Document:

EXHIBIT 4.1

 

THE ROYAL BANK OF SCOTLAND GROUP PLC

as Issuer

TO

THE BANK OF NEW YORK MELLON

acting through its London Branch

as Trustee

INDENTURE

CONTINGENT CONVERTIBLE SECURITIES

AUGUST 10, 2015

 

	 

	 

THE ROYAL BANK OF SCOTLAND GROUP plc

 

Reconciliation and tie between Trust Indenture
Act of 1939, as amended by the Trust Indenture Reform Act of 1990, and Contingent Convertible Securities Indenture, dated as of
August 10, 2015.

 

	
        Trust Indenture

Act Section 
	
        Contingent
Convertible Securities Indenture Section 

	§310	(a)(1) 	6.09
	 	(a)(2) 	‎6.09
	 	(a)(3) 	Not Applicable
	 	(a)(4) 	Not Applicable
	 	(b) 	‎6.09, ‎6.11
	 	(c) 	Not Applicable
	§311	(a) 	‎6.14
	 	(b) 	‎6.14
	 	(b)(2) 	‎7.03(a), ‎7.03(b)
	 	(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
	 	(b) 	‎6.02, ‎7.03(a)
	 	(c) 	‎6.01
	 	(d) 	‎6.01
	 	(d)(1) 	‎6.01
	 	(d)(2) 	‎6.01
	 	(d)(3) 	‎6.01
	 	(e) 	‎5.14

	 

	 

	§316	(a)(1)(A) 	‎5.02, ‎5.12
	 	(a)(l)(B) 	‎5.13
	 	(a)(2) 	Not Applicable
	 	(a)(last sentence) 	‎1.01
	 	(b) 	‎5.08
	§317	(a)(1) 	‎5.03
	 	(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 the Contingent Convertible Securities Indenture.

 

	 

	 

TABLE OF CONTENTS

 

Page

 

	Article 1
 Definitions and Other Provisions of General Application

                                                

	Section 1.01. Definitions	1
	Section 1.02. Compliance Certificates and Opinions.	11
	Section 1.03. Form of Documents Delivered to Trustee	11
	Section 1.04. Acts of Holders	12
	Section 1.05. Notices, Etc. to Trustee and Company	13
	Section 1.06. Notice to Holders; Waiver	14
	Section 1.07. Conflict with Trust Indenture Act	15
	Section 1.08. Effect of Headings and Table of Contents	15
	Section 1.09. Successors and Assigns	15
	Section 1.10. Separability Clause	15
	Section 1.11. Benefits of Contingent Convertible Securities Indenture	15
	Section 1.12. Governing Law	15
	Section 1.13. Saturdays, Sundays and Legal Holidays	16
	Section 1.14. Appointment of Agent for Service	16
	Section 1.15. Calculation Agent	17
	

     

     

    

	Section 1.16. Waiver of Jury Trial	17
	

                                                

                                               Article 2
 Contingent Convertible Security Forms

                                                

	Section 2.01. Forms Generally	17
	Section 2.02. Form of Trustee’s Certificate of Authentication	18
	

                                                

                                               Article 3
 The Contingent Convertible Securities

                                                

	Section 3.01. Amount Unlimited, Issuable in Series	18
	Section 3.02. Denominations	23
	Section 3.03. Execution, Authentication, Delivery and Dating	23
	Section 3.04. Temporary Contingent Convertible Securities	24
	Section 3.05. Registration, Registration of Transfer and Exchange.	24
	Section 3.06. Mutilated, Destroyed, Lost and Stolen Contingent Convertible Securities	29
	Section 3.07. Payment; Interest Rights Preserved	30
	Section 3.08. Persons Deemed Owners	30
	Section 3.09. Cancellation	31
	Section 3.10. Computation of Interest	31
	Section 3.11. CUSIP Numbers	31

	Section 3.12. Additional Contingent Convertible Securities	31

i 

     

     

    
	Section 3.13. Correction Of Minor Defects in or Amendment of Contingent Convertible Securities	32
	

                                                

                                               Article 4
 Satisfaction and Discharge

                                                

	Section 4.01. Satisfaction and Discharge of Contingent Convertible Securities Indenture	32
	Section 4.02. Application of Trust Money	34
	Section 4.03. Repayment to Company	34
	Section 4.04. PRA Consent	34
	

                                                

                                               Article 5
 Remedies

                                                

	Section 5.01. Events of Default	34
	Section 5.02. Acceleration of Maturity; Rescission and Annulment	35
	Section 5.03. Collection of Indebtedness and Suits for Enforcement by Trustee.	36
	Section 5.04. Trustee May File Proofs of Claim	37
	Section 5.05. Trustee May Enforce Claims Without Possession of Contingent Convertible Securities	38
	Section 5.06. Application of Money Collected	38
	Section 5.07. Limitation on Suits	39
	Section 5.08. Unconditional Right of Holders to Receive Principal, Premium and Interest, if any	39
	Section 5.09. Restoration of Rights and Remedies	40
	Section 5.10. Rights and Remedies Cumulative	40
	Section 5.11. Delay or Omission Not Waiver	40
	Section 5.12. Control by Holders	40
	Section 5.13. Waiver of Past of Defaults	41
	Section 5.14. Undertaking for Costs	41
	

                                                

                                               Article 6
 The Trustee

                                                

	Section 6.01. Certain Duties and Responsibilities	42
	Section 6.02. Notice of Defaults	42
	Section 6.03. Certain Rights of Trustee	42
	Section 6.04. Not Responsible for Recitals or Issuance of Contingent Convertible Securities	44
	Section 6.05. May Hold Contingent Convertible Securities	44
	Section 6.06. Money Held in Trust	45
	Section 6.07. Compensation and Reimbursement.	45
	Section 6.08. Disqualification; Conflicting Interests	46
	Section 6.09. Corporate Trustee Required; Eligibility	46
	Section 6.10. Resignation and Removal; Appointment of Successor.	46

ii 

     

     

    
	Section 6.11. Acceptance of Appointment by Successor.	48
	Section 6.12. Merger, Conversion, Consolidation or Succession to Business	50
	Section 6.13. Preferential Collection of Claims	50
	Section 6.14. Appointment of Authenticating Agent	50
	

                                                

                                               Article 7
 Holders Lists and Reports by Trustee and Company

                                                

	Section 7.01. Company to Furnish Trustee Names and Addresses of Holders	52
	Section 7.02. Preservation of Information; Communication to Holders.	52
	Section 7.03. Reports by Trustee.	53
	Section 7.04. Reports by Company	54
	

                                                

                                               Article 8
 Consolidation, Merger, Conveyance or Transfer

                                                

	Section 8.01. Company May Consolidate, etc., Only on Certain Terms	54
	Section 8.02. Successor Corporation Substituted	55
	Section 8.03. Assumption of Obligations	55
	Section 8.04. Notification of Assumption or Substitution.	56
	

                                                

                                               Article 9
 Supplemental Indentures

                                                

	Section 9.01. Supplemental Indenture without Consent of Holders	57
	Section 9.02. Supplemental Indentures with Consent of Holders	58
	Section 9.03. Execution of Supplemental Indentures	59
	Section 9.04. Effect of Supplemental Indentures	60
	Section 9.05. Conformity with Trust Indenture Act	60
	Section 9.06. Reference in Contingent Convertible Securities to Supplemental Indentures	60
	Section 9.07. Notification of Modification or Supplemental Indenture	60
	

                                                

                                               Article 10
 Covenants

                                                

	Section 10.01. Payment of Principal, Premium, and Interest	61
	Section 10.02. Maintenance of Office or Agency	61
	Section 10.03. Money for Payments to be Held in Trust	62
	Section 10.04. Additional Amounts	63
	Section 10.05. Corporate Existence	65
	Section 10.06. Statement as to Compliance	65
	Section 10.07. Original Issue Document	65

iii 

     

     

    
	Article 11
 Redemption of Contingent Convertible Securities

                                                

	Section 11.01. Applicability of Article	66
	Section 11.02. Election to Redeem; Notice to Trustee	66
	Section 11.03. Selection by Trustee of Contingent Convertible Securities to be Redeemed	66
	Section 11.04. Notice of Redemption	67
	Section 11.05. Deposit of Redemption Price	67
	Section 11.06. Contingent Convertible Securities Payable on Redemption Date	68
	Section 11.07. Contingent Convertible Securities Redeemed in Part	68
	

                                                

                                               Article 12
 Subordination of Contingent Convertible Securities

                                                

	Section 12.01. Contingent Convertible Securities Subordinate to Certain Other Claims of Creditors of the Company.	69
	Section 12.02. Provisions Solely to Define Relative Rights	69
	Section 12.03. Trustee to Effectuate Subordination	70
	Section 12.04. No Waiver of Subordination Provisions	70
	Section 12.05. Notice to Trustee	70
	Section 12.06. Reliance on Judicial Order or Certificate of Liquidating Agent	71
	Section 12.07. Trustee Not Fiduciary for Senior Creditors	71
	Section 12.08. Rights of Trustee as Senior Creditor; Preservation of Trustee’s Rights	71
	Section 12.09. Article Applicable to Paying Agents	72
	 	 
	TESTIMONIUM	72
	SIGNATURES AND SEALS	73

iv 

     

     

    

CONTINGENT CONVERTIBLE SECURITIES INDENTURE,
dated as of August 10, 2015 between THE ROYAL BANK OF SCOTLAND GROUP plc, a company incorporated in Scotland with registered number
SC045551 (the “Company”), having its registered office at 36 St. Andrew Square, Edinburgh EH2 2YB, United Kingdom
and THE BANK OF NEW YORK MELLON (previously named The Bank of New York), acting through its London Branch, a banking corporation
duly organized and existing under the laws of the State of New York as Trustee (the “Trustee”), having its Corporate
Trust Office at One Canada Square, London E14 5AL.

 

RECITALS OF THE COMPANY

 

The Company has duly authorized the execution
and delivery of this Contingent Convertible Securities Indenture to provide for the issuance from time to time of its Contingent
Convertible Securities (herein called the “Contingent Convertible Securities”), to be issued in one or more
series, represented by one or more Global Securities in registered form without coupons for payments attached, or represented by
definitive Contingent Convertible Securities in registered form without coupons for payments attached, the amount and terms of
each such series to be determined as hereinafter provided.

 

All things necessary to make this Contingent
Convertible Securities Indenture a valid and binding agreement of the Company, in accordance with its terms, have been done.

 

NOW, THEREFORE, THIS CONTINGENT CONVERTIBLE
SECURITIES INDENTURE WITNESSETH:

 

For and in consideration of the premises
and the purchase of the Contingent Convertible Securities by the Holders thereof, it is mutually covenanted and agreed, for the
equal and proportionate benefit of all Holders of Contingent Convertible Securities as follows:

 

Article
1

Definitions and Other Provisions of General Application

 

Section 1.01. Definitions. For all
purposes of this Contingent Convertible Securities Indenture, except as otherwise expressly provided or unless the context otherwise
requires:

 

(a) the terms defined in this
Article have the meanings assigned to them in this Article and include the plural as well as the singular;

 

1 

     

     

    

(b) all other terms used herein
which are defined in the Trust Indenture Act, either directly or by reference therein, have the meanings assigned to them therein;

 

(c) all accounting terms not otherwise
defined herein have the meanings assigned to them in accordance with generally accepted accounting principles and, except as otherwise
herein expressly provided, the term “generally accepted accounting principles” with respect to any computation required
or permitted hereunder shall mean such accounting principles as are generally accepted in the United Kingdom at the date of such
computation and as applied by the Company;

 

(d) the words “herein”,
“hereof” and “hereunder” and other words of similar import refer to this Contingent Convertible
Securities Indenture as a whole and not to any particular Article, Section or other subdivision; and

 

(e) unless the context requires,
any reference to an “Article” or a “Section” refers to an Article or Section of this Contingent
Convertible Securities Indenture.

 

“Act”, when used with
respect to any Holder, has the meaning specified in ‎Section 1.04.

 

“Additional Amounts”
shall have the meaning set forth in ‎Section 10.04.

 

“Additional Contingent Convertible
Securities” has the meaning set forth in ‎Section 3.12.

 

“Affiliate” of any specified
Person means any other Person directly or indirectly controlling or controlled by or under direct or indirect common control with
such specified Person. For the purposes of this definition, “control” when used with respect to any specified
Person means the power to direct the management and policies of such Person, directly or indirectly, whether through the ownership
of voting securities, by contract or otherwise; and the terms “controlling” and “controlled “
have meanings correlative to the foregoing.

 

“Agent Member” means
a member of, or participant in, any Depositary.

 

“Auditors” means the
Auditors from time to time of the Company or if there shall be joint Auditors of the Company any one or more of such joint Auditors.

 

“Authenticating Agent”
means any Person authorized by the Trustee to act on behalf of the Trustee to authenticate Contingent Convertible Securities. Initially,
the Trustee shall act as Authenticating Agent.

 

2

     

     

    

“Authorized Newspaper”
means a newspaper in an official language of the country of publication customarily published at least once a day for at least
five days in each calendar week and of general circulation in the place in connection with which the term is used, which, in the
United Kingdom, will be the Financial Times of London, if practicable, and which, in the United States, will be the Wall
Street Journal, if practicable, and which, in the country in which the Contingent Convertible Securities are listed, if any,
will be any such publication in the jurisdiction where such stock exchange is located, and if it shall be impracticable in the
opinion of the Company or the Trustee, as applicable to make any publication of any notice required hereby in any such newspaper,
shall mean any publication or other notice in lieu thereof which is made or given with the approval of the Company or the Trustee,
as applicable, which may include publication or other notice to members through DTC, Euroclear and Clearstream.

 

“Board of Directors”
means either the board of directors, or any committee of such board duly authorized to act with respect hereto, of the Company,
which board of directors or committee may, to the extent permitted by applicable law, delegate its authority.

 

“Board Resolution” means
a copy of a resolution certified by the Secretary or a Deputy or Assistant Secretary of the Company to have been duly adopted by
the Board of Directors or an authorized committee thereof and to be in full force and effect on the date of such certification
and delivered to the Trustee.

 

“Business Day” means
a day on which commercial banks and foreign exchange markets settle payments and are open
for general business (including dealing in foreign exchange and foreign currency deposits) in New York City and London.

 

“Calculation Agent” means
the Person, if any, authorized by the Company to calculate the interest rate or other amounts from time to time in relation to
any series of Contingent Convertible Securities.

 

“Capital Regulations”
means, at any time, the laws, regulations, requirements, guidelines and policies of the PRA and/or the European Parliament or of
the Council of the European Union relating to capital adequacy for credit institutions (including, without limitation as to leverage)
then in effect as applicable to the Company or the Regulatory Group including, without limitation to the generality of the foregoing,
any delegated or implementing acts (such as regulatory technical standards) adopted by the European Commission and any regulations,
requirements, guidelines and policies relating to capital adequacy adopted by the PRA from time to time (whether or not such requirements,
guidelines or policies are applied generally or specifically to the Company or to the Regulatory Group).

 

“Clearstream” means,
Clearstream Banking, société anonyme, or its nominee or its or their successor.

 

3

     

     

    

“Commission” means the
United States Securities and Exchange Commission, as from time to time constituted, created under the Exchange Act, or, if at any
time after the execution of this instrument such Commission is not existing and performing the duties now assigned to it under
the Trust Indenture Act, then the body performing such duties at such time.

 

“Company” means the Person
named as the “Company” in the first paragraph of this Contingent Convertible Securities Indenture until a successor
corporation shall have become such pursuant to the applicable provisions of this Contingent Convertible Securities Indenture, and
thereafter “Company” shall mean such successor corporation.

 

“Company Request” and
“Company Order” mean, respectively, a written request or order signed in the name of the Company by an Executive
Officer and delivered to the Trustee.

 

“Contingent Convertible Securities”
has the meaning set forth in the recitals of the Company herein and more particularly means any series of Contingent Convertible
Securities issued, authenticated and delivered under this Contingent Convertible Securities Indenture.

 

“Contingent Convertible Securities
Indenture” means this instrument as originally executed or as it may from time to time be supplemented or amended by
one or more indentures supplemental hereto entered into pursuant to the applicable provisions hereof and shall include the terms
and forms of particular series of Contingent Convertible Securities established pursuant to ‎Section 3.01.

 

“Contingent Convertible Security”
means one of the Contingent Convertible Securities.

 

“Contingent Convertible Security
Register” and “Contingent Convertible Security Registrar” have the respective meanings specified in
‎Section 3.05.

 

“Corporate Trust Office”
means the office of the Trustee in which its corporate trust business is principally administered,
which, with respect to The Bank of New York Mellon, acting through its London Branch, is currently located at One Canada Square,
London E14 5AL (Attention: Corporate Trust Administration, Facsimile: +44 20 7964 2536).

 

The term “corporation”
includes corporations, associations, companies and business trusts.

 

“CRD IV” means, taken
together, (i) the CRD IV Directive, (ii) the CRD IV Regulation and (iii) the Capital Regulations.

 

4

     

     

    

“CRD IV Directive” means
Directive 2013/36/EU of the European Parliament and of the Council of June 26, 2013 on access to the activity of credit institutions
and the prudential supervision of credit institutions and investment firms amending Directive 2002/87/EC and repealing Directives
2006/48/EC and 2006/49/EC, and any successor directive.

 

“CRD IV Regulation” means
Regulation (EU) No. 575/2013 of the European Parliament and of the Council of June 26, 2013 on prudential requirements for credit
institutions and investment firms amending Regulation (EU) No. 648/2012, and any successor regulation.

 

“Depositary” means, with
respect to Contingent Convertible Securities of any series issuable or issued in whole or in part in the form of one or more Global
Securities in registered form, a clearing agency that is designated to act as depositary for such Global Securities as contemplated
by ‎Section 3.01.

 

“Dollar” or “$”
or any similar reference means the coin or currency of the United States which as at the time of payment is legal tender for the
payment of public and private debts.

 

“DTC” means the Depository
Trust & Clearing Company or its nominee or its or their successor.

 

“euro” or “€”
means the currency of the member states of the European Union (“EU”) that, from time to time, have adopted the
single currency in accordance with the treaty establishing the European Community, as amended from time to time.

 

“Euroclear” means the
Euroclear Bank S.A./N.V. as operator of the Euroclear system, or its nominee, or its or their successor.

 

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

 

“Exchange Act” means
the United States Securities Exchange Act of 1934, as amended.

 

“Executive Officer” means
any Director, or the RBS General Counsel, or the RBS Secretary, or the RBS Treasurer, or the RBS Deputy Secretary, or any Assistant
Secretary of the Company or the Group, as applicable, or the Head of Treasury Markets, RBS Treasury, or a duly authorized Commissioner
and Attorney of the Company, in terms of the Commission and Power of Attorney from time to time in effect and registered in the
Books of Council and Session, in Edinburgh and, in each case, any other person authorized by a Board Resolution, or a resolution
of the RBS Asset and Liability Management Committee or a subcommittee thereof, to carry out the functions such officer performs.

 

5

     

     

    

“Foreign Currency” means
the euro or any currency issued by the government of any country (or a group of countries or participating member states) other
than the United States which as at the time of payment is legal tender for the payment of public and private debts.

 

“Foreign Government Securities”
means with respect to Contingent Convertible Securities of any series that are denominated in a Foreign Currency, non-callable
(i) direct obligations of the participating member state or government that issued such Foreign Currency for the payment of which
obligations its full faith and credit is pledged or (ii) obligations of a Person controlled or supervised by and acting as an agency
or instrumentality of such participating member state or government, the payment of which obligations is unconditionally guaranteed
as a full faith and credit obligation of such participating member state or government. For the avoidance of doubt, for all purposes
hereof, euro shall be deemed to have been issued by each participating member state from time to time.

 

“Global Security” means
a global certificate evidencing all or part of a series of Contingent Convertible Securities, authenticated and delivered to or
on behalf of the Holder and registered in the name of the Holder or its nominee.

 

“Group” means The Royal
Bank of Scotland Group plc together with its subsidiaries consolidated in accordance with International Financial Reporting Standards.

 

“Holder” means a Person
in whose name a Contingent Convertible Security in global or definitive form is registered in the Contingent Convertible Security
Register.

 

“Interest Payment Date”,
when used with respect to any Contingent Convertible Security, means the Stated Maturity, if any, of any instalment of interest
on such Contingent Convertible Security.

 

“Liquidator” has the
meaning specified in ‎Section 12.06.

 

“Losses” means any and
all claims, losses, liabilities, damages, costs, expenses and judgments (including legal fees and expenses) sustained by the Company
or the Trustee.

 

“Maturity”, when used
with respect to any Contingent Convertible Security, means the date, if any, on which the principal of such Contingent Convertible
Security becomes due and payable as therein or herein provided, whether by call for redemption, winding-up of the Company or otherwise.

 

“Officer’s Certificate”
means a certificate delivered to the Trustee and signed by an Executive Officer.

 

6

     

     

    

“Opinion of Counsel”
means a written opinion of counsel, who may be an employee of or legal advisors for the Company or other legal advisors acceptable
to the Trustee.

 

“ordinary shares” means
the ordinary shares of the Company, nominal value of £1.00 each.

 

“Original Issue Discount Security”
means any Contingent Convertible Security which provides for an amount less than the principal amount to be due and payable upon
a declaration of the Maturity thereof pursuant to ‎Section 5.02.

 

“Outstanding”, when used
with respect to Contingent Convertible Securities or any series of Contingent Convertible Securities means (except as otherwise
specified pursuant to ‎Section 3.01), as of the date of determination, all Contingent Convertible Securities or all Contingent
Convertible Securities of such series, as the case may be, theretofore authenticated and delivered under this Contingent Convertible
Securities Indenture, except:

 

(i) Contingent Convertible Securities
theretofore cancelled by the Trustee or delivered to the Trustee for cancellation;

 

(ii) Contingent Convertible Securities,
or portions thereof, for whose payment or redemption money, U.S. Government Obligations or Foreign Government Securities in the
necessary amount have been theretofore deposited with the Trustee or any Paying Agent (other than the Company) in trust or set
aside and segregated in trust by the Company (if the Company shall act as its own Paying Agent) for the Holders of such Contingent
Convertible Securities; provided, that, if such Contingent Convertible Securities are to be redeemed, notice of such redemption
has been duly given pursuant to this Contingent Convertible Securities Indenture or provision therefor satisfactory to the Trustee
has been made; and

 

(iii) Contingent Convertible Securities
which have been paid pursuant to ‎Section 11.06 or in exchange for or in lieu of which other Contingent Convertible Securities
or ordinary shares delivered pursuant to this Contingent Convertible Securities Indenture, other than any such Contingent Convertible
Securities in respect of which there shall have been presented to the Trustee proof satisfactory to it that such Contingent Convertible
Securities are held by a bona fide purchaser in whose hands such Contingent Convertible Securities are valid obligations of the
Company;

 

provided, however, that in determining whether the Holders
of the requisite principal amount of the Outstanding Contingent Convertible Securities of any series have given any request, demand,
authorization, direction, notice, consent or waiver hereunder, (i) the principal amount of a Contingent Convertible Security

 

7

     

     

    

denominated in a Foreign Currency shall be the Dollar equivalent,
determined on the date of original issuance of such Contingent Convertible Security, of the principal amount of such Contingent
Convertible Security; and (ii) Contingent Convertible Securities beneficially owned by the Company or any other obligor upon the
Contingent Convertible Securities or any Affiliate of the Company or of such other obligor shall be disregarded and deemed not
to be Outstanding except that, in determining whether the Trustee shall be protected in relying upon any such request, demand,
authorization, direction, notice, consent or waiver, only Contingent Convertible Securities for which a Responsible Officer of
the Trustee has received an Officer’s Certificate stating that such Contingent Convertible Securities are so beneficially
owned shall be so disregarded; provided, further, however, that Contingent Convertible Securities so beneficially owned
which have been pledged in good faith may be regarded as Outstanding if the pledgee establishes to the satisfaction of the Trustee
the pledgee’s right so to act with respect to such Contingent Convertible Securities and that the pledgee is not the Company
or any other obligor upon the Contingent Convertible Securities or any Affiliate of the Company or of such other obligor.

 

“Paying Agent” means
any Person (which may include the Company) authorized by the Company to pay the principal of (and premium, if any) or interest,
if any, on any Contingent Convertible Securities on behalf of the Company.

 

“Person” means any individual,
corporation, partnership, joint venture, association, joint-stock company, trust, unincorporated organization or government or
any agency or political subdivision thereof or other entity.

 

“Place of Payment”, when
used with respect to the Contingent Convertible Securities of any series, means the place or places where the principal of (and
premium, if any) and interest, if any, on the Contingent Convertible Securities of that series are payable as specified pursuant
to ‎Section 3.01 or, if not so specified, as specified in ‎Section 10.02.

 

“PRA” means the Prudential
Regulation Authority or such other authority having primary supervisory authority with respect to the prudential regulation of
the Company’s business.

 

“Predecessor Security”
of any particular Contingent Convertible Security means every previous Contingent Convertible Security evidencing all or a portion
of the same debt as that evidenced by such particular Contingent Convertible Security; and, for the purposes of this definition,
any Contingent Convertible Security authenticated and delivered under ‎Section 3.06 in exchange for or in lieu of a mutilated,
destroyed, lost or stolen Contingent Convertible Security shall be deemed to evidence the same debt as the mutilated, destroyed,
lost or stolen Contingent Convertible Security.

 

8

     

     

    

“Redemption Date”, when
used with respect to any Contingent Convertible Security to be redeemed, means the date fixed for such redemption as specified
in accordance with ‎Section 3.01.

 

“Redemption Price”, when
used with respect to any Contingent Convertible Security to be redeemed, means the price at which it is to be redeemed as specified
in accordance with ‎Section 3.01.

 

“Regular Record Date”
for the interest payable on any Interest Payment Date on registered Contingent Convertible Securities of any series means the date
specified for the purpose pursuant to ‎Section 3.01.

 

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

 

“Responsible Officer”,
when used with respect to the Trustee, means any officer of the Trustee assigned to or working
in the Corporate Trust Department of the Trustee or, with respect to a particular corporate trust matter, any other officer to
whom such matter is referred because of his or her knowledge of and familiarity with the particular subject and who shall have
direct responsibility for the administration of this Contingent Convertible Securities Indenture.

 

“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 a Winding-up or Administration Event or otherwise) to the claims of unsubordinated creditors of the Company
but not further or otherwise, or (iii) who are subordinated creditors of the Company (whether as aforesaid or otherwise), other
than those whose claims rank, or are expressed to rank, pari passu with, or junior to, the claims of holders of any series
of the Contingent Convertible Securities and/or pari passu with or junior to any claims ranking pari passu with the
claims of holders of any series of the Contingent Convertible Securities, in each case, in a Winding-up or Administration Event
and (iv) any other creditors identified as Senior Creditors with respect to Contingent Convertible Securities of such series pursuant
to ‎Section 3.01.

 

“Stated Maturity”, when
used with respect to any Contingent Convertible Security or any instalment of principal thereof or interest thereon, means the
date, if any, specified in, or determined in accordance with the terms of, such Contingent Convertible Security as the fixed date
on which the principal or interest (as the case may be) of such Contingent Convertible Security is due and payable.

 

9

     

     

    

“Subsidiary” means a
subsidiary or a subsidiary undertaking as such terms are defined in Sections 1159 and 1162 of the UK Companies Act 2006 as
in force at the date as of which this instrument was executed.

 

“successor entity” has
the meaning specified in ‎Section 8.03.

 

“Taxing Jurisdiction”
has the meaning specified in ‎Section 10.04.

 

“Trustee” means the Person
named as the “Trustee” in the first paragraph of this instrument until a successor trustee shall have become
such pursuant to the applicable provisions of this Contingent Convertible Securities Indenture, and thereafter “Trustee”
shall mean the Person who is then the Trustee hereunder, and if at any time there is more than one such Person, “Trustee”
shall mean and include each such Person; and “Trustee” as used with respect to the Contingent Convertible Securities
of any series shall mean the Trustee with respect to the Contingent Convertible Securities of such series.

 

“Trust Indenture Act”
means the Trust Indenture Act of 1939, as amended by the Trust Indenture Reform Act of 1990, as in force at the date as of which
this instrument was executed, except as provided in ‎Section 9.05.

 

“United Kingdom” or “U.K.”
means the United Kingdom of Great Britain and Northern Ireland.

 

“United States” and “U.S.”
mean the United States of America and, except in the case of Sections ‎6.09 and ‎6.14, its territories and possessions.

 

“U.S. Government Obligations”
means non-callable (i) direct obligations of the United States for which its full faith and credit are pledged and/or (ii) obligations
of a Person controlled or supervised by and acting as an agency or instrumentality of the United States, the payment of which is
unconditionally guaranteed as a full faith and credit obligation of the United States, and shall also include a depository receipt
issued by a bank (as defined in Section 3(a)(2) of the Securities Act of 1933, as amended), which may include the Trustee, as custodian
with respect to any such U.S. Government Obligation or a specific payment of principal of or interest on any such U.S. Government
Obligation held by such custodian for the account of the holder of such depository receipt, provided that (except as required by
law) such custodian is not authorized to make any deduction from the amount payable to the holder of such depository receipt from
any amount received by the custodian in respect of the U.S. Government Obligation or the specific payment of principal of or interest
on the U.S. Government Obligation evidenced by such depository receipt.

 

“Winding-up or Administration Event”
will have the meaning specified in a supplemental indenture with respect to a series of Contingent Convertible Securities.

 

10

     

     

    

Section 1.02. Compliance Certificates
and Opinions. Except as otherwise expressly provided by this Contingent Convertible Securities Indenture, upon any application
or request by the Company to the Trustee to take any action under any provision of this Contingent Convertible Securities Indenture,
the Company shall furnish to the Trustee an Officer’s Certificate stating that all conditions precedent, if any, provided
for in this Contingent Convertible Securities Indenture relating to the proposed action have been complied with and an Opinion
of Counsel stating that in the opinion of the legal advisor rendering such opinion all such conditions precedent, if any, have
been complied with, except that in the case of any such application or request as to which the furnishing of such documents is
specifically required by any provision of this Contingent Convertible Securities Indenture relating to such particular application
or request, no additional certificate or opinion need be furnished.

 

Every certificate or opinion with respect
to compliance with a condition or covenant provided for in this Contingent Convertible Securities Indenture shall include:

 

(a) a statement that each Person signing
such certificate or opinion has read such covenant or condition and the definitions herein relating thereto;

 

(b) a brief statement as to the nature and
scope of the examination or investigation upon which the statements or opinions contained in such certificate or opinion are based;

 

(c) a statement that, in the opinion of
each such Person, he has made such examination or investigation as is necessary to enable him to express an informed opinion as
to whether or not such covenant or condition has been complied with; and

 

(d) a statement as to whether, in the opinion
of each such Person, such condition or covenant has been complied with.

 

Section 1.03. Form of Documents Delivered
to Trustee. In any case where several matters are required to be certified by, or covered by an opinion of, any specified Person,
it is not necessary that all such matters be certified by, or covered by the opinion of, only one such Person, or that they be
so certified or covered by only one document, but one such Person may certify or give an opinion with respect to some matters and
one or more other such Persons as to other matters, and any such Person may certify or give an opinion as to such matters in one
or several documents.

 

Any certificate or opinion of an officer
of the Company may be based, insofar as it relates to legal matters, upon a certificate or opinion of, or representations by, legal
advisors, unless such officer knows, or in the exercise of reasonable care should know, that the certificate or opinion or representations
with respect to the matters upon which his certificate or opinion is based are

 

11

     

     

    

erroneous. Any such certificate or opinion of, or representations
by, legal advisors may be based, insofar as it relates to factual matters, upon a certificate or opinion of, or representations
by, an officer or officers of the Company stating that the information with respect to such factual matters is in the possession
of the Company, unless such legal advisors know, or in the exercise of reasonable care should know, that the certificate or opinion
or representation with respect to such matters is erroneous.

 

Where any Person is required to make, give
or execute two or more applications, requests, consents, certificates, statements, opinions or other instruments under this Contingent
Convertible Securities Indenture, they may, but need not, be consolidated and form one instrument.

 

Section 1.04. Acts of Holders. (a)
Any request, demand, authorization, direction, notice, consent, waiver or other action provided by this Contingent Convertible
Securities Indenture to be given or taken by Holders may be embodied in and evidenced by one or more instruments of substantially
similar tenor signed by such Holders in person or by an agent duly appointed in writing; and, except as herein otherwise expressly
provided, such action shall become effective when such instrument or instruments are delivered to the Trustee and, when it is hereby
expressly required, to the Company. Such instrument or instruments (and the action embodied therein and evidenced thereby) are
herein sometimes referred to as the “Act” of the Holders signing such instrument or instruments. Proof of execution
of any such instrument or of a writing appointing any such agent shall be sufficient for any purpose of this Contingent Convertible
Securities Indenture and (subject to ‎Section 6.01) conclusive in favor of the Trustee and the Company, if made in the manner
provided in this Section.

 

(b) The fact and date of the execution by
any Person of any such instrument or writing may be proved by the affidavit of a witness of such execution or by a certificate
of a notary public or other officer authorized by law to take acknowledgments of deeds, certifying that the individual signing
such instrument or writing acknowledged to him the execution thereof. When such execution is by a signer acting in a capacity other
than his individual capacity, such certificate or affidavit shall also constitute sufficient proof of his authority. The fact and
date of the execution of any such instrument or writing, or the authority of the Person executing the same, may also be proved
in any other manner which the Trustee deems sufficient.

 

(c) The ownership of Contingent Convertible
Securities shall be proved by the Contingent Convertible Security Register.

 

(d) Any request, demand, authorization,
direction, notice, consent, waiver or other Act of the Holder of any Contingent Convertible Security shall bind every future Holder
of the same Contingent Convertible Security and the Holder of every Contingent Convertible Security issued upon the registration
of transfer thereof or in exchange therefor or in lieu thereof in respect of anything

 

12

     

     

    

done, omitted or suffered to be done by the Trustee or the Company
in reliance thereon, whether or not notation of such action is made upon such Contingent Convertible Security or such other Contingent
Convertible Security.

 

(e) If the Company shall solicit from the
Holders any request, demand, authorization, direction, notice, consent, waiver or other Act, the Company may, at its option, by
or pursuant to a Board Resolution or an Officer’s Certificate, fix in advance a record date for the determination of Holders
entitled to give such request, demand, authorization, direction, notice, consent, waiver or other Act, but the Company shall have
no obligation to do so. If such a record date is fixed, such request, demand, authorization, direction, notice, consent, waiver
or other Act may be given before or after such record date, but only the Holders of record at the close of business on such record
date shall be deemed to be Holders for the purposes of determining whether Holders of the requisite proportion of outstanding Contingent
Convertible Securities have authorized or agreed or consented to such request, demand, authorization, direction, notice, consent,
waiver or other Act, and for that purpose the outstanding Contingent Convertible Securities shall be computed as of such record
date; provided that no such authorization, agreement or consent by the Holders on such record date shall be deemed effective unless
it shall become effective pursuant to the provisions of this Contingent Convertible Securities Indenture not later than six months
after the record date.

 

Section 1.05. Notices, Etc. to Trustee
and Company. Any request, demand, authorization, direction, notice, consent, waiver or Act of Holders or other document provided
or permitted by this Contingent Convertible Securities Indenture to be made upon, given or furnished to, or filed with,

 

(a) the Trustee by any Holder or by the
Company shall be sufficient for every purpose hereunder (unless otherwise herein expressly provided) if made, given, furnished
or filed in writing (which may be via facsimile) to the Trustee at its Corporate Trust Office with a copy to The Bank of New York
Mellon, Corporate Trust Services, Merck House, Seldown, Poole, BH15 1PX, Fax: +44 207 964 2536, Email: corpsov5@bnymellon.com.

 

(b) the Company by the Trustee or by any
Holder shall be sufficient for every purpose hereunder (unless otherwise herein expressly provided) if in writing and mailed, in
the case of the Company, first-class postage prepaid, addressed to it at the address of its principal office specified in the first
paragraph of this Contingent Convertible Securities Indenture (unless another address has been previously furnished in writing
to the Trustee by the Company, in which case at the last such address) marked “Attention: Company Secretary”.

 

The Trustee agrees to accept and act upon
instructions or directions pursuant to this Contingent Convertible Securities Indenture sent by unsecured e-mail, portable document
format (PDF), facsimile transmission or other similar unsecured electronic methods, provided, however, that the Trustee shall have

 

13

     

     

    

received from the Company an incumbency certificate listing
persons designated to give such instructions or directions and containing the titles and specimen signatures of such designated
persons, which such incumbency certificate shall be amended and replaced whenever a person is to be added or deleted from the listing.
If the Company elects to give the Trustee e-mail or facsimile instructions (or instructions by a similar electronic method) and
the Trustee in its discretion elects to act upon such instructions, the Trustee’s understanding of such instructions shall
be deemed controlling. The Trustee shall not be liable for any losses, costs or expenses arising directly or indirectly from the
Trustee’s reliance upon and compliance with such instructions notwithstanding a conflict or inconsistency between such instructions
and a subsequent written instruction. The Company agrees to assume all risks arising out of the use of such electronic methods
to submit instructions and directions to the Trustee, including without limitation the risk of the Trustee acting on unauthorized
instructions, and the risk or interception and misuse by third parties.

 

Section 1.06. Notice to Holders; Waiver.
When this Contingent Convertible Securities Indenture provides for notice to Holders of any event, such notice shall be sufficiently
given (unless otherwise herein expressly provided) if given in writing and mailed, first-class postage prepaid, to each Holder
of a Contingent Convertible Security affected by such event in the manner and to the extent provided in Section 313(c) of the Trust
Indenture Act with respect to reports pursuant to ‎Section 7.03(a).

 

For so long as the Contingent Convertible
Securities of any series are represented by Global Securities, the Company will deliver a copy of all notices with respect to such
series to the Holder through the Depositary, in accordance with its applicable procedures from time to time. Otherwise, notices
to the Holders will be provided to the addresses that appear on the Contingent Convertible Security Register.

 

When notice to Holders of registered Contingent
Convertible Securities is given by mail, neither the failure to mail such notice, nor any defect in any notice so mailed, to any
particular Holder shall affect the sufficiency of such notice with respect to other Holders. Where this Contingent Convertible
Securities Indenture provides for notice in any manner, such notice may be waived in writing by the Person entitled to receive
such notice, either before or after the event, and such waiver shall be the equivalent of such notice. Waivers of notice by Holders
shall be filed with the Trustee, but such filing shall not be a condition precedent to the validity of any action taken in reliance
upon such waiver. In case by reason of the suspension of regular mail service or by reason of any other cause it shall be impracticable
to give such notice by mail, then such notification as shall be made with the approval of the Trustee shall constitute a sufficient
notification for every purpose hereunder.

 

If the Contingent Convertible Securities
are listed on a stock exchange and the rules of such stock exchange so require, all notices to Holders will be

 

14

     

     

    

published in an Authorized Newspaper in the jurisdiction where
such stock exchange is located.

 

Section 1.07. Conflict with Trust Indenture
Act. If any provision hereof limits, qualifies or conflicts with another provision hereof which is required to be included
in this Contingent Convertible Securities Indenture by any of the provisions of the Trust Indenture Act, such required provision
shall control. If at any future time any provision required to be included herein by the Trust Indenture Act as in force at the
date as of which this Contingent Convertible Securities Indenture was executed or any limitation imposed by the Trust Indenture
Act at such date on any provision otherwise included herein would not be so required or imposed (in whole or in part) if this Contingent
Convertible Securities Indenture were executed at such future time, the Company and the Trustee may enter into one or more indentures
supplemental hereto pursuant to ‎Section 9.01 to change or eliminate (in whole or in part) such provision or limitation of
this Contingent Convertible Securities Indenture in conformity with the requirements of the Trust Indenture Act as then in force,
except that (subject to ‎Article 9) no provision or limitation required to be included herein by Sections 310(a)(1) and (a)(2),
315(a), (c), (d)(l), (d)(2), (d)(3) and (e), 316(a)(1)(A), (a)(l)(B), (a)(2), (a) (last sentence) and (b) of the Trust Indenture
Act as in force at the date as of which this Contingent Convertible Securities Indenture was executed may be so changed or eliminated.

 

Section 1.08. Effect of Headings and
Table of Contents. The Article and Section headings herein and the Table of Contents are for convenience only and shall not
affect the construction hereof.

 

Section 1.09. Successors and Assigns.
All covenants and agreements in this Contingent Convertible Securities Indenture by the Company shall bind its successors and
assigns, whether so expressed or not.

 

Section 1.10. Separability Clause. In
case any provision in this Contingent Convertible Securities Indenture or in the Contingent Convertible Securities 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 1.11. Benefits of Contingent
Convertible Securities Indenture. Nothing in this Contingent Convertible Securities Indenture or in the Contingent Convertible
Securities, express or implied, shall give to any Person, other than the parties hereto and their successors hereunder, and the
Holders of Contingent Convertible Securities, any benefit or any legal or equitable right, remedy or claim under this Contingent
Convertible Securities Indenture.

 

Section 1.12. Governing Law. This
Contingent Convertible Securities Indenture and the Contingent Convertible Securities shall be governed by and construed in accordance
with the laws of the State of New York, except as stated

 

15

     

     

    

in ‎Section 2.01 and except for Section 5.03 (in relation
to waiver of the right to set-off by the Holders and by the Trustee acting on behalf of the Holders) and ‎Section 12.01, which
shall be governed by and construed in accordance with the laws of Scotland, and except that the authorization and execution of
this Contingent Convertible Securities Indenture and the Contingent Convertible Securities shall be governed by (in addition to
the laws of the State of New York relevant to execution) the respective jurisdictions of organization of the Company and the Trustee,
as the case may be. For the avoidance of doubt, the Trustee’s lien provided in Section 6.07 hereof, and the Trustee’s
right to set-off related thereto, shall be governed by, and construed in accordance with, New York law.

 

Section 1.13. Saturdays, Sundays and
Legal Holidays. The terms of the Contingent Convertible Securities shall provide that, in any case where any Interest Payment
Date, Redemption Date, Maturity or Stated Maturity, of a Contingent Convertible Security shall not be a Business Day at any Place
of Payment, then (notwithstanding any other provision of this Contingent Convertible Securities Indenture or the Contingent Convertible
Securities other than a provision in the Contingent Convertible Securities that specifically states that such provision shall apply
in lieu of this Section) payments of interest, if any (and premium, if any), or principal and the exchange of the Contingent Convertible
Security need not be made on such date, but may be made on the next succeeding Business Day (or such other Business Day as shall
be provided in such Contingent Convertible Security) with the same force and effect as if made on such Interest Payment Date, Redemption
Date, Maturity or Stated Maturity, provided that no interest shall accrue on such payment for the period from and after such Interest
Payment Date, Redemption Date, Maturity or Stated Maturity, as the case may be.

 

Section 1.14. Appointment of Agent for
Service. The Company has designated and appointed CT Corporation System (“CT Corporation”), 111 Eighth Avenue,
New York, NY 10011, United States, as its authorized agent upon which process may be served in any suit or proceeding in any Federal
or State court in the Borough of Manhattan, The City of New York arising out of or relating to the Contingent Convertible Securities
or this Contingent Convertible Securities Indenture, but for that purpose only, and agrees that service of process upon said CT
Corporation shall be deemed in every respect effective service of process upon it in any such suit or proceeding in any Federal
or State court in the Borough of Manhattan, The City of New York, New York. Such appointment shall be irrevocable so long as any
of the Contingent Convertible Securities remain Outstanding until the appointment of a successor by the Company and such successor’s
acceptance of such appointment. Upon such acceptance, the Company shall notify the Trustee of the name and address of such successor.
The Company further agrees to take any and all action, including the execution and filing of any and all such documents and instruments,
as may be necessary to continue such designation and appointment of said CT Corporation in full force and effect so long as any
of the Contingent Convertible Securities shall be

 

16

     

     

    

Outstanding. The Trustee shall not be obligated and shall have
no responsibility with respect to any failure by the Company to take any such action. The Company hereby submits (for the purposes
of any such suit or proceeding) to the jurisdiction of any such court in which any such suit or proceeding is so instituted, and
waives, to the extent it may effectively do so, any objection it may have now or hereafter to the laying of the venue of any such
suit or proceeding.

 

Section 1.15. Calculation Agent. If
the Company appoints a Calculation Agent pursuant to ‎Section 3.01 with respect to any series of Contingent Convertible Securities,
any determination of the interest rate on, or other amounts in relation to, such series of Contingent Convertible Securities in
accordance with the terms of such series of Contingent Convertible Securities by such Calculation Agent shall (in the absence of
manifest error, bad faith or willful misconduct) be binding on the Company, the Trustee and all Holders and (in the absence of
manifest error, bad faith or willful misconduct) no liability to the Holders shall attach to the Calculation Agent in connection
with the exercise or non-exercise by it of its powers, duties and discretions.

 

Section 1.16. Waiver of Jury Trial. EACH
OF THE PARTIES HERETO HEREBY IRREVOCABLY WAIVES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, ANY AND ALL RIGHT TO TRIAL
BY JURY IN ANY LEGAL PROCEEDING ARISING OUT OF OR RELATING TO THIS CONTINGENT CONVERTIBLE SECURITIES INDENTURE, THE CONTINGENT
CONVERTIBLE SECURITIES OR THE TRANSACTIONS CONTEMPLATED HEREBY.

 

Article
2

Contingent Convertible Security Forms

 

Section 2.01. Forms Generally. The
Contingent Convertible Securities of each series shall be issuable as registered securities without coupons and in such forms as
shall be established by or pursuant to a Board Resolution, or an Officer’s Certificate, or in one or more indentures supplemental
hereto, pursuant to ‎Section 3.01, in each case with such insertions, omissions, substitutions and other variations as are
required or permitted by this Contingent Convertible Securities Indenture, and may have such letters, numbers or other marks of
identification and such legends or endorsements placed thereon as may be required to comply with any applicable law or rule or
regulation made pursuant thereto or with the rules of any securities exchange or Depositary therefor, or as may, consistently herewith,
be determined by the officers executing such Contingent Convertible Securities, all as evidenced by any such execution; provided,
however, that such Contingent Convertible Securities shall have endorsed thereon a statement in the following form or in substantially
the following form:

 

17

     

     

    

“The rights of the holder of the Contingent
Convertible Security are, to the extent and in the manner set forth in Section [ ] of the indenture supplemental to the Contingent
Convertible Securities Indenture establishing the terms of this Contingent Convertible Security, subordinated to the claims of
other creditors of the Company, and this Contingent Convertible Security is issued subject to the provisions of that Section [
], and the holder of this Contingent Convertible Security, by accepting the same, agrees to and shall be bound by such provisions.
Such provisions and the terms of this paragraph are governed by, and shall be construed in accordance with, the laws of Scotland.”

 

The Trustee’s certificates of authentication
shall be in substantially the form set forth in ‎Section 2.02 or ‎Section 6.14.

 

The definitive Contingent Convertible Securities
shall be printed, lithographed or engraved or produced by any combination of these methods or may be produced in any other manner
permitted by the rules of any securities exchange on which the Contingent Convertible Securities may be listed, all as determined
by the officers executing such Contingent Convertible Securities, as evidenced by their execution thereof.

 

Section 2.02. Form of Trustee’s
Certificate of Authentication. The Trustee’s certificate of authentication shall be in substantially the following form:

 

CERTIFICATE OF AUTHENTICATION

 

This is one of the Contingent Convertible
Securities of the series designated herein referred to in the within-mentioned Contingent Convertible Securities Indenture.

 

	Dated:	 

 

	THE BANK OF NEW YORK MELLON, LONDON BRANCH as Trustee
	 
	 
	By:	 
	Authorized Signatory

 

	 

 

Article
3

The Contingent Convertible Securities

 

Section 3.01. Amount Unlimited, Issuable
in Series. The aggregate principal amount of Contingent Convertible Securities which may be authenticated and delivered under
this Contingent Convertible Securities

 

18

     

     

    

Indenture is unlimited. The Contingent Convertible Securities
may be issued in one or more series.

