Book size: 1850; First Pay: 2026-11-28; Redemption: 2037-05-28; Registration: Reg S Only; Comments: DBR 4 01/04/37 (@ 106.76) + 161.7bps, HR 93%. Tax Call: Yes. Par Call: 6m. Clean-Up Call: 75%. Regulatory Call: Yes. LEI: YF0Y5B0IB8SM0ZFG9G81;

UPDATE: Spread Set at MS+158

General business and commercial activities of the Group, including the refinancing of the Group’s existing securities, which may include the purchase by the Issuer via a tender offer of its outstanding GBP700m 6.125% Fixed Rate Reset Subordinated Notes due 2036 (ISIN: XS0138717441) (the “2036 Notes”); its outstanding EUR750m 1.875% Senior Notes due 2027 (ISIN: XS1908273219); and Direct Line Insurance Group Limited’s outstanding GBP350m 4.75% Fixed Rate Reset Perpetual Restricted Tier 1 Notes (ISIN: XS1728036366) and the redemption by the Issuer of its outstanding 2036 Notes following the occurrence of a Capital Disqualification Event (as defined in the terms and conditions of the 2036 Notes)