COVID-19 update.

Together Financial Services Limited

24 March 2020

COVID-19 update

Together Financial Services Limited ('Together' or 'the Group'), one of the UK's leading specialist mortgage and secured loan providers, today provides a business update on the evolving COVID-19 situation.

Together is constantly reviewing and modifying its approach to protecting its colleagues and their families and to supporting its customers and business partners through these unprecedented times.

In line with the latest official guidance, we have taken the steps necessary to relocate our colleagues with the majority now working remotely from home, ensuring that we can continue to provide service and support to our customers and business partners during this difficult time. We are closely monitoring official governmental guidance and where appropriate implementing changes to our forbearance policies in order to support our customers who are impacted by COVID-19. These include the adoption of measures to support the government's recent announcement on three month payment holidays. We are also redeploying colleagues from across the business to help with the expected increase in contact from our existing customers about their individual circumstances.

In light of the evolving situation across the country in respect of COVID-19, and the practical difficulties and uncertainty that this brings, we have decided to take a number of prudent steps as we focus on supporting our existing customers.

For a temporary period we will not be accepting any new loan applications across our product range and we will focus our attention on those customers currently in our pipeline, ensuring an assessment of their current situation is undertaken whilst honouring our commitment of mortgage offers as appropriate.

Together has a 45-year track record built over multiple economic cycles during which it has remained profitable and well-funded. We have a broad asset base spread across a diverse mix of customers, properties, loan types and regions, with a conservative weighted average indexed loan book LTV of 54.9% 1 . The Group is profitable with £823.2m 2 of shareholder funds, and a diversified funding structure with considerable depth of maturity 3.

At this time, given the general uncertainty, it is difficult to provide any degree of clarity on the potential implications to Together arising from COVID-19 or the government's and/or regulator's current or future responses to tackling the situation. We continue to manage the company on a prudent basis and to monitor the situation carefully. We will provide further updates as and when appropriate.

Notes:

1. 54.9% weighted average indexed loan to value as at 31 December 2019. Only 3.1% of the book had an LTV of 80% or more.
2. As at 31 December 2019, including subordinated shareholder loans
3. Average maturity 3.8 years at 31 December 2019 pro-forma for the senior secured note refinancing in January 2020

For further information:

Together is the trading name of Together Financial Services Limited, which has its registered office address at Lake View, Lakeside, Cheadle, Cheshire SK8 3GW. The indirect parent company of Together Financial Services Limited is Bracken Midco1 plc.

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