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to the holders of the:
(Series: CBL19) (ISIN: XS1747445481)
(the Series CBL19CoveredBonds or the Covered Bonds and the holders thereof, the CoveredBondholders) The Issuer has today given a Notice of Meeting in respect of the Series CBL19 Covered Bonds for the purpose of soliciting a consent to the modification of the terms and conditions of the Series CBL19 Covered Bonds and consequential or related amendments to the transaction documents for the Series CBL19 Covered Bonds such that the existing GBP LIBOR interest basis of the Series CBL19 Covered Bonds is replaced by a Compounded Daily SONIA interest basis, as proposed by the Issuer for approval by an Extraordinary Resolution of the Covered Bondholders, all as further described in the Consent Solicitation Memorandum dated 3 March 2021 (the Consent Solicitation Memorandum).
i. the LIBOR vs SONIA Interpolated Basis (as calculated by the Solicitation Agents at the Pricing Time) is 0.039 per cent.; A. in respect of the period from and including 16 February 2021 to but excluding the Final Maturity Date (being 16 November 2022), 0.2735 per cent. (being the aggregate of (A) the original Margin of 0.23 per cent. per annum to but excluding the Final Maturity Date, (B) the applicable LIBOR vs SONIA Interpolated Basis and (C) the applicable Forward Start Adjustment); and B. in respect of the period from and including the Final Maturity Date to but excluding the Extended Due for Payment Date (being 16 November 2023), 0.2735 per cent. (being the aggregate of (A) the original Margin of 0.23 per cent. per month
(a) with respect to the Series 42 Covered Bonds, (i) the LIBOR vs SONIA Interpolated Basis; (ii) the Forward Start Adjustment; and (iii) the New Margin, in each case in respect of the Series 42 Covered Bonds; and (b) with respect to the Series 66 Covered Bonds, (i) the LIBOR vs SONIA Interpolated Basis; (ii) the Forward Start Adjustment; and (iii) the New Margin, in each case in respect of the Series 66 Covered Bonds. Shortly thereafter the Issuer will arrange execution and delivery of (i) the Amended and Restated Final Terms; (ii) the Amended and Restated Term Advance Notice; (iii) the Supplemental Trust Deed; and (iv) the Supplemental Agency Agreement, in each case in respect of each Series, and each of which will be made available on the website of the Issuer at https://www.santander.co.uk/about-santander/investor-relations/santander-uk-covered-bonds