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PRS - Issue of CHF 175,000,000 0.680% Fixed Rate Covered Bonds Series 2025-04 due September 2032 irrevocably and unconditionally guaranteed as to payment of principal and interest by Nationwide Covered Bo

Company: NATIONWIDE BUILDING SOCIETY Date: 2025-09-09 Language: English Register to download
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# **FINAL TERMS**

4 September 2025

## **Nationwide Building Society**

## **Issuer Legal Entity Identifier (LEI): 549300XFX12G42QIKN82**

# **Issue of CHF 175,000,000 0.680% Fixed Rate Covered Bonds Series 2025-04 due September 2032 irrevocably and unconditionally guaranteed as to payment of principal and interest by Nationwide Covered Bonds LLP under the €45 billion Global Covered Bond Programme**

## **PART A – CONTRACTUAL TERMS**

**MIFID II PRODUCT GOVERNANCE/TARGET MARKET** – Solely for the purposes of the manufacturers' product approval process, the target market assessment in respect of the Covered Bonds has led to the conclusion that: (i) the target market for the Covered Bonds is eligible counterparties and professional clients only, each as defined in Directive 2014/65/EU (as amended, **MiFID II**); and (ii) all channels for distribution of the Covered Bonds to eligible counterparties and professional clients are appropriate. Any person subsequently offering, selling or recommending the Covered Bonds (a distributor) should take into consideration the manufacturers' target market assessment; however, a distributor subject to MiFID II is responsible for undertaking its own target market assessment in respect of the Covered Bonds (by either adopting or refining the manufacturers' target market assessment) and determining appropriate distribution channels.

**UK MIFIR PRODUCT GOVERNANCE/TARGET MARKET** – Solely for the purposes of the manufacturers' product approval process, the target market assessment in respect of the Covered Bonds has led to the conclusion that: (i) the target market for the Covered Bonds is eligible counterparties, as defined in the FCA Handbook Conduct of Business Sourcebook (**COBS**), and professional clients, as defined in Regulation (EU) No 600/2014 as it forms part of domestic law by virtue of the EUWA (**UK MiFIR**); and (ii) all channels for distribution of the Covered Bonds to eligible counterparties and professional clients are appropriate. Any person subsequently offering, selling or recommending the Covered Bonds (a **distributor**) should take into consideration the manufacturers' target market assessment; however, a distributor subject to the FCA Handbook Product Intervention and Product Governance Sourcebook (the **UK MiFIR Product Governance Rules**) is responsible for undertaking its own target market assessment in respect of the Covered Bonds (by either adopting or refining the manufacturers' target market assessment) and determining appropriate distribution channels.

**PROHIBITION OF SALES TO EEA RETAIL INVESTORS** – The Covered Bonds are not intended to be offered, sold or otherwise made available to and should not be offered, sold or otherwise made available to any retail investor in the European Economic Area (EEA). For these purposes, a retail investor means a person who is one (or more) of: (i) a retail client as defined in point (11) of Article 4(1) of MiFID II; or (ii) a customer within the meaning of Directive (EU)2016/97 (the **Insurance Distribution Directive**) as amended or superseded, where that customer would not qualify as a professional client as defined in point (10) of Article 4(1) of MiFID II. Consequently, no key information document required by Regulation (EU) No 1286/2014 (the **PRIIPs Regulation**) for offering or selling the Covered Bonds or otherwise making them available to retail investors in the EEA has been prepared and therefore offering or selling the Covered Bonds or otherwise making them available to any retail investor in the EEA may be unlawful under the PRIIPs Regulation.

