From and including the Settlement Date to, but excluding, the First Reset Date, only when, as and if declared, dividends will be payable on a non-cumulative basis, with respect to each Dividend Period, in an amount per share equal to 7.750% of the liquidation preference per annum (equivalent to $1,937.50 per Series E Preference Share and $1.93750 per Depositary Share per annum).

Commencing on the First Reset Date, only when, as and if declared, dividends will be payable on a non-cumulative basis, with respect to each Dividend Period during each Reset Period, at a rate per annum equal to the Five-year U.S. Treasury Rate as of the most recent dividend determination date (as described in the Preliminary Prospectus Supplement) plus 3.962% of the liquidation preference per annum.

The Issuer may redeem the Series E Preference Shares represented by the Depositary Shares, in whole or in part, from time to time, on the First Reset Date or anytime thereafter, at a redemption price equal to (i) $25,000 per Series E Preference Share (equivalent to $25.00 per Depositary Share), plus (ii) (a) if no dividends have been declared for the then-current dividend period, an amount equal to any dividends per share that would have accrued to, but excluding, such redemption date at the then-applicable dividend rate if declared for such dividend period, or (b) the amount of any declared and unpaid dividends for the then-current dividend period to, but excluding, such redemption date, in each case without interest on such amount.

In addition, prior to the First Rest Date, the Issuer may redeem all (but not less than all) of the Series E Preference Shares represented by the Depositary Shares in specified circumstances and at specified prices set forth in the Preliminary Prospectus Supplement upon the occurrence of certain corporate, regulatory, rating agency or tax events.

Redemption may require the receipt of any required prior approval from the “capital regulator” and the satisfaction of any conditions to the redemption set forth in the capital guidelines and applicable regulations of the “capital regulator” (as each term is defined in the Preliminary Prospectus Supplement).

The Issuer expects that delivery of the Depositary Shares will be made to investors on or about December 12, 2022, which will be the fifth business day following the date of this pricing term sheet (such settlement being referred to as “T+5”). Under Rule 15c6-1 under the Securities Exchange Act of 1934, as amended, trades in the secondary market generally are required to settle in two business days, unless the parties to any such trade expressly agree otherwise. Accordingly, purchasers who wish to trade the Depositary Shares on any date prior to the date that is two business days before delivery of the Depositary Shares will be required, by virtue of the fact that the Depositary Shares initially will settle T+5, to specify an alternate settlement cycle at the time of any such trade to prevent a failed settlement. Such purchasers should consult their own advisor.

A securities rating is not a recommendation to buy, sell or hold securities and may be subject to revision or withdrawal at any time. The rating of the Depositary Shares should be evaluated independently of any other security rating.