PRS Finance PLC - Notice to Noteholders

Issuer: PRS Finance plc

Date: 21 October 2025

PRS Finance Plc (the "Issuer") (incorporated with limited liability in England and Wales with registration number 09331085)

£3,500,000,000 Guaranteed Secured Bond Programme

Proposed investor meetings concerning a potential inaugural floating rate transaction

Following the previous publication of the programme memorandum dated 17 June 2025 (the "Programme Memorandum") in relation to the £3,500,000,000 guaranteed secured bond programme (the "Programme") established by the Issuer for the issue of bonds unconditionally and irrevocably guaranteed by the Secretary of State for Housing, Communities and Local Government, the Issuer has asked its arranging banks: Barclays, NatWest and RBC Capital Markets to arrange a series of investor update calls beginning on Wednesday 22 October to discuss further potential structural details of an inaugural floating rate transaction which the Issuer may be in a position to bring to market under the Programme in the coming months (subject to (among other conditions) completion of technical due diligence, negotiation and execution of all necessary legal documentation and the obtaining of all necessary approvals). Persons interested in participating in a meeting should enquire with contacts at Barclays, NatWest and/or RBC Capital Markets.

To view the Programme Memorandum, please paste the following URL into the address bar of your browser.

Please read the disclaimer below "Disclaimer - Intended Addressees" before attempting to access this service, as your right to do so is conditional upon complying with the requirements set out below.

Programme Memorandum: http://www.rns-pdf.londonstockexchange.com/rns/4228N_1-2025-6-18.pdf

For further information, please contact Venn Partners LLP (trading as Venn).

Email: legal@venn-partners.com and operations@venn-partners.com 

Tel: +44 (0)20 7073 9350

DISCLAIMER

This announcement is released by PRS Finance plc and may contain inside information for the purposes of Article 7 of the Market Abuse Regulation (EU) 596/2014 (as it forms part of domestic UK law pursuant to the European Union (Withdrawal) Act 2018) (UK MAR). For the purposes of UK MAR and Article 2 of the Commission Implementing Regulation (EU) 2016/1055 (as it forms part of domestic UK law pursuant to the European Union (Withdrawal) Act 2018), this announcement is made by Helena Whitaker on behalf of CSC Directors (No.3) Limited as Director of PRS Finance plc.

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

This announcement does not constitute an offering of securities and is not for distribution in the United States. The securities described in the Programme Memorandum (the "Securities") have not been, and will not be, registered under the U.S. Securities Act of 1933, as amended (the "Securities Act"), or under any relevant securities laws of any state of the United States of America and are subject to U.S. tax law requirements. Subject to certain exceptions, the Securities may not be offered or sold directly or indirectly within the United States or to, or for the account or benefit of, U.S. persons or to persons within the United States of America, as such terms are defined in Regulation S under the Securities Act. Any forwarding, distribution or reproduction of the Programme Memorandum in whole or in part is prohibited. Failure to comply with this notice may result in a violation of the Securities Act or the applicable laws of other jurisdictions. There will be no public offering of the Securities in the United States.

Your right to access this service is conditional upon complying with the above requirements. In particular, your accessing this service will constitute your representation that you are not in the United States and you are not a U.S. person within the meaning of Regulation S under the Securities Act and the U.S. Internal Revenue Code and regulations thereunder.

END