The attached option classes will begin trading on the MIAX Options Exchange, MIAX Pearl Options Exchange, MIAX Emerald Options Exchange, and MIAX Sapphire Options Exchange on Wednesday, March 25, 2026.Market Makers can use the Member Firm Portal (MFP) to manage their option class assignments.  All LMM and RMM Option Class Assignments must be entered prior to 6:00 PM ET on the business day immediately preceding the effective date.  All changes made after 6:00 PM ET on a given day will be effective two trading days later.MIAX Options and MIAX Emerald Options Primary Lead Market Maker (PLMM) assignments and un-assignments will not be supported via the MFP.  MIAX Options® Exchange MIAX Pearl® Options Exchange MIAX Emerald® Options Exchange MIAX Sapphire™ Options Exchange

Good morning, ladies and gentlemen, and thank you for the invitation to join you at this year’s Digital Asset Summit.[1] I am delighted to be here, especially on the close heels of what was, by any measure, a historic week for America’s digital asset markets. There is much ground to cover and little time to spare. So, I will keep my remarks brief to allow maximum time for discussion with Elad [Roisman]. But first, let me take just a few moments to describe some of what the SEC has done in recent days to deliver long-overdue clarity to our crypto asset markets. As many of you know firsthand, market participants have operated in a state of persistent, often crippling uncertainty around one fundamental question: when does a crypto asset implicate the federal securities laws? Last week, the SEC took a decisive step toward answering that question by publishing a token taxonomy and interpretation of Howey that draws clear lines in the sand and definitively states our view about the outer bounds of the agency’s jurisdiction. More particularly, our framework clarifies the contours of an investment contract and distinguishes between five categories of digital assets, four of which are not securities. We have also begun to chart a path of compliance for entrepreneurs who seek to understand when the fundraise for a crypto asset implicates the federal securities laws. Taken together, the SEC’s actions return the Commission to its core mission—and its statutory authority—of protecting investors involved in securities transactions. In short, they help to ensure that we are no longer the Securities and Everything Commission. Now, as transformative as I expect these steps to be, I should also like to make clear that our interpretation is not an endpoint so much as a foundation. Milestones like this one can tempt us to think that we have tackled the hard questions. But that would mistake progress for resolution. In light of last week’s interpretation, I am reminded of the Churchillian refrain that “this is not the end. It is not even the beginning of the end. But it is, perhaps, the end of the beginning.” Because while the clarity that we have delivered is essential, it is scarcely sufficient. After all, only Congress can future-proof regulation in this space through comprehensive market structure legislation. And as lawmakers consider broader reform to guard against rogue regulation, the SEC is doing exactly what it can and should be doing by providing clarity about the proper boundaries of our jurisdiction within existing law. By hastening the end of the beginning, as Churchill would say. Now, the work ahead merits a fuller discussion than my opening comments allow. So, I want to move to my conversation with Elad so that we can discuss these issues in greater depth. Elad, I look forward to a thoughtful exchange. And I thank you all once again for the privilege of participating in this year’s summit. Thank you. [1] The Chairman’s views expressed in these remarks do not necessarily reflect those of the SEC as an institution or of the other Commissioners.

First bank to offer CME Group’s tokenized cash solution on Google Cloud Universal Ledger  Enhanced digital financial infrastructure modernizes 24/7 institutional settlement, enabling clients to move value continuously for margin, collateral and settlement workflows  Establishes the groundwork for tokenized deposits that support broader payment and treasury use cases BMO, in collaboration with CME Group and Google Cloud, today announced plans to introduce new 24/7 tokenized cash capabilities that will allow institutional clients to move value more easily and securely using CME Group’s permissioned network on Google Cloud Universal Ledger (GCUL). As a North American leader in payments, BMO is supporting its institutional clients by expanding use-cases for accessing tokenized cash through a bank-anchored, institutional framework that enables BMO clients to convert dollars into a tokenized instrument for use with margined products at CME Group. As global markets require continuous operations, institutions need infrastructure that can support the 24/7 movement of value for critical functions including margin calls, trading and settlement. CME Group’s tokenized cash solution is designed to support high-value, real-time settlement needs for institutional participants.  “We are excited to work with CME Group and Google Cloud to deliver a truly innovative solution that modernizes capital market efficiency as the industry advances toward more continuous trading and settlement, while laying the groundwork for BMO tokenized deposits that support broader real-world payment and treasury use cases,” said Derek Vernon, Head, North American Treasury and Payment Solutions, BMO. “As the global ecosystem for stablecoins and tokenized deposits continues to expand rapidly, this capability marks significant progress of BMO’s ambition to bring regulated money movement into a modern, programmable environment. Clients will be able to move funds continuously when markets demand it, not when banking hours allow it – reducing funding gaps and operational friction.”      “With the world moving toward 24/7 trading, CME Group is focused on providing the efficiencies our clients need to manage collateral and margin costs,” said Suzanne Sprague, Chief Operating Officer and Global Head of Clearing, CME Group. “Working with BMO and Google Cloud to tokenize cash at CME Clearing will allow firms to meet margin requirements and settlement obligations in real-time, freeing up capital that would otherwise need to wait for traditional banking cycles." “Our collaboration with CME Group and BMO demonstrates how Google Cloud’s innovative infrastructure solves the complex challenges in finance and empowers our partners to fundamentally transform their businesses,” said James Tromans, Managing Director, Web3 and Digital Assets, Google Cloud. “By providing an enterprise-ready, easy-to-integrate foundation through Google Cloud Universal Ledger, we are enabling BMO and CME Group to offer unparalleled capital efficiency and are helping to significantly reduce operational friction for global markets.” Key features of the new capabilities include:  Tokenized cash: Available to mutual clients of CME Group and BMO, the bank plans to offer an institutional settlement instrument to regulated financial services firms operating in capital markets and the commercial banking space in the second half of 2026, pending regulatory approval. Tokenized deposits: This will allow BMO to offer traditional commercial bank funds in digital form, made available to a broader set of BMO clients to enable general-purpose B2B payments, treasury movements, and programmable cash applications. Always-on movement of value: BMO clients will be able to convert U.S. dollars into tokenized deposits and tokenized cash 24/7, allowing the bank to meet global market needs such as extended trading hours, more continuous operations and moving collateral without traditional cutoff constraints.     The collaboration with BMO builds upon the CME Group and Google Cloud’s March 2025 announcement to pilot solutions for secure wholesale payments and tokenization of assets using GCUL. GCUL is an innovative, programmable, distributed ledger designed to be easy for financial institutions in traditional finance to integrate and use. It simplifies the management of accounts and assets, and facilitates transfers on a private and permissioned network. This collaborative platform empowers participants to leverage their core capabilities and launch services for their clients that meet evolving demands and enhance their overall experiences.

