Issue of Debt

Onward Homes Limited (the Issuer)

Not for release, publication or distribution in whole or in part, directly or indirectly, in or into the United States of America

2 February 2022

£350,000,000 2.125 per cent secured bonds due 2053 (the Bonds)

The Issuer announces that it has agreed to sell £50,000,000 of the Bonds that it issued and has retained since issue on 25 March 2021. The proceeds of the sale of those Bonds are due to be received by the Issuer on 9 February 2022.

This announcement does not contain or constitute an offer of, or the solicitation of an offer to buy or subscribe for, securities to any person in the United States or in any jurisdiction in which such offer or solicitation is unlawful. The securities have not been and will not be registered under the United States Securities Act of 1933, as amended, (the "Securities Act") and are subject to U.S. tax law requirements. Except pursuant to an exemption from, or in a transaction not subject to, the registration requirements of the Securities Act, the securities referred to herein may not be offered, sold or delivered in the United States or to, or for the account or benefit of, U.S, persons There will be no public offer of the securities in the United States.