SMI Equity Release 2018-1 DAC: Notice to Noteholders

Dublin 4 (pta031/11.05.2026/17:18 UTC+2)

SMI EQUITY RELEASE 2018-1 DESIGNATED ACTIVITY COMPANY

(the "Issuer")

€196,300,000 Class A Variable Rate Asset-Backed Notes due December 2067 (ISIN: XS2592628015 Common Code: BCC394CP8)

€20,000,000 Class B Variable Rate Asset-Backed Notes due December 2067 (ISIN: XS2592627637 Common Code: BCC394CQ6)

€100,000 Class X1 Variable Rate Asset-Backed Notes due December 2067

€100,000 Class X2 Variable Rate Asset-Backed Notes due December 2067

€11,500,000 Class Z Variable Rate Notes due December 2067

(together, the "Notes")

11 May 2026

NOTICE TO NOTEHOLDERS

Capitalised terms used but not otherwise defined in this notice have the meanings given to them in the Master Framework Agreement dated 20 March 2019, as amended and restated from time to time, entered into between, among others, the Issuer, the Master Servicer, the Spanish Seller and the Trustee (the "Master Framework Agreement").

NOTICE IS HEREBY GIVEN that the Transaction Parties have agreed to effect, among other things:

1. the termination of the appointment of Cabot Financial (Ireland) Limited as the substitute servicer and sub-servicer (the "Original Substitute Servicer" and the "Original Sub-Servicer", respectively), and the appointment of Pepper Finance Corporation (Ireland) DAC as the replacement substitute servicer and sub-servicer (the "Replacement Substitute Servicer" and the "Replacement Sub-Servicer", respectively);
2. the resignation of Wilmington Trust SP Services (Dublin) Limited in its capacity as the corporate services provider (the "Original Corporate Services Provider") and the appointment of JTC Corporate Services (Ireland) Limited as the replacement corporate services provider (the "Replacement Corporate Services Provider"); and
3. the resignation of Citigroup Global Markets Europe AG in its capacity as registrar (the "Original Registrar") and the appointment of Citigroup Europe PLC, Germany Branch as the replacement registrar (the "Replacement Registrar"),

(together, the "Migration").

NOTICE IS HEREBY GIVEN that in order to enable the Migration to occur, the Transaction Parties have agreed to enter into certain documents, including but not limited to:

1. a deed of amendment and restatement in respect of certain Transaction Documents;
2. a service provider confidentiality agreement governing the confidentiality and data protection obligations of the Replacement Substitute Servicer and the Replacement Sub-Servicer; and
3. revised agreed procedures setting out the operational procedures and standards of care to be followed by the Master Servicer, the Replacement Substitute Servicer and the Replacement Sub-Servicer in performing the Services in relation to the Loans.

NOTICE IS ALSO HEREBY GIVEN to the holders of the Notes that, in such context, the Transaction Parties have also agreed to release and discharge the Original Substitute Servicer, the Original Sub-Servicer, the Original Corporate Services Provider and the Original Registrar from the Transaction Documents.

NOTICE IS ALSO HEREBY GIVEN that the amended and restated Transaction Documents and any additional Transaction Documents being entered into are available for inspection during normal business hours at the registered office of the Issuer.

In accordance with normal practice, the Trustee expresses no opinion as to the contents of this notice and makes no representation that all relevant information has been disclosed to holders of the Notes in this notice. Accordingly, the Trustee urges holders of the Notes who are in any doubt as to the impact of this notice to seek their own independent advice.

The Issuer accepts responsibility for the information contained in this notice.

This notice is given by:

SMI EQUITY RELEASE 2018-1 DAC

Ground Floor, 45 Mespil Road, Dublin 4, D04 W2F1, Ireland
THIS NOTICE CONTAINS IMPORTANT INFORMATION OF INTEREST TO THE REGISTERED AND BENEFICIAL OWNERS OF THE NOTES (AS DEFINED ABOVE). IF APPLICABLE, ALL DEPOSITARIES, CUSTODIANS AND OTHER INTERMEDIARIES RECEIVING THIS NOTICE ARE REQUESTED TO PASS THIS NOTICE TO SUCH BENEFICIAL OWNERS IN A TIMELY MANNER.

THIS NOTICE DOES NOT CONSTITUTE OR FORM PART OF, AND SHOULD NOT 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 IN ANY JURISDICTION.

THIS ANNOUNCEMENT MAY CONTAIN INSIDE INFORMATION FOR THE PURPOSES OF ARTICLE 7 OF THE MARKET ABUSE REGULATION (EU) 596/2014.

If you are in any doubt as to the action you should take, you are recommended to seek your own financial advice immediately from your stockbroker, bank manager, solicitor, accountant or other appropriately authorised independent financial adviser and such other professional advice from your own professional advisers as you deem necessary.

If you have recently sold or otherwise transferred your entire holding(s) of Notes referred to below, you should immediately forward this Notice 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.

This Notice and any non-contractual obligations arising out of or in connection with this Notice will be governed by and construed in accordance with the laws of England and Wales.

No person has been authorised to give information, or to make any representation in connection therewith, other than as contained herein. The delivery of this Notice at any time does not imply that the information in it is correct as at any time subsequent to its date.

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