Commentary & Deal Flow

Reoffer: 5yr: SONIA+48bp / 100

Final Books £1.1bn+ (inc. £150m JLM). Peak book >£1.5bn

Launched: 5yr: £750m @ SONIA+48bp - Book >£1.15bn (inc. £150m JLM)
Spread set at: 5yr: SONIA+48bp - Books >£1.5bn (incl. £150m JLM)
Book Update: Books in excess of £1.15bn (incl. £150m JLM)
Guidance: 5yr: SONIA+53a

• Issuer: Santander UK plc
• LEI: PTCQB104N23FMNK2RZ28
• Ticker: SANUK
• Guarantor: Abbey Covered Bonds LLP
• Form of Notes: Reg S / TEFRA D / Bearer / NGN Format
• Format: UK Regulated Covered Bond backed by 100% prime UK residential mortgages
• Expected Issue Ratings: Aaa/AAA/AAA (Moody's/S&P/Fitch)
• Size: £750m
• Pricing Date: 11-May-26
• Settlement Date: 18-May-26 (T+5)
• Final Maturity Date: 12-May-31 (5 years, soft bullet)
• Coupon: Floating, Compounded Daily SONIA + 48bps, Index Determination applicable, 5 LBD observation look back, Quarterly, Act/365 (Fixed), short first coupon. Bloomberg Screen Page SONCINDX
• Reoffer: SONIA +48bps / 100%
• Denomination: £100k + £1k up to £199k
• Listing / Governing Law: London Stock Exchange (Main Market) / English
• Documentation: Santander UK plc €35,000,000,000 Global Covered Bond Programme prospectus dated 17-Mar-26 and supplemental prospectuses each dated 01-May-26 and 08-May-26 (together, the “Base Prospectus”)
• Global Coordinator: Santander
• Joint Lead Managers: BMO Capital Markets, Nomura, RBC Capital Markets, Santander (B&D), Standard Chartered Bank
• Fee: The JLMs will be paid a fee by the Issuer in respect of the placement of the securities. Details of the fee may be made available on request to investors participating in the transaction
• ISIN: XS3377509586
• Timing: Priced, TOE: 13.05 UKT / FTT 13.30 UKT
• Target Market: MiFID II /UK MiFIR professionals/ECPs-only / No EEA PRIIPs KID or UK PRIIPs KID/CCI product summary – Manufacturer target market (EU MiFID II / UK MiFIR) is eligible counterparties and professional clients only (all distribution channels). No EU PRIIPs or UK PRIIPs key information document (KID) or CCI product summary has been prepared as not available to retail in the EEA or UK
• Advertisement: The Base Prospectus is available, and the Final Terms, when published, will also be available via: https://www.santander.co.uk/about-santander/investor-relations/santander-uk-covered-bonds