Securitisation

FSQ 18-2 & FSQ 19-1 SUCCESSFUL NEGATIVE CONSENT PROCESS (GBP LIBOR TO SONIA)

Kensington has successfully completed the consent solicitation undertaken to transition the bonds and swaps of both the Finsbury Square 2018-2 and Finsbury Square 2019-1 deals from LIBOR to a SONIA basis from their first call date in March 2022. The amendments will be effective from the next IPD of both deals (the 14^th and 16^th of June 2021, respectively). The senior and junior notes will commence paying interest on a Compounded Daily SONIA plus an adjusted margin (described below) from March 2022 provided both deals are not called on their first call date.

The post step-up margins were adjusted using the ISDA 5yr/median methodology i.e. an adjustment of 11.93bps applicable on all tranches of both deals being the Spread Adjustment (as defined in supplement number 70 to the 2006 ISDA Definitions (the "ISDA IBORs Fallback Supplement")) for three month GBP-LIBOR as specified on Bloomberg screen "SBP0003M Index". The pre step-up margins for both deals will remain unchanged and the outstanding notes will continue to be linked to 3m GBP LIBOR.

The RNS, the Deed of Amendment and Restatement (together with the Amended Documents) and the Replacement Interest Rate Swap Confirmation (in each case, as defined in each relevant RNS) will be available on the Kensington’s portal https://investors.kensingtonmortgages.co.uk/rmbs-reports (category ‘Other’).

The RNSs disclosing the results & the margin adjustments of this consent solicitation process are available at this link.

FSQ18-2 & FSQ19-1 Successful Negative Consent Process (GBP LIBOR to SONIA)

Securitisation

FSQ 18-2 & FSQ 19-1 SUCCESSFUL NEGATIVE CONSENT PROCESS (GBP LIBOR TO SONIA)