NOTICE IS HEREBY GIVEN that a meeting (the "Meeting") of the Noteholders convened by the Issuer will be held virtually on 16 April 2026 at 10.00 a.m. (London time) for the purpose of considering and, if thought fit, passing the applicable resolution set out below, with the implementation of that resolution being subject to satisfaction of the condition set out in paragraph 9(b) thereof (the "Eligibility Condition") and which resolution will be proposed as an Extraordinary Resolution in accordance with the provisions of the Trust Deed dated 23 March 2021, as amended, restated, modified and/or supplemented from time to time, (the "Trust Deed") made between, inter alios, the Issuer and HSBC Corporate Trustee Company (UK) Limited (the "Trustee"). The Issuer has determined that the Meeting will be held virtually rather than physically in person and, in accordance with the provisions of the Trust Deed, has requested that the Trustee prescribe appropriate regulations regarding the holding of the Meeting. Capitalised terms used in this Notice and not otherwise defined herein shall have the meanings given to them in the Consent Solicitation Memorandum dated 24 March 2026 (the "Consent Solicitation Memorandum"), which is available to Eligible Noteholders (as defined below) from the Information and Tabulation Agent (including on the website of the Information and Tabulation Agent (the "Transaction Website"): (https://projects.sodali.com/lseg) (see "Documents Available for Inspection" below). In accordance with normal practice, the Trustee, the Solicitation Agent, the Information and Tabulation Agent and the Principal Paying Agent have not been involved in the formulation of the Noteholder Proposal (as defined below). None of the Trustee, the Information and Tabulation Agent, the Solicitation Agent, the Principal Paying Agent or any of their respective directors, officers, employees, agents, representatives or affiliates expresses any opinion on, nor makes any representations as to the merits of, the Noteholder Proposal, the relevant Extraordinary Resolution or the proposed amendments referred to in the relevant Extraordinary Resolution set out below. None of the Trustee, the Information and Tabulation Agent, the Solicitation Agent, the Principal Paying Agent or any of their respective directors, officers, employees, agents, representatives or affiliates makes any representation that all relevant information has been disclosed to Noteholders in or pursuant to this Notice, the Consent Solicitation Memorandum or otherwise. None of the Trustee, the Information and Tabulation Agent, the Solicitation Agent, the Principal Paying Agent or any of their respective directors, officers, employees, agents, representatives or affiliates has approved the draft Supplemental Trust Deed or the draft Amended and Restated Final Terms referred to in the relevant Extraordinary Resolution set out below and the Trustee recommends that Noteholders arrange to inspect and review such draft Supplemental Trust Deed and Amended and Restated Final Terms as provided below in this Notice. Accordingly, Noteholders of the relevant Series should take their own independent legal, financial, tax or other advice on the merits and the consequences of voting in favour of the relevant Extraordinary Resolution, including any tax consequences, and on the impact of the implementation of the relevant Extraordinary Resolution. None of the Trustee, the Information and Tabulation Agent, the Solicitation Agent, the Principal Paying Agent or any of their respective directors, officers, employees, agents, representatives or affiliates are responsible for the accuracy, completeness, validity or correctness of the statements made in the Consent Solicitation Memorandum or this Notice, or omissions therefrom. Neither this Notice nor the Consent Solicitation Memorandum constitutes or forms part of, or should be construed as, an offer for sale, exchange or subscription of, or a solicitation of any offer to buy, exchange or subscribe for, any securities of the Issuer or any other entity. The distribution of the Consent Solicitation Memorandum may nonetheless be restricted by law in certain jurisdictions. Persons into whose possession the Consent Solicitation Memorandum comes are required to inform themselves about, and to observe, any such restrictions. BACKGROUND On 19 January 2026, new rules implementing the Public Offers and Admissions to Trading Regulations (the "POATRs") took effect in the UK. The rules govern the offering of securities to the public and their admission to trading in the UK, replacing the EU-derived UK Prospectus Regulation (Regulation (EU) 2017/1129 as it forms part of domestic law by virtue of the EUWA) (the "UK Prospectus Regulation"). The new rules are intended to make it easier for companies to raise capital in the UK, promote wider participation in the capital markets by retail investors, and improve the relative competitiveness of UK regulation compared to other jurisdictions. As a result, UK-listed companies (and wholly owned subsidiaries of such UK-listed companies provided that the bonds are guaranteed by the UK-listed parent) may now offer bonds to both wholesale and UK retail investors in a single security with no increase in disclosure compared to the previous wholesale disclosure standard. The Proposed Amendments will allow the Notes to qualify as Plain Vanilla Listed Bonds ("PVLBs") under the POATRs, as set out in the "Rationale" section below. Proposed Amendments The Issuer has convened the Meeting for the purpose of enabling the Noteholders to consider and, if they think fit, approve a proposal (the "Noteholder Proposal") by way of an Extraordinary Resolution in relation to the Notes for the purposes of: (a)           amending the Specified Denominations of the Notes from £100,000 and integral multiples of £1,000 in excess thereof to be £1,000 and integral multiples of £1,000 in excess thereof; (b)           amending the relevant Final Terms in respect of the Notes to reflect that the Notes will be eligible for purchase by UK retail investors as they qualify as PVLBs; and (c)           enabling investors to hold interests in the Notes through Euroclear UK & Ireland Limited (formerly known as CRESTCo Limited) ("CREST") via the issuance of dematerialised depository interests ("CREST Depository Interests" or "CDIs"), (the "Proposed Amendments"). The Proposed Amendments are set out in more detail in the Annex below, and will be implemented as soon as reasonably practicable following the conclusion of the Meeting if the Extraordinary Resolution is passed (and the Eligibility Condition is satisfied). Provided the Extraordinary Resolution is passed (and the Eligibility Condition is satisfied) at the initial Meeting, implementation of the Proposed Amendments is expected to occur on 20 April 2026 (the "Implementation Date"). Rationale The sterling corporate bond market is a key source of long-term debt finance for LSEG plc and its subsidiaries. The Notes were issued under the EU Prospectus Regulation (Regulation (EU) 2017/1129) and the UK Prospectus Regulation with minimum denominations of £100,000 and were not eligible for purchase by UK retail investors at issuance. The amendments outlined in the Noteholder Proposal seek to (i) reduce the minimum denominations of the Notes from £100,000 to £1,000, (ii) enable investors to hold interests in the Notes through CREST via the issuance of CDIs, and (iii) amend the Final Terms for the Notes to ensure the Notes are eligible for purchase by UK retail investors. These are the minimal changes required for the Notes to qualify as PVLBs under the POATRs, and to be recognised as Access Bonds ("ABs") by the London Stock Exchange, facilitating access to the Notes by UK retail investors in the secondary market. For the Noteholders, the amendments may be expected to increase the liquidity of the Notes. As the amendments are purely administrative in nature, there will be no changes in cash flows for Noteholders that hold their respective Notes to maturity. For the Issuer, the amendments will facilitate access to the Notes by a new group of investors, which may increase the likelihood of their participation in any future PVLB or AB issuance by the Issuer or its subsidiaries.  For both Noteholders, the Issuer and LSEG plc, the amendments will demonstrate support for the aim of the UK Financial Conduct Authority to promote wider participation in the UK capital markets by UK retail investors. Risk Factor Interests in the Notes may be held as CREST Depositary Interests and holders of such interests in the Notes will be subject to additional provisions and, as a result, the rights of, and returns received by, such holders may differ from those of holders of Notes which are not represented by CREST Depositary Interests CREST Depository Interests are separate legal obligations distinct from the Notes and holders of the CDIs ("CDI Holders") will be subject to additional provisions other than the Conditions. CDI Holders will hold or have an interest in a separate legal instrument and will not be the legal owners of the Notes. The rights of CDI Holders to the Notes are represented by the relevant entitlements against the CREST Depository which (through CREST International Nominees Limited (the "CREST Nominee")) holds interests in the Notes. Accordingly, rights under the Notes cannot be enforced by CDI Holders except indirectly through the intermediary depositaries and custodians. The enforcement of rights under the Notes will be subject to the local law of the relevant intermediaries. This could result in an elimination or reduction in the payments that otherwise would have been made in respect of the Notes in the event of any insolvency or liquidation of any of the relevant intermediaries, in particular where the Notes held in clearing systems are not held in special purpose accounts and are fungible with other securities held in the same accounts on behalf of other customers of the relevant intermediaries. The rights of the CDI Holders will be governed by the arrangements between CREST, Euroclear, Clearstream, Luxembourg and the Issuer, including the global deed poll dated 25 June 2001 (as subsequently modified, supplemented and/or restated (the "CREST Deed Poll"). Potential investors should note that the provisions of the CREST Deed Poll, the rules governing the operation of CREST, consisting of the documents constituting the 'CREST Manual' as issued by CREST, as amended, supplemented or replaced from time to time (together, the "CREST Manual")) and the CREST Rules (contained in the CREST Manual) contain indemnities, warranties, representations and undertakings to be given by CDI Holders and limitations on the liability of the CREST Depository. CDI Holders are bound by such provisions and may incur liabilities resulting from a breach of any such indemnities, warranties, representations and undertakings in excess of the amounts originally invested by them. As a result, the rights of, and returns received by, CDI Holders may differ from those of holders of Notes which are not represented by CDIs. In addition, CDI Holders may be required to pay fees, charges, costs and expenses to the CREST Depository in connection with the use of the CREST International Settlement Links Service. These will include the fees and expenses charged by the CREST Depository in respect of the provision of services by it under the CREST Deed Poll and any taxes, duties, charges, costs or expenses which may be or become payable in connection with the holding of the Notes through the CREST International Settlement Links Service. Potential investors should note that none of the Issuer, the Solicitation Agent, the Trustee, the Paying Agents or any of their respective directors, officers, employees, agents, representatives or affiliates will have any responsibility for the performance by any intermediaries through which interests in the Notes and/or CREST Depository Interests may be held, or their respective direct or indirect participants or account holders of their respective obligations under the rules and procedures governing their operations. Investors should consider all of these matters when considering the Consent Solicitations and the Proposed Amendments. NOTEHOLDER PROPOSAL Pursuant to this Notice, the Issuer has convened a Meeting to request that Noteholders consider and agree by Extraordinary Resolution to the matters contained in the Extraordinary Resolution set out below. The Issuer, under the Noteholder Proposal, is requesting that the Noteholders consider and if thought fit, pass the Extraordinary Resolution. If the Extraordinary Resolution is passed by the Noteholders, and if the related Eligibility Condition is satisfied, the Extraordinary Resolution will be binding on all Noteholders, whether present or not at the relevant Meeting and whether or not voting. The Noteholder Proposal is being put to Noteholders for the reasons set out in "Background" above. Eligible Noteholders are also referred to the Consent Solicitation Memorandum which provides further background to the Noteholder Proposal and the reasons therefor. CONSENT SOLICITATION Noteholders are further given notice that the Issuer has invited Eligible Noteholders (as defined below) (each such invitation a "Consent Solicitation") to consent to the approval, by Extraordinary Resolution at the Meeting, of the modification of the terms and conditions (the "Conditions") of, and the Final Terms and the Trust Deed for, the Notes as described in paragraph 1 of the Extraordinary Resolution as set out below, all as further described in the Consent Solicitation Memorandum. The Consent Solicitation Memorandum and any other documents or materials relating to the Consent Solicitations are only for distribution or to be made available to persons who are (i) located and resident outside the United States and not U.S. persons or acting for the account or benefit of a U.S. person (in each case, as defined in Regulation S under the U.S. Securities Act of 1933, as amended (the "Securities Act")), (ii) not retail investors (as defined in each Extraordinary Resolution below) and, if applicable and acting on a non-discretionary basis, who are acting on behalf of beneficial owners that are not retail investors, (iii) persons who have professional experience in matters relating to investments who fall within Article 19(5) of the Financial Services and Markets Act 2000 (Financial Promotion) Order 2005 (the "Order") or high net worth entities, and other persons to whom it may otherwise lawfully be communicated, falling within Article 49(2)(a) to (d) of the Order, and (iv) otherwise persons to whom the relevant Consent Solicitation can be lawfully made and that may lawfully participate in the relevant Consent Solicitation (all such persons, "Eligible Noteholders"). Subject to the restrictions described in the previous paragraph, Noteholders may obtain from the date of this Notice a copy of the Consent Solicitation Memorandum from the Information and Tabulation Agent, the contact details for which are set out below. In order to receive a copy of the Consent Solicitation Memorandum, a Noteholder will be required to provide confirmation as to his or her status as an Eligible Noteholder. EXTRAORDINARY RESOLUTIONIN RESPECT OF THE £500,000,000 1.625 per cent. Notes due 6 April 2030 "THAT this Meeting of the holders (together, the "Noteholders") of the presently outstanding £500,000,000 1.625 per cent. Notes due 6 April 2030 (the "Notes") of London Stock Exchange Group plc (the "Issuer"), constituted by the trust deed dated 23 March 2021 as amended, restated, modified and/or supplemented from time to time (the "Trust Deed") made between, inter alios, the Issuer and HSBC Corporate Trustee Company (UK) Limited (the "Trustee") as trustee for, inter alios, the Noteholders: 1.             (subject to paragraph 9 of this Extraordinary Resolution) assents to the modification of the terms and conditions of the Notes (the "Conditions"), as set out in Schedule 1 to the Trust Deed, as completed by the Final Terms applicable to the Notes dated 31 March 2021, and to consequential or related amendments to the Trust Deed and Final Terms for the Notes, as any of the same may from time to time be modified or amended and restated in accordance with the Trust Deed, such that: a.             the Specified Denominations for the Notes be £1,000 and integral multiples of £1,000 in excess thereof; b.             the relevant Final Terms be amended to reflect that the Notes will be eligible for purchase by UK retail investors as they qualify as Plain Vanilla Listed Bonds; and c.             investors are able to hold interests in the Notes through Euroclear UK & Ireland Limited (formerly known as CRESTCo Limited) ("CREST") via the issuance of dematerialised depository interests ("CREST Depository Interests" or "CDIs"), all as more fully set out and (where applicable) defined in the Annex to the Notice; 2.             (subject to paragraph 9 of this Extraordinary Resolution) authorises, directs, requests and empowers: (a)           the Issuer and the Trustee to execute a deed supplemental to the Trust Deed (the "Supplemental Trust Deed") to effect the modifications referred to in paragraph 1 of this Extraordinary Resolution, in the form or substantially in the form of the draft produced to this Meeting, with such amendments thereto (if any) as the Trustee shall require or agree to; (b)           the Issuer to execute an amended and restated final terms in respect of the Notes (the "Amended and Restated Final Terms") to effect the modifications referred to in paragraph 1 of this Extraordinary Resolution, in the form or substantially in the form of the draft produced to this Meeting, with such amendments thereto (if any) as the Trustee shall require or agree to; and (c)           the Issuer and the Trustee to execute and to do all such other deeds, instruments, acts and things as may be necessary, desirable or expedient in its sole opinion to carry out and to give effect to this Extraordinary Resolution and the implementation of the modifications referred to in paragraph 1 of this Extraordinary Resolution; 3.             (subject to paragraph 9 of this Extraordinary Resolution) discharges and exonerates the Trustee from all liability for which they may have become or may become responsible under the Trust Deed or the Notes or any document related thereto in respect of any act or omission in connection with the passing of this Extraordinary Resolution or its implementation, the modifications referred to in paragraph 1 of this Extraordinary Resolution or the implementation of those modifications or the executing of any deeds, agreements, documents or instructions, the performance of any acts, matters or things to be done to carry out and give effect to the matters contemplated in the Supplemental Trust Deed, the Amended and Restated Final Terms, the Notice or this Extraordinary Resolution; 4.             (subject to paragraph 9 of this Extraordinary Resolution) irrevocably waives any claim that the Noteholders may have against the Trustee arising as a result of any loss or damage which they may suffer or incur as a result of the Trustee acting upon this Extraordinary Resolution (including but not limited to circumstances where it is subsequently found that this Extraordinary Resolution is not valid or binding on the holders) and the Noteholders further confirm that the Noteholders will not seek to hold the Trustee liable for any such loss or damage; 5.             (subject to paragraph 9 of this Extraordinary Resolution) expressly agrees and undertakes to indemnify and hold harmless the Trustee from and against all losses, liabilities, damages, costs, charges and expenses which may be suffered or incurred by them as a result of any claims (whether or not successful, compromised or settled), actions, demands or proceedings brought against the Trustee and against all losses, costs, charges or expenses (including legal fees) which the Trustee may suffer or incur which in any case arise as a result of the Trustee acting in accordance with the Extraordinary Resolution and the Trust Deed; 6.             (subject to paragraph 9 of this Extraordinary Resolution) sanctions and assents to every abrogation, modification, compromise or arrangement in respect of the rights of the Noteholders appertaining to the Notes against the Issuer, whether or not such rights arise under the Trust Deed, the Conditions or otherwise, involved in, resulting from or to be effected by the amendments referred to in paragraph 1 of this Extraordinary Resolution and their implementation; 7.             (subject to paragraph 9 of this Extraordinary Resolution) waives any and all conditions precedent in respect of the execution and delivery of the Supplemental Trust Deed and the Amended and Restated Final Terms and implementation of this Extraordinary Resolution and authorises, requests and instructs the Trustee not to obtain a legal opinion in relation to the execution of the Supplemental Trust Deed and/or the Amended and Restated Final Terms; 8.             (subject to paragraph 9 of this Extraordinary Resolution) discharges and exonerates the Issuer from all liability for which it may have become or may become responsible under the Trust Deed, the Notes or any document related thereto in respect of any act or omission in connection with the passing of this Extraordinary Resolution or the executing of any deeds, agreements, documents or instructions, the performance of any acts, matters or things to be done to carry out and give effect to the matters contemplated in the Supplemental Trust Deed, the Amended and Restated Final Terms, the Notice or this Extraordinary Resolution; 9.             declares that the implementation of this Extraordinary Resolution shall be conditional on: (a)           the passing of this Extraordinary Resolution; and (b)           the quorum required for, and the requisite majority of votes cast at, this Meeting being satisfied by Eligible Noteholders only, irrespective of any participation at this Meeting by Ineligible Noteholders (and would also have been so satisfied if any Ineligible Noteholders who provide confirmation of their status as Ineligible Noteholders and waive their right to attend (virtually) and vote (or be represented (virtually)) at the Meeting had actually participated at the Meeting) and further resolves that, if the Extraordinary Resolution is passed at this Meeting but such condition is not satisfied, the chairman of this Meeting and the Trustee are hereby authorised, directed, requested and empowered to adjourn this Meeting until such date, not less than 13 clear days nor more than 42 clear days later, and time and place as may be appointed by the chairman of this Meeting and approved by the Trustee, for the purpose of reconsidering resolutions 1 to 11 of this Extraordinary Resolution with the exception of resolution 9(b) of this Extraordinary Resolution, and in place of the foregoing provisions of resolution 9(b) the relevant condition will be satisfied if the quorum required for, and the requisite majority of votes cast at, the adjourned Meeting are satisfied by Eligible Noteholders only, irrespective of any participation at the adjourned Meeting by Ineligible Noteholders (and would also have been so satisfied if any Ineligible Noteholders who provide confirmation of their status as Ineligible Noteholders and waive their right to attend (virtually) and vote (or be represented (virtually)) at the adjourned Meeting had actually participated at the adjourned Meeting); 10.          acknowledges that the following terms, as used in this Extraordinary Resolution, shall have the meanings given below: "Consent Solicitation in respect of the Notes" means the invitation by the Issuer to all Eligible Noteholders to consent to the modification of the Conditions relating to the Notes and consequential or related amendments to the Trust Deed and Final Terms for the Notes, as described in the Consent Solicitation Memorandum and as the same may be amended in accordance with its terms; "Consent Solicitation Memorandum" means the consent solicitation memorandum dated 24 March 2026 prepared by the Issuer in relation to, inter alia, the Consent Solicitation in respect of the Notes; "Eligible Noteholder" means each Noteholder who is (a) located and resident outside the United States and not a U.S. person or acting for the account or benefit of a U.S. person (in each case, as defined in Regulation S under the Securities Act), (b) not a retail investor and, if applicable and acting on a non-discretionary basis, who is acting on behalf of a beneficial owner that is not a retail investor, (c) persons who have professional experience in matters relating to investments who fall within Article 19(5) of the Financial Services and Markets Act 2000 (Financial Promotion) Order 2005 (the "Order") or high net worth entities, and other persons to whom it may otherwise lawfully be communicated, falling within Article 49(2)(a) to (d) or the Order, and (d) otherwise a person to whom the Consent Solicitation in respect of the Notes can be lawfully made and that may lawfully participate in the Consent Solicitation in respect of the Notes; "Ineligible Noteholder" means each Noteholder who is not an Eligible Noteholder; "Notice" means the notice given by the Issuer to Noteholders on or around 24 March 2026; "retail investor" means (A) a person in the EEA who is one (or both) of: (i) a retail client as defined in point (11) of Article 4(1) of Directive 2014/65/EU (as amended or superseded, "MiFID II"); or (ii) a customer within the meaning of Directive 2016/97, where that customer would not qualify as a professional client as defined in point (10) of Article 4(1) of MiFID II; or (B) a person in the UK who is not a professional client, as defined in point (8) of Article 2(1) of Regulation (EU) No 600/2014 as it forms part of domestic law by virtue of the European Union (Withdrawal) Act 2018; and "Securities Act" means the U.S. Securities Act of 1933, as amended. 11.          