to the terms of the Securities, in each case, to give effect to the exercise by the Relevant U.K. Resolution Authority of such U.K. Bail-In Power. Each Holder and Beneficial Owner further acknowledges and agrees that the rights of Holders
and Beneficial Owners of the Securities are subject to, and will be varied, if necessary, so as to give effect to, the exercise of any U.K. Bail-in Power by the Relevant U.K. Resolution Authority. For the avoidance of doubt, the potential conversion
of the Securities into shares, other securities or other obligations in connection with the exercise of any U.K. Bail-in Power by the Relevant U.K. Resolution Authority is separate and distinct from an Automatic Conversion following a Capital
Adequacy Trigger Event. 
 By its acquisition of the Securities, each Holder and Beneficial Owner acknowledges and agrees that (i) the
exercise of the U.K. Bail-In Power by the Relevant U.K. Resolution Authority with respect to the Securities or any cancellation or deemed cancellation of interest pursuant to the terms of this Security and the Indenture shall not give rise to a
default for purposes of Section 315(b) (Notice of Default) and Section 315(c) (Duties of the Trustee in Case of Default) of the U.S. Trust Indenture Act of 1939, as amended, (ii) to the extent permitted by the Trust
Indenture Act, waives any and all claims against the Trustee for, agrees not to initiate a suit against the Trustee in respect of, and agrees that the Trustee shall not be liable for, any action that the Trustee takes, or abstains from taking, in
either case in accordance with the exercise of the U.K. Bail-In Power by the Relevant U.K. Resolution Authority with respect to the Securities, (iii) acknowledges and agrees that, upon the exercise of any U.K. Bail-In Power by the Relevant U.K.
Resolution Authority, (a) the Trustee shall not be required to take any further directions from Holders or Beneficial Owners of the Securities under Section 5.12 of the Base Indenture and (b) the Indenture shall impose no duties upon
the Trustee whatsoever with respect to the exercise of any U.K. Bail-In Power by the Relevant U.K. Resolution Authority (notwithstanding the foregoing in this clause (iii), if, following the completion of the exercise of the U.K. Bail-In Power by
the Relevant U.K. Resolution Authority, the Securities remain outstanding, then the Trustee’s duties under the Indenture shall remain applicable with respect to 

  
 E-13 

 
the Securities following such completion to the extent that the Company and the Trustee shall agree pursuant to a supplemental indenture or an amendment to the Fifth Supplemental Indenture), and
(iv) shall be deemed to have (a) consented to the exercise of any U.K. Bail-In Power as it may be imposed without any prior notice by the Relevant U.K. Resolution Authority of its decision to exercise such power with respect to the
Securities and (b) authorized, directed and requested DTC and any direct participant in DTC or other intermediary through which it holds such Securities to take any and all necessary action, if required, to implement the exercise of any U.K.
Bail-In Power with respect to the Securities as it may be imposed, without any further action or direction on the part of such Holder and such Beneficial Owner or the Trustee. 

Each Holder and Beneficial Owner that acquires its Securities in the secondary market shall be deemed to acknowledge and agree to be bound by
and consent to the same provisions specified in the Indenture to the same extent as the Holders and Beneficial Owners of the Securities that acquire the Securities upon their initial issuance, including, without limitation, with respect to the
acknowledgement and agreement to be bound by and consent to the terms of the Securities, including in relation to interest cancellation, Automatic Conversion, the Conversion Shares Offer, the U.K. Bail-In Power and the limitations on remedies
specified in in this Security and Section 4.03(b) of the Fifth Supplemental Indenture. 
 Upon the exercise of the U.K. Bail-In Power
by the Relevant U.K. Resolution Authority with respect to the Securities, the Company shall provide a written notice to DTC as soon as practicable regarding such exercise of the U.K. Bail-In Power for purposes of notifying Holders and Beneficial
Owners of such occurrence. The Company shall also deliver a copy of such notice to the Trustee for information purposes. The Company’s obligations to indemnify the Trustee in accordance with Section 6.07 of the Base Indenture shall survive
any exercise of the U.K. Bail-In Power by the Relevant U.K. Resolution Authority with respect to the Securities and any Automatic Conversion. 

The exercise of the U.K. Bail-In Power by the Relevant U. K. Resolution Authority with respect to the Securities shall not constitute a
Winding-Up Event or Non-Payment Event. 
 A “Winding-Up Event” shall result if (i) a court of competent jurisdiction
in England (or such other jurisdiction in which the Company may be organized) makes an order for the winding-up of the Company which is not successfully appealed within thirty (30) days of the making of such order, (ii) the Shareholders of
the Company adopt an effective resolution for the winding-up of the Company (other than, in the case of either (i) or (ii) above, under or in connection with a scheme of reconstruction, merger or amalgamation not involving a bankruptcy or
insolvency) or (iii) following the appointment of an administrator of the Company, the administrator gives notice that it intends to declare and distribute a dividend. 

If a Winding-Up Event occurs before the occurrence of a Capital Adequacy Trigger Event, subject to the subordination provisions of
Section 5.01 of the Fifth Supplemental Indenture, the principal amount of this Security shall become immediately due and payable, without the need of any further action on the part of the Trustee, the Holders or any other Person. 

  
 E-14 

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

In addition to the remedies for a Non-Payment Event provided in the paragraph above, the Trustee, may without further notice, institute such
proceedings against the Company as the Trustee may deem fit to enforce any term, obligation or condition binding upon the Company under the Securities or the Indenture (other than any payment obligation of the Company under or arising from the
Securities or the Indenture, including, without limitation, payment of any principal or interest) (such obligation, a “Performance Obligation”), provided always that the Trustee (acting on behalf of the Holders and Beneficial
Owners of the Securities) and the Holders and Beneficial Owners of the Securities may not enforce, and may not be entitled to enforce or otherwise claim, against the Company any judgment or other award given in such proceedings that requires the
payment of money by the Company, whether by way of damages or otherwise (a “Monetary Judgment”), except by proving such Monetary Judgment in a winding-up of the Company and/or by claiming such Monetary Judgment in an administration of the
Company. For the avoidance of doubt, the sole and exclusive manner by which the Trustee (acting on behalf of the Holders and Beneficial Owners of the Securities) and the Holders and Beneficial Owners of the Securities may seek to enforce or
otherwise claim a Monetary Judgment against the Company in connection with the Company’s breach of a Performance Obligation shall be by proving such Monetary Judgment in a winding-up of the Company and/or by claiming such Monetary Judgment in
an administration of the Company. By its acquisition of the Securities, each Holder and Beneficial Owner of the Securities acknowledges and agrees that such Holder and Beneficial Owner shall not seek to enforce or otherwise claim, and will not
direct the Trustee (acting on behalf of the Holders and Beneficial Owners of the Securities) to enforce or otherwise claim, a Monetary Judgment against the Company in connection with the Company’s breach of a Performance Obligation, except by
proving such Monetary Judgment in a winding-up of the Company and/or by claiming such Monetary Judgment in an administration of the Company. 

Other than the limited remedies specified in this Security and Article IV of the Fifth Supplemental Indenture, and subject to the second
paragraph below, no remedy against the Company shall be available to the Trustee (acting on behalf of the Holders and Beneficial Owners of the Securities) and to the Holders and Beneficial Owners, whether for the recovery of amounts owing in respect
of such Securities or under the Indenture, or in respect of any breach by the Company of any of the Company’s obligations under or in respect of the terms of such 

  
 E-15 

 
Securities or under the Indenture in relation thereto; provided, however, that the Company’s obligations to the Trustee under Section 6.07 of the Base Indenture and the
Trustee’s rights to have money collected applied first to pay amounts due to it under such Section pursuant to Section 5.06 of the Base Indenture expressly survive any such Default and are not subject to the subordination provisions of
Section 5.01 of the Fifth Supplemental Indenture. 
 In the case of a Default under this Security, the Trustee shall exercise such of
the rights and powers vested in it by the Indenture, and use the same degree of care and skill in their exercise, as a prudent person would exercise or use under the circumstances in the conduct of his or her own affairs. A
“Default” shall occur upon (i) the occurrence of a Winding-Up Event that occurs before the Conversion Date or (ii) the occurrence of a Non-Payment Event or (iii) a breach by the Company of a Performance Obligation.