**PROHIBITION OF SALES TO UK RETAIL INVESTORS** – The Covered Bonds are not intended to be offered, sold or otherwise made available to and should not be offered, sold or otherwise made available to any retail investor in the UK. For these purposes, a retail investor means a person who is one (or more) of: (i) a retail client, as defined in point (8) of Article 2 of Regulation (EU) No 2017/565 as it forms part of domestic law by virtue of the European Union (Withdrawal) Act 2018 (as amended by the European Union (Withdrawal Agreement) Act 2020) as amended, varied, superseded or substituted from time to time (**EUWA**); (ii) a customer within the meaning of the provisions of the FSMA and any rules or regulations made under the FSMA to implement Directive (EU) 2016/97, where that customer would not qualify as a professional client, as defined in point (8) of Article 2(1) of Regulation (EU) No 600/2014 as it forms part of domestic law by virtue of the EUWA; or (iii) not a qualified investor as defined in Article 2 of Regulation (EU) 2017/1129 as it forms part of domestic law by virtue of the EUWA. Consequently, no key information document required by Regulation (EU) No 1286/2014 as it forms part of domestic law by virtue of the EUWA (the **UK PRIIPs Regulation**) for offering or selling the Covered Bonds or otherwise making them available to retail investors in the UK has been prepared and therefore offering or selling the Covered Bonds or otherwise making them available to any retail investor in the UK may be unlawful under the UK PRIIPs Regulation.

Terms used herein shall be deemed to be defined as such for the purposes of the Conditions set forth in the Base Prospectus dated 3 July 2025, as supplemented by the Prospectus Supplement dated 11 August 2025 (the **Supplemental Prospectus**) which constitute a base prospectus for the purposes of Regulation (EU) 2017/1129 as it forms part of domestic law by virtue of the EUWA (the **UK Prospectus Regulation**). This document constitutes the Final Terms of the Covered Bonds described herein for the purposes of the UK Prospectus Regulation and must be read in conjunction with such Base Prospectus in order to obtain all the relevant information. The Base Prospectus and the Supplemental Prospectus are available for viewing during normal business hours at the registered office of the Issuer and copies may be obtained from the specified office of each of the Paying Agents and have been published on the Regulatory News Service operated by the London Stock Exchange at *http://www.londonstockexchange.com/exchange/news/market-news/market-newshome.html*.

The LLP is not now, and immediately following the issuance of the Covered Bonds pursuant to the Trust Deed will not be, a "covered fund" for purposes of regulations adopted under Section 13 of the Bank Holding Company Act of 1956, as amended, commonly known as the "Volcker Rule". In reaching this conclusion, although other statutory or regulatory exemptions under the Investment Company Act of 1940, as amended, and under the Volcker Rule and its related regulations may be available, the LLP has relied on the exemption from registration set forth in Section 3(c)(5)(C) of the Investment Company Act of 1940, as amended. See "Certain Volcker Rule Considerations" in the Base Prospectus dated 3 July 2025, as supplemented by the Prospectus Supplement dated 11 August 2025.

| 1. | (a) | Issuer:                                                                                                                             | Nationwide Building Society  |
|----|-----|-------------------------------------------------------------------------------------------------------------------------------------|------------------------------|
|    | (a) | Guarantor:                                                                                                                          | Nationwide Covered Bonds LLP |
| 2. | (a) | Series Number:                                                                                                                      | 2025-04                      |
|    | (b) | Tranche Number:                                                                                                                     | 1                            |
|    | (c) | Series which Covered Bonds will be<br>consolidated and form a single Series<br>with:                                                | Not Applicable               |
|    | (d) | Date on which the Covered Bonds<br>will be consolidated and form a<br>single<br>Series<br>with<br>the<br>Series<br>specified above: | Not Applicable               |
| 3. |     | Specified Currency or Currencies:                                                                                                   | Swiss Franc (CHF)            |

- 4. Nominal Amount of Covered Bonds to be issued: CHF 175,000,000
- 5. Aggregate Nominal Amount of Covered Bonds:

|     | (a)             | Series:                                                                                                                                     | CHF 175,000,000                                                                                                                                                                                    |
|-----|-----------------|---------------------------------------------------------------------------------------------------------------------------------------------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|     | (b)             | Tranche:                                                                                                                                    | CHF 175,000,000                                                                                                                                                                                    |
| 6.  | Issue Price:    |                                                                                                                                             | 100.00% of the Aggregate Nominal Amount                                                                                                                                                            |
| 7.  | (a)             | Specified Denominations:                                                                                                                    | CHF 5,000 and integral multiples thereof                                                                                                                                                           |
|     | (b)             | Calculation Amount:                                                                                                                         | CHF 5,000                                                                                                                                                                                          |
| 8.  | (a)             | Issue Date:                                                                                                                                 | 8 September 2025                                                                                                                                                                                   |
|     | (b)             | Interest Commencement Date:                                                                                                                 | Issue Date                                                                                                                                                                                         |
| 9.  | (a)             | Final Maturity Date:                                                                                                                        | 8 September 2032                                                                                                                                                                                   |
|     | (b)             | Extended Due for Payment Date of<br>Guaranteed Amounts corresponding<br>to the Final Redemption Amount<br>under the Covered Bond Guarantee: | 8 September 2033                                                                                                                                                                                   |
| 10. | Interest Basis: |                                                                                                                                             | 0.680 per cent. per annum Fixed Rate payable<br>annually in arrear<br>from and including the Interest<br>Commencement Date to, and including, the Final<br>Maturity Date (see paragraph 15 below). |
|     |                 |                                                                                                                                             | 0.680 per cent. per annum Fixed Rate payable<br>monthly in arrear from and including the Final<br>Maturity Date to, and including, the Extended Due<br>for Payment Date (see paragraph 15 below).  |
| 11. |                 | Redemption/Payment Basis:                                                                                                                   | 100 per cent. of the nominal value                                                                                                                                                                 |
| 12. |                 | Change of Interest Basis:                                                                                                                   | From payable annually in arrear<br>to payable monthly<br>in arrear, see paragraph 10 above.                                                                                                        |
| 13. | Call Options:   |                                                                                                                                             | Not Applicable                                                                                                                                                                                     |

14. Date Board approval for issuance of Covered Bonds obtained: 19 June 2024 and 1 September 2025, for the Issuer and the LLP, respectively

# **PROVISIONS RELATING TO INTEREST (IF ANY) PAYABLE**

| 15. | Fixed Rate Covered Bond Provisions: | Applicable<br>from<br>and<br>including<br>the<br>Interest |
|-----|-------------------------------------|-----------------------------------------------------------|
|     |                                     | Commencement Date to but excluding the Final              |
|     |                                     | Maturity Date                                             |
|     |                                     |                                                           |
|     |                                     | Applicable from and including the Final Maturity          |

|     |                                        |                                      | Payment Date                                                                                                                                                                        |
|-----|----------------------------------------|--------------------------------------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|     | (a)                                    | Fixed Rate(s) of Interest:           | 0.680<br>per cent. per annum payable in arrear on each<br>Interest Payment Date from and including the<br>Interest Commencement Date to but excluding the<br>Final Maturity Date    |
|     |                                        |                                      | 0.680<br>per cent. per annum payable in arrear on each<br>Interest Payment Date from and including the Final<br>Maturity Date to but excluding the Extended Due<br>for Payment Date |
|     | (b)                                    | Interest Payment Date(s):            | 8th September in each year, up to and including the<br>Final Maturity Date                                                                                                          |
|     |                                        |                                      | 8th day of each month, from but excluding the Final<br>Maturity Date up to and including the Extended Due<br>for Payment Date                                                       |
|     | (c)                                    | Business Day Convention:             | Following Business Day Convention, unadjusted                                                                                                                                       |
|     | (d)                                    | Business Day(s):                     | London, Zurich                                                                                                                                                                      |
|     |                                        | Additional Business Centre(s):       | Not Applicable                                                                                                                                                                      |
|     | (e)                                    | Fixed Coupon Amount(s):              | CHF 34.00 per Calculation Amount for each Fixed<br>Interest Period up to and ending on the Final<br>Maturity Date.                                                                  |
|     | (f)                                    | Initial Broken Amount:               | Not Applicable                                                                                                                                                                      |
|     | (g)                                    | Final Broken Amount:                 | Not Applicable                                                                                                                                                                      |
|     | (h)                                    | Day Count Fraction:                  | 30/360, unadjusted                                                                                                                                                                  |
|     | (i)                                    | Determination Date(s):               | Not Applicable                                                                                                                                                                      |
| 16. | Floating Rate Covered Bond Provisions: |                                      | Not Applicable                                                                                                                                                                      |
| 17. |                                        | Zero Coupon Covered Bond Provisions: | Not Applicable                                                                                                                                                                      |
|     |                                        |                                      |                                                                                                                                                                                     |