agrees that capitalised terms in this document where not defined herein shall have the meanings given to them in the Trust Deed or the Notice, as applicable." INELIGIBLE NOTEHOLDERS Submission of Ineligible Holder Instructions Any Noteholder that is not an Eligible Noteholder may not participate in the Consent Solicitations. However, any Ineligible Noteholder may deliver, or arrange to have delivered on its behalf, a valid Ineligible Holder Instruction (as defined below). In respect of any Notes held through Euroclear Bank SA/NV ("Euroclear") or Clearstream Banking S.A. ("Clearstream, Luxembourg" and, together with Euroclear, the "Clearing Systems"), the submission of Ineligible Holder Instructions will have occurred upon receipt by the Information and Tabulation Agent from Euroclear or Clearstream, Luxembourg, as applicable, of a valid instruction (an "Ineligible Holder Instruction") submitted in accordance with the requirements of Euroclear or Clearstream, Luxembourg, as applicable. Each such Ineligible Holder Instruction must specify, among other things, the aggregate principal amount of the Notes which are subject to such Ineligible Holder Instruction, and the securities account number at the relevant Clearing System in which the relevant Notes are held. The receipt of such Ineligible Holder Instruction by the relevant Clearing System will be acknowledged in accordance with the standard practices of such Clearing System and will result in the blocking of the relevant Notes in the relevant Ineligible Noteholder's account with such Clearing System so that no transfers may be effected in relation to such Notes until the earlier of (i) the date on which the relevant Ineligible Holder Instruction is validly revoked (including the automatic revocation of such Ineligible Holder Instruction on the termination of the related Consent Solicitation in accordance with the terms of the Consent Solicitation) and (ii) the conclusion of the Meeting (or, if applicable, any adjourned Meeting). Only Direct Participants (as defined under "Voting and Quorum" below) may submit Ineligible Holder Instructions. Each beneficial owner of Notes who is an Ineligible Noteholder and is not a Direct Participant, must arrange for the Direct Participant through which such beneficial owner of Notes who is an Ineligible Noteholder holds its Notes to submit an Ineligible Holder Instruction on its behalf to the relevant Clearing System before the deadlines specified by the relevant Clearing System. By delivering, or arranging for the delivery on its behalf, of an Ineligible Holder Instruction in accordance with the procedures described below, a Noteholder shall (A) waive its right to attend (virtually) and vote (or be represented (virtually)) at the Meeting (as the consequence of the eligibility condition set out in paragraph 9(b) of the relevant Extraordinary Resolution is that such Extraordinary Resolution will only be implemented where it is passed irrespective of any participation at the Meeting by Ineligible Noteholders, such that the attendance and voting at the Meeting by an Ineligible Noteholder will be of no consequence for such implementation) and (B) agree, acknowledge, represent, warrant and undertake to the Issuer, the Trustee, the Principal Paying Agent, the Solicitation Agent and the Information and Tabulation Agent at (i) the time of submission of such Ineligible Holder Instruction, (ii) the Expiration Date, (iii) the time of the Meeting and at the time of any adjourned Meeting and (iv) the Implementation Date (and if a Noteholder or Direct Participant (as defined below) on behalf of any Noteholder is unable to make any such agreement or acknowledgement or give any such representation, warranty or undertaking, such Noteholder or Direct Participant should contact the Information and Tabulation Agent immediately) that: (a)           It is an Ineligible Noteholder. (b)           It is not a person or entity (a "Person") (A) that is, or is directly or indirectly owned or controlled by a Person that is, described or designated in (i) the most current "Specially Designated Nationals and Blocked Persons" list (which as of the date hereof can be found at: https://sanctionslist.ofac.treas.gov/Home/SdnList) or (ii) the Foreign Sanctions Evaders List (which as of the date hereof can be found at: https://sanctionslist.ofac.treas.gov/Home/ConsolidatedList) or (iii) the most current "Consolidated list of persons, groups and entities subject to EU financial sanctions" (which as of the date hereof can be found at: https://data.europa.eu/data/datasets/consolidated-list-of-persons-groups-and-entities-subject-to-eu-financial-sanctions?locale=en) or (iv) the most current "UK sanctions list" (which as of the date hereof can be found at: https://www.gov.uk/government/publications/the-uk-sanctions-list); or (B) that is otherwise the subject of any sanctions administered or enforced by any Sanctions Authority, other than solely by virtue of their inclusion in: (i) the most current "Sectoral Sanctions Identifications" list (which as of the date hereof can be found at: https://www.treasury.gov/ofac/downloads/ssi/ssilist.pdf) (the "SSI List"), (ii) Annexes 3, 4, 5 and 6 of Council Regulation No. 833/2014, as amended from time to time including by Council Regulation No. 960/2014 and Council Regulation (EU) No 1290/2014 and Council Regulation (EU) No 2015/1797 and Council Regulation (EU) No 2017/2212 (the "EU Annexes"), or (iii) any other list maintained by a Sanctions Authority, with similar effect to the SSI List or the EU Annexes. For these purposes "Sanctions Authority" means each of: (i) the United States government; (ii) the United Nations; (iii) the European Union (or any of its member states); (iv) the United Kingdom; (v) any other equivalent governmental or regulatory authority, institution or agency which administers economic, financial or trade sanctions; and (vi) the respective governmental institutions and agencies of any of the foregoing including, without limitation, the Office of Foreign Assets Control of the US Department of the Treasury, the United States Department of State, the United States Department of Commerce, the Foreign, Commonwealth and Development Office and His Majesty's Treasury. (c)           It has undertaken all appropriate analysis of the implications of the Consent Solicitation without reliance on the Issuer, the Trustee, the Principal Paying Agent, the Solicitation Agent, the Information and Tabulation Agent or any of their respective directors, officers, employees, agents, representatives or affiliates. (d)           It has observed the laws of all relevant jurisdictions, obtained all requisite governmental, exchange control or other required consents, complied with all requisite formalities and paid any issue, transfer or other taxes or requisite payments due from it in each respect in connection with its Ineligible Holder Instruction and/or the relevant Extraordinary Resolution in any jurisdiction and that it has not taken or omitted to take any action in breach of the representations or which will or may result in the Issuer, the Solicitation Agent, the Information and Tabulation Agent or any other person acting in breach of the legal or regulatory requirements of any such jurisdiction in connection with the Extraordinary Resolution. (e)           Its Ineligible Holder Instruction is made on the terms and conditions set out in this Notice and therein. (f)            Its Ineligible Holder Instruction is being submitted in compliance with the applicable laws or regulations of the jurisdiction in which the Noteholder is located or in which it is resident or located and no registration, approval or filing with any regulatory authority of such jurisdiction is required in connection with such Ineligible Holder Instruction. (g)           It holds and will hold, until the earlier of (i) the date on which its Ineligible Holder Instruction is validly revoked, and (ii) conclusion of the Meeting or (if applicable) any adjourned Meeting, as the case may be, the Notes the subject of the Ineligible Holder Instruction, in the relevant Clearing System and in accordance with the requirements of the relevant Clearing System and by the deadline required by the relevant Clearing System, it has submitted, or has caused to be submitted, an Ineligible Holder Instruction to the relevant Clearing System, as the case may be, to authorise the blocking of such Notes with effect on and from the date thereof so that no transfers of such Notes may be effected until the occurrence of any of the events listed in (i) or (ii) above. (h)           It acknowledges that none of the Issuer, the Trustee, the Solicitation Agent, the Information and Tabulation Agent and the Principal Paying Agent or any of their respective affiliates, directors, officers, employees, representatives or agents has made any recommendation as to whether to vote on the relevant Extraordinary Resolution and it represents that it has made its own decision with regard to the relevant Extraordinary Resolution based on any independent legal, financial, tax or other advice that it has deemed necessary to seek. (i)            It acknowledges that all authority conferred or agreed to be conferred pursuant to these acknowledgements, representations, warranties and undertakings and every obligation of the Noteholder offering to waive its right to vote on the relevant Extraordinary Resolution shall to the extent permitted by applicable law be binding upon the successors, assigns, heirs, executors, trustees in bankruptcy and legal representatives of the Noteholder waiving its right to vote on the relevant Extraordinary Resolution and shall not be affected by, and shall survive, the death or incapacity of the Noteholder waiving its right to vote on the relevant Extraordinary Resolution, as the case may be. (j)            It acknowledges that the Notes have not been and will not be registered under the Securities Act, or the securities laws of any state or other jurisdiction of the United States, and may not be offered or sold in the United States or to, or for the account or benefit of, U.S. persons, unless an exemption from the registration requirements of the Securities Act is available (terms used in this paragraph that are, unless otherwise specified, defined in Regulation S under the Securities Act are used as defined in Regulation S). (k)           The information given by or on behalf of such Noteholder in the Ineligible Holder Instruction is true and will be true in all respects at the time of the Meeting (or any adjourned Meeting). (l)            No information has been provided to it by the Issuer, Trustee, the Solicitation Agent or the Information and Tabulation Agent, or any of their respective affiliates, directors, officers, employees, representatives or agents, with regard to the tax consequences for Noteholders arising from the participation in the Meeting or the implementation of the Extraordinary Resolution, and it acknowledges that it is solely liable for any taxes and similar or related payments imposed on it under the laws of any applicable jurisdiction as a result of its submission of the Ineligible Holder Instruction, and agrees that it will not and does not have any right of recourse (whether by way of reimbursement, indemnity or otherwise) against the Issuer, the Trustee, the Solicitation Agent or the Information and Tabulation Agent, or any of their respective affiliates, directors, officers, employees, representatives or agents, or any other person, in respect of such taxes and payments. The representation set out in paragraph (b) above shall not be sought or given at any time after such representation is first made if and to the extent that it is or would be unenforceable by reason of breach of (i) any provision of Council Regulation (EC) No 2271/1996 of 22 November 1996 (as amended) (or any law or regulation implementing such Regulation in any member state of the European Union) or (ii) Council Regulation (EC) No 2271/1996 as it forms part of domestic law by virtue of the European Union (Withdrawal) Act 2018. If the relevant Ineligible Noteholder is unable to give any of the representations and warranties described above, such Ineligible Noteholder should contact the Information and Tabulation Agent. Each Ineligible Noteholder submitting an Ineligible Holder Instruction in accordance with its terms shall have agreed to indemnify the Issuer, the Solicitation Agent, the Information and Tabulation Agent, the Principal Paying Agent, the Trustee and each of their respective affiliates, directors, officers, employees, representatives or agents against all and any losses, costs, fees, claims, liabilities, expenses, charges, actions or demands which any of them may incur or which may be made against any of them as a result of any breach of any of the terms of, or any of the representations, warranties and/or undertakings given pursuant to, such instruction by such Noteholder. All questions as to the validity, form and eligibility (including the time of receipt) of any Ineligible Holder Instructions or revocation or revision thereof or delivery of Ineligible Holder Instructions will be determined by the Issuer in its sole discretion, which determination will be final and binding. The Issuer reserves the absolute right to reject any and all Ineligible Holder Instructions not in a form which is, in the opinion of the Issuer, lawful. The Issuer also reserves the absolute right to waive defects in Ineligible Holder Instructions with regard to the Notes. None of the Issuer, the Solicitation Agent, the Trustee, the Principal Paying Agent, the Information and Tabulation Agent or any of their respective directors, officers, employees, agents, representatives or affiliates shall be under any duty to give notice to Noteholders or beneficial owners of Notes of any irregularities in Ineligible Holder Instructions; nor shall any of them incur any liability for failure to give notification of any material amendments to the terms and conditions of the Consent Solicitations. REQUIREMENTS OF U.S. SECURITIES LAWS In the event the Extraordinary Resolution is passed and implemented, the Supplemental Trust Deed will contain a statement that, until the expiry of the period of 40 days after the date of the relevant Supplemental Trust Deed, sales of the Notes may not be made in the United States or to U.S. persons unless made outside the United States pursuant to Rules 903 and 904 of Regulation S under the Securities Act. GENERAL INFORMATION The attention of Noteholders is particularly drawn to the quorum required for the Noteholders Meetings and for any adjourned Meeting which is set out in paragraphs 1, 2, 3, 4 and 5 of "Voting and Quorum" below. Having regard to such requirements, Noteholders are strongly urged either to attend (virtually) the Meeting or to take steps to be represented (virtually) at the Meeting (including by way of submitting a Consent Instruction or Ineligible Holder Instruction) as soon as possible. Voting and Quorum Noteholders who have submitted and not revoked a valid Consent Instruction or Ineligible Holder Instruction in respect of the Extraordinary Resolution by 5.00 p.m. (London time) on 13 April 2026 (the "Expiration Deadline"), by which they will (i) (in the case of Consent Instructions) have given instructions for the appointment by the Principal Paying Agent of one or more representatives of the Information and Tabulation Agent as their proxy to vote in the manner specified or identified in such Consent Instruction at the Meeting (or any adjourned Meeting) or (ii) (in the case of Ineligible Holder Instructions) waived such rights, need take no further action to be represented at the Meeting (or any such adjourned Meeting). Noteholders who have not submitted, or who have submitted and revoked, a Consent Instruction or Ineligible Holder Instruction in respect of the Extraordinary Resolution by the Expiration Deadline should take note of the provisions set out below detailing how such Noteholders can attend or take steps to be represented (virtually) at the Meeting (references to which, for the purposes of such provisions, include, unless the context otherwise requires, any adjourned Meeting). 1.             Subject as set out below, the provisions governing the convening and holding of the Meeting are set out in Schedule 5 (Provisions for Meetings of Noteholders) to the Trust Deed, a copy of which is available for viewing by the Noteholders during normal business hours at the specified offices of the Principal Paying Agent on any weekday (public holidays excepted) and may be obtained from the Principal Paying Agent by email. All of the Notes are represented by a global Note and are held by a common safekeeper for Euroclear and Clearstream, Luxembourg. For the purpose of the Meeting, a "Direct Participant" shall mean each person who is for the time being shown in the records of Euroclear or Clearstream, Luxembourg as the holder of a particular principal amount outstanding of the Notes. Each person (a "beneficial owner") who is the owner of a particular principal amount of the Notes through Euroclear, Clearstream, Luxembourg or a Direct Participant, should note that a beneficial owner will only be entitled to attend (virtually) and vote at the Meeting in accordance with the procedures set out below and where a beneficial owner is not a Direct Participant it will need to make the necessary arrangements, either directly or with the intermediary through which it holds its Notes, for the Direct Participant to complete these procedures on its behalf by all applicable deadlines. A Direct Participant or beneficial owner of Notes wishing to attend (virtually) a Meeting in person must produce at the Meeting a valid voting certificate or certificates issued by the Principal Paying Agent relating to the Notes in respect of which such Direct Participant or beneficial owner wishes to vote. A Direct Participant not wishing to attend (virtually) the Meeting in person may (or the beneficial owner of the Notes may arrange for the relevant Direct Participant on its behalf to) give a voting instruction (by giving an electronic instruction to block its Notes and to vote in respect of the Meeting to Euroclear or Clearstream, Luxembourg in accordance with the procedures of Euroclear or Clearstream, Luxembourg, as applicable) requiring the Principal Paying Agent to include the votes attributable to its Notes in a block voting instruction issued by the Principal Paying Agent for the Meeting or any adjourned Meeting, and the Principal Paying Agent shall appoint the Information and Tabulation Agent as their a proxy to attend (virtually) and vote at the Meeting in accordance with such Direct Participant's instructions.  A Direct Participant holding Notes and not wishing to attend (virtually) the Meeting in person may alternatively deliver its valid voting certificate(s) to the person whom it wishes to attend (virtually) the Meeting on its behalf. Beneficial owners or their Direct Participants must have made arrangements to vote with the relevant Clearing System by not later than 48 hours before the time fixed for the Meeting (or any adjourned Meeting) and within the relevant time limit specified by the relevant Clearing System (who may set a significantly earlier deadline) and request or make arrangements for the relevant Clearing System to block the Notes in the relevant Direct Participant's account and to hold the same to the order or under the control of the Principal Paying Agent. Notes blocked as set out above will not be released until the earlier of (i) the date on which the relevant electronic voting and blocking instruction is validly revoked (including its automatic revocation on the termination of the related Consent Solicitation); (ii) the conclusion of the Meeting (or, if applicable, any adjourned such Meeting); and (iii) not less than 48 hours before the time for which the Meeting (or, if applicable, any adjourned Meeting) is convened, the notification in writing of any revocation of a Direct Participant's previous instructions to the relevant Paying Agent. Noteholders should note that the timings and procedures set out in this notice reflect the requirements for Noteholders' Meetings set out in the Trust Deed, but that the Clearing Systems and the relevant intermediaries may have their own additional requirements as to timings and procedures for voting on the Extraordinary Resolution. Accordingly, Noteholders wishing to vote in respect of the Extraordinary Resolution are strongly urged either to contact their custodian (in the case of a beneficial owner whose Notes are held in book-entry form by a custodian) or the relevant Clearing System (in the case of a Noteholder whose Notes are held in book-entry form directly in the relevant Clearing System), as soon as possible. The Issuer has determined that the Meeting be held virtually rather than physically in person and, in accordance with the provisions of the Trust Deed, has requested that the Trustee prescribe appropriate regulations regarding the holding of the Meeting. The Meeting will be held virtually using a platform hosted by the chairman of the Meeting to allow attendees to participate electronically. Details for accessing the Meeting will be made available to proxies who have been duly appointed under a block voting instruction and to holders of voting certificates, in each case issued in accordance with the procedures set out in this Notice. Any Noteholders who indicate to the Information and Tabulation Agent that they wish to participate electronically in, or otherwise be represented at, the Meeting (rather than being represented by the Information and Tabulation Agent pursuant to a block voting instruction as described above) will be provided with further details about attending (virtually) the Meeting. All references in this Notice to attendance or voting "in person" shall refer to the attendance or voting at the Meeting virtually. 2.             The quorum at the Meeting for passing the Extraordinary Resolution shall (subject as provided below) be one or more persons holding or representing not less than a clear majority of the aggregate nominal amount of the Notes for the time being outstanding (as defined in the Trust Deed). If a quorum is not present within 15 minutes (or such longer period not exceeding 30 minutes as the chairman may decide) after the time fixed for the Meeting, the Meeting will be adjourned until such date, not less than 13 clear days nor more than 42 clear days later, and such time as may be appointed by the chairman of the Meeting and approved by the Trustee. In addition, if the quorum required for, and the requisite majority of votes cast at, the Meeting is satisfied but the Eligibility Condition in respect of the Meeting is not satisfied, the chairman of the Meeting will adjourn the Meeting until such date, not less than 13 clear days nor more than 42 clear days later, and such time as may be appointed by the chairman of the Meeting and approved by the Trustee. The Extraordinary Resolution will then be considered at an adjourned Meeting (notice of which will be given to the Noteholders). At any adjourned Meeting, one or more persons being or representing Noteholders whatever the nominal amount of the Notes held or represented shall (subject as provided below) form a quorum and shall have the power to pass the Extraordinary Resolution. 3.             To be passed at the Meeting, an Extraordinary Resolution requires a majority in favour consisting of not less than three-quarters of the votes cast at the Meeting.   The question submitted to the Meeting shall be decided in the first instance by a show of hands unless a poll is (before, or on the declaration of the result of, the show of hands) demanded by the chairman of the Meeting, the Issuer, the Trustee or by one or more Voters (whatever the aggregate principal amount of the Notes so held or represented by them).  At each Meeting, (A) on a show of hands every person who is present in person (virtually) and who produces a voting certificate or is a proxy or representative has one vote and (B) on a poll every such person has one vote in respect of each £1,000 of principal amount of Notes so represented by the voting certificate so produced or for which he is a proxy or representative. At the Meeting a declaration by the Chairman that a resolution has or has not been passed shall be conclusive evidence of the fact without proof of the number or proportion of the votes cast in favour of or against such resolution. 4.             The implementation of the Consent Solicitation and the Extraordinary Resolution will be conditional on: (a)           the passing of the Extraordinary Resolution; and (b)           the quorum required for, and the requisite majority of votes cast at, the Meeting being satisfied by Eligible Noteholders only, irrespective of any participation at the Meeting by Ineligible Noteholders (and would also have been so satisfied if any Ineligible Noteholders who provide confirmation only of their status as Ineligible Noteholders and waive their right to attend (virtually) and vote (or be represented (virtually)) at the Meeting had actually participated at such Meeting), including, if applicable, the satisfaction of such condition at an adjourned Meeting (the "Eligibility Condition"), (together, the "Consent Conditions"). 5.             If passed, the Extraordinary Resolution passed at the Meeting will be binding upon all the Noteholders, whether present or not at the relevant Meeting and whether or not voting. Documents Available for Inspection Copies of items (a) to (d) below (together, the "Noteholder Information") will be available from the date of this Notice, for inspection during normal business hours at the specified offices of the Principal Paying Agent on any weekday (public holidays excepted) and on the Transaction Website (https://projects.sodali.com/lseg). (a)           this Notice; (b)           the current draft of the Supplemental Trust Deed as referred to in the relevant Extraordinary Resolution set out above (the "Supplemental Trust Deed"); (c)           the current draft of the Amended and Restated Final Terms as referred to in the Extraordinary Resolution set out above (the "Amended and Restated Final Terms"); and (d)           such other ancillary documents as may be approved by the Trustee and/or such other relevant party as are necessary or desirable to give effect to the Noteholder Proposal in full. This Notice should be read in conjunction with the Noteholder Information. The Noteholder Information may be supplemented from time to time. Existing Noteholders should note that the Supplemental Trust Deed and the Amended and Restated Final Terms may be subject to amendment (where such amendments are in line with the Proposed Amendments) up until 7 days prior to the date fixed for the initial Meeting. Should such amendments be made, blacklined copies (showing the changes from the originally available Supplemental Trust Deed or Amended and Restated Final Terms, as the case may be) and clean versions will be available from the Information and Tabulation Agent (including on the Transaction Website (https://projects.sodali.com/lseg)). Existing Noteholders will be informed of any such amendments to the Supplemental Trust Deed or Amended and Restated Final Terms by announcements released on the regulatory news service of the London Stock Exchange. CONTACT INFORMATION Further information relating to the Proposed Amendments can be obtained from the Solicitation Agent directly: THE SOLICITATION AGENT Lloyds Bank Corporate Markets plc 33 Old Broad Street London EC2N 1HZ United Kingdom Attention:                              Liability Management Group Telephone:                            +44 20 7158 1726 Email:                                    lbcmliability.management@lloydsbanking.com  The contact details for the Information and Tabulation Agent, the Principal Paying Agent and the Trustee are set out below:   THE INFORMATION AND TABULATION AGENT Sodali & Co Limited The Leadenhall Building 122 Leadenhall Street London EC3V 4AB United Kingdom Telephone:                                            +44 20 4513 6933 Email:                                                    lseg@investor.sodali.com Transaction Website:          https://projects.sodali.com/lseg THE TRUSTEE HSBC Corporate Trustee Company (UK) Limited 8 Canada Square London E14 5HQ United Kingdom THE PRINCIPAL PAYING AGENT HSBC Bank plc 8 Canada Square London E14 5HQ United Kingdom Noteholders whose Notes are held by Euroclear or Clearstream, Luxembourg should contact the Information and Tabulation Agent at the address details above for further information on the process for voting at the Meeting. ANNOUNCEMENTS If the Issuer is required to make an announcement relating to matters set out in this Notice, any such announcement will be made in accordance with all applicable rules and regulations via notices to the Clearing Systems for communication to Noteholders and an announcement released on the regulatory news service of the London Stock Exchange. This Notice is given by:   London Stock Exchange Group plc   Dated: 24 March 2026     Annex to the Notice of Meeting of 2030 Noteholders AMENDMENTS TO THE CONDITIONS IN RESPECT OF THE NOTES The following amendments will be made to the Final Terms for the Notes, which complete the Conditions for the Notes:   1.             The legend titled "Prohibition of Sales to UK Retail Investors" included on the front of the Final Terms for the 2030 Notes shall be deleted, and the item specifying "Prohibition of Sales to UK Retail Investors" in Part B of the Final Terms shall be specified to be "Not Applicable". 2.             The legend titled "UK MIFIR Product governance / Professional investors and ECPs only target market" shall be deleted and replaced with the following: UK MIFIR product governance / Professional investors and ECPs, and also UK retail investors target market - Solely for the purposes of the manufacturer's product approval process, the target market assessment in respect of the Notes has led to the conclusion that: (i) the target market for the Notes is professional clients, as defined in point (8) of Article 2(1) of Regulation (EU) No 600/2014 as it forms part of domestic law by virtue of the European Union (Withdrawal) Act 2018 ("EUWA") ("professional client"), and eligible counterparties, as defined in the FCA Handbook Conduct of Business Sourcebook and also UK retail clients (for these purposes, a retail client means a person who is not a professional client); and (ii) all channels for distribution of the Notes are appropriate. Any person subsequently offering, selling or recommending the Notes (a "distributor") should take into consideration the manufacturer's target market assessment; however, a distributor subject to the FCA Handbook Product Intervention and Product Governance Sourcebook is responsible for undertaking its own target market assessment in respect of the Notes (by either adopting or refining the manufacturer's target market assessment) and determining appropriate distribution channels. 3.             The Specified Denominations included in paragraph 6(i) of Part A of the Final Terms for the 2030 Notes shall be deleted and replaced with the following:                                                                 (i)            £1,000 and integral multiples of £1,000 in excess thereof 4.             The words "Not Applicable" shall be deleted from the item specifying "Any clearing system(s) other than Euroclear Bank SA/NV and Clearstream Banking S.A. and the relevant identification number(s)" in Part B of the Final Terms for the 2030 Notes and the following language shall be inserted: Any clearing system(s) other than Euroclear Bank SA/NV and Clearstream Banking S.A. and the relevant identification number(s): The Notes will also be made eligible for Euroclear UK & Ireland Limited (formerly known as CRESTCo Limited) via the issue of dematerialised depository interests  representing the Notes  

