Article 20 Form and nature of incentives to redeem for the purposes of Article 52(1)(g) and 63(h)of Regulation (EU) No 575/2013

Incentives to redeem shall mean all features that provide, at the date of issuance, an expectation that the capital instrument is likely to be redeemed.

The incentives referred to in paragraph 1 shall include the following forms:

1. (a)

   a call option combined with an increase in the credit spread of the instrument if the call is not exercised;

2. (b)

   a call option combined with a requirement or an investor option to convert the instrument into a Common Equity Tier 1 instrument where the call is not exercised;

3. (c)

   a call option combined with a change in reference rate where the credit spread over the second reference rate is greater than the initial payment rate minus the swap rate;

4. (d)

   a call option combined with an increase of the redemption amount in the future;

5. (e)

   a remarketing option combined with an increase in the credit spread of the instrument or a change in reference rate where the credit spread over the second reference rate is greater than the initial payment rate minus the swap rate where the instrument is not remarketed;

6. (f)

   a marketing of the instrument in a way which suggests to investors that the instrument will be called.