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

The Securities shall constitute the Company’s direct, unsecured and subordinated obligations, ranking equally without any preference
among themselves. The rights and claims of the Holders and Beneficial Owners of the Securities in respect of or arising from the Securities (including any damages (if payable)) shall be subordinated to the claims of Senior Creditors. If (a) an
order is made, or an effective resolution is passed, for the winding-up of the Company (except in any such case for a solvent winding-up solely for the purpose of a merger, reconstruction or amalgamation); or (b) following the appointment of an
administrator of the Company, the administrator gives notice that it intends to declare and distribute a dividend, then (1) if such events specified in (a) or (b) above occur prior to the date on which a Capital Adequacy Trigger Event
occurs, there shall be payable by the Company in respect of each Security (in lieu of any other payment by the Company), such amount, if any, as would have been payable to a Holder of Securities if, on the day prior to the commencement of the
winding-up or such administration and thereafter, such Holder of Securities were the holder of the most senior class of preference shares in the capital of the Company, having an equal right to a return of assets in the winding-up or such
administration to, and so ranking pari passu with, the holders of such class of preference shares (if any) from time to time issued by the Company that has a preferential right to a return of assets in the winding-up or such administration,
and so ranking ahead of the holders of all other classes of issued shares for the time being in the capital of the Company, but ranking junior to the claims of Senior Creditors, and on the assumption that the amount that such Holder of Securities
was entitled to receive in respect of such preference shares, on a return of assets in such winding-up or such administration, was an amount equal to the principal amount of the relevant Security, together with any damages (if payable), and
(2) if 

  
 E-16 

 
such events specified in (a) or (b) above occur on or after the date on which a Capital Adequacy Trigger Event occurs but prior to the Conversion Date, then for purposes of determining
the claim of a Holder of the Securities in such winding-up or such administration, the Conversion Date in respect of an Automatic Conversion shall be deemed to have occurred immediately prior to the occurrence of such events specified in (a) or
(b) above. Other than in the event of a winding-up or administration of the Company as described in this paragraph, payments in respect of or arising from the Securities shall be conditional (i) upon the Company’s being solvent at the
time of payment by the Company, and (ii) in that no sum in respect of or arising from the Securities may fall due and be paid except to the extent that the Company could make such payment and still be solvent immediately thereafter (such
condition referred to herein as the “Solvency Condition”). For purposes of determining whether the Solvency Condition is met, the Company shall be considered to be solvent at a particular point in time if (x) it is able to pay
its debts owed to Senior Creditors as they fall due and (y) the Balance Sheet Condition has been met. “Senior Creditors” means creditors of the Company (aa) who are unsubordinated creditors; (bb) whose claims are, or are
expressed to be, subordinated (whether only in the event of the winding-up or administration of the Company or otherwise) to the claims of unsubordinated creditors of the Company but not further or otherwise; or (cc) whose claims are, or are
expressed to be, junior to the claims of other creditors of the Company, whether subordinated or unsubordinated, other than those whose claims rank, or are expressed to rank, pari passu with, or junior to, the claims of the Holders of the
Securities. The “Balance Sheet Condition” shall be satisfied in relation to the Company if the value of its assets is at least equal to the value of its liabilities (taking into account its contingent and prospective liabilities),
according to the criteria that would be applied by the High Court of Justice of England and Wales (or the relevant authority of such other jurisdiction in which the Company may be organized) in determining whether the Company is “unable to pay
its debts” under section 123(2) of the U.K. Insolvency Act 1986 or any amendment or re-enactment thereof (or in accordance with the corresponding provisions of the applicable laws of such other jurisdiction in which the Company may be
organized). Any payment of interest not due by reason of the provisions contained in this paragraph shall be deemed canceled pursuant to the terms of this Security and Section 2.04 of the Fifth Supplemental Indenture. 

Subject to applicable law, no Holder of Securities may exercise, claim or plead any right of set-off, compensation or retention in respect of
any amount owed to it by the Company arising under, or in connection with, the Securities and each Holder of Securities shall, by virtue of its holding of any Securities, be deemed to have waived all such rights of set-off, compensation or
retention. Notwithstanding the foregoing, if any amounts due and payable to any Holder of this Security by the Company in respect of, or arising under, this Security are discharged by set-off, such Holder shall, subject to applicable law,
immediately pay an amount equal to the amount of such discharge to the Company (or, in the event of its winding-up or administration, the liquidator or administrator of the Company, as the case may be) and, until such time as payment is made, shall
hold an amount equal to such amount in trust for the Company (or the liquidator or administrator of the Company, as the case may be) and, accordingly, any such discharge shall be deemed not to have taken place. 

The Indenture permits, with certain exceptions as therein provided, the amendment thereof and the modification of the rights and obligations
of the Company and the rights of the Holders of the Securities of each series to be affected under the Indenture at any 

  
 E-17 

 
time by the Company and the Trustee with the consent of the Holders of a majority in principal amount of the Securities then Outstanding of each series to be affected. The Indenture also contains
provisions permitting the Holders of a majority in aggregate principal amount of the Securities of each series then Outstanding, on behalf of the Holders of all Securities of such series, to waive compliance by the Company with certain provisions of
the Indenture and certain past Defaults under the Indenture and their consequences. Any such consent or waiver by the Holder of this Security shall be conclusive and binding upon such Holder and upon all future Holders of this Security and of any
Security issued upon the registration of transfer hereof or in exchange herefor or in lieu hereof, whether or not notation of such consent or waiver is made upon this Security. 

As provided in and subject to the provisions of the Indenture, the Holder of this Security shall not have any right to institute any
proceeding, judicial or otherwise, with respect to the Indenture or for the appointment of a receiver or trustee or for any other remedy thereunder, unless such Holder shall have previously given the Trustee written notice of a continuing Default
with respect to the Securities of this series, the Holders of not less than 25% in aggregate principal amount of the Securities of this series then Outstanding shall have made written request to the Trustee to institute proceedings in respect of
such Default as Trustee and offered to the Trustee reasonable indemnity against the costs, expenses and liabilities to be incurred in compliance with such request, the Trustee shall not have received from the Holders of a majority in principal
amount of Securities of this series then Outstanding a direction inconsistent with such request, and shall have failed to institute any such proceeding, for sixty (60) days after receipt of such notice, request and offer of indemnity, and, in
the case of a proceeding in England (or such other jurisdiction in which the Company may be organized) (but not elsewhere) for the winding-up of the Company, such proceeding is in the name and on behalf of the Trustee to the same extent (but no
further or otherwise) as the Trustee would have been entitled so to do. 
 Notwithstanding any contrary provisions in this Security, nothing
shall impair the right of a Holder of this Security under the Trust Indenture Act, absent such Holder’s consent, to sue for any payments due but unpaid with respect to this Security. 

As provided in the Indenture and subject to certain limitations therein set forth, the transfer of this Security is registrable in the
Contingent Convertible Security Register, upon surrender of this Security for registration of transfer at the office or agency of the Company in any place where the principal of this Security is payable, duly endorsed by, or accompanied by a written
instrument of transfer in form satisfactory to the Company and the Security Registrar duly executed by, the Holder hereof or his attorney duly authorized in writing. Thereupon one or more new Securities of this series and of like tenor, of
authorized denominations and for the same aggregate principal amount, will be issued to the designated transferee or transferees. 
 This
Security, and any other Securities of this series and of like tenor, are issuable only in registered form without coupons in initial denominations of $200,000 and increments of $1,000 thereafter. The denominations cannot be changed without the
consent of the Trustee. The denomination of each interest in this Security shall be the “Tradable Amount” of such book-entry interest. Prior to an Automatic Conversion, the aggregate Tradable Amount of the interests in this Security
shall equal this Security’s outstanding principal amount. Following an Automatic Conversion, the principal amount of this Security shall equal zero, but the Tradable Amount of the book-entry interests in this Security shall remain unchanged as
a result of the Automatic Conversion. 

  
 E-18 

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

  
 E-19 

 Exhibit B 

Form of Automatic Conversion
Notice1 

NOTICE TO DTC AND FOR PUBLICATION 

AS A NOTICE TO HOLDERS AND BENEFICIAL OWNERS 

[Barclays Letterhead] 
  

					
	To:	  	 The Depository Trust Company
 55 Water
Street, 25th Floor
 New York, NY 10041-0099
 Attn: Mandatory
Reorganization
 Department
 Fax: +1 (212) 855-5488

Email:
 mandatoryreorgannouncements@dtcc.com
	  	
			
	Cc:	  	 The Bank of New York Mellon
 Merck House

Seldown
 Poole, Dorset BH15 1PX

United Kingdom
 Attn: International Corporate Trust

Services
 Email: corpsov2@bnymellon.com

Fax: 01202 689600
 Tel: 01202 689978
	  	 The Bank of New York Mellon
 101 Barclay
Street
 Floor 7-E New York,
 New York 10286

United States of America
 Attn: International Corporate Trust

Fax: +1 (212) 815-5366

 Re: Barclays PLC $[—] [—]% Fixed Rate Resetting Perpetual Subordinated Contingent Convertible Securities (Callable 2019 and Every Five Years Thereafter) (CUSIP: 06738EAB1, ISIN: US06738EAB11) – Notice to DTC,
Holders and Beneficial Owners of the Occurrence of a Capital Adequacy Trigger Event 
 This notice is in relation to Barclays PLC’s (the
“Company”) $[—] [—]% Fixed Rate Resetting Perpetual Subordinated Contingent Convertible Securities (Callable 2019 and Every Five
Years Thereafter) (CUSIP: 06738EAB1, ISIN: US06738EAB11) issued on [—], 2014 (the “Securities”) pursuant to the Contingent Convertible Securities Indenture, dated November 20,
2013, between the Company and The Bank of New York Mellon, London Branch, as Trustee (the “Trustee”), as supplemented by the Fifth Supplemental Indenture, dated [—], 2014, between
the Company and the Trustee (together, the “Indenture”), and pursuant to the prospectus dated
 [—], 2014. Capitalized terms used herein and not defined herein shall have
the respective meanings ascribed to such terms in the Indenture. 
  

 

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

  
 B-1 

 Exhibit B 

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

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

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

[Barclays Contact Person] 
 [Telephone] 

[Fax] 
 [Email] 

 

	2 	Note: To be completed with the Conversion Date and Conversion Price. 

  
 B-2 

 Exhibit C 

Form of Capital Adequacy Trigger Event Officers’ Certificate 

BARCLAYS PLC 
 Capital Adequacy
Trigger Event Officers’ Certificate 
 This Capital Adequacy Trigger Event Officers’ Certificate is being delivered in relation to Barclays
PLC’s (the “Company”) $[•] [•]% Fixed Rate Resetting Perpetual Subordinated Contingent Convertible Securities (Callable 2019 and Every Five Years Thereafter) (CUSIP: 06738EAB1, ISIN: US06738EAB11) issued on [•],
2014 (the “Securities”) pursuant to the Contingent Convertible Securities Indenture (the “Base Indenture”), dated November 20, 2013, between the Company and The Bank of New York Mellon, as Trustee (the
“Trustee”), as supplemented by the Fifth Supplemental Indenture, dated [•], 2014, between the Company and the Trustee (the “Fifth Supplemental Indenture”), and pursuant to the prospectus dated [•], 2014
(the “Prospectus”). 
 Pursuant to Section 1.02 of the Base Indenture and Section 2.15 of the Fifth Supplemental Indenture, the
undersigned, being authorized signatories of the Company and authorized by the Company to give this certificate, each hereby certify as follows: 
  

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

  

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

 

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

 

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

Concurrently with the delivery of this Capital Adequacy Trigger Event Officers’ Certificate, the Company is delivering to The Depository Trust Company
(“DTC”) an Automatic Conversion Notice (as defined in the Fifth Supplemental Indenture) as a notice to DTC and for publication as a notice to Holders (as defined in the Base Indenture) and Beneficial Owners (as defined in the Fifth
Supplemental Indenture) in the form set forth in Exhibit B to the Fifth Supplemental Indenture. 