Date to but excluding the Extended Due for

# **PROVISIONS RELATING TO REDEMPTION BY THE ISSUER**

| 18. | Call Option:                                                                                                                                                                                                    | Not Applicable                   |
|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|----------------------------------|
| 19. | Final Redemption Amount of each Covered<br>Bond:                                                                                                                                                                | CHF 5,000 per Calculation Amount |
| 20. | Early<br>Redemption<br>Amount(s)<br>per<br>Calculation Amount payable on redemption<br>for<br>taxation<br>reasons,<br>on<br>acceleration<br>following an Issuer Event of Default or an<br>LLP Event of Default: | CHF 5,000 per Calculation Amount |

# **GENERAL PROVISIONS APPLICABLE TO THE COVERED BONDS**

21. Form of Covered Bonds: Bearer Covered Bonds:

The Covered Bonds and all rights in connection therewith are documented in the form of a permanent global covered bond (the **Permanent Global Covered Bond**) which shall be deposited by the Swiss Principal Paying Agent (currently UBS AG) with SIX SIS AG or any other intermediary in Switzerland recognised for such purposes by the SIX Swiss Exchange (SIX SIS AG or any such other intermediary, the **Intermediary**) until final redemption of the Covered Bonds, or the exchange of the Permanent Global Covered Bond for definitive Covered Bonds with Coupons attached as set out below.

Once the Permanent Global Covered Bond has been deposited with the Intermediary and entered into the accounts of one or more participants of the Intermediary, the Covered Bonds will constitute intermediated securities (*Bucheffekten*) (**Intermediated Securities**) in accordance with the provisions of the Swiss Federal Intermediated Securities Act (*Bucheffektengesetz*).

So long as the Covered Bonds are represented by the Permanent Global Covered Bond, each Holder (as defined below) shall have a quotal co-ownership interest (*Miteigentumsanteil*) in the Permanent Global Covered Bond to the extent of its claim against the Issuer, provided that for so long as the Permanent Global Covered Bond remains deposited with the Intermediary, the co-ownership interest shall be suspended and the Covered Bonds may only be transferred by the entry of the transferred Covered Bonds in a securities account of the transferee.

Neither the Issuer nor the Holders shall at any time have the right to effect or demand the conversion of the Permanent Global Covered Bond (*Globalurkunde*) into, or the delivery of, uncertificated securities (*Wertrechte*) or definitive Covered Bonds (*Wertpapiere*).

The records of the Intermediary will evidence the number of Covered Bonds held through each participant in that Intermediary. In respect of the Covered Bonds held in the form of Intermediated Securities, the holders of the Covered Bonds (the **Holders**) will be the persons holding the Covered Bonds in a securities account (*Effektenkonto*) or, in the case of intermediaries (*Verwahrungsstellen*), the

intermediaries holding the Covered Bonds for their own account in a securities account which is in their name.

No physical delivery of the Covered Bonds shall be made unless and until definitive Covered Bonds (*Wertpapiere*) are printed.

The Permanent Global Covered Bond shall be exchangeable in whole but not in part for definitive Covered Bonds (*Wertpapiere*) only if the Swiss Principal Paying Agent deems the printing of definitive Covered Bonds (*Wertpapiere*) to be necessary or useful, after consultation with the Issuer. In such case, the Swiss Principal Paying Agent shall provide (at the cost and expense of the Issuer) for the printing and delivery of definitive Covered Bonds (*Wertpapiere*) with Coupons attached in accordance with the rules and regulations of the Intermediary and without cost to the Holders.

