Housing 21 (3.288% Nov 2049): 08 November 2017

Housing & Care 21's (the Issuer) roots lie with the Royal British Legion (RBL), which in 1921 began to house disabled ex-servicemen and widows and, in 1964, was established as the Royal British Legion Housing Association. In 1992, the Royal British Legion Housing Association severed its ties with RBL and changed its name to Housing 21. In 2014, Housing 21 changed its name to Housing & Care 21 to reflect its position as a provider of care alongside its housing services. The Issuer is registered in England as a registered society and is registered with the Regulator as a Registered Provider of Social Housing and is an exempt charity. The Issuer's principal activity is providing housing and care to older people.

The Bonds will constitute direct secured obligations of the Issuer. The Issuer's obligations in respect of the Bonds are secured pursuant to the Security Agreements by first legal mortgages over the Charged Properties.

The valuation report was prepared by Jones Lang LaSalle Limited:
Units………………………………………………………………………………. EUV-SH
5,075………………………………………………………………………………. £302,500,000

The issuer shall deliver a Full Valuation to the Bond Trustee at least once in every period of five calendar years (beginning in 2022) and it shall deliver to the Bond Trustee a Desk Top Valuation in the period between 31st March and the date falling 120 days thereafter in each year (beginning in 2019) other than a year in respect of which a Full Valuation is required to be delivered.