The Distribution Rate applicable to the Perpetual Securities shall be:

• (i) in respect of the period from and including the Distribution Commencement Date to but excluding the First Reset Date, 4.38 per cent. per annum payable semi-annually in arrear; and
• (ii) in respect of the period from and including the First Reset Date, the Reset Distribution Rate payable semi-annually in arrear.
  • First Reset Date: 17 January 2028
  • Reset Date(s): The First Reset Date and each date falling every 10 years after the First Reset Date
  • Reset Distribution Rate: Prevailing 10-Year SGD Swap Offer Rate with respect to the relevant Reset Date plus the Initial Spread plus the Step-Up Margin, payable semi-annually in arrear
  • Initial Spread: 2.187 per cent.
  • Step-Up Margin: 1.00 per cent. per annum
• In the event that a Change of Control Event (as defined in Condition 5(h) has occurred, so long as the Issuer has not already redeemed the Perpetual Securities in accordance with Condition 5(h), the then prevailing Distribution Rate shall be increased by the Change of Control Event Margin with effect from (and including) the Distribution Payment Date immediately following the date on which the Change of Control Event occurred (or, if the Change of Control Event occurs on or after the date which is two business days prior to the immediately following Distribution Payment Date, the next following Distribution Payment Date).
  • Change of Control Event Margin: 1.00 per cent. per annum

The Perpetual Securities may be redeemed at the option of the Issuer in whole, but not in part, on any Distribution Payment Date or, if so specified hereon, at any time on giving not less than 30 nor more than 60 days’ notice to the Perpetual Securityholders (which notice shall be irrevocable), at their Redemption Amount, (together with distribution (including any Arrears of Distribution and any Additional Distribution Amount) accrued to (but excluding) the date fixed for redemption), following the occurrence of a Change of Control Event (as defined in the applicable Pricing Supplement), where,

A “Change of Control Event” occurs when:

• (i) a person or persons acting in concert acquires or acquire Control of the Issuer or the Guarantor, if such person or persons does not have or do not have, and would not be deemed to have, Control of the Issuer or the Guarantor on the Issue Date; or
• (ii) the Issuer or the Guarantor consolidates with or merges into or sells or transfers all or substantially all of the Issuer’s or, as the case may be, the Guarantor’s assets to any other person, unless the consolidation, merger, sale or transfer will not result in the other person or persons acquiring Control over the Issuer, the Guarantor, or as the case may be, the successor entity. 
• “Control” means, in relation to an entity (a) ownership or control of more than 50 per cent. of the voting rights of the issued share capital of such entity or (b) the right to appoint and/or remove all or the majority of the members of such entity’s board of directors or other governing body, whether obtained directly or indirectly, and whether obtained by ownership of share capital, the possession of voting rights, contract or otherwise.

Optional Payment, Dividend Stopper, Dividend Pusher, Cumulative Deferral and Additional Distribution are applicable