Common use of Redenomination and Exchange Clause in Contracts

Redenomination and Exchange. The Issuer may (if so specified in the applicable Final Terms) without the consent of the holder of any Note, Coupon or Talon, redenominate into euro all, but not some only, of the Notes of any Series on or after the date on which the Member State of the European Union in whose national currency such Notes are denominated has become a participant member in the third stage of the European economic and monetary union. The Issuer may (if so specified in the applicable Final Terms) without the consent of the holder of any Note, Coupon or Talon, elect that the Notes shall be exchangeable for Notes expressed to be denominated in euro in accordance with such arrangements as the Issuer may decide.

Redenomination and Exchange. The Issuer may (if so specified in the applicable Final Terms) without the consent of the holder of any Note, Coupon or Talon, redenominate into euro all, but not some only, of the Notes of any Series on or after the date on which the Member State member state of the European Union in whose national currency such Notes are denominated has become a participant member in the third stage of the European economic and monetary union. The Issuer may (if so specified in the applicable Final Terms) without the consent of the holder of any Note, Coupon or Talon, elect that the Notes shall be exchangeable for Notes expressed to be denominated in euro in accordance with such arrangements as the Issuer may decide.