Notice of Merger Discussions

WHG TREASURY PLC

(the "Issuer")

WHG TREASURY PLC

£250,000,000 4.25 per cent. Secured Bonds due 2045

ISIN XS1115149681

NOT FOR DISTRIBUTION OR RELEASE IN OR INTO THE UNITED STATES OF AMERICA (OR TO U.S. PERSONS), AUSTRALIA, CANADA OR JAPAN, OR IN ANY OTHER JURISDICTION IN WHICH OFFERS OR SALES OF SECURITIES WOULD BE PROHIBITED BY APPLICABLE LAW

Notification of Partnership Discussions

Notice is hereby given that Walsall Housing Group Limited has entered into early stage discussions with Aspire Housing Limited around a potential merger of the two organisations.

The proposition is based upon the close alignment of both organisations' values, their future vision and the geographies in which they operate. It is believed that the two organisations will be stronger working together as a larger organisation that will have higher levels of resilience to respond to the increasingly challenging operating environment faced by housing providers. The new group will be focussed on unlocking efficiency savings to create additional capacity to invest in new homes, existing homes and delivery of services to its collective customers.

Walsall Housing Group Limited is a non-profit charitable company (Company Nº. 04015633), a Registered Charity (Nº. 1108779) and is registered with the Regulator of Social Housing (Nº. L4389).

Aspire Housing Limited is a charitable housing association registered in England as a Community Benefit Society (Reg. No. 31218R) and registered with the Regulator of Social Housing (No. L4238).

whg Treasury PLC is a public limited company (Company No. 09138070).

For further information contact:

Sangita Surridge

Corporate Director of Finance

Walsall Housing Group

100 Hatherton Street,

Walsall,

West Midlands

WS1 1AB

Telephone: 07944 722 768

Email: [email protected]