The European Banking Authority (EBA) today published its second Impact Assessment Report on the minimum requirement for own funds and eligible liabilities (MREL), assessing the effects of the framework on EU institutions, markets and funding structures. The Report shows that EU banks have continued to build up MREL resources, developing market access with limited impact on their business models. However, structural challenges remain for smaller banks.  EU banks have continued to build up MREL resources between 2022-2024 to meet final MREL targets applicable from 1 January 2024. By end-2024, resolution entities held MREL-eligible instruments amounting to 34.7% of total risk exposure amount (TREA) on average.  The analysis shows that the introduction of MREL requirements has prompted issuances of eligible liabilities from all banks. Most resolution entities recorded high levels of issuance, with EUR 371 billion in MREL-eligible instruments issued in 2024. Although the MREL framework has encouraged smaller banks and multiple point of entry (MPE) groups to develop market access, structural challenges persist, particularly for smaller institutions.  The composition of MREL resources reflects both subordination requirements and banks’ different ability to issue in wholesale funding markets. Senior non-preferred (SNP) instruments have become the dominant form of eligible debt. Larger banks continue to issue across different subordination layers, whereas smaller banks largely rely on retained earnings and Common Equity Tier 1 (CET1) capital to meet their MREL requirements. Overall, own funds remain the largest MREL component, accounting for 20.5% of TREA on average. Authorities report no material changes to banks’ business models that can be directly attributed to MREL. However, smaller, deposit-funded institutions face higher compliance costs and greater complexity compared to larger banks already active in wholesale markets. Structural adjustments within banking groups remain limited and are primarily driven by broader resolvability considerations rather than by MREL requirements alone.   Legal basis and background  The EBA is mandated under Article 45l(2) of the Bank Recovery and Resolution Directive (BRRD) to deliver to the European Commission every three years a report assessing the impact of the minimum requirement for own funds and eligible liabilities. This Report represents the final iteration of the report to be produced under the current mandate. Alongside this monitoring exercise, the EBA is also reflecting on possible ways to streamline the capital and TLAC/MREL framework, in the context of the implementation of the recommendations set out in its Report on the efficiency of the regulatory and supervisory framework. MREL is the requirement that ensures that relevant EU institutions have sufficient loss absorbing capacity to support the execution of the preferred resolution strategy in the event of failure. The BRRD set 1 January 2024 as a deadline to meet MREL requirements, except for those banks that recently changed resolution strategy, or those eligible for an extension in accordance with Article 45m BRRD. The report draws on quantitative data from MREL/TLAC reporting, FINREP, Dealogic, Markit, as well as on a qualitative survey of EU competent and resolution authorities.  Documents   MREL impact assessment report (900.23 KB - PDF) Related content Topic Resolution

