12.25%. If the credit rating of the Debentures is downgraded below A-, the coupon rate will be increased by 0.50% for each notch of downgrade. If the rating of the Debentures is upgraded, the coupon rate will be decreased by 0.50% for each notch of upgrade until it is restored to A-. If the rating of the Issuer is downgraded below IND A, the coupon rate will be increased by 0.50% for each notch of downgrade. If the rating of the Issuer is upgraded, the coupon rate will be decreased by 0.50% for each notch of upgrade until it is restored to IND A.

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