Bowbell No 3 plc: 17 November 2023

A stand-alone transaction, where the Issuer will make payments on the Notes from payments of principal and revenue received from a portfolio comprising mortgage loans secured over residential properties located in England and Wales, originated by Bank of Ireland (UK) plc ("BOIUK") and which will be purchased by the Issuer on the Closing Date.

As at the Cut-off Date (31 March 2023) the Provisional Mortgage Portfolio consisted of 2,922 repayment mortgage loans (3,080 sub-accounts) originated between July 2014 and June 2023 and secured over properties located in England and Wales, where the average mortgage principal balance is £155,575. All advances are to owner-occupiers. Purpose of Mortgage Loan (by current balances): purchase – 74.9%, re-mortgage - 23.1%, other – 2.1%. Product type: fixed – 97.9%, variable – 2.1%. The WA current LTV is 70.47% (original LTV was 78.77%) and the WA seasoning is 2.28 years. Regional concentration: South East – 16.7%, North West – 12.8%, Greater London – 11.8% and East Anglia – 11.3%.

Significant investor: BOIUK will, on the Closing Date, purchase 100% of the Class Z Notes.

UK & EU Risk Retention: The Seller will retain a material net economic interest of at least 5% in the securitisation.

US Risk Retention: The transaction is not intended to involve the retention by a sponsor of at least 5% of the credit risk of the securitised assets for purposes of compliance with the final rules promulgated under Section 15G of the Securities Exchange Act of 1934 as amended, but rather intends to rely on an exemption provided for in Section 20 of the US Risk Retention Rules regarding non-US transactions.

STS: The securitisation transaction is intended to qualify as a UK STS securitisation within the meaning of Article 18 of the UK Securitisation Regulation.

Compare/contrast: Bowbell No 2 plc (redeemed), Elvet Mortgages 2023-1, RMAC No.3 plc