 

There shall be established by or pursuant
to a Board Resolution, an Officer’s Certificate or established in one or more indentures supplemental hereto, prior to the
initial issuance of Contingent Convertible Securities of any series,

 

(a) the title of the Contingent Convertible
Securities of the series (which shall distinguish the Contingent Convertible Securities of the series from all other Contingent
Convertible Securities);

 

(b) any limit upon the aggregate principal
amount of the Contingent Convertible Securities of the series which may be authenticated and delivered under this Contingent Convertible
Securities Indenture (except for Contingent Convertible Securities authenticated and delivered upon registration of transfer of,
or in exchange for, or in lieu of, other Contingent Convertible Securities of the series pursuant to ‎Section 3.04, ‎3.05,
‎3.06, ‎9.06 or ‎11.07 and except for any Contingent Convertible Securities which, pursuant to ‎Section 3.03, are
deemed never to have been authenticated and delivered hereunder);

 

(c) the date or dates, if any, on which
the principal of (and premium, if any, on) the Contingent Convertible Securities of the series is payable, including any applicable
Stated Maturity, if any, or Maturity, if any, or whether the Contingent Convertible Securities of the series are perpetual securities
with no scheduled Stated Maturity with respect to the payment of principal of (and premium, if any, on), the Contingent Convertible
Securities of the series;

 

(d) whether or not such series of Contingent
Convertible Securities are to be redeemable, in whole or in part, at the Company’s option and, if so redeemable, the period
or periods within which, the price or prices at which and the terms and conditions upon which, Contingent Convertible Securities
of the series may be redeemed;

 

(e) the rate or rates, if any, at which
the Contingent Convertible Securities of the series shall accrue interest or the manner of calculation of such rate or rates, if
any, the date or dates from which such interest shall accrue, the Interest Payment Dates on which such interest shall be payable,
if any or the manner of determination of such Interest Payment Dates and the Regular Record Date for the interest payable on any
Interest Payment Date, and any dates required to be established pursuant to ‎Section 7.01;

 

(f) under what conditions, if any, a successor
corporation may be substituted as the issuer of the Contingent Convertible Securities of the series (including pursuant to Section
8);

 

(g) the terms applicable to deferral or
cancellation of payments of principal, premium or interest, if any, including payments deferred or cancelled at

 

19

     

     

    

the Company’s sole discretion and whether payments of
principal, premium or interest, if any, are subject to any solvency, financial or capital ratio conditions of the Company, the
Group or the Regulatory Group such that the payment of interest is prohibited;

 

(h) whether any premium, upon redemption
or otherwise, shall be payable by the Company on Contingent Convertible Securities of the series;

 

(i) provisions, if any, for the discharge
and defeasance of Contingent Convertible Securities of the series;

 

(j) the place or places where the principal
of (and premium, if any) and any interest on Contingent Convertible Securities of the series shall be payable, and the Paying Agent
or Paying Agents who shall be authorized to pay principal of (and premium, if any) and interest on Contingent Convertible Securities
of such series, at least one of such Paying Agents having offices or agencies in the Borough of Manhattan, The City of New York
and if the Contingent Convertible Securities are listed on the Irish Stock Exchange, in Ireland;

 

(k) the applicability of ‎Article 11
of this Contingent Convertible Securities Indenture to the Contingent Convertible Securities of such series, and the terms of any
mandatory or optional redemption, repayment or repurchase of the Contingent Convertible Securities of the series (including pursuant
to any sinking fund or analogous provision or for a change in the treatment of the Contingent Convertible Securities for tax or
regulatory purposes) and the period or periods within which, the terms and conditions upon which and the price or prices at which
the Contingent Convertible Securities of the series may be redeemed, repaid or repurchased, in whole or in part;

 

(l) if other than denominations of $1,000
and any multiple thereof, the denominations in which Contingent Convertible Securities of the series in each applicable form shall
be issuable and any provisions relating to redenomination of any Contingent Convertible Securities;

 

(m) any conditions on the Company repurchasing
the Contingent Convertible Securities of the series;

 

(n) the terms and conditions, if any, under
which the Company may elect to substitute or vary the terms of the Contingent Convertible Securities of the series;

 

(o) whether the Contingent Convertible Securities
of the series will be listed on a securities exchange;

 

(p) the inclusion of any Events of Default
or other remedies or events permitting remedies that apply with respect to Contingent Convertible Securities of the series together
with any deletions from, limitations or modifications of or

 

20

     

     

    

additions to any of the provisions as set forth pursuant to
‎Article 5 of this Contingent Convertible Securities Indenture;

 

(q) if other than the full principal amount
thereof, the portion, or the manner of calculation of such portion, of the principal amount of Contingent Convertible Securities
of the series which shall be payable upon a declaration of acceleration or acceleration of the Maturity, if any, thereof pursuant
to ‎Section 5.02, upon redemption of Contingent Convertible Securities of any series which are redeemable before their Stated
Maturity, if any, or which the Trustee shall be entitled to file and prove a claim pursuant to ‎Section 5.04;

 

(r) if Additional Amounts, pursuant to ‎Section
10.04, will not be payable, or any modifications to the conditions under which Additional Amounts are payable;

 

(s) the terms, if any, on which the Contingent
Convertible Securities of any series may or shall be convertible into or exchangeable for ordinary shares, or any other securities,
and whether such conversion or exchange shall occur following the occurrence of certain trigger events (which may include, but
shall not be limited to, certain regulatory capital events) and if so the terms, if applicable, of the ordinary shares, or other
securities into which such Contingent Convertible Securities are convertible or exchangeable and any additional or other provisions
relating to such conversion or exchange, including the terms upon which such conversion should occur and any specific terms relating
to the adjustment thereof and the period during which such Contingent Convertible Securities may or shall be so converted;

 

(t) if other than Dollars, provisions, if
any, for the Contingent Convertible Securities of the series to be denominated, and payments thereon to be made, in Foreign Currencies
and specifying the Place of Payment and the manner of payment thereon and any other terms with respect thereto;

 

(u) if other than the coin or currency in
which the Contingent Convertible Securities of that series are denominated, the coin or currency in which payment of the principal
of (and premium, if any) or interest, if any, on the Contingent Convertible Securities of such series shall be payable;

 

(v) if the principal of (and premium, if
any) or interest, if any, on the Contingent Convertible Securities of such series are to be payable, at the election of the Company
or a Holder thereof, in a coin or currency other than that in which the Contingent Convertible Securities are denominated, the
period or periods within which, and the terms and conditions upon which, such election may be made;

 

(w) the respective rights and obligations,
if any, of the Company and Holders of the Contingent Convertible Securities following a change of control of the Company, including,
if applicable, the terms and conditions under which the

 

21

     

     

    

Company could be required to redeem or make an offer to purchase
Contingent Convertible Securities of the series;

 

(x) whether the Contingent Convertible Securities
of the series shall be issued in whole or in part in the form of one or more Global Securities and the initial Holder with respect
to such Global Security or Contingent Convertible Securities;

 

(y) if the Contingent Convertible Securities
of such series are to be issuable in definitive form (whether upon original issue or upon exchange of a temporary Contingent Convertible
Security of such series or otherwise) only upon receipt of certain certificates or other documents or satisfaction of other conditions,
then the form and terms of such certificates, documents or conditions;

 

(z) if the amounts of payments of principal
of (and premium, if any) or interest, if any, on the Contingent Convertible Securities of the series may be determined with reference
to an index or are otherwise not fixed on the original issue date thereof, the manner in which such amounts shall be determined
and the Calculation Agent, if any, who shall be appointed and authorized to calculate such amounts;

 

(aa) the ranking and subordination terms
with respect to the Contingent Convertible Securities of the series relative to the debt and equity issued by the Company, including
to what extent the Contingent Convertible Securities of the series may rank junior in right of payment to other of the Company’s
obligations or in any other manner;

 

(bb) the forms of Contingent Convertible
Securities of the series;

 

(cc) any restrictions applicable to the
offer, sale and delivery of the Contingent Convertible Securities of the series; and

 

(dd) any other terms of the series (which
terms shall not be inconsistent with the provisions of this Contingent Convertible Securities Indenture, except as permitted by
‎Section 9.01(d)).

 

All Contingent Convertible Securities of
any one series shall be substantially identical except as to denomination and except as may otherwise be provided in or pursuant
to such action or in any such indenture supplemental hereto.

 

If the forms of Contingent Convertible Securities
of any series, or any of the terms thereof, are established by the Board of Directors of the Company, copies of the Board Resolutions
in respect thereof shall be delivered to the Trustee at or prior to the delivery of the Company Order pursuant to ‎Section
3.03 for the authentication and delivery of such Contingent Convertible Securities.

 

22

     

     

    

Section 3.02. Denominations. The
Contingent Convertible Securities of each series shall be issuable in such denominations as shall be specified as contemplated
by ‎Section 3.01. In the absence of any such specification with respect to Contingent Convertible Securities of any series,
the Contingent Convertible Securities of each series shall be issuable in denominations of $1,000 each and any integral multiple
thereof.

 

Section 3.03. Execution, Authentication,
Delivery and Dating. The Contingent Convertible Securities shall be executed on behalf of the Company by any Executive Officer.
The signature of any Executive Officers on the Contingent Convertible Securities may be manual or facsimile. Contingent Convertible
Securities bearing the manual or facsimile signatures of individuals who were at any time an Executive Officer of the Company shall
bind the Company, notwithstanding that such individuals or any of them have ceased to hold such offices prior to the authentication
and delivery of such Contingent Convertible Securities.

 

At any time and from time to time after
the execution and delivery of this Contingent Convertible Securities Indenture, the Company may deliver Contingent Convertible
Securities of any series executed by the Company to the Trustee for authentication, together with a Company Order for the authentication
and delivery of such Contingent Convertible Securities, and the Trustee in accordance with the Company Order shall authenticate
and deliver such Contingent Convertible Securities. In authenticating such Contingent Convertible Securities and accepting the
additional responsibilities under this Contingent Convertible Securities Indenture in relation to such Contingent Convertible Securities,
the Trustee shall be entitled to receive, and (subject to ‎Section 6.01) shall be fully protected in relying upon, an Opinion
of Counsel stating that the form and terms thereof have been established in conformity with the provisions of this Contingent Convertible
Securities Indenture.

 

The Trustee shall not be required to authenticate
such Contingent Convertible Securities if the issue of such Contingent Convertible Securities pursuant to this Contingent Convertible
Securities Indenture will affect the Trustee’s own rights, duties or immunities under the Contingent Convertible Securities
and this Contingent Convertible Securities Indenture or otherwise in a manner which is not reasonably acceptable to the Trustee.

 

Each Contingent Convertible Security shall
be dated the date of its authentication.

 

No Contingent Convertible Security appertaining
thereto shall be entitled to any benefit under this Contingent Convertible Securities Indenture or be valid or obligatory for any
purpose unless there appears on such Contingent Convertible Security a certificate of authentication substantially in the form
provided for herein executed by or on behalf of the Trustee by manual signature, and such certificate upon any Contingent Convertible
Security shall be conclusive

 

23

     

     

    

evidence, and the only evidence, that such Contingent Convertible
Security has been duly authenticated and delivered hereunder and that such Contingent Convertible Security is entitled to the benefits
of this Contingent Convertible Securities Indenture. Notwithstanding the foregoing, if any Contingent Convertible Security shall
have been authenticated and delivered hereunder but never issued and sold by the Company, and the Company shall deliver such Contingent
Convertible Security to the Trustee for cancellation as provided in ‎Section 3.09, for all purposes of this Contingent Convertible
Securities Indenture, such Contingent Convertible Security shall be deemed never to have been authenticated and delivered hereunder
and shall never be entitled to the benefit of this Contingent Convertible Securities Indenture.

 

Section 3.04. Temporary Contingent Convertible
Securities. Pending the preparation of definitive Contingent Convertible Securities of any series, the Company may execute,
and upon Company Order the Trustee shall authenticate and deliver, temporary Contingent Convertible Securities substantially of
the tenor of the definitive Contingent Convertible Securities in lieu of which they are issued, which Contingent Convertible Securities
may be printed, lithographed, typewritten, photocopied or otherwise produced. Temporary Contingent Convertible Securities shall
be issuable as registered Contingent Convertible Securities without coupons attached in any authorized denomination, and with such
appropriate insertions, omissions, substitutions and other variations as the officers executing such Contingent Convertible Securities
may determine, all as evidenced by such execution.

 

If temporary Contingent Convertible Securities
of any series are issued, the Company will cause, if so required by the terms of such temporary Contingent Convertible Securities,
definitive Contingent Convertible Securities of such series to be prepared without unreasonable delay. After the preparation of
definitive Contingent Convertible Securities of such series, the temporary Contingent Convertible Securities of such series shall
be exchangeable for definitive Contingent Convertible Securities of such series containing identical terms and provisions upon
surrender of the temporary Contingent Convertible Securities of such series at the office or agency of the Company in a Place of
Payment for that series, without charge to the Holder. Upon surrender for cancellation of any one or more temporary Contingent
Convertible Securities of any series the Company shall execute, and the Trustee shall authenticate and deliver in exchange therefor,
a like aggregate principal amount of definitive Contingent Convertible Securities of the same series of authorized denominations
containing identical terms and provisions. Until so exchanged, unless otherwise provided therein or in a supplemental indenture
relating thereto, the temporary Contingent Convertible Securities of any series shall in all respects be entitled to the same benefits
(but shall be subject to all the limitations of rights) under this Contingent Convertible Securities Indenture as definitive Contingent
Convertible Securities of such series.

 

Section 3.05. Registration, Registration
of Transfer and Exchange. 

 

24

     

     

    

(a) Global Securities. This ‎Section
3.05(a) shall apply to Global Securities unless otherwise specified, as contemplated by ‎Section 3.01.

 

Except as otherwise specified as contemplated
by ‎Section 3.01 hereof, the Contingent Convertible Securities shall be initially issued and represented by one or more Global
Securities in registered form, without Coupons attached thereto, which shall be authenticated as contemplated by this Contingent
Convertible Securities Indenture.

 

Each Global Security in registered form
authenticated under this Contingent Convertible Securities Indenture shall be registered in the name of the Depositary designated
for such Global Security or a nominee thereof and delivered to such Depositary or a nominee thereof or custodian therefor, and
each such Global Security shall constitute a single Contingent Convertible Security for all purposes of this Contingent Convertible
Securities Indenture. Except as otherwise specified as contemplated by ‎Section 3.01 hereof, each Global Security in registered
form authenticated under this Indenture shall be initially registered in the name of DTC only.

 

With respect to Global Securities in registered
form, unless the Global Security is presented by an authorized representative of the Holder to the Company or its agent for registration
of transfer, exchange or payment, and any certificate issued is registered in the name of a nominee of the Holder and any payment
is made to such nominee, any transfer, pledge or other use of the Global Security for value or otherwise shall be wrongful since
the registered owner of such Global Security, the nominee of the Holder, has an interest in such Global Security.

 

Except as otherwise specified as contemplated
by ‎Section 3.01 hereof, any Global Security shall be exchangeable for definitive Contingent Convertible Securities only as
provided in this paragraph. A Global Security shall be exchangeable pursuant to this Section only (i) if the relevant Depositary
notifies the Trustee that it is unwilling or unable to continue to act as Depositary and a successor depositary is not appointed
by the Trustee within 120 days of such notification, (ii) if, in the event of a winding-up of the Company, the Company fails to
make a payment on the Contingent Convertible Securities when due and payable, or (iii) at any time if the Company at its option
and in its sole discretion determines that the Global Securities of a particular series should be exchanged for definitive Contingent
Convertible Securities of that series in registered form. Any Global Security that is exchangeable pursuant to the preceding sentence
shall be exchangeable for, unless otherwise specified or contemplated by ‎Section 3.01, definitive Contingent Convertible Securities
in registered form bearing interest (if any) at the same rate or pursuant to the same formula, having the same date of issuance,
the same date or dates from which such interest shall accrue, the same Interest Payment Dates on which such interest shall be payable
or the manner of determination of such Interest Payment Dates, redemption provisions, if any, specified currency and other terms
and of differing denominations aggregating a

 

25

     

     

    

like amount as the Global Security so exchangeable. Definitive
Contingent Convertible Securities in registered form shall be registered in the names of the owners of the beneficial interests
in such Global Securities as such names are from time to time provided by the Holder to the Trustee.

 

Any Global Security that is exchangeable
pursuant to the preceding paragraph, unless otherwise specified as contemplated by ‎Section 3.01, shall be exchangeable for
Contingent Convertible Securities issuable in authorized denominations of a like aggregate principal amount and tenor.

 

No Global Security in registered form may
be transferred except as a whole by the Holder to a nominee of the Holder or by the Holder or any such nominee to a successor of
the Holder or a nominee of such successor. Except as provided above, owners solely of beneficial interests in a Global Security
shall not be entitled to receive physical delivery of Contingent Convertible Securities in definitive form and will not be considered
the holders thereof for any purpose under this Contingent Convertible Securities Indenture.

 

In the event that a Global Security is surrendered
for redemption in part pursuant to ‎Section 11.07, the Company shall execute, and the Trustee shall authenticate and deliver
to the Holder of such Global Security, without service charge, a new Global Security in a denomination equal to and in exchange
for the unredeemed or unexchanged portion of the principal of the Global Security so surrendered.

 

The Agent Members and any other beneficial
owners shall have no rights under this Contingent Convertible Securities Indenture with respect to any Global Security held on
their behalf by a Holder, and such Holder may be treated by the Company, the Trustee, and any agent of the Company or the Trustee
as the owner of such Global Security for all purposes whatsoever. Notwithstanding the foregoing, nothing herein shall (i) prevent
the Company, the Trustee, or any agent of the Company or the Trustee, from giving effect to any written certification, proxy or
other authorization furnished by a Holder or (ii) impair, as between any such Holder or other clearance service and its Agent Members
and Holders, the operation of customary practices governing the exercise of the rights of a holder of any security, including without
limitation the granting of proxies or other authorization of participants to give or take any request, demand, authorization, direction,
notice, consent, waiver or other action which a Holder is entitled to give or take under this Contingent Convertible Securities
Indenture.

 

In connection with any exchange of interests
in a Global Security for definitive Contingent Convertible Securities of another authorized form, as provided in this ‎Section
3.05(a), then without unnecessary delay but in any event not later than the earliest date on which such interests may be so exchanged,
the Company shall deliver to the Trustee definitive Contingent Convertible Securities in aggregate principal amount equal to the
principal amount of such Global Security or the portion to be exchanged, executed by the Company. On or after

 

26

     

     

    

the earliest date on which such interests may be so exchanged,
such Global Security shall be surrendered by the Holder to the Trustee, as the Company’s agent for such purpose, to be exchanged,
in whole or from time to time in part, for definitive Contingent Convertible Securities without charge and the Trustee shall authenticate
and deliver, in exchange for each portion of such Global Security, an equal aggregate principal amount of definitive Contingent
Convertible Securities of authorized denominations as the portion of such Global Security to be exchanged. Any Global Security
that is exchangeable pursuant to this ‎Section 3.05 shall be exchangeable for Contingent Convertible Securities issuable in
the denominations specified as contemplated by ‎Section 3.01 and registered in such names as the Holder of such Global Security
shall direct. If a definitive Contingent Convertible Security is issued in exchange for any portion of a Global Security after
the close of business at the office or agency where such exchange occurs on any record date and before the opening of business
at such office or agency on the relevant Interest Payment Date, interest will not be payable on such Interest Payment Date in respect
of such definitive Contingent Convertible Security, but will be payable on such Interest Payment Date only to the person to whom
payments of interest in respect of such portion of such Global Security are payable.

 

A Depositary may grant proxies and otherwise
authorize any person, including Agent Members and persons that may hold interests through Agent Members, to take any action which
a Holder is entitled to take under this Contingent Convertible Securities Indenture with respect to the Contingent Convertible
Securities.

 

(b) Except as otherwise specified pursuant
to ‎Section 3.01, Contingent Convertible Securities of any series may only be exchanged for a like aggregate principal amount
of registered Contingent Convertible Securities of such series of other authorized denominations containing identical terms and
provisions. Contingent Convertible Securities to be exchanged shall be surrendered at an office or agency of the Company designated
pursuant to ‎Section 10.02 for such purpose, and the Company shall execute, and the Trustee shall authenticate and deliver,
in exchange therefor the Contingent Convertible Security or Contingent Convertible Securities of the same series which the Holder
making the exchange shall be entitled to receive.

 

Except as otherwise specified pursuant to
‎Section 3.01, the Company shall cause to be kept in the principal corporate trust office of the Trustee a register (the register
maintained in such office and in any other office or agency of the Company in a Place of Payment being herein sometimes collectively
referred to as the “Contingent Convertible Security Register” provided, no such Contingent Convertible
Security Register shall be maintained in any office or agency in the United Kingdom other than in Scotland) in which, subject to
such reasonable regulations as it may prescribe, the Company shall provide for the registration of registered Contingent Convertible
Securities and of transfers of such Contingent Convertible Securities. The Trustee is hereby appointed

 

27

     

     

    

“Contingent Convertible Security Registrar”
for the purpose of registering Contingent Convertible Securities in registered form and transfers of Contingent Convertible Securities
in registered form as herein provided.

 

Registered Contingent Convertible Securities
shall be transferable only on the Contingent Convertible Security Register. Upon surrender for registration of transfer of any
Contingent Convertible Security of any series, together with the form of transfer endorsed on it, duly completed and executed at
an office or agency of the Company designated pursuant to ‎Section 10.02 for such purpose, the Company shall execute, and the
Trustee shall authenticate and deliver to the address specified in the form of transfer, within three Business Days, in the name
of the designated transferee or transferees, one or more new Contingent Convertible Securities of the same series of any authorized
denominations containing identical terms and provisions, of a like aggregate principal amount. If only part of a Contingent Convertible
Security is transferred, a new registered Contingent Convertible Security of an aggregate principal amount equal to the amount
not being transferred shall be executed by the Company, and authenticated and delivered by the Trustee to the transferor, in the
name of the transferor, within three Business Days after the Trustee acting as Paying Agent pursuant to ‎Section 10.02 received
the Contingent Convertible Security. The registered new Contingent Convertible Security will be delivered to the transferor by
uninsured post at the risk of the transferor to the address of the transferor appearing in the Contingent Convertible Security
Register.

 

All Contingent Convertible Securities issued
upon any registration of transfer or exchange of Contingent Convertible Securities shall be the valid obligations of the Company,
evidencing the same debt, and entitled to the same benefits under this Contingent Convertible Securities Indenture, as the Contingent
Convertible Securities surrendered upon such registration of transfer or exchange.

 

Every registered Contingent Convertible
Security presented or surrendered for registration of transfer or for exchange shall (if so required by the Company or the Trustee)
be duly endorsed, or be accompanied by a written instrument of transfer in form satisfactory to the Company and the Contingent
Convertible Security Registrar duly executed, by the registered Holder thereof or his attorney duly authorized in writing.

 

No service charge shall be made for any
registration of transfer or exchange of Contingent Convertible Securities, but the Company may require payment of a sum sufficient
to cover any tax or other governmental charge that may be imposed in connection with any registration of transfer or exchange of
Contingent Convertible Securities, other than exchanges pursuant to ‎Section 3.04, ‎9.06 or ‎11.07 not involving any
transfer.

 

The Company shall not be required (i) to
issue, register the transfer of or exchange any Contingent Convertible Security of any series during a period beginning at the
opening of business 15 days before the day of the giving of a

 

28

     

     

    

notice of redemption of Contingent Convertible Securities of
such series selected for redemption under ‎Section 11.03 and ending at the close of business on the day of the giving of such
notice, or (ii) to register the transfer of or exchange of any Contingent Convertible Security so selected for redemption in whole
or in part, except the unredeemed portion of any Contingent Convertible Securities being redeemed in part.

 

Section 3.06. Mutilated, Destroyed, Lost
and Stolen Contingent Convertible Securities. If any mutilated Contingent Convertible Security (including any Global Security)
is surrendered to the Trustee, the Company may execute and the Trustee shall, in the case of a Contingent Convertible Security,
authenticate and deliver in exchange therefor a new Contingent Convertible Security of the same series containing identical terms
and provisions and of like amount, and bearing a number not contemporaneously outstanding.

 

If there shall be delivered to the Company
and to the Trustee (i) evidence to their satisfaction of the destruction, loss or theft of any Contingent Convertible Security
(including any Global Security) and (ii) such security or indemnity as may be required by them to save each of them and any agent
of any of them harmless, then, in the absence of notice to the Company or the Trustee that such Contingent Convertible Security
has been acquired by a bona fide purchaser, the Company shall execute and upon its request the Trustee shall authenticate and deliver
in lieu of any such destroyed, lost or stolen Contingent Convertible Security a new Contingent Convertible Security of the same
series containing identical terms and provisions and of like amount, and bearing a number not contemporaneously outstanding.

 

In case any such mutilated, destroyed, lost
or stolen Contingent Convertible Security has become or is about to become due and payable, the Company in its discretion may,
instead of issuing a new Contingent Convertible Security, pay such Contingent Convertible Security.

 

Upon the issuance of any new Contingent
Convertible Security under this Section, the Company may require the payment of a sum sufficient to cover any tax or other governmental
charge that may be imposed in relation thereto and any other expenses (including the fees and expenses of the Trustee) connected
therewith.

 

Every new Contingent Convertible Security
of any series issued pursuant to this Section in lieu of any destroyed, lost or stolen Contingent Convertible Security shall constitute
an original additional contractual obligation of the Company, whether or not the destroyed, lost or stolen Contingent Convertible
Security shall be at any time enforceable by anyone, and shall be entitled to all the benefits of this Contingent Convertible Securities
Indenture equally and proportionately with any and all other Contingent Convertible Securities of that series duly issued hereunder.

 

29

     

     

    

The provisions of this Section are exclusive
and shall preclude (to the extent lawful) all other rights and remedies with respect to the replacement or payment of mutilated,
destroyed, lost or stolen Contingent Convertible Securities.

 

Section 3.07. Payment; Interest Rights
Preserved. Except as otherwise provided as contemplated by ‎Section 3.01 with respect to any series of Contingent Convertible
Securities, interest, if any, on any Contingent Convertible Securities which is payable, and is paid or duly provided for, on any
Interest Payment Date shall be paid in the case of registered Contingent Convertible Securities, to the Person in whose name that
Contingent Convertible Security (or one or more Predecessor Securities) is registered at the close of business on the Regular Record
Date for such interest, or in the case of Global Securities held by any Holder, to the Holder (including through a Paying Agent
of the Company designated pursuant to ‎Section 3.01 outside the United Kingdom for collection by the Holder) at the close of
business on the Regular Record Date for such interest.

 

In the case of Contingent Convertible Securities
where payment is to be made in Dollars, payment at any Paying Agent’s office outside The City of New York will be made in
Dollars by check drawn on, or, at the request of the Holder, by transfer to a Dollar account maintained by the payee with, a bank
in The City of New York.

 

In the case of Contingent Convertible Securities
where payment is to be made in a Foreign Currency, payment will be made as established pursuant to ‎Section 3.01.

 

Subject to the foregoing provisions of this
Section, and except as otherwise provided as contemplated by ‎Section 3.01 with respect to any series of Contingent Convertible
Securities, each Contingent Convertible Security delivered under this Contingent Convertible Securities Indenture upon registration
of transfer of or in exchange for or in lieu of any other Contingent Convertible Security shall carry the rights to interest accrued
and unpaid, and to accrue, which were carried by such other Contingent Convertible Security.

 

Section 3.08. Persons Deemed Owners.
Prior to due presentment of a Contingent Convertible 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 such Contingent Convertible Security is registered as the
owner of such Contingent Convertible Security for the purpose of receiving payment of principal of (and premium, if any) and (subject
to Section 3.05 and Section 3.07) interest, if any, on such Contingent Convertible Security and for all other purposes whatsoever,
whether or not such Contingent Convertible Security be overdue, and neither the Company, the Trustee nor any agent of the Company
or the Trustee shall be affected by notice to the contrary.

 

Notwithstanding the foregoing, with respect
to any Global Security, nothing herein shall prevent the Company, the Trustee, or any agent of the

 

30

     

     

    

Company or the Trustee from giving effect to any written certification,
proxy or other authorization furnished by any Depositary (or its nominee), as a Holder, with respect to such Global Security or
shall impair, as between such Depositary and owners of beneficial interests in such Global Security, the operation of customary
practices governing the exercise of the rights of such Depositary (or its nominee) as Holder of such Global Security.

 

Section 3.09. Cancellation. All Contingent
Convertible Securities surrendered for payment, redemption, registration of transfer or exchange shall, if surrendered to any Person
other than the Trustee, be delivered to the Trustee and shall be promptly cancelled by it. The Company may at any time deliver
to the Trustee for cancellation any Contingent Convertible Securities previously authenticated and delivered hereunder and all
Contingent Convertible Securities so delivered shall be promptly cancelled by the Trustee. No Contingent Convertible Securities
shall be authenticated in lieu of or in exchange for any Contingent Convertible Securities cancelled as provided in this Section,
except as expressly permitted by the provisions of the Contingent Convertible Securities of any series or pursuant to the provisions
of this Contingent Convertible Securities Indenture. The Trustee shall deliver to the Company all cancelled Contingent Convertible
Securities held by the Trustee.

 

Section 3.10. Computation of Interest.
Except as otherwise specified pursuant to ‎Section 3.01 for Contingent Convertible Securities of any series, payments of
interest on the Contingent Convertible Securities of each series shall be computed on the basis of a 360-day year of twelve 30-day
months.

 

Section 3.11. CUSIP Numbers. The
Company in issuing any series of the Contingent Convertible Securities may use “CUSIP”, “ISIN”, “Common
Code” and/or other similar numbers (if then generally in use) or any successor to such numbers and thereafter with respect
to such series, the Trustee shall use “CUSIP”, “ISIN”, “Common Code” and/or other similar numbers
or successor numbers in notices of redemption as a convenience to Holders; provided that any such notice may state that no representation
is made as to the correctness of such numbers either as printed on the Contingent Convertible Securities or as contained in any
notice of a redemption and that reliance may be placed only on the other identification numbers printed on the Contingent Convertible
Securities, and any such redemption shall not be affected by any defect in or omission of such numbers. The Company will promptly
notify the Trustee of any change in the “CUSIP”, “ISIN”, “Common Code” and/or other similar
numbers or successor numbers.

 

Section 3.12. Additional Contingent Convertible
Securities. The Company may, from time to time, without the consent of the Holders of the Contingent Convertible Securities
of any series, issue additional Contingent Convertible Securities of one or more of the series of Contingent Convertible Securities
issued under this Contingent Convertible Securities Indenture, having the same ranking and same interest rate, Maturity, if any,
Stated Maturity, if any,

 

31

     

     

    

redemption terms and other terms, except for the price to the
public and issue date and first Interest Payment Date, as the Contingent Convertible Securities (the “Additional Contingent
Convertible Securities”). Any such Additional Contingent Convertible Securities, together with the Contingent Convertible
Securities of the applicable series, may constitute a single series of Contingent Convertible Securities under this Contingent
Convertible Securities Indenture and shall be included in the definition of “Contingent Convertible Securities” in
this Contingent Convertible Securities Indenture where the context requires.

 

Section 3.13. Correction Of Minor Defects
in or Amendment of Contingent Convertible Securities. Subject always to Section 9.07, if, after issuance of any Contingent
Convertible Security (including any Global Security), (i) the Company or the Trustee shall become aware of any ambiguity, defect
or inconsistency in any term of a Contingent Convertible Security or Global Security, as the case may be, or, (ii) with respect
to any Contingent Convertible Security (including any Global Security) issued on or after the date hereof, the Company and the
Trustee agree to amend such Contingent Convertible Security as contemplated by ‎Section 9.01(l), the parties hereto shall provide
for the execution, authentication, delivery and dating of one or more replacement Contingent Convertible Securities or Global Securities,
as the case may be, pursuant to ‎Section 3.03 hereto, provided, however, that such amendment is not materially adverse to Holders
of any Outstanding Contingent Convertible Securities.

 

Article
4

Satisfaction and Discharge

 

Section 4.01. Satisfaction and Discharge
of Contingent Convertible Securities Indenture. This Contingent Convertible Securities Indenture shall upon Company Request
(subject to ‎Section 4.04) cease to be of further effect with respect to Contingent Convertible Securities of any series (except
as to any surviving rights of registration of transfer or exchange of Contingent Convertible Securities of such series herein expressly
provided for), and the Trustee, at the direction and expense of the Company, shall execute proper instruments acknowledging satisfaction
and discharge of this Contingent Convertible Securities Indenture with respect to the Contingent Convertible Securities of such
series when:

 

(a) either

 

(i) all Contingent Convertible
Securities of such series theretofore authenticated and delivered (other than (A) Contingent Convertible Securities which have
been destroyed, lost or stolen and which have been replaced or paid as provided in ‎Section 3.06 and (B) Contingent Convertible
Securities for whose payment money has theretofore been deposited in trust or segregated and held in trust by the

 

32

     

     

    

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

 

(ii) all such Contingent Convertible
Securities not theretofore delivered to the Trustee for cancellation

 

(A) have become due and payable
or will become due and payable at their Stated Maturity, if any, within one year, or

 

(B) are to be called for redemption
within one year under arrangements satisfactory to the Trustee for the giving of notice of redemption by the Trustee in the name,
and at the expense, of the Company,

 

and (1) the Company has deposited or caused to be
deposited with the Trustee, as trust funds in trust for the purpose, an amount in cash, or U.S. Government Obligations (with respect
to Contingent Convertible Securities denominated in Dollars) or Foreign Government Securities (with respect to Contingent Convertible
Securities denominated in the same Foreign Currency) maturing, in the case of (A) and (B) above, as to principal and interest,
if any, in such amounts and at such times as will ensure the availability of cash sufficient to pay, satisfy and discharge all
claims with respect to such Contingent Convertible Securities not theretofore delivered to the Trustee for cancellation, in the
case of (A) and (B) above, for principal (and premium, if any) and accrued interest, if any, to the date of such deposit (in the
case of Contingent Convertible Securities which have become due and payable) or to the Redemption Date; and (2) no Event of Default
and no event which, after notice or lapse of time or both, would become an Event of Default shall have occurred and be continuing;
or

 

(b) the Company has paid or caused to be
paid all other sums payable hereunder (including any accrued but unpaid interest) by the Company with respect to the Contingent
Convertible Securities of such series and no Event of Default and no event which, after notice or lapse of time or both, would
become an Event of Default shall have occurred and be continuing; and

 

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

 

Notwithstanding any satisfaction and discharge
of this Contingent Convertible Securities Indenture, the obligations of the Company to the Trustee under ‎Section 6.07, the
obligations of the Company to any Authenticating Agent

 

33

     

     

    

under Section 6.14 and, if cash, U.S. Government Obligations
and/or Foreign Government Securities shall have been deposited with the Trustee pursuant to subclause ‎4.01(a)(ii) of clause
‎4.01(a) of this Section, the obligations of the Trustee under ‎Section 4.02 and the last paragraph of ‎Section 10.03
shall survive such satisfaction and discharge, including any termination under bankruptcy law.

 

Section 4.02. Application of Trust Money.
Subject to the provisions of the last paragraph of ‎Section 10.03, all cash, U.S. Government Obligations and Foreign Government
Securities deposited with the Trustee pursuant to ‎Section 4.01 shall be held in trust and such cash and the proceeds from
such U.S. Government Obligations and/or Foreign Government Securities shall be applied by it, in accordance with the provisions
of the Contingent Convertible Securities of such series, and this Contingent Convertible Securities Indenture, to the payment,
either directly or through any Paying Agent (including the Company acting as Paying Agent) as the Trustee may determine, to the
Persons entitled thereto, of the principal (and premium, if any) and interest for the payment of which such cash, U.S. Government
Obligations and/or Foreign Government Securities have been deposited with the Trustee.

 

Section 4.03. Repayment to Company. The
Trustee, the Calculation Agent and any Paying Agent promptly shall pay to the Company upon Company Request any excess money, U.S.
Government Obligations and/or Foreign Government Securities held by them at any time with respect to any series of Contingent Convertible
Securities.

 

Section 4.04. PRA Consent. The Company
may only make a Company Request as provided under Article 4 of this Contingent Convertible Securities Indenture provided that (a)
such right shall only apply if, when and to the extent not prohibited by CRD IV, (b) the Company (except to the extent that the
PRA no longer so requires) has notified the PRA of its intention to do so at least one month (or such other, longer or shorter
period, as the PRA may then require or accept) before the Company makes such Company Request and no objection thereto has been
raised by the PRA or (if required) the PRA has provided its consent thereto and (c) the Company has complied with any other requirement
of the PRA applicable at the time with respect to Contingent Convertible Securities of any series set forth pursuant to Section
3.01.

 

Article
5

Remedies

 

Section 5.01. Events of Default. “Event
of Default”, wherever used herein with respect to Contingent Convertible Securities of a particular series, means any
Event of Default or such other remedies identified as Events of Default for purposes of this ‎Article 5 provided with respect
to Contingent Convertible Securities of such series pursuant to Section 3.01.

 

34

     

     

    

Section 5.02. Acceleration of Maturity;
Rescission and Annulment. Except as otherwise provided as contemplated by ‎Section 3.01 with respect to any series of Contingent
Convertible Securities, if an Event of Default occurs with respect to Contingent Convertible Securities of any series and is continuing,
then in every such case the Trustee or the Holder or Holders of not less than 25% in aggregate principal amount of the Outstanding
Contingent Convertible Securities of such series may declare the principal amount, together with accrued interest (if any), and
Additional Amounts (if any), payable on such Contingent Convertible Securities (or, in the case of Original Issue Discount Securities,
the accreted face amount together with accrued interest, if any, and Additional Amounts (if any) on such Original Issue Discount
Securities), of all the Contingent Convertible Securities of that series to be due and payable immediately, by a notice in writing
to the Company (and to the Trustee if given by the Holder or Holders in accordance with ‎Section 5.08 hereof), and upon any
such declaration such amount shall become immediately due and payable.

 

At any time after such a declaration of
acceleration with respect to Contingent Convertible Securities of any series has been made but before a judgment or decree for
payment of the money due has been obtained by the Trustee as provided in this Contingent Convertible Securities Indenture, together
with any supplemental indenture hereto, the Holder or Holders of a majority in aggregate principal amount of the Outstanding Contingent
Convertible Securities of such series, by written notice to the Company and the Trustee, may rescind or annul such declaration
of acceleration and its consequences (including any Event of Default under another series of Contingent Convertible Securities
arising therefrom) but only if

 

(a) the Company has paid or deposited with
the Trustee a sum sufficient to pay

 

(i) the principal of, and premium,
if any, on, any Contingent Convertible Securities of such series which have become due otherwise than by such declaration of acceleration
and any due and payable interest, thereon at the rate or rates prescribed therefor in such Contingent Convertible Securities,

 

(ii) all sums paid or advanced
by the Trustee hereunder and the reasonable compensation, expenses, disbursements and advances of the Trustee, its agents and counsel;
and

 

(b) all Events of Default with respect to
Contingent Convertible Securities of such series have been cured or waived as provided by ‎Section 5.13.

 

No such rescission or annulment shall affect
any subsequent default or impair any right consequent thereon.

 

35

     

     

    

Section 5.03. Collection of Indebtedness
and Suits for Enforcement by Trustee. 

 

(a) Other than the limited remedies specified
in ‎Section 5.02 and except as provided by a supplemental indenture hereto establishing the terms of Contingent Convertible
Securities of a series in accordance with ‎Section 3.01, if an Event of Default with respect to Contingent Convertible Securities
of any series occurs and is continuing, no remedy against the Company shall be available to the Trustee or any Holder of the Contingent
Convertible Securities, whether for the recovery of amounts owing in respect of the Contingent Convertible Securities of such series
or under this Contingent Convertible Securities Indenture or in respect of any breach by the Company of any of its other obligations
under or in respect of the Contingent Convertible Securities of such series or under this Contingent Convertible Securities Indenture,
provided that (i) the Company’s obligations to the Trustee under, and the lien provided for in, Section 6.07 hereof
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 hereof, expressly survive any such Event of Default and are not subject to any subordination provisions applicable to the
Contingent Convertible Securities of such series pursuant to Section 3.01 and ‎Section 12.01 hereof and (ii) 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 of
such Contingent Convertible Securities in response to such Event of Default under the provisions of this Contingent Convertible
Securities Indenture, and provided, further, that any payments on the Contingent Convertible Securities of such series
are subject to any subordination provisions applicable to the Contingent Convertible Securities of that series pursuant to Section
3.01 and ‎Section 12.01 hereof.

 

(b) Subject to applicable law and unless
the relevant Contingent Convertible Securities provide otherwise, the Trustee (acting on behalf of the Holders) and the Holders
of Contingent Convertible Securities by their acceptance thereof will be deemed to have waived any right of set-off, counterclaim
or combination of accounts with respect to the Contingent Convertible Securities or this Contingent Convertible Securities Indenture
(or between the Company’s obligations under or in respect of any Contingent Convertible Securities and any liability owed
by a Holder to the Company) that they (or the Trustee acting on their behalf) might otherwise have against the Company, whether
before or during a winding up, administration or liquidation of the Company or otherwise. Notwithstanding the above, if any such
rights and claims of any such Holder (or the Trustee acting on behalf of such Holder) against the Company are discharged by set-off,
such Holder (or the Trustee acting on behalf of such Holder) will immediately pay an amount equal to the amount of such discharge
to the Company or, in the event of the winding up or administration of the Company, the liquidator or administrator (or other relevant
insolvency official), as the case may be, to be held on trust for the Senior Creditors, and until such time as payment is

 

36

     

     

    

made will hold a sum equal to such amount on trust for Senior
Creditors, and accordingly such discharge shall be deemed not to have taken place.

 

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

 

Section 5.04. Trustee May File Proofs
of Claim. In case of the pendency of any receivership, insolvency, administration, liquidation, bankruptcy, reorganization,
arrangement, adjustment, composition, winding-up or other similar judicial proceeding relative to the Company or any other obligor
upon the Contingent Convertible Securities of any series or to the property of the Company or such obligor or their creditors (other
than under or in connection with a scheme of amalgamation or reconstruction not involving bankruptcy or insolvency), the Trustee
(irrespective of whether the principal of the Contingent Convertible Securities of such series shall then be due and payable as
therein expressed or by declaration or otherwise and irrespective of whether the Trustee shall have made any demand on the Company
for the payment of overdue principal (and premium, if any) or interest, if any) shall be entitled and empowered, by intervention
in such proceeding or otherwise, to take any and all actions authorized under the Trust Indenture Act in accordance with ‎Section
5.03(a) hereof in order to have claims of the Holders and the Trustee allowed in any such proceeding. In particular, and subject
as aforesaid, the Trustee shall be authorized to collect and receive any moneys and other property payable or deliverable on any
such claims and to distribute the same; and any custodian, receiver, assignee, trustee, liquidator, sequestrator or other similar
official in any such judicial proceeding is hereby authorized by each Holder of a Contingent Convertible Security to make such
payments to the Trustee and, in the event that the Trustee shall consent to the making of such payments directly to such Holders
or holders, to first pay to the Trustee any amount due to it for the reasonable compensation, expenses, disbursements and advances
of the Trustee, its agents and counsel, and any other amounts due to the Trustee under ‎Section 6.07.

 

Subject to ‎Article 8 and ‎Section
9.02, nothing herein contained shall be deemed to authorize the Trustee to authorize or consent to or accept or adopt on behalf
of any Holder of any Contingent Convertible Security any plan of

 

37

     

     

    

reorganization, arrangement, adjustment, or composition affecting
any Contingent Convertible Securities or the rights of any Holder of any Contingent Convertible Security or to authorize the Trustee
to vote in respect of the claim of any such Holder or holder in any such proceeding.

 

The provisions of this ‎Section 5.04
are subject to the provisions of Article 12.

 

Section 5.05. Trustee May Enforce Claims
Without Possession of Contingent Convertible Securities. All rights of action and claims under this Contingent Convertible
Securities Indenture or the Contingent Convertible Securities may be prosecuted and enforced by the Trustee without the possession
of any of the Contingent Convertible Securities or the production thereof in any proceeding relating thereto, and any such proceeding
instituted by the Trustee shall be brought in its own name as trustee of an express trust, and any recovery of judgment shall,
after provision for the payment of the reasonable compensation, expenses, disbursements and advances of the Trustee, its agents
and counsel (subject, with regard to the Company, to the provisions of Article 12) be for the ratable benefit of the Holders of
the Contingent Convertible Securities in respect of which such judgment has been recovered.

 

Section 5.06. Application of Money Collected.
Any money collected by the Trustee pursuant to this Article or, after an Event of Default, any money or other property distributable
in respect of the Company’s obligations under this Contingent Convertible Securities Indenture, in respect of any series
of Contingent Convertible Securities shall, subject to the provisions of ‎Section 5.03 in relation to waiver and set-off and
Article 12 in relation to subordination insofar as they apply to the claims of the Holders, be applied in the following order,
at the date or dates fixed by the Trustee and, in case of the distribution of such money on account of principal (and premium,
if any) or interest, if any, upon presentation of such Contingent Convertible Securities and the notation thereon of the payment
if only partially paid and upon surrender thereof if fully paid:

 

FIRST: To the payment of all amounts applicable
to such series of Contingent Convertible Securities in respect of which or for the benefit of which such money has been collected
and is due and owing to the Trustee (including any predecessor Trustee) under ‎Section 6.07;

 

SECOND: Subject to ‎Section 12.01, to
the payment of the amounts then due and unpaid for principal of (and premium, if any) and interest, if any, on such series of Contingent
Convertible Securities in respect of which or for the benefit of which such money has been collected, ratably, without preference
or priority of any kind, according to the amounts due and payable on such Contingent Convertible Securities for principal (and
premium, if any) and interest, if any, respectively; and

 

38

     

     

    

THIRD: To the payment of the balance, if
any, to the Company or any other Person or Persons legally entitled thereto.

 

Section 5.07. Limitation on Suits. Except
as otherwise provided by ‎Section 3.01 in respect of any series of Contingent Convertible Securities, no Holder of any Contingent
Convertible Security of any series shall have any right to institute any proceeding, judicial or otherwise, with respect to this
Contingent Convertible Securities Indenture, or for the appointment of a receiver or trustee, or for any other remedy hereunder,
unless

 

(a) such Holder has previously given written
notice to the Trustee of a continuing Event of Default with respect to Contingent Convertible Securities of the same series specifying
such Event of Default and stating that such notice is a “Notice of Default” hereunder;

 

(b) the Holders of not less than 25% in
aggregate principal amount of the Outstanding Contingent Convertible Securities of such series shall have made written request
to the Trustee to institute proceedings in accordance with ‎Section 5.02 to ‎5.05 hereof in respect of such Event of Default
in its own name, as Trustee hereunder;

 

(c) such Holder of a Contingent Convertible
Security has offered to the Trustee reasonable indemnity satisfactory to it against the costs, expenses and liabilities to be incurred
in compliance with such request;

 

(d) the Trustee for 60 days after its receipt
of such notice, request and offer of indemnity has failed to institute proceedings in accordance with ‎Section 5.02 hereof;
and

 

(e) no direction inconsistent with such
written request has been given to the Trustee during such 60-day period by the Holders of a majority in principal amount of the
Outstanding Contingent Convertible Securities of such series;

 

it being understood and intended that no one or more Holders
of Contingent Convertible Securities of a particular series shall have any right in any manner whatever by virtue of, or by availing
of, any provision of this Contingent Convertible Securities Indenture to affect, disturb or prejudice the rights of any other such
Holders or holders, or to obtain or to seek to obtain priority or preference over any other such Holders or holders or to enforce
any right under this Contingent Convertible Securities Indenture, except in the manner herein provided and for the equal and ratable
benefit of all Holders of Contingent Convertible Securities of such series.

 

Section 5.08. Unconditional Right of
Holders to Receive Principal, Premium and Interest, if any. Subject to Article 12 in relation to subordination and except as
otherwise provided by any supplemental indenture hereto with respect to any series of Contingent Convertible Securities, notwithstanding
any

 

39

     

     

    

other provision in this Contingent Convertible Securities Indenture,
the Holder of any Contingent Convertible Security shall have the right, which is absolute and unconditional, to receive payment
of the principal of (and premium, if any) and interest, if any, on such Contingent Convertible Security when due and payable as
expressed in such Contingent Convertible Security (including upon an Event of Default, if any, or on any Stated Maturity or Redemption
Date as the case may be), and to institute suit for the enforcement of any such payment and such rights shall not be impaired without
the consent of such Holder or holder.

