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Barrow Funding PLC: 29 May 2024

A stand-alone issue, where the Issuer will make payments on the Notes from payments of principal and revenue received from a portfolio comprising residential owner occupied loans that were originated as self-certified, which are secured over residential properties located in England and Wales, Scotland and Northern Ireland, the equitable or beneficial interest in which will be sold to the Issuer by Bank of Scotland plc on the Closing Date.

The Provisional Portfolio (as at 1 April 2024) consists of 7,852 first-ranking owner-occupied mortgage accounts (24,853 loans) where the Average Current Balance is £127,982 and the largest is for £1.676mln. Loan purpose: Purchase – 58.50%, re-mortgage – 41.50%. Loan type: Variable – 99.96%. Interest type: interest-only – 87.13%. The current LTV is 73.21%, the original WA LTV was 73.89% and the WA seasoning is 18.09 years. Geographical Distribution: London – 27.59%, South East – 12.52% and Yorks & Humber – 8.10%.

UK & EU Risk Retention: On the Closing Date, Bank of Scotland plc (the Retention Holder) as "originator" for purposes of the UK Securitisation Regulation will retain on an ongoing basis a material net economic interest of not less than 5% in the securitisation in accordance with Article 6(1) of the UK Securitisation Regulation (the UK Retention Requirements) and Article 6(1) of the EU Securitisation Regulation (as required for the purposes of Article 5(1)(d) of the EU Securitisation Regulation). As at the Closing Date, the retention will comprise the Retention Holder holding no less than 5% of the nominal value of each Class of Notes.

US Risk Retention: The Sponsor (Bank of Scotland) intends to satisfy the US Credit Risk Retention Requirements by having the Retention Holder, as its majority-owned affiliate, acquiring and retaining, directly, an eligible vertical interest equal to a minimum of 5% of the nominal value of each Class of Notes and the Residual Certificates.

STS: The Notes are not intended to be designated as a UK STS securitisation or a EU STS securitisation for the purposes of the UK Securitisation Regulation or the EU Securitisation Regulation.

Compare/contrast: Friary No 9 plc, Molossus BTL 2024-1 plc