Banks' liquidity ratios increased slightly while Basel III risk-based capital and leverage ratios are stable in the first half of 2025. The average impact of the Basel III framework on the Tier 1 minimum required capital (MRC) of Group 1 banks decreased, driven by implementation progress. The newly expanded cryptoasset exposures dashboard shows how banks are classifying their cryptoasset exposures.  Basel III Liquidity Coverage Ratios (LCRs) and Net Stable Funding Ratios (NSFRs) increased while capital and leverage ratios remained stable for large internationally active banks in the first half of 2025, according to the latest Basel III monitoring exercise, published today. The report, based on data as of 30 June 2025, sets out trends in current bank capital and liquidity ratios and the impact of the fully phased-in Basel III framework, including the December 2017 finalisation of the Basel III reforms and the January 2019 finalisation of the market risk framework. It covers both large internationally active banks (Group 1) and other smaller banks (Group 2). See note to editors for definitions. The implementation of the final elements of the Basel III minimum requirements began on 1 January 2023. The report is accompanied by interactive Tableau dashboards, offering users an intuitive way to explore results. One dashboard focuses on banks' exposure to cryptoassets and shows how banks have reported whether they believe certain cryptoasset exposures meet the four classification conditions outlined in SCO60. Background Through a rigorous reporting process, the Basel Committee regularly reviews the implications of the Basel III standards for banks and has been publishing the results of such exercises since 2012. The results shown for "current Basel III framework" reflect the current jurisdictional standards that apply to the reporting banks as of 30 June 2025, which reflect different degrees of implementation of the Basel III reforms. The Basel III implementation dashboard provides an overview of Basel III implementation status across jurisdictions. The results shown for "fully phased-in final Basel III framework (2028)" assume that the positions as of 30 June 2025 were subject to the full application of the Basel III standards. That is, they do not account for transitional arrangements set out in the Basel III framework, which expire on 1 January 2028. No assumptions were made about bank profitability or behavioural responses, such as changes in bank capital or balance sheet composition. For that reason, the results of the study may not be comparable with industry estimates. Data are provided for 150 banks, including 101 large internationally active banks. These "Group 1" banks are defined as internationally active banks that have Tier 1 capital of more than €3 billion and include 29 institutions that have been designated as global systemically important banks (G-SIBs). The Basel Committee's sample also includes 49 "Group 2" banks (ie banks that have Tier 1 capital of less than €3 billion or are not internationally active). The values for the previous period may differ slightly from those published in the previous report. This is because, first, some banks have updated their earlier data to improve accuracy and expand the dataset over time. Second, additional national Pillar 1 requirements have been included to give a clearer picture of how Basel III affects banks' target capital requirements. For more information, you can refer to the Basel III monitoring methodology note.