Should definitive Covered Bonds (*Wertpapiere*) with Coupons attached be so printed, the Permanent Global Covered Bond will immediately be cancelled by the Swiss Principal Paying Agent and the definitive Covered Bonds (*Wertpapiere*) with Coupons attached shall be delivered to the Holders against cancellation of the Covered Bonds in the Holders' securities accounts.

- 22. New Global Covered Bond: Not Applicable
- 23. Financial Centre(s) relating to payment dates: Not Applicable
- 24. Talons for future Coupons to be attached to Bearer Definitive Covered Bonds (and dates on which such Talons mature):
- 25. Redenomination, renominalisation and reconventioning provisions: Not Applicable
- 26. Other final terms:

(a) Swiss Paying Agents: UBS AG, acting through its offices at Bahnhofstrasse 45, CH-8001 Zurich, Switzerland, shall act as Swiss principal paying agent (the **Swiss Principal Paying Agent**).

> In respect of the Covered Bonds, the Issuer will at all times maintain a paying agent having a specified office in Switzerland and will at no time maintain a paying agent having a specified office outside Switzerland.

No

Condition 11 of the Conditions shall be construed accordingly, and all references in the Conditions to the Principal Paying Agent shall, so far as the context permits, be construed as a reference to the Swiss Principal Paying Agent.

(b) Payments: Payments of principal and interest in respect of the Covered Bonds will be made irrespective of any present or future transfer restrictions and without regard to any bilateral or multilateral payment or clearing agreement which may be applicable at the time of such payments in freely disposable Swiss Francs without collection costs in Switzerland and without any restrictions and irrespective of nationality, domicile or residence of the Holder and without requiring any certification, affidavit or the fulfilment of any other formality.

> The receipt by the Swiss Principal Paying Agent of the due and punctual payment of the funds in Swiss Francs in Zurich, in the manner provided by the Conditions and these Final Terms in respect of the Swiss Covered Bonds, shall release the Issuer from its obligations under the Covered Bonds for the payment of interest and principal due on the respective Interest Payment Dates and on the Final Maturity Date or the Extended Due for Payment Date (as the case may be) to the extent of such payment.

> Condition 5 of the Conditions shall be construed accordingly.

(c) Notices: So long as the Covered Bonds are listed on the SIX Swiss Exchange and so long as the rules of the SIX Swiss Exchange so require, all notices in respect of the Covered Bonds shall be validly given through the Swiss Principal Paying Agent by means of electronic publication on the website of the SIX Swiss Exchange (where notices are currently published under www.six-group.com/en/productsservices/the-swiss-stock-exchange/marketdata/news-tools/official-notices.html) or otherwise in accordance with the regulations of the SIX Swiss Exchange.

> Condition 13 of the Conditions shall be construed accordingly.

#### **PART B – OTHER INFORMATION**

| 1.  | LISTING                                                                 |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            |
|-----|-------------------------------------------------------------------------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| (a) | Admission to trading:                                                   | To be listed on the SIX Swiss Exchange.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    |
|     |                                                                         | UBS AG, Bahnhofstrasse 45, CH-8001 Zürich,<br>Switzerland, acting as recognised representative<br>within the meaning of Article 58a of the Listing<br>Rules of the SIX Swiss Exchange, has applied for<br>the Covered Bonds to be admitted to provisional<br>trading on the SIX Swiss Exchange with effect from<br>4 September 2025. Application will be made for the<br>admission<br>of<br>the<br>Instruments<br>to<br>listing<br>in<br>accordance with the standard for Bonds of the SIX<br>Swiss Exchange. Unless extended, the last day of<br>trading is expected to be 6 September 2032 (or 6<br>September 2033, as the case may be). |
| (b) | Estimate<br>of<br>total<br>expenses<br>related<br>admission to trading: | to<br>CHF 8,750                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            |
| 2.  | RATINGS                                                                 |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            |
| (a) | The Covered Bonds to be issued are expected<br>to be rated:             | S & P:<br>AAA<br>Fitch:<br>AAA                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             |
| 3.  | PROVISIONS RELATING TO THE JUMBO INTEREST RATE SWAPS                    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            |
|     | BMR Spread:                                                             | 1.8 per cent. per annum                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    |
|     | Fixed Rate Spread:                                                      | 1.5 per cent. per annum                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    |
|     | SMR Spread:                                                             | 3.2 per cent. per annum                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    |
|     | Tracker Rate Spread:                                                    | 1.7 per cent. per annum                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    |
| 4.  | REASONS FOR THE OFFER AND ESTIMATED NET PROCEEDS                        |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            |
|     | (i)<br>Reasons for the offer                                            | See "Use of Proceeds" in the Base Prospectus                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               |
|     | (ii)<br>Estimated net proceeds:                                         | CHF 174,630,000                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            |
| 5.  |                                                                         | INTERESTS OF NATURAL AND LEGAL PERSONS INVOLVED IN THE ISSUE                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               |

