PENSION INSURANCE CORPORATION PLC

Publication of Final Terms

London, 14 May 2024 - The Final Terms relating to the issue by Pension Insurance Corporation plc of £500,000,000 6.875 per cent. Fixed Rate Tier 2 Notes due 2034 (the "Notes") are available for viewing.

The Notes will be issued under the £3,000,000,000 Euro Medium Term Note Programme (the "Programme") of Pension Insurance Corporation plc.

The Final Terms contain the final terms of the Notes and must be read in conjunction with the prospectus dated 29 September 2023 and as supplemented on 3 May 2024 (the "Prospectus"), which constitutes a base prospectus for the purposes of Regulation (EU) 2017/1129, as it forms part of domestic law by virtue of the European Union (Withdrawal) Act 2018.

To view the full document, please paste the following URL into the address bar of your browser: https://www.pensioncorporation.com/financials/bondholder-information/bondholder-documentation/.

A copy of the Final Terms will be submitted to the National Storage Mechanism and will shortly be available for viewing online at https://data.fca.org.uk/#/nsm/nationalstoragemechanism.

For further information please contact:

Jeremy Apfel
Managing Director, Corporate Affairs
 +44 (0)20 7105 2140
[email protected]

DISCLAIMER - INTENDED ADDRESSEES

Please note that the information contained in the Prospectus and the Final Terms may be addressed to and/or targeted at persons who are residents of particular countries (specified in the Prospectus and 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 Prospectus and the Final Terms is not addressed. Prior to relying on the information contained in the Prospectus and the Final Terms you must ascertain from the Prospectus whether or not you are part of the intended addressees of the information contained therein.

In particular, the Final Terms and the Prospectus do not constitute an offer of Notes for sale in the United States. This is not for distribution in the United States. The Notes described herein have not been and will not be registered under the U.S. Securities Act of 1933, as amended (the "Securities Act"), or with any securities regulatory authority of any State or other jurisdiction of the United States, and the Notes are subject to U.S. federal income tax law requirements. The Notes may not be offered, sold, or delivered in the United States or to, or for the benefit of, U.S. persons (as defined in Regulation S under the Securities Act) except pursuant to an exemption from, or in a transaction not subject to, the registration requirements of the Securities Act.

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

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