The FCA will set out its approach on motor finance redress shortly after markets close on Monday 30 March, having consulted on a compensation scheme in October 2025.

The New York Stock Exchange (NYSE), part of Intercontinental Exchange, Inc. (NYSE: ICE), one of the world’s leading providers of financial market technology and data powering global capital markets, and Securitize, the world’s leader in tokenizing real-world assets, today announced a collaboration to support the development of tokenized securities markets, with Securitize named as the first digital transfer agent eligible to mint blockchain-native securities for corporate or ETF issuers on the upcoming NYSE-affiliated tokenized securities platform (the Digital Trading Platform). As part of the collaboration formalized in their Memorandum of Understanding (MOU), NYSE plans to partner with Securitize as a premier design partner in the development of a digital transfer agent program intended to support on-chain settlement of tokenized security transactions. The companies plan to collaborate on the development of standards for digital transfer agents and tokenization agents participating in the digital ecosystem, with a focus on establishing regulatory, operational, and technology requirements for institutional-grade tokenized securities infrastructure. “The NYSE continues to lead the industry in responsible innovation,” said Lynn Martin, President, NYSE Group. “As we explore how tokenization can enhance capital markets, it is critical that new infrastructure is developed in a way that preserves the trust, transparency, and protections investors expect. Securitize brings deep experience in digital asset infrastructure and transfer agency, making them a strong partner in helping design this next generation of market structure.” This initiative will draw on Securitize’s experience as a leading tokenization platform and SEC-registered transfer agent, helping define the role of transfer agent infrastructure in maintaining official records of ownership, supporting corporate actions, and ensuring tokenized securities meet the standards of traditional markets. Subject to applicable requirements, this work is expected to support Securitize’s role as an approved digital transfer agent for the platform. “Securitize has spent years building the regulated infrastructure needed to bring real-world assets on-chain,” said Carlos Domingo, Co-Founder and CEO, Securitize. “We are proud to support NYSE in helping design the foundational transfer agent infrastructure for tokenized securities markets. This is about building tokenization in a way that works within real market structure, with the protections, controls, and operational integrity required for public securities.” As part of the broader collaboration, Securitize Markets is expected to become one of the broker-dealer participants on the upcoming Digital Trading Platform, supporting the development of market structure for issuer-sponsored tokenized securities.

Today, Commodity Futures Trading Commission Chairman Michael S. Selig launched the Innovation Task Force, which is dedicated to advancing clear rules of the road for American innovators building novel products and technologies within U.S. derivatives markets.  The Innovation Task Force, in partnership with the Innovation Advisory Committee, will work with the Commission to develop a clear regulatory framework for innovators focused on: (i) crypto assets and blockchain technologies; (ii) artificial intelligence and autonomous systems; and (iii) prediction markets and event contracts.  “By establishing a clear regulatory framework for innovators building on the new frontier of finance, we can foster responsible innovation at home and ensure American market participants are not left on the sidelines” said Chairman Selig.  The Innovation Task Force is charged with executing on the Commission’s innovation agenda, and will coordinate with federal agencies and departments, including the U.S. Securities and Exchange Commission and its Crypto Task Force, on innovation initiatives. Michael J. Passalacqua, senior advisor to the Chairman, will lead the Innovation Task Force. 

BISON expands its portfolio, listing seven additional altcoins Broader access to the crypto market within the fully regulated environment of Boerse Stuttgart Group The crypto trading platform now offers a total of 63 coins BISON, the crypto trading platform for retail investors of Boerse Stuttgart Group, continues to expand its offering: users can now trade seven additional cryptocurrencies within a fully regulated environment. The portfolio now comprises a total of 63 coins and includes cryptocurrencies such as Ethereum Name Service (ENS), Bonk (BONK), and Jupiter (JUP). “With the expansion of our offering, we are responding to the growing interest in altcoins and the demand for portfolio diversification,“ says Dr. Ulli Spankowski, CEO and Co-Founder of BISON. "This gives our customers even broader access to the crypto market within the secure and regulated environment of Boerse Stuttgart Group." The seven coins at a glance With the portfolio expansion, BISON customers now have access to seven additional cryptocurrencies - from established infrastructure tokens to innovative Solana-based projects with strong community participation: Ethereum Name Service (ENS): Governance token of the decentralized naming system on the Ethereum blockchain that enables human-readable addresses and decentralized domain services Bonk (BONK): Community-centric social token within the Solana ecosystem, designed to drive liquidity and user engagement through extensive dApp integrations Jupiter (JUP): Token of the decentralized exchange routing protocol in the Solana ecosystem, supporting liquidity and efficient trading routes Pyth Network (PYTH): Decentralized oracle network delivering high-quality financial and market data in real time to DeFi applications across multiple blockchains Dogwifhat (WIF): Community-driven digital asset on Solana that has gained significant market presence through viral momentum and high on-chain trading activity Popcat (POPCAT): Culture-based token within the Solana network, deriving its value from active community participation and robust trading liquidity Mask Network (MASK9): Web3 protocol and browser integration connecting social media platforms with decentralized features, enabling private interactions, crypto transactions, and dApp integration 60+ cryptocurrencies available for trading in a regulated environment There are no trading fees on BISON, only the spread applies. Custody is provided by Boerse Stuttgart Digital Custody GmbH, a regulated subsidiary of Boerse Stuttgart Group, which became the first German crypto custodian to receive the EU-wide MiCAR license. The crypto custodian has implemented a multi-level security concept with an integrated crime insurance policy, which covers stored coins against theft, hacker attacks, and other risks, and applies to hot, warm, and cold wallets.

ETFGI reports record US$21.24 Trillion in Global ETF Assets as Inflows Reach Highest YTD Level on Record at end of February. During February, the ETFs industry globally gathered net inflows of US$301.52 billion, bringing year-to-date net inflows to a record US$451.99 billion, according to ETFGI's February 2026 Global ETFs and ETPs industry landscape insights report, the monthly report which is part of an annual paid-for research subscription service. ETFGI, is a 14 year old leading independent research and consultancy firm renowned for its expertise in subscription research, consulting services, 6 annual ETFGI Global ETFs Insights Summits, and ETF TV on global ETF industry trends.  (All dollar values in USD unless otherwise noted) Highlights • Global ETF assets reached a new record of US$21.24 trillion at the end of February, surpassing the previous high of US$20.64 trillion set in January 2026. • Assets have grown 7.0% year‑to‑date, rising from US$19.84 trillion at year‑end 2025 to US$21.24 trillion. • The global industry recorded US$301.52 billion in net inflows during February. • Year‑to‑date net inflows reached a record US$451.99 billion—the highest on record—exceeding the previous YTD highs of US$304.70 billion in 2025 and US$252.60 billion in 2024. • February marked the 81st consecutive month of net inflows. • iShares is the largest provider in terms of assets with US$5.91 Tn, reflecting 27.8% market share; Vanguard is second with $4.51 Tn and 21.3% market share, followed by State Street SPDR ETFs with $2.09 Tn and 9.8% market share. The top three providers, out of 978, account for 58.9% of Global ETF AUM, while the remaining 975 providers each have less than 5% market share “The S&P 500 declined by 0.76% in February and was up 0.68% year‑to‑date in 2026. Developed markets excluding the U.S. rose 6.03% during February and were up 12.55% year‑to‑date, with Korea (up 20.11%) and Luxembourg (up 16.61%) recording the strongest gains among developed markets for the month. Emerging markets increased by 2.47% in February and were up 8.11% year‑to‑date, led by Thailand (up 19.48%) and Taiwan (up 11.63%),” said Deborah Fuhr, Managing Partner, Founder, and Owner of ETFGI. Growth in assets in the Global ETFs industry as of the end of February The Global ETFs industry had 16,187 products, with 31,566 listings, assets of $21.24 Tn, from 978 providers on 84 exchanges in 65 countries at the end of February. Net Flows: During February, ETFs globally recorded $301.52 billion in net inflows.Equity ETFs gathered $138.24 billion in net inflows for the month, bringing year‑to‑date net inflows to $171.53 billion, above the $125.33 billion attracted by this point in February 2025. Fixed income ETFs saw $50.54 billion in net inflows during February, lifting YTD net inflows to $82.73 billion, higher than the $65.97 billion gathered by the end of February 2025. Commodities ETFs reported $11.62 billion in net inflows** in February, bringing YTD net inflows to $26.45 billion, significantly above the $12.47 billion reported at the same point in 2025. Active ETFs attracted $91.15 billion in net inflows during the month, with YTD net inflows rising to $167.58 billion, compared to $103.29 billion at the end of February 2025. Substantial inflows can be attributed to the top 20 ETFs by net new assets, which collectively gathered $89.96 Bn during February. ProShares GENIUS Money Market ETF (IQMM US) gathered $18.25 Bn, the largest individual net inflow.​ Top 20 ETFs by net new assets February 2026: Global     Source: ETFGI data sourced from ETF/ETP sponsors, exchanges, regulatory filings, Thomson Reuters/Lipper, Bloomberg, publicly available sources and data generated in-house. Note: This report is based on the most recent data available at the time of publication. Asset and flow data may change slightly as additional data becomes available. The top 10 ETPs by net new assets collectively gathered $9.77 Bn over February. SPDR Gold Shares (GLD US) gathered $2.51 Bn, the largest individual net inflow. Top 10 ETPs by net new assets February 2026: Global​​​ Source: ETFGI data sourced from ETF/ETP sponsors, exchanges, regulatory filings, Thomson Reuters/Lipper, Bloomberg, publicly available sources and data generated in-house. Note: This report is based on the most recent data available at the time of publication. Asset and flow data may change slightly as additional data becomes available. Investors have tended to invest in Equity ETFs during February.

