ETP Noteholder Notice - IncomeShares

Leverage Shares plc

10 March 2026

THIS NOTICE IS IMPORTANT AND REQUIRES THE IMMEDIATE ATTENTION OF THE HOLDERS OF THE ETP SECURITIES. IF ANY ETP SECURITYHOLDER IS IN ANY DOUBT AS TO THE ACTION THEY SHOULD TAKE, THEY SHOULD CONSULT THEIR OWN INDEPENDENT PROFESSIONAL ADVISERS IMMEDIATELY

If you have recently sold or otherwise transferred your entire holding(s) of ETP Securities 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 to ETP Securityholders of the Series of ETP Securities which pursue an Options- Based Income Strategy listed in Schedule 1 hereto (the "Options-Based Income Series") and a Multiple Income Strategy listed in Schedule 2 hereto (the "Multiple Income Series") (together, the "Relevant Series")

The Issuer hereby gives notice of certain upcoming modifications to the Investment Strategies of the Options-Based Income Series (each an "Options-Based Income Strategy") and the Investment Strategy of the Multiple Income Series (the "Multiple Income Strategy"), as further detailed below.

Modifications to the Options-Based Income Strategies

1. Expansion of Option Underlyings

The description of the objective of each Options-Based Income Strategy will be amended to confirm that the Issuer may sell (or "write") listed call options or put options on indices and/or stocks and/or futures and/or ETFs and/or ETPs listed in the applicable table (each an "Option Underlying"), rather than only on indices or stocks.

This amendment will expand the range of permissible Option Underlyings in respect of which options may be written under the relevant Options-Based Income Strategy.

The Base Prospectus will be amended to provide that the Options-Based Income Strategies may also trade options for hedging purposes.

In particular, the disclosure will confirm that such hedging activity may be undertaken to reduce exposure to adverse price movements in the relevant Option Underlying or to manage the risk profile of written options. It will further confirm that the use of options for hedging purposes may reduce potential losses but may also reduce the Interest Amounts payable in respect of the relevant Options-Based Income Series.

This amendment will confirm that, in addition to writing options to generate income, the Issuer may enter into options transactions for risk management purposes in connection with the relevant Options-Based Income Strategy.

2. Clarification of Reference Assets

The section entitled "Option Underlyings and Reference Assets" will be amended to confirm that, in addition to selling put or call options, the Issuer may buy and hold positions in the Option Underlyings, including for the purposes of covering exposure under written call options or as a result of physical settlement.

The strategy will confirm that the Reference Assets for the relevant Options-Based Income Series shall comprise:

a) the relevant put or call options; and

b) to the extent that the Issuer holds positions in the Option Underlyings, such Option Underlyings.

It will further confirm that, in the case of Series providing exposure to indices, the Portfolio Administrator may trade options on such indices and/or futures contracts on such indices and/or ETFs or ETPs highly correlated to such indices.

These amendments will confirm the composition of the Reference Assets and the instruments through which exposure may be implemented.

3. Amendment to Available Receipts - Hedging Reserves

The method of calculation of "Available Receipts" will be amended to confirm that any amounts which, at the discretion of the Portfolio Administrator, may be used to fund hedging arrangements entered into in connection with the Options-Based Income Strategies employed by the ETP Securities, should be taken into account when calculating the "Available Receipts". The formula for the calculation of "Available Receipts" will therefore be amended to the following:

"The "Available Receipts" will be, in respect of any Interest Payment Date, an amount calculated by the Determination Agent as follows:

(i) all premiums, distributions, dividends and other payments received by the Issuer in respect of the Collateral Assets during the period beginning on (and including) the Series Issue Date and ending on (and including) the Currency Business Day prior to the related Interest Declaration Date but not including the liquidation proceeds of any Collateral Assets which have been liquidated to fund the payment of any Redemption Amounts which may be or have been payable in respect of ETP Securities:

less each of:

