Commentary & Deal Flow

Reoffer: 15yr: UKT+95bp / 99.447 / 6.433%
Benchmark: 15yr: UKT 5.250% due 31-Jan-41 @ 97.693 mid / 97.663 bid / HR 98%

Tranche 1 (15yr): Final books above £375m. Peak book above £550m (pre-rec)

Launched: 15yr: £250m @ UKT+95bp - Books above £475m (pre-rec)
Spread set at: 15yr: UKT+95bp
Guidance: 15yr: UKT+95a (+/-2bp WPIR) - Books above £550m (pre-rec)
IPTs: 15yr: UKT+105/110a

• Issuer: Clarion Funding PLC (Ticker: CLARHG)
• Issuer LEI: 213800BLOAKXC1BXLJ29
• Borrowers: Clarion Treasury Limited, Clarion Housing Association Limited
• Expected Issue Ratings: A3 / A- / A+ (Moody's / S&P / Fitch)
• Format: Senior, Secured, Reg S, Bearer, NGN
• Size: £250m
• Settlement: 01-Sep-26 (T+5)
• Maturity: 01-Sep-41
• Reoffer: Mid Gilts +95bp / 99.447 / 6.433% s.a.
• Benchmark Gilt: UKT 5.250% due 31-Jan-41 @ 97.693 mid / 97.663 bid / HR 98%
• Coupon: 6.375% Fixed, Semi-Annual, Act/Act (ICMA)
• Documentation: Note Programme dated 24-Apr-26, £100k + £1k, London Stock Exchange (Main Market), English Law
• Optional Redemption: 3 month Par Call, MWC @ UKT +15bp
• Asset Cover: (i) 1.05x EUV-SH, (ii) 1.15x MV-ST, (iii) charged cash
• Use of Proceeds: Sustainable Bonds. Net proceeds from the issue of the Notes will be used by the Issuer for sustainable purposes and applied in accordance with the Issuer's Sustainable Housing Finance Framework
• Target Market: UK MiFIR product governance is eligible counterparties and professional clients only (all distribution channels). No EEA PRIIPs KID or UK PRIIPs KID/CCI product summary. No EEA PRIIPs key information document (KID) or UK PRIIPs KID/CCI product summary has been prepared as not available to retail in EEA or UK.
• ISIN / Common Code: XS3484317659 / 348431765
• Active Bookrunners: ABN AMRO, Barclays, Lloyds
• B&D: Barclays
• Timing: Priced TOE 14:49 UKT / FTT 15:15 UKT
• Advertisement: The Offering Circular is available at https://data.fca.org.uk/artefacts/NSM/FCA/NI-000143768/NI-000143768.pdf and the Final Terms, when published, will be available on the website of the London Stock Exchange