# EDGAR Filing Document

**Accession Number:** 0002099039
**File Stem:** 0001193125-26-282911
**Filing Date:** 2026-6
**Character Count:** 968806
**Document Hash:** c181a3f769322ee701ad8ffb4f5d765c
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001193125-26-282911.hdr.sgml**: 20260625

**ACCESSION NUMBER**: 0001193125-26-282911

**CONFORMED SUBMISSION TYPE**: 20-F

**PUBLIC DOCUMENT COUNT**: 124

**CONFORMED PERIOD OF REPORT**: 20260331

**FILED AS OF DATE**: 20260625

**DATE AS OF CHANGE**: 20260625

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Wise Group plc
- **CENTRAL INDEX KEY:** 0002099039
- **STANDARD INDUSTRIAL CLASSIFICATION:** SERVICES-BUSINESS SERVICES, NEC [7389]
- **ORGANIZATION NAME:** 07 Trade & Services
- **EIN:** 000000000
- **STATE OF INCORPORATION:** Y9
- **FISCAL YEAR END:** 0331

**FILING VALUES:**
- **FORM TYPE:** 20-F
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 001-43229
- **FILM NUMBER:** 261122597

**BUSINESS ADDRESS:**
- **ADDRESS IS A NON US LOCATION:** YES
- **STREET 1:** 65 CLIFTON STREET
- **CITY:** LONDON
- **PROVINCE COUNTRY:** X0
- **ZIP:** EC2A 4JE
- **BUSINESS PHONE:** 44 20 3974 1321

**MAIL ADDRESS:**
- **ADDRESS IS A NON US LOCATION:** YES
- **STREET 1:** 65 CLIFTON STREET
- **CITY:** LONDON
- **PROVINCE COUNTRY:** X0
- **ZIP:** EC2A 4JE

?xml version='1.0' encoding='ASCII'? 20-F

##### [**Table of Contents**](#toc)

#### As filed with the Securities and Exchange Commission on June 25, 2026.

#### UNITED STATES

#### SECURITIES AND EXCHANGE COMMISSION

#### Washington, D.C. 20549

#### Form 20-F
(Mark One)<br>☐ REGISTRATION STATEMENT PURSUANT TO SECTION 12(b) OR (g) OF THE SECURITIES EXCHANGE ACT OF 1934<br>OR<br>☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934<br>For the fiscal year ended March 31, 2026<br>OR<br>☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934<br>For the transition period from to <br>OR<br>☐ SHELL COMPANY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934<br>Date of event requiring this shell company report<br>**Commission file number 001-43229**<br>

## Wise Group plc

#### (Exact name of Registrant as specified in its charter)

#### N/A

#### (Translation of Registrant's name into English)

#### Jersey

#### (Jurisdiction of Incorporation or Organization)

#### 1st Floor, Worship Square

#### 65 Clifton Street

#### London EC2A 4JE

#### United Kingdom

#### (Address of principal executive offices)

#### Kristo Käärmann

#### Chief Executive Officer

#### Wise Group plc

#### 1st Floor Worship Square

#### 65 Clifton Street

#### London EC2A 4JE

#### United Kingdom

#### Tel: +1 888 501 4041

#### Email: Owners@wise.com

#### (Name, Telephone, E-mail and/or Facsimile number and Address of Company Contact Person)

#### Securities registered or to be registered pursuant to Section 12(b) of the Act.

---

| | | |
|:---|:---|:---|
| Title of each class | Trading Symbol(s) | Name of each exchange on which registered |
| Class A ordinary shares, nominal value $0.01 per share | WSE | The Nasdaq Global Select Market |

---

#### Securities registered or to be registered pursuant to Section 12(g) of the Act. None

#### Securities for which there is a reporting obligation pursuant to Section 15(d) of the Act. None
Indicate the number of outstanding shares of each of the issuer's classes of capital or common stock as of the close of the period covered by the annual report: As of May 31, 2026, Wise Group plc had 1,025,164,562 Class A ordinary shares and 204,338,749 Class B ordinary shares issued and outstanding.

Indicate by check mark if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act. ☐ Yes ☒ No

If this report is an annual or transition report, indicate by check mark if the registrant is not required to file reports pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934. ☐ Yes ☒ No

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. ☐ Yes ☒ No

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). ☒ Yes ☐ No

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, or an emerging growth company. See definition of "large accelerated filer," "accelerated filer," and "emerging growth company" in Rule 12b-2 of the Exchange Act.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Large accelerated filer | ☐ | Accelerated filer | ☐ | Non-accelerated filer | ☒ |
|  |  |  |  | Emerging growth company | ☐ |

---

If an emerging growth company that prepares its financial statements in accordance with U.S. GAAP, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards

† provided pursuant to Section 13(a) of the Exchange Act. ☐

† The term "new or revised financial accounting standard" refers to any update issued by the Financial Accounting Standards Board to its Accounting Standards Codification after April 5, 2012.

Indicate by check mark whether the registrant has filed a report on and attestation to its management's assessment of the effectiveness of its internal control over financial reporting under Section 404(b) of the Sarbanes-Oxley Act (15 U.S.C. 7262(b)) by the registered public accounting firm that prepared or issued its audit report. ☐

If securities are registered pursuant to Section 12(b) of the Act, indicate by check mark whether the financial statements of the registrant included in the filing reflect the correction of an error to previously issued financial statements. ☐

Indicate by check mark whether any of those error corrections are restatements that require a recovery analysis of incentive-based compensation received by any of the registrant's executive officers during the relevant recovery period pursuant to § 240.10D-1(b). ☐

Indicate by check mark which basis of accounting the registrant has used to prepare the financial statements included in this filing:

U.S. GAAP ☒ International Financial Reporting Standards as issuedby the International Accounting Standards Board ☐ Other ☐

If "Other" has been checked in response to the previous question, indicate by check mark which financial statement item the registrant has elected to follow. ☐ Item 17 ☐ Item 18

If this is an annual report, indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). ☐ Yes ☒ No

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##### [**Table of Contents**](#toc)

#### **TABLE OF CONTENTS**

---

| | |
|:---|:---|
|  | **Page** |
| [INTRODUCTION](#rom17323_1) | ii |
| [CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING STATEMENTS](#rom17323_2) | iii |
| [MARKET AND INDUSTRY DATA](#rom17323_3) | v |
| [GLOSSARY](#rom17323_4) | vi |
| [PART I](#rom17323_5) | 1 |
| [Item 1. Identity of Directors, Senior Management and Advisers](#rom17323_6) | 1 |
| [Item 2. Offer Statistics and Expected Timetable](#rom17323_7) | 1 |
| [Item 3. Key Information](#rom17323_8) | 1 |
| [Item 4. Information on the Company](#rom17323_9) | 40 |
| [Item 4A. Unresolved Staff Comments](#rom17323_10) | 65 |
| [Item 5. Operating and Financial Review and Prospects](#rom17323_11) | 65 |
| [Item 6. Directors, Senior Management and Employees](#rom17323_12) | 82 |
| [Item 7. Major Shareholders and Related Party Transactions](#rom17323_13) | 92 |
| [Item 8. Financial Information](#rom17323_14) | 95 |
| [Item 9. The Offer and Listing](#rom17323_15) | 95 |
| [Item 10. Additional Information](#rom17323_16) | 96 |
| [Item 11. Quantitative and Qualitative Disclosures About Market Risk](#rom17323_17) | 120 |
| [Item 12. Description of Securities Other than Equity Securities](#rom17323_18) | 120 |
| [PART II](#rom17323_19) | 121 |
| [Item 13. Defaults, Dividend Arrearages and Delinquencies](#rom17323_20) | 121 |
| [Item 14. Material Modifications to the Rights of Security Holders and Use of Proceeds](#rom17323_21) | 121 |
| [Item 15. Controls and Procedures](#rom17323_22) | 121 |
| [Item 16. \[Reserved\]](#rom17323_23) | 123 |
| [Item 16A. Audit Committee Financial Expert](#rom17323_24) | 123 |
| [Item 16B. Code of Ethics](#rom17323_25) | 123 |
| [Item 16C. Principal Accountant Fees and Services](#rom17323_26) | 124 |
| [Item 16D. Exemptions from the Listing Standards for Audit Committees](#rom17323_27) | 124 |
| [Item 16E. Purchases of Equity Securities by the Issuer and Affiliated Purchasers](#rom17323_28) | 124 |
| [Item 16F. Change in Registrant's Certifying Accountant](#rom17323_29) | 124 |
| [Item 16G. Corporate Governance](#rom17323_30) | 124 |
| [Item 16H. Mine Safety Disclosure](#rom17323_31) | 125 |
| [Item 16I. Disclosure Regarding Foreign Jurisdictions that Prevent Inspections](#rom17323_32) | 125 |
| [Item 16J. Insider Trading Policies](#rom17323_33) | 126 |
| [Item 16K. Cybersecurity](#rom17323_34) | 126 |
| [PART III](#rom17323_35) | 128 |
| [Item 17. Financial Statements](#rom17323_36) | 128 |
| [Item 18. Financial Statements](#rom17323_37) | 128 |
| [Item 19. Exhibits](#rom17323_38) | 128 |
| [SIGNATURES](#rom17323_39) | 130 |

---

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##### [**Table of Contents**](#toc)

#### INTRODUCTION
Wise Group plc (the "Registrant") is a Jersey public limited company and the ultimate parent of Wise Limited (formerly Wise plc) and its consolidated subsidiaries. Wise Group plc was established as the ultimate holding company of the Group pursuant to a Scheme of Arrangement under Part 26 of the U.K. Companies Act 2006 (the "Scheme"), which was completed on May 8, 2026 (the "Reorganization Transaction"). On May 11, 2026, Wise Group plc's ordinary shares were admitted to trading on the Nasdaq Stock Market LLC ("Nasdaq"), with the Group's primary listing transferring from the London Stock Exchange (the "LSE") to Nasdaq, while retaining a secondary listing on the LSE.

The consolidated financial statements included in this Annual Report on Form 20-F present the financial position and results of Wise Limited and its subsidiaries as of March 31, 2026 and 2025 and for the years ended March 31, 2026, 2025 and 2024. As the Scheme was completed subsequent to the financial reporting date, these financial statements are presented on the basis of Wise Limited as the then-ultimate holding company of the Group. References to the "Group" throughout this Annual Report on Form 20-F refer to Wise Limited and its subsidiaries for the period covered by these financial statements.

Wise Limited is the predecessor of the Registrant for financial reporting purposes. Following the completion of the Reorganization Transaction, Wise Group plc became the holding company, and its sole material asset is its equity interest in Wise Limited and its subsidiaries.

Unless otherwise indicated or the context otherwise requires, all references in this Annual Report to the terms "we," "us," "our," "Wise," the "Group," the "Company" and similar references refer to (i) prior to the completion of the Reorganization Transaction, Wise Limited and its wholly owned subsidiaries, and (ii) following the completion of the Reorganization Transaction, Wise Group plc and its wholly owned subsidiaries.

The principal activity of the Group is the provision of cross-border and domestic financial services.

Our reporting currency is the U.S. dollar, and unless indicated otherwise, any non-U.S. dollar denominated amounts in this Annual Report have been calculated based on the March 31, 2026 closing exchange rate of £1.00 to $1.32. Our audited consolidated financial statements have been prepared in accordance with generally accepted accounting principles in the United States of America ("U.S. GAAP").

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#### CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING STATEMENTS
This Annual Report contains statements that constitute forward-looking statements. Many of the forward-looking statements contained in this Annual Report can be identified by the use of forward-looking words such as "anticipate," "believe," "could," "estimate," "expect," "intend," "plan," "potential" and "should," among others. These forward-looking statements are made under the "safe harbor" provisions of the U.S. Private Securities Litigation Reform Act of 1995.

Forward-looking statements appear in a number of places in this Annual Report and include, but are not limited to, statements regarding our intent, belief, or current expectations. Forward-looking statements are based on our management's beliefs and assumptions and on information currently available to our management. While we believe such information forms a reasonable basis for such statements, such information may be limited or incomplete, and our statements should not be read to indicate that we have conducted an exhaustive inquiry into, or review of, all relevant information. Such statements are subject to substantial risks and uncertainties, and actual results may differ materially from those expressed or implied in the forward-looking statements due to various important factors, including, but not limited to, those identified in "Item 3.D. Key Information—Risk Factors." In light of the significant uncertainties in these forward-looking statements, you should not unduly rely upon these statements nor regard these statements as a guarantee by us or any other person that we will achieve our objectives and plans in any specified time frame, or at all.

Forward-looking statements include, but are not limited to, statements about:

• our expectations regarding our revenue, operating expenses and other operating results;

• our ability to acquire new customers and successfully retain existing customers;

• our ability to maintain profitability;

• anticipated trends, the size and growth rates of the markets in which we compete;

• market acceptance of our products and our ability to increase adoption of our products, including customers' changes in digital adoption;

• future investments in our business, including investments in our infrastructure, our anticipated capital expenditures and our estimates regarding our capital requirements;

• our ability to adapt to technological change and industry trends and innovate solutions for our customers;

• our ability to scale, enhance and adapt our infrastructure, develop or acquire new products and services and bring them to market in a timely manner;

• our ability to effectively and responsibly develop, deploy and integrate artificial intelligence and machine learning technologies, and to comply with evolving laws and regulations governing their use;

• the costs and success of our marketing efforts and our ability to maintain and enhance our brand;

• our growth strategies, including our ability to manage our growth;

• our ability to manage our international operations and expansion into new jurisdictions, including our exposure to foreign currency exchange rate fluctuations;

• the estimated addressable market opportunity for our products and services generally;

• our reliance on key personnel and our ability to attract and retain highly qualified personnel;

• our ability to obtain, maintain, protect and enforce our intellectual property rights and any costs associated therewith;

• our ability to compete effectively with existing competitors and new market entrants;

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• our ability to comply with applicable laws and regulations, including our ability to obtain and maintain required licenses, in the jurisdictions in which we currently and may in the future operate;

• the effect of regulatory developments in the jurisdictions in which we currently and may in the future operate;

• our ability to successfully identify acquisition targets, consummate acquisitions and successfully integrate acquired businesses and personnel;

• the impact of unstable market and economic conditions, including as a result of actual or anticipated changes in interest and inflation rates and barriers to trade;

• the impact of political instability, shifts in immigration patterns or policies, global travel, natural disasters, events of terrorism, wars and other global events on our business, industry and the global economy;

• the performance, reliability, security and efficiency of our payments network, including the risk of service interruptions, outages or system failures; and

• other risks and uncertainties, including those listed in "Item 3.D. Key Information—Risk Factors."

In addition, forward-looking statements contained in this Annual Report represent our views only as of the date of this Annual Report and should not be relied upon as representing our views as of any subsequent date. We anticipate that subsequent events and developments may cause our views to change. Although we may elect to update these forward-looking statements publicly at some point in the future, we specifically disclaim any obligation to do so, except as required by applicable law. We may not actually achieve the plans, intentions or expectations disclosed in our forward-looking statements and you should not place undue reliance on our forward-looking statements.

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#### MARKET AND INDUSTRY DATA
Certain industry data and market data included in this Annual Report were obtained from independent third-party surveys, market research, publicly available information, reports of governmental agencies, and industry publications and surveys. All of the market data used in this Annual Report involves a number of assumptions and limitations, and you are cautioned not to give undue weight to such estimates. We believe that the information from these industry publications and surveys included in this Annual Report is reliable. The industry in which we operate is subject to a high degree of uncertainty and risk due to a variety of factors, including those described in the section titled "Item 3.D. Key Information—Risk Factors." These and other factors could cause results to differ materially from those expressed in the estimates made by the independent parties and by us.

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#### GLOSSARY
Unless otherwise indicated or the context otherwise requires, references in this Annual Report to:

"2007 Law" refer to the Goods and Services Tax (Jersey) Law 2007.

"2016 Option Plan" refer to the TransferWise 2016 Share Option Plan, which was adopted on June 15, 2016 and amended on February 27, 2019 and April 8, 2026.

"2021 EIP" refer to the Rules of the TransferWise 2021 Equity Incentive Plan, which was adopted on January 1, 2021.

"2026 Plan" refer to the Wise Group plc 2026 Equity Incentive Plan with Non-Employee Sub-Plan, adopted on April 8, 2026.

"ADI" refer to an authorized deposit-taking institution in transaction, processing and other fees could increase our costs, affect our profitability, cause us to lose customers or otherwise under Australian law.

"AFS" refer to Australian financial services.

"API" refer to application programming interfaces.

"APRA" refer to the Australian Prudential Regulation Authority.

"Articles" refer to the articles of association of Wise Group plc.

"ASIC" refer to the Australian Securities and Investments Commission.

"AUSTRAC" refer to the Australian Transaction Reports and Analysis Centre.

"Australian AML/CTF Act" refer to the Anti-Money Laundering and Counter-Terrorism Financing Act 2006 (Cth).

"Australian Banking Act" refer to the Banking Act 1959 (Cth).

"BIPA" refer to the Illinois Biometric Information Privacy Act.

"BSA/PATRIOT Act" refer to The Bank Secrecy Act of 1970, as amended by the USA PATRIOT Act of 2001.

"CAN-SPAM Act" refer to the Controlling the Assault of Non-Solicited Pornography and Marketing Act of 2003.

"CCPA" refer to the California Consumer Privacy Act.

"CFPB" refer to the U.S. Consumer Financial Protection Bureau.

"Clawback Policy" refer to the Incentive Compensation Recoupment Policy adopted by the board of directors in compliance with Section 10D of the Exchange Act and applicable rules of Nasdaq.

"Code" refer to the Internal Revenue Code of 1986, as amended.

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"CREST" refer to the system for the paperless settlement of trades in securities and the holding of uncertificated securities operated by Euroclear UK & International Limited.

"CTF" refer to counter-terrorist financing.

"DFAT" refer to the Australian Department of Foreign Affairs and Trade.

"Domestic Issuer Transition Date" refer to the date on which we cease to qualify as a foreign private issuer under the Exchange Act (or such other date as specified in the Articles).

"DUAA" refer to the Data (Use and Access) Act 2025.

"EFSA" refer to the Estonian Financial Supervision and Resolution Authority.

"EFTA" refer to the Electronic Funds Transfer Act.

"EMI" refer to an electronic money institution.

"EMRs" refer to the Electronic Money Regulations 2011.

"EMTN Program" refer to the £2 billion Euro medium-term note program established in November 2025.

"ERMF" refer to the Enterprise Risk Management Framework.

"EST" refer to the Wise Employee Share Trust.

"EU GDPR" refer to the European Union's General Data Protection Regulation.

"Exchange Act" refer to the Securities Exchange Act of 1934, as amended.

"Excluded Shareholders" refer to holders of certain Wise plc Class A ordinary shares (representing less than 0.1% of the issued Wise plc Class A ordinary shares) that are held on behalf of persons subject to restrictions under applicable sanctions laws, whose shares were not transferred to Wise Group plc on the date the Scheme became effective and will only be transferred upon such shareholders ceasing to be subject to sanctions or when appropriate authorization is obtained from the relevant authorities.

"FAR" refer to the Financial Accountability Regime, as set out in the Australian Financial Accountability Regime Act 2023.

"FCA" refer to the U.K. Financial Conduct Authority.

"FCPA" refer to the Foreign Corrupt Practices Act.

"FDIC" refer to the Federal Deposit Insurance Corporation.

"FinCEN" refer to the Financial Crimes Enforcement Network.

"FINRA" refer to the Financial Industry Regulatory Authority.

"FOS" refer to the Financial Ombudsman Service.

"FSMA" refer to the Financial Services and Markets Act 2000 (as amended).

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"GDPR" refer to, collectively, the EU GDPR and the U.K. GDPR.

"GLBA" refer to the Gramm-Leach-Bliley Act.

"HMRC" refer to HM Revenue and Customs.

"IRS" refer to the Internal Revenue Service.

"Jersey Companies Law" refer to the Companies (Jersey) Law 1991, as amended.

"Legacy Plans" refer to, collectively, the 2016 Option Plan, the 2021 EIP and the LTIP.

"LGPD" refer to Brazil's General Data Protection Law (Lei Geral de Proteção de Dados Pessoais) (Law No. 13,709/2018).

"LSE" refer to the London Stock Exchange.

"LTIP" refer to the Long Term Incentive Plan.

"Memorandum" refer to the memorandum of association of Wise Group plc.

"MIFIDPRU" refer to the FCA's Prudential sourcebook for MiFID Investment Firms.

"ML" refer to machine learning.

"MLRs" refer to the Money Laundering, Terrorist Financing and Transfer of Funds (Information on the Payer) Regulations 2017.

"MSB" refer to a Money Services Business.

"MTLs" refer to money transmitter licenses.

"Nasdaq" refer to the Nasdaq Stock Market LLC.

"NBB" refer to the National Bank of Belgium.

"OCC" refer to the Office of the Comptroller of the Currency.

"OECD" refer to the Organization for Economic Co-operation and Development.

"OFAC" refer to the Office of Foreign Assets Control.

"OFSI" refer to the Office of Financial Sanctions Implementation, His Majesty's Treasury.

"PCI DSS" refer to the Payment Card Industry Data Security Standard.

"PECR" refer to the Privacy and Electronic Communications (EC Directive) Regulations 2003.

"PFIC" refer to a passive foreign investment company for U.S. federal income tax purposes.

"PIPL" refer to China's Personal Information Protection Law.

"POCA" refer to the Proceeds of Crime Act 2002.

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"PPF" refer to purchased payment facilities.

"PSD2" refer to the Revised Payment Service Directive.

"PSRs" refer to the Payment Services Regulations 2017.

"QEF Election" refer to a qualified electing fund election under Section 1295 of the Code.

"RCSA" refer to Risk and Control Self-Assessment.

"Regulation E" refer to the implementing regulation of the Electronic Funds Transfer Act, which provides additional detail with respect to the rights and remedies set forth in the EFTA as applied to consumer customers.

"Reorganization Transaction" refer to the reorganization completed on May 11, 2026, pursuant to which Wise Group plc became the ultimate parent of Wise Limited and its consolidated subsidiaries by means of the Scheme.

"Revolving Credit Facility" refer to the £330.0 million multicurrency revolving facility agreement with a syndicate of banks entered into on December 12, 2024 for a period of three years, with the potential for two one-year extensions.

"Scheme" refer to the Scheme of Arrangement under Part 26 of the U.K. Companies Act 2006, completed on May 8, 2026.

"SDN list" refer to the Specially Designated Nationals and Blocked Persons List maintained by OFAC.

"SDRT" refer to stamp duty reserve tax.

"SEC" refer to the U.S. Securities and Exchange Commission.

"Securities Act" refer to the Securities Act of 1933, as amended.

"SM&CR" refer to the Senior Managers & Certification Regime.

"Substance Law" refer to the Taxation (Companies—Economic Substance) (Jersey) Law 2018.

"TACT" refer to the Terrorism Act 2000.

"TCPA" refer to the Telephone Consumer Protection Act.

"TPM Policy" refer to the Third-Party Management & Outsourcing Policy.

"Treaty" refer to the U.S.-U.K. income tax treaty.

"U.K. GDPR" refer to the United Kingdom's General Data Protection Regulation.

"U.S. GAAP" refer to generally accepted accounting principles in the United States of America.

"Wise Assets Europe" refer to Wise Assets Europe AS, authorized by the EFSA under the Securities Markets Act.

"Wise Assets UK" refer to Wise Assets UK Ltd (FRN 839689), authorized by the FCA.

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"Wise Australia" refer to Wise Australia Pty Ltd, our Australian regulated entity.

"Wise Card" refer to the Wise Multi-Currency Card.

"Wise Europe" refer to Wise Europe SA, regulated as a Payment Institution in Belgium by the NBB.

"Wise US" refer to Wise US Inc., our U.S. regulated entity registered as an MSB with FinCEN.

"Wise US Assets" refer to Wise US Assets Inc., a registered broker-dealer with the SEC and member of FINRA.

"WNT" refer to Wise National Trust, a proposed nondepository national trust bank for which an application has been submitted to the OCC.

"WPL" refer to Wise Payments Limited (FRN 900507), authorized by the FCA as an EMI.

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#### PART I

#### Item 1. Identity of Directors, Senior Management and Advisers
Not applicable.

#### Item 2. Offer Statistics and Expected Timetable
Not applicable.

#### Item 3. Key Information
*A. [Reserved]* 

*B. Capitalization and Indebtedness* 

Not applicable.

*C. Reasons for the Offer and Use of Proceeds* 

Not applicable.

*D. Risk Factors* 

*Investing in our Class A ordinary shares involves a high degree of risk. You should consider and read carefully all of the risks and uncertainties described below, as well as other information included in this Annual Report, including our consolidated financial statements and related notes appearing elsewhere in this Annual Report, before making an investment decision. The risks described below are not the only ones we face. The occurrence of any of the following risks or additional risks and uncertainties not presently known to us or that we currently believe to be immaterial could materially and adversely affect our business, financial condition or operating results. In such case, the market price of our Class A ordinary shares could decline, and you may lose some or all of your original investment. You should not interpret our disclosure of any of the following risks to imply that such risks have not already materialized.* 

#### Summary of Selected Risk Factors
• Future revenue and growth depend on our ability to retain existing customers, attract new customers and increase transaction volume with both new and existing customers.

• Our ability to establish and maintain relationships with banks, payment processing partners, payment card networks, investment managers and other financial institutions is key to our ability to operate and expand into new markets, and any failure to do so may materially harm our business.

• Use of our products and services for illegal, improper or fraudulent activities could harm our business, financial condition, operating results, reputation and prospects.

• We rely upon third-party service providers in order to provide our products and services, and any disruption in the operations of these third-party providers or interference with our use could adversely affect our business, financial condition and operating results.

• We transfer large sums of customer funds and are subject to the risk of loss due to errors or fraudulent or illegitimate activities of customers, employees or third parties, which could result in financial losses or damage to our reputation and trust in our brand, which would harm our business and financial results.

• Our failure to manage and safeguard our customer funds properly could materially harm our business.

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• If one or more of our counterparties, including financial institutions, default on their financial or performance obligations to us or fail, we may incur significant losses.

• We may be unable to compete successfully against existing and future competitors that employ a variety of existing business models and technologies or new innovations.

• Increases in transaction, processing and other fees could increase our costs, affect our profitability, cause us to lose customers or otherwise limit our operations.

• If our information technology systems or those of third parties with whom we work are or were compromised, we could experience adverse events from such compromise, which could adversely affect our business, financial condition and operating results.

• We are exposed to risk relating to our use of and dependence on artificial intelligence as well as machine learning systems and we may face challenges in properly managing their use, which could result in legal liability, financial loss or reputational harm.

• Unfavorable geopolitical or macroeconomic conditions could limit our ability to grow our business and negatively affect our operating results.

• Our business depends on our strong and trusted brand, and we may fail to maintain and protect our brand, which may adversely affect our business, financial condition, and results of operations.

• We expect fluctuations in our financial results, making it difficult to project future results, and if we fail to meet the expectations of securities analysts or investors with respect to our operating results, the market price of our Class A ordinary shares and the value of your investment could decline.

• Our business is subject to extensive regulation and oversight in a variety of areas, all of which are subject to change and uncertain interpretation.

• If we, or the financial institutions that we work with, fail to comply with the regulatory license conditions in a given market, our operations would be adversely affected.

• Our (or the third parties with whom we work) actual or perceived failure to comply with data privacy and security obligations could expose us to regulatory investigations or actions, litigation, fines and penalties or other financial liabilities, or otherwise adversely affect our ability to conduct our business.

• Any failure to obtain, maintain, protect or enforce our intellectual property and proprietary rights could impair our ability to protect our brand and technology.

• As a result of being a public company in the United States, we are obligated to maintain proper and effective internal control over financial reporting, and any failure to maintain the adequacy of these internal controls may adversely affect investor confidence in our company and, as a result, the market price of our Class A ordinary shares.

• In connection with our preparation for compliance with the Sarbanes-Oxley Act, we have identified deficiencies in our internal control over financial reporting that constitute material weaknesses. If we are unable to remediate these material weaknesses or if we are unable to develop and maintain an effective system of internal control over financial reporting, we may not be able to produce timely and accurate financial statements or comply with applicable laws and regulations, which may adversely affect our business and the market price of our Class A ordinary shares.

• The dual class structure of our ordinary shares has the effect of enhancing the voting control of the holders of our Class B ordinary shares, limiting the ability of holders of our Class A ordinary shares to influence the outcome of important transactions.

• As the rights of shareholders under Jersey law differ from those under U.S. law, you may have fewer protections as a shareholder.

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#### Risks Related to Our Business and Operations
***Future revenue and growth depend on our ability to retain existing customers, attract new customers and increase transaction volume with both new and existing customers.***

Our continued growth and success depend on our ability to retain and attract customers across our three product offerings: Wise Account for personal customers, Wise Business for small and medium-sized businesses and Wise Platform for banks and other enterprises. The failure to retain customers and attract additional customers could harm our business, financial condition, operating results and prospects.

We have invested and will continue to invest in improving our business in order to offer better and/or new features, products and services, but if those features, products and services fail to be successful, or if our competitors develop new features, products and services that rival our own, our ability to acquire new customers may be unsuccessful and our growth may materially slow or decline. There may be financial institutions that are potential Wise Platform partners that also compete with us with respect to certain services we provide, and our competitive strategy, positioning and approach to marketing our services may result in some of those financial institutions deciding not to partner with us. In addition, the growth of our business depends in part on existing customers expanding their use of our products and services. Our customers have no obligation to continue to use our products and services, and we cannot assure you that they will do so. The difficulty and costs associated with switching to a competitor may not be significant; alternatively, customers may not be willing to switch to us from a competitor. Our customers' activity with us may decrease for a variety of reasons, including customers' level of satisfaction with our products and services, our pricing and the pricing and quality of competing products or services, the effects of global economic conditions or other factors set forth in these risk factors.

***Our ability to establish and maintain relationships with banks, payment processing partners, payment card networks, investment managers and other financial institutions is key to our ability to operate and expand into new markets, and any failure to do so may materially harm our business.***

The nature of our business requires us to enter into commercial and contractual relationships with banks, payment processing partners, payment card networks, investment managers and other financial institutions. If we are unsuccessful in establishing or maintaining relationships with these financial institution partners, our business may be harmed.

As of March 31, 2026, we held over 80 licenses globally. In most jurisdictions, our licenses and approvals allow us to offer our products without the need for agreements with local financial institutions. In certain jurisdictions, we enter into such agreements for the following reasons: (i) we do not hold the relevant licenses or approvals in that jurisdiction; (ii) although we hold the relevant licenses and approvals, applicable laws or regulations still require us to enter into such agreements; or (iii) for other business or commercial reasons, such as enhancing our products and features. For example, in the United States, because we are not a bank, our business is not eligible for membership in card payment networks, and we are, therefore, unable to directly access card payment networks in the United States. These networks' operating regulations require us to be sponsored by a member bank in order to process card payment transactions.

If we have disagreements or disputes or are otherwise unable to establish or maintain our relationships with our financial institution partners, it may limit our ability to offer our products and services in certain jurisdictions, and can lead to disputes or require us to find new providers to partner with, which could prove costly and time consuming to resolve. Furthermore, disputes with certain of our financial institution partners may result in them holding on to our or our customers' funds or taking other action that would be detrimental to us. In 2021, our relationship with MS Bank S.A. Banco de Câmbio, a Brazilian financial institution, was terminated. MS Bank S.A. Banco de Câmbio subsequently made allegations in connection with certain taxation matters arising from our previous relationship that has led to an investigation by Brazilian authorities. We have in the past experienced, and may in the future experience, the termination of a relationship with a financial institution partner, requiring us to expend resources to transfer existing customers to new partners. We may have disputes

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with these local financial institutions or our agreements and operational arrangements with financial institutions may also be challenged by local regulators or other governmental bodies, which may result in the termination of such arrangements and therefore have an adverse impact on our ability to operate in such jurisdictions.

If, for any reason, any banks, payment card schemes, issuers or other financial institutions cease to supply us with the services we require to conduct our business, or the terms on which such services are provided were to become less favorable, or a dispute occurs or a contractual claim is made against us, it could impact our ability to provide certain products or features, or the basis on which we are able to provide such services, and have an adverse effect on our operating results, financial condition and prospects.

#### Use of our products and services for illegal, improper or fraudulent activities could harm our business, financial condition, operating results, reputation and prospects.
Payments and financial services, such as those provided by Wise, are susceptible to illegal, improper or fraudulent uses, including money laundering, terrorist financing, sanctions evasion, bank fraud, payments involving human trafficking, consumer scams and the facilitation of other illegal, improper or fraudulent activity. Our products and services have been improperly utilized for illegal, improper and fraudulent uses in the past, and we cannot guarantee that our policies, procedures and internal controls would adequately protect our business, maintain our continued ability to operate in the jurisdictions that we serve or protect our reputation if illegal, improper or fraudulent activities were discovered to have taken place using our infrastructure in the future. For example, third parties have in the past conducted scams, such as impersonating financial service providers, including Wise, in order to secure the transfer of funds from customers, a practice known as authorized push payment fraud. To provide a faster and more convenient service, we also in certain instances may transfer money to recipients before cleared funds are actually received from our customers, which increases these risks in the event that these customers have insufficient funds in their bank account or their transactions are otherwise invalidated. We have adopted and continue to invest in controls and security measures to detect, prevent and stop these types of fraudulent activities, but there can be no assurance that these measures will be effective against new and continually evolving forms of fraud or scams or that customers will continue to view us as secure.

Our transaction loss expenses may increase if our anti-fraud systems are not effective, including against new methods or schemes that are developed to defraud us or our customers. Since the methods and schemes utilized by perpetrators of fraud are constantly evolving or, in some cases, not immediately detectable, we cannot assure you that our policies, procedures and controls for preventing or managing fraud will be effective over time or of our ability to update these measures to address emerging fraud risks. In addition, if illicit, improper or fraudulent activity levels involving our products and services were to rise, it could lead to changes in liability regimes and reputational and/or financial damage to us, including a perception that our product offering is less secure than those offered by traditional banks and our other competitors. Fraudulent or other illegal activity could lead to increased government oversight and regulatory intervention, including the suspension or termination of our licenses in certain jurisdictions, freezing of customer accounts, suspension of customer onboarding, fines and other penalties. Any of these factors may result in a reduction in the use and acceptance of our products and services, or an increase in our compliance costs, any of which would harm our business, financial condition, operating results and prospects.

Our anti-money laundering detection and monitoring systems, customer due diligence procedures, suspicious activity reporting and identity verification processes may contain weaknesses that we have not identified or fully remediated, and there is a risk that these controls may not keep pace with the growth of our business and evolution of our products and features. Any failure in the design or effectiveness of these systems, by our operational teams or outsourced service providers has in the past, and may in the future, lead to regulatory and legal consequences. These have included, and may include, criminal and civil lawsuits, a requirement to engage in remediation activities, suspension of customer onboarding, fines or public censure. Furthermore, if our measures to detect illegal, improper or fraudulent activities are too restrictive and/or inadvertently prevent or delay legitimate transactions, this could result in suspension of legitimate customer activity, deter new and

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existing customers or otherwise diminish our customer experience, any of which could harm our business, financial condition, operating results and prospects.

***We rely upon third-party service providers in order to provide our products and services, and any disruption in the operations of these third-party providers or interference with our use could adversely affect our business, financial condition and operating results.***

We use third-party service providers for certain aspects of our business, such as business process outsourcing for parts of our operations, productivity and communication tools, financial reporting, information security, cloud hosting, human resources and professional services and other support services. Any incident affecting our providers' infrastructure and our access to such infrastructure, including any incident that may be caused by cyber-attacks, natural disasters, fire, flood, severe storm, earthquake, power loss, telecommunications failures, terrorist or other attacks and other similar events beyond our control, could negatively affect our operations. As our primary payment processing is hosted in Amazon Web Services's ("AWS") Frankfurt region, outages in other AWS regions generally have a limited impact on our activities. However, we may still experience disruptions if our third-party providers are hosted in an affected AWS region. For example, the AWS outage in October 2025 caused temporary disruptions to one of our third-party service providers' systems, which affected parts of our customer service capabilities. As a result, our phone and chat support channels were partially or completely unavailable for around 3.5 hours. In some instances, we may not be able to identify the cause of such performance problems and recover the operations within a period of time acceptable to our customers. A prolonged disruption affecting our service could damage our reputation with current and potential customers, expose us to liability, cause us to lose customers or otherwise harm our business. We may also incur significant costs for using alternative services or taking other actions in preparation for, or in reaction to, events that damage the third-party services we use. Features and functionality for our products and services may also not be available on the same basis or at all on one or more platforms, which may hinder adoption of our products and services, reduce transaction volume and harm our brand, business and operating results.

In addition, a material change to service features or contractual terms, a failure to maintain necessary licensing, a failure to remain up to date with market developments, disruption to or insolvency of a provider or a termination of any of the agreements we have in place with these providers could adversely impact our ability to provide our products and services, and therefore our reputation and ultimately our operating results. Our third-party service providers may also seek to introduce or modify terms and conditions that result in increased costs, or terms and conditions that we are unable to meet or that are commercially unacceptable to us. Either of us may also choose to terminate all or part of the relationship. If this happens, we may not be able to find a replacement service provider on commercially acceptable terms or at all, or be able to develop our own replacement technology, which would have an adverse effect on our business, financial condition and operating results.

In certain cases, we also indirectly rely on third-party service providers for certain aspects of our business, for example, where we handle payments originating from overseas, we rely on the operators of local domestic payment systems in order to provide our products and services. Any disruptions to such third-party service providers may adversely affect our ability to service our customers.

***We transfer large sums of customer funds and are subject to the risk of loss due to errors or fraudulent or illegitimate activities of customers, employees or third parties, which could result in financial losses or damage to our reputation and trust in our brand, which would harm our business and financial results.***

Our business is subject to the risk of financial losses as a result of operational errors, fraudulent activity, employee misconduct or other similar actions or errors by us or our service providers. Such behavior, either by our employees, vendors, counterparties or other third parties, may include fraudulent actions, breaches of applicable laws, rules, regulations and contractual obligations, or failure to adhere to our policies and procedures or those of our partners and other counterparties. Companies in the payments and financial services sector, such as Wise, are regularly targeted by parties who seek to commit acts of financial fraud, using a variety of

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techniques, including stolen bank accounts, compromised business email accounts, employee fraud, attempted use of stolen or false identities by remote employees, account takeover, false account creation and other new techniques and technologies. Our risk management efforts have not in all cases prevented, and may not in the future effectively prevent these errors and activities. Financial losses arising from operational errors, fraudulent activity, employee misconduct or other similar conduct have occurred in the past and may occur again in the future, potentially at similar or greater magnitude. If any of these errors or activities are significant, we may be subject to increased regulatory oversight or enforcement actions, including the suspension or termination of our licenses in certain jurisdictions, as well as termination of services provided by third parties. As a result of such circumstances, we may suffer significant losses or reputational harm, and our business, financial condition, operating results and prospects could be adversely affected.

#### Our failure to manage and safeguard our customer funds properly could materially harm our business.
In certain jurisdictions we hold a substantial amount of funds and custody assets belonging to our customers. We hold, and in certain jurisdictions are required to hold and segregate, at least 100% of the aggregate amount of all customer funds and assets held by our licensed entities. Depending on the product, we satisfy these requirements through safeguarding arrangements or through the appointment of a third-party custodian to segregate securities or the underlying units within the funds invested in by our customers.

Our ability to manage and accurately account for the assets underlying our customer funds and comply with applicable safeguarding requirements and regulations requires high precision internal controls. As our business continues to grow and we expand our products and services, we must continue to strengthen and scale our associated internal controls. Our continued success requires our customers' confidence in our ability to properly safeguard their balances and handle large and growing transaction volumes and amounts of customer funds and custody assets. Any failure to maintain or scale the necessary controls or to appropriately manage our growing transaction volumes, balances and assets under management, could result in the inappropriate amount of funds or assets being safeguarded. This could lead to customer harm, reputational harm, customers deciding to discontinue or reduce their use of our products and services, and result in significant penalties and fines and potential restrictions, which could materially harm our business.

***If one or more of our counterparties, including financial institutions, default on their financial or performance obligations to us or fail, we may incur significant losses.***

We have significant amounts of cash and cash equivalents outstanding on deposit or in accounts with banks or other counterparties, the majority of which exceed applicable government deposit insurance limits. In certain jurisdictions, including the United States, such deposits are uninsured and in the event of a counterparty failure, we may not be able to recover the full amount of such deposits. We are, and will continue to be, subject to the risk of actual or perceived deterioration of the commercial and financial soundness of our counterparties, including other potentially interconnected financial institutions with varying levels of credit worthiness, in particular in relation to cash and cash equivalents held at financial institutions, purchasing funds in specific currencies and the provision of local payment, account and investment services. If one of our counterparties were to be impacted by such actual or perceived deterioration, become insolvent or file for bankruptcy, our ability to recover losses incurred as a result of default or to access or recover our or our customers' assets that are held in accounts with or otherwise due from such counterparty may be limited, including by the counterparty's liquidity or the applicable laws governing the insolvency or bankruptcy proceedings. An institution appropriating funds, defaulting, failing a stress test or requiring bail-in by its shareholders, creditors and/or respective governments could lead to significant liquidity problems and losses or defaults by other institutions. Even the perceived lack of available liquidity or creditworthiness of, or questions about, a counterparty or major financial institution may lead to market-wide liquidity problems and losses or defaults by financial institutions to which we have exposure, which could, in turn, have an impact on our business and financial position. This risk resulting from the interdependence on financial institutions is sometimes referred to as "systemic risk" and may adversely affect

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financial intermediaries, such as industry payment systems and banks, with whom we interact on a daily basis. Systemic risk could have a material adverse effect on our ability to operate our business, which would have an adverse effect on our business, operating results and financial condition.

***We may be unable to compete successfully against existing and future competitors that employ a variety of existing business models and technologies or new innovations.***

The payments and financial services-related industries are fragmented and highly competitive, characterized by rapidly changing technology and evolving standards, changing customer requirements and frequent new product introductions. Our primary competitors are traditional banks, in addition to digital first banks and other financial technology companies. We also compete with payment networks, such as Visa and Mastercard, and legacy foreign exchange businesses.

The major competitive factors in our industry are pricing, product offering functionality, quality and breadth, global customer support, employee and development costs, brand recognition and reputation, market reach and reliability. Some of our current and potential competitors, particularly traditional banks with whom we compete, have longer operating histories, as well as other potential advantages over us, including greater customer bases, volume, scale or market share, while some have less burdensome licensing, capital, liquidity and other regulatory requirements. They may devote greater resources to the development of their products and services, which may limit the competitive advantage offered by our unique and powerful technology infrastructure. These companies may also invest more in the promotion and sale of their products and services, or may offer lower prices than us, including by cross-subsidizing across their product offerings.

The success of our business will depend, in part, on our ability to adapt and respond effectively to changing customer needs, requirements and preferences on a timely basis. Our current and potential competitors, including new market entrants, may introduce new and disruptive products or services that negatively affect our ability to retain and attract customers at prices that are consistent with our pricing model and operating budget. Because the market for our products and services is highly fragmented, it is difficult to predict customer adoption and demand for our products and services, the size and growth rate of this market, the introduction of new competitive products or the success of existing competitive products. We may not be able to make product or technological improvements as quickly or effectively as our competitors and/or as expected by our customers, or to market them successfully, which could harm our ability to attract or retain customers. Additionally, our investment of resources, including management attention and talent allocation, to develop new products and services, or to make related changes or updates to our services, may be insufficient relative to the offerings of existing competitors or new market entrants, and therefore fail to return our investment. Finally, our competitors use a variety of funding and pricing methodologies which may be more attractive to customers in some geographies or demographics. If we fail to timely anticipate or adapt to changes in these competitive activities or customer behavior, it is possible that we would have to change our pricing strategy inconsistent with our current financial model, which could harm our business, financial condition, operating results and prospects.

#### Increases in transaction, processing and other fees could increase our costs, affect our profitability, cause us to lose customers or otherwise limit our operations.
Our payment processing and banking partners charge us fees, which may be increased from time to time and with little prior notice. Card processors may also increase the fees charged for each credit or debit transaction to add funds to customers' accounts with Wise, which may be passed on to us or our customers. Any such increases in transaction and processing fees could challenge our profitability and put upwards pressure on our prices. Governments could also impose new rules, the compliance of which may result in fees being imposed upon our customers or otherwise impact the manner in which we provide our services. In addition, governments may directly impose fees or taxes on payment transactions or financial services, which could further increase costs to us or our customers. Any such increased fees could increase our operating costs, require us to provide additional collateral, reduce our profit margin and impact our prices. See also "—Risks Related to Regulatory Compliance

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and Governmental Matters—Our ability to offer our services and to offer competitive fees may be reduced or limited because of regulatory initiatives and changes in laws and regulations or their interpretation and industry practices and standards."

Our revenue is composed substantially of fees charged for our services, and decreasing fees faster than costs have in the past had and may in the future have a negative impact on our financial results. Our ability to charge sustainable fees in the future may be adversely affected if we fail to continue to expand our infrastructure in the markets that we serve, whether due to regulatory constraints or otherwise. Any significant or unsustainable reduction in the fees we charge relative to our costs, including for reasons beyond our control, or the elimination of certain types or methods of charging fees could impact our profitability.

***If our information technology systems or those of third parties with whom we work are or were compromised, we could experience adverse events from such compromise, which could adversely affect our business, financial condition and operating results.***

We face unique security threats as a financial technology company, as we and the third parties with whom we work collect, receive, store, process, generate, use, transfer, disclose, make accessible, protect, secure, dispose of, transmit and share (collectively, "process") sensitive data, which includes financial information, trade secrets, personal data (collectively, "sensitive information"). As a result, we and the third parties with whom we work are, and have been, subject to a variety of evolving threats, including but not limited to malicious code (such as viruses and worms), social engineering attacks (including through deep fakes, which may be increasingly difficult to identify as fake, and phishing attacks), malware (including as a result of advanced persistent threat intrusions), ransomware attacks, supply chain attacks, software bugs, server malfunctions, software or hardware failures, loss of data or other information technology assets, adware, telecommunications failures, network outages, supplier outages, denial-of-service attacks, credential harvesting or stuffing, efforts by individuals or groups of hackers and sophisticated organizations, including organized criminal threat actors, nation states, and state-sponsored or state-supported organizations, errors or malfeasance of our personnel or those of third parties with whom we work, including personnel who have authorized access to our systems, attacks enhanced or facilitated by artificial intelligence ("AI"), online and offline fraud, and other similar threats to the confidentiality, integrity and availability of our sensitive information and information technology systems. In particular, severe ransomware attacks, including those perpetrated by organized criminal threat actors, nation-states and nation-state-supported actors, are becoming increasingly prevalent and severe and can lead to significant interruptions in our operations, ability to provide our services, loss of sensitive data and income, reputational harm and diversion of funds. Extortion payments may alleviate the negative impact of a ransomware attack, but we may be unwilling or unable to make such payments due to, for example, applicable laws or regulations prohibiting such payments. Such threats are constantly evolving, and we or the third parties with whom we work may be unable to anticipate attempted security breaches, react in a timely manner, or implement adequate preventative measures. Furthermore, the reliability and continuous availability of our products are critical to our business and therefore may be subject to adverse consequences from any vulnerabilities or outages in our products or customer misuse of our products. Vulnerabilities could be exploited and result in a security incident.

Some threat actors now engage and are expected to continue to engage in cyber-attacks, including nation-state actors for geopolitical reasons and in conjunction with military conflicts and defense activities. During times of war and other major conflicts, we and the third parties with whom we work may be at heightened risk of these attacks, including retaliatory cyber-attacks, that could materially disrupt our systems and operations, supply chain and ability to produce, sell and distribute our services.

It may be difficult and/or costly to detect, investigate, mitigate, contain, and remediate a security incident or vulnerability. Our efforts to do so may not be successful. Actions taken by us or the third parties with whom we work to detect, investigate, mitigate, contain, and remediate a security incident or vulnerability could result in

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outages, data losses, and disruptions of our business. Threat actors may also gain access to other networks and systems after a compromise of our networks and systems. We may expend significant resources or modify our business activities to try to protect against security incidents.

Future business transactions (such as acquisitions or integrations) could also expose us to additional cybersecurity risks and vulnerabilities, as our systems could be negatively affected by vulnerabilities or other security issues present in acquired or integrated entities' systems and technologies.

In addition, our reliance on third-party banks and service providers could introduce new cybersecurity risks and vulnerabilities, including supply-chain attacks, and other threats to our business operations. We rely on third parties to hold certain funds, operate some of our critical business systems and process the sensitive information that we own, process or control, including customer information, proprietary data and source code, for example third-party cloud hosting providers and providers of technology to support our customer service operations. Our ability to monitor these third parties' information security practices is limited, and these third parties may not have adequate security measures and could experience a security incident that compromises the confidentiality, integrity or availability of the systems they operate for us, the information they process on our behalf, or, in the case of financial institutions, funds they hold on our behalf. If the third parties with whom we work experience a security incident or other interruption, we could experience adverse consequences. For example, a third-party bank with whom we worked in the past experienced a cybersecurity incident, whereby an unauthorized third party gained access to certain of our customer information processed by that third-party bank. In another instance, in November 2024, one of our third-party vendors that provides customer service support was subject to unauthorized access that led to unauthorized access to a very limited number of our customer accounts. Incidents such as these could result in the loss of customer trust, regulatory scrutiny, potential liability, and reputational harm, any of which could adversely affect our business, financial condition and operating results.

While we may be entitled to damages if our third-party service providers fail to satisfy their data privacy or security-related obligations to us, any award may be insufficient to cover our damages, or we may be unable to recover such award. In addition, supply-chain attacks have increased in frequency and severity, and we cannot guarantee that third parties' infrastructure in our supply chain or our third-party partners' supply chains have not been compromised.

If we, or a third party with whom we work, experience a security incident or are perceived to have experienced a security incident, we may experience material adverse consequences. Such incidents could reduce demand for our products, damage our brand and reputation, disrupt business operations, result in the exfiltration of sensitive information, including source code, require us to notify third parties, including customers, investors, and regulators, require us to spend material resources to investigate or correct the incident and to prevent future security incidents which could include changes to the architecture, functionality or use cases of our solutions and services, expose us to liabilities, including litigation, regulatory enforcement (including investigations, fines, penalties, audits and inspections), additional oversight, restrictions or bans on processing personal information or processing transactions, indemnity obligations, claims by our customers or other relevant parties that we have failed to comply with contractual obligations to implement specified security measures, negatively impact our ability to grow and operate our business, and adversely affect our business, financial condition and operating results.

Certain security related legislation and regulation impose obligations that have required us and may in the future require us to implement and maintain specific security measures or industry-standard or reasonable security measures to protect our information technology systems and sensitive information.

We may expend significant resources or modify our business activities to address these requirements, and any failure or perceived failure to comply with these obligations could result in adverse consequences including, but not limited to, notification requirements, liabilities, including litigation, regulatory enforcement (including investigations, fines, penalties, audits and inspections), additional oversight, and restrictions or bans on

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processing personal information, indemnity obligations, and claims by our customers or other relevant parties that we have failed to comply with contractual obligations to implement specified security measures.

Our contracts do not, and may not, contain limitations of liability, and even where they do, there can be no assurance that the limitations of liability in our contracts would be enforceable or adequate or would otherwise protect us from such liabilities, damages, or claims related to our data privacy and security obligations. Additionally, we cannot be certain that our insurance coverage will be adequate or otherwise protect us with respect to claims, expenses, fines, penalties, business loss, data loss, litigation, regulatory actions or other impacts arising out of security incidents, particularly if we experience an event that impacts multiple customers, that such coverage will continue to be available on acceptable terms or at all, or that such coverage will pay future claims. Any of these results could adversely affect our business, financial condition and operating results.

#### Real or perceived errors, failures, bugs or defects in our infrastructure or products could adversely affect our reputation and harm our business.

In addition, errors in our products could cause system failures, loss of data or other adverse effects for our customers that may assert warranty and other claims for substantial damages against us. Although our agreements with our customers typically contain provisions that seek to limit our exposure to such claims, it is possible that these provisions may not be effective or enforceable under the laws of some jurisdictions. While we seek to insure against these types of claims, our insurance policies may not adequately limit our exposure to such claims. These claims, even if unsuccessful, could be costly and time consuming to defend and could harm our business, financial condition and operating results.

#### Unfavorable geopolitical or macroeconomic conditions could limit our ability to grow our business and negatively affect our operating results.
We offer our products to personal customers and businesses around the world. As a result of our extensive international operations, unfavorable geopolitical or macroeconomic conditions, including conditions resulting from financial and credit market fluctuations, fluctuating inflation, foreign exchange and interest rates, the imposition of or changes in tariffs and trade barriers, capital controls, political turmoil and regime change, tax reform or changes in tax law, natural catastrophes, outbreaks of contagious diseases, ongoing armed conflicts and terrorist attacks on the United States, Europe, the Asia Pacific region or elsewhere, could cause a decrease in our customers' willingness to spend, transfer or hold money or otherwise disrupt our operations, which would likely increase our costs to operate in affected jurisdictions, have a negative impact on demand for our products and services and adversely affect the growth of our business and our operating results. In addition, global economic conditions or government restrictions on international travel and changes in immigration laws that make it more difficult for individuals to migrate or work abroad could also reduce transaction volumes.

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Our competitors may respond to challenging market conditions by lowering prices in an attempt to attract our customers, which may require us to respond in kind, potentially outside of our pricing model. We cannot predict the timing, strength or duration of any economic slowdown, instability or recovery, generally or within any particular industry.

#### Our exposure to market risk, particularly interest rate risk, could adversely affect our financial condition and operating results.
We are exposed to various categories of market risk, including interest rate and foreign currency risks, due to the financial instruments associated with our operations, including our cash and cash equivalents, short term investments, customer account balances and bond holdings. Such market risks may lead to economic losses on market risk-sensitive instruments arising from adverse changes in market factors such as interest rates, foreign currency exchange rates and credit spreads/ counterparty risk.

Specifically, we face interest rate risk from fixed interest rate assets and liabilities on our balance sheet, primarily related to our investments in bonds. As interest rates increase, the value of these investments will decline, leading to either unrealized losses through other comprehensive income or realized losses to net income in the event we were required to sell these securities, therefore impacting our capital position in both cases. Separately, our interest income is affected by changes in market interest rates from our cash, cash equivalents and short-term investment holdings. We are exposed to changes in interest income resulting from movements in interest rates on our financial assets, including cash and cash equivalents and short-term investments. Our earnings are also impacted by the amount of interest income we return to our customers. In particular, as we resolve any regulatory hurdles to increase the portion of interest income yield that we return to our customers, our interest expense on customer liabilities may grow.

While management has processes in place aimed at identifying and mitigating the impact of these risks, including through financial hedges or collateralization, these measures may not be fully effective, if at all.

See "Item 5.B. Operating and Financial Review and Prospects—Liquidity and Capital Resources—Quantitative and Qualitative Disclosures About Market Risk" for additional information."

***Our business depends on our strong and trusted brand, and we may fail to maintain and protect our brand, which may adversely affect our business, financial condition, and results of operations***

We have developed a strong and trusted brand that has contributed significantly to the success of our business. We believe that maintaining and protecting our brand identity and reputation is critical to our ability to attract and retain customers, commercial counterparties and employees. Maintaining and promoting our brand will depend largely on our continued investment in marketing and our ability to provide reliable products and services that continue to meet the needs of our customers and our ability to maintain our customers' trust. Harm to our brand can arise from many sources, including failure by us or third parties with whom we work to satisfy customer expectations of service and quality; inadequate protection, misuse or disclosure of confidential, proprietary, personal, or sensitive data by us, or third parties with whom we work; employee misconduct; fraud committed by third parties using our products, compliance failures by us or third parties with whom we work; and litigation, investigations, regulatory activity and other claims relating to us. If we fail to successfully maintain and promote our brand, our business, financial condition, and results of operations may be adversely affected.

***We rely on the performance of highly skilled personnel, including our leadership team and our engineering, product and other financial services professionals. If we are unable to retain or motivate key personnel or hire, retain and motivate qualified personnel, our business would be harmed.***

We believe that the efforts and talents of our leadership team have been important to our success. From time to time, there have been, and may in the future be, changes in our executive management team or other key

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employees resulting from the hiring or departure of these personnel. We may not be able to retain the members of our leadership team, or find and hire adequate replacements on a timely basis following the departure of one or more members of our leadership team, either of which could disrupt our business and impact our ability to implement our growth strategies.

In addition, to deliver our mission, we must attract and retain highly qualified personnel. From time to time, we have experienced, and we expect to continue to experience, difficulty in the timely hiring and retention of employees with appropriate qualifications. Many of the companies with which we compete for experienced personnel may have greater resources than we have. Further, inflationary pressures or other macroeconomic factors may impact employee attrition. If we hire employees from competitors or other companies, their former employers may attempt to assert that these employees or we have breached certain legal obligations, resulting in a diversion of our time and resources. In addition, prospective and existing employees often take into account the value of the equity awards they receive in connection with their employment. If the actual or perceived value of our equity awards declines or experiences significant volatility, such that prospective or existing employees believe there is limited upside to the value of our equity awards, it may adversely affect our ability to recruit and retain key employees. If we fail to attract new personnel or fail to retain and motivate our current personnel, our business and prospects would be harmed.

***We expect fluctuations in our financial results, making it difficult to project future results, and if we fail to meet the expectations of securities analysts or investors with respect to our operating results, the market price of our Class A ordinary shares and the value of your investment could decline.***

Our operating results have fluctuated in the past and are expected to fluctuate in the future due to a variety of factors, many of which are outside of our control. As a result, our past results may not be indicative of our future performance. In addition to the other risks described in this "Risk Factors" section, factors that may affect our operating results include:

• our ability to attract new customers;

• our ability to retain and increase transaction volume with our existing customers;

• fluctuations in demand for our products and services or pricing of our fees associated with our products and services, including as a result of any product unavailability or system downtime;

• our ability to maintain and expand our relationships with our payment processing and banking partners;

• use of our products and services for illegal, improper or fraudulent activities;

• changes in competitive dynamics of our industry, including the development or introduction of new platforms or services by our competitors that provide better customer experience, lower pricing and / or adapt customers' demands more than our current suite of products;

• cyberattacks, cybersecurity breaches, service outages or other similar incidents with respect to the delivery and use of our products and services;

• our ability to control amount or timing of costs, including our operating expenses;

• the amount and timing of noncash expenses, including share-based compensation expense, depreciation and amortization and other noncash charges;

• the amount and timing of costs associated with recruiting, training and integrating new employees and retaining and motivating existing employees;

• fluctuations in market interest rates, which impact interest earned on funds held for customers, or foreign currency exchange rates;

• the effects of any potential acquisitions and their integration;

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• the impact of new accounting pronouncements;

• awareness of our brand and our reputation;

• our ability to comply with existing and future regulatory developments in the markets in which we currently and may in the future operate, including in connection with any audits, inspections or investigations from the responsible regulatory authorities in such jurisdictions;

• changes in our effective tax rate or our ability to comply with applicable tax laws in the markets in which we currently and may in the future operate, including in connection with any audits, examinations, or investigations from the responsible tax authorities in such jurisdictions;

• our ability to introduce new and existing products and services in new jurisdictions, including obtaining new and maintaining existing licenses; and

• general economic conditions and geopolitical forces, both domestically and abroad, as well as economic conditions specifically affecting industries in which our customers participate.

Any of these and other factors, or the cumulative effect of some of these factors, may cause our operating results to vary significantly. Furthermore, these factors may be exacerbated, or new factors that affect our operating results may arise, as a result of our growth and expansion. As we continue to grow and expand, our business may become increasingly complex, require more operational resources and otherwise result in operating difficulties in managing our business across numerous jurisdictions. We may not successfully accomplish our growth objectives, which makes it difficult for us, investors and analysts to definitively forecast our future operating results. If our operating results fall below any guidance we release with respect to our projected financial performance or the expectations of investors and securities analysts who follow our company, the price of our Class A ordinary shares could decline substantially, and we could face costly shareholder activism and lawsuits, including securities class action suits.

***Our estimates of market opportunity and forecasts of market growth may prove to be inaccurate, and even if the market in which we compete achieves the forecasted growth, our business could fail to grow at similar rates, if at all.***

Our estimates of market opportunity and forecasts of market growth are subject to significant uncertainty and are based on assumptions and estimates that may not prove to be accurate, including due to the risks described in these risk factors. The variables that go into the calculation of our market opportunity are subject to change over time, and there is no guarantee that any particular number or percentage of addressable customers or companies covered by our market opportunity estimates will use our products or services or generate any particular level of revenue for us. Any expansion in our market depends on a number of factors, including the cost, performance and perceived value associated with our products and services, as well as offerings from our competitors. Even if the market in which we compete meets our size estimates and growth forecasts, our business could fail to grow at similar rates, if at all because our growth is subject to many factors, including our success in implementing our business strategy, which is subject to many risks and uncertainties.

***We are exposed to risk relating to our use of artificial intelligence and machine learning systems and we may face challenges in properly managing their use, which could result in legal liability, financial loss or reputational harm.***

The use of evolving technologies, such as AI or machine learning ("ML"), in our operations and those of our partners and third-party service providers, presents new risks and challenges that could negatively impact our business. For example, the use of certain AI/ML technologies can give rise to privacy and data security risks related to both the inputs and outputs, as well as risks relating to the integrity and quality of customer experiences. Several jurisdictions have proposed, enacted, or are considering, laws governing the development and use of AI/ML, such as the European Union's AI Act. Further, several jurisdictions have proposed, enacted, or are considering privacy laws that extend rights to individuals and/or regulate the use of automated decision making tools (for example the GDPR's provisions on automated individual decision-making under Article 22).

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We have invested in AI/ML across the last decade, including in fighting financial crime, currency flow prediction and risk management, and we currently process large volumes of documents with AI-driven technology. We have also launched large language model copilots across our teams, including Financial Crime and Customer Support teams. These use cases may attract regulatory scrutiny under the EU AI Act and equivalent frameworks that apply to our use of AI/ML. Legal obligations affect our use of AI/ML, and any failure, or perceived failure, to meet those obligations could result in additional compliance costs to remediate, regulatory investigations and actions (including potential fines for non-compliance), reputational damage, and lawsuits. Compliance with new and emerging laws, regulations and industry standards relating to AI, in the EU and internationally, may impose significant operational costs and limit or restrict our ability to develop, deploy, or use existing or future AI technologies. Additionally, sensitive information of Wise or our customers could be leaked, disclosed or revealed as a result of or in connection with our employees', personnel's or vendors' use of AI technologies. Further, due to inaccuracies or flaws in the inputs, outputs, or logic of the AI/ML, the underlying models and the content they generate could be biased, inaccurate, offensive, or otherwise harmful.

In addition, our use of AI and ML models in critical functions such as financial crime detection, transaction monitoring and currency flow prediction exposes us to model risk. If these models contain errors, reflect biased data or fail to adapt to new patterns—including novel forms of fraud or changes in customer behavior—they could produce inaccurate outputs, resulting in either undetected illicit activity or the inappropriate blocking of legitimate customer transactions. Any such failure could lead to regulatory action, financial losses, customer harm and reputational damage.

The use of certain AI/ML technologies can also give rise to intellectual property risks, including risks to the creation and preservation of intellectual property rights and risks related to intellectual property infringement. In particular, third party generative AI systems that we use may have been trained on datasets incorporating copyrighted or otherwise protected material, and their outputs could infringe the intellectual property rights of third parties, potentially exposing us to claims or liability (that may not be fully recoverable under the relevant contracts with such third-party providers). Our publication of AI-generated content, including in marketing materials, could heighten this exposure. Additionally, if proprietary information or trade secrets of Wise or our customers are input into third-party AI tools by our personnel or vendors, such disclosure could compromise the confidentiality necessary to maintain trade secret protection under applicable law and diminish the value of our intellectual property.

Further, bad actors may use sophisticated methods to engage in illegal activities involving the theft and misuse of sensitive data. Additionally, bad actors could manipulate or misuse AI/ML tools we may offer. Any of these impacts could damage our reputation, result in manipulation or the loss of valuable information, breach applicable laws and regulations, and harm our business, financial condition and operating results.

#### Existing and any future indebtedness could adversely affect our ability to operate our business.
We have historically maintained credit facilities and other financing arrangements to provide a source of liquidity for our business and may introduce additional sources of indebtedness in the future for liquidity or other funding purposes. In particular, these sources of liquidity allow us to speed up the processing of payments by pre-funding payout accounts and to provide timely access to customer funds while complying with regulatory requirements. For example, in November 2025, we established a £2 billion ($2.6 billion at issuance date) Euro medium-term note program (the "EMTN Program"), under which we issued £250.0 million ($329.0 million at issuance date) aggregate principal amount of pound sterling-denominated unsecured notes due 2030. We also have a £330.0 million ($437.1 million as of March 31, 2026) multicurrency Revolving Credit Facility with a syndicate of banks entered into on December 12, 2024 for a period of three years, with the potential for two one-year extensions. In addition, our subsidiary that is an authorized electronic money institution in the United Kingdom is subject to requirements to safeguard "relevant funds" which we satisfy in part through comparable guarantees from investment grade issuers. All such arrangements include certain operating and financial covenants, and our ability to meet such covenants can be affected by events beyond our control or we may

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otherwise not be able to continue to meet those covenants. See "Item 5.B. Operating and Financial Review and Prospects—Liquidity and Capital Resources—Indebtedness."

Our current and future indebtedness, together with our other financial obligations and contractual commitments, could have significant adverse consequences on our business, including:

• requiring us to dedicate a portion of our cash resources to the payment of interest and principal, reducing money available to fund working capital, capital expenditures, potential acquisitions, international expansion, new product development, marketing and other general corporate purposes;

• increasing our vulnerability to adverse changes in general economic, industry and market conditions, including changes in interest rates and credit risk appetites;

• limiting our flexibility in planning for, or reacting to, changes in our business and the industry in which we compete; and

• placing us at a competitive disadvantage compared to our competitors that have less debt or better debt servicing options.

We intend to satisfy our current and future debt service obligations with cash received from our operations. However, we may not have sufficient funds, and may be unable to arrange for additional financing, to repay the amounts due under the Revolving Credit Facility, EMTN Program or any other debt instruments. Failure to make payments or comply with other covenants under our debt instruments could result in an event of default and acceleration of amounts due.

#### We are exposed to fluctuations in currency exchange rates, which could negatively affect our operating results.
We are exposed to fluctuations in foreign currency exchange rates for international transfers on our platform. On most transfers, we offer our customers a guaranteed mid-market exchange rate, which is the midpoint between the price the market is willing to pay for a currency and the price at which the market is willing to sell a currency. This rate is offered as guaranteed for a limited period of time to allow the customer time to fund their transfer. If foreign exchange rates change between the time a transfer is booked (at which time the exchange rate is set) and when the recipient is paid out, or if the customer does not fund the transfer, we may suffer a loss on that transaction. Also, by allowing our customers to use our products and services when markets are closed, including on weekends, we are exposed to exchange rate fluctuations during periods when it is not possible to offset foreign currency exposures through financial instruments. For the financial year ended March 31, 2026 and financial year ended March 31, 2025, our largest currencies by cross-border volume were U.S. dollar, British pound sterling and Euro. This risk of exchange rate movement is most acute during periods of large short-term fluctuations in foreign exchange rates.

We also face risks associated with schemes seeking to exploit exchange rate volatility, for example by using sophisticated algorithms and bots. There is no guarantee that our internal control mechanisms will be able to effectively identify and thwart any such exploitation in the future, which could result in needing to expend significant resources in an attempt to recover losses, inhibit our ability to lower our prices or harm our profitability.

We are exposed to foreign exchange risk on certain customer balances where related liabilities to customers are not identically matched by holding equivalent funds in the same currency, including where regulatory requirements or operational constraints limit our ability to hold certain currencies. If we cannot fully hedge these positions that are not matched in currency type and exchange rates move materially or for a sustained period, our financial results could be significantly adversely affected.

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We enter into derivative financial and other instruments to seek to mitigate any adverse effect of currency-related fluctuations on our business, financial condition and operating results, but there can be no assurance that such arrangements will fully eliminate the potentially materially adverse effects of such fluctuations, nor that appropriate financial instruments will be available in all market conditions. While we have adopted measures to monitor and manage the impact of foreign exchange risk, such measures may not be effective at adequately protecting against fluctuations in currency exchange rates, which could cause our operating results to be adversely affected.

#### Risks Related to Regulatory Compliance and Governmental Matters

#### Our business is subject to extensive regulation and oversight in a variety of areas, all of which are subject to change and uncertain interpretation.
Our business is subject to complex and changing laws, rules, regulations, policies and legal interpretations in the markets in which we offer our products and services, including, but not limited to, those governing: payment services (including payment processing and settlement services), banking, deposit taking, cross-border and domestic money transmission, prepaid access, foreign currency exchange, AI, privacy, data protection, data governance, cybersecurity, taxation, banking secrecy, digital currencies and payments, fraud detection, consumer protection, antitrust and competition, economic and trade sanctions, anti-money laundering and counter-terrorist financing.

Regulators and legislators globally have been establishing, evolving, and increasing their regulatory authority, oversight and enforcement over financial services in a manner that impacts our business. As we introduce new products and services and expand into new markets, we expect to become subject to additional regulations, restrictions and licensing requirements. As we expand and localize our activities, we expect that our obligations in the markets in which we operate will continue to increase. In addition, because we provide products and services to customers worldwide, one or more jurisdictions may claim that we or our customers are required to comply with their laws, which may impose different, more specific or conflicting obligations on us, as well as broader liability. In delivering our strategy, we regularly evaluate our portfolio of licenses and regulatory approvals held in different jurisdictions in which we operate, including in major jurisdictions such as the United States and the United Kingdom, as well as other jurisdictions to which we may expand our operations. As part of that portfolio review, we may, from time to time, evaluate whether applying for additional licenses or approvals, or operationalizing or retaining those licenses, may be beneficial for the business. These additional licenses and approvals may subject us to additional rules and regulations, including capital requirements, and regulatory oversight. See "Item 4. Information on the Company—B. Business Overview—Government Regulation" for additional information on certain applications in process or under evaluation.

Any failure or perceived failure to comply with applicable laws, regulations or orders of any government authority (including changes to or expansion of their interpretation), in particular in relation to anti-money laundering, economic and trade sanctions, fraud detection and taxation, has in the past and may in the future result in regulatory and legal consequences. These may include significant fines, penalties, monetary damages, public censure, injunctive relief, criminal and civil lawsuits, forfeiture of significant assets and enforcement actions in one or more jurisdictions; result in additional compliance and licensing requirements; cause us to lose existing licenses or prevent or delay us from obtaining additional licenses that may be required for our business; increase regulatory scrutiny of our business; divert management's time and attention from our business; restrict or prohibit our operations; lead to increased friction for customers; force us to make changes to our business practices, products or operations; require us to engage in remediation activities; or delay planned transactions, product launches or improvements. Any of the foregoing could, individually or in the aggregate, harm our reputation, damage our brand and business and adversely affect our operating results and financial condition. The complexity of regulatory and enforcement regimes in the jurisdictions in which we operate, coupled with the global scope of our operations and the evolving global regulatory environment, could result in a single event prompting a material number of overlapping investigations and legal and regulatory proceedings by multiple

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government authorities in different jurisdictions. While we have implemented policies, procedures and controls designed to help ensure compliance with applicable laws and regulations, there can be no assurance that our employees, contractors and agents will not inadvertently or otherwise violate such laws and regulations.

If there is a conflict between the regulations to which we are bound (including conflict between regulatory requirements and applicable tax laws) and our operations, we may need to restructure our intercompany and third-party transactions to be in compliance with applicable regulations and any such restructurings could have adverse tax implications. Furthermore, it may not be possible to be in compliance with applicable laws and regulations to which we are subject if such laws and regulations pose conflicting and incompatible requirements on our business. Noncompliance with applicable regulations could harm our business, require the payment of significant fees or fines, subject our operations to additional tax liabilities, or prevent us from operating in the markets in which we currently or may in the future operate. Furthermore, any tax, fee or other requirement or restriction exclusively on money movement or money management services could put us at a competitive disadvantage to other means of payment or money management which are not subject to the same taxes, fees, requirements or restrictions. Such initiatives may increase our or our customers' costs and have a material adverse impact on our business, financial condition and operating results. Finally, our business could be harmed if a government in a jurisdiction in which we operate were to levy taxes on money movement.

Further, governmental agencies worldwide have imposed, and may impose new or additional rules on financial services affecting us; our third-party providers, including our payment processing and banking partners; or commercial counterparties, including regulations that:

• prohibit, restrict and/or impose taxes or fees on payment transactions in, to or from certain countries or with certain governments, individuals and entities;

• impose new requirements, change requirements or re-interpret existing requirements regarding the acquisition of local currency for disbursement to recipients;

• impose additional customer identification or due diligence requirements, including requirements to verify the professional, immigration or other status of customers;

• impose additional third-party provider due diligence and vendor management requirements;

• impose additional disclosures, reporting or recordkeeping requirements, or additional enhanced transaction monitoring;

• limit the types of entities capable of providing cross-border payment services, impose additional licensing or registration requirements on us, or our third-party providers, or impose additional requirements on us with regard to selection or oversight of our third-party providers;

• impose or increase minimum capital or other financial requirements on us or our third-party providers;

• limit or restrict the revenue which may be generated from money movement, including transaction fees and revenue derived from foreign exchange or investment services;

• require we provide additional, jurisdiction-specific consumer protection rights to our customers across multiple jurisdictions;

• require the principal amount of money originated in a country to be held or invested in that country or held in a trust until the relevant governmental agencies are paid;

• limit the number or principal amount of payments that may be sent to or from a jurisdiction, or the amount of certain currencies that may be held within a jurisdiction, whether by an individual, through one third-party provider, or in aggregate;

• impose more stringent information technology, AI, cybersecurity, privacy and operational security requirements on us or our third-party providers and their service providers, including relating to data transfers and the use of cloud infrastructure; and

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• impose additional risk management and related governance and oversight requirements, including relating to the outsourcing of services to other group companies or to third parties.

In addition, changes in regulatory expectations, interpretations or practices could increase the risk of regulatory enforcement actions, fines and penalties. If the regulatory bodies that oversee our operations adopt, or if customer advocacy groups are able to generate widespread support for, positions that are detrimental to our business, then our business, financial condition, operating results and prospects could be harmed.

On June 16, 2025, we applied to the Office of the Comptroller of the Currency (the "OCC") for a national bank charter to establish Wise National Trust ("WNT") in the United States. If our trust application is not granted, our ability to scale our U.S. operations efficiently may be impacted. We may also continue to face operational and cost inefficiencies due to dependence on third-party banks and a competitive disadvantage against those with national trust bank charters or similar bank authorizations who could offer faster and cheaper settlement of transfers involving U.S. dollars.

If our trust application is granted, operating a national trust bank would introduce a higher level of scrutiny and operational complexity than our current U.S. money transmitter licenses ("MTLs"). We would be subject to a higher degree of federal oversight and compliance failure could result in severe enforcement actions. In acting as a fiduciary for customer funds, WNT will also be responsible for the investment and management of those assets. If the investments perform poorly or are mismanaged, WNT could be exposed to liability. Any of these factors may adversely affect our business, operating results and prospects.

***If we, or the financial institutions that we work with, fail to comply with the regulatory license conditions in a given market, our operations would be adversely affected.***

The provision of money movement, payment, stored value/e-money and other financial services is highly regulated, and the requirements vary from jurisdiction to jurisdiction. We obtain and maintain licenses issued by governmental authorities that, in some cases, including in the United States, permit us to operate without holding a bank charter. Obtaining and maintaining a banking license or bank charter, including in the United States, would subject us to additional and different regulatory requirements that may be above and beyond what is required by our current licensing portfolio. These may include capital and liquidity standards, as well as additional reporting and disclosure obligations.

Nevertheless, as an entity licensed to provide these services, we are subject to extensive financial, operational and other regulatory requirements that we must comply with to maintain our licenses and conduct business. These may include: net worth requirements; restrictions or obligations with respect to customer funds, including requirements to maintain insurance or reserves in an amount equivalent to outstanding payment obligations and limitations on our investment of customer funds; bonding requirements; liquidity requirements; limitations on the amount and type of receivables we may be owed by our affiliates or third parties; requirements for regulatory approval of controlling shareholders; reporting requirements; anti-money laundering and countering the finance of terrorism compliance requirements; privacy and cybersecurity requirements; customer disclosure requirements; and monitoring, examination and oversight by regulatory agencies in the jurisdictions in which we operate.

As part of our licenses or authorizations, we are required to comply with a significant number of requirements. We cannot guarantee that our controls, policies and procedures will fully prevent failures to comply with specific requirements. We also provide services into and from jurisdictions in which we are not expressly required to be licensed or authorized, in reliance on exemptions or our understanding of the applicable authorization regime.

Some of the jurisdictions where we operate, like the United Kingdom, require us to comply with certain regulatory capital and liquidity requirements. If the capital requirements to which we are subject increase, or if

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new jurisdictions impose capital requirements on us, we may need to reallocate a portion of our cash or similar resources, raise additional capital, either through external financing sources or by raising prices, in order to support these requirements and maintain our licenses.

We may also be required to comply with local governance and oversight requirements. If boards of directors of our entities, accountable individuals or control frameworks are insufficient, or if group policies and arrangements are inadequate, inconsistently implemented or not tailored to local requirements, we could face compliance failures, inaccurate or late regulatory reporting or breaches of contractual obligations, which create additional complexity for our business. The risk that we may exercise inadequate governance and oversight may be further exacerbated by our global corporate structure and group-wide arrangements. These issues could result in regulatory sanctions or license restrictions, loss of relationships with banks and other partners, increased costs, and other material harm to our business, financial condition and results of operations.

In certain jurisdictions we are required to comply with safeguarding requirements to protect customer funds received in connection with the provision of our services. Regulatory scrutiny of safeguarding has steadily intensified in recent years, and new requirements may require us to undergo additional independent or regulatory audits. In addition, regulators may, from time to time, conduct inspections or examinations, thematic reviews or other assessments of our compliance with safeguarding requirements. Any failure by us to comply with safeguarding obligations could result in reputational harm, monetary penalties and other sanctions or impact our ability to do business in certain jurisdictions.

We are also subject to laws and regulations which prohibit us from transmitting money to specified countries or to or on behalf of prohibited individuals, including, but not limited to, the laws and regulations enforced by OFAC in the United States, H.M. Treasury's Office of Financial Sanctions Implementation ("OFSI") in the United Kingdom, regulations enacted by the European Union and the United Nations Security Council. Geopolitical events may result in new or expanded embargoes or sanctions, which would significantly limit or adversely impact our ability to continue operations in that country and may increase operating costs. If any sanctions or similar restrictions are imposed on the third parties that we work with, this would restrict our ability to work with them in the future.

Certain countries may require us to engage with designated banks or other financial counterparties or may introduce other legislation, such as exchange controls, which decreases the volume of our business.

The jurisdictions in which we operate may also introduce reforms or amend regulations that could lead to increased costs to us or our customers, limit the currencies which we offer or impose actions that could affect currency liquidity. We may not be able to comply with or anticipate these new or additional requirements and may need to change our operations significantly or incur increased costs to comply.

Regulators around the world increasingly take note of each other's approaches to regulating the payments and financial services industry. Consequently, new laws or regulations in one jurisdiction may be replicated in others, therefore affecting our business across multiple jurisdictions or product or service offerings. Implementing such changes across jurisdictions may require significant work and resources.

In addition to relying on our own licenses and approvals, we partner with and/or depend upon financial institutions to provide our products. First, we depend on financial institutions in the execution of funds transfers, foreign currency transactions, and in connection with our Wise Assets and payment card products. Those financial institutions are subject to a wide range of strict regulatory requirements, similar to, but in some cases, above and beyond those applicable to our business. Any changes to existing regulations, internal risk appetites or regulatory expectations impacting such financial institutions could in turn have an impact on us. For example, any restrictions placed on those institutions' businesses may affect their ability to partner with Wise or to offer the services that Wise depends on, both of which would have an adverse impact on our ability to offer services to

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our own customers. These financial institutions could also decide to restrict or stop providing the services on which we depend, potentially requiring us to transition to another provider, increase our costs or restrict or terminate certain products or services.

Second, we have relationships with financial institutions, including banks and non-banks, in connection with Wise Platform, our global payment infrastructure for banks, financial institutions and enterprises. We offer products and services to these institutional partners or their customers, including through application programming interfaces ("API"). These services include allowing the institutional partners to send and receive payments on behalf of their customers or embedding Wise services into their platform via Wise's API. These institutional partners may also be subject to similar or the same regulatory regimes as Wise. Any changes to existing laws and regulations, or any instances of material non-compliance by our Wise Platform partners, may affect their ability to offer their own services and thus to partner with Wise. Loss of these partner relationships could adversely impact revenue generated from the services delivered through Wise Platform.

If we, or the financial institutions that we work with, are unable to conduct our business in compliance with the licenses, laws, regulations and standards to which we are subject, or if we are not able to remain compliant as they change, or if changes negatively impact our businesses, we may decide to or could be forced to leave certain markets, stop offering certain products or services to our customers or be subject to increased costs or fines.

***Our ability to offer our services and to offer competitive fees may be reduced or limited because of regulatory initiatives and changes in laws and regulations or their interpretation and industry practices and standards.***

The evolving policy and regulatory environment, including increased fees or taxes, regulatory initiatives and changes in laws and regulations or their interpretation, industry practices and standards imposed by governments and changes in expectations regarding our products and compliance efforts may impact the manner in which we operate our business, may change the competitive landscape and may adversely affect our financial results. Recently proposed and enacted legislation related to financial services providers and consumer protection in various jurisdictions around the world has subjected and may continue to subject us to additional regulatory oversight, mandate additional consumer disclosures and remedies, including refunds to consumers, or may otherwise impact the manner in which we provide our services.

In particular, the U.S. Consumer Financial Protection Bureau ("CFPB") has authority over Regulation E, which implements the Electronic Fund Transfer Act and, among other things, consumer protection requirements under the Remittance Transfer Rule. The CFPB could modify the Remittance Transfer Rule or issue administrative guidance that may impose limitations on remittance providers, such as the type of fees charged by remittance companies, how remittances are advertised to consumers, how the exchange rate is applied to transactions by these companies. Such changes may require us to assume fees and charges by third-party providers that are outside of our control.

In addition, the CFPB administers other regulations governing consumer financial services and may adopt new regulations, including regulations defining unfair, deceptive or abusive acts or practices and new model disclosures. The CFPB's authority to change the interpretation of regulations, or to rescind or alter past regulatory guidance, could force us to make changes to our products or business operations, which may lead to an increase in our compliance costs and litigation exposure, and thus our ability to offer our products at competitive prices. These regulations, changes to these regulations, and other potential changes under CFPB regulations could harm our business, financial condition, operating results and prospects and could force us to change the way we operate our business.

These risks are heightened for companies, like Wise, that have previously been the subject of enforcement action by the CFPB. Although Wise's January 2025 Consent Order was amended in May 2025 to significantly reduce the penalty, Wise may face increased CFPB or other regulatory scrutiny for compliance with these laws and CFPB regulations.

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Governmental authorities could also regulate foreign exchange rates, implement capital controls or tax foreign exchange purchases in countries in which we do business, and this could harm our business. Similarly, if governments implement new laws or regulations that limit our right to set fees, then our business, financial condition, operating results and prospects could be adversely affected.

***The greater level of regulatory scrutiny and compliance demand in the financial sector increases the risk of regulatory action against us or our financial institutional partners, whether formal or informal.***

Regulators across the world subject financial institutions, including Wise, to intense review, supervision and scrutiny and have authority to commence investigations and take enforcement action. Regulators regularly review our operations, and there can be no guarantee that all regulators will agree with our internal assessments of compliance with applicable laws, regulations or regulatory policies.

We are subject to examination by financial industry regulators, such as the U.K. Financial Conduct Authority (the "FCA"), the National Bank of Belgium (EU), the Australian Securities and Investments Commission and the Australian Prudential Regulation Authority (Australia), U.S. state regulators, and CFPB (U.S.). We are, and have been, engaged in discussions with regulators regarding the adequacy of our financial crime systems and controls, including in the areas of customer due diligence, transaction monitoring and reporting, customer onboarding and the oversight of outsourced functions. These regulators have the authority to examine and supervise us, and may take formal or informal actions against us that force us to adopt new compliance programs or policies, remove personnel including senior executives, provide remediation or refunds to customers or undertake other changes to our products or business operations. Any gaps or perceived weaknesses in our compliance management system may also subject us to penalties or other enforcement action by regulatory authorities. For example, in July 2025, Wise US Inc. paid a $4.2 million administrative penalty and entered into a settlement with six U.S. state regulators to resolve concerns identified in a routine exam of operations from July 2022 to September 2023 related to compliance with AML/CTF obligations. In connection with the settlement, Wise made enhancements to its AML/CTF compliance program.

Many of the jurisdictions in which we operate have implemented or are in the process of implementing reporting, record-keeping or information-sharing obligations to improve tax compliance. In addition, as a result of the U.S. Foreign Account Tax Compliance Act and Organization for Economic Co-operation and Development ("OECD") Common Reporting Standard regulations, most countries that we operate in have introduced information-sharing obligations that are either currently applicable or may become applicable in the future to us or our partners. Any failure by us to comply with these or any similar obligations could result in substantial monetary penalties and other sanctions and impact our ability to do business in certain jurisdictions.

If we fail to manage our legal and regulatory risk in the many jurisdictions in which we operate, our business could suffer, our reputation could be harmed, and we could be subject to additional legal and regulatory risks. This could, in turn, increase the size and number of claims and damages asserted against us and/or subject us to regulatory investigations, enforcement actions or other proceedings, or lead to increased regulatory concerns. We may also be required to spend additional time and resources on remedial measures and conducting inquiries beyond those which may already be initiated and ongoing, which could have an adverse effect on our business. Similarly, a failure to comply with the applicable regulations in various jurisdictions by our employees, representatives and third-party service providers either in or outside the course of their services, or suspected or perceived failures by them, may result in further inquiries, investigations or regulatory or enforcement action by government authorities against us, our employees, representatives and third-party service providers.

While we have implemented policies and procedures designed to help ensure compliance with applicable laws and regulations, there are a number of risks that cannot be completely eliminated or controlled, particularly given our international presence. Regulators and enforcement authorities in every jurisdiction in which we operate have the power to restrict our operations or bring administrative or judicial proceedings against us (or our employees, representatives and third-party service providers), which could result, among other things, in

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suspension or revocation of one or more of our licenses, cease and desist orders, fines, civil penalties, criminal penalties or other disciplinary action which could materially harm our business, financial condition, operating results, reputation and prospects. Expansion into additional jurisdictions also increases the complexity of our risks in a number of areas including currency risks, interest rate risks, compliance risk, regulatory risk, reputational risk and operational risk. We, or our employees, may from time to time, and as is common in the financial services industry, be the subject of inquiries, examinations or investigations that could lead to proceedings against us or our employees.

#### We are subject to economic sanctions laws and regulations. We could face liability and other serious consequences for violations that could harm our business.
We are subject to various economic and trade sanctions regulations administered by the OFSI in the United Kingdom, the U.S. Treasury Department's Office of Foreign Assets Control, regulations enacted by the European Union, and other governmental authorities in the countries in which we conduct business. These regulations prohibit the provision of certain services to, and engagement in transactions and business with, countries, governments and persons targeted by sanctions. In some cases, we may be required to block or freeze assets associated with certain designated individuals, entities, and other persons, and file reports with applicable governmental authorities.

We have developed and we maintain compliance policies, procedures, systems, and controls to comply with applicable sanctions regulations, including providing regular training to relevant staff and utilizing our proprietary software to screen each customer and each transaction. Despite this, there is no certainty that all of our employees, agents, contractors or partners, or those of our affiliates, will comply with all applicable sanctions laws and regulations. In addition, we may have inadvertently engaged in transactions or dealings with certain customers in violation of applicable sanctions laws. As a result, we have submitted and from time to time may continue to submit disclosures regarding compliance with sanctions laws and regulations with applicable government authorities. For example, in 2022, we submitted a voluntary disclosure to OFSI regarding a potential breach of U.K. sanctions regulations relating to a cash withdrawal made from a business account held by a company owned or controlled by an OFSI-designated person. In response, on August 31, 2023, OFSI issued a report regarding this matter and did not impose any monetary penalties on the Company.

Violations of sanctions laws and regulations could result in fines, criminal sanctions against us, our officers, or our employees and implementation of mandated compliance reviews. Any such violations could include prohibitions on our ability to offer our services in one or more jurisdictions and could materially damage our reputation, our brand, our international expansion efforts, our ability to attract and retain employees, and our business, prospects, operating results and financial condition.

***Our (or the third parties with whom we work) actual or perceived failure to comply with data privacy and security obligations could expose us to regulatory investigations or actions, litigation, fines and penalties or other financial liabilities, or otherwise adversely affect our ability to conduct our business.***

In the ordinary course of business, we process personal information and other sensitive information, including proprietary and confidential business data, trade secrets, source code, intellectual property, sensitive employee data, third-party data and customer data (including proprietary and confidential information of our employees, customers and our customers' customers, such as their confidential business data and intellectual property). Our data processing activities subject us to numerous laws, rules, regulations, guidance, external and internal privacy and security policies, contractual requirements, industry standards and other obligations related to privacy and data security, including in the United Kingdom and European Union, where we have material operations, and other jurisdictions around the world.

European countries have imposed strict laws, regulations, directives and requirements for processing personal data, such as the European Union's General Data Protection Regulation ("EU GDPR"), the United

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Kingdom's General Data Protection Regulation ("U.K. GDPR") (collectively, "GDPR"), the United Kingdom's Data Protection Act 2018 and the Privacy and Electronic Communications Directive 2002/58/EC ("ePrivacy Directive") which is implemented in the United Kingdom through the Privacy and Electronic Communications (EC Directive) Regulations 2003 ("PECR"). For example, GDPR requires companies to offer individuals certain rights over their personal data (such as the right to access personal data, right to correct personal data and the right to be forgotten), imposes strict data breach notification requirements, requires companies to appoint data protection officers and imposes additional recordkeeping obligations, in addition to other requirements. Penalties under these laws and other related laws can be severe. In particular, under GDPR we may face temporary or definitive bans on data processing and other corrective actions that could materially and adversely impact our operations and ability to do business; fines of up to 17.5 million pounds sterling or 20 million euros (under the U.K. GDPR and the EU GDPR, respectively) or 4% of annual global revenue, whichever is greater; or private litigation related to processing of personal data brought by individual data subjects or groups of data subjects or consumer protection organizations authorized at law to represent their interests. Recent amendments to PECR via the Data (Use and Access) Act 2025 ("DUAA") have also increased the maximum fines for breaches of PECR in the U.K. to align with U.K. GDPR and EU GDPR levels. Developments and changes in privacy and data security laws in the European Union and the United Kingdom, including to GDPR, ePrivacy Directive, PECR, the DUAA and other U.K. or EU privacy and data security laws (such as the European Union's Data Services Act which regulates general management and use of data), may materially affect our business given the scale of our operations, particularly because of the number of customers we serve and number of employees we have in these jurisdictions.

Additionally, under various privacy laws and other obligations, we may be required to obtain certain consents to process personal data. For example, some of our data processing practices may in the future be subject to challenges or lawsuits under data privacy and communications laws in connection with sharing consumer information with third parties through various methods, including session replay providers or via third-party marketing pixels. These practices may be subject to increased challenges by plaintiffs, including in class actions. Our inability or failure to obtain the necessary consent for these practices could result in adverse consequences, including class action litigation and mass arbitration demands.

In the ordinary course of business, we transfer personal data from the European Union, the United Kingdom, and other jurisdictions to the United States or other countries. The European Union, the United Kingdom and other jurisdictions have enacted laws heavily conditioning or limiting the transfer of personal data to other countries. In particular, the European Union and the United Kingdom have restricted the transfer of personal data to the United States and other countries which have not yet been provided an adequacy decision by the relevant authorities in the United Kingdom or European Union. We are subject to data localization requirements under payment services regulations in jurisdictions in which we operate such as India, Indonesia and the UAE. Other jurisdictions may adopt or have already adopted similarly stringent data localization and cross-border data transfer laws. We may be unable to transfer personal data from the European Union, the United Kingdom and other jurisdictions to different countries due to data localization laws, regulations, requirements or limitations on cross-border data flows. Although there are various mechanisms that may be used in some cases to lawfully transfer personal data from the United Kingdom, European Union and other jurisdictions to the different countries, such as standard contractual clauses and data agreements, these mechanisms are subject to legal challenges, and there is no assurance that we can satisfy or rely on these measures to lawfully transfer personal data.

A prohibition or material limitation on our ability to transfer personal data to other countries could materially and adversely impact our business operations, including the interruption or degradation of our operations, the need to reorganize part of or all of our business operations related to our processing activities, increased exposure to regulatory actions, substantial fines and penalties, the inability to transfer data and work with partners, vendors, and other third parties, and injunctions against our processing or transfer of personal data necessary to operate our business. Furthermore, companies that transfer personal data out of the European Union and the United Kingdom to other jurisdictions, particularly to the United States, are subject to increased scrutiny

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from regulators, individual litigants, and activist groups. Some EU regulators have ordered certain companies to suspend or permanently cease certain transfers out of the European Union for allegedly violating the GDPR's cross-border data transfer limitations.

Additionally, the U.S. Department of Justice places additional restrictions on certain data transactions involving specified countries (e.g., China, Russia, Iran) and covered individuals (i.e., individuals and entities located in or controlled by individuals or entities located in those jurisdictions) that may impact certain business activities such as third-party relationships, sale or sharing of data and employment of certain individuals. Violations of the rule could lead to significant civil and criminal fines and penalties. The rule applies regardless of whether data is anonymized, key-coded, pseudonymized, de-identified or encrypted, which presents particular challenges for companies like ours with a global presence and that handle large amounts of personal data, including sensitive data, and could impact our ability to engage in transactions or agreements with certain third parties in the future.

In the United States, federal, state and local governments have enacted numerous privacy and data security laws, including consumer protection laws (e.g., Section 5 of the Federal Trade Commission Act), data breach notification laws, personal data privacy laws, and other similar laws (e.g., wiretapping laws). Additionally, certain sector-specific regulations, including regarding the financial industry, require additional privacy and security-related obligations. For example, the Gramm Leach Bliley Act ("GLBA") and Regulation S-P, as amended, imposes specific requirements relating to the privacy and security of certain "nonpublic personal information" processed by covered financial institutions. The Federal Trade Commission and other state and federal agencies have also been increasing their scrutiny of the ways in which companies use and share personal data for marketing and analytics. Laws, regulations, and standards covering marketing and advertising activities conducted by telephone, email, mobile devices and the internet, including the Telephone Consumer Protection Act ("TCPA") and the Controlling the Assault of Non-Solicited Pornography and Marketing Act ("CAN-SPAM Act"), may impact our business activities. The TCPA places certain restrictions on making outbound calls, faxes and text messages to consumers, while the CAN-SPAM Act imposes penalties for the transmission of commercial emails that do not comply with certain requirements, such as providing an opt-out mechanism for stopping future emails from the sender.

Numerous U.S. states have enacted comprehensive privacy laws that impose certain obligations on covered businesses processing personal data, including providing specific disclosures and affording residents or other individuals with certain rights concerning their personal data. As applicable, such rights may include the right to access, correct, or delete certain personal data, and to opt-out of certain data processing activities, such as targeted advertising, profiling, and automated decision-making. The exercise of these rights may impact our business and ability to provide our products and services. Certain states also impose stricter requirements for processing certain personal data, including sensitive information, such as conducting data privacy impact assessments or opting into the use of sensitive information. For example, the California Consumer Privacy Act ("CCPA") requires, among other things, businesses to provide specific privacy disclosures and honor requests of applicable individuals to exercise certain privacy rights. The CCPA provides for administrative fines of up to $7,988 per intentional violation and allows private litigants affected by certain data breaches to recover significant statutory damages. Certain U.S. states have also enacted statutes banning or restricting the collection of biometric information. For example, the Illinois Biometric Information Privacy Act ("BIPA") and Texas' Capture Or Use Of Biometric Identifier Act, regulate the collection, use, safeguarding, and storage of biometric information, and provide for substantial penalties and statutory damages, with BIPA also creating a privacy right of action for violations. Since its enactment, BIPA has generated significant class action activity. The diverse approach taken across different U.S. state privacy laws to the relevant entity and/or data exemptions may further complicate compliance efforts and could increase legal risk and compliance costs for us, the third parties with whom we work, and our customers. Additional laws are being considered in several other states, as well as at the federal and local levels, and we expect more states to pass similar laws in the future.

In addition to the privacy laws of the European Union, United Kingdom and the United States, we are or may in the future become subject to various privacy laws in the other jurisdictions where we operate globally. An

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increasing number of laws, regulations, and industry standards govern data privacy and security in these and other jurisdictions in which we operate, including, but not limited to, Brazil's General Data Protection Law (Lei Geral de Proteção de Dados Pessoais, or "LGPD") (Law No. 13,709/2018), Australia's Privacy Act, and China's Personal Information Protection Law ("PIPL"), impose requirements privacy, security and data transfer requirements related to the processing of personal data.

In addition to privacy and data security laws, we are contractually subject to industry standards adopted by industry groups, and we are, or may become, subject to such obligations in the future. For example, we are subject to the Payment Card Industry Data Security Standard ("PCI DSS"). The PCI DSS requires companies to adopt certain measures to ensure the security of cardholder information, including using and maintaining firewalls, adopting proper password protections for certain devices and software, and restricting data access. Noncompliance with PCI DSS could result in penalties ranging from $5,000 to $100,000 per month by credit card companies, restrictions on our ability to issue cards, litigation, damage to our reputation, and revenue losses. We also rely on vendors to process payment card data, who may be subject to PCI DSS, and our business may be negatively affected if third parties with whom we work are fined or suffer other consequences as a result of PCI DSS noncompliance. We are also bound by contractual obligations related to data privacy and security, and our efforts to comply with such obligations may not be successful. For example, certain privacy laws, such as GDPR and the CCPA, require our business customers or partners to impose specific contractual restrictions on their processors or service providers. Additionally, we publish privacy policies, marketing materials and other statements, such as compliance with certain certifications or self-regulatory principles, including to our customers and others regarding data privacy and security. Regulators in the United States are increasingly scrutinizing these statements, and if these policies, materials or statements are found to be deficient, lacking transparency, deceptive, unfair or misrepresentative of our practices, we may be subject to investigation, enforcement actions by regulators or other adverse consequences.

Obligations related to privacy and data security are quickly changing, becoming increasingly stringent, and creating regulatory uncertainty. Additionally, these obligations may be subject to differing applications and interpretations, which may be inconsistent or conflict among jurisdictions. Preparing for and complying with these obligations requires us to devote significant resources, which may necessitate changes to our products or services, information technologies, systems and practices and to those of any third parties that process personal data on our behalf. We may at times fail (or be perceived to have failed) in our efforts to comply with our data privacy and security obligations. Moreover, despite our efforts, our personnel or third parties with whom we work may fail to comply with such obligations, which could negatively impact our business operations.

Applicable privacy and data security obligations, including contractual obligations, may also require us, or we may voluntarily choose, to notify relevant stakeholders, including affected individuals and customers, of security incidents or to take other actions, such as providing credit monitoring and identity theft protection services. Such notifications are costly, and the notifications or the failure to comply with such requirements could lead to adverse consequences.

Any failure or perceived failure by us or the third parties with whom we work to comply with applicable privacy or data security obligations could result in significant consequences for our business. For example, plaintiffs have become increasingly more active in bringing privacy-related claims against companies, including class action claims and mass arbitration demands. Some of these claims could allow for the recovery of statutory damages on a per violation basis and, if viable, carry the potential for vast statutory damages, depending on the volume of data and the number of violations. Any of these events could have a material adverse effect on our reputation, business or financial condition, including but not limited to: adverse publicity, loss of trust in us by our customers and partners, reputational harm, inability to process personal data or to operate in certain jurisdictions, expenditure of time and resources to defend any claim or inquiry and interruptions or stoppages in our business operations.

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#### We are subject to the U.K. Bribery Act, the U.S. Foreign Corrupt Practices Act and other anti-corruption laws.
Our operations are subject to anti-corruption laws, including the U.K. Bribery Act, the Foreign Corrupt Practices Act (the "FCPA"), the U.S. domestic bribery statute contained in 18 U.S.C. §201, the U.S. Travel Act, and other anti-corruption laws that apply in countries where we do business. The U.K. Bribery Act, the FCPA and these other laws generally prohibit us, our employees, representatives, agents, and other intermediaries from authorizing, promising, offering or providing, directly or indirectly, improper or prohibited payments, or anything else of value, to government officials or other persons to obtain or retain business or gain some other business advantage. Under the U.K. Bribery Act, we may also become liable for failing to prevent a person associated with us from committing a bribery offense. In addition, the FCPA requires public companies to make and keep books and records that accurately and fairly reflect the transactions of the corporation and to devise and maintain an adequate system of internal accounting controls.

We operate or may in the future operate in jurisdictions that present a heightened risk of U.K. Bribery Act, FCPA and other anti-corruption law violations. We may engage third parties to market or sell our products or to help us obtain necessary permits, licenses, registrations, and other regulatory approvals in these jurisdictions. We can be held liable under anti-corruption laws for the corrupt or other illegal activities of our employees, agents, contractors, and other partners, even if we do not explicitly authorize or have actual knowledge of such activities. While we operate a risk-based anti-bribery and corruption framework, and therefore controls which we deem to be proportionate to our business activities, there may be significant counterparty- and geography-related risks given Wise's operating model stemming from the conduct of third parties, variance in legal frameworks, and divergent business practices. Enforcement of these laws continues to intensify globally, and evolving regulatory expectations may increase our compliance burden. In addition, we cannot predict the nature, scope or effect of future regulatory requirements to which our international operations might be subject or the manner in which existing laws might be administered or interpreted. Any violation of anti-corruption laws and regulations may result in substantial civil and criminal fines and penalties for both natural persons and legal entities, resulting in imprisonment, the loss of licenses, debarment, tax reassessments, breach of contract and fraud litigation, reputational harm and other consequences.

#### Risks Related to Our Intellectual Property

#### Any failure to obtain, maintain, protect or enforce our intellectual property and proprietary rights could impair our ability to protect our brand and technology.
Our success depends to a significant degree on our ability to obtain, maintain, protect and enforce our intellectual property rights across an increasing number of jurisdictions worldwide. We rely on a combination of trademarks, trade secrets, copyrights, service marks, registered domain names, contractual restrictions and other intellectual property laws and confidentiality procedures to establish and protect our proprietary rights. However, the steps we take to obtain, maintain, protect and enforce our intellectual property rights may be inadequate. We will not be able to adequately protect our intellectual property rights if we are unable to enforce our rights or if we do not detect infringement, misappropriation or other unauthorized use of our intellectual property rights. In addition, defending our intellectual property rights might entail significant expense. Any trademarks or other intellectual property rights that we have or may obtain may under specific circumstances be challenged or circumvented by others or invalidated or held unenforceable through administrative process, including re-examination, inter partes review, interference and derivation proceedings, equivalent proceedings in foreign jurisdictions (e.g., opposition proceedings) or litigation.

These risks are heightened by our international operations. Our intellectual property rights in some countries outside the United States, the United Kingdom and the European Union can be less extensive than those in such jurisdictions. In addition, the laws of some foreign countries do not protect proprietary rights to the same extent as the laws of our major jurisdictions, and many companies have encountered significant challenges in establishing and enforcing their proprietary rights worldwide. Additionally, there may be changes in the laws and regulations of the jurisdictions within which we operate (or intend to operate) which make it more difficult to

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enforce our intellectual property or which grant third parties greater rights over our intellectual property. Accordingly, we may not be able to stop the infringement, misappropriation or other violation of our intellectual property rights, or choose not to seek protection, in certain countries.

The value of our intellectual property could diminish if others assert rights in our ownership of our trademarks and other intellectual property rights, or trademarks that are similar to our trademarks. We may be unable to successfully resolve these types of conflicts to our satisfaction. Furthermore, third parties have and may assert intellectual property claims against us, and we may be subject to liability, required to enter into costly license agreements, or required to rebrand our products or prevented from selling our products if third parties successfully oppose or challenge our trademarks or successfully claim that we infringe, misappropriate or otherwise violate their trademarks or other intellectual property rights. As we expand our international activities, our exposure to unauthorized copying and use of our products and proprietary information will likely increase. Moreover, policing unauthorized use of our technologies, trade secrets and intellectual property may be difficult, expensive and time-consuming. Accordingly, despite our efforts, we may be unable to prevent third parties from infringing upon, misappropriating or otherwise violating our intellectual property rights.

We may also consider litigation to be necessary in the future to protect and enforce our intellectual property rights and to protect our trade secrets, which could be costly, time-consuming and distracting to management, and could result in the impairment or loss of portions of our intellectual property. Further, our efforts to enforce our intellectual property rights have been and may in the future be met with defenses, counterclaims and countersuits attacking the validity and enforceability of our intellectual property rights, and if such defenses, counterclaims or countersuits are successful, we could lose valuable intellectual property rights. Our potential inability to protect our proprietary technology against unauthorized copying or use could delay the release of new products or technology capabilities, impair the functionality of our products and platform capabilities, result in our substituting inferior or more costly technologies into our products, or injure our reputation.

***We are from time to time subject to intellectual property disputes, which are costly and may subject us to significant liability and increased costs of doing business.***

We are, have been and may in the future be subject to intellectual property disputes. Our success as a business depends, in part, on our ability to develop and commercialize our offerings without infringing, misappropriating or otherwise violating the intellectual property rights of third parties. Even though we have procedures in place to confirm availability of the chosen product names, we still may not be aware that our offerings are infringing, misappropriating or otherwise violating third-party intellectual property rights, and such third parties may bring claims against us, our business partners and our customers alleging such infringement, misappropriation or violation.

Companies in the technology industry are often required to defend against litigation claims based on allegations of infringement, misappropriation or other violations of intellectual property rights. We may not in all instances be able to successfully defend or ascertain all third-party rights implicated by our business. Any claims of intellectual property infringement, even those without merit, may be time-consuming and expensive to resolve, divert management's attention, cause us to cease using or incorporating the challenged technology, expose us to other legal liabilities, such as indemnification obligations, or require us to enter into licensing agreements to obtain the right to use a third-party's intellectual property. In addition, many companies have the capability or willingness to dedicate substantially greater resources to enforce their intellectual property rights and to defend claims that may be brought against them. If we are found to infringe a third-party's intellectual property rights and we cannot obtain a license or develop a non-infringing alternative, we would be forced to cease business activities.

Lastly, like any other business we are not protected from bogus, and disingenuous intellectual property infringement disputes filed by malicious actors such as patent trolls.

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Although we carry general liability insurance, our insurance may not cover potential claims of this type or may not be adequate to indemnify us for all liability that may be imposed. We cannot predict the outcome of lawsuits and cannot ensure that the results of any such actions will not have an adverse effect on our business, financial condition or operating results.

***We may be subject to claims asserting that our employees, consultants or advisors have wrongfully used or disclosed alleged proprietary information of their existing or former employers or claims asserting ownership of what we regard as our own intellectual property.***

Although we try to ensure that our employees, consultants, advisors and other contractors and partners do not use the proprietary information or know-how of others in their work for us, we may be subject to claims that we or these individuals have used or disclosed intellectual property, including trade secrets or other proprietary information, of any such individual's existing or former employers or other third parties. Litigation may be necessary to defend against these claims. If we fail in defending any such claims, in addition to paying monetary damages, we may lose valuable intellectual property rights or personnel. Even if we are successful in defending against such claims, litigation could result in substantial costs and be a distraction to management.

In addition, while it is our policy to require our employees and contractors who may be involved in the creation or development of intellectual property on our behalf to execute agreements assigning such intellectual property to us, we may be unsuccessful in having all such employees and contractors execute such an agreement. The assignment of intellectual property may not be self-executing, or the assignment agreement may be breached and we may be forced to bring claims against third parties or defend claims that they may bring against us to determine the ownership of what we regard as our intellectual property. Any of the foregoing could have a material adverse effect on our business, financial condition and operating results.

***We use third-party open-source software in our products, which could negatively affect our ability to sell our products or subject us to litigation or other actions.***

We use, and expect to continue using, open source software in connection with our products and services. Some open source software licenses, which we may be subject to, require those who distribute open source software to publicly disclose all or part of the source code to such software product or to make available any derivative works of the open source code on unfavorable terms or at no cost. Accordingly, we could inadvertently be subject to terms we did not intend to accept, or be alleged to have done so, in part because open source license terms are often ambiguous. Additionally, we could face claims from third parties seeking to enforce the terms of the applicable open source license. In such an event, we could be required to seek licenses from third parties to continue offering our products and services, to make our proprietary code generally available in source code form, to re-engineer our products and services, or to discontinue our products and services if re-engineering could not be accomplished on a timely basis, any of which could harm our business, financial condition, operating results and prospects. The terms of certain open source licenses to which we are subject have not been interpreted by U.S. or foreign courts, and there is a risk that these licenses could be construed in a way that could impose unanticipated conditions or restrictions on our ability to provide our products and services.

In addition to risks related to license requirements, use of certain open source software can lead to greater risks than use of third-party commercial software, as open source licensors generally do not provide warranties or controls on the origin of software. There is limited legal precedent in this area and any actual or claimed requirement to disclose our proprietary source code or pay damages for breach of contract could harm our business and could help third parties, including our competitors, develop products and services that are similar to or more competitive than ours. Any of these risks could be difficult to eliminate or manage, and, if not addressed, could adversely affect our business, financial condition, operating results, reputation and prospects.

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***Provisions in various agreements to which we are party potentially expose us to substantial liability for intellectual property infringement, data protection violations and other losses.***

Our agreements with customers and other third parties sometimes include provisions under which we are liable or agree to indemnify them for losses suffered or incurred as a result of claims of intellectual property infringement, data protection violations, damages caused by us to property or persons or other liabilities relating to or arising from our platform, products, services or other contractual obligations. Some of these agreements provide for uncapped liability for which we would be responsible, and some provisions survive termination or expiration of the applicable agreement. Large liability payments could harm our business, operating results and financial condition. Although we normally contractually limit our liability with respect to such obligations, we may still incur substantial liability related to them, and in case of an intellectual property infringement indemnification claim, we may be required to cease use of certain functions of our platform or product offerings as a result of any such claims. Any dispute with a third party with respect to such obligations could have adverse effects on our relationship with that third party and other existing and new third parties and harm our business.

#### Risks Related to Tax Matters
***Evolving tax laws or interpretations of tax laws by tax authorities, including how they are applied to us and the local financial institutions that we work with, could adversely affect our business.***

As a multinational organization operating in multiple jurisdictions we may be subject to increasingly complex tax laws and taxation in several jurisdictions, the application of which can be uncertain. The amount of taxes we are required to pay in these jurisdictions could increase substantially as a result of changes in the applicable tax principles and tax authority practice, including increased tax rates, new tax laws, in particular those that are implemented with limited notice, revised interpretations of existing tax laws (including new administrative guidance or executive action), or changes to enforcement practices and procedures, and potential disputes with tax authorities, which could have a material adverse effect on our business. The amount of taxes we pay in different jurisdictions depends on the application of the tax laws in those jurisdictions and includes complex rules and regulations that require significant judgment. Our effective tax rate and tax filings reflect the interpretation of such tax laws.

Tax authorities may disagree with our positions and conclusions regarding certain tax positions or otherwise assert that we have failed to comply with applicable tax laws in the jurisdictions in which we currently or may in the future operate. For example, we have established processes and procedures intended to comply with tax laws that apply to us and the transactions that we handle, but we may inadvertently fail to comply with all applicable tax payment, reporting or compliance obligations as a result of the large volume of transactions that we handle and the multiple jurisdictions in which we operate. Further, tax authorities may challenge our VAT treatment or input VAT recovery methodology as we operate in the financial services sector, which often adds another layer of complexity and sensitivity to VAT application. Alternatively, tax authorities may challenge our related party transfer pricing policies, claim that our operations constitute a taxable presence in different jurisdictions, that various withholding requirements apply to us, or assert that benefits of tax treaties are not available to us.

If any tax authority were to be successful in challenging our tax positions, such as these, we may be liable for additional taxes plus penalties and interest, which may have a significant impact on our business, financial condition, operating results and prospects.

As a result, any adverse outcome of our current and future audits by tax authorities could result in unforeseen tax-related liabilities that differ from the amounts recorded in our financial statements, which may materially affect our financial results in the periods for which such determination is made. While we have established reserves based on assumptions and estimates that we believe are reasonable to cover such eventualities based on current knowledge, these reserves may prove to be insufficient.

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In addition, we work with local financial institutions that are required to comply with applicable tax obligations in connection with transactions on our service. The failure by the local financial institutions that we work with to comply with such obligations could result in inquiries by tax authorities or other regulators, reputational damage, enforcement actions and additional reporting and withholding requirements.

The OECD introduced significant changes to the international tax law framework through the Pillar Two rules. These rules were established to create a 15% minimum tax rate for certain multinational enterprises. Many countries in which we operate have enacted, or are in the process of enacting, core elements of the Pillar Two rules, and further elements are expected to be enacted in future in these jurisdictions and elsewhere. While the Pillar Two rules have not given rise to a material increase in our effective tax rate, we may in future be subject to tax rate changes, higher effective tax rates, potential tax disputes and adverse impacts to our cash flows, tax liabilities, operating results, compliance costs and financial position.

The United States has enacted several significant changes to U.S. tax laws some of which may adversely affect us, for example, as our U.S. operations expand. Future guidance from the Internal Revenue Service (the "IRS") and other tax authorities with respect to any legislation may affect us, and certain aspects of such legislation could be repealed or modified in future legislation or sunset in future years. The U.S. government may enact further changes to the taxation of business entities, which could include among others, an increase in the corporate income tax rate, the imposition of minimum taxes or surtaxes on certain types of income and significant changes to the taxation of income derived from international operations. We are unable to predict what changes to the tax laws of the United States and other jurisdictions may be proposed or enacted in the future or what effect such changes would have on our business. Any of these or similar developments or changes to tax laws or rulings (which changes may have retroactive application) could result in adverse impacts to our financial condition, operating results and prospects and a material change to the tax considerations described herein.

In summary, the multi-national nature of our business as well as complex, changing tax laws and the conclusion of tax audits and other challenges by tax authorities could increase our effective tax rate and cash outflows, adversely affecting our business and financial results.

***If we were to qualify as a passive foreign investment company, it could result in adverse U.S. tax consequences to certain U.S. holders of our Class A ordinary shares.***

A non-U.S. corporation will be classified as a passive foreign investment company ("PFIC") for U.S. federal income tax purposes for any taxable year, if either (i) 75% or more of its gross income for such year consists of certain types of "passive" income or (ii) 50% or more of the value of its assets (generally determined on the basis of a quarterly average) during such year is attributable to assets that produce or are held for the production of passive income. For this purpose, we will be treated as owning a proportionate share of the assets and earning a proportionate share of the income of any other corporation in which we own, directly or indirectly, at least 25% (by value) of the stock of such corporation.

We believe that Wise plc should not be classified as a PFIC for the taxable year ended March 31, 2026 or for any prior year during which shares of Wise plc stock have been admitted to trading on the London Stock Exchange and we do not expect Wise Group plc to be a PFIC for the taxable year ended March 31, 2026 or any other taxable year. However, no assurance can be given in this regard because the determination of PFIC status for any taxable year is a fact intensive determination made annually that depends, in part, upon the composition and classification of our income and assets. Fluctuations in the market price of our Class A ordinary shares could cause us to be or become classified as a PFIC for the current or future taxable years because the value of any assets for purposes of the asset test, including the value of any goodwill, may be determined by reference to the market price of our Class A ordinary shares. If our market capitalization subsequently declines, we may be or become classified as a PFIC for the current taxable year or future taxable years. Furthermore, the law applicable to determinations of PFIC status is complex, uncertain and subject to varying interpretation, and the IRS may not agree with the PFIC determinations that we make or have made and their application of the PFIC rules. Even if

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we determine that we are not (or were not) a PFIC for a particular tax year, the IRS is not bound by that determination and could take a different view. In light of the foregoing, our U.S. counsel expresses no opinion with respect to our PFIC status for any prior, current or future taxable year.

If we are classified as a PFIC for any year during which a U.S. holder holds our Class A ordinary shares, we would typically continue to be treated as a PFIC for all succeeding years during which such U.S. holder holds such shares. See "Item 10.E. Additional Information—Taxation—Certain Material U.S. Federal Income Tax Considerations for U.S. Holders—Passive Foreign Investment Company Rules" for a further discussion of the PFIC rules.

***If we were to be treated as a U.S. corporation for U.S. federal income tax purposes under Section 7874 of the Code, it would result in significant adverse U.S. tax consequences to us and certain holders of our Class A ordinary shares.***

Wise Group plc is incorporated in Jersey and is intended to be solely a U.K. tax resident. However, the IRS may assert that we should be treated as a U.S. corporation (and, therefore, a U.S. tax resident) pursuant to Section 7874 of the Internal Revenue Code of 1986, as amended (the "Code"). We do not believe that we should be treated as a U.S. corporation for U.S. federal income tax purposes. However, the relevant law is not entirely clear and is subject to detailed regulations, the application of which is uncertain in various respects, and whose interaction with general principles of U.S. tax law remains untested. A corporation generally is considered for U.S. federal income tax purposes to be a tax resident in the jurisdiction of its organization or incorporation. If the IRS successfully challenged our status as a foreign corporation, significant adverse U.S. tax consequences would result for us and certain holders of our Class A ordinary shares. For example, we could be subject to substantial liability for U.S. income taxes, and the gross amount of any dividend payments to certain non-U.S. holders of our Class A ordinary shares could be subject to U.S. withholding taxes.

#### Risks Related to Being a Public Company in the United States
***We incur increased costs as a result of operating as a public company in the United States, and management is required to continue devoting substantial time to compliance with public company responsibilities and corporate governance practices.***

As a public company in the United States, we incur significant legal, accounting and other expenses that we did not previously incur as a public company solely listed in the United Kingdom. The Sarbanes-Oxley Act, the Dodd-Frank Wall Street Reform and Consumer Protection Act, the listing requirements of Nasdaq and other applicable securities rules and regulations impose various requirements on public companies. While we have been publicly listed in the United Kingdom since July 2021, our management and other personnel have limited experience in managing a public company in the United States and are required to devote a substantial amount of time to compliance with these requirements. Moreover, these rules and regulations increase certain legal and financial compliance costs and make some activities more time-consuming and costly, particularly where we engage with third parties to assist with these activities. We cannot precisely predict or estimate the amount of additional costs we may incur as a public company or the specific timing of such costs.

***As a public company in the United States, we are obligated to maintain proper and effective internal control over financial reporting, and any failure to maintain the adequacy of these internal controls may adversely affect investor confidence in our company and, as a result, the market price of our Class A ordinary shares.***

As a publicly traded company in the United States, we are required, pursuant to Section 404 of the Sarbanes-Oxley Act, to furnish a report by management on, among other things, the effectiveness of our internal control over financial reporting as of the end of the financial year that coincides with the filing of our second Annual Report on Form 20-F. This assessment must include disclosure of any material weaknesses identified by our management in our internal control over financial reporting. Following management's assessment, our

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independent registered public accounting firm is required to attest to the effectiveness of our internal control over financial reporting in our Annual Reports required to be filed with the U.S. Securities and Exchange Commission ("SEC").

Our current controls were designed for compliance with the requirements applicable to our listing in the United Kingdom, and these and any new controls that we develop may be deemed inadequate because of poor design, gaps in operating effectiveness or changes in conditions in our business. This includes the transition of our primary listing from the United Kingdom to the United States and increased complexity resulting from any international expansion. In addition, changes in accounting principles or interpretations could also challenge our internal controls and require that we establish new business processes, systems and controls to accommodate such changes. Additionally, if these new systems, controls or standards and the associated process changes do not give rise to the benefits that we expect or do not operate as intended, it could materially and adversely affect our financial reporting systems and processes, our ability to produce timely and accurate financial reports or the effectiveness of internal control over financial reporting. Moreover, our business may be harmed if we experience problems with any new systems and controls that result in delays in their implementation or increased costs to correct any post-implementation issues that may arise. Any failure to implement and maintain effective internal control over financial reporting could adversely affect the results of assessments by our independent registered public accounting firm and their attestation reports. If we are unable to certify the effectiveness of our internal controls, or if our internal controls have a material weakness, we may not detect errors in a timely manner, our consolidated financial statements could be misstated, and we could be subject to regulatory scrutiny and a loss of confidence by stakeholders, which could harm our business and adversely affect the market price of our Class A ordinary shares.

We have identified material weaknesses in our internal control over financial reporting. For a discussion of these material weaknesses and our remediation efforts, see "—In connection with our compliance with the Sarbanes-Oxley Act, we have identified deficiencies in our internal control over financial reporting that constitute material weaknesses" below and "Item 15. Controls and Procedures." Any failure to maintain internal control over financial reporting could severely inhibit our ability to accurately report our financial condition or operating results, and could result in a loss of investor confidence, a decline in the market price of our Class A ordinary shares, sanctions or investigations by the SEC or other regulatory authorities, and restrictions on our future access to the capital markets.

The growth and expansion of our business places a continuous, significant demand on our operational and financial resources. Further growth of our operations to support our customer base, product offerings, software, and internal controls and procedures may not be adequate to support our operations. As we continue to grow, we may not be able to successfully implement requisite improvements to these systems, controls and processes, such as system access and change. Our failure to improve our systems and processes, or their failure to operate in the intended manner, whether as a result of the growth of our business or otherwise, may result in our inability to accurately forecast our revenue and expenses, or to prevent certain losses. Moreover, the failure of our systems and processes could impact the effectiveness of our internal control over financial reporting and could undermine our ability to provide accurate, timely and reliable reports on our financial and operating results. In addition, our systems and processes may not prevent or detect all errors, omissions or fraud.

***In connection with our compliance with the Sarbanes-Oxley Act, we have identified deficiencies in our internal control over financial reporting that constitute material weaknesses. If we are unable to remediate these material weaknesses or if we are unable to develop and maintain an effective system of internal control over financial reporting, we may not be able to produce timely and accurate financial statements or comply with applicable laws and regulations, which may adversely affect our business and the market price of our Class A ordinary shares.***

A material weakness is a deficiency, or a combination of deficiencies, in internal control over financial reporting, such that there is a reasonable possibility that a material misstatement of annual or interim financial statements will not be prevented or detected on a timely basis.

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As previously disclosed, we have identified material weaknesses in our internal control over financial reporting in connection with our evaluation of the effectiveness of our internal control over financial reporting as required under the Sarbanes-Oxley Act. This work of documenting our processes, risks and controls has identified that we have material weaknesses in internal control over financial reporting in the following areas:

• We identified deficiencies within our transaction level business processes related to the identification of risks of material misstatement, effective design of key controls, the creation and retention of the evidence of control operation, the design of review controls, methods for confirming the accuracy and completeness of reports and information used in the performance of controls, and segregation of duties controls.

• As a result of the complexity in our finance systems environment, we have identified deficiencies in the review and approval of manual journal entries and the flow of these journal entries into our core finance ledger.

• We have identified a number of deficiencies relating to IT general controls on the systems that underpin our internal controls over financial reporting. The key areas of control deficiency relate to access management, change management, interface management and third-party management.

• When considering the above-mentioned material weaknesses, we have identified the root cause against the components of effective internal control under the Committee of Sponsoring Organizations of the Treadway Commission (COSO) framework, in the components of risk assessment, control environment, control activities, information & communication and monitoring.

• Overarching the above, we lacked a sufficient complement of personnel with an appropriate level of internal controls and U.S. GAAP accounting knowledge and experience commensurate with U.S. financial reporting requirements.

We have developed a remediation plan and are in the process of implementing the actions associated with the plan, which include the following:

• building an operating model and team to support the uplift of controls across business process, IT and entity level control domains and the annual cycle of activities associated with management's report on the effectiveness of internal control over financial reporting;

• completing the documentation of processes, risks and controls for internal control over financial reporting and the assessment of the design, implementation and operating effectiveness of those controls under U.S. financial reporting requirements;

• developing detailed remediation plans for each of the deficiencies identified through this process and by our external auditors, governed by a steering committee which is chaired by the Chief Financial Officer, to ensure adequate attention is given to these activities; and

• regular reporting to our management and Audit Committee on the status of internal control over financial reporting assessment and remediation.

There are aspects of our internal control over financial reporting that we have not yet assessed in accordance with the requirements of the Sarbanes-Oxley Act, including entity level controls and some areas of business process and IT controls. Therefore, there remains a possibility that further material weaknesses are identified as we complete the remainder of this exercise.

The material weaknesses will be considered remediated when these controls have been designed, implemented and operated for a sufficient period of time and our management has concluded, through testing, that these controls are effective. Although we intend to complete this remediation process as quickly as practicable, we cannot at this time estimate how long the remediation process will take or the costs that will be incurred, and our initiatives may not prove to be successful in remediating the material weaknesses. We cannot

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assure you that the actions we have taken to date, and actions we may take in the future, will be sufficient to remediate the control deficiencies that led to our material weaknesses in our internal control over financial reporting or that they will prevent or avoid potential future material weaknesses or restatements in our financial statements. Further, additional material weaknesses in our disclosure controls and internal control over financial reporting may be discovered in the future. For a detailed description of the material weaknesses and our remediation efforts, see "Item 15. Controls and Procedures."

***As a foreign private issuer, we are permitted to, and do, follow certain home country corporate governance practices instead of otherwise applicable requirements, and we are not subject to certain U.S. securities laws including, but not limited to, U.S. proxy rules and the filing of certain Exchange Act reports.***

We are a "foreign private issuer" as defined in the SEC rules and regulations. As a foreign private issuer, we have the option to follow certain home country corporate governance practices rather than those of Nasdaq, provided that we disclose any requirements we are not following and describe the home country practices we are following. We intend to rely on this "foreign private issuer exemption" with respect to the Nasdaq rules for shareholder meeting quorums, shareholder approval requirements for certain equity issuances and the independence requirements with respect to the nomination committee and selection of director nominees. We may in the future elect to follow home country practices with regard to other matters. As a result, our corporate governance practices may differ in significant respects from the corporate governance requirements applicable to U.S. companies listed on Nasdaq, and as such our shareholders will not have the exact same protections afforded to shareholders of companies that are subject to all of the Nasdaq corporate governance requirements.

In addition, as a foreign private issuer, we are not subject to all of the disclosure requirements applicable to companies organized within the United States. For example, we are exempt from the rules and regulations under the Securities Exchange Act of 1934, as amended (the "Exchange Act"), related to the furnishing and content of proxy statements, including the applicable compensation disclosure requirements. In addition, we are not required under the Exchange Act to file reports and financial statements with the SEC as frequently or as promptly as U.S. domestic companies whose securities are registered under the Exchange Act and we are exempt from filing quarterly reports with the SEC under the Exchange Act. Moreover, we are not required to comply with Regulation FD, which restricts the selective disclosure of material information, although we have voluntarily adopted a corporate disclosure policy substantially similar to Regulation FD. These exemptions and leniencies reduce the frequency and scope of information and protections for which you may otherwise have been eligible in relation to a U.S. domestic issuer.

In June 2025, the SEC published a concept release inviting public comment on potential amendments to the definition of "foreign private issuer." The release highlights six possible approaches to amending the foreign private issuer definition, including updating the existing eligibility requirements, adding a foreign trading volume requirement, adding a major foreign exchange listing requirement, requiring that each foreign private issuer be incorporated in a jurisdiction that the SEC determines to have a robust regulatory and oversight framework, developing robust mutual recognition systems and adding an international cooperation arrangement requirement. To the extent the SEC adopts rules amending the definition of "foreign private issuer," we may no longer qualify as a foreign private issuer.

If we no longer qualify as a foreign private issuer, we would be required to comply with all of the periodic disclosure and current reporting requirements of the Exchange Act applicable to U.S. domestic issuers, including the U.S. federal proxy requirements, which are more detailed and extensive than the requirements applicable to foreign private issuers. The regulatory and compliance costs to us under the U.S. securities laws as a U.S. domestic issuer would likely be materially higher. We also would lose our ability to rely upon exemptions from certain corporate governance requirements under the listing rules, which may require us to modify certain of our policies to comply with accepted governance practices associated with U.S. domestic issuers. Such conversion and modifications will involve additional costs.

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#### Risks Related to Ownership of Our Class A Ordinary Shares
***The dual class structure of our ordinary shares has the effect of enhancing the voting control of the holders of our Class B ordinary shares, limiting the ability of holders of our Class A ordinary shares to influence the outcome of important transactions.***

Our Class B ordinary shares have nine votes per share, and our Class A ordinary shares have one vote per share. Our Class B ordinary shares are non-tradable and non-transferable. As of May 31, 2026, our outstanding Class B ordinary shares represented approximately 58.02% of the voting power of our outstanding share capital after giving effect to the applicable voting right caps on the voting power of our Class B ordinary shares, as described in "Item 10.B. Additional Information—Memorandum and Articles of Association—Voting, Shareholder Meetings and Resolutions." As a result, the holders of our Class B ordinary shares, which includes Kristo Käärmann, our co-founder, Chief Executive Officer and a member of our board of directors, exercise considerable influence over matters requiring shareholder approval, including the election of directors and approval of significant corporate transactions, such as a merger or other sale of our company or our assets, even if their shareholdings represent less than 50% of our outstanding share capital. This enhancement of voting control limits the ability of other shareholders to influence corporate matters and may cause us to make strategic decisions that could involve risks to holders of our Class A ordinary shares or that may not be aligned with the interests of holders of our Class A ordinary shares. This control may adversely affect the market price of our Class A ordinary shares.

#### The market price of our Class A ordinary shares may be volatile, and the value of our Class A ordinary shares may decline.
The market price of our Class A ordinary shares may be highly volatile and may fluctuate or decline substantially as a result of a variety of factors, some of which are beyond our control, including:

• actual or anticipated fluctuations in our financial condition or operating results;

• variance in our financial performance from our forecasts or the expectations of securities analysts;

• changes in our revenue mix;

• changes we make to the pricing of our products and services;

• changes in our projected operating and financial results;

• changes in laws or regulations applicable to our products and services;

• announcements by us or our competitors of significant business developments or new products and services;

• significant security or data breaches, disruptions or other incidents involving our infrastructure or products and services;

• our involvement in litigation;

• future sales of our Class A ordinary shares by us or our shareholders;

• changes in senior management or key personnel;

• the trading volume of our Class A ordinary shares;

• changes in the anticipated future size and growth rate of our market;

• rumors and market speculation involving us or other companies in our industry;

• overall performance of the equity markets; and

• general political, social, economic and market conditions, in both domestic and our foreign markets, including effects of increased interest rates, inflationary pressures, bank failures and macroeconomic uncertainty and challenges.

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Broad market and industry fluctuations, as well as general economic, political, regulatory and market conditions, may also negatively impact the market price of our Class A ordinary shares. In addition, technology stocks have historically experienced high levels of volatility. In the past, companies that have experienced volatility in the market price of their securities have been subject to securities class action litigation. We may be the target of this type of litigation in the future, which could result in substantial expenses and divert our management's attention.

#### Our Class A ordinary shares are listed on more than one stock exchange, and this may result in price variations between the exchanges.
Our Class A ordinary shares are listed for trading on Nasdaq under the symbol "WSE" and on the LSE under the symbol "WISE." Our Class A ordinary shares trade dollars on Nasdaq and in British pounds sterling on the LSE. The two exchanges have different trading hours, and differences in trading schedules, as well as volatility in the exchange rate between the U.S. dollar and British pound sterling, among other factors, may result in different trading prices for our Class A ordinary shares on the two exchanges. Any decrease in the price of our Class A ordinary shares on one exchange could cause a decrease in the trading price of our Class A ordinary shares on the other exchange.

***Future substantial sales of our Class A ordinary shares in the public market could cause the market price of our Class A ordinary shares to decline.***

Sales of a substantial number of our Class A ordinary shares in the public market, or the perception that these sales might occur, could depress the market price of our Class A ordinary shares and could impair our ability to raise capital through the sale of additional equity securities. We are unable to predict the effect that such sales may have on the prevailing market price of our Class A ordinary shares.

In addition, we intend to register all of the Class A ordinary shares issuable upon exercise of outstanding options, the vesting and settlement of outstanding restricted stock units and other equity incentives we may grant in the future, for public resale under the Securities Act. The Class A ordinary shares will become eligible for sale in the public market to the extent such options are exercised or restricted stock units are vested and settled.

We may also issue Class A ordinary shares or securities convertible into Class A ordinary shares from time to time in connection with financings, acquisitions, investments or otherwise. Any such issuance could result in substantial dilution to our existing shareholders and cause the market price of our Class A ordinary shares to decline.

***We do not intend to pay dividends for the foreseeable future and, as a result, your ability to achieve a return on your investment will depend on appreciation in the market price of our Class A ordinary shares.***

We have never declared or paid any cash dividends on our share capital, and we do not intend to pay any cash dividends in the foreseeable future. Any determination to pay dividends in the future will be at the discretion of our board of directors. Our ability to pay dividends may be restricted by agreements that we are or become a party to, and accordingly, you may need to rely on sales of our Class A ordinary shares after market price appreciation, which we cannot guarantee, to realize future gains on your investment.

#### Risks Related to Our Incorporation under the Laws of Jersey

#### As the rights of shareholders under Jersey law differ from those under U.S. law, you may have fewer protections as a shareholder.
Wise plc is incorporated in Jersey. The rights of holders of Class A ordinary shares are governed by Jersey law, including the Companies (Jersey) Law 1991, as amended (the "Jersey Companies Law"), and by our articles of association (the "Articles"). These rights differ in certain respects from the rights of shareholders in typical U.S.

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corporations. See "Item 10.B. Additional Information—Memorandum and Articles of Association—Comparison of Delaware Corporate Law and Jersey Corporate Law" in this Annual Report for a description of the principal differences between the provisions of the Jersey Companies Law applicable to us and the Delaware General Corporation Law relating to shareholders' rights and protections.

The rights of shareholders to take legal action against our directors, actions by minority shareholders (such as derivative claims or applications for relief on the grounds of unfairly prejudicial conduct), and the fiduciary responsibilities of directors under Jersey law are governed by the Jersey Companies Law and the customary law of Jersey. The customary law of Jersey in the field of company law is derived in significant part from English common law, and judicial decisions from the senior courts of England and Wales are of high persuasive authority in the Jersey courts.

The rights of our shareholders and the fiduciary responsibilities of our directors under Jersey law are primarily codified in the Jersey Companies Law, but they are not as comprehensively established by statute or judicial precedent as they would be in some jurisdictions in the United States. The duties and liabilities of directors of a Jersey company are governed by a combination of statute and customary law. Notably, the Jersey Companies Law expressly sets out certain key directors' duties in statute. For instance, Article 74 codifies the directors' fundamental duty to act honestly and in good faith with a view to the best interests of the company. Article 75 codifies the duty to exercise the care, diligence, and skill that a reasonably prudent person would exercise in comparable circumstances. These statutory duties supplement, rather than replace, the broader duties developed at customary law.

In particular, Jersey has a less exhaustive body of securities laws as compared to the United States, and some U.S. states (such as Delaware) have more fully developed and judicially interpreted bodies of corporate law.

Furthermore, there is no statutory mechanism or treaty in Jersey for the automatic recognition or enforcement of judgments obtained in the United States. However, the Royal Court of Jersey will, subject to certain established principles, recognize and enforce a final, conclusive, and monetary judgment of a foreign court of competent jurisdiction (such as a U.S. Federal or State court) without retrial on the merits. This enforcement is achieved by way of a fresh action at customary law based on the judgment debt, provided the judgment is not for a penalty, tax, or fine, and was not obtained in a manner contrary to Jersey principles of natural justice or public policy.

As a result of all of the above, holders of our Class A ordinary shares may have more difficulty in protecting their interests in the face of actions taken by our management, members of the board of directors, or major shareholders than they would as shareholders of a U.S. company. In addition, there can be no assurance that Jersey law will not change in the future or that it will serve to protect investors in a similar fashion afforded under corporate law principles in the United States, which could adversely affect the rights of investors.

***Our Articles contain certain provisions, including anti-takeover provisions, that limit the ability of shareholders to take certain actions and could delay or discourage takeover attempts that shareholders may consider favorable.***

Our Articles contain provisions that could have the effect of rendering more difficult, delaying, or preventing an acquisition that shareholders may consider favorable, including transactions in which shareholders might otherwise receive a premium for their shares. For example, our Articles authorize our board of directors to issue, grant options over, grant rights to subscribe for or convert any security into or otherwise deal with or dispose of any unissued shares in our company (save for Class B ordinary shares, as defined in the Articles) without any vote or action by our shareholders. In addition, our board of directors can, for example, authorize and issue preferred shares with voting or conversion rights that could adversely affect the voting or other rights of holders of our ordinary shares in accordance with a shareholder rights plan which the board of directors may

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adopt if we cease to be subject to the U.K. City Code on Takeovers and Mergers. These rights may have the effect of delaying, discouraging, or preventing a takeover attempt of our company, even if a takeover attempt might be beneficial to our shareholders.

These provisions could also limit the price that investors might be willing to pay in the future for our Class A ordinary shares and therefore depress the trading price. These provisions could also make it difficult for shareholders to take certain actions, including electing directors who are not nominated by the incumbent members of our board of directors or taking other corporate actions, including effecting changes in our management, and may inhibit the ability of an acquiror to effect an unsolicited takeover attempt. Shareholders may experience difficulties in effecting service of legal process, enforcing foreign judgments, or bringing original actions in the jurisdictions in which we are incorporated or in which we operate based on U.S. or other foreign laws against us or our management.

#### U.S. shareholders may not be able to obtain judgments or enforce civil liabilities against us, our executive officers or our board of directors.
We are a Jersey incorporated company, and substantially all of our assets and operations are located outside of the United States. In addition, six of our directors and executive officers reside outside the United States, and the substantial majority of their assets are located outside of the United States. As a result, it may be difficult to effect service of process within the United States or elsewhere upon these persons.

Investors may also have difficulties obtaining a favorable judicial forum for claims against us, our executive officers or our directors. Our Articles provide that, unless we consent to an alternative forum, the Courts of Jersey shall be the sole and exclusive forum for derivative lawsuits brought on behalf of the Company; claims for breach of fiduciary duty by our directors, officers, or other employees; and claims relating to our Articles or the governance and conduct of the Company, except where those claims involve a breach of U.S. federal or state law.

These provisions may limit a shareholder's ability to bring a claim in a judicial forum of its choosing for disputes with us or any of our directors, shareholders, officers, or others, or may increase the cost of doing so, both of which may discourage lawsuits with respect to such claims. In the event a court finds the forum selection provisions contained in our Articles to be unenforceable or inapplicable in an action, we may incur additional costs associated with resolving such action in other jurisdictions, which could harm our results of operations.

It may also be difficult to enforce judgments in the jurisdictions in which we operate or in Jersey courts against us and our executive officers and directors. It may be difficult or impossible to bring an action against us in Jersey if you believe your rights under the U.S. securities laws have been infringed. In addition, there is uncertainty as to whether the Royal Court of Jersey or courts in jurisdictions in which we operate would recognize or enforce judgments of U.S. courts against us or such persons predicated upon the civil liability provisions of the securities laws of the United States or any state, and it is uncertain whether such Jersey courts or courts in jurisdictions in which we operate would hear original actions brought in Jersey or jurisdictions in which we operate against us or such persons predicated upon the securities laws of the United States or any state.

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The United States and Jersey do not currently have a treaty providing for the reciprocal recognition and enforcement of judgments, other than arbitration awards rendered pursuant to the "Convention on the settlement of investment disputes between States and nationals of other States," which was opened for signature in Washington, D.C. in March 1965, in civil and commercial matters. Consequently, a final judgment for payment given by a court in the United States, whether or not predicated solely upon U.S. securities laws, may not be enforceable in Jersey.

#### General Risks

#### Any future litigation against us could be costly and time-consuming to defend.
We are, and may in the future become, subject to legal proceedings and claims that arise in the ordinary course of business, such as (but not limited to) contractual disputes with partners, vendors or suppliers, customer disputes in connection with the provision of our products and services, securities and class action litigation, litigation arising from a data security incident, antitrust litigation, intellectual property claims, including trademark or patent litigation, and employment disputes involving current or former employees. Litigation might result in potential liabilities, which might seriously harm our business, including its financial condition and operating results, and its reputation and goodwill. Litigation might also result in substantial costs and may divert management's attention and resources. Insurance might not cover such claims, might not provide sufficient payments to cover all the costs to resolve one or more such claims, and might not continue to be available on terms acceptable to us. A claim brought against us that is uninsured or underinsured could result in unanticipated costs, potentially harming our business, financial condition and operating results.

#### Natural disasters, catastrophic events, public health crises or other similar events may have serious adverse consequences on our business, financial condition and operating results.
A catastrophic event could have a material adverse impact on our business, operating results and financial condition. Our facilities can be negatively impacted by damage or interruption from human error, intentional bad acts, health pandemics, earthquakes, hurricanes, floods, fires, geopolitical conflicts and wars, terrorist attacks, power losses, hardware failures, systems failures, telecommunications failures and similar events. The occurrence of any of the foregoing events could damage our systems and hardware or could cause them to fail completely, resulting in lengthy interruptions in provision of our products and services. Our insurance may not cover such events or may be insufficient to compensate us for the potentially significant losses, including the potential harm to the future growth of our business, that may result from interruptions in the provision of our products and services to customers as a result of system failures.

Further, a natural disaster, catastrophic event or public health crisis could cause us or our customers to suspend all or a portion of their operations for a significant period of time, resulting in a permanent loss of resources, or requiring the relocation of personnel and material to alternate facilities that may not be available or adequate. Such an event could also cause an indirect economic impact on our customers, which could impact our customers' purchasing decisions and reduce demand for our products and services.

All of the aforementioned risks may be exacerbated if our disaster recovery plans prove to be inadequate. To the extent that any of the above results in delayed, reduced or cessation of revenue or increases our cost of products or services, our business, financial condition and operating results could be adversely affected.

***If securities or industry analysts publish unfavorable or inaccurate research about our business, the market price of our Class A ordinary shares and trading volume could decline.***

The market price and trading volume of our Class A ordinary shares is heavily influenced by the way analysts interpret our financial information and other disclosures. We do not have control over these analysts. If few securities analysts commence coverage of us following our listing in the United States, or if industry analysts cease coverage of us, our share price would be negatively affected. If securities or industry analysts do not

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publish research or reports about our business, downgrade our Class A ordinary shares, or publish negative reports about our business, our share price would likely decline. If one or more of these analysts cease coverage of us or fail to publish reports on us regularly, demand for our Class A ordinary shares could decrease, which might cause the market price of our Class A ordinary shares to decline and could decrease the trading volume of our Class A ordinary shares.

#### Our insurance coverage will not fully protect us from all types of losses.
We have insurance with leading insurers to cover, among others, losses related to cyber-liability, physical loss or damage, operational risks and general third-party liability. The occurrence of losses or other damages not covered by insurance could result in unexpected additional costs. In particular, if we face losses or liabilities in connection with cybersecurity issues or data security breaches, we may not be covered by insurance to the full extent of damages that we face. In addition, our insurance premiums may increase, which could have an ongoing impact on our profitability, and it may be difficult to obtain sufficient coverage in the future which could expose us to significant liabilities in the event of losses caused by incidents which are not covered.

#### Item 4. Information on the Company
*A. History and Development of the Company* 

#### General History and Development
Fifteen years ago, we set out with a simple but visionary goal that became the mission for Wise: money without borders. To do this, we have built an innovative infrastructure to power the world's money, achieving many important milestones along the way.

In 2012, we opened our first office in London and raised $1.3 million in seed funding.

In 2015, we expanded to the United States and Australia.

In 2016, we launched our first business product offering. Also in 2016, a bank used our new API offering—which would later become Wise Platform—to leverage our infrastructure for its customers for the first time.

In 2017, we further expanded our Asia-Pacific operations, opening an office in Singapore. We also launched our Multi-Currency Account for individuals and businesses, which became our Wise Account and Wise Business product offerings, respectively.

In 2018, we joined Faster Payments in the United Kingdom as the first non-bank payment service provider to be a directly connected settling participant. We also hired our 1,000th employee in 2018.

Between 2018 and 2019, we launched the Wise Card in the United Kingdom, European Union, United States, Australia, New Zealand and Singapore.

In 2019, we opened our Brussels office, marking our tenth key office location.

In 2020, we were granted an FCA license to offer regulated investment activities in the United Kingdom.

In 2021, we rebranded from TransferWise to Wise and completed the listing of our Class A ordinary shares on the London Stock Exchange. We also launched our "Stocks" feature for our customers to invest their money in an index tracking fund as part of our "Wise Assets" offering.

In 2022, we expanded into Brazil and Malaysia.

In 2023, we hired our 5,000th employee and launched our "Interest" feature in the United Kingdom, Singapore and a number of European countries.

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In 2025, we opened our office in Hyderabad.

In 2026, we completed our Dual Listing, transferring our primary listing to Nasdaq.

#### Corporate Information
The legal and commercial name of our company is currently Wise Group plc. Wise Group plc was originally incorporated in June 2025 as a public limited company under the laws of Jersey registered number 160362.

In connection with the completion of our listing on Nasdaq on May 11, 2026, Wise Group plc became the ultimate parent company of Wise Limited (previously named Wise plc) and its consolidated subsidiaries on May 8, 2026 by means of a Scheme of Arrangement pursuant to Part 26 of the U.K. Companies Act 2006. Wise Group plc is Jersey incorporated and is intended to be solely a U.K. tax resident. See "Item 4.C. Information on the Company—Organizational Structure" for more information.

Our principal executive office is located at 1st Floor Worship Square, 65 Clifton Street, London EC2A 4JE, United Kingdom. Our agent for service of process in the United States is BizFilings, located at 525 Junction Road, Suite 5000, Madison, Wisconsin 53717 and the telephone number is (800) 981-7183.

See "Item 5. Operating and Financial Review and Prospects" for a description of our capital expenditures and divestitures.

There has been no public takeover offer as of the date of this Annual Report by third parties in respect of our shares.

#### Where You Can Find More Information
The SEC maintains an internet website that contains reports and other information about issuers that file electronically with the SEC. The address of that website is *www.sec.gov.* 

Our website address is *www.wise.com*. We may use our website as a means of disclosing information about the Company. Information contained on or that can be accessed through our website is not incorporated by reference into this Annual Report, and you should not consider information on our website to be part of this Annual Report.

*B. Business Overview* 

#### Our Business
Fifteen years ago, we set out with a simple but visionary goal that became the mission for Wise: money without borders. It should not be more expensive or less convenient to use your money in another country. People and businesses should always know what each transaction actually costs.

Guided by this mission, we started with the goal of fixing overseas transfers and went on to build an account for a truly borderless experience for people and businesses using their money. An increasing number of banks and online platforms now offer our products to their customers via Wise Platform.

To power this borderless experience, we have built an innovative infrastructure for the world's money—one that makes payments instant (in under 20 seconds), convenient, low-cost and transparent. In the year ended March 31, 2026, this infrastructure powered payments across more than 40 currencies, moved $243.5 billion across borders for 18.9 million people and businesses, and saved them approximately $3.3 billion along the way, based on our estimates of per transaction savings calculated by reference to publicly available foreign exchange

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rates and fees of alternative banks and payment providers. As of March 31, 2026, our customers' holdings across their cash and Wise Assets balances equaled $39 billion, reflecting the trust we have built with our customers. This included $9.0 billion held with Wise Assets (i.e. assets under custody), an account feature that helps our customers earn a return on their money while ensuring it remains conveniently accessible.

We are just getting started.

We market our services through three product offerings: Wise Account for personal customers, Wise Business for small and medium-sized businesses, and Wise Platform for banks, financial institutions and enterprises. We offer a range of services across all of our three product offerings. For example, both Wise Account and Wise Business customers utilize cross-border transaction services when they send money internationally or convert currencies.

Wise Account is our solution for individual customers to send, spend, hold and get paid in one or more currencies. One of the features of Wise Account is Wise Assets, an investment feature that allows eligible customers to elect to earn a return on their holdings by investing in certain assets, such as money market funds. Wise Business offers the main features of our Wise Account product offering along with business-specific functionalities designed to enable businesses to operate internationally, including managing their accounting and accounts payable and receivables. With Wise Platform, banks, financial institutions and enterprises can integrate into our global payment infrastructure, allowing these institutional partners to send and receive payments on behalf of their customers or embed our services into their platform.

We estimate that the market for cross-border transactions adds up to $43 trillion worth of cross-border payments every year, and continues to grow. People work, spend and invest internationally. The smallest businesses now have the tools to hire, sell and grow anywhere in the world from day one. We believe that as our customers' lives become more digital, their financial relationships will become even more global. We estimate that by 2029, cross-border payments may reach $55 trillion per year. In other words, the $243.5 billion we moved across borders in the year ended March 31, 2026 is only a fraction of our total addressable market.

#### Our Infrastructure
In theory, the tools for "modern" global money movement have existed for decades. A lack of competition, however, led to underinvestment in technology and infrastructure, resulting in an inefficient legacy system that costs people and businesses billions of dollars in inflated fees for cross-border transactions. These inflated fees are usually hidden in marked-up exchange rates. In many cases, it could also take days for these payments to travel from one country to another through a complicated series of intermediaries.

All of this is why we decided to build a new global payments network that directly connects local banks and payment systems at both ends of the transaction, bypassing the traditional correspondent networks used by banks, and that eliminates costly intermediaries and outdated processes.

In most jurisdictions, our licenses and approvals allow us to offer our products without the need for agreements with local financial institutions. In a few jurisdictions, we enter into such agreements for certain

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transactions or activities. These providers operate under our instructions, applicable regulatory requirements and payment scheme rules, being the set of rules and procedures for the provision of payment services in that jurisdiction. These providers include:

• **Payment processing partners**, which include licensed local banks, payment service providers and similar financial institutions that facilitate the receipt of funds, payout of a transaction, currency conversion, account top-up (referring to the process by which a customer adds funds to their account from an external source, such as a transfer from the customer's bank account), use of Wise Assets or other similar services. For example, where a transaction or account top-up is funded by card, bank transfer or other permitted method, funds may be received by the payment processing partner and settled to Wise's designated accounts in accordance with scheme rules and our contracts with such partners. In addition, where we do not have a direct connection or integration to the relevant domestic payment system, these partners may also deliver payouts to recipients by executing a local transfer to the recipient's bank account in accordance with our instruction.

• **Banking partners**, which include licensed banks that provide Wise with safeguarding and operating accounts, custody, cash management and, in some cases, access to payment schemes or sponsorship for network memberships.

Across these arrangements, we remain responsible for customer due diligence, onboarding, financial crime checks, customer support, sanctions screening and other aspects of the transaction. Where we have direct connections to the relevant domestic payment systems, we typically complete the execution of the transaction directly and do not rely on third-party providers such as payment processing partners.

The examples below illustrate (i) a cross-border transaction where we are directly connected to the relevant domestic payment systems and do not rely on a third party to receive or disburse funds, which represents over half of all transactions processed during the year ended March 31, 2026; and (ii) a cross-border transaction where we use third-party providers to receive and disburse funds because we are not directly connected to the relevant domestic payment systems.

![LOGO](g17323g00k55.jpg)

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#### Regulatory Licenses
Our products are supported by our ever-growing global licensing footprint. We frequently work with regulators in countries around the world to obtain the licenses and approvals needed to operate and provide the products and features that our customers want. Securing new licenses also allows us to offer new products and features, further fueling our rapid global expansion. As of March 31, 2026, we held over 80 regulatory licenses globally, enabling us to offer customers the ability to hold money in 40 currencies and use the Wise Multi-Currency Card (the "Wise Card") to make payments online and in stores in over 40 currencies across 160 countries and territories, and withdraw money from three million ATMs worldwide.

#### Domestic Payment Systems
We continue to integrate with domestic payment systems around the world, which are becoming increasingly instant, cheap and reliable. Participating in these domestic payment systems is a key element of our infrastructure because they can help us further speed up payments and reduce costs. Instead of routing a cross-border payment through multiple correspondent banks across various countries with each charging their own fee, which is typical in the traditional correspondent banking system, these connections give us end-to-end control of the payment network. This speed is driven in part by routing over half of all transactions in the period through our connections to domestic payment systems. Beyond these payment system integrations, our network is further amplified by connections with local banks and payment providers around the world.

#### Technology
We have spent the past 15 years building and refining our purpose-built technology, enabling us to scale rapidly while delivering the experience and convenience our customers expect. Our website, mobile applications and third-party integrations are all built on a single global technology stack, enabling us to provide a streamlined experience to our customers and the customers of our Wise Platform partners around the world. Our single stack technology also means we can offer a global product while adding local customizations to provide bespoke features, such as spending money like a local with QR code payments and getting paid with local account details, such as U.S. routing and account numbers and Euro IBANs. Finally, our single technology stack gives us a meaningful advantage through the ability to efficiently leverage data from our global customer base to iterate our machine-learning models, thereby strengthening our ability to detect and prevent financial crime and improving our single, 24/7 global treasury system to manage liquidity more efficiently worldwide.

![LOGO](g17323g00k56.jpg)

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As of March 31, 2026, over 1,000 engineers across four continents work to evolve and deploy our technology, which processes over 4.7 million transactions a day, including weekends.

We have heavily invested in technology to strengthen our operations. Our machine learning models are trained on data points and patterns observed across millions of customer profiles and their transactions, enabling us to generate real-time alerts to support our global teams. These tools give us a scalable, cost effective way to help detect and mitigate risks promptly. For example, we have launched large language model copilots across our teams, including Financial Crime and Customer Support teams, to help agents improve their investigative precision and efficiency, and we continue to invest in this evolving area.

#### Operations
We believe the best customer service is when our products deliver an experience that means customers do not need our help; but when they do, we want to make it easy, seamless and instant. To provide this level of service and to scale our operations at pace with our growth, we have made deliberate investments over the last several years, including in artificial intelligence and developing sophisticated machine-learning models to drive efficiencies, along with our servicing workforce comprising in-house specialists and outsourced agents.

#### Our Product Offerings

#### Our unique and powerful infrastructure powers our three product offerings: Wise Account, Wise Business and Wise Platform.

#### Wise Account
Wise Account is our solution for people with cross-border financial needs. Wise Account is increasingly popular with customers who want to send, spend, hold and get paid faster and with transparency and convenience. Key features of Wise Account include:

• Full transparency on fees, with no hidden fees or exchange rate mark ups. Instead, we offer the mid-market exchange rate and charge a transparent, upfront fee, providing certainty on the amount the recipient will actually receive.

• Fast speeds for transfers.

• Access to local account details, such as U.S. routing and account numbers and Euro IBANs, allowing our customers to more easily receive money in 40 currencies as of March 31, 2026.

• Access to the Wise Card, which enables customers to spend in more than 160 countries and withdraw money from three million ATMs globally. Customers do not need to hold the local currency in their account because Wise can convert the amount from another currency the customer holds using our "Smart Conversion" technology, which automatically selects and converts money from a currency with the lowest conversion fee for that transaction.

• For eligible customers, access to our Wise Assets presents an opportunity to earn a return on the money held in their account by investing in funds holding secure, government-guaranteed assets or in a selected index-tracking fund, while retaining instant access to their funds to make payments or spend with a debit card. As of March 31, 2026, we had $9.0 billion in assets under custody.

During the year ended March 31, 2026, Wise Account served over 18.0 million active customers around the world, defined as the number of unique customers who have completed at least one cross-currency transaction during the period.

#### Wise Business
Wise Business is the one account that businesses need to grow and operate internationally. Launched in 2017 with a focus on micro businesses and sole traders, Wise Business has been developed to deliver the benefits of our infrastructure to small and medium businesses (SMBs), entrepreneurs and freelancers across 79 countries.

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Wise Business offers the main features of our Wise Account product offering along with business-specific functionalities designed to enable business customers to operate internationally. Key features of Wise Business include:

• Local account details, to pay and get paid in multiple currencies with ease.

• Multi-user access, enabling customers to assign roles and permissions, such as "admins," "payers" and "viewers," to individuals within their business. Multi-user access is supported by real-time notifications and payment approval features for increased security.

• Access to the Wise Business Debit Card, enabling employees of our business customers to order their own physical or digital debit cards for separate expense types, pre-set individual spending limits and track purchases in real time. Such employees can use their own Wise Business debit cards to pay supplier invoices, buy inventory and withdraw cash from ATMs.

• Integration with over 15 accounting platforms as of March 31, 2026, including Xero, QuickBooks and FreeAgent, and automated syncing of activities, expenses and multi-currency accounts, removing the need to manually export or upload data. These API-based integrations are now used by 12% of Wise Business customers who hold a balance.

• Professional invoice templates and tooling to automate invoice payments, allowing businesses to create and issue invoices directly from their Wise Business account in 23 different languages. Depending on their location, customers can then pay in multiple currencies using domestic account details, SWIFT, or instantly through "Pay with Wise."

• Batch payments tool to create and complete multiple payments in a single transaction.

During the year ended March 31, 2026, Wise Business served approximately 850,000 active customers.

#### Wise Platform
Wise Platform makes it faster and easier for banks, financial institutions and enterprises around the world to provide their customers with the fast, cost-effective and reliable international financial services that people and businesses increasingly expect.

By integrating with Wise, these banks, financial institutions and enterprises, which we refer to as our Wise Platform partners, can leverage the benefits of our infrastructure without rebuilding their own legacy systems, which often include manual operations, outdated technology, higher fees, lack of transparency and a poor customer experience leading to customer churn.

According to data from Swift, nearly two-thirds of people and SMBs would not use their current provider again if they were charged hidden fees or had a failed payment. Through the growth of Wise Account and Wise Business, we have seen that customers are increasingly seeking alternatives to their current providers. Wise Platform offers our Wise Platform partners an opportunity to retain existing and attract new customers.

Key features of Wise Platform include:

• Access to all aspects of Wise's services from instant cross-border transfers to the multi-currency account and card issuance.

• Access to a global network of local payment systems—from national payment schemes to wallets and payment methods—to enable payments in over 40 currencies.

• A global regulatory framework that provides compliance at scale and speed.

• A single treasury system that provides 24/7 global coverage.

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• Over 99% straight-through processing rate on transfers.

• 24/7 operational support around the world with 99% of compliance checks completed in less than one second using machine learning algorithms.

Wise Platform is already trusted by some of the world's largest banks, including Itaú, Mandiri, Nubank and Monzo, to offer their customers the speed, ease, reliability and cost savings of Wise. The services that we deliver through Wise Platform do not yet generate a material percentage (i.e., currently generates less than 10%) of the Group's overall transaction revenue.

Wise Platform also benefits from powerful network effects for our customers. As more banks and financial institutions integrate with Wise Platform and move their volume through our network, these network effects drive greater economies of scale, expanding our capacity to reinvest efficiency gains into our infrastructure, products, features and pricing, with the aim of driving further volume and delivering better outcomes for everyone on the Wise network.

#### Our Competitive Advantages
• **Unique and powerful infrastructure.** During the last 15 years, we have become increasingly efficient at integrating with payment systems and securing the licenses that underpin our infrastructure. Obtaining approvals to connect with domestic payment networks is typically a multi-year process, requiring extensive cooperation with regulators to secure the necessary approvals and then building bespoke technical integrations with the systems themselves. Many countries have multiple payment systems, each optimized for different payment sizes, settlement times, and speeds. Each connection requires significant expertise and investment to meet strict regulatory and technological standards unique to each system. We believe our ongoing investments in infrastructure translates into market-leading speed and price: which drives long-term customer acquisition, including through retention and word-of-mouth recommendations. As we build these connections, we continue to refine and accelerate our processes, making our network increasingly harder to replicate at scale and speed.

• **Products customers love to use.** We are building products that our customers love to use and recommend. We are solving real problems across cost, speed and price transparency through products that are easy to use and globally available. We continually add to this user experience, launching new features to make Wise Account and Wise Business even more useful and convenient for people and businesses. This relentless focus on customer outcomes is what drives our growth: approximately 70% of new customers who joined in the year ended March 31, 2026 came from word-of-mouth recommendations. And with Wise Platform, customers around the world can experience the benefits of our products through their existing providers.

• **Leading on price and speed in an increasingly transparent market.** We offer low fees by passing on the benefits of our scale and cost optimization to our customers. New customers consistently switch to Wise because our fees are significantly lower than those charged by traditional banks. This is evident in our Net Promoter Score (NPS) of 69 as of March 31, 2026. Global banks earn roughly $250 billion each year from hidden retail cross-border fees. With technology reshaping financial services and regulators moving toward greater transparency, these fees are likely to decrease over time. In a world where clear, searchable pricing becomes widely expected as standard, consumers and businesses will increasingly prioritize cost efficiency, and we believe Wise is uniquely positioned to lead in this new era of transparency.

• **A highly diversified, global business.** Our scaling and profitable business model gives us the capacity to invest in a range of innovative products and international expansion, allowing us to build a robust

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and diversified revenue base. We have a broad base to grow our business due to our significant presence across all five of our geographical regions in North America, Europe, United Kingdom, Asia-Pacific and the rest of the world, which also helps limit the negative impact of country specific events. As the popularity of Wise Account and Wise Business grows, more individuals and businesses are spending on their Wise cards and holding money in their accounts. Further, for the year ended March 31, 2026, around a quarter of transaction revenue was derived from business customers. Additionally, approximately 50% of our net revenue is from non cross-border sources: card, other revenues and net interest income on customer balances, reflecting increasing diversification across both individual and SMB customers and between domestic and cross-border activities. <br>

#### Our Growth Strategy

**Products customers love.** This combination of our investments in building a high speed, resilient and scalable infrastructure with our tireless focus on developing products that address our customers' needs and the challenges they encounter means that we have built a compelling customer proposition. This proposition drives customer growth in two ways.

First, expanding our feature sets and product suite increases our addressable market. For instance, with the launch of Wise Account, we expanded our consumer audience from people who needed to send money across borders to those that wanted to send, spend or receive money too. In addition, as we build these features, existing customers move more of their financial activities to Wise too.

Second, the continual improvements we drive across our products and experience—including those in speed, price and convenience—also leads to existing customers moving more of their financial activities to Wise. Since being founded, our improvements in price have positively impacted growth, allowing us to capture more of the $43 trillion market with our existing products.

Adoption of Wise Account, our global solution for people with cross-border financial needs, continues to provide a strong runway of growth. The core features, such as local account details and holding balances in multiple currencies, as well as the Wise Card, are growing our non-cross border revenue and our cross-border revenue (from customers converting currency balances, spending cross-border on their Wise Card or sending money cross-border) and making Wise essential to our customers' international lives.

It is our aim that Wise Business becomes the primary account for businesses operating internationally – whether that's to pay, get paid, earn a return or manage their accounting and accounts payable and receivables. We are also expanding our focus beyond SMBs to serve larger businesses. We expect that new features, combined with our strategic focus on business customers, will solve even more financial needs for our business customers, further fueling our growth.

With Wise Platform, our infrastructure has the potential to transform the cross-border payments industry, including for our emerging customer category of the banks themselves. Major fast-moving challenger banks, financial institutions and enterprises have already built their international payments products and features on Wise Platform. Traditional banks, which are subject to longer procurement and development cycles, are beginning to follow suit. Wise Platform, while not yet a material percentage (i.e., currently generates less than 10%) of the Group's overall transaction revenue, has grown in recent years and we expect it to be a major driver of long-term growth. These partnerships typically start with a subset of customers and currencies, then expand to additional currencies and broader customer sectors over time. We are already seeing this progression, and our

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long-term aim is for Wise Platform to account for more than 50% of Wise's cross-border volume. The growth of Wise Platform remains a long-term initiative; we aim to secure and onboard larger traditional financial institutions that typically have longer procurement and implementation cycles and to bring their significant transaction volumes onto the Wise network. We believe this is achievable over the long term for the following reasons:

• increased attractiveness of our infrastructure as a result of continued investment in our infrastructure designed to improve speed, lower cost and increase efficiency;

• increased likelihood that banks, financial institutions and other enterprises whose own customers seek alternative options for payment transactions and experience positive customer outcomes with Wise, elect to integrate with Wise;

• each new Wise Platform partner incentivizing others to act, as remaining banks and platforms seek to remain competitive with peers that adopt Wise's offering and use it to improve price, speed and customer experience, all of which amplify our network effects; and

• our expanding reach and utility as more customers connect to our infrastructure, supporting our aim to build the best global payments infrastructure.

We also continue to grow the number of regions we serve, allowing us to reach even more customers globally. We see significant opportunities across multiple geographies and customer segments that we believe we are well-positioned to capture.

**Greater flows within the Wise network.** The growth in our customers in turn drives greater flows into and within the Wise network. As these flows increase over time, we realize more economies of scale and network effects.

This continued scaling has led to improved efficiency and allowed us to reinvest incremental gains into our infrastructure, product development, brand awareness and pricing with the aim of driving further customer growth, leading to volume growth and increased profitability, part of which funds further investment. As we grow, we expect this cycle to continue to accelerate our progress and growth, making it still harder for competitors to match our scale, efficiency and speed.

**Targeted marketing investments to increase awareness of the Wise brand**. With continued investment in intuitive features for our customers, combined with low cost, fast payments, the quality of our account speaks for itself. We consistently see around two-thirds of new customers join us through word-of-mouth from existing customers. Existing customers' recommendations, together with their moving more of their financial activities to Wise, demonstrates the strength and trustworthiness of the Wise brand. To reach more potential customers we continue to invest across multiple marketing channels across key markets to drive incremental adoption and engagement, and increase brand awareness of Wise. Investing in enhancing the awareness of our brand helps us meet our long-term growth goals amidst a growing and increasingly competitive digital-first cross-border market.

**Profitable business providing significant capacity to reinvest for growth and handle trillions**. This dynamic of increased efficiency and targeted reinvestment, combined with our financial discipline, has enabled us to strengthen our position and be profitable. We believe our financial discipline and strength will continue to enable our long-term, customer-centric investments into price, product and infrastructure, positioning us to handle trillions and become "the network" for the world's money.

#### Our Culture and Employees
Our employees are the driving force behind our success. As of March 31, 2026, we employ over 8,000 people, from 130 nationalities, working in 11 key locations around the world. As a global team solving a global problem, we're constantly innovating to deliver the best for our customers. This enables us to continue building products, improve our infrastructure, support our core functions and help attract and serve even more customers.

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Our customer-focused culture is fueled by our mission and underpinned by four core values:

• *This isn't just a job, we're a revolution*: We're making a positive, important change in the world. That doesn't happen from hanging out in our comfort zones, and it doesn't happen alone. We need each other.

• *We get it done*: We break through walls that others haven't touched to make amazing things happen. We take ownership of what we do. This belongs to us all.

• *Customers > team > ego*: We're building a better world for our customers – that's the whole point. Customer voices are in the essence of our work, guiding every decision we make.

• *No drama. Good karma*: We start by assuming everyone has good intentions. We respect different perspectives and challenge ideas, not individuals. We're open and honest – there's no hidden agenda here.

These values shape how we communicate and engage with customers and each other. They define what we expect from each other so we can achieve our mission together. Every employee shares in the responsibility of making Wise a success and each of them has the opportunity to participate in our equity and various incentive plans as a way to share the value in our growth, as more fully described elsewhere in this Annual Report.

Employees are empowered to solve the most urgent and relevant problems they see for our customers and get things done. Regular feedback is fundamental to our ways of working as a company. During our quarterly planning, teams from across the organization share insights on how we can improve the experience for our customers, from those who are closest to them. This feedback helps us iterate and improve for both customers and employees alike. We take on board what customers are asking for, which shapes our priorities and helps focus our work going forward.

#### Competition
We operate in a large, dynamic and fragmented market underpinned by rapidly evolving customer expectations and regulatory standards. The primary competitors for our products fall into the following distinct categories:

• global traditional banks which have yet to become Wise Platform partners;

• newer financial institutions or platforms, such as Airwallex, Block, Chime, Flywire, Paymentus, Payoneer, PayPal and Revolut;

• legacy foreign exchange businesses, such as Moneygram, Western Union or remittance players such as Remitly; and

• payment infrastructure providers, such as MasterCard and Visa.

We believe that Wise and our products are well positioned to capture an increasing share of the market opportunity within this dynamic market. See the section titled "Item 3.D. Key Information—Risk Factors—We may be unable to compete successfully against existing and future competitors that employ a variety of existing business models and technologies or new innovations."

#### Intellectual Property
Intellectual property and proprietary rights are important to the success of our business. We utilize a combination of copyright, trademark and trade secret laws in multiple jurisdictions, as well as license agreements, confidentiality procedures, non-disclosure agreements and other contractual protections, to help us establish, maintain and protect our intellectual property and proprietary rights. This includes our proprietary technology, software, know-how and brand.

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As of March 31, 2026, we had 22 U.S. registered trademarks, 425 foreign registered trademarks and 55 foreign pending trademark applications, covering "Wise," "Wise Business," "TransferWise," "Money Without Borders," and some other brands.

We monitor our trademarks and service marks through watch services, which notify us when applications for potentially conflicting marks have been filed in the United States and in other jurisdictions. Where appropriate, we take action and enforce our trademarks, service marks, trade names and domain names against infringing third-party trademarks, trade names and domain names. This action includes sending cease and desist letters, filing complaints and commencing administrative and other legal proceedings in the United States and other jurisdictions.

We control access to and the use of our proprietary technology and other confidential information through the use of internal and external controls, including contractual protections with employees, contractors, customers and partners. We generally require employees, consultants and other third parties to enter into confidentiality and proprietary information and invention assignment agreements. We have systems in place designed to control and monitor access to our software, documentation, proprietary technology and other confidential information. Our policy is to require all employees and independent contractors to sign agreements assigning to us inventions, trade secrets, works of authorship, developments, processes and other intellectual property rights generated by them on our behalf and under which they agree to protect our confidential information. In addition, we generally enter into confidentiality agreements with our partners. See the section titled "Item 3.D. Key Information—Risk Factors—Risks Related to Our Intellectual Property" for a description of risks related to our intellectual property.

#### Government Regulation
With over 80 licenses globally, we are subject to numerous laws and regulations in the various jurisdictions in which we operate. Depending on the jurisdiction, we may require local licenses or a partnership with a local financial institution to operate. In certain jurisdictions in which our principal activities consist of paying funds to local recipients, we generally do not require a regulatory license.

We are regulated by many different authorities, which oversee, among other topics, licensing, consumer protection, financial crime prevention, corporate governance and capital requirements.

Maintaining the trust of our customers, regulators and partners is of paramount importance to us. We continuously assess our assurance and oversight at both the global and local level. Our compliance teams monitor applicable regulatory requirements for compliance purposes across the markets in which we operate. Wise actively participates in government advisory groups and is helping to shape the future regulation of our industry. We have engaged with our regulators and relevant policymakers around the world and will continue this engagement in relation to upcoming changes to the regulatory landscape.

The laws and regulations to which we are subject are rapidly evolving and increasing in scope. As a result, we monitor regulatory changes closely and we expect to continue to invest significant resources in our legal, compliance, product, and engineering teams to ensure our business practices comply with, and plan and prepare for, current and future regulations. Any actual or perceived failure to comply with these requirements may result in, among other things, revocation of required licenses or registrations, loss of approved status, private litigation, regulatory or governmental investigations, administrative enforcement actions, sanctions, civil and criminal liability, monetary penalties, and constraints on our ability to continue to operate.

The following are summaries of the regulatory regimes in the most significant jurisdictions in which we operate, namely, the United Kingdom, Europe (Belgium and the EEA), the United States and Australia.

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#### United States
Our regulated entities in the United States are Wise US Inc. ("Wise US") and Wise US Assets Inc. ("Wise US Assets"). Wise US is registered as a Money Services Business ("MSB") and Prepaid Access Provider with the Financial Crimes Enforcement Network ("FinCEN") and is licensed to operate as a money transmitter in 48 states, the District of Columbia and Puerto Rico. These licenses and registrations subject Wise US to, among other things, record-keeping requirements, reporting requirements, bonding requirements, limitations on the investment of customer funds, and examination by state and federal regulatory agencies.

Wise US Assets is a registered broker-dealer with the SEC, a member of the Financial Industry Regulatory Authority ("FINRA") and certain U.S. state authorities. As such, Wise US Assets is subject to SEC, FINRA and certain state laws and regulations covering, without limitation, how it markets its services, handles customer assets, keeps records, and reports to the SEC and FINRA.

#### Wise National Trust (pending)
On June 16, 2025, we submitted to the OCC an application to form Wise National Trust ("WNT") as a nondepository national trust bank to enhance our global payment infrastructure. WNT would operate as a federally regulated trust institution, subject to ongoing supervision and examination by the OCC. If approved, WNT is expected to provide to customers payments processing and fiduciary services, in accordance with applicable fiduciary, capital, risk management, and operational standards prescribed by the OCC for national trust banks and, where applicable, the Federal Reserve. We believe that WNT would expand Wise's fiduciary capabilities to the benefit of customers. For example, WNT would be able to invest customer funds held in their accounts pursuant to a trust agreement. Additionally, WNT would enable Wise to provide to customers a custodial account structure designed to qualify for pass-through protection, allowing customer funds to be insured by the Federal Deposit Insurance Corporation ("FDIC"). WNT would achieve this by acting as a fiduciary custodian, placing customer funds with third-party U.S. insured depository institutions in designated pass-through accounts. WNT would implement protocols designed to maintain internal recordkeeping as necessary to identify each beneficial owner's individual interest and to establish pass-through FDIC insurance coverage for each customer.

Further, WNT would be able to provide fiduciary services to our subsidiary in the United States, Wise US, including acting as a custodian for money transfers by our customers in the United States that are in transit. Wise US would expect to maintain custodial accounts at WNT and provide direction on the investment of those funds, with WNT serving as custodian for associated bank accounts and investment assets.

We also believe direct supervision by the OCC would evidence a higher level of federal oversight and regulatory maturity commensurate with Wise's current stage of growth and operations. If the trust application is approved, we will have an 18-month period from the date of approval to operationalize WNT, per OCC rules and procedures.

In addition, if the Federal Reserve Master Account were granted, WNT would integrate directly into the Federal Reserve's payment systems, including FedNow. Such access is designed to enable faster settlement times, increase control over the payment process and reduce or eliminate reliance on third-party banks.

WNT will seek to obtain a master account with the Federal Reserve Bank of Dallas ("Federal Reserve Master Account"). A Federal Reserve Master Account would allow WNT to establish a direct connection to the Federal Reserve's payment systems to clear and settle U.S. dollar payments. While conditional approval from the OCC to form WNT as a nondepository national trust bank is pending, approval of WNT by the OCC would not assure that any application for a Federal Reserve Master Account would be approved. Master account requests are evaluated under the Federal Reserve's three-tiered review framework. As a nondepository national trust bank supervised by the OCC, we believe WNT would be reviewed under the Federal Reserve's Tier 3 framework.

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Tier 3 institutions will generally receive the strictest level of review and may be subject to a regulatory framework that is substantially different from the regulatory framework that applies to federally insured institutions. An approval of a Federal Reserve Master Account for WNT, if granted, may be subject to conditions or limited in scope.

#### Key Regulatory Authorities

#### FinCEN
FinCEN is the U.S. federal regulatory authority established "to safeguard the financial system from illicit use, combat money laundering and promote national security." MSBs are subject to FinCEN's regulatory oversight and enforcement with respect to anti-money laundering ("AML"), terrorist-financing reporting, and record-keeping laws and regulations.

#### SEC
The SEC is an independent federal government agency and the primary regulator of the nation's securities markets. Established by Congress, its three-part mission is to "protect investors; maintain fair, orderly, and efficient markets; and facilitate capital formation." The SEC achieves this by requiring public companies and other regulated entities to disclose essential financial and operational information. The SEC has broad oversight authority over all key market participants, including securities exchanges, broker-dealers, investment advisers, and mutual funds, as well as the industry's self-regulatory organizations such as the FINRA.

#### FINRA
FINRA is a private, not-for-profit self-regulatory organization for member broker-dealers, authorized by Congress and supervised by the SEC. Its core mission is to protect investors and safeguard market integrity by regulating and supervising the conduct of virtually all broker-dealer firms and their registered representatives. FINRA operates by writing and enforcing rules, examining member firms for compliance with both FINRA rules and federal securities laws, administering qualification exams, and actively monitoring U.S. markets for fraud and manipulation, such as insider trading.

#### OFAC
The Office of Foreign Assets Control ("OFAC") is responsible for enforcing the U.S. economic and trade sanctions against targeted foreign countries, terrorists, drug cartels, and others. OFAC maintains a list of individuals, businesses, non-profits, and government agencies called the Specially Designated Nationals and Blocked Persons List ("SDN list"). All businesses are required to check their customers against the OFAC list, and ensure that transactions are not otherwise in violation of OFAC sanctions regulations.

#### State Regulators
Most U.S. states require companies engaged in money transfer and stored value transactions for residents to be registered as money service businesses. To date, we have obtained money transmitter licenses in 48 U.S. states, the District of Columbia and Puerto Rico where such licenses are required, and are registered as an MSB and Prepaid Access Provider with FinCEN. Licensing requirements generally include minimum net worth requirements, provision of surety bonds, compliance with operational procedures, and the maintenance of reserves or "permissible investments" in an amount equivalent to outstanding payment obligations, as defined by our various regulators. The types of securities that are considered "permissible investments" vary across jurisdictions, but generally include cash and cash equivalents, U.S. government securities and other highly-rated debt instruments. Most states require us to file reports on a regular basis to verify our compliance with their requirements. Many states and other regulators also subject us to periodic examinations and require us to comply

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with AML and other laws and regulations similar to The Bank Secrecy Act of 1970, as amended by the USA PATRIOT Act of 2001 ("BSA/PATRIOT Act").

While our state licenses and federal registration status subject us to regulations that govern material aspects of our business, such regulation is not equivalent to the type of prudential regulation and supervision that applies to regulated banks, such as under the Federal Deposit Insurance Act, National Bank Act, Bank Holding Company Act, and Federal Reserve Act, which include prudential supervision by regulators, minimum capital requirements, and specified prohibited activities.

#### Other Key Regulatory Considerations

#### Anti-Money Laundering, Anti-Corruption, and Sanctions
We are also subject to AML, anti-corruption, and economic and trade sanctions laws and regulations, such as the BSA/PATRIOT Act, that requires that we develop and implement risk-based AML programs, verify the identity of customer accounts, report suspicious activity, and maintain transaction records. In addition to the foregoing, we are required to designate a BSA/AML compliance officer, provide regular training to employees on money laundering prevention, and undergo an annual, independent audit to assess the effectiveness of our AML program. We have policies and procedures in place to address these requirements, including know-your-customer procedures and transaction monitoring designed to identify potentially suspicious persons and activity.

We have policies and procedures for screening OFAC sanctions lists and utilize our proprietary software to screen each customer and each transaction to identify potential OFAC matches. Country-based sanctions lists and the SDN List update every 24 hours and our software automatically cross-references the names of all correspondents, counterparties, and their owners against the updated lists.

#### Consumer Laws and Regulations
The CFPB and other federal, local, and state regulatory and law enforcement agencies regulate financial products and enforce consumer protection laws, including those applicable to credit, debit, payments and other similar services. These agencies have broad consumer protection mandates, and they promulgate, interpret, and enforce rules and regulations that affect our business. Wise US is subject to, among other things, the Electronic Funds Transfer Act ("EFTA") and Regulation E, issued by CFPB as well as prohibitions on unfair, deceptive, or abusive acts or practices. The EFTA establishes the conditions for any transfer of funds initiated by electronic means to debit or credit an account held by a consumer in a financial institution. Regulation E provides additional detail with respect to the rights and remedies set forth in the EFTA as applied to consumer customers, including but not limited to disclosures, pricing guidelines, and error resolution procedures.

#### Communications
Laws, regulations, and standards covering marketing, advertising, and other activities conducted by telephone, email, mobile devices, and the internet may be or become applicable to our business, such as the Federal Communications Act, the Federal Wiretap Act, the Electronic Communications Privacy Act, the Controlling the Assault of Non-Solicited Pornography and Marketing Act of 2003 (the "CAN-SPAM Act"), and similar state consumer protection and communication privacy laws, such as the California Invasion of Privacy Act.

#### Data Protection and Information Technology
We collect and use a wide variety of information for various purposes in our business. In the United States, the Gramm-Leach-Bliley Act ("GLBA"), as implemented in part by Regulation S-P, sets out the federal privacy and data protection framework to which we are subject. The GLBA: (1) restricts the collection, processing,

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storage, use, and disclosure of consumer personal information; (2) requires notice to be provided to individuals of our privacy practices; and (3) provides individuals with certain rights to prevent the use and disclosure of protected information. The GLBA also imposes requirements for the safeguarding of consumer personal information. Certain state laws also restrict the ability to collect and utilize certain types of information, such as Social Security or driver's license numbers.

In addition to the GLBA, state lawmakers and regulatory authorities have increased their attention to the collection and use of consumer data. For example, an increasing number of states in the United States have enacted stringent privacy and data protection legislation and regulations, such as the California Consumer Privacy Act (the "CCPA"), which gives California residents the right to access and request deletion or modification of their personal data, opt out of the sale of personal data, and receive detailed information about how their personal data is processed, and provides a private right of action for certain data breaches involving the loss of personal data. The California Privacy Rights Act modified the CCPA by expanding consumers' rights with respect to certain personal data and creating a new state agency to oversee implementation and enforcement efforts. Regulations promulgated under the CCPA also impose new obligations with respect to risk assessments and cybersecurity audits of information systems processing personal data. Certain state laws also restrict the ability to collect and utilize certain types of information, such as biometric information, Social Security or driver's license numbers. As such, the Illinois Biometric Information Privacy Act ("BIPA") and Texas' Capture or Use of Biometric Identifier Act regulate the collection, use, safeguarding, and storage of biometric information and provide for substantial penalties and statutory damages, with BIPA also providing a privacy right of action for violations.

#### The United Kingdom
Our U.K. regulated entities are Wise Payments Limited (FRN 900507) ("WPL") and Wise Assets UK Ltd (FRN 839689) ("Wise Assets UK").

WPL is authorized by the FCA as an electronic money institution ("EMI") to provide payment services and issue electronic money, the conduct of which is subject to the PSRs.

Wise Assets UK is authorized by the FCA to carry out various investment services (under Part IV of the Financial Services and Markets Act 2000 (as amended) ("FSMA")) including dealing in units as principal in respect of retail clients (subject to such activity meeting the "matched principal exemption" conditions (as defined in the FCA's Glossary). Wise Assets UK is classified as a non-Small and Non-Interconnected ("non-SNI") firm under Rule 1.2.1R of the FCA's Prudential sourcebook for MiFID Investment Firms ("MIFIDPRU"). Wise Assets UK holds permission from the FCA to classify the Class A Shares as Common Equity Tier 1 instruments on a consolidated basis.

In addition, we are in the process of evaluating whether to make an application to the Prudential Regulation Authority for a banking license in the United Kingdom.

#### Regulatory Authorities

#### The FCA
WPL and Wise Assets UK are each authorized and regulated by the FCA. Their being regulated under differing regulatory regimes means that the applicability of FCA rules and guidance, and the basis upon which regulatory supervision is exercised, is slightly different for each firm.

As an EMI, WPL is required to comply with the Payment Services Regulations 2017 ("PSRs") and Electronic Money Regulations 2011 ("EMRs"), as well as the FCA's Principles for Business. The FCA is the authority responsible for supervising an EMI's compliance with the applicable conduct of business rules,

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authorization and registration requirements (which include initial and ongoing capital requirements and safeguarding requirements), and AML and counter-terrorist financing ("CTF") obligations.

Meanwhile, as an investment firm, the FCA imposes requirements on Wise Assets UK through a combination of its Principles for Businesses and more detailed provisions contained in the FCA Handbook.

The FCA has wide supervisory, monitoring and enforcement powers, requiring both regular and ad hoc reporting from firms.

#### The Payment Systems Regulator
The Payment Systems Regulator is the regulator and concurrent competition authority for payment systems and all participants in payment systems in the United Kingdom. The Payment Systems Regulator operates under the FCA but has separate duties and powers, including the ability to issue rules, written guidance and decisions.

WPL falls within the Payment Systems Regulator's jurisdiction as a direct participant in the United Kingdom's domestic payment system, the Bank of England's Faster Payments Scheme. As a participant, WPL is required to deal with the Payment Systems Regulator in an open and cooperative way and must appropriately disclose to it anything relating to WPL's business which could have a material adverse impact on its statutory objectives and duties.

#### Financial Ombudsman Service ("FOS")
The FOS determines complaints by eligible complainants in relation to authorized financial services firms and certain other businesses in respect of activities and transactions under its jurisdiction. Complaints about payment services and electronic money can be within the jurisdiction of the FOS.

A large number of our U.K. customers fall within the definition of "eligible complainants" and therefore the FOS's jurisdiction. The FOS determines complaints on the basis of what, in its opinion, is fair and reasonable in all the circumstances of the case and can authorize awards of up to £445,000 plus interest and costs (although a lower maximum award may be applicable, depending on the date a complaint is referred to the FOS and when the relevant act or omission occurred). The FOS may also make directions which direct the relevant business to take steps which the FOS considers just and appropriate.

#### Applicable Law
WPL and Wise Assets UK are subject to legal requirements and applicable regulatory rules and guidance with respect to prudential requirements, client money protection, conduct of business and AML and CTF (among other things). Further details on key legal obligations and rules that relate to our U.K. entities are set out below.

#### WPL – EMRs
WPL is authorized under the EMRs to issue electronic money (as defined in the EMRs) and provide both related and unrelated payment services.

The EMRs set out the authorization and conduct of business requirements for EMIs such as WPL, including rules covering pre-and-post contract information requirements, notice of variation of terms, the safeguarding of customers' funds, redemption of funds, and termination rights. The payment services-related activities involved in the issuing of electronic money are governed by the PSRs.

As an authorized EMI, WPL must meet certain conditions. Such conditions include having:

• robust governance arrangements for its e-money issuance and payment service business, including a clear organizational structure with well-defined, transparent and consistent lines of responsibility;

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• effective procedures to identify, manage, monitor and report any risks to which WPL might be exposed; and

• adequate internal control mechanisms, including sound administrative, risk management and accounting procedures.

WPL is also under an initial and ongoing duty to meet certain minimum capital ("own funds") requirements under the EMRs. Other initial and ongoing requirements include, among others:

• having fit and proper controllers;

• having directors and management of good repute and with the appropriate knowledge and experience to issue e-money and provide payment services;

• having adequate measures in place to safeguard e-money holders' and payment service users' funds, which includes the requirement to segregate relevant funds from any other funds that it holds; and

• ensuring that any close links with another person are not likely to prevent the FCA's effective supervision of the firm.

#### WPL – PSRs
When WPL performs payment services, it is subject to the conduct requirements set out in the PSRs. Parts 6 and 7 of the PSRs set out the obligations relating to the conduct of business in providing payment services, which fall into two main categories:

• information to be provided to the customer before and after execution of a payment transaction; and

• the rights and obligations of both WPL and customers in relation to payment transactions.

The information requirements differ depending on whether the transaction concerned is carried out as part of an ongoing relationship under a "framework contract" (essentially where there is an ongoing relationship with a customer) or as a single payment transaction. There are also different requirements for payment instruments that are limited to low value transactions. However, in broad terms, the PSRs cover conduct of business requirements covering pre-and-post contract information requirements, notice of variation of terms, termination rights and information on transactions. Other provisions address authorization procedures for payments, refunds, liability for unauthorized or incorrect payments, procedure for execution and value dating.

#### WPL– Safeguarding Regimes
WPL is subject to separate safeguarding requirements under the EMRs (in relation to the e-money issued through their accounts with Wise) and the PSRs (in relation to send money transfers).

Under Regulation 20 of the EMRs, WPL is required to safeguard funds received in exchange for e-money it has issued. Any unrelated payment services WPL provides are separately subject to the safeguarding provisions set out in regulation of the PSRs. Pursuant to these requirements, WPL holds relevant funds (as defined in the EMRs and PSRs, respectively, as applicable) in separate accounts from all other funds it holds (including its working capital and other proprietary funds) or ensures such funds are covered by a comparable guarantee given by an authorized insurer, so that, in the event of its insolvency, claims of e-money holders or payment service users are paid from the asset pool formed from the segregated relevant funds or payment under the guarantee in priority to all other creditors (other than in respect of the costs of distributing the asset pool). As of May 7, 2026, the FCA has introduced a "Supplementary Regime" that strengthens safeguarding requirements for authorized payment institutions and electronic money institutions. The Supplementary Regime introduced enhanced daily reconciliation requirements, mandatory monthly safeguarding returns to the FCA, and new governance obligations, among other things.

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#### Capital Requirements
Wise Assets UK is classified as a non-SNI firm, as it does not meet the SNI criteria defined under Rule 1.2.1R of MIFIDPRU. Consequently, the Group is also treated as a non-SNI investment firm group.

Following an official agreement with the FCA, Wise applies full prudential consolidation. Accordingly, we conduct our Internal Capital Adequacy and Risk Assessment on a consolidated basis, in full compliance with the Investment Firm Prudential Regulation and the MIFIDPRU sourcebook.

#### Wise Assets UK – FSMA
The FSMA establishes a framework for financial services legislation in the United Kingdom and gives the FCA powers to make rules and guidance for firms within the scope of the FSMA regulatory regime, which includes Wise Assets UK.

#### Wise Assets UK – SM&CR
The Senior Managers & Certification Regime ("SM&CR") seeks to enhance individual responsibility and accountability within financial services firms. Wise Assets UK is a core firm for the purposes of the SM&CR and has designated senior managers under the SM&CR. The SM&CR comprises:

• a Senior Managers Regime for individuals who are subject to FCA approval;

• a Certification Regime, which requires relevant firms to assess the fitness and propriety of certain employees carrying out a "significant harm" function; and

• a set of Conduct Rules applicable to most employees.

#### Sanctions
There are a number of relevant regulators and authorities in the United Kingdom with sanctions related responsibilities. The Foreign, Commonwealth & Development Office is responsible for formulating overall U.K. government policy on international sanctions, while the Office for Financial Sanctions Implementation ("OFSI"), His Majesty's Treasury, is responsible for ensuring that financial sanctions are properly understood, implemented and enforced. OFSI handles applications for financial sanctions licenses and associated notifications and authorizations. The Department for Business and Trade is primarily responsible for trade sanctions and licensing related to the same (through the Office of Trade Sanctions Implementation), including civil enforcement, while His Majesty's Revenue & Customs is responsible for the criminal enforcement of all trade sanctions measures. Breaches of the United Kingdom's sanctions regime can result in criminal or civil penalties, including potentially considerable fines.

#### MLRs and the Proceeds of Crime Act 2002
The United Kingdom's AML and CTF legal and regulatory framework, as applicable to WPL and Wise Assets UK, comprises two parts:

• the criminal offences of money laundering and terrorist financing, which are applicable to all individuals and entities in the United Kingdom. The primary offences are set out in the Proceeds of Crime Act 2002 ("POCA") and the Terrorism Act 2000 ("TACT"). The key offences in POCA include concealing or removing the proceeds of crime from the jurisdiction, arranging for the acquisition or use of the proceeds of crime, possessing or using the proceeds of crime and failing to disclose knowledge or suspicion of the activity of money laundering. Both corporate entities and individual officers can be prosecuted for these offences. As the proceeds of crime may derive from conduct occurring in the United Kingdom or abroad if the conduct occurring overseas would have been unlawful had it occurred

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in the United Kingdom, the United Kingdom's AML regime will have a certain degree of extra-territorial effect; and

• the Money Laundering, Terrorist Financing and Transfer of Funds (Information on the Payer) Regulations 2017 ("MLRs"), which place administrative requirements on persons carrying on certain types of business in the United Kingdom, including in the financial services industry, to conduct customer due diligence and to keep records to help detect and counter (and wherever possible prevent) money laundering, terrorist-financing and fraud. Such firms must take a risk-based approach in establishing procedures to meet the requirements of the MLRs.

The FCA expects businesses such as WPL to comply with its anti-financial crime obligations, as detailed in the FCA's Payment Services and Electronic Money Approach Document. This includes implementing internal policies, procedures, and adhering to industry standards, such as those from the Joint Money Laundering Steering Group. Similarly, the FCA Handbook requires FSMA-authorized firms such as Wise Assets UK to maintain effective systems and controls against financial crime, as outlined in the FCA's Systems and Controls sourcebook.

#### Belgium and EEA
Wise's Belgian regulated entity is Wise Europe SA ("Wise Europe"), with registration number 0713629988. Wise Europe is regulated as a Payment Institution in Belgium by the National Bank of Belgium ("NBB"), and with this authorization has passporting rights to provide its services to EEA clients on a cross-border basis.

Wise Europe is authorized by the NBB to provide the following payment services:

• execution of payment transactions, including transfers of funds on a payment account with the user's payment service provider or with another payment service provider, including execution of direct debits, including one-off direct debits; execution of payment transactions through a payment card or a similar device; and execution of credit transfers, including standing orders;

• issuing of payment instruments and/or acquiring of payment transactions; and

• money remittance.

Wise Europe is also authorized to provide its services across the EEA through its passporting rights.

Wise Assets Europe AS ("Wise Assets Europe") is authorized by the Estonian Financial Supervision and Resolution Authority ("EFSA") under the Securities Markets Act ("SMA") to carry out various investment services which it passports across EEA, in particular (i) reception and transmission of orders related to securities; (ii) execution of orders related to securities in the name of or for the account of the client; (iii) safekeeping and administration of securities for a client and activities related thereto; and (iv) provision of foreign exchange services where these are connected with the provision of investment services.

#### Regulatory Authorities

#### NBB
Wise Europe's primary regulator in Belgium is the NBB. The NBB is responsible for prudential supervision of credit institutions, insurers, stockbrokers, and other financial organizations, and, alongside the Belgian Financial Services and Markets Authority and the FPS Finance, the NBB ensures the supervision of the Belgian financial sector. Its authority includes oversight of the financial information that Wise Europe disseminates and the products it offers to people and its compliance with the rules of business conduct. The NBB and Belgian Financial Services and Markets Authority act in concert with the European Banking Authority, an independent EU authority that provides prudential regulation and supervision across the European banking sector.

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#### EFSA
Wise Assets Europe is regulated by the EFSA. EFSA carries out state supervision over banks, insurance companies, insurance intermediaries, investment firms, fund managers, investment and pension funds, payment institutions, e-money institutions, creditors and credit intermediaries, and the securities market that all operate under activity licenses granted by EFSA.

#### Applicable Law

#### PSD2
The primary aim of the Revised Payment Service Directive ("PSD2") was to update, complement and replace the original Payment Services Directive. PSD2 was transposed in Belgium through the Act of 11 March 2018 on the legal status and supervision of payment institutions and e-money institutions, which entered into force on March 26, 2018, and the Act of 19 July 2018 amending and inserting provisions relating to payment services in various books of the Economic Law Code. It introduced new requirements aimed at enhancing payments security and regulating online payment services, in addition to creating a more integrated and seamless payments experience for payment institution customers across the EEA. PSD2 captures Wise Europe as a payment institution. The primary aims of the regulation are to improve consumer protection, create a more secure payment environment while fostering innovation, and ensuring a level playing field between payment services providers.

PSD2 builds on the original Payment Service Directive by requiring Wise Europe to notably:

• issue and use strong customer authentication solutions, allowing for authorization to be linked to the specific amount and payee;

• offer transaction and device monitoring to identify unusual payment patterns; and

• provide standardized and reliable access interface to payment accounts (i.e., an API) which makes it possible to identify third-party payment service providers in a secure way and secures all related communication between all parties involved.

PSD2 also extended provisions on transparency and information requirements to all currencies (as opposed to only those in the EEA), broadened the definition of "payment services" to include payment initiation services and account information services and amended certain exemptions and conduct of business rules.

#### Interchange Fee Regulation
The Interchange Fee Regulation introduced ceilings for inter-change fee rates on card-based payment transactions. Business cards are excluded from the section on inter-charge fees and the Intercharge Fee Regulation specifies that it applies to transactions where both the payer's payment service provider and the payee's payment service provider are located within the European Union.

#### Capital Requirements
Under PSD2, authorized PIs are required to hold a minimum amount of capital as a buffer in the event of unexpected losses or to satisfy first losses if it were to be wound up. Minimum capital requirements (referred to as "Own Funds") are calculated in accordance with the Royal Decree of 27 April 2018 approving the Regulation of 10 April 2018 of the National Bank of Belgium on the own funds of payment institutions. As a result, Wise Europe is required, at all times, to hold Own Funds equal to or in excess of the greater of:

• the amount of initial capital required (€125,000); and

• the minimum own funds requirement which amounts to the sum of the following elements multiplied with scaling factors: 4% of average monthly payment volumes up to €5 million; 2.5% of average

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monthly payment volumes above €5 million up to €10 million; 1% of average monthly payment volumes above €10 million up to €100 million; 0.5% of average monthly payment volumes above €100 million up to €250 million; and 0.25% of average monthly payment volumes above €250 million. <br>

#### Sanctions
The sanctions regimes applicable in Belgium are imposed at different levels: internationally by the UN Security Council and the European Union and nationally by different Belgian authorities. The General Administration of the Treasury is authorized to carry out the administration and compliance inspection for these sanctions. In addition to its implementation of the UN and EU sanctions regimes, Belgium has taken measures to draw up its National List, adopted by a Royal Decree of 28 December 2006, as amended from time to time. The decree requires the immediate freezing of all funds and economic assets of the persons and entities mentioned in the national list and forbids, directly or indirectly, facilitating the funds and economic assets of these persons and entities. Financial institutions, including Wise, must forward information regarding the implementation of the Decree, including information about bank accounts and other assets and economic resources of the aforementioned, to the Minister of Finance c/o General Administration of Treasury. Breaches of these restrictive measures are enforced under Belgian Law of 11 May 1995.

#### Wise Assets Europe—MiFID II
SMA implements the Markets in Financial Instruments Directive II (MiFID II), the Markets in Financial Instruments Regulation and the Markets in Financial Instruments Directive Organisational Regulation, which also apply to Wise Assets Europe.

#### Wise Assets Europe—Capital Requirements
Under the Investment Firms Regulation, a firm's minimum capital requirement is determined by its regulatory permission profile and the activities it undertakes. Wise Assets Europe, classified as a Class 2 investment firm, has a permanent minimum capital requirement of €150,000 under Article 9 of Directive (EU) 2019/2034.

#### Australia
Our Australian regulated entity is Wise Australia Pty Ltd ("Wise Australia"). It is regulated by the Australian Securities and Investments Commission ("ASIC") as an Australian financial services ("AFS") licensee pursuant to the Corporations Act 2001 (Cth) Australian Corporations Act. As an AFS licensee, Wise Australia is authorized to carry on a financial services business in Australia and to provide certain financial services specified under its AFS license. Under its AFS license, Wise Australia is authorized to (i) provide general financial product advice in respect of foreign exchange contracts, managed investment schemes (excluding investor-directed portfolio services), and non-cash payment products; (ii) deal in financial products by issuing, applying for, acquiring, varying or disposing of foreign exchange contracts and non-cash payment products and by applying for, acquiring, varying or disposing of those products on behalf of another person; and (iii) make a market for foreign exchange contracts. Wise Australia is authorized to provide these financial services to both retail and wholesale clients.

Wise Australia is also regulated by the Australian Prudential Regulation Authority ("APRA") under an authorized deposit-taking institution ("ADI") license. This license permits Wise Australia to carry on banking business in Australia under subsection 9(3) of the Banking Act 1959 (Cth) ("Australian Banking Act"), limited to providing purchased payment facilities ("PPF").

Further, Wise Australia is regulated by the Australian Transaction Reports and Analysis Centre ("AUSTRAC") as a registered independent remittance dealer and account provider in accordance with the Anti-

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Money Laundering and Counter-Terrorism Financing Act 2006 ("Australian AML/CTF Act"). It is enrolled on the AUSTRAC Reporting Entities Roll and registered on the AUSTRAC Remittance Sector Register.

Wise Australia Investments Pty Ltd (Wise Australia Investments) holds an Australian Financial Services license issued by ASIC to carry out various investment services, including offering our Wise Assets product in Australia.

#### Regulatory Authorities

#### ASIC
ASIC is Australia's regulator for corporations, financial markets, financial services and consumer credit. The principal law governing corporations and the provision of financial services in Australia is the Australian Corporations Act and its regulations under the Corporations Regulations 2001 (Cth).

ASIC maintains broad supervisory powers in respect of companies and AFS licensees. These include the imposition of any criminal or civil liability for breaches of relevant provisions in the Australian Corporations Act. Under certain circumstances, ASIC also has, for example, the power to deregister proprietary companies, to cancel an AFS license and to issue a banning order which prohibits the person from providing any financial services or specified financial services in specified circumstances or capacities.

#### APRA
APRA is the prudential regulator of the financial services industry in Australia. It licenses and supervises banking, insurance and superannuation businesses. APRA establishes prudential standards that regulated institutions must comply with. These standards set out a range of requirements in relation to financial soundness, risk management, and governance.

The license obtained by Wise Australia from APRA permits it to carry on banking business in Australia, limited to providing PPF. Wise Australia must meet certain prudential requirements applicable to providers of PPF, as set out in Prudential Standard APS 610. Specifically, pursuant to the terms of its license, Wise Australia is required, at all times, to maintain Common Equity Tier 1 capital above its prudential capital requirements, which is minimum of 4% of total outstanding stored value liabilities. Wise Australia must not pay interest on amounts held for the benefit of its customers. In addition, it is not authorized to conduct general banking business in Australia.

After an institution is licensed by APRA, it is subject to ongoing supervision to ensure it is meeting APRA's prudential requirements. If APRA has concerns about a supervised institution's prudential strength or risk management, it will work with the institution to have those issues promptly addressed. If the institution is uncooperative, or APRA otherwise considers it necessary, APRA can take a range of enforcement actions against an institution, or individuals associated with that institution, to protect the interests of depositors.

#### AUSTRAC
AUSTRAC administers the AML and CTF laws in Australia, and is also the primary regulator of remittance service providers in Australia. AUSTRAC maintains ongoing oversight of reporting entities. This includes the imposition of any criminal or civil liability against such entities for breach of relevant provisions in the Australian AML/CTF Act. In addition, AUSTRAC has the power to cancel a person's registration on the AUSTRAC Remittance Sector Register (i.e., require the person to cease providing registrable designated remittance services) in certain circumstances, including breaches of a condition of registration.

#### Department of Foreign Affairs ("DFAT")
DFAT is a department of the Federal Government of Australia. DFAT administers Australia's sanctions regime and may impose criminal liability against persons for breach of relevant sanctions provisions.

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#### Applicable Law

#### Australian Corporations Act
In respect of financial services, the Australian Corporations Act requires a person, subject to applicable exemptions, to hold an AFS license, or be an authorized representative of a person who holds an AFS license, if they carry on a financial services business in Australia. ASIC maintains oversight of the AFS licensing regime.

The Australian Corporations Act imposes overriding general obligations on AFS licensees, including the requirement to do all things necessary to ensure that the financial services covered by the relevant AFS license are provided efficiently, honestly and fairly. In addition to the general obligations, AFS licensees are otherwise required to comply with certain requirements relevant to the financial services and products that they provide to their clients (such as disclosure requirements in the form of a Product Disclosure Statement in specified situations involving the issue of a financial product to a retail client).

#### Australian Banking Act
Under the Australian Banking Act, it is an offence to conduct banking business in Australia without the proper authority. A company that intends to conduct any business that can be classed as banking business, needs to obtain an ADI license from APRA giving it the authority to conduct banking business in Australia.

ADIs must also comply with the Financial Accountability Regime ("FAR"), which is set out in the Australian Financial Accountability Regime Act 2023. FAR, which is jointly administered by ASIC and APRA, establishes accountability obligations for ADIs and their senior executives and directors, including, among other things, deferred remuneration, key personnel and notification obligations for ADIs. It also requires ADIs to appoint accountable persons to the responsibilities covered under the regime.

#### Capital Requirements
Prudential Standard APS 610 requires ADIs that have obtained an authority to provide PPF to meet prudential requirements commensurate with their risk profile. These ADIs form a class of ADI known as PPF providers. PPF providers are not authorized to conduct general banking business in Australia.

Prudential Standard APS 610 sets out the ADI prudential standards that apply to PPF providers, as well as additional requirements applying to PPF providers that have stored value at risk. The key requirements of this prudential standard for PPF providers with stored value at risk are:

• A PPF provider must maintain Common Equity Tier 1 Capital above its prudential capital requirement at all times;

• A PPF provider with stored value at risk must hold, at all times, high quality liquid assets equal to its stored value liabilities; and

• A PPF provider with stored value at risk must meet certain operational risk requirements.

A PPF provider has a notification obligation to inform APRA of any actual or potential breach of the capital adequacy requirements, and any breach of its minimum liquidity holdings, or concerns over the adequacy of its liquidity holdings.

#### Other Prudential Requirements
Prudential Standard APS 610 also requires Wise Australia to comply with several other prudential standards in relation to operational risk management (CPS 230), risk management (CPS 220), information security (CPS 234), governance (CPS 510), fit and proper (CPS 520), resolution planning (CPS 900) and audit (APS 310).

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#### Australian AML/CTF Act
Entities that carry on a business in Australia providing designated services, including remittance and currency exchange services, must enroll with AUSTRAC as reporting entities and comply with certain requirements under the Australian AML/CTF Act and AML/CTF Rules. Remittance and currency exchange services are deemed to be designated services under the Australian AML/CTF Act, and providers of designated remittance services must separately register on the AUSTRAC Remittance Sector Register.

Reporting entities are required to develop and maintain an AML/CTF program. The purpose of an AML/CTF program is to specify how the reporting entity will identify, mitigate and manage risk that it might reasonably face that the provision of designated services at or through a permanent establishment of the entity in Australia might involve or facilitate money laundering or financing of terrorism, and to set out applicable customer identification procedures for customers of the reporting entity.

In addition to developing and maintaining an AML/CTF program, some other key requirements for reporting entities include compliance with reporting obligations (including the reporting of suspicious matters to AUSTRAC) and record-keeping (for example, regarding applicable customer identification procedure).

#### Sanctions Laws
The Charter of the United Nations Act 1945 ("United Nations Act"), which implements the United Nations Security Council sanctions, and the Autonomous Sanctions Act establish the sanctions regime in Australia. Both laws are administered by DFAT. These laws impose particular sanctions measures (including undertaking a sanctioned supply or sanctioned import) in respect of specific countries or particular groups of people (such as persons who commit terrorism).

It is an offence under the United Nations Act for any person to engage in conduct that would contravene a UN sanction enforcement law. Contravention of a United Nations sanction enforcement law is punishable by imprisonment (for individuals) or by imposition of a fine (for both individuals and corporations).

The Autonomous Sanctions Act prohibits persons from engaging in conduct that would contravene a sanction law. Sanction laws are specified by the Minister for Foreign Affairs by legislative instrument, and include autonomous sanctions that have been legislated under the Autonomous Sanctions Regulations.

#### Privacy Laws
The Privacy Act outlines the Australian Privacy Principles that companies need to meet to ensure protection of privacy for individuals. Currently there are 13 privacy principles which cover collection, disclosure, security, access, and management of personal information as well as direct marketing and anonymity requirements.

#### Governance of Third-Party Risk
Wise maintains a Third-Party Management & Outsourcing Policy ("TPM Policy") to deliver guidelines and practices for governance, regulatory compliance and risk management of its in-scope third party arrangements. Wise's Group Risk Committee, a committee of the leadership team, is responsible for approving the TPM Policy. The TPM Policy sets out a number of controls, including pre-onboarding and onboarding controls (e.g., risk profile determination, service materiality evaluations, due diligence, activity suitability evaluations), contract controls and ongoing monitoring controls (e.g., periodic reassessments and required business continuity and disaster recovery documentation). Collectively, these processes are designed to ensure effective risk management and regulatory compliance for all in-scope third parties throughout their lifecycle with Wise, from onboarding to offboarding.

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*C. Organizational Structure* 

Wise Group plc is a Jersey public limited company that serves as the ultimate parent company of the Group. Wise Group plc is Jersey incorporated and is intended to be solely a U.K. tax resident. Our principal executive office is located at 1st Floor Worship Square, 65 Clifton Street, London EC2A 4JE, United Kingdom.

The Wise Group spans approximately 53 subsidiaries across 24 countries. This includes 44 "operating" subsidiaries (21 in APAC, 13 in EMEA, 5 in LatAm and 5 in North America) which are at various stages of operation. The remaining subsidiaries are group holding companies or are otherwise non-operating.

*D. Property, Plant and Equipment* 

Our principal executive office is located in leased office space on 1st Floor Worship Square, 65 Clifton Street, London EC2A 4JE, United Kingdom, and consists of approximately 83,000 square feet. As of March 31, 2026, we principally leased offices in seven additional cities: Austin, Budapest, Brussels, New York, Singapore, Tallinn and São Paolo. We also operate out of flexible office locations across the globe as needed to support our operations. We are not aware of any environmental issues or other constraints that would materially impact the intended use of our facilities. While we may require additional space and facilities as our business expands, we believe that our current facilities are adequate to meet our current needs.

#### Item 4A. Unresolved Staff Comments
Not applicable.

#### Item 5. Operating and Financial Review and Prospects
*You should read the following discussion and analysis of our financial condition and results of operations together with our consolidated financial statements and the related notes thereto appearing elsewhere in this Annual Report. Some of the information contained in this discussion and analysis or set forth elsewhere in this Annual Report, including information with respect to our plans and strategy for our business, includes forward-looking statements that involve risks and uncertainties. You should review the section titled "Risk Factors" for a discussion of important factors that could cause actual results to differ materially from the results described in or implied by the forward-looking statements contained in the following discussion and analysis, as well as the section titled "Cautionary Statement Regarding Forward-Looking Statements." The accompanying review, including all periods presented, have been prepared under U.S. GAAP.* 

*This section of our Annual Report on Form 20-F discusses our financial condition and results of operations for the financial year ended March 31, 2026 compared to the financial year ended March 31, 2025. For a discussion of results for the financial year ended March 31, 2025 compared to the financial year ended March 31, 2024, see "Item 5. Operating and Financial Review and Prospects" within our registration statement Form 20-F filed with the SEC on April 17, 2026.* 

*A. Operating Results* 

#### Overview
Fifteen years ago, we set out with a simple but visionary goal that became the mission for Wise: money without borders. It should not be more expensive or less convenient to use your money in another country. People and businesses should always know what each transaction actually costs.

Guided by this mission, we started with fixing overseas transfers and went on to build an international account for a truly borderless experience for people and businesses using their money. An increasing number of banks and online platforms now offer our products to their customers via Wise Platform.

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To power this borderless experience, we have built an innovative infrastructure for the world's money—one that makes payments instant, convenient, low-cost and transparent. In the year ended March 31, 2026, this infrastructure powered payments across more than 40 currencies, moved $243.5 billion across borders for 18.9 million people and businesses, and saved them approximately $3.3 billion along the way, based on our estimates of per transaction savings calculated by reference to publicly available foreign exchange rates and fees of alternative banks and payment providers. As of March 31, 2026, our customers' holdings across their cash and Wise Assets balances equaled $39 billion, reflecting the trust we have built with our customers. This included $9.0 billion held with Wise Assets (i.e. assets under custody), an account feature that helps our customers earn a return on their money while ensuring it's still conveniently accessible.

#### Our Business Model
We have achieved strong growth and operating results since we started. Our net revenue was $2.5 billion for the financial year ended March 31, 2026, an increase of $0.4 billion over the financial year ended March 31, 2025. Our net income was $498.7 million for the financial year ended March 31, 2026, a decline of $51.6 million over the financial year ended March 31, 2025, primarily driven by the reduction in our average cross-border take rate by 0.06 percentage points, from 0.58% to 0.52%, reducing net revenue growth compared to volume growth. We believe these reductions in cross-border take rates, as a result of price reductions and mix effect, have supported growth in cross-border volumes and active customers by making our products and features more attractive to customers. This was accompanied by increased investment in headcount, servicing, third-party spend and outsourced services, reflecting in part our preparation for the Reorganization Transaction and commencement of operations as a U.S. listed company, as well as continued investment in our infrastructure, marketing and product development.

We report our revenue based on the nature of the underlying services provided, which are consistent across all three product offerings. Our transaction revenue streams consist of: (i) revenue from cross-border payment services, including money transfers, currency conversions and account services; (ii) card revenue refers to debit card services and mainly comprises interchange and other card usage fees; and (iii) other revenue from account top-ups, same-currency transfers, one-time fee charged to Wise business customers, fees earned for the provision or replacement of physical cards and Wise Assets management fees. We also generate interest income from interest we earn on customer funds. Separately, a portion of interest or cashback is paid back to customers, where regulations permit, including to customers in Brazil, the European Economic Area and the United States. Such interest or cashback, even where permitted, is not paid on all currency balances, and in the United States, is only paid where customers opt in to the product. See " —Key Trends and Factors Affecting Our Performance—Interest Rates and Interest Expense on Customer Balances and Liabilities" for additional information on interest expense on customer liabilities.

Wise Account, Wise Business and Wise Platform generate revenue across these net revenue streams. For example, both Wise Account and Wise Business customers generate cross-border transaction revenue when they send money internationally or convert currencies, and both generate card revenue when they use their Wise Cards. Similarly, Wise Platform partners' customers generate cross-border transaction revenue and may generate card revenue when they access our services. We evaluate and manage our revenue principally based on these net revenue streams rather than by individual product offerings.

Wise Account is our global solution for people who want to send, spend and earn with more speed, transparency and convenience. In the financial year ended March 31, 2026, Wise Account served 18.0 million active personal customers across the world, up from 14.9 million in the prior year. Personal customer balances also grew significantly, up 38% to $18.8 billion at March 31, 2026 compared to March 31, 2025. Wise Account primarily generates revenue from cross-border transactions, with personal cross-border take rates averaging 0.57% for the financial year ended March 31, 2026 and 0.63% for the financial year ended March 31, 2025.

Wise Business is our business-focused product offering tailored to enable businesses to grow and operate internationally. For the financial year ended March 31, 2026, Wise Business had 850 thousand active business

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customers, including an average of 29 thousand new businesses joining per month during this period. Business customer deposits held totaled $11.2 billion at March 31, 2026 as compared to $8.4 billion at March 31, 2025. We continue to see growth in volume with businesses having sent or spent a total of $5.9 billion on average every month in the financial year ended March 31, 2026, growing our business cross-border volumes by 42% since the financial year ended March 31, 2025. Wise Business primarily generates revenue from cross-border transactions, with business cross-border take rates averaging 0.39% for the financial year ended March 31, 2026 and 0.44% for the financial year ended March 31, 2025.

Both Wise Account and Wise Business generate revenue primarily from fees we charge customers for transfers, conversions, card transactions, account set-up and use of Wise Assets products.

Wise Platform is our global payment infrastructure for banks, financial institutions and enterprises around the world. Wise Platform provides these organizations with the capabilities to serve their customers with a world-class experience to send, receive, hold and spend money cross-border instantly, reliably, securely and cost-effectively. The value of our infrastructure has been clearly demonstrated by some of the leading global banks choosing Wise as a partner for their cross-border payment needs. Wise Platform generates revenue from end customers, both personal and business, who use our services, such as from convenience fees charged in addition to the applicable transaction fees on cross-border transfers as well as from the fees we charge banks, financial institutions and enterprises for integration with our infrastructure through the API.

For each of the financial years ended March 31, 2026 and March 31, 2025, Wise Business represented approximately one quarter of transaction activity for the periods, with Wise Account representing the remaining balance. While a distinct product offering that has grown significantly in recent years, Wise Platform does not yet generate a material percentage (i.e., it currently generates less than 10%) of the Group's overall transaction activity and as such is included within both Wise Account and Wise Business activity.

We are committed to fueling growth through scaled investments that are strategic and return-led. Over the medium term, we plan to increase our annual spend to support Wise's growth, including increased investment in marketing, hiring, infrastructure, servicing and products to accommodate a growing customer base and to expand into our total addressable market. Investing in enhancing the awareness of our brand and our products will ensure our growth remains strong amidst a growing and increasingly competitive digital-first money transfer market.

#### Key Operating Metrics
In addition to the measures presented in our consolidated financial statements, we regularly monitor certain key operating metrics, including cross-border volume, cross-border take rate and active customers. We use these metrics to evaluate our business and trends, measure our performance, prepare financial projections and make strategic decisions.

• **Cross-border volume** is calculated as the volume of transactions, measured in U.S. dollars, where the source currency and target currency are different. We believe cross-border volume is a meaningful indicator of our business performance as our revenue is primarily generated on fees from cross-border transactions, calculated as a percentage of cross-border transaction volumes.

• **Cross-border take rate** is calculated as cross-border revenue divided by cross-border volume. We believe cross-border take rate is a meaningful indicator of our business performance as it describes the percentage of revenue collected on the volume of transactions processed.

• **Active customers** represent the total number of unique customers who have completed at least one cross-border transaction in a given reporting period. We believe active customers is a meaningful indicator of our business performance as it is a key driver for the growth in our cross-border volume.

These metrics may not be comparable to similar performance measures used by our competitors.

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Across these key operating metrics, we monitor the split between personal and business customers. We consider this split to be useful in monitoring key trends underpinning business performance.

In the financial year ended March 31, 2026, our cross-border volume was $243.5 billion, up from $185.2 billion in the financial year ended March 31, 2025. Cross-border volume was split between personal cross-border volume of $173.0 billion and business cross-border volume of $70.5 billion, up from $135.7 billion and $49.5 billion in the financial years ended March 31, 2026 and 2025, respectively.

Growth in cross-border volume over these periods was underpinned by growth in active customers, which increased from 15.6 million in the financial year ended March 31, 2025 to 18.9 million in the financial year ended March 31, 2026. This was split between active personal customers, which grew from 14.9 million to 18.0 million, and active business customers which grew from 0.7 million to 0.9 million.

The growth in cross-border volume and active customers has been supported by a reduction in our cross-border take rates, making our products more attractive to our customers. Our cross-border take rate decreased from an average of 0.58% for the financial year ended March 31, 2025 to 0.52% for the financial year ended March 31, 2026, with personal customer cross-border take rates decreasing from 0.63% to 0.57% and business customer cross-border take rates decreasing from 0.44% to 0.39%.

#### Key Trends and Factors Affecting Our Performance

#### Global and Regional Macroeconomic Factors
Global and regional economic as well as political factors, including inflation, currency fluctuations, immigration, conflict, global travel, and regulatory changes, affect demand for our services and product offerings. These factors, particularly currency appreciation or depreciation, shifts in migration patterns or immigration policy, and changes in digital adoption, can alter transaction timing and volume, and customer numbers; although the increasingly global nature of our business with diversified revenues across regions somewhat mitigates this risk.

#### Customer Growth
Our long-term growth is primarily driven by our ability to attract new customers in a competitive landscape, including through our Wise Platform product offering; the market for our products is fragmented and characterized by changing customer expectations, evolving regulatory standards and frequent launches of new products and features. Key competitors include global banks, new financial institutions or platforms, legacy foreign exchange businesses and payment infrastructure providers.

We attract Wise Account and Wise Business customers through our competitive pricing model, our speed of transactions and the transparent service we provide. As the benefits of Wise have become more widely known, banks have been incentivized to partner with us, leveraging our infrastructure to provide these benefits for their customers, through Wise Platform. This means that current competitors can turn into partners, and their customers can turn into our customers, as we continue to invest into our infrastructure to maintain our competitive advantage. Our long-term aim is for Wise Platform to account for more than 50% of Wise's cross-border volume. See "Item 4. Information on the Company—B. Business Overview—Our Growth Strategy."

Our transparent and competitive pricing is evident through our latest cross-border take rate. Our cross-border take rate, which represents cross-border revenue across all customer activity as a portion of cross-border volume, was on average 0.52% for the year ended March 31, 2026, a reduction of 0.06% from the year ended March 31, 2025. We are continuously seeking to expand our customer base through our investment in infrastructure, innovating both existing and new products, and strengthening our trusted financial services for customers with cross-border financial needs. Our customer growth is dependent on our ability to maintain existing and obtain new licenses, as well as maintaining capacity to onboard new customers.

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#### Fee Structure
Our commitment to a return-led approach means we continue to pass on efficiency gains and sustainable reductions in our costs to our customers as price reductions, driving our long-term growth and reducing our take rate. Conversely if our costs increase we may need to increase the fees charged to customers which could make us less competitive.

#### Interest Rates and Interest Expense on Customer Balances and Liabilities
Interest income on customer balances is affected by the amount of customer deposits we hold and market interest rates. We are also exposed to changes in interest income resulting from movements in interest rates on our financial assets, including cash and cash equivalents and short-term investments. Our earnings are also impacted by the amount of interest income we return to our customers. While our interest framework has historically aimed to ultimately return to our customers 80% of interest income yield greater than 1%, we have not been able to do so across all jurisdictions. We returned 45% of this target in the financial year ended March 31, 2026, with the remainder unable to be returned due to several reasons, including: regulatory restrictions applicable to deposits in certain jurisdictions that prevent the payment of interest or cashback (such as the United Kingdom, which made up two-thirds of the shortfall); the use of currencies for which we do not yet pay interest or cashback; and regulatory requirements in certain geographies.

We have paid interest at variable rates to customers on balances held in their accounts in the following jurisdictions and currencies:

• in Brazil, on balances in Brazilian Real;

• in the European Economic Area, on balances in Euro, U.S. dollar and pound sterling; and

• in the United States, on eligible balances in U.S. dollar, Euro and pound sterling.

As we resolve any regulatory hurdles or otherwise increase the portion of interest income yield that we return to our customers (including if a greater percentage of customers opt-in to receive interest), our interest expense on customer liabilities may grow.

#### Investments in Infrastructure and Marketing
We plan to continue making significant uncapitalized investments in our infrastructure, products and marketing over the upcoming years. These investments include the expansion of our licenses and connections to banks and payment systems; enhancements to our Wise Account and Wise Business products offering and brand marketing. In line with our financial model, we expect these investments to fuel future growth in customers, volume and efficiencies, thereby creating further capacity for investment. Our cost base is affected by the need to maintain regulatory compliance across numerous jurisdictions in which we operate, which requires continued investment in our infrastructure, servicing, technology and products.

#### Headcount Growth
We expect to continue to grow our headcount to support the expansion of the business, including product development, market expansion, regulatory and risk management capabilities and customer operations. The rate of expansion is assessed on an ongoing basis taking into account factors such as the growth of our business, productivity, automation, use of outsourced services, operating leverage, regulatory requirements, talent availability and macroeconomic conditions, each of which may cause variability in our hiring plans and, as such, we may adjust the pace of hiring accordingly.

#### Public Company Costs
We expect to continue to incur additional costs associated with operating as a listed public company. We anticipate that these costs will relate to personnel, legal, consulting, audit and other expenses. Of particular note,

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the Sarbanes-Oxley Act, as well as rules adopted by the SEC and Nasdaq, require U.S. public companies to implement and adhere to specific corporate governance practices, rules and regulations which lead to legal, regulatory and financial compliance costs.

#### Currency Fluctuations
Currency fluctuations can influence customer behavior, cross-border volumes and pricing.

In addition, we report our results in U.S. dollars while a share of our revenues, expenses, assets, liabilities and equity is denominated in other currencies; as a result, movements in exchange rates affect our reported performance.

Where possible and cost effective we mitigate exposure by matching assets and liabilities by currency and, where appropriate, using derivative financial instruments to mitigate the impact.

#### Share Price
Income tax expense is impacted by tax deductions generated from share based payments. Therefore, movements in share price could cause fluctuations in our net income.

#### Transaction Frequency
We have historically experienced some degree of higher transaction frequency, primarily in card revenue, as customers travel and send gifts for regional and global holidays, which resulted in higher active customer numbers in the first and second financial quarters. We anticipate that this trend in card revenue will continue, but the impact on our financial results is limited considering the proportion of net revenue that is card revenue, which was 16% for the financial year ended March 31, 2026.

#### Components of Operating Results

#### Transaction Revenue
*Revenue from Cross-Border Payments* 

We generate revenue primarily from cross-border payment services, including money transfers, currency conversions and account services. Applicable fees vary depending on several factors, including the currency route, transaction size, transaction type and payment method. A contract is established between the customer and Wise upon customer account opening or initiation of a money transfer. Customers formally accept the terms and conditions of the relevant service via Wise's website or app. Revenue recognition occurs upon performance obligation fulfillment. For money transfers, this happens when funds reach the recipient. For currency conversions, revenue is recognized when a customer's balance is converted to a different currency within their account. The time required to process the payment to the recipient, and therefore to satisfy our performance obligations, depends on the processing time our banking partners require to deliver funds to the recipient. As such, the revenue is deferred until the funds are delivered.

*Revenue from Card* 

Card revenue primarily consists of interchange fees and card usage fees. A contract is formed between the customer and Wise when a virtual or physical card becomes available for use, enabling payments and withdrawals. Card revenue is based on the agreed terms and conditions. Revenue recognition is tied to a single performance obligation, satisfied upon transaction capture.

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*Revenue from Other Services* 

Other revenue streams primarily consist of:

• Account Top-Ups and Same-Currency Transfers: Revenue is generated from top-ups of account balances or transfers to recipients using the same currency, which we refer to as "same-currency transfers." Revenue recognition occurs upon transaction completion for top-ups and upon delivery of funds to the recipient for transfers.

• Business Account Setup Fees: A one-time fee is charged to Wise Business customers in certain regions upon account setup. Revenue is recognized over time, aligning with the expected duration of account usage.

• Physical Card Provision/Replacement Fees: Fees are earned for the provision or replacement of physical cards. Revenue is recognized over time, corresponding to the expected card service period (typically the card's lifespan).

• Wise Assets Management Fees: We generate revenue from our multi-currency investment feature, Wise Assets, by charging fees based on the daily value of assets held under custody. Revenue is accrued daily and recognized over time, reflecting the period we provide services to our Assets customers. We act as an agent on behalf of the customers and do not retain control nor benefit from the assets, thus it does not recognize the financial assets and the respective liabilities for the assets.

#### Interest Income on Customer Balances
Interest income on customer balances is earned from holding customer funds as cash and cash equivalents or investing them into highly liquid permitted financial assets. These amounts are recognized in the Consolidated Statement of Comprehensive Income of our consolidated financial statements using the effective interest rate method.

**Interest Expense on Customer Liabilities** 

Interest expense on customer liabilities is the interest expense payable to customers for holding eligible balances in their accounts with Wise. These amounts are calculated as a percentage of those eligible balances and provided as either cashback or interest depending on the jurisdiction. These amounts are recognized in the Consolidated Statement of Comprehensive Income as "Interest expense on customer liabilities" in the period for which the customer receives the benefit.

#### Cost and Expenses
*Transaction Expense* 

Transaction expense (excluding depreciation and amortization) consists of the costs incurred by Wise in processing and settlement of transactions as well as providing debit card services. This includes:

• banking and other fees, net of applicable rebates, incurred in processing customer transfers, card transactions and the costs of providing cards to customers;

• net foreign exchange costs generated due to customer transactions, including the costs related to the difference between the published mid-market rate offered to customers and the rate obtained by the Group in acquiring currency. Net foreign exchange differences are also incurred from the revaluation of customer balances at period end; and

• other product costs including product losses that are directly generated from customer transactions, such as chargeback losses, fraud charges, as well as taxes directly attributable to customer activity.

*Transaction and Credit Losses* 

Transaction and credit losses consist primarily of allowance for credit losses in relation to accounts receivable.

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*Technology and Development* 

Technology and development expenses consist of employee-related expenses for our engineering and product teams, including salaries, benefits and share-based compensation expenses, professional services fees and costs for software subscription services dedicated for the use by our technology teams, cloud infrastructure costs as well as costs of other company-wide technology tools, including AI solutions.

*Servicing* 

Servicing includes costs to provide customer onboarding and support, payment operations and compliance activities, including financial crime prevention and sanctions screening and monitoring. These costs include employee-related expenses associated with our servicing staff, including salaries, benefits and share-based compensation expenses; outsourced services providers; and technology and AI solutions used by servicing teams.

*Marketing and Sales* 

Marketing and sales expenses consist primarily of advertising and customer acquisition costs incurred to attract new customers, including external brand and customer acquisition expenses and employee-related expenses associated with our marketing and sales people, principally salaries, benefits and share-based compensation expenses. Marketing and sales expenses also include promotions, costs for software subscription services dedicated for use by our marketing and sales teams, and outsourced service providers contracted for marketing purposes.

*General and Administrative* 

General and administrative expenses consist of employee-related expenses for finance, legal, compliance, risk, people, workplace, and other administrative teams, as well as leadership functions including salaries, benefits and share-based compensation expenses. General and administrative expenses also include professional services fees, subscriptions, office expenses, indirect taxes, depreciation, amortization and other corporate expenses.

#### Other Income/(Loss), Net
Other income/(loss), net consists primarily of losses on the sale or maturity of available-for-sale debt securities, interest expense related to the Revolving Credit Facility, Euro Medium Term Note and interest income earned from our corporate short-term financial instruments.

#### Income Tax Benefit/(Expense)
We are subject to corporate taxation in the United Kingdom and our wholly owned subsidiaries are subject to corporate taxation either in the United Kingdom or in the relevant foreign jurisdiction where the subsidiary is a tax resident.

The deferred tax asset is primarily generated in the United Kingdom and the United States, and arises from unexercised share options and other temporary differences.

#### Foreign Currency Fluctuations
While we incur foreign exchange rate movement from holding assets and liabilities in different currencies and guaranteeing customers a foreign exchange rate on their international transfers for a short period of time, we actively monitor this foreign exchange risk and exposures are managed through a combination of natural hedging and derivative financial instruments.

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Our operating subsidiaries' financial results are translated to U.S. dollars for reporting purposes. Income and expenses are translated at monthly average exchange rates, assets and liabilities are translated at the exchange rate at the period end.

As a result of the translations described above, our results are impacted by fluctuations in foreign exchange rates.

#### Results of Operations

#### Comparison of the Financial Years Ended March 31, 2026 and 2025
The following table sets forth our results of operations for the financial years ended March 31, 2026 and 2025

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **Year ended March 31,** | **Year ended March 31,** | | |
|  | **2026** | **2025** | **Variance** | **Variance %** |
| *(in million)* |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Transaction revenue | $1893.6 | $1546.3 | $347.3 | 22% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Interest income on customer balances | 806.1 | 758.3 | 47.8 | 6% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Interest expense on customer liabilities | (196.9) | (205.7) | 8.8 | (4)% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Net revenue** | $2502.8 | $2098.9 | $403.9 | 19% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Operating expenses:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Transaction expense | (513.6) | (378.0) | (135.6) | 36% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Transaction and credit losses | (13.9) | (11.6) | (2.3) | 20% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Technology and development | (434.3) | (314.1) | (120.2) | 38% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Servicing | (396.6) | (287.5) | (109.1) | 38% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Marketing and sales | (171.8) | (106.1) | (65.7) | 62% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; General and administrative | (381.9) | (273.4) | (108.5) | 40% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total operating expenses | (1912.1) | (1370.7) | (541.4) | 39% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Operating income** | $590.7 | $728.2 | $(137.5) | (19)% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other income/(loss), net | 69.7 | (10.7) | 80.4 | (751)% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Income before tax** | $660.4 | $717.5 | $(57.1) | (8)% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Income tax expense | (161.7) | (167.2) | 5.5 | (3)% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Net income** | $498.7 | $550.3 | $(51.6) | (9)% |

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#### Transaction Revenue
The following table summarizes our total transaction revenue:

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **Year ended March 31,** | **Year ended March 31,** | | |
|  | **2026** | **2025** | **Variance** | **Variance %** |
| (in million) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Transaction revenue by nature: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cross-border | $1257.0 | $1071.7 | $185.3 | 17% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Card | 391.6 | 280.5 | 111.1 | 40% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other | 245.0 | 194.1 | 50.9 | 26% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total transaction revenue** | $1893.6 | $1546.3 | $347.3 | 22% |

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*Cross-Border Revenue* 

Cross-border revenue increased $185.3 million, or 17%, to $1,257.0 million for the financial year ended March 31, 2026, compared to $1,071.7 million for the financial year ended March 31, 2025. This was primarily a result of volume increases with the volume of cross-border transactions increasing 31% from $185.2 billion to $243.5 billion. This volume increase was driven, in part, by an increase of active customers, from 15.6 million to 18.9 million, and lower pricing. Cross-border take rate decreased by an average of 0.06%, from 0.58% to 0.52%, due to price reductions and change in average transaction size (higher amount transactions having a lower take rate).

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*Card Revenue* 

Card revenue increased $111.1 million, or 40%, to $391.6 million for the financial year ended March 31, 2026, compared to $280.5 million for the financial year ended March 31, 2025. The increase was primarily a result of a year-over-year growth in card transaction volumes, particularly in the European Union, Australia and United Kingdom.

*Other Revenue* 

Other revenue grew by $50.9 million, or 26%, to $245.0 million for the financial year ended March 31, 2026, compared to $194.1 million for the financial year ended March 31, 2025. The increase was mostly driven by same-currency transfer revenue, which grew $37.2 million in the financial year ended March 31, 2026, primarily driven by growth in same-currency transfer volumes.

#### Interest Income on Customer Balances
Interest income on customer balances increased $47.8 million, or 6%, to $806.1 million for the financial year ended March 31, 2026, compared to $758.3 million for the financial year ended March 31, 2025. The increase is primarily due to 36% growth in customer account balances to $30.0 billion for the financial year ended March 31, 2026 compared to $22.0 billion for the year ended March 31, 2025. This was offset over this same time period by average interest income yields declining from 3.9% to 3.0% as interest rates on relevant currencies reduced during the period.

#### Interest Expense on Customer Liabilities
Interest expense on customer liabilities decreased $8.8 million, or 4%, to $196.9 million for the financial year ended March 31, 2026, compared to $205.7 million for the financial year ended March 31, 2025. The decrease is primarily due to the decline in average interest expense paid to customers, which declined from 2.4% to 1.8% in the same period as interest rates on relevant currencies declined during the period. This was partially offset by the growth in the average eligible customer balance, with interest expense paid out on eligible customer balances.

#### Transaction Expense
Transaction expense increased $135.6 million, or 36%, to $513.6 million for the financial year ended March 31, 2026, compared to $378.0 million for the financial year ended March 31, 2025. Of this movement $102.2 million related to foreign exchange movements, primarily on customer accounts driven by the strengthening of the euro and Australian dollar against the U.S. dollar and pound sterling. From a foreign exchange exposure perspective, this foreign exchange movement is partially offset by unrealized foreign exchange movements in the available-for-sale debt securities, which are recognized in other comprehensive income. The remaining increase was primarily due to increasing transaction volumes, with cross-border volumes increasing 31% the financial year ended March 31, 2025 to the financial year ended March 31, 2026 along with growth in card transaction volumes. These volume increases were offset by scaling of some costs.

#### Transaction and Credit Losses
Transaction and credit losses increased $2.3 million, or 20%, to $13.9 million for the financial year ended March 31, 2026, compared to $11.6 million for the financial year ended March 31, 2025. The increase was primarily driven by the growth of cross-border transaction volumes which grew 31% in the financial year ended March 31, 2026.

#### Technology and Development
Technology and development expenses increased $120.2 million, or 38%, to $434.3 million for the financial year ended March 31, 2026, compared to $314.1 million for the financial year ended March 31, 2025. As we continue

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to invest in our technology, this growth was driven mainly by a combination of a $70.5 million, or 34%, increase in employee related benefit expenses, driven from a 22% increase in average headcount and $37.5 million, or 45%, increase in technology costs across our product infrastructure in order to support increased transactional volumes.

#### Servicing
Servicing expenses increased $109.1 million, or 38%, to $396.6 million for the financial year ended March 31, 2026, compared to $287.5 million for the financial year ended March 31, 2025. This was primarily due to average headcount growth of 26%. Additionally we increased uncapitalizable investment in the servicing team and infrastructure, and saw growth in third-party costs, as we continued to outsource the provision of specific elements of our servicing operations allowing us to flex capacity at a lower cost.

#### Marketing and Sales
Marketing and sales expenses increased $65.7 million, or 62%, to $171.8 million for the financial year ended March 31, 2026, compared to $106.1 million for the financial year ended March 31, 2025. The increase was primarily due to higher advertising spend across our existing paid marketing channels along with headcount increases, with average headcount growth of 42%. The growth in advertising spend included investment in the launch of awareness marketing to build brand awareness in key markets, to fuel long-term growth.

#### General and Administrative
General and administrative expenses increased $108.5 million, or 40%, to $381.9 million for the financial year ended March 31, 2026, compared to $273.4 million for the financial year ended March 31, 2025. The increase was primarily driven by an increase in outsourced services of $62.4 million, or 111%, partially driven by preparations for the change in primary listing location, as well as growth in regulatory costs and hiring costs as a result of expansion. Employee-related expenses also increased $48.8 million, or 50%, as a result of average general and administrative headcount increasing 31%.

#### Other Income/(Loss), Net
Other income/(loss), net was $69.7 million income for the financial year ended March 31, 2026 compared to other loss, net of $10.7 million for the financial year ended March 31, 2025, a favorable change of $80.4 million. The change was primarily driven by two factors. First, unrealized foreign exchange gains (losses) on available-for-sale debt securities, arising on portfolios denominated in currencies other than the functional currency of the holding entity, improved from a loss of $42.5 million in the financial year ended March 31, 2025 to a gain of $7.6 million in the financial year ended March 31, 2026. Second, interest income from corporate investments increased from $42.5 million in the financial year ended March 31, 2025 to $63.0 million in the financial year ended March 31, 2026 as a result of growth in cash and cash equivalents which grew 54% over the year, with the increase in cash balances partially offset by the decline in interest rates through the financial year ended March 31, 2026.

#### Income Tax Expense
Income tax expense was $161.7 million for the financial year ended March 31, 2026 compared to an expense of $167.2 million for the financial year ended March 31, 2025. This reduction of $5.5 million, or 3%, relates to a reduction in the tax charge primarily in the United Kingdom as a result of lower net income. The effective tax rate for the financial year ended March 31, 2026 was 24.49% as compared to 23.30% for the financial year ended March 31, 2025.

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#### Quantitative and Qualitative Disclosures About Market Risk
Market risk is the potential for economic losses to be incurred on market risk-sensitive instruments arising from adverse changes in market factors such as interest rate, foreign currency and credit risk. Management establishes and oversees the implementation of policies governing our investing, funding, and foreign currency activities in order to mitigate market risks. We monitor risk exposures on an ongoing basis.

We also use derivative instruments to manage exposure to market risks as set out in "Note 14. Derivative Instruments" of the consolidated financial statements appearing elsewhere in this Annual Report.

#### Interest Rate Risk
We are exposed to interest rate risk from fixed interest rate assets and liabilities on the balance sheet. Interest rate risk is managed against a control framework, which is defined with set metrics and limits in place.

The main fixed interest rate exposure for us is driven by sovereign bonds. Changes in the fair value of available-for-sale bonds (due to changes in interest rates) are reported through other comprehensive income.

We are also exposed, more generally, to the risk of changes in interest income, primarily on customer balances, and interest expense on customer liabilities resulting from potential movements in interest rates on our financial assets, including cash and cash equivalents and short-term investments.

A 1% instantaneous downward shock of all interest rate curves would have resulted in a reduction of $148.5 million in interest income before tax for the financial year ended March 31, 2026 (2025: $111.2 million). A 1% instantaneous upwards shock would have resulted in an increase of $151.0 million in income before tax for the financial year ended March 31, 2026 (2025: 112.0 million).

#### Foreign Currency Risk
We are exposed to foreign exchange rate movement from holding assets and liabilities in different currencies and guaranteeing customers a foreign exchange rate on their international transfers not funded from balance for a period of time, dependent on funding currency. We actively monitor foreign exchange risk in pounds sterling, and exposures are managed through a combination of natural hedging and derivative financial instruments.

We use a combination of foreign currency swaps, foreign exchange spots/forwards and non-deliverable foreign exchange swaps/forwards to manage our exposure to foreign currency risk.

We monitor foreign exchange risk on an ongoing basis using a value at risk and stressed value at risk approach, considering the foreign exchange risk arising from open non-sterling currency positions as foreign exchange rates move adversely against our open positions. For the sensitivity analysis, a severe stress was applied to our March 31, 2026 positions, which assumes that both euros and U.S. dollars would depreciate 5% against other currencies simultaneously. In this scenario, the impact to the consolidated group in U.S. dollars, translated at the year end closing rate of U.S. dollars to pounds sterling would be a realized loss of $2.4 million over one day (2025: $4.1 million).

Our reporting currency is the U.S. dollar, while some subsidiaries operate across a range of non-U.S. dollar functional currencies. Consequently, our financial results are affected by the translation of transactional currencies to functional currency at subsidiary level, and then from functional currency to the reporting currency of U.S. dollar.

#### Credit Risk
We manage credit risk exposure based on our credit risk appetite. We actively manage credit and concentration risk through our policy of imposing credit limits in order to control the exposures (amount and period) we have

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with each counterparty considering their level of risk. These limits are set based on the credit ratings or perceived credit quality of each counterparty and approval must be obtained from the Credit Risk Committee for any exceptions outside of the framework.

Our credit risk is spread over a range of assets, further details of which are set out in the notes to our consolidated financial statements appearing elsewhere in this Annual Report:

• Cash and cash equivalents;

• Debt securities;

• Account receivables;

• Interest receivable;

• Derivative financial instruments; and

• Collateral deposits the Group holds with its counterparties.

Credit risk is mitigated as the majority of these financial assets are held with investment grade financial institutions or invested in highly rated financial instruments with credit ratings assigned by reputable credit rating agencies such as Moody's, Standard & Poor's and Fitch Ratings.

As per the Group's investment policy, the debt securities consist of quoted bonds and other fixed asset securities that are graded in the top investment categories (rated A- and above), predominantly in Government bonds as set out in "Note 11—Available-for-Sale Debt Securities" of the consolidated financial statements appearing elsewhere in this Annual Report.

*B. Liquidity and Capital Resources* 

#### Sources of Liquidity
As of March 31, 2026, our primary sources of liquidity were our cash and cash equivalents, Safeguarding Guarantees), our EMTN Program and our Revolving Credit Facility.

As of March 31, 2026, we had cash and cash equivalents of $27,802.2 million, as compared to $18,066.3 million as of March 31, 2025.

As of March 31, 2026, we had a Safeguarding Guarantee in place to guarantee $1,119.1 million (£845.0 million) of customer funds, so that this amount does not need to be safeguarded via a segregation method and can be used for operating customer liquidity. As of March 31, 2025, $671.8 million (£520.0 million) was guaranteed by the Safeguarding Guarantee.

As of March 31, 2026, we had issued £250.0 million ($331.1 million at March 31, 2026) aggregate principal amount of Notes under the £2.0 billion ($2.6 billion at issuance date) EMTN Program. There was no EMTN Program in the financial year ended March 31, 2025.

We had $437.1 million (£330 million) available under our unsecured Revolving Credit Facility as of March 31, 2026, compared to $297.1 million (£230 million) as of March 31, 2025. There was no drawdown as of March 31, 2026 as compared to $129.2 million at March 31, 2025.

We are required to maintain minimum levels of liquidity within our regulated businesses and the Group overall in accordance with local regulatory requirements. We monitor liquidity levels of our regulated entities on an ongoing basis, in accordance with our internal liquidity adequacy assessment process.

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Due to our strong net cash provided by operations, the available balance under the Revolving Credit Facility, EMTN Program(as defined below) and Safeguarding Guarantee, we believe that we have sufficient financial resources to fund our activities and execute our business for at least the next 12 months and over the long term.

We are committed to financial discipline and a sustainable level of profitability, while continuing to invest in growth opportunities, so that both our customers and our shareholders continue to benefit from our long-term growth. We plan to continue investing in product innovation, infrastructure and partnerships to help people and businesses move and manage their money. We have no material financing commitments that are expected to affect our liquidity over the next five years, other than our lease obligations and supplier purchase commitments in the normal course of business and as disclosed in the notes to our consolidated financial statements appearing elsewhere in this Annual Report and the maturity of the 2030 Senior Notes issued in November 2025 under the EMTN Program.

#### Indebtedness

#### Revolving Credit Facility
In December 2024, we entered into an agreement for a multicurrency revolving facility agreement (the "Revolving Credit Facility") with certain of our subsidiaries as borrowers or guarantors, as applicable (together with any additional borrowers or guarantors, as applicable, the "Borrowers and the "Guarantors"), HSBC Innovation Bank Limited, as mandated lead arranger, the other lenders party thereto (together with HSBC Innovation Bank Limited, the "Lenders") and HSBC Bank plc, as agent. Pursuant to the Revolving Credit Facility, the Borrowers may borrow up to £330.0 million ($437.1 million at March 31, 2026) aggregate principal amount, which may in certain circumstances be increased by an additional aggregate principal amount of £100.0 million ($132.4 million at March 31, 2026). The Revolving Credit Facility matures on December 12, 2027, subject to a maximum of two one-year extensions in accordance with the terms thereof.

Borrowings under the Revolving Credit Facility bear interest at a rate equal to SONIA (in the case of loans made in sterling), SOFR upon the occurrence of certain pre-agreed trigger events (in the case of loans made in U.S. dollars), EURIBOR (in the case of loans made in euros) and the Australian Bank Bill Swap Reference Rate (in the case of loans made in Australian dollars), (in each case, subject to a zero floor), plus a margin of 1.75% to 2.25% per annum determined by reference to adjusted leverage (calculated as the ratio of senior debt on the last day of the Relevant Period (as defined under the Facility Agreement) to Adjusted EBITDA for the Relevant Period).

The agreement governing the Revolving Credit Facility (the "Facility Agreement") contains customary representations, information undertakings and covenants. In addition, the Facility Agreement includes financial covenants that require that: (1) adjusted leverage does not exceed a ratio of 3:1 in respect of any Relevant Period; (2) interest cover (calculated as a ratio of Adjusted EBITDA to Finance Charges (as defined under the Facility Agreement)) is not less than a ratio of 3.5:1 in respect of any Relevant Period; and (3) adjusted contingent leverage (calculated as a ratio of the guarantee amount under each Safeguarding Guarantee) to Adjusted EBITDA does not exceed a ratio of 3:1 in respect of any Relevant Period. These financial covenants are tested on a semi-annual basis.

As of March 31, 2026, we had $437.1 million available for borrowing under the Revolving Credit Facility.

#### Safeguarding Guarantees
To comply with requirements set out in the Electronic Money Regulations 2011, Wise Payments Limited ("WPL") is required to safeguard 'relevant funds' received from customers. WPL meets these requirements by a combination of: (1) holding funds in a third-party safeguarding bank account; and (2) taking out insurance with an authorized insurer or an authorized credit institution (such insurance, the "Safeguarding Guarantee").

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In May 2024, WPL entered into a Safeguarding Guarantee with each of Chubb European Group SE, Euler Hermes SA (NV), Everest Insurance (Ireland), DAC, HCC International Insurance Company plc, Liberty Mutual Insurance Europe SE, Markel International Insurance Company Limited, Swiss Re International SE, UK Branch, Travelers Insurance Company Limited and Zurich Insurance Company Ltd, UK Branch (the sureties), which collectively provide guarantees of up to an aggregate amount of £520 million ($671.8 million at March 31, 2025), with an initial term of 18 months. In July 2025, each Safeguarding Guarantee was renewed until November 10, 2027, with the same nine sureties collectively providing guarantees up to an aggregate amount of £845 million ($1,119.1 million at March 31, 2026).

In connection with the renewed Safeguarding Guarantees, we and certain of our subsidiaries entered into a deed of indemnity with each surety, under which we and the relevant subsidiaries (collectively, the "Indemnitors") have agreed to indemnify each surety for losses incurred if it makes the safeguarding payments.

Each Safeguarding Guarantee contains certain customary warranties, representations and undertakings. In addition, each Safeguarding Guarantee includes financial covenants which require that: (1) the adjusted senior leverage ratio of senior debt under the Revolving Credit Facility to Adjusted EBITDA cannot exceed 3:1; (2) the adjusted contingent leverage ratio of the aggregate insurance amount to Adjusted EBITDA cannot exceed 3:1; and (3) the aggregate insurance amount cannot exceed cash, cash equivalents and undrawn amounts under the Revolving Credit Facility on the last day of the half financial year or full financial year period.

Under the conditions of each Safeguarding Guarantee, a surety can demand cash from any indemnitor upon the occurrence of certain events, including insolvency, change of control and termination of the Revolving Credit Facility. Any one indemnitor can trigger such a demand. Each Safeguarding Guarantee also includes cross-acceleration provisions, which allow an insurer to demand payment if any financial indebtedness of the Group (including the Revolving Credit Facility or the Notes) is demanded or a commitment for any financial indebtedness of the Group is cancelled (subject to a £20 million ($26.5 million at March 31, 2026) de minimis threshold).

No security is provided to the sureties.

#### Euro Medium Term Note Program
In November 2025, we established a Euro Medium Term Note Program (the "EMTN Program"), under which Wise Financing plc ("Wise Financing"), a subsidiary of Wise plc, may from time to time issue senior unsecured notes ("Notes") up to an aggregate principal amount £2.0 billion ($2.6 billion at issuance date). Notes issued under the EMTN Program will be guaranteed by certain of our subsidiaries.

Notes may be issued in bearer form or in registered form only. Subject to compliance with applicable laws and regulations, Notes will be issued in denominations of at least €100,000 or the equivalent in any other currency and with such terms as may be specified in the applicable pricing supplement. Notes may bear interest at fixed or floating rates, may be zero-coupon, and may be issued at their nominal amount or at a discount or premium to it, as set out in the relevant pricing supplement. The rate of interest for floating-rate Notes may be linked to customary money-market reference rates or alternative reference rates, as specified in the applicable pricing supplement.

The documentation governing the Notes includes customary covenants and provisions relating to events of default, payment mechanics, substitution of Wise Financing or Wise plc as issuer and parent guarantor of the Notes, respectively, accession and release of guarantors, transfer restrictions other terms typical for unsecured note instruments of this type.

In November 2025, we issued £250.0 million ($329.0 million at issuance date) aggregate principal amount of Notes under the EMTN Program. Such Notes bear interest at a rate of 5.1000% per annum, and mature on November 25, 2030 ("the 2030 Senior Notes").

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The 2030 Senior Notes are guaranteed on a senior unsecured basis by Wise plc and certain of our wholly owned subsidiaries the "Guarantors" and each a "Guarantor"). The Guarantors are 100% owned by Wise Group plc, and the guarantees are full, unconditional, joint and several. There are no significant restrictions on the ability of Wise Group plc or the Guarantors to obtain funds from each other in the form of a dividend or loan. The guarantees rank at least pari passu with all other outstanding unsecured and unsubordinated obligations of each Guarantor or the Issuer, present and future, save for obligations mandatorily preferred by laws of general application to companies and only to the extent permitted by applicable laws relating to creditors' rights.

#### Cash Flows
The following table summarizes the primary sources and uses of cash for each period presented:

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| | | |
|:---|:---|:---|
|  | Year ended March 31, | Year ended March 31, |
| (in million) | 2026 | 2025 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cash and cash equivalents at beginning of the period/year | $18066.3 | $13245.7 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net cash provided by operating activities | 7553.9 | 5719.5 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net cash provided by/(used in) investing activities | 1738.5 | (758.5) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net cash (used in) financing activities | (274.9) | (229.9) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Effect of exchange rate fluctuations on cash and cash equivalents | 718.4 | 89.5 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cash and cash equivalents at end of the period/year | $27802.2 | $18066.3 |

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#### Comparison of the Year Ended March 31, 2026 and 2025
Net cash provided by our operating activities was $7,553.9 million for the financial year ended March 31, 2026, compared to $5,719.5 million for the financial year ended March 31, 2025. The increase of $1,834.4 million, or 32%, was primarily due to a 36% increase in our customer accounts balances.

Net cash provided by investing activities was $1,738.5 million for the financial year ended March 31, 2026, compared to net cash used in investing activities of $758.5 million for the financial year ended March 31, 2025. The increase of $2,497.0 million, or 329%, in net cash provided by/(used in) activities was primarily due to a net increase in sales of available-for-sale debt securities of $2,473.1 million. Cash outflows for investing activities were also higher in the financial year ended March 31, 2026 by $24.5 million as a result of purchase of property, plant and equipment, predominantly with respect to new office spaces in London and Tallinn.

Net cash used by our financing activities during the financial year ended March 31, 2026 was $274.9 million as compared to $229.9 million for the financial year ended March 31, 2025. The increase of $45 million, or 20%, was primarily due to the $328.7 million net carrying amounts of Notes issued under EMTN Program. This was offset by an increase of $380.9 million cash outflow with respect to the Employee Share Trust share purchases in the financial year ended March 31, 2026 as compared to the financial year ended March 31, 2025 along with the repayment of borrowings under the Revolving Credit Facility.

#### Contractual Obligations and Commitments
We routinely incur contractual obligations for marketing and advertising, software subscriptions and various service arrangements, including cloud infrastructure and compliance applications. While many of these contracts are short-term (cancellable within one year), some significant software and cloud service agreements involve multi-year commitments. Additionally, we have substantial long-term lease obligations for office space. Changes

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in our business needs, contractual cancellation provisions, fluctuating interest rates, and other factors may result in actual payments differing from the estimates. We cannot provide certainty regarding the timing and amounts of these payments. For further discussion of commitments and contingencies, please refer to "Note 20. Commitments and Contingencies" and "Note 10. Leases" in the notes to our consolidated financial statements appearing elsewhere in this Annual Report.

*C. Research and Development, Patents and Licenses, etc.* 

Please refer to "Item 4.B. Information on the Company—Business Overview—Intellectual Property" for further information on our material intellectual property and to "Note 2. Summary of significant accounting policies" within our consolidated financial statements appearing elsewhere in this Annual Report.

*D. Trend Information* 

Other than as disclosed elsewhere in this Annual Report (see "—A. Operating Results—Key Trends and Factors Affecting Our Performance"), we are not aware of any trends, uncertainties, demands, commitments or events for the year ending March 31, 2027 that are reasonably likely to have a material and adverse effect on our net revenues, income, profitability, liquidity or capital resources, or that would cause the disclosed financial information to be not necessarily indicative of future results of operations or financial conditions.

*E. Critical Accounting Estimates* 

Our consolidated financial statements have been prepared in accordance with U.S. GAAP. The preparation of the consolidated financial statements requires us to make judgements, estimates and assumptions that affect the value of assets and liabilities—as well as contingent assets and liabilities—as reported on the balance sheet date, and revenues and expenses arising during the financial year.

The estimates and associated assumptions are based on information available when the consolidated financial statements are prepared. This includes historical experience, current conditions and various other factors which are believed to be reasonable under the circumstances. Due to market changes or circumstances arising that are beyond our control estimates may vary from the actual values.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revision of accounting estimates is recognized in the period in which they become known and are applied prospectively.

#### Transaction and Credit Losses
We have exposure to current expected credit losses for financial assets including cash and cash equivalents, debt securities, accounts receivable, interest receivable and collateral deposits that we hold with its counterparties.

We utilize a combination of aging and probability of default methods to develop an estimate of credit losses, depending on the nature and risk profile of the underlying asset pool. A broad range of information is considered in the estimation process, including historical loss information adjusted for current conditions and expectations of future trends. The estimation process also includes consideration of qualitative and quantitative risk factors associated with the age of asset balances, expected timing and probability of default, loss given default, exposure at default, counterparty tiering classifications, merchant and customer risk profiles, country risk profiles for higher risk jurisdictions and relevant macro-economic factors. Determining the appropriate current expected credit loss allowance is an inherently uncertain process requiring significant estimation and ultimate losses could differ materially from the current estimates.

Please refer to "Note 2. Summary of Significant Accounting Policies—Transaction and Credit Losses" in the notes to our consolidated financial statements appearing elsewhere in this Annual Report for additional information.

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#### Item 6. Directors, Senior Management and Employees
*A. Directors and Senior Management* 

#### Board of Directors
The following table sets forth the names, ages and positions of the members of our board of directors as of the date of this Annual Report.

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|:---|:---|:---|
| **Name** | **Age** | **Position** |
|  Kristo Käärmann | 45 | Chief Executive Officer and Executive Director |
|  Emmanuel Thomassin | 57 | Chief Financial Officer and Executive Director |
|  David Wells | 55 | Chair of the Board of Directors |
|  Clare Gilmartin | 50 | Senior Independent Director |
|  Elizabeth Chambers | 63 | Non-Executive Director |
|  Terri Duhon | 54 | Non-Executive Director |
|  Scott Hill | 58 | Non-Executive Director |
|  Alastair Rampell | 45 | Non-Executive Director |
|  Hooi Ling Tan | 42 | Non-Executive Director |

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Biographical information for each member of our board of directors is set forth below.

**Kristo Käärmann** is our co-founder and has served as our Chief Executive Officer and an Executive Director since our inception in 2011. Prior to founding Wise, Mr. Käärmann was a consultant at Deloitte and at PwC. Mr. Käärmann holds a Bachelor's and Master's degree in Mathematics and Technology from the University of Tartu.

**Emmanuel Thomassin** has served as our Chief Financial Officer and an Executive Director since October 2024. Prior to joining Wise, Mr. Thomassin served as Chief Financial Officer at Delivery Hero SE from January 2014 to June 2024. Prior to Delivery Hero, Mr. Thomassin spent six years as Chief Financial Officer and an executive board member at MetaDesign, an international corporate branding agency. He has also served as the Chief Financial Officer and as a Managing Director at Team Global, a Berlin-based incubator, since January 2023. Mr. Thomassin holds Master's degrees in Economics from both the Université de Metz and Saarbrücken.

**David Wells** has served as Chair of the board of directors since December 2021, having initially joined the board of directors as a non-executive director in July 2019. Mr. Wells previously served as Chief Financial Officer of Netflix, from December 2010 until his retirement in January 2019. During his time at Netflix, Mr. Wells also served as overall head of Financial Planning & Analysis and spent two years, from July 2015 to July 2017, in the Netherlands as part of the build-up of Netflix's European operations. Mr. Wells has served on the board of directors, including as chair of the audit committee, of Hims & Hers Health, Inc. since January 2021, having also served on the board of directors of its predecessor Hims, Inc., from September 2020 to January 2021. He also served on the board of directors, including as chair of the audit committee, of Trade Desk, Inc., a public company that provides a technology platform for advertising buyers, from December 2015 to May 2025. Mr. Wells holds a BS in Commerce and English from the University of Virginia and an MBA/MPP Magna Cum Laude from the University of Chicago.

**Clare Gilmartin** has served as Senior Independent Director since June 2021. Prior to joining us, Ms. Gilmartin served as Chief Executive Officer of Trainline, a digital rail and coach travel platform, from April 2014 to March 2021, where she led an expansion of the business internationally and then guided the company in a sale to KKR in 2015, and its initial public offering on the London Stock Exchange in 2019. Prior to Trainline, Ms. Gilmartin spent ten years at eBay, last serving as Vice President, eBay Europe. Earlier in her career, Ms. Gilmartin was a consultant at Boston Consulting Group. She also currently serves as Senior Advisor to KKR. Ms. Gilmartin has served on the board of directors of GetYourGuide GmbH, a travel experience booking platform, since February 2021. Ms. Gilmartin holds a Bachelor of Commerce (Int) degree from University College of Dublin.

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**Elizabeth G. Chambers** has served as a Non-Executive Director since April 2023. She has extensive experience as a board director, investor, and senior financial services executive, leading strategy, product and marketing. She also serves on the boards of directors of Kape Technologies, TSB Bank plc, and AJ Bell plc, several fintech and payments startups, and the non-profit University of Colorado Anschutz Medical Campus. Earlier boards of directors upon which Ms. Chambers has served have included several FTSE-250 listed and private companies in both the United States and United Kingdom. Her executive career included C-suite roles at Western Union, Barclays, Bank of America and other global companies. She advises private equity firms on their investments in financial services, including five years as an Operating Partner at Searchlight Capital. Earlier in her career, Ms. Chambers was a Partner at McKinsey & Company and she started her career as a financial analyst with Morgan Stanley & Co. Ms. Chambers holds an MBA from Harvard Business School and a BA in Economics and Political Science from Stanford University.

**Terri Duhon** has served as a Non-Executive Director since January 2022. Ms. Duhon has served as an associate fellow at the Saïd Business School at Oxford University since 2015. She is also a motivational speaker for Speakers for Schools and a frequent keynote speaker on risk, culture and reinvention. Earlier in her career, Ms. Duhon worked as a derivatives trader at JP Morgan before becoming an entrepreneur and founding a consulting business. Ms. Duhon has served on the board of directors of Rathbones Group plc, including as chair of its risk committee, since July 2018, and served on the board of directors of Morgan Stanley International, including as chair of its risk committee, from April 2016 to April 2026. Ms. Duhon holds a degree in Mathematics from the Massachusetts Institute of Technology.

**Scott Hill** has served as a Non-Executive Director since March 2026. Mr. Hill served as CS Disco, Inc.'s Chief Executive Officer, from September 2023 to April 2024, and served in an interim, non-officer capacity as an advisor to the Chief Executive Officer until May 11, 2024. Mr. Hill served as an advisor to the Chief Executive Officer of Intercontinental Exchange, Inc. from May 2021 to February 2023 and also served as its Chief Financial Officer from May 2007 to May 2021. Before that, Mr. Hill was an international finance executive for International Business Machines Corporation from 1991 to 2007. Mr. Hill has served on the boards of directors of Cardlytics, Inc., since September 2023, and VVC Exploration Corporation from August 2017 to September 2023. Mr. Hill earned his B.B.A in finance from the University of Texas at Austin and his M.B.A. from New York University.

**Alastair Rampell** has served as a Non-Executive Director since January 2018. Mr. Rampell has served as a General Partner at Andreessen Horowitz since September 2015, where he focuses on financial services. In his role, Mr. Rampell serves on the boards of directors of several Andreessen Horowitz portfolio companies and has led a number of Andreessen Horowitz's investments. Before joining Andreessen Horowitz, Mr. Rampell co-founded multiple companies, including Affirm, FraudEliminator, Point and TrialPay. He has served as a member of the board of directors of Rocket Companies, Inc., a financial technology and homeownership services company, since February 2024, and previously served as a director of KCG Holdings from 2015 to 2017. Mr. Rampell holds a BA in Applied Mathematics and Computer Science from Harvard University.

**Hooi Ling Tan** has served as a Non-Executive Director since June 2021. Ms. Tan is the Co-Founder and former Chief Operating Officer of Grab, Southeast Asia's leading superapp serving millions with mobility, delivery, and digital financial solutions. Before stepping down from her operational and board roles in 2024, she played a key role in driving Grab's growth, leading the Technology, Strategy, and Ads divisions and, prior to that, oversaw functions including People Operations, Customer Experience, and Business Operations. She is also a global board member at Sonova Holding AG and at Endeavor, where she contributes her expertise in scaling innovative technology businesses worldwide. Ms. Tan holds a Bachelor of Engineering in Mechanical Engineering from the University of Bath and an MBA from Harvard Business School.

#### Executive Officers
Our executive officers are responsible for the day-to-day management of our business and operations. Each executive officer serves at the discretion of our board of directors.

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The following table sets forth the names, ages and positions of members of our executive officers as of the date of this Annual Report.

---

| | | | |
|:---|:---|:---|:---|
| **Name** | **Age** | **Age** | **Position** |
|  Kristo Käärmann |  | 45 | Chief Executive Officer and Executive Director |
|  Emmanuel Thomassin |  | 57 | Chief Financial Officer and Executive Director |
|  Nilan Peiris |  | 49 | Chief Product Officer |
|  Harsh Sinha |  | 45 | Chief Technology Officer |

---

For biographical information regarding Kristo Käärmann and Emmanuel Thomassin, see "—Board of Directors" above.

**Nilan Peiris** has served as our Chief Product Officer since April 2021. Mr. Peiris joined Wise in 2014 as Vice President of Growth, following his time as an advisor to the Company since 2012. Before Wise, he spent six years expanding and scaling startups in the United Kingdom. As Chief Product Officer, Mr. Peiris is responsible for driving growth across Wise's products and platform. He played a pivotal role in launching Wise Account as well as Wise Platform. Beyond his work at Wise, Mr. Peiris serves as a board member at OakNorth and invests in social impact projects through Daring Capital. Mr. Peiris holds a Bachelor's degree in Mathematics from the University of Bristol.

**Harsh Sinha** has served as our Chief Technology Officer since May 2015, having also acted as our interim Chief Executive Officer from September to December 2023. As Chief Technology Officer, he has been instrumental in scaling Wise's proprietary technology infrastructure to support millions of active customers and multi-billion-dollar transaction volumes. Before joining us, Mr. Sinha was the director of product at PayPal, where he led the product strategy and development of PayPal's mobile apps and software. Earlier, he was a director of engineering at eBay. Mr. Sinha holds an MBA from the Haas School of Business at the University of California, Berkeley and a Bachelor's degree in Computer Engineering from Sikkim Manipal University, India.

#### Family Relationships
There are no family relationships among any of our directors or executive officers.

*B. Compensation* 

While we determined our remuneration in pounds sterling for the relevant periods presented below, these amounts have been converted to U.S. dollars for the purposes of this "Compensation" section. Unless indicated otherwise, any non-U.S. dollar denominated amounts in this section have been calculated based on the average exchange rate for the year ended March 31, 2026 of £1 to $1.32. These translations should not be considered representations that any such amounts have been, could have been, or could be converted into U.S. dollars at that or any other exchange rate as of that or any other date.

For the financial year ended March 31, 2026, the total compensation paid to our non-executive directors, executive directors and executive officers as a group was $18,178,159.51. For our non-executive directors, this amount is comprised solely of cash fees. For our executive directors and executive officers, this amount includes salary, equity awards granted during the year, sabbatical allowance, private medical insurance, relocation expenses and/or pension-related benefits, in each case, as applicable. No bonuses were awarded or paid to our executive directors or executive officers during the financial year ended March 31, 2026.

We do not set aside or accrue any amounts to provide pension, retirement or similar benefits to our non-executive directors, executive directors and executive officers. We made defined contribution pension contributions or provided a pension allowance on behalf of our executive directors and executive officers in an aggregate amount of $56,787.51 during the financial year ended March 31, 2026, which amount is included in the foregoing aggregate compensation figure.

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#### Remuneration of Non-Executive Directors
The remuneration of our non-executive directors is set by our board of directors, taking into account the time and responsibility involved in each role, and the remuneration for the Chair of the board of directors is set by the Compensation Committee.

The schedule of fees for the Wise Group plc non-executive directors for the financial year ended March 31, 2026 is set forth in the table below:

---

| | |
|:---|:---|
|  | Fees<br>($000) |
|  Non-Executive Director Base Fee | 225 |
|  Board Chair Fee (in lieu of the annual amount above) | 503 |
|  Additional Fees: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Senior Independent Director's additional fee | 20 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Audit Committee Chair's additional fee | 46 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Risk Committee Chair's additional fee | 20 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Nominating and Corporate Governance Committee Chair's additional fee | 13 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Compensation Committee Chair's additional fee | 13 |

---

The following table sets forth the aggregate remuneration received by each non-executive director for the financial year ended March 31, 2026:

---

| | | |
|:---|:---|:---|
| Non-Executive Directors<sup>(2)</sup> | Board Committee Membership as of<br>March 31, 2026<sup>(1)</sup> | Fees<br>($000) |
|  Alastair Rampell<sup>(3)</sup> | N/A | 177 |
|  Clare Gilmartin | Nominating and Corporate Governance Committee, Audit Committee, Senior Independent Director | 245 |
|  David Wells<sup>(4)</sup> | Board Chair, Nominating and Corporate Governance Committee (Chair) | 517 |
|  Elizabeth Chambers<sup>(5)</sup> | Compensation Committee (Chair), Risk Committee | 238 |
|  Hooi Ling Tan<sup>(6)</sup> | Nominating and Corporate Governance Committee, Compensation Committee | 225 |
|  Terri Duhon | Risk Committee (Chair), Audit Committee | 235 |
|  Scott Hill<sup>(7)</sup> | Audit Committee (Chair), Risk Committee | 22 |

---

(1) The Board Committee membership reflects the governance structure for the board of directors effective from April 8, 2026 when the Non-Executive Directors were formally appointed to the board of directors and its Committees as part of the Reorganization.

(2) Mr. Uytdehaage resigned from our board of directors and the Audit and Risk and Remuneration Committees upon the expiration of his term at our 2025 Annual General Meeting of Shareholders on September 25, 2025. Mr. Uytdehaage received fees of $119,104.06 during the year.

(3) Mr. Rampell commenced receiving fees as a non-executive director of the Company from June 18, 2025. Mr. Rampell joined the Compensation Committee from April 8, 2026.

(4) An increase to Mr. Wells' annual fee to $503,311 effective from April 1, 2025, was approved by the Remuneration Committee in May 2025. Mr. Wells ceased to be a member of the Compensation Committee from September 25, 2025. Mr. Wells was appointed as a member of the Audit and Risk Committee on an interim basis between September 25, 2025 and April 7, 2026 inclusive.

(5) Ms. Chambers joined the Risk Committee from April 8, 2026. Ms. Chambers also receives a fee of $86,086 for services rendered to another entity within the Wise Group (not included in the above aggregate fee remuneration).

(6) Ms. Tan joined the Compensation Committee from September 25, 2025.

(7) Mr. Hill joined the board of directors from March 2, 2026. Mr. Hill's fee payment for March 2026 was paid in arrears in April 2026.

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#### Remuneration of Executive Directors
The table below reflects the amount of compensation paid and benefits in kind granted, to the executive directors, during the financial year ended March 31, 2026.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | Salary<br>($000) | Taxable<br>Benefits<br>($000)<sup>(1)</sup> | Pension-<br>related<br>Benefits<br>($000)<sup>(2)</sup> | Equity<br>Awards<br>($000)<sup>(3)</sup> | Total<br>($000) |
|  **Executive Directors** |  |  |  |  |  |
|  Kristo Käärmann | 261 | 1.9 | 13 |  | 276 |
|  Emmanuel Thomassin | 662 | 74 | 33 | 2649 | 3418 |

---

(1) The benefits total represents the taxable value of benefits paid. Benefits provided to executive directors include private health insurance. Expenses for Mr. Thomassin include reimbursement of relocation expenses as agreed on his appointment.

(2) Executive directors are entitled to opt in to pension contribution benefits, equivalent to 5% of salary. Mr. Thomassin has received a pension allowance since November 1, 2025.

(3) The equity awards amount reflects the market value on the grant date of awards granted during the financial year ended March 31, 2026, as further described below.

#### Equity Awards
During the financial year ended March 31, 2026, equity awards were granted to Mr. Thomassin in respect of Class A ordinary shares under the Company's Long Term Incentive Plan (the "LTIP"). Mr. Thomassin received a "normal" award of nil cost options with a maximum opportunity set at 400% of salary as detailed below. Neither Mr. Käärmann nor any non-executive director received any equity awards during the financial year ended March 31, 2026.

#### Annual LTIP Award

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Award** | **Number<br>of Shares** | **% of<br>base<br>salary<br>awarded** | **Grant Date<br>Fair Value<br>($)<sup>(1)</sup>** | **Vesting at<br>Threshold** | **End of<br>Performance<br>Period<sup>(2)(3)(4)</sup>** |
|  **Executive Directors** |  |  |  |  |  |  |
|  Emmanuel Thomassin | Performance | 95602 | 200% | $1324396 | 25% of maximum | March 31, 2028 |
|  Emmanuel Thomassin | Service-based | 95602 | 200% | $1324396 | N/A | N/A |

---

(1) Value calculated using the prior three-day average closing market price to the date of grant (August 12, 2025) of £10.46.

(2) The performance award has a three-year performance period which will end on March 31, 2028.

(3) The service-based award vests in equal annual tranches over three years in March 2026, March 2027 and March 2028, subject to a performance underpin developments in corporate governance and shareholder engagement as described below.

(4) The vested shares, net of any tax liabilities, are subject to a post-vesting holding period of two years, and will expire ten years from the grant date.

The performance measures and targets for the financial year ended March 31, 2026 for the performance award portion of this normal LTIP award are set out below:

---

| | | | |
|:---|:---|:---|:---|
|  | **Weighting** | **Threshold<sup>(1)</sup><br>(25% payout)** | **Maximum<sup>(1)</sup><br>(100% payout)** |
|  Relative TSR vs FTSE 100<sup>(2)</sup> | 40% | Median | Upper quartile |
|  Volume Growth<sup>(3)</sup> | 20% | 15% | 25% |
|  Underlying profit before tax<sup>(4)</sup> | 20% |  | 13%-16% |
|  Customer NPS<sup>(5)</sup> | 20% | 63 | 70 |

---

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##### [**Table of Contents**](#toc)
(1) Vesting will be on a straight-line basis between the threshold and maximum levels.

(2) Measured against the constituents of the FTSE 100 index (excluding investment trusts).

(3) Compound Annual Growth Rate (CAGR) over the three-year performance period.

(4) Underlying profit before tax margin in FY2028.

(5) Performance measured as the average Customer Net Promoter Score (NPS) over the three-year performance period.

The performance underpins for the service-based portion of the award are as follows. In the financial year ended March 31, 2025, the Remuneration Committee determined that the first tranche of the service-based element of the normal annual LTIP award would vest in full, after an assessment of the following performance factors:

Satisfactory financial performance over the relevant vesting period, as determined by the Compensation Committee, taking into account volume growth, profit, and/or revenue performance.

• Maintaining the risk and compliance environment.

• Satisfactory individual performance.

Following assessment of the performance underpins for the financial year ended March 31, 2026, the Compensation Committee is expected to approve that the service-based element of the annual LTIP FY2026 award and second tranche of the annual FY2025 LTIP award should vest in full in April 2026.

#### Executive Director Employment Agreements
Wise Group plc currently employs our executive directors pursuant to the terms of a service agreement entered into between Wise Group plc and each executive director.

#### Kristo Käärmann
Pursuant to this agreement, Mr. Käärmann is entitled to a gross annual base salary of £197,000 (equivalent to $260,907 as of March 31, 2026). This salary is subject to annual review. Mr. Käärmann does not currently have any entitlement to a bonus or equity awards.

Mr. Käärmann is entitled to participate in the Company's applicable pension and private medical expenses insurance plans. Mr. Käärmann is entitled to reimbursement of reasonable expenses incurred in the course of his duties. The period of notice required to terminate Mr. Käärmann's employment is three months. The agreement does not provide Mr. Käärmann with any contractual severance benefits, but the Company may terminate Mr. Käärmann's employment at any time with immediate effect by making a payment in lieu of notice in respect of the salary (only) that would otherwise be due during his notice period.

#### Emmanuel Thomassin
Pursuant to this agreement, Mr. Thomassin is entitled to a gross annual base salary of £500,000 (equivalent to $662,200 as of March 31, 2026). This salary is subject to annual review. The agreement provides that Mr. Thomassin may be eligible to participate in the LTIP and/or any other cash-based or share-based incentive plans, subject to approval by the duly appointed Compensation Committee. However, Mr. Thomassin has no contractual entitlement to such incentives.

Mr. Thomassin is entitled to participate in the Company's applicable pension and private medical expenses insurance plans. Mr. Thomassin is also entitled to reimbursement of reasonable expenses incurred in the course of his duties. The period of notice required to terminate Mr. Thomassin's employment is six months. The

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agreement does not provide Mr. Thomassin with any contractual severance benefits, but the Company may terminate Mr. Thomassin's employment at any time with immediate effect by making a payment in lieu of notice in respect of the salary (only) that would otherwise be due during his notice period.

#### Non-Executive Director Appointment Letters
Each of our non-executive directors is engaged by Wise Group plc on a letter of appointment that sets out the director's duties and responsibilities. The appointment of each non-executive director is terminable by either party on one months' written notice. The non-executive directors do not receive benefits upon termination or resignation from their respective positions as directors.

#### Equity Plans
We maintain the following equity plans for employees including certain former employees (and, where the specific rules permit, non-executive directors and/or non-employee contractors): the TransferWise 2016 Share Option Plan (the "2016 Option Plan"); the Rules of the TransferWise 2021 Equity Incentive Plan (the "2021 EIP") and the LTIP. The 2016 Option Plan, the 2021 EIP and the LTIP are referred to collectively as the "Legacy Plans."

#### The TransferWise 2016 Share Option Plan
The 2016 Option Plan was adopted on June 15, 2016 and amended on February 27, 2019 and April 8, 2026, and permitted the grant of unapproved options and U.K. tax advantaged options, and was also designed to comply with certain U.S. tax legislation. No awards were granted under the 2016 Option Plan following the adoption of the LTIP in 2021 and no awards remain unvested. The outstanding options under the 2016 Option Plan are exercisable up to December 22, 2030. Awards covering an aggregate of 11,827,136 Class A ordinary shares in Wise plc were outstanding under the 2016 Option Plan as of March 31, 2026.

#### The Rules of the TransferWise 2021 Equity Incentive Plan
The 2021 EIP was adopted on January 1, 2021, and permitted the grant of nil cost options or restricted share units. No awards were granted under the 2021 EIP following the adoption of the LTIP. Only nil cost options were granted under the 2021 EIP. No awards remain unvested. The outstanding options under the 2021 EIP are exercisable up to 2031. Awards covering an aggregate of 1,489,726 Class A ordinary shares were outstanding under the 2021 EIP as of March 31, 2026.

#### The Rules of the Wise Group plc Long Term Incentive Plan
The LTIP was adopted on June 18, 2021 for the grant of incentive-based share plan awards over Class A ordinary shares in Wise plc after Wise plc's listing on the London Stock Exchange. Awards covering an aggregate of 23,252,645 Class A ordinary shares in Wise plc were outstanding under the LTIP as of March 31, 2026.

During the financial year ended March 31, 2026, we granted equity awards pursuant to the LTIP in respect of an aggregate of 11,475,425 of Class A ordinary shares in Wise plc.

#### Wise Group plc 2026 Equity Incentive Plan with Non-Employee Sub-Plan
On April 8, 2026, we adopted the Wise Group plc 2026 Equity Incentive Plan, including the Non-Employee Sub-Plan (collectively, the "2026 Plan") as a vehicle to continue granting equity to our, and our affiliates', current and prospective employees, together with our officers, non-executive directors and consultants.

This plan is intended to provide a means through which to grant equity throughout our business through a more customary and streamlined U.S.-style incentive plan in the event of a primary listing on a U.S. stock exchange. Following the adoption of the 2026 Plan, we do not expect to make further equity grants under the Legacy Plans.

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The 2026 Plan has an initial share pool of 102,567,200 Wise Group plc Class A ordinary shares (which represents approximately 10% of our current issued and outstanding Class A ordinary shares). In addition, such number of Class A ordinary shares reserved for issuance under the 2026 Plan will automatically increase on January 1 of each year for a period of ten years commencing on January 1, 2027 and ending on (and including) January 1, 2036, in an amount equal to 10% of the total number of all classes of shares of the Company that have been issued as of December 31 of the preceding year subject to the Company having sufficient authorized but unissued shares. The Board may act prior to January 1 of a given year to provide that the increase for such year will be a lesser number of Class A ordinary shares. A form of the 2026 Plan will be filed as an exhibit to this Annual Report.

#### Wise Employee Share Trust
We established the Wise Employee Share Trust (the "EST") to assist with our obligations to satisfy historical and future share awards under certain of our equity plans, as well as to reduce the effect of future dilution on existing shareholders arising from the share-based compensation offered to employees. The trustee of the EST has waived its right to receive dividends on any shares held by the EST. We provide financing to the EST to either purchase our shares on the open market, or to subscribe for newly issued share capital to meet our obligation to provide shares when employees exercise their options or awards.

We paid approximately $473 million to the EST during the financial year ended March 31, 2026.

#### Clawback Policy
Our board of directors has adopted an Incentive Compensation Recoupment Policy ("Clawback Policy") in compliance with Section 10D of the Exchange Act and applicable rules of Nasdaq. The Clawback Policy will be administered by our Compensation Committee and will provide that if we are required to record an accounting restatement, then we will seek to recover incentive-based compensation from certain current or former executive officers that was erroneously awarded and received during the three completed fiscal years immediately preceding the date we are required to record such accounting restatement, as well as any transition period (resulting from a change in our financial year) within or immediately following those three completed financial years. During the fiscal year ended March 31, 2026, we were not required to prepare an accounting restatement that required recovery of erroneously awarded compensation pursuant to our Clawback Policy. The Clawback Policy is filed as Exhibit 97 to this Annual Report.

*C. Board Practices* 

#### Composition of Our Board of Directors
Our board of directors consists of nine members. The board of directors has determined that each of David Wells, Clare Gilmartin, Elizabeth G. Chambers, Terri Duhon, Scott Hill, Alastair Rampell and Hooi Ling Tan does not have a relationship that would interfere with the exercise of their independent judgment in carrying out the responsibilities of director and that each of these directors is "independent" as that term is defined under the applicable Nasdaq listing standards. Neither Mr. Käärmann nor Mr. Thomassin qualify as independent under the applicable Nasdaq listing standards due to their respective positions as employees of our company.

In accordance with the articles of association, our board of directors is divided into two classes of directors, designated as Class I and Class II, as follows:

• Class I consists of David Wells, Emmanuel Thomassin, Terri Duhon and Hooi Ling Tan; and

• Class II consists of Kristo Käärmann, Scott Hill, Elizabeth Chambers, Alastair Rampell and Clare Gilmartin.

Each class consists, as nearly as possible, of a number of directors equal to one-half of the total number of directors. The Class I directors will stand for re-election at the next annual general meeting and the Class II

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directors will stand for re-election at the subsequent annual general meeting, in each case to be re-elected to hold office for a term ending upon the conclusion of the second annual general meeting following their re-election. At each succeeding annual general meeting, directors shall be appointed to succeed, and/or be re-appointed to continue, as the directors of the class whose term expires at such annual general meeting for a term ending upon the conclusion of the second annual general meeting following their re-election.

#### Committees of Our Board of Directors
Our board of directors has four standing committees: an Audit Committee, a Risk Committee, a Compensation Committee and a Nominating and Corporate Governance Committee. In April 2026, our board of directors restructured its committee framework, including: (i) renaming the "Audit and Risk Committee" to the "Audit Committee", (ii) establishing a separate Risk Committee, (iii) renaming the "Remuneration Committee" to the "Compensation Committee", and (iv) renaming the "Nomination Committee" to the "Nominating and Corporate Governance Committee". References in this Annual Report to any of the committees for periods prior to April 2026 refer to the committee names prior to the restructuring. The composition and responsibilities of each of the committees of our board of directors are described below. Members serve on these committees until their resignation or until otherwise determined by our board of directors. Our board of directors may establish other committees as it deems necessary or appropriate from time to time.

#### Audit Committee
The Audit Committee consists of Scott Hill, Clare Gilmartin and Terri Duhon. The chair of the Audit Committee is Scott Hill. Our board of directors has determined that each member of the Audit Committee satisfies the independence requirements under the applicable Nasdaq listing standards and Rule 10A-3(b)(1) of the Exchange Act. Each member of the Audit Committee can read and understand fundamental financial statements in accordance with applicable requirements. In addition, our board of directors has determined that Scott Hill is an "audit committee financial expert" within the meaning of SEC regulations.

The primary purpose of the Audit Committee is to discharge the responsibilities of our board of directors with respect to oversee the governance of our risk management system with respect to financial and accounting risks, financial reporting, the external audit process, internal control and related assurance processes. The Audit Committee operates under a written charter that complies with Nasdaq rules and its responsibilities pursuant to the written charter include:

• monitoring our financial reporting process and integrity of the financial statements, including the review of significant financial reporting judgments;

• reviewing, with management and the external auditor, the appropriateness of the interim and annual consolidated financial statements;

• reviewing, with the external auditor the scope and results of their audit;

• making recommendations to the board of directors, to be put to shareholders for approval at the annual general meeting, in relation to the appointment, reappointment and removal of the external auditor and be responsible for the compensation, retention and oversight of the external auditor;

• reviewing and monitoring the qualifications, performance and independence of the external audit;

• discussing and reviewing with management and the external auditors, as appropriate, the scope, adequacy and effectiveness of our internal control over financial reporting;

• monitoring the activities and reviewing the effectiveness of the internal audit function;

• reviewing reports regarding the procedures for detecting and preventing fraud;

• reviewing related-party transactions; and

• reviewing and providing advice to our board of directors on the approval of our U.S. Annual Report on Form 20-F.

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#### Risk Committee
The Risk Committee consists of Elizabeth G. Chambers, Terri Duhon and Scott Hill. The chair of the Risk Committee is Terri Duhon. The primary purpose of our Risk Committee is to assist our board of directors in fulfilling its oversight responsibilities with respect to our risk management and control framework. The Risk Committee operates under a written charter and its responsibilities pursuant to the written charter include:

• advising the board of directors on our overall risk appetite, risk profile and effectiveness of the risk management and control framework; and

• The review and assessment of the Company's risk management, risk assessment and major risk exposure.

#### Compensation Committee
The Compensation Committee consists of Elizabeth G. Chambers, Alastair Rampell and Hooi Ling Tan. The chair of the Compensation Committee is Elizabeth G. Chambers. Our board of directors has determined that each member of the Compensation Committee is independent under the applicable Nasdaq listing standards and a "non-employee director" as defined in Rule 16b-3 under the Exchange Act.

The primary purpose of our Compensation Committee is to discharge the responsibilities of our board of directors in overseeing our compensation policies, plans and programs and to review and determine the compensation to be paid to our senior executives, directors and other senior management, as appropriate. The Compensation Committee operates under a written charter and its responsibilities pursuant to the written charter include:

• reviewing and recommending to the board of directors the form and amount of our non-executive directors' compensation;

• reviewing and approving, the compensation of the executive officers (including the CEO and CFO) and other roles required in accordance with applicable regulations;

• overseeing the administration of incentive compensation and other equity-based plans; and

• reviewing and approving, or recommending to the board of directors, all equity-based awards, and overseeing the administration of incentive compensation and other equity-based plans.

#### Nominating and Corporate Governance Committee
The Nominating and Corporate Governance Committee consists of Clare Gilmartin, Kristo Käärmann, Hooi Ling Tan and David Wells. The chair of the Nominating and Corporate Governance Committee is David Wells. Our board of directors has determined that a majority of members of the Nominating and Corporate Governance Committee are independent under applicable Nasdaq listing standards. Because we are a foreign private issuer, we are not required to (i) have a nominating committee comprised solely of independent directors or (ii) otherwise have director nominees selected, or recommended for the board of directors' selection, by a majority of the independent directors in a vote in which only independent directors participate.

The Nominating and Corporate Governance Committee operates under a written charter and its responsibilities pursuant to the written charter include:

• reviewing the structure, size and composition of the board of directors and various board committees and making recommendations to the board of directors with regard to any changes;

• ensuring that plans are in place for an orderly succession to the board of directors and key members of management;

• identifying and nominating, for the approval of the board of directors, candidates to fill vacancies of the board of directors as and when they arise; and

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• evaluating developments in corporate governance and shareholder engagement, and reviewing our governance framework, disclosures and other related actions.

*D. Employees* 

The tables below comprise a breakdown of the number of our employees as of the end of each of the past three financial years by (i) employee activity and (ii) geographic location.

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| | | | |
|:---|:---|:---|:---|
|  | As of March 31 | As of March 31 | As of March 31 |
| **Employee Activity** | 2026 | 2025 | 2024 |
|  Product Engineering; (including Analytics, Design, Product) | 2070 | 1289 | 1150 |
|  Core (including Banking, Finance, Marketing, People, Risk & Compliance) | 1145 | 1077 | 902 |
|  Servicing (including Customer Support, Operations) | 5580 | 4136 | 3573 |
|  Other | 10 | 18 | 29 |
|  Total | 8805 | 6520 | 5654 |

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| | | | |
|:---|:---|:---|:---|
|  | As of March 31 | As of March 31 | As of March 31 |
| **Geography** | 2026 | 2025 | 2024 |
|  Europe, Middle East and Africa | 5415 | 4392 | 4032 |
|  Asia-Pacific | 1761 | 968 | 743 |
|  United States | 847 | 862 | 754 |
|  Latin America | 782 | 298 | 125 |
|  Total | 8805 | 6520 | 5654 |

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The terms of employment of some of our employees located in Belgium, Brazil and Spain is subject to collective bargaining agreements. In general, the collective bargaining agreements include terms that regulate remuneration, minimum salary, salary complements, extra time, benefits, bonuses and partial disability. We believe our employee relations are positive, and we have not experienced any work stoppages.

*E. Share Ownership* 

For information regarding the share ownership of our directors and executive officers, see "Item 7.A. Major Shareholders and Related Party Transactions—Major Shareholders."

*F. Disclosure of a Registrant's Actions to Recover Erroneously Awarded Compensation* 

Not applicable.

#### Item 7. Major Shareholders and Related Party Transactions
*A. Major Shareholders* 

The following table sets forth the beneficial ownership of our shares as of May 31, 2026:

• each person, or group of affiliated persons, who is known by us to beneficially own 5% or more of our Class A ordinary shares;

• each person, or group of affiliated persons, who is known by us to beneficially own 5% or more of our Class B ordinary shares;

• each person, or group of affiliated persons, who is known by us to beneficially own 5% or more of our Class A ordinary shares and Class B ordinary shares in the aggregate;

• each of our directors;

• each of our executive officers; and

• all of our directors and executive officers as a group.

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The percentage ownership and voting power information shown in the table is based upon 1,025,164,562 Class A ordinary shares and 204,338,749 Class B ordinary shares outstanding as of May 31, 2026, in each case of Wise Group plc. See "Item 4.C. Information on the Company—Organizational Structure" for more information.

We have determined beneficial ownership in accordance with the rules of the SEC. These rules generally attribute beneficial ownership of securities to persons who possess sole or shared voting power or investment power with respect to those securities. In addition, the rules include ordinary shares issuable pursuant to the vesting of restricted stock units and the exercise of share options that are either immediately exercisable or will become exercisable on or before July 30, 2026, which is 60 days after May 31, 2026. These shares are deemed to be outstanding and beneficially owned by the person holding those options for the purpose of computing the percentage ownership of that person, but they are not treated as outstanding for the purpose of computing the percentage ownership of any other person.

The information contained in the following table is not necessarily indicative of beneficial ownership for any other purpose, and the inclusion of any shares in the table does not constitute a representation of beneficial ownership of those shares. Unless otherwise indicated, the persons or entities identified in this table have sole voting and investment power with respect to all shares shown as beneficially owned by them, subject to applicable community property laws.

Except as otherwise noted below, the address for persons listed in the table is c/o Wise Group plc, 1st Floor Worship Square, 65 Clifton Street, London EC2A 4JE, United Kingdom.

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | Class A Ordinary<br>Shares Beneficially<br>Owned | Class A Ordinary<br>Shares Beneficially<br>Owned | Class B Ordinary<br>Shares Beneficially<br>Owned | Class B Ordinary<br>Shares Beneficially<br>Owned | Total<br>Voting<br>Power† |
|  | Shares | % | Shares | % | % |
|  **Name of Beneficial Owner** |  |  |  |  |  |
|  **5% or Greater Shareholders** |  |  |  |  |  |
|  Kristo Käärmann<sup>(1)</sup> | 186858255 | 18.2% | 161802356 | 79.2% | 49.99% |
|  Baillie Gifford & Co | 98802398 | 9.63% | 20803289 | 10.2% | 9.73% |
|  Orbis Investment Mgt. (Hamilton) | 53442462 | 5.2% |  |  | 1.87% |
|  Skaala Investments OÜ<sup>(2)</sup> | 28182117 | 2.8% | 19466926 | 9.5% | 7.1% |
|  **Executive Officers and Directors:** |  |  |  |  |  |
|  Kristo Käärmann<sup>(1)</sup> | 186858255 | 18.2% | 161802356 | 79.2% | 49.99% |
|  Emmanuel Thomassin<sup>(3)</sup> | 144619 | \* |  |  | \* |
|  Nilan Peiris<sup>(4)</sup> | 3284746 | \* | 1125790 | \* | \* |
|  Harsh Sinha<sup>(5)</sup> | 1728615 | \* |  |  | \* |
|  David Wells<sup>(6)</sup> | 500000 | \* |  |  | \* |
|  Clare Gilmartin | 48360 | \* |  |  | \* |
|  Elizabeth Chambers |  |  |  |  |  |
|  Terri Duhon<sup>(7)</sup> | 9213 | \* |  |  | \* |
|  Scott Hill |  |  |  |  |  |
|  Alastair Rampell<sup>(8)</sup> | 1075532 | \* |  |  | \* |
|  Hooi Ling Tan | 96720 | \* |  |  | \* |
|  **All current executive officers and directors as a group (11 persons)** | 193746060 | 19.0% | 162928146 | 79.7% | 50.58 %<sup>(9)</sup> |

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\* Represents beneficial ownership of less than 1%. 

† Represents the voting power with respect to all of our Class A ordinary shares and Class B ordinary shares, voting together as a single class. Each Class A ordinary share is entitled to one vote per share and each Class B ordinary share is entitled to nine votes per share. The Class A ordinary shares and Class B ordinary shares will generally vote together on main matters (including the election of directors) submitted to a vote of shareholders.

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| + | Class B ordinary shares are subject to certain voting right caps: (i) for most Class B shareholder groups, the aggregate votes cannot exceed one vote less than 35% of the total eligible votes on any resolution; (ii) for Kristo Käärmann's Class B shareholder group, while he serves as Chief Executive Officer, the cap is one vote less than 50% of the total eligible votes on any resolution; if he ceases to be Chief Executive Officer, the 35% cap applies; (iii) any votes in excess of these caps are treated as Affected Votes (as defined in the Articles) and are disregarded for voting purposes. See "Item 10.B. Additional Information—Memorandum and Articles of Association—Voting, Shareholder Meetings and Resolutions" for more information.  |

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(1) Includes 779,766 Class A ordinary shares and 779,766 Class B ordinary shares held by Kotilda OÜ, over which Mr. Käärmann exercises voting and investment power. The percentage included under the column titled "Total Voting Power" reflects the application of the voting right cap with respect to Class B ordinary shares held by Mr. Käärmann's Class B shareholder group, as described under "Item 10.B. Additional Information—Memorandum and Articles of Association—Voting, Shareholder Meetings and Resolutions."

(2) Taavet Hinrikus is the majority owner of Skaala Investments OÜ and may be deemed to exercise voting and investment power over the shares held thereby.

(3) Includes 144,619 Class A ordinary shares issuable upon the exercise of options granted to Mr. Thomassin that are exercisable within 60 days of May 31, 2026.

(4) Includes 815,285 Class A ordinary shares issuable upon the exercise of options granted to Mr. Peiris that are currently exercisable, and 105,240 restricted share units granted to Mr. Peiris that are exercisable within 60 days of May 31, 2026.

(5) Includes 812,500 Class A ordinary shares issuable upon the exercise of options granted to Mr. Sinha that are currently exercisable, and 105,240 restricted share units granted to Mr. Sinha within 60 days of May 31, 2026.

(6) Includes 500,000 Class A ordinary shares issuable upon the exercise of options granted to Mr. Wells that are currently exercisable within 60 days of May 31, 2026.

(7) Consists of 9,213 Class A ordinary shares held by family members of Ms. Duhon, over which Ms. Duhon may be deemed to exercise voting and investment power.

(8) Consists of 1,075,532 Class A ordinary shares held by a revocable trust, over which Mr. Rampell may be deemed to exercise voting and investment power.

(9) The percentage included under the column titled "Total Voting Power" reflects the application of the voting right cap with respect to Class B ordinary shares held by Mr. Käärmann's Class B shareholder group, as described under "Item 10.B. Additional Information—Memorandum and Articles of Association—Voting, Shareholder Meetings and Resolutions."

As of May 31, 2026, 1,025,164,562 of our Class A ordinary shares and 204,338,749 of our Class B ordinary shares were issued and outstanding. To our knowledge, approximately 39% of our total outstanding Class A ordinary shares were held by 272 holders of record in the United States. As of May 31, 2026, to our knowledge, no Class B ordinary shares are held by holders of record in the United States.

For a description of arrangements that could result in a change in control, see "Item 10.B. Additional Information—Memorandum and Articles of Association—Change in Control."

*B. Related Party Transactions* 

#### Policies and Procedures for Related Person Transactions
In connection with our listing on Nasdaq, we have adopted a written related person transaction policy that requires that each specified related person transaction, and any material amendment or modification to such transactions, be reviewed and approved or ratified by the board of directors or the Audit Committee. For purposes of our policy, a related person transaction is a transaction, arrangement or relationship, or any series of similar transactions, arrangements or relationships, to which the Company or any of its subsidiaries, on the one hand, and any related person, on the other hand, were parties, which is material to the Company or the related person or that is unusual in its nature or conditions. Transactions involving compensation for services provided to us as an employee or director are not covered by this policy. A related person generally includes enterprises that directly or indirectly through one or more intermediaries, control or are controlled by, or are under common

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control with, the Company, unconsolidated enterprises in which the Company has a significant influence or which has significant influence over the Company; individuals owning, directly or indirectly, an interest in the voting power of the Company that gives them significant influence over the Company, and close members of any such individual's family; the Company's directors and senior management and close members of such individuals' families; and enterprises in which a substantial interest in the voting power is owned, directly or indirectly, by directors or senior management or close members of such individuals' families or over which such a person is able to exercise significant influence.

Other than as disclosed in the notes to our consolidated financial statements included elsewhere in this Annual Report, since the beginning of the fiscal year ended March 31, 2025, there have been no related person transactions (as described above) that are required to be disclosed pursuant to Item 7.B of Form 20-F.

*C. Interests of Experts and Counsel* 

Not applicable.

#### Item 8. Financial Information
*A. Consolidated Statements and Other Financial Information.* 

#### Consolidated Financial Statements
See "Item 18. Financial Statements" for a list of all financial statements filed as part of this Annual Report.

#### Legal Proceedings
We are, and in the future may become, involved in legal proceedings or be subject to claims arising in the ordinary course of our business. The outcome of litigation and claims cannot be predicted with certainty, and the resolution of these matters could materially affect our future results of operations, cash flows, or financial position. In June 2026, the media reported on an ongoing money laundering inquiry by the Brussels prosecutor's office relating to Wise Europe SA, which we discussed further in our Form 6-K on June 1, 2026. The inquiry is incomplete, with no known timeline or outcome. We are not aware of any current legal proceedings that we believe will have, individually or in the aggregate, a material adverse effect on our business, results of operations, cash flows or financial position.

#### Dividend Distribution Policy
We have never declared or paid cash dividends on our ordinary shares. We do not anticipate declaring or paying any cash dividends in the foreseeable future, instead we currently intend to retain all available funds and future earnings, if any, to fund the development and expansion of our business. Any future determination regarding the declaration and payment of dividends, if any, will be at the discretion of our board of directors and will depend on the relevant circumstances, including our financial condition, operating results, contractual restrictions (including any restrictions in our debt arrangements), capital requirements, business prospects and other factors the board of directors may deem relevant.

*B. Significant Changes* 

Please refer to "Note 22—Subsequent Events*"* in the notes to our consolidated financial statements appearing elsewhere in this Annual Report for a discussion of significant changes since March 31, 2026.

#### Item 9. The Offer and Listing
*A. Offer and Listing Details* 

Our Class A ordinary shares, nominal value of $0.01 per share, are listed on the Nasdaq in the United States under the symbol "WSE." Our Class A ordinary shares are also listed on the LSE under the symbol "WISE." There have been no significant trading suspensions of our Class A ordinary shares during the prior three years.

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*B. Plan of Distribution* 

Not applicable.

*C. Markets* 

See "—A. Offer and Listing Details" above for all stock exchanges where our Class A ordinary shares are traded.

*D. Selling Shareholders* 

Not applicable.

*E. Dilution* 

Not applicable.

*F. Expenses of the Issue* 

Not applicable.

#### Item 10. Additional Information
*A. Share Capital* 

As of May 31, 2026, 1,025,164,562 Class A ordinary shares, nominal value $0.01 per share, and 204,338,749 Class B ordinary shares, nominal value $0.000000001 per share, were issued and outstanding. All issued shares are fully paid. In connection with the Reorganization Transaction completed on May 8, 2026, Wise Group plc issued Class A ordinary shares and Class B ordinary shares to holders of the corresponding classes of shares of Wise Limited on a 1:1 basis (excluding shares held by Excluded Shareholders). For additional information regarding the rights attaching to our shares, see "—B. Memorandum and Articles of Association." For information regarding shares issuable under our equity incentive plans, see "Item 6.B. Directors, Senior Management and Employees—Compensation—Equity Plans."

*B. Memorandum and Articles of Association* 

#### Introduction
Wise Group plc was incorporated under the laws of Jersey, Channel Islands as a public limited company on June 17, 2025 with registration number 160362 and having its registered office address at 3<sup>rd</sup> Floor, 44 Esplanade, St. Helier, JE4 9WG, Jersey, Channel Islands.

The following represents a summary of certain key provisions of the memorandum of association (the "Memorandum") and the Articles of Wise Group plc, as well as a description of relevant provisions of the Jersey Companies Law. The summary does not purport to be a summary of all of the provisions of the Memorandum or the Articles and it is subject to and qualified in its entirety by reference to the Memorandum and Articles, each of which is incorporated by reference as an exhibit to this Annual Report. We encourage you to read the Memorandum and Articles for additional information.

#### Key Provisions in our Memorandum of Association and Articles of Association

#### Objects and Purposes
Neither the Memorandum nor the Articles stipulate any particular objects or purposes of Wise Group plc and no objects or purposes are required to be stated by the Jersey Companies Law.

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#### Ordinary Shares

#### Dividend and Liquidation Rights
Holders of Class A ordinary shares are entitled to receive equally, share for share, any dividends that may be declared in respect of our Class A ordinary shares by the board of directors out of funds lawfully available for such purpose under Jersey law. Our board of directors has the power to declare interim dividends as it determines. Declaration of a final dividend (not exceeding the amount recommended by our board of directors) requires shareholder approval by adoption of an ordinary resolution. Failure to obtain such shareholder approval does not affect previously paid interim dividends.

Holders of Class B ordinary shares have no right to receive dividends or other distributions, except as provided in the Articles upon a winding-up.

In the event of our liquidation, after satisfaction of liabilities to creditors, the surplus assets of the company shall be applied:

• first, in paying to each holder of Class B ordinary shares the nominal value of their Class B ordinary shares (pro rata if insufficient); and

• second, the balance among holders of Class A ordinary shares pro rata to the number of Class A ordinary shares held.

Such rights may be affected by the grant of preferential dividend or distribution rights to the holders of a class or series of preferred shares that may be authorized in the future. The Articles provide that any dividend which has remained unclaimed for a period of 10 years from the date of declaration shall, if the board of directors so resolves, be forfeited and cease to remain owing by Wise Group plc and shall thereafter belong to Wise Group plc absolutely.

#### Voting, Shareholder Meetings and Resolutions
Each Class A ordinary share carries one vote on all matters submitted to a vote of holders of ordinary shares.

Each Class B ordinary share carries nine votes, subject to the following restrictions:

• Class B voting rights are non-transferable and may only be exercised by the original holders to whom such shares were issued under the Scheme.

• Class B voting rights are subject to caps:

• For most Class B shareholder groups, the aggregate votes cannot exceed one vote less than 35% of the total eligible votes on any resolution.

• For Kristo Käärmann's Class B shareholder group, while he serves as Chief Executive Officer, the cap is one vote less than 50% of the total eligible votes on any resolution; if he ceases to be Chief Executive Officer, the 35% cap applies.

• Any votes in excess of these caps are treated as Affected Votes (as defined in the Articles) and are disregarded for voting purposes.

• Class B voting rights cease permanently upon certain events, including death of the holder, any transfer of the Class B share or its corresponding Class A share, an indirect change of control of the holder, or at 23:59 (London time) on the tenth anniversary of the effective date of the Scheme, after which the Class B share is automatically redeemed for no consideration and canceled.

All shareholder resolutions are decided on a poll. There is no cumulative voting.

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Under Jersey law, an annual general meeting must be held once every calendar year and within 18 months of the previous annual general meeting. The Articles provide that the quorum for a general meeting is two qualifying persons present and entitled to vote. Should we cease to qualify as a foreign private issuer under the Exchange Act (or such other date as specified in the Articles) (referred to as the "Domestic Issuer Transition Date"), the quorum requirement would also include that those qualifying persons together hold at least one-third of the issued shares entitled to vote (excluding treasury shares) or such higher percentage as may be required by the U.S. stock exchange on which our Class A ordinary shares are then listed.

Extraordinary general meetings may be called by the board of directors or by requisition of shareholders holding not less than 10% of the voting rights. At least 14 clear days' notice must be given for any general meeting. Shareholders of record are entitled to attend and may appoint one or more proxies to attend and vote on their behalf.

An ordinary resolution (such as a resolution for the declaration of a final dividend) requires approval by a simple majority of votes cast. A special resolution (such as a resolution to amend the Memorandum or the Articles) requires approval by at least two-thirds of votes cast. There are no provisions in the Jersey Companies Law or the Articles relating to cumulative voting.

#### Amendments to Governing Documents
A special resolution is required to amend the Memorandum or the Articles, approve any change in authorized share capital, or approve a liquidation or winding-up. A special resolution requires at least 14 clear days' notice of the relevant general meeting and approval by the holders of two-thirds of the votes cast at the meeting.

#### Requirements for Advance Notification of Shareholder Nominations and Proposals
The Articles establish advance notice and related procedures with respect to shareholder proposals and nominations of candidates for election as directors. In summary:

• Prior to the Domestic Issuer Transition Date: Shareholders have no right to propose business at an annual general meeting other than through the board of directors.

• Following the Domestic Issuer Transition Date: Shareholders may nominate directors or propose other business at an annual general meeting if they comply with certain notice and disclosure requirements, including providing specified information about the proposing shareholder, any associated persons, and the proposed nominee or business. Notice must generally be delivered not earlier than 150 days and not later than 120 days before the anniversary of the preceding year's annual general meeting, subject to adjustments if the meeting date changes by more than 30 days.

#### Limits on Written Consents
Shareholder action by written resolution is permitted only while holders of Class B ordinary shares collectively hold a simple majority of the total voting rights. During that period, written resolutions (including special resolutions, except for removal of auditors) may be passed by the requisite majority without a meeting. At all other times, shareholder action may only be taken at a duly convened meeting.

#### Notices
Each shareholder of record is entitled to receive at least 14 clear days' notice of a general meeting. For the purposes of determining the shareholders entitled to notice and to vote, the board of directors may fix a record date not less than 10 days and not more than 60 days before the meeting.

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#### Modification of Class Rights
The rights attached to any class of shares (unless otherwise provided by the terms of issue of that class) may be varied with the consent in writing of holders of at least two-thirds in nominal value of the issued shares of that class or with the sanction of a special resolution passed at a separate meeting of the holders of that class.

#### Directors

#### Powers of Directors
Our business is managed by the board of directors, which may exercise all powers not required by Jersey law or the Articles to be exercised by shareholders in a general meeting. These powers include the ability to borrow money and issue shares within the limits of the Articles.

#### Board Structure and Terms
Upon the adoption of the Articles, our directors will be divided into two classes, Class I and Class II, serving staggered terms. At the first annual general meeting following adoption of the Articles, Class I directors will stand for re-election for a term ending at the second annual general meeting thereafter; Class II directors will stand for re-election at the second annual general meeting following adoption of the Articles for a similar term. Thereafter, directors are elected for terms ending at the second annual general meeting following their re-election. Directors serve until their successors are duly appointed or until earlier removal or resignation.

#### Election and Removal
Directors may be elected by ordinary resolution of shareholders or appointed by the board to fill vacancies or as additional directors. Shareholders may remove a director by ordinary resolution at any time, without cause. The board may also remove a director in certain circumstances specified in the Articles.

#### Conflicts of Interest
The Articles, to the fullest extent permitted by Jersey law, renounce any interest or expectancy that we may have in business opportunities presented to our directors or certain shareholders, except where expressly offered to a director in writing solely in their capacity as a director of our company.

#### Change in Control
The Articles do not contain a specific provision that delays, defers or prevents a change in control of our company. However, the board of directors is authorized to issue additional shares, including preferred shares, in accordance with a shareholder rights plan which could be used for a variety of corporate purposes, including to deter a takeover attempt. Jersey law does not prohibit a company from adopting a shareholder rights plan and the Articles authorize the board to adopt such a plan, except while we are subject to the U.K. City Code on Takeovers and Mergers.

#### Exclusive Forum Provision

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#### Other Jersey Law Considerations

#### Purchase of Own Shares
As with declaring a dividend, we may not buy back or redeem our shares unless our directors who authorize the buyback or redemption have made a statutory solvency statement that, immediately following the date on which the buyback or redemption is proposed, we will be able to discharge our liabilities as they fall due and, having regard to prescribed factors, we will be able to continue to carry on business and discharge our liabilities as they fall due for the 12 months immediately following the date on which the buyback or redemption is proposed (or until we are dissolved on a solvent basis, if earlier).

If the above conditions are met, we may purchase our shares in the manner described below:

• We may purchase on a stock exchange our fully paid shares pursuant to a special resolution of our shareholders.

• We may purchase our own fully paid shares other than on a stock exchange pursuant to a special resolution of our shareholders, but only if the purchase is made on the terms of a written purchase contract which has been approved in advance by an ordinary resolution of our shareholders. The shareholder from whom we propose to purchase or redeem ordinary shares is not entitled to vote in respect of the ordinary shares to be purchased.

• We may fund a redemption or purchase of our shares from any source. We cannot purchase our shares if, as a result of such purchase, only redeemable shares would remain in issue.

If authorized by a resolution of our shareholders, any shares that we redeem or purchase may be held by us as treasury shares. Any shares held by us as treasury shares may be canceled, sold, transferred for the purposes of or under an employee share scheme or held without cancelling, selling or transferring them. Shares redeemed or purchased by us are canceled where we have not been authorized to hold such shares as treasury shares.

#### Mandatory Purchases and Acquisitions
The Jersey Companies Law provides that where a person has made an offer to acquire a class or all of our outstanding ordinary shares not already held by the person and has as a result of such offer acquired or contractually agreed to acquire 90% or more of such outstanding ordinary shares, that person is then entitled (and may be required) to acquire the remaining ordinary shares. In such circumstances, a holder of any such remaining ordinary shares may apply to the courts of Jersey for an order that the person making such offer not be entitled to purchase the holder's ordinary shares or that the person purchase the holder's ordinary shares on terms different to those under which the person made such offer.

#### Compromises and Arrangements
Where we and our creditors or shareholders or a class of either of them propose a compromise or arrangement between us and our creditors or its shareholders or a class of either of them (as applicable), the courts of Jersey may order a meeting of the creditors or class of creditors, or of our shareholders or class of shareholders (as applicable), to be called in such a manner as the court directs.

Any compromise or arrangement approved by a majority in number present and voting at the meeting representing 75% or more in value of the creditors or 75% or more of the voting rights of shareholders or class of either of them (as applicable) if sanctioned by the court, is binding upon us and all the creditors, shareholders or members of the specific class of either of them (as applicable).

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Whether our capital is to be treated as being divided into a single or multiple class(es) of shares is a matter to be determined by the court. The court may in its discretion treat a single class of shares as multiple classes, or multiple classes of shares as a single class, for the purposes of the shareholder approval referred to above taking into account all relevant circumstances, which may include circumstances other than the rights attaching to the shares themselves.

#### Comparison of Delaware Corporate Law and Jersey Corporate Law
Jersey companies are governed by the Jersey Companies Law. The Jersey Companies Law differs from laws applicable to Delaware corporations and their shareholders. For comparison purposes, set forth below is a summary of some significant differences between the laws applicable to companies incorporated in the State of Delaware and the provisions of the Jersey Companies Law applicable to Wise Group plc. This summary is not intended to be a complete discussion of the respective rights and it is qualified in its entirety by reference to Delaware law and Jersey law.

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| **Delaware Corporate Law** | **Jersey Corporate Law** |
| **Mergers and Similar Arrangements; Appraisal Rights** | **Mergers and Similar Arrangements; Appraisal Rights** |
| Under the Delaware General Corporation Law, with certain exceptions, a (i) merger, (ii) consolidation, and (iii) sale, lease or transfer of all or substantially all of the assets of a corporation must be approved by the board of directors and a majority of the outstanding shares entitled to vote thereon. A shareholder of a Delaware corporation participating in certain major corporate transactions may, under certain circumstances, be entitled to appraisal rights pursuant to which such shareholder may receive cash in the amount of the fair value of the shares held by such shareholder (as determined by the Delaware Court of Chancery) in lieu of the consideration such shareholder would otherwise receive in the transaction. The Delaware General Corporation Law also provides that a parent corporation, by resolution of its board of directors, may merge with any subsidiary, of which it owns at least 90% of each class of capital stock, without a vote by the shareholders of such subsidiary. Upon any such merger in which the parent does not own all of the stock of the subsidiary immediately prior to the merger, dissenting shareholders of the subsidiary would have appraisal rights. | A sale or disposal of all or substantially all the assets of a Jersey company must be approved by the board of directors and, only if the articles of association of the company require, by the shareholders in a general meeting. A merger involving a Jersey company must be generally documented in a merger agreement, which must be approved by special resolution (being a two-thirds majority, if the articles of association of the company do not specify a greater majority) of shareholders of that company.<br>There are no appraisal rights under the Jersey Companies Law. |
| **Shareholders' Suits** | **Shareholders' Suits** |
| Class actions and derivative actions generally are available to shareholders of a Delaware corporation for, among other things, breach of fiduciary duty, corporate waste and actions not taken in accordance with applicable law. In such actions, the court has discretion in certain circumstances to permit the winning party to recover incurred attorneys' fees. | Under Article 141 of the Jersey Companies Law, a shareholder may apply to court for relief on the ground that the conduct of a company's affairs, including a proposed or actual act or omission by a company, is "unfairly prejudicial" to the interests of shareholders generally or of some part of shareholders, including at least the shareholder making the application. |

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|  | <br> There may also be customary law personal actions available to shareholders. Under Article 143 of the Jersey Companies Law (which sets out the types of relief a court may grant in relation to an action brought under Article 141 of the Jersey Companies Law), a court may make an order regulating the affairs of a company, requiring a company to refrain from doing or continuing to do an act complained of, authorizing civil proceedings and providing for the purchase of shares by a company or by any of its other shareholders. |
| **Shareholder Vote on Board and Management Compensation** | **Shareholder Vote on Board and Management Compensation** |
| Under the Delaware General Corporation Law, the board of directors has the authority to fix the compensation of directors, unless otherwise restricted by the certificate of incorporation or bylaws. While the Delaware General Corporation Law grants the board this power, directors setting their own compensation are still constrained by their fiduciary duties (discussed below). | Subject to the Articles, the board of directors may set the compensation of directors and members of management. |
| **Annual Vote on Board Renewal** | **Annual Vote on Board Renewal** |
| Unless directors are elected by written consent in lieu of an annual meeting, directors are elected at an annual meeting of shareholders on a date and at a time designated by or in the manner provided in the bylaws. Re-election is possible.<br>Classified boards are permitted. | Unless otherwise stated in the Articles, directors of Jersey companies may be elected at any meeting of shareholders including the annual general meeting. Re-election is possible.<br>Classified boards are permitted. |
| **Indemnification of Directors and Executive Officers and Limitation of Liability** | **Indemnification of Directors and Executive Officers and Limitation of Liability** |
| &nbsp;&nbsp;&nbsp;&nbsp; The Delaware General Corporation Law provides that a certificate of incorporation may eliminate or limit the personal liability of directors and officers for monetary damages for breach of a fiduciary duty as a director or officer, except no provision may eliminate or limit the liability of:<br>• a director or officer for any breach of the duty of loyalty to the corporation or its shareholders;<br>• a director or officer for acts or omissions not in good faith or which involve intentional misconduct or a knowing violation of law;<br>• a director for statutory liability for unlawful payment of dividends or unlawful share purchase or redemption;<br>| &nbsp;&nbsp;&nbsp;&nbsp; The Jersey Companies Law does not contain any provision permitting Jersey companies to limit the liabilities of directors for breach of fiduciary duty.<br>However, a Jersey company may exempt from liability and indemnify directors and officers for liabilities:<br>• incurred in defending any civil or criminal legal proceedings where:<br>• judgment is given in the person's favor or the person is acquitted;<br>• the proceedings are discontinued other than by reason of such person (or someone on their behalf) giving some benefit or suffering some detriment; or<br>|

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| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br> • a director or officer for any transaction from which the director or officer derived an improper personal benefit; or<br>• an officer in any action by or in the right of the corporation.<br>A Delaware corporation may indemnify any person who was or is a party or is threatened to be made a party to any proceeding, other than an action by or on behalf of the corporation, by reason of the fact that the person is or was a director, officer, employee or agent, against expenses, judgments, fines and amounts paid in settlement actually and reasonably incurred in connection with the proceeding if the person acted in good faith and in a manner reasonably believed to be in, or not opposed to, the best interests of the corporation; and the person, with respect to any criminal action or proceeding, had no reasonable cause to believe their conduct was unlawful.<br>A Delaware corporation may indemnify any person who was or is a party or is threatened to be made a party to any action or suit by or in the right of the corporation to secure a judgment in its favor by reason of the fact that the person is or was a director, officer, employee or agent, against expenses actually and reasonably incurred in connection with the defense or settlement of such action or suit if the person acted in good faith and in a manner reasonably believed to be in, or not opposed to, the best interests of the corporation, and except that no indemnification shall be made in respect of any claim as to which such person has been found liable to the corporation unless and only to the extent that the court determines that, despite the adjudication of liability but in view of all the circumstances of the case, the director or officer is fairly and reasonably entitled to indemnity for those expenses which the court deems proper. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br> • the proceedings are settled on terms that such person (or someone on their behalf) gives some benefit or suffers some detriment but in the opinion of a majority of the disinterested directors, the person was substantially successful on the merits in the person's resistance to the proceedings;<br>• incurred to anyone other than to the company if the person acted in good faith with a view to the best interests of the company;<br>• incurred in connection with an application made to the court for relief from liability for negligence, default, breach of duty or breach of trust under Article 212 of the Jersey Companies Law in which relief is granted to the person by the court; or<br>• incurred in a case in which the company normally maintains insurance for persons other than directors.<br>|
| &nbsp;&nbsp;&nbsp;&nbsp; Unless ordered by a court, any foregoing indemnification is subject to a determination that the director or officer has met the applicable standard of conduct:<br>• by a majority vote of the directors who are not parties to the proceeding, even though less than a quorum;<br>• by a committee of directors designated by a majority vote of the eligible directors, even though less than a quorum;<br>• by independent legal counsel in a written opinion if there are no eligible directors, or if the eligible directors so direct; or<br>• by the shareholders.<br>|  |

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| <br> To the extent that a present or former director or certain officers of a corporation has been successful on the merits or otherwise in defense of any proceeding referred to above, such person shall be indemnified against expenses actually and reasonably incurred by such person in connection therewith. |  |
| **Directors' Fiduciary Duties** | **Directors' Fiduciary Duties** |
| &nbsp;&nbsp;&nbsp;&nbsp; A director of a Delaware corporation has a fiduciary duty to the corporation and its shareholders. This duty has two components:<br>• the duty of care; and<br>• the duty of loyalty.<br>The duty of care requires that a director consider all material information reasonably available before taking board action.<br>The duty of loyalty requires that a directors act free of self-interest and in good faith with the honest belief that their actions are in the best interests of the company and its shareholders. They must not use their corporate position for personal gain or advantage. This duty prohibits self-dealing by a director and mandates that the best interest of the corporation and its shareholders take precedence over any interest possessed by a director, officer or controlling shareholder and not shared by the shareholders generally.<br>In general, actions of a director are presumed to have been made on an informed basis, in good faith and in the honest belief that the action taken was in the best interests of the corporation. However, this presumption may be rebutted by evidence of a breach of one of the fiduciary duties. Should such evidence be presented concerning a transaction by a director, a director must prove the procedural fairness of the transaction, and that the transaction was of fair value to the corporation and its shareholders. | &nbsp;&nbsp;&nbsp;&nbsp; Under the Jersey Companies Law, a director of a Jersey company, in exercising the director's powers and discharging the director's duties, has a duty to:<br>• act honestly and in good faith with a view to the best interests of the company; and<br>• exercise the care, diligence and skill that a reasonably prudent person would exercise in comparable circumstances.<br>Customary law is also an important source of law in the area of directors' duties in Jersey as it expands upon the general duties and obligations of directors. The Jersey courts view English common law as highly persuasive in this area.<br>In summary, the following duties will apply in connection with this general fiduciary duty: a duty to act in good faith and in what they bona fide considers to be the best interests of the company; a duty to exercise powers for a proper purpose; a duty to avoid any actual or potential conflict between their own and the company's interests; and a duty to account for profits and not take personal profit from any opportunities arising from their directorship, even if they is acting honestly and for the good of the company. However, the articles of association of a company may permit the director to be personally interested in arrangements involving the company (subject to the requirement to have disclosed such interest). |
| **Shareholder Action by Written Consent** | **Shareholder Action by Written Consent** |
| A Delaware corporation may, in its certificate of incorporation, eliminate the right of shareholders to act by written consent. | If permitted by the articles of association, a written consent signed and passed by the specified majority of members may affect any matter that otherwise may be brought before a shareholders' meeting, except for the removal of a company's auditors. Such consent shall be deemed effective when the |

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|  | instrument, or the last of several instruments, is signed by the specified majority of members or on such later date as is specified in the resolution.<br>The Articles state that if Class B shareholders hold at least a simple majority of total voting rights, they may pass written shareholder resolutions (including special resolutions, but not auditor removals) with the required voting majority, without holding a meeting or giving notice. Such resolutions may be signed in counterparts and by authorized representatives. Except in these circumstances or where allowed by law, written resolutions are not permitted. |
| **Shareholder Proposals; Special Meetings of Shareholders** | **Shareholder Proposals; Special Meetings of Shareholders** |
| A shareholder of a Delaware corporation generally may put proposals before the annual meeting of shareholders, provided it complies with the notice provisions in the governing documents.<br>A special meeting may be called by the board of directors or any other person authorized to do so in the governing documents. Shareholders may be precluded from calling special meetings. | The Jersey Companies Law does not provide for a shareholder right to put a proposal before the shareholders at the annual general meeting.<br>Shareholders holding 10% or more of a Jersey company's voting rights and entitled to vote at the relevant meeting may legally require such company's directors to call a meeting of shareholders. The Jersey Financial Services Commission may, at the request of any officer, secretary or shareholder, call or direct the calling of an annual general meeting. Failure to call an annual general meeting in accordance with the requirements of the Jersey Companies Law is a criminal offence on the part of a Jersey company and its directors and secretary. |
| **Cumulative Voting** | **Cumulative Voting** |
| Under the Delaware General Corporation Law, cumulative voting for elections of directors is not permitted unless the corporation's certificate of incorporation provides for it. | There are no provisions in the Jersey Companies Law relating to cumulative voting. |
| **Removal of Directors** | **Removal of Directors** |
| Any director or the entire board of directors may be removed, with or without cause, by the holders of a majority of the shares then entitled to vote at an election of directors, except (i) unless the certificate of incorporation otherwise provides, in the case of a corporation whose board is classified, stockholders may remove a director only for cause and (ii) in the case of a corporation having cumulative voting, if less than the entire board is to be removed, no director may be removed without cause if the votes cast against such director's removal would be sufficient to elect such | There is no statutory right under Jersey Companies Law for shareholders to remove directors of a company.<br>If provided for in the articles of association, a director may be removed from office by the holders of ordinary shares by special resolution or other threshold only for "cause" (as defined in the articles of association). In addition, a director may be removed by resolution made by the board of directors |

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| director if then cumulatively voted at an election of the entire board of directors, or, if there are classes of directors, at an election of the class of directors of which such director is a part. | for "cause" if the articles of association provide for such a right.<br>Under the Articles, the office of a director shall be vacated if all of the other directors sign a notice stating that the relevant director should cease to hold office. |
| **Transactions with Interested Directors or Controlling Stockholders** | **Transactions with Interested Directors or Controlling Stockholders** |
| &nbsp;&nbsp;&nbsp;&nbsp; Under a safe harbor provision in the Delaware General Corporation Law, certain enumerated interested or conflicted acts or transactions with interested directors or officers, or with controlling stockholders, may not be the subject of equitable relief, or give rise to an award of damages, by reason of a claim based on a breach of fiduciary duty by a director, officer, controlling stockholder or a member of a control group, if one or more of certain protective measures are implemented (depending on the circumstances), or if the transaction "is fair to the corporation and its stockholders."<br>• *An interested director or officer transaction is* protected by the statutory safe harbor if it is <u>either</u>:<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Approved by a majority of the disinterested directors on the board or a committee (committee approval required in some instances); <u>or</u><br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Approved or ratified by an informed and uncoerced vote of a majority of the votes cast by the disinterested stockholders; <u>or</u><br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Fair to the corporation and its stockholders<br>• *Conflicted "controlling stockholder transactions" (other than a going private transaction are* protected by the statutory safe harbor if it is <u>either</u>:<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Approved by a majority of the disinterested directors on a committee; <u>or</u><br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Conditioned on the approval of the disinterested stockholders before being submitted for a vote, and the transaction is approved by an informed, uncoerced vote of a majority of the votes cast by the disinterested stockholders; <u>or</u><br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• "Fair to the corporation and its stockholders"<br>• *Controlling stockholder going private transactions* are protected by the statutory safe harbor if the transaction:<br>| An interested director must disclose to the company the nature and extent of any interest in a transaction with the company, or one of its subsidiaries, which to a material extent conflicts or may conflict with the interests of the company and of which the director is aware.<br>Failure to disclose an interest entitles the company or a shareholder to apply to the court for an order setting aside the transaction and directing that the director account to the company for any profit.<br>A transaction is not voidable and a director is not accountable notwithstanding a failure to disclose an interest if the transaction is confirmed by special resolution of shareholders and the nature and extent of the director's interest in the transaction are disclosed in reasonable detail in the notice calling the meeting.<br>Although it may still order that a director account for any profit, a court will not set aside a transaction unless it is satisfied that the interests of third parties who have acted in good faith would not thereby be unfairly prejudiced and the transaction was not reasonable and fair in the interests of the company at the time it was entered into. |

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| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Complies with <u>both</u> of the two protective measures applicable to other conflicted controlling stockholder or control group transactions; or<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Is "fair to the corporation and its stockholders"<br>|  |
| **Transactions with Interested Shareholders** | **Transactions with Interested Shareholders** |
| The Delaware General Corporation Law generally prohibits a Delaware corporation from engaging in a business combination (as defined in Delaware General Corporation Law Section 203) with an "interested shareholder" for three years following the date that such person becomes an interested shareholder, unless, among other things, the business combination is approved by the board of directors and authorized at an annual or special meeting of shareholders by the affirmative vote of at least 66 2/3% of the outstanding voting stock which is not owned by the interested stockholder. An interested shareholder generally is a person or group that (i) owns 15% or more of the corporation's outstanding voting shares or (ii) in the case of affiliates or associates of the corporation, owns or owned 15% of the corporation's outstanding voting shares at any time within the past three years. | The Jersey Companies Law has no comparable provision. As a result, a Jersey company cannot avail itself of the types of protections afforded by the Delaware business combination statute. However, as a general matter, such transactions must be entered into bona fide in the best interests of the company and not with the effect of constituting a fraud on the minority shareholders. |
| This has the effect of limiting the ability of a potential acquirer to make a two-tiered bid for the target in which all shareholders would not be treated equally. The statute does not apply if, among other things, prior to the date on which such shareholder becomes an interested shareholder, the board of directors approves either the business combination or the transaction which resulted in the person becoming an interested shareholder. This encourages any potential acquirer of a Delaware corporation to negotiate the terms of any acquisition transaction with the target's board of directors. |  |
| **Dissolution; Winding Up** | **Dissolution; Winding Up** |
| Unless the board of directors of a Delaware corporation approves the proposal to dissolve, dissolution must be approved by shareholders holding 100% of the total voting power of the corporation. Only if the dissolution is initiated by the board of directors may it be approved by a simple majority of the corporation's outstanding shares entitled to vote thereon. Delaware law allows a Delaware corporation to include in its certificate of incorporation a supermajority voting requirement in connection with dissolutions initiated by the board. | Under the Jersey Companies Law, a Jersey company may be voluntarily dissolved, liquidated or wound up by a special resolution of the shareholders. In addition, a company may be wound up by the courts of Jersey if the court is of the opinion that it is just and equitable to do so or that it is expedient in the public interest to do so.<br>Alternatively, a creditor with a claim against a Jersey company of not less than £3,000 may apply to the Royal Court of Jersey for the property of that |

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|  | company to be declared *en désastre* (being the Jersey law equivalent of a declaration of bankruptcy). Such an application may also be made by the Jersey company itself without having to obtain any shareholder approval. |
| **Variation of Rights of Shares** | **Variation of Rights of Shares** |
| Generally speaking, the holders of the outstanding shares of a class shall be entitled to vote as a class upon a proposed amendment to the certificate of incorporation if the amendment would (i) increase or decrease the aggregate number of authorized shares of such class (unless otherwise provided in the original certificate or the amendment creating such class), (ii) increase or decrease the par value of the shares of such class, or (iii) alter or change the powers, preferences, or special rights of the shares of such class so as to affect them adversely. If any proposed amendment would alter or change the powers, preferences, or special rights of a series of stock, but does not so affect the entire class, then only the shares of the series so affected by the amendment are entitled to a separate series vote. | Under Jersey law, the rights attached to any class of shares may only be varied (unless otherwise provided in the articles of association or by the terms of issue of that class) with the written consent of the holders of two-thirds of the shares of such class or with the sanction of a special resolution passed at a general meeting of the holders of the shares of that class.<br>The Articles state that the rights attached to any class (unless otherwise provided by the terms of issue of that class), such as voting, dividends and the like, may be varied with the consent in writing of the holders of at least two-thirds in nominal value of the issued shares of that class or with the authority of a special resolution passed at a separate general meeting of the holders of those shares. |
| **Amendment of Governing Documents** | **Amendment of Governing Documents** |
| Generally speaking, and subject to the rights of certain holders of a class or series of stock to a separate class or series vote in certain circumstances, a Delaware corporation's certificate of incorporation may be amended with the approval of a majority of the outstanding shares entitled to vote thereon, unless the certificate of incorporation provides for a higher vote.<br>Stockholders are entitled to amend the bylaws of the corporation. By default, that requires the affirmative vote of a majority of the shares present in person or represented by proxy at the meeting and entitled to vote, though a greater vote can be provided for in the corporation's organizational documents. The board of directors may amend the bylaws if it is granted the authority to do so in the corporation's certificate of incorporation. | The memorandum of association and the articles of association of a Jersey company may only be amended by special resolution (being a two-thirds majority if the articles of association of the company do not specify a greater majority) passed by shareholders in general meeting or by written resolution (if not prohibited by the articles of association) signed by either all the shareholders entitled to vote or, if authorized by the articles of association, a two-thirds majority (if the articles of association of the company do not specify a greater majority). |
| **Blank Check Preferred Stock/Shares** | **Blank Check Preferred Stock/Shares** |
| A Delaware corporation's certificate of incorporation may give the board of directors authority to issue, out of the authorized class of preferred stock, preferred stock in series and designate the powers, preferences and rights thereof without stockholder approval. This authority can help in preventing a takeover attempt. In | Subject to the restrictions in the Articles, the Articles give the board of directors the right to provide for other classes of shares, including series of preferred shares, out of the authorized but unissued share capital, which could be utilized for a variety of corporate purposes, including future offerings to raise |

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| addition, subject to certain fiduciary duty limitations, Delaware law does not prohibit a corporation from adopting a shareholder rights plan which could help to prevent a takeover attempt. | capital for corporate purposes or for use in employee benefit plans.<br>Where the U.K. City Code on Takeovers and Mergers does not apply to a company, Jersey law does not prohibit a company from adopting a shareholder rights plan which could prevent a takeover attempt. |
| **Inspection of Books and Records** | **Inspection of Books and Records** |
| Shareholders of a Delaware corporation, upon written demand under oath, have the right during the usual hours for business to inspect for any proper purpose, and to obtain copies of list(s) of shareholders and certain other specified books and records of the corporation and its subsidiaries, if any, subject to certain conditions. Among other things, a shareholder may inspect and copy the corporation's books and records only if (i) the shareholder's demand is made in good faith and for a proper purpose; (ii) the shareholder's demand describes with reasonable particularity the shareholder's purpose and the books and records the stockholder seeks to inspect, and (iii) the books and records sought are specifically related to the shareholder's purpose. | The register of shareholders and books containing the minutes of general meetings or of meetings of any class of shareholders of a Jersey company must, during business hours, be open to the inspection of a shareholder of the company without charge.<br>The register of directors and secretaries must during business hours (subject to such reasonable restrictions as the company may by its articles of association or in general meeting impose but so that not less than two hours in each business day be allowed for inspection) be open to the inspection of a shareholder or director of the company without charge. |
| **Payment of Dividends** | **Payment of Dividends** |
| &nbsp;&nbsp;&nbsp;&nbsp; The board of directors may approve a dividend without shareholder approval. Subject to any restrictions contained in its certificate of incorporation, the board may declare and pay dividends either:<br>• out of its surplus; or<br>• in case there is no such surplus, out of its net profits for the fiscal year in which the dividend is declared and/or the preceding fiscal year.<br>Shareholder approval is required to amend the certificate of incorporation to authorize capital stock in excess of that currently provided for in the certificate of incorporation. | Subject to restrictions in the Articles, a Jersey company may make a distribution at any time and out of any source (other than the nominal capital account or capital redemption reserve) provided that the directors of the company who authorize the distribution make a statutory solvency statement confirming that they have formed the opinion that immediately following the date on which the distribution is proposed and for a 12 month period thereafter the company will be able to discharge its liabilities as they fall due.<br>Likewise, authorizing directors must also make a statutory solvency statement in the event of redeeming or purchasing the company's shares. |
| **Creation and Issuance of New Shares** | **Creation and Issuance of New Shares** |
| All creation of shares requires the board of directors to adopt a resolution or resolutions, pursuant to authority expressly vested in the board of directors by the provisions of the company's certificate of incorporation. Directors may issue authorized shares without shareholder approval, subject to applicable Nasdaq | Pursuant to authority vested in the board under the memorandum and articles of association, the board of directors may authorize the issuance of new shares through a resolution. |

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listing rules, which require shareholder approval in certain circumstances, including issuances of 20% or more of the Company's outstanding ordinary shares and certain issuances in connection with acquisitions and equity compensation arrangements.

*C. Material Contracts* 

Our material contracts include the Revolving Credit Facility and the deed of trust for the EMTN Program. For a description of the Revolving Credit Facility and EMTN Program, see "Item 5.B. Operating and Financial Review and Prospects—Liquidity and Capital Resources—Indebtedness." Other than the foregoing and as otherwise described in this Annual Report, we have not entered into any material contracts outside the ordinary course of business during the two years preceding the date of this Annual Report.

*D. Exchange Controls* 

There are no governmental laws, decrees, regulations or other legislation in Jersey that may affect the import or export of capital, including the availability of cash and cash equivalents for use by us, or that may affect the remittance of dividends, interest, or other payments by us to non-resident holders of our Class A ordinary shares, other than withholding tax requirements. For information regarding exchange controls and restrictions on capital movements in other jurisdictions in which we operate, see "Item 3.D. Key Information—Risk Factors—Unfavorable geopolitical or macroeconomic conditions could limit our ability to grow our business and negatively affect our operating results," "Item 3.D. Key Information—Risk Factors—If we, or the financial institutions that we work with, fail to comply with the regulatory license conditions in a given market, our operations would be adversely affected." and "Item 4.B. Information on the Company—Business Overview—Government Regulation."

*E. Taxation* 

#### Wise Group plc is a Jersey incorporated company that is intended to be resident for tax purposes solely in the U.K.
*The following sections provide an overview of certain Jersey, U.K. and U.S. tax considerations, and are not intended to constitute a complete analysis of all tax consequences relating to the acquisition, ownership and disposition of our ordinary shares in each such jurisdiction. You should consult your own tax advisor concerning the tax consequences of your particular situation, as well as any tax consequences that may arise under the laws of any state, local, foreign or other taxing jurisdiction.* 

#### Certain Jersey Tax Considerations
The following summary of the anticipated treatment of Wise Group plc and holders of shares (other than residents of Jersey) is based on Jersey taxation law and practice as it is understood to apply at the date of this Annual Report and may be subject to any changes in Jersey law. It does not constitute legal or tax advice and does not address all aspects of Jersey tax law and practice (including such tax law and practice as it applies to any land or building situated in Jersey). It also does not deal with any Jersey tax considerations applicable to any Excluded Shareholder. Accordingly, prospective investors should consult their own tax advisers regarding tax considerations with respect to their investment in Wise.

Shareholders should note that tax law and interpretation can change and that, in particular, the levels and basis of, and reliefs from, taxation may change and may alter the benefits of the investment in Wise Group plc.

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Under the Income Tax (Jersey) Law 1961 (as amended), an entity shall be regarded as tax resident in Jersey as it is incorporated under the Companies Law unless:

• its business is centrally managed and controlled outside Jersey in a country or territory where the highest rate at which any company may be charged to tax on any part of its income is 10% or higher; and

• the entity is resident for tax purposes in that country or territory.

It is intended that Wise Group plc will not be resident for tax purposes in Jersey and not subject to any rate of tax in Jersey as it will instead be resident in the United Kingdom where the tax rate is in excess of 10%.

For so long as Wise Group plc is managed and controlled in the United Kingdom and therefore deemed not to be tax resident in Jersey, it is entitled to pay dividends to shareholders without any withholding or deduction for or on account of Jersey income tax. Shareholders who are not resident for income tax purposes in Jersey are not subject to taxation in Jersey in respect of any income or gains arising in respect of the shares held by them. Shareholders who are resident for income tax purposes in Jersey will be subject to income tax in Jersey on any dividends paid on shares held by them or on their behalf.

There is no stamp duty in Jersey on the issue or transfer of shares. On the death of an individual holder (whether or not such individual was resident in Jersey), duty at rates of up to 0.75% of the value of the relevant shares (subject to a cap on liability of £100,000) may be payable upon the registration of a grant of probate or letters of administration which would be required in order to transfer the shares of a deceased sole shareholder. There is no capital gains tax, estate duty or inheritance tax in Jersey nor is there any tax on gifts.

#### Goods and Services Tax
Pursuant to the Goods and Services Tax (Jersey) Law 2007 (the "2007 Law"), Jersey goods and services tax is payable on the supply of applicable goods and services at the rate of 5%. For so long as Wise Group plc is an 'international services entity' under the 2007 Law, having satisfied the requirements of the Goods and Services Tax (International Service Entities) (Jersey) Regulations 2007, as amended, a supply of goods or a service made by Wise Group plc shall not be a taxable supply for the purposes of the 2007 Law.

#### Information Reporting
Information relating to the shares, their holders and beneficial owners may be required to be provided to tax authorities in certain circumstances pursuant to domestic or international reporting and transparency regimes. This may include (but is not limited to) information relating to the value of shares, amounts paid or credited with respect to shares, details of the holders or beneficial owners of shares and information and documents in connection with transactions relating to shares. In certain circumstances, the information obtained by a tax authority may be provided to tax authorities in other countries.

#### Economic Substance
The Taxation (Companies—Economic Substance) (Jersey) Law 2018 (the "Substance Law") came into force on January 1, 2019.

It is intended that Wise Group plc be managed and controlled in the United Kingdom and therefore will not be deemed to be tax resident in Jersey. Accordingly, the Substance Law will not apply to Wise Group plc.

#### No Restrictions on Capital Movement or Shareholding Rights for Non-Residents
There are no governmental laws, decrees, regulations or other legislation in Jersey that may affect the import or export of capital, including the availability of cash and cash equivalents for use by us, or that may

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affect the remittance of dividends, interest, or other payments by us to non-resident holders of our Class A ordinary shares, other than withholding tax requirements. There is no limitation imposed by Jersey law or our Articles on the right of non-residents to hold or vote shares.

#### Certain United Kingdom Tax Considerations
The following discussion is a summary of certain limited aspects of the U.K. taxation treatment of holding and disposing of our Class A ordinary shares. It does not constitute legal or tax advice and does not purport to be a complete analysis of all applicable U.K. tax considerations, including the circumstances in which holders of our Class A ordinary shares may benefit from an exemption or relief from U.K. taxation. The discussion (including any reference to rates of taxation) is based on current U.K. tax legislation and HM Revenue and Customs ("HMRC") practice (which may not be binding on HMRC), in each case as of the date of this Annual Report, both of which are subject to change, possibly with retrospective effect. It is written on the basis that the company does not (and will not) directly or indirectly derive 75% or more of its qualifying asset value from U.K. land, and that the company is and remains resident solely in the United Kingdom for tax purposes and will be subject to the U.K. tax regime and not the Jersey tax regime or the U.S. tax regime save as set out above under "—Certain Jersey Tax Considerations" and below under "—Certain Material U.S. Federal Income Tax Considerations for U.S. Holders."

The discussion is intended as a general guide and, in particular, does not deal with certain types of holders of Class A ordinary shares, such as financial institutions, pension schemes, charities, tax-exempt organizations, trustees, intermediaries, market makers, brokers, dealers in securities, persons who have or could be treated for tax purposes as having acquired their Class A ordinary shares by reason of their office, employment or as carried interest, collective investment schemes, persons who hold investments in any HMRC-approved arrangements or schemes, persons connected to us, insurance companies and persons subject to U.K. tax under the foreign income and gains regime that came into force in the United Kingdom with effect from April 6, 2025. It also does not deal with any U.K. tax considerations applicable to any Excluded Shareholder.

Special tax provisions not covered by this discussion may in particular apply to persons who have acquired or who acquire their Class A ordinary shares pursuant to the exercise of options or other awards.

References below to "U.K. Shareholders" are to holders of our Class A ordinary shares (a) who are resident for tax purposes in, and only in, the United Kingdom and do not have a permanent establishment, branch, agency (or equivalent) or fixed base in any other jurisdiction with which the holding of the Class A ordinary shares is connected, (b) in the case of individuals, to whom "split year" treatment does not apply, (c) who hold their Class A ordinary shares as an investment (other than under a self-invested personal pension plan or individual savings account); and (d) who are the absolute beneficial owners of their Class A ordinary shares.

We anticipate that the tax treatment summarized under the headings "*Income from Class A ordinary shares*" and "*Disposal of Class A ordinary shares*" will apply to U.K. Shareholders whose Class A ordinary shares are represented by DIs, including on the basis that the DI depositary should be treated as holding the Class A ordinary shares on trust (as bare trustee under English law) for such U.K. Shareholders.

**THESE PARAGRAPHS ARE A SUMMARY OF CERTAIN U.K. TAX CONSIDERATIONS AND ARE INTENDED AS A GENERAL GUIDE ONLY. IT IS RECOMMENDED THAT ALL HOLDERS OF OUR CLASS A ORDINARY SHARES OBTAIN ADVICE AS TO THE CONSEQUENCES OF THE ACQUISITION, OWNERSHIP AND DISPOSAL OF THEIR SHARES IN THEIR OWN SPECIFIC CIRCUMSTANCES FROM THEIR OWN TAX ADVISORS. IN PARTICULAR, NON-U.K. RESIDENT PERSONS ARE ADVISED TO CONSIDER THE POTENTIAL IMPACT OF ANY RELEVANT DOUBLE TAXATION AGREEMENTS.** 

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#### Income from Class A Ordinary Shares

#### Dividends
Dividends paid by us will not be subject to any withholding or deduction for or on account of U.K. tax.

#### Income Tax
An individual U.K. Shareholder may, depending on his or her particular circumstances, be subject to U.K. tax on dividends received from us. All dividends received by an individual U.K. Shareholder from us or from other sources will form part of that U.K. Shareholder's total income for income tax purposes and will constitute the top slice of that income. A nil rate of income tax will apply to the first £500 of taxable dividend income received by the individual U.K. Shareholder in the tax year 2026/2027. Income within the nil rate band will be taken into account in determining whether income in excess of the £500 tax-free allowance falls within the basic rate, higher rate or additional rate tax bands. In the tax year 2026/2027, Dividend income in excess of the tax-free allowance will (subject to the availability of any income tax personal allowance) be taxed at 10.75% to the extent that the excess amount falls within the basic rate tax band, 35.75% to the extent that the excess amount falls within the higher rate tax band and 39.35% to the extent that the excess amount falls within the additional rate tax band.

An individual holder of Class A ordinary shares who is not resident for tax purposes in the United Kingdom should not be chargeable to U.K. income tax on dividends received from us unless he or she carries on (whether solely or in partnership) a trade, profession or vocation in the United Kingdom through a branch or agency to which the Class A ordinary shares are attributable.

#### Corporation Tax
Corporate U.K. Shareholders should not be subject to U.K. corporation tax on any dividend received from us so long as the dividends qualify for exemption, which should generally be the case for many such corporate U.K. Shareholders, although certain conditions must be met. If the conditions for the exemption are not satisfied, or such corporate U.K. Shareholder elects for an otherwise exempt dividend to be taxable, U.K. corporation tax will be chargeable on the amount of any dividends (in the tax year 2026/2027, at the main rate of 25% for companies with profits in excess of £250,000, or the small profits rate of 19% for companies with profits of £50,000 or less, with marginal relief from the main rate available to companies with profits between £50,000 and £250,000 subject to meeting certain criteria).

A corporate holder of Class A ordinary shares that is not resident for tax purposes in the United Kingdom should not be chargeable to U.K. corporation tax on dividends received from us unless it carries on (whether solely or in partnership) a trade in the United Kingdom through a permanent establishment to which the Class A ordinary shares are attributable.

#### Disposal of Class A Ordinary Shares
A disposal or deemed disposal of Class A ordinary shares by a U.K. Shareholder for U.K. tax purposes may, depending on the U.K. Shareholder's particular circumstances and subject to any available exemption or relief, give rise to a chargeable gain or allowable loss for the purposes of capital gains tax or corporation tax on chargeable gains.

If an individual U.K. Shareholder who is subject to U.K. income tax at either the higher or the additional rate is liable to U.K. capital gains tax on the disposal of Class A ordinary shares, the current applicable rate will be 24%. For an individual U.K. Shareholder who is subject to U.K. income tax at the basic rate and liable to U.K. capital gains tax on such disposal, the current applicable rate would be 18%, save to the extent that any capital gains when aggregated with the U.K. Shareholder's other taxable income and gains in the relevant tax year exceed the unused basic rate tax band. In that case, the rate currently applicable to the excess would be 24%.

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If a corporate U.K. Shareholder becomes liable to U.K. corporation tax on the disposal (or deemed disposal) of Class A ordinary shares, U.K. corporation tax would apply (in the tax year 2026/2027, at the main rate of 25% for companies with profits in excess of £250,000, or the small profits rate of 19% for companies with profits of £50,000 or less, with marginal relief from the main rate available to companies with profits between £50,000 and £250,000 subject to meeting certain criteria).

A holder of Class A ordinary shares which is not resident for tax purposes in the United Kingdom should not normally be liable to U.K. capital gains tax or corporation tax on chargeable gains on a disposal (or deemed disposal) of Class A ordinary shares unless the person is carrying on (whether solely or in partnership) a trade, profession or vocation in the United Kingdom through a branch or agency (or, in the case of a corporate holder of Class A ordinary shares, through a permanent establishment) to which the Class A ordinary shares are attributable. However, an individual holder of Class A ordinary shares who has ceased to be resident for tax purposes in the United Kingdom for a period of less than five years and who disposes of Class A ordinary shares during that period may be liable on his or her return to the United Kingdom to U.K. tax on any capital gain realized (subject to any available exemption or relief).

#### U.K. Stamp Duty and Stamp Duty Reserve Tax

#### Issue of Class A Ordinary Shares
No U.K. stamp duty or stamp duty reserve tax ("SDRT") is payable on the issuance of our Class A ordinary shares.

#### Transfers of Class A Ordinary Shares
No U.K. stamp duty will be payable on the paperless transfer of our Class A ordinary shares through the facilities of DTC.

Provided that our Class A ordinary shares are not registered in a register held or maintained in the United Kingdom or paired with shares issued by a body corporate incorporated in the United Kingdom (as is our expectation), no U.K. SDRT will arise in respect of an agreement to transfer our Class A ordinary shares.

#### Issue of DIs
No U.K. stamp duty or SDRT is payable on the issuance of depositary interests representing our Class A ordinary shares.

#### Transfers of Depositary Interests
No U.K. stamp duty will be payable on the paperless transfer of depositary interests in CREST. HMRC has provided confirmation that no U.K. SDRT will arise on an agreement to transfer depositary interests representing the Class A ordinary shares in CREST, unless the transfer is made to a depositary receipt issuer or clearance service. In such a scenario, other than in certain specific cases (such as if an exemption is available), U.K. SDRT may, generally, arise at the rate of 1.5%. Any such U.K. SDRT will, in practice, generally be borne by the transferor.

#### Certain Material U.S. Federal Income Tax Considerations for U.S. Holders
The following is a general summary based on present law of certain U.S. federal income tax considerations relevant to U.S. Holders (as defined below) regarding the ownership and disposition of Class A ordinary shares of Wise Group plc . It addresses only U.S. Holders (as defined below) that hold Class A ordinary shares of Wise Group plc and who hold such shares as "capital assets" within the meaning of Section 1221 of the Code and use

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the U.S. dollar as their functional currency. This summary does not address the U.S. federal estate, gift or other non-income tax considerations, alternative minimum tax considerations, special tax accounting rules under Section 451(b) of the Code, the Medicare contribution tax on certain net investment income, or any state, local or non-U.S. tax considerations. The following summary does not address all aspects of U.S. federal income taxation that may be important to particular investors in light of their individual circumstances or to persons in special tax situations, such as:

• banks and other financial institutions;

• insurance companies;

• pension plans;

• cooperatives;

• regulated investment companies;

• real estate investment trusts;

• broker-dealers;

• traders that elect to use a mark-to-market method of accounting;

• certain former U.S. citizens or long-term residents;

• tax-exempt entities (including private foundations);

• U.S. holders who acquire or acquired their ordinary shares pursuant to any employee share option or otherwise as compensation (including, for the avoidance of doubt, U.S. holders holding options with a nil or de minimis strike price);

• U.S. holders that hold or will hold their ordinary shares as part of a straddle, hedge, conversion, constructive sale or other integrated or risk reduction transaction for U.S. federal income tax purposes;

• persons who are Excluded Shareholders;

• persons that actually or constructively own 5% or more of the equity securities of Wise Group plc; or

• partnerships or other entities taxable as partnerships for U.S. federal income tax purposes, or persons holding ordinary shares through such entities,

all of whom may be subject to tax rules that differ significantly from those discussed below.

If you are a partnership (or other pass-through entity) for U.S. federal income tax purposes, the tax treatment of your partners (or other owners) will generally depend on the status of the partners, the activities of the partnership and certain determinations made at the partner level. Accordingly, partnerships (or other pass-through entities) and the partners (or other owners) in such partnerships (or such other pass-through entities) should consult their tax advisers regarding the U.S. federal income tax consequences to them relating to the matters discussed below.

For purposes of this summary, a U.S. Holder means a beneficial owner of ordinary shares of Wise Group plc that for U.S. federal income tax purposes is (i) an individual citizen or resident of the United States; (ii) a corporation organized in or under the laws of the U.S., any state thereof, or the District of Columbia; (iii) a trust that (1) is subject to the primary supervision of a U.S. court and the control of one or more "United States persons" (within the meaning of Section 7701(a)(30) of the Code, or (2) has a valid election in effect to be treated as a United States person for U.S. federal income tax purposes; or (iv) an estate the income of which is subject to U.S. federal income taxation regardless of its source;

This summary is for general information only and is not tax advice. It is not a complete description of all of the tax considerations that may be relevant to a particular U.S. Holder. This discussion is based on the Code, U.S.

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Treasury Regulations, and judicial and administrative interpretations thereof, all as in effect on the date hereof. All of the foregoing is subject to differing interpretations and change. Such change may apply retroactively and may affect the tax considerations described in this summary. We have not sought, and do not intend to seek, a ruling from the IRS as to any U.S. federal income tax consideration described herein. No assurance can be given that the IRS would not assert, or that a court would not sustain, a position contrary to any of the tax considerations described below.

Although not free from doubt, a holder of a depositary interest representing a Class A ordinary share generally should be treated for U.S. federal income tax purposes as holding the Class A ordinary shares represented by such depositary interest. The following discussion assumes that such treatment applies and references below to Class A ordinary shares include references to depositary interests representing our Class A ordinary shares. Holders of depositary interests should consult their tax advisers regarding the U.S. federal income tax consequences to them relating to the matters discussed below.

#### Passive Foreign Investment Company Considerations
A non-U.S. corporation, such as Wise plc or Wise Group plc, will be classified as a PFIC for U.S. federal income tax purposes for any taxable year, if either (i) 75% or more of its gross income for such year consists of certain types of "passive" income or (ii) 50% or more of the value of its assets (generally determined on the basis of a quarterly average) during such year is attributable to assets that produce or are held for the production of passive income. For this purpose, each of Wise plc and Wise Group plc will be treated as owning a proportionate share of the assets and earning a proportionate share of the income of any other corporation in which such entity owns, directly or indirectly, at least 25% (by value) of the stock.

We believe that Wise plc should not be classified as a PFIC for the taxable year ended March 31, 2026 or for any prior year during which shares of Wise plc stock have been admitted to trading on the London Stock Exchange and we do not expect Wise plc or Wise Group plc to be a PFIC for the taxable year ended March 31, 2026 or any other taxable year. While we do not expect that Wise plc or Wise Group plc should be or become a PFIC, no assurance can be given in this regard because the determination of PFIC status for any taxable year is a fact intensive determination made annually that depends, in part, upon the composition and classification of the income and assets of Wise plc or Wise Group plc, as applicable.

Fluctuations in the market price of ordinary shares of Wise Group plc may cause Wise Group plc to be or become classified as a PFIC for the current or future taxable years because the value of any assets for purposes of the asset test, including the value of any goodwill, may be determined by reference to the market price of ordinary shares of Wise Group plc, which may be volatile. If the market capitalization of Wise Group plc subsequently declines, Wise Group plc may be or become classified as a PFIC for the current taxable year or future taxable years. Furthermore, the law applicable to determinations of PFIC status is very complex, uncertain and subject to varying interpretation, and the IRS may not agree with the PFIC determinations that Wise plc or Wise Group plc make or have made and the application of the PFIC rules. Even if Wise plc or Wise Group plc determines that it is not (or was not) a PFIC for a particular tax year, the IRS is not bound by that determination and could take a different view. In light of the foregoing, our U.S. counsel expresses no opinion with respect to the PFIC status of Wise plc or Wise Group plc for any prior, current or future taxable year.

If Wise plc or Wise Group plc is a PFIC for any year during which a U.S. Holder holds ordinary shares of Wise plc or Wise Group plc, as applicable, such entity generally will continue to be treated as a PFIC for all succeeding years during which such U.S. Holder holds such ordinary shares of Wise plc or Wise Group plc, as applicable. If Wise plc was a PFIC for any year during which a U.S. Holder held ordinary shares of Wise plc, and such shares were exchanged for ordinary shares of Wise Group plc in the Reorganization Transactions, Wise Group plc generally will be treated as a PFIC to such U.S. Holder for all succeeding years during which such U.S. Holder holds such ordinary shares of Wise Group plc. Except as specifically set forth below, the remainder of this discussion is written on the basis that neither Wise plc nor Wise Group plc has been or will be classified

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as a PFIC for U.S. federal income tax purposes. If Wise plc or Wise Group plc is classified as a PFIC for any taxable year during which a U.S. Holder holds (or has held) ordinary shares of Wise plc or Wise Group plc, as applicable, the tax consequences applicable to such U.S. Holder may differ materially from, and may be materially adverse when compared to, those described herein. U.S. Holders should consult their tax advisers regarding the U.S. federal income tax consequences of the ownership and disposition of ordinary shares of Wise Group plc if Wise Group plc is treated as a PFIC.

#### Ownership and Disposition of Class A Ordinary Shares

#### Dividends Paid in Respect of Class A Ordinary Shares
Subject to the discussion below under the heading "Passive Foreign Investment Company Rules," any cash distributions paid on ordinary shares of Wise Group plc out of the current or accumulated earnings and profits of Wise Group plc, as determined under U.S. federal income tax principles, generally will be includible in the gross income of a U.S. Holder as dividend income when actually or constructively received by the U.S. Holder. Because Wise Group plc does not intend to determine its earnings and profits on the basis of U.S. federal income tax principles, the full amount of any distribution paid by Wise Group plc generally will be treated as a "dividend" for U.S. federal income tax purposes. Dividends received on ordinary shares of Wise Group plc will not be eligible for the dividends received deduction generally allowed to corporations. Dividends received by individuals and certain other non-corporate U.S. Holders may be subject to tax at the lower capital gain tax rate applicable to "qualified dividend income," provided that certain conditions are satisfied, including that (1) the ordinary shares of Wise Group plc on which the dividends are paid are readily tradeable on an established securities market in the United States, or Wise Group plc is eligible for the benefits of the U.S.-U.K. income tax treaty (the "Treaty"), (2) Wise Group plc is not a PFIC for the taxable year in which the dividend was paid and the preceding taxable year, and (3) certain holding period requirements are met. Wise Group plc expects that its Class A ordinary shares will be listed on a U.S. stock exchange and therefore expects that Class A ordinary shares (but not Class B ordinary shares) of Wise Group plc will qualify as readily tradeable on an established securities market in the United States, although there can be no assurance in this regard.

For foreign tax credit limitation purposes, dividends paid by Wise Group plc generally will be treated as passive category income. Because no income taxes will be withheld from dividends on ordinary shares of Wise Group plc, there will be no creditable foreign taxes associated with any dividends that a U.S. Holder will receive.

#### Sale or Other Disposition of Ordinary Shares
Subject to the discussion below under the heading "Passive Foreign Investment Company Rules," a U.S. Holder generally will recognize capital gain or loss upon the sale or other disposition of ordinary shares of Wise Group plc in an amount equal to the difference between the amount realized upon the disposition and the holder's adjusted tax basis in such ordinary shares. Any capital gain or loss will be long-term if the ordinary shares have been held for more than one year. Long-term capital gain of individuals and certain other non-corporate U.S. Holders generally will be eligible for a reduced rate of taxation. The deductibility of a capital loss may be subject to limitations.

#### Passive Foreign Investment Company Rules
If Wise Group plc is classified as a PFIC for any taxable year during which a U.S. Holder holds its ordinary shares, and unless the U.S. Holder makes a mark-to-market election (as described below), the U.S. Holder generally will be subject to special tax rules on (1) any excess distribution that Wise Group plc makes to the U.S. Holder (which generally means any distribution paid during a taxable year to a U.S. Holder that is greater than 125 percent of the average annual distributions paid in the three preceding taxable years or, if shorter, the U.S.

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Holder's holding period for ordinary shares Wise Group plc), and (2) any gain realized on the sale or other disposition of ordinary shares of Wise Group plc. Under the PFIC rules:

• the excess distribution or gain will be allocated ratably over the U.S. Holder's holding period for ordinary shares of Wise Group plc;

• the amount allocated to the taxable year of the distribution or gain and any taxable years in the U.S. Holder's holding period prior to the first taxable year in which Wise Group plc became a PFIC will be treated as ordinary income;

• the amount allocated to each prior taxable year, other than a pre-PFIC year, will be subject to tax at the highest tax rate in effect for individuals or corporations, as appropriate, for that year; and

• an additional tax equal to the interest on the resulting tax deemed deferred will be imposed on the tax attributable to each prior taxable year, other than a pre-PFIC year.

If Wise Group plc is a PFIC for any taxable year during which a U.S. Holder holds ordinary shares of Wise Group plc, and any of Wise Group plc's corporate subsidiaries is also a PFIC, such U.S. Holder would be treated as owning a proportionate amount (by value) of the shares of the lower-tier PFIC for purposes of the application of these rules. U.S. Holders are urged to consult their tax advisors regarding the application of the PFIC rules to any of Wise Group plc's subsidiaries.

As an alternative to the foregoing rules, a U.S. Holder of "marketable stock" in a PFIC may make a mark-to-market election with respect to such stock, provided that such stock is regularly traded on a qualified exchange or other market, as defined in applicable U.S. Treasury Regulations. Wise Group plc expects that its Class A ordinary shares (but not Class B ordinary shares) will be regularly traded on a qualified exchange, but there can be no assurance in this regard. If a U.S. Holder makes this election, the holder generally will (1) include as ordinary income for each taxable year that Wise Group plc is a PFIC the excess, if any, of the fair market value of ordinary shares of Wise Group plc held at the end of the taxable year over the adjusted tax basis of such ordinary shares and (2) deduct as an ordinary loss the excess, if any, of the adjusted tax basis of ordinary shares of Wise Group plc over the fair market value of such ordinary shares held at the end of the taxable year, but such deduction will only be allowed to the extent of the amount previously included in income as a result of the mark-to-market election. The U.S. Holder's adjusted tax basis in ordinary shares of Wise Group plc would be adjusted to reflect any income or loss resulting from the mark-to-market election. If a U.S. Holder makes a mark-to-market election in a year when Wise Group plc is classified as a PFIC and Wise Group plc subsequently ceases to be classified as a PFIC, the holder will not be required to take into account the gain or loss described above during any period that Wise Group plc is not classified as a PFIC. If a U.S. Holder makes a mark-to-market election, any gain such U.S. Holder recognizes upon the sale or other disposition of ordinary shares of Wise Group plc in a year when Wise Group plc is a PFIC will be treated as ordinary income and any loss will be treated as ordinary loss, but such loss will only be treated as ordinary loss to the extent of the net amount previously included in income as a result of the mark-to-market election.

Because as a technical matter a mark-to-market election cannot be made for any lower-tier PFICs that Wise Group plc may own, a U.S. Holder that makes the mark-to-market election may continue to be subject to the PFIC rules with respect to such U.S. Holder's indirect interest in any investments held by us that are treated as an equity interest in a PFIC for U.S. federal income tax purposes.

If Wise Group plc is a PFIC, Wise Group plc will use reasonable efforts to provide information necessary for U.S. Holders to make qualified electing fund elections which, if available, would result in tax treatment different from the general tax treatment for PFICs described above and different from the treatment if a mark-to-market election is made. If Wise Group plc does provide such information with respect to a taxable year in which it determines that it is a PFIC, Wise Group plc cannot guarantee that such information will be made available for all years in which Wise Group plc is a PFIC or that the information will be available at the time required for any particular U.S. Holder to make a "qualified electing fund" election under Section 1295 of the

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Code (a "QEF Election"). U.S. Holders should consult their tax advisors regarding the tax consequences and implications of making a QEF Election.

If a U.S. Holder owns ordinary shares of Wise Group plc during any taxable year that Wise Group plc is a PFIC, the holder must generally file an annual IRS Form 8621. You should consult your tax advisors regarding the U.S. federal income tax consequences of owning and disposing of ordinary shares of Wise Group plc if Wise Group plc (or any of their respective subsidiaries) is or becomes a PFIC.

#### Information Reporting and Backup Withholding
Payments of dividends and sales proceeds that are made within the United States or through certain U.S.-related financial intermediaries may be subject to information reporting and backup withholding, unless (1) the U.S. Holder is a corporation or other "exempt recipient" and (2) in the case of backup withholding, the U.S. Holder provides a correct taxpayer identification number and certifies that it is not subject to backup withholding. The amount of any backup withholding from a payment to a U.S. Holder will be allowed as a credit against the U.S. Holder's U.S. federal income tax liability and may entitle it to a refund, provided that the required information is timely furnished to the IRS.

Certain U.S. Holders who are individuals (or certain specified entities) may be required to report information relating to their ownership of ordinary shares of Wise Group plc, unless such ordinary shares are held in accounts at financial institutions (in which case the accounts may be reportable if maintained by non-U.S. financial institutions). U.S. Holders should consult their tax advisers regarding their reporting obligations with respect to ordinary shares of Wise Group plc.

*F. Dividends and Paying Agents* 

Not applicable.

*G. Statements by Experts* 

Not applicable.

*H. Documents on Display* 

We are subject to the information reporting requirements of the Exchange Act applicable to foreign private issuers. Accordingly, we are required to file reports and other information with the SEC, including Annual Reports on Form 20-F and reports on Form 6-K. As a foreign private issuer, we are exempt from the rules under the Exchange Act related to the furnishing and content of proxy statements. In addition, we are not required to file periodic reports and financial statements with the SEC as frequently or as promptly as United States companies whose securities are registered under the Exchange Act.

We maintain a website at http://www.wise.com. We may use our website as a means of disclosing information about the Company. Information contained in, or accessible through, our website is not a part of, and is not incorporated by reference into, this Annual Report.

The SEC maintains a website at http://www.sec.gov that contains reports and other information regarding registrants, such as Wise, that file electronically with the SEC.

Any statement in this Annual Report about any of our contracts or other documents is not necessarily complete. If the contract or document is filed as an exhibit to this Annual Report or is incorporated herein by reference, the contract or document is deemed to modify our description. You should review the exhibits themselves for a complete description.

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*I. Subsidiary Information* 

Not applicable.

*J. Annual Report to Security Holders* 

If we are required to provide an Annual Report to security holders in response to the requirements of Form 6-K, we will submit the Annual Report to security holders in electronic format in accordance with the EDGAR Filer Manual.

#### Item 11. Quantitative and Qualitative Disclosures About Market Risk
See "Item 5.B. Operating and Financial Review and Prospects—Liquidity and Capital Resources— Quantitative and Qualitative Disclosures About Market Risk."

#### Item 12. Description of Securities Other than Equity Securities
*A. Debt Securities* 

Not applicable.

*B. Warrants and Rights* 

Not applicable.

*C. Other Securities* 

Not applicable.

*D. American Depositary Shares* 

Not applicable.

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#### PART II

#### Item 13. Defaults, Dividend Arrearages and Delinquencies
Not applicable.

#### Item 14. Material Modifications to the Rights of Security Holders and Use of Proceeds
In connection with the Reorganization Transaction completed on May 8, 2026, holders of ordinary shares of Wise Limited received Class A ordinary shares and Class B ordinary shares of Wise Group plc in exchange for their ordinary shares of Wise Limited, on a 1:1 basis. For a description of the Reorganization Transaction and the rights of holders of Wise Group plc shares, see "Introduction," "Item 4.C. Information on the Company—Organizational Structure," and "Item 10.B. Additional Information—Memorandum and Articles of Association." Other than the foregoing, there have been no material modifications to the rights of holders of our registered securities during the period covered by this Annual Report.

#### Item 15. Controls and Procedures
A. Disclosure Controls and Procedures

*Evaluation of Disclosure Controls and Procedures* 

Management, with the participation of our Chief Executive Officer and Chief Financial Officer, evaluated the effectiveness of our disclosure controls and procedures as defined in Rules 13a-15(e) and 15d-15(e) under the Exchange Act as of March 31, 2026.

Based on the evaluation of our disclosure controls and procedures, our Chief Executive Officer and Chief Financial Officer concluded that our disclosure controls and procedures were not effective as of March 31, 2026 due to the material weaknesses in our internal control over financial reporting described below. In light of this fact, management has performed additional analyses, reconciliations, and other post-closing procedures and has concluded that, notwithstanding the material weaknesses in our internal control over financial reporting, the consolidated financial statements for the periods covered by and included in this Annual Report on Form 20-F fairly present, in all material respects, our financial position, results of operations and cash flows for the periods presented in conformity with U.S. GAAP.

*Material Weaknesses in Internal Control over Financial Reporting* 

A material weakness is a deficiency, or combination of deficiencies, in our internal control over financial reporting such that there is a reasonable possibility that a material misstatement of our consolidated financial statements would not be prevented or detected on a timely basis.

As previously disclosed, we identified material weaknesses in our internal control over financial reporting in the following areas:

• deficiencies within our transaction level business processes related to the identification of risks of material misstatement, effective design of key controls, the creation and retention of evidence of control operation, the design of review controls, methods for confirming the accuracy and completeness of reports and information used in the performance of controls, and segregation of duties controls;

• deficiencies in the review and approval of manual journal entries and the flow of these journal entries into our core finance ledger, as a result of the complexity in our finance systems environment;

• deficiencies relating to IT general controls on the systems that underpin our internal controls over financial reporting, including access management, change management, interface management and third-party management;

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• root causes identified against the components of effective internal control under the COSO framework, in the components of risk assessment, control environment, control activities, information & communication and monitoring; and

• an insufficient complement of personnel with an appropriate level of internal controls and U.S. GAAP accounting knowledge and experience commensurate with U.S. financial reporting requirements.

*Remediation Plans* 

We have developed a remediation plan and are in the process of implementing the actions associated with the plan, which include the following:

• building an operating model and team to support the uplift of controls across business process, IT and entity level control domains, as well as the annual cycle of activities associated with management's report on the effectiveness of internal control over financial reporting;

• deploying additional resources with internal control and U.S GAAP accounting experience to design, implement and operate newly designed controls, while providing additional training;

• documenting our processes, risks and controls for internal control over financial reporting;

• assessing the design, implementation and operating effectiveness of our internal controls over financial reporting under U.S. financial reporting requirements;

• improving the evidence of the operation of controls;

• developing and implementing controls over the completeness and accuracy of reports used in the operation of controls;

• formalizing processes around management review controls and controls related to complex accounting areas;

• executing remediation projects to address our more complex and interrelated deficiencies including the remediation of the IT general controls;

• strengthening our internal controls over financial reporting related to our governance structure including establishing a SOX steering committee, which is chaired by the Chief Financial Officer, to ensure adequate attention continues to be given to these activities; and

• providing regular reporting to our management and Audit Committee regarding the status of internal control over financial reporting assessment and remediation.

There remains a possibility that further material weaknesses are identified as we complete our assessment of the design, implementation and operating effectiveness of our internal controls over financial reporting.

The material weakness will be considered remediated when these controls have been designed, implemented and operated for a sufficient period of time and our management has concluded, through testing, that these controls are effective.

While we are working to complete this remediation process as quickly as practicable and we have made considerable progress, we cannot at this time estimate how long it will take or the costs that will be incurred, and our initiatives may not prove to be successful in remediating the material weaknesses.

We cannot assure you that the actions we have taken to date, and actions we may take in the future, will be sufficient to remediate the control deficiencies that led to our material weaknesses in our internal control over financial reporting or that they will prevent or avoid potential future material weaknesses or restatements in our financial statements. Further, additional material weaknesses in our disclosure controls and internal control over financial reporting may be discovered in the future.

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For further information regarding the risks associated with these material weaknesses, see "Item 3.D. Key Information—Risk Factors—In connection with our compliance with the Sarbanes-Oxley Act, we have identified deficiencies in our internal control over financial reporting that constitute material weaknesses."

B. Management's Annual Report on Internal Control over Financial Reporting

This Annual Report does not include a report of management's assessment regarding internal control over financial reporting due to a transition period established by rules of the Securities and Exchange Commission for newly public companies.

C. Attestation Report of Independent Registered Public Accounting Firm

This Annual Report does not include an attestation report of the Company's registered public accounting firm due to a transition period established by rules of the Securities and Exchange Commission for newly public companies.

D. Changes in Internal Control over Financial Reporting

We are taking actions to remediate the material weaknesses relating to our internal control over financial reporting, as described above. Except as otherwise described herein, there were no changes in our internal control over financial reporting that have materially affected, or are reasonably likely to materially affect, our internal control over financial reporting.

#### Item 16.

#### [Reserved]

#### Item 16A. Audit Committee Financial Expert
Our board of directors has determined that Scott Hill is an "audit committee financial expert" as defined in Item 16A of Form 20-F under the Exchange Act and that he satisfies the "independence" requirements set forth in Rule 10A-3 under the Exchange Act and Nasdaq listing standards.

#### Item 16B. Code of Ethics
We have adopted the Wise Code of Conduct which is filed as Exhibit 11.1 to this Annual Report, which applies to all of our officers, directors and employees including contingent workers and sets forth our Company's values and minimum global standards of behavior, as well as principles and procedures related to, among other things: compliance with all applicable laws, rules, and regulations; information security; conflicts of interest; and anti-corruption. Our Code of Conduct is a "code of ethics," as defined in Item 406(b) of Regulation S-K. We will make any legally required disclosures regarding amendments to, or waivers of, provisions of our Code of Conduct on our website. The information contained on, or accessible from, our website is not part of this Annual Report by reference or otherwise.

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#### Item 16C. Principal Accountant Fees and Services
The following table represents aggregate fees billed to us for professional fees rendered by PricewaterhouseCoopers LLP ("PwC"), our independent registered public accounting firm, for the fiscal years ended March 31, 2026 and 2025:

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| | | |
|:---|:---|:---|
|  | **Year ended March 31,** | **Year ended March 31,** |
|  | **2026** | **2025** |
|  | **(In million)** | **(In million)** |
|  Audit fees | $10.6 | $12.9 |
|  Audit related fees | 1.3 | 1.1 |
|  Tax fees |  |  |
|  All other fees |  |  |
|  **Total** | $**11.9** | $**14.0** |

---

Audit fees include the aggregate fees billed in each of the last two fiscal years for professional services rendered regarding statutory audits or regulatory filings of the Company and its subsidiaries and audits of annual consolidated financial statements and the reviews of financial statements.

Audit related fees reflect fees for assurance and related services that are reasonably related to the performance of the audit or review of our financial statements and are not reported under "Audit fees." This category comprises fees for internal control reviews, agreed-upon procedure engagements and other attestation services subject to regulatory requirements.

"All other fees" are the fees for products and services other than those in the above three categories.

#### Audit Committee Pre-Approval
All audit services and non-audit services to be performed for us by our independent auditor must be approved by our Audit Committee in advance to ensure that such engagements do not impair the independence of our independent registered public accounting firm. The Audit Committee has adopted a policy governing the pre-approval of certain audit and non-audit services. The Audit Committee generally preapproves particular services or categories of services on a case-by-case basis. All services provided to us by our independent auditor in 2026 and 2025 were pre-approved by the Audit Committee.

#### Item 16D. Exemptions from the Listing Standards for Audit Committees
Not applicable.

#### Item 16E. Purchases of Equity Securities by the Issuer and Affiliated Purchasers
Not applicable.

#### Item 16F. Change in Registrant's Certifying Accountant
Not applicable.

#### Item 16G. Corporate Governance
For the purposes of the FCA's Disclosure Guidance and Transparency Rule 7.2.2, the Company is not subject to any mandatory corporate governance code by virtue of its incorporation and listing structure. No corporate governance code applies to the Company as a matter of compulsion under applicable law or regulation, and the Company has not decided to apply any published corporate governance code voluntarily, including the UK Corporate Governance Code.

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##### [**Table of Contents**](#toc)
The Company's decision not to adopt a published code reflects its particular circumstances. The Company is incorporated in Jersey and admitted to trading on Nasdaq. As a foreign private issuer, the Company follows home-country practice in a number of areas in lieu of certain Nasdaq corporate governance requirements. In these circumstances, our board of directors considers that adoption of the UK Corporate Governance Code or any other published code would not accurately represent an appropriate governance framework for the Company and would risk creating misleading impressions of the standards against which the Company's practices should be assessed. Instead, the Company's corporate governance arrangements are described in full in this Annual Report, and our board of directors considers that those arrangements, taken as a whole, are appropriate for a company of the Company's size, structure, and stage of development.

The Company's corporate governance practices, which are described in this Annual Report and go beyond the requirements of Jersey national law, include the following:

1. The Company's governance framework is based on its Jersey law constitution and articles of association, together with the board and committee structure described in this Annual Report.

2. In reliance on home-country practice as a foreign private issuer, the Company follows home-country practice in relation to shareholder meeting quorum requirements, shareholder approval requirements for certain equity issuances, and the independence requirements applicable to the nomination committee and the selection of director nominees. The Company may in future elect to follow home-country practice in additional areas.

3. Notwithstanding its foreign private issuer status, the Company complies with the following Nasdaq corporate governance requirements that generally apply to US domestic issuers:

a) a board comprised of a majority of independent directors;

b) an audit committee consisting of at least three independent directors and meeting the requirements of Rule 10A-3 under the Exchange Act;

c) a compensation committee comprising at least two independent directors;

d) a code of conduct applicable to directors, officers, and employees; and

e) review and oversight of related party transactions by the audit committee or another independent body of the board.

Further details of the Company's corporate governance practices, including the composition and operation of the board and its committees, are set out in this Annual Report.

#### Item 16H. Mine Safety Disclosure
Not applicable.

#### Item 16I. Disclosure Regarding Foreign Jurisdictions that Prevent Inspections
Not applicable.

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##### [**Table of Contents**](#toc)
Item 16J. Insider Trading Policies

We have adopted an insider trading policy that is reasonably designed to promote compliance with applicable insider trading laws, rules and regulations, and any listing standards applicable to Wise. A copy is filed as Exhibit 11.2 to this Annual Report.

#### Item 16K. Cybersecurity
Risk Management and Strategy

Wise Group plc (the "Company") has established a comprehensive cybersecurity program designed to protect the confidentiality, integrity, and availability of its global technology infrastructure and customer data. This program is an integral part of the Company's Enterprise Risk Management Framework ("ERMF"), which follows a Three Lines of Defense ("3LoD") model to ensure clear accountability, objective assessment, and independent oversight of cybersecurity risks.

Risk Identification and Assessment: The Company manages cybersecurity threats through a structured Risk and Control Self-Assessment ("RCSA") process, integrated into our Three Lines of Defense model. This ensures that risk identification is a collaborative effort between technical owners and independent oversight functions:

• First Line Ownership: Our Engineering and Product teams, amongst a few, (the "First Line") are responsible for identifying risks within their specific domains. They perform self-assessments to document potential vulnerabilities in our technology stack and confirm the effectiveness of the controls they operate.

• Second Line Oversight: The Tech Risk and Compliance function (the "Second Line") defines the risk methodology and provides a "credible challenge" to these assessments. This team ensures consistent risk scoring and oversees the remediation of any identified control gaps.

• Continuous Validation: To support the RCSA, the Company conducts regular technical and non technical assessments managed by internal and external independent parties. Findings are tracked in a centralized risk register, ensuring that real-time technical threats inform our broader risk profile.

• Reporting: High-rated residual risks identified through the RCSA process are escalated to the Operational Risk Committee and the Audit and Risk Committee, providing our board of directors with visibility into the Group's cybersecurity posture and mitigation efforts.

Integration with Business Strategy: Cybersecurity risk management is embedded into the product development lifecycle. The Company's security engineering teams work alongside product teams to ensure that security controls are "secure by design" and capable of mitigating threats such as unauthorized access, fraud, and data breaches.

Third-Party Oversight: As the Company relies on critical third-party service providers (such as Amazon Web Services), it maintains a robust Third-Party Management & Outsourcing Policy. This includes security due diligence during onboarding, contractual security obligations, and ongoing monitoring (including continuous cycles of tracking operational, regulatory compliance, security, privacy, service, and legal risks) to ensure that vendors meet the Group's high standards for operational resilience.

Incidents: While the Company experiences cybersecurity threats and incidents in the ordinary course of business, as of the date of this Annual Report, no cybersecurity threats have materially affected, or are reasonably likely to materially affect, the Company's business strategy, results of operations, or financial condition.

#### Governance
Board Oversight: The Risk Committee of the board of directors is responsible for the oversight of risks from cybersecurity threats. The Risk Committee oversees management's implementation of the cybersecurity program

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#### **Table of Contents**
and monitors the adequacy of internal controls. The Global Chief Information Security Officer ("CISO") provides formal reports to the Risk Committee at least annually, covering the threat landscape, security metrics, and the status of strategic security initiatives.

#### Management's Role and Reporting Structure:
The CISO Role: The Global CISO is responsible for the overall Information Security Management System (ISMS). Our Global CISO has over 20 years of experience in computer science, product development, and technical leadership. He joined Wise in 2015 and has played a pivotal role in scaling the Company's technology and security infrastructure.

Prior to being appointed Global CISO in 2022, he served as Director of Engineering for the Global Product Tribe, where he led a team of over 120 engineers. Notably, he spearheaded the program to elevate Wise's engineering compliance and security protocols to public company standards ahead of the Company's 2021 IPO. His previous roles at Wise include Director of Engineering for the Transfer Experience and serving as the Company's first engineering lead in London.

Reporting Lines: The Global CISO has a direct reporting line to the Audit and Risk Committee for governance matters and works closely with the Chief Technology Officer (CTO) on operational execution. This structure ensures that cybersecurity is elevated to the highest levels of management and the board of directors.

Internal Committees: The Operational Risk Committee (ORC), which includes the Global CISO and other members of senior management, assists in overseeing technology and security risk profiles. This committee ensures that cybersecurity risks are prioritized and that mitigation efforts are adequately resourced across the Group.

Expertise: The Company maintains a large, specialized team dedicated to cybersecurity and financial crime prevention. This team is provided with continuous training and professional development budgets to stay ahead of the evolving global threat environment.

------

##### [**Table of Contents**](#toc)

#### PART III

#### Item 17. Financial Statements
We are providing our audited consolidated financial statements and the related information thereto pursuant to Item 18.

#### Item 18. Financial Statements
See pages F-1 through F-38 of this Annual Report for our audited consolidated financial statements.

#### Item 19. Exhibits
The following exhibits are filed as part of this Annual Report.

---

| | |
|:---|:---|
| **Exhibit**<br>**Number** | **Description of Document** |
| 1.1 | [Memorandum of Association and Articles of Association of Wise Group plc](d17323dex11.htm) |
| 2.1 | [Description of Securities](d17323dex21.htm) |
| 4.1^ | [Multicurrency Revolving Facility Agreement dated as of December 12, 2024, by and among Wise plc, HSBC Innovation Bank Limited, as mandated lead arranger, the original lenders party thereto and HSBC Bank plc, as agent](http://www.sec.gov/Archives/edgar/data/2099039/000119312526151439/d19735dex41.htm) |
| 4.2^ | [Trust Deed, dated November 13, 2025, by and among Wise plc, Wise Financing plc, as issuer, the initial guarantors party thereto and Citicorp Trustee Company Limited, as trustee](http://www.sec.gov/Archives/edgar/data/2099039/000119312526151439/d19735dex42.htm) |
| 4.3+ | [TransferWise 2016 Share Option Plan](http://www.sec.gov/Archives/edgar/data/2099039/000119312526151439/d19735dex43.htm) |
| 4.4+ | [Rules of the TransferWise 2021 Equity Incentive Plan](http://www.sec.gov/Archives/edgar/data/2099039/000119312526151439/d19735dex44.htm) |
| 4.5+ | [Rules of the Wise Group plc Long Term Incentive Plan](http://www.sec.gov/Archives/edgar/data/2099039/000119312526151439/d19735dex45.htm) |
| 4.6+ | [Wise Group plc 2026 Equity Incentive Plan with Non-Employee Sub-Plan](http://www.sec.gov/Archives/edgar/data/2099039/000119312526151439/d19735dex46.htm) |
| 8.1 | [List of Subsidiaries](http://www.sec.gov/Archives/edgar/data/2099039/000119312526151439/d19735dex81.htm) |
| 11.1 | [Wise Code of Conduct](d17323dex111.htm) |
| 11.2 | [Share Dealing Policy](d17323dex112.htm) |
| 12.1 | [Certification of Principal Executive Officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002](d17323dex121.htm) |
| 12.2 | [Certification of Principal Financial Officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002](d17323dex122.htm) |
| 13.1\* | [Certification of Principal Executive Officer pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002](d17323dex131.htm) |
| 13.2\* | [Certification of Principal Financial Officer pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002](d17323dex132.htm) |
| 15.1 | [Consent of PricewaterhouseCoopers LLP, Independent Registered Public Accounting Firm](d17323dex151.htm) |
| 97 | [Incentive Compensation Recoupment Policy](d17323dex97.htm) |
| 101 | Inline XBRL Instance Document, Taxonomy Extension Schema, Calculation Linkbase, Definition Linkbase, Label Linkbase and Presentation Linkbase Documents |
| 104 | Cover Page Interactive Data (formatted as inline XBRL and contained in Exhibit 101) |

---

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##### [**Table of Contents**](#toc)
+ Indicates management contract or compensatory plan.

\* Furnished herewith.

^ The Registrant has omitted schedules and exhibits pursuant to Item 601(a)(5) of Regulation S-K. The Registrant agrees to furnish supplementally a copy of the omitted schedules and exhibits to the SEC upon request.

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##### [**Table of Contents**](#toc)

#### SIGNATURES
The registrant hereby certifies that it meets all of the requirements for filing on Form 20-F and that it has duly caused and authorized the undersigned to sign this Annual Report on its behalf.

---

| | |
|:---|:---|
| **WISE GROUP PLC** | **WISE GROUP PLC** |
| By: | /s/ Kristo Käärmann |
| Name: | Kristo Käärmann |
| Title: | Chief Executive Officer |

---

Date: June 25, 2026

------

##### [**Table of Contents**](#toc)

#### INDEX TO CONSOLIDATED FINANCIAL STATEMENTS
AUDITED CONSOLIDATED FINANCIAL STATEMENTS AS OF AND FOR THE YEARS ENDED MARCH 31, 2026 AND 2025:

---

| | |
|:---|:---|
| [Report of Independent Registered Public Accounting Firm (PCAOB ID 876)](#fin17323_1) | F-2 |
| [Consolidated Statements of Comprehensive Income](#fin17323_2) | F-4 |
| [Consolidated Statements of Financial Position](#fin17323_3) | F-5 |
| [Consolidated Statement of Changes in Shareholders' Equity](#fin17323_4) | F-6 |
| [Consolidated Statements of Cash Flows](#fin17323_5) | F-7 |
| [Notes to the Consolidated Financial Statements](#fin17323_6) | F-8 |

---

Auditor Firm ID: 876

Auditor Name: PricewaterhouseCoopers LLP

Auditor Location: London, United Kingdom

------

#### **Table of Contents**

#### Report of Independent Registered Public Accounting Firm
To the Board of Directors and Shareholders of Wise Group plc

#### Opinion on the Financial Statements
We have audited the accompanying consolidated statement of financial position of Wise Group plc and its subsidiaries (the "Group") as of March 31, 2026 and 2025, and the related consolidated statements of comprehensive income, of changes in shareholders' equity and of cash flows for each of the three years in the period ended March 31, 2026, including the related notes (collectively referred to as the "consolidated financial statements"). In our opinion, the consolidated financial statements present fairly, in all material respects, the financial position of the Company as of March 31, 2026 and 2025, and the results of its operations and its cash flows for each of the three years in the period ended March 31, 2026 in conformity with accounting principles generally accepted in the United States of America.

#### Basis for Opinion
These consolidated financial statements are the responsibility of the Company's management. Our responsibility is to express an opinion on the Company's consolidated financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Company in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits of these consolidated financial statements in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audits to obtain reasonable assurance about whether the consolidated financial statements are free of material misstatement, whether due to error or fraud.

Our audits included performing procedures to assess the risks of material misstatement of the consolidated financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the consolidated financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the consolidated financial statements. We believe that our audits provide a reasonable basis for our opinion.

#### Critical Audit Matters
The critical audit matter communicated below is a matter arising from the current period audit of the consolidated financial statements that was communicated or required to be communicated to the audit committee and that (i) relates to accounts or disclosures that are material to the consolidated financial statements and (ii) involved our especially challenging, subjective, or complex judgments. The communication of critical audit matters does not alter in any way our opinion on the consolidated financial statements, taken as a whole, and we are not, by communicating the critical audit matter below, providing a separate opinion on the critical audit matter or on the accounts or disclosures to which it relates.

Cash and Cash Equivalents

As described in Note 2 to the consolidated financial statements, within the $27,802.2 million of cash and cash equivalents $14,824.1 million of customer funds is in segregated, safeguarding bank accounts and term deposits. The Group is subject to various regulatory safeguarding compliance requirements with respect to customer funds. Such requirements may vary across the different jurisdictions in which the Group operates. The Group receives and holds customer funds and recognizes the respective financial assets and corresponding liabilities for the funds customers hold in their account and the funds the Group receives as part of the money transfer settlement

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#### **Table of Contents**
process At the point that the cash is received from the customer, the Group becomes party to a contract and has a right and an ability to control the economic benefit from the cash flows associated with this balance.

The principal considerations for our determination that performing procedures relating to cash and cash equivalents is a critical audit matter are the high degree of auditor effort in performing procedures related to existence and accuracy of cash and cash equivalents.

Addressing the matter involved performing procedures and evaluating audit evidence in connection with forming our overall opinion on the consolidated financial statements. These procedures included, among others, (i) assessing management's process for safeguarding customer balances including reconciliations of customer balances to safeguarded accounts, (ii) testing intragroup cash movements and transfers between company bank accounts, (iii) testing journals associated with cash movements (iv) testing bank reconciliations and (v) confirming the existence and accuracy of the year-end cash and cash equivalents balances.

PricewaterhouseCoopers LLP

London, United Kingdom

June 25, 2026

We have served as the Group's or its predecessor's auditor since 2014.

------

#### WISE PLC

#### CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME

#### (in million, except for per share data)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | | Year ended March 31, | Year ended March 31, | |
|  |<br>Note | 2026 | 2025 | 2024 |
| Transaction revenue | 3 | $1893.6 | $1546.3 | $1323.1 |
| Interest income on customer balances |  | 806.1 | 758.3 | 610.0 |
| Interest expense on customer liabilities |  | (196.9) | (205.7) | (157.0) |
| Net revenue |  | $2502.8 | $2098.9 | $1776.1 |
| Operating expenses: |  |  |  |  |
| Transaction expense |  | (513.6) | (378.0) | (331.5) |
| Transaction and credit losses |  | (13.9) | (11.6) | (15.7) |
| Technology and development |  | (434.3) | (314.1) | (287.6) |
| Servicing |  | (396.6) | (287.5) | (216.9) |
| Marketing and sales |  | (171.8) | (106.1) | (79.6) |
| General and administrative |  | (381.9) | (273.4) | (194.7) |
| Total operating expenses |  | (1912.1) | (1370.7) | (1126.0) |
| Operating income |  | $590.7 | $728.2 | $650.1 |
| Other income/(loss), net | 4 | 69.7 | (10.7) | 6.6 |
| Income before tax |  | $660.4 | $717.5 | $656.7 |
| Income tax expense | 6 | (161.7) | (167.2) | (155.2) |
| Net income |  | $498.7 | $550.3 | $501.5 |
| Net income per share – basic, in cents | 8 | $48.92 | $53.31 | $48.57 |
| Net income per share – diluted, in cents | 8 | $48.43 | $52.63 | $47.81 |
| Weighted average shares outstanding – basic | 8 | 1019.5 | 1032.3 | 1032.6 |
| Weighted average shares outstanding – diluted | 8 | 1029.7 | 1045.7 | 1048.9 |
| Net income |  | $498.7 | $550.3 | $501.5 |
| Other comprehensive income/(loss), net of tax charge of $2.6 million (2025: net of tax charge of $5.2 million and 2024: net of tax benefit of $8.6 million) |  |  |  |  |
| Gain on foreign currency translation | 7 | 59.8 | 20.8 | 10.9 |
| Unrealized gain/(loss) on Available-For-Sale debt securities, net | 7 | 7.9 | 14.8 | (24.6) |
| Other comprehensive income/(loss), net of tax |  | 67.7 | 35.6 | (13.7) |
| Total comprehensive income |  | $566.4 | $585.9 | $487.8 |

---

The accompanying notes form an integral part of these Group consolidated financial statements.

------

#### **Table of Contents**

#### WISE PLC

#### CONSOLIDATED STATEMENT OF FINANCIAL POSITION

#### (in million)

---

| | | | |
|:---|:---|:---|:---|
|  | | As at March 31, | As at March 31, |
|  |<br>Note | 2026 | 2025 |
| Current assets |  |  |  |
| Cash and cash equivalents |  | $27802.2 | $18066.3 |
| Available-for-sale debt securities | 11 | 4582.7 | 6013.6 |
| Accounts receivable, net of allowance for credit losses | 12 | 391.3 | 347.8 |
| Prepaid expenses and other current assets | 13 | 185.4 | 103.6 |
| Current tax assets |  | 19.0 | 19.4 |
| Total current assets |  | 32980.6 | 24550.7 |
| Property, plant and equipment, net | 9 | 189.9 | 150.8 |
| Intangible assets, net |  | 4.5 | 5.1 |
| Other assets, noncurrent | 13 | 27.4 | 20.5 |
| Deferred tax assets | 6 | 57.4 | 54.0 |
| Total assets |  | $33259.8 | $24781.1 |
| Liabilities and shareholders' equity |  |  |  |
| Current liabilities |  |  |  |
| Accounts payable and other current liabilities | 15 | $522.3 | $468.9 |
| Funds payable and amounts due to customers | 16 | 30254.2 | 22279.9 |
| Current tax liabilities |  | 6.7 | 5.7 |
| Short-term debt | 17 | 6.0 | 128.4 |
| Operating lease liabilities | 10 | 16.4 | 13.4 |
| Total current liabilities |  | $30805.6 | $22896.3 |
| Deferred tax liabilities | 6 | 8.2 | 5.4 |
| Other long term liabilities | 15 | 59.5 | 44.9 |
| Operating lease liabilities, noncurrent | 10 | 132.6 | 97.1 |
| Long-term debt | 17 | 328.7 | 0.0 |
| Total liabilities |  | $31334.6 | $23043.7 |
| Commitments and contingent liabilities | 20 |  |  |
| Shareholders' equity |  |  |  |
| Class A Common shares – $0.01 par value; 1,025,672,252 shares authorized; 1,025,672,252 shares issued and outstanding as of March 31, 2026 and 1,025,000,252 shares issued and outstanding as of March 31, 2025 | 7 | 14.2 | 14.2 |
| Class B Common shares – $0.000 000 001 par value; 208,883,268 shares authorized; 208,883,268 shares issued and outstanding as of March 31, 2026 and 243,584,255 shares issued and outstanding as of March 31, 2025 | 7 |  |  |
| Additional paid-in capital |  | 166.2 | 163.5 |
| Treasury stock | 7 | (422.8) | (85.0) |
| Retained earnings |  | 2111.1 | 1655.9 |
| Accumulated other comprehensive income | 7 | 56.5 | (11.2) |
| Total shareholders' equity |  | $1925.2 | $1737.4 |
| Total liabilities and shareholders' equity |  | $33259.8 | $24781.1 |

---

The accompanying notes form an integral part of these Group consolidated financial statements.

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#### **Table of Contents**

#### WISE PLC

#### CONSOLIDATED STATEMENT OF CHANGES IN SHAREHOLDERS' EQUITY

#### (in million, except per share data)

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | | Common Shares | Common Shares | Common Shares | Common Shares | | | | | |
|  | Note | Class A | Class A | Class B | Class B | | | | | |
|  | Note | Shares | Cost | Shares | Cost |<br>Additional<br>paid-in<br>capital |<br>Treasury<br>stock |<br>Retained<br>earnings |<br>Accumulated<br>other<br>comprehensive<br>income |<br>Total<br>shareholders'<br>equity |
| At April 1, 2023 |  | 1024677252 | $14.2 | 398889814 | $— | $149.3 | $(12.8) | $555.4 | $(33.1) | $673.0 |
| Net income |  |  |  |  |  |  |  | 501.5 |  | 501.5 |
| Other comprehensive loss, net | 7 |  |  |  |  |  |  |  | (13.7) | (13.7) |
| Common shares issued | 7 | 100000 |  |  |  |  |  |  |  |  |
| Shares acquired by Employee Share Trust | 7 |  |  |  |  |  | (88.3) |  |  | (88.3) |
| Share-based compensation expense | 19 |  |  |  |  | 91.3 |  |  |  | 91.3 |
| Exercise of share awards | 19 |  |  |  |  | (68.1) | 31.0 | 38.4 |  | 1.3 |
| At March 31, 2024 |  | 1024777252 | $14.2 | 398889814 | $— | $172.5 | $(70.1) | $1095.3 | $(46.8) | $1165.1 |
| Net income |  |  |  |  |  |  |  | 550.3 |  | 550.3 |
| Other comprehensive income, net | 7 |  |  |  |  |  |  |  | 35.6 | 35.6 |
| Common shares issued / redeemed | 7 | 223000 |  | (155305559) |  |  |  |  |  |  |
| Shares acquired by Employee Share Trust | 7 |  |  |  |  |  | (90.5) |  |  | (90.5) |
| Share-based compensation expense | 19 |  |  |  |  | 75.3 |  |  |  | 75.3 |
| Exercise of share awards | 19 |  |  |  |  | (84.3) | 75.6 | 10.3 |  | 1.6 |
| At March 31, 2025 |  | 1025000252 | $14.2 | 243584255 | $— | $163.5 | $(85.0) | $1655.9 | $(11.2) | $1737.4 |
| Net income |  |  |  |  |  |  |  | 498.7 |  | 498.7 |
| Other comprehensive income, net | 7 |  |  |  |  |  |  |  | 67.7 | 67.7 |
| Common shares issued / redeemed | 7 | 672000 |  | (34700987) |  |  |  |  |  |  |
| Shares acquired by Employee Share Trust | 7 |  |  |  |  |  | (474.0) |  |  | (474.0) |
| Share-based compensation expense | 19 |  |  |  |  | 95.5 |  |  |  | 95.5 |
| Exercise of share awards | 19 |  |  |  |  | (92.8) | 136.2 | (43.5) |  | (0.1) |
| At March 31, 2026 |  | 1025672252 | $14.2 | 208883268 | $— | $166.2 | $(422.8) | $2111.1 | $56.5 | $1925.2 |

---

The accompanying notes form an integral part of these Group consolidated financial statements.

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#### **Table of Contents**

#### WISE PLC

#### CONSOLIDATED STATEMENT OF CASH FLOWS

#### (in million)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Note | 2026 | 2025 | 2024 |
| Cash flow from operating activities |  |  |  |  |
| Net income |  | $498.7 | $550.3 | $501.5 |
| Adjustments for non-cash items: |  |  |  |  |
| Depreciation and amortization | 9 | 14.4 | 9.7 | 14.3 |
| Impairment of assets | 9 | 1.8 | 14.6 |  |
| Share-based compensation | 19 | 95.5 | 74.6 | 91.1 |
| Unrealized foreign exchange (gain)/loss |  | 89.2 | 4.7 | (23.4) |
| Deferred tax (benefit)/expenses | 6 | 2.7 | (0.5) | 43.2 |
| Operating lease expense | 10 | 21.8 | 19.4 | 10.8 |
| Other |  | 2.7 | (0.5) | 2.5 |
| Changes in operating assets and liabilities: |  |  |  |  |
| Accounts receivable, net |  | (24.3) | 93.4 | (236.0) |
| Prepaid expenses and other assets |  | (136.1) | (121.9) | (177.9) |
| Accounts payable and other liabilities (including tax) |  | 3.7 | (49.3) | 289.7 |
| Operating lease liabilities |  | (15.9) | (13.4) | (12.2) |
| Funds payable and amount due to customers |  | 6999.7 | 5138.4 | 3571.5 |
| Net cash provided by operating activities |  | $7553.9 | $5719.50 | $4075.1 |
| Cash flow from investing activities |  |  |  |  |
| Purchase of property, plant and equipment |  | (19.6) | (44.1) | (13.4) |
| Purchase of intangible assets |  | (1.8) | (1.2) | (3.0) |
| Purchase of Available-For-Sale debt securities | 11 | (9047.4) | (8227.9) | (11988.5) |
| Proceeds from sale and maturities of Available-For-Sale debt securities | 11 | 10807.3 | 7514.7 | 11823.7 |
| Other investing activities, net |  | 0.0 | 0.0 | 0.1 |
| Net cash provided by/(used in) investing activities |  | $1738.5 | $(758.5) | $(181.1) |
| Cash flow from financing activities |  |  |  |  |
| Repurchases of shares | 7 | (473.4) | (92.5) | (86.2) |
| Proceeds from issuance of shares and other equity |  | 0.5 | 1.3 | 1.3 |
| Proceeds from revolving credit facility | 17 | 267.2 | 248.6 | 526.9 |
| Repayments of revolving credit facility | 17 | (397.9) | (387.3) | (590.0) |
| Proceeds from debt issuance | 17 | 328.7 | 0.0 | 0.0 |
| Net cash used in financing activities |  | $(274.9) | $(229.9) | $(148.0) |
| Effect of exchange rate fluctuations on cash and cash equivalent |  | 718.4 | 89.5 | 25.1 |
| Net change in cash and cash equivalents |  | 9735.9 | 4820.6 | 3771.1 |
| Cash and cash equivalents at beginning of year |  | 18066.3 | 13245.7 | 9474.6 |
| Cash and cash equivalents at end of year |  | $27802.2 | $18066.3 | $13245.7 |
| Supplemental cash flow disclosure: |  |  |  |  |
| Cash paid for interest |  | $(15.9) | $(19.0) | $(21.0) |
| Cash paid for income taxes, net |  | (162.5) | (184.4) | (93.1) |

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The accompanying notes form an integral part of these Group consolidated financial statements.

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#### NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
1. Description of Business

Wise plc (the Company) was incorporated in England in 2021. The principal activity of the Company and its subsidiaries (the Group) is the provision of cross-border and domestic financial services. The Group's mission is to build the best way to move and manage the world's money.

On May 8, 2026, the Jersey public limited company, Wise Group plc, became the ultimate holding company of the Group pursuant to a Scheme of Arrangement under Part 26 of the U.K. Companies Act 2006 (the "Scheme") (the "Reorganization Transaction"). In connection with the Reorganization Transaction, Wise plc was renamed to Wise Limited and became a wholly owned subsidiary of Wise Group plc.

As the Scheme was completed subsequent to the financial reporting date, these financial statements are presented on the basis of Wise plc as the then-ultimate holding company of the Group. References to the "Group" throughout the consolidated financial statements refer to Wise plc and its subsidiaries for the period covered by these financial statements.

Unless otherwise expressly stated or the context otherwise requires, the terms "Wise" and the "Group" within these notes to the consolidated financial statements refer to Wise plc and its wholly owned subsidiaries.

2. Summary of Significant Accounting Policies

#### Basis of Preparation
The accompanying consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (U.S. GAAP) and applicable rules and regulations of the U.S. Securities and Exchange Commission (the SEC) regarding financial reporting.

#### Principles of Consolidation
The accompanying consolidated financial statements include the accounts of Wise Plc, and its wholly-owned subsidiaries. All intercompany transactions have been eliminated in consolidation. In the opinion of management, all adjustments, consisting of normal recurring adjustments, necessary for the fair statement of the Group's financial position, results of operations and cash flow have been included.

All financial information is presented in millions of U.S dollars (USD), which is the Group's reporting currency, rounded to the nearest $0.1 million, unless otherwise stated.

#### Use of Estimates
The preparation of financial statements in conformity with U.S. GAAP requires management to make certain estimates and assumptions that affect the reported amounts of assets and liabilities and disclosures of contingent assets and liabilities at the date of the financial statements, as well as the reported amounts of revenues and expenses during the reported period. These estimates and assumptions include, but are not limited to, transaction and credit losses; refer to "Transaction and Credit Losses" for further information.

The Group bases its estimates on historical experience and on assumptions that management considers reasonable. Actual results could differ materially from those estimates, and these differences could be material to the consolidated financial statements. The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognized in the period in which the estimate is revised if the revision affects only that period, or in the period of the revision and future periods if the revision affects both current and future periods.

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#### Foreign Currencies
The reporting currency of the Group is the U.S. dollar. The functional currency of each of the subsidiaries of the Group is based on the currency of the economic environment in which they operate.

Gains and losses from the remeasurement of foreign currency transactions into the functional currency are recognized as "Transaction Expense" for customer related balances and as "Other income/(loss), net" for non-customer related balances, on our Consolidated Statement of Comprehensive Income.

Upon consolidation, assets and liabilities of each subsidiary with a functional currency that differs from the reporting currency are translated into U.S. dollars at period-end exchange rates, and revenues and expenses are translated into U.S. dollars using average exchange rates for each reporting period. Translation adjustments are reflected as other comprehensive income/(loss) and is included in "Accumulated Other Comprehensive Income."

#### Transaction Revenue Recognition
The Group follows a five-step framework to determine when and how revenue is recognized, based on the core principle that revenue is recognized to depict the transfer of goods or services to customers in an amount that reflects the considerations to which the Group expects to be entitled in exchange for those goods or services.

• Identify the contract with a customer (step 1)

• Identify the performance obligations in the contract (step 2)

• Determine the transaction price (step 3)

• Allocate the transaction price to the performance obligations in the contract (step 4)

• Recognize revenue when the Group satisfies a performance obligation (step 5)

The Group generates transaction revenue from contracts with customers by providing cross-border services (which includes money transfers, currency conversion services and account services), debit card services and transaction revenue from other services. Refer to "Note 3—Transaction revenue" for additional information regarding the nature, amount, timing, and uncertainty of revenue and cash flows arising from contracts with customers.

#### Interest Income on Customer Balances
Interest income on customer balances is earned from holding customer funds as cash and cash equivalents or investing them into highly liquid permitted financial assets. These amounts are recognized in the Consolidated Statement of Comprehensive Income using the effective interest rate method.

#### Interest Expense on Customer Liabilities
Interest expense on customer liabilities is the interest expense payable to customers for holding eligible balances in their accounts with Wise. These amounts are calculated as a percentage of those eligible balances and provided as either cashback or interest depending on the jurisdiction. These amounts are recognized in the Consolidated Statement of Comprehensive Income as "Interest expense on customer liabilities" in the period for which the customer receives the benefit.

#### Transaction Expense
Transaction expense (excluding depreciation and amortization) comprises the costs incurred by the Group in processing and settlement of transactions as well as providing debit card services. This includes:

• banking and other fees, net of applicable rebates, incurred in processing customer transfers, currency conversion services, and debit card transactions, as well as the costs of providing cards to customers;

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• net foreign exchange costs generated due to customer transactions, including the costs related to the difference between the published mid-market rate offered to customers and the rate obtained by the Group in acquiring currency. Net foreign exchange differences are also incurred from the revaluation of customer balances at period end. The Group recorded net foreign exchange loss of $59.6 million for the year ended March 31, 2026, and net foreign exchange gain of $42.6 million and $49.2 million for the years ended March 31, 2025 and 2024 respectively; and

• other product costs include product losses that are directly generated from customer transactions, including chargeback losses, fraud charges, as well as taxes directly attributable to customer activity.

#### Technology and Development
Technology and development expenses consist of employee-related expenses for the Group's engineering and products team, including salaries, benefits, and share-based compensation expenses, professional services fees and costs for software subscription services dedicated for the use by the Group's technology teams, cloud infrastructure costs as well as costs of other company-wide technology tools including AI solutions. Technology and development costs are generally expensed as incurred and the Group does not have software development costs which qualify for capitalization as internal-use software for the years ended March 31, 2026 (2025: $nil; 2024: $2.6 million was capitalized).

During the financial year ended March 31, 2026, the Group expensed $226.8 million of product engineering costs (2025: $164.6 million; 2024: $145.6 million). These costs directly relate to the evolution of the Group's product offerings and primarily comprise employee-related expenses of the Engineering and Product teams.

#### Servicing
Servicing includes costs to provide customer onboarding and support, payment operations and compliance activities, including financial crime prevention and sanctions screening and monitoring. These costs include: employee-related expenses associated with our servicing staff, including salaries, benefits, and share-based compensation expenses; outsourced services providers; and technology and AI solutions used by servicing teams.

#### Marketing and Sales
Marketing and sales expenses consist primarily of advertising and customer acquisition costs incurred to attract new customers, including external brand and customer acquisition expenses, and employee-related expenses associated with the Group's marketing and sales people, principally salaries, benefits, and share-based compensation expenses. Marketing and sales expenses also include promotions, costs for software subscription services dedicated for use by the Group's marketing and sales teams, and outsourced service providers contracted for marketing purposes. Advertising expenses included in Marketing and Sales totaled $100.5 million for the year ended March 31, 2026, (2025: $62.5 million; 2024: $40.6 million).

#### General and Administrative
General and administrative expenses consist of employee-related expenses for finance, legal, compliance, risk, people, workplace, and other administrative teams, as well as leadership functions, including salaries, benefits, and share-based compensation expenses. General and administrative expenses also include professional services fees, subscriptions, office expenses, indirect taxes, depreciation, amortization and other corporate expenses.

#### Share-Based Compensation
The Group operates a number of employee equity-settled schemes as part of its reward strategy.

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The grant date fair value of a share award is determined using the Group's stock price on the date of grant. These awards are subject to a service condition or a performance condition. The awards with a service condition vest ratably, typically over four years and the share-based compensation expense is recognized over this requisite service period using the straight-line method. The maximum term of share awards granted is 10 years.

The awards with a performance condition vest on achievement of the relative total shareholder return (TSR) compared to the FTSE 250 and volume growth performance measures over the 3-year performance period. Share-based compensation expenses for these awards are recognized over the requisite service period and as the performance targets are considered probable of being achieved.

The Group recognizes share-based compensation net of estimated forfeitures and revises the estimates in subsequent periods if actual forfeitures differ from the estimates. The Group estimates the forfeiture rate based on historical experience as well as expected future behavior.

#### Income Tax
The provision for income taxes is determined using the asset and liability approach considering guidance related to uncertain tax positions. Tax laws require items to be included in tax filings at different times than the items are reflected in the financial statements. A current liability is recognized for the estimated taxes payable for the current year. Deferred taxes represent the future tax consequences expected to occur when the reported amounts of assets and liabilities are recovered or paid. Deferred taxes are initially recognized at the enacted tax rate and are adjusted for any enacted changes in tax rates and tax laws. Subsequent changes to deferred taxes originally recognized in equity are recognized in the Consolidated Statement of Comprehensive Income. Valuation allowances are recorded to reduce deferred tax assets when it is more likely than not that a tax benefit will not be realized. Deferred tax liabilities and assets attributable to different tax paying components or to different tax jurisdictions of the Group are not offset.

The income tax effects from an uncertain tax position are recognized when it is more likely than not that the position will be sustained based on its technical merits and considerations of the tax authorities' widely understood administrative practices and precedents. Although the Group believes that the estimates and assumptions used are reasonable and legally supportable, the final determination of tax audits could be different than that which is reflected in historical tax provisions and recorded assets and liabilities. Changes in recognition or measurement are reflected in the period in which the change in judgment occurs. The Group records interest and penalties related to uncertain tax positions in "Income tax benefit/(expense)" on the Consolidated Statement of Comprehensive Income.

#### Cash and Cash Equivalents
Cash and cash equivalents include on-demand deposits, term deposits used for meeting short-term cash commitments, deposits (with collateral) held, money market funds ("MMFs") and other short-term high-quality liquid investments with an original maturity of three months or less, and cash held with banking partners.

The Group receives and holds customer funds and recognizes the respective financial assets and corresponding liabilities for the funds customers hold in their account and the funds the Group receives as part of the money transfer settlement process. At the point that the cash is received from the customer, the Group becomes party to a contract and has a right and an ability to control the economic benefit from the cash flows associated with this balance. Additionally, the Group considers it does not have a legally enforceable right to set off these financial assets and liabilities, or an intention to settle them on a net basis or settle them simultaneously.

Therefore, management has concluded that the recognition of the financial assets and their respective liabilities on the balance sheet is appropriate.

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The Group is subject to various regulatory safeguarding compliance requirements with respect to customer funds. Such requirements may vary across the different jurisdictions in which the Group operates. Within the $27,802.2 million (2025: $18,066.3 million) of cash and cash equivalents $14,824.1 million (2025: $7,503.0 million) of customer funds is in segregated, safeguarding bank accounts and term deposits held at investment grade banking institutions, or the highest possible credit-rated institutions in non-investment grade jurisdictions (bank ratings being limited by the relevant country rating).

The remainder of safeguarded customer deposits were held across highly liquid MMFs ($7,592.1 million and $7,034.4 million for 2026 and 2025 respectively), and in liquid, investment-grade fixed income securities, comprising government treasury bonds and highly-rated corporate paper, in accordance with applicable local regulations ($4,582.7 million and $6,013.6 million for 2026 and 2025 respectively). In addition the Group has a hybrid approach to safeguarding U.K. customer funds by implementing Safeguarding via Comparable Guarantees, of total value of $1,119.1 million (£845.0 million) as at March 31, 2026, with nine investment grade sureties.

#### Accounts Receivable
Accounts receivable includes receivables mainly from payment processors, partners (card scheme providers), brokers and customers that represent revenues or income earned, but not yet collected and amounts receivables as part of the money transfer settlement process.

Accounts receivable are classified as current assets if receipts are due within one year or less. If not, they are presented as non-current assets. Accounts receivable, net are initially measured at fair value and subsequently measured at their amortized cost less transaction and credit losses. The carrying values of current accounts receivable approximate their fair values due to their short maturity.

Refer to "Transaction and Credit Losses" below for the measurement of the allowance for doubtful debts.

#### Transaction and Credit Losses
The Group has exposure to Current Expected Credit Losses (CECLs) for financial assets including cash and cash equivalents, debt securities, accounts receivable, interest receivable and collateral deposits the Group holds with its counterparties.

We utilize a combination of aging and probability of default methods to develop an estimate of credit losses, depending on the nature and risk profile of the underlying asset pool. A broad range of information is considered in the estimation process, including historical loss information adjusted for current conditions and expectations of future trends. The estimation process also includes consideration of qualitative and quantitative risk factors associated with the age of asset balances, expected timing and probability of default, loss given default, exposure at default, counterparty tiering classifications, merchant and customer risk profiles, country risk profiles for higher risk jurisdictions, and relevant macro-economic factors. Determining the appropriate current expected credit loss allowance is an inherently uncertain process requiring significant estimation and ultimate losses could differ materially from the current estimates. There have not been any material movements in the CECL during the financial years ended March 31, 2026 and March 31, 2025, as a result of there being no material movements in aging or risk profiles of the underlying asset pools.

Negative customer balances occur primarily when there are insufficient funds in a customer's account to cover charges, debit card transactions, and merchant-related chargebacks due to non-delivery or unsatisfactory delivery of purchased items, and fraudulent customer activity. If an active non-fraudulent account goes negative and remains more than 30 days past due, allowance for the receivable is provided in full.

Financial assets are presented net of the allowance for credit losses in the Consolidated Statement of Financial Position. CECLs expense is included as "Transaction and Credit Losses" in the Consolidated Statement of Comprehensive Income. Write-offs are recorded in the period in which the asset is deemed to be uncollectible.

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Credit Risk Characteristics and Concentration

The credit risk exposures for all financial assets are managed at Group level according to the Group's credit risk appetite. Wise actively manages credit concentration risk and it is Wise's policy to impose credit limits in order to control the exposures (amount and period) Wise has with each counterparty considering their level of risk.

These limits are set based on the credit ratings or perceived credit quality of each counterparty and approval must be obtained from the Credit Risk Committee for any exceptions outside of the framework.

#### Property, Plant and Equipment
Property, plant and equipment is stated at cost less accumulated depreciation and any impairment loss.

Depreciation is recognized over the estimated useful lives of the corresponding assets, using the straight-line method, on the following basis:

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| | |
|:---|:---|
| Right-of-use assets: | Lease term: 1-10 years |
| Leasehold improvements | Lease term: 1-10 years |
| Office equipment | 5 years |

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Depreciation expense is recorded in the Consolidated Statement of Comprehensive Income within "General and Administrative" expenses. The gain or loss arising on the disposal or retirement of an asset is determined as the difference between the sales proceeds and the carrying amount of the asset and is recognized in "Other income/ (loss), net" within the Consolidated Statement of Comprehensive Income.

#### Leases
The Group determines whether an arrangement is a lease at inception. The Group has operating leases for office space in various locations.

For short term leases, the Group recognizes lease payments on a straight-line basis in the Consolidated Statement of Comprehensive Income within "General and Administrative" expenses, in the period in which the obligation is incurred.

Extension and termination options are included in a number of office space leases across the Group to maximize operational flexibility and they are exercisable only by the Group and not by the lessors. The Group assesses at the lease commencement date whether it is reasonably certain to exercise the extension options. The Group reassesses whether it is reasonably certain to exercise the options if there is a significant event or significant change in circumstances within its control.

The Group recognizes a right-of-use asset and a corresponding lease liability with respect to all lease arrangements in which it is the lessee. The lease liability is initially measured at the present value of the lease payments that are not paid at the commencement date, discounted by using the rate implicit in the lease. If this rate cannot be readily determined, the Group uses its incremental borrowing rate. Lease payments included in the measurement of the lease liability comprise fixed lease payments (including in-substance fixed payments) less any lease incentives received and receivable, and variable lease payments that depend on an index or a rate, initially measured using the index or rate at the commencement date. During the years ended March 31, 2026 and 2025, the Group did not incur material variable lease expense.

The right-of-use asset is initially measured at the amount equal to the lease liability, adjusted for any lease payments made at or before lease commencement, lease incentives and any initial direct costs. The right-of-use asset is included in "Property, plant and equipment" in the Consolidated Statement of Financial Position.

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The lease liabilities are presented as separate line items in the Consolidated Statement of Financial Position. The lease liability is subsequently measured by increasing the carrying amount to reflect interest on the lease liability (using the effective interest method) and by reducing the carrying amount to reflect the lease payments made.

The Group remeasures the lease liability (and makes a corresponding adjustment to the related right-of-use asset) whenever:

• The lease term has changed, in which case the lease liability is remeasured by discounting the revised lease payments using a revised discount rate.

• A lease contract is modified and the lease modification is not accounted for as a separate lease, in which case the lease liability is remeasured based on the lease term of the modified lease by discounting the revised lease payments using a revised discount rate at the effective date of the modification.

• When a lease term has changed or been modified, variable lease payments that depend on an index or a rate shall be remeasured using the index or rate as of the date the remeasurement is required.

Lease expense for operating leases is recognized on a straight-line basis over the lease term, which is the non-cancelable term adjusted for any renewal and termination options that are considered reasonably certain, and included in "General and Administrative" expenses within the Consolidated Statement of Comprehensive Income.

During the years ended March 31, 2026 and 2025, the Group did not have any finance leases.

#### Intangible Assets
Intangible assets consist of internally generated software, licenses and domain purchases. Intangible assets are amortized over the period of estimated benefit using the straight-line method and estimated useful lives ranging from two to ten years. No significant residual value is estimated for intangible assets.

#### Impairment of Long-Lived Assets
The Group assesses potential impairments to its long-lived assets when events or changes in circumstances indicate the carrying amount of the asset may not be recoverable. If any indicators of impairment are present, the Group tests recoverability. The carrying value of a long-lived asset or asset group is not recoverable if the carrying value exceeds the sum of the estimated undiscounted future cash flows expected to be generated from the use and eventual disposition of the asset or asset group. If the estimated undiscounted future cash flows do not exceed the asset or asset group's carrying amount, then an impairment loss is recorded, measured as the amount by which the carrying amount of a long-lived asset or asset group exceeds its estimated fair value.

#### Financial Instruments
Financial instruments measured at fair value through net income include MMFs, derivative assets and derivative liabilities. Changes in fair value for derivatives are recognized in the Consolidated Statement of Comprehensive Income in "Transaction expense." The decision to elect the fair value option is determined on an instrument-by-instrument basis and applied to the entire class of instruments. For MMFs, the Group considers the fair value to better reflect the underlying economics of the instrument.

Financial assets measured at amortized cost include cash and cash equivalents (excluding MMFs where the Group has designated the instruments at fair value through net income), accounts receivable and other assets. Financial liabilities measured at amortized cost include debt, accounts payable and other liabilities, and funds payable and amounts due to customers.

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Financial assets are classified as current assets if receipts are due within one year or less. If not, they are presented as non-current assets. Financial liabilities are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities.

Financial assets and liabilities are offset and the net amount presented in the Consolidated Statements of Financial Position when, and only when, the Group has a legally enforceable right to set off the amounts and intends either to settle on a net basis or to realize the asset and settle the liability simultaneously. The Group has not offset any financial assets and liabilities for the period under review.

Refer below for details on the Group's debt securities.

#### Debt Securities
Debt securities may be classified as Trading, Held-To-Maturity or Available-For-Sale (AFS). Trading debt securities are held principally for resale and recorded at their fair values. Unrealized gains and losses on trading debt securities are included immediately in earnings. Held-to-maturity debt securities are those which management has the positive intent and ability to hold to maturity and are reported at amortized cost.

AFS debt securities consist of debt securities not classified as trading debt securities nor as held-to-maturity debt securities. The Group's debt securities (e.g. bonds) are classified as AFS and recorded at their fair value.

Unrealized holding gains and losses on AFS debt securities are reported as a net amount in accumulated other comprehensive income in shareholders' equity until realized. Gains and losses on the sale or maturity of AFS debt securities are determined using the specific-identification method and recognized in "Other income/(loss), net" in the Consolidated Statement of Comprehensive Income. Premiums and discounts on debt securities are recognized in interest income using the effective interest rate method over the period to maturity.

#### Derivative Instruments
The Group enters into derivative financial instruments to manage its exposure to market risks. The principal market risk involves the managing of potential adverse effects of foreign exchange rates. All derivative financial instruments are recognized as "Derivative financial assets" or "Derivative financial liabilities" within the "Prepaid expenses and Other Current Assets" and "Accounts Payable and Other Current Liabilities" respectively, in the Consolidated Statement of Financial Position. The Group has not designated any derivatives in hedging relationships.

The fair value of the derivative financial instruments is determined by mark-to-market valuation technique. The key inputs in the valuation model are the observable foreign exchange rates for the currencies involved. The Group's derivatives balances in the financial statements are classified as current or non-current, depending on their respective maturities. For the years ended March 31, 2026 and 2025, all the Group's derivatives balances matured within one year and were classified as current.

The Group has not offset any derivative financial assets and liabilities for the period under review.

#### Debt
The Group's debt mainly consists of the debt issued under a Revolving Credit Facility ("RCF") and the Euro Medium Term Note Program (the "EMTN Program").

RCF

The RCF is recognized initially at fair value, net of transaction costs incurred, and is subsequently carried at amortized cost. Any difference between the proceeds (net of transaction costs) and the redemption value is

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recognized as interest expense using the effective interest method over the term of the facility. Fees paid on the establishment of loan facilities are recognized as transaction costs of the loan to the extent that it is probable that some or all of the facility will be drawn down. In this case, the fee is deferred and treated as a transaction cost when the draw-down occurs. The Group presents the impact of transaction costs as part of financing cash flows.

Debts are classified as current liabilities unless, at the end of the reporting period, the Group has the intent and ability to utilize proceeds from its RCF to refinance such debt on a long-term basis. For the year ended March 31, 2026 the Group has no outstanding debt under the RCF (year ended March 31, 2025: the Group's RCF is reported as short-term debt in the Consolidated Statement of Financial Position).

EMTN Program

The debt issued under the EMTN Program is recognized initially at fair value, net of transaction costs incurred, and is subsequently carried at amortized cost. Costs associated with the issuance of debt are recorded on the balance sheet as a direct deduction from the carrying amount of the related debt liability. All debt issuance costs are amortized over the term of the related debt using the effective interest rate method. Debt issuance discounts are netted against the related debt and are amortized over the term of the debt using the effective interest method.

The portion of the principal with a maturity date beyond 12 months from the balance sheet date are classified as non-current liabilities and the portion of the principal that is due to be settled within 12 months of the balance sheet date, including accrued interest payable, are classified as current liabilities. For the year ended March 31, 2026, the Group's EMTN bond is reported as long-term debt in the Consolidated Statement of Financial Position.

See Note 17 for additional information on the Group's debt.

#### Fair Value Measurements
The Group defines fair value as the price to sell an asset or amount paid to transfer a liability in an orderly transaction between market participants at the measurement date. The determination of fair value is based on the principal or most advantageous market in which the Group could participate and considers assumptions that market participants would use when pricing the asset or liability, such as inherent risk, transfer restrictions, and risk of non-performance. Also, determination of fair value assumes that market participants will consider the highest and best use of the asset.

The Group uses the hierarchy prescribed in the aforementioned accounting guidance for fair value measurements, based on the available inputs to the valuation and the degree to which they are observable or not observable in the market.

The three levels of the hierarchy are as follows:

• Level 1 Inputs – Unadjusted quoted prices in active markets for identical assets or liabilities accessible to the reporting entity at the measurement date. Financial instruments classified as level 1 predominantly comprise treasury bonds, investment grade corporate paper and money market funds. The quoted market price used for financial assets held by the Group is the current close price at the balance sheet date.

• Level 2 Inputs – Other than quoted prices included in Level 1 inputs that are observable for the asset or liability, either directly or indirectly, for substantially the full term of the asset or liability if it has a specified or contractual term. The Group classifies derivative financial assets and liabilities and certain corporate debt instruments as level 2 financial instruments. These corporate debt instruments are valued based on discounted cash flows using market rate for the respective maturity of the debt securities. The derivative instruments are valued by observable foreign exchange rates. There were no changes to the valuation techniques during the period.

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• Level 3 Inputs – Unobservable inputs for the asset or liability used to measure fair value allowing for inputs reflecting the Group's assumptions about what other market participants would use in pricing the asset or liability, including assumptions about risk. The Group does not have any financial instruments in level 3.

Refer to "Note 18 – Fair Value Measurement" for additional information.

#### Funds Payable and Amount Due to Customers
Funds payable and amount due to customers consist of customer account balances and outstanding money transmission liabilities.

Customer accounts relate to the funds held in their accounts and the funds the Group receives as part of the money transfer settlement process. When electronic e-money is issued the Group recognizes the corresponding liability to the customer equal to the amount of electronic e-money that has been issued.

Outstanding money transmission liabilities represent transfers that have not yet been paid out or delivered to a recipient.

#### Accounts Payable and Other Liabilities
Accounts payable consist of obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers on the basis of normal credit terms and do not bear interest.

Payables are initially recognized at fair value and subsequently measured at amortized cost. Accounts payable are presented as current in the statement of financial position if it is expected to be settled in the normal operating cycle; or expected to be settled within 12 months after the reporting period; or there is no unconditional right to defer the settlement of the liability for at least twelve months after the reporting period. All other liabilities are classified as non-current. Accounts payables are unsecured unless otherwise indicated; due to the short-term nature of current payables, their carrying values approximate their fair value.

#### Recently Adopted Accounting Pronouncements
Income Taxes

In December 2023, the FASB issued ASU 2023-09, which amends Income taxes (Topic 740). This update enhances annual income tax disclosure requirements, primarily by requiring public business entities to provide disclosures regarding the statutory tax rate and effective tax rate in tabular format presented both as percentages and dollar amounts with eight specific categories identified (state/local taxes, foreign tax effects, changes in tax laws/rates, cross-border tax effects, tax credits, valuation allowance changes, non-taxable/non-deductible items, and changes in unrecognized tax benefits), and to provide additional disclosures for reconciling items that meet quantitative thresholds. This update is effective for annual periods beginning after December 15, 2024, with early adoption permitted. The Group has adopted this guidance in our March 31, 2026 annual financial statements.

#### Accounting Pronouncements Not Yet Adopted
Disaggregation of Income Statement Expenses

In November 2024, the FASB issued ASU 2024-03, Income Statement – Reporting Comprehensive Income – Expense Disaggregation Disclosures (Subtopic 220-40), which is intended to improve the disclosures about a public business entity's expenses and address requests from investors for more detailed information about the types of expenses in commonly presented expense captions. This update requires public business entities to expand disclosures about specific expense categories in the notes to the financial statements, including

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inventory, employee compensation, depreciation, and intangible asset amortization, among others. This update is effective for annual periods beginning after December 15, 2026 and for interim reporting periods beginning after December 15, 2027, with early adoption permitted. The Group is evaluating the impact of the adoption of this update on the consolidated financial statements.

Intangibles – Goodwill and Other Internal-Use Software

In September 2025, the FASB issued ASU 2025-06, which modernizes the accounting for internal-use software by eliminating project stage-based capitalization and clarifying the probable-to-complete threshold to commence the capitalization of software costs. The new guidance is effective for annual periods beginning after December 15, 2027, and transition approaches include prospective, retrospective or modified methods. The Group is evaluating the impact of the ASU on our consolidated financial statements.

Measurement of Credit Losses for Accounts Receivable

In July 2025, the FASB issued ASU 2025-05, Financial Instruments–Credit Losses– Measurement of Credit Losses for Accounts Receivable and Contract Assets (Topic 326), which added a practical expedient that assumes that current conditions as of the balance sheet date do not change for the remaining life of the asset when estimating expected credit losses for current accounts receivable and current contract assets. The guidance is effective for annual periods beginning after December 15, 2025. The Group is evaluating the impact of the adoption of this update on the consolidated financial statements.

3. Transaction Revenue

The Group generates transaction revenue from contracts with customers by providing the following services:

#### Cross-Border
Cross-border revenue comprises money transfers, currency conversions and account services.

A customer enters into a contract with the Group at the time of opening a customer account or initiating a money transfer. The customer agrees to the contractual terms by formally accepting the terms and conditions of the respective service, on Wise's website or the app (Step 1). The Group's performance obligation is to provide money transfer services and currency conversion services (Step 2). The Group charges a fee based on the nature of the transaction, which is stipulated in the customer agreement, and can depend on a number of factors, including the currency route, the transaction size, the type of transaction being undertaken and the payment method used (Step 3). The fees charged are applied to a single performance obligation, either the money transfer service or currency conversion service as described in Step 2 (Step 4). The revenue is recognized at the point in time the performance obligation has been satisfied. For money transfers, the revenue is recognized upon delivery of funds to the recipient. For currency conversions, it is recognized when a customer balance is converted into a different currency in their account (Step 5).

The time required for the Group to process the payment to the recipient, and therefore to satisfy its performance obligations, depends on the processing time its banking partners require to deliver funds to the recipient. As such the revenue is deferred until the funds are delivered.

#### Card
Card revenue refers to debit card services and mainly comprises interchange fees and card usage fees.

A customer enters into a contract with the Group at the time the card, either virtual or physical, is made available for use and the customer is able to either make a payment or a withdrawal (Step 1). The performance obligation

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#### **Table of Contents**
for card usage fees is the customer's use of the card to make a purchase or pay for a service in the desired currency. The performance obligation for interchange fees is to facilitate the payment from the customer's account to the merchant via use of the Wise card (Step 2). The fees for card transactions are in accordance with the agreed terms and conditions (Step 3). The transaction price is allocated to the single performance obligations as described in Step 2 (Step 4). Revenue is recognized point-in-time upon transaction capture, that the performance obligation is deemed to have been satisfied (Step 5).

#### Other
Other revenue mainly comprises:

• Revenue earned from the top-up of customer account balances or transfers to recipients in the same currencies. The revenue is recognized on transaction completion for top-ups and delivery of funds to the recipient for transfers.

• One-time fee charged to Wise business customers in certain regions for setting up an account or to obtain local account details. The customer enters into a contract with the Group at the time of account set up or of requesting account details (Step 1). The performance obligation is the access and use of the account (Step 2). The transaction fee is dictated per the customer agreement, and is a fixed, one-time fee (Step 3), and is allocated to the single performance obligation as described in Step 2 (Step 4). The revenue is recognized over time, throughout the period the customer is expected to use the business account (Step 5).

• Fees earned for the provision or replacement of physical cards. A customer enters into a contract with the Group at the time of a physical card request (Step 1). The performance obligation is the benefits that the customer receives via use of a physical card (Step 2). The transaction price is defined as a fixed, one-time fee in the contract (Step 3), and is applied to the single performance obligation as described in Step 2 (Step 4). The revenue is recognized over time throughout the period the debit card services are provided, which is expected to be the life of the card (Step 5).

• Revenue from the multi-currency investment feature called Wise Assets, that customers can hold, buy and sell units. The customer enters into a contract with Wise upon investing in Wise Assets product and formally accepting the Wise Assets terms and conditions (Step 1). The performance obligation is providing the asset account to the customers (Step 2), where Wise generates revenue from charging a fee based on the value of the assets under custody (Step 3). The transaction price is allocated to the single performance obligation as described in Step 2 (Step 4). The revenue is accrued on a daily basis, based on the daily value of the assets under custody, and is recognized over time in line with the period the Group provides its services to Wise Assets customers (Step 5). The Group acts as an agent on behalf of the customers and does not retain control nor benefits from the Wise Assets, thus it does not recognize the financial assets and the respective liabilities for the Wise Assets.

Below is the transaction revenue split by nature:

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| | | | |
|:---|:---|:---|:---|
|  | Year ended March 31, | Year ended March 31, | |
|  | 2026 | 2025 | 2024 |
|  | (In million) | (In million) | (In million) |
| Transaction revenue by nature |  |  |  |
| Cross-border | $1257.0 | $1071.7 | $999.7 |
| Card | 391.6 | 280.5 | 207.2 |
| Other | 245.0 | 194.1 | 116.2 |
| Total transaction revenue | $1893.6 | $1546.3 | $1323.1 |

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No individual customer contributed more than 10% to Wise's total transaction revenue in 2026, 2025 and 2024.

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#### **Table of Contents**
The following table presents the Group's transaction revenues from contracts with customers disaggregated by timings of revenue recognition:

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| | | | |
|:---|:---|:---|:---|
|  | Year ended March 31, | Year ended March 31, | |
|  | 2026 | 2025 | 2024 |
|  | (In million) | (In million) | (In million) |
| Transaction revenue |  |  |  |
| Recognized at a point in time | $1841.9 | $1505.5 | $1303.2 |
| Recognized over time | 51.7 | 40.8 | 19.9 |
| Total transaction revenue | $1893.6 | $1546.3 | $1323.1 |

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Contract Balances

Contract liabilities are recognized when consideration is received in advance of the provision of service and are subsequently recognized as transaction revenue when the related performance obligations are satisfied. The Group has $44.4 million and $32.8 million contract liabilities included in "Accounts Payable and Other liabilities" for the years ended March 31, 2026 and 2025 respectively. The amount of revenue recognized during the year ended March 31, 2026, 2025 and 2024 that was included in the contract liabilities balance at the beginning of the period was $19.8 million, $18.4 million and $8.2 million respectively.

The following table presents the Group's remaining performance obligation for contracts with a duration of more than one year for the year ended March 31, 2026:

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| | | | | |
|:---|:---|:---|:---|:---|
|  | 2027 | 2028 | 2029 | thereafter |
|  | (in million) | (in million) | (in million) | (in million) |
| Revenue expected to be recognized on multi-year contracts in place as of March 31, 2026 | $22.5 | 11.8 | 5.7 | 4.4 |

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Contract assets typically arise when the Group has transferred services to a customer, but the right to consideration is not yet unconditional. The Group does not have contract assets for the years ended March 31, 2026 and 2025.

4. Other Income/(Loss), net

The following table presents the breakdown of the Group's Other income, net:

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| | | | |
|:---|:---|:---|:---|
|  | Year ended March 31, | Year ended March 31, | |
|  | 2026 | 2025 | 2024 |
|  | (In million) | (In million) | (In million) |
| Interest income from corporate investments | $63.0 | $42.5 | $24.8 |
| Gain/(loss) on available-for-sale debt securities¹ | 7.6 | (42.5) | (3.7) |
| Interest expense | (19.5) | (15.0) | (24.1) |
| Foreign exchange gain/(loss) | 3.6 | (5.1) | 2.4 |
| Other | 15.0 | 9.4 | 7.2 |
| Total other income/(loss), net | $69.7 | $(10.7) | $6.6 |

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<sup>1</sup> Refer to "Note 7 – Shareholders' equity" for details in the "Gain/(loss) on available-for-sale debt securities."

5. Segment Reporting

Operating segments are defined as components of a Group that engage in business activities and for which discrete financial information is available that is evaluated on a regular basis by the Chief Operating Decision

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Maker (CODM). The Group determines operating segments based on how its CODM manages the business, makes operating decisions around the allocation of resources, and evaluates operating performance. The Group's CODM is the Chief Executive Officer (CEO) of the Group, for the purpose of resource allocation and assessment of the Group's operating results on a consolidated basis. Based on the Group's business model, the CODM determines that the Group operates as one operating segment, which is provision of cross-border and domestic financial services. The operating segment is based on how the Group is organized, reflecting the difference in nature of the services they each provide.

Segment Income and Performance Measurement

The Group's CODM is provided the financial performance of the Group's one operating segment showing net income as the primary measure of segment profitability. Net income reflects revenue generated and expenses incurred for the business. The CODM uses this measure to evaluate the operational efficiency and profitability of the Group, to make strategic decisions about capital allocation, and to assess whether the Group is meeting its financial targets.

The Group's CODM is regularly provided results comparing actual performance against budgeted targets and prior periods. This measure aligns with how resources are managed and allocated within the Group's one operating segment business.

The Group's CODM does not evaluate the performance of the operating segment using asset information.

Significant Segment Expenses

The Group's CODM evaluates significant expenses based on the Consolidated Statement of Comprehensive Income and does not further disaggregate expenses in deciding how to allocate resources and assess performance. Since the Group operates as a single reporting segment, all required segment reporting disclosures can be found in the consolidated financial statements and notes of the consolidated financial statements.

Geographic Information

Net revenue from external customers by major geographic region is allocated based on the customer address for transaction revenue and the geography of the legal entity in which the cash is held for interest income on customer balances and interest expense on customer liabilities. The information below summarizes net revenue by geographic areas for the years ended March 31, 2026, 2025 and 2024:

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| | | | | |
|:---|:---|:---|:---|:---|
|  | Year ended March 31, 2026 | Year ended March 31, 2026 | | |
|  | Transaction<br>revenue | Interest<br>income on<br>customer<br>balances | Interest<br>expense on<br>customer<br>liabilities | Net<br>revenue |
|  | (In million) | (In million) | (In million) | (In million) |
| Europe (excluding UK) | $569.4 | $271.1 | $(127.3) | $713.2 |
| Asia-Pacific | 450.5 | 65.4 |  | 515.9 |
| United States of America | 261.9 | 160.1 | (56.8) | 365.2 |
| United Kingdom | 329.1 | 257.2 |  | 586.3 |
| Rest of the world | 282.7 | 52.3 | (12.8) | 322.2 |
| Total transaction revenue | $1893.6 | $806.1 | $(196.9) | $2502.8 |

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| | | | | |
|:---|:---|:---|:---|:---|
|  | Year ended March 31, 2025 | Year ended March 31, 2025 | | |
|  | Transaction<br>revenue | Interest<br>income on<br>customer<br>balances | Interest<br>expense on<br>customer<br>liabilities | Net<br>revenue |
|  | (In million) | (In million) | (In million) | (In million) |
| Europe (excluding UK) | $467.0 | $281.1 | $(154.8) | $593.3 |
| Asia-Pacific | 336.5 | 47.0 |  | 383.5 |
| United States of America | 229.7 | 136.9 | (49.1) | 317.5 |
| United Kingdom | 288.9 | 258.8 |  | 547.7 |
| Rest of the world | 224.2 | 34.5 | (1.8) | 256.9 |
| Total transaction revenue | $1546.3 | $758.3 | $(205.7) | $2098.9 |

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| | | | | |
|:---|:---|:---|:---|:---|
|  | Year ended March 31, 2024 | Year ended March 31, 2024 | | |
|  | Transaction<br>revenue | Interest<br>income on<br>customer<br>balances | Interest<br>expense on<br>customer<br>liabilities | Net<br>revenue |
|  | (In million) | (In million) | (In million) | (In million) |
| Europe (excluding UK) | $404.6 | $231.8 | $(135.6) | $500.8 |
| Asia-Pacific | 272.0 | 25.5 |  | 297.5 |
| United States of America | 209.6 | 101.9 | (21.4) | 290.1 |
| United Kingdom | 254.8 | 223.9 |  | 478.7 |
| Rest of the world | 182.1 | 26.9 |  | 209.0 |
| Total transaction revenue | $1323.1 | $610.0 | $(157.0) | $1776.1 |

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Refer to "Note 9 – Property, Plant and Equipment" for information related to the Group's geographical information for long-lived assets.

6. Tax

In accordance with ASC 740, Income Taxes, income taxes are recognized for the amount of taxes payable for the current year and for the impact of deferred tax liabilities and assets, which represent future tax consequences of events that have been recognized differently in the financial statements than for tax purposes. Deferred tax assets and liabilities are established using the enacted statutory tax rates and are adjusted for any changes in such rate in the period of change.

Income Tax Expense

Income tax expense comprises current and deferred tax. Current tax and deferred tax are recognized in the Consolidated Statement of Comprehensive Income.

The components of income before income tax expense for the years ended March 31, 2026, 2025 and 2024 was follows:

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| | | | |
|:---|:---|:---|:---|
|  | Year ended March 31, | Year ended March 31, | |
|  | 2026 | 2025 | 2024 |
|  | (In million) | (In million) | (In million) |
| Income before tax: |  |  |  |
| United Kingdom | $612.0 | $671.7 | $601.6 |
| Foreign Other | 48.4 | 45.8 | 55.1 |
| Total | $660.4 | $717.5 | $656.7 |

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The income tax expense for the years ended March 31, 2026, 2025 and 2024 consisted of the following:

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| | | | |
|:---|:---|:---|:---|
|  | Year ended March 31, | Year ended March 31, | |
|  | 2026 | 2025 | 2024 |
|  | (In million) | (In million) | (In million) |
| Current: |  |  |  |
| United Kingdom | $138.3 | $145.8 | $93.4 |
| Foreign Other | 20.7 | 21.9 | 18.6 |
| Total | $159.0 | $167.7 | $112.0 |
| Deferred: |  |  |  |
| United Kingdom | 0.6 | (0.7) | 40.7 |
| Foreign Other | 2.1 | 0.2 | 2.5 |
| Total | $2.7 | $(0.5) | $43.2 |
| Tax (benefit)/expense | $161.7 | $167.2 | $155.2 |

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In the years ended March 31, 2026, 2025, and 2024 the UK made up the majority (greater than 50%) of the local income tax category.

The effective tax rate for the years ended March 31, 2026, 2025 and 2024 was 24.49%, 23.30% and 23.62%, respectively.

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | Year ended March 31, | Year ended March 31, | Year ended March 31, | Year ended March 31, | | |
|  | 2026 | 2026 | 2025 | 2025 | 2024 | 2024 |
|  | (In million) | % | (In million) | % | (In million) | % |
| Income before tax | 660.4 |  | $717.5 |  | $656.7 |  |
| UK income tax effect | $165.1 | 25.00% | $179.4 | 25.00% | $164.2 | 25.00% |
| Foreign tax effects | 7.2 | 1.09% | 11.9 | 1.66% | 4.6 | 0.70% |
| Effect of changes in tax laws or rates enacted in the current period |  | 0.00% | 0.4 | 0.06% | (0.3) | (0.05)% |
| Changes in valuation allowances | 1.6 | 0.24% | (5.0) | (0.70)% |  | 0.00% |
| Nontaxable or nondeductible items | (11.4) | (1.71)% | (16.1) | (2.24)% | (15.1) | (2.30)% |
| Changes in unrecognized tax benefits |  | 0.00% |  | 0.00% | 4 | 0.61% |
| Other | (0.8) | (0.13)% | (3.4) | (0.48)% | (2.2) | (0.34)% |
| Reported income tax (benefit)/expense | $161.7 | 24.49% | $167.2 | 23.30% | $155.2 | 23.62% |
| Effective tax rate |  | 24.49% |  | 23.30% |  | 23.62% |

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Deferred Tax

Deferred tax assets and liabilities are recognized for the future tax consequences of differences between the carrying amounts of assets and liabilities and their respective tax basis using enacted tax rates in effect for the year in which the differences are expected to reverse. Significant deferred tax assets and liabilities consist of the following:

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| | | |
|:---|:---|:---|
|  | Year ended March 31, | Year ended March 31, |
|  | 2026 | 2025 |
|  | (In million) | (In million) |
| Deferred tax assets: |  |  |
| Property, plant and equipment | $— | $1.1 |
| Share-based compensation | 42.1 | 42.6 |
| Intangibles |  |  |
| Provisions | 11.2 | 8.4 |
| Net operating loss and tax credit carryforwards | 7.5 | 5.5 |
| Other | 3.2 | 1.4 |
| Total deferred tax assets | $64.0 | $59.0 |
| Valuation allowance | (6.6) | (5.0) |
| Net deferred tax assets | $57.4 | $54.0 |
| Deferred tax liabilities: |  |  |
| Intangibles | (0.1) | (0.2) |
| Property, plant and equipment | (2.6) |  |
| Other | (5.5) | (5.2) |
| Net deferred tax assets | $49.2 | $48.6 |

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The deferred tax asset is predominantly generated in the United Kingdom and the United States and mainly comprises unexercised share awards which are forecast to be exercised within four years and as such are less sensitive to changes in long-term profit forecasts. The deferred tax asset on share awards is not impacted by the future share price.

The deferred tax assets are reviewed at each reporting date to determine recoverability and to determine a reasonable time frame for utilization. To determine this, the Group uses the approved Group forecast used for the viability statement and going concern analysis. The Group considers it is probable that there will be sufficient taxable profits in the coming years to realize the majority of the deferred tax asset. A valuation allowance is provided in respect of those assets where we do not expect to realize a benefit. All available evidence is considered in determining the amount of the required valuation allowance using a "more likely than not" threshold. Our assessment considers both positive and negative evidence and the extent to which that evidence can be objectively verified. Such evidence includes: (i) net earnings or losses in recent years; (ii) the likelihood of future, sustainable net earnings; (iii) the carry forward periods of tax losses and the impact of relevant reversing temporary differences; and (iv) any available tax planning strategies. For the years ended March 31, 2026 and 2025 the Group recognized total deferred tax assets of $64.0 million and $59.0 million respectively. Valuation allowance of $6.6 million and $5.0 million for the years ended March 31 2026 and 2025 respectively, arose from deductible temporary differences relating to foreign tax credits. This results in a net deferred tax asset of $49.2 million and $48.6 million for the years ended March 31, 2026 and 2025 respectively.

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We have income tax net operating losses carryforwards related to our international operations of approximately $3.8 million. We have recorded a deferred tax asset of $0.9 million reflecting the benefit of $3.8 million in loss carryforwards. Such deferred tax assets expire as follows:

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| | |
|:---|:---|
|  | Deferred<br>tax asset |
|  | (In million) |
| April 1, 2026 to March 31, 2030 | $0.6 |
| April 1, 2031 to March 31, 2035 | 0.1 |
| No expiration | 0.2 |
| **Total** | $**0.9** |

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Pillar Two

The Organization for Economic Co-operation and Development (OECD)/G20 Inclusive Framework on Base Erosion and Profit Shifting published on December 20, 2021 introduced the Pillar Two model rules designed to address the tax challenges arising from the digitalization of the global economy. The Pillar Two regulation provides for an international framework of rules aimed at ensuring that worldwide profits of multinational groups are subject to tax at a rate not lower than 15% in every jurisdiction in which a group operates.

The Group operates, amongst other locations, in the United Kingdom, which has enacted new legislation to implement the global minimum top-up taxes. The first period for which enacted legislation is effective for the Group is the year ended March 31, 2025. The Group has performed an assessment of the Group's potential exposure to Pillar Two income taxes. This assessment is based on the most recent information available regarding the financial performance of the constituent entities in the Group. Based on the assessment performed, the Group does not expect any material top-up taxes. The Group is continuing to monitor potential future implications.

Uncertain Tax Positions

Accounting for taxes involves some estimation because the tax law is uncertain, and the application requires a degree of judgment, which authorities may dispute. Management periodically evaluates positions taken in tax returns with respect to situations in which applicable tax regulation is subject to interpretation. The Group establishes reserves for uncertain tax positions where appropriate, based on amounts expected to be paid to the tax authorities.

A reconciliation of the beginning and ending amount of gross unrecognized tax benefits for uncertain tax positions is as follows:

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| | | | |
|:---|:---|:---|:---|
|  | Year ended March 31, | Year ended March 31, | |
|  | 2026 | 2025 | 2024 |
|  | (In million) | (In million) | (In million) |
| Beginning unrecognized tax benefits/(expenses) | $1.1 | $1.1 | $1.0 |
| Increases related to prior year tax positions |  |  | 0.1 |
| Decreases related to prior year tax positions | (0.6) |  |  |
| Ending unrecognized tax benefits/(expenses) | $0.5 | $1.1 | $1.1 |

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The total amount of unrecognized tax benefits that, if recognized, would affect the effective tax rate for the years ended March 31, 2026 and 2025 is $0.5 million and $1.1 million respectively, which is recorded within 'Current tax liabilities'' within the Consolidated Statement of Financial Position. This is the amount held in respect of uncertain tax positions across all jurisdictions for all periods where the statutes of limitation have not closed. The Group classifies interest and penalties on direct taxes as a component of the provision for income taxes.

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We conduct business globally and file income tax returns in the United Kingdom, United States and other foreign jurisdictions. In the normal course of business, we are subject to examination by taxing authorities around the world. Wise and its subsidiaries file income tax returns in all applicable jurisdictions, the major tax jurisdictions being the United Kingdom, Belgium and the United States. The earliest tax year subject to normal examination by tax authorities is the year ended March 31, 2025 (for the United Kingdom), March 31, 2023 (for the United States) and March 31, 2024 (for Belgium).

Income Taxes Cashflows

Income taxes paid, net of refunds are shown in the following table:

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| | | | |
|:---|:---|:---|:---|
|  | Year ended March 31, | Year ended March 31, | |
|  | 2026 | 2025 | 2024 |
|  | (In million) | (In million) | (In million) |
| United Kingdom | $142.6 | $169.5 | $78.3 |
| Brazil\* |  |  | 8.6 |
| Other jurisdictions | 19.9 | 14.9 | 6.2 |
| Total taxes paid, net of refunds | $162.5 | $184.4 | $93.1 |

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\* In the years ended 31 March 2025 and 2026, net tax payments made in Brazil did not represent more than 5% of the total net tax payments, therefore Brazil is included in 'Other jurisdictions' in those years. 

In the year ended 31 March 2024, net tax payments made in the UK and Brazil both represented more than 5% of the total net tax payments made in the year.

7. Shareholders' Equity

Common Shares Class A

During the year, the Company allotted 672,000 Class A Ordinary Shares with a nominal value of $0.01 related to share options granted to Non-Executive Directors of Wise under the Company's legacy incentive plans prior to the Company's admission to trading on the London Stock Exchange (2025: 223,000 Class A Ordinary Shares; 2024: 100,000 Class A Ordinary Shares).

Each Class A Ordinary shareholder is entitled to one vote for each Class A Ordinary Share held, subject to any restrictions on total voting rights as set out in the Company's Articles of Association. Class A Ordinary shareholders are entitled to interim or annual dividends to the extent declared and do not hold any preferential rights to dividends. Class A Ordinary Shares are non-redeemable.

Class B

During the year, the Company redeemed 34,700,987 Class B Ordinary Shares with a nominal value of $0.000 000 001 each in accordance with Article 15.3.2 of the Company's Articles of Association (2025: 155,305,559; 2024: nil).

Each Class B shareholder is entitled to nine votes for each Class B Share held, subject to any restrictions on total voting rights as set out in the Company's Articles of Association. Class B Shares carry no rights to distributions of dividends except on distribution of assets, up to their nominal value, on a liquidation or winding up. Class B Shares are strictly non-transferable, non-tradable and non-distributable to any person or entity whatsoever.

Treasury Stock

Treasury stock represents the weighted average cost of shares of Wise Plc that are held by the Employee Share Trust for the purpose of fulfilling obligations in respect of various employee share plans. Treasury stock are

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treated as a deduction from equity, and on exercising of employee awards, are transferred from treasury stock to retained earnings at their weighted average cost.

Employee Share Trust

The Group provides financing to the Employee Share Trust ("EST") to either purchase the Company's shares on the open market, or to subscribe for newly issued share capital, to meet the Group's obligation to provide shares when employees exercise their options or awards. Costs of running the EST are charged to the Consolidated Statement of Comprehensive Income. The Group consolidates the EST. Shares held by the EST are deducted from reserves and presented in equity as treasury stock until such time that employees exercise their awards.

Purchase of Company's Shares

During the financial year, Wise continued the program, which commenced in 2023, to purchase the Company's shares in the market through the EST in order to reduce the impact of dilution from share-based employee compensation. The consideration paid, including any directly attributable incremental costs (net of income taxes), on purchase of Company's equity instruments is deducted from equity.

As at March 31, 2026, a total of 35,913,201 shares (March 31, 2025: 8,704,883; March 31, 2024: 9,071,706) were purchased from the market at an average of $13.11 per share (2025: $10.46; 2024: $9.55). Directly attributable costs of $3.3 million (2025: $0.6 million; 2024: $0.5 million) have been charged to equity.

Accumulated Other Comprehensive Income

The following table presents a summary of the changes in the components of the Group's accumulated other comprehensive income ("AOCI").

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| | | | | |
|:---|:---|:---|:---|:---|
|  | Unrealized<br>gains/<br>(losses) on<br>AFS debt<br>securities | Foreign<br>currency<br>translation<br>gains/<br>(losses) | Tax<br>(expense)/<br>benefit | Total<br>AOCI |
|  | (In million) | (In million) | (In million) | (In million) |
| Balance at April 1, 2023 | $(8.5) | $(28.2) | $3.6 | $(33.1) |
| Increase/(decrease) | (36.9) | 10.9 | 8.6 | (17.4) |
| Reclassification adjustments, included in net income | 3.7 |  |  | 3.7 |
| Total increase/(decrease) | $(33.2) | $10.9 | $8.6 | $(13.7) |
| Balance at March 31, 2024 | $(41.7) | $(17.3) | $12.2 | $(46.8) |
| Increase/(decrease) | (22.5) | 20.8 | (5.2) | (6.9) |
| Reclassification adjustments, included in net income | 42.5 |  |  | 42.5 |
| Total increase/(decrease) | $20.0 | $20.8 | $(5.2) | $35.6 |
| Balance at March 31, 2025 | $(21.7) | $3.5 | $7.0 | $(11.2) |
| Increase/(decrease) | 18.1 | 59.8 | (2.6) | 75.3 |
| Reclassification adjustments, included in net income | (7.6) |  |  | (7.6) |
| Total increase/(decrease) | $10.5 | $59.8 | $(2.6) | $67.7 |
| Balance at March 31, 2026 | $(11.2) | $63.3 | $4.4 | $56.5 |

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The tax benefit/(expense) relates to accumulated unrealized loss on AFS debt securities.

Amounts reclassified from AOCI and the affected line items in the statements of income during the years ended March 31, 2026, 2025 and 2024, were as follows:

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| | | | | |
|:---|:---|:---|:---|:---|
|  | Amount Reclassified from AOCI | Amount Reclassified from AOCI | Amount Reclassified from AOCI | Affected Line<br>Item in<br>the Statement of<br>Comprehensive<br>Income |
|  | 2026 | 2025 | 2024 | Affected Line<br>Item in<br>the Statement of<br>Comprehensive<br>Income |
|  | (In million) | (In million) | (In million) | |
| Unrealized gains/(losses) on available-for-sale securities | $7.6 | $(42.5) | $(3.7) | Other income/<br>(loss), net |
|  | 7.6 | (42.5) | (3.7) | Income before tax |
|  |  |  |  | Income tax<br>expense/(benefit) |
| Total reclassification out of AOCI | $7.6 | $(42.5) | $(3.7) |  |

---

Unrealized gains of $7.6 million on available-for-sale securities predominantly relate to unrealized foreign exchange differences (March 31, 2026: $7.3 million), arising on portfolios denominated in currencies other than the functional currency of the holding entity; March 31, 2025 unrealized losses of $42.5 million related to unrealized foreign exchange differences, and March 31, 2024 unrealized losses of $3.7 million loss predominantly relate to unrealized foreign exchange differences (March 31, 2024: $3.4 million) arising on portfolios denominated in currencies other than the functional currency of the holding entity. Upon maturity of these securities, the related cumulative unrealized gains and losses were reclassified from the Accumulated other comprehensive income to "Other income/(loss), net" in the Consolidated Statement of Comprehensive Income.

8. Earnings per Share

Basic EPS is computed by dividing the net income of the Group by the weighted average number of ordinary shares outstanding during the financial year, including, the ordinary shares issuable for no consideration for which all conditions are satisfied (21.0 million shares as at March 31, 2026, 26.2 million shares as at March 31, 2025 and 34.0 million shares as at March 31, 2024).

Shares held by the EST are deducted from both basic and diluted EPS calculations. At the end of the reporting period, there were

37.7 million (March 31, 2025: 14.6 million; March 31, 2024: 22.9 million) shares held in the EST.

Diluted EPS is computed by dividing net income attributable to the Group by the weighted-average shares outstanding during the period, adjusted for the impact of potentially dilutive securities, as determined under the treasury stock method. Rights granted to employees under employee share award plans, with a strike price and/or with conditions which have not yet been met at the balance sheet date, are considered to be potential dilutive shares and therefore have been included in the calculation of diluted EPS. In periods with net loss, all potentially dilutive securities are excluded from the calculation of earnings per share as their inclusion would have an antidilutive effect. For the purposes of diluted earnings per share, it is assumed that any performance conditions attached to the schemes have been met at the balance sheet date.

------

The following table sets forth the computation of the Group's basic and diluted net income/(loss) per ordinary share attributable to the Group.

---

| | | | |
|:---|:---|:---|:---|
|  | Year ended March 31, | Year ended March 31, | |
|  | 2026 | 2025 | 2024 |
| Numerator | (In million, except per share data) | (In million, except per share data) | (In million, except per share data) |
| Net income – basic | $498.7 | $550.3 | $501.5 |
| Net income – diluted | $498.7 | $550.3 | $501.5 |
| Denominator |  |  |  |
| Weighted average number of shares – basic (in millions of shares) | 1019.5 | 1032.3 | 1032.6 |
| Plus the effect of dilution from share awards (in millions of shares) | 10.2 | 13.4 | 16.3 |
| Weighted average number of shares – diluted (in millions of shares) | 1029.7 | 1045.7 | 1048.9 |
| Earnings per share |  |  |  |
| Basic (cents) | $48.92 | $53.31 | $48.57 |
| Diluted (cents) | $48.43 | $52.63 | $47.81 |

---

9. Property, Plant, and Equipment

Property, plant, and equipment balances and corresponding useful lives are as follows:

---

| | | | |
|:---|:---|:---|:---|
|  | Estimated<br> Useful<br>Lives<br> in Years | Year ended March 31, | Year ended March 31, |
|  | | 2026 | 2025 |
|  | | (In million) | (In million) |
| Office equipment | 5 | $22.5 | $21.4 |
| Leasehold improvements | 1-10 | 64.4 | 59.9 |
| Right-of-use assets | 1-10 | 158.5 | 126.4 |
| Accumulated depreciation and impairment |  | (55.5) | (56.9) |
| Property, plant, and equipment, net |  | $189.9 | $150.8 |

---

Depreciation expense of $11.5 million, $5.4 million and $5.7 million was recognized for the years ended March 31, 2026, 2025 and 2024 respectively. For details over the right-of-use assets, refer to "Note 10 – Leases."

During the financial year, the Group recognized an additional impairment of $1.8 million in respect of previously impaired right of use asset and the related leased office improvements for one of Group's office space (2025: $14.6 million impairment charge; 2024: $nil). The impairment arose following a revised assumption regarding the expected future economic benefits from the asset. The impairment loss is included in "General and administrative" expenses in the Statement of Comprehensive Income.

The following table presents the Group's long-lived assets based on geography, which consist of property, plant and equipment, net for the years ended March 31, 2026 and 2025:

---

| | | |
|:---|:---|:---|
|  | Year ended March 31, | Year ended March 31, |
|  | 2026 | 2025 |
|  | (In million) | (In million) |
| UK | $67.5 | $70.2 |
| Estonia | 56.2 | 56.4 |
| United States of America | 32.3 | 8.2 |
| Brazil | 21.1 | 1.6 |
| Singapore | 6.1 | 7.7 |
| Hungary | 4.0 | 4.6 |
| Other countries | 2.7 | 2.1 |
| Total long-lived assets | $189.9 | $150.8 |

---

------

Long-lived assets are based upon the country in which the asset is located or owned.

10. Leases

Components of lease expense, lease term, and discount rate for operating leases are as follows:

---

| | | | |
|:---|:---|:---|:---|
|  | Year ended March 31, | Year ended March 31, | |
|  | 2026 | 2025 | 2024 |
|  | (In million) | (In million) | (In million) |
| Operating lease expense | $(21.8) | $(19.4) | $(10.8) |
| Weighted-average remaining lease term (in years) | 6 | 7 | 3 |
| Weighted-average discount rate | 8.55% | 6.31% | 6.09% |

---

Supplemental cash flow information related to leases are as follows:

---

| | | | |
|:---|:---|:---|:---|
|  | Year ended March 31, | Year ended March 31, | |
|  | 2026 | 2025 | 2024 |
|  | (In million) | (In million) | (In million) |
| Operating cash outflows from operating leases | $15.9 | $13.4 | $12.2 |
| Operating lease right-of-use assets obtained in exchange for operating lease liabilities | 32.1 | $83.0 | $18.7 |

---

Future minimum lease payments for our leases as of March 31, 2026 were as follows:

---

| | |
|:---|:---|
| Year | Amount |
|  | (In million) |
| 2027 | $20.2 |
| 2028 | 27.0 |
| 2029 | 25.3 |
| 2030 | 22.9 |
| 2031 | 22.6 |
| Thereafter | 90.6 |
| Total | $208.6 |
| Less: present value discount | (59.6) |
| Lease liability | $149.0 |
| Current portion of lease liability | 16.4 |
| Noncurrent portion of lease liability | 132.6 |

---

The total expense, relating to short-term leases to which the lessee recognition and measurement requirement has not been applied, for the year ended March 31, 2026 is $2.8 million (2025: $1.8 million; 2024: $1.3 million).

As at 31 March 2026, the Group has extension options in certain lease contracts that have not been included in the measurement of lease liabilities, as management has concluded that it is not reasonably certain that these options will be exercised. The potential future lease payments, should the Group exercise the extension options, would result in an increase in the lease liability of $15.6 million.

The Group also has termination options in multiple office leases. As at 31 March 2026, management has not assumed the exercise of any of these options, as it is not reasonably certain that they will be exercised. Accordingly, these termination options do not give rise to additional potential future lease payments.

------

11. Available-for-Sale Debt Securities

Investments in debt securities are as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Year ended March 31, 2026 | Year ended March 31, 2026 | Year ended March 31, 2026 | |
|  | Amortized<br>cost | Gross<br>unrealized<br>gains | Gross<br>unrealized<br>losses | Fair value |
|  | (In million) | (In million) | (In million) | (In million) |
| Available-for-sale debt securities: |  |  |  |  |
| U.S. government bonds | $1273.1 | $0.6 | $(0.9) | $1272.8 |
| UK government bonds | 1070.5 | 0.1 | (7.2) | 1063.4 |
| Other foreign bonds | 1699.9 | 0.2 | (4.6) | 1695.5 |
| Corporate debt securities | 551.7 |  | (0.7) | 551.0 |
| Total Available-for-sale debt securities | $4595.2 | $0.9 | $(13.4) | $4582.7 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Year ended March 31, 2025 | Year ended March 31, 2025 | Year ended March 31, 2025 | |
|  | Amortized<br>cost | Gross<br>unrealized<br>gains | Gross<br>unrealized<br>losses | Fair value |
|  | (In million) | (In million) | (In million) | (In million) |
| Available-for-sale debt securities: |  |  |  |  |
| U.S. government bonds | $1690.9 | $3.5 | $(5.4) | $1689.0 |
| UK government bonds | 1088.9 | 0.7 | (7.8) | 1081.8 |
| Other foreign bonds | 2538.1 | 4.5 | (15.8) | 2526.8 |
| Corporate debt securities | 717.5 | 0.1 | (1.6) | 716.0 |
| <br>Total Available-for-sale debt securities<br>| $6035.4 | $8.8 | $(30.6) | $6013.6 |

---

Other foreign bonds include foreign government and state bonds.

The amortized cost and fair value of securities available-for-sale at March 31, 2026, by contractual maturity, are shown below.

---

| | | |
|:---|:---|:---|
| | Amortized<br>cost | Fair value |
| | Amortized<br>cost | Fair value |
| | Amortized<br>cost | Fair value |
|  | (In million) | (In million) |
| Within one year | $3632.8 | $3630.4 |
| Due after one year through five years | 962.4 | 952.3 |
| <br>Total Available-for-sale debt securities<br>| $4595.2 | $4582.7 |

---

Proceeds from sales, maturities, principal payments received and net realized gains/(losses) on available-for-sale debt securities were as follows for the years ended March 31:

---

| | | | |
|:---|:---|:---|:---|
|  | Year ended March 31, | Year ended March 31, | |
|  | 2026 | 2025 | 2024 |
|  | (In million) | (In million) | (In million) |
| Proceeds from sales, maturities and principal payments received | $10807.3 | $7514.7 | $11823.7 |
| Gross realized gains | 45.2 | 10.4 | 44.2 |
| Gross realized losses | (37.6) | (52.9) | (47.9) |
| Net realized gains/(losses) | $7.6 | $(42.5) | $(3.7) |

---

Net realized gains on available-for-sale debt securities of $7.6 million (2025: $42.5 million loss, 2024: $3.7 million loss) primarily resulted from the reclassification of cumulative unrealized foreign-exchange

------

adjustments (March 31, 2026: $7.3 million gain, March 31, 2025: $42.5 million loss and March 31, 2024: $3.4 million loss respectively) from Accumulated Other Comprehensive Income upon the maturity or disposal of these securities. Refer to "Note 7 – Shareholders' equity for additional information. The gross realized gains and losses are mainly due to the movement in US and foreign government bonds.

The following tables summarize all available-for-sale debt securities in an unrealized loss position for which an allowance for credit losses has not been recorded as at March 31, 2026 and 2025, aggregated by major security type and by length of time such securities have continuously been in an unrealized loss position:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | | Less than 12 months | Less than 12 months | 12 months or longer | 12 months or longer | Total | Total |
|  | Number of<br>securities | Fair<br>value | Gross<br>unrealized<br>loss | Fair<br>value | Gross<br>unrealized<br>loss | Fair<br>value | Gross<br>unrealized<br>loss |
|  | | (In million) | (In million) | (In million) | (In million) | (In million) | (In million) |
| March 31, 2026 |  |  |  |  |  |  |  |
| U.S. government bonds | 26 | $563.2 | $(0.9) | $— | $— | $563.2 | $(0.9) |
| UK government bonds | 15 | 728.5 | (2.3) | 96.1 | (4.9) | 824.6 | (7.2) |
| Other foreign bonds | 67 | 1261.1 | (4.6) |  |  | 1261.1 | (4.6) |
| Corporate debt securities | 51 | 514.4 | (0.7) |  |  | 514.4 | (0.7) |
| Balance at March 31, 2026 | 159 | $3067.2 | $(8.5) | $96.1 | $(4.9) | $3163.3 | $(13.4) |
|  |  | Less than 12 months | Less than 12 months | 12 months or longer | 12 months or longer | Total | Total |
|  | Number of<br>securities | Fair<br>value | Gross<br>unrealized<br>loss | Fair<br>value | Gross<br>unrealized<br>loss | Fair<br>value | Gross<br>unrealized<br>loss |
|  |  | (In millions) | (In millions) | (In millions) | (In millions) | (In millions) | (In millions) |
| March 31, 2025 |  |  |  |  |  |  |  |
| U.S. government bonds | 46 | $569.3 | $(5.4) | $— | $— | $569.3 | $(5.4) |
| UK government bonds | 15 | 166.9 | (0.3) | 91.7 | (7.5) | 258.6 | (7.8) |
| Other foreign bonds | 97 | 1203.4 | (9.9) | 282.4 | (5.9) | 1485.8 | (15.8) |
| Corporate debt securities | 38 | 307.2 | (1.6) |  |  | 307.2 | (1.6) |
| Balance at March 31, 2025 | 196 | $2246.8 | $(17.2) | $374.1 | $(13.4) | $2620.9 | $(30.6) |

---

Management evaluates debt securities available-for-sale in unrealized loss positions to determine whether the impairment is due to credit-related factors or noncredit-related factors. Consideration is given to (1) the extent to which the fair value is less than cost, (2) the financial condition and near-term prospects of the issuer, and (3) the intent and ability of the Group to retain its investment in the security for a period of time sufficient to allow for any anticipated recovery in fair value. Management believes that the unrealized losses detailed in the previous tables are due to noncredit-related factors, including changes in market interest rates and other market conditions. The fair value is expected to recover as the securities approach their maturity date or repricing date or if market yields for such investments decline.

The allowance for credit losses was $1.0 million as of March 31, 2026. No allowance for credit losses was recorded as of March 31, 2025. The allowance for credit losses was measured using probability of default and loss given default assumptions. The Group has elected to write off accrued interest receivables by recognizing credit loss expense. There was no accrued interest reversed against interest income for the years ended March 31, 2026 and 2025. Accrued interest receivable on available-for-sale securities, included in "Prepaid expenses and other current assets" in the Consolidated Statement of Financial Position, totaled $21.1 million and $31.2 million at March 31, 2026 and 2025, the Group has elected the practical expedient to exclude the accrued interest from the estimate of credit losses.

------

12. Account Receivables, net of Allowance for Credit Losses

---

| | | |
|:---|:---|:---|
|  | Year ended March 31, | Year ended March 31, |
|  | 2026 | 2025 |
|  | (In million) | (In million) |
| Receivables from payment processors | $73.9 | $50.6 |
| Receivables from partners | 107.6 | 99.5 |
| Receivables from customers | 146.1 | 127.5 |
| Receivables from brokers | 63.7 | 70.2 |
| Total Account Receivables, net of Allowance for Credit Losses | $391.3 | $347.8 |

---

The Group's Allowance for Credit Losses of $71.3 million and $60.2 million as of March 31, 2026 and 2025, respectively.

Management has considered the concentration risk within our Accounts Receivables, net of Allowance for Credit Losses balance. Refer to Note 2 – Credit Risk Characteristics and Concentration for how the exposure is managed by the Group.

There was no individual payment processors that represented more than 10% of Wise's Total Account Receivables, net of Allowance for Credit Losses as of March 31, 2026 or 2025.

As of March 31, 2026, one partner represented $111.7m (29%) of Wise's Total Account Receivables, net of Allowance for Credit Losses ($100.9m (29%) as of March 31, 2025).

There was no individual customer that represented more than 10% of Wise's Total Account Receivables, net of Allowance for Credit Losses as of March 31, 2026 or 2025.

As of March 31, 2026 one broker represented $55.3m (14%) of Wise's Total Account Receivables, net of Allowance for Credit Losses ($64.6m (19%) as of March 31, 2025).

13. Prepaid Expenses and Other Assets

Prepaid expenses and other assets is comprised of the following balances:

---

| | | |
|:---|:---|:---|
|  | Year ended March 31, | Year ended March 31, |
|  | 2026 | 2025 |
|  | (In million) | (In million) |
| Prepaid expenses and other current assets |  |  |
| Prepayments | $55.4 | $34.1 |
| Collateral deposits | 52.7 | 32.8 |
| Interest receivable | 34.6 | 29.7 |
| Other receivables | 14.5 | 3.8 |
| Derivatives Financial Assets | 28.2 | 3.2 |
| Total Prepaid expenses and Other Current Assets | $185.4 | $103.6 |
| Other assets, noncurrent: |  |  |
| Office lease deposits | $8.9 | $8.4 |
| Other receivables, noncurrent | 18.5 | 12.1 |
| Total Other assets, noncurrent | $27.4 | $20.5 |

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14. Derivative Instruments

The Group's derivative instruments consist of foreign currency swaps, foreign exchange forwards and non-deliverable foreign exchange forwards. The derivative instruments are used to manage exposure to market risks. Such derivative financial instruments are initially recognized at fair value on the date on which a derivative contract is entered into and are subsequently remeasured at fair value through net income at each reporting date.

The following table summarizes the notional amount at inception and fair value of these instruments:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | 2026 | 2026 | 2026 | 2025 | 2025 | 2025 |
|  | Carrying<br>amount<br>assets | Carrying<br>amount<br>liabilities | Notional<br>amount | Carrying<br>amount<br>assets | Carrying<br>amount<br>liabilities | Notional<br>amount |
|  | (In million) | (In million) | (In million) | (In million) | (In million) | (In million) |
| Foreign currency swaps | $14.9 | $3.9 | $2487.3 | $2 | $3.2 | $1452.2 |
| Foreign currency forwards | 2.1 | 2 | 761.3 | 1.1 | 0.6 | 727 |
| Non-deliverable foreign exchange forwards | 11.2 | 12.8 | 2168.6 | 0.1 | 1 | 123.9 |
| Total derivative instruments | 28.2 | 18.7 | 5417.2 | 3.2 | 4.8 | 2303.1 |

---

The notional contract amounts of derivatives indicate the nominal value of transactions outstanding at the balance sheet date. They do not represent amounts at risk. Since the balance sheet date all open treasury positions have been realized or settled.

Refer to "Note 18 – Fair Value Measurement" for additional information related to the fair value measurements.

15. Accounts Payable and Other Liabilities

Accounts payable and other liabilities is comprised of the following balances:

---

| | | |
|:---|:---|:---|
|  | Year ended March 31, | Year ended March 31, |
|  | 2026 | 2025 |
|  | (In million) | (In million) |
| Accounts payable and other current liabilities |  |  |
| Accounts payable | $15.8 | $21.7 |
| Accrued expense | 180.0 | 133.0 |
| Contract liabilities | 22.5 | 14.7 |
| Payables to payment processors | 142.3 | 161.9 |
| Other taxes | 33.5 | 13.3 |
| Other payables | 79.5 | 86.3 |
| Provisions¹ | 30.0 | 33.2 |
| Derivative financial liabilities | 18.7 | 4.8 |
| Total Accounts payable and other current liabilities | $522.3 | $468.9 |
| Other long term liabilities: |  |  |
| Accounts payable and accrued expense | $11.4 | $11.3 |
| Contract liabilities | 21.9 | 18.1 |
| Other payables |  | 0.1 |
| Provisions¹ | 26.2 | 15.4 |
| Total Other long term liabilities | $59.5 | $44.9 |

---

<sup>(1)</sup> Include primarily legal and regulatory provisions of $23.8 million in 2026 (2025: $17.6 million) and tax provisions of $22.9 million in 2026 (2025: $22.5 million). 

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16. Funds Payable and Amounts Due To Customers

Funds payable and amount due to customers is comprised of the following balances:

---

| | | |
|:---|:---|:---|
|  | Year ended March 31, | Year ended March 31, |
|  | 2026 | 2025 |
|  | (In million) | (In million) |
| Outstanding money transmission liabilities | $295.5 | $243.9 |
| Customer balances | 29958.7 | 22036.0 |
| Total Funds Payable and Amount Due To customers | $30254.2 | $22279.9 |

---

17. Debt

RCF

The Group's current facility is a multi-currency revolving facility of $437.1 million offered by a syndicate of six lenders: HSBC Innovation Banking Limited, JP Morgan Chase Bank N.A. London Branch, National Westminster Bank Plc, Citibank N.A. London Branch, Barclays Bank PLC and Goldman Sachs Lending Partners LLC (the Revolving Credit Facility). The maturity date of the facility is in December 2027, and the agreement offers two one-year extension options. Borrowings under this facility bear interest SONIA plus 1.75%. In addition, there is an unused commitment fee, which accrues at a rate of 35% of the margin on the unused portion of the revolving commitments.

As of March 31, 2026, the Group had no outstanding borrowing under the Revolving Credit Facility (2025: $128.4 million outstanding borrowing (net of commitment fees) under the Revolving Credit Facility with a weighted-average interest rate of 7.22%).

As of March 31, 2026 and 2025, the Group had unused borrowing capacity of $437.1 million and $297.1 million, respectively.

The repayments of $397.9 million (2025: $387.3 million) have been presented within financing activities in the consolidated statement of cashflows.

Compliance with Covenants

The agreement governing the Revolving Credit Facility (the "Facility Agreement") contains customary representations, information undertakings and covenants. In addition, the Facility Agreement includes financial covenants that require that: (1) adjusted leverage does not exceed a ratio of 3:1 in respect of any Relevant Period; (2) interest cover (calculated as a ratio of Adjusted EBITDA to Finance Charges (as defined under the Facility Agreement)) is not less than a ratio of 3.5:1 in respect of any Relevant Period; and (3) adjusted contingent leverage (calculated as a ratio of the guarantee amount under each Safeguarding Guarantee) to Adjusted EBITDA does not exceed a ratio of 3:1 in respect of any relevant period.

The Group monitors compliance with the covenants throughout the reporting period and was in compliance as on March 31, 2026 and 2025.

EMTN Program

In November 2025, the Group established a Euro Medium Term Note Program (the "EMTN Program"), under which Wise Financing plc ("Wise Financing"), a subsidiary of Wise plc, may from time to time issue senior unsecured notes ("Notes") up to an aggregate principal amount £2.0 billion ($2.6 billion). The proceeds of Notes issued under the program will be utilized for the Group's general corporate purposes.

------

During the year ended March 31, 2026, the Group issued £250.0 million ($331.1 million) aggregate principal amount of Notes under the EMTN Program. Such Notes are senior, unsecured obligations of the Group that bear interest at a rate of 5.1000% per annum, and mature on November 25, 2030.

The Notes may be redeemed in whole or in part at the Group's option prior to October 25, 2030 at par plus accrued interest to the prepayment date and a make-whole premium. In addition, on the occurrence of a "Change in Control" as defined in the EMTN Program agreement, the redemption price is equal to 101% of the aggregated principal amount of the Notes held, plus any accrued interest. The Notes contain customary events of default, upon which the outstanding obligations may be accelerated with redemption at par.

A breakdown of the Notes issued under the EMTN Program as of March 31, 2026 is presented in the below table:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | | | | Fair Value | Fair Value |
|  | Principal<br>Amount | Unamortized<br>Debt<br>Issuance<br>Costs | Net<br>Carrying<br>amounts | Amount | Level |
|  | (In million) | (In million) | (In million) | (In million) | (In million) |
| Notes issued under the EMTN Program | $331.1 | $(2.4) | $328.7 | $330.3 | Level 1 |

---

The interest on the notes is payable semi-annually and the annual effective interest rate is 5.35%. As at March 31, 2026 the accrued interest payable reported within the short-term debt is $6.0 million and the associated interest expense for the financial year ended March 31, 2026 is $6.1 million.

Compliance with Covenants

The documentation governing the Notes includes customary covenants and provisions relating to events of default, payment mechanics, substitution of Wise Financing or Wise plc as issuer and parent guarantor of the Notes, respectively, accession and release of guarantors, transfer restrictions other terms typical for unsecured note instruments of this type.

The Group monitors compliance with the covenants throughout the reporting period and was in compliance as of March 31, 2026.

18. Fair Value Measurement

The fair value hierarchy of financial instruments measured at fair value as of March 31, 2026 and March 31, 2025 is provided below.

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Level 1 | Level 2 | Level 3 | Total |
| Year ended March 31, 2026 | (In million) | (In million) | (In million) | (In million) |
| Financial assets measured at fair value: |  |  |  |  |
| Derivative financial assets | $— | $28.2 | $— | $28.2 |
| Money market funds | 8916.1 |  |  | 8916.1 |
| Available-for-sale debt securities | 4084.1 | 498.6 |  | 4582.7 |
| Financial liabilities measured at fair value: |  |  |  |  |
| Derivative financial liabilities | $— | $(18.7) | $— | $(18.7) |
|  | Level 1 | Level 2 | Level 3 | Total |
| Year ended March 31, 2025 | (In million) | (In million) | (In million) | (In million) |
| Financial assets measured at fair value: |  |  |  |  |
| Derivative financial assets | $— | $3.2 | $— | $3.2 |
| Money market funds | 7741.6 |  |  | 7741.6 |
| Available-for-sale debt securities | 5409.8 | 603.8 |  | 6013.6 |
| Financial liabilities measured at fair value: |  |  |  |  |
| Derivative financial liabilities | $— | $(4.8) | $— | $(4.8) |

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------

The Group considers the carrying value of cash and cash equivalents, accounts receivable, prepaid expenses and other current assets, accounts payable and other liabilities, and funds payable and amounts due to customers to approximate fair value given the short-term nature of these items. The Notes issued under the EMTN Program if recognized at fair value would be in Level 1, the carrying amount and fair value amounts are presented in Note 17. The RCF if recognized at fair value would be in Level 2, with the carrying value approximating the fair value.

19. Share-Based Employee Compensation

The Group operates a number of employee equity-settled schemes as part of its reward strategy, which are designed to provide long-term incentives for all employees to deliver long-term shareholder returns. Under the plans, participants are granted share awards of the Company, which vest gradually over the vesting period and are equity settled for shares within Wise plc. The total amount to be expensed is determined by reference to the fair value of the awards granted and it is calculated using the closing share price at the grant date. It is recognized in employee benefit expenses together with a corresponding increase in equity (additional paid-in capital), over the period in which the service and the performance conditions are fulfilled (the vesting period). Upon vesting or exercising of the awards, the impact is recognized in retained earnings. For non-market-based awards, vesting conditions are included in the assumptions of the number of options and awards that are expected to vest. At each reporting date, the entity revises its estimates of the number of options and awards that are expected to vest. It recognizes the impact of the revision to original estimates, if any, in the statement of comprehensive income, with a corresponding adjustment to the additional paid-in capital. For awards subject to a market-based performance condition, no subsequent adjustments may be made.

Employee Share Award Plans

The awards are subject to service conditions, i.e. the requirement for recipients of awards to remain in employment with the Group over the vesting period, which typically is 4 years.

For the market-based award, the vesting is conditional on achievement of the relative total shareholder return ("TSR") compared to the FTSE 250 and volume growth performance measures over the 3-year performance period.

The following table shows the total share-based compensation expenses recognized in the Statement of Comprehensive Income:

---

| | | | |
|:---|:---|:---|:---|
|  | Year ended March 31 | Year ended March 31 | |
|  | 2026 | 2025 | 2024 |
|  | (In million) | (In million) | (In million) |
| Servicing | $17.1 | $13.8 | $18.3 |
| Marketing and sales | 6.6 | 3.2 | 5.9 |
| Technology and development | 52.9 | 44.6 | 52.8 |
| General and administrative | 18.9 | 13.0 | 14.1 |
| Total | $95.5 | $74.6 | $91.1 |

---

------

The number and weighted average exercise prices of share awards are as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| Number of shares issuable | Number of<br>share awards<br>(#) | Weighted<br>average<br>exercise price | Average<br>Remaining<br>Contractual<br>Term | Aggregate<br>Intrinsic<br>Value<br>(in million) |
| Outstanding at April 1, 2023 | 65648858 | $0.11 | 7.1 years | $433.4 |
| Awards granted | 11460714 | 0.00 |  |  |
| Awards exercised | (19895709) | 0.07 |  | 177.7 |
| Awards forfeited | (3623805) | 0.01 |  | 33.6 |
| Outstanding at April 1, 2024 | 53590058 | $0.11 | 6.8 years | $624.3 |
| Awards granted | 7547396 | 0.00 |  |  |
| Awards exercised | (17194598) | 0.10 |  | 148.4 |
| Awards forfeited | (3174878) | 0.00 |  | 27.6 |
| Outstanding at March 31, 2025 | 40767978 | $0.10 | 6.4 years | $504.0 |
| Awards granted | 11477541 | 0.00 |  | 137.3 |
| Awards exercised | (13436927) | 0.03 |  | 175.8 |
| Awards forfeited | (2152587) | 0.00 |  | 27.8 |
| Outstanding at March 31, 2026 | 36656005 | $0.10 | 6.4 years | $434.8 |
| Exercisable at March 31, 2026 | 19069428 | 0.19 | 4.3 years | 224.4 |

---

The weighted average fair value of share awards granted in 2026 was $12.83 (2025: $10.84 and 2024: $8.30). The weighted average share price at the date of exercise of the awards during the year was $13.47 (2025: $11.00 and 2024: $9.0).

In the years ended March 31, 2026, 2025 and 2024 the total intrinsic value of stock awards exercised was $175.8 million, $148.4 million and $177.7 million, respectively. The tax benefit arising on the exercise of stock awards was $16.6 million, $25.3 million and $16.0 million for the years ended March 31, 2026, 2025 and 2024, respectively.

20. Commitments, Contingencies and Guarantees

Purchase Commitments

The Group routinely enters into marketing and advertising contracts, software subscriptions or other service arrangements, including cloud infrastructure arrangements, and compliance-application related arrangements that contractually obligate us to purchase services, including minimum service quantities, unless given notice of cancellation based on the applicable terms of the agreements.

The Group's expenses in relation to non-cancelable agreements as at March 31, 2026, in the years ended March 31, 2026 and 2025 were $38.4 million and $25.8 million, respectively. The Group's minimum future payments from non-cancelable agreements as at March 31, 2026 are detailed below:

---

| | |
|:---|:---|
| Year | Amount |
|  | (In million) |
| 2027 | $53.6 |
| 2028 | 25.3 |
| 2029 | 8.3 |
| 2030 | 2.5 |
| 2031 | 2.5 |
| Thereafter | 0.8 |
| Total future minimum payments | $93.0 |

---

------

Litigation Provision

Through the normal course of the Group's business, the Group may be subject to a number of litigation proceedings both brought against and brought by the Group. The Group maintains liabilities for losses from legal actions that are recorded when they are determined to be both probable in their occurrence and can be reasonably estimated. Although the results of litigation and claims are inherently unpredictable, the Group has assessed that there was no reasonable possibility that it had incurred a material loss with respect to such loss contingencies as of March 31, 2026 and 2025.

Guarantees

The Group has entered into certain guarantees and indemnity arrangements in connection with its financing arrangements, safeguarding arrangements and card scheme operations.

No amounts were called under those guarantees during the year ended March 31, 2026 or as at March 31, 2025.

#### Senior Notes (EMTN Program) Guarantees
The 2030 Senior Notes are guaranteed on a senior unsecured, full, unconditional, joint and several basis by the Parent and certain wholly owned subsidiaries (Wise Payments Limited, Wise Europe SA, Wise US Inc. and Wise Financial Holdings Ltd). The guarantees rank at least pari passu with the other unsecured and unsubordinated obligations of each guarantor, subject to obligations preferred by applicable law. The maximum potential exposure under these arrangements was $331.1 million as at March 31, 2026 (2025: $nil million), plus interest at fixed rate 5.1%.

#### Safeguarding Guarantees and Related Indemnities
In connection with the Group's Safeguarding Guarantees, the Company and Wise Payments Limited, Wise Europe SA, Wise US Inc. and Wise Financial Holdings Ltd have entered into deeds of indemnity with the relevant sureties. Under these arrangements, the indemnitors may be required to reimburse the sureties for losses incurred if payments are made under the Safeguarding Guarantees. The arrangements include certain demand and cross-acceleration provisions, including upon insolvency, change of control, termination of the Revolving Credit Facility and acceleration or cancellation of certain financial indebtedness of the Group, subject to a £20.0 million threshold, equivalent to $26.5 million as at March 31, 2026. The maximum potential exposure under these arrangements is $1,119.1 million (2025: $671.8 million).

#### Revolving Credit Facility Guarantees
The Parent and certain subsidiaries (Wise Payments Limited, Wise Europe SA, Wise US Inc. and Wise Financial Holdings Ltd) guarantee the obligations of the borrowers under the Group's Revolving Credit Facility on a joint and several basis. The guarantees require the guarantors to perform if a borrower fails to meet its obligations under the facility. No amounts were drawn under the facility as at March 31, 2026. Amounts drawn under the facility were $129.2 million as at March 31, 2025.

#### Card Scheme Provider Guarantee
The Group has provided a guarantee to a card scheme provider in respect of customer transaction obligations. The maximum amount guaranteed by Wise Payments Limited was $20.0 million as at March 31, 2026 and $10.0 million as at March 31, 2025.

Management has assessed the guarantees and indemnities described above and concluded that no provision is required as at March 31, 2026 or as at March 31, 2025.

------

#### **Table of Contents**
21. Related Party Transactions

The Group has provided and purchased services to and from various affiliates of certain directors or entities under common control. The dollar amounts related to these related party activities are not significant to the Group consolidated financial statements.

During the year ended March 31, 2026, management of the Group held deposits of $7.2 million (financial year ended March 31, 2025: $6.0 million) in their accounts or Wise Assets.

Intercompany balances and transactions between the Group and its subsidiaries, which are related parties, have been eliminated on consolidation and are not disclosed in this note.

22. Subsequent Events

#### Group Reorganization and Listing
On May 8, 2026, the Jersey public limited company, Wise Group plc, became the ultimate holding company of the Group pursuant to a Scheme of Arrangement under Part 26 of the U.K. Companies Act 2006 (the "Scheme") (the "Reorganization Transaction"). In connection with the Reorganization Transaction, Wise plc was renamed Wise Limited and became a wholly owned subsidiary of Wise Group plc. Following the reorganization transaction, the Company listed its Class A shares on the Nasdaq Stock Market LLC ("Nasdaq"), for public trading, moving its primary listing from the London Stock Exchange ("LSE") to Nasdaq and retaining a secondary listing on the LSE. Wise plc entered into a share for share exchange with Wise Group plc, pursuant to which Wise Group plc acquired the issued share capital of Wise plc in exchange for the issue of matching Class A Shares and Class B Shares to the existing shareholders.

#### Share purchase program
On June 25, 2026, we announced a new share purchase program of over $500 million, of which c.40% will be allocated to our recurring EST share purchase program.

In preparing these consolidated financial statements, management evaluated subsequent events through June 25, 2026, on which date the consolidated financial statements were available for issue.

## Exhibit 1.1

**Exhibit 1.1** 

Company number 160362

**THE COMPANIES (JERSEY) LAW 1991** 

**A COMPANY LIMITED BY SHARES** 

**AMENDED AND RESTATED MEMORANDUM OF ASSOCIATION** 

**OF** 

**WISE GROUP PLC** 

**(Adopted by special resolution passed on 29 April 2026 and effective** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**on 29 April 2026)** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. The name of the company is **Wise Group plc** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. The company is a public company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. The company is a par value company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. The share capital of the company is $60,000,000.208883268 divided into:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.1 3,000,000,000 Class A Ordinary Shares with a par value of $0.01 each;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.2 208,883,268 Class B Ordinary Shares with a par value of $0.000000001 each; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.3 3,000,000,000 preferred shares of $0.01 each.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. The liability of a member of the company is limited to the amount unpaid (if any) on such member's share
or shares.

------

Company number 160362

**THE COMPANIES (JERSEY) LAW 1991** 

**A COMPANY LIMITED BY SHARES** 

**AMENDED AND RESTATED ARTICLES OF ASSOCIATION** 

**OF** 

**WISE GROUP PLC** 

**(Adopted by special resolution passed on 29 April 2026 and effective** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**on 11 May 2026)** 

------

**TABLE OF CONTENTS** 

---

| | | |
|:---|:---|:---|
|  |  | **Page** |
|  **PRELIMINARY** | **PRELIMINARY** | **1** |
| **1.** | **EXCLUSION OF STANDARD TABLE** | **1** |
| **2.** | **INTERPRETATION** | **1** |
| **3.** | **LIMITED LIABILITY** | **7** |
| **4.** | **SHARE CAPITAL AND RIGHTS ATTACHED TO SHARES** | **7** |
| **5.** | **FURTHER PROVISIONS RELATING TO THE CLASS B ORDINARY SHARES** | **7** |
| **6.** | **AUTHORITY TO ALLOT SHARES AND GRANT RIGHTS** | **8** |
| **7.** | **POWER TO PAY COMMISSION** | **8** |
| **8.** | **POWER TO ALTER SHARE CAPITAL** | **8** |
| **9.** | **SHAREHOLDER RIGHTS PLAN** | **9** |
| **10.** | **POWER TO ISSUE REDEEMABLE SHARES AND CONVERSION OF EXISTING NON-REDEEMABLE SHARES** | **11** |
| **11.** | **POWER TO PURCHASE OWN SHARES** | **11** |
| **12.** | **POWER TO REDUCE CAPITAL** | **11** |
| **13.** | **TRUSTS NOT RECOGNISED** | **11** |
|  **UNCERTIFICATED SHARES – GENERAL POWERS** | **UNCERTIFICATED SHARES – GENERAL POWERS** | **11** |
| **14.** | **UNCERTIFICATED SHARES – GENERAL POWERS** | **11** |
|  **VARIATION OF RIGHTS** | **VARIATION OF RIGHTS** | **12** |
| **15.** | **VARIATION OF RIGHTS** | **12** |
|  **TRANSFERS OF SHARES** | **TRANSFERS OF SHARES** | **13** |
| **16.** | **RIGHT TO TRANSFER SHARES** | **13** |
| **17.** | **TRANSFERS OF UNCERTIFICATED SHARES** | **13** |
| **18.** | **TRANSFERS OF CERTIFICATED SHARES** | **13** |
| **19.** | **OTHER PROVISIONS RELATING TO TRANSFERS** | **14** |
| **20.** | **NOTICE OF REFUSAL** | **14** |
|  **TRANSMISSION OF SHARES** | **TRANSMISSION OF SHARES** | **14** |
| **21.** | **TRANSMISSION ON DEATH** | **14** |
| **22.** | **ELECTION OF PERSON ENTITLED BY TRANSMISSION** | **14** |
| **23.** | **RIGHTS OF PERSON ENTITLED BY TRANSMISSION** | **15** |
|  **GENERAL MEETINGS** | **GENERAL MEETINGS** | **15** |
| **24.** | **GENERAL MEETINGS** | **15** |
| **25.** | **MEETING AT MORE THAN ONE PLACE OR IN MORE THAN ONE FORMAT** | **16** |
| **26.** | **ANNUAL GENERAL MEETINGS** | **17** |
| **27.** | **CONVENING OF GENERAL MEETINGS OTHER THAN ANNUAL GENERAL MEETINGS** | **17** |
| **28.** | **PROPOSALS AT ANNUAL GENERAL MEETINGS** | **17** |
| **29.** | **SEPARATE GENERAL MEETINGS** | **25** |
|  **NOTICE OF GENERAL MEETINGS** | **NOTICE OF GENERAL MEETINGS** | **25** |
| **30.** | **LENGTH, FORM AND CONTENT OF NOTICE** | **25** |

---

i

------

**TABLE OF CONTENTS** 

(continued)

---

| | | |
|:---|:---|:---|
|  |  | **Page** |
| **31.** | **OMISSION OR NON-RECEIPT OF NOTICE** | **26** |
|  **PROCEEDINGS AT GENERAL MEETINGS** | **PROCEEDINGS AT GENERAL MEETINGS** | **26** |
| **32.** | **QUORUM** | **26** |
| **33.** | **SECURITY** | **27** |
| **34.** | **CHAIR** | **27** |
| **35.** | **RIGHT TO ATTEND AND SPEAK** | **28** |
| **36.** | **RESOLUTIONS AND AMENDMENTS** | **28** |
| **37.** | **ADJOURNMENT** | **28** |
| **38.** | **METHOD OF VOTING** | **29** |
| **39.** | **HOW POLL IS TO BE TAKEN** | **29** |
| **40.** | **VALIDITY OF MEETING** | **30** |
|  **VOTES OF MEMBERS** | **VOTES OF MEMBERS** | **30** |
| **41.** | **VOTING RIGHTS** | **30** |
| **42.** | **RESTRICTIONS ON VOTING – CLASS B ORDINARY SHARES** | **30** |
| **43.** | **REPRESENTATION OF CORPORATIONS** | **33** |
| **44.** | **VOTING RIGHTS OF JOINT HOLDERS** | **33** |
| **45.** | **VOTING RIGHTS OF MEMBERS INCAPABLE OF MANAGING THEIR AFFAIRS** | **34** |
| **46.** | **VOTING RIGHTS SUSPENDED WHERE SUMS OVERDUE** | **34** |
| **47.** | **OBJECTIONS TO ADMISSIBILITY OF VOTES** | **34** |
|  **PROXIES** | **PROXIES** | **34** |
| **48.** | **PROXIES** | **34** |
| **49.** | **APPOINTMENT OF PROXY** | **34** |
| **50.** | **RECEIPT OF PROXY** | **35** |
| **51.** | **NOTICE OF REVOCATION OF AUTHORITY ETC.** | **36** |
| **52.** | **INFORMATION RIGHTS** | **36** |
|  **MEMBERS' RESOLUTIONS IN WRITING** | **MEMBERS' RESOLUTIONS IN WRITING** | **37** |
| **53.** | **MEMBERS' RESOLUTIONS IN WRITING** | **37** |
| **DIRECTORS** | **DIRECTORS** | **37** |
| **54.** | **NUMBER AND CLASSIFICATION OF DIRECTORS** | **37** |
| **55.** | **DIRECTORS NEED NOT BE MEMBERS** | **37** |
|  **ELECTION, RETIREMENT AND REMOVAL OF DIRECTORS** | **ELECTION, RETIREMENT AND REMOVAL OF DIRECTORS** | **37** |
| **56.** | **ELECTION OF DIRECTORS BY THE COMPANY** | **37** |
| **57.** | **SEPARATE RESOLUTIONS FOR ELECTION OF EACH DIRECTOR** | **38** |
| **58.** | **THE BOARD'S POWER TO APPOINT DIRECTORS** | **38** |
| **59.** | **RETIREMENT OF DIRECTORS** | **38** |
| **60.** | **REMOVAL OF DIRECTORS** | **39** |
| **61.** | **VACATION OF OFFICE OF DIRECTOR** | **39** |
| **62.** | **EXECUTIVE DIRECTORS** | **40** |

---

ii

------

**TABLE OF CONTENTS** 

(continued)

---

| | | |
|:---|:---|:---|
|  |  | **Page** |
|  **REMUNERATION, EXPENSES, PENSIONS AND OTHER BENEFITS** | **REMUNERATION, EXPENSES, PENSIONS AND OTHER BENEFITS** | **40** |
| **63.** | **SPECIAL REMUNERATION** | **40** |
| **64.** | **EXPENSES** | **41** |
| **65.** | **PENSIONS AND OTHER BENEFITS** | **41** |
|  **POWERS OF THE BOARD** | **POWERS OF THE BOARD** | **41** |
| **66.** | **GENERAL POWERS OF THE BOARD TO MANAGE THE COMPANY'S BUSINESS** | **41** |
| **67.** | **POWER TO ACT NOTWITHSTANDING VACANCY** | **42** |
| **68.** | **PROVISIONS FOR EMPLOYEES** | **42** |
| **69.** | **POWER TO BORROW MONEY** | **42** |
| **70.** | **POWER TO CHANGE THE NAME OF THE COMPANY** | **42** |
|  **DELEGATION OF BOARD'S POWERS** | **DELEGATION OF BOARD'S POWERS** | **42** |
| **71.** | **DELEGATION TO INDIVIDUAL DIRECTORS** | **42** |
| **72.** | **COMMITTEES** | **42** |
| **73.** | **POWERS OF ATTORNEY** | **43** |
|  **DIRECTORS' INTERESTS** | **DIRECTORS' INTERESTS** | **43** |
| **74.** | **DECLARATION OF INTERESTS IN A PROPOSED TRANSACTION OR ARRANGEMENT WITH THE COMPANY** | **43** |
| **75.** | **PROVISIONS APPLICABLE TO DECLARATIONS OF INTEREST** | **43** |
| **76.** | **DIRECTORS' INTERESTS AND VOTING** | **43** |
| **77.** | **NO DUTY OF CONFIDENTIALITY TO ANOTHER PERSON; WAIVER OF CORPORATE OPPORTUNITY** | **46** |
|  **PROCEEDINGS OF THE BOARD** | **PROCEEDINGS OF THE BOARD** | **47** |
| **78.** | **BOARD MEETINGS** | **47** |
| **79.** | **NOTICE OF BOARD MEETINGS** | **47** |
| **80.** | **QUORUM** | **47** |
| **81.** | **CHAIR OR DEPUTY CHAIR TO PRESIDE** | **48** |
| **82.** | **COMPETENCE OF BOARD MEETINGS** | **48** |
| **83.** | **VOTING** | **48** |
| **84.** | **TELEPHONE/ELECTRONIC BOARD MEETINGS** | **48** |
| **85.** | **RESOLUTIONS WITHOUT MEETINGS** | **49** |
| **86.** | **VALIDITY OF ACTS OF DIRECTORS IN SPITE OF FORMAL DEFECT** | **49** |
| **87.** | **MINUTES** | **49** |
|  **SECRETARY** | **SECRETARY** | **49** |
| **88.** | **SECRETARY** | **49** |
|  **SHARE CERTIFICATES** | **SHARE CERTIFICATES** | **49** |
| **89.** | **ISSUE OF SHARE CERTIFICATES** | **49** |
| **90.** | **CHARGES FOR AND REPLACEMENT OF CERTIFICATES** | **50** |
|  **LIEN ON SHARES** | **LIEN ON SHARES** | **51** |

---

iii

------

**TABLE OF CONTENTS** 

(continued)

---

| | | |
|:---|:---|:---|
|  |  | **Page** |
| **91.** | **LIEN ON PARTLY PAID SHARES** | **51** |
| **92.** | **ENFORCEMENT OF LIEN** | **51** |
|  **CALLS ON SHARES** | **CALLS ON SHARES** | **51** |
| **93.** | **CALLS** | **51** |
| **94.** | **INTEREST ON CALLS** | **52** |
| **95.** | **SUMS TREATED AS CALLS** | **52** |
| **96.** | **POWER TO DIFFERENTIATE** | **52** |
| **97.** | **PAYMENT OF CALLS IN ADVANCE** | **52** |
|  **FORFEITURE OF SHARES** | **FORFEITURE OF SHARES** | **52** |
| **98.** | **NOTICE OF UNPAID CALLS** | **52** |
| **99.** | **FORFEITURE ON NON-COMPLIANCE WITH NOTICE** | **53** |
| **100.** | **POWER TO ANNUL FORFEITURE OR SURRENDER** | **53** |
| **101.** | **DISPOSAL OF FORFEITED OR SURRENDERED SHARES** | **53** |
| **102.** | **ARREARS TO BE PAID NOTWITHSTANDING FORFEITURE OR SURRENDER** | **53** |
|  **SEAL** | **SEAL** | **54** |
| **103.** | **SEAL** | **54** |
|  **DIVIDENDS** | **DIVIDENDS** | **54** |
| **104.** | **DECLARATION OF DIVIDENDS BY THE COMPANY** | **54** |
| **105.** | **FIXED AND INTERIM DIVIDENDS** | **54** |
| **106.** | **CALCULATION AND CURRENCY OF DIVIDENDS** | **55** |
| **107.** | **METHOD OF PAYMENT** | **55** |
| **108.** | **DIVIDENDS NOT TO BEAR INTEREST** | **56** |
| **109.** | **CALLS OR DEBTS MAY BE DEDUCTED FROM DIVIDENDS** | **56** |
| **110.** | **UNCLAIMED DIVIDENDS ETC.** | **56** |
| **111.** | **UNCASHED DIVIDENDS** | **57** |
| **112.** | **DIVIDENDS IN SPECIE** | **57** |
| **113.** | **SCRIP DIVIDENDS** | **57** |
|  **CAPITALISATION OF RESERVES** | **CAPITALISATION OF RESERVES** | **59** |
| **114.** | **CAPITALISATION OF RESERVES** | **59** |
| **115.** | **CAPITALISATION OF RESERVES – EMPLOYEES' SHARE SCHEMES** | **59** |
|  **RECORD DATES** | **RECORD DATES** | **60** |
| **116.** | **FIXING OF RECORD DATES** | **60** |
|  **ACCOUNTS** | **ACCOUNTS** | **61** |
| **117.** | **ACCOUNTING RECORDS** | **61** |
|  **REGISTER** | **REGISTER** | **61** |
| **118.** | **REGISTER REQUIREMENTS** | **61** |
|  **COMMUNICATIONS** | **COMMUNICATIONS** | **62** |
| **119.** | **COMMUNICATIONS TO THE COMPANY** | **62** |

---

iv

------

**TABLE OF CONTENTS** 

(continued)

---

| | | |
|:---|:---|:---|
|  |  | **Page** |
| **120.** | **COMMUNICATIONS BY THE COMPANY** | **62** |
| **121.** | **WHEN COMMUNICATION IS DEEMED RECEIVED** | **62** |
| **122.** | **RECORD DATE FOR COMMUNICATIONS** | **63** |
| **123.** | **COMMUNICATION TO PERSON ENTITLED BY TRANSMISSION** | **63** |
|  **UNTRACED MEMBERS** | **UNTRACED MEMBERS** | **64** |
| **124.** | **SALE OF SHARES OF UNTRACED MEMBERS** | **64** |
| **125.** | **APPLICATION OF PROCEEDS OF SALE** | **65** |
|  **DESTRUCTION OF DOCUMENTS** | **DESTRUCTION OF DOCUMENTS** | **65** |
| **126.** | **DESTRUCTION OF DOCUMENTS** | **65** |
|  **WINDING UP** | **WINDING UP** | **66** |
| **127.** | **POWERS TO DISTRIBUTE IN SPECIE** | **66** |
|  **INDEMNITY AND INSURANCE, ETC.** | **INDEMNITY AND INSURANCE, ETC.** | **66** |
| **128.** | **DIRECTORS' INDEMNITY, INSURANCE AND DEFENCE** | **66** |
|  **FORUM SELECTION** | **FORUM SELECTION** | **67** |
| **129.** | **FORUM SELECTION** | **67** |
|  **CERTAIN ARRANGEMENTS IN RESPECT OF THE COMPANY'S LISTING IN THE UNITED STATES** | **CERTAIN ARRANGEMENTS IN RESPECT OF THE COMPANY'S LISTING IN THE UNITED STATES** | **67** |
| **130.** | **ARRANGEMENTS IN RESPECT OF THE CREST SHARES** | **68** |

---

v

------

**PRELIMINARY** 

1. **Exclusion of Standard Table** 

The regulations constituting the Standard Table in the Companies (Standard Table) (Jersey) Order 1992 do not apply to the Company.

2. **Interpretation** 

(a) In these articles, unless the contrary intention appears:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the following definitions apply:

**Affected Vote Notice** means a notice in writing served in accordance with the provisions of article 42(f);

**Affected Vote(s)** means any Class B Ordinary Share votes which shall be treated as such pursuant to article 42(f);

**Affiliate** has the meaning given in article 28(j);

**these articles** means these articles of association, as amended from time to time;

**Associate** has the meaning given in article 28(j);

**bankrupt** and/or **bankruptcy** shall have the meaning specified in the Interpretation (Jersey) Law 1954 and includes individual insolvency proceedings in a jurisdiction other than the Bailiwick of Jersey which have an effect similar to that of bankruptcy;

**Board** means the board of directors for the time being of the Company or the directors present or deemed to be present at a duly convened meeting of the directors at which a quorum is present;

**CEO Permitted Maximum** means one vote below 50 per cent. of the aggregate number of votes attaching to shares eligible to be cast in respect of that shareholder resolution (such aggregate number of votes, for the avoidance of doubt, excluding any Affected Votes);

**Circular** means the explanatory circular published by Wise plc on 3 July 2025 in connection with the Scheme of Arrangement;

**Class A Ordinary Shares** means the Class A ordinary shares in the capital of the Company from time to time, with the rights set out in these articles;

**Class A Shareholder** means the registered holders of Class A Ordinary Shares;

**Class B Ordinary Shares** means the Class B ordinary shares in the capital of the Company from time to time, with the rights set out in these articles;

**Class B Shareholder** means the registered holders of Class B Ordinary Shares;

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**Class B Shareholder Group(s)** means the groups of Initial Class B Shareholders as set out in Schedule 1 of the articles of association of Wise plc as in effect as at the effective time of the Scheme of Arrangement;

**clear days** means, in relation to the period of a notice, that period excluding the day when the notice is given or deemed to be given and the day for which it is given or on which it is to take effect;

**committee** means a committee of the Board;

**Companies Law** means the Companies (Jersey) Law 1991 as in force from time to time;

**Company** means Wise Group plc;

**Corresponding Class A Shares** means the Class A Ordinary Shares that are issued in consideration for the transfer of Class A ordinary shares in Wise plc that are "Corresponding Class A Shares" as defined in the articles of association of Wise plc and that correspond to the Class B Ordinary Shares that are allotted and issued to the Class B Shareholders on the Effective Date;

**"CREST Participants**" has the meaning given in article 130;

"**CREST Shares**" has the meaning given in article 130;

"**DI Custodian**" has the meaning given in article 130;

**director** means a director for the time being of the Company;

**Domestic Issuer Transition Date** means such date on which the Company no longer qualifies as a "foreign private issuer" (as defined under the rules promulgated under the Exchange Act) or voluntarily elects to file domestic company forms in connection with the reporting requirements of the Exchange Act;

**DTC** means the Depository Trust Company;

**Effective Date** means the date on which the Scheme of Arrangement becomes effective in accordance with its terms;

**electronic** has the meaning given to that term in the Electronic Communications (Jersey) Law 2000;

**electronic address** means any number, electronic mailbox address, unique resource locator or other unique identifier, designated or used for the purposes of sending or receiving electronic communications;

**electronic communication** has the meaning given in the Electronic Communications (Jersey) Law 2000 and includes, without limitation, a document sent or supplied by electronic means between an originator and an addressee (for example, by electronic mail or fax, or by any other means while in an electronic form);

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**electronic general meeting** means, subject to the Statutes, a general meeting held or conducted in such a way that allows persons who may not be physically present together at a physical venue to participate in the general meeting and communicate with each other any information or opinions they may have on any particular item of business of the meeting, and for the avoidance of doubt, such participation and communication requires that each member participating and communicating at the meeting can both hear any other of them or be heard by any other of them throughout the meeting;

**electronic signature** has the meaning given in the Electronic Communications (Jersey) Law 2000;

**Exchange Act** means the U.S. Securities Exchange Act of 1934, as amended, and the rules and regulations promulgated thereunder, as the same may be amended from time to time;

**hard copy form** means a document sent or supplied by paper copy or a similar form capable of being read;

**holder** in relation to any share means the member whose name is entered in the register as the holder of that share;

**Initial Class B Shareholders** means the persons to whom the Class B Ordinary Shares were allotted and issued pursuant to the Scheme of Arrangement as recorded in the register and, where applicable, set out in Schedule 1 of the articles of association of Wise plc as in effect as at the effective time of the Scheme of Arrangement;

**member** means any person or persons entered on the register from time to time as the holder of a share;

**Member Associated Person** has the meaning given in article 28(j);

**Member Information** has the meaning given in article 28(d)(ii);

**Non-CEO Permitted Maximum** means one vote below 35 per cent. of the aggregate number of votes attaching to shares eligible to be cast in respect of that shareholder resolution (such aggregate number of votes, for the avoidance of doubt, excluding any Affected Votes);

**Noticing Member** has the meaning given in article 28(c);

**office** means the registered office for the time being of the Company;

**ordinary resolution** means a resolution passed by a simple majority of the votes cast by such members present and entitled to vote (including, where proxies are allowed, votes cast by proxy) at a general meeting of the Company and where a poll is taken regard shall be had in computing a majority to the voting rights represented by the number of shares to which each member is entitled;

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**ordinary shares** means the Class A Ordinary Shares and Class B Ordinary Shares and any other shares in the capital of the Company designated as ordinary shares from time to time;

**originator** has the meaning given to that term in the Electronic Communications (Jersey) Law 2000;

**Owner** has the meaning given in article 28(d)(ii);

**paid up** and **fully paid** means paid up or credited as paid up;

**person entitled by transmission** means a person whose entitlement to a share in consequence of the death or bankruptcy of a member or of any other event giving rise to its transmission by operation of law has been noted in the register;

**physical general meeting** means a general meeting held or conducted at one physical venue (at which facilities are not available to allow for persons who are not at such physical venue to attend or participate in the meeting by means of electronic communication);

**principal register** means the register maintained in Jersey;

a **proxy notification address** means the address or addresses (including any electronic address) specified in a notice of a meeting or in any other information issued by the Company in relation to a meeting (or, as the case may be, an adjourned meeting or a poll) for the receipt of proxy notices relating to that meeting (or adjourned meeting or poll) or, if no such address is specified, the office;

**Qualified Representative** has the meaning given in article 28(j);

**register** means the register of members of the Company (and, unless the context requires otherwise, includes any overseas branch register as provided for in article 118(b) of these articles) kept and maintained in accordance with these articles and pursuant to the Companies Law;

**relevant system** has the meaning given to the term "computer system" in the 2014 Order;

**Relevant US Exchange** means any market operated by the New York Stock Exchange or NASDAQ Inc. on which the Company's shares are, with the approval of the Board, listed or quoted or proposed to be listed or quoted;

**requisition notice** has the meaning given in article 28(m);

**Scheme of Arrangement** means the scheme of arrangement made under Part 26 of the UK Companies Act 2006 between Wise plc and the Scheme Shareholders (as defined in the Scheme of Arrangement) particulars of which are set out in the Circular;

**seal** means any common seal of the Company (if any) or any official seal or securities seal which the Company may have or be permitted to have under the Statutes;

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**secretary** means the secretary of the Company or, if there are joint secretaries, any of the joint secretaries and includes an assistant or deputy secretary and any person appointed by the Board to perform any of the duties of the secretary of the Company;

**share** means a Class A Ordinary Share, Class B Ordinary Share, or any other share in the share capital of the Company, and the expression (i) includes stock (except where a distinction between shares and stock is expressed or implied) and (ii) where the context permits, also includes a fraction of a share;

**special resolution** means a resolution passed by a majority of not less than two-thirds of the votes cast by such members present and entitled to vote (including, where proxies are allowed, votes cast by proxy) at a general meeting of the Company of which not less than fourteen clear days' notice, including the text of the resolution and specifying the intention to propose the resolution as a special resolution, has been duly given and where a poll is taken regard shall be had in computing such majority to the voting rights represented by the number of shares to which each member is entitled;

**Statutes** means the Companies Law, the 2014 Order and every other statute, statutory instrument, regulation or order for the time being in force concerning companies in so far as they concern the Company;

**transfer office** means: (i) in relation to the principal register, the location in Jersey where the principal register is kept and maintained; and (ii) where the Company keeps an overseas branch register in respect of any country, territory or place outside of Jersey (not being in the United Kingdom), the location in that country, territory or place where that overseas branch register is kept and maintained;

**treasury shares** means those shares held by the Company in treasury in accordance with the Companies Law;

**United States of America** means the United States of America and its territories and possessions, including the District of Columbia;

**US branch register** means the overseas branch register of the Company, if any, maintained in the United States of America;

**Voting Commitment** has the meaning given in article 28(l);

**2014 Order** means the Companies (Transfers of Shares – Exemptions) (Jersey) Order 2014, as amended from time to time;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) any reference to an uncertificated share, or to a share being held in uncertificated form, means a share title
to which may be transferred by means of a relevant system, and any reference to a certificated share means any share other than an uncertificated share;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) any other words or expressions defined in the Companies Law or, if not defined in the Companies Law, in any
other of the Statutes (in each case as in force on the date these articles take effect) have the same meaning in these articles except that the word company includes any body corporate;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) any reference in these articles to any statute or statutory provision includes a reference to any modification
or re-enactment of it for the time being in force;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) words importing the singular number include the plural number and vice versa, words importing one gender
include the other gender and words importing persons include bodies corporate and unincorporated associations;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) any reference to writing includes a reference to any method of reproducing words in a legible form;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii) any words following the terms "including", "include", "in particular",
"for example" or any similar expression shall be interpreted as illustrative and the words "(but not limited to)" shall be deemed as immediately following such term;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(viii) any reference to a document being sealed or executed under seal or under the common seal of any body corporate
(including the Company) or any similar expression includes a reference to its being executed in any other manner which has the same effect as if it were executed under seal;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ix) any reference to a meeting shall not be taken as requiring more than one person to be present in person if any
quorum requirement can be satisfied by one person;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(x) any reference to a show of hands includes such other method of casting votes as the Board may from time to time
approve;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xi) any reference to a person who is attending or participating in a meeting by means of electronic communication
is a reference to a person whose attendance or participation at that meeting is enabled by a facility or facilities (whether electronic or otherwise), other than physical presence at a general meeting, which allows persons who may not be physically
present together to communicate with each other any information or opinions they may have on any particular item of business of the meeting; electronic attendance and participation shall be construed accordingly;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xii) where the Company has a power of sale or other right of disposal in relation to any share, any reference to the
power of the Company or the Board to authorise a person to transfer that share to or as directed by the person to whom the share has been sold or disposed of shall, in the case of an uncertificated share, be deemed to include a reference to such
other action as may be necessary to enable that share to be registered in the name of that person or as directed by that person; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xiii) any reference to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A) rights attaching to any share;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B) members having a right to attend and vote at general meetings of the Company;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(C) dividends being paid, or any other distribution of the Company's assets being made, to members; or

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(D) interests in a certain proportion or percentage of the issued share capital, or any class of share capital,

shall, unless otherwise expressly provided by the Statutes, be construed as though any treasury shares held by the Company had been cancelled.

(b) Subject to the Statutes, a special resolution shall be effective for any purpose for which an ordinary
resolution is expressed to be required under these articles.

(c) Headings to these articles are inserted for convenience only and shall not affect construction.

3. **Limited liability** 

The liability of the members is limited to the amount, if any, unpaid on the shares in the Company respectively held by them.

**SHARE CAPITAL** 

4. **Share capital and rights attached to shares** 

The authorised share capital of the Company is as specified in the Memorandum of Association of the Company.

The Company may issue the following shares in the capital of the Company with rights attaching to them as follows:

(a) **Class A Ordinary Shares**: Each Class A Ordinary Share shall be non-redeemable and shall be issued with one vote attaching to it for voting purposes in respect of all matters on which ordinary shares in the capital of the Company have voting rights. Each Class A Ordinary
Share shall rank *pari passu* in all respects with all other Class A Ordinary Share in the capital of the Company, including (but not limited to) as to rights to receive dividends and distributions, liquidation rights and proceeds upon a
change of control.

(b) **Class B Ordinary Shares**: Each Class B Ordinary Share shall be issued with no
votes attaching to it for voting purposes in respect of all matters on which ordinary shares in the capital of the Company have voting rights, unless the registered holder of such Class B Ordinary Share is the Initial Class B Shareholder
in respect of such Class B Ordinary Share, in which case each Class B Ordinary Share held by them shall carry 9 votes, subject to article 5(b) and article 42. The Class B Ordinary Shares shall be redeemable in the circumstances set
out in article 5(c)(ii), but otherwise are non-redeemable. The Class B Ordinary Shares carry no rights to dividends and distributions, liquidation rights and proceeds upon a change of control except as
set out in article 127(b). The Class B Ordinary Shares are strictly non-transferable, non-tradeable and non-distributable to
any person whatsoever. The Board may only allot Class B Ordinary Shares in satisfaction of the terms of the Scheme of Arrangement

5. **Further provisions relating to the Class B Ordinary Shares** 

(a) Class B Ordinary Shares are strictly non-transferable, non-tradeable and non-distributable to any person whatsoever. The Directors must not approve any instrument of transfer in respect of any Class B Ordinary Shares.

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(b) Each Class B Ordinary Share shall immediately cease to carry any entitlement to voting rights in any of
the following circumstances:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the relevant Class B Shareholder's Corresponding Class A Ordinary Shares being transferred out
of restricted registered form to an unrestricted account;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the death of the Class B Shareholder;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) the purported trade and/or transfer of the beneficial and/or legal interest of the relevant Class B
Ordinary Share;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) the purported trade and/or transfer of the beneficial and/or legal interest of a Class B
Shareholder's Corresponding Class A Ordinary Share relating to the relevant Class B Ordinary Share;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) any indirect change in control in respect of the Class B Shareholder (as determined by the Board); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) 23:59 (London time) on the tenth anniversary of the Effective Date.

(c) Following any Class B Ordinary Share ceasing to carry any entitlement to voting rights in accordance with
article 5(b) or, in respect of any Class B Ordinary Share subject to article 5(d):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) no entitlement to voting rights may be reinstated in respect of such Class B Ordinary Shares at any time;
and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) such Class B Ordinary Share shall automatically be redeemed for no consideration and shall be cancelled
without any further action being required by any person.

(d) In the event that any Class B Ordinary Shares are issued pursuant to the Scheme of Arrangement in
consideration for the transfer of any class B ordinary shares in the capital of Wise plc that had ceased to carry any entitlement to voting rights in accordance with the provisions of the articles of association of Wise plc prior to the Effective
Date, such Class B Ordinary Shares shall not carry any entitlement to voting rights and shall be subject to article 5(c).

6. **Authority to allot shares and grant rights** 

Subject to the Statutes, these articles and any resolution of the Company, the Board may offer, allot (with or without conferring a right of renunciation), grant options over, grant rights to subscribe for or to convert any security into or otherwise deal with or dispose of any unissued shares in the Company to such persons, at such times and generally on such terms as the Board may decide, save that the Board may only allot Class B Ordinary Shares in satisfaction of the terms of the Scheme of Arrangement.

7. **Power to pay commission** 

The Company may pay commissions or brokerage fees in respect of shares on such terms as the directors may think proper.

8. **Power to alter share capital** 

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(a) Subject to the Statutes and any restrictions in these articles, the Company may exercise the powers conferred
by the Statutes to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) increase its share capital by creating new shares of such amount and in such currency or currencies as it
thinks expedient;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) reduce its share capital;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) sub-divide or consolidate and divide all or any of its share capital;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) redenominate all or any of its shares and cancel some of its shares in connection with such a redenomination;
and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) alter its share capital in any other manner permitted by the Companies Law.

(b) A resolution by which any share is sub-divided may determine that, as
between the holders of the shares resulting from the sub-division, one or more of the shares may have such preferred or other special rights, or may have such qualified or deferred rights or be subject to such
restrictions, as compared with the other or others, as the Company has power to attach to new shares.

(c) If as a result of any consolidation and division or sub-division of
shares any members would become entitled to fractions of a share, the Board may deal with the fractions as it thinks fit. In particular, the Board may:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) (on behalf of those members) aggregate and sell the shares representing the fractions to any person (including,
subject to the Statutes, the Company) and distribute the net proceeds of sale in due proportion among those members (except that any proceeds in respect of any holding less than a sum fixed by the Board may be retained for the benefit of the
Company) and the directors may authorise some person to execute an instrument of transfer of shares and/or any relevant buyback instrument (if applicable) to, or in accordance with the directions of, the purchaser; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) subject to the Statutes, first, allot to a member credited as fully paid by way of capitalisation of any
reserve account of the Company such number of shares as rounds up the member's holding to a number which, following consolidation and division or sub-division, leaves a whole number of shares.

(d) For the purpose of a sale under paragraph (c)(i) above, the Board may authorise a person to transfer the shares
to, or as directed by, the purchaser, who shall not be bound to see to the application of the purchase money and the title of the new holder to the shares shall not be affected by any irregularity in or invalidity of the proceedings relating to the
sale.

(e) Where any member's entitlement to a portion of the proceeds of sale amounts to less than a minimum figure
determined by the Board, that member's portion may, at the Board's discretion, be distributed to an organisation which is a charity for the purposes of the law of England and Wales.

9. **Shareholder rights plan** 

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(a) The Board is hereby authorised to establish a shareholder rights plan, including approving the execution of any
document relating to the adoption and/or implementation of a rights plan. A rights plan may be in such form and may be subject to such terms and conditions as the Board shall determine in its absolute discretion.

(b) The Board is hereby authorised to grant rights to subscribe for shares of the Company in accordance with a
rights plan, including to issue preferred shares in one or more series or classes and determine from time to time before issuance the number of shares to be included in any such series or class and the powers, preferences, rights and qualifications,
limitations or restrictions of such series or class. For the avoidance of doubt, the preferred shares may only be issued in accordance with a rights plan.

(c) The Board may, in accordance with a rights plan, exercise any power under such rights plan (including a power
relating to the issuance, redemption or exchange of rights or shares) on a basis that excludes one or more members, including a member who has acquired or may acquire a significant interest in or control of the Company.

(d) The Board is authorised to exercise the powers under this article 9 for any purpose that the Board, in its
discretion, deems reasonable and appropriate, including to ensure that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) any process which may result in an acquisition of a significant interest or change of control of the Company is
conducted in an orderly manner;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) all holders of Class A Ordinary Shares will be treated fairly and in the same manner;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) any potential acquisition of a significant interest or change of control of the Company which would be unlikely
to treat all holders of Class A Ordinary Shares fairly and in a similar manner would be prevented;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) the use of abusive tactics by any person in connection with any potential acquisition of a significant interest
or change of control of the Company would be prevented;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) an optimum price for shares would be received by or on behalf of all members of the Company;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) the success of the Company would be promoted for the benefit of its members as a whole;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii) the long-term interests of the Company, its employees, its members and its business would be safeguarded;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(viii) the Company would not suffer serious economic harm

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ix) the Board has additional time to gather relevant information or pursue appropriate strategies; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(x) all or any of the above.

(e) No action taken pursuant to this article 9 shall be a variation of the class rights attached to any existing
class of shares in issue.

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(f) The provisions of this article 9 shall not apply for so long as the Company is subject to the UK City Code on
Takeovers and Mergers.

10. **Power to issue redeemable shares and conversion of existing non-redeemable shares** 

Subject to the Statutes and these articles:

(a) a share may be issued on terms that it is to be redeemed or is liable to be redeemed at the option of the
Company or the holder and the terms, conditions and manner of redemption of such shares shall be determined by the Board before the shares are allotted (and such terms and conditions shall apply as if the same were set out in these articles); and

(b) any existing non-redeemable shares (whether issued or not) may, where
permitted by these articles and determined by the Board, be converted into shares that are to be redeemed or are liable to be redeemed in accordance with their terms, which may include provision for redemption at the option of either or both of the
Company or holder thereof.

(c) The Class A Ordinary Shares are not redeemable.

(d) The Class B Ordinary Shares are not redeemable, save as set out in article 5(c)(ii).

11. **Power to purchase own shares** 

Subject to the Statutes, and to any rights conferred on the holders of any class of shares, the Company may purchase all or any of its shares of any class, including any redeemable shares. Subject to the Statutes, the Company may hold as treasury shares any shares purchased or redeemed by it.

12. **Power to reduce capital** 

Subject to the Statutes and to any rights conferred on the holders of any class of shares, the Company may by special resolution reduce its share capital, any capital redemption reserves and any share premium account in any way.

13. **Trusts not recognised** 

Except as required by law, a court of competent jurisdiction or these articles, no person shall be recognised by the Company as holding any share upon any trust and the Company shall not be bound by or required to recognise (even when having notice of it) any equitable, contingent, future, partial or other claim to or interest in or in respect of any share, except the holder's absolute right to the entirety of the share.

**UNCERTIFICATED SHARES – GENERAL POWERS** 

14. **Uncertificated shares – general powers** 

(a) Subject to the Statutes, the Board may permit any class of shares to be held in uncertificated form and to be
transferred by means of a relevant system and may revoke any such permission.

(b) In relation to any share which is for the time being held in uncertificated form:

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the Company may utilise the relevant system in which it is held to the fullest extent available from time to
time in the exercise of any of its powers or functions under the Statutes or these articles or otherwise in effecting any actions and the Board may from time to time determine the manner in which such powers, functions and actions shall be so
exercised or effected;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) any provision in these articles which is inconsistent with:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A) the holding or transfer of that share in the manner prescribed or permitted by the Statutes;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B) any other provision of the Statutes relating to shares held in uncertificated form; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(C) the exercise of any powers or functions by the Company or the effecting by the Company of any actions by means
of a relevant system,

shall not apply;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) the Company may, by notice to the holder of that share, require the holder to change the form of such share to
certificated form within such period as may be specified in the notice;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) the Company may require that share to be converted into certificated form in accordance with the Statutes; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) where permitted by the Statutes, the Company shall not issue a certificate.

(c) The Company may, by notice to the holder of any share in certificated form, direct that the form of such share
may not be changed to uncertificated form for a period specified in such notice.

(d) For the purpose of effecting any action by the Company, the Board may determine that shares held by a person in
uncertificated form shall be treated as a separate holding from shares held by that person in certificated form but shares of a class held by a person in uncertificated form shall not be treated as a separate class from shares of that class held by
that person in certificated form.

**VARIATION OF RIGHTS** 

15. **Variation of rights** 

(a) Whenever the share capital of the Company is divided into different classes of shares, all or any of the rights
for the time being attached to any class of shares in issue may from time to time (subject to the Statutes and whether or not the Company is being wound up) be varied in such manner as those rights may provide or (if no such provision is made)
either with the consent in writing of the holders of at least two-thirds in nominal value of the issued shares of that class or with the authority of a special resolution passed at a separate general meeting
of the holders of those shares.

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(b) The provisions of these articles relating to general meetings of the Company or to the proceedings at general
meetings shall apply, with the necessary changes having been made, to every such separate general meeting, except that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the quorum at any such meeting (other than an adjourned meeting) shall be two members present in person or by
proxy holding at least one-third in nominal amount of the issued shares of the class (excluding any shares of that class held as treasury shares);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) if at any adjourned meeting of such holders the quorum required under paragraph (i) above is not present,
the quorum shall be at least one member present in person or by proxy holding shares of the class;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) every holder of shares of the class shall, on a poll, have one vote in respect of every share of the class held
by that holder; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) a poll may be demanded by any one holder of shares of the class whether present in person or by proxy.

(c) Unless otherwise expressly provided by the rights attached to any class of shares those rights shall not be
deemed to be varied by the creation or issue of further shares ranking pari passu with them or by the purchase or redemption by the Company of any of its own shares or (subject to the Statutes) by the variation or cancellation of any rights attached
to any other class of shares.

**TRANSFERS OF SHARES** 

16. **Right to transfer shares** 

Subject to the restrictions in these articles (including but not limited to article 17 below), a member may transfer all or any of the member's shares in any manner which is permitted by the Statutes.

17. **Transfers of uncertificated shares** 

The Company shall maintain a record of uncertificated shares in accordance with the Statutes.

18. **Transfers of certificated shares** 

(a) An instrument of transfer of a certificated share may be in any usual form or in any other form which the Board
may approve and shall be signed by or on behalf of the transferor and (except in the case of a fully paid share) by or on behalf of the transferee.

(b) Subject to article 22(c), the Board may in its absolute discretion refuse to register any instrument of
transfer of a certificated share unless it is:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) left at the office, the transfer office, or at such other place as the Board may decide, for registration;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) accompanied by the certificate for the shares to be transferred and such other evidence (if any) as the Board
may reasonably require to prove the title of the intending transferor or the intending transferor's right to transfer the shares; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) in respect of only one class of shares.

(c) The Board shall not refuse to register a transfer of a certificated share to or from Cede & Co. (or
any other nominee of DTC from time to time) unless the registration of such transfer would be contrary to the provisions of the Companies Law or any restriction in these articles.

(d) All instruments of transfer which are registered may be retained by the Company, but any instrument of transfer
which the Board refuses to register shall (except in any case where fraud or any other crime involving dishonesty is suspected in relation to such transfer) be returned to the person presenting it.

19. **Other provisions relating to transfers** 

(a) No fee shall be charged for registration of a transfer or other document or instruction relating to or
affecting the title to any share.

(b) The transferor shall be deemed to remain the holder of the share until the name of the transferee is entered in
the register in respect of the share.

(c) Nothing in these articles shall preclude the Board from recognising a renunciation of the allotment of any
share by the allottee in favour of some other person.

(d) Subject to article 22(c), unless otherwise agreed by the Board in any particular case, the maximum number of
persons who may be entered on the register as joint holders of a share is four.

20. **Notice of refusal** 

If the Board refuses to register a transfer of a certificated share it shall, as soon as practicable and in any event within two months after the date on which the instrument of transfer was lodged, give to the transferor and the transferee notice of the refusal together with its reasons for refusal. The Board shall provide the transferor and the transferee with such further information about the reasons for the refusal as the transferor and/or the transferee may reasonably request.

**TRANSMISSION OF SHARES** 

21. **Transmission on death** 

If a member dies, the survivor, where the deceased was a joint holder, and the member's personal representatives where the member was a sole or the only surviving holder, shall be the only person or persons recognised by the Company as having any title to the member's shares; but nothing in these articles shall release the estate of a deceased holder from any liability in respect of any share held by the member solely or jointly.

22. **Election of person entitled by transmission** 

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(a) A person becoming entitled to a share in consequence of the death or bankruptcy of a member or of any other
event giving rise to a transmission by operation of law may, on producing such evidence as the Board may require and subject as provided in this article, elect either to be registered personally as the holder of the share or to nominate some other
person to be registered as the holder of the share.

(b) If the person elects to be registered personally, the person shall give notice to the Company to that effect.
If the person elects to have another person registered, the first person shall execute a transfer of the share to that other person or shall execute such other document or take such other action as the Board may require to enable that other person
to be registered.

(c) The provisions of these articles relating to the transfer of shares shall apply to the notice or instrument of
transfer or other document or action as if it were a transfer effected by the person from whom the title by transmission is derived and the event giving rise to such transmission had not occurred.

23. **Rights of person entitled by transmission** 

(a) A person becoming entitled to a share in consequence of a death or bankruptcy or of any other event giving rise
to a transmission by operation of law shall have the right to receive and give a discharge for any dividends or other moneys payable in respect of the share and shall have the same rights in relation to the share as the person would have if the
person were the holder except that, until the person becomes the holder, the person shall not be entitled to attend or vote at any general meeting of the Company.

(b) The Board may at any time give notice requiring any such person to elect either to be registered personally or
to transfer the share and, if after 90 days the notice has not been complied with, the Board may withhold payment of all dividends or other moneys payable in respect of the share until the requirements of the notice have been complied with.

**GENERAL MEETINGS** 

24. **General meetings** 

(a) The Board shall determine whether any general meeting is to be held as:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) a physical general meeting; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) an electronic general meeting.

(b) The Board may make whatever arrangements it considers fit to allow those entitled to do so to participate in
any general meeting. In the case of an electronic general meeting, the Board need only make arrangements for those entitled to do so to participate by means of electronic communication (and need not make any provision for attendance at any physical
venue). The Company is under no obligation to offer or provide electronic equipment for the purposes of attending a general meeting.

(c) Unless otherwise specified in the notice of meeting, decided by the Board in accordance with article 25(a)(ii)
or determined by the chair of the meeting either pursuant to article 25(a)(iii) or

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otherwise, a general meeting is deemed to take place at the place where the chair of the meeting is at the time of the meeting.

(d) Two or more persons who may not be in the same place as each other attend a general meeting if their
circumstances are such that if they have rights to speak and vote at that meeting, they are able to exercise them, and are able to hear the other attendees.

(e) A person is present at a general meeting if the person attends it in accordance with the provisions of these
articles.

(f) A person is able to participate in a meeting if the person's circumstances are such that if the person
has rights in relation to the meeting, the person is able to exercise them.

(g) In determining whether persons are attending or participating in a meeting, other than a physical general
meeting, it is immaterial where any of them are or how they are able to communicate with each other, provided they can hear each other speak.

(h) A person is able to exercise the right to speak at a general meeting when the chair of the meeting is satisfied
that arrangements are in place so as to enable that person to communicate by speaking to all those attending the meeting, during the meeting, any information or opinions which that person has on the business of the meeting.

(i) A person is able to exercise the right to vote at a general meeting when:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) that person is able to vote, during the meeting, on resolutions put to the vote at the meeting; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) that person's vote can be taken into account in determining whether or not such resolutions are passed at
the same time as the votes of all the other persons attending the meeting.

25. **Meeting at more than one place or in more than one format** 

(a) A general meeting may be held at more than one place, or may be participated in in more than one way, if:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the notice convening the meeting so specifies; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the Board resolves, after the notice convening the meeting has been given, that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A) the meeting shall be held at one or more than one place in addition to any place or places specified in the
notice; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B) arrangements will also be made for attendance and participation by means of electronic communication; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) it appears to the chair of the meeting that the place of the meeting specified in the notice convening the
meeting is inadequate to accommodate all persons entitled and wishing to attend at that place.

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(b) A general meeting held at more than one place or participated in in more than one way in accordance with
paragraph (a) above, is duly constituted and its proceedings are valid if (in addition to the other provisions of these articles relating to general meetings being satisfied) the chair of the meeting is satisfied that facilities (whether
electronic or otherwise) are available to enable each person present at each place and/or attending or participating in it by means of electronic communication to participate in the business of the meeting. Persons seeking to attend or participate
in such a meeting via electronic communication shall be responsible for ensuring that they have access to the facilities (including, without limitation, systems, equipment and connectivity) which are necessary to enable them to attend or participate
in such general meeting. Any failure of such facilities will not affect the validity of such general meeting or any business conducted at such general meeting or any action taken pursuant to such general meeting.

(c) Each person who is present at any place of the meeting or who is attending it by means of electronic
communication, and who would be entitled to count towards the quorum in accordance with the provisions of article 32 shall be counted in the quorum for, and shall be entitled to vote at, the meeting.

26. **Annual general meetings** 

The Board shall convene and the Company shall hold annual general meetings in accordance with the Statutes.

27. **Convening of general meetings other than annual general meetings** 

(a) The Board may convene a general meeting other than an annual general meeting whenever it thinks fit.

(b) A general meeting may also be convened in accordance with article 67.

(c) A general meeting shall also be convened by the Board on the requisition of members under the Statutes or, in
default, may be convened by such requisitionists, as provided by the Statutes.

(d) A member may not propose business to be considered at a general meeting unless it has been requisitioned by
them in accordance with the Statutes.

(e) The Board shall comply with the Statutes regarding the giving and the circulation, on the requisition of
members, of notices of resolutions and of statements with respect to matters relating to any resolution to be proposed or business to be dealt with at any general meeting of the Company.

28. **Proposals at annual general meetings** 

(a) Prior to the Domestic Issuer Transition Date, no member shall have the right to propose business to be
considered at an annual general meeting or, save as permitted under the Statutes, any other general meeting. Save for this article 28(a), this article 28 shall have no effect prior to the Domestic Issuer Transition Date.

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(b) On and after the Domestic Issuer Transition Date, nominations of persons for election to the Board and the
proposal of other business to be considered by members may be made at an annual general meeting only as:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) specified in the notice of meeting (or any supplement thereto) given by or at the direction of the Board or any
duly authorised committee thereof;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) brought by or at the direction of the Board or any duly authorised committee thereof; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) otherwise properly brought by any member who (1) was a holder (A) at the time of giving of notice
provided for in subsection (d) of this article 28, (B) on the record date for determination of members entitled to vote at the meeting, and (C) at the time of the annual general meeting, (2) is entitled to vote at the meeting and
(3) complies with the notice procedures set forth in subsection (d) of this article 28.

For the avoidance of doubt, subject to the Statutes, the foregoing clause (iii) of this article 28(b) shall be the exclusive means for a member to nominate for election or re-election to the Board any director or propose other business before an annual general meeting.

(c) In addition to any other applicable requirements, for any business or nominations to be properly brought before
an annual general meeting by a holder, the holder giving the notice (the "**Noticing Member**") must have given timely notice thereof in proper form and in writing to the secretary and any such proposed business must be a proper
matter for member action under the Companies Law and these articles. To be timely, a Noticing Member's notice for such business must be delivered to the secretary at the principal executive offices of the Company not later than the close of
business on the 120th day, nor earlier than the close of business on the 150th day prior to the first anniversary of the date of the preceding year's annual general meeting; provided that if the date of the annual general meeting is more than
30 days before or more than 70 days after such anniversary date, or if no annual general meeting was held in the preceding year, such Noticing Member's notice to be timely must be so delivered not earlier than the close of business on the
150th day prior to such annual meeting and not later than the close of business on the later of the 120th day prior to such annual meeting or the 10th day following the day on which public announcement of the date of such meeting is first made by
the Company. In no event shall any adjournment, recess, rescheduling or postponement of an annual general meeting or the announcement thereof commence a new time period (or extend any time period) for the giving of a member's notice as
described above. For the avoidance of doubt, a member shall not be entitled to make additional or substitute nominations following the expiration of the time periods set forth in these articles.

(d) To be in proper form, a Noticing Member's notice to the secretary (whether given pursuant to this article
28 or otherwise) must:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) if the notice relates to any business that the member proposes to bring before the meeting, other than the
nomination of a director or directors, set forth (1)(a) a brief description of the business desired to be brought before the meeting and (b) the text, if any, of the proposal or business (including the text of any resolutions or actions
proposed for consideration and if such business includes a proposal to amend these articles, the specific language of the proposed amendment), (2) the reasons for conducting such business at the meeting and any material interest in such business of

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each Owner (as defined below) and any Member Associated Person, (3) a description of all agreements, arrangements and understandings (whether written or oral, and including promises) between each Owner and any Member Associated Person and any other person or persons (including their names) in connection with the proposal of such business by such member, including, without limitation, (x) to consult or advise on any investment or potential investment in a publicly listed company (including the Company), (y) to nominate, submit or otherwise recommend (including, without limitation, supporting, advocating for, or otherwise taking action to further the consideration of) such person for appointment (or, for the avoidance of doubt, as a candidate for appointment) to any officer, executive officer or director role of any publicly listed company (including the Corporation) during the past ten (10) years, (4) a complete and accurate description of the outcome of any situations described pursuant to the foregoing clause (3), (5) the first date of contact between any member and/or Member Associated Person, on the one hand, and such person, on the other hand, with respect to the Company and (6) the amount and nature of any direct or indirect economic or financial interest, if any, of such person, or of any immediate family member of such person, in any funds or vehicles managed by, under common management with, or affiliated with any Member or Member Associated Person;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) set forth, as to the Noticing Member giving the notice and the beneficial owner, if any, on whose behalf the
nomination or proposal is made (collectively with the Noticing Members, the "**Owners**" and each an "**Owner** "): (1) the name and address, as they appear on the Company's books, of each Owner and the name and
address of any Member Associated Person, (2)(a) the number of shares in the capital of the Company which are directly or indirectly held of record or beneficially owned by each Owner and any Member Associated Person (provided that, for the purposes
of this article 28(d)(ii), any such person shall in all events be deemed to beneficially own any shares of the Company as to which such person has a right to acquire beneficial ownership at any time in the future), (b) any short position, profits
interest, option, warrant, convertible security, stock appreciation right, or similar right with an exercise or conversion privilege or a settlement payment or mechanism at a price related to any class or series of shares of the Company or with a
value derived, in whole or in part, from the value of any class or series of shares of the Company, whether or not such instrument or right shall be subject to settlement in the underlying class or series of capital of the Company, or any derivative
or synthetic arrangement having the characteristics of a long position in any class or series of shares of the Company, or any contract, derivative, swap or other transaction or series of transactions designed to produce economic benefits and risks
that correspond substantially to the ownership of any class or series of shares of the Company, including due to the fact that the value of such contract, derivative, swap or other transaction or series of transactions is determined by reference to
the price, value or volatility of any class or series of shares of the Company or otherwise (a Derivative Instrument) directly or indirectly held or beneficially held by each Owner and any Member Associated Person, and any other direct or indirect
opportunity to profit or share in any profit derived from any increase or decrease in the value of any security of the Company, (c) a description of any proxy, contract, arrangement, understanding or relationship pursuant to which each Owner
and any Member Associated Person has a right to vote or has granted a right to vote any security of the Company, (d) any Short Interest held by each Owner and any Member

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Associated Person presently or within the last 12 months in any security of the Company (for purposes of these articles, a person shall be deemed to have a "Short Interest" in a security if such person, directly or indirectly, though any contract, arrangement, understanding, relationship or otherwise, has the opportunity to profit or share in any profit derived from any decrease in the value of the subject security), (e) any contract, arrangement or understanding (including any contract to purchase or sell, acquisition or grant of any option, right or warrant to purchase or sell, swap or other instrument) between and among each Owner and/or any Member Associated Person, on the one hand, and any person acting in concert with any such person, on the other hand, with the intent to, or the effect of which may be to, transfer to or from any such person, in whole or in part, any of the economic consequences of ownership of any security of the Company or to increase or decrease the voting power of any such person with respect to any security of the Company, (f) any direct or indirect legal, economic or financial interest (including Short Interest) of each Owner and any Member Associated Person in the outcome of any (I) vote to be taken at any general meeting including any annual general meeting of the Company or (II) any meeting of members of any other entity with respect to any matter that is related, directly or indirectly, to any nomination or business proposed by any Owner under this article, (g) any rights to dividends on any security of the Company owned beneficially by each Owner and any Member Associated Person that are separated or separable from the underlying security of the Company, (h) any proportionate interest in any security of the Company or Derivative Instruments held, directly or indirectly, by a general or limited partnership or limited liability company or similar entity in which any Owner or any Member Associated Person is a general partner or, directly or indirectly, beneficially owns any interest in a general partner or is the manager or managing member or, directly or indirectly, beneficially owns any interest in the manager or managing member of a limited liability company or similar entity, (i) any performance-related fees (other than an asset-based fee) that each Owner and any Member Associated Person is entitled to based on any increase or decrease in the value of securities of the Company or Derivative Instruments, if any, as of the date of such notice, (j) any direct or indirect legal, economic or financial interest (including Short Interest) in any principal competitor of the Company held by each Owner and any Member Associated Person, (k) any material pending or threatened action, suit or proceeding (whether civil, criminal, investigative, administrative or otherwise) in which any Owner or any Member Associated Person is, or is reasonably expected to be made, a party or material participant involving the Company or any of its officers, directors or employees, or any Affiliate of the Company, or any officer, director or employee of such Affiliate, and (l) any other information relating to such stockholder and beneficial owner, if any, required to be disclosed in a proxy statement or other filings required to be made in connection with solicitations of proxies for, as applicable, the proposal and/or for the election of directors in an election contest pursuant to and in accordance with Section 14(a) of the Exchange Act and the rules and regulations promulgated thereunder (sub-clauses (a) through (l) of this article 28(d)(ii)(2) shall be referred to as the "**Member Information**"), (3) a representation by the Noticing Member that such member is a holder of the Company entitled to vote at such meeting, will continue to be a holder of the Company entitled to vote at such meeting through the date of such meeting and intends to appear in person or by proxy at the meeting to propose such business or nomination, (4) a representation by the Noticing Member as to whether any Owner and/or any Member

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Associated Person intends or is part of a group which intends (a) to deliver a proxy statement and/or form of proxy to holders of at least the percentage of the Company's outstanding capital required to approve or adopt the proposal or elect any nominee and/or (b) otherwise to solicit proxies or votes from members in support of such proposal or nomination or nominations, (5) a certification by the Noticing Member that each Owner and any Member Associated Person has complied with all applicable federal, state and other legal requirements in connection with its acquisition of shares or other securities of the Company and such person's acts or omissions as a member of the Company, (6) the names and addresses of other members (including beneficial owners) known by any of the Owner or Member Associated Person to support such proposal or nomination or nominations, and to the extent known the class and number of all shares of the Company's capital owned beneficially or of record by such other member(s) or other beneficial owner(s), and (7) a representation by the Noticing Member as to the accuracy of the information set forth in the notice; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) set forth, as to each person, if any, whom the Noticing Member proposes to nominate for election or re-election to the Board (1) the name, age, business address and residence address of such person, (2) the principal occupation or employment of such person (at present and for the past five years), (3)
the Member Information for such person and any member of the immediate family of such person, or any Affiliate or Associate (as such terms are defined below) of such person, or any person acting in concert therewith, (4) all information
relating to such person that would be required to be disclosed in a proxy statement or other filings required to be made in connection with solicitations of proxies for election of directors in a contested election pursuant to Section 14 of the
Exchange Act and the rules and regulations promulgated thereunder (including such person's written consent to being named in proxy statements as a proposed nominee of the Noticing Member and to serving as a director if elected), (5) a complete
and accurate description of all direct and indirect compensation and other material monetary contracts, arrangements and understandings (whether written or oral) during the past three years, and any other material relationships, between or among the
Owners and/or any Member Associated Person, on the one hand, and such person and any member of the immediate family of such person, and his or her respective Affiliates and Associates, or others acting in concert therewith, on the other hand,
including, without limitation, all biographical and related party transaction and other information that would be required to be disclosed pursuant to the federal and state securities laws, including Item 404 promulgated under Regulation S-K under the Securities Act (or any successor provision), if any Owner and/or any Member Associated Person were the "registrant" for purposes of such rule and such person were a director or executive
officer of such registrant, (6) a statement whether such person, if elected, intends to tender, promptly following such person's election or re-election, an irrevocable resignation effective upon
such person's failure to receive the required vote for re-election at the next meeting at which such person would face re-election and upon acceptance of such
resignation by the Board, (7) whether such person has (A) notified the board of directors of each publicly listed company on whose board such proposed nominee currently sits with respect to such person's proposed nomination for
election to the Board of Directors, and, (B) as applicable, received all necessary consents to serve on the Board of Directors if so nominated and elected or otherwise appointed (or, if any such consents have not been received, how such

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person intends to address such failure to receive such necessary consents), (8) whether such person's nomination, election or appointment, as applicable, would violate or contravene a corporate governance policy, including, without limitation, a conflicts of interest or "overboarding" policy of any publicly listed company at which such person serves as an officer, executive officer or director, and, if so, a description of how such person intends to address such violation or contravention and (9) a completed and signed questionnaire, representation and agreement and any and all other information required by subsection (l) of this article 28.

(e) A Noticing Member shall further update and supplement its notice of any nomination or other business proposed
to be brought before a meeting, if necessary, so that the information provided or required to be provided in such notice pursuant to this article 28 shall be true and correct (A) as of the record date for the meeting and (B) as of the date
that is 15 days prior to the meeting or any adjournment, recess, rescheduling or postponement thereof. Such update and supplement shall be delivered to the secretary not later than five days after the later of the record date or the date a public
announcement of the notice of the record date is first made (in the case of the update and supplement required to be made as of the record date for the meeting) and not later than 10 days prior to the date of the meeting, if practicable (or, if not
practicable, on the first practicable date prior to the meeting), or any adjournment, recess, rescheduling or postponement thereof (in the case of the update and supplement required to be made as of 15 days prior to the meeting or any adjournment,
recess, rescheduling or postponement thereof). In addition, if the Noticing Member has delivered to the Company a notice relating to the nomination of directors, the Noticing Member shall deliver to the Company no later than 10 days prior to the
date of the annual general meeting or any adjournment, recess, rescheduling or postponement thereof, if practicable (or, if not practicable, on the first practicable date prior to the date of the annual general meeting or such adjournment, recess,
rescheduling or postponement thereof), reasonable evidence that it has complied with the requirements of Rule 14a-19 of the Exchange Act.

(f) The Company may also, as a condition to any such nomination or business being deemed properly brought before an
annual general meeting, require any Owner or any proposed nominee to deliver to the secretary, within five business days of any such request, such other information as may be reasonably be requested by the Company, including, without limitation,
(A) such other information as may be reasonably required by the Board, in its sole discretion, to determine (1) the eligibility of such proposed nominee to serve as a director of the Company and (2) whether such proposed nominee
qualifies as an "independent director" or "audit committee financial expert" under applicable law, securities exchange rule or regulation, or any publicly disclosed corporate governance guideline or committee charter of the
Company and (B) that the Board determines, in its sole discretion, could be material to a reasonable member's understanding of the independence, or lack thereof, of such proposed nominee.

(g) Except as otherwise expressly provided in any applicable rule or regulation promulgated under the Exchange Act,
only such persons who are nominated in accordance with the procedures set forth in this article 28 shall be eligible to be elected at an annual general meeting to serve as directors and only such business shall be conducted at a meeting of members
as shall have been brought before the meeting in accordance with the procedures set forth in this article 28. Except as otherwise provided by law, the chairperson of the meeting shall have the power and duty (a) to determine whether a
nomination or any business proposed to be brought before the meeting was made or proposed, as the case may be, in accordance with the procedures set

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forth in this article 28 (including whether the Owner, if any, on whose behalf the nomination or proposal is made, solicited (or is part of a group which solicited) or did not so solicit, as the case may be, proxies in support of such Noticing Member's nominee or proposal in compliance with such Owner's representation as required by subsection 28(d)(ii)(4) of this article 28) and (b) if any proposed nomination or business was not made or proposed in compliance with this article 28, to declare that such nomination shall be disregarded or that such proposed business shall not be transacted. The number of nominees a Noticing Member may propose to nominate for election at a meeting of members shall not exceed the number of directors to be elected at such meeting.

(h) Notwithstanding the foregoing provisions of this article 28, unless otherwise required by law, if the Noticing
Member (or a Qualified Representative thereof) does not appear at the annual general meeting to present a nomination or propose business, such nomination shall be disregarded and such business shall not be transacted, notwithstanding that proxies in
respect of such vote may have been received by the Company.

(i) For purposes of this article 28, delivery of any notice or materials by a member as required under this article
28 shall be made by both (1) hand delivery, overnight courier service, or by certified or registered mail, return receipt requested, in each case to the secretary at the principal executive offices of the Company and (2) electronic
communication to the secretary.

(j) For purposes of this article 28, the term:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) **Affiliate** shall have the meaning attributed to such term in Rule 12b-2 under the Exchange Act and the rules and regulations promulgated thereunder;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) **Associate** shall have the meaning attributed to such term in Rule 12b-2 under the Exchange Act and the rules and regulations promulgated thereunder;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) **Member Associated Person** of any Owner (as defined above) means (1) any person acting in concert
with such Owner, (2) any person controlling, controlled by or under common control (as defined under the Exchange Act) with such Owner or any of their respective Affiliates and Associates, or person acting in concert therewith and (3) any
member of the immediate family of such Owner or an Affiliate or Associate of such Owner; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) **Qualified Representative** of any member means a duly authorised officer, manager or partner of such
member or any other person authorised by a writing executed by such member (or a reliable reproduction or electronic transmission of the writing) delivered to the Company prior to the presentation of any matters at any meeting of members stating
that such person is authorised to act for such member as proxy at such meeting of members.

(k) Notwithstanding the foregoing provisions of this article 28, a member must also comply with all applicable
requirements of the Exchange Act and the rules and regulations promulgated thereunder with respect to the matters set forth in this article 28; provided that any references in these articles to the Exchange Act or the rules and regulations
promulgated thereunder are not intended to and shall not limit the requirements applicable to nominations or proposals as to any other business to be considered pursuant to this article 28. Nothing in this article 28 shall be deemed to affect any
rights of members to request inclusion of proposals in the Company's

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proxy statement pursuant to Rule 14a-8 under the Exchange Act or any other applicable federal or state securities law with respect to that member's request to include proposals in the Company's proxy statement.

(l) In addition to the other requirements of this article 28, each person who a Noticing Member proposes to
nominate for election or re-election as a director of the Company must deliver in writing (in accordance with the time periods prescribed for delivery of notice under this article 28) to the secretary at the
principal executive offices of the Company (A) a written questionnaire with respect to the background and qualification of such person and the background of any other person or entity on whose behalf the nomination is being made (which
questionnaire shall be provided by the secretary upon written request of any holder identified by name within five business days of such written request) and (B) a written representation and agreement (in the form provided by the secretary upon
written request of any holder identified by name within five business days of such written request) that such person (1) is not and will not become a party to (x) any agreement, arrangement or understanding (whether written or oral) with,
and has not given any commitment or assurance to, any person or entity as to how such person, if elected as a director of the Company, will act or vote on any issue or question (a "**Voting Commitment**") that has not been disclosed
to the Company or (y) any Voting Commitment that could limit or interfere with such person's ability to comply, if elected as a director of the Company, with such person's fiduciary duties under applicable law, (2) is not and
will not become a party to any agreement, arrangement or understanding with any person or entity other than the Company with respect to any direct or indirect compensation, reimbursement or indemnification in connection with service or action as a
director that has not been disclosed to the Company, (3) in such person's individual capacity and on behalf of any person or entity on whose behalf the nomination is being made, would be in compliance, if elected as a director of the
Company, and will comply with all applicable rules of the exchanges upon which the securities of the Company are listed and all applicable publicly disclosed corporate governance, conflict of interest, confidentiality and stock ownership and trading
policies and guidelines of the Company, and (4) in such person's individual capacity and on behalf of any Owner on whose behalf the nomination is being made, intends to serve a full term if elected as a director of the Company.

(m) All general meetings other than annual general meetings (including any separate general meetings of the holders
of any class of shares in the Company) may be called for any purpose or purposes at any time by the Board and shall be called by the secretary, at the request of the Board, upon a proper written requisition (a  ***requisition notice***) of
members holding at the date of the delivery of the requisition notice not less than one-tenth of the total voting rights of the members of the Company who have the right to vote at the requisitioned meeting
(or such other voting rights threshold as may be prescribed by the Companies Law from time to time hereafter). Such requisition notice shall state the purpose(s) of such meeting and shall be accompanied by supporting documents relevant to such
purpose(s). The requisition notice shall also be accompanied by written evidence from the requisitionists (in form and substance satisfactory to the Company) of the total voting rights then held by the requisitionists. The requisition notice shall
be signed by or on behalf of the requisitionists and delivered to the secretary at the principal executive offices of the Company, and may consist of several documents in similar form each signed by or on behalf of one or more requisitionists.

(n) Only such business shall be conducted at a meeting called pursuant to subsection (m) of this article 28 as
shall have been brought before such meeting pursuant to the requisition notice, or

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if called by the Board, pursuant to the notice of the general meeting. Following the Domestic Issuer Transition Date, for any general meeting called pursuant to subsection (m) of this article 28, nominations of persons for election to the Board and any proposal of other business to be considered by members may be made at such meeting (i) by a member who properly submitted a requisition notice in the manner provided for in subsection (m) of this article 28 and included the election of directors and/or the business proposed to be considered in such requisition notice, (ii) by or at the direction of the Board or any duly authorised committee thereof or (iii) by any member other than a member who submitted a requisition notice in accordance with this article, who (A) is a holder (1) at the time of giving notice in accordance with this article, (2) on the record date for the determination of members of the Company entitled to vote at such meeting, and (3) at the time of such meeting, (B) is entitled to vote at such meeting and (C) complies with the notice procedures and other requirements applicable to a Noticing Member and the Noticing Member's notice as provided for in this article 28, including delivering the member's notice required by subsection (d) of this article 28 with respect to any nomination to the secretary not earlier than the close of business on the 120th day prior to such general meeting, nor later than the close of business on the later of the 90th day prior to such general meeting or the 10th day following the date on which public announcement is first made by the Company of the general meeting and of the nominees, if any, proposed to be elected at such meeting. In no event shall the public announcement of an adjournment or postponement of a general meeting commence a new time period (or extend any time period) for the giving of a holder's notice as described above. For the avoidance of doubt, a holder shall not be entitled to make additional or substitute nominations at a general meeting following the expiration of the time periods set forth in these articles.

29. **Separate general meetings** 

Subject to these articles and to any rights for the time being attached to any class of shares in the Company, the provisions of these articles relating to general meetings of the Company (including, for the avoidance of doubt, provisions relating to the proceedings at general meetings or to the rights of any person to attend or vote or be represented at general meetings or to any restrictions on these rights) shall apply, with the necessary changes having been made, in relation to every separate general meeting of the holders of any class of shares in the Company.

**NOTICE OF GENERAL MEETINGS** 

30. **Length, form and content of notice** 

(a) Subject to the Statutes and these articles, all general meetings shall be called by not less than such minimum
notice period as is permitted by the Statutes.

(b) Notice of every general meeting shall be given to all members other than any who, under these articles or the
terms of issue of the shares they hold, are not entitled to receive such notices from the Company, and also to the auditors (or, if more than one, each of them) and to each director.

(c) The notice (including any notice given by means of electronic communication) shall comply with all applicable
requirements in the Statutes and shall specify whether the meeting will be an annual general meeting.

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(d) Without prejudice to the provisions of article 25(a), if it is anticipated that a meeting will be conducted as
an electronic general meeting, the notice of meeting shall state how it is proposed that persons attending or participating in the meeting by means of electronic communication should communicate with the meeting.

31. **Omission or non-receipt of notice** 

The accidental omission to give notice of a general meeting or to send an instrument of proxy (where this is intended to be sent out with the notice) to, or the non-receipt of the notice or instrument of proxy (as applicable) by, any person entitled to receive the same shall not invalidate the proceedings of that meeting.

**PROCEEDINGS AT GENERAL MEETINGS** 

32. **Quorum** 

(a) No business (other than the appointment of a chair) shall be transacted at any general meeting unless the
requisite quorum is present when the meeting proceeds to business.

(b) Subject to article 32(c), two qualifying persons entitled to vote shall be a quorum, unless:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) each is a qualifying person only because that person is authorised to act as the representative of a
corporation in relation to the meeting, and they are representatives of the same corporation; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) each is a qualifying person only because that person is appointed as proxy of a member in relation to the
meeting, and they are proxies of the same member.

(c) With effect from the Domestic Issuer Transition Date, a quorum shall be present if both:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) two qualifying persons are present at a meeting unless each is a qualifying person only because (A) that
person is authorised to act as the representative of a corporation in relation to the meeting, and they are representatives of the same corporation or (B) that person is appointed as proxy of a member in relation to the meeting, and they are
proxies of the same member; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) those qualifying persons present together hold (or are the representative or proxy of members in relation to
the meeting holding) at least one-third (33 1/3 per cent.) of the number of the issued shares (excluding any shares held as treasury shares) entitled to vote on the business to be transacted or the
minimum portion of the number of the issued shares (excluding any shares held as treasury shares) entitled to vote on the business to be transacted required by the Relevant US Exchange if such requirement is greater than one-third (33 1/3 per cent.).

(d) For the purposes of this article, a qualifying person means:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) an individual who is a member of the Company;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) a person authorised to act as the representative of a corporation in relation to the meeting; or

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) a person appointed as proxy of a member in relation to the meeting.

(e) If within 15 minutes from the time fixed for holding a general meeting a quorum is not present, the meeting, if
convened on the requisition of members, shall be dissolved. In any other case, it shall stand adjourned for ten clear days (or, if that day is a Saturday, a Sunday or a holiday, to the next working day) and at the same time and place (and/or, if
appropriate, with similar or equivalent facilities for electronic attendance and participation) as the original meeting, or, subject to article 37(g) and the Statutes, to such other day, and at such other time and place (and/or, if appropriate, with
such other facilities for electronic attendance and participation), as the Board may decide.

(f) If at an adjourned meeting a quorum is not present within 15 minutes from the time fixed for holding the
meeting, the meeting shall be dissolved.

33. **Security** 

The Board may, subject to the Statutes, make any physical or electronic security arrangements which it considers appropriate relating to the holding of a general meeting of the Company including, without limitation, arranging for any person attending a meeting physically to be searched and for items of personal property which may be taken into a meeting to be restricted. A director or the secretary may:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) refuse physical or electronic entry to a meeting to any person who refuses to comply with any such
arrangements; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) eject from a physical general meeting or an electronic general meeting (as applicable) any person who causes
the proceedings to become disorderly.

34. **Chair** 

(a) At each general meeting, the chair of the Board (if any) or, if the chair is absent or unwilling, the deputy
chair (if any) of the Board or (if more than one deputy chair is present and willing) the deputy chair who has been longest in such office, shall preside as chair of the meeting. If neither the chair nor deputy chair is present and willing, one of
the other directors selected for the purpose by the directors present or, if only one director is present and willing, that director, shall preside as chair of the meeting. If no director is present within 15 minutes after the time fixed for holding
the meeting or if none of the directors present is willing to preside as chair of the meeting, the members present and entitled to vote shall choose one of their number to preside as chair of the meeting.

(b) Subject to the Statutes (and without prejudice to any other powers vested in the chair of a meeting) when
conducting a general meeting, the chair of the meeting may make whatever arrangements and take whatever actions as the chair considers, in the chair's sole discretion, to be appropriate or conducive to the facilitation of the conduct of the
business of the meeting, proportionate discussion on any item of business of the meeting, or the maintenance of good order.

(c) If the chair of a general meeting is participating in that meeting by means of electronic communication and
becomes disconnected from the meeting, another person (determined in accordance with the provisions of paragraph (a) above) shall preside as chair of the meeting

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unless and until the original chair regains electronic connection with the meeting. In the event that no replacement chair is presiding over the general meeting (and the original chair has not regained electronic connection with the meeting) 20 minutes after the original chair became disconnected from the meeting, the meeting shall be adjourned to a time and place (and/or, if appropriate, facilities for electronic attendance and participation) to be fixed by the Board.

35. **Right to attend and speak** 

(a) A director shall be entitled to attend and speak at any general meeting of the Company whether or not the
director is a member.

(b) The chair may invite any person to attend and speak at any general meeting of the Company if the chair
considers that such person has the appropriate knowledge or experience of the Company's business to assist in the deliberations of the meeting.

(c) A proxy shall be entitled to speak at any general meeting of the Company.

36. **Resolutions and amendments** 

(a) Subject to the Statutes, a resolution may only be put to the vote at a general meeting if the chair of the
meeting in the chair's absolute discretion decides that the resolution may properly be regarded as within the scope of the meeting.

(b) In the case of a resolution to be proposed as a special resolution no amendment may be made, at or before the
time at which the resolution is put to the vote, to the form of the resolution as set out in the notice of meeting, except to correct a patent error or as may otherwise be permitted by law.

(c) In the case of a resolution to be proposed as an ordinary resolution no amendment may be made, at or before the
time at which the resolution is put to the vote, unless:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) in the case of an amendment to the form of the resolution as set out in the notice of meeting, notice of the
intention to move the amendment is received at the office at least 48 hours before the time fixed for the holding of the relevant meeting; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) in any case, the chair of the meeting in the chair's absolute discretion otherwise decides that the
amendment or amended resolution may properly be put to the vote.

The giving of notice under paragraph (i) above shall not prejudice the power of the chair of the meeting to rule the amendment out of order.

(d) With the consent of the chair of the meeting, a person who proposes an amendment to a resolution may withdraw
it before it is put to the vote.

(e) If the chair of the meeting rules a resolution or an amendment to a resolution admissible or out of order (as
the case may be), the proceedings of the meeting or the resolution in question shall not be invalidated by any error in the chair's ruling. Any ruling by the chair of the meeting in relation to a resolution or an amendment to a resolution
shall be final and conclusive.

37. **Adjournment** 

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(a) With the consent of any general meeting at which a quorum is present the chair of the meeting may (and shall if
so directed by the meeting) adjourn the meeting from time to time and from place (and/or, if appropriate, facilities for electronic attendance and participation) to place (and/or, if appropriate, facilities for electronic attendance and
participation).

(b) In addition, the chair of the meeting may at any time without the consent of the meeting adjourn the meeting
(whether or not it has commenced or a quorum is present) to another time and/or place (and, if the chair considers it appropriate, facilities for electronic attendance and participation) if, in the chair's opinion, it would facilitate the
conduct of the business of the meeting to do so.

(c) In addition, the chair of the meeting shall at any time without the consent of the meeting adjourn the meeting
(whether or not it has commenced or a quorum is present) to another time and/or place (and/or, if appropriate, with other facilities for electronic attendance and participation) if, in the chair's opinion, the facilities (whether electronic or
otherwise, and whether affecting the place (or more than one place) of the meeting or any electronic participation arrangements) are not sufficient to allow the meeting to be conducted substantially in accordance with the provisions set out in the
notice of meeting.

(d) Nothing in this article shall limit any other power vested in the chair of the meeting to adjourn the meeting.

(e) All business conducted at a general meeting up to the time of any adjournment shall, subject to paragraph
(f) below, be valid.

(f) The chair of the meeting may specify that only the business conducted at a general meeting up to a point in
time which is earlier than the time of adjournment is valid if, in the chair's opinion, to do so would be more appropriate.

(g) Whenever a meeting is adjourned for 30 days or more or sine die, at least 14 clear days' notice of the
adjourned meeting shall be given in the same manner as in the case of the original meeting but otherwise no person shall be entitled to any notice of an adjourned meeting or of the business to be transacted at an adjourned meeting.

(h) No business shall be transacted at any adjourned meeting other than the business which might have been
transacted at the meeting from which the adjournment took place.

38. **Method of voting** 

All resolutions put to the vote of a general meeting shall be decided on a poll.

39. **How poll is to be taken** 

(a) A poll shall be taken at such time (either at the meeting at which the resolution is proposed or within 30 days
after the meeting), at such place and in such manner (including by means of electronic communication) as the chair of the meeting shall direct and the chair may appoint scrutineers (who need not be members).

(b) A poll demanded on a question of adjournment shall be taken at the meeting without adjournment.

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(c) It shall not be necessary (unless the chair of the meeting otherwise directs) for notice to be given of a poll
whether taken at or after the meeting at which it was demanded.

(d) On a poll, votes may be given either personally or by proxy and a member entitled to more than one vote need
not use all the member's votes or cast all the votes used in the same way.

(e) The result of the poll shall be deemed to be a resolution of the meeting at which the poll was demanded (or
deemed to have been demanded).

40. **Validity of meeting** 

All persons seeking to attend or participate in an electronic general meeting shall be responsible for maintaining adequate facilities to enable them to do so by means of electronic communication. Subject only to the requirement for the chair to adjourn a general meeting in accordance with the provisions of article 37(c), any inability of a person or persons to attend or participate in an electronic general meeting shall not invalidate the proceedings of that electronic general meeting.

**VOTES OF MEMBERS** 

41. **Voting rights** 

(a) Subject to these articles and to any special rights or restrictions as to voting for the time being attached to
any class of shares in the Company (including, for the avoidance of doubt, such rights and restrictions as apply to the Class A Ordinary Shares and Class B Ordinary Shares as set out in articles 4(a) and 4(b) and article 5 above):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) on a poll, every member who is present in person or by a duly appointed proxy shall have one vote for each
share of which he or she is the holder;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) on a poll, every Initial Class B Shareholder who is present in person or by a duly appointed proxy shall
have 9 votes for every Class B Ordinary Share of which such Initial Class B Shareholder is the holder;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) the Class B Ordinary Shares shall carry no entitlement to voting rights unless the registered holder of
such Class B Ordinary Shares is the Initial Class B Shareholder;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) the entitlement to voting rights held exclusively by the Initial Class B Shareholders is non-transferable and may only be exercised by the named Initial Class B Shareholders, whether in person or by proxy.

(b) For the purposes of determining which persons are entitled to attend or vote at any general meeting, and how
many votes such persons may cast, the Company must specify in the notice of the meeting a time, determined by the Board, by which a person must be entered on the register in order to have the right to attend or vote at the meeting. Changes to
entries on the register after the time so specified shall be disregarded in determining the rights of any person to attend or vote at the meeting, notwithstanding any provisions in the Statutes or these articles to the contrary.

42. **Restrictions on voting – Class B Ordinary Shares** 

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(a) Subject to articles 42(b) to 42(d) and article 41(a), each Class B Shareholder shall be entitled to attend
and speak at any general meeting of the Company or any meeting of the holders of any class of shares or to vote at any such meeting, and shall have the right to attend (whether in person or by proxy), to speak and to demand and vote on a poll.

(b) The number of votes that each Class B Shareholder Group (other than Kristo Käärmann's
Class B Shareholder Group) is entitled to exercise by virtue of its consolidated holding of Class B Ordinary Shares shall be capped, in accordance with article 42(h), on the following basis and in the following circumstances in respect of
each shareholder resolution:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) each member of the relevant Class B Shareholder Group shall be entitled to all votes attaching to the
Class A Ordinary Shares held by it (for the avoidance of doubt regardless of the number of Class B Ordinary Shares owned by that member or by any other members of that Class B Shareholder Group and even in excess of the Non-CEO Permitted Maximum);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) in addition to the votes under article 42(b)(i) above, each member of the relevant Class B Shareholder
Group shall be entitled to any and all votes attaching to the Class B Ordinary Shares held by it, provided always that the total number of votes exercisable by the Class B Shareholder Group (in aggregate across all members of the
Class B Shareholder Group and including all votes attaching to Class A Ordinary Shares and Class B Ordinary Shares held across all members of the Class B Shareholder Group) shall not exceed the Non-CEO Permitted Maximum; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) in circumstances where any restriction under article 42(b)(ii) above applies, the excess votes in respect of
Class B Ordinary Shares (over the Non-CEO Permitted Maximum) that are not exercisable in accordance with this Article 42(b) shall be deducted from the number of votes that would otherwise be exercisable
by the members of the relevant Class B Shareholder Group, in each case pro rata to their holdings of Class B Ordinary Shares.

(c) The number of votes that each member of Kristo Käärmann's Class B Shareholder Group is
entitled to by virtue of its consolidated holding of Class B Ordinary Shares shall be capped, in accordance with article 42(h), on the following basis and in the following circumstances, while Kristo Käärmann is Chief Executive
Officer of the Company, in respect of each shareholder resolution:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) each member of Kristo Käärmann's Class B Shareholder Group shall be entitled to all votes
attaching to the Class A Ordinary Shares held by him or it (for the avoidance of doubt regardless of the number of Class B Ordinary Shares owned by that member or by any other members of that Class B Shareholder Group and even in
excess of the Non-CEO Permitted Maximum);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) in addition to the votes under article 42(c)(i) above, each member of Kristo Käärmann's
Class B Shareholder Group shall be entitled to any and all votes attaching to the Class B Ordinary Shares held by him or it, provided always that the total number of votes exercisable by his Class B Shareholder Group (in aggregate
across the Class B Shareholder Group and including all votes attaching to Class A Ordinary Shares and

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Class B Ordinary Shares held across all members of his Class B Shareholder Group) shall not exceed the CEO Permitted Maximum; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) in circumstances where any restriction under article 42(c)(ii) above applies, the excess votes in respect of
Class B Ordinary Shares (over the CEO Permitted Maximum) that are not exercisable in accordance with this article 42(c) shall be deducted from the number of votes that would otherwise be exercisable by the members of Kristo
Käärmann's Class B Shareholder Group, in each case pro rata to their holdings of Class B Ordinary Shares.

(d) The number of votes that each member of Kristo Käärmann's Class B Shareholder Group is
entitled to by virtue of its consolidated holding of Class B Ordinary Shares shall, in accordance with article 42(h), be capped on the following basis and in the following circumstances at any time Kristo Käärmann is not Chief
Executive Officer of the Company, in respect of each shareholder resolution:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) each member of Kristo Käärmann's Class B Shareholder Group shall be entitled to all votes
attaching to the Class A Ordinary Shares held by him or it (for the avoidance of doubt regardless of the number of Class B Ordinary Shares owned by that member or by any other members of that Class B Shareholder Group and even in
excess of the Non-CEO Permitted Maximum);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) in addition to the votes under article 42(d)(i) above, each member of Kristo Käärmann's
Class B Shareholder Group shall be entitled to any and all votes attaching to the Class B Ordinary Shares held by him or it, provided always that the total number of votes exercisable by the Class B Shareholder Group (in aggregate
across the Class B Shareholder Group and including all votes attaching to Class A Ordinary Shares and Class B Ordinary Shares held across all members of the Class B Shareholder Group) shall not exceed the Non-CEO Permitted Maximum; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) in circumstances where any restriction under article 42(d)(ii) above applies, the excess votes in respect of
Class B Ordinary Shares (over the Non-CEO Permitted Maximum) that are not exercisable in accordance with this article 42(d) shall be deducted from the number of votes that would otherwise be exercisable
by the members of Kristo Käärmann's Class B Shareholder Group, in each case pro rata to their holdings of Class B Ordinary Shares.

(e) For the avoidance of doubt, nothing in articles 42(a) to 42(d) shall prevent any shareholder or Class B
Shareholder Group from being entitled to exercise votes attaching to shares in the Company in excess of the CEO Permitted Maximum or the Non-CEO Permitted Maximum (as applicable) by virtue solely of the votes
attaching to Class A Ordinary Shares.

(f) At any time when the aggregate number of a Class B Shareholder Group's votes attaching to Shares in
the Company exceeds the Non-CEO Permitted Maximum or, in the case of Kristo Käärmann's Class B Shareholder Group, the CEO Permitted Maximum or the Non-CEO Permitted Maximum (as applicable), the Directors may deal with such votes attaching to Class B Ordinary Shares as are in excess of the CEO Permitted Maximum or the Non-CEO Permitted Maximum (as applicable) as Affected Votes. The Directors shall give an Affected Vote Notice to the registered holder of any Class B Share which they determine to deal with as an Affected

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Vote and shall state that the provisions of article 42(g) (all of which shall be set out in the Affected Vote Notice) are to be applied in respect of such Affected Votes.

(g) A registered holder of Class B Ordinary Shares upon whom an Affected Vote Notice has been served shall not
be entitled to exercise or cast their Affected Votes at the general meeting of the Company or any meeting of the holders of any class of shares at which such Affected Votes have been deemed effective. In the case of a general meeting of the Company
or any meeting of the holders of any class of shares, the Affected Votes shall vest in the Chair of such meeting who shall abstain from exercising or casting the Affected Votes.

(h) For the purposes of articles 42(b) to 42(d), votes in respect of Class B Ordinary Shares shall be capped
such that, on a shareholder resolution, the number of votes eligible to be cast by a Class B Shareholder Group shall not exceed the CEO Permitted Maximum or the Non-CEO Permitted Maximum (as applicable)
as a proportion of all votes eligible to be cast in respect of that shareholder resolution. In calculating the total number of votes eligible to be cast in respect of a shareholder resolution (as the denominator in the calculation), any Affected
Votes shall be excluded thereby decreasing the total number of votes eligible to be cast and, as a consequence, decreasing the total number of votes required for a shareholder to reach the CEO Permitted Maximum and the Non-CEO Permitted Maximum. This mechanism can be illustrated by way of a worked example as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) if there are 100 votes in the Company and Kristo Käärmann (as Chief Executive Officer of the Company)
holds 60 of these votes, the voting rights that Kristo Käärmann is entitled to will exceed the CEO Permitted Maximum, thereby triggering the vote capping mechanism;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) 40 votes in the Company will be held by shareholders other than Kristo Käärmann, therefore Kristo
Käärmann is entitled to votes, by virtue of his Class B Ordinary Shares, such that as a proportion of the aggregate of the votes Kristo Käärmann is entitled to and the votes that shareholders other than Kristo
Käärmann are entitled to, Kristo Käärmann does not exceed the CEO Permitted Maximum; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) Kristo Käärmann is therefore entitled to cast 39 votes in respect of that Shareholder resolution by
virtue of his Class B Ordinary Shares, with the voting rights he holds in excess of that number by virtue of his Class B Ordinary Shares being Affected Votes.

43. **Representation of corporations** 

(a) Any corporation which is a member of the Company may, by resolution of its Board or other governing body,
authorise any person or persons to act as its representative or representatives at any general meeting of the Company.

(b) The Board or any director or the secretary may (but shall not be bound to) require evidence of the authority of
any such representative.

44. **Voting rights of joint holders** 

If more than one of the joint holders of a share tenders a vote on the same resolution, whether in person or by proxy, the vote of the senior who tenders a vote shall be accepted to the exclusion of the vote(s) of the other joint holder(s); and for this purpose seniority shall be

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determined by the order in which the names stand in the register in respect of the relevant share.

45. **Voting rights of members incapable of managing their affairs** 

A member in respect of whom an order has been made by any court having jurisdiction (whether in Jersey or elsewhere) in matters concerning mental disorder may vote by the member's receiver, curator bonis or other person in the nature of a receiver or curator bonis appointed by that court, and the receiver, curator bonis or other person may, on a poll, vote by proxy. Evidence to the satisfaction of the Board of the authority of the person claiming the right to vote must be received at the office (or at such other address as may be specified for the receipt of proxy appointments) not later than the last time by which a proxy appointment must be received in order to be valid for use at the meeting or adjourned meeting or on the holding of the poll at or on which that person proposes to vote and, in default, the right to vote shall not be exercisable.

46. **Voting rights suspended where sums overdue** 

Unless the Board otherwise decides, a member shall not be entitled to vote, either in person or by proxy, at any general meeting of the Company in respect of any share held by that member unless all calls and other sums presently payable by that member in respect of that share have been paid.

47. **Objections to admissibility of votes** 

No objection shall be raised as to the admissibility of any vote except at the meeting or adjourned meeting or poll at which the vote objected to is or may be given or tendered, and every vote not disallowed at such meeting or poll shall be valid for all purposes. Any such objection made in due time shall be referred to the chair of the meeting, whose decision shall be final and conclusive.

**PROXIES** 

48. **Proxies** 

(a) A proxy need not be a member of the Company and a member may appoint more than one proxy in relation to a
meeting, provided that each proxy is appointed to exercise the rights attached to a different share or shares held by the member.

(b) The appointment of a proxy shall not preclude a member from attending and voting in person at the meeting or on
the poll concerned.

(c) The appointment of a proxy shall only be valid for the meeting mentioned in it and any adjournment of that
meeting (including on any poll demanded at the meeting or any adjourned meeting).

49. **Appointment of proxy** 

(a) Subject to the Statutes, the appointment of a proxy may be in such form as is usual or common or in such other
form as the Board may from time to time approve and shall be signed by the

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appointor, or the appointor's duly authorised agent, or, if the appointor is a corporation, shall either be executed under its common seal or be signed by an agent or officer authorised for that purpose. The signature may be an electronic signature or applied mechanically and need not be witnessed.

(b) Without limiting the provisions of these articles, the Board may from time to time in relation to
uncertificated shares: (i) approve the appointment of a proxy by means of an electronic communication sent by an originator which is sent by means of the relevant system and received by such participant in that system acting on behalf of the
Company as the Board may prescribe, in such form and subject to such terms and conditions as the Board may from time to time prescribe (subject always to the facilities and requirements of the relevant system)); and (ii) approve supplements to,
or amendments or revocations of, any such uncertificated proxy instruction by the same means. In addition, the Board may prescribe the method of determining the time at which any such uncertificated proxy instruction is to be treated as received by
the Company or such participant and may treat any such uncertificated proxy instruction which purports to be or is expressed to be sent on behalf of a holder of a share as sufficient evidence of the authority of the person sending that instruction
to send it on behalf of that holder.

50. **Receipt of proxy** 

(a) A proxy appointment:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) must be received at a proxy notification address not less than 48 hours (or such shorter time as the Board
decides) before the time fixed for holding the meeting at which the appointee proposes to vote; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) in the case of a poll taken more than 48 hours after it is demanded or in the case of an adjourned meeting to
be held more than 48 hours after the time fixed for holding the original meeting, must be received at a proxy notification address not less than 24 hours (or such shorter time as the Board decides) before the time fixed for the taking of the poll
or, as the case may be, the time fixed for holding the adjourned meeting; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) in the case of a poll which is not taken at the meeting at which it is demanded but is taken 48 hours or less
after it is demanded, or in the case of an adjourned meeting to be held 48 hours or less after the time fixed for holding the original meeting, must be received:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A) at a proxy notification address in accordance with (i) above;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B) by the chair of the meeting or the secretary or any director at the meeting at which the poll is demanded or,
as the case may be, at the original meeting; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(C) at a proxy notification address by such time as the chair of the meeting may direct at the meeting at which the
poll is demanded.

In calculating the periods mentioned, no account shall be taken of any part of a day that is not a working day (within the meaning of the Companies Law).

(b) The Board may, but shall not be bound to, require reasonable evidence of the identity of the member and of the
proxy, the member's instructions (if any) as to how the proxy is to vote and,

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where the proxy is appointed by a person acting on behalf of the member, authority of that person to make the appointment.

(c) The Board may decide, either generally or in any particular case, to treat a proxy appointment as valid
notwithstanding that the appointment or any of the information required under paragraph (b), above has not been received in accordance with the requirements of this article.

(d) Subject to paragraph (c) above, if the proxy appointment and any of the information required under
paragraph (b) above, is not received in the manner set out in paragraph (a) above, the appointee shall not be entitled to vote in respect of the shares in question.

(e) If two or more valid but differing proxy appointments are received in respect of the same share for use at the
same meeting or on the same poll, the one which is last received (regardless of its date or of the date of its execution) shall be treated as replacing and revoking the others as regards that share and if the Company is unable to determine which was
last received, none of them shall be treated as valid in respect of that share.

51. **Notice of revocation of authority etc.** 

(a) A vote given or poll demanded by proxy or by a representative of a corporation shall be valid notwithstanding
the previous termination of the authority of the person voting or demanding a poll or (until entered in the register) the transfer of the share in respect of which the appointment of the relevant person was made unless notice of the termination was
received at a proxy notification address not less than six hours before the time fixed for holding the relevant meeting or adjourned meeting or, in the case of a poll not taken on the same day as the meeting or adjourned meeting, before the time
fixed for taking the poll.

(b) A vote given by a proxy or by a representative of a corporation shall be valid notwithstanding that the vote
was not cast in accordance with any instructions given by the member by whom the proxy or representative of a corporation is appointed. The Company shall not be obliged to check whether the proxy or representative of a corporation has in fact voted
in accordance with any such member's instructions.

52. **Information rights** 

(a) A member who holds shares on behalf of another person may nominate that person to enjoy information rights.

(b) For the purposes of article 52(a), information rights means:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the right to receive a copy of all communications that the Company sends to its members generally or to any
class of members that includes the person making the nomination;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the right of a debenture holder to receive a copy of the Company's last annual accounts and a copy of the
auditor's report on the accounts; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) the right of a member to receive a document or information from the Company in hard copy form.

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**MEMBERS' RESOLUTIONS IN WRITING** 

53. **Members ' resolutions in writing** 

If at any time and from time to time the holder(s) of Class B Ordinary Shares hold, in aggregate, 50.1 per cent. or more of the total voting rights held by the members of the Company and subject to the voting restrictions set out in article 42:

(a) Subject to compliance with the Statutes, where applicable, a resolution in writing (including a special
resolution but excluding a resolution removing an auditor) signed by members (who would be entitled to receive notice of and attend and vote at a general meeting at which such a resolution would be proposed) or by their duly appointed agents or
attorneys representing such number of voting rights of eligible members as would have been required to pass such resolutions on a poll taken at a meeting of the members (or of a class of members) shall be as valid and effectual as if it had been
passed at a general meeting of the Company duly convened and held (and, for the avoidance of doubt, any minimum notice period requirements applicable to special resolutions shall not apply).

(b) Any such resolution may consist of several documents in the like form each signed by one or more of the members
or their agent or attorneys and signature in the case of a body corporate which is a member shall be sufficient if made by a director or other duly authorised officer thereof or its duly appointed agent or attorney.

Save as set out above, and as permitted by the Statutes, the passing of a resolution of the members in writing shall be prohibited.

**DIRECTORS** 

54. **Number and classification of directors** 

(a) Subject to the Companies Law, the number of directors shall be determined and fixed from time to time by the
Board in its sole discretion.

(b) The directors shall be divided into two classes, designated Class I and Class II respectively, and
each class shall consist, as nearly as possible, of a number of directors equal to one-half of the total number of directors. Directors shall be assigned to each class in accordance with a resolution or
resolutions adopted by the Board.

55. **Directors need not be members** 

A director need not be a member of the Company.

**ELECTION, RETIREMENT AND REMOVAL OF DIRECTORS** 

56. **Election of directors by the Company** 

(a) Subject to these articles (including, without limitation, any maximum number of directors specified by the
Board pursuant to article 54(a)), the Company may by ordinary resolution elect any person who is willing to act to be a director, either to fill a vacancy or as an additional director.

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(b) No person shall be elected or re-elected as a director at any general
meeting unless:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the person is a director retiring at the meeting and he or she is recommended by the Board for re-election; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the person is recommended by the Board;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) prior to the Domestic Issuer Transition Date, during the period from and including the date that is 120 days
before, to and including the date that is 90 days before, the proposed date of the general meeting of the Company or, where applicable, the date on which an ordinary resolution pursuant to article 53 is passed, there has been given to the Company,
by a member (other than the person to be proposed) entitled to vote at the meeting, notice of the member's intention to propose a resolution for the election of that person, stating the particulars which would, if the person were so elected,
be required to be included in the Company's register of directors and a notice executed by that person of the person's willingness to be elected; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) following the Domestic Issuer Transition Date, they are proposed for appointment pursuant to and in accordance
with article 28.

(c) The chairman of any general meeting at which resolutions contained in any member's notice referred to in
article 56(b)(iii) are proposed may waive the notice requirements set out in article 56(b)(iii) and submit to the general meeting the name(s) of any person(s) duly qualified and willing to be elected as a director of the Company for election or re-election (as the case may be). Where article 53 applies and a director is proposed to be elected or re-elected by ordinary resolution of the Company passed in accordance
with article 53, the holder(s) of a simple majority of the Class B Ordinary Shares may waive the notice requirements set out in article 56(b)(iii) in writing.

57. **Separate resolutions for election of each director** 

Every ordinary resolution for the election of a director shall relate to one named person and a single resolution for the election of two or more persons shall be void, unless at a general meeting a resolution that it shall be so proposed has been first agreed to by the meeting without any vote being cast against it.

58. **The Board ' s power to appoint directors** 

The Board may appoint any person who is willing to act to be a director, either to fill a vacancy or by way of addition to their number.

59. **Retirement of directors** 

(a) At the first annual general meeting held by the Company following these articles becoming effective, the term
of office of the Class I directors shall expire and those persons and/or their successors shall be re-elected or elected as the Class I directors at such annual general meeting to hold office for a
term ending upon the conclusion of the second annual general meeting following their re-election or election.

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(b) At the second annual general meeting held by the Company following these articles becoming effective, the term
of office of the Class II directors shall expire and those persons and/or their successors shall be re-elected or elected as the Class II directors at such annual general meeting to hold office for a
term ending upon the conclusion of the second annual general meeting following their re-election or election.

(c) At each succeeding annual general meeting, directors shall be appointed to succeed, and/or be re-appointed to continue, as the directors of the class whose term expires at such annual general meeting for a term ending upon the conclusion of the second annual general meeting following their re-election or election.

(d) Notwithstanding the expiration of a director's term of office as contemplated by articles 59(a) to (c),
each director shall serve until his or her successor is duly appointed and qualified or until his or her death, resignation or removal. No decrease in the number of directors constituting the board shall shorten the term of any incumbent director.

(e) A director who retires at an annual general meeting shall (unless he or she is removed from office or his or
her office is vacated in accordance with these articles) retain office until the close of the meeting at which he or she retires or (if earlier) when a resolution is passed at that meeting not to fill the vacancy or to elect another person in his or
her place or the resolution to re-appoint him or her is put to the meeting and lost.

60. **Removal of directors** 

(a) The Company may by ordinary resolution remove any director before that director's period of office has
expired notwithstanding anything in these articles or in any agreement between that director and the Company.

(b) Any removal of a director under this article shall be without prejudice to any claim which such director may
have for damages for breach of any agreement between that director and the Company.

61. **Vacation of office of director** 

Without prejudice to the provisions of these articles for retirement, the office of a director shall be vacated if:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the director's period of appointment expires, if he or she has been appointed for a fixed period;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the director is prohibited by law from being a director or if applicable any provision of the rules of the
Relevant US Exchange or the UK Financial Conduct Authority; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) the director is deemed unfit or has otherwise been requested to be removed from office by any regulatory
authority in any applicable jurisdiction; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) the director becomes bankrupt or makes any arrangement or composition with the director's creditors
generally; or

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) a registered medical practitioner who has examined the director gives a written opinion to the Company stating
that the director has become physically or mentally incapable of acting as a director and may remain so for more than three months and the Board resolves that the director's office be vacated; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) if for more than six months the director is absent, without special leave of absence from the Board, from board
meetings held during that period and the Board resolves that the director's office be vacated; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii) the director is found to be guilty of a criminal offence with imprisonment as a potential penalty and the
directors resolve that he or she should cease to be a director;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(viii) in the case of a director who holds executive office, that director's appointment as such is terminated
or expires and the directors resolve that he or she should cease to be a director;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ix) the director receives notice executed by all of the other directors stating that that director should cease to
be a director; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(x) the director gives to the Company notice of the director's wish to resign, in which event the director
shall vacate that office on the receipt of that notice by the Company or at such later time as is specified in the notice.

62. **Executive directors** 

(a) The Board may appoint one or more directors to hold any executive office under the Company (including that of
chair, chief executive or managing director) for such period (subject to the Statutes) and on such terms as it may decide and may revoke or terminate any appointment so made without prejudice to any claim for damages for breach of any contract of
service between the director and the Company.

(b) The remuneration of a director appointed to any executive office shall be fixed by the Board and may be by way
of salary, commission, participation in profits or otherwise and either in addition to or inclusive of that director's remuneration as a director.

(c) A director appointed as executive chair, chief executive or managing director shall automatically cease to hold
that office if that person ceases to be a director but without prejudice to any claim for damages for breach of any contract of service between that director and the Company. A director appointed to any other executive office shall not automatically
cease to hold that office if that person ceases to be a director unless the contract or any resolution under which the director holds office expressly states that the director shall, in which case that cessation shall be without prejudice to any
claim for damages for breach of any contract of service between that director and the Company.

**REMUNERATION, EXPENSES, PENSIONS AND OTHER BENEFITS** 

63. **Special remuneration** 

(a) The Board may grant special remuneration to any director who performs any special or extra services to or at
the request of the Company.

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(b) Such special remuneration may be paid by way of lump sum, salary, commission, participation in profits or
otherwise as the Board may decide in addition to any remuneration payable under or pursuant to any other of these articles.

64. **Expenses** 

A director shall be paid out of the funds of the Company all travelling, hotel and other expenses properly incurred by the director in and about