 

Section 5.09. Restoration of Rights and
Remedies. If the Trustee or any Holder of any Contingent Convertible Security has instituted any proceeding to enforce any
right or remedy under this Contingent Convertible Securities Indenture and such proceeding has been discontinued or abandoned for
any reason, or has been determined adversely to the Trustee or to such Holder, then and in every such case, subject to any determination
in such proceeding, the Company, the Trustee and the Holders of Contingent Convertible Securities shall be restored severally and
respectively to their former positions hereunder and thereafter all rights and remedies of the Trustee and the Holders of Contingent
Convertible Securities shall continue as though no such proceeding had been instituted.

 

Section 5.10. Rights and Remedies Cumulative.
Except as otherwise provided with respect to the replacement or payment of mutilated, destroyed, lost or stolen Contingent
Convertible Securities in the last paragraph of ‎Section 3.06 and without prejudice to Section 5.03, no right or remedy herein
conferred upon or reserved to the Trustee or to the Holders of Contingent Convertible Securities is intended to be exclusive of
any other right or remedy, and every right and remedy shall, to the extent permitted by law, be cumulative and in addition to every
other right and remedy given hereunder or now or hereafter existing at law or in equity or otherwise. The assertion or employment
of any right or remedy hereunder, or otherwise, shall not, subject as aforesaid, prevent the concurrent assertion or employment
of any other appropriate right or remedy.

 

Section 5.11. Delay or Omission Not Waiver.
No delay or omission of the Trustee or of any Holder of any Contingent Convertible Security to exercise any right or remedy
accruing upon any Event of Default shall impair any such right or remedy or constitute a waiver of any such Event of Default or
an acquiescence therein. Every right and remedy given by this Article or by law to the Trustee or to the Holders of Contingent
Convertible Securities may be exercised from time to time, and as often as may be deemed expedient, by the Trustee or by the Holders
of Contingent Convertible Securities, as the case may be.

 

Section 5.12. Control by Holders. Except
as otherwise specified pursuant to Section 3.01 in respect of any series of Contingent Convertible Securities, the Holders of a
majority in aggregate principal amount of the Outstanding Contingent Convertible Securities of any series shall have the right
to direct the

 

40

     

     

    

time, method and place of conducting any proceeding for any
remedy available to the Trustee hereunder, or exercising any trust or power conferred on the Trustee hereunder with respect to
the Contingent Convertible Securities of such series, provided that such direction is in writing and the Trustee has been
offered indemnity and/or security satisfactory to it in its sole discretion and:

 

(a) such direction shall not be in conflict
with any rule of law or with this Contingent Convertible Securities Indenture;

 

(b) the Trustee shall not determine that
the action so directed would be unjustly prejudicial to the Holders of any Contingent Convertible Securities of any series not
taking part in such direction with respect to which the Trustee is acting as the Trustee; and

 

(c) the Trustee may take any other action
deemed proper by the Trustee which is not inconsistent with such direction.

 

Section 5.13. Waiver of Past of Defaults.
Except as otherwise specified pursuant to Section 3.01 in respect of any series of Contingent Convertible Securities, the Holders
of not less than a majority in aggregate principal amount of the Outstanding Contingent Convertible Securities of any series may
on behalf of the Holders of all the Contingent Convertible Securities of such series waive any past Event of Default hereunder
with respect to such series and its consequences except, to the extent applicable, an Event of Default,

 

(a) in the payment of the principal of (or
premium, if any) or interest, if any, on any Contingent Convertible Security of such series, or

 

(b) in respect of a covenant or provision
hereof which under Article 9 cannot be modified or amended without the consent of the Holder of each Outstanding Contingent Convertible
Security of such series affected.

 

Upon any such waiver, such Event of Default
shall cease to exist, and any Event of Default with respect to any series arising therefrom shall be deemed to have been cured
and not to have occurred for every purpose of this Contingent Convertible Securities Indenture, but no such waiver shall extend
to any subsequent or other Event of Default or impair any right consequent thereon.

 

Section 5.14. Undertaking for Costs.
All parties to this Contingent Convertible Securities Indenture agree, and each Holder of any Contingent Convertible Security
by his acceptance thereof shall be deemed to have agreed, that any court may in its discretion require, in any suit for the enforcement
of any right or remedy under this Contingent Convertible Securities Indenture, or in any suit against the Trustee for any action
taken, suffered or omitted by it as Trustee, the filing by any party litigant to such suit of an undertaking to pay the costs of
such suit, and that such court may in its discretion assess reasonable costs, including reasonable attorneys’ fees and expenses,
against any party litigant in

 

41

     

     

    

such suit, having due regard to the merits and good faith of
the claims or defenses made by such party litigant; but the provisions of this Section shall not apply to any suit instituted by
the Trustee, to any suit instituted by any Holder or group of Holders holding in the aggregate more than 10% in principal amount
of the Outstanding Contingent Convertible Securities of any series, or to any suit instituted by any Holder for the enforcement
of the payment of the principal of (or premium, if any) or interest, if any, on any Contingent Convertible Security on or after
any respective Stated Maturities expressed in such Contingent Convertible Security (or, in the case of redemption, on or after
the Redemption Date).

 

Article
6

The Trustee

 

Section 6.01. Certain Duties and Responsibilities.
The duties and responsibilities of the Trustee shall be as provided by the Trust Indenture
Act. Notwithstanding the foregoing, no provision of this Contingent Convertible Securities Indenture shall require the Trustee
to expend or risk its own funds or otherwise incur any financial liability in the performance of any of its duties hereunder, or
in the exercise of any of its rights or powers, if it shall have reasonable grounds for believing that repayment of such funds
or adequate indemnity against such risk or liability is not reasonably assured to it. Whether or not therein expressly so provided,
every provision of this Contingent Convertible Securities Indenture relating to the conduct or affecting the liability of or affording
protection to the Trustee shall be subject to the provisions of this Section 6.01.

 

Section 6.02. Notice of Defaults. Within
90 days after the occurrence of any Event of Default hereunder with respect to Contingent Convertible Securities of any series
of which a Responsible Officer of the Trustee has written knowledge of such Event of Default, the Trustee shall transmit in the
manner and to the extent provided in ‎Section 1.06 to Holders of Contingent Convertible Securities of such series notice of
such Event of Default hereunder known to the Trustee, unless such Event of Default shall have been cured or waived; provided, however,
that, the Trustee shall be protected in withholding such notice (except for a payment default) if it determines in good faith that
the withholding of such notice is in the interest of the Holders of Contingent Convertible Securities of such series.

 

Section 6.03. Certain Rights of Trustee.
Subject to the provisions of ‎Section 6.01:

 

(a) the Trustee may conclusively rely and
shall be protected in acting or refraining from acting upon any resolution, Officer’s Certificate, or any other certificate,
statement, instrument, opinion, report, notice, request, direction, consent, order, bond, debenture, note, coupon or other evidence
of indebtedness or other paper or document (whether in its original or facsimile form) believed by

 

42

     

     

    

it to be genuine and to have been signed or presented by the
proper party or parties;

 

(b) any request or direction of the Company
mentioned herein shall be sufficiently evidenced by a Company Request or Company Order and any resolution of the Board of Directors
of the Company may be sufficiently evidenced by a Board Resolution;

 

(c) whenever in the administration of this
Contingent Convertible Securities Indenture the Trustee shall deem it desirable that a matter be proved or established prior to
taking, suffering or omitting any action hereunder, the Trustee (unless other evidence be herein specifically prescribed) may,
in the absence of bad faith on its part, rely upon an Officer’s Certificate and/or Opinion of Counsel;

 

(d) the Trustee may consult with counsel
of its own selection and the advice of such counsel or any Opinion of Counsel shall be full and complete authorization and protection
in respect of any action taken, suffered or omitted by it hereunder in good faith and in reliance thereon;

 

(e) the Trustee shall be under no obligation
to exercise any of the rights or powers vested in it by this Contingent Convertible Securities Indenture at the request or direction
of any of the Holders pursuant to this Contingent Convertible Securities Indenture, unless such Holders shall have offered to the
Trustee reasonable security or indemnity satisfactory to it against the costs, expenses and liabilities which might be incurred
by it in compliance with such request or direction;

 

(f) the Trustee shall not be bound to make
any investigation into the facts or matters stated in any resolution, certificate, statement, instrument, opinion, report, notice,
request, direction, consent, order, bond, debenture, note, coupon or other evidence of indebtedness or other paper or document,
but the Trustee, in its discretion, may make such further inquiry or investigation into such facts or matters as it may see fit
at the reasonable expense of the Company and shall incur no liability by reason of such inquiry or investigation; provided that
the Trustee shall not be entitled to such information which the Company is prevented from disclosing as a matter of law or contract;

 

(g) the Trustee may execute any of the trusts
or powers hereunder or perform any duties hereunder either directly or by or through agents or attorneys and the Trustee shall
not be responsible for any misconduct or negligence on the part of any agent (other than an officer or employee of the Trustee)
or attorney appointed with due care by it hereunder;

 

(h) the Trustee shall not be liable for
any action taken, suffered, or omitted to be taken by it in good faith and believed by it to be authorized or within its rights
or powers conferred upon it by this Contingent Convertible Securities Indenture;

 

43

     

     

    

(i) the Trustee shall not be deemed to have
notice of any Event of Default unless a Responsible Officer of the Trustee has received at the corporate trust office of the Trustee,
written notice of such Event of Default, and such notice refers to the Contingent Convertible Securities and this Contingent Convertible
Securities Indenture;

 

(j) the Trustee shall not be liable for
any indirect, special, punitive or consequential loss or damage of any kind whatsoever, including, but not limited to, lost profits,
even if it has been advised of the likelihood of such loss or damage and regardless of the form of action;

 

(k) the Trustee shall not be liable for
any failure or delay in the performance of its obligations hereunder because of circumstances beyond its control, including, but
not limited to, acts of God, flood, war (whether declared or undeclared), terrorism, strikes, work stoppages, civil or military
disturbances, nuclear or natural catastrophes, fire, riot, embargo, loss or malfunctions of utilities, communications or computer
(software and hardware) services, government action, including any laws, ordinances, regulations, governmental action or the like
which delay, restrict or prohibit the providing of the services contemplated by this Contingent Convertible Securities Indenture;
and

 

(l) the rights, privileges, protections,
immunities and benefits given to the Trustee, including, without limitation, its right to be indemnified, are extended to, and
shall be enforceable by, the Trustee in each of its capacities hereunder.

 

Section 6.04. Not Responsible for Recitals
or Issuance of Contingent Convertible Securities. The recitals contained herein and in the Contingent Convertible Securities,
except the Trustee’s certificates of authentication, shall be taken as the statements of the Company, and neither the Trustee
nor any Authenticating Agent assumes any responsibility for their correctness. The Trustee makes no representations as to the validity
or sufficiency of this Contingent Convertible Securities Indenture or of the Contingent Convertible Securities, except that the
Trustee represents and warrants that it has duly authorized, executed and delivered this Contingent Convertible Securities Indenture.
Neither the Trustee nor any Authenticating Agent shall be accountable for the use or application by the Company of Contingent Convertible
Securities or the proceeds thereof.

 

Section 6.05. May Hold Contingent Convertible
Securities. The Trustee, any Authenticating Agent, any Paying Agent, any Contingent Convertible Security Registrar and any
Calculation Agent or any other agent of the Company, in its individual or any other capacity, may become the owner or pledgee of
Contingent Convertible Securities and, subject to Section 6.10 and Section 6.14, may otherwise deal with the Company with the same
rights it would have if it were not Trustee, Authenticating Agent, Paying Agent, Contingent Convertible Security Registrar, Calculation
Agent or such other agent.

 

44

     

     

    

Section 6.06. Money Held in Trust. Money
held by the Trustee in trust hereunder need not be segregated from other funds except to the extent required by law. The Trustee
shall be under no liability for interest on any money received by it hereunder except as otherwise agreed with the Company.

 

Section 6.07. Compensation and Reimbursement.

 

The Company agrees:

 

(a) to pay to the Trustee from time to time
compensation for all services rendered by it hereunder as agreed upon in writing by the Company from time to time (which compensation
shall not be limited by any provision of law in regard to the compensation of a trustee of an express trust);

 

(b) except as otherwise expressly provided
herein, to reimburse the Trustee upon its request for all reasonable expenses, disbursements and advances incurred or made by the
Trustee in accordance with any provision of this Contingent Convertible Securities Indenture (including the reasonable compensation
and the expenses and disbursements of its agents and counsel), except any such expense, disbursement or advance as shall be determined
by a court of competent jurisdiction to have been caused by its own negligence or bad faith; and

 

(c) to indemnify the Trustee for, and to
hold it harmless against, any and all loss, liability, claim, damage or expense (including legal fees and expenses) incurred without
negligence or bad faith on its part, arising out of or in connection with the acceptance or administration of the trust or trusts
hereunder including the costs and expenses of defending itself against any claim or liability in connection with the exercise or
performance of any of its powers or duties hereunder but excluding any tax liabilities of the Trustee in respect of its net profits.

 

The fee, costs and expenses of the Trustee
and its counsel incurred in connection with services rendered by the Trustee under Section 5.01 hereof shall constitute administration
expenses in any bankruptcy proceedings.

 

The Trustee shall notify the Company in
writing of the commencement of any action or claim in respect of which indemnification may be sought promptly after a Responsible
Officer of the Trustee becomes aware of such commencement (provided that the failure to make such notification shall not affect
the Trustee’s rights hereunder) and the Company shall be entitled to participate in, and to the extent it shall wish, to
assume the defense thereof, including the employment of counsel reasonably satisfactory to the Trustee. If the Company and the
Trustee are being represented by the same counsel and the Company has assumed the defense of the claim, the Trustee shall not be
authorized to settle a claim without the written consent of the Company, which consent shall not be unreasonably withheld.

 

45

     

     

    

If the Trustee is represented by separate
counsel due to a conflict of interest or its need for separate representation due to a need to assert defences, which are different
from the Company’s, in the Trustee’s sole discretion, the Trustee shall be entitled to enter into any settlement without
the written consent of the Company and any and all fees, costs and expenses of such separate legal representation of the Trustee
will be paid by the Company.

 

As security for the performance of the obligations
of the Company under this Section, the Trustee shall have a senior lien to which the Contingent Convertible Securities are hereby
made subordinate, upon all property and funds held or collected by the Trustee as such, except funds held in trust for the payment
of principal of (or premium, if any) or interest, if any, on the Contingent Convertible Securities.

 

Section 6.08. Disqualification; Conflicting
Interests. If the Trustee has or shall acquire a conflicting interest within the meaning of the Trust Indenture Act, the Trustee
shall either eliminate such interest or resign, to the extent and in the manner provided by, and subject to the provisions of,
Section 310(b) of the Trust Indenture Act and this Contingent Convertible Securities Indenture.

 

Section 6.09. Corporate Trustee Required;
Eligibility. There shall at all times be a Trustee hereunder with respect to each series which shall be a corporation organized
and doing business under the laws of the United States, any State thereof or the District of Columbia, authorized under such laws
to exercise corporate trust powers, having a combined capital and surplus of at least $50,000,000, subject to supervision or examination
by Federal or State or District of Columbia authority and, if there be such corporation willing and able to act as trustee on reasonable
and customary terms, having its corporate trust office or agency in the Borough of Manhattan, The City of New York, New York. If
such corporation publishes reports of condition at least annually, pursuant to law or to the requirements of said supervising or
examining authority, then for the purposes of this Section, the combined capital and surplus of such corporation shall be deemed
to be its combined capital and surplus as set forth in its most recent report of condition so published. If at any time the Trustee
shall cease to be eligible in accordance with the provisions of this Section, it shall resign immediately in the manner and with
the effect hereinafter specified in this ‎Article 6.

 

Section 6.10. Resignation and Removal;
Appointment of Successor. 

 

(a) No resignation or removal of the Trustee
and no appointment of a successor Trustee pursuant to this Article shall become effective until the acceptance of appointment by
the successor Trustee in accordance with the applicable requirements of ‎Section 6.11.

 

(b) The Trustee may resign at any time with
respect to the Contingent Convertible Securities of one or more series by giving written notice thereof to the Company. If the
instrument of acceptance by a successor Trustee required

 

46

     

     

    

by ‎Section 6.11 shall not have been delivered to the Trustee
within 30 days after the giving of such notice of resignation, the resigning Trustee may petition any court of competent jurisdiction
for the appointment of a successor Trustee with respect to the Contingent Convertible Securities of such series.

 

(c) The Trustee may be removed at any time
with respect to the Contingent Convertible Securities of any series by Act of the Holders of a majority in principal amount of
the Outstanding Contingent Convertible Securities of such series delivered to the Trustee and to the Company. If the instrument
of acceptance by a successor Trustee required by ‎Section 6.11 shall not have been delivered to the Trustee within 30 days
after the giving of such notice of removal, the Trustee may petition at the expense of the Company any court of competent jurisdiction
for the appointment of a successor Trustee with respect to the Contingent Convertible Securities of such series.

 

(d) If at any time:

 

(i) the Trustee shall fail to
comply with ‎Section 6.08 after written request therefor by the Company or by any Holder who has been a bona fide Holder of
a Contingent Convertible Security of the series as to which the Trustee has a conflicting interest for at least six months, or

 

(ii) the Trustee shall cease to
be eligible under ‎Section 6.09 and shall fail to resign after written request therefor by the Company or by any Holder who
has been a bona fide Holder of a Contingent Convertible Security for at least six months, or

 

(iii) the Trustee shall become
incapable of acting or shall be adjudged a bankrupt or insolvent or a receiver of the Trustee or of its property shall be appointed
or any public officer shall take charge, or control of the Trustee or of its property or affairs for the purpose of rehabilitation,
conservation or liquidation, or

 

(iv) the Trustee shall fail to
perform its obligations to the Company under the Contingent Convertible Securities Indenture in any material respect,

 

then, in any such case, (A) the Company by a Board Resolution
may remove the Trustee with respect to any or all series of Contingent Convertible Securities or (B) subject to ‎Section 5.14
(and except in the case of subparagraph ‎6.10(d)(iv) above), any Holder who has been a bona fide Holder of a Contingent Convertible
Security for at least six months (and, in the case of ‎Section 6.10(d)(i) above, who is a Holder of a Contingent Convertible
Security of the series as to which the Trustee has a conflicting interest) may, on behalf of himself and all others similarly situated,
petition any court of competent jurisdiction for the removal of the Trustee with respect to all Contingent Convertible Securities
and the appointment of a successor Trustee or Trustees.

 

47

     

     

    

(e) If the Trustee shall resign, be removed
or become incapable of acting, or if a vacancy shall occur in the office of Trustee for any cause, with respect to the Contingent
Convertible Securities of one or more series, the Company, by a Board Resolution, shall promptly appoint a successor Trustee or
Trustees with respect to the Contingent Convertible Securities of such series (it being understood that any successor Trustee may
be appointed with respect to the Contingent Convertible Securities of one or more or all of such series and at any time there shall
be only one Trustee with respect to the Contingent Convertible Securities of any particular series), and shall comply with the
applicable requirements of ‎Section 6.11. If, within one year after such resignation, removal or incapability, or the occurrence
of such vacancy, a successor Trustee with respect to the Contingent Convertible Securities of any series shall be appointed by
Act of the Holders of a majority in principal amount of the Outstanding Contingent Convertible Securities of such series delivered
to the Company and the retiring Trustee, the successor Trustee so appointed shall, forthwith upon its acceptance of such appointment
in accordance with the applicable requirements of ‎Section 6.11, become the successor Trustee with respect to the Contingent
Convertible Securities of such series and to that extent supersede the successor Trustee appointed by the Company. If no successor
Trustee with respect to the Contingent Convertible Securities of any series shall have been so appointed by the Company or the
Holders of Contingent Convertible Securities of such series and accepted appointment in the manner hereinafter required by ‎Section
6.11, any Holder who has been a bona fide Holder of a Contingent Convertible Security of such series for at least six months may,
on behalf of himself and all others similarly situated, petition any court of competent jurisdiction for the appointment of a successor
Trustee with respect to the Contingent Convertible Securities of such series.

 

(f) The Company shall give notice to Holders
of each resignation and each removal of the Trustee with respect to the Contingent Convertible Securities of any series and each
appointment of a successor Trustee with respect to the Contingent Convertible Securities of any series in the manner and to the
extent provided in ‎Section 1.06. Each notice shall include the name of the successor Trustee with respect to the Contingent
Convertible Securities of such series and the address of its Corporate Trust Office.

 

Section 6.11. Acceptance of Appointment
by Successor. 

 

(a) In case of the appointment hereunder
of a successor Trustee with respect to all Contingent Convertible Securities, every such successor Trustee so appointed shall execute,
acknowledge and deliver to the Company and to the retiring Trustee an instrument accepting such appointment, and thereupon the
resignation or removal of the retiring Trustee shall become effective and such successor Trustee, without any further act, deed
or conveyance, shall become vested with all the rights, powers, trusts and duties of the retiring Trustee; but, on request of the
Company or the successor Trustee, such retiring Trustee shall, upon payment of its charges, execute and deliver an instrument transferring
to such

 

48

     

     

    

successor Trustee, all the rights, powers and trusts of the
retiring Trustee and shall duly assign, transfer and deliver to such successor Trustee all property and money held by such retiring
Trustee hereunder.

 

(b) In case of the appointment hereunder
of a successor Trustee with respect to the Contingent Convertible Securities of one or more (but not all) series, the Company,
the retiring Trustee and each successor Trustee with respect to the Contingent Convertible Securities of such series shall execute
and deliver an indenture supplemental hereto wherein each successor Trustee shall accept such appointment and which (i) shall contain
such provisions as shall be necessary or desirable to transfer and confirm to, and to vest in, each successor Trustee all the rights,
powers, trusts and duties of the retiring Trustee with respect to the Contingent Convertible Securities of such series to which
the appointment of such successor Trustee relates, (ii) if the retiring Trustee is not retiring with respect to all Contingent
Convertible Securities, shall contain such provisions as shall be deemed necessary or desirable to confirm that all the rights,
powers, trusts and duties of the retiring Trustee with respect to the Contingent Convertible Securities of such series as to which
the retiring Trustee is not retiring shall continue to be vested in the retiring Trustee, and (iii) shall add to or change any
of the provisions of this Contingent Convertible Securities Indenture as shall be necessary to provide for or facilitate the administration
of the trusts hereunder by more than one Trustee, it being understood that nothing herein or in such supplemental indenture shall
constitute such Trustees co-trustees of the same trust and that each such Trustee shall be trustee of a trust or trusts hereunder
separate and apart from any trust or trusts hereunder administered by any other such Trustee; and upon the execution and delivery
of such supplemental indenture the resignation or removal of the retiring Trustee shall become effective to the extent provided
therein and each such successor Trustee, without any further act, deed or conveyance, shall become vested with all the rights,
powers, trusts and duties of the retiring Trustee with respect to the Contingent Convertible Securities of such series to which
the appointment of such successor Trustee relates; but, on request of the Company or any successor Trustee, such retiring Trustee
shall duly assign, transfer and deliver to such successor Trustee all property and money held by such retiring Trustee hereunder
with respect to the Contingent Convertible Securities of such series to which the appointment of such successor Trustee relates.

 

(c) Upon request of any such successor Trustee,
the Company shall execute any and all instruments for more fully and certainly vesting in and confirming to such successor Trustee
all such rights, powers and trusts referred to in paragraph ‎(a) or ‎(b) of this ‎Section 6.11, as the case may be.

 

(d) No successor Trustee shall accept its
appointment unless at the time of such acceptance such successor Trustee shall be qualified and eligible under this ‎Article
6. Notwithstanding anything to the contrary contained herein all of the rights, immunities and indemnities given to the retiring
Trustee hereunder, including, without limitation, those in ‎Section 6.07 shall survive the resignation of

 

49

     

     

    

the retiring Trustee and any other termination of this Contingent
Convertible Securities Indenture.

 

Section 6.12. Merger, Conversion, Consolidation
or Succession to Business. Any Person into which the Trustee may be merged or converted or with which it may be consolidated,
or any Person resulting from any merger, conversion or consolidation to which the Trustee shall be a party, or any Person succeeding
to all or substantially all the corporate trust business of the Trustee, shall be the successor of the Trustee hereunder, provided
such Person shall be otherwise qualified and eligible under this Article, without the execution or filing of any paper or any further
act on the part of any of the parties hereto. In case any Contingent Convertible Securities shall have been authenticated, but
not delivered, by the Trustee then in office, any successor by merger, conversion or consolidation to such authenticating Trustee
may adopt such authentication and deliver the securities so authenticated with the same effect as if such successor Trustee had
itself authenticated such Contingent Convertible Securities.

 

Section 6.13. Preferential Collection
of Claims. If and when the Trustee shall be or become a creditor of the Company (or any other obligor upon the Contingent Convertible
Securities of a series), the Trustee shall be subject to the provisions of the Trust Indenture Act regarding the collection of
claims against the Company (or any such other obligor).

 

Section 6.14. Appointment of Authenticating
Agent. The Trustee may at any time appoint an Authenticating Agent or Agents with respect to one or more series of Contingent
Convertible Securities which shall be authorized to act on behalf of the Trustee to authenticate Contingent Convertible Securities
of such series upon original issue, or issued upon exchange, registration of transfer or partial redemption thereof or in lieu
of destroyed, lost or stolen Contingent Convertible Securities, and Contingent Convertible Securities so authenticated shall be
entitled to the benefits of this Contingent Convertible Securities Indenture and shall be valid and obligatory for all purposes
as if authenticated by the Trustee hereunder. Wherever reference is made in this Contingent Convertible Securities Indenture to
the authentication and delivery of Contingent Convertible Securities by the Trustee or the Trustee’s certificate of authentication,
such reference shall be deemed to include authentication and delivery on behalf of the Trustee by an Authenticating Agent and a
certificate of authentication executed on behalf of the Trustee by an Authenticating Agent. Each Authenticating Agent shall be
acceptable to the Company and shall at all times be a corporation or banking association organized and doing business under the
laws of the United States, any State thereof or the District of Columbia, authorized under such laws to act as Authenticating Agent,
having a combined capital and surplus of not less than $50,000,000 and subject to supervision or examination by Federal or State
or District of Columbia authority. If such Authenticating Agent publishes reports of condition at least annually, pursuant to law
or to the requirements of said supervising or examining authority, then for the purposes of this Section, the combined capital
and surplus of such Authenticating Agent shall be deemed to be

 

50

     

     

    

its combined capital and surplus as set forth in its most recent
report of condition so published. If at any time an Authenticating Agent shall cease to be eligible in accordance with the provisions
of this ‎Section 6.14, such Authenticating Agent shall resign immediately in the manner and with the effect specified in this
Section.

 

Any Person into which an Authenticating
Agent may be merged or converted or with which it may be consolidated, or any Person resulting from any merger, conversion or consolidation
to which such Authenticating Agent shall be a party, or any Person succeeding to the corporate agency or corporate trust business
of an Authenticating Agent, shall continue to be an Authenticating Agent, provided such corporation or national banking association
shall be otherwise eligible under this ‎Section 6.14, without the execution or filing of any paper or any further act on the
part of the Trustee or the Authenticating Agent.

 

An Authenticating Agent may resign at any
time by giving written notice thereof to the Trustee and to the Company. The Trustee may at any time terminate the agency of an
Authenticating Agent by giving written notice thereof to such Authenticating Agent and to the Company. Upon receiving such a notice
of resignation or upon such a termination, or in case at any time such Authenticating Agent shall cease to be eligible in accordance
with the provisions of this ‎Section 6.14, the Trustee may appoint a successor Authenticating Agent which shall be acceptable
to the Company and shall give notice to the Holders of Contingent Convertible Securities in the manner and to the extent provided
in ‎Section 1.06. Any successor Authenticating Agent upon acceptance of its appointment hereunder shall become vested with
all the rights, powers and duties of its predecessor hereunder, with like effect as if originally named as an Authenticating Agent.
No successor Authenticating Agent shall be appointed unless eligible under the provisions of this ‎Section 6.14.

 

The Company agrees to pay to each Authenticating
Agent from time to time reasonable compensation for its services under this ‎Section 6.14.

 

If an appointment with respect to one or
more series is made pursuant to this Section, the Contingent Convertible Securities of such series may have endorsed thereon, in
lieu of the Trustee’s certificate of authentication, an alternate certificate of authentication in the following form:

 

This is one of the Contingent Convertible
Securities referred to in the within-mentioned Contingent Convertible Securities Indenture.

 

51

     

     

    

	THE BANK OF NEW YORK MELLON LONDON BRANCH

as Trustee
	 
	 
	By:	 
	as Authenticating Agent
	 
	 
	 
	By:	 
	Authorized Signatory

 

	 

Article
7

Holders Lists and Reports by Trustee and Company

 

Section 7.01. Company to Furnish Trustee
Names and Addresses of Holders. The Company, with respect to any series of Contingent Convertible Securities will furnish or
cause to be furnished to the Trustee

 

(a) quarterly, not more than 15 days after
each Regular Record Date (or after each of the dates to be specified for such purpose for non-interest bearing Contingent Convertible
Securities and Contingent Convertible Securities on which interest is paid less frequently than quarterly as contemplated by ‎Section
3.01), a list, in such form as the Trustee may reasonably require, of the names and addresses of the Holders of Contingent Convertible
Securities as of such Regular Record Date or such specified date, and

 

(b) at such other times as the Trustee may
request in writing, within 30 days after the receipt by the Company of any such request, a list of similar form and content as
of a date not more than 15 days prior to the time such list is furnished.

 

The Company need not furnish or cause to
be furnished to the Trustee pursuant to this ‎Section 7.01 the names and addresses of Holders of Contingent Convertible Securities
so long as the Trustee acts as Contingent Convertible Security Registrar with respect to such series of Contingent Convertible
Securities.

 

Section 7.02. Preservation of Information;
Communication to Holders. 

 

(a) The Trustee shall preserve, in as current
a form as is reasonably practicable, the names and addresses of Holders (i) contained in the most recent list furnished to the
Trustee as provided in ‎Section 7.01 and (ii) received by the Trustee in its capacity as Paying Agent or Contingent Convertible
Security

 

52

     

     

    

Registrar (if so acting). The Trustee may destroy any list furnished
to it as provided in ‎Section 7.01 upon receipt of a new list so furnished.

 

(b) The rights of the Holders of Contingent
Convertible Securities of any series to communicate with other Holders with respect to their rights under this Contingent Convertible
Securities Indenture or under the Contingent Convertible Securities, and the corresponding rights and privileges of the Trustee,
shall be as provided by the Trust Indenture Act.

 

(c) Every Holder, by receiving and holding
a Contingent Convertible Security, agrees with the Company and the Trustee that neither the Company nor the Trustee nor any agent
of any of them shall be held accountable by reason of the disclosure of any such information as to the names and addresses of the
Holders in accordance with ‎Section 7.02(b) or otherwise made pursuant to the Trust Indenture Act.

 

Section 7.03. Reports by Trustee. 

 

(a) On or before May 15 in each year following
the date hereof, so long as any Contingent Convertible Securities are Outstanding hereunder, the Trustee shall transmit to Holders
as provided in the Trust Indenture Act a brief report dated as of a date required by and in compliance with the Trust Indenture
Act.

 

(b) A copy of each such report shall, at
the time of such transmission to Holders, be filed by the Trustee with each securities exchange upon which the Trustee has been
notified that the Contingent Convertible Securities are listed, with the Commission and with the Company. The Company will notify
the Trustee when Contingent Convertible Securities are listed on any securities exchange.

 

(c) If not otherwise available on the Company’s
website, the Company will furnish the Trustee with interim and annual reports and upon receipt thereof, and at the direction of
the Company, the Trustee will mail such reports to all record holders of Contingent Convertible Securities. In addition, the Company
will furnish the Trustee with all notices of meetings at which holders of Contingent Convertible Securities of a particular series
are entitled to vote, and all other reports and communications that are made generally available to holders of Contingent Convertible
Securities. The Trustee will, at the Company’s expense, make such notices, reports and communications available for inspection
by holders of Contingent Convertible Securities in such manner as the Company may determine and, in the case of any notice received
by the Trustee in respect of any meeting at which holders of Contingent Convertible Securities of a particular series are entitled
to vote, at the direction of the Company, will mail to all such record holders of Contingent Convertible Securities, at the Company’s
expense, a notice containing a summary of the information set forth in such notice of meeting.

 

53

     

     

    

Section 7.04. Reports by Company. The
Company shall:

 

(a) file with the Trustee, within 15 days
after the Company is required to file the same with the Commission, copies of the annual reports and of the information, documents
and other reports (or copies of such portions of any of the foregoing as the Commission may from time to time by rules and regulations
prescribe) which the Company may be required to file with the Commission pursuant to Section 13 or Section 15(d) of the Exchange
Act; or, if the Company is not required to file information, documents or reports pursuant to either of such Sections, then it
shall file with the Trustee and the Commission, in accordance with rules and regulations prescribed from time to time by the Commission,
such of the supplementary and periodic information, documents and reports which may be required pursuant to Section 13 of the Exchange
Act in respect of a security listed and registered on a national securities exchange as may be prescribed from time to time in
such rules and regulations. Delivery of such reports, information and documents to the Trustee is for informational purposes only
and the Trustee’s receipt of such shall not constitute actual or constructive notice of any information contained therein
or determinable from information contained therein, including the Company’s compliance with any of its covenants hereunder
(as to which the Trustee is entitled to rely exclusively on an Officer’s Certificate);

 

(b) file with the Trustee and the Commission,
in accordance with rules and regulations prescribed from time to time by the Commission, such additional information, documents
and reports with respect to compliance by the Company with the conditions and covenants of this Contingent Convertible Securities
Indenture as may be required from time to time by such rules and regulations. Delivery of such reports, information and documents
to the Trustee is for informational purposes only and the Trustee’s receipt of such shall not constitute constructive notice
of any information contained therein or determinable from information contained therein, including the Company’s compliance
with any of its covenants hereunder (as to which the Trustee is entitled to rely exclusively on an Officer’s Certificate);
and

 

(c) transmit to Holders, in the manner and
to the extent required by the Trust Indenture Act, within 30 days after the filing thereof with the Trustee, such summaries of
any information, documents and reports required to be filed by the Company pursuant to paragraphs ‎(a) and ‎(b) of this
Section as may be required by rules and regulations prescribed from time to time by the Commission.

 

Article
8

Consolidation, Merger, Conveyance or Transfer

 

Section 8.01. Company May Consolidate,
etc., Only on Certain Terms. The Company may, without the consent of Holders of any Contingent Convertible Securities of any
series Outstanding under this Contingent Convertible Securities

 

54

     

     

    

Indenture, consolidate or amalgamate with or merge into any
other corporation or convey or transfer or lease its properties and assets substantially as an entirety to any Person, provided
that:

 

(a) the corporation formed by such consolidation
or amalgamation or into which the Company is merged or the Person which acquires by conveyance or transfer the properties and assets
of the Company substantially as an entirety (i) shall be a corporation organized and existing under the laws of the United Kingdom
or any political subdivision thereof, and (ii) shall expressly assume, by an indenture supplemental hereto, executed and delivered
to the Trustee, in form satisfactory to the Trustee, the due and punctual payment of the principal of (and premium, if any) and
interest, if any, on all the Contingent Convertible Securities in accordance with the provisions of such Contingent Convertible
Securities and this Contingent Convertible Securities Indenture and the performance of every covenant of this Contingent Convertible
Securities Indenture on the part of the Company to be performed or observed;

 

(b) the Company shall have delivered to
the Trustee an Officer’s Certificate and an Opinion of Counsel, each stating that such consolidation, amalgamation, merger,
conveyance or transfer and such supplemental indenture comply with this Article and that all conditions precedent herein provided
for relating to such transaction have been complied with.

 

Section 8.02. Successor Corporation Substituted.
Upon any consolidation, amalgamation or merger or any conveyance or transfer of the properties and assets of the Company substantially
as an entirety in accordance with ‎Section 8.01, the successor corporation formed by such consolidation or amalgamation or
into which the Company is merged or to which such conveyance or transfer is made shall succeed to and be substituted for, and may
exercise every right and power of, the Company under this Contingent Convertible Securities Indenture with the same effect as if
such successor corporation had been named as the Company, herein, and thereafter, the predecessor corporation shall be relieved
of all obligations and covenants under the Contingent Convertible Securities Indenture and the Contingent Convertible Securities.

 

Section 8.03. Assumption of Obligations.
Subject to applicable law and regulation (including, if and to the extent required by the Capital Regulations at such time,
the prior consent of the PRA), with respect to the Contingent Convertible Securities of any series, unless otherwise specified
in accordance with ‎Section 3.01, a holding company of the Company or any wholly-owned subsidiary of the Company (a “successor
entity”) may without the consent of any Holder assume the obligations of the Company (or any corporation which shall
have previously assumed the obligations of the Company) for the due and punctual payment of the principal of (and premium, if any,
on) and interest, if any, on any series of Contingent Convertible Securities in accordance with the provisions of such Contingent
Convertible Securities and this Contingent Convertible Securities Indenture and the performance of every covenant of this

 

55

     

     

    

Contingent Convertible Security Indenture and such series of
Contingent Convertible Securities on the part of the Company to be performed or observed provided, that:

 

(a) the successor entity shall expressly
assume such obligations by an amendment to this Contingent Convertible Securities Indenture, executed by the Company and such successor
entity, if applicable, and delivered to the Trustee, in a form satisfactory to the Trustee;

 

(b) such successor entity shall confirm
in such amendment to the Contingent Convertible Securities Indenture that such successor entity will pay all Additional Amounts,
if any, payable pursuant to ‎Section 10.04 in respect of all the Contingent Convertible Securities, provided, however,
that for these purposes, in the case of a successor entity that is not both organized under the laws of the United Kingdom and
tax resident in the United Kingdom, such successor entity’s country of organization and country of tax residence will replace
the references to the United Kingdom in the definition of “Taxing Jurisdiction” and that such obligation to
pay Additional Amounts is subject to exceptions equivalent to those provided in Section 10.04;

 

(c) immediately after giving effect to such
assumption of obligations, no Event of Default and no event which, after notice or lapse of time or both, would become an Event
of Default, shall have occurred and be continuing; and

 

(d) the Company shall have delivered to
the Trustee an Officer’s Certificate and an Opinion of Counsel, each stating that such assumption complies with this Article
and that all conditions precedent herein provided for relating to such assumption have been complied with.

 

Upon any such assumption, the successor
entity shall succeed to, and be substituted for, and may exercise every right and power of, the Company under this Contingent Convertible
Securities Indenture with respect to any such Contingent Convertible Securities with the same effect as if such successor entity
had been named as the Company in this Contingent Convertible Securities Indenture, and the Company or any legal and valid successor
corporation which shall theretofore have become such in the manner prescribed herein, shall be released from all liability as obligor
upon any such Contingent Convertible Securities except as provided in clause ‎(a) of this ‎Section 8.03.

 

Section 8.04. Notification of Assumption
or Substitution. No such assumption or substitution as is referred to in Sections 8.01, 8.02 and 8.03 shall be effected in
relation to any series of Contingent Convertible Securities, unless (except to the extent that the PRA no longer so requires) the
Company has notified the PRA of its intention to do so at least one month (or such other, longer or shorter period, as the PRA
may then require or accept) before the date scheduled therefor and no objection thereto has been raised by the PRA or (if required)
the PRA has provided its consent thereto.

 

56

     

     

    

Article
9

Supplemental Indentures

 

Section 9.01. Supplemental Indenture
without Consent of Holders. Without the consent of any Holders, the Company, when authorized by a Board Resolution, and the
Trustee, at any time and from time to time, may enter into one or more indentures supplemental hereto, in form satisfactory to
the Trustee, for any of the following purposes:

 

(a) to evidence the succession of another
corporation to the Company and the assumption by any such successor of the covenants of the Company herein and in the Contingent
Convertible Securities;

 

(b) to add to the covenants of the Company
for the benefit of the Holders of all or any series of Contingent Convertible Securities (and, if such covenants are to be for
the benefit of fewer than all series of Contingent Convertible Securities, stating that such covenants are expressly being included
solely for the benefit of such series) or to surrender any right or power herein conferred upon the Company;

 

(c) to add any additional Events of Default
(and, if such additional Events of Default are to be for the benefit of less than all series of Contingent Convertible Securities,
stating that such additional Events of Default are expressly being included solely for the benefit of such series);

 

(d) to add to, change or eliminate any of
the provisions of this Contingent Convertible Securities Indenture, or any supplemental indenture, provided that any such
change or elimination shall become effective only when there is no Contingent Convertible Security Outstanding of any series created
prior to the execution of such supplemental indenture effecting such change or elimination which is entitled to the benefit of
such provision, and adversely affected by such addition, change or elimination;

 

(e) to secure the Contingent Convertible
Securities;

 

(f) to establish the form or terms of Contingent
Convertible Securities of any series as permitted by Sections ‎2.01 or ‎3.01;

 

(g) to change any Place of Payment, so long
as the Place of Payment as required by ‎Section 3.01 is maintained;

 

(h) to cure any ambiguity, to correct or
supplement any provision herein which may be defective or inconsistent with any other provision herein or in any supplemental indenture;

 

(i) to vary, substitute or change specified
terms of any series of Contingent Convertible Securities subject to the conditions set forth under ‎Section

 

57

     

     

    

3.01, provided such action shall not adversely affect
the interests of the Holders of Contingent Convertible Securities of any series in any material respect;

 

(j) to make any other provisions with respect
to matters or questions arising under this Contingent Convertible Securities Indenture, provided such action shall not adversely
affect the interests of the Holders of Contingent Convertible Securities of any series in any material respect;

 

(k) to evidence and provide for the acceptance
of an appointment hereunder by a successor Trustee with respect to the Contingent Convertible Securities of one or more series
and to add to or change any of the provisions of this Contingent Convertible Securities Indenture as shall be necessary to provide
for or facilitate the administration of the trusts hereunder by more than one Trustee, pursuant to the requirements of ‎Section
6.11(b);

 

(l) to change or eliminate any provision
of this Contingent Convertible Securities Indenture as permitted by ‎Section 1.07; or

 

(m) with respect to any Contingent Convertible
Security (including a Global Security) issued on or after the date hereof, to amend any such Contingent Convertible Security to
conform to the description of the terms of such Contingent Convertible Security in the prospectus, prospectus supplement, product
supplement, pricing supplement or any other similar offering document related to the offering of such Contingent Convertible Security.

 

Section 9.02. Supplemental Indentures
with Consent of Holders. With the consent of the Holders of not less than 2/3 (two thirds) in aggregate principal amount of
the Outstanding Contingent Convertible Securities of each series affected by such supplemental Contingent Convertible Securities
Indenture (voting as a class), by Act of said Holders delivered to the Company and the Trustee, the Company, when authorized by
a Board Resolution, and the Trustee may enter into an indenture or indentures supplemental hereto for the purpose of adding any
provisions to or changing in any manner or eliminating any of the provisions of this Contingent Convertible Securities Indenture
or of modifying in any manner the rights of the Holders of Contingent Convertible Securities of such series under this Contingent
Convertible Securities Indenture; provided, however, that no such supplemental indenture may, without the consent of the
Holder of each Outstanding Contingent Convertible Security affected thereby,

 

(a) change the Stated Maturity, if any,
of any principal amount or any interest amounts in respect of any such Contingent Convertible Security, change the terms of any
Contingent Convertible Security to include a Stated Maturity or reduce the principal amount thereof or the rate of interest, if
any, thereon, or any premium payable upon the redemption thereof, or reduce the amount of principal of an Original Issue Discount
Security that would be due and payable upon an acceleration of the Maturity thereof pursuant to ‎Section 5.02, or change the
obligation of the Company (or its successor) to pay Additional Amounts pursuant

 

58

     

     

    

to ‎Section 10.04 (except as contemplated by ‎Section
8.01(a) and permitted by ‎Section 9.01(a)) on the Contingent Convertible Securities, or the currency of payment of the principal
amount of, premium, if any, or interest on, any such Contingent Convertible Security, or impair the right to institute suit for
the enforcement of any such payment on or after the Stated Maturity thereof or the date any such payment is otherwise due and payable
(or, in the case of redemption, on or after the Redemption Date); or

 

(b) reduce the percentage in aggregate principal
amount of the Outstanding Contingent Convertible Securities of any series, the consent of whose Holders is required for any such
supplemental indenture, or the consent of whose Holders is required for any waiver (of compliance with certain provisions of this
Contingent Convertible Securities Indenture or of certain defaults hereunder and their consequences) provided for in this Contingent
Convertible Securities Indenture; or

 

(c) modify any of the provisions of this
Section or ‎Section 5.13 except to increase any such percentage or to provide that certain other provisions of this Contingent
Convertible Securities Indenture cannot be modified or waived without the consent of the Holder of each Outstanding Contingent
Convertible Security affected thereby; provided, however, that this clause shall not be deemed to require the consent of
any Holder with respect to changes in the references to the “Trustee” and concomitant changes in this Section,
or the deletion of this proviso, in accordance with the requirements of Sections ‎6.11(b) and ‎9.01(k); or

 

(d) change in any manner adverse to the
interests of the Holders of any Contingent Convertible Securities, the subordination provisions of the Contingent Convertible Securities
or the terms and conditions of the obligations of the Company in respect of the due and punctual payment of any amounts due and
payable on the Contingent Convertible Securities.

 

It shall not be necessary for any Act of
Holders under this Section to approve the particular form of any proposed supplemental indenture, but it shall be sufficient if
such Act shall approve the substance thereof.

 

A supplemental indenture which changes or
eliminates any covenant or other provision of this Contingent Convertible Securities Indenture which has expressly been included
solely for the benefit of one or more particular series of Contingent Convertible Securities, or which modifies the rights of the
Holders of Contingent Convertible Securities of such series with respect to such covenant or other provision, shall be deemed not
to affect the rights under this Contingent Convertible Securities Indenture of the Holders of Contingent Convertible Securities
of any other series.

 

Section 9.03. Execution of Supplemental
Indentures. In executing, or accepting the additional trusts created by, any supplemental indenture permitted by this Article
or the modifications thereby of the trusts created by this

 

59

     

     

    

Contingent Convertible Securities Indenture, the Trustee shall
be entitled to receive, and (subject to ‎Section 6.01) shall be fully protected in relying upon, an Opinion of Counsel stating
that the execution of such supplemental indenture is authorized or permitted by this Contingent Convertible Securities Indenture
and constitutes a legal, valid and binding obligation of the Company subject to customary exceptions. The Trustee may, but shall
not be obliged to, enter into any such supplemental indenture which affects the Trustee’s own rights, duties or immunities
under this Contingent Convertible Securities Indenture or otherwise.

 

Section 9.04. Effect of Supplemental
Indentures. Upon the execution of any supplemental indenture under this Article, this Contingent Convertible Securities Indenture
shall be modified in accordance therewith, and such supplemental indenture shall form a part of this Contingent Convertible Securities
Indenture for all purposes; and every Holder of Contingent Convertible Securities theretofore or thereafter authenticated and delivered
hereunder shall be bound thereby, except as otherwise expressed therein.

 

Section 9.05. Conformity with Trust Indenture
Act. Every supplemental indenture executed pursuant to this Article shall conform to the requirements of the Trust Indenture
Act as then in effect.

 

Section 9.06. Reference in Contingent
Convertible Securities to Supplemental Indentures. Contingent Convertible Securities of any series authenticated and delivered
after the execution of any supplemental indenture pursuant to this Article may, and shall if required by the Trustee, bear a notation
in form approved by the Trustee as to any matter provided for in such supplemental indenture. If the Company shall so determine,
new Contingent Convertible Securities of any series so modified as to conform, in the opinion of the Trustee and the Company, to
any such supplemental indenture may be prepared and executed by the Company and such Contingent Convertible Securities may be authenticated
and delivered by the Trustee in exchange for Outstanding Contingent Convertible Securities of such series.

 

Section 9.07. Notification of Modification
or Supplemental Indenture. No such modification shall be effected in relation to any series of Contingent Convertible Securities
pursuant to this Article or Section 3.13 herein, unless (except to the extent that the PRA no longer so requires) the Company has
notified the PRA of its intention to do so at least one month (or such other, longer or shorter period, as the PRA may then require
or accept) before the proposed modification and no objection thereto has been raised by the PRA or (if required) the PRA has provided
its consent thereto.

 

60

     

     

    

Article
10

Covenants

 

Section 10.01. Payment of Principal,
Premium, and Interest. The Company covenants and agrees for the benefit of each series of Contingent Convertible Securities
that it will (subject to any subordination provisions applicable to the Contingent Convertible Securities of that series pursuant
to ‎Section 12.01 and ‎Section 3.01 hereof) duly and punctually pay the principal of (and premium, if any) and interest,
if any, on, the Contingent Convertible Securities of that series in accordance with the terms of the Contingent Convertible Securities
and this Contingent Convertible Securities Indenture.