  
 C-1 

 The Trustee is entitled to conclusively rely on and accept this Capital Adequacy Trigger Event Officers’
Certificate without any duty whatsoever of further inquiry as sufficient and conclusive evidence of the occurrence of the Capital Adequacy Trigger Event, and this Capital Adequacy Trigger Event Officers’ Certificate shall be conclusive and
binding on the Trustee and the Holders as defined in the Base Indenture) and Beneficial Owners (as defined in the Fifth Supplemental Indenture). 
  

			
	 Dated: [•]

	
	BARCLAYS PLC
		
	By:	 	  

	Name:	 	
	Title:	 	
		
	By:	 	  

	Name:	 	
	Title:	 	

  

  
 C-2 

 Exhibit D 

Form of Conversion Shares Offer Notice3 

NOTICE TO DTC AND FOR PUBLICATION 

AS A NOTICE TO HOLDERS AND BENEFICIAL OWNERS 

[Barclays Letterhead] 
  

					
	To:	  	 The Depository Trust Company
 55 Water
Street, 25th Floor
 New York, NY 10041-0099
 Attn: Mandatory
Reorganization
 Department
 Fax: +1 (212) 855-5488

Email:
 mandatoryreorgannouncements@dtcc.com
	  	
			
	Cc:	  	 The Bank of New York Mellon
 Merck House

Seldown
 Poole, Dorset BH15 1PX

United Kingdom Attn: International Corporate Trust
 Services

Email: corpsov2@bnymellon.com
 Fax: 01202 689600

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

United States of America
 Attn: International Corporate Trust

Fax: +1 (212) 815-5366

 Re: Barclays PLC $[—] [—]% Fixed Rate Resetting Perpetual Subordinated Contingent Convertible Securities (Callable 2019 and Every Five Years Thereafter) (CUSIP: 06738EAB1, ISIN: US06738EAB11) – Notice to DTC,
Holders and Beneficial Owners of [Election to Conduct a Conversion Shares Offer][Election Not to Conduct a Conversion Shares Offer] 

This notice is in relation to Barclays PLC’s (the “Company”) $[—] [—]% Fixed Rate Resetting Perpetual Subordinated Contingent Convertible Securities (Callable 2019 and Every Five Years Thereafter) (CUSIP: 06738EAB1, ISIN: US06738EAB11) issued on [—], 2014 (the “Securities”) pursuant to the Contingent Convertible Securities Indenture, dated November 20, 2013, between Barclays PLC and The Bank of New York Mellon, London
Branch, as Trustee (the “Trustee”) , as supplemented by the Fifth Supplemental Indenture, dated [—], 2014, between the Company and the Trustee (together, the
“Indenture”), and pursuant to the prospectus dated [—], 2014, (the “Prospectus”). Capitalized terms used herein and not defined herein shall have the respective
meanings ascribed to such terms in the Indenture. 
 Barclays PLC hereby notifies The Depository Trust Company (“DTC”), the Holders and the
Beneficial Owners of the Securities that it has elected that a Conversion Shares Offer [not] be conducted. [The Conversion Shares Offer Period will extend from the date of this notice until
[Date]4. [Conversion Shares Depository] has been appointed as Conversion Shares Depository for the Conversion Shares Offer.]5

  

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

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

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

  
 D-1 

 In addition, Barclays PLC hereby notifies DTC, the Holders and the Beneficial Owners of the Securities that the
Suspension Date shall be [Date].6 Accordingly, Barclays PLC hereby instructs DTC to implement a “chill” on the clearance and settlement of the Securities on the Suspension Date.
As described in the Prospectus, Holders and Beneficial Owners will not be able to settle the transfer of any Securities following the Suspension Date, and any sale or other transfer of the Securities that a Holder or Beneficial Owner may have
initiated prior to the commencement to the Suspension Date that is scheduled to settle after the Suspension Date will be rejected by DTC and will not be settled within DTC. 

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

[Barclays Contact Person] 
 [Telephone] 

[Fax] 
 [Email] 

 

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

  
 D-2 

 Exhibit E 

Form of Conversion Shares Settlement Request Notice7 

NOTICE TO DTC AND FOR PUBLICATION 

AS A NOTICE TO HOLDERS AND BENEFICIAL OWNERS 

[Barclays Letterhead] 
  

					
	 To:
	  	 The Depository Trust Company
 55 Water
Street, 25th Floor
 New York, NY 10041-0099
 Attn: Mandatory
Reorganization Department
 Fax: +1 (212) 855-5488
 Email:

mandatoryreorgannouncements@dtcc.com
	  	
			
	 Cc:
	  	 The Bank of New York Mellon
 Merck House

Seldown
 Poole, Dorset BH15 1PX

United Kingdom
 Attn: International Corporate Trust

Services
 Email: corpsov2@bnymellon.com

Fax: 01202 689600
 Tel: 01202 689978
	  	 The Bank of New York Mellon
 101 Barclay
Street
 Floor 7-E
 New York, New York 10286

United States of America
 Attn: International Corporate Trust

Fax: +1 (212) 815-5366

 Re: Barclays PLC $[—] [—]% Fixed Rate Resetting Perpetual Subordinated Contingent Convertible Securities (Callable 2019 and Every Five Years Thereafter) (CUSIP: 06738EAB1, ISIN: US06738EAB11) – Notice to DTC,
Holders and Beneficial Owners Requesting that Holders and Beneficial Owners Complete a Conversion Shares Settlement Notice 
 This
notice is in relation to Barclays PLC’s (the “Company”) $[—] [—]% Fixed Rate Resetting Perpetual Subordinated Contingent
Convertible Securities (Callable 2019 and Every Five Years Thereafter) (CUSIP: 06738EAB1, ISIN: US06738EAB11) issued on [—], 2014 (the “Securities”) pursuant to the Contingent
Convertible Securities Indenture, dated November 20, 2013, between Barclays PLC and The Bank of New York Mellon, London Branch, as Trustee (the “Trustee”), as supplemented by the Fifth Supplemental Indenture, dated [—], 2014, between the Company and the Trustee (together, the “Indenture”), and pursuant to the prospectus dated [—], 2014. Capitalized
terms used herein and not defined herein shall have the respective meanings ascribed to such terms in the Indenture. 
  

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

  
 E-1 

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

[Telephone] 
 [Fax] 

[Email] 
  

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

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

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

  
 E-2 

 Appendix A 

Form of Conversion Shares Settlement Notice11 

NOTICE TO THE [CONVERSION SHARES DEPOSITORY AND] DTC 
  

					
	To:	  	 The Depository Trust Company
 55 Water
Street, 25th Floor
 New York, NY 10041-0099
 Attn: Mandatory
Reorganization
 Department
 Fax: +1 (212) 855-5488

Email:
 mandatoryreorgannouncements@dtcc.com
	  	[Contact details of [Conversion Shares Depository] to be included.]
			
	Cc:	  	 The Bank of New York Mellon
 Merck House

Seldown
 Poole, Dorset BH15 1PX

United Kingdom
 Attn: International Corporate Trust Services

Email: corpsov2@bnymellon.com
 Fax: 01202 689600

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

United States of America
 Attn: International Corporate Trust

Fax: +1 (212) 815-5366

 Re: Barclays PLC $[—] [—]% Fixed Rate Resetting Perpetual Subordinated Contingent Convertible Securities (Callable [—] and Every Five Years
Thereafter) (CUSIP: 06738EAB1, ISIN: US738EAB11) – Conversion Shares Settlement Notice to the [Conversion Shares Depository and] DTC 
 This notice
is in relation to Barclays PLC’s (the “Company”) $[—] [—]% Fixed Rate Resetting Perpetual Subordinated Contingent
Convertible Securities (Callable [—] and Every Five Years Thereafter) (CUSIP: 06738EAB1, ISIN: US738EAB11) issued on [—], 2014 (the
“Securities”) pursuant to the Contingent Convertible Securities Indenture, dated November 20, 2013, between Barclays PLC and The Bank of New York Mellon, London Branch, as Trustee (“Trustee”), as supplemented
by the Fifth Supplemental Indenture, dated [—], 2014, between the Company and the Trustee (together, the “Indenture”), and pursuant to the prospectus dated [—], 2014. Capitalized terms used herein and not defined herein shall have the respective meanings ascribed to such terms in the Indenture. 

 

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

  
 E-3 

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

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

 

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

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

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

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

  
 E-4EX-10.1

 EXHIBIT 10.1 

WASTE MANAGEMENT, INC. 

