Home Group Ltd (3.125% Mar 2043): 01 April 2019

Home Group Limited (the Issuer) was incorporated in September 1980 as an industrial and provident society and is now registered in England as a community benefit society with limited liability under the Co-operative and Community Benefit Societies Act 2014. The Issuer is also registered as a Registered Provider of Social Housing with the Regulator. The Issuer is an exempt charity.

The origins of the Group trace back to the establishment of "The North Eastern Housing Association Limited" in 1935 by an Act of Parliament, which was established to provide housing in the North East of England. It has since expanded its area of operations across Great Britain and is one of the UK’s largest providers of high quality housing and support services, providing homes for around 116,000 people in some 55,000 properties (owned and/or managed) across England and Scotland in 220 local authority areas (primarily in the North and South East of England). Nearly three-quarters of the Issuer’s properties are general needs properties, rented to tenants at social or affordable rent levels.

The net proceeds of the issue of the Bonds or, in the case of the Retained Bonds, the net proceeds of the sale of the Bonds to a third party (in each case, after deduction of expenses payable by the Issuer) shall be applied in furtherance of the Issuer's objects or as permitted by its Rules including, without limitation, in the repayment of any existing indebtedness of the Issuer.

The valuation report was prepared by Savills Advisory Services Limited

EUV-SH / MV-ST as appropriate..................................................................... .. .................... Total
Units..... Valued on EUV-SH basis ............ Units...........Valued on MV-ST basis
No. ...... .... £ .............................................. No .......... ........£ .................................................... £
560 ........£23,371,244 ........... ................. 3,684 ............ £328,153,285 ............................... £351,524,259

Valuations: ... shall deliver a Full Valuation at least once in every period of five calendar years (beginning in 2024) and it shall deliver a Desk Top Valuation in the period between 31 March and the date falling 120 days thereafter in each year (beginning in 2020) other than a year in respect of which a Full Valuation is required.