Common use of Early redemption of the Senior Clause in Contracts

Early redemption of the Senior. Notes is at all times at the discretion of the relevant Issuer, and an investor may not be able to reinvest the redemption proceeds at as effective a rate of return as that in respect of the Senior Notes The Senior Notes may, subject as provided in Condition 6, be redeemed before the Maturity Date at the sole discretion of the relevant Issuer if an optional redemption right is specified in the applicable Final Terms, following a Tax Event or, if so specified in the applicable Final Terms in respect of Senior Notes issued by Santander UK Group Holdings, following a Loss Absorption Disqualification Event. During any period when the relevant Issuer may elect to redeem the Senior Notes, the market value of the Senior Notes generally will not rise substantially above the price at which they can be redeemed. This also may be true prior to any redemption period. An investor may not be able to reinvest the redemption proceeds at an effective interest rate as high as the interest rate on the Senior Notes being redeemed and may only be able to do so at a significantly lower rate. Potential investors should consider reinvestment risk in light of other investments available at that time. With respect to a Loss Absorption Disqualification Event, as the Loss Absorption Regulations continue to be implemented in the United Kingdom and may be subject to potential future amendments, the Issuers are currently unable to predict whether the Senior Notes issued by Santander UK Group Holdings are likely to be, fully or partially, excluded from Santander UK Group Holdings’ or the Santander UK Group’s minimum requirements for (A) own funds and eligible liabilities and/or (B) loss absorbing capacity instruments, in each case as such minimum requirements are applicable to Santander UK Group Holdings or to the Santander UK Group. If such Senior Notes issued by Santander UK Group Holdings are to be so redeemed or there is a perception that the Senior Notes issued by Santander UK Group Holdings may be so redeemed, this may impact the market price of the Senior Notes issued by Santander UK Group Holdings. Such legislative and regulatory uncertainty could also affect the value the Senior Notes and therefore affect the trading price of the Senior Notes given the extent and impact on the Senior Notes that one or more regulatory or legislative changes could have on the Senior Notes.

Early redemption of the Senior. Notes is at all times at the discretion of the relevant Issuer, and an investor may not be able to reinvest the redemption proceeds at as effective a rate of return as that in respect of the Senior Notes The Senior Notes may, subject as provided in Condition 6, be redeemed before the Maturity Date at the sole discretion of the relevant Issuer if an optional redemption right is specified in the applicable Final Terms, following a Tax Event or, if so specified in the applicable Final Terms in respect of Senior Notes issued by Santander UK Group Holdings, following a Loss Absorption Disqualification Event. During any period when the relevant Issuer may elect to redeem the Senior Notes, or during which there is an actual or perceived increased likelihood that the relevant Issuer may elect to redeem the Senior Notes, the market value of the Senior Notes generally will not rise substantially above the price at which they can be redeemed. This also may be true prior to any redemption period. An investor may not be able to reinvest the redemption proceeds at an effective interest rate as high as the interest rate on the Senior Notes being redeemed and may only be able to do so at a significantly lower rate. Potential investors should consider reinvestment risk in light of other investments available at that time. With respect to a Loss Absorption Disqualification Event, as the Loss Absorption Regulations continue to be implemented in the United Kingdom and may be subject to potential future amendments, the Issuers are currently unable to predict whether the Senior Notes issued by Santander UK Group Holdings are likely to be, fully or partially, excluded from Santander UK Group Holdings’ or the Santander UK Group’s minimum requirements for (A) own funds and eligible liabilities and/or (B) loss absorbing capacity instruments, in each case as such minimum requirements are applicable to Santander UK Group Holdings or to the Santander UK Group. If such Senior Notes issued by Santander UK Group Holdings are to be so redeemed or there is a perception that the Senior Notes issued by Santander UK Group Holdings may be so redeemed, this may impact the market price of the Senior Notes issued by Santander UK Group Holdings. Such legislative and regulatory uncertainty could also affect the value the Senior Notes and therefore affect the trading price of the Senior Notes given the extent and impact on the Senior Notes that one or more regulatory or legislative changes could have on the Senior Notes.

Early redemption of the Senior. Notes is at all times at the discretion of the relevant Issuer, and an investor may not be able to reinvest the redemption proceeds at as effective a rate of return as that in respect of the Senior Notes The Senior Notes may, subject as provided in Condition 6, be redeemed before the Maturity Date at the sole discretion of the relevant Issuer if an optional redemption right is specified in the applicable Final Terms, following a Tax Event or, if so specified in the applicable Final Terms in respect of Senior Notes issued by Santander UK Group Holdings, following a Loss Absorption Disqualification Event. During any period when the relevant Issuer may elect to redeem the Senior Notes, or during which there is an actual or perceived increased likelihood that the relevant Issuer may elect to redeem the Senior Notes, the market value of the Senior Notes generally will not rise substantially above the price at which they can be redeemed. This also may be true prior to any redemption period. An investor may not be able to reinvest the redemption proceeds at an effective interest rate as high as the interest rate on the Senior Notes being redeemed and may only be able to do so at a significantly lower rate. Potential investors should consider reinvestment risk in light of other investments available at that time. With respect to a Loss Absorption Disqualification Event, as the Loss Absorption Regulations continue to be implemented in the United Kingdom UK and may be subject to potential future amendments, the Issuers are currently unable to predict whether the Senior Notes issued by Santander UK Group Holdings are likely to be, fully or partially, excluded from Santander UK Group Holdings’ or the Santander UK Group’s minimum requirements for (A) own funds and eligible liabilities and/or (B) loss absorbing capacity instruments, in each case as such minimum requirements are applicable to Santander UK Group Holdings or to the Santander UK Group. If such Senior Notes issued by Santander UK Group Holdings are to be so redeemed or there is a perception that the Senior Notes issued by Santander UK Group Holdings may be so redeemed, this may impact the market price of the Senior Notes issued by Santander UK Group Holdings. Such legislative and regulatory uncertainty could also affect the value the Senior Notes and therefore affect the trading price of the Senior Notes given the extent and impact on the Senior Notes that one or more regulatory or legislative changes could have on the Senior Notes.