NOTICE TO NOTEHOLDERS

PERMANENT MASTER ISSUER PLC

1 Bartholomew Lane,

London

EC2N 2AX
(the Master Issuer)

NOTICE OF AMENDMENTS TO REPAYMENT DATES AND STEP-UP DATES

£1,000,000,000 2015-1 Series 1 Class A4 Asset Backed Floating Rate Notes due July 2075 (ISIN: XS1302965998; Common Code: 130296599) (the 2015-1 Series 1 Class A4 Notes)

£1,000,000,000 2018-1 Series 1 Class A3 Asset Backed Floating Rate Notes due July 2075 (ISIN: XS1835962330; Common Code: 183596233) (the 2018-1 Series 1 Class A3 Notes)

(together the Notes and the holders thereof, the Noteholders)

issued by the Master Issuer

constituted by a Master Issuer Trust Deed dated 17 October 2006 (as amended) between the Master Issuer
and The Bank of New York Mellon, London Branch as trustee for the Noteholders (the Note Trustee)

30 January 2025

Notice is hereby given by the Master Issuer to the Noteholders, that:

(a)        the following terms of the 2015-1 Series 1 Class A4 Notes have been amended:

(i)         Call Option Date has been amended from the Interest Payment Date occurring in October 2025 to the Interest Payment Date occurring in July 2033 and each subsequent Interest Payment Date thereafter;

(ii)        the Pass-through repayment dates has been amended from the Interest Payment Date occurring on or after the Interest Payment Date occurring in October 2025 to the Interest the Payment Date occurring on or after the Interest Payment Date occurring in July 2033;

(iii)       the Step-Up Date has been amended from the Interest Payment Date occurring in October 2025 to the Interest Payment Date occurring July 2038; and

(iv)       from (and including) the Interest Payment Date occurring in April 2025, the Margin has been amended from +0.90% to 0.85% and the Margin from the Step-Up Date has been amended from +0.90% to 0.85%,

with corresponding amendments being made to the terms of the Series 1 AAA Class A4 Loan Tranche; and

(b)        the following terms of the 2018-1 Series 1 Class A3 Notes have been amended:

(i)         Call Option Date has been amended from the Interest Payment Date occurring in April 2025 to the Interest Payment Date occurring in July 2029 and each subsequent Interest Payment Date thereafter;

(ii)        the Pass-through repayment dates has been amended from the Interest Payment Date occurring on or after the Interest Payment Date occurring in April 2025 to the Interest the Payment Date occurring on or after the Interest Payment Date occurring in July 2029;

(iii)       the Step-Up Date has been amended from the Interest Payment Date occurring in April 2025 to the Interest Payment Date occurring July 2034; and

(iv)       from (and including) the Interest Payment Date occurring in April 2025, the Margin has been amended from +0.70% to 0.55% and the Margin from the Step-Up Date has been amended from +0.70% to 0.55%,

with corresponding amendments being made to the terms of the Series 1 AAA Class A3 Loan Tranche.

Terms otherwise not defined in this notice shall have the meaning given to them in the terms and conditions of the Notes (the Conditions).

For further information please contact:

Bank of Scotland plc

Group Corporate Treasury

10 Gresham Street

London

EC2V 7AE

Attention: Gavin Parker, Head of Securitisation and Collateral

By: Permanent Master Issuer PLC