NOTICE OF EARLY REDEMPTION

PARAGON MORTGAGES (NO.15) PLC

(Registered in England and Wales under number 06212267)

(the "Issuer")

Rule 144A Class A1 Mortgage Backed Floating Rate Notes Due 2039
ISIN: US69913GAA31
Common Code: 031157552
(the "Rule 144AClass A1 Notes")

Reg S Class A1 Mortgage Backed Floating Rate Notes Due 2039
ISIN: XS0310510960
Common Code: 031051096
(the "Reg SClass A1 Notes")

Class A2a Mortgage Backed Floating Rate Notes Due 2039
ISIN: XS0310515258

Common Code: 031051525
(the "Class A2a Notes")

Class A2b Mortgage Backed Floating Rate Notes Due 2039
ISIN: XS0310515506
Common Code: 031051550
(the "Class A2b Notes")

Rule 144A Class A2c Mortgage Backed Floating Rate Notes due 2039

ISIN: US69913GAB14

Common Code: 031158028

(the "Rule 144A Class A2c Notes")

Reg S Class A2c Mortgage Backed Floating Rate Notes due 2039

ISIN: XS0310517205

Common Code: 031051720

(the "Reg S Class A2c Notes")

Class B1a Mortgage Backed Floating Rate Notes Due 2039
ISIN: XS0310519326

Common Code: 031051932
(the "Class B1a Notes")

Class B1b Mortgage Backed Floating Rate Notes Due 2039
ISIN: XS0310521496
Common Code: 031052149
(the "Class B1b Notes")

Class C1b Mortgage Backed Floating Rate Notes Due 2039
ISIN: XS0310524599
Common Code: 031052459
(the "Class C1b Notes" and together with the Class A1 Notes, the Class A2a Notes, the Class A2b Notes, the Class A2c Notes, the Class B1a Notes and the Class B1b Notes, the "Notes")

NOTICE IS HEREBY GIVEN that all of the outstanding Notes will be redeemed by the Issuer on 15 December 2020 (the "Optional Redemption Date"), pursuant to Condition 5(d) of the Terms and Conditions of the Notes. The cancellation of the listing and trading in the Notes on the London Stock Exchange is expected to take effect at or about 8:00a.m. on 23 December 2020. The Notes will be redeemed at their Principal Liability Outstanding together with accrued interest to the Optional Redemption Date.

Payment of principal and interest will be made through and in accordance with the rules and procedures for the time being of Euroclear Bank S.A/N.V and Clearstream Banking S.A. (as applicable) as if the Record Date was 14 December 2020.

Paragon Mortgages (No.15) PLC

51 Homer Road

Solihull

West Midlands

B91 3QJ

Dated 23 November 2020