The International Organization of Securities Commissions (IOSCO) published today its 2025 Investment Funds Statistics Report (IFSR) and updated its associated Dashboard. The IFSR is the only publicly available dashboard to aggregate both public and private investment fund types on a global level. It presents aggregated information submitted by IOSCO members to provide a global overview of the size, composition, and risk characteristics of investment funds. The report covers hedge funds, open-ended funds, and closed-ended funds, drawing on regulatory data collected through existing reporting frameworks and publicly available data, for 2024. This fourth edition of the IFSR reflects submissions from a broad set of jurisdictions and captures a substantial share of global investment fund activity. The report contains information from 38 IOSCO member jurisdictions for the 2024 reporting year and encompasses 128,389 funds representing USD 72.6T in global aggregate net asset value (NAV) and ~85% of the global investment funds industry1. While reporting coverage varies by fund type and jurisdiction, the data provides meaningful insight into trends in fund numbers, NAV, investment strategies, geographical investment focus, asset-class exposures, derivatives usage, leverage, liquidity risk, and counterparty risk2. Overall, the data indicates continued growth in aggregate NAV across major fund types in 2024, alongside relatively stable risk profiles. Borrowing and leverage remain lower for open-ended and closed-ended funds than for hedge funds. Investment activity remains concentrated in a small number of jurisdictions and asset classes, with notable differences in strategy and risk characteristics across fund types. “This fourth edition of the Investment Funds Statistics Report (IFSR) covers more jurisdictions than ever before. One of a kind, it provides a consistent, high-level overview of the global investment funds industry, with a particular focus on leverage, liquidity risk, and counterparty risk, to inform investors and interested stakeholders. Its associated dashboard facilitates the visualisation of data and sheds light on meaningful trends.” - Jean-Paul Servais, IOSCO Board Chair The percentage is calculated using Preqin’s estimate for hedge funds as of September 2024 of USD 4.98T, ICI’s estimate for open-ended funds as of Q4 2024 of USD 79.27T less USD 5.39T for funds-of-funds, and a comparative figure for closed-ended funds of USD 6.02T using the percentage of total NAV for open-ended funds IOSCO has collected compared to global estimates and Preqin’s 2023 estimates of Private Equity. In total, the above combined provides an estimate of the global investments funds industry to be USD 85.01T. Given differences in regulatory frameworks, reporting obligations, and data availability, not all jurisdictions are able to provide information for all fund types or risk dimensions. Where relevant, the report highlights data limitations and methodological considerations to support appropriate interpretation of the results.

Fime, a global leader in payments, digital identity and smart mobility, today announced that its EMEA laboratory has received EMVCo recognition for the evaluation of fingerprint biometric sensors, helping organizations establish trust and bring solutions to market. This new capability strengthens Fime’s role as a trusted enabler of innovation in the payment ecosystem. As biometric payment cards move from pilots to large-scale deployments, Fime’s recognized testing services help banks, card manufacturers and biometric technology providers validate performance, meet security requirements and accelerate time to market. The recognition enables Fime to evaluate fingerprint sensors against the EMV® Biometric Card Specification, assessing key criteria such as reliability, liveness detection and user convenience, to help ensure solutions meet global industry standards. “Biometrics are reshaping the future of secure payments,” said Noël Catherine, SVP Services at Fime. “This recognition expands our ability to support the ecosystem as biometric cards scale globally. Our mission is to help innovators bring secure, trusted solutions to market faster.” Fime has been supporting biometric technologies since 2017, providing functional and security testing for sensors, biometric components and authenticator devices. This new recognition further expands Fime’s capabilities to support the next generation of secure, seamless and user-friendly payment experiences. Learn more about the EMVCo recognition and its benefits, including increased interoperability through compliance with international standards.Find out how Fime can support your biometric solution testing here.*EMV® is a registered trademark in the U.S. and other countries and an unregistered trademark elsewhere. The EMV trademark is owned by EMVCo, LLC.

ING has arranged a £105m green loan to finance the development of Xylo, a landmark Clerkenwell project set to become the UK’s largest all‑timber frame trophy office building. The financing supports Global Holdings Group’s redevelopment of 100 Grays Inn Road into nine floors of high-quality workspace which will set a new benchmark for sustainable workplaces in London upon its completion in Q2 2028. Samuel Ellis, Head of UK Real Estate at ING, said:“This is the kind of project where sustainable finance genuinely matters. This financing supports a development that materially reduces carbon while delivering high‑quality workspace. That combination is rare and it’s exactly where we want to deploy capital.” Xylo represents a significant step-change in sustainability with everything from carbon-sequestering timber to carefully monitored deliveries to reduce overall emissions. End-of-trip facilities, a café, and high-quality cycle parking encourage active commuting and healthier daily routines. The project also boasts energy-efficient systems, low-VOC materials and natural finishes throughout. Josh Lawrence, Chief Executive of Global Holdings Management Group UK, said:  “We are pleased to have completed this financing agreement with our trusted partners ING and follows our appointment of McLaren Construction to deliver this game-changing project. Xylo will showcase the most environmentally friendly technologies in a truly beautiful building, underpinned by a vibrant neighbourhood and abundant transport links making it the perfect workspace for leading international businesses.” Xylo aims to achieve some of the best indoor environmental quality metrics in the UK. Centred around a 6.5m vaulted lobby, Xylo will provide 97,000 sq ft of Grade A office space all featuring beautifully crafted interiors using natural and sustainable materials throughout.   Xylo will also feature a 3,640 sq ft town hall space with bar, lounge and auditorium space, a 3,800 sq ft rooftop garden, 5 landscaped terraces with uninterrupted views across London, a café/restaurant, as well as cycle parking and shower facilities. The building is designed to achieve LETI Pioneer, NABERS UK 5.5-star and BREEAM ‘Excellent’ certifications; taken together they represent a deep focus on building one of the most advanced environmentally sensitive building in the world. The embodied carbon levels will be 50% lower than a typical London office building and reduce operational carbon emissions by up to 82% compared to standard buildings. The loan has been structured as a green facility, with proceeds earmarked specifically to support the project’s environmental objectives. The transaction reflects continued demand for green financing in the UK development market, particularly for projects that combine strong locations with measurable sustainability outcomes. With deep local expertise and a strong track record in complex financings, ING remains committed to supporting the evolution of the UK real estate market. Sustainability is a key pillar of this approach, with ING working alongside clients to enhance the environmental performance and resilience of their assets, financing the transition towards more energy‑efficient, future‑proof buildings.

In presenting the Report, FSB Chair Andrew Bailey reflects on current challenges to multilateralism and how the FSB will remain fit for purpose. Report summarises key 2025 work on NBFI leverage, crypto-assets and stablecoins, operational resilience and cross-border payments. Report explains how the next phase of the FSB strategic review of implementation will focus on identifying the causes of a slowdown in G20 reform implementation and on finding ways to promote implementation more effectively. The Financial Stability Board (FSB) today published its Annual Report, describing the FSB’s work to promote global financial stability in 2025. The Report, presented this year in an updated format, features for the first time a foreword by FSB Chair Andrew Bailey. In his foreword, Mr. Bailey notes the critical importance of the FSB’s work to preserve financial stability in the face of profound shifts in the global landscape. In an increasingly fragmented and unpredictable world, where multilateralism is being tested, FSB members continued to find common ground and displayed commitment to tackle shared challenges, giving reason to be optimistic. “The shocks of recent years have not undermined financial stability”, writes Mr. Bailey, “a testament to the reforms implemented since the global financial crisis.” At the same time, Mr. Bailey also highlights the need for the FSB to continue to adapt to remain fit for purpose in a rapidly changing world, a theme that will guide the FSB work going forward. The next phase of the FSB strategic review of implementation launched in 2025 will focus on identifying the root causes of a slowdown in G20 reform implementation and on finding ways to promote implementation more effectively. As described in the main text of the Annual Report, in 2025, the FSB – through its membership and in cooperation with international standard-setting bodies – continued its efforts to strengthen financial systems, enhance the stability of international financial markets and promote implementation of policy recommendations across sectors and jurisdictions. The FSB’s ongoing surveillance highlighted several long-standing vulnerabilities in the financial system, ranging from rising sovereign debt levels to rapid growth of nonbank financial intermediation (NBFI), from elevated asset valuations to significant volatility in crypto markets, as well as financial firms’ operational vulnerabilities. To address these challenges, in 2025, the FSB finalised work to address the financial stability risks associated with leverage in NBFI and established the Nonbank Data Task Force to tackle data issues that hinder authorities’ ability to effectively assess vulnerabilities in NBFI. Recognising the need for a resilient digital asset ecosystem, the FSB reviewed the implementation of its 2023 global regulatory framework for crypto-assets and stablecoins, urging authorities to address identified gaps and inconsistencies that could pose risks to financial stability. On operational vulnerabilities, the FSB finalised a format for operational incident reporting exchange. As the global standard setter for the resolution of financial institutions, the FSB also continued to advance work on to support authorities’ readiness to respond to failures, producing guidance and enhancing operational planning. Finally, 2025 saw the completion of major policy development initiatives in relation to the Roadmap for enhancing cross-border payments. Going forward, the FSB will intensify efforts to drive jurisdictional implementation of the policy recommendations in order to produce tangible improvements for end-users at the global level. Background Since 2015, the FSB has published annual reports on the implementation and effects of G20 financial regulatory reforms. These reports highlight progress made by FSB members in addressing identified financial vulnerabilities and in building a more resilient financial system. In particular, they provide a high-level assessment of current vulnerabilities in the global financial system, summarise the FSB’s ongoing financial stability work, and review progress on G20 reforms, including evaluations or other assessments of their effects. The FSB coordinates at the international level the work of national financial authorities and international standard-setting bodies and develops and promotes the implementation of effective regulatory, supervisory, and other financial sector policies in the interest of financial stability. It brings together national authorities responsible for financial stability in 24 countries and jurisdictions, international financial institutions, sector-specific international groupings of regulators and supervisors, and committees of central bank experts. The FSB also conducts outreach with approximately 70 other jurisdictions through its six Regional Consultative Groups. The FSB is chaired by Andrew Bailey, Governor of the Bank of England. The FSB Secretariat is located in Basel, Switzerland and hosted by the Bank for International Settlements. Publication 24 March 2026 Promoting Global Financial Stability: 2025 FSB Annual Report Against a backdrop of rising vulnerabilities, in 2025 the FSB delivered work in key areas such as NBFI leverage, crypto-assets and stablecoins, operational resilience and enhanced cross-border payments.

Please see attached CoinShares weekly digital asset fund flows. Weekly inflows slowed to US$230m, with US$405m in post-FOMC outflows as markets adopted a "hawkish pause" interpretation of the Fed meeting. Bitcoin led inflows at US$219m; all regional exchanges saw net gains, headed by the US (US$153m), Germany (US$30.2m), and Switzerland (US$27.5m). Solana notched a seventh straight week of inflows (US$136m cumulative), while Ethereum reversed with US$27.5m in outflows after three consecutive weeks of gains.

