Publication of Offering Circular

NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION TO ANY U.S. PERSON (AS DEFINED IN REGULATION S UNDER THE UNITED STATES SECURITIES ACT OF 1933, AS AMENDED (THE "SECURITIES ACT")) OR IN OR INTO THE UNITED STATES OF AMERICA, ITS TERRITORIES AND POSSESSIONS (THE "UNITED STATES").

Paragon Banking Group PLC

3 February 2026

Publication of Offering Circular in respect of Paragon Banking Group PLC's £150,000,000 7.500 per cent. Fixed Rate Reset Perpetual Subordinated Contingent Convertible Notes (the "Notes")

The following offering circular (the "Offering Circular") has been approved by the International Securities Market of the London Stock Exchange and is available for viewing:

Paragon Banking Group PLC £150,000,000 7.500 per cent. Fixed Rate Reset Perpetual Subordinated Contingent Convertible Notes dated 3 February 2026

To view the full document, please paste the following URL into the address bar of your browser.

http://www.rns-pdf.londonstockexchange.com/rns/5572R_1-2026-2-3.pdf

DISCLAIMER - INTENDED ADDRESSEES

Please note that the information contained in the Offering Circular may be addressed to and/or targeted at persons who are residents of particular countries (specified in the Offering Circular) only and is not intended for use and should not be relied upon by any person outside these countries. Prior to relying on the information contained in the Offering Circular you must ascertain from the Offering Circular whether or not you are part of the intended addressees of the information contained therein.

Your right to access this service is conditional upon complying with the above requirement.

This RNS and the materials referenced herein are not for distribution, directly or indirectly, in or into the United States (including its territories and dependencies, any State of the United States and the District of Columbia). These materials do not constitute or form a part of any offer or solicitation to purchase or subscribe for securities in the United States. The Notes and the Conversion Shares into which they may convert in certain circumstances have not been, and will not be, registered under the Securities Act.

The Notes may not be offered or sold in the United States absent registration or an applicable exemption from the registration requirements of the Securities Act. There will be no public offer of the Notes in the United States.