Economic Master Issuer PLC (2020): 30 July 2020

The Economic Master Issuer PLC residential mortgage-backed note programme was established on 31 July 2020.

The Issuer's primary source of funds to make payments on the notes will be payments received in respect of a portfolio of first ranking residential Mortgage Loans originated by Coventry Building Society or, subject to the terms of the Mortgage Sale Agreement, affiliates of Coventry Building Society, and secured on properties located in England, Wales and Scotland. Each Series and Class of Notes will be secured by the Mortgage Portfolio.

The Mortgage Loans included in the Mortgage Portfolio consist of several different types of mortgage loans with a variety of characteristics relating to, among other things, calculation of interest and repayment of principal.

The notes issued under the Programme will be issued in Series. Each Series will be issued on a single date, be subject to the Conditions and, in the case of the Class A Notes and the Class Z VFNs, may consist of one or more Sub Classes. There will be no more than one Series of Class Z VFNs or of the Seller's Note in respect of the Programme. Notes of the same Class rank pari passu and pro rata among themselves. Each Series of the same Class will not, however, be subject to identical terms in all respects (for example interest rates, interest calculations, expected maturity and final maturity dates may differ between each Series).

EU Risk Retention: The Seller will (in its capacity as originator for the purposes of the Securitisation Regulation) retain, on an ongoing basis, a material net economic interest in the securitisation of not less than 5% in accordance with Article 6(1) of the Securitisation Regulation. The Seller intends to satisfy the EU Risk Retention Requirements through retaining a portion of the Seller's Note in an amount at least equal to 5% of the then aggregate outstanding Current Balance of the Mortgage Portfolio in accordance with Article 6(3)(b) of the Securitisation Regulation.

US Risk Retention: Retention: The Seller, in its capacity as sponsor of the securitisation transactions, intends to satisfy the US Credit Risk Retention Requirements by retaining and maintaining (either directly or through one or more wholly-owned affiliates) a "seller's interest" (as defined in the US Credit Risk Retention Requirements), in the form of the Seller's Note, equal to at least 5% of the aggregate principal amount outstanding of the Notes of all Series issued by the Issuer, other than any Notes that are at all times held by the Seller (or its wholly-owned affiliates), calculated in all cases in accordance with the US Credit Risk Retention Requirements and measured at the Closing Date of each issuance of Notes and on a monthly basis on each Payment Date.

STS: The Seller, as originator, may procure a notification to be submitted to the European Securities and Markets Associations, in accordance with Article 27 of the Securitisation Regulation, and the FCA, that the requirements of Articles 19 to 22 of the Securitisation Regulation have been satisfied with respect to a Series and Class of Notes.