2014 STOCK INCENTIVE PLAN 

I. PURPOSE OF THE PLAN 

The purpose of the WASTE MANAGEMENT, INC. 2014 STOCK INCENTIVE PLAN (the “Plan”) is to provide a means through
which WASTE MANAGEMENT, INC., a Delaware corporation (the “Company”), and its Affiliates may attract and retain able persons to serve as Directors or Consultants or to enter the employ of the Company and its Affiliates
and to provide a means whereby those individuals upon whom the responsibilities of the successful administration and management of the Company and its Affiliates rest, and whose present and potential contributions to the Company and its Affiliates
are of importance, can acquire and maintain stock ownership or other awards, thereby strengthening their concern for the welfare of the Company and its Affiliates and their desire to remain employed by, or continue providing services to, the Company
and its Affiliates. A further purpose of the Plan is to provide such individuals with additional incentive and reward opportunities designed to enhance the profitable growth of the Company and its Affiliates. Accordingly, the Plan provides for
granting Incentive Stock Options, Options that do not constitute Incentive Stock Options, Restricted Stock Awards, Performance Awards, Phantom Stock Awards, Bonus Stock Awards, or any combination of the foregoing, as is best suited to the
circumstances of the particular Employee, Consultant, or Director as provided herein. 
 II. DEFINITIONS 

The following definitions shall be applicable throughout the Plan unless specifically modified by any paragraph: 

(a) “Affiliate” means any corporation, partnership, limited liability company or partnership,
association, trust, or other organization which, directly or indirectly, controls, is controlled by, or is under common control with, the Company. For purposes of the preceding sentence, “control” (including, with correlative meanings, the
terms “controlled by” and “under common control with”), as used with respect to any entity or organization, shall mean the possession, directly or indirectly, of the power (i) to vote more than 50% of the securities having
ordinary voting power for the election of directors of the controlled entity or organization or (ii) to direct or cause the direction of the management and policies of the controlled entity or organization, whether through the ownership of
voting securities or by contract or otherwise. 
 (b) “Award” means, individually or collectively,
any Option, Restricted Stock Award, Performance Award, Phantom Stock Award, or Bonus Stock Award. 
 (c)
“Board” means the Board of Directors of the Company. 
 (d) “Bonus Stock
Award” means an Award granted under Paragraph XI of the Plan. 
 (e) “Bonus Stock Award
Agreement” means a written agreement between the Company and a Participant with respect to a Bonus Stock Award. 

(f) “Code” means the Internal Revenue Code of 1986, as amended. Reference in the Plan to any section of
the Code shall be deemed to include any amendments or successor provisions to such section and any regulations under such section. 

(g) “Committee” means the Management Development and Compensation Committee of the Board or such other
committee that is selected by the Board, in conformance with Paragraph IV(a). 
 (h) “Common Stock”
means the common stock, par value $0.01 per share, of the Company, or any security into which such common stock may be changed by reason of any transaction or event of the type described in Paragraph XII. 

 (i) “Company” means Waste Management, Inc., a Delaware
corporation. 
 (j) “Consultant” means any person who is not an Employee or a Director and who is
providing advisory or consulting services to the Company or any Affiliate. 
 (k) “Corporate Change”
shall have the meaning assigned to such term in Paragraph XII(c) of the Plan. 
 (l) “Director” means
an individual who is a member of the Board, or, where the context of the Plan so permits, a member of the board of directors (or any analogous governing body) of an Affiliate of the Company. 

(m) “Dividend Equivalents” means an amount equal to all dividends and other distributions (or the
economic equivalent thereof) that are payable by the Company on one share of Common Stock to stockholders of record, which, in the discretion of the Committee, may be awarded in connection with any Award under the Plan on a like number of shares of
Common Stock under such Award. 
 (n) “Effective Date” shall have the meaning assigned to such term
in Paragraph III. 
 (o) “Employee” means any person (including a Director) in an employment
relationship with the Company or any Affiliate. 
 (p) “Exchange Act” means the Securities Exchange
Act of 1934, as amended. 
 (q) “Fair Market Value” means, as to a share of Common Stock, as of a
particular date, (i) if shares of Common Stock are listed on a national securities exchange, the average of the highest and lowest sales price per share of such Common Stock on the consolidated transaction reporting system for the principal
national securities exchange on which shares of Common Stock are listed on that date, or, if there shall have been no such sale so reported on that date, on the last preceding date on which such a sale was so reported, (ii) if shares of Common
Stock are not so listed but are quoted by The Nasdaq Stock Market, Inc., the average of the highest and lowest sales price per share of Common Stock reported on the consolidated transaction reporting system for The Nasdaq Stock Market, Inc., or, if
there shall have been no such sale so reported on that date, on the last preceding date on which such a sale was so reported, or, at the discretion of the Committee, the price prevailing as quoted by The Nasdaq Stock Market, Inc. on that date,
(iii) if shares of Common Stock are not so listed or quoted, the average of the closing bid and asked price on that date, or, if there are no quotations available for such date, on the last preceding date on which such quotations are available,
as reported by The Nasdaq Stock Market, Inc., or, if not reported by The Nasdaq Stock Market, Inc., by the National Quotation Bureau Incorporated or (iv) if shares of Common Stock are not publicly traded, the most recent value determined by an
independent appraiser appointed by the Company for such purpose consistent with the requirements of section 409A of the Code. 

(r) “Incentive Stock Option” means an incentive stock option within the meaning of section 422 of the
Code. 
 (s) “Option” means an Award granted under Paragraph VII of the Plan and includes both
Incentive Stock Options to purchase Common Stock and Options that do not constitute Incentive Stock Options to purchase Common Stock. 

(t) “Option Agreement” means a written agreement between the Company and a Participant with respect to
an Option. 
 (u) “Participant” means an Employee, Consultant, or Director who has been granted an
Award. 
 (v) “Performance Award” means an Award granted under Paragraph IX of the Plan. 

(w) “Performance Award Agreement” means a written agreement between the Company and a Participant with
respect to a Performance Award. 
 (x) “Performance Measure” means one or more performance measures
established by the Committee that are based on (i) the price of a share of Common Stock, (ii) earnings per share, (iii) market share, (iv) revenues or sales, (v) operating income or operating income margin, (vi) net
income or net income margin (before or after taxes), (vii) cash flow or return on investment, (viii) earnings or earnings margin 

  
 2 

 
before or after interest, taxes, depreciation, and/or amortization, (ix) economic value added, (x) return on capital, assets, or stockholders’ equity, (xi) debt level or debt
reduction, (xii) cost reduction targets, (xiii) total stockholders’ return, or (xiv) any combination of the foregoing. The performance measures described in the preceding sentence may be absolute, relative to one or more other
companies, relative to one or more indexes, or measured by reference to the Company alone, one or more business units or Affiliates of the Company alone, or the Company together with one or more of its business units or Affiliates. In addition,
subject to any limitations under section 162(m) of the Code, such performance measures may be subject to adjustment by the Committee for changes in accounting principles, to satisfy regulatory requirements and other specified significant
extraordinary items or events. Notwithstanding the foregoing, if a Performance Award is not intended to be qualified performance-based compensation under section 162(m) of the Code, Performance Measure means such achievement of goals as may be
established by the Committee. 
 (y) “Phantom Stock Award” means an Award granted under Paragraph X
of the Plan. 
 (z) “Phantom Stock Award Agreement” means a written agreement between the Company and
a Participant with respect to a Phantom Stock Award. 
 (aa) “Plan” means the Waste Management, Inc.
2014 Stock Incentive Plan, as amended from time to time. 
 (bb) “Prior Plan” means the
Waste Management, Inc. 2009 Stock Incentive Plan. 
 (cc) “Restricted Stock Agreement” means a
written agreement between the Company and a Participant with respect to a Restricted Stock Award. 
 (dd)
“Restricted Stock Award” means an Award granted under Paragraph VIII of the Plan. 
 (ee)
“Rule 16b-3” means Securities Exchange Commission Rule 16b-3 promulgated under the Exchange Act, as such may be amended from time to time, and any successor rule, regulation, or statute fulfilling the same or a similar
function. 
 (ff) “Stock Appreciation Right” means a right to acquire, upon exercise of the right,
Common Stock and/or, in the sole discretion of the Committee, cash having an aggregate value equal to the then excess of the Fair Market Value of the shares with respect to which the right is exercised over the exercise price therefor. The Committee
shall retain final authority to determine whether a Participant shall be permitted, and to approve an election by a Participant, to receive cash in full or partial settlement of a Stock Appreciation Right. 

III. EFFECTIVE DATE AND DURATION OF THE PLAN 

The Plan shall become effective following (a) its adoption by the Board and (b) its approval by the stockholders of the Company within 12
months of such adoption in a manner that satisfies the requirements of section 422 of the Code and the regulations thereunder (the “Effective Date”). Notwithstanding any provision in the Plan to the contrary, no Option shall
be exercisable, no Restricted Stock Award or Bonus Stock Award shall be granted, and no Performance Award or Phantom Stock Award shall vest or become satisfiable prior to the Effective Date. No further Awards may be granted under the Plan after 10
years from the Effective Date. The Plan shall remain in effect until all Options granted under the Plan have been exercised or expired, all Restricted Stock Awards granted under the Plan have vested or been forfeited, and all Performance Awards,
Phantom Stock Awards, and Bonus Stock Awards have been satisfied or expired. 