CFTC's Weekly Swaps Report has been updated, and is now available: http://www.cftc.gov/MarketReports/SwapsReports/index.htm.Additional information on the Weekly Swaps Report. Archive Explanatory Notes Swaps Report Data Dictionary Release Schedule Released: Weekly on Mondays at 3:30 p.m.

Warsaw Stock Exchange has published GPW Group results for Q4 2025 and 2025. WSE Group Financial Results Q4 2025 and 2025 Financial Data 

Over the past few years, tokenised capital markets in Europe have moved from exploration to production. According to recent estimates by the Association for Financial Markets in Europe, European issuers have placed close to €4 billion in fixed-income instruments based on distributed ledger technology (DLT) since 2021, including the first digital sovereign debt issuances by EU Member States.[1] This comprises the Eurosystem's 2024 exploratory work, in which participants across nine jurisdictions conducted transactions worth roughly €1.6 billion, including in trials that involved real settlements in central bank money and experiments that tested new use cases through mock transactions. Tokenisation is the process of issuing or representing assets in the form of digital tokens[2], which are typically recorded on DLT networks. Tokenisation does not only enable “all or nothing” settlement, where the cash leg and the securities leg of a transaction are executed simultaneously. It also allows the full life cycle of a transaction – issuance, trading, settlement and custody – to take place within a single digital environment. Moreover, smart contracts make it possible to automate processes from coupon payments to compliance. Europe has already put in place the regulatory foundations for this new ecosystem. With the Markets in Crypto-Assets Regulation (MiCA) and the DLT Pilot Regime, it is among the first jurisdictions to establish a continent-wide framework for tokenised assets. The market momentum is real, and Europe is well placed to lead. But two main obstacles are preventing scale. The first is platform fragmentation. Multiple DLT networks operate in parallel without synchronisation or transferability of assets between those networks. This fragments liquidity and increases integration costs. The second is the absence of a common, trusted on-chain settlement asset for transactions on DLT networks. Without tokenised central bank money, a seller of a tokenised security may receive payment in an asset they are not comfortable holding – one exposed to price volatility or credit risk – which limits the market’s ability to scale.[3] These challenges can be solved. And the potential of tokenisation for Europe is significant: more efficient and more innovative financial markets, and the prospect of genuine cross-border integration that has long eluded Europe’s fragmented capital markets. Against this backdrop, today I will focus on what Europe needs to get right to seize this opportunity. And I will outline how the Eurosystem’s initiatives, in particular the Appia roadmap we published on 11 March[4], can help provide a blueprint for a future-ready European digital asset ecosystem. In my view, three conditions must be met. First, a safe settlement anchor that enables scale and innovation. Second, a genuine public-private partnership. And third, a legal framework that matches the technological ambition. A safe settlement anchor that enables scale and innovation Let me start with the first condition. Our exploratory work in 2024 – the most comprehensive of its kind globally, with 50 trials and experiments across nine jurisdictions – revealed clear market demand for central bank money settlement.[5] The reason is straightforward. Central bank money is the safest and most liquid settlement asset. It does not carry any credit or liquidity risk and thus serves as the monetary anchor for the financial system. International standards for financial market infrastructures require settlement to be conducted in central bank money where practical and available.[6] As tokenised markets grow, this anchor must be available on the new technology. Without it, tokenised markets will struggle to develop at the speed and scale that Europe needs. Private settlement assets – whether tokenised deposits or stablecoins – will play a role as commercial bank money does today in traditional finance. But they require a trusted public anchor to function effectively across the whole tokenised financial market. Tokenised central bank money will provide the settlement bridge that makes a private settlement asset convertible to another – enabling, for instance, tokenised deposits to be transferred between banks or stablecoins to be settled in fiat currency directly on DLT. This will allow private innovation to scale with confidence. That confidence cannot rest on private settlement assets alone. Research shows that even fiat-backed stablecoins – by far the least volatile type of stablecoin – rarely trade exactly at par, even during calm market conditions.[7] And the sub-optimal yet plausible alternative – a single dominant platform and stablecoin with broad network effects – would have different but equally serious consequences for Europe’s monetary sovereignty.[8] The findings of our exploratory work[9] informed the Eurosystem’s strategy to bring central bank money onto DLT. Pontes will provide this anchor in the near term: it will be launched in the third quarter of this year. It bridges market DLT platforms and our existing TARGET Services, enabling a participant buying a tokenised asset to settle in central bank money. And we will further enhance it over time. Here are a few examples: settlement finality on the Eurosystem DLT, 24/7 operation, use of smart contracts on Eurosystem DLT, and additional features shaped by market needs and analytical work for Appia. Appia sets out the longer-term vision for a European tokenised financial ecosystem. Through a combination of analytical and practical work, it aims to deliver a blueprint by 2028 in cooperation with all relevant stakeholders. The themes we will tackle with Appia are organised around six building blocks – they range from technical standards and interoperability to collateral management, cross-border connectivity and the legal and regulatory foundations. A key design question is whether that ecosystem will rest on a single European shared ledger – a network functioning as a shared utility where multiple parties compete on services – or on multiple interconnected networks that provide redundancy and foster competition at the infrastructure level. These configurations could also be combined. Appia will assess them against the Eurosystem’s objectives[10] under different technological and market conditions, taking into account the broader economic, regulatory and geopolitical environment. Pontes and Appia are not separate initiatives. They form a single strategy. The design of Pontes will be shaped by Appia’s long-term vision as this comes into sharper focus. This is a two-way street: Appia analysis feeds into Pontes enhancements on a staggered basis and operational lessons from Pontes will influence Appia’s architecture. Eventually, Pontes will evolve into a core component of the Appia ecosystem. A genuine public-private partnership The second condition is a partnership between the public and private sectors, which has been key to the development of Europe’s payment infrastructure thus far. The Eurosystem’s role is to ensure that the most trusted settlement asset is available at all times and keeps pace with the latest technologies. But the services, liquidity and business models that will make tokenised markets valuable must come from the market itself. In other words, the underlying infrastructure needs to be designed with the market’s needs at its core. This is the approach we have taken to developing our strategy from the outset. Our exploratory work in 2024 took the form of a large-scale public-private exercise: 64 participants from across the industry came together to test interoperability solutions and identify the demand for programmability and automation, telling us in concrete, operational terms what form central bank money settlement on DLT should take. Their feedback directly shaped the design of Pontes. Similarly, the Eurosystem’s decision to accept DLT-based assets as eligible collateral for credit operations – starting in March 2026 with assets issued in central securities depositories – came in response to a clear market signal about what tokenised markets need in order to scale.[11] Appia takes this approach a step further. It has been designed from the ground up as a joint endeavour with market participants, public sector partners and academia. Allow me to illustrate exactly why this matters. One of the building blocks of Appia focuses on asset interoperability and standards, ensuring that tokenised assets can be transferred across different DLT platforms using compatible data formats and smart contract standards. The Eurosystem can take on a convening role in determining the direction of travel and in developing the standards. But ensuring that they are adopted and work in practice across different business models and legal frameworks will require the active involvement of market infrastructure operators, banks, custodians and technology providers. Otherwise, we risk setting standards that exist on paper, but are not applied in practice. This is also why we published the Appia roadmap earlier this month. It is an open invitation to stakeholders to contribute to the work for each building block. We welcome industry initiatives like that of Euroclear, Clearstream and DTCC on digital asset securities interoperability, which they presented in a recently published white paper.[12] The approach outlined in this white paper aligns very well with the Appia roadmap. More broadly, we encourage and welcome the views of the entire industry. The public consultation we have launched alongside the roadmap provides a structured and inclusive way for all stakeholders to offer their feedback and help shape the vision for Appia. Timely, transparent communication is a precondition for the market to invest and innovate with confidence. A legal framework to match the technological ambition The third condition is a legal framework that matches the technological ambition. Technology alone cannot address the legal fragmentation that lies at the root of the challenges facing Europe’s capital markets. Distributed ledger technology cannot harmonise corporate law across 27 Member States, reconcile divergent securities regulations or override national insolvency regimes that treat the same asset differently depending on where it is held. Over time, the combination of platforms based on DLT and of tokenised central bank money can help reduce post-trade fragmentation and deliver significant efficiency gains. But for capital markets to truly integrate, there is no substitute for legislative work. The Appia roadmap has been designed with this in mind. The fifth building block is dedicated not only to assessing gaps in the current legal and regulatory framework, but also to ensuring the safety and resilience of the new ecosystem as a whole – identifying the harmonisation needed to support an integrated European payments and capital markets ecosystem. The European Commission’s proposals to extend and enhance the DLT Pilot Regime and the 28th regime for corporate law are important and welcome developments. But it might be worth reflecting on whether these steps are sufficient or if we need a dedicated EU legal framework that enables tokenised assets to be issued, held and transferred seamlessly across the EU. Otherwise, we run the risk of building advanced settlement infrastructure on a patchwork of regulations, leaving us unable to fully reap the benefits. Conclusion Let me conclude. Europe is building real momentum in tokenised finance. Market activity is expanding, the regulatory framework is taking shape and the central bank is moving at pace to provide the settlement anchor this new ecosystem needs. At the same time, the obstacles to scaling a European digital asset ecosystem are real. Global competition is intensifying, and the window in which Europe’s early advantages can be turned into lasting leadership will not remain open indefinitely. With Pontes and the Appia roadmap, the Eurosystem has laid the groundwork for what is in its remit. But this is a collective endeavour. Engagement of market participants and legislators is needed to explore how technological ambition can be met with legal ambition. Europe succeeded in building a single currency. It can also build a single digital financial market to stand alongside it. The foundations are in place. Now we must seize the moment. Thank you. Association for Financial Markets in Europe (2025), “DLT-Based Capital Market Report”, 6 October. Digital tokens are entries in a database that are recorded digitally and that can contain information and functionality within the token themselves. See Bank for International Settlements (2024), “Tokenisation in the context of money and other assets: concepts and implications for central banks – Report to the G20”, Joint report by the Bank for International Settlements and Committee on Payments and Market Infrastructures, October. Organisation for Economic Co-operation and Development (2025), “Tokenisation of assets and distributed ledger technologies in financial markets – Potential impediments to market development and policy implications”, OECD Business and Finance Policy Papers, No 75. ECB (2026), “Appia – paving the way for a future-ready, integrated financial ecosystem leveraging tokenisation and DLT”, 11 March. See the page on “Exploratory work on new technologies for wholesale central bank money settlement” on the ECB’s website. See the page on “Principles for Financial Market Infrastructures (PFMI)” on the Bank for International Settlements’ website. Aldasoro, I., Aquilina, M., Lewrick, U. and Lim, S.H. (2025), “Stablecoin growth – policy challenges and approaches”, BIS Bulletin, No 108, 11 July. See Panetta, F. (2020), “The two sides of the (stable)coin”, speech at Il Salone dei Pagamenti 2020, 4 November. ECB (2025), “The Eurosystem’s exploratory work on new technologies for wholesale central bank money settlement”, June. With Appia, the Eurosystem is seeking to leverage DLT to achieve the following objectives: (i) ensure the effectiveness of monetary policy and financial stability and the smooth functioning of payment systems by maintaining central bank money as the anchor of a two-tier monetary system, (ii) foster a more integrated, competitive and innovative payments and securities ecosystem through efficient infrastructures for financial markets, (iii) support strategic autonomy and increased resilience, and (iv) ensure the relevance of the euro as an international currency. ECB (2026), “ECB paves way for acceptance of DLT-based assets as eligible Eurosystem collateral”, press release, 27 January. Euroclear, Clearstream and DTCC (2026), “Building the Path Towards Digital Asset Securities Interoperability”, February.

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