 

Section 10.02. Maintenance of Office
or Agency. The Company will maintain in each Place of Payment for any series of Contingent Convertible Securities an office
or agency where Contingent Convertible Securities of that series may be presented or surrendered for payment, where Contingent
Convertible Securities of that series may be surrendered for registration of transfer or exchange and where notices and demands
to or upon the Company in respect of the Contingent Convertible Securities of that series and this Contingent Convertible Securities
Indenture may be served; provided, however, that at the option of the Company in the case of Contingent Convertible Securities
of such series, payment of any interest thereon may be made by check mailed to the address of the Person entitled herein as such
address shall appear in the Contingent Convertible Security Register. With respect to the Contingent Convertible Securities of
any series, such office or agency in each Place of Payment shall be specified as contemplated by ‎Section 3.01, and if not
so specified, initially shall be the Corporate Trust Office of the Trustee. Unless otherwise specified pursuant to ‎Section
3.01, the Company will maintain in the Borough of Manhattan, The City of New York, an office or agency where notices and demands
to or upon the Company in respect of Contingent Convertible Securities of any series and this Contingent Convertible Securities
Indenture may be served. The Company will give prompt written notice to the Trustee of the location, and any change in the location,
of such office or agency. If at any time the Company shall fail to maintain any such required office or agency or shall fail to
furnish the Trustee with the address thereof, such presentations, surrenders, notices and demands may be made or served at the
Corporate Trust Office of the Trustee. The Company hereby appoints the Trustee as its agent to receive all presentations, surrenders,
notices and demands.

 

The Company may also from time to time designate
one or more other offices or agencies (in or outside the Borough of Manhattan, The City of New York) where the Contingent Convertible
Securities of one or more series may be presented or surrendered for any or all such purposes and may from time to time rescind
such designations; provided, however, that no such designation or rescission shall in any manner relieve the Company of
any obligation to maintain an office or agency in each Place of Payment (except as otherwise indicated in this Section) for Contingent
Convertible Securities of any series for such purposes.

 

61

     

     

    

The Company will give prompt written notice to the Trustee of
any such designation or rescission and of any change in the location of any such other office or agency.

 

Section 10.03. Money for Payments to
be Held in Trust. If the Company shall at any time act as Paying Agent with respect to the Contingent Convertible Securities
of any series, it will, on or before each due date for payment of the principal of (and premium, if any) or interest, if any, on
any of the Contingent Convertible Securities of that series, segregate and hold in trust for the benefit of the Persons entitled
thereto a sum sufficient to pay the principal (and premium, if any) or interest, if any, so becoming due until such sums shall
be paid to such Persons or otherwise disposed of as herein provided and will promptly notify the Trustee of its failure so to act.

 

Whenever the Company shall have one or more
Paying Agents for any series of Contingent Convertible Securities, it will, prior to each due date for payment of the principal
of (and premium, if any) or interest, if any, on any Contingent Convertible Securities of that series deposit with a Paying Agent
a sum sufficient to pay the principal (and premium, if any) or interest, if any, so becoming due, such sum to be held in trust
for the benefit of the Persons entitled to such principal, premium or interest, and (unless such Paying Agent is the Trustee) the
Company will promptly notify the Trustee of its action or its failure so to act. Unless otherwise specified as contemplated by
‎Section 3.01, the Trustee shall be the Company’s Paying Agent. The Company will cause each Paying Agent for any series
of Contingent Convertible Securities other than the Trustee to execute and deliver to the Trustee an instrument in which such Paying
Agent shall agree with the Trustee, subject to the provisions of this Section, that such Paying Agent will:

 

(a) hold all sums held by it for the payment
of the principal of (and premium, if any) or interest, if any, on Contingent Convertible Securities of that series in trust for
the benefit of the Persons entitled thereto until such sums shall be paid to such Persons or otherwise disposed of as herein provided;

 

(b) give the Trustee notice of any default
by the Company (or any other obligor upon the Contingent Convertible Securities of that series) in the making of any payment, when
due and payable, of principal of (and premium, if any) or interest, if any, on Contingent Convertible Securities of that series;
and

 

(c) at any time during the continuance of
any such default, upon the written request of the Trustee, forthwith pay to the Trustee all sums so held in trust by such Paying
Agent.

 

The Company may at the time, for the purpose
of obtaining the satisfaction and discharge of this Contingent Convertible Securities Indenture or for any other purpose, pay,
or by Company Order direct any Paying Agent to pay, to the Trustee all sums held in trust by the Company or such Paying Agent,
such

 

62

     

     

    

sums to be held by the Trustee upon the same trusts as those
upon which such sums were held by the Company or such Paying Agent; and, upon such payment by any Paying Agent to the Trustee such
Paying Agent shall be released from all further liability with respect to such money.

 

Any money deposited with the Trustee or
any Paying Agent, or then held by the Company, in trust for the payment of the principal of (and premium, if any) or interest,
if any, on any Contingent Convertible Security of any series and remaining unclaimed for two years after such principal (and premium,
if any) or interest, if any, have become due and payable shall be paid to the Company on Company Request, or (if then held by the
Company) shall be discharged from such trust; and the Holder of such Contingent Convertible Security shall thereafter, as an unsecured
general creditor, look only to the Company for payment thereof, and all liability of the Trustee or such Paying Agent with respect
to such trust money, and all liability of the Company as trustee thereof, shall thereupon cease; provided, however, that
the Trustee or such Paying Agent, before being required to make any such repayment, may at the expense of the Company cause to
be published at least once, in an Authorized Newspaper, notice that such money remains unclaimed and that, after a date specified
therein, which shall not be less than 30 days from the date of such publication, any unclaimed balance of such money then remaining
will be paid to the Company.

 

Section 10.04. Additional Amounts. Unless
otherwise specified in any Board Resolution, an Officer’s Certificate, or supplemental indenture establishing the terms of
Contingent Convertible Securities of a series in accordance with Section 3.01, all amounts of principal, and premium if any, and
interest, if any, on any series of Contingent Convertible Securities will be paid by the Company without deduction or withholding
for, or on account of, any and all present and future income, stamp and other taxes, levies, imposts, duties, charges, fees, deductions
or withholdings now or hereafter imposed, levied, collected, withheld or assessed by or on behalf of the United Kingdom or any
political subdivision or any authority thereof or therein having the power to tax (the “Taxing Jurisdiction”),
unless such deduction or withholding is required by law.

 

Unless otherwise specified in any Board
Resolution, an Officer’s Certificate, or supplemental indenture establishing the terms of Contingent Convertible Securities
of a series in accordance with Section 3.01, if deduction or withholding of any such taxes, levies, imposts, duties, charges, fees,
deductions or withholdings shall at any time be required by the Taxing Jurisdiction, the Company will pay such additional amounts
in respect of the payment of the principal amount of, premium, if any, and interest, if any, on any series of Contingent Convertible
Securities (“Additional Amounts”) as may be necessary in order that the net amounts paid to the Holders of Contingent
Convertible Securities of the particular series, after such deduction or withholding, shall equal the respective amounts of principal,
premium, if any, and interest, if any, which would have been payable in respect of such Contingent Convertible Securities had no
such deduction or withholding been required; provided, however, that the

 

63

     

     

    

foregoing will not apply to any such tax, levy, impost, duty,
charge, fee, deduction or withholding that would not have been payable or due but for the fact that:

 

(i) the Holder or the beneficial
owner of the Contingent Convertible Security is a domiciliary, national or resident of, or engaging in business or maintaining
a permanent establishment or physically present in, the Taxing Jurisdiction or otherwise has some connection with the Taxing Jurisdiction
other than the mere holding or ownership of a Contingent Convertible Security, or the collection of any payment of (or in respect
of) principal of, premium, if any, or interest, if any, on any Contingent Convertible Security of the relevant series,

 

(ii) except in the case of a winding
up of the Company in the United Kingdom, the relevant Contingent Convertible Security is presented (where presentation is required)
for payment in the United Kingdom,

 

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

 

(iv) the Holder or the beneficial
owner of the relevant Contingent Convertible Security or the beneficial owner of any payment of (or in respect of) principal of,
premium, if any, or interest, if any, on such Contingent Convertible Security failed to comply with a request of the Company or
its liquidator or other authorized Person addressed to the Holder (x) to provide information concerning the nationality, residence
or identity of the Holder or such beneficial owner or (y) to make any declaration or other similar claim, which in the case of
(x) or (y), is required or imposed by a statute, treaty, regulation or administrative practice of the Taxing Jurisdiction as a
precondition to exemption or relief from all or part of such deduction or withholding,

 

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

 

(vi) the withholding or deduction
is required to be made pursuant to Sections 1471 through 1474 of the U.S. Internal Revenue Code, any agreement with the U.S. Treasury
entered into with respect thereto, any U.S. Treasury regulation issued thereunder or any other

 

64

     

     

    

official interpretations or guidance issued with respect
thereto; any intergovernmental agreement entered into with respect thereto, or any law, regulation, or other official interpretation
or guidance promulgated pursuant to such an intergovernmental agreement,

 

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

 

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

 

nor shall Additional Amounts be paid with respect to a payment
of principal of, premium, if any, or interest, if any, on, the Contingent Convertible Securities to any Holder who is a fiduciary
or partnership or Person other than the sole beneficial owner of such payment to the extent such payment would be required by the
laws of any Taxing Jurisdiction to be included in the income for tax purposes of a beneficiary or settlor with respect to such
fiduciary or a member of such partnership or a beneficial owner who would not have been entitled to such Additional Amounts, had
it been the Holder.

 

Whenever in this Contingent Convertible Securities Indenture
there is mentioned, in any context, the payment of the principal, premium, if any, or interest, if any, and any other payments
on, or in respect of, any Contingent Convertible Security of any series such mention shall be deemed to include mention of the
payment of Additional Amounts provided for in this Section to the extent that, in such context, Additional Amounts are, were or
would be payable in respect thereof pursuant to the provisions of this Section and as if express mention of the payment of Additional
Amounts (if applicable) were made in any provisions hereof where such express mention is not made.

 

Section 10.05. Corporate Existence. Subject
to ‎Article 8, the Company will do or cause to be done all things necessary to preserve and keep in full force and effect its
corporate existence.

 

Section 10.06. Statement as to Compliance.
The Company will deliver to the Trustee within 120 days after the end of each fiscal year commencing in 2015 a certificate
in compliance with Section 314(a)(4) of the Trust Indenture Act.

 

Section 10.07. Original Issue Document.
The Company shall provide to the Trustee on a timely basis such information, if any, as the Trustee requires to enable the
Trustee to prepare and file any form required to be submitted by the Company with the Internal Revenue Service and the Holders
of the Contingent Convertible Securities relating to any original issue discount for U.S. federal income tax purposes.

 

65

     

     

    

Article
11

Redemption of Contingent Convertible Securities

 

Section 11.01. Applicability of Article.
Contingent Convertible Securities of any series shall be redeemable in accordance with their terms and (except as otherwise
specified pursuant to ‎Section 3.01 in respect of any series of Contingent Convertible Securities) in accordance with this
‎Article 11. Contingent Convertible Securities of any series may not be redeemed except in accordance with provisions of applicable
law and applicable provisions of the Capital Regulations.

 

Section 11.02. Election to Redeem; Notice
to Trustee. The election of the Company to redeem any Contingent Convertible Securities shall be evidenced by a Board Resolution.
Unless otherwise provided as contemplated by ‎Section 3.01 with respect to any series of Contingent Convertible Securities,
the Company shall, not less than 30 calendar days nor more than 60 calendar days prior to the Redemption Date fixed by the Company
(unless a shorter notice shall be satisfactory to the Trustee), notify the Trustee of such Redemption Date, of the principal amount
of Contingent Convertible Securities of such series to be redeemed and, if applicable, the tenor of the Contingent Convertible
Securities to be redeemed. In the case of any redemption of Contingent Convertible Securities of any series prior to the expiration
of any provision restricting such redemption provided in the terms of such Contingent Convertible Securities or elsewhere in this
Contingent Convertible Securities Indenture, the Company shall furnish the Trustee with respect to such Contingent Convertible
Securities with an Officer’s Certificate evidencing compliance with or waiver of such provision.

 

Section 11.03. Selection by Trustee of
Contingent Convertible Securities to be Redeemed. Unless otherwise provided by ‎Section 3.01 with respect to any series
of Contingent Convertible Securities, if fewer than all the Contingent Convertible Securities of any series are to be redeemed,
the particular Contingent Convertible Securities to be redeemed shall be selected not less than 30 calendar days nor more than
60 calendar days prior to the Redemption Date by the Trustee, from the Outstanding Contingent Convertible Securities of such series
not previously called for redemption, substantially pro rata, by lot or by such method as the Trustee shall deem fair and appropriate
and which may provide for the selection for redemption of portions (equal to the minimum authorized denomination for Contingent
Convertible Securities of that series or any multiple thereof) of the principal amount of Contingent Convertible Securities of
such series of a denomination larger than the minimum authorized denomination for Contingent Convertible Securities of that series.

 

The Trustee shall promptly notify the Company
in writing of the Contingent Convertible Securities selected for redemption and, in the case of any Contingent Convertible Securities
selected for partial redemption, the principal amount thereof to be redeemed.

 

66

     

     

    

For all purposes of this Contingent Convertible
Securities Indenture, unless the context otherwise requires, all provisions relating to the redemption of Contingent Convertible
Securities shall relate in the case of any Contingent Convertible Securities redeemed or to be redeemed only in part, to the portion
of the principal amount of such Contingent Convertible Security which has been or is to be redeemed.

 

Section 11.04. Notice of Redemption.
Unless otherwise provided by ‎Section 3.01 with respect to any series of Contingent Convertible Securities, notice of redemption
shall be given not less than 30 calendar days nor more than 60 calendar days prior to the Redemption Date to each Holder of Contingent
Convertible Securities to be redeemed in the manner and to the extent provided in ‎Section 1.06.

 

All notices of redemption shall state:

 

(a) the Redemption Date,

 

(b) the Redemption Price,

 

(c) if fewer than all the Outstanding Contingent
Convertible Securities of any series are to be redeemed, the principal amount of the Contingent Convertible Securities to be redeemed,

 

(d) that, subject to any conditions contained
in the Supplemental Indenture establishing the terms of the Contingent Convertible Securities to be redeemed, on the Redemption
Date, the Redemption Price, together with any accrued but unpaid interest, will become due and payable upon each such Contingent
Convertible Security to be redeemed and, if applicable, that interest thereon will cease to accrue on or after the said date,

 

(e) the place or places where such Contingent
Convertible Securities are to be surrendered for payment of the Redemption Price,

 

(f) the CUSIP, Common Code and/or ISIN number
or numbers, if any, with respect to such Contingent Convertible Securities, and

 

(g) any other terms of the redemption as
may be contemplated by any series of Contingent Convertible Securities.

 

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

 

Section 11.05. Deposit of Redemption
Price. On or prior to any Redemption Date, the Company shall deposit with the Trustee or with a Paying Agent (or, if the Company
is acting as Paying Agent, segregate and hold in trust

 

67

     

     

    

as provided in ‎Section 10.03) an amount of money sufficient
to pay the Redemption Price of, and (except if the Redemption Date shall be an Interest Payment Date) accrued but unpaid interest
on, all the Contingent Convertible Securities which are to be redeemed on that date.

 

Section 11.06. Contingent Convertible
Securities Payable on Redemption Date. Notice of redemption having been given as aforesaid, the Contingent Convertible Securities
so to be redeemed shall, subject to any conditions contained in the Supplemental Indenture hereto establishing the terms of the
Contingent Convertible Securities of such series, on the Redemption Date become due and payable at the Redemption Price therein
specified, and from and after such date (unless the Company shall default in the payment of the Redemption Price and accrued interest,
if any) such Contingent Convertible Securities shall cease to accrue interest. Upon surrender of any such Contingent Convertible
Security for redemption in accordance with said notice, subject to any conditions contained in the Supplemental Indenture hereto
establishing the terms of the Contingent Convertible Securities of such series, such Contingent Convertible Security shall be paid
by the Company at the Redemption Price, together with accrued but unpaid interest to the Redemption Date; provided, however, that
with respect to any Contingent Convertible Securities, unless otherwise specified as contemplated by ‎Section 3.01, a payment
of interest which is payable on an Interest Payment Date which is the Redemption Date, shall be payable to the Holders of such
Contingent Convertible Securities, or one or more Predecessor Securities, registered as such at the close of business on the relevant
Regular Record Date according to the terms of the Contingent Convertible Securities and the provisions of ‎Section 3.07. Contingent
Convertible Securities in definitive form shall be presented for redemption to the Paying Agent.

 

If any Contingent Convertible Security called
for redemption shall not be so paid upon surrender thereof for redemption, the Contingent Convertible Security shall, until paid,
continue to accrue interest from and after the Redemption Date in accordance with its terms and the provisions of ‎Section
3.07.

 

Section 11.07. Contingent Convertible
Securities Redeemed in Part. Any Contingent Convertible Security which is to be redeemed only in part shall be surrendered
at a Place of Payment therefor (with, only in the case of Contingent Convertible Securities, if the Company or the Trustee so requires,
due endorsement by, or a written instrument of transfer in form satisfactory to the Company and the Trustee duly executed by, the
Holder thereof or his attorney duly authorized in writing), and the Company shall execute, and the Trustee shall authenticate and
deliver to the Holder of such Contingent Convertible Security without service charge, a new Contingent Convertible Security or
Contingent Convertible Securities of the same series of any authorized denomination as requested by such Holder, in aggregate principal
amount equal to and in exchange for the unredeemed portion of the principal of the Contingent Convertible Security so surrendered.

 

68

     

     

    

Article
12

Subordination of Contingent Convertible Securities

 

Section 12.01. Contingent Convertible
Securities Subordinate to Certain Other Claims of Creditors of the Company. 

 

(a) The Contingent Convertible Securities
of any given series will constitute our direct, unsecured and subordinated obligations, ranking equally without any preference
among themselves. The supplemental indenture with respect to each series of Contingent Convertible Securities shall provide that
the payment of the principal of (and premium, if any) and interest, if any, on a series of Contingent Convertible Securities shall
be subordinated to the extent and in the manner described in such indenture supplemental hereto, to the claims of the holders of
certain other present and future obligations of the Company.

 

(b) The provisions of this Article 12 shall
apply only to rights or claims payable under ‎Section 12.01(a) or to amounts payable pursuant thereto and under any Contingent
Convertible Securities of any series and nothing herein shall affect or prejudice the payment of the costs, charges, expenses,
liabilities, indemnity or remuneration of the Trustee under this Contingent Convertible Securities Indenture or otherwise, the
first lien rights of the Trustee under ‎Section 5.06 and 6.07 hereof, or the rights and remedies of the Trustee in respect
thereof.

 

(c) The provisions of this Article 12 shall
not be applicable to any amounts in respect of any of the Contingent Convertible Securities of any series for the payment of which
funds have been deposited in trust with the Trustee or any Paying Agent or have been set aside by the Company in trust in accordance
with Article 4 of this Contingent Convertible Securities Indenture; provided, however, that at the time of such deposit
or setting aside, and immediately thereafter, the foregoing provisions of this Section 12.01 are complied with.

 

Section 12.02. Provisions Solely to Define
Relative Rights. The provisions of this Article 12 are and are intended solely for the purpose of defining the relative rights
of the Holders of the Contingent Convertible Securities of each series on the one hand and the Senior Creditors on the other hand,
as shall be defined in the Indenture Supplemental hereto establishing the terms of the Contingent Convertible Securities of such
series. Nothing contained in this Article or elsewhere in this Contingent Convertible Securities Indenture or in such Contingent
Convertible Securities is intended to or shall (a) impair, as among the Company and the Holders of the Contingent Convertible Securities,
the obligation of the Company, which is absolute and unconditional, to pay to the holders of such claims the principal of, premium,
if any, and interest, if any, on such Contingent Convertible Securities as and when the same shall become due and payable in accordance
with their terms and this Contingent Convertible Securities Indenture; or (b) affect the relative rights against the Company of
the Holders of such Contingent Convertible Securities; or (c) subject to the terms of the Contingent Convertible Securities and
this Contingent Convertible Securities

 

69

     

     

    

Indenture prevent the Trustee or the Holder of any Contingent
Convertible Securities of the series from exercising all remedies otherwise permitted by applicable law upon default under this
Contingent Convertible Securities Indenture, subject to the rights, if any, under this Article of the Senior Creditors to receive
cash, property or securities otherwise payable or deliverable to the Trustee or such holder.

 

Section 12.03. Trustee to Effectuate
Subordination. Each Holder of a Contingent Convertible Security by his acceptance thereof authorizes and directs the Trustee
on his behalf to take such action as may be necessary or appropriate to effectuate the subordination of the Contingent Convertible
Securities provided in this Article 12 and appoints the Trustee his attorney-in-fact for any and all such purposes.

 

Section 12.04. No Waiver of Subordination
Provisions. No right of any present or future Senior Creditors to enforce subordination as herein provided shall at any time
in any way be prejudiced or impaired by any act or failure to act on the part of the Company or by any act or failure to act, in
good faith, by any such Senior Creditor or by any noncompliance by the Company with the terms, provisions and covenants of this
Contingent Convertible Securities Indenture, regardless of any knowledge thereof any such Senior Creditor may have or be otherwise
charged with.

 

Section 12.05. Notice to Trustee. The
Company shall give prompt written notice to the Trustee of any fact known to the Company which would prohibit the making of any
payment when due and payable to or by the Trustee in respect of the Contingent Convertible Securities of a series. Notwithstanding
the provisions of this Article or any other provisions of this Contingent Convertible Securities Indenture, the Trustee shall not
be charged with knowledge of the existence of any facts which would prohibit the making of any payment when due and payable to
or by the Trustee in respect of such Contingent Convertible Securities unless and until the Trustee shall have received written
notice thereof from the Company or a Senior Creditor or from any trustee therefor; and, prior to the receipt of any such written
notice by a Responsible Officer of the Trustee, the Trustee shall be entitled in all respects to assume that no such facts exist;
provided, however, that if the Trustee shall not have received the notice provided for in this Section at least three Business
Days (or any other period of time as agreed between the Company and the Trustee) prior to the date upon which by the terms hereof
any money may become payable for any purpose (including, without limitation, the payment of the principal of and any premium and
interest, if any, on any Contingent Convertible Security), then the Trustee shall have full power and authority to receive such
money and to apply the same to the purpose for which such money was received and shall not be affected by any notice to the contrary
which may be received by it during or after such three Business Day period.

 

The Trustee shall be entitled to rely on
the delivery to it of a written notice by a Person representing himself to be a Senior Creditor or a trustee therefor, to

 

70

     

     

    

establish that such notice has been given by a Senior Creditor,
or a trustee therefor. In the event that the Trustee determines in good faith that further evidence is required with respect to
the right of any Person as a Senior Creditor to participate in any payment or distribution pursuant to this Article, the Trustee
may request such Person to furnish evidence to the reasonable satisfaction of the Trustee as to the amount of claims held by such
Person, and if such evidence is not furnished, the Trustee may defer any payment to such Person pending judicial determination
as to the right of such Person to receive such payment.

 

Section 12.06. Reliance on Judicial Order
or Certificate of Liquidating Agent. Upon any payment or distribution of assets of the Company referred to in this Article,
the Trustee and the Holders of the Contingent Convertible Securities of the series shall be entitled to rely upon (a) any order
or decree entered by any court in Scotland (but not elsewhere) in which such winding-up of the Company or similar case or proceeding,
including a proceeding for the suspension of payments under Scottish law, is pending, or (b) a certificate of the administrator
of the Company (the “Liquidator”), assignee for the benefit of creditors, agent or other person making such
payment or distribution, delivered to the Trustee or the Holders of such Contingent Convertible Securities, for the purpose of
ascertaining the Persons entitled to participate in such payment or distribution, the Senior Creditors and other claims against
the Company, the amount thereof or payable thereon, the amount or amounts paid or distributed thereon and all other facts pertinent
thereto or to this Article 12.

 

Section 12.07. Trustee Not Fiduciary
for Senior Creditors. With respect to the Senior Creditors, the Trustee undertakes to perform or to observe only such of its
covenants and obligations as are specifically set forth in this Contingent Convertible Securities Indenture, and no implied covenants
or obligations with respect to the Senior Creditors shall be read into this Contingent Convertible Securities Indenture against
the Trustee. The Trustee shall not be deemed to owe any fiduciary duty to the Senior Creditors and shall not be liable to any such
holders if it shall in good faith mistakenly pay over or distribute to Holders of Contingent Convertible Securities of the series
or to the Company or to any other Person cash, property or securities to which any Senior Creditors shall be entitled by virtue
of this Article or otherwise.

 

Section 12.08. Rights of Trustee as Senior
Creditor; Preservation of Trustee’s Rights. The Trustee in its individual capacity shall be entitled to all the rights
set forth in this Article with respect to any claims of Senior Creditors which may at any time be held by it, to the same extent
as any other Senior Creditor, and nothing in this Contingent Convertible Securities Indenture or the Trust Indenture Act shall
deprive the Trustee of any of its rights as such holder.

 

Nothing in this Article shall apply to claims
of, or payments to, the Trustee under or pursuant to ‎Section 5.06 or ‎Section 6.07.

 

71

     

     

    

Section 12.09. Article Applicable to
Paying Agents. At all times when a Paying Agent other than the Trustee shall have been appointed by the Company and be then
acting hereunder, the term “Trustee” as used in this Article shall in such case (unless the context otherwise
requires) be construed as extending to and including such Paying Agent within its meaning as fully for all intents and purposes
as if such Paying Agent were named in this Article in addition to or in place of the Trustee; provided, however, that ‎Section
12.08 shall not apply to the Company or any Affiliate of the Company if it or such Affiliate acts as Paying Agent.

 

This instrument 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.

 

72 

     

     

    

IN WITNESS WHEREOF, the Company and the
Trustee have caused this Contingent Convertible Securities Indenture to be duly executed, all as of the day and year first above
written.

 

	THE ROYAL BANK OF SCOTLAND GROUP plc
	 
	 
	By:	/s/ Ewen Stevenson
	 	Name: Ewen Stevenson
	 	Title: Chief Financial Officer

	 

 

	THE BANK OF NEW YORK MELLON LONDON BRANCH
	 
	 
	By:	/s/ Robert Timmons
	 	Name: Robert Timmons
	 	Title: Vice President

 

	 

73EXHIBIT
4.2

 

 

  

	 

 

NATWEST
GROUP PLC

 

as Company,

 

and

 

THE
BANK OF NEW YORK MELLON ACTING THROUGH ITS

LONDON BRANCH

 

as Trustee

	 

 

SIXTH
SUPPLEMENTAL INDENTURE

 

dated as
of November 12, 2020

 

to

 

CONTINGENT
CONVERTIBLE SECURITIES INDENTURE

 

dated as
of August 10, 2015

 

and the

 

FIFTH
SUPPLEMENTAL INDENTURE

 

dated as
of August 19, 2020

 

in
respect of

 

£1,000,000,000
5.125% Reset Perpetual Subordinated Contingent Convertible

 

Additional
Tier 1 Capital Notes

 

 

     

     

    

TABLE
OF CONTENTS

 

 

Page

 

Article
1

Definitions

 

	Section 1.01.  Definition of Terms	2
	Section 1.02.  Separability Clause	18
	Section 1.03.  Benefits of Instrument	18
	Section 1.04.  Relation to Contingent Convertible
    Securities Indenture	18

 

Article
2

Amendments To The Contingent Convertible Securities Indenture

 

	Section 2.01.  Amended Definitions	19

 

Article
3

The Contingent Capital Notes

 

	Section 3.01.  Form, Title, Terms and
    Payments	19
	Section 3.02.  Interest	21
	Section 3.03.  Interest Payments Discretionary	21
	Section 3.04.  Restrictions on Interest Payments	22
	Section 3.05.  Agreement to Interest Cancellation	23
	Section 3.06.  Notice of Interest Cancellation	23
	Section 3.07.  Payment of Principal, Interest and
    Other Amounts	23
	Section 3.08.  Optional Redemption	24
	Section 3.09.  Optional Tax Redemption	24
	Section 3.10.  Capital Disqualification Event Redemption	25
	Section 3.11.  Optional Repurchase	25
	Section 3.12.  Pre-conditions to Redemptions and Repurchases	26
	Section 3.13.  Notice of Redemption	27
	Section 3.14.  Cancelled Interest Not Payable upon
    Redemption	28
	Section 3.15.  Automatic Conversion upon Conversion
    Trigger Event	29
	Section 3.16.  Settlement Shares	33
	Section 3.17.  Settlement Shares Offer	33
	Section 3.18.  Settlement Procedure	35
	Section 3.19.  Failure to Deliver a Settlement Notice	37
	Section 3.20.  Delivery of ADSs	37
	Section 3.21.  Agreement with Respect to Exercise
    of U.K. Bail-in Power	37

 

Article
4

Anti-Dilution

 

	Section 4.01.  Adjustment of Conversion
    Price	40
	Section 4.02.  Takeover Event	45
	Section 4.03.  Agreement with Respect to a Non-Qualifying
    Takeover Event	47

    i

     

    

Article
5

Enforcement Events and Remedies

 

	Section 5.01.  Winding-up or Administration
    Event	48
	Section 5.02.  Non-Payment Event	49
	Section 5.03.  Limited Remedies for Breach of Performance
    Obligations	49
	Section 5.04.  No Other Remedies and Other Terms	50
	Section 5.05.  Waiver of Past Defaults	51

 

Article
6

Subordination

 

	Section 6.01.  Subordination to Claims
    of Senior Creditors	51
	Section 6.02.  No Set-Off	52

 

Article
7

Satisfaction and Discharge

 

	Section 7.01.  Satisfaction and Discharge
    of Indenture	53

 

Article
8

Supplemental Indentures

 

	Section 8.01.  Amendments or Supplements
    without Consent of Holders	54
	Section 8.02.  Amendments or Supplements With Consent
    of Holders	54
	Section 8.03.  Holders’ Approval of Amendments	54
	Section 8.04.  PRA Consent	54

 

Article
9

Amendments
to the Contingent Convertible Securities Indenture applicable to the Contingent Capital Notes only

 

	Section 9.01.  Additional Amounts	55

 

Article
10

Miscellaneous

 

	Section 10.01.  Effect of Supplemental
    Indenture	56
	Section 10.02.  Other Documents to Be Given to the
    Trustee	57
	Section 10.03.  Notices to, and Consents Required
    from, the PRA to Be Given to the Trustee	57
	Section 10.04.  Survival	57
	Section 10.05.  Confirmation of Indenture	57
	Section 10.06.  Concerning the Trustee	57
	Section 10.07.  Governing Law	58
	Section 10.08.  Entire Agreement	58

    ii

     

    

Section
10.09. Counterparts58

 

    iii

     

    

This SIXTH
SUPPLEMENTAL INDENTURE (“Sixth Supplemental Indenture”), dated as of November 12, 2020, between, NATWEST GROUP
PLC, a company incorporated in Scotland with registered number SC045551, as issuer (the “Company”), having
its registered office at 36 St Andrew Square, Edinburgh EH2 2YB, United Kingdom and THE BANK OF NEW YORK MELLON, acting through
its London Branch, a banking corporation duly organized and existing under the laws of the State of New York as trustee under
the Contingent Convertible Securities Indenture (the “Trustee”), having its Corporate Trust Office at One Canada
Square, London E14 5AL, United Kingdom.

 

WITNESSETH:

 

WHEREAS,
the Company and the Trustee have executed and delivered a Contingent Convertible Securities Indenture, dated as of August 10,
2015, as amended and supplemented by the Fifth Supplemental Indenture dated as of August 19, 2020 (the “Contingent Convertible
Securities Indenture” and, together with this Sixth Supplemental Indenture, the “Indenture”), to
provide for the issuance of the Company’s Contingent Convertible Securities (the “Securities”);

 

WHEREAS,
the Company hereto desires to issue a series of Securities to be known as the £1,000,000,000 5.125% Reset Perpetual Subordinated
Contingent Convertible Additional Tier 1 Capital Notes (the “Contingent Capital Notes”);

 

WHEREAS,
the parties hereto desire to establish that the Contingent Capital Notes shall be issued in the form of one of more Global Securities
substantially in the form of Exhibit A to this Sixth Supplemental Indenture pursuant to Sections 2.01 and 3.01 of the Contingent
Convertible Securities Indenture;

 

WHEREAS,
Section 9.01(f) of the Contingent Convertible Securities Indenture permits the Company and the Trustee to enter into a supplemental
indenture to establish the forms or terms of Securities of any series as permitted under Sections 2.01 and 3.01 of the Contingent
Convertible Securities Indenture without the consent of Holders;

 

WHEREAS,
Section 9.01(d) of the Contingent Convertible Securities Indenture permits the Company and the Trustee to add to, change or eliminate
any provisions of the Contingent Convertible Securities Indenture, subject to certain conditions, without the consent of Holders;

 

WHEREAS,
this Sixth Supplemental Indenture shall amend and supplement the Contingent Convertible Securities Indenture but only with respect
to the Contingent Capital Notes; to the extent the terms of the Contingent Convertible Securities Indenture are inconsistent with
such provisions of this Sixth Supplemental Indenture, the terms of this Sixth Supplemental Indenture shall govern, but only with
respect to the Contingent Capital Notes;

 

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

 

     

     

    

WHEREAS,
the entry into of this Sixth Supplemental Indenture has been authorized pursuant to a Board Resolution, as required by Section
9.01 of the Contingent Convertible Securities Indenture; and

 

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

 

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

 

Article
1

Definitions

 

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

 

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

 

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

 

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

 

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

 

(e)           
for purposes of this Sixth Supplemental Indenture and the Contingent Convertible Securities Indenture, the term “series”
shall mean the series of Securities designated as the Contingent Capital Notes as defined in this Sixth Supplemental Indenture;

 

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

 

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

 

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

 

(i)            
references herein to a specific Section, Article or Exhibit refer to Sections or Articles of, or an Exhibit to, this Sixth
Supplemental Indenture;

 

    2

     

    

(j)            
wherever the words “include”, “includes” or “including” are used
in this Sixth Supplemental Indenture, they shall be deemed to be followed by the words “without limitation”;

 

(k)           
the use of “or” is not intended to be exclusive unless expressly indicated otherwise;

 

(l)            
for purposes of this Sixth 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

 

(m)            
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, other than Shareholders 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.

 

“Accrued
Interest” means any accrued and unpaid interest on the Contingent Capital Notes, excluding any interest which has been
cancelled or deemed to be cancelled in accordance with the terms of this Sixth Supplemental Indenture.

 

“Acquirer”
means the person which, following a Takeover Event, controls the Company.

 

“ADS”
means the American Depository Shares which are the subject of the ADS Deposit Agreement.

 

“ADS
Deposit Agreement” means the Amended and Restated Deposit Agreement among the Company, The Bank of New York Mellon and
all holders from time to time of American Depositary Receipts issued thereunder.

 

“ADS
Depository” means The Bank of New York Mellon, as the depositary under the Company’s ADS Deposit Agreement.

 

“Alternative
Consideration” means, in respect of each Contingent Capital Note and as determined by the Company (i) if all of the
Settlement Shares to be issued and delivered following Automatic Conversion are sold in the Settlement Shares Offer, the pro rata
share of the cash proceeds from the sale of such Settlement Shares attributable to such Contingent Capital Notes (less an amount
equal to the pro rata share of any taxes and duties (including, without limitation, any stamp duty, stamp duty reserve tax, or
any other capital, issue, transfer, registration, financial transaction or documentary tax or duty) that may arise or be paid
in connection with the issue and delivery of Settlement Shares to the Settlement Share Depository pursuant to the Settlement Shares
Offer); (ii) if some but not all of such Settlement Shares to be issued and delivered upon Automatic Conversion are sold in the
Settlement Shares Offer, (x) the pro rata share of the cash proceeds from the sale of such Settlement Shares attributable to such
Contingent Capital

 

    3

     

    

Notes (less
an amount equal to the pro rata share of any taxes and duties (including, without limitation, any stamp duty, stamp duty reserve
tax, or any other capital, issue, transfer, registration, financial transaction or documentary tax or duty) that may arise or
be paid in connection with the issue and delivery of Settlement Shares to the Settlement Share Depository pursuant to the Settlement
Shares Offer) and (y) the pro rata share of such Settlement Shares not sold pursuant to the Settlement Shares Offer attributable
to such Contingent Capital Notes rounded down to the nearest whole number of Settlement Shares; and (iii) if no Settlement Shares
are sold in the Settlement Shares Offer, the relevant number of Settlement Shares that would have been received had the Company
not elected that the Settlement Share Depository should carry out a Conversion Shares Offer.

 

“Approved
Entity” means a body corporate that is incorporated or established under the laws of an OECD member state and which,
on the occurrence of the Takeover Event, has in issue Relevant Shares.

 

“Assets”
means the unconsolidated gross assets of the Company, as shown in the latest published audited balance sheet of the Company, adjusted
for subsequent events in such manner as the directors of the Company may determine.

 

“Automatic
Conversion” means the irrevocable and automatic release of all of the Company’s obligations under the Contingent
Capital Notes in consideration of the Company’s issuance and delivery of the Settlement Shares at the Conversion Price on
the Conversion Date to the Settlement Share Depository (on behalf of the Holders and Beneficial Owners) in accordance with the
terms of the Contingent Capital Notes or the Indenture.

 

“Banking
Act” means the U.K. Banking Act 2009, as has been or may be amended from time to time, whether pursuant to the U.K.
Financial Services (Banking Reform) Act 2013, secondary legislation or otherwise;

 

“Beneficial
Owners” shall mean (a) with respect to Global Securities, the owners of beneficial interests in 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 day, other than Saturday or Sunday, that is neither a legal holiday nor a day on which banking institutions
are authorized or required by law or regulation to close in the City of New York or in the City of London, England.

 

“Calculation
Agent” means National Westminster Bank Plc, or its successor appointed by the Company pursuant to the Calculation Agent
Agreement between the Company and National Westminster Bank Plc, dated as of the date hereof.

 

“Cancellation
Date” means (i) with respect to any Contingent Capital Note for which a Settlement Notice is received by the Settlement
Share Depository on or before the Notice Cut-off Date, the applicable Settlement Date and (ii) with respect to any

 

    4

     

    

Contingent
Capital Note for which a Settlement Notice is not received by the Settlement Share Depository on or before the Notice Cut-off
Date, the Final Cancellation Date.

 

A “Capital
Disqualification Event” shall occur if the Company determines that, as a result of any amendment to, or change in the
regulatory classification of the Contingent Capital Notes under the Capital Regulations (or official interpretation thereof),
in any such case becoming effective on or after the Issue Date, the whole or part of the Contingent Capital Notes are, or are
likely to be, excluded from the Tier 1 Capital (as defined in the Capital Regulations) of the Company and/or the Tier 1 Capital
of the Regulatory Group.

 

“Cash
Component” means that portion, if any, of the Alternative Consideration consisting of cash.

 

“Cash
Dividend” means any dividend or distribution in respect of the ordinary shares which is to be paid or made to the Shareholders
as a class in cash (in whatever currency) and 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 the Shareholders upon
or in connection with a reduction of capital.

 

“CET1
Capital” means, at any time, the sum, expressed in pounds sterling, of all amounts that constitute Common Equity Tier
1 Capital of the Regulatory Group, at such time, less any deductions from Common Equity Tier 1 Capital of the Regulatory Group
required to be made, at such time, in each case as calculated by the Company on a consolidated and fully loaded basis in accordance
with the Capital Regulations applicable to the Regulatory Group as at that point in time (which calculation shall be binding on
the Trustee and the Holders).

 

“CET1
Ratio” means the ratio of CET1 Capital to Risk Weighted Assets expressed as a percentage and on the basis that all measures
used in such calculation shall be calculated on a fully loaded basis.

 

“Clearstream
Luxembourg” means Clearstream Banking, S.A.

 

“Clearing
Systems” means Clearstream Luxembourg and Euroclear.

 

“Clearing
System Business Day” means a day on which each of Euroclear and Clearstream Luxembourg is open for business.

 

“commencement”
means, in relation to the winding up of the Company, the date on which such winding up commences, or is deemed to commence,
determined in accordance with Section 86 or 129 of the Insolvency Act 1986.

 

“Common
Equity Tier 1 Capital” shall have the meaning ascribed to such term in CRD as interpreted and applied in accordance
with the Capital Regulations then applicable to the Regulatory Group.

 

    5

     

    

“Compliant
Securities” means securities issued directly by the Company that have terms not materially less favourable to an investor
than the terms of the Contingent Capital Notes (as determined by the Company in consultation with an Independent Financial Adviser),
provided that the Company has delivered an officer’s certificate to such effect (including as to such consultation) to the
Trustee (upon which the Trustee shall be entitled to conclusively rely on and accept such certificate without further enquiry
and without liability to any person) prior to the substitution or variation of the Contingent Capital Notes and provided that
such substitution or varied securities:

 

(a) (1) contain
terms which comply with the then current requirements of the Capital Regulations in relation to Tier 1 Capital (as defined in
the Capital Regulations); (2) provide for the same interest rate and Interest Payment Dates from time to time applying to the
Contingent Capital Notes; (3) rank pari passu with the ranking of the Contingent Capital Notes; (4) preserve any existing rights
under the Indenture to any accrued interest or other amounts which have not been either paid or cancelled (but without prejudice
to our right to cancel the same under the terms of the Compliant Securities, if applicable); (5) preserve our obligations (including
the obligations arising from the exercise of any right) as to payments of principal in respect of the Contingent Capital Notes,
including (without limitation) as to the timing and amount of such payments; (6) contain terms providing for the conversion of
the Contingent Capital Notes, the cancellation of payments of interest thereon and/or write-down of the principal of the Contingent
Capital Notes only if such terms are not materially less favourable to an investor than the terms of the Contingent Capital Notes;
and (7) qualify as hybrid capital instruments as defined in section 475C of the Corporation Tax Act 2009, to the extent applicable
(or in any equivalent provision in any applicable successor legislation);

 

(b) are (1)
admitted to trading on the International Securities Market of the LSE or (2) listed on such other stock exchange as is a Recognised
Stock Exchange (as defined below) at that time as selected by the Company; and

 

(c) where
the Contingent Capital Notes which have been substituted or varied had a published rating (solicited by, or assigned with our
cooperation) from a Rating Agency (as defined below) immediately prior to their substitution or variation, at least two Rating
Agencies have, or where only one Rating Agency has published such a Rating, such Rating Agency has, ascribed, or announced their
intention to ascribe, an equal or higher published rating to the relevant Compliant Securities.

 

“control”
means, for the purposes of the definition of a Takeover Event:

 

		(a)	the acquisition or holding of legal
                                         or beneficial ownership of more than 50% of the issued ordinary shares of the Company;
                                         or

 

		(b)	the right to appoint and/or remove
                                         all or the majority of the members of the Board of Directors of the Company, whether
                                         obtained directly or indirectly and whether obtained by ownership of share capital, contract
                                         or otherwise.

 

    6

     

    

and
“controlled” shall be construed accordingly.

 

“Conversion
Date” means the date on which the Automatic Conversion shall take place as specified in the Conversion Trigger Notice,
which shall occur without delay upon, and in any event within one month of, the occurrence of the Conversion Trigger Event.

 

“Conversion
Price” means £1.754, subject to the anti-dilution provisions set forth under Article 4.

 

“Conversion
Trigger Event” means any point in time at which the CET1 Ratio is less than 7.00%.

 

“Conversion
Trigger Notice” means the written notice to be delivered by the Company to the Trustee and the Holders of the Contingent
Capital Notes in accordance with Section 1.06 of the Contingent Convertible Securities Indenture and in the form of Exhibit B
attached thereto following the occurrence of the Conversion Trigger Event. The date on which the Conversion Trigger Notice shall
be deemed to have been given shall be the date on which it is dispatched by the Company to the Clearing Systems (or if the Contingent
Capital Notes are held in definitive form, to the Holders of the Contingent Capital Notes directly). The Conversion Trigger Notice
shall specify (i) that the Conversion Trigger Event has occurred and the CET1 Ratio resulting in such Conversion Trigger Event,
(ii) the Conversion Date, (iii) the then-prevailing Conversion Price (which Conversion Price shall remain subject to any subsequent
adjustment pursuant to ‎Article 4 up to the Conversion Date),
(iv) the contact details of any Settlement Share Depository, or, if the Company has been unable to appoint a Settlement Share
Depository, such other arrangements for the issuance and/or delivery of the Settlement Shares, or, if the Holder elects, ADSs
or any Alternative Consideration to the Holders as it shall consider reasonable in the circumstances, (v) that the Company has
the option, at its sole and absolute discretion, to elect that a Settlement Shares Offer be conducted and that, if the Company
so elects, it will issue a Settlement Shares Offer Notice within ten Business Days following the Conversion Date notifying the
Holders of its election and (vi) the Suspension Date and that the Contingent Capital Notes shall remain in existence for the sole
purpose of evidencing the Holder’s right to receive Settlement Shares, or, if the Holder elects, ADSs or the Alternative
Consideration, as applicable, from the Settlement Share Depository and that the Contingent Capital Notes may continue to be transferable
until the Suspension Date.

 

“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.

 

“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

 

    7

     

    

preceding such
date; provided that, if at any time during the said five (5) Dealing Day period the Volume Weighted Average Price shall have been
based on a price ex-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-dividend (or cum-any other entitlement), then:

 

(i)       if
the ordinary shares to be created, issued, transferred or delivered do not rank for the dividend (or entitlement thereto) in question,
the Volume Weighted Average Price on the dates on which the ordinary shares shall have been based on a price cum-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 the Fair Market Value of any such dividend or entitlement per ordinary share as at the date of first public announcement
relating to such 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 created, issued, transferred or delivered do rank for the 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-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 the Fair Market Value of any such dividend or entitlement per ordinary share as at the date of first public announcement relating
to such 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 (5) Dealing Days, the Volume Weighted Average Price shall have been based on a price
cum-dividend (or cum- any other entitlement) in respect of a dividend (or other entitlement) which has been declared or announced
but the ordinary shares to be issued and delivered do not rank for that dividend (or other entitlement), the Volume Weighted Average
Price on each of such dates shall, for the purposes of this definition, be deemed to be the amount thereof reduced by an amount
equal to the Fair Market Value of any such dividend or entitlement per ordinary share as at the date of first public announcement
relating to such 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 (5) 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 (5) 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 (acting as an expert).

 

    8

     

    

“Dealing
Day” means a day on which the Relevant Stock Exchange or relevant stock exchange or securities market is open for business
and on which ordinary shares, Other Securities, options, warrants or other rights (as the case may be) 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).

 

“Distributable
Items” means subject as otherwise defined in, and/or interpreted in accordance with, the Capital Regulations applicable
to the Company from time to time, the amount of the Company’s profits at the end of the latest financial year plus any profits
brought forward and reserves available for that purpose before distributions to holders of the Contingent Capital Notes, any Parity
Securities and Junior Securities less any losses brought forward, profits which are non-distributable pursuant to the Companies
Act 2006 (U.K.) (the “Companies Act”) or any other provisions of English law and/or Scots law from time to
time applicable to the Company or the Company’s Memorandum and Articles of Association from time to time (together, the
“Articles of Association”) and sums placed to non-distributable reserves in accordance with the Companies Act
or other provisions of English law and/or Scots law from time to time applicable to the Company or the Articles of Association,
in each case with respect to the specific category of own funds instruments to which such law or the Articles of Association relate;
such profits, losses and reserves being determined on the basis of the Company’s individual accounts and not on the basis
of the Company’s consolidated accounts.

 

“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 amended from time to time) or similar law in the UK.

 

“Enforcement
Event” means any of (i) a Winding-up or Administration Event prior to the occurrence of a Conversion Trigger Event,
(ii) a Non-Payment Event, or (iii) a breach of a Performance Obligation.

 

“Equity
Share Capital” has the meaning provided in Section 548 of the Companies Act 2006.

 

“Euroclear”
means Euroclear Bank SA/NV.

 

“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 its Shareholders as a class
or any analogous or similar term, in which case the Extraordinary Dividend shall be such Cash Dividend.

