Notice to Noteholders and Certificate holders

RNS Number: 2905D

Blitzen Securities No.1 PLC

18 October 2022

Notice to Noteholders and Certificate holders

Blitzen Securities No. 1 Plc

(the "Issuer")

BLITZEN SECURITIES NO. 1 PLC

(a public company incorporated with limited liability in England and Wales

with registered number 13012841)

(the "Issuer")

NOTICE

to the holders of:

£484,740,000 of Class A mortgage-backed floating rate notes due 2062

(ISIN XS2374596109)

£25,660,000 of Class B mortgage-backed floating rate notes due 2062

(ISIN XS2374597255)

£25,660,000 of Class C mortgage-backed floating rate notes due 2062

ISIN: XS2374597503

£17,110,000 of Class D mortgage-backed floating rate notes due 2062

ISIN: XS2374597768

£11,410,000 of Class E mortgage-backed floating rate notes due 2062

ISIN: XS2374597925

£5,698,000 of Class F mortgage-backed floating rate notes due 2062

ISIN: XS2374598576

£14,260,000 of Class X mortgage-backed floating rate notes due 2062

ISIN: XS2374608128

(together the "Notes")

(ISIN XS2374596109)

Class Y Certificate due 2062

(ISIN XS2374723224)

Class RC1 Residual Certificate due 2062

(ISIN XS2374723901)

Class RC2 Residual Certificate due 2062

(ISIN XS2374724545)

(together, the "Certificates")

each issued by the Issuer and constituted by a trust deed dated 20th August 2021 between the Issuer and Deutsche Trustee Company Limited in its capacity as Note Trustee and Security Trustee.

1. AMENDMENT TO THE SECURITISATION MORTGAGE SALE AGREEMENT

This Notice provides a summary of the amendment to the Securitisation Mortgage Sale agreement.

A Further Advance Loan means a Further Advance is offered to a Borrower and the funds for such Further Advance become due to the relevant Borrower's solicitors. The original Clause 7.6 of the Securitisation Mortgage Sale Agreement required the Seller to repurchase any Loan in respect of which a Further Advance Loan is being made, if a Further Advance Trigger has occurred or would occur as a consequence of such Further Advance Loan being acquired by the Issuer (an "Initial Trigger Further Advance Loan").

The Securitisation Mortgage Sale Agreement has been modified such that the Initial Trigger Further Advance Loan will not be required to be repurchased by the Seller, however all subsequent Further Advance Loans (and the Loan to which such Further Advance Loan relates) will be required to be so repurchased. No other changes have been made to the Securitisation Mortgage Sale Agreement or any other Transaction Document.

2. THE REVISED SECURITISATION MORTGAGE SALE AGREEMENT

The entire original clause 7.6 of the Securitisation Mortgage Sale agreement was as follows:

7.6 If a Further Advance Trigger has occurred or would occur as a consequence of the Further Advance Loan being sold to the Issuer, the Seller shall be required to repurchase from the Issuer on the Loan Repurchase Date any Loan in respect of which a Further Advance Loan is being made if the (Further Advance Trigger has occurred) or any Loan in respect of which a Further Advance Loan which would cause the Further Advance Trigger to occur.

The entire original clause 7.6 of the Securitisation Mortgage Sale Agreement has been deleted and replaced as follows:

7.6. If a Further Advance Trigger has occurred as a consequence of a Further Advance Loan being sold to the Issuer, no subsequent Further Advance Loans will be sold to the Issuer and the Seller shall be required to repurchase from the Issuer on the Loan Repurchase Date any Loan in respect of which a Further Advance Loan is being made after the Further Advance Trigger has occurred.

The amended Securitisation Mortgage Sale Agreement will be available for viewing electronically by the holders of the Notes and the Certificates via the following links:

https://www.euroabs.com/IH.aspx?d=16353

https://www.secrep.co.uk

In addition, copies of the amended Securitisation Mortgage Sale Agreement will be available for inspection by holders of the Notes and the Certificates at the following office of the Issuer:

10th Floor, 5 Churchill Place, London, United Kingdom, E14 5HU

Capitalised terms used herein which are not specifically defined have the meanings given to them in Schedule 1 (Master Definitions Schedule) of the incorporated terms memorandum, dated 20th August 2020, entered into between, inter alios, the Issuer and Blitzen Bidco DAC No.1 as Seller (as may be further amended, restated, varied, replaced, supplemented and/or novated from time to time).