  
 3 

 IV. ADMINISTRATION 

(a) Composition of Committee. The Plan shall be administered by a committee of, and appointed by, the Board that
shall be comprised solely of two or more outside Directors (within the meaning of the term “outside directors” as used in section 162(m) of the Code and applicable interpretive authority thereunder and within the meaning of the term
“Non-Employee Director” as defined in Rule 16b-3). 
 (b) Powers. Subject to the express provisions
of the Plan, the Committee shall have authority, in its discretion, to determine which Employees, Consultants, or Directors shall receive an Award, the time or times when such Award shall be made, the type of Award that shall be made, the number of
shares of Common Stock to be subject to each Option, Restricted Stock Award, or Bonus Stock Award, and the number of shares of Common Stock to be subject to or the value of each Performance Award or Phantom Stock Award. In making such determinations
the Committee shall take into account the nature of the services rendered by the respective Employees, Consultants, or Directors, their present and potential contribution to the Company’s success, and such other factors as the Committee in its
sole discretion shall deem relevant. 
 (c) Additional Powers. The Committee shall have such additional powers
as are delegated to it by the other provisions of the Plan. Subject to the express provisions of the Plan, this shall include the power to construe the Plan and the respective agreements executed hereunder, to prescribe, amend, suspend or waive
rules and regulations relating to the Plan, to determine the terms, restrictions, and provisions of the agreement relating to each Award, including such terms, restrictions, and provisions as shall be requisite in the judgment of the Committee to
cause designated Options to qualify as Incentive Stock Options, and to make all other determinations necessary or advisable for administering the Plan. The Committee may, in its discretion, amend the terms of any Award Agreement provided the
amendment (i) is not adverse to the Participant, or (ii) is consented to by the Participant. Notwithstanding the foregoing, the authority to accelerate the exercisability or vesting or otherwise terminate restrictions related to an Award
may be exercised only in connection with a Participant’s death, disability, retirement, in connection with a Corporate Change or the sale of one or more subsidiaries or divisions, or to the extent such actions involve an aggregate number of
shares of Common Stock not in excess of 5% of the total shares authorized for issuance under the Plan. The Committee may correct any defect or supply any omission or reconcile any inconsistency in the Plan or in any agreement relating to an Award in
the manner and to the extent the Committee shall deem expedient to carry the Plan or any such agreement into effect. All determinations and decisions made by the Committee on the matters referred to in this Paragraph IV and in construing the
provisions of the Plan shall be conclusive. 
 (d) Delegation of Authority by the Committee.
Notwithstanding the preceding provisions of this Paragraph IV or any other provision of the Plan to the contrary, subject to the constraints of applicable law, the Committee may from time to time, in its sole discretion, delegate to the Chief
Executive Officer of the Company (the “CEO”) the administration (or interpretation of any provision) of the Plan, and the right to grant Awards under the Plan, insofar as such administration (and interpretation) and power to
grant Awards relates to any person who is not then subject to section 16 of the Exchange Act (including any successor section to the same or similar effect). Any such delegation may be effective only so long as the CEO is a member of the Board, and
the Committee may revoke such delegation at any time. The Committee may put any conditions and restrictions on the powers that may be exercised by the CEO upon such delegation as the Committee determines in its sole discretion. In the event of any
conflict in a determination or interpretation under the Plan as between the Committee and the CEO, the determination or interpretation, as applicable, of the Committee shall be conclusive. 

(e) Authority as to Non-Employee Directors. The Committee’s actions respecting grants of Awards to
non-employee Directors shall be in accordance with Board approval. 
 (f) Liability. No member of the
Committee or its delegatee shall be liable for actions or inactions under the Plan except for willful misconduct or as expressly provided by law. 

  
 4 

 V. SHARES SUBJECT TO THE PLAN; AWARD LIMITS; 

GRANT OF AWARDS 

(a) Shares Subject to the Plan and Award Limits. Subject to adjustment in the same manner as provided in
Paragraph XII with respect to shares of Common Stock subject to Options then outstanding, the aggregate maximum number of shares of Common Stock that may be issued under the Plan, and the aggregate maximum number of shares of Common Stock that may
be issued under the Plan through Incentive Stock Options, shall not exceed 23,800,000 shares, plus (i) any shares of Common Stock that, as of the Effective Date, are available for issuance under the Prior Plan (and that are not subject to
outstanding awards under the Prior Plan) and (ii) any shares of Common Stock subject to outstanding awards under the Prior Plan as of the Effective Date that are subsequently canceled or forfeited, or terminate, expire or lapse for any reason
or any shares of Common Stock that otherwise subsequently become available under the Prior Plan. Shares shall be deemed to have been issued under the Plan only to the extent actually issued and delivered pursuant to an Award. To the extent that an
Award lapses or the rights of its holder terminate, any shares of Common Stock subject to such Award shall again be available for the grant of an Award under the Plan. In addition, shares issued under the Plan and forfeited back to the Plan, shares
surrendered in payment of the exercise price or purchase price of an Award, and shares withheld for payment of applicable employment taxes and/or withholding obligations associated with an Award shall again be available for the grant of an Award
under the Plan. Notwithstanding any provision in the Plan to the contrary, (i) the maximum number of shares of Common Stock that may be subject to Awards denominated in shares of Common Stock granted to any one individual during any calendar
year may not exceed 1,500,000 shares and (ii) the maximum amount of compensation that may be paid under all Performance Awards denominated in cash (including the Fair Market Value of any shares of Common Stock paid in satisfaction of such
Performance Awards) granted to any one individual during any calendar year may not exceed $7,000,000. The limitations set forth in clauses (i) and (ii) of the preceding sentence shall be applied in a manner that will permit Awards that are
intended to provide “performance-based” compensation for purposes of section 162(m) of the Code to satisfy the requirements of such section, including, without limitation, counting against such maximum number of shares, to the extent
required under section 162(m) of the Code and applicable interpretive authority thereunder, any shares subject to Awards granted to Employees that are canceled or re-priced. Notwithstanding any provision in the Plan to the contrary, the aggregate
grant date fair value (computed in accordance with applicable accounting rules) of all Awards granted to any non-employee Director during any calendar year shall not exceed $500,000. 

(b) Grant of Awards. The Committee may from time to time grant Awards to one or more Employees,
Consultants, or Directors determined by it to be eligible for participation in the Plan in accordance with the terms of the Plan. 

(c) Stock Offered. Subject to the limitations set forth in Paragraph V(a), the stock to be offered pursuant to
the grant of an Award may be authorized but unissued Common Stock or Common Stock previously issued and outstanding and reacquired by the Company. Any of such shares that remain unissued and that are not subject to outstanding Awards at the
termination of the Plan shall cease to be subject to the Plan but, until termination of the Plan, the Company shall at all times make available a sufficient number of shares to meet the requirements of the Plan. The shares of the Company’s
stock to be issued pursuant to any Award may be represented by physical stock certificates or may be uncertificated. Notwithstanding references in the Plan to certificates, the Company may deliver uncertificated shares of Common Stock in connection
with any Award. 
 (d) Acquired Companies. If a company is acquired by or combined with the Company and has
shares available under a pre-existing plan approved by its stockholders and not adopted in contemplation of such acquisition or combination, the shares available under such pre-existing plan (as adjusted, to the extent appropriate) may be used for
Awards under the Plan and shall not reduce the shares of Common Stock authorized for issuance under the Plan. Awards using such available shares shall be made prior to the date that awards could have been made under the pre-existing plan and shall
be made to individuals who were not Employees, Consultants or Directors prior to such acquisition or combination. Moreover, shares of 

  
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Common Stock respecting Awards granted upon the assumption of, or in substitution or exchange for, awards outstanding under such pre-existing plan shall not reduce the shares of Common Stock
authorized for issuance under the Plan. 
 (e) Minimum Vesting Periods. Restricted Stock Awards and Phantom
Stock Awards in the form of restricted stock units that vest as a result of the passage of time and continued service by the Participant shall be subject to a minimum vesting period of three years from the date of grant (but with permissible
pro rata vesting over such period). Restricted Stock Awards, Bonus Stock Awards and Performance Awards whose vesting is subject to the achievement of specified performance criteria over a performance period shall be subject to a minimum
performance period of one year. Notwithstanding the foregoing, such minimum vesting periods shall not apply (i) to terminations of employment due to death, disability or retirement, (ii) upon a change in control of the Company,
(iii) to substitute awards (not reducing the vesting periods of the Awards being replaced) and (iv) to Awards involving an aggregate number of shares of Common Stock not in excess of 5% of the total shares authorized for issuance under the
Plan. 
 VI. ELIGIBILITY 

Awards may be granted only to persons who, at the time of grant, are Employees, Consultants, or Directors. An Award may be granted on more
than one occasion to the same person, and, subject to the limitations set forth in the Plan, such Award may include an Incentive Stock Option, an Option that is not an Incentive Stock Option, a Restricted Stock Award, a Performance Award, a Phantom
Stock Award, a Bonus Stock Award, or any combination thereof. 
 VII. STOCK OPTIONS 

(a) Option Period. The term of each Option shall be as specified by the Committee at the date of grant,
but in no event shall an Option be exercisable after the expiration of 10 years from the date of grant. 
 (b)
Limitations on Exercise of Option. An Option shall be exercisable in whole or in such installments and at such times as determined by the Committee. 

(c) Special Limitations on Incentive Stock Options. An Incentive Stock Option may be granted only to an
individual who is employed by the Company or any “parent corporation” or “subsidiary corporation” (as such terms are defined in section 424 of the Code) of the Company at the time the Option is granted. To the extent that the
aggregate fair market value (determined at the time the respective Incentive Stock Option is granted) of stock with respect to which Incentive Stock Options are exercisable for the first time by an individual during any calendar year under all
incentive stock option plans of the Company and its parent and subsidiary corporations, within the meaning of section 424 of the Code, exceeds $100,000 or such other amount as may be prescribed under section 422 of the Code or applicable regulations
or rulings from time to time, such Incentive Stock Options shall be treated as Options that do not constitute Incentive Stock Options. The Committee shall determine, in accordance with applicable provisions of the Code, Treasury regulations, and
other administrative pronouncements, which of a Participant’s Incentive Stock Options will not constitute Incentive Stock Options because of such limitation and shall notify the Participant of such determination as soon as practicable after
such determination. No Incentive Stock Option shall be granted to an individual if, at the time the Option is granted, such individual owns stock possessing more than 10% of the total combined voting power of all classes of stock of the Company or
of its parent or subsidiary corporation, within the meaning of section 422(b)(6) of the Code, unless (i) at the time such Option is granted, the option price is at least 110% of the Fair Market Value of the Common Stock subject to the Option
and (ii) such Option by its terms is not exercisable after the expiration of five years from the date of grant. Except as otherwise provided in sections 421 or 422 of the Code, an Incentive Stock Option shall not be transferable otherwise than
by will or the laws of descent and distribution and shall be exercisable during the Participant’s lifetime only by such Participant or the Participant’s guardian or legal representative. 

