Skipton Building Society - Tender Offer - Launch

Skipton Building Society announces Tender Offer for its Regulated £600,000,000 Series 2019-1 Floating Rate Covered Bonds due 22 February 2024 - XS1969613055

18 OCTOBER 2023

Full announcement including disclaimers and offer restrictions available via Lonse

"18 October 2023. Skipton Building Society (theOfferor) announces today its invitation to holders of its outstanding Regulated£600,000,000 Series 2019-1 Floating Rate Covered Bonds due 22 February 2024 (ISIN:XS1969613055) (theCovered Bonds)to tender their Covered Bonds for purchase by the Offeror for cash subject to the satisfaction (or waiver) of the New Financing Condition (as defined below) (theOffer). The Offer is being made on the terms and subject to the conditions contained in the tender offer memorandum dated 18 October 2023 (theTender Offer Memorandum) prepared by the Offeror for the Offer, and is subject to the offer restrictions set out below and as more fully described in the Tender Offer Memorandum."

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Summary of the Offer

"Rationale for the Offer

The Offeror is making the Offer in order to provide liquidity to the holders of the Covered Bonds while optimising its funding and liquidity position. The Offer also provides Covered Bondholders with an opportunity to sell their Covered Bonds ahead of their maturity date and to receive, at the sole and absolute discretion of the Offeror, priority in the allocation of the New Covered Bonds (as defined below), subject to the issue of the New Covered Bonds and such Covered Bondholder making a separate application for the purchase of such New Covered Bonds to a Dealer Manager as described under "Allocation of the New Covered Bonds" below.

Covered Bonds purchased by the Offeror pursuant to the Offer are expected to be cancelled and will not be re-issued or re-sold."

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Skipton Building Society announces Tender Offer for its Regulated £600,000,000 Series 2019-1 Floating Rate Covered Bonds due 22 February 2024 - XS1969613055

18 OCTOBER 2023

Full announcement including disclaimers and offer restrictions available via Lonse

Information can be found on the London Stock Exchange website. Details will follow here after 7pm UKT.

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