ETPCAP2 Designated Activity Company: Market Abuse Regulation Announcement

Dublin (pta039/02.06.2022/15:38 UTC+2)

Company name ETPCAP2 Designated Activity Company

Headline Notice to Noteholders of Series 406 / Market Abuse Regulation Announcement

June 1, 2022

Regulation (EU) No 596/2014 of the European Parliament and of the Council of 16 April 2014 on market abuse (the "Market Abuse Regulation") requires disclosure of inside information relating to the Issuer and the Notes.

This announcement may contain inside information as defined in Article 7 of the Market Abuse Regulation and is therefore disclosed in accordance with the Issuer's obligations under Article 17 of the Market Abuse Regulation.

THIS NOTICE IS IMPORTANT AND REQUIRES YOUR IMMEDIATE ATTENTION.

THIS NOTICE CONTAINS IMPORTANT INFORMATION OF INTEREST TO THE HOLDERS OF THE NOTES. IF APPLICABLE, ALL DEPOSITARIES, CUSTODIANS AND OTHER INTERMEDIARIES RECEIVING THIS NOTICE ARE REQUESTED TO PASS THIS NOTICE TO SUCH HOLDERS IN A TIMELY MANNER.

If you are in any doubt as to the meaning of this notice, you are recommended to seek your own financial, legal or other advice immediately from your stockbroker, bank manager, solicitor, accountant or other appropriately authorised independent financial adviser.

If you have recently sold or otherwise transferred your entire holding(s) of the Notes referred to below, you should immediately forward this document to the purchaser or transferee or to the stockbroker, bank or other agent through whom the sale or transfer was effected for transmission to the purchaser or transferee.

MARKET ABUSE REGULATION ANNOUNCEMENT

ETPCAP2 Designated Activity Company

(the "Issuer")

AUM Special Situations (Series 406) Notes due 2040

ISIN: XS2167004576 COMMON CODE: 216700457

(the "Notes" or the "Series" and the holders thereof the "Noteholders")

Capitalised terms used but not otherwise defined in this notice shall have the meanings ascribed to them in the Series Memorandum dated 29 April 2020 and the Conditions of the Notes as same may be amended and / or supplemented from time to time.

The purpose of this notice is to provide Noteholders with information on the replacement of AUM Assets Under Management S.A. ("AUM") as the Portfolio Manager of the Notes.

TERMINATION AND REPLACEMENT OF PORTFOLIO MANAGER

AUM was appointed by the Issuer as Portfolio Manager in respect of the Notes on 29 April 2020 pursuant to the Portfolio Management Agreement.

AUM has notified the Issuer that, due to a corporate reorganization, it will close its business and cease to exist and thus will no longer be able to act as the Portfolio Manager of the Notes. Accordingly, it has requested the termination of its appointment. The Issuer is currently in discussions with AUM in relation to the termination of its appointment and the appointment of a suitable replacement.

No action is required from Noteholders at this time.The Issuer will issue a further communication to Noteholders when of the identity of the proposed replacement Portfolio Manager has been confirmed. This further communication will detail the process by which the new appointment will be effected and may include a request for Noteholders to approve the appointment by way of a Noteholder resolution.

Further Information

For further information please contact FlexFunds ETP, LLC:

FlexFunds ETP, LLC

1221 Brickell Ave, Suite 750

Miami, FL 33131

USA

Telephone: +1 (646) 820 8001

Email: operations@flexfunds.com

Attention: Operations

This notice is given by the Issuer.

The Directors

ETPCAP2 Designated Activity Company

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