  
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 (d) Option Agreement. Each Option shall be evidenced by an Option
Agreement in such form and containing such provisions not inconsistent with the provisions of the Plan as the Committee from time to time shall approve, including, without limitation, provisions to qualify an Option as an Incentive Stock Option
under section 422 of the Code. Each Option Agreement shall specify the effect of termination of (i) employment, (ii) the consulting or advisory relationship or (iii) membership on the Board or the board of directors (or analogous
governing body) of an Affiliate of the Company, as applicable, on the exercisability of the Option. An Option Agreement may provide for the payment of the option price, in whole or in part, by the delivery of a number of shares of Common Stock (plus
cash if necessary) having a Fair Market Value equal to such option price. Moreover, an Option Agreement may provide for a “cashless exercise” of the Option by establishing procedures satisfactory to the Committee with respect thereto.
Further, an Option Agreement may provide, on such terms and conditions as the Committee in its sole discretion may prescribe, for the grant of a Stock Appreciation Right in connection with the grant of an Option and, in such case, the exercise of
the Stock Appreciation Right shall result in the surrender of the right to purchase a number of shares under the Option equal to the number of shares with respect to which the Stock Appreciation Right is exercised (and vice versa). In the case of
any Stock Appreciation Right that is granted in connection with an Incentive Stock Option, such right shall be exercisable only when the Fair Market Value of the Common Stock exceeds the exercise price specified therefor in the Option or the portion
thereof to be surrendered. The terms and conditions of the respective Option Agreements need not be identical. The Committee may, in its sole discretion, amend an outstanding Option Agreement from time to time in any manner that is not inconsistent
with the provisions of the Plan (including, without limitation, an amendment that accelerates the time at which the Option, or a portion thereof, may be exercisable), provided that, except as otherwise provided in the Plan or the applicable Option
Agreement, any such amendment shall not materially reduce the rights of a Participant without the consent of such Participant. 

(e) Option Price and Payment. The price at which a share of Common Stock may be purchased upon exercise of an
Option shall be determined by the Committee but, subject to the special limitations on Incentive Stock Options set forth in Paragraph VII(c) and to adjustment as provided in Paragraph XII, such purchase price shall not be less than the Fair Market
Value of a share of Common Stock on the date such Option is granted. The Option or portion thereof may be exercised by delivery of an irrevocable notice of exercise to the Company, as specified by the Committee. The purchase price of the Option or
portion thereof shall be paid in full in the manner prescribed by the Committee. Separate stock certificates shall be issued by the Company for those shares acquired pursuant to the exercise of an Incentive Stock Option and for those shares acquired
pursuant to the exercise of any Option that does not constitute an Incentive Stock Option. 
 (f) Restrictions on
Repricing of Options. Except as provided in Paragraph XII, the Committee may not, without approval of the stockholders of the Company, (i) amend any outstanding Option Agreement to lower the option price, (ii) cancel and
replace any outstanding Option Agreement with Option Agreements having a lower option price or (iii) repurchase any Option at a time when the Fair Market Value of the Common Stock is less than the exercise price of the Option. 

(g) Stockholder Rights and Privileges. The Participant shall be entitled to all the privileges and rights of a
stockholder only with respect to such shares of Common Stock as have been purchased under the Option and for which shares of stock have been issued to the Participant. 

(h) Options and Rights in Substitution for Options Granted by Other Employers. Options and Stock Appreciation
Rights may be granted under the Plan from time to time in substitution for options and such rights held by individuals providing services to corporations or other entities who become Employees, Consultants, or Directors as a result of a merger or
consolidation or other business transaction with the Company or any Affiliate. 

  
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 VIII. RESTRICTED STOCK AWARDS 

(a) Forfeiture Restrictions to be Established by the Committee. Shares of Common Stock that are the subject of a
Restricted Stock Award shall be subject to restrictions on transferability by the Participant and an obligation of the Participant to forfeit and surrender the shares to the Company under certain circumstances (the “Forfeiture
Restrictions”). The Forfeiture Restrictions shall be determined by the Committee in its sole discretion, and the Committee may provide that the Forfeiture Restrictions shall lapse upon (i) the attainment of one or more Performance
Measures, (ii) the Participant’s continued employment with the Company or one of its Affiliates or continued service as a Consultant or Director for a specified period of time, (iii) the occurrence of any event or the satisfaction of
any other condition specified by the Committee in its sole discretion, or (iv) a combination of any of the foregoing. Each Restricted Stock Award may have different Forfeiture Restrictions, in the discretion of the Committee. 

(b) Other Terms and Conditions. Unless provided otherwise in a Restricted Stock Agreement, the Participant shall
have the right to receive dividends with respect to Common Stock subject to a Restricted Stock Award, to vote Common Stock subject thereto, and to enjoy all other stockholder rights, except that (i) the Participant shall not be entitled to
delivery of the stock certificate until the Forfeiture Restrictions have expired, (ii) the Company shall retain custody of the stock until the Forfeiture Restrictions have expired, (iii) the Participant may not sell, transfer, pledge,
exchange, hypothecate, or otherwise dispose of or encumber the stock until the Forfeiture Restrictions have expired, (iv) a breach of the terms and conditions established by the Committee pursuant to the Restricted Stock Agreement shall result
in a forfeiture of the Restricted Stock Award as determined by the Committee, and (v) with respect to the payment of any dividend with respect to shares of Common Stock subject to a Restricted Stock Award directly to the Participant, each such
dividend shall be paid no later than the end of the calendar year in which the dividends are paid to stockholders of such class of shares or, if later, the fifteenth day of the third month following the date the dividends are paid to stockholders of
such class of shares. At the time a Restricted Stock Award is granted, the Committee may, in its sole discretion, prescribe additional terms, conditions, or restrictions relating to Restricted Stock Awards, including, but not limited to, rules
pertaining to the termination of employment or service as a Consultant or Director (by retirement, disability, death, or otherwise) of a Participant prior to expiration of the Forfeitures Restrictions. Such additional terms, conditions, or
restrictions shall be set forth in a Restricted Stock Agreement made in conjunction with the Award. 
 (c) Payment for
Restricted Stock. The Committee shall determine the amount and form of any payment for Common Stock received pursuant to a Restricted Stock Award, provided that in the absence of such a determination, a Participant shall not be required to
make any payment for Common Stock received pursuant to a Restricted Stock Award, except to the extent otherwise required by law. 

(d) Committee’s Discretion to Accelerate Vesting of Restricted Stock Awards. Subject to any limitations
imposed under section 162(m) of the Code, the Committee may, in its discretion and as of a date determined by the Committee, fully vest any or all Common Stock awarded to a Participant pursuant to a Restricted Stock Award and, upon such vesting, all
Forfeiture Restrictions applicable to such Restricted Stock Award shall terminate as of such date. Any action by the Committee pursuant to this Subparagraph may vary among individual Participants and may vary among the Restricted Stock Awards held
by any individual Participant. 
 (e) Restricted Stock Agreements. At the time any Award is made under this
Paragraph VIII, the Company and the Participant shall enter into a Restricted Stock Agreement setting forth each of the matters contemplated hereby and such other matters as the Committee may determine to be appropriate. The terms and provisions of
the respective Restricted Stock Agreements need not be identical. Subject to the restriction set forth in the first sentence of Subparagraph (d) above, the Committee may, in its sole discretion, amend an outstanding Restricted Stock Agreement
from time to time in any manner that is not inconsistent with the provisions of the Plan, provided that, except as otherwise provided in the Plan or the applicable Restricted Stock Agreement, any such amendment shall not materially reduce the rights
of a Participant without the consent of such Participant. 

  
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 IX. PERFORMANCE AWARDS 

(a) Performance Awards. Performance Awards may be in the form of (i) performance share units which are
rights to receive shares of Common Stock (or the Fair Market Value thereof), (ii) rights to receive an amount equal to any appreciation or increase in the Fair Market Value of Common Stock, or (iii) specified cash amounts, which may vest
over a period of time as established by the Committee, but which are subject to the satisfaction of performance criteria or objectives that are based on one or more Performance Measures. The Committee may, in its discretion, require payment or other
conditions of the Participant respecting any Performance Award. 
 (b) Performance Period. The Committee shall
establish, with respect to and at the time of each Performance Award, the number of shares of Common Stock subject to, or the maximum value of, the Performance Award and the performance period over which the performance applicable to the Performance
Award shall be measured. 
 (c) Performance Measures. A Performance Award shall be awarded to a Participant
contingent upon future performance of the Company or any Affiliate, division, or department thereof under a Performance Measure during the performance period. With respect to Performance Awards that are intended to constitute
“performance-based” compensation under section 162(m) of the Code, the Committee shall establish the initial Performance Measures applicable to such performance within any time period required under section 162(m) of the Code and
applicable interpretative authority thereunder. The Committee, in its sole discretion, may provide for an adjustable Performance Award value based upon the level of achievement of Performance Measures. 