 

“Fair
Market Value” means, with respect to any property on any date, the fair market value of that property as determined
by an Independent Financial Adviser in good faith, provided that (i) the Fair Market Value of a Cash Dividend shall be the amount
of such Cash Dividend; (ii) the Fair Market Value of any other cash amount shall be the amount of such cash; (iii) where Other
Securities, options, warrants or other rights are publicly traded on a stock exchange or securities market of adequate liquidity
(as

 

    9

     

    

determined
in good faith by an Independent Financial Adviser), the Fair Market Value (a) of such Other Securities shall equal the arithmetic
mean of the daily Volume Weighted Average Prices of such Other Securities and (b) of such options, warrants or other rights shall
equal the arithmetic mean of the daily closing prices of such options, warrants or other rights, in the case of (a) and (b), during
the period of five (5) Dealing Days on the relevant stock exchange or securities market commencing on such date (or, if later,
the first such Dealing Day such Other Securities, options, warrants or other rights are publicly traded) or such shorter period
as such Other Securities, options, warrants or other rights are publicly traded; (iv) where Other Securities, options, warrants
or other rights are not publicly traded on a stock exchange or securities market of adequate liquidity (as aforesaid), the Fair
Market Value of such Other Securities, options, warrants or other rights shall be determined in good faith by an Independent Financial
Adviser, on the basis of a commonly accepted market valuation method and taking account of such factors as it considers appropriate,
including the market price per ordinary share, the dividend yield of an ordinary share, the volatility of such market price, prevailing
interest rates and the terms of such Other Securities, options, warrants or other rights, including as to the expiry date and
exercise price (if any) thereof. Such amounts shall, in the case of (i) above, be translated into the Relevant Currency (if declared,
announced, made, paid or payable in a currency other than the Relevant Currency, and if the relevant dividend is payable at the
option of the Company or a shareholder in any currency additional to the Relevant Currency, the relevant dividend shall be treated
as payable in the Relevant Currency) at the rate of exchange used to determine the amount payable to shareholders who were paid
or are to be paid or are entitled to be paid the Cash Dividend in the Relevant Currency; and, in any other case, shall be translated
into the Relevant Currency (if expressed in a currency other than the Relevant Currency) at the Prevailing Rate on that date.
In addition, in the case of (i) and (ii) above, the Fair Market Value shall be 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.

 

“Final
Cancellation Date” means the date, as specified in the Settlement Request Notice, on which the Contingent Capital Notes
in relation to which no Settlement Notice has been received by the Settlement Share 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.

 

“First
Call Date” means May 12, 2027.

 

“First
Reset Date” means November 12, 2027.

 

“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 Regulation, in accordance
with the Capital Regulations applicable to the Regulatory Group, as at the time such measure is calculated.

 

“Holder”
means a Person in whose name a Contingent Capital Note in global or definitive form is registered in the Contingent Convertible
Security Register.

 

    10

     

    

“Independent
Financial Adviser” means an independent financial institution of international repute appointed by the Company at its
own expense.

 

“Initial
Interest Rate” means the rate of interest in respect of the period from (and including) the Issue Date to (but excluding)
the First Reset Date, which will be 5.125% per annum.

 

“Interest
Payment Date” means each of March 31, June 30, September 30 and December 31 of each year, commencing on December 31,
2020.

 

“Issue
Date” means November 12, 2020, being the date of the initial issue of the Contingent Capital Notes.

 

“Junior
Securities” means any ordinary shares or other securities or other obligations (including any guarantee, credit support
or similar undertaking) of the Company ranking, or expressed to rank, junior to the Contingent Capital Notes in a Winding-up or
Administration Event.

 

“Liabilities”
means the unconsolidated gross liabilities of the Company, as shown in the latest published audited balance sheet of the Company,
adjusted for contingent liabilities and prospective liabilities and for subsequent events in such manner as the directors of the
Company may determine.

 

“New
Conversion Condition” shall be satisfied if by not later than seven calendar days following the occurrence of a Takeover
Event where the Acquirer is an Approved Entity, the Company shall have entered into arrangements to the Company’s satisfaction
with the Approved Entity pursuant to which the Approved Entity irrevocably undertakes to the Trustee, for the benefit of the Holders
and Beneficial Owners, to deliver the Relevant Shares to the Settlement Share Depository upon Automatic Conversion.

 

“New
Conversion Condition Effective Date” means the date with effect from which the New Conversion Condition shall have been
satisfied.

 

“New
Conversion Price” means the amount determined by the Company in accordance with the following formula:

 

	NCP = ECP ×	VWAPRS 

    VWAPOS

 

where:

 

		NCP	is the New Conversion Price.

 

		ECP	is the Conversion Price in effect
                                         on the Dealing Day immediately prior to the New Conversion Condition Effective Date.

 

		VWAPRS	means the average of the Volume
                                         Weighted Average Price of the Relevant Shares on each of the 10 Dealing Days ending on

 

    11

     

    

the
Dealing Day prior to the date the Takeover Event shall have occurred (and where references in the definition of “Volume
Weighted Average Price” to “ordinary shares” shall be construed as a reference to the Relevant Shares and in
the definition of “Dealing Day”, references to the “Relevant Stock Exchange” shall be to the primary Regulated
Market on which the Relevant Shares are then listed, admitted to trading or accepted for dealing).

 

		VWAPOS	is the average of the Volume
                                         Weighted Average Price of the ordinary shares on each of the 10 Dealing Days ending on
                                         the Dealing Day prior to the date the Takeover Event shall have occurred.

 

“Non-Payment
Event” has the meaning specified in ‎Section 5.02.

 

“Non-Qualifying
Takeover Event” means a Takeover Event that is not a Qualifying Takeover Event.

 

“Notice
Cut-Off Date” means the date specified as such in the Settlement Request Notice.

 

“Notional
Preference Shares” means an actual or notional class of preference shares in the capital of the Company having an equal
right to return of assets in a Winding-up or Administration Event to, and so ranking pari passu with, the most senior class
or classes of issued preference shares with non-cumulative dividends (if any) in the capital of the Company from time to time
and which have a preferential right to a return of assets in the Winding-up or Administration Event over, and so rank ahead 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 junior to any notional class of preference shares in our capital which is referenced in any of our instruments for
the purposes of determining a claim in our winding-up or administration, and, as so referenced, (i) is expressed to have a preferential
right to a return of assets in our winding-up or administration over the holders of all other classes of shares for the time-being
in our capital and (ii) is not expressed to rank junior to any other notional class of preference shares in our capital.

 

“ordinary
shares” means the ordinary shares of the Company, with a nominal value of £1.00 each.

 

“Ordinary
Share Capital” has the meaning provided in Section 1119 of the Corporation Tax Act 2010.

 

“Other
Securities” means any securities including, without limitation, shares in the capital of the Company, or options, warrants
or other rights to subscribe for or purchase or acquire shares in the capital of the Company (and each an “Other Security”).

 

“Outstanding
Amount” has the meaning set forth in ‎Section 3.17(a).

 

    12

     

    

“Parity
Securities” means the most senior ranking class or classes of non-cumulative preference shares in the capital of the
Company from time to time and any other securities of the Company or other securities or other obligations (including any guarantee,
credit support or similar undertaking) ranking, or expressed to rank, pari passu with the Contingent Capital Notes and/or
such preference shares following a Winding-up or Administration Event.

 

“Performance
Obligation” has the meaning specified in ‎Section
5.03.

 

“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 noon (London time) on that date as appearing on or derived from the Relevant Page or, if such a rate cannot
be determined at such time, the rate prevailing as at or about 12 noon (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, the rate determined
in such other manner as an Independent Financial Adviser shall in good faith prescribe.

 

“Prospectus”
means the prospectus on Form F-3 related to the offering and sale of the Contingent Capital Notes dated December 13, 2017, as
amended or supplemented.

 

“Prudential
Regulation Authority” or “PRA” means the Prudential Regulation Authority or such other governmental
authority having primary supervisory authority with respect to the prudential regulation of the Company’s business.

 

“Qualifying
Takeover Event” means a Takeover Event where:

 

		(i)	the Acquirer is an Approved Entity;

 

		(ii)	the New Conversion Condition
                                         is satisfied; and

 

		(iii)	the Acquirer and persons “connected”
                                         with the Acquirer together have “control” of the Issuer (where “connected”
                                         and “control” have the same meanings as in section 1122 and 1124 of the Corporation
                                         Tax Act 2010 (to the extent applicable or in any equivalent provision in any applicable
                                         successor legislation)).

 

“Rating
Agency” means Moody’s Investors Service, Inc., S&P Global Ratings Inc., a division of S&P Global Inc.,
Fitch Ratings, Inc., or any of their affiliates, or any successor.

 

“Recognised
Stock Exchange” means a recognised stock exchange as defined in section 1005 of the UK Income Tax Act 2007 as the same
may be amended from time to time and any provision, statute or statutory instrument replacing the same from time to time.

 

“Record
Date” means the 15th calendar day preceding each Interest Payment Date, whether or not such day is a Business Day.

 

    13

     

    

“Reference
Bond Rate” means, with respect to any Reset Date for which such rate applies and related Reset Determination Date, the
gross redemption yield expressed as a percentage and calculated by the Calculation Agent on the basis set out by the United Kingdom
Debt Management Office in the paper "Formulae for Calculating Gilt Prices from Yields", page 5, Section One: Price/Yield
Formulae "Conventional Gilts; Double dated and Undated Gilts with Assumed (or Actual) Redemption on a Quasi-Coupon Date"
(published on 8 June 1998 and updated on 15 January 2002 and 16 March 2005, and as further amended, updated, supplemented or replaced
from time to time) or, if such basis is no longer in customary market usage at such time (as determined by the Issuer in good
faith), a gross redemption yield calculated in accordance with generally accepted market practice at such time as determined and
notified in writing to the Calculation Agent by the Issuer following consultation with an investment bank or financial institution
determined to be appropriate by the Issuer (which, for the avoidance of doubt, could be the Calculation Agent or another affiliate
of the Issuer), on a semi-annual compounding basis (converted to an annualised yield and rounded up (if necessary) to four decimal
places) of the Reset Reference Bond in respect of that Reset Period, assuming a price for the Reset Reference Bond (expressed
as a percentage of its principal amount) equal to the Reference Bond Price for such Reset Determination Date.

 

“Reference
Bond Price” means, with respect to any Reset Determination Date, (i) the arithmetic average of the Reference Government
Bond Dealer Quotations for such Reset Determination Date, after excluding the highest and lowest such Reference Government Bond
Dealer Quotations, or (ii) if fewer than five such Reference Government Bond Dealer Quotations are received, the arithmetic average
of all such quotations (or, alternatively, if only one Reference Government Bond Dealer Quotation is received, the Reference Bond
Price shall be equal to such quotation); provided, however, that if no Reference Government Bond Dealer Quotations are received,
the Subsequent Interest Rate for the relevant Reset Period shall be equal to the Rate of Interest last determined in relation
to the Contingent Capital Notes in respect of the preceding Reset Period (or, alternatively, in the case of the first Reset Determination
Date, the Rate of Interest applicable to the first Reset Period shall be the Initial Interest Rate).

 

“Reference
Government Bond Dealer” means each of five banks selected by the Issuer (following, where practicable, consultation
with an investment bank or financial institution of financial repute determined to be appropriate by the Issuer, which for the
avoidance of doubt, could be the Calculation Agent), or the affiliates of such banks, which are (i) primary government securities
dealers, and their respective successors, or (ii) market makers in pricing corporate bond issues.

 

“Reference
Government Bond Dealer Quotations” means, with respect to each Reference Government Bond Dealer and any Reset Determination
Date, the arithmetic average, as determined by the Calculation Agent, of the bid and offered prices for the Reset Reference Bond
(expressed in each case as a percentage of its principal amount) as at 11:00 a.m. (London time) on the Reset Determination Date
and, if relevant, on a dealing basis for settlement that is customarily used at such time, and quoted in writing to the Calculation
Agent by such Reference Government Bond Dealer. “Calculation Agent”

 

    14

     

    

means National
Westminster Bank Plc or its successor appointed by us, pursuant to a calculation agent agreement expected to be entered into on
November 12, 2020.

 

“Rate
of Interest” shall mean the Initial Interest Rate and/or the relevant Subsequent Interest Rate, as the case may be.

 

“Reset
Period” means any period from and including each Reset Date to but excluding the next succeeding Reset Date.

 

“Regular
Record Date” means, the close of business of the relevant Clearing System on the Clearing System Business Day immediately
preceding each Interest Payment Date (or, if the Contingent Capital Notes are held in definitive form, the Record Date).

 

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

 

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

 

“Relevant
Currency” means sterling or, if at the relevant time or for the purposes of the relevant calculation or determination
the London Stock Exchange is not the Relevant Stock Exchange, the currency in which the ordinary shares or the Relevant Shares
(as applicable) are quoted or dealt in on the Relevant Stock Exchange at such time.

 

“Relevant
Page” means the relevant page on Bloomberg or such other information service provider that displays the relevant information.

 

“Relevant
Shares” means Ordinary Share Capital of the Approved Entity that constitutes Equity Share Capital or the equivalent
(or depositary or other receipts representing the same) which is listed and admitted to trading on a Regulated Market.

 

“Relevant
Stock Exchange” means the London Stock Exchange or, if at the relevant time the ordinary shares are not at that time
listed and admitted to trading on the London Stock Exchange, 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. authority” means any authority with the ability to exercise a U.K. bail-in power.

 

“Reset
Date” means the First Call Date and every fifth anniversary thereafter.

 

    15

     

    

“Reset
Determination Date” means the second Business Day immediately preceding each Reset Date.

 

“Reset
Period” means any period from and including each Reset Date to but excluding the next succeeding Reset Date.

 

“Risk
Weighted Assets” means, at any time, the aggregate amount, expressed in pounds sterling, of the risk weighted assets
of the Regulatory Group, at such time, as calculated by the Company on a consolidated and fully loaded basis in accordance with
the Capital Regulations applicable to the Regulatory Group (which calculation shall be binding on the Trustee and the Holders)
and where 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 Regulatory Group as at that point in time.

 

“secondary
non-preferential debts” shall have the meaning given to it in the Banks and Building Societies (Priorities on Insolvency)
Order 2018 and any other law or regulation applicable to the Company which is amended by such order, as each may be amended or
replaced from time to time.

 

“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 a Winding-up or Administration Event or otherwise) to the claims of unsubordinated
creditors of the Company but not further or otherwise, (iii) who are creditors in respect of any secondary non-preferential debts,
or (iv) who are subordinated creditors of the Company (whether as aforesaid or otherwise), other than those whose claims rank,
or are expressed to rank, pari passu with, or junior to, the claims of the Holders and/or pari passu with or junior
to any claims ranking pari passu with the claims of the Holders, in each case, in a Winding-up or Administration Event
occurring prior to any Conversion Trigger Event.

 

“Settlement
Date” means:

 

(i)       with
respect to any Contingent Capital Note in relation to which a Settlement Notice is received by the Settlement Share Depository
on or before the Notice Cut-off Date where the Company has not elected that the Settlement Share Depository will carry out a Settlement
Shares Offer in accordance with ‎Section 3.18, the date that
is two (2) Business Days after the latest of (i) the Conversion Date, (ii) the date on which the Company announces that it will
not elect for the Settlement Share Depository to carry out a Settlement Shares Offer (or, if no such announcement is made, the
last date on which the Company is entitled to give a Settlement Shares Offer Notice), and (iii) the date on which the relevant
Settlement Notice has been received by the Settlement Share Depository;

 

(ii)       with
respect to any Contingent Capital Note in relation to which a Settlement Notice is received by the Settlement Share Depository
on or before the Notice Cut-off Date where the Company has elected that the Settlement Share Depository will

 

    16

     

    

carry out a
Settlement Shares Offer in accordance with ‎Section 3.18,
the date that is the later of ‎(a) two (2) Business Days
after the day on which the Settlement Shares Offer Period expires or is terminated and ‎(b)
two (2) Business Days after the date on which such Settlement Notice has been so received by the Settlement Share Depository;
and

 

(iii)       with
respect to any Contingent Capital Note in relation to which a Settlement Notice is not so received by the Settlement Share Depository
on or before the Notice Cut-off Date, the date on which the Settlement Share Depository delivers the relevant Settlement Shares,
or, if the Holder elects, ADSs or the Alternative Consideration, as applicable, to the relevant Holders or Beneficial Owners.

 

“Settlement
Notice” means a written notice (substantially in the form attached hereto as Exhibit F) to be delivered by a Holder
or Beneficial Owner (or custodian, broker, nominee or other representative thereof) to the Settlement Share Depository, with a
copy to the Trustee, on or before the Notice Cut-off 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 Contingent Capital Notes 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) whether Settlement
Shares are to be delivered to the Holder or Beneficial Owner or ADSs, if the Holder elects, are to be deposited with the ADS Depository
on behalf of the Holder or Beneficial Owner into the Company’s ADS facility, (v) the details of the CREST or other clearing
system account (subject to the limitations set out in ‎Section
3.19(i)), the details of the registered account in the Company’s ADS facility or, if the Settlement Shares are not a participating
security in CREST or another clearing system, the address to which the Settlement Shares (or the Settlement Share Component, if
any, of any Alternative Consideration) and/or cash (if not expected to be delivered through the Clearing Systems) should be delivered
and (vi) such other details as may be required by the Settlement Share Depository.

 

“Settlement
Request Notice” means the written notice (substantially in the form attached hereto as Exhibit E) to be delivered by
the Company to the Trustee directly and to the Clearing Systems as the Holder of the Global Securities (or, if the Contingent
Capital Notes are in definitive form, by the Company to the Trustee directly and to the Holders at their registered addresses
as shown on the Contingent Convertible Security Register) on the Suspension Date requesting that Holders and Beneficial Owners
complete a Settlement Notice and specifying (i) the Notice Cut-off Date and (ii) the Final Cancellation Date.

 

“Settlement
Share Component” means that portion, if any, of the Alternative Consideration consisting of Settlement Shares.

 

“Settlement
Share Depository” means a reputable financial institution, depository entity, trust company or similar entity (which
in each such case is wholly independent of the Company) to be appointed by the Company on or prior to any date when a function
ascribed to the Settlement Share Depository in the Indenture is required

 

    17

     

    

to be performed,
to perform such functions and which will be required to undertake, for the benefit of the Holders and Beneficial Owners, to hold
the Settlement Shares (and the Alternative Consideration, if any) on behalf of such Holders and Beneficial Owners in one or more
segregated accounts, unless otherwise required to be transferred out of such accounts for the purposes of the Settlement Shares
Offer on terms consistent with the Indenture.

 

“Settlement
Shares” means the ordinary shares credited as fully paid to be issued and delivered to the Settlement Share Depository
by the Company on the Conversion Date.

 

“Settlement
Shares Offer” has the meaning attributed to such term in ‎Section
3.18.

 

“Settlement
Shares Offer Price” has the meaning attributed to such term in ‎Section
3.18.

 

“Settlement
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 at their addresses shown on the Contingent Convertible Security Register
if the Company has elected that a Settlement Shares Offer be made specifying (i) the Settlement Shares Offer Period, and (ii)
the Suspension Date, if the Suspension Date has not previously been specified in the Conversion Trigger Notice.

 

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

 

“Shareholders”
means the holders of ordinary shares.

 

“Solvency
Condition” has the meaning set forth in ‎Section
6.01(e) hereof.

 

“Subsequent
Interest Rate” means the rate of interest in respect of each Reset Period which shall be a rate per annum equal to the
aggregate of the applicable Reference Bond Rate on the relevant Reset Determination Date and 4.985%, such sum being converted
to a quarterly rate in accordance with market convention (rounded to three decimal places, with 0.005 rounded down).

 

“Subsidiary”
means a subsidiary or a “subsidiary undertaking” as such terms are defined in Sections 1159 and 1162 of the U.K. Companies
Act 2006.

 

“Successor
in Business” means, in relation to the Issuer, any entity which (i) acquires all or substantially all of the undertaking
and/or assets of the Issuer or (ii) acquires the beneficial ownership of the whole of the issued voting stock and/or share capital
of the Issuer or (iii) into which the Issuer is amalgamated, merged or reconstructed and where the Issuer is not the continuing
company.

 

    18

     

    

“Suspension
Date” means the date specified in the Conversion Trigger Notice or Settlement Shares Offer Notice as the date on which
each Clearing System shall suspend all clearance and settlement of transactions in the Contingent Capital Notes in accordance
with its rules and procedures.

 

A “Takeover
Event” shall occur if, at any time after the Issue Date, any person or persons acting in concert (as defined in the
Takeover Code of the United Kingdom Panel on Takeovers and Mergers) acquires control of the Company.

 

“Takeover
Event Notice” has the meaning attributed to such term as set forth in ‎Section
4.02.

 

“Tax
Event” has the meaning specified in ‎Section 3.09.

 

“Tradable
Amount” has the meaning specified in ‎Section 3.01(m)
hereof.

 

“U.K.
bail-in power” means any write-down, conversion, transfer, modification or suspension power existing from time to time
under any laws, regulations, rules or requirements relating to the resolution of banks, banking group companies, credit institutions
and/or investment firms incorporated in the United Kingdom in effect and applicable in the United Kingdom to the Company or other
members of the Group, including but not limited to any such laws, regulations, rules or requirements which are implemented, adopted
or enacted within the context of a European Union directive or regulation of the European Parliament and of the Council establishing
a framework for the recovery and resolution of credit institutions and investment firms (notwithstanding that the U.K. is no longer
a member state of the European Union) and/or within the context of a U.K. resolution under the Banking Act, pursuant to which
any obligations of a bank, banking group company, credit institution or investment firm or any of its affiliates can be reduced,
cancelled, modified, transferred and/or converted into shares or other securities or obligations of the obligor or any other person
(or suspended for a temporary period) or pursuant to which any right in a contract governing such obligation may be deemed to
have been exercised.

 

“Volume
Weighted Average Price” means, in respect of an ordinary share or Other Security on any Dealing Day, the order book
volume-weighted average price of an ordinary share or Other Security published by or derived (in the case of an ordinary share)
from the relevant Bloomberg page or (in the case of Other Securities (other than ordinary shares), options, warrants or other
rights) from the principal stock exchange or securities market on which such Other Securities, options, warrants or other rights
are then listed or quoted or dealt in, if any, or, in any such case, 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, Other
Security, option, warrant or other right, as the case may be, 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

 

    19

     

    

determined
or determined as an Independent Adviser might otherwise determine in good faith to be appropriate.

 

“Winding-up
or Administration Event” means:

 

(i) an order
is made, or an effective resolution is passed, for the winding up of the Company (excluding in any such case a solvent winding-up
solely for the purpose of a reconstruction, amalgamation, reorganization, merger or consolidation of the Company, or the substitution
in place of the Company of a Successor in Business, the terms of which have previously been approved by the Trustee or in writing
by Holders of not less than 2/3 (two-thirds) in aggregate principal amount of the Contingent Capital Notes); or

 

(ii) an administrator
of the Company is appointed and such administrator gives notice that it intends to declare and distribute a dividend.

 

Section 1.02.     
Separability Clause. In case any provision in this Sixth Supplemental Indenture or the Contingent Capital Notes
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 1.03.     
Benefits of Instrument. Nothing in this Sixth 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 1.04.     
Relation to Contingent Convertible Securities Indenture. This Sixth Supplemental Indenture constitutes an integral
part of the Contingent Convertible Securities Indenture. Notwithstanding any other provision of this Sixth Supplemental Indenture,
all provisions of this Sixth Supplemental Indenture are expressly and solely for the benefit of the Holders and Beneficial Owners
and any such provisions shall not be deemed to apply to any other Securities issued under the Contingent Convertible Securities
Indenture and shall not be deemed to amend, modify or supplement the Contingent Convertible Securities Indenture for any purpose
other than with respect to the Contingent Capital Notes; provided that pursuant to and in accordance with Section 3.08 of the
Contingent Convertible Securities Indenture, the duties of the Trustee under the Indenture shall extend only to Persons deemed
to be Holders.

 

Article
2

Amendments To The Contingent Convertible Securities Indenture

 

Section 2.01.     
Amended Definitions. With respect to the Contingent Capital Notes only, the definitions of “Capital Regulations”,
“CRD IV”, “CRD IV Directive”, “CRD IV Regulation” in Section 1.01 of the Contingent Convertible
Securities Indenture are amended and restated in their entirety by the following definitions:

 

“Capital
Regulations” means, at any time, the laws, regulations, requirements, guidelines and policies relating to capital adequacy
and/or

 

    20

     

    

minimum
requirement for own funds and eligible liabilities and/or loss absorbing capacity binding on credit institutions (including, without
limitation, as to leverage) then in effect as applicable to the Company or the Regulatory Group including if and to the extent
applicable to the Company or the Regulatory Group and, without limitation to the generality of the foregoing, any delegated or
implementing acts (such as regulatory technical standards) adopted by the European Commission and any laws or regulations, as
well as requirements, guidelines and policies adopted by the PRA and/or any other national or European authority from time to
time (whether or not such laws, regulations, requirements, guidelines or policies are applied generally or specifically to the
Company or to the Regulatory Group), in each case relating to capital adequacy and/or minimum requirement for own funds and eligible
liabilities and/or loss absorbing capacity.

 

“CRD”
means (i) the CRD Directive and (ii) the CRD Regulation to the extent applicable to the Issuer or the Regulatory Group.

 

“CRD
Directive” means Directive 2013/36/EU of the European Parliament and of the Council of June 26, 2013 on access to the
activity of credit institutions and the prudential supervision of credit institutions and investment firms, as amended or replaced
from time to time (including as amended by Directive (EU) 2019/878 of the European Parliament and of the Council of 20 May 2019)
and/or any Capital Regulations applicable in the UK.

 

“CRD
Regulation” means Regulation (EU) No. 575/2013 of the European Parliament and of the Council of June 26, 2013, on prudential
requirements for credit institutions and investment firms amending Regulation (EU) No. 648/2012, as amended or replaced from time
to time (including as amended by Regulation (EU) 2019/876 of the European Parliament and of the Council of 20 May 2019, to the
extent then in application) and/or any Capital Regulations applicable in the UK.

 

Article
3

The Contingent Capital Notes

 

Section 3.01.     
Form, Title, Terms and Payments. The form of any Security that is designated as a Contingent Capital Note shall
be evidenced by one or more global notes in registered form (each, a “Global Note”) deposited with, or on behalf
of, a common depository for Euroclear and/or Clearstream, Luxembourg on the Issue Date. The Global Notes shall be executed and
delivered in substantially the form attached hereto as Exhibit A. The terms of the Global Notes are hereby incorporated herein
by reference and made a part hereof as if set forth herein in full.

 

(a)           
There is hereby established a new series of Securities designated as the 5.125% Reset Perpetual Subordinated Contingent
Convertible Additional Tier 1 Capital Notes (the “Contingent Capital Notes”).

 

    21

     

    

(b)           
The Contingent Capital Notes shall be issued in denominations of £200,000 principal amount and integral multiples
of £1,000 in excess thereof.

 

(c)           
The Contingent Capital Notes shall be initially limited in aggregate principal amount to £1,000,000,000. The Company
may from time to time, without the consent of the Holders, issue additional Contingent Capital Notes having the same ranking and
same interest rate, interest cancellation terms, redemption terms, Conversion Price and other terms as the Contingent Capital
Notes described in this Sixth Supplemental Indenture, except for the price to public and Issue Date. Any such additional Contingent
Capital Notes subsequently issued shall rank equally and ratably with the Contingent Capital Notes in all respects, so that such
further Contingent Capital Notes shall be consolidated and form a single series with the Contingent Capital Notes.

 

(d)           
The Contingent Capital Notes shall be perpetual Securities and shall have no Stated Maturity in respect of principal.

 

(e)           
The Securities shall not have a sinking fund.

 

(f)            
Any proposed transfer of an interest in the Contingent Capital Notes held in the form of a Global Note shall be effected
through the book-entry system maintained by the Clearing Systems.

 

(g)           
The interest rate on the Contingent Capital Notes is set forth in ‎Section 3.02 hereof.

 

(h)           
All references to Foreign Government Securities and U.S. Government Obligations in the Contingent Convertible Securities
Indenture shall be deleted in their entirety and be inapplicable to the Contingent Capital Notes, including but not limited to
the definition of “Outstanding” in the Contingent Convertible Securities Indenture and any references to such terms
in Sections 4.01, 4.02 and 4.03 of the Contingent Convertible Securities Indenture.

 

(i)            
Payments in respect of the Contingent Capital Notes, including payments of principal and interest, shall be subject to
the conditions set forth under Sections ‎3.02, ‎3.03, ‎3.04, ‎3.05, ‎3.13
and ‎3.15 hereof.

 

(j)            
The Contingent Capital Notes shall be subject to Automatic Conversion following the occurrence of a Conversion Trigger
Event as provided in ‎Section 3.16 hereof and shall be subject to the Enforcement Events as provided in ‎Article
5 hereof.

 

(k)           
The Company may, subject to ‎Section 3.13 hereof, redeem or repurchase the Contingent Capital Notes in accordance
with Sections ‎3.08, ‎3.09, ‎3.10 and ‎3.11 hereof.

 

(l)            
The Company shall undertake reasonable efforts to admit the Contingent Capital Notes to trading on the International Securities
Market of the London Stock Exchange on the Issue Date or as soon as practicable thereafter. The Company shall

 

    22

     

    

endeavor to
maintain such admission to trading as long as the Contingent Capital Notes remain outstanding.

 

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

 

Section 3.02.     
Interest.

 

(a)           
From and including the Issue Date to but excluding the First Reset Date, interest will accrue on the Contingent Capital
Notes at an initial rate equal to 5.125% per annum. From and including each Reset Date to but excluding the next succeeding Reset
Date (each such period, a “Reset Period”), interest will accrue on the Contingent Capital Notes at a rate per
annum equal to the sum of the applicable Reference Bond Rate (as defined herein) as determined by the Calculation Agent on the
relevant Reset Determination Date and 4.985% converted to a quarterly rate in accordance with market convention (rounded to three
decimal places, with 0.005 rounded down). Subject to Sections ‎‎3.03
and ‎3.04‎
and the last two sentences of this paragraph below, and other than with respect to any interest payment made on the
first Interest Payment Date, interest, if any, on the Contingent Capital Notes shall be payable in four equal quarterly installments
in arrear on each Interest Payment Date in the relevant Reset Period, 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 scheduled redemption date is not a Business Day, payment of interest, if any, and
principal shall be postponed to the next Business Day, but interest on that payment will not accrue during the period from and
after any scheduled redemption date. If any Reset Date is not a Business Day, the Reset Date shall occur on the next succeeding
Business Day. Subject to Sections ‎3.03 and ‎3.04‎
below, if any interest payment is to be made in respect of the Contingent Capital Notes on any date other than an Interest
Payment Date, including on any scheduled redemption date, it shall be calculated by the Calculation Agent on the basis of a year
of 365 days and the actual number of days elapsed in the relevant interest period and rounding the resulting figure to the nearest
cent (half a cent being rounded upwards).

 

(b)           
In addition to any other restrictions on payments of principal and interest contained in this Sixth Supplemental Indenture,
no payment of the principal amount of the Contingent Capital Notes following any proposed redemption or payment of interest on
the Contingent Capital Notes shall become due and payable after the exercise of any U.K. bail-in power by the relevant U.K. authority
unless, at the time that such repayment or payment, respectively, is scheduled to become due, such repayment or payment would
be permitted to be made by the Company under the laws and regulations of the United Kingdom and the European Union applicable
to the Company and the Group.

 

    23

     

    

Section 3.03.     
Interest Payments Discretionary.

 

(a)           
Interest on the Contingent Capital Notes shall be due and payable only at the full 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 Contingent
Capital Notes 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 or become 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 Contingent Capital Notes, 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 on the Contingent Capital Notes 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 ‎Section
3.02(b), ‎Section 3.03(a), ‎Section 3.04, ‎Section 3.16(h) and ‎Section 6.01 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 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 Contingent Capital Notes. The Company may use such cancelled payment without restriction to meet its obligations
as they fall due.

 

Section 3.04.     
Restrictions on Interest Payments.

 

(a)           
Without limitation on the provisions of ‎Section 3.03 and subject to the extent permitted in paragraph ‎(b)
below hereof in respect of partial interest payments in respect of the Contingent Capital Notes, the Company shall not make an
interest payment in respect of the Contingent Capital Notes 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 any such scheduled Interest Payment Date that is less than the sum
of (i) all payments (other than redemption payments which do not reduce Distributable Items) made or declared by the Company
since the end of its latest financial year and prior to such Interest Payment Date on or in respect of any Parity Securities,
the Contingent Capital Notes and any Junior Securities and (ii) all payments (other than redemption payments which do not reduce
Distributable Items) payable by the Company on such Interest Payment Date (x) on the Contingent Capital Notes

 

    24

     

    

and
(y) on or in respect of any Parity Securities or any Junior 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 (or would not be) 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 Contingent Capital
Notes on any Interest Payment Date, only to the extent that such partial interest payment may be made without breaching the restriction
in paragraph ‎(a) above.

 

(c)           
For purposes of this Sixth Supplemental Indenture, any interest cancelled pursuant to ‎Section 3.04(a) shall
be deemed cancelled under the terms of the Contingent Capital Notes and the Indenture and shall not be due and payable.

 

Section 3.05.     
Agreement to Interest Cancellation. By its acquisition of the Contingent Capital Notes, each Holder and each Beneficial
Owner shall be deemed to have acknowledged and agreed that:

 

(a)           
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); and

 

(b)           
a cancellation or deemed cancellation of interest (in each case, in whole or in part) in accordance with the terms of the
Indenture and the Contingent Capital Notes shall not constitute a default in payment or otherwise under the terms of the Contingent
Capital Notes or the Indenture.

 

Section 3.06.     
Notice of Interest Cancellation. Notwithstanding anything to the contrary in the Indenture (including Section 1.06
of the Contingent Convertible Securities 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 Contingent Capital Notes through the Clearing
Systems (or, if the Contingent Capital Notes are held in definitive form, to the Holders directly at their addresses shown in
the Contingent Convertible Security Register) and to the Trustee directly on or 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 (and accordingly, such interest will not be due and payable), or give the Holders and Beneficial Owners
any rights as a result of such failure.

 

Section 3.07.     
Payment of Principal, Interest and Other Amounts.

 

(a)           
Payments of principal of and interest, if any, on the Contingent Capital Notes 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 Contingent Capital Notes represented by a Global Note shall be made

 

    25

     

    

through one
or more Paying Agents appointed under the Contingent Convertible Securities Indenture to each Clearing System or its nominee,
as the Holder of the Global Note. Initially, the Paying Agent and the Security Registrar for the Contingent Capital Notes 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 Contingent Capital Notes, and in such an event the Company may act as Paying
Agent or Contingent Capital Securities Registrar.

 

(b)           
Payments of principal, interest and other amounts in respect of the Contingent Capital Notes represented by a Global Note
shall be made by wire transfer of immediately available funds on the date such payment is scheduled to be paid. The Company shall,
on each date on which any payment in respect of the Contingent Capital Notes becomes due, transfer to the Paying Agent such amount
as may be required for the purposes of such payment.

 

Section 3.08.     
Optional Redemption. Subject to the satisfaction of the Solvency Condition and the pre-conditions described in ‎Section
3.13 and ‎Section 3.14 hereof, the Company may, at the Company’s option and in its sole discretion on (i) any
day falling in the period commencing on (and including) the First Call Date and ending on (and including) the First Reset Date,
and (ii) any Reset Date thereafter, in each case at a redemption price equal to 100% of the principal amount of the Contingent
Capital Notes together with any Accrued Interest to (but excluding) the date of redemption.

 

Section 3.09.     
Optional Tax Redemption. Subject to the satisfaction of the Solvency Condition and the pre-conditions described
in ‎Section 3.13 and ‎Section 3.14 hereof, if a Tax Event shall occur the Company may at any time and at
the Company’s option and in its sole discretion redeem the Contingent Capital Notes, in whole but not in part, at a redemption
price equal to 100% of the principal amount of the Contingent Capital Notes together with any Accrued Interest to (but excluding)
the date of redemption. A “Tax Event” will be deemed to have occurred with respect to the Contingent Capital
Notes if, at any time, the Company shall determine that, as a result of any change in, or amendment to, the laws or regulations
of the U.K. or any political subdivision or any authority thereof or therein having power to tax (including any treaty to which
the U.K. or any political subdivision or any authority thereof or therein is a party), or any change in the official application
of such laws or regulations (including a decision of any court or tribunal or the application by any tax authority), which change
or amendment becomes effective or applicable, or, in the case of a change in or amendment to law, where such change or amendment
is enacted by a U.K. Act of Parliament or by a Statutory Instrument, if such U.K. Act of Parliament or Statutory Instrument is
enacted, on or after the Issue Date:

 

(a)           
in making a payment under the Contingent Capital Notes in respect of interest, the Company has or will or would on the
next Interest Payment Date become obligated to pay Additional Amounts;

 

(b)           
a payment of interest on the next Interest Payment Date in respect of any of the Contingent Capital Notes would be treated
as a “distribution” within the meaning of

 

    26

     

    

Section 1000
of the U.K. Corporation Tax Act 2010 (or any statutory modification or re-enactment thereof for the time being);

 

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

 

(d)           
as a result of the Contingent Capital Notes being in issue, the Company would not be able to have losses or deductions
(including in respect of a payment of interest on the Contingent Capital Notes) set against the profits or gains, or profits or
gains offset by losses or deductions, of companies with which it is or would otherwise be grouped for applicable U.K. tax purposes
(whether under the group relief system current as at the date of issue of the Contingent Capital Notes or any similar system or
systems having like effect as may exist from time to time);

 

(e)           
a future write-down of the principal amount of the Contingent Capital Notes or conversion of the Contingent Capital Notes
into ordinary shares would result in a U.K. tax liability, or income, profit or gain being treated for U.K. tax purposes as accruing,
arising or being received;

 

(f)            
the Contingent Capital Notes would no longer be treated as loan relationships for U.K. tax purposes; or

 

(g)           
the Contingent Capital Notes or any part thereof would be treated as a derivative or an embedded derivative for U.K. tax
purposes,

 

in each case,
the effect of which cannot be avoided by the Company taking reasonable steps available to it.

 

In any case
where the Company shall determine that as a result of a Tax Event, it is entitled to redeem the Contingent Capital Notes, it shall
be required to deliver to the Trustee prior to the giving of any notice of redemption a written legal opinion of independent United
Kingdom counsel of recognized standing (selected by the Company), in a form satisfactory to the Trustee confirming that the Tax
Event has occurred and the effect of such Tax Event cannot be avoided by the Company taking reasonable steps available to it.

 

Section 3.10.     
Capital Disqualification Event Redemption. Subject to the satisfaction of the Solvency Condition and the pre-conditions
described in ‎Section 3.13 and ‎Section 3.14 hereof, the Company may, at the Company’s option and
in its sole discretion, at any time redeem the Contingent Capital Notes, in whole but not in part, at a redemption price equal
to 100% of the principal amount of the Contingent Capital Notes together with any Accrued Interest to (but excluding) the date
fixed for redemption, if, at any time on or after the Issue Date, a Capital Disqualification Event has occurred.

 

    27

     

    

Section 3.11.     
Optional Repurchase. The Company may at any time and from time to time and to the extent not prohibited by CRD repurchase
beneficially or procure others to repurchase beneficially for its account the Contingent Capital Notes in the open market, by
tender or by private agreement, in any manner and at any price or at differing prices. Contingent Capital Notes purchased or otherwise
acquired by the Company may be (i) held, (ii) resold or (iii) at the Company’s sole discretion, surrendered to the Trustee
for cancellation (in which case all Contingent Capital Notes so surrendered will forthwith be cancelled in accordance with applicable
law and thereafter may not be reissued or resold). Any such purchases will be subject to the satisfaction of the Solvency Condition
and of the pre-conditions described in ‎Section 3.13 hereof.

 

Section 3.12.     
Substitution or Variation. If a Tax Event or a Capital Disqualification Event has occurred, then the Company may,
subject to the conditions described under Section 3.13 below, but without any requirement for the consent or approval of the holders
or beneficial owners of the Contingent Capital Notes, at any time (whether before or following the First Call Date) either substitute
the Contingent Capital Notes in whole (but not in part) for, or vary the terms of the Contingent Capital Notes so that they remain
or, as appropriate, become, Compliant Securities.

 

Notice of
any substitution or variation of the Contingent Capital Notes due to the occurrence of a Tax Event or Capital Disqualification
Event will be given by the Company to the Clearing Systems as the Holder of the Global Securities (or, if the Contingent Capital
Notes are in definitive form, to the Holders directly at their addresses shown on the Contingent Convertible Security Register)
not less than fifteen (15) days, nor more than thirty (30) days, before the date of such substitution or variation (as applicable).
The Company shall deliver written notice of such substitution or variation of the Contingent Capital Notes to the Trustee at least
five (5) Business Days prior to the date on which the relevant notice of substitution or variation is sent to Holders (unless
a shorter notice period shall be satisfactory to the Trustee). Such notice shall specify the date fixed for substitution or, as
the case may be, variation of the Contingent Capital Notes and shall, except as otherwise provided herein, be irrevocable.

 

Prior to
the giving of any notice of substitution or variation of the Contingent Capital Notes, the Company shall deliver to the Trustee
an officer’s certificate stating that (i) in the Company’s belief a Tax Event or Capital Disqualification Event has
occurred and (ii) the terms of the relevant Compliant Securities comply with the definition thereof. The Trustee is entitled to
conclusively rely on and accept such officer’s certificate without any further inquiry, in which event it shall be conclusive
and binding on the Trustee and the holders and beneficial owners of the Contingent Capital Notes. Subject to receipt of such certificate,
the Trustee shall (at the Company’s request and expense) use its reasonable endeavours to co-operate with the Company to
give effect to the substitution or variation, provided that the Trustee shall not be obliged to co-operate in any such substitution
or variation if the securities resulting from such substitution or variation, or the co-operation in such substitution or variation,
would, in the opinion of the Trustee, have the effect of (i) exposing the Trustee to any liability against which it is not indemnified
and/or secured and/or pre-funded to its satisfaction; (ii) changing, increasing or adding to the obligations or duties of the
Trustee; or (iii) removing or

 

    28

     

    

amending any
protection or indemnity afforded to, or any other provision in favour of, the Trustee under the Indenture, this prospectus supplement
and/or the Contingent Capital Notes. If the Trustee does not so co-operate as provided above, the Company may, subject as provided
above, redeem the Contingent Capital Notes as provided in this ‎Article
3.

 

Section 3.13.     
Pre-conditions to Redemptions, Repurchases, Substitution or Variation. Any redemption, repurchase, substitution
or variation of the Contingent Capital Notes by the Company as provided under Sections ‎3.08, ‎3.09, ‎3.10,
‎3.11, 3.12 and 3.14 of this Sixth Supplemental Indenture, is subject to (except to the extent the Capital Regulations
no longer so require) the Company having met the following conditions:

 

(a)           
the Company has given such notice to the PRA, as the PRA may then require before the Company becomes committed to the proposed
redemption, repurchase, substitutions or variation;

 

(b)           
in the case of any redemption or repurchase, the PRA has granted permission for the Company to make any such redemption
or repurchase of the Contingent Capital Notes upon a satisfactory finding that either:

 

(i)           
on or before such redemption or repurchase of any of the Contingent Capital Notes, the Company replaces such Contingent
Capital Notes with own funds instruments (as defined by the Capital Regulations) of an equal or higher quality at terms that are
sustainable for its income capacity; or

 

(ii)           
the Company has demonstrated to the satisfaction of the PRA that its own funds and eligible liabilities (as defined by
the Capital Regulations) would, following such redemption or repurchase, exceed the requirements laid down in CRD and Directive
2014/59/EU (as amended) (or similar laws in the United Kingdom) by a margin that the PRA considers necessary;

 

(c)           
no Conversion Trigger Notice has been delivered; and

 

(d)           
in the case of any redemption or repurchase, the Solvency Condition is satisfied in respect of the relevant payment on
the date scheduled for redemption or repurchase; and

 

(e)           
the Company has complied with any alternative or additional pre-conditions as set out in the Capital Regulations and/or
required by the PRA as a prerequisite to its permission for such redemptions or repurchases, at the time; and

 

(f)            
in the case of any substitution or variation, such substitution or variation being effected in compliance with any applicable
regulatory and legal requirements, including the Trust Indenture Act.

 

(g)           
with respect to Sections ‎3.09 and ‎3.10 only, and except to the extent that the Capital Regulations
no longer so require, the Company may only redeem or repurchase

 

    29

     

    

the Contingent
Capital Notes before five years after the Issue Date if, in addition to the condition set out in (b) above, the following conditions
are met:

 

(i)           
in the case of a redemption due to a Tax Event pursuant to ‎Section 3.09, the Company demonstrates to
the satisfaction of the PRA that the Tax Event relating to the Contingent Capital Notes is material and was not reasonably foreseeable
at the time of issuance of the Contingent Capital Notes; or

 

(ii)           
in the case of a redemption due to the occurrence of a Capital Disqualification Event pursuant to ‎Section
3.10, (x) the PRA considers such change to be sufficiently certain and (y) the Company demonstrates to the satisfaction of the
PRA that the Capital Disqualification Event was not reasonably foreseeable at the time of the issuance of the Contingent Capital
Notes; or

 

(iii)           
before or at the same time as such redemption or repurchase of the Contingent Capital Notes, the Company replaces the Contingent
Capital Notes with own funds instruments (as defined by the Capital Regulations) of an equal or higher quality at terms that are
sustainable for its income capacity and the PRA has permitted that action on the basis of the determination that it would be beneficial
from a prudential point of view and justified by exceptional circumstances; or

 

(iv)           
the Contingent Capital Notes are repurchased for market making purposes in accordance with the Capital Regulations.

 

Section 3.14.     
Notice of Redemption.

 

(a)           
Before the Company may redeem the Contingent Capital Notes pursuant to Sections ‎3.08, ‎3.09 or ‎3.10,
the Company shall deliver to the Clearing Systems as the Holder of the Global Securities (or, if the Contingent Capital Notes
are in definitive form, to the Holders directly at their addresses shown on the Contingent Convertible Security Register) prior
notice of not less than fifteen (15) days, nor more than thirty (30) days. The Company shall deliver written notice of such redemption
of the Contingent Capital Notes 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 Contingent Capital Notes and the date fixed for such redemption and shall be irrevocable
except in the limited circumstances described in paragraphs ‎(b), ‎(c), ‎(d), (e), ‎(f)
or ‎(g) below.

 

(b)           
If the Company has delivered a notice of redemption pursuant to clause ‎(a) of this ‎Section 3.14,
but the Solvency Condition is not satisfied immediately prior to, and immediately following, the date specified for redemption
in such notice, 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 3.14,
but prior to the payment of the redemption amount with respect to

 

    30

     

    

such
redemption a Conversion Trigger Notice has been delivered pursuant to ‎Section 3.16(b), such notice of redemption 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.

 

(d)           
If the Company has delivered a notice of redemption pursuant to clause ‎(a) of this ‎Section 3.14,
but prior to the payment of the redemption amount with respect to such redemption the relevant U.K. authority exercises its U.K.
bail-in power with respect to the Company, the relevant redemption notice shall be automatically rescinded and shall be of no
force and effect, and no payment of the redemption amount shall be due and payable.

 

(e)           
If the Company has delivered a notice of redemption pursuant to clause ‎(a) of this ‎Section 3.14,
but prior to the date of any such redemption the Company has not given notice to the PRA and/or the PRA has objected to or refused
to grant permission to the Company, as applicable, to redeem the relevant Contingent Capital Notes (in each case to the extent,
and in the manner, required by the relevant Capital Regulations), such notice of redemption shall be automatically rescinded and
shall be of no force and effect and no payment in respect of any redemption amount, if applicable, shall be due and payable.

 

(f)            
If the Company has delivered a notice of redemption pursuant to clause ‎(a) of this ‎Section 3.14,
but in respect of any redemption proposed to be made prior to the fifth anniversary of the
Issue Date, if and to the extent then required under the Capital Regulations (A) in the case of redemption following the occurrence
of a Tax Event, the Company has not demonstrated to the satisfaction of the PRA that the Tax Event is material and was not reasonably
foreseeable as at the Issue Date, or (B) in the case of redemption following the occurrence of a Capital Disqualification Event,
the PRA does not consider such change to be sufficiently certain and/or the Company has not demonstrated to the satisfaction of
the PRA that the relevant change was not reasonably foreseeable as at the Issue Date; such notice of redemption shall be
automatically rescinded and shall be of no force and effect and no payment in respect of any redemption amount, if applicable,
shall be due and payable.