(ii) the aggregate of all Interest Amounts which have been paid by the Issuer since the Series Issue Date;

(iii) all fees, costs, expenses and amounts of Tax which relate to the ETP Securities (including but not limited to any Funding and Brokerage Fees and any amounts of Arranger Fee) which have been paid or incurred by the Issuer during the period beginning on the Series Issue Date and ending on (and including) the Currency Business Day prior to the related Interest Declaration Date or which are otherwise payable by the Issuer;

(iv) to the extent not included in (iii) above, any amount that the Portfolio Administrator determines, and notifies to the Determination Agent, that it is appropriate to reserve for the payment of fees, costs, expenses and amounts of Tax (including but not limited to any Funding and Brokerage Fees and any amounts of Arranger Fee) relating to the ETP Securities which are expected to be incurred or become payable by the Issuer following the Interest Declaration Date; and

(v) any amount that the Portfolio Administrator determines, and notifies to the Determination Agent, that it is appropriate to reserve for the payment of Interest Amounts on subsequent Interest Payment Dates or to be reinvested in the Option Underlying, or to fund hedging arrangements in connection with the Options-Based Income Strategies employed by the ETP Securities."

4. Clarification of Exposure to the Option Underlying

The section entitled "Exposure to the Option Underlying" will be amended to include, as an additional factor affecting the extent to which a Series pursuing an Options-Based Income Strategy provides exposure to the relevant Option Underlying, the extent to which the Options-Based Income Strategy engages in hedging activities.

The amendment will confirm that hedging transactions may affect the degree of exposure of the relevant Options-Based Income Series to the Option Underlying.

5. Amendments to Strike Prices of Options

The section entitled "Strike Prices of Options" will be amended to confirm and expand the discretion of the Portfolio Administrator in relation to strike prices used in connection with the Options-Based Income Strategies.

In particular, the strategy will confirm that, in addition to selling options within the applicable Strike Price Ranges, the Portfolio Administrator shall also have discretion to buy options for hedging purposes at strike prices outside the Strike Price Ranges set out in the corresponding table in the Base Prospectus.

The strategy will confirm that the cost of purchasing options for hedging purposes will be primarily funded by the premiums collected by the Issuer as option seller and that such costs may reduce the Interest Amounts payable in respect of the relevant Options-Based Income Series.

These amendments confirm the flexibility of the hedging arrangements and their potential impact on the returns of the Options-Based Income Strategies.

Modifications to the Multiple Income Strategy

The Multiple Income Strategy will be amended to confirm that, in addition to investing in one or more securities that generate a recurring income themselves (including Series of ETP Securities that employ Income Strategies), a Multiple Income Strategy may also generate income by employing the Options-Based Income Strategies, which aim to generate income primarily by selling options on indices and/or stocks and/or futures and/or ETFs and/or ETPs and providing a Return on Collateral.

This amendment will expand the permissible methods by which a Multiple Income Strategy may seek to achieve its income objective.

The changes set out above are collectively referred to herein as the "Modifications".

The Modifications fall within the definition of an "Investment Strategy Modification" as defined in the Conditions. The Issuer is permitted to make the Modifications without the consent of the Trustee or the ETP Securityholders of the Relevant Series pursuant to Condition 14.2(B).

The Modifications shall be effective on 13 March 2026.

Furthermore, the Conditions governing the Relevant Series will be amended and restated to reflect, inter alia, the Modifications. The Issuer will notify the ETP Securityholders separately in relation to the effective date of the amended and restated Conditions.

The Issuer and the Trustee will enter into a deed of amendment and restatement for the purpose of amending and restating the Conditions in accordance with Condition 14.2(B).

Capitalised terms used, but not defined, in this notice shall have the meaning given thereto in the Base Prospectus dated 23 June 2025.

If you have any queries arising from this notice, please contact us at [email protected].

Yours sincerely

The Directors

Leverage Shares plc

Schedule 1

The Options Based Income Series

Schedule 2

The Multiple Income Series