(d) Awards Criteria. In determining the value of Performance Awards, the Committee shall take into account a
Participant’s responsibility level, performance, potential, other Awards, and such other considerations as it deems appropriate. The Committee, in its sole discretion, may provide for a reduction in the value of a Participant’s Performance
Award during the performance period. 
 (e) Payment. Following the end of the performance period, the holder of
a Performance Award shall be entitled to receive payment of an amount not exceeding the number of shares of Common Stock subject to, or the maximum value of, the Performance Award, based on the achievement of the Performance Measures for such
performance period, as determined and certified in writing by the Committee. Payment of a Performance Award may be made in cash, Common Stock, or a combination thereof, as determined by the Committee. Payment shall be made in a lump sum or in
installments as prescribed by the Committee. If a Performance Award covering shares of Common Stock is to be paid in cash, such payment shall be based on the Fair Market Value of the Common Stock on the payment date or such other date as may be
specified by the Committee in the Performance Award Agreement. Dividend Equivalents may be paid after the applicable vesting period and Performance Period with respect to an earned Performance Award, in accordance with such terms as may be
determined by the Committee. A Participant shall not be entitled to the privileges and rights of a stockholder with respect to a Performance Award covering shares of Common Stock until payment has been determined by the Committee and such shares
have been delivered to the Participant. 
 (f) Deferrals. With the consent of the Committee, amounts payable in
respect of Performance Awards in the form of performance share units (but not including Dividend Equivalents respecting such Awards) may be subject to elective deferral by the Participant pursuant to the terms and conditions determined by the
Committee and in accordance with the provisions of the Waste Management, Inc. 409A Deferral Savings Plan. 
 (g)
Termination of Award. A Performance Award shall terminate if the Participant does not remain continuously in the employ of the Company and its Affiliates or does not continue to perform services as a Consultant or a Director for the
Company and its Affiliates at all times during the applicable performance period through the payment date, except as may be determined by the Committee. 

  
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 (h) Performance Award Agreements. At the time any Award is made
under this Paragraph IX, the Company and the Participant shall enter into a Performance Award Agreement setting forth each of the matters contemplated hereby and such additional matters as the Committee may determine to be appropriate. The terms and
provisions of the respective Performance Award Agreements need not be identical. 
 X. PHANTOM STOCK AWARDS 

(a) Phantom Stock Awards. Phantom Stock Awards are rights to receive shares of Common Stock (or the Fair Market
Value thereof), or rights to receive an amount equal to any appreciation or increase in the Fair Market Value of Common Stock over a specified period of time, which vest over a period of time as established by the Committee, without satisfaction of
any performance criteria or objectives that are based upon one or more Performance Measures. The Committee may, in its discretion, require payment or other conditions of the Participant respecting any Phantom Stock Award. Specifically, but without
limitation, a Phantom Stock Award may be issued in the form of a restricted stock unit. A Phantom Stock Award may include, without limitation, a Stock Appreciation Right that is granted independently of an Option; provided, however, that the
exercise price per share of Common Stock subject to the Stock Appreciation Right shall be (i) determined by the Committee but, subject to adjustment as provided in Paragraph XII, such exercise price shall not be less than the Fair Market Value
of a share of Common Stock on the date such Stock Appreciation Right is granted, and (ii) subject to the restrictions on repricings described in Paragraph VII(f) in the same manner as applies to Options. 

(b) Award Period. The Committee shall establish, with respect to and at the time of each Phantom Stock Award, a
period over which the Award shall vest with respect to the Participant. 
 (c) Awards Criteria. In determining
the value of Phantom Stock Awards, the Committee shall take into account a Participant’s responsibility level, performance, potential, other Awards, and such other considerations as it deems appropriate. 

(d) Payment. Following the end of the vesting period for a Phantom Stock Award (or at such other time as the
applicable Phantom Stock Award Agreement may provide), the holder of a Phantom Stock Award shall be entitled to receive payment of an amount, not exceeding the maximum value of the Phantom Stock Award, based on the then vested value of the Award.
Payment of a Phantom Stock Award may be made in cash, Common Stock, or a combination thereof as determined by the Committee. Payment shall be made in a lump sum or in installments as prescribed by the Committee. Any payment to be made in cash shall
be based on the Fair Market Value of the Common Stock on the payment date or such other date as may be specified by the Committee in the Phantom Stock Award Agreement. Dividend Equivalents may be paid after the applicable vesting period with respect
to an earned Phantom Stock Award, in accordance with such terms as may be determined by the Committee. A Participant shall not be entitled to the privileges and rights of a stockholder with respect to a Phantom Stock Award until the shares of Common
Stock, if any, have been delivered to the Participant. 
 (e) Deferrals. With the consent of the Committee,
amounts payable in respect of Phantom Stock Awards in the form of restricted stock units (but not including Dividend Equivalents respecting such Awards) may be subject to elective deferral by the Participant pursuant to the terms and conditions
determined by the Committee and in accordance with the provisions of the Waste Management, Inc. 409A Deferral Savings Plan. 

(f) Termination of Award. A Phantom Stock Award shall terminate if the Participant does not remain continuously
in the employ of the Company and its Affiliates or does not continue to perform services as a Consultant or a Director for the Company and its Affiliates at all times during the applicable vesting period, except as may be otherwise determined by the
Committee. 

  
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 (g) Phantom Stock Award Agreements. At the time any Award is made
under this Paragraph X, the Company and the Participant shall enter into a Phantom Stock Award Agreement setting forth each of the matters contemplated hereby and such additional matters as the Committee may determine to be appropriate. The terms
and provisions of the respective Phantom Stock Award Agreements need not be identical. 
 XI. BONUS STOCK AWARDS 

Each Bonus Stock Award granted to a Participant shall constitute a transfer of unrestricted shares of Common Stock on such terms and
conditions as the Committee shall determine. Bonus Stock Awards shall be made in shares of Common Stock and need not be subject to performance criteria or objectives or to forfeiture. The purchase price, if any, for shares of Common Stock issued in
connection with a Bonus Stock Award shall be determined by the Committee in its sole discretion. The Company and the Participant shall enter into a Bonus Stock Award Agreement setting forth the terms of any such Award. 

XII. RECAPITALIZATION OR REORGANIZATION 

(a) No Effect on Right or Power. The existence of the Plan and the Awards granted hereunder shall not affect in
any way the right or power of the Board or the stockholders of the Company to make or authorize any adjustment, recapitalization, reorganization, or other change in the Company’s or any Affiliate’s capital structure or its business, any
merger, consolidation or other business combination of the Company or any Affiliate, any issue of debt or equity securities ahead of or affecting Common Stock or the rights thereof, the dissolution or liquidation of the Company or any Affiliate, any
sale, lease, exchange, or other disposition of all or any part of its assets or business, or any other corporate act or proceeding. 

(b) Subdivision or Consolidation of Shares; Stock Dividends. The shares with respect to which Awards may be
granted are shares of Common Stock as presently constituted, but if, and whenever, prior to the expiration of an Award theretofore granted, the Company shall effect a subdivision or consolidation of shares of Common Stock or the payment of a stock
dividend on Common Stock without receipt of consideration by the Company, the number of shares of Common Stock with respect to which such Award may thereafter be exercised or satisfied, as applicable, (i) in the event of an increase in the
number of outstanding shares, shall be proportionately increased, and the purchase price per share, if any, shall be proportionately reduced, and (ii) in the event of a reduction in the number of outstanding shares, shall be proportionately
reduced, and the purchase price per share, if any, shall be proportionately increased. Any fractional share resulting from such adjustment shall be rounded up to the next whole share. 

(c) Recapitalizations and Corporate Changes. If the Company recapitalizes, reclassifies its capital stock, or
otherwise changes its capital structure (a “recapitalization”), the number and class of shares of Common Stock or other property covered by an Award theretofore granted and the purchase price of Common Stock or other
consideration subject to such Award shall be adjusted so that such Award shall thereafter cover the number and class of shares of stock and securities to which the Participant would have been entitled pursuant to the terms of the recapitalization
if, immediately prior to the recapitalization, the Participant had been the holder of record of the number of shares of Common Stock then covered by such Award. If (i) the Company shall not be the surviving entity in any consummated merger,
consolidation or other business combination or reorganization (or survives only as a subsidiary of an entity), (ii) the Company sells, leases, or exchanges all or substantially all of its assets to any other person or entity, (iii) the
Company is dissolved and liquidated, (iv) any person or entity, including a “group” as contemplated by section 13(d)(3) of the Exchange Act, acquires or gains ownership or control (including, without limitation, the power to vote) of
more than 50% of the outstanding shares of the Company’s voting stock (based upon voting power), or (v) as a result of or in connection with a contested election of directors of the Company, the persons who were directors of the Company
before such election shall cease to constitute a majority of 

  
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the Board (each such event is referred to herein as a “Corporate Change”), then no later than (x) 10 days after such merger, consolidation, business combination,
reorganization, sale, lease, or exchange of assets or dissolution and liquidation or such election of directors or (y) 30 days after a Corporate Change of the type described in clause (iv), the Committee, acting in its sole discretion without
the consent or approval of any Participant, shall effect one or more of the following alternatives in an equitable and appropriate manner to prevent dilution or enlargement of the benefits or potential benefits intended to be made available under
the Plan, which alternatives may vary among individual Participants and which may vary among Awards held by any individual Participant: (1) accelerate the time at which Options or Stock Appreciation Rights then outstanding may be exercised so
that such Awards may be exercised in full for a limited period of time on or before a specified date (before or after such Corporate Change) fixed by the Committee, after which specified date all such unexercised Awards and all rights of
Participants thereunder shall terminate, (2) require the mandatory surrender to the Company by all or selected Participants of some or all of the outstanding Options or Stock Appreciation Rights held by such Participants (irrespective of
whether such Awards are then exercisable under the provisions of the Plan) as of a date, before or after such Corporate Change, specified by the Committee, in which event the Committee shall thereupon cancel such Awards and the Company shall pay (or
cause to be paid) to each Participant an amount of cash per share equal to the excess, if any, of the amount calculated in Subparagraph (d) below (the “Change of Control Value”) of the shares subject to such Awards over
the exercise price(s) under such Awards for such shares, or (3) make such adjustments to Awards then outstanding as the Committee deems appropriate to reflect such Corporate Change and to prevent the dilution or enlargement of rights (provided,
however, that the Committee may determine in its sole discretion that no adjustment is necessary to such Awards then outstanding), including, without limitation, adjusting such an Award to provide that the number and class of shares of Common Stock
covered by such Award shall be adjusted so that such Award shall thereafter cover securities of the surviving or acquiring corporation or other property (including, without limitation, cash) as determined by the Committee in its sole discretion.