 

(g)           
If the Company has delivered a notice of redemption pursuant to clause ‎(a) of this ‎Section 3.14,
but prior to the payment of the redemption amount with respect to such redemption the Company is not in compliance with any alternative
or additional pre-conditions required by the PRA as a pre-requisite to its permission for such redemption, such notice of redemption
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 paragraphs ‎(b), ‎(c),
‎(d), ‎(e),
‎(f) or ‎(g)
above occurs, the Company shall promptly deliver notice to the Clearing Systems, as the Holder of the Global Securities (or, if
the Contingent Capital Notes are definitive Securities, to the Holders directly at their addresses shown on the Contingent Convertible
Security Register) and to the Trustee directly, specifying the occurrence of the relevant event.

 

    31

     

    

Any
notice of redemption shall state:

 

(i)           
the redemption date;

 

(ii)           
that on the redemption date the redemption price will, subject to the satisfaction of the conditions set forth in the Indenture,
become due and payable upon each Contingent Capital Note being redeemed and that, subject to certain exceptions, interest will
cease to accrue on or after that date;

 

(iii)           
the place or places where the Contingent Capital Notes are to be surrendered for payment of the redemption price; and

 

(iv)           
the Common Code and/or ISIN number or numbers, if any, with respect to the Contingent Capital Notes being redeemed.

 

Section 3.15.     
Cancelled Interest Not Payable upon Redemption. Any interest payments that have been cancelled or deemed cancelled
pursuant to Sections ‎3.03 or ‎3.04 hereof shall not be payable if the Contingent Capital Notes are redeemed
pursuant to Sections ‎3.08, ‎3.09 or ‎3.10 hereof.

 

Section 3.16.     
Automatic Conversion upon Conversion Trigger Event.

 

(a)           
If the Conversion Trigger Event has occurred, then the Automatic Conversion shall occur on the Conversion Date and all
of the Company’s obligations under the Contingent Capital Notes shall be irrevocably and automatically released in consideration
of the Company’s issuance and delivery of the Settlement Shares to the Settlement Share Depository, and the principal amount
of the Contingent Capital Notes 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). Under no circumstances shall such released obligations be reinstated.
If the Company has been unable to appoint a Settlement Share Depository, it shall effect, by means it deems reasonable in the
circumstances (including, without limitation, issuance of the Settlement Shares to another independent nominee or to the Holders
of the Contingent Capital Notes directly), the issuance and delivery of the Settlement Shares or any Alternative Consideration,
as applicable, to the Holders of the Contingent Capital Notes, and such issuance and delivery of the Settlement Shares or any
Alternative Consideration, as applicable, shall irrevocably and automatically release all of the Company’s obligations under
the Contingent Capital Notes as if the Settlement Shares had been issued and delivered to the Settlement Share Depository and,
in which case, where the context so admits, references in this Sixth Supplemental Indenture and the Contingent Capital Notes to
the issue and delivery of Settlement Shares to the Settlement Share Depository shall be construed accordingly and apply mutatis
mutandis. Where practicable, the Company shall make such other arrangements to allow Holders, if they so elect, to take delivery
of their Settlement Shares in the form of ADSs.

 

(b)           
Upon its determination that a Conversion Trigger Event has occurred, the Company shall ‎(a) immediately inform
the PRA of the occurrence of a Conversion

 

    32

     

    

Trigger Event,
‎(b) prior to the delivery of the Conversion Trigger Notice, deliver to the Trustee an Officer’s Certificate
substantially in the form attached hereto as Exhibit C, specifying that the Conversion Trigger Event has occurred. The Trustee
is entitled to conclusively rely on and accept such Officer’s Certificate without any duty whatsoever of further inquiry
as sufficient and conclusive evidence of the occurrence of the Conversion Trigger Event, in which event such Officer’s Certificate
shall be conclusive and binding on the Trustee, the Holders and the Beneficial Owners, and (c) deliver a Conversion Trigger Notice
to the Trustee directly and to the Clearing Systems as the Holder of the Global Securities without delay after the occurrence
of such Conversion Trigger Event (and in any event within such period as the PRA may require).

 

(c)           
The date on which the Conversion Trigger Notice shall be deemed to have been given shall be the date on which it is dispatched
by the Company to the Clearing Systems (or, if the Contingent Capital Notes are in definitive form, to the Holders and Beneficial
Owners directly).

 

(d)           
The Settlement Shares to be issued and delivered shall be so issued and delivered on terms permitting a Settlement Shares
Offer and shall, except where the Company has been unable to appoint a Settlement Share Depository and/or as otherwise provided
herein and by the Contingent Capital Notes, initially be registered in the name of the Settlement Share Depository, which, subject
to a Settlement Shares Offer, shall hold such Settlement Shares on behalf of the Holders and Beneficial Owners. By virtue of its
holding of any Contingent Capital Notes, each Holder and Beneficial Owner shall be deemed to have irrevocably directed the Company
to issue and deliver the Settlement Shares corresponding to the conversion of its holding of Contingent Capital Notes to the Settlement
Share Depository (or to such other relevant recipient).

 

(e)           
The Settlement Share Depository (or the relevant recipient in accordance with this Sixth Supplemental Indenture and the
terms of the Contingent Capital Notes, as applicable) shall hold the Settlement Shares (and the Alternative Consideration, if
any) on behalf of the Holders and Beneficial Owners. For so long as the Settlement Shares are held by the Settlement Share Depository,
each Holder and Beneficial Owner shall be entitled to direct the Settlement Share Depository or such other relevant recipient,
as applicable, to exercise on its 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 such
Settlement Shares unless and until such time as the Settlement Shares have been delivered to the Holders or Beneficial Owners
in accordance with the procedures set forth under ‎Section 3.19 hereof.

 

(f)            
Provided that the Company issues and delivers the Settlement Shares to the Settlement Share Depository (or the relevant
recipient in accordance with the terms of the Contingent Capital Notes) in accordance with the terms of the Contingent Capital
Notes and the Indenture, with effect from and on the Conversion Date, Holders and Beneficial Owners shall have recourse only to
the Settlement Share Depository (or to such other relevant recipient, as applicable) for the delivery to them of Settlement Shares,
or, if the Holder elects, ADSs or the Alternative Consideration, as the case may be, to which such

 

    33

     

    

Holders and
Beneficial Owners are entitled. Subject to the occurrence of a Winding-up or Administration Event on or following the Conversion
Trigger Event, if the Company fails to issue and deliver the Settlement Shares upon Automatic Conversion to the Settlement Share
Depository on the Conversion Date, the only right of Holders and Beneficial Owners shall be to claim to have such Settlement Shares
so issued and delivered.

 

(g)           
Effective upon, and following, the occurrence of the Automatic Conversion, provided that the Company issues and delivers
the Settlement Shares to the Settlement Share Depository (or the relevant recipient in accordance with the terms of the Contingent
Capital Notes) in accordance with the terms of the Contingent Capital Notes, Holders and Beneficial Owners shall not have any
rights against the Company with respect to repayment of the principal amount of the Contingent Capital Notes or payment of interest
or any other amount on or in respect of such Contingent Capital Notes, which liabilities of the Company shall be automatically
released, and accordingly the principal amount of the Contingent Capital Notes 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 Conversion Trigger Event and
the Conversion Date shall be deemed to have been cancelled pursuant to ‎Section 3.03 above upon the occurrence of such
Conversion Trigger Event and shall not be due and payable.

 

(h)           
Notwithstanding any other provision herein, by its acquisition of the Contingent Capital Notes, each Holder and each Beneficial
Owner shall be deemed to have (i) agreed to all of the terms and conditions of the Contingent Capital Notes, including, without
limitation, to those related to (x) Automatic Conversion of its Contingent Capital Notes following the Conversion Trigger Event
and (y) the appointment of the Settlement Share Depository, the issuance of the Settlement Shares to the Settlement Share Depository
(or to the relevant recipient in accordance with the terms of this Sixth Supplemental Indenture or the Contingent Capital Notes)
and the potential sale of the Settlement Shares pursuant to a Settlement 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, (ii) agreed 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 Contingent Capital Notes and the liability of the Company to pay any such amounts (including the
principal amount of, or any interest in respect of, the Contingent Capital Notes) 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 Conversion Trigger
Event and any related Automatic Conversion, (iii) waived, to the extent permitted by the Trust Indenture Act, any claim against
the Trustee arising out of its acceptance of its trusteeship under, and the performance of its duties, powers and rights in respect
of, the Indenture and in connection with the Contingent Capital Notes, including, without limitation, claims related to or arising
out of or in connection with the Conversion Trigger Event and/or any Automatic Conversion, and (iv) authorized, directed and requested
Clearstream, Luxembourg and/or Euroclear and any direct participant in Clearstream, Luxembourg and/or Euroclear or other intermediary
through which it holds such Contingent Capital Notes to take any and all necessary action, if required, to implement the Automatic
Conversion without any further action or direction on the part of such Holder or Beneficial Owner or the Trustee.

 

    34

     

    

(i)            
The procedures set forth in this ‎Section 3.16 are subject to change to reflect changes in the Clearing Systems’
practices, and the Company may make changes to the procedures set forth in this ‎Section 3.16 to the extent reasonably
necessary, in the opinion of the Company, to reflect such changes in the Clearing Systems’ practices. Any such changes shall
be subject to the provisions of ‎Section 8.01.

 

(j)            
Notwithstanding anything to the contrary contained in the Indenture or the Contingent Capital Notes, once the Company has
delivered a Conversion Trigger Notice following the occurrence of a Conversion Trigger Event, (i) subject to the right of Holders
and Beneficial Owners pursuant to ‎Section 5.03 in the event of a failure by the Company to issue and deliver any Settlement
Shares to the Settlement Share Depository on the Conversion Date, the Indenture shall impose no duties upon the Trustee whatsoever
with regard to an Automatic Conversion upon a Conversion Trigger Event and the Holders and Beneficial Owners shall have no rights
whatsoever under the Indenture or the Contingent Capital Notes to instruct the Trustee to take any action whatsoever, and (ii)
as of the date of the Conversion Trigger 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 3.16(k), with respect to any rights of Holders or Beneficial Owners with respect
to any payments under the Contingent Capital Notes that were unconditionally due and payable prior to the date of the Conversion
Trigger Notice or unless the Trustee is instructed in writing by the Company to act otherwise.

 

(k)           
All authority conferred or agreed to be conferred by each Holder and Beneficial Owner pursuant to this ‎Section
3.16, 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.

 

(l)            
The Trustee shall not be liable with respect to (i) the calculation or accuracy of the CET1 Ratio in connection with the
occurrence of a Conversion Trigger Event and the timing of such Conversion Trigger Event, (ii) the failure of the Company to post
or deliver the underlying CET1 Ratio calculations of a Conversion Trigger Event to the Clearing Systems, the Holders or the Beneficial
Owners, (iii) any aspect of the Company’s decision to deliver a Conversion Trigger Notice or the related Automatic Conversion,
(iv) the adequacy of the disclosure of these provisions in the Prospectus or any other offering material in respect of the Contingent
Capital Notes or for the direct or indirect consequences thereof or (v) any other requirement of the Company contained herein
related to a Conversion Trigger Event or the Automatic Conversion.

 

(m)            
Following the issuance and delivery of the Settlement Shares to the Settlement Share Depository (or to the relevant recipient
in accordance with the terms of the Contingent Capital Notes) on the Conversion Date, the Contingent Capital Notes shall remain
in existence until the applicable Cancellation Date for the sole purpose of evidencing the Holders’ and Beneficial Owners’
right to receive Settlement Shares, or, if

 

    35

     

    

the Holder
elects, ADSs or the Alternative Consideration, as the case may be, from the Settlement Share Depository (or such other relevant
recipient, as applicable).

 

(n)           
The Holders and Beneficial Owners shall not at any time have the option to convert the Contingent Capital Notes into Settlement
Shares.

 

(o)           
The occurrence of the Automatic Conversion shall not constitute an Enforcement Event.

 

Section 3.17.     
Settlement Shares.

 

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

 

(b)           
The Settlement Shares issued following the Automatic Conversion shall be fully paid and non-assessable Ordinary Share Capital
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 Settlement
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 record date for entitlement to which falls prior to the Conversion Date.

 

(c)           
The procedures set forth in this ‎Section 3.17 are subject to change to reflect changes in the Clearing Systems’
practices, and the Company may make changes to the procedures set forth in this ‎Section 3.17 to the extent reasonably
necessary, in the opinion of the Company, to reflect such changes in the Clearing Systems’ practices as provided under ‎Section
3.19(a) hereof. Any such changes shall be subject to the provisions of ‎Section 8.01.

 

Section 3.18.     
Settlement Shares Offer.

 

(a)           
Within ten (10) Business Days following the Conversion Date, the Company may, in its sole and absolute discretion, elect
that the Settlement Share Depository (or an agent on its behalf) make an offer of, in the Company’s sole and absolute discretion,
all or some of the Settlement Shares to, at the Company’s sole and absolute discretion, all or some of the Shareholders
upon Automatic Conversion (the

 

    36

     

    

“Settlement
Shares Offer”), such offer to be at a cash price per Settlement Share that will be no less than the Conversion Price
and subject to certain adjustments as provided under ‎Article 4 of this Sixth Supplemental Indenture (the “Settlement
Shares Offer Price”).

 

(b)           
Any Settlement 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 Settlement
Shares Offer is practicable. The Company reserves the right, in its sole and absolute discretion, to elect that the Settlement
Share Depository terminate the Settlement Shares Offer at any time during the Settlement Shares Offer Period. If the Company makes
such an election, it shall provide at least three (3) Business Days’ notice to the Trustee directly and to the Clearing
Systems as the Holder of the Global Securities (or, if the Contingent Capital Notes 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 Settlement Share Depositary may, in its sole and absolute discretion, (including, without limitation, by changing
the Suspension Date) take steps to deliver to Holders and Beneficial Owners (or the custodian, nominee, broker or other representative
thereof) of the Contingent Capital Notes the Settlement Shares or, if the Holder elects, ADSs, as applicable, 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 Alternative Consideration, had the Settlement Shares Offer been completed.

 

(c)           
Upon expiry of the Settlement Shares Offer Period, the Settlement Share Depository shall provide notice to the Holders
of the Contingent Capital Notes of the composition of the Alternative Consideration (and of the deductions to the Cash Component,
if any, of the Alternative Consideration (as set out in the definition of “Alternative Consideration” in ‎Section
1.01)) per £1,000 Tradable Amount of the Contingent Capital Notes. The Alternative Consideration will be held by the Settlement
Share Depository on behalf of the Holders and Beneficial Owners and will be delivered to Holders and Beneficial Owners pursuant
to the procedures set forth under ‎Section 3.19.

 

(d)           
The Cash Component of any Alternative Consideration shall be payable by the Settlement Share Depository to the Holders
and Beneficial Owners (or the custodian, nominee, broker or other representative thereof) of the Contingent Capital Notes whether
or not the Solvency Condition is satisfied.

 

(e)           
By its acquisition of the Contingent Capital Notes, each Holder and Beneficial Owner, acknowledges and agrees that, if
the Company elects, in its sole and absolute discretion, that a Settlement Shares Offer be conducted by the Settlement Share Depository,
such Holder or Beneficial Owner shall be deemed to have (i) irrevocably consented to any Settlement Shares Offer and, notwithstanding
that such Settlement Shares are held by the Settlement Share Depository on behalf of Holders and Beneficial Owners, to the Settlement
Share Depository’s using the Settlement Shares delivered to it to settle any Settlement Shares Offer, (ii) irrevocably consented
to the transfer of the

 

    37

     

    

beneficial
interest it holds in the Settlement Shares delivered upon Automatic Conversion to the Settlement Share Depository or to one or
more purchasers identified by the Settlement Share Depository in connection with the Settlement Shares Offer, (iii) irrevocably
agreed that the Company and the Settlement Share Depository may take any and all actions necessary to conduct the Settlement Shares
Offer in accordance with the terms of the Contingent Capital Notes, and (iv) irrevocably agreed that none of the Company, the
Trustee or the Settlement Share Depository shall, to the extent permitted by applicable law, incur any liability to the Holders
or Beneficial Owners in respect of the Settlement Shares Offer (except for the obligations of the Settlement Share Depository
in respect of the Holders’ and Beneficial Owners’ entitlement to, and subsequent delivery of, any Alternative Consideration).

 

Section 3.19.     
Settlement Procedure.

 

(a)           
Delivery of the Settlement Shares, or, if the Holder elects, ADSs or the Alternative Consideration, as applicable, to the
Holders and Beneficial Owners shall be made in accordance with the procedures set forth in this ‎Section 3.19, which
remain subject to change to reflect changes in the Clearing Systems’ practices and the Company may make changes to the procedures
set forth in this ‎Section 3.19 to the extent necessary, in the opinion of the Company, to reflect such changes in
the Clearing Systems’ practices.

 

(b)           
The Settlement Shares Offer Notice shall specify the Suspension Date, provided that the Suspension Date has not previously
been specified in the Conversion Trigger Notice.

 

(c)           
On the Suspension Date, the Company shall deliver, to the Trustee directly and to the Clearing Systems as the Holder of
the Global Securities (or, if the Contingent Capital Notes are in definitive form, to the Holders directly at their addresses
shown on the Contingent Convertible Security Register), a Settlement Request Notice, pursuant to which the Company shall request
that Holders and Beneficial Owners complete a 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 Settlement Shares, or, if the Holder elects, ADSs or the Alternative Consideration, as applicable, unless such
Holders or Beneficial Owners (or the custodian, nominee, broker or other representative thereof) deliver the Settlement Notice
to the Settlement Share 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 Settlement Share Depository, such delivery shall be deemed for all purposes
to have been made or given on the next following Business Day.

 

(e)           
If the Contingent Capital Notes are held through the Clearing Systems, the Settlement Notice must be given in accordance
with the standard procedures of the relevant Clearing System and in a form acceptable to such Clearing System and the

 

    38

     

    

Settlement
Share Depository from time to time. With respect to any Contingent Capital Notes held in definitive form, the Settlement Notice
must be delivered to the specified office of the Settlement Share Depository together with the relevant Contingent Capital Notes.

 

(f)            
Subject to satisfaction of the requirements and limitations set forth in this ‎Section 3.19 and provided that
the Settlement Notice and the relevant Contingent Capital Notes, if applicable, are delivered on or before the Notice Cut-Off
Date, the Settlement Share Depository shall deliver the relevant Alternative Consideration or Settlement Shares (rounded down
to the nearest whole number of Settlement Shares) to, or shall deposit such relevant Settlement Shares with the ADS Depository
on behalf of, the relevant Holder or Beneficial Owner (or custodian, nominee, broker or other representative thereof) of the relevant
Contingent Capital Notes completing the relevant Settlement Notice in accordance with the instructions given in such Settlement
Notice or its nominee on the applicable Settlement Date.

 

(g)           
Each Settlement Notice shall be irrevocable. The Settlement Share Depository shall determine, in its sole and absolute
discretion, whether any 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 Settlement Notice and the relevant Contingent Capital Notes, if applicable, the Settlement Share Depository shall be entitled
to treat such Settlement Notice as null and void.

 

(h)           
Neither the Company nor any member of the Group shall pay any taxes or duties (including without limitation, any stamp
duty, stamp duty reserve tax, or any other capital issue, transfer, registration, financial transaction or documentary tax or
duty) arising upon Automatic Conversion or that may arise or be paid as a consequence of the issue and delivery of Settlement
Shares to the Settlement Share Depository or in connection with the issue of ADSs. A Holder or Beneficial Owner must pay any taxes
or duties (including without limitation, any stamp duty, stamp duty reserve tax, or any other capital issue, transfer, registration,
financial transaction or documentary tax or duty) arising upon Automatic Conversion in connection with the issue and delivery
of the Settlement Shares to the Settlement Share Depository and/or the issue of ADSs and such Holder or Beneficial Owner must
pay all, if any, such taxes or duties (including without limitation, any stamp duty, stamp duty reserve tax, or any other capital
issue, transfer, registration, financial transaction or documentary tax or duty) arising by reference to any disposal or deemed
disposal of such Holders or Beneficial Owner’s Contingent Capital Note or interest therein. Any taxes and duties (including
without limitation, any stamp duty, stamp duty reserves tax, or any other capital issue, transfer, registration, financial transaction
or documentary tax or duty) arising on delivery or transfer of Settlement Shares to a purchaser in any Settlement Shares Offer
shall be payable by the relevant purchaser of those Settlement Shares.

 

(i)            
Except to the extent a Holder or Beneficial Owner has elected to receive ADSs, the Settlement Shares (and the Settlement
Share Component, if any, of any Alternative Consideration) shall not be available for delivery (i) to, or to a nominee for

 

    39

     

    

any person
providing a clearance service within the meaning of Section 96 of the Finance Act 1986 of the United Kingdom (which would include
delivery into Euroclear or Clearstream, Luxembourg, but not, subject to (iii) below, delivery into CREST) 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 (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 3.19 to the extent such changes are
reasonably necessary, in the opinion of the Company, to effect the delivery of the Settlement Shares or, if the Holder elects,
ADSs, as applicable, to the Holders and Beneficial Owners.

 

Section 3.20.     
Failure to Deliver a Settlement Notice. If any Holder or Beneficial Owner (or custodian, nominee, broker or other
representative thereof) fails to deliver a Settlement Notice and the relevant Contingent Capital Notes, if applicable, to the
Settlement Share Depository on or before the Notice Cut-off Date, the Settlement Share Depository shall continue to hold the Settlement
Shares or Alternative Consideration in respect of such Holder or Beneficial Owner, until a Settlement Notice (and the relevant
Contingent Capital Notes, if applicable) are so delivered; provided, however, that the relevant Contingent Capital
Notes shall be cancelled on the Final Cancellation Date, and any Holder or Beneficial Owner (or custodian, nominee, broker or
other representative thereof) of Contingent Capital Notes delivering a Settlement Notice after the Notice Cut-off Date shall be
required to provide evidence of its entitlement to the relevant Settlement Shares, or, if the Holder elects, ADSs or the Alternative
Consideration, as applicable, satisfactory to the Settlement Share Depository in its sole and absolute discretion in order to
receive delivery of such Settlement Shares, Alternative Consideration or ADSs (if so elected to be deposited with the ADS Depository
on its behalf). The Company shall have no liability to any Holder or Beneficial Owner of the Contingent Capital Notes for any
loss resulting from such Holder’s or Beneficial Owner’s failure to receive any Alternative Consideration, Settlement
Shares or ADSs, 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 Settlement Notice and the relevant Contingent Capital
Notes, if applicable, on a timely basis or at all.

 

Section 3.21.     
Delivery of ADSs. In respect of Settlement Shares for which Holders or Beneficial Owners elect to be converted into
ADSs as specified in the Settlement Notice, subject to the Company’s right to elect that a Settlement Shares Offer be made
in accordance with ‎Section 3.18(a), the Settlement Share Depository shall deposit with the ADS Depository, the number
of Settlement Shares to be issued upon Automatic Conversion of the relevant Contingent Capital Notes, and the ADS Depository shall
issue the corresponding number of ADSs to such Holders or Beneficial Owner (per the ADS-to-ordinary share ratio in effect on the
Conversion Date). Once deposited, the ADS Depository shall be entitled to the economic rights of a holder or beneficial owner
of the Settlement Shares for the purposes of any dividend entitlement and otherwise on behalf of the ADS holders, and the Holder
or Beneficial Owner will become the record

 

    40

     

    

holder of the
related ADSs for all purposes under the ADS Deposit Agreement. However, the issuance of the ADSs by the ADS Depository may be
delayed until the depositary bank or the custodian receives confirmation that all required approvals have been given and that
the Settlement Shares have been duly transferred to the custodian and that all applicable depositary fees and payments have been
paid to the ADS Depository.

 

Section 3.22.     
Agreement with Respect to Exercise of U.K. Bail-in Power.

 

(a)           
Notwithstanding any other agreements, arrangements, or understandings between the Company and any Holder or Beneficial
Owner of the Contingent Capital Notes, by its acquisition of the Contingent Capital Notes, each Holder and each Beneficial Owner
acknowledges, accepts, agrees to be bound by and consents to the exercise of any U.K. bail-in power by the relevant U.K. authority
that may result in (i) the reduction or cancellation of all, or a portion, of the principal amount of, or interest on, the Contingent
Capital Notes, (ii) the conversion of all, or a portion of, the principal amount of, or interest on, the Contingent Capital Notes
into ordinary shares or other securities or other obligations of the Company or another person and/or (iii) the amendment of the
amount of interest due on the Contingent Capital Notes, or the dates on which interest becomes payable, including by suspending
payment for a temporary period; which U.K. bail-in power may be exercised by means of variation to the terms of the Contingent
Capital Notes solely to give effect to the above. Each Holder and Beneficial Owner of the Contingent Capital Notes further acknowledges
and agrees that the rights of the Holders and/or Beneficial Owners under the Contingent Capital Notes are subject to, and will
be varied, if necessary, solely to give effect to the exercise of any U.K. bail-in power by the relevant U.K. authority. For the
avoidance of doubt, the potential conversion of the Contingent Capital Notes into ordinary shares, other securities or other obligations
in connection with the exercise of any U.K. bail-in power by the relevant U.K. authority is separate and distinct from the Automatic
Conversion following a Conversion Trigger Event.

 

(b)           
By its acquisition of the Contingent Capital Notes, each Holder and Beneficial Owner:

 

(i)           
acknowledges and agrees that the exercise of the U.K. bail-in power by the relevant U.K. authority with respect to the
Contingent Capital Notes or cancellation or deemed cancellation of interest on the Contingent Capital Notes pursuant to Sections
‎3.03 or ‎3.04 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;

 

(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. authority
with respect to the Contingent Capital Notes;

 

    41

     

    

(iii)           
acknowledges and agrees that, (A) upon the exercise of any U.K. bail-in power by the relevant U.K. authority, (a) the Trustee
shall not be required to take any further directions from Holders or Beneficial Owners of the Contingent Capital Notes under Section
5.12 of the Contingent Convertible Securities 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. authority. Notwithstanding the foregoing, if, following
the completion of the exercise of the U.K. bail-in power by the relevant U.K. authority, the Contingent Capital Notes remain outstanding
(for example, if the exercise of the U.K. bail-in power results in only a partial write-down of the principal of the Contingent
Capital Notes) then the Trustee’s duties under the Indenture shall remain applicable with respect to the Contingent Capital
Notes following such completion to the extent that the Company and the Trustee agree pursuant to a supplemental indenture, unless
the Company and the Trustee agree that a supplemental indenture is not necessary; and

 

(iv)           
shall be deemed to have (y) consented to the exercise of any U.K. bail-in power as it may be imposed without any prior
notice by the relevant U.K. authority of its decision to exercise such power with respect to the Contingent Capital Notes and
(z) authorized, directed and requested Clearstream, Luxembourg and/or Euroclear and any direct participant in Clearstream, Luxembourg
and/or Euroclear or other intermediary through which it holds such Contingent Capital Notes to take any and all necessary action,
if required, to implement the exercise of any U.K. bail-in power with respect to the Contingent Capital Notes 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 or Beneficial Owner that acquires its Contingent Capital Notes in the secondary market shall be deemed to acknowledge
and agree to be bound by and consent to the same provisions specified in the Indenture to the same extent as the Holders and Beneficial
Owners that acquire the Contingent Capital Notes upon their initial issuance, including, without limitation, with respect to the
acknowledgement and agreement to be bound by and consent to the terms of the Contingent Capital Notes, including in relation to
interest cancellation, Automatic Conversion, the U.K. bail-in power, the Settlement Shares Offer, the write-down in the event
of a Non-Qualifying Takeover Event and the limitations on remedies specified in ‎Section 5.04 hereof.

 

(d)           
No repayment of the principal amount of the Contingent Capital Notes following any proposed redemption of the Contingent
Capital Notes or payment of interest on the Contingent Capital Notes shall become due and payable after the exercise of any U.K.
bail-in power by the relevant U.K. authority unless, at the time of such repayment or payment, such repayment or payment would
be permitted to be made by the Company under the laws and regulations of the United Kingdom and the European Union applicable
to the Company and the Group.

 

(e)           
Upon the exercise of the U.K. bail-in power by the relevant U.K. authority with respect to the Contingent Capital Notes,
the Company shall provide a written notice

 

    42

     

    

to the Clearing
Systems 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 Contingent Convertible
Securities Indenture shall survive any exercise of the U.K. bail-in power by the relevant U.K. authority with respect to the Contingent
Capital Notes and any Automatic Conversion hereunder.

 

(g)           
The exercise of the U.K. bail-in power by the relevant U.K. authority with respect to the Contingent Capital Notes shall
not constitute an Enforcement Event.

 

Article
4

Anti-Dilution

 

Section 4.01.     
Adjustment of Conversion Price. Upon the occurrence of any of the events described below, the Conversion Price shall
be adjusted as follows:

 

(a)           
If and whenever there shall be a consolidation, reclassification, redesignation or subdivision in relation to the ordinary
shares which alters the number of ordinary shares in issue, the Conversion Price shall be adjusted by multiplying the Conversion
Price in force immediately prior to such consolidation, reclassification, redesignation or subdivision by the following fraction:

 

	 	A

    B

 

		where:	

 

		A	is the aggregate number of ordinary
                                         shares in issue immediately before such consolidation, reclassification, redesignation
                                         or subdivision, as the case may be; and

 

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

 

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

 

(b)           
If and whenever the Company shall issue any ordinary shares to Shareholders credited as fully paid 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 Shareholders would or could otherwise
have elected to receive, (2) where the Shareholders may elect to receive a Cash Dividend in lieu of such ordinary shares or (3)
where any such ordinary shares are or are expressed to be issued in lieu of a

 

    43

     

    

dividend (whether
or not a Cash Dividend equivalent or amount is announced or would otherwise be payable to the Shareholders, whether at their election
or otherwise), the Conversion Price shall be adjusted by multiplying the Conversion Price in force immediately prior to such issue
by the following fraction:

 

	 	A

    B

 

		where:	

 

		A	is the aggregate number of ordinary
                                         shares in issue immediately before such issue; and

 

		B	is the aggregate number of ordinary
                                         shares 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 pay any Extraordinary Dividend to its Shareholders, the Conversion Price shall be adjusted
by multiplying the Conversion Price in force immediately prior to the Effective Date by the following fraction:

 

	 	A – B

       A

 

		where:	

 

		A	is the Current Market Price of one
                                         ordinary share on the Effective Date; and

 

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

 

Such
adjustment shall become effective on the Effective Date.

 

“Effective
Date” means, in respect of this ‎Section 4.01(c),
the first date on which the ordinary shares are traded ex-the Extraordinary Dividend on the Relevant Stock Exchange.

 

(d)           
If and whenever the Company shall issue ordinary shares to its Shareholders as a class by way of rights or the Company
or any member of the Group or (at the direction or request or pursuant to arrangements with the Company or any member of the

 

    44

     

    

Group) any
other company, person or entity, shall issue or grant to Shareholders as a class by way of rights, any options, warrants or other
rights to subscribe for or purchase ordinary shares, or any Other Securities which by their terms of issue carry (directly or
indirectly) rights of conversion into, or exchange or subscription for, any ordinary shares (or shall grant any such rights in
respect of existing Other Securities so issued), in each case at a price per ordinary share which is less than 95% of the Current
Market Price per ordinary share on the Effective Date, the Conversion Price shall be adjusted by multiplying the Conversion Price
in force immediately prior to the Effective Date by the following fraction:

 

	 	A + B

    A + C

 

		where:	

 

		A	is the number of ordinary shares
                                         in issue on the Effective Date;

 

		B	is the number of ordinary shares
                                         which the aggregate consideration (if any) receivable for the ordinary shares issued
                                         by way of rights, or for the Other Securities issued by way of rights, or for the options
                                         or warrants or other rights issued by way of rights and for the total number of ordinary
                                         shares deliverable on the exercise thereof, 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 or, as the case may be, the maximum number of ordinary shares which may
                                         be issued upon exercise of such options, warrants or rights calculated as at the date
                                         of issue of such options, warrants or rights or upon conversion or exchange or exercise
                                         of rights of subscription or purchase in respect thereof at the initial conversion, exchange,
                                         subscription or purchase price or rate.

 

provided that
if, on the Effective Date, such number of ordinary shares is to be determined by reference to the application of a formula or
other variable feature or the occurrence of any event at some subsequent time, then for the purposes of this ‎Section
4.01(d), “C” shall be determined by the application of such formula or variable feature or as if the relevant event
occurs or had occurred as at the Effective Date and as if such conversion, exchange, subscription, purchase or acquisition had
taken place on the Effective Date.

 

Such adjustment
shall become effective on the Effective Date.

 

“Effective
Date” means, in respect of this ‎Section 4.01(d),
the first date on which the ordinary shares are traded ex-rights, ex-options or ex-warrants on the Relevant Stock Exchange.

 

    45

     

    

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

 

		(i)	the aggregate consideration receivable
                                         or price for ordinary shares issued for cash shall be the amount of such cash;

 

		(ii)	(x) the aggregate consideration
                                         receivable or price for ordinary shares to be issued or otherwise made available upon
                                         the conversion or exchange of any Other Securities shall be deemed to be the consideration
                                         or price received or receivable for any such Other Securities and (y) the aggregate consideration
                                         receivable or price for ordinary shares to be issued or otherwise made available upon
                                         the exercise of rights of subscription attached to any Other Securities or upon the exercise
                                         of any options, warrants or rights shall be deemed to be that part (which may be the
                                         whole) of the consideration or price received or receivable for such Other Securities
                                         or, as the case may be, for such options, warrants or rights which are attributed by
                                         the Company to such rights of subscription or, as the case may be, such options, warrants
                                         or rights or, if no part of such consideration or price is so attributed, the Fair Market
                                         Value of such rights of subscription or, as the case may be, such options, warrants or
                                         rights as at the relevant Effective Date, plus in the case of each of (x) and (y) above,
                                         the additional minimum consideration receivable or price (if any) upon the conversion
                                         or exchange of such Other Securities, or upon the exercise of such rights of subscription
                                         attached thereto or, as the case may be, upon exercise of such options, warrants or rights
                                         and (z) the consideration receivable or price per ordinary share upon the conversion
                                         or exchange of, or upon the exercise of such rights of subscription attached to, such
                                         Other Securities or, as the case may be, upon the exercise of such options, warrants
                                         or rights shall be the aggregate consideration or price referred to in (x) or (y) above
                                         (as the case may be) divided by the number of ordinary shares to be issued upon such
                                         conversion or exchange or exercise at the initial conversion, exchange or subscription
                                         price or rate;

 

		(iii)	if the consideration or price
                                         determined pursuant to (i) or (ii) 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 relevant Effective Date;

 

		(iv)	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 Other Securities or options,
                                         warrants or rights, or otherwise in connection therewith; and

 

		(v)	the consideration or price shall
                                         be determined as provided above on the basis of the consideration or price received,
                                         receivable, paid or payable,

 

    46

     

    

regardless of whether
all or part thereof is received, receivable, paid or payable by or to the Company or another entity.

 

(e)           
Notwithstanding provisions of Sections ‎4.01(a) through ‎(d) above:

 

(i)           
where the events or circumstances giving rise to any adjustment to the Conversion Price have already resulted or will result
in an adjustment to the Conversion Price or 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 the Conversion Price or where more than
one event which gives rise to an adjustment to the Conversion Price occurs within such a short period of time that, in the opinion
of the Company, a modification to the adjustment provisions is required to give the intended result, such modification shall be
made to the operation of the provisions of ‎Section 4.01(a) to ‎Section 4.01(d) 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 provisions of ‎Section 4.01(a) to ‎Section
4.01(d) as may be determined in good faith by an Independent Financial Adviser to be in its opinion appropriate (x) to ensure
that an adjustment to the Conversion Price or the economic effect thereof shall not be taken into account more than once, (y)
to ensure that the economic effect of an Extraordinary Dividend is not taken into account more than once, and (z) to reflect a
redenomination of the issued ordinary shares for the time being into a new currency;

 

(iii)           
other than provided under paragraphs (i) and (ii) above, if any doubt shall arise as to whether an adjustment falls to
be made to the Conversion Price or as to the appropriate adjustment to the Conversion Price, the Company may at its discretion
appoint an Independent Financial Adviser and, following consultation between the Company and such Independent Financial Adviser,
a written opinion of such Independent Financial Adviser in respect thereof shall be conclusive and binding on the Company, the
Holders and the Beneficial Owners, save in the case of manifest error;

 

(iv)           
no adjustment will be made to the Conversion Price where ordinary shares or Other Securities (including rights, warrants
and options) are issued, offered, exercised, allotted, purchased, appropriated, modified or granted to, or for the benefit of,
employees or former employees (including directors holding or formerly holding executive office or the personal service company
of any such person) or their spouses or relatives, in each case, of the Company or any of its Subsidiaries or any associated company
or to a trustee or trustees to be held for the benefit of any such person, in any such case pursuant to any share or option scheme;

 

(v)           
on any adjustment, if the resultant Conversion Price has more decimal places than the initial Conversion Price, it shall
be rounded to the same

 

    47

     

    

number
of decimal places as the initial Conversion Price (with 0.005 being rounded down). No adjustment shall be made to the Conversion
Price where such adjustment (rounded down if applicable) would be less than 1% of the Conversion Price then in effect. Any adjustment
not required to be made pursuant to the above, and/or any amount by which the Conversion 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;

 

(vi)           
notice of any adjustments to the Conversion Price shall be given by the Company to the Clearing Systems as the Holder of
the Global Securities (or, if the Contingent Capital Notes are in definitive form, via the Trustee) promptly after the determination
thereof;

 

(vii)           
any adjustment to the Conversion Price shall be subject to such Conversion Price not being less than the nominal amount
of an ordinary share at such time (currently £1.00). The Company 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 to below such nominal value
then in effect; and

 

(viii)           
references to the Conversion Price shall be deemed to include the Settlement Shares Offer Price. References to the Conversion
Price and ordinary shares shall be deemed to include any New Conversion Price and any Relevant Shares, such that any New Conversion
Price shall be subject to price adjustments upon the occurrence of the events of set forth in Sections ‎4.01(a)
through ‎(d) above, subject to any modifications as an Independent Financial Adviser shall determine to be appropriate.

 

Section 4.02.     
Takeover Event.

 

(a)           
Within ten (10) days following the occurrence of a Takeover Event, the Company shall give notice thereof to the Holders
and Beneficial Owners by means of a “Takeover Event Notice”, with a copy to the Trustee.

 

(b)           
The Takeover Event Notice shall be in a form acceptable to the Clearing Systems and shall specify:

 

		(i)	the identity of the Acquirer;

 

		(ii)	whether the Takeover Event is
                                         a Qualifying Takeover Event or a Non-Qualifying Takeover Event;

 

		(iii)	if it is a Qualifying Takeover
                                         Event, the New Conversion Price; and

 

		(iv)	in the case of a Non-Qualifying
                                         Takeover Event, unless the Conversion Date shall have occurred prior to the date of the
                                         Non-Qualifying Takeover

 

    48

     

    

Event,
that, following such Non-Qualifying Takeover Event, outstanding Contingent Capital Notes shall not be subject to Automatic Conversion
at any time notwithstanding that a Conversion Trigger Event may have occurred or may occur subsequently but that, instead, upon
any subsequent Conversion Trigger Event (or where the Conversion Date occurs on or after the date of the Non-Qualifying Takeover
Event), the principal amount of each Contingent Capital Note will be automatically written down to zero, the Contingent Capital
Notes will be cancelled, the Holders and Beneficial Owners will be automatically deemed to have irrevocably waived their right
to receive, and no longer have any rights against the Company with respect to repayment of the aggregate principal amount of the
Contingent Capital Notes so written down and all Accrued Interest and any other amounts payable on the Contingent Capital Notes
shall be automatically cancelled, irrespective of whether such amounts have become due and payable prior to the occurrence of
the Conversion Trigger Event.

 

(c)           
If a Qualifying Takeover Event occurs, the Contingent Capital Notes shall, where the Conversion Date (if any) falls on
or after the New Conversion Condition Effective Date, be converted on such Conversion Date into Relevant Shares of the Approved
Entity, mutatis mutandis as provided under ‎Section 3.16 above, at a Conversion Price that shall be the New
Conversion Price. Such conversion shall be effected by the delivery by the Company of such number of Settlement Shares as set
forth under ‎Section 3.16 above to, or to the order of, the Approved Entity. Such delivery shall irrevocably discharge
and satisfy all of the Company’s obligations under the Contingent Capital Notes, but shall be without prejudice to the rights
of the Trustee and the Holders and Beneficial Owners against the Approved Entity in connection with its undertaking to deliver
Relevant Shares as provided in the definition of “New Conversion Condition”. Such delivery shall be in consideration
of the Approved Entity irrevocably undertaking for the benefit of the Holders and Beneficial Owners to deliver the Relevant Shares
to the Settlement Share Depository. For the avoidance of doubt, the Company may elect that a Settlement Shares Offer be made by
the Settlement Share Depository in respect of the Relevant Shares.

 

(d)           
The New Conversion Price shall be subject to adjustment in the circumstances provided for under Sections ‎4.01(a)
through ‎4.01(d) above (if necessary with such modifications 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 New Conversion Price and of any such
modifications thereafter.

 

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

 

(i)           
the Company shall, on or prior to the New Conversion Condition 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 Contingent Capital Notes and the Indenture) as may be required to ensure that, effective upon the New Conversion

 

    49

     

    

Condition Effective
Date, the Contingent Capital Notes shall (following the occurrence of a Conversion Trigger Event) be convertible into, or exchangeable
for, Relevant Shares of the Approved Entity, mutatis mutandis in accordance with, and subject to, the provisions of ‎Section
3.16 of this Sixth Supplemental Indenture (as may be supplemented or amended), at the New Conversion Price; and

 

(ii)           
subject as set out above, the Company shall, where the Conversion Date falls on or after the New Conversion Condition Effective
Date, procure (to the extent within its control) the issue and/or delivery of the relevant number of Relevant Shares mutatis
mutandis in the manner provided under ‎Section 3.17 of this Sixth Supplemental Indenture (as may be supplemented
or amended).

 

(f)            
Upon a Conversion Trigger Event occurring subsequently to a Non-Qualifying Takeover Event, the Company shall provide a
written notice to the Clearing Systems as soon as practicable regarding the automatic write-down to zero of the Contingent Capital
Notes for purposes of notifying Holders of such occurrence. The Company shall also deliver a copy of such notice to the Trustee
for information purposes.

 

Section 4.03.     
Agreement with Respect to a Non-Qualifying Takeover Event.

 

(a)           
By its acquisition of the Contingent Capital Notes, each Holder and Beneficial Owner:

 

(i)           
acknowledges and agrees that in the case of a Non-Qualifying Takeover Event, unless the Conversion Date shall have occurred
prior to the date of the Non-Qualifying Takeover Event, following such Non-Qualifying Takeover Event, outstanding Contingent Capital
Notes shall not be subject to Automatic Conversion at any time notwithstanding that a Conversion Trigger Event may have occurred
or may occur subsequently but that, instead, upon any subsequent Conversion Trigger Event (or where the Conversion Date occurs
on or after the date of a Non-Qualifying Takeover Event), the principal amount of each Contingent Capital Note will be automatically
written down to zero, the Contingent Capital Notes will be cancelled, it will be automatically deemed to have irrevocably waived
its right to receive, and no longer have any rights against the Company with respect to repayment of the aggregate principal amount
of the Contingent Capital Notes so written down and all Accrued Interest and any other amounts payable on the Contingent Capital
Notes shall be automatically cancelled, irrespective of whether such amounts have become due and payable prior to the occurrence
of the Conversion Trigger Event;

 

(ii)           
acknowledges and agrees that a write-down of the Contingent Capital Notes upon the occurrence of a Conversion Trigger Event
following a Non-Qualifying Takeover Event with respect to the Contingent Capital Notes 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;

 

    50

     

    

(iii)           
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 taken by the Trustee
or which the Trustee abstains from taking, in either case in connection with the write-down to zero of the Contingent Capital
Notes following the occurrence of a Conversion Trigger Event subsequently to any Non-Qualifying Takeover Event;

 

(iv)           
acknowledges and agrees that, (A) in connection with the write-down to zero of the Contingent Capital Notes following the
occurrence of a Conversion Trigger Event subsequently to any Non-Qualifying Takeover Event, (a) the Trustee shall not be required
to take any further directions from Holders or Beneficial Owners of the Contingent Capital Notes under Section 5.12 of the Contingent
Convertible Securities Indenture and (B) the Indenture shall impose no additional duties upon the Trustee whatsoever in connection
with the write-down to zero of the Contingent Capital Notes following the occurrence of a Conversion Trigger Event subsequently
to any Non-Qualifying Takeover Event;

 

(v)           
shall be deemed to have authorized, directed and requested Clearstream, Luxembourg and/or Euroclear and any direct participant
in Clearstream, Luxembourg and/or Euroclear or other intermediary through which it holds such Contingent Capital Notes to take
any and all necessary action, if required, to implement the write-down to zero of the Contingent Capital Notes, without any further
action or direction on the part of such Holders and such Beneficial Owners of the Contingent Capital Notes or the Trustee;

 

(b)           
A write-down of the Contingent Capital Notes upon the occurrence of a Conversion Trigger Event following a Non-Qualifying
Takeover Event with respect to the Contingent Capital Notes will not constitute an Enforcement Event.

 

Section 4.04.     
Availability of Ordinary Shares. If and to the extent permitted by the Capital Regulations, from time to time and
only to the extent that such undertaking would not cause a Capital Disqualification Event to occur, the Company shall, notwithstanding
any Settlement Shares Offer, at all times keep available for issue, free from pre-emptive or other preferential rights, sufficient
ordinary shares to enable Automatic Conversion of the Contingent Capital Notes to be satisfied in full.

 

Article
5

Enforcement Events and Remedies

 

With respect
to the Contingent Capital Notes only, ‎Section 5.01 of the
Contingent Convertible Securities Indenture shall be amended and restated in its entirety as follows in ‎Section
5.01 hereof, Section 5.02 of the Contingent Convertible Securities Indenture shall be amended and restated in its entirety as
follows in Sections ‎5.02 and ‎5.03
hereof, Section 5.03(a) of the Contingent Convertible Securities Indenture shall be amended and restated in its entirety as follows
in ‎Section 5.04 hereof, Section 5.03(b) of the Contingent
Convertible Securities Indenture shall be amended and restated in its entirety as follows

 

    51

     

    

in ‎Section
6.02 hereof, Section 5.13 of the Contingent Convertible Securities Indenture shall be amended and restated in its entirety as
follows in ‎Section 5.05 hereof, and references in the Contingent
Convertible Securities Indenture to such Sections shall be to such Sections as amended and restated in their entirety by this
Sixth Supplemental Indenture. Section 5.07 and Section 5.10 of the Contingent Convertible Securities Indenture shall apply to
the Contingent Capital Notes subject to the limitations on remedies specified in this ‎Article
5.

 

Section 5.01.     
Winding-up or Administration Event. If a Winding-up or Administration Event occurs prior to the occurrence of a
Conversion Trigger Event, subject to the subordination provisions of ‎Article 6, the principal amount of the Contingent
Capital Notes 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, including the declaration by the Trustee, the Holders or any other Person that the principal amount
of the Contingent Capital Notes will become immediately due and payable.

 

Section 5.02.     
Non-Payment Event. If the Company does not make payment of principal in respect of the Contingent Capital Notes
for a period of fourteen (14) calendar days or more after the date on which such payment is due (a “Non-Payment Event”),
then the Trustee, on behalf of the Holders and Beneficial Owners, may, at its discretion, or shall at the direction of Holders
of 25% or more of the aggregate principal amount of Outstanding Contingent Capital Notes, subject to any applicable laws, institute
proceedings for the winding up of the Company. In the event of a Winding-up or Administration Event or liquidation of the Company,
whether or not instituted by the Trustee, the Trustee may prove the claims of the Holders, Beneficial Owners and the Trustee in
the Winding up or Administration Event of the Company and/or claim in the liquidation of the Company, such claims as set out in
‎Section 6.01 hereof. For the avoidance of doubt, the Trustee may not declare the principal amount of any outstanding
Contingent Capital Notes to be due and payable and may not pursue any other legal remedy, including a judicial proceeding for
the collection of the sums due and unpaid on the Contingent Capital Notes.

