Principality Building Society (Cov Bond Prog 2025): 28 December 2025

Under this €5 billion covered bond programme, Principality Building Society may from time to time issue bonds denominated in any currency agreed between the Issuer and the relevant Dealers. The price and amount of the Covered Bonds to be issued under the Programme will be determined by the Issuer and the relevant Dealer at the time of issue in accordance with prevailing market conditions.

Principality Covered Bonds LLP has guaranteed payments of interest and principal under the Covered Bonds pursuant to a guarantee which is secured over the Portfolio and its other assets. Recourse against the LLP under its guarantee is limited to the Portfolio and such assets.

Covered Bonds may be issued in bearer or registered form. The maximum aggregate nominal amount of all Covered Bonds from time to time outstanding under the Programme will not exceed €5 billion (or its equivalent in other currencies calculated as described in the Programme Agreement).