Sant Uk.10te% Regulatory News (SAN)

SANTANDER UK PLC(incorporated in England and Wales, Registered No. 2294747) 2 Triton Square

Regent's Place

London NW1 3AN

11 September 2019

(together, the "Covered Bonds")

€35,000,000,000 GLOBAL COVERED BOND PROGRAMME (THE "PROGRAMME") OF SANTANDER UK PLC (THE "ISSUER") - AMENDMENTS TO THE RELEVANT COVERED BOND SWAP AGREEMENT UNDER THE PROGRAMME

NOTICE IS HEREBY GIVEN TO HOLDERS OF THE COVERED BONDS THAT:

The following modifications have been made to the 1992 ISDA Master Agreement (including the Schedule and Credit Support Annex thereto) between Santander UK plc, Abbey Covered Bonds LLP and Deutsche Trustee Company Limited (in its capacity as Security Trustee) dated as of 14 October 2009 (the Relevant Covered Bond Swap Agreement) under the Programme relating to the Series of Covered Bonds set out in the table above.

The amendments to the Relevant Covered Bond Swap Agreement have been effected by the entry into of a deed of amendment dated as of 5 September 2019 (the Amendment Deed).

Compliance and implementation of the Relevant Covered Bond Swap Agreement with the latest updates to the Fitch, Moody's and Standard & Poor's rating agency criteria and methodologies

Prior to 5 September 2019, the Relevant Covered Bond Swap Agreement was drafted based on the historical rating agency criteria and methodologies for Fitch, Moody's and Standard & Poor's. Following entry into the Amendment Deed, the Relevant Covered Bond Swap Agreement reflects the following criteria:

(i) in respect of Fitch, Fitch's structured finance report entitled "Structured Finance and Covered Bonds Counterparty Rating Criteria" as amended and supplemented by Fitch's "Structured Finance and Covered Bonds Counterparty Rating Criteria - Derivative Addendum", dated 18 April 2019;

(ii) in respect of Moody's, Moody's rating methodology report entitled "Approach to Assessing Swap Counterparties in Structured Finance Cash Flow Transactions", originally dated 16 March 2015, as updated on 29 January 2019; and

(iii) in respect of Standard & Poor's, Standard & Poor's structured finance report entitled "Counterparty Risk Framework: Methodology and Assumptions", as updated on 8 March 2019.

Capitalised terms used but not defined herein shall have the meanings given thereto in the Amended and Restated Master Definitions and Construction Agreement relating to the Programme dated 18 April 2019 (as amended from time to time), and the Relevant Covered Bond Swap Agreement.

Copies of the Relevant Covered Bond Swap Agreement will be made available for Covered Bondholders on the following website: https://www.santander.co.uk/uk/about-santander-uk/debt-investors/santander-uk-covered-bonds 

For further information, please contact: MTF@santander.co.uk 

Disclaimer - Intended Addressees

Please note that the information contained in this announcement may be addressed to and/or targeted at persons who are residents of particular countries (specified in the relevant Final Terms) only and is not intended for use and should not be relied upon by any person outside these countries and/or to whom the offer contained in the relevant Final Terms is not addressed. Prior to relying on the information contained in the relevant Final Terms you must ascertain from the relevant Final Terms whether or not you are part of the intended addressees of the information contained therein.

Your right to access this service is conditional upon complying with the above requirement.