Save as discussed in *Subscription and Sale and Transfer and Selling Restrictions,* so far as the Issuer and the LLP are aware, no person involved in the issue of the Covered Bonds has an interest material to the offer. The Managers and their affiliates have engaged and may in the future engage in investment banking and/or commercial banking transactions with and may perform other services for the Issuer and/or the LLP and its or their affiliates in the ordinary course of business.

# 6. **OPERATIONAL INFORMATION:**

| (a) | ISIN Code:                                                                               | CH1474857096                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   |
|-----|------------------------------------------------------------------------------------------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| (b) | Swiss Security Number:                                                                   | 147.485.709                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    |
| (c) | Common Code:                                                                             | 316744419                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      |
| (d) | CFI Code:                                                                                | DBFNEB, as updated, as set out on the<br>website of the Association of National<br>Numbering<br>Agencies<br>(ANNA)<br>or<br>alternatively sourced from the responsible<br>National Numbering Agency that assigned<br>the ISIN                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  |
| (e) | FISN:                                                                                    | NATIONWIDE BUIL/0.68 MB 20320908<br>SR, as updated, as set out on the website of<br>the Association of National Numbering<br>Agencies (ANNA) or alternatively sourced<br>from the responsible National Numbering<br>Agency that assigned the ISIN                                                                                                                                                                                                                                                                                                                                                                                                                                                                              |
| (f) | Names and addresses of additional<br>Paying Agent(s) (if any):                           | UBS AG, acting through its offices at<br>Bahnhofstrasse<br>45,<br>CH-8001<br>Zurich,<br>Switzerland, as Swiss Principal Paying<br>Agent.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       |
|     |                                                                                          |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                |
| (g) | Intended to be held in a manner<br>which<br>would<br>allow<br>Eurosystem<br>eligibility: | No. Whilst the designation is specified as<br>"no" at the date of these Final Terms, should<br>the<br>Eurosystem<br>eligibility<br>criteria<br>be<br>amended in the future such that the Covered<br>Bonds are capable of meeting them the<br>Covered Bonds may then be deposited with<br>one of the ICSDs as common safekeeper.<br>Note that this does not necessarily mean that<br>the Covered Bonds will then be recognised<br>as<br>eligible<br>collateral<br>for<br>Eurosystem<br>monetary<br>policy<br>and<br>intraday<br>credit<br>operations by the Eurosystem at any time<br>during their life. Such recognition will<br>depend upon the ECB being satisfied that<br>Eurosystem eligibility criteria have been<br>met. |
| 7.  | DISTRIBUTION                                                                             |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                |
|     | U.S. Selling Restrictions                                                                | Reg. S Compliance Category 2; TEFRA D<br>(in accordance with Swiss market practice)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            |
| 8.  | YIELD<br>(Fixed<br>Rate<br>Covered<br>Bonds only)                                        |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                |

The yield is calculated at the Issue Date on the basis of the Issue Price. It is not an indication of future yield.

#### 9. **US FEDERAL INCOME TAX CONSIDERATIONS**  Not applicable

Signed on behalf of the **Issuer**:

B Duly authorised

Signed on behalf of the **LLP**:

![](_page_9_Picture_6.jpeg)

Duly authorised