London Cards Master Issuer - Series 4: 29 September 2026

The fourth series of Notes issued by London Cards Master Issuer PLC under its securitisation programme, where the Issuer will make payments on the Notes from, among other things, payments received in respect of a portfolio comprising receivables arising from credit card accounts originated by New Wave Capital Limited in the United Kingdom. The transaction involves the issuance of £517.5 million of Series 4 Notes across Classes A, B, C, D, E, F and X, with a Closing Date of 28 September 2026.

As at 30 June 2026, the Total Portfolio consisted of 192,081 credit card accounts with positive outstanding balances, representing an aggregate receivables balance of approximately £1.71 billion. The average outstanding account balance was approximately £8,901. Geographic distribution (by outstanding balances): London – 19.13%, South East – 15.63%, East – 11.21%, North West – 10.07% and South West – 8.76%. The portfolio comprised accounts originated between 2015 and 2026, with 23.78% of outstanding balances attributable to accounts originated in 2025 and 21.79% to accounts originated in 2024. The weighted average portfolio yield for the six months ended 30 June 2026 was 44.88%. The Securitised Portfolio will comprise a subset of the Total Portfolio, with exposure to any single Obligor not exceeding 2% of the aggregate outstanding exposure value of eligible receivables.

EU & UK Risk Retention: New Wave Capital Limited will retain, as originator, a material net economic interest of not less than 5% in the securitisation in accordance with Article 6 of the EU Securitisation Regulation and the applicable requirements of the UK Securitisation Framework, including SECN 5.2.1. The transaction documentation provides for the ongoing retention of this interest and the associated disclosure obligations under the EU and UK securitisation requirements.

STS: The transaction is intended to qualify as a UK STS securitisation, with a UK STS notification submitted or to be submitted to the Financial Conduct Authority. Prime Collateralised Securities (PCS) UK Limited has been appointed as the UK STS verification provider. The Final Terms do not establish an equivalent EU STS designation.