 

Section 5.03.     
Limited Remedies for Breach of Performance Obligations. In the event of a breach of any term, obligation or condition
binding upon the Company under the Contingent Capital Notes or the Indenture (other than any payment obligation of the Company
under or arising from the Contingent Capital Notes or the Indenture, including payment of any principal or interest, including
any damages awarded for breach of any obligation) (such obligation, a “Performance Obligation”), the
Trustee may without further notice institute such proceedings against the Company as it may deem fit to enforce the Performance
Obligation, provided that the Company shall not by virtue of the institution of any such proceedings be obliged to pay any sum
or sums, in cash or otherwise (including damages for breach of any obligations under the Contingent Capital Notes) earlier than
the same would otherwise have been payable under the Contingent Capital Notes or the Indenture, but excluding any payments made
to the Trustee acting on its own account in respect of its costs, expenses, liabilities or remuneration. For the avoidance of
doubt, any breach by the Company of any Performance Obligation shall not confer upon the Trustee (acting on behalf of the Holders)
and/or the Holders or Beneficial

 

    52

     

    

Owners of the
Contingent Capital Notes any claim for damages and, in the event of such a breach of a Performance Obligation, the sole and exclusive
remedy that the Trustee (acting on behalf of the Holders) and/or the Holders or Beneficial Owners of the Contingent Capital Notes
may seek under the Contingent Capital Notes and the Indenture is specific performance under the laws of the State of New York.
By its acquisition of the Contingent Capital Notes, each Holder and Beneficial Owner of the Contingent Capital Notes acknowledges
and agrees (i) that such Holder and Beneficial Owner shall not seek, and shall not direct the Trustee (acting on their behalf)
to seek, any claim for damages against the Company in respect of any breach by the Company of a Performance Obligation, and (ii)
that the sole and exclusive remedy that such Holder and Beneficial Owner and/or the Trustee (acting on their behalf) may seek
under the Contingent Capital Notes and the Indenture for a breach by the Company of a Performance Obligation is specific performance
under the laws of the State of New York.

 

Section 5.04.     
No Other Remedies and Other Terms.

 

(a)           
Other than the limited remedies specified in this ‎Article 5, and subject to paragraph ‎(c) below,
no remedy against the Company shall be available to the Trustee (acting on behalf of the Holders) or to the Holders and Beneficial
Owners, whether for the recovery of amounts owing in respect of such Contingent Capital Notes 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 Contingent Capital
Notes or under the Indenture in relation thereto; provided, however, that the Company’s obligations to the
Trustee under, and the Trustee’s lien provided for in, Section 6.07 of the Contingent Convertible Securities 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 Contingent Convertible Securities Indenture shall not be limited or impaired by this Article 5 or otherwise and expressly
survive any Enforcement Event and are not subject to the subordination provisions of ‎Section 6.01 of this Sixth Supplemental
Indenture.

 

(b)           
For purposes of the Contingent Convertible Securities Indenture, “Event of Default” shall mean an “Enforcement
Event” as defined in this Sixth Supplemental Indenture, except that the term “Event of Default” as used
in Article 8 of the Contingent Convertible Securities Indenture shall mean “Winding-up or Administration Event”
and as used in Article 5.08 of the Contingent Convertible Securities Indenture shall mean “Non-Payment Event”.

 

(c)           
Notwithstanding the limitations on remedies specified in this ‎Article 5, (i) 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
under the provisions of the Indenture, and (ii) nothing shall impair the right of a Holder or Beneficial Owner of the Contingent
Capital Notes 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 Contingent Capital Notes as provided for in Section 5.08 of the Contingent Convertible Securities
Indenture; provided that, in the case of (i) and (ii) above, any payments in respect of, or arising from, the Contingent Capital
Notes, including any payments or amounts resulting or arising from the enforcement of any rights under the

 

    53

     

    

Trust Indenture
Act in respect of the Contingent Capital Notes, shall be subject to the subordination provisions set forth in ‎Section
6.01 of this Sixth Supplemental Indenture.

 

(d)           
In furtherance of Section 6.01 of the Contingent Convertible Securities Indenture:

 

(i)           
For purposes of Sections 315(a) and 315(c) of the Trust Indenture Act, the term “default” is hereby defined
to mean an Enforcement Event which has occurred and is continuing.

 

(ii)           
Notwithstanding anything contained in the Contingent Convertible Securities Indenture to the contrary, the duties and responsibilities
of the Trustee under this Indenture shall be subject to the protections, exculpations and limitations on liability afforded to
an indenture trustee under the provisions of the Trust Indenture Act.

 

Section 5.05.     
Waiver of Past Defaults.

 

(a)           
Holders of not less than a majority in aggregate principal amount of the Outstanding Contingent Convertible Securities
may on behalf of the Holders of all of the Contingent Capital Notes waive any past Enforcement Event that results from a breach
by the Company of a Performance Obligation. Holders of a majority of the aggregate principal amount of the Outstanding Contingent
Capital Notes shall not be entitled to waive any past Enforcement Event that results from a Winding-up or Administration Event
or a Non-Payment Event.

 

(b)           
Upon the occurrence of any waiver permitted by paragraph ‎(a) above, such Enforcement Event shall cease to exist,
and any Enforcement Event with respect to the Contingent Capital Notes arising therefrom shall be deemed to have been cured and
not to have occurred for every purpose of the Contingent Convertible Securities Indenture, but no such waiver shall extend to
any subsequent or other Enforcement Event or impair any right consequent thereon.

 

Article
6

Subordination

 

Section 6.01.     
Subordination to Claims of Senior Creditors.

 

(a)           
With respect to the Contingent Capital Notes only, and pursuant to Section 12.01(a) of the Contingent Convertible Securities
Indenture, the extent and manner in which the payment of principal of (and premium, if any) and interest, if any, on the Contingent
Convertible Securities is subordinated to the claims of the holders of certain other present or future obligations of the Company
shall be determined as set out in this ‎Section 6.01. References in the Contingent Convertible Securities Indenture
to Section 12.01(a) thereof shall be to ‎Section 6.01 hereof. For the avoidance of doubt, no provision of Article 12
of the Contingent Convertible Securities Indenture other than replacing

 

    54

     

    

Section 12.01(a)
with this ‎Section 6.01 shall be amended by this Sixth Supplemental Indenture.

 

(b)           
The Contingent Capital Notes shall constitute the Company’s direct, unsecured and subordinated obligations, ranking
pari passu without any preference among themselves. The rights and claims of the Holders and Beneficial Owners in respect
of or arising from the Contingent Capital Notes (including any damages for breach of obligations thereunder, if payable) shall
be subordinated to the claims of Senior Creditors.

 

(c)           
If a Winding-up or Administration Event occurs before the date on which the Conversion Trigger Event occurs, there shall
be payable by the Company in respect of each Contingent Capital Note (in lieu of any other payment by the Company) such amount,
if any, as would have been payable to a Holder or Beneficial Owner if, on the day prior to the commencement of the Winding-up
or Administration Event and thereafter, such Holder or Beneficial Owner were the holder of one of a class of Notional Preference
Shares on the assumption that the amount that such Holder or Beneficial Owner was entitled to receive in respect of such Notional
Preference Shares, on a return of assets in such Winding-up or Administration Event, was an amount equal to the principal amount
of the relevant Contingent Capital Note, together with any Accrued Interest and any damages for breach of any obligations thereunder
(if payable), regardless of whether the Solvency Condition is satisfied on the date upon which the same would otherwise be due
and payable.

 

(d)           
If a Winding-up or Administration Event occurs on or after the date on which the Conversion Trigger Event occurs but the
Settlement Shares to be issued and delivered to the Settlement Share Depository on the Conversion Date have not been so delivered,
there shall be payable by the Company in respect of each Contingent Capital Note (in lieu of any other payment by the Company)
such amount, if any, as would have been payable to the Holder or Beneficial Owner of such Contingent Capital Note in a Winding-up
or Administration Event if the Conversion Date in respect of the Automatic Conversion had occurred immediately before the occurrence
of a Winding-up or Administration Event (and, as a result, such Holder or Beneficial Owner were the holder of such number of the
Company’s ordinary shares as such Holder or Beneficial Owner would have been entitled to receive on the Conversion Date,
ignoring for this purpose the Company’s right to make an election for a Settlement Shares Offer to be effected pursuant
to ‎Section 3.18 hereof), regardless of whether the Solvency Condition is satisfied on the date upon which the same
would otherwise be due and payable.

 

(e)           
Other than in the event of a Winding-up or Administration Event of the Company as described in paragraph ‎(c)
and ‎(d) above, or in relation to the Cash Component of any Alternative Consideration in any Settlement Shares Offer,
payments in respect of or arising from the Contingent Capital Notes (including any damages for breach of any obligations thereunder)
shall, in addition to the right of the Company to cancel payments of interest pursuant to ‎Section 3.03 or ‎3.04
hereof, be conditional upon the Company’s being solvent at the time when the relevant payment is due to be made, and no
principal, interest or other amount shall be due and payable in respect of or arising

 

    55

     

    

from the Contingent
Capital Notes 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
as they fall due and (ii) its Assets are at least equal to its Liabilities. An Officer’s Certificate (which shall only be
required if the Company at the relevant time has not satisfied the Solvency Condition and is relying on that fact as the basis
for not making a payment on the Contingent Capital Notes) as to the Company’s solvency shall, unless there is manifest error,
be treated and accepted by the Company, the Trustee and any Holder as correct and sufficient evidence that the Solvency Condition
is not satisfied. The Trustee shall be entitled to rely absolutely on such certificate without liability to any person without
any obligation to verify or investigate the accuracy thereof. If the Company fails to make a payment because the Solvency Condition
is not satisfied, such payment shall not be or become due and payable and shall be deemed cancelled.

 

Section 6.02.     
No Set-Off. Subject to applicable law, the Trustee (acting on behalf of the Holders) and the Holders of the Contingent
Capital Notes by their acceptance thereof will be deemed to have waived to the fullest extent permitted by law any right of set-off,
counterclaim or combination of accounts with respect to the Contingent Capital Notes, this Sixth Supplemental Indenture or the
Contingent Convertible Securities Indenture (or between the Company’s obligations under or in respect of the Contingent
Capital Notes and any liability owed by a Holder to the Company) that they (or the Trustee acting on their behalf) might otherwise
have against the Company, whether before or during any Winding-up or Administration Event. Notwithstanding the above, if any of
such rights and claims of any such Holder against the Company are discharged by set-off, such Holder will immediately pay an amount
equal to the amount of such discharge to the Company or, in the event of any Winding-up or Administration Event, the liquidator
or administrator (or other relevant insolvency official), as the case may be, to be held on trust for the Senior Creditors and
until such time as payment is made will hold a sum equal to such amount on trust for the Senior Creditors and accordingly such
discharge shall be deemed not to have taken place.

 

Article
7

Satisfaction and Discharge

 

Section 7.01.     
Satisfaction and Discharge of Indenture. For purposes of the Contingent Capital Notes, ‎Section 4.01
of the Contingent Convertible Securities Indenture shall be amended and restated in its entirety and shall read as follows:

 

This Indenture shall
upon Company Request cease to be of further effect with respect to the Contingent Capital Notes (except as to any surviving rights
of registration of transfer of the Contingent Capital Notes herein expressly provided for), and the Trustee, at the expense of
the Company, shall execute proper instruments acknowledging satisfaction and discharge of the Indenture with respect to the Contingent
Capital Notes when:

 

    56

     

    

(a)           
all Contingent Capital Notes theretofore authenticated and delivered (other than Securities which have been destroyed,
lost or stolen and which have been replaced or paid as provided in Section 3.06 of the Contingent Convertible Securities Indenture)
have been delivered to the Trustee for cancellation;

 

(b)           
the Company has paid or caused to be paid all other sums payable hereunder (including Accrued Interest, if any) by the
Company with respect to the Contingent Capital Notes; and

 

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

 

Notwithstanding
any satisfaction and discharge of the Indenture, the obligations of the Company to the Trustee under Section 6.07 of the Contingent
Convertible Securities Indenture, the obligations of the Trustee to any Authenticating Agent under Section 6.14 of the Contingent
Convertible Securities Indenture and the obligations of the Trustee under ‎Section
4.02 of the Contingent Convertible Securities Indenture and the last paragraph of Section 10.03 of the Contingent Convertible
Securities Indenture shall survive such satisfaction and discharge.

 

Article
8

Supplemental Indentures

 

Section 8.01.     
Amendments or Supplements without Consent of Holders. In addition to any permitted amendment or supplement to the
Contingent Convertible Securities Indenture pursuant to ‎Section 9.01 of the Contingent Convertible Securities Indenture,
the Company and the Trustee may amend or supplement the Indenture or the Contingent Capital Notes without notice to or the consent
of any Holder of the Contingent Capital Notes (i) to conform this Sixth Supplemental Indenture and the form or terms of the Contingent
Capital Notes to the section entitled “Description of the Contingent Capital Notes” as set forth in the Prospectus,
(ii) to reflect changes to the procedures set forth in ‎Section 3.16 or ‎Section 3.17 above or (iii) pursuant
to ‎Section 3.22(b)(iii).

 

Section 8.02.     
Amendments or Supplements With Consent of Holders. The Company and the Trustee may amend the Contingent Capital
Notes and the Indenture with respect to the Contingent Capital Notes as provided in ‎Section 9.02 of the Contingent
Convertible Securities Indenture. Notwithstanding the foregoing provision and in addition to the provisions of ‎Section
9.02 of the Contingent Convertible Securities Indenture, without the consent of each Holder of an outstanding Security affected
thereby, no amendment or waiver may make any change that adversely affects the conversion rights of any of the Contingent Capital
Notes. The Trustee shall be obliged to concur with the Issuer in effecting any variations in the circumstances and as otherwise

 

    57

     

    

set out in
Section 3.12 or on a Qualifying Takeover Event without the consent of the Holders.

 

Section 8.03.     
Holders’ Approval of Amendments. The consent of the Holders is not necessary under the Indenture to approve
the particular form of any proposed amendment, supplement or waiver, but it will be sufficient if such consent approves the substance
of such proposed amendment, supplement or waiver. After an amendment, supplement or waiver becomes effective, the Company shall
give to the Holders affected by such amendment, supplement or waiver a notice in accordance with the Indenture briefly describing
such amendment, supplement or waiver. The Company shall mail supplemental indentures to Holders upon request. Any failure of the
Company to mail such notice, or any defect in such notice, will not, however, in any way impair or affect the validity of any
such supplemental indenture or waiver.

 

Section 8.04.     
PRA Consent. No modification shall be effected to this Sixth Supplemental Indenture or in relation to the Contingent
Capital Notes, unless the Company has received any consent (or indication of no objection) from the PRA as may be required under
the Capital Regulations. The Trustee is entitled to request and rely on an Officer’s Certificate as to the satisfaction
of this condition precedent to any modification without further enquiry.

 

Article
9 

 

Amendments
to the Contingent Convertible Securities Indenture applicable to the Contingent Capital Notes only

 

Section 9.01.     
Additional Amounts. With respect to the Contingent Capital Notes only, Section 10.04 of the Contingent Convertible
Securities Indenture is amended and restated in its entirety and shall read as follows:

 

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

 

If deduction
or withholding of any such taxes, levies, imposts, duties, charges, fees, deductions or withholdings shall at any time be required
by the Taxing Jurisdiction, the Company will pay such additional amounts in respect of the payment of any interest on (but not,
for the avoidance of doubt, in respect of the payment of the principal amount of) the Contingent Capital Notes (“Additional
Amounts”) as may be necessary in order that the net amounts in respect of any interest paid to the Holders of the Contingent
Capital Notes, after such deduction or withholding, shall equal the amount of any interest which would have been payable in respect
of such Contingent Capital Notes had no such deduction or withholding been required; provided, however, that the
foregoing will not

 

    58

     

    

apply to any
such tax, levy, impost, duty, charge, fee, deduction or withholding that would not have been payable or due but for the fact that:

 

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

 

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

 

(iii)           
the Holder or the beneficial owner of the Contingent Capital Note or the beneficial owner of any payment of (or in respect
of) any interest on such Contingent Capital Note failed to comply with a request of the Company or its liquidator or other authorized
Person addressed to the Holder (x) to provide information concerning the nationality, residence or identity of the Holder or such
beneficial owner or (y) to make any declaration or other similar claim, which in the case of (x) or (y), is required or imposed
by a statute, treaty, regulation or administrative practice of the Taxing Jurisdiction as a precondition to exemption or relief
from all or part of such deduction or withholding,

 

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

 

(v)           
any combination of subclauses (i) through (iv) above,

 

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

 

    59

     

    

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

 

Article
10

Miscellaneous

 

Section 10.01. 
Effect of Supplemental Indenture. Upon the execution and delivery of this Sixth Supplemental Indenture by each of
the Company and the Trustee, the Contingent Convertible Securities Indenture shall be supplemented and amended in accordance herewith,
and this Sixth Supplemental Indenture shall form a part of the Contingent Convertible Securities Indenture for all purposes in
respect of any Contingent Capital Notes.

 

Section 10.02. 
Other Documents to Be Given to the Trustee. As specified in ‎Section 9.03 of the Contingent Convertible
Securities Indenture and subject to the provisions of Section 6.03 of the Contingent Convertible Securities Indenture, the Trustee
shall be entitled to receive an Officer’s Certificate stating the recitals contained in ‎Section 1.02 of the
Contingent Convertible Securities Indenture have been complied with and an Opinion of Counsel stating that this Sixth Supplemental
Indenture is permitted by the Contingent Convertible Securities Indenture, conforms to the requirements of the Trust Indenture
Act, and (subject to ‎Section 1.03 of the Contingent Convertible Securities Indenture) constitutes valid and binding
obligations of the Company enforceable in accordance with their terms, subject to applicable bankruptcy, insolvency and similar
laws affecting creditors’ rights generally, concepts of reasonableness and equitable principles of general applicability.
The Trustee shall be entitled to rely on such Officer’s Certificate and Opinion of Counsel as conclusive evidence that this
Sixth Supplemental Indenture complies with the applicable provisions of the Contingent Convertible Securities Indenture.

 

Section 10.03. 
Notices to, and Consents Required from, the PRA to Be Given to the Trustee. The Trustee shall be entitled to receive,
and shall be fully protected in relying upon without any investigation, a copy of all notifications provided to, and prior consents
required from, the PRA pursuant to the Indenture.

 

Section 10.04. 
Survival. Anything herein to the contrary notwithstanding, for purposes of the Contingent Capital Notes, Section
6.08 of the Contingent Convertible Securities Indenture is hereby amended in its entirety as follows: The Trustee’s right
to payment of its fees, reimbursement and indemnity under, and in its lien provided for in, Sections 5.06 and 6.07 of the Contingent
Convertible Securities Indenture shall survive the payment in full of the Contingent Capital Notes, the satisfaction and discharge
of the Indenture, the Automatic Conversion upon a Conversion Trigger Event, the resignation or removal of the Trustee, the termination
for any reason of the Indenture and any

 

    60

     

    

exercise of
the U.K. bail-in power by the relevant U.K. authority with respect to the Contingent Capital Notes.

 

Section 10.05. 
Confirmation of Indenture. The Contingent Convertible Securities Indenture, as supplemented and amended by this
Sixth Supplemental Indenture, is in all respects ratified and confirmed, and the Contingent Convertible Securities Indenture and
this Sixth Supplemental Indenture shall, in respect of any Contingent Capital Notes, be read, taken and construed as one and the
same instrument. This Sixth Supplemental Indenture constitutes an integral part of the Contingent Convertible Securities Indenture
with respect to the Contingent Capital Notes. In the event of a conflict between the terms and conditions of the Contingent Convertible
Securities Indenture and the terms and conditions of this Sixth Supplemental Indenture, the terms and conditions of this Sixth
Supplemental Indenture shall prevail with respect to the Contingent Capital Notes.

 

Section 10.06. 
Concerning the Trustee. The Trustee does not make any representations as to the validity or sufficiency of this
Sixth Supplemental Indenture. The recitals and statements herein are deemed to be those of the Company and not the Trustee. In
entering into this Sixth Supplemental Indenture, the Trustee shall be entitled to the benefit of every provision of the Contingent
Convertible Securities Indenture relating to the conduct of or affecting the liability of or affording protection to the Trustee.

 

Section 10.07. 
Governing Law. This Sixth Supplemental Indenture and the Contingent Capital Notes shall be governed by and construed
in accordance with the laws of the State of New York, except that (i) Sections ‎Section 6.01 and ‎Section
6.02 of this Sixth Supplemental Indenture (other than the Trustee’s own rights, duties or immunities thereunder) shall be
governed by and construed in accordance with the laws of Scotland and (ii) the authorization and execution by the Company of this
Sixth Supplemental Indenture and the Contingent Capital Notes shall be governed by (in addition to the laws of the State of New
York relevant to execution) the jurisdiction of the Company.

 

Section 10.08. 
Entire Agreement. With respect to Contingent Capital Notes issued pursuant to this Sixth Supplemental Indenture,
any agreements, arrangements or understandings between the Company and any Holder and Beneficial Owner of the Contingent Capital
Notes with respect to the Contingent Capital Notes must be entered into in accordance with the terms of the Indenture.

 

Section 10.09. 
Counterparts. This Sixth Supplemental Indenture may be executed in any number of counterparts, each of which shall
be an original, but such counterparts shall together constitute but one and the same instrument.

 

[Signature
Pages Follow]

 

    61

     

    

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

 

	NATWEST GROUP PLC, as Company
	 
	By:	/s/ Donal Quaid
	 	Name:Donal Quaid
	 	Title:NatWest Group Treasurer

 

	 

 

 

	THE BANK OF NEW YORK MELLON, acting through its London Branch

    as Trustee
	 
	By:	/s/ Tom Vanson
	 	Name:Tom Vanson
	 	Title: President

 

	 

 

 

[Signature
Page to Sixth 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.

 

THE RIGHTS
OF THE HOLDER OF THIS SECURITY ARE, TO THE EXTENT AND IN THE MANNER SET FORTH IN SECTION 12.01 OF THE INDENTURE, SUBORDINATED
TO THE CLAIMS OF OTHER CREDITORS OF THE COMPANY, AND THIS SECURITY IS ISSUED SUBJECT TO THE PROVISIONS OF THAT SECTION 12.01,
AND THE HOLDER OF THIS SECURITY, BY ACCEPTING THE SAME, AGREES TO AND SHALL BE BOUND BY SUCH PROVISIONS. THE PROVISIONS OF SECTION
12.01 OF THE INDENTURE AND THE TERMS OF THIS PARAGRAPH ARE GOVERNED BY, AND SHALL BE CONSTRUED IN ACCORDANCE WITH, THE LAWS OF
SCOTLAND.

 

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 August 10, 2015, as amended and supplemented by the Fifth Supplemental Indenture
dated as of August 19, 2020 (the “Contingent Convertible Securities Indenture”), as supplemented by the Sixth
Supplemental Indenture, dated as of [●], 2020 (the “Sixth Supplemental Indenture” and, together with
the Contingent Convertible Securities Indenture, the “Indenture”). Capitalized terms used herein but not otherwise
defined shall have the meaning ascribed to them in the Sixth Supplemental Indenture.

 

The rights
of the Holder and Beneficial Owners of this Security are, to the extent and in the manner set forth in Section 6.01 of the Sixth
Supplemental Indenture (which amends in its entirety Section 12.01(a) of the Contingent Convertible Securities Indenture), subordinated
to the claims of other creditors of the Company, and this Security is issued subject to the provisions of that Section 6.01, and
the Holder (and Beneficial Owners) of this Security, by accepting the same, agrees to, and shall be bound by, such provisions.
The provisions of Sections 6.01 and 6.02 of the Sixth Supplemental Indenture and the terms of this paragraph are governed by,
and shall be construed in accordance with, Scots law.

 

The rights
of the Holder of this Security are subject to ‎Section 3.16
of the Sixth Supplemental Indenture. Effective upon, and following, the occurrence of the Automatic Conversion, provided that
the Company issues and delivers the Settlement Shares to the

 

    1

     

    

Settlement
Share Depository (or the relevant recipient in accordance with this Security or the Sixth Supplemental Indenture), Holders and
Beneficial Owners 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 on or 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.

 

Notwithstanding
any other agreements, arrangements, or understandings between the Company and any Holder or Beneficial Owner of the Contingent
Capital Notes, by its acquisition of the Contingent Capital Notes, each Holder and Beneficial Owner of the Contingent Capital
Notes, acknowledges, accepts, agrees to be bound by and consents to the exercise of any U.K. bail- in power by the relevant U.K.
authority that may result in the (i) reduction or cancellation of all, or a portion, of the principal amount of, or interest on,
the Contingent Convertible Securities, (ii) the conversion of all, or a portion of, the principal amount of, or interest on, the
Contingent Convertible Securities into ordinary shares or other securities or other obligations of the Company or another person
and/or (iii) the amendment of the amount of interest due on the Contingent Capital Notes, or the dates on which interest becomes
payable, including by suspending payment for a temporary period; which U.K. bail-in power may be exercised by means of variation
to the terms of the Contingent Convertible Securities, solely to give effect to the above. With respect to (i), (ii) and (iii)
above, references to principal and interest shall include payments of principal and interest that have become due and payable,
but which have not been paid, prior to the exercise of any U.K. bail-in power. By its acquisition of the Contingent Capital Notes,
each Holder and Beneficial Owner further acknowledges and agrees that the rights of the Holders and/or Beneficial Owners under
the Contingent Capital Notes are subject to, and will be varied, if necessary, solely to give effect to, the exercise of any U.K.
bail-in power by the relevant U.K. authority.

 

NATWEST
GROUP PLC

£[ ] []% Perpetual Subordinated Contingent Convertible Additional Tier 1 Capital Notes

 

	No. [    ]	£[                  ]	 
	 	COMMON CODE: [          ]	 
	 	ISIN NO.: [          ]	 

 

	 

NATWEST GROUP
plc (herein called the “Company”, which term includes any successor Person under the Indenture (as defined
on the reverse hereof)), for value received, hereby promises to pay to the Bank of New York Depository (Nominees) Limited, or
registered assignees, the principal sum of £[●] ([●] pounds sterling), if and to the extent due, and to pay
interest thereon, if any, in accordance with the terms hereof and the Indenture. The Contingent Capital Notes shall have no fixed
maturity or fixed redemption date. From (and including) the Issue Date to (but excluding) [●], 20[●] (the “First
Reset Date”), the interest rate on the Contingent Capital Notes shall be [●]% per annum. From and including the
First Reset Date and each fifth anniversary date thereafter

 

    2

     

    

(each such
date, a “Reset Date”), to (but excluding) the next succeeding Reset Date, the applicable per annum interest
rate will be equal to the sum of the applicable Reference Bond Rate on the relevant Reset Determination Date and %, converted
to a quarterly rate in accordance with market convention (rounded to three decimal places, with 0.005 being rounded down). Subject
to the provisions on the reverse of this Security relating to cancellation and deemed cancellation of interest and to ‎Section
3.03, ‎Section 3.04, ‎Section
3.16(h) and ‎Section 6.01 of the Sixth Supplemental Indenture
and to the two last sentences of this paragraph, interest, if any, shall be payable in four equal quarterly installments in arrear
on [●], [●], [●] and [●] of each year (each, an “Interest Payment Date”). The first
date on which interest may be paid will be [●], 2020. Subject to the limitations specified on the reverse of this Security,
if any interest payment is to be made in respect of the Contingent Capital Notes on any date other than an Interest Payment Date,
including on any scheduled redemption date, it shall be calculated by the Calculation Agent on the basis of a year of 365 days
and the actual number of days elapsed in the relevant interest period and rounding the resulting figure to the nearest cent (half
a cent being rounded upwards).

 

“Reference
Bond Rate” means, with respect to any Reset Date for which such rate applies and related Reset Determination Date, the
gross redemption yield expressed as a percentage and calculated by the Calculation Agent on the basis set out by the United Kingdom
Debt Management Office in the paper "Formulae for Calculating Gilt Prices from Yields", page 5, Section One: Price/Yield
Formulae "Conventional Gilts; Double dated and Undated Gilts with Assumed (or Actual) Redemption on a Quasi-Coupon Date"
(published on 8 June 1998 and updated on 15 January 2002 and 16 March 2005, and as further amended, updated, supplemented or replaced
from time to time) or, if such basis is no longer in customary market usage at such time (as determined by the Issuer in good
faith), a gross redemption yield calculated in accordance with generally accepted market practice at such time as determined and
notified in writing to the Calculation Agent by the Issuer following consultation with an investment bank or financial institution
determined to be appropriate by the Issuer (which, for the avoidance of doubt, could be the Calculation Agent, or another affiliate
of the Issuer), on a semi-annual compounding basis (converted to an annualised yield and rounded up (if necessary) to four decimal
places) of the Reset Reference Bond in respect of that Reset Period, assuming a price for the Reset Reference Bond (expressed
as a percentage of its principal amount) equal to the Reference Bond Price for such Reset Determination Date.

 

“Initial
Interest Rate” means the rate of interest in respect of the period from (and including) the Issue Date to (but excluding)
the First Reset Date, which will be [●] per annum.

 

“Reference
Bond Price” means, with respect to any Reset Determination Date, (i) the arithmetic average of the Reference Government
Bond Dealer Quotations for such Reset Determination Date, after excluding the highest and lowest such Reference Government Bond
Dealer Quotations, or (ii) if fewer than five such Reference Government Bond Dealer Quotations are received, the arithmetic average
of all such quotations (or, alternatively, if only one Reference Government Bond Dealer Quotation is received, the Reference Bond
Price shall be equal to such quotation); provided, however,

 

    3

     

    

that if no
Reference Government Bond Dealer Quotations are received, the Subsequent Interest Rate for the relevant Reset Period shall be
equal to the Rate of Interest last determined in relation to the Contingent Capital Notes in respect of the preceding Reset Period
(or, alternatively, in the case of the first Reset Determination Date, the Rate of Interest applicable to the first Reset Period
shall be the Initial Interest Rate).

 

“Reference
Government Bond Dealer” means each of five banks selected by the Issuer (following, where practicable, consultation
with an investment bank or financial institution of financial repute determined to be appropriate by the Issuer, which for the
avoidance of doubt, could be the Calculation Agent), or the affiliates of such banks, which are (i) primary government securities
dealers, and their respective successors, or (ii) market makers in pricing corporate bond issues.

 

“Reference
Government Bond Dealer Quotations” means, with respect to each Reference Government Bond Dealer and any Reset Determination
Date, the arithmetic average, as determined by the Calculation Agent, of the bid and offered prices for the Reset Reference Bond
(expressed in each case as a percentage of its principal amount) as at 11:00 a.m. (London time) on the Reset Determination Date
and, if relevant, on a dealing basis for settlement that is customarily used at such time, and quoted in writing to the Calculation
Agent by such Reference Government Bond Dealer.

 

The “Reset
Determination Date” shall be the second Business Day immediately preceding each Reset Date.

 

“Reset
Period” means any period from and including each Reset Date to but excluding the next succeeding Reset Date.

 

“Rate
of Interest” means the Initial Interest Rate and/or the relevant Subsequent Interest Rate, as the case may be.

 

“Subsequent
Interest Rate” means the rate of interest in respect of each Reset Period which shall be a rate per annum equal to the
aggregate of the applicable Reference Bond Rate on the relevant Reset Determination Date and [●]%, such sum being converted
to a quarterly rate in accordance with market convention (rounded to three decimal places, with 0.005 rounded down).

 

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.

 

If any scheduled
redemption date is not a Business Day, payment of interest, if any, and principal shall be postponed to the next Business Day,
but interest on that payment will not accrue during the period from and after any scheduled redemption date. If any Reset Date
is not a Business Day, the Reset Date shall occur on the next succeeding Business Day.

 

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

 

    4

     

    

Security is
registered at the close of business on the Regular Record Date or if the Security is held in registered form, the 15th calendar
day preceding each Interest Payment Date, whether or not such day is a Business Day.

 

In addition
to any other restrictions on payments of principal and interest contained in the Sixth Supplemental Indenture, no payment of the
principal amount of this Security following any proposed redemption or payment of interest on this Security shall become due and
payable after the exercise of any U.K. bail-in power by the relevant U.K. authority unless, at the time that such repayment or
payment, respectively, is scheduled to become due, such repayment or payment would be permitted to be made by the Company under
the laws and regulations of the United Kingdom and the European Union applicable to the Company and the Group.

 

Interest
on the Contingent Capital Notes shall be due and payable only at the full 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 elects not to make an interest payment in respect of the Contingent Capital
Notes 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 or become due and payable.

 

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 Contingent Capital Notes shall have no right to
or claim against the Company with respect to such interest amount. In addition, any such cancellation or deemed cancellation shall
not constitute a default under this Security and Holders and Beneficial Owners of this Security 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, the Company shall cancel any interest in respect of the Contingent Capital Notes (or, as appropriate,
any part thereof) 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 in respect of such Interest Payment Date (a) the Company has
an amount of Distributable Items on such scheduled Interest Payment Date that is less than the sum of (i) all payments (other
than redemption payments which do not reduce Distributable Items) made or declared by the Company since the end of the Company’s
latest financial year and prior to such Interest Payment Date on or in respect of any Parity Securities, the Contingent Capital
Notes and any Junior Securities and (ii) all payments (other than redemption payments which do not reduce Distributable Items)
payable by the Company on such Interest Payment Date (x) on the Contingent Capital Notes and (y) on or in respect of any Parity
Securities or any Junior Securities, in the case of each of (i) and (ii), excluding any payments already accounted for in determining
the Distributable Items, or

 

    5

     

    

(b) if the
Solvency Condition is not (or would not be) satisfied in respect of such amounts payable on such Interest Payment Date.

 

By its acquisition
of the Contingent Capital Notes, 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 pursuant to ‎Section
3.04(a) of the Sixth Supplemental Indenture, 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 and the Contingent Capital Notes shall not constitute a default in payment
or otherwise under the terms of the Contingent Capital Notes or the Indenture.

 

Interest
on the Contingent Capital Notes 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 3.02(b), 3.03(a), 3.04, 3.16(h) and Section 6.01 of the Sixth 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 Contingent Capital Notes 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 Contingent Capital Notes. The Company may use such cancelled
payment without restriction to meet its obligations as they fall due.

 

Payments
of principal of and interest, if any, on the Contingent Capital Notes 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 Contingent Convertible
Securities represented by a Global Note shall be made through one or more Paying Agents appointed under the Contingent Convertible
Securities Indenture to the Clearing Systems or its nominee, as the Holder of this Security. Initially, the Paying Agent and the
Security Registrar for the Contingent Capital Notes 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 Contingent Capital Notes, and in such an event the Company may act as Paying Agent or Security Registrar. Payments of principal
of and interest on the Contingent Capital Notes 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, irrespective of conflicts of laws principles,
except as stated in Section 10.07 of the Sixth Supplemental Indenture and as stated herein, and except that the authorization
and execution of this Security shall be governed by (in addition to the laws of the State of New York relevant to execution) the
respective jurisdictions of the Company and the Trustee, as the case may be.

 

    6

     

    

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.

 

[The
rest of this page is intentionally left blank.]

 

    7

     

    

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

 

Date: [ ]

 

	NATWEST GROUP PLC

	 
	By:	 
	 	Name:
	 	Title:

 

	 

 

    8

     

    

Trustee’s
Certificate of Authentication

 

This is one
of the Contingent Capital Notes of the series designated herein referred to in the Indenture.

 

Date: [ ]

 

	THE BANK OF NEW YORK MELLON, acting
through its London Branch
 as Trustee

	 
	By:	 
	 	Authorized Signatory

 

 

	 

    9

     

    

(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 August 10, 2015 (herein called the “Contingent Convertible Securities 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 Contingent Convertible Securities Indenture), as supplemented and amended
by the Sixth Supplemental Indenture, dated as of [●], 2020 (the “Sixth Supplemental Indenture” and, together
with the Contingent Convertible Securities 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 Contingent Capital Notes and of the terms upon
which the Contingent Capital Notes 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 £[aggregate principal amount of
series of Contingent Capital Notes], 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.

 

All payments
of principal and/or interest to the Holders by or on behalf of the Company in respect of the Contingent Capital Notes shall be
made without withholding or deduction for or on account of any present or future tax, duty, assessment or governmental charge
of whatsoever nature imposed, levied, collected, withheld or assessed by or on behalf of the United Kingdom or any authority thereof
or therein having power to tax, unless such withholding or deduction is required by law. In that event, and in respect of withholding
or deduction imposed in respect of interest only (and not, for the avoidance of doubt, principal), the Company shall pay such
additional amounts (“Additional Amounts”) as will result (after such withholding or deduction) in receipt by
the Holders of the sums which would have been receivable (in the absence of such withholding or deduction) from it in respect
of their Contingent Capital Notes; except that no such Additional Amounts shall be payable with respect to any Contingent Capital
Note in accordance with Section 10.04 of the Contingent Convertible Securities Indenture (as amended and restated with respect
to the Contingent Capital Notes only by Section 9.01 of the Sixth Supplemental Indenture).

 

Payments
under the Contingent Capital Notes will be subject in all cases to any applicable fiscal or other laws and regulations in the
place of payment or other laws and regulations to which the Company or its Paying Agents agree to be subject and the Company will
not, save as provided under Section 10.04 of the Contingent Convertible

 

    10

     

    

Securities
Indenture (as amended and restated with respect to the Contingent Capital Notes only by Section 9.01 of the Sixth Supplemental
Indenture), be liable for any taxes or duties of whatever nature imposed or levied by such laws, regulations or agreements. No
commission or expenses shall be charged to the Holders in respect of such payments.

 

Subject to
the Solvency Condition and the pre-conditions specified below, the Company may, at the Company’s option and in its sole
discretion, redeem the Contingent Capital Notes, in whole but not in part, on the First Call Date or on any Reset Date thereafter
at a redemption price equal to 100% of the principal amount of the Contingent Capital Notes then outstanding, together with any
Accrued Interest to (but excluding) the date fixed for redemption.

 

Subject to
the Solvency Condition and the pre-conditions specified below, the Company may, at the Company’s option and in its sole
discretion at any time, redeem the Contingent Capital Notes, in whole but not in part at a redemption price equal to 100% of the
principal amount of the Contingent Capital Notes then outstanding, together with any Accrued Interest to (but excluding) the date
fixed for redemption, if at any time the Company determines that as a result of any amendment to, or change in the regulatory
classification of the Contingent Capital Notes under the Capital Regulations (or official interpretation thereof), in any such
case becoming effective on or after the Issue Date, the whole or part of the Contingent Capital Notes are, or are likely to be,
excluded from the Tier 1 Capital (as defined in the Capital Regulations) of the Company and/or the Regulatory Group (a “Capital
Disqualification Event”).

 

Subject to
the Solvency Condition and the pre-conditions specified below, on the occurrence of a Tax Event, the Company may, at the Company’s
option and in its sole discretion, at any time redeem all, but not some only, of the Contingent Capital Notes at 100% of their
principal amount together with any Accrued Interest to (but excluding) the date of redemption. A “Tax Event”
will be deemed to have occurred with respect to the Contingent Capital Notes if, at any time, the Company determines that, as
a result of any change in, or amendment to, the laws or regulations of the U.K. or any political subdivision or any authority
thereof or therein having power to tax (including any treaty to which the U.K. or any political subdivision or any authority thereof
or therein is a party), or any change in the official application of such laws or regulations (including a decision of any court
or tribunal or the application by any tax authority), which change or amendment becomes effective or applicable, or, in the case
of a change in or amendment to law, where such change or amendment is enacted by a U.K. Act of Parliament or by a Statutory Instrument,
if such U.K. Act of Parliament or Statutory Instrument is enacted on or after the Issue Date:

 

		(a)	in making a payment under the
                                         Contingent Capital Notes in respect of interest, the Company has or will or would on
                                         the next Interest Payment Date become obligated to pay Additional Amounts;

 

		(b)	a payment of interest on the
                                         next Interest Payment Date in respect of any of the Contingent Capital Notes would be
                                         treated as a “distribution” within the

 

    11

     

    

meaning
of Section 1000 of the U.K. Corporation Tax Act 2010 (or any statutory modification or re-enactment thereof for the time being);

 

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

 

		(d)	as a result of the Contingent
                                         Capital Notes being in issue, the Company would not be able to have losses or deductions
                                         (including in respect of a payment of interest on the Contingent Capital Notes) set against
                                         the profits or gains, or profits or gains offset by losses or deductions, of companies
                                         with which it is or would otherwise be grouped for applicable U.K. tax purposes (whether
                                         under the group relief system current as at the date of issue of the Contingent Capital
                                         Notes or any similar system or systems having like effect as may exist from time to time);

 

		(e)	a future write-down of the
                                         principal amount of the Contingent Capital Notes or conversion of the Contingent Capital
                                         Notes into ordinary shares would result in a U.K. tax liability, or income, profit or
                                         gain being treated for U.K. tax purposes as accruing, arising or being received;

 

		(f)	the Contingent Capital Notes
                                         would no longer be treated as loan relationships for U.K. tax purposes; or

 

		(g)	the Contingent Capital Notes
                                         or any part thereof would be treated as a derivative or an embedded derivative for U.K.
                                         tax purposes,

 

in each case, the effect of which
cannot be avoided by the Company taking reasonable steps available to it.

 

In any case
where the Company shall determine that as a result of a Tax Event, it is entitled to redeem the Contingent Capital Notes, it shall
be required to deliver to the Trustee prior to the giving of any notice of redemption a written legal opinion of independent United
Kingdom counsel of recognized standing (selected by the Company), in a form satisfactory to the Trustee confirming that the Tax
Event has occurred.

 

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 Contingent Capital Notes are redeemed pursuant to any of the preceding paragraphs.

 

Before the
Company may redeem the Contingent Capital Notes pursuant to any of the preceding paragraphs relating to the Company’s rights
of redemption, the Company shall deliver to the Clearing Systems as the Holder of the Global Securities (or, if the Contingent
Capital Notes are in definitive form, to the Holders directly at their addresses shown on the Contingent Convertible Security
Register) prior notice of not less than fifteen (15) days, nor more than thirty (30) days. The Company shall deliver written notice
of such redemption of the Contingent Capital Notes to the Trustee at least five (5)

 

    12

     

    

Business Days
prior to the date on which the relevant notice of redemption is sent to the Holders (unless a shorter notice period shall be satisfactory
to the Trustee).

 

Such notice
shall specify the Company’s election to redeem the Contingent Capital Notes and the date fixed for such redemption and shall
be irrevocable except in the limited circumstances described below.

 

Any notice
of redemption shall state (i) the redemption date, (ii) that on the redemption date the redemption price will, subject to the
satisfaction of the conditions set forth in the Indenture, become due and payable upon each Contingent Capital Note being redeemed
and that, subject to certain exceptions, interest will cease to accrue on or after that date, (iii) the place or places where
the Contingent Capital Notes are to be surrendered for payment of the redemption price, and (iv) the Common Code and/or ISIN number
or numbers, if any, with respect to the Contingent Capital Notes being redeemed.

 

If the Company
has delivered a notice of redemption, but the Solvency Condition is not satisfied immediately prior to, and immediately following,
the date specified for redemption in such notice, such redemption notice shall be automatically rescinded and shall be of no force
and effect, and no payment in respect of the redemption amount shall be due and payable.

 

If the Company
has delivered a notice of redemption, but prior to the payment of the redemption amount with respect to such redemption a Conversion
Trigger Notice has been delivered, such redemption notice shall be automatically rescinded and shall be of no force and effect,
and no payment in respect of the redemption amount shall be due and payable.

 

If the Company
has delivered a notice of redemption, but prior to the date of any such redemption the Company has not given notice to the PRA
and/or the PRA has objected to or refused to grant permission to the Company, as applicable, to redeem the relevant Contingent
Capital Notes (in each case to the extent, and in the manner, required by the relevant Capital Regulations), such notice of redemption
shall be automatically rescinded and shall be of no force and effect and no payment in respect of any redemption amount, if applicable,
shall be due and payable.

 

If the Company
has delivered a notice of redemption but in respect of any redemption proposed to be made
prior to the fifth anniversary of the Issue Date, if and to the extent then required under the Capital Regulations (A) in the
case of redemption following the occurrence of a Tax Event, the Company has not demonstrated to the satisfaction of the PRA that
the Tax Event is material and was not reasonably foreseeable as at the Issue Date, or (B) in the case of redemption following
the occurrence of a Capital Disqualification Event, the PRA does not consider such change to be sufficiently certain or the Company
has not demonstrated to the satisfaction of the PRA that the relevant change was not reasonably foreseeable as at the Issue Date;
such notice of redemption shall be automatically rescinded and shall be of no force and effect and no payment in respect
of any redemption amount, if applicable, shall be due and payable.

 

    13

     

    

If the Company
has delivered a notice of redemption but prior to the payment of the redemption amount with respect to such redemption the Company
is not in compliance with any alternative or additional pre-conditions required by the PRA as a prerequisite to its permission
for such redemption, such notice of redemption 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 five paragraphs occurs, the Company shall promptly deliver notice to the Clearing
Systems as the Holder of the Global Securities (or, if the Contingent Capital Notes are definitive Securities, to the Holders
directly at their addresses shown on the Contingent Convertible Security Register) and to the Trustee directly, specifying the
occurrence of the relevant event.

 

Subject to
the Solvency Condition and the pre-conditions specified below, the Company may at any time and from time to time, and to the extent
not prohibited by CRD, repurchase beneficially or procure others to repurchase beneficially for its account the Contingent Capital
Notes in the open market, by tender or by private agreement, in any manner and at any price or at differing prices. Contingent
Capital Notes purchased or otherwise acquired by the Company may be (i) held, (ii) resold or (iii) at the Company’s sole
discretion, surrendered to the Trustee for cancellation (in which case all Contingent Capital Notes so surrendered will forthwith
be cancelled in accordance with applicable law and thereafter may not be reissued or resold).

 

Any redemption,
repurchase, substitution or variation of the Contingent Capital Notes by the Company as provided under ‎‎Section
3.08, ‎‎Section 3.09, ‎‎Section
3.10, ‎Section 3.11, Section 3.12 and ‎‎Section
3.14 of the Sixth Supplemental Indenture, is subject to (except to the extent the Capital Regulations no longer so require) the
Company having met the following conditions:

 

(a)           
the Company has notified the PRA of its intention to do so at least one month (or such other, longer or shorter period,
as the PRA may then require or accept) before the Company becomes committed to the proposed redemption or repurchase;

 

(b)           
the PRA has granted permission for the Company to make any such redemption or repurchase of the Contingent Capital Notes
upon a satisfactory finding that either:

 

(i)           
on or before such redemption or repurchase of any of the Contingent Capital Notes, the Company replaces such Contingent
Capital Notes with own funds instruments (as defined by the Capital Regulations) of an equal or higher quality on terms that are
sustainable for its income capacity; or

 

(ii)           
the Company has demonstrated to the satisfaction of the PRA that its Tier 1 capital and Tier 2 capital (as defined by the
Capital Regulations) would, following such redemption or repurchase, exceed the capital ratios required under CRD and the combined
buffer requirement defined in CRD by a margin that the

 

    14

     

    

PRA
may consider necessary on the basis set out in CRD for it to determine the appropriate level of capital of an institution;

 

(c)           
no Conversion Trigger Notice has been delivered; and

 

(d)           
the Company has complied with any alternative or additional pre-conditions as set out in the Capital Regulations and/or
required by the PRA as a prerequisite to its permission for such redemptions or repurchases, at that time; and

 

(e)           
with respect to Sections 3.09 and 3.10 of the Sixth Supplemental Indenture only, and except to the extent that the PRA
no longer so requires, the Company may only redeem the Contingent Capital Notes before five years after the Issue Date if, in
addition to the conditions set out in (a), (b), (c) and (d) above, the following conditions are met:

 

(i)           
in the case of a redemption due to a Tax Event pursuant to Section 3.09 of the Sixth Supplemental Indenture, the Company
demonstrates to the satisfaction of the PRA that the Tax Event relating to the Contingent Capital Notes is material and was not
reasonably foreseeable at the time of issuance of the Contingent Capital Notes; or

 

(ii)           
in the case of a redemption due to the occurrence of a Capital Disqualification Event pursuant to Section 3.10 of the Sixth
Supplemental Indenture, (x) the PRA considers such change to be sufficiently certain and (y) the Company demonstrates to the satisfaction
of the PRA that the Capital Disqualification Event was not reasonably foreseeable at the time of the issuance of the Contingent
Capital Notes.

