• The Issuer may, at its full discretion and as it deems fit, elect at any time to cancel (in whole or in part) interest otherwise scheduled to be paid in respect of a Series of Additional Tier 1 Notes. 
• Interest on the Additional Tier 1 Notes will be non-cumulative and any cancellation of interest on Additional Tier 1 Notes in accordance with Condition 2.3 will not constitute an event of default in respect of the Additional Tier 1 Notes. 
• In the event of any cancellation of interest on Additional Tier 1 Notes, the Issuer will face certain restrictions on its ability to make payments in
  respect of securities ranking junior to, or pari passu with, such Additional Tier 1 Notes, as set out in Condition 2.3(c).

In the event of a PONV Trigger Event, Subordinated Notes will be subject to interest cancellation and Write-Down (as defined in Condition 7.1(c)). Any nominal amount Written-Down due to the occurrence of a PONV Trigger Event will not be restored in any circumstances. Further, Additional Tier 1 Notes will also be subject to interest cancellation and Write-Down upon the occurrence of a CET1 Trigger Event, with any Reinstatement (as defined in Condition 7.2(b)) being at the Issuer’s option and subject to regulation. See Condition 7 and “Risk Factors — Risks Relating to the Subordinated Notes” for further details.