Documentation: EMTN Programme Admission Particulars, International Securities Market, English LawThe £2bn Guaranteed Secured Note Programme dated 9-Sep-26 is available at Microsoft Word - Final Programme Admission Particulars (BFL Update 2026)(106591492.13)(118777768.1). The Pricing Supplement, when published, will be available on the website of the London Stock Exchange www.londonstockexchange.com
Denominations: £100k + £1k
Early Redemption: (1) MWC at Benchmark Gilt + 15% of Re-Offer spread(2) Mandatory early redemption upon any Guarantor ceasing to be a Registered Provider of Social Housing as set out more fully in the Programme Admission Particulars
Use of Proceeds: Sustainability Bonds, in accordance with the Issuer's Sustainable Finance Framework. The Framework and SPO do not form part of the offering materials and any offer is made solely on the basis of the Programme Admission Particulars dated 9-Sep-26 and the Pricing Supplement (once available).
Target Market: Manufacturer target market (UK MiFIR product governance) is eligible counterparties and professional clients only (all distribution channels). No EU PRIIPs key information document (KID) and no UK disclosure document required by DISC have been prepared as the Bonds are not available to retail in the EEA or in the UK
ISIN: XS3515171232
Asset Cover Covenant: 105% EUV-SH / 115% MV-ST as further described in the Programme Admission Particulars