IA Capital Structures (Ireland) plc: The Collector's Choice Art Investment (Series 44) Notes due 2021

Dublin (pta029/03.12.2025/14:48 UTC+1)

Company name IA Capital Structures (Ireland) plc

Headline Notice to Noteholders of Series 44

3 December 2025

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 REGULATIONS.

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

If you are in any doubt as to the action you should take, 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.

NOTICE FROM THE ISSUER TO NOTEHOLDERS

IA Capital Structures (Ireland) plc

The Collector's Choice Art Investment (Series 44) Notes due 2021

ISIN: XS1341167226 COMMON CODE: 134116722

(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 relating to the Notes dated 7 March 2016, as supplemented from time to time.

Cancellation of Shares

The Issuer recently learned, following a review of records in the Companies Office, that The Collectors Choice Ltd. ("TCC"), filed on 14th and 17th October, 2025, various filings which imply

that the shares owned by the Issuer in TCC (the "Shares") have been cancelled and 2,200,000 new USD ordinary shares allotted to AAFS Securitisation S.A.(the "New Shares"), (the "Transaction"). The Transaction was executed without the Issuer's knowledge or consent and appears to have resulted in the Issuers economic interest in TCC being improperly transferred to the holder of the New Shares. TCC has indicated that it was entitled to undertake the Transaction as it was the sole holder of the outstanding Notes in the Series, a fact that has not been established by the Issuer.

The Issuer has conveyed to TCC its position that the cancellation of the Shares was improper and that, without obtaining the consent of the Issuer to the cancellation of the Shares, the cancellation of the Shares in the share register of TCC is voidable and exposes TCC, and the party that has acquired the New Shares, to challenge.

The Issuer is currently awaiting a response from TCC on how the Transaction complies with legal requirements and based on any response will consider its options. The Issuer may seek to restrict any transfer of ownership of the New Shares, or any economic benefit arising therefrom, to any third party until this matter is resolved.

Principal Amount of Notes held by TCC

Separately, the Issuer has been informed by TCC that TCC has acquired USD 4,364,000 nominal of the Notes. TCC has previously asserted that it is the sole holder of all outstanding Notes.

However, the Issue Agent and Principal Paying Agent (Citibank N.A., London branch) has confirmed that:

• The total nominal amount of Notes is USD 5,550,000;

• The Issuer itself holds USD 866,000 in principal amount of Notes which are unfunded and therefore have zero value; and

• USD 4,684,000 of Notes (being the outstanding Notes) are currently held by third parties.

Therefore, there is a discrepancy between:

1. The nominal amount of Notes that TCC states it has acquired; and

2. The nominal amount of Notes confirmed by the Issue Agent and Principal Paying Agent as held by third parties.

In order to reconcile this discrepancy, the Issuer has requested clarification from TCC on its assertion that it holds all the outstanding Notes in Series 44 and is currently awaiting a response. The Issuer will update Noteholders when, in its view, relevant information becomes available.

This Notice has not been formulated by the Trustee, who expresses no view on it, and the Trustee expresses no opinion as to the actions (if any) the Noteholders may take in respect of

this Notice. The information contained herein has not been independently verified by the Trustee and the Trustee makes no representation that all relevant information has been

disclosed to Noteholders in or pursuant to this Notice.

Accordingly, the Trustee recommends that Noteholders consider seeking their own financial, tax, accounting, investment, and legal advice in respect of this Notice. No responsibility or

liability is or will be accepted by the Trustee in relation to the accuracy or completeness of this Notice or any other written or oral information made available to any person receiving

this Notice or its advisers, and any such liability is expressly disclaimed. This Notice is made without prejudice to any and all of the Trustee's rights under the Conditions of the Notes

and the transaction documents relating to the Notes, all of which are expressly reserved.

FURTHER INFORMATION

For further information regarding this Notice, please contact:

FlexFunds ETP LLC

noteholder.support@flexfunds.com

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