London Cards Master Issuer PLC: 25 October 2025

London Cards Master Issuer plc has established an Asset-Backed Note Programme, where the Asset-Backed Notes issued under the Programme will be issued in series.

Each Note Series will be (a) issued on a single date and (b) subject to the same Note Conditions. Each Note Series will contain Notes of one or more classes and each Class of Notes may have sub-classes of Notes. Notes within the same Class or Sub-Class will rank pari passu and pro rata among themselves. Each Class or Sub-Class of Notes within a Note Series will not, however, be subject to identical terms in all aspects with respect to other Classes or Sub-Classes within that same Note Series (for example the currency, interest rates, interest calculations and the scheduled and final redemption dates of the Notes may differ). Similarly, one Note Series will not necessarily have the same terms as another Note Series. Details of the then outstanding Note Series at the time of issuance of any Note Series will be set out in the relevant Final Terms or Drawdown Prospectus. There is no programme limit under the Programme.

The Issuer's primary source of funds to make payments on the Notes in a Note Series will be derived from payments made by the Loan Note Issuer to the Issuer under the related series of Loan Notes which will collateralise such Note Series.

The ultimate source of payments on the Notes will be Collections on a portfolio of designated credit card receivables accounts originated or acquired by New Wave Capital Limited in England and Wales, Scotland and Northern Ireland.

New Wave Capital Limited (trading as Capital on Tap) is a private limited company incorporated in England and Wales. Capital on Tap is authorised and regulated by the Financial Conduct Authority under the Electronic Money Regulations 2011 for the issuing of electronic money. It acts as the legal title holder and card lender in respect of the accounts originated by it and its subsidiaries (the "New Wave Group") in the UK, including the accounts within the Securitised Portfolio.

UK Risk Retention: The Transferor, as originator of the securitisation, confirms that it will retain a material net economic interest in the securitisation of not less than 5% of the nominal value of the securitisation in accordance with the UK Securitisation Framework by way of a retention in accordance with SECN 5.2.8R (1)(b) of an originator's interest of not less than 5% of the nominal value of the securitised exposures (such retention being in the form of the Originator VFN Loan Note).