 (d) Change of Control Value. For the purposes of clause (2) in Subparagraph (c) above, the
“Change of Control Value” shall equal the amount determined in the following clause (i), (ii) or (iii), whichever is applicable: (i) the per share price offered to stockholders of the Company in any such merger,
consolidation, or other business combination, reorganization, sale of assets or dissolution and liquidation transaction, (ii) the per share price offered to stockholders of the Company in any tender offer or exchange offer whereby a Corporate
Change takes place, or (iii) if such Corporate Change occurs other than pursuant to a tender or exchange offer, the fair market value per share of the shares into which such Options or Stock Appreciation Rights being surrendered are
exercisable, as determined by the Committee as of the date determined by the Committee to be the date of cancellation and surrender of such Awards. In the event that the consideration offered to stockholders of the Company in any transaction
described in this Subparagraph (d) or Subparagraph (c) above consists of anything other than cash, the Committee shall determine the fair cash equivalent of the portion of the consideration offered which is other than cash. 

(e) Other Changes in the Common Stock. In the event of changes in the outstanding Common Stock by reason of
recapitalizations, reorganizations, mergers, consolidations, combinations, split-ups, split-offs, spin-offs, exchanges, or other relevant changes in capitalization or distributions (other than ordinary dividends) to the holders of Common Stock
occurring after the date of the grant of any Award and not otherwise provided for by this Paragraph XII, such Award and any agreement evidencing such Award shall be subject to adjustment by the Committee at its sole discretion as to the number and
price of shares of Common Stock or other consideration subject to such Award, accelerated vesting, conversion into other securities or interests or cash settlement in exchange for cancellation in an equitable and appropriate manner so as to prevent
the dilution or enlargement of the benefits or potential benefits intended to be made available under such Award. Notwithstanding the foregoing, with respect to a change that constitutes an “equity restructuring” that would be subject to a
compensation expense pursuant to Accounting Standards Codification Topic 718, Compensation — Stock Compensation, or any successor accounting standard, the provisions in Subparagraph (c) above shall control to the extent they
are in conflict with the discretionary provisions of this Subparagraph (e). In the event of any such change in the outstanding Common Stock or 

  
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distribution to the holders of Common Stock, or upon the occurrence of any other event described in this Paragraph XII, the aggregate maximum number of shares available under the Plan, the
aggregate maximum number of shares that may be issued under the Plan through Incentive Stock Options, and the maximum number of shares that may be subject to Awards granted to any one individual during any calendar year shall be appropriately
adjusted to the extent, if any, determined by the Committee, whose determination shall be conclusive. 
 (f)
Stockholder Action. Any adjustment provided for in the above Subparagraphs shall be subject to any stockholder action required by applicable law or regulation or the Company’s certificate of incorporation or bylaws. 

(g) No Adjustments Unless Otherwise Provided. Except as hereinbefore expressly provided, the issuance by the
Company of shares of stock of any class or securities convertible into shares of stock of any class, for cash, property, labor or services, upon direct sale, upon the exercise of rights or warrants to subscribe therefor, or upon conversion of shares
or obligations of the Company convertible into such shares or other securities, and in any case whether or not for fair value, shall not affect, and no adjustment by reason thereof shall be made with respect to, the number of shares of Common Stock
subject to Awards theretofore granted or the purchase price per share, if applicable. 
 XIII. AMENDMENT AND TERMINATION OF THE PLAN

 The Board in its discretion may terminate the Plan at any time with respect to any shares of Common Stock for which Awards have not
theretofore been granted. The Board shall have the right to alter or amend the Plan or any part thereof from time to time; provided that no change in the Plan may be made that would materially impair the rights of a Participant with respect to an
Award theretofore granted without the consent of the Participant, and provided, further, that the Board may not, without approval of the stockholders of the Company, (a) amend the Plan to increase the aggregate maximum number of shares that may
be issued under the Plan, increase the aggregate maximum number of shares that may be issued under the Plan through Incentive Stock Options, or change the class of individuals eligible to receive Awards under the Plan, or (b) amend or delete
Paragraph VII(f). 
 XIV. MISCELLANEOUS 

(a) No Right To An Award. Neither the adoption of the Plan nor any action of the Board or of the Committee shall
be deemed to give any individual any right to be granted an Award, or any other rights hereunder except as may be evidenced by an Award agreement duly executed on behalf of the Company, and then only to the extent and on the terms and conditions
expressly set forth therein. The Plan shall be unfunded. The Company shall not be required to establish any special or separate fund or to make any other segregation of funds or assets to assure the performance of its obligations under any Award.

 (b) No Employment/Membership Rights Conferred. Nothing contained in the Plan shall (i) confer upon any
Employee or Consultant any right with respect to continuation of employment or of a consulting or advisory relationship with the Company or any Affiliate or (ii) interfere in any way with the right of the Company or any Affiliate to terminate
his or her employment or consulting or advisory relationship at any time. Nothing contained in the Plan shall confer upon any Director any right with respect to continuation of membership on the Board or the board of directors (or analogous
governing body) of any Affiliate of the Company. 
 (c) Other Laws; Withholding. The Company shall not be
obligated to issue any Common Stock pursuant to any Award granted under the Plan at any time when the shares covered by such Award have not been registered under the Securities Act of 1933, as amended, and such other state and federal laws, rules,
and regulations as the Company or the Committee deems applicable and, in the opinion of legal counsel for 

  
 13 

 
the Company, there is no exemption from the registration requirements of such laws, rules, and regulations available for the issuance and sale of such shares. No fractional shares of Common Stock
shall be delivered, nor shall any cash in lieu of fractional shares be paid unless otherwise determined by the Committee. The Company shall have the right to deduct in connection with all Awards any taxes required by law to be withheld and to
require any payments required to enable it to satisfy its withholding obligations. 
 (d) No Restriction on Corporate
Action. Nothing contained in the Plan shall be construed to prevent the Company or any Affiliate from taking any action which is deemed by the Company or such Affiliate to be appropriate or in its best interest, whether or not such action
would have an adverse effect on the Plan or any Award made under the Plan. No Participant, beneficiary or other person shall have any claim against the Company, any Affiliate, or the Board or the Committee as a result of any such action. 

(e) Restrictions on Transfer. An Award (other than an Incentive Stock Option, which shall be subject to the
transfer restrictions set forth in Paragraph VII(c)) shall not be transferable otherwise than (i) by will or the laws of descent and distribution, (ii) pursuant to a qualified domestic relations order as defined by the Code or Title I of
the Employee Retirement Income Security Act of 1974, as amended, or the rules thereunder, or (iii) with the consent of the Committee. 

(f) Clawback. Notwithstanding any provisions in the Plan to the contrary, any portion of the payments and
benefits provided under the Plan or the sale of shares of Common Stock shall be subject to a clawback or other recovery by the Company to the extent necessary to comply with applicable law including, without limitation, the requirements of the
Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010 or any Securities and Exchange Commission rule. The Committee, in its discretion, may also specify clawback and/or recovery provisions in Award Agreements under the Plan. 

(g) Section 409A of the Code. Plan provisions to the contrary notwithstanding, in the event an Award granted
under the Plan is governed by Section 409A of the Code, then (i) such Award shall be interpreted by the Committee to comply with Section 409A of the Code, and (ii) the Committee, in its discretion, may amend such Award, without a
Participant’s consent, as necessary to avoid the imposition of additional taxes and interest under Section 409A of the Code. 

(h) Delayed Payment Restriction. Notwithstanding any provision in the Plan or an Award agreement to the contrary,
if any payment or benefit provided for under an Award would be subject to additional taxes and interest under section 409A of the Code if the Participant’s receipt of such payment or benefit is not delayed in accordance with the requirements of
section 409A(a)(2)(B)(i) of the Code, then such payment or benefit shall not be provided to the Participant (or the Participant’s estate, if applicable) until the earlier of (i) the date of the Participant’s death or (ii) the
date that is six months after the date of the Participant’s separation from service with the Company. 
 (i)
Effect on Prior Plan. From and after the Effective Date, no further awards or grants will be made under the Prior Plan. The Prior Plan will, however, continue in existence and operation following the Effective Date with respect to
awards or grants outstanding under the Prior Plan. From and after the Effective Date, shares available for issuance under the Prior Plan will be subject to the provisions of Section V(a) of the Plan. The Prior Plan is hereby amended as necessary to
effect the provisions of Section V(a) of the Plan. 
 (j) Governing Law. The Plan shall be governed by, and
construed in accordance with, the laws of the State of Texas, without regard to conflicts of laws principles thereof. 

  
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