SANTANDER UK PLC  
(incorporated in England and Wales, Registered No. 2294747)
2 Triton Square
Regent's Place
London NW1 3AN

Series of Covered Bonds Issue Date
Series 18 EUR 100,000,000 N covered bond due 18 November 2025  18 November 2010
Series 19 EUR 125,000,000 N covered bond due 18 November 2030 18 November 2010
Series 20 NOK 1,600,000,000 covered bonds due 7 December 2020 7 December 2010
Series 21 EUR 100,000,000 N covered bond due 15 January 2025 14 January 2011
Series 3, Tranche 2 EUR 250,000,000 covered bonds due 12 April 2021 7 February 2011
Series 23 GBP 1,000,000,000 covered bonds due March 2026 28 February 2011
Series 24 GBP 1,250,000,000 covered bonds due 14 April 2021 14 April 2011
Series 25 EUR 100,000,000 N covered bond due 24 May 2021 24 May 2011
Series 28 EUR 53,000,000 N covered bond due 21 December 2026 5 December 2011
Series 29 EUR 100,000,000 N covered bond due 9 December 2026 9 December 2011
Series 30 EUR 30,000,000 due N covered bond due 5 January 2027 5 January 2012
Series 31 EUR 30,000,000 N covered bond due 4 January 2027 4 January 2012
Series 3, Tranche 3 EUR 250,000,000 covered bonds due 12 April 2021 27 January 2012
Series 32 EUR 88,000,000 N covered bond due 6 February 2032 15 February 2012
Series 37 GBP 750,000,000 covered bonds due 16 February 2029 16 February 2012
Series 41 EUR 47,000,000 N covered bond due 12 March 2027 21 March 2012
Series 3, Tranche 4 EUR 600,000,000 covered bonds due 12 April 2021 27 March 2012
Series 44 EUR 127,000,000 N covered bond due 12 April 2022 12 April 2012
Series 45 EUR 75,000,000 N covered bond due 13 April 2023 13 April 2012
Series 46 EUR 108,000,000 N covered bond due 16 April 2030 16 April 2012
Series 47 EUR 50,000,000 N covered bond due 18 April 2028 18 April 2012
Series 48 EUR 45,000,000 N covered bond due 15 May 2027 24 May 2012
Series 49 EUR 35,000,000 N covered bond due 8 June 2028 8 June 2012
Series 50 EUR 40,000,000 N covered bond due 8 June 2029 8 June 2012
Series 51 EUR 76,000,000 N covered bond due 20 June 2024 20 June 2012
Series 53 EUR 100,000,000 N covered bond due 18 July 2025 19 July 2013
Series 54 EUR 50,000,000 covered bonds due 21 August 2025 21 August 2013
Series 55 EUR 50,000,000 covered bonds due 27 August 2025 27 August 2013
Series 56 EUR 1,000,000,000 covered bonds due 26 November 2020 26 November 2013
Series 59, Tranche 1 EUR 1,000,000,000 covered bonds due 18 September 2019 18 September 2014
Series 59, Tranche 2 EUR 100,000,000 covered bonds due 18 September 2019 5 July 2016
Series 63 EUR 1,000,000,000 covered bonds due 9 August 2021 9 February 2016

(together, the "Covered Bonds")

€35,000,000,000 GLOBAL COVERED BOND PROGRAMME (THE "PROGRAMME") OF SANTANDER UK PLC (THE "ISSUER") – AMENDMENTS TO THE RELEVANT COVERED BOND SWAP AGREEMENT UNDER THE PROGRAMME

NOTICE IS HEREBY GIVEN TO HOLDERS OF THE COVERED BONDS THAT:

The following modifications have been made to the 1992 ISDA Master Agreement (including the Schedule and Credit Support Annex thereto) between Santander UK plc, Abbey Covered Bonds LLP and Deutsche Trustee Company Limited (in its capacity as Security Trustee) dated as of 14 October 2009 (the Relevant Covered Bond Swap Agreement) under the Programme relating to the Series of Covered Bonds set out in the table above. 

The amendments to the Relevant Covered Bond Swap Agreement have been effected by the entry into of a deed of amendment dated as of 5 September 2019 (the Amendment Deed).  

Compliance and implementation of the Relevant Covered Bond Swap Agreement with the latest updates to the Fitch, Moody’s and Standard & Poor’s rating agency criteria and methodologies

Prior to 5 September 2019, the Relevant Covered Bond Swap Agreement was drafted based on the historical rating agency criteria and methodologies for Fitch, Moody’s and Standard & Poor’s. Following entry into the Amendment Deed, the Relevant Covered Bond Swap Agreement reflects the following criteria: 

(i) in respect of Fitch, Fitch’s structured finance report entitled "Structured Finance and Covered Bonds Counterparty Rating Criteria" as amended and supplemented by Fitch’s "Structured Finance and Covered Bonds Counterparty Rating Criteria – Derivative Addendum", dated 18 April 2019; 

(ii) in respect of Moody’s, Moody's rating methodology report entitled "Approach to Assessing Swap Counterparties in Structured Finance Cash Flow Transactions", originally dated 16 March 2015, as updated on 29 January 2019; and

(iii) in respect of Standard & Poor’s, Standard & Poor's structured finance report entitled "Counterparty Risk Framework: Methodology and Assumptions", as updated on 8 March 2019.

Capitalised terms used but not defined herein shall have the meanings given thereto in the Amended and Restated Master Definitions and Construction Agreement relating to the Programme dated 18 April 2019 (as amended from time to time), and the Relevant Covered Bond Swap Agreement.

Copies of the Relevant Covered Bond Swap Agreement will be made available for Covered Bondholders on the following website: https://www.santander.co.uk/uk/about-santander-uk/debt-investors/santander-uk-covered-bonds

For further information, please contact: MTF@santander.co.uk

Disclaimer – Intended Addressees

Please note that the information contained in this announcement may be addressed to and/or targeted at persons who are residents of particular countries (specified in the relevant Final Terms) only and is not intended for use and should not be relied upon by any person outside these countries and/or to whom the offer contained in the relevant Final Terms is not addressed. Prior to relying on the information contained in the relevant Final Terms you must ascertain from the relevant Final Terms whether or not you are part of the intended addressees of the information contained therein. 

Your right to access this service is conditional upon complying with the above requirement.