 

If a Conversion
Trigger Event has occurred, then the Automatic Conversion shall occur on the Conversion Date and all of the Company’s obligations
under the Contingent Capital Notes shall be irrevocably and automatically released in consideration of the Company’s issuance
and delivery of the Settlement Shares to the Settlement Share Depository, and the principal amount of the Contingent Capital Notes
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). Under no circumstances shall such released obligations be reinstated. If the Company has been unable
to appoint a Settlement Share Depository, it shall effect, by means it deems reasonable in the circumstances (including, without
limitation, issuance of the Settlement Shares to another independent nominee or to the Holders of the Contingent Capital Notes
directly), the issuance and delivery of the Settlement Shares, or, if the Holder elects, ADSs or the Alternative Consideration,
as applicable, to the Holders of the Contingent Capital Notes, and such issuance and delivery shall irrevocably and automatically
release all of the Company’s obligations under the Contingent Capital Notes as if the Settlement Shares had been issued
and delivered to the Settlement Share Depository and, in which case, where the context so admits, references in the Sixth Supplemental
Indenture and in this Security to the issue and delivery of Settlement Shares to the Settlement Share Depository shall be construed
accordingly and apply mutatis mutandis.

 

    15

     

    

The procedures
set forth in this Security and Section 3.16 of the Sixth Supplemental Indenture are subject to change to reflect changes in the
Clearing Systems’ practices, and the Company may make changes to the procedures set forth in Section 3.16 to the extent
reasonably necessary, in the opinion of the Company, to reflect such changes in the Clearing Systems’ practices. Any such
changes shall be subject to the provisions of Section 8.01 of the Sixth Supplemental Indenture.

 

Notwithstanding
anything to the contrary contained in the Indenture or this Security, once the Company has delivered a Conversion Trigger Notice
following the occurrence of a Conversion Trigger Event, (i) subject to the right of the Holders and Beneficial Owners pursuant
to ‎Section 5.03 in the event of a failure by the Company
to issue and deliver any Settlement Shares to the Settlement Share Depository on the Conversion Date, the Indenture shall impose
no duties upon the Trustee whatsoever with regard to an Automatic Conversion upon a Conversion Trigger Event and the Holders and
Beneficial Owners shall have no rights whatsoever under the Indenture or the Contingent Capital Notes to instruct the Trustee
to take any action whatsoever, and (ii) as of the date of the Conversion Trigger 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 Holder or by any Beneficial Owner shall cease automatically and shall be null and void and of no further
effect; except in each case of (i) and (ii) of this paragraph, with respect to any rights of the Holders or Beneficial Owners
with respect to any payments under the Contingent Capital Notes that were unconditionally due and payable prior to the date of
the Conversion Trigger 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 CET1 Ratio in connection with the occurrence of a Conversion
Trigger Event and the timing of such Conversion Trigger Event, (ii) the failure of the Company to post or deliver the underlying
CET1 Ratio calculations of a Conversion Trigger Event to the Clearing Systems, the Holders or the Beneficial Owners, (iii) any
aspect of the Company’s decision to deliver a Conversion Trigger Notice or the related Automatic Conversion, (iv) the adequacy
of the disclosure of these provisions in the Prospectus or any other offering material in respect of the Contingent Capital Notes
or for the direct or indirect consequences thereof, or (v) any other requirement of the Company contained herein related to a
Conversion Trigger Event or the Automatic Conversion.

 

Following
the issuance and delivery of the Settlement Shares to the Settlement Share Depository (or to the relevant recipient in accordance
with the terms of the Contingent Capital Notes, as applicable) on the Conversion Date, this Contingent Capital Note shall remain
in existence until the applicable Cancellation Date for the sole purpose

 

    16

     

    

of evidencing
the Holders’ and Beneficial Owners’ right to receive Settlement Shares, or, if the Holder elects, ADSs or the Alternative
Consideration, as the case may be, from the Settlement Share Depository (or such other relevant recipient, as applicable).

 

The Holders
and the Beneficial Owners shall not at any time have the option to convert the Contingent Capital Notes into Settlement Shares.

 

The occurrence
of the Automatic Conversion shall not constitute an Enforcement Event.

 

Notwithstanding
any other provision herein, by its acquisition of the Contingent Capital Notes, each Holder and each Beneficial Owner shall be
deemed to have (i) agreed to all of the terms and conditions of the Contingent Capital Notes, including, without limitation, to
those related to (x) Automatic Conversion of its Contingent Capital Notes following the Conversion Trigger Event and (y) the appointment
of the Settlement Share Depository, the issuance of the Settlement Shares to the Settlement Share Depository (or to the relevant
recipient in accordance with the terms of the Sixth Supplemental Indenture or the Contingent Capital Notes) and the potential
sale of the Settlement Shares pursuant to a Settlement 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, (ii) agreed 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 Contingent Capital Notes and the liability of the Company to pay any such amounts (including the principal amount of,
or any interest in respect of, the Contingent Capital Notes) 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 Conversion Trigger Event and any related
Automatic Conversion, (iii) waived, to the extent permitted by the Trust Indenture Act, any claim against the Trustee arising
out of its acceptance of its trusteeship under, and the performance of its duties, powers and rights in respect of, the Indenture
and in connection with the Contingent Capital Notes, including, without limitation, claims related to or arising out of or in
connection with the Conversion Trigger Event and/or any Automatic Conversion, and (iv) authorized, directed and requested Clearstream,
Luxembourg and/or Euroclear and any direct participant in Clearstream, Luxembourg and/or Euroclear or other intermediary through
which it holds such Contingent Capital Notes to take any and all necessary action, if required, to implement the Automatic Conversion
without any further action or direction on the part of such Holder or Beneficial Owner or the Trustee.

 

The Conversion
Price shall be subject to adjustment as provided in Article 4 of the Sixth Supplemental Indenture.

 

In the Company’s
sole and absolute discretion, within ten (10) Business Days following the Conversion Date, the Company may elect that the Settlement
Share Depository (or an agent on its behalf) make an offer of all or some of the Settlement Shares to all or some of the Company’s
Shareholders upon Automatic Conversion, such offer to be at a cash price per Settlement Share that will be no less than the Conversion
Price (the “Settlement Shares Offer”).

 

    17

     

    

If the Company
elects, in its sole and absolute discretion, that a Settlement Shares Offer be conducted by the Settlement Share Depository, each
Holder or Beneficial Owner, by its acquisition of the Contingent Capital Notes, shall be deemed to have: (i) irrevocably consented
to any Settlement Shares Offer and, notwithstanding that such Settlement Shares are held by the Settlement Share Depository on
behalf of the Holders and Beneficial Owners, to the Settlement Share Depository’s using the Settlement Shares delivered
to it to settle any Settlement Shares Offer in accordance with the terms of the Contingent Capital Notes, (ii) irrevocably consented
to the transfer of the beneficial interest it holds in the Settlement Shares delivered upon Automatic Conversion to the Settlement
Share Depository or to one or more purchasers identified by the Settlement Share Depository in connection with the Settlement
Shares Offer in accordance with the terms of the Contingent Capital Notes, (iii) irrevocably agreed that the Company and the Settlement
Share Depository may take any and all actions necessary to conduct the Settlement Shares Offer in accordance with the terms of
the Contingent Capital Notes, and (iv) irrevocably agreed that none of the Company, the Trustee or the Settlement Share Depository
shall, to the extent permitted by applicable law, incur any liability to the Holders or Beneficial Owners in respect of the Settlement
Shares Offer (except for the obligations of the Settlement Share Depository in respect of the Holders’ and Beneficial Owners’
entitlement to, and subsequent delivery of, any Alternative Consideration).

 

Following
the occurrence of a Conversion Trigger Event, subsequent to a Takeover Event having occurred, the Contingent Convertible Notes
will be subject to conversion into Relevant Shares of the Approved Entity in the case of a Qualifying Takeover Event, or write-down
to zero in the case of a Non-Qualifying Takeover Event, as provided in ‎Section
4.03 of the Sixth Supplemental Indenture.

 

Notwithstanding
any other agreements, arrangements, or understandings between the Company and any Holder or Beneficial Owner of the Contingent
Capital Notes, by its acquisition of the Contingent Capital Notes, each Holder and Beneficial Owner acknowledges, accepts, agrees
to be bound by and consents to the exercise of any U.K. bail-in power by the relevant U.K. authority that may result in (i) the
reduction or cancellation of all, or a portion, of the principal amount of, or interest on, the Contingent Capital Notes, (ii)
the conversion of all, or a portion of, the principal amount of, or interest on, the Contingent Capital Notes into ordinary shares
or other securities or other obligations of the Company or another person and/or (iii) the amendment of the amount of interest
due on the Contingent Capital Notes, or the dates on which interest becomes payable, including by suspending payment for a temporary
period; which U.K. bail-in power may be exercised by means of variation to the terms of the Contingent Capital Notes solely to
give effect to the above. With respect to (i), (ii) and (iii) above, references to principal and interest shall include payments
of principal and interest that have become due and payable, but which have not been paid, prior to the exercise of any U.K. bail-in
power. Each Holder and Beneficial Owner of the Contingent Capital Notes further acknowledges and agrees that the rights of the
Holders and/or Beneficial Owners under the Contingent Capital Notes are subject to, and will be varied, if necessary, solely to
give effect to the exercise of any U.K. bail-in power by the relevant U.K. authority. For the avoidance of doubt, the potential
conversion of the Contingent Capital Notes into

 

    18

     

    

ordinary shares,
other securities or other obligations in connection with the exercise of any U.K. bail-in power by the relevant U.K. authority
is separate and distinct from the Automatic Conversion following a Conversion Trigger Event.

 

By its acquisition
of the Contingent Capital Notes, each Holder and Beneficial Owner (i) acknowledges and agrees that the exercise of the U.K. bail-in
power by the relevant U.K. authority with respect to the Contingent Capital Notes or any cancellation or deemed cancellation of
interest pursuant to ‎Section 3.03 or ‎Section
3.04 of the Sixth Supplemental Indenture and the terms of this Security 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, (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. authority with respect to the Contingent Capital Notes, (iii) acknowledges and agrees that, (a) upon the exercise of any
U.K. bail-in power by the relevant U.K. authority, the Trustee shall not be required to take any further directions from Holders
or Beneficial Owners of the Contingent Capital Notes under Section 5.12 of the Contingent Convertible Securities 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. authority. Notwithstanding the foregoing in (iii), if, following the completion of the exercise of the U.K.
bail-in power by the relevant U.K. authority, the Contingent Capital Notes remain outstanding, (for example, if the exercise of
the U.K. bail-in power results in only a partial write-down of the principal of the Contingent Capital Notes) then the Trustee’s
duties under the Indenture shall remain applicable with respect to the Contingent Capital Notes following such completion to the
extent that the Company and the Trustee agree pursuant to a supplemental indenture, unless the Company and the Trustee agree that
a supplemental indenture is not necessary, and (iv) shall be deemed to have (y) consented to the exercise of any U.K. bail-in
power as it may be imposed without any prior notice by the relevant U.K. authority of its decision to exercise such power with
respect to the Contingent Capital Notes and (z) authorized, directed and requested Clearstream, Luxembourg and/or Euroclear and
any direct participant in Clearstream, Luxembourg and/or Euroclear 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 Contingent
Capital Notes 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 Contingent Capital Notes in the secondary market shall be deemed to acknowledge and agree
to be bound by and consent to the same provisions specified in the Indenture to the same extent as the Holders and Beneficial
Owners of the Contingent Capital Notes that acquire the Contingent Capital Notes upon their initial issuance, including, without
limitation, with respect to the acknowledgement and agreement to be bound by and consent to the terms of the Contingent Capital
Notes, including in relation to interest cancellation, Automatic Conversion, the Settlement Shares Offer, the U.K. bail-in power,
the write-down in the

 

    19

     

    

event of a
Non-Qualifying Takeover Event and the limitations on remedies specified in this Security and Section 5.04 of the Sixth Supplemental
Indenture.

 

Upon the
exercise of the U.K. bail-in power by the relevant U.K. authority with respect to the Contingent Capital Notes, the Company shall
provide a written notice to the Clearing Systems 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 Contingent Convertible Securities Indenture shall
survive any exercise of the U.K. bail-in power by the relevant U.K. authority with respect to the Contingent Capital Notes and
any Automatic Conversion.

 

The exercise
of the U.K. bail-in power by the relevant U.K. authority with respect to the Contingent Capital Notes shall not constitute an
Enforcement Event.

 

A “Winding-up
or Administration Event” shall result if (i) an order is made, or an effective resolution is passed, for the winding
up of the Company (excluding in any such case a solvent winding-up solely for the purpose of a reconstruction, amalgamation, reorganization,
merger or consolidation of the Company, or the substitution in place of the Company of a Successor in Business, the terms of which
have previously been approved by the Trustee or in writing by Holders of not less than 2/3 (two-thirds) in aggregate principal
amount of the Contingent Capital Notes); or (ii) an administrator of the Company is appointed and such administrator gives notice
that it intends to declare and distribute a dividend.

 

If a Winding-up
or Administration Event occurs prior to the occurrence of a Conversion Trigger Event, subject to the subordination provisions
of Article 6 of the Sixth Supplemental Indenture, the principal amount of the Contingent Capital Notes 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, including
the declaration by the Trustee, the Holders or any other Person that the principal amount of the Contingent Capital Notes will
become immediately due and payable.

 

Subject to
‎Section 3.13 of the Sixth Supplemental Indenture, if the
Company does not make payment of principal in respect of the Contingent Capital Notes for a period of fourteen (14) calendar days
or more after the date on which such payment is due (a “Non-Payment Event”), then the Trustee, on behalf of
the Holders and Beneficial Owners, may, at its discretion, or shall at the direction of Holders of 25% or more of the aggregate
principal amount of Outstanding Contingent Capital Notes, subject to any applicable laws, institute proceedings for the winding
up of the Company. In the event of a Winding-up or Administration Event or liquidation of the Company, whether or not instituted
by the Trustee, the Trustee may prove the claims of the Holders, Beneficial Owners and the Trustee in the Winding up or Administration
Event of the Company and/or claim in the liquidation of the Company, such claims as set out in ‎Section
6.01 of the Sixth Supplemental Indenture. For the avoidance of doubt, the Trustee may not

 

    20

     

    

declare the
principal amount of any outstanding Contingent Capital Notes to be due and payable and may not pursue any other legal remedy,
including a judicial proceeding for the collection of the sums due and unpaid on the Contingent Capital Notes.

 

In the event
of a breach of any term, obligation or condition binding upon the Company under the Contingent Capital Notes or the Indenture
(other than any payment obligation of the Company under or arising from the Contingent Capital Notes or the Indenture, including
payment of any principal or interest including any damages awarded for breach of any obligation) (such obligation, a “Performance
Obligation”), the Trustee may without further notice institute such proceedings against the Company as it may deem fit
to enforce the Performance Obligation, provided that the Company shall not by virtue of the institution of any such proceedings
be obliged to pay any sum or sums, in cash or otherwise (including damages for breach of any obligations under the Contingent
Capital Notes) earlier than the same would otherwise have been payable under the Contingent Capital Notes or the Indenture, but
excluding any payments made to the Trustee acting on its own account in respect of its costs, expenses, liabilities or remuneration.
For the avoidance of doubt, any breach by the Company of any Performance Obligation shall not confer upon the Trustee (acting
on behalf of the Holders) and/or the Holders or Beneficial Owners of the Contingent Capital Notes any claim for damages and, in
the event of such a breach of a Performance Obligation, the sole and exclusive remedy that the Trustee (acting on behalf of the
Holders) and/or the Holders or Beneficial Owners of the Contingent Capital Notes may seek under the Contingent Capital Notes and
the Indenture is specific performance under the laws of the State of New York. By its acquisition of the Contingent Capital Notes,
each Holder and Beneficial Owner of the Contingent Capital Notes acknowledges and agrees (i) that such Holder and Beneficial Owner
shall not seek, and shall not direct the Trustee (acting on their behalf) to seek, any claim for damages against the Company in
respect of any breach by the Company of a Performance Obligation, and (ii) that the sole and exclusive remedy that such Holder
and Beneficial Owner and/or the Trustee (acting on their behalf) may seek under the Contingent Capital Notes and the Indenture
for a breach by the Company of a Performance Obligation is specific performance under the laws of the State of New York.

 

Other than
the limited remedies specified in this Security and Article 5 of the Sixth 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) or to the Holders and
Beneficial Owners, whether for the recovery of amounts owing in respect of such Securities or under the Indenture, or in respect
of any breach by the Company of any of the Company’s obligations under or in respect of the terms of such Securities or
under the Indenture in relation thereto; provided, however, that the Company’s obligations to the Trustee
under, and the Trustee’s lien provided for in, Section 6.07 of the Contingent Convertible Securities 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 Contingent
Convertible Securities Indenture expressly survive any Enforcement Event and are not subject to the subordination provisions of
‎Section 6.01 of the Sixth Supplemental Indenture.

 

    21

     

    

For purposes
of the Contingent Convertible Securities Indenture, “Event of Default” shall mean an “Enforcement
Event” as defined in the Sixth Supplemental Indenture, except that the term “Event of Default” as used in
Article 8 of the Contingent Convertible Securities Indenture shall mean “Winding-up or Administration Event.”

 

Notwithstanding
the limitations on remedies specified in this Security and under Article 5 of the Sixth Supplemental Indenture, (i) 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 Contingent Capital Notes under the provisions of the Indenture, and (ii) nothing shall impair the
right of a Holder or Beneficial Owner of the Contingent Capital Notes 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 Contingent Capital Notes; provided
that, in the case of (i) and (ii) above, any payments in respect of, or arising from, the Contingent Capital Notes, including
any payments or amounts resulting or arising from the enforcement of any rights under the Trust Indenture Act in respect of the
Contingent Capital Notes, shall be subject to the subordination provisions set forth in ‎Section
6.01 of the Sixth Supplemental Indenture.

 

In furtherance
of Section 6.01 of the Contingent Convertible Securities Indenture:

 

(i)        For
purposes of Sections 315(a) and 315(c) of the Trust Indenture Act, the term “default” is hereby defined to mean an
Enforcement Event which has occurred and is continuing.

 

(ii)        Notwithstanding
anything contained in the Contingent Convertible Securities Indenture to the contrary, the duties and responsibilities of the
Trustee under this Indenture shall be subject to the protections, exculpations and limitations on liability afforded to an indenture
trustee under the provisions of the Trust Indenture Act.

 

With respect
to the Contingent Capital Notes only, and pursuant to Section 12.01(a) of the Contingent Convertible Securities Indenture, the
extent and manner in which the payment of principal of (and premium, if any) and interest, if any, on the Contingent Convertible
Securities is subordinated to the claims of the holders of certain other present or future obligations of the Company shall be
determined as set out in ‎Section 6.01 of the Sixth Supplemental
Indenture. References in the Contingent Convertible Securities Indenture to Section 12.01(a) thereof shall be to ‎Section
6.01 of the Sixth Supplemental Indenture. For the avoidance of doubt, no provision of Article 12 of the Contingent Convertible
Securities Indenture other than replacing Section 12.01(a) with ‎Section
6.01 of the Sixth Supplemental Indenture shall be amended by the Sixth Supplemental Indenture.

 

The Contingent
Capital Notes shall constitute the Company’s direct, unsecured and subordinated obligations, ranking pari passu without
any preference among themselves. The rights and claims of the Holders and Beneficial Owners of the Contingent Capital Notes in
respect of or arising from the Contingent Capital Notes shall be subordinated to the claims of Senior Creditors.

 

    22

     

    

If a Winding-up
or Administration Event occurs before the date on which the Conversion Trigger Event occurs, there shall be payable by the Company
in respect of each Contingent Capital Note (in lieu of any other payment by the Company) such amount, if any, as would have been
payable to a Holder or Beneficial Owner if, on the day prior to the commencement of a Winding-up or Administration Event and thereafter,
such Holder or Beneficial Owner were the holder of one of a class of Notional Preference Shares on the assumption that the amount
that such Holder or Beneficial Owner was entitled to receive in respect of such Notional Preference Shares, on a return of assets
in such Winding-up or Administration Event, was an amount equal to the principal amount of the relevant Contingent Capital Note,
together with any Accrued Interest and any damages for breach of any obligations thereunder (if payable), regardless of whether
the Solvency Condition is satisfied on the date upon which the same would otherwise be due and payable.

 

In the paragraph
above, “Notional Preference Shares” means an actual or notional class of preference shares in the capital of the Company
having an equal right to return of assets in a Winding-up or Administration Event to, and so ranking pari passu with, the
most senior class or classes of issued preference shares with non-cumulative dividends (if any) in the capital of the Company
from time to time and which have a preferential right to a return of assets in a Winding-up or Administration Event over, and
so rank ahead 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 junior to any notional class of preference shares in the capital of the Company which is referenced
in any instrument of the Company for the purposes of determining a claim in the winding-up or administration of the Company and,
as so referenced, (i) is expressed to have a preferential right to a return of assets in the Company’s winding-up or administration
over the holders of all other classes of shares for the time-being in the capital of the Company and (ii) is not expressed to
rank junior to any other notional class of preference shares in the capital of the Company. The terms “Parity Securities”
and “Senior Creditors” have the meaning given to such terms in the Sixth Supplemental Indenture.

 

If a Winding-up
or Administration Event occurs on or after the date on which the Conversion Trigger Event occurs but the Settlement Shares to
be issued and delivered to the Settlement Share Depository on the Conversion Date have not been so delivered, there shall be payable
by the Company in respect of each Contingent Capital Note (in lieu of any other payment by the Company) such amount, if any, as
would have been payable to the Holder or Beneficial Owner of such Contingent Capital Note in a Winding-up or Administration Event
if the Conversion Date in respect of the Automatic Conversion had occurred immediately before the occurrence of a Winding-up or
Administration Event (and, as a result, such Holder or Beneficial Owner were the holder of such number of the Company’s
ordinary shares as such Holder or Beneficial Owner would have been entitled to receive on the Conversion Date, ignoring for this
purpose the Company’s right to make an election for a Settlement Shares Offer to be effected pursuant to ‎Section
3.18 of the Sixth Supplemental Indenture), regardless of whether the Solvency Condition is satisfied on the date upon which the
same would otherwise be due and payable.

 

    23

     

    

Other than
in the event of a Winding-up or Administration Event of the Company, or in relation to the Cash Component of any Alternative Consideration
in any Settlement Shares Offer payments in respect of or arising from the Contingent Capital Notes (including any damages for
breach of any obligations thereunder) shall, in addition to the right of the Company to cancel payments of interest pursuant to
the terms of the Sixth Supplemental Indenture or this Security, be conditional upon the Company’s being solvent at the time
when the relevant payment is due to be made, and no principal, interest or other amount shall be due and payable in respect of
or arising from the Contingent Capital Notes 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 as they fall due and (ii) its Assets are at least equal to its Liabilities.

 

Subject to
applicable law, the Trustee (acting on behalf of the Holders) and the Holders of the Contingent Capital Notes by their acceptance
thereof will be deemed to have waived any right of set-off, counterclaim or combination of accounts with respect to the Contingent
Capital Notes, the Sixth Supplemental Indenture or the Contingent Convertible Securities Indenture (or between the Company’s
obligations under or in respect of the Contingent Capital Notes and any liability owed by a Holder to the Company) that they (or
the Trustee acting on their behalf) might otherwise have against the Company, whether before or during any Winding-up or Administration
Event. Notwithstanding the above, if any of such rights and claims of any such Holder (or the Trustee acting on behalf of such
Holders) against the Company are discharged by set-off, such Holder (or the Trustee acting on behalf of such Holder) will immediately
pay an amount equal to the amount of such discharge to the Company or, in the event of any Winding-up or Administration Event,
the liquidator or administrator (or other relevant insolvency official), as the case may be, to be held on trust for the Senior
Creditors and until such time as payment is made will hold a sum equal to such amount on trust for Senior Creditors, and accordingly
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 Contingent Capital Notes of each series to be affected under the Indenture
at any time by the Company and the Trustee with the consent of the Holders of not less than a majority in principal amount of
the Contingent Capital Notes then outstanding of each series to be affected.

 

With respect
to Contingent Capital Notes issued pursuant to the Sixth Supplemental Indenture, any agreements, arrangements or understandings
between the Company and any Holder and Beneficial Owner of the Contingent Capital Notes with respect to the Contingent Capital
Notes must be entered into in accordance with the terms of the Contingent Convertible Securities Indenture and the Sixth Supplemental
Indenture.

 

    24

     

    

Holders of
not less than a majority in aggregate principal amount of the Outstanding Contingent Capital Notes may on behalf of the Holders
of all of the Contingent Capital Notes waive any past Enforcement Event that results from a breach by the Company of a Performance
Obligation. Holders of a majority of the aggregate principal amount of the outstanding Contingent Capital Notes shall not be entitled
to waive any past Enforcement Event that results from a Winding-up or Administration Event or a Non-Payment Event.

 

As set forth
in, and subject to, the provisions of the Indenture, no Holder will have the 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 fulfils the requirements of Section 5.07 of the Contingent Convertible Securities Indenture.

 

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 the Automatic Conversion, the aggregate Tradable Amount of the interests in this Security shall equal this Security’s
outstanding principal amount. Following the 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.

 

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 (i) as otherwise provided for pursuant to Section
1.12 of the Contingent Convertible Securities Indenture and ‎Section
10.07 of the Sixth Supplemental Indenture, the subordination provisions referred to herein and in ‎Section
6.01 of the Sixth Supplemental Indenture (which replaces in its entirety Section 12.01(a) of the Contingent Convertible Securities
Indenture) and the waiver of the right to set-off referred to herein and in ‎Section
6.02 of the Sixth Supplemental Indenture, which are governed by, and construed in accordance with, Scots law (other than the Trustee’s
own rights, duties or immunities under Article 12 of the Contingent Convertible Securities Indenture, as amended by ‎Section
6.01 of the Sixth Supplemental Indenture, or otherwise), and (ii) the authorization and execution by the Company of this Security
shall be governed by (in addition to the laws of the State of New York relevant to execution) the jurisdiction of the Company.

 

    25

     

    

Exhibit
B

 

Form
of Conversion Trigger Notice1

 

NOTICE
TO THE CLEARING SYSTEMS AND FOR PUBLICATION

AS A NOTICE TO HOLDERS AND BENEFICIAL OWNERS

 

[NatWest
Group Letterhead]

 

	To:	Euroclear
        Bank SA/NV

        

        New
        Issues Department

        

        1
        Boulevard du Roi Albert II

        

        B-210
        Brussels, Belgium

        

        Fax:
        +32 (0) 2 224 1421

        

        Email:

        

        newissues.issueragreement@euroclear.com

         
	Clearstream
        Banking, S.A.

        

        New
        Issues Department

        

        42
        Avenue J.F. Kennedy

        

        L-1855
        Luxembourg

        

        Fax:
        + 44 (0)207 862 7005

        

        Email:
        issueragreements@clearstream.com

         

 

	Cc:	The
        Bank of New York Mellon, London Branch

        

        One
        Canada Square

        

        London
        E14 5AL

        

        United
        Kingdom

        

        Attn:
        [ ]

        

        Email:[
        ]

        

        Fax:
        [ ]

        

        Tel:
        [ ]

         
	The
        Bank of New York Mellon

        

        One
        Wall Street

        

        New
        York, NY 10286

        

        United
        States of America

        

        Attn:[
        ]

        

        Email:[
        ]

        

        Fax:
        [ ]

        

        Tel:
        [ ]

         

Re: NatWest
Group plc [£][ ] Perpetual Subordinated Contingent Convertible Additional Tier 1 Capital Notes (ISIN: [ ]) – Notice
to Clearstream Systems, Holders and Beneficial Owners of the Occurrence of a Conversion Trigger Event

 

This notice
is in relation to NatWest Group plc’s (the “Company”) [£][ ] Perpetual Subordinated Contingent
Convertible Additional Tier 1 Capital Notes (ISIN: [ ]) issued on [ ], 2020 (the “Securities”) pursuant to
the Contingent Convertible Securities Indenture, dated August 10, 2015, between the Company and The Bank of New York Mellon, London
Branch, as Trustee (the “Trustee”), as amended and supplemented by the Fifth Supplemental Indenture dated as
of August 19, 2020 and as supplemented by the Sixth Supplemental Indenture, dated [●], 2020, between the Company and the
Trustee (together, the “Indenture”), and pursuant to the prospectus dated December 13, 2017. 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 Clearstream Banking, S.A. and/or Euroclear Bank SA/NV (or successor clearing system) policies and procedures.

    26

     

    

The Company
hereby notifies Clearstream Banking, S.A. and/or Euroclear Bank SA/NV, the Holders and Beneficial Owners of the Contingent Capital
Notes that a Conversion Trigger Event has occurred with respect to the Contingent Capital Notes. Such Conversion Trigger Event
has occurred because the Regulatory Group’s CET1 Ratio as determined on [ ] was less than 7.00%.

 

Upon the
occurrence of the Conversion Trigger Event, the terms of the Contingent Capital Notes provide for the Automatic Conversion of
the Contingent Capital Notes into Settlement Shares on the Conversion Date, which is expected to be [date], at the Conversion
Price. Upon the Automatic Conversion, all of the Company’s obligations under the Contingent Capital Notes shall be irrevocably
and automatically released in consideration of the Company’s issuance and delivery of Settlement Shares to the Settlement
Share Depository (or other relevant recipient). However, the terms of the Contingent Capital Notes provide that the Contingent
Capital Notes shall remain in existence until the applicable Settlement Date for the sole purpose of evidencing a right to receive
Settlement Shares, or, if the Holder elects, ADSs or Alternative Consideration, as applicable, from the Settlement Share Depository.

 

Accordingly,
the Company hereby instructs Clearstream Banking, S.A. and/or Euroclear Bank SA/NV to indicate to all participants that payments
of principal and interest are no longer payable under the Contingent Capital Notes as of the Conversion Date and that the Contingent
Capital Notes will have no further entitlement to interest or principal as of such date by making a note to that effect in its
systems.

 

Should Clearstream
Banking, S.A. and/or Euroclear Bank SA/NV, any Holder or any Beneficial Owner of the Contingent Capital Notes have any inquiries,
please contact either the Company at [Telephone, Fax, Email] or [Name] or the Settlement Share Depository, at [Telephone, Fax,
Email].2

 

2
Insert contact details of any Settlement Share Depository, or, if NatWest Group plc has been unable to appoint a Settlement Share
Depository, any other details required to set out the issuance and/or delivery procedures in respect of the Settlement Shares,
ADSs or any Alternative Consideration as to Holders and Beneficial owners as NatWest Group plc shall consider reasonable in the
circumstances.

    27

     

    

Exhibit
C

 

Form
of Conversion Trigger Event Officer’s Certificate

 

NATWEST
GROUP PLC

 

Conversion
Trigger Event Officer’s Certificate

 

This Officer’s
Certificate is being delivered in relation to NatWest Group plc’s (the “Company”) [£][ ] Perpetual
Subordinated Contingent Convertible Additional Tier 1 Capital Notes (ISIN: [ ]) issued on [ ], 2020 (the “Securities”)
pursuant to the Contingent Convertible Securities Indenture, dated August 10, 2015, between the Company and The Bank of New York
Mellon, London Branch, as Trustee (the “Trustee”), as amended and supplemented by the Fifth Supplemental Indenture,
dated August 19, 2020, as supplemented by the Sixth Supplemental Indenture dated [●], 2020 between the Company and the Trustee
(together, the “Indenture”).

 

Capitalized
terms used herein and not defined herein shall have the respective meanings ascribed to such terms in the Indenture.

 

Pursuant
to ‎Section 1.02 of the Contingent Convertible Securities
Indenture and ‎‎Section 3.16(b) of the Sixth Supplemental
Indenture, the undersigned, being authorized signatory of the Company and authorized by the Company to give this certificate,
hereby certifies as follows:

 

(a)           
I have read all of the covenants and conditions in the Indenture, setting forth certain provisions in respect of the occurrence
of a Conversion Trigger Event, including ‎‎Section 3.16(b) of the Sixth Supplemental Indenture, and the definitions relating
thereto;

 

(b)           
[Include a brief statement as to the nature and scope of the examination or investigation upon which the statements
contained in such certificate are based][I have reviewed such other documents as I have deemed necessary as a basis for the
opinion hereinafter expressed];

 

(c)           
I have made such other examinations and investigations as I have deemed necessary to enable me to express an informed opinion
as to (i) whether or not such covenants and conditions have been complied with, and (ii) the matters set forth in ‎(d) below;
and

 

(d)           
In my opinion, such conditions (including all conditions precedent) and covenants have been complied with; and

 

(e)           
a Conversion Trigger Event has occurred with respect to the Contingent Capital Notes. Such Conversion Trigger Event has
occurred because the Regulatory Group’s CET1 Ratio, as determined on [ ], was less than 7.00%.

 

    28

     

    

[Concurrently
with][Immediately following] the delivery of this Conversion Trigger Event Officer’s Certificate, the Company is delivering
to Clearstream Banking, S.A. and/or Euroclear Bank SA/NV the Conversion Trigger Notice attached hereto as Exhibit A as a notice
to Clearstream Banking, S.A. and/or Euroclear Bank SA/NV and for publication as a notice to Holders and Beneficial Owners in the
form set forth in Exhibit B to the Sixth Supplemental Indenture.

 

The Trustee
is entitled to conclusively rely on and accept this Conversion Trigger Event Officer’s Certificate without any duty whatsoever
of further inquiry as sufficient and conclusive evidence of the occurrence of a Conversion Trigger Event, and this Conversion
Trigger Event Officer’s Certificate shall be conclusive and binding on the Trustee, the Holders and the Beneficial Owners.

 

Dated: [
]

 

	 
	 	 
	 	Name:
	 	Title:

 

	 

 

    29

     

    

Exhibit
D

 

Form
of Settlement Shares Offer Notice3

 

NOTICE
TO THE CLEARING SYSTEMS AND FOR PUBLICATION

AS A NOTICE TO HOLDERS AND BENEFICIAL OWNERS

 

[NatWest
Group Letterhead]

 

	To:	Euroclear
        Bank SA/NV

        

        New
        Issues Department

        

        1 Boulevard
        du Roi Albert II

        

        B-210
        Brussels, Belgium

        

        Fax:
        +32 (0) 2 224 1421

        

        Email:

        

        newissues.issueragreement@euroclear.com

         
	Clearstream
        Banking, S.A.

        

        New
        Issues Department

        

        42
        Avenue J.F. Kennedy

        

        L-1855
        Luxembourg

        

        Fax:
        + 44 (0)207 862 7005

        

        Email:
        issueragreements@clearstream.com

         

	Cc:	The
        Bank of New York Mellon

        

        One
        Canada Square

        

        London
        E14 5AL

        

        United
        Kingdom

        

        Attn:
        [ ]

        

        Email:[
        ]

        

        Fax:
        [ ]

        

        Tel:
        [ ]

         
	The
        Bank of New York Mellon

        

        One
        Wall Street

        

        New
        York, NY 10286

        

        United
        States of America

        

        Attn:
        [ ]

        

        Email:[
        ]

        

        Fax:
        [ ]

        

        Tel:
        [ ]

         

Re: NatWest
Group plc [£][ ] Perpetual Subordinated Contingent Convertible Additional Tier 1 Capital Notes (ISIN: [ ]) – Notice
to the Clearing Systems, Holders and Beneficial Owners –Election to Conduct a Settlement Shares Offer

 

This notice
is in relation to NatWest Group plc’s (the “Company”) [£][ ] Perpetual Subordinated Contingent
Convertible Additional Tier 1 Capital Notes (ISIN: [ ]) issued on [ ], 2020 (the “Securities”) pursuant to
the Contingent Convertible Securities Indenture, dated August 10, 2015, between the Company and The Bank of New York Mellon, London
Branch, as Trustee (the “Trustee”), as amended and supplemented by the Fifth Supplemental Indenture dated as
of August 19, 2020 and as supplemented by the Sixth Supplemental Indenture, dated [●], 2020, between the Company and the
Trustee (together, the “Indenture”), and pursuant to the prospectus dated December 17, 2017 (the “Prospectus”).
Capitalized terms used herein and not defined herein shall have the respective meanings ascribed to such terms in the Indenture.

 

3
Note: Addresses to be reconfirmed prior to when notice is sent; subject to modification if Securities are in definitive form and
to changes in Clearstream Banking, S.A. and/or Euroclear Bank SA/NV (or successor clearing system) policies and procedures.

    30

     

    

The
Company hereby notifies Clearstream Banking, S.A. (“Clearstream Luxembourg”) and Euroclear Bank SA/NV (“Euroclear”
and, together with Clearstream Luxembourg, the “Clearing Systems”), the Holders and the Beneficial Owners of
the Contingent Capital Notes that it has elected that the Settlement Share Depository conduct a Settlement Shares Offer. The Settlement
Shares Offer Period will extend from the date of this notice until [Date]4.

 

[In
addition, the Company hereby notifies the Clearing Systems, the Holders and the Beneficial Owners of the Contingent Capital Notes
that the Suspension Date shall be [Date]5. Accordingly, the Company hereby instructs Clearstream Luxembourg
and Euroclear to implement a “chill” on the clearance and settlement of the Contingent Capital Notes on the Suspension
Date. As described in the Prospectus, Holders and Beneficial Owners will not be able to settle the transfer of any Contingent
Capital Notes following the Suspension Date, and any sale or other transfer of the Contingent Capital Notes that a Holder or Beneficial
Owner may have initiated prior to the Suspension Date that is scheduled to settle after the Suspension Date will be rejected by
the Clearstream Systems and will not be settled through such Clearing Systems]6

 

Should
the Clearing Systems, any Holder or any Beneficial Owner of the Contingent Capital Notes have any inquiries, please contact either
the Company at [Telephone, Fax, Email] or [Name], the Settlement Share Depository, at [Telephone, Fax, Email] 7

 

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

5
Note: Insert the Suspension Date, which is the date on which the Clearing Systems shall suspend all clearance and settlement
of transactions in the Contingent Capital Notes in accordance with applicable rules and procedures through the Clearing Systems.

6
Insert information concerning the Suspension Date if such information has not previously been included in the Conversion
Trigger Notice.

7
Insert contact details of any Settlement Share Depository, or, if NatWest Group plc has been unable to appoint a Settlement
Share Depository, any other details required to set out the issuance and/or delivery procedures in respect of the Settlement Shares,
ADSs or any Alternative Consideration as to Holders and Beneficial owners as NatWest Group plc shall consider reasonable in the
circumstances.

    31

     

    

Exhibit
E

 

Form
of Settlement Request Notice8

 

NOTICE
TO THE CLEARING SYSTEMS AND FOR PUBLICATION

AS A NOTICE TO HOLDERS AND BENEFICIAL OWNERS

 

[NatWest
Group Letterhead]

 

	To:	Euroclear
        Bank SA/NV

        

        New
        Issues Department

        

        1 Boulevard
        du Roi Albert II

        

        B-210
        Brussels, Belgium

        

        Fax:
        +32 (0) 2 224 1421

        

        Email:

        

        newissues.issueragreement@euroclear.com

         
	Clearstream
        Banking, S.A.

        

        New
        Issues Department

        

        42
        Avenue J.F. Kennedy

        

        L-1855
        Luxembourg

        

        Fax:
        + 44 (0)207 862 7005

        

        Email:
        issueragreements@clearstream.com

         

	Cc:	The
        Bank of New York Mellon

        

        One
        Canada Square

        

        London
        E14 5AL

        

        United
        Kingdom

        

        Attn:
        [ ]

        

        Email:[
        ]

        

        Fax:
        [ ]

        

        Tel:
        [ ]

         
	The
        Bank of New York Mellon

        

        One
        Wall Street

        

        New
        York, NY 10286

        

        United
        States of America

        

        Attn:
        [ ]

        

        Email:[
        ]

        

        Fax:
        [ ]

        

        Tel:
        [ ]

         

Re: NatWest
Group plc [£][ ] Perpetual Subordinated Contingent Convertible Additional Tier 1 Capital Notes (ISIN: [ ]) – Notice
to Clearstream Banking, S.A. and/or Euroclear Bank SA/NV, Holders and Beneficial Owners –Election to Conduct a Settlement
Shares Offer

 

This notice
is in relation to NatWest Group plc’s (the “Company”) [£][ ] Perpetual Subordinated Contingent
Convertible Additional Tier 1 Capital Notes (ISIN: [ ]) issued on [ ], 2020 (the “Securities”) pursuant to
the Contingent Convertible Securities Indenture, dated August 10, 2015, between the Company and The Bank of New York Mellon, London
Branch, as Trustee (the “Trustee”), as amended and supplemented by the Fifth Supplemental Indenture dated as
of August 19, 2020 and as supplemented by the Sixth Supplemental Indenture, dated [●], 2020, between the Company and the
Trustee (together, the “Indenture”), and pursuant to the prospectus dated December 13, 2017 (the “Prospectus”).
Capitalized terms used herein and not defined herein shall have the respective meanings ascribed to such terms in the Indenture.

 

8
Note: Addresses to be reconfirmed prior to when notice is sent; subject to modification if Securities are in definitive form and
to changes in Clearstream Banking, S.A. and/or Euroclear Bank SA/NV (or successor clearing system) policies and procedures.

    32

     

    

The Company
hereby requests that Holders and Beneficial Owners of the Contingent Capital Notes provide notice to [Name of Settlement Share
Depository (or other nominee)], as [Settlement Share Depository ]9, with a copy to the Trustee, in the form provided
in Exhibit F to the Sixth Supplemental Indenture before [Date] (the “Notice Cut-off Date”).

 

If a Holder
or Beneficial Owner of the Contingent Capital Notes properly completes and delivers a Settlement Notice on or before the Notice
Cut-off Date, the Settlement Share Depository shall, in accordance with the terms of the Sixth Supplemental Indenture, deliver
to such Holder or Beneficial Owner the relevant Settlement Shares (rounded down to the nearest whole number of Settlement Shares),
ADSs or Alternative Consideration, as applicable, [on the date which is the later of (a) two (2) Business Days after the date
on which the Settlement Notice is received by the Settlement Share Depository and (b) two (2) Business Days after [Date]10.]

 

If a Holder
or Beneficial Owner of the Contingent Capital Notes fails to properly complete and deliver a Settlement Notice before the Notice
Cut-off Date, the Settlement Share Depository shall continue to hold the relevant Settlement Shares or Alternative Consideration.
However, the relevant Securities shall be cancelled on the Final Cancellation Date, which shall be [Date],11
and any Holder or Beneficial Owner delivering a Settlement Notice after the Notice Cut-off Date will have to provide evidence
of its entitlement to the relevant Settlement Shares, ADSs or Alternative Consideration, as applicable, satisfactory to the Settlement
Share Depository in its sole and absolute discretion in order to receive delivery of such Settlement Shares, ADSs or Alternative
Consideration (if so elected to be deposited with the ADS Depository on its behalf). The Company shall have no liability to any
Holder or Beneficial Owner of the Contingent Capital Notes for any loss resulting from such Holder’s or Beneficial Owner’s
failure to receive any Alternative Consideration, Settlement Shares or ADSs, 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 Settlement Notice and the relevant Contingent Capital Notes, if applicable, on a timely basis or at all.

 

Should Clearstream
Banking, S.A., Euroclear Bank SA/NV, any Holder or any Beneficial Owner of the Contingent Capital Notes have any inquiries, please
contact either the Company at [Telephone, Fax, Email] or [Name], the [Settlement Share Depository], at [Telephone, Fax, Email].

 

9
Note: If NatWest Group plc has been unable to appoint a Settlement Share Depository, this should refer to the entity undertaking
its functions.

10
Note: Date of expiry or termination of the Settlement Share offer period.

11
Note: The Final Cancellation Date may be up to twelve (12) business days following the Notice Cut-Off Date.

    33

     

    

Exhibit
F

 

Form
of Settlement Notice12

NOTICE TO THE [SETTLEMENT SHARES DEPOSITORY AND] THE CLEARING SYSTEMS

 

	To:	Euroclear
        Bank SA/NV

        

        New
        Issues Department

        

        1 Boulevard
        du Roi Albert II

        

        B-210
        Brussels, Belgium

        

        Fax:
        +32 (0) 2 224 1421

        

        Email:

        

        newissues.issueragreement@euroclear.com

         
	Clearstream
        Banking, S.A.

        

        New
        Issues Department

        

        42
        Avenue J.F. Kennedy

        

        L-1855
        Luxembourg

        

        Fax:
        + 44 (0)207 862 7005

        

        Email:
        issueragreements@clearstream.com

         

	Cc:	The
        Bank of New York Mellon

        

        One
        Canada Square

        

        London
        E14 5AL

        

        United
        Kingdom

        

        Attn:
        [ ]

        

        Email:[
        ]

        

        Fax:
        [ ]

        

        Tel:
        [ ]

         
	The
        Bank of New York Mellon

        

        One
        Wall Street

        

        New
        York, NY 10286

        

        United
        States of America

        

        Attn:
        [ ]

        

        Email:[
        ]

        

        Fax:
        [ ]

        

        Tel:
        [ ]

         

Re: NatWest
Group plc [£][ ] Perpetual Subordinated Contingent Convertible Additional Tier 1 Capital Notes (ISIN: [ ]) – Notice
to Clearstream Banking, S.A. and/or Euroclear Bank SA/NV, Holders and Beneficial Owners –Election to Conduct a Settlement
Shares Offer

 

This notice
is in relation to NatWest Group plc’s (the “Company”) [£][ ] Perpetual Subordinated Contingent
Convertible Additional Tier 1 Capital Notes (ISIN: [ ]) issued on [ ], 2020 (the “Securities”) pursuant to
the Contingent Convertible Securities Indenture, dated August 10, 2015, between the Company and The Bank of New York Mellon, London
Branch, as Trustee (the “Trustee”), as amended and supplemented by the Fifth Supplemental Indenture dated as
of August 19, 2020 and as supplemented by the Sixth Supplemental Indenture, dated [●], 2020, between the Company and the
Trustee (together, the “Indenture”), and pursuant to the prospectus dated December 13, 2017 (the “Prospectus”).
Capitalized terms used herein and not defined herein shall have the respective meanings ascribed to such terms in the Indenture.

 

12
Note: Addresses to be reconfirmed prior to when notice is sent; subject to modification if Securities are in definitive form and
to changes in Clearstream Banking, S.A. and/or Euroclear Bank SA/NV and CREST (or successor clearing system) policies and procedures.

    34

     

    

INFORMATION
OF THE HOLDER OR BENEFICIAL OWNER FOR DELIVERY OF SETTLEMENT SHARES, ADSs OR ALTERNATIVE CONSIDERATION

 

Surname/Company
Name:

 

First name:

 

Name to
be entered in the share register of NatWest Group plc:

 

Tradable
Amount of the Contingent Capital Notes held on the date hereof:

 

Securities
to be delivered:

 

□
Settlement Shares

 

CREST
participant ID:

 

CREST
member account (if applicable):

 

[Account
details of clearing system account]13

 

[Address
to which any Settlement Shares should be delivered]14

 

□
American Depositary Shares

 

Registered
account in the Company’s American Depositary Share facility: 

 

Cash
account details (if applicable):

 

YOU
MUST DELIVER THE SETTLEMENT NOTICE TO THE SETTLEMENT SHARE DEPOSITORY AND THE TRUSTEE VIA CLEARSTREAM BANKING, S.A. AND/OR EUROCLEAR
BANK SA/NV BEFORE [DATE].

 

If
you fail to properly complete and deliver the Settlement Notice on or before the Notice Cut-off Date, the Settlement Share Depository
shall continue to hold your Settlement Shares or Alternative Consideration. However, your Contingent Capital Notes shall be cancelled
on the Final Cancellation Date, which shall be [Date],15 and you will

 

13
Note: To be included if the Settlement Shares will be delivered through a clearing system account other than CREST.

14
Note: To be included if the Settlement Shares are not a participating security in CREST or any another clearing system.

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

    35

     

    

have to provide
evidence of your entitlement to the relevant Settlement Shares, ADSs or Alternative Consideration, as applicable, satisfactory
to the Settlement Share Depository in its sole and absolute discretion in order to receive delivery of such Settlement Shares,
ADSs or Alternative Consideration.

 

 

 

    36

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00316-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00316-of-00352.parquet"}]]