Incommunities Treasury plc (3.25% Mar 2049): 24 March 2019

The net proceeds of the sale of the Bonds to a third party will be advanced by the Issuer to Incommunities Limited and Sadeh Lok Limited, pursuant to bond loan agreements made between the Issuer and each Original Borrower to be dated on or around the Issue Date.

Incommunities Group Limited is a private company. The Group Parent is a non-charitable Registered Provider of Social Housing with registered number L4363. The subsidiaries of the Group Parent (together with Group Parent, the Incommunities Group) are: Incommunities Limited & Sadeh Lok Limited.

Incommunities was originally formed as BCHT (Bradford Community Housing Trust) following the transfer of housing stock from Bradford Metropolitan District Council in February 2003. Sadeh Lok was incorporated in 1989 and joined the Incommunities Group in April 2015. The Incommunities Group owns over 21,500 homes in West and South Yorkshire and a workforce of approximately 1,000 people.

Over 99% of the Incommunities Group's stock is currently located in two areas, namely Bradford District and Huddersfield, Kirklees. In the last three years, the Incommunities Group has widened its geographical base to include Wakefield, Rotherham and Leeds and is now developing in Sheffield and Skipton.


The Valuation Report was prepared by Savills Advisory Services Limited

...........................................EUV-SH or, where appropriate, MV-ST ..........................................................Total

Valued on EUV-SH basis ......Units No. ......Valued on MV-ST basis ..........Units No.
£218,350,000 ....... ....................7,364 ...................... £0 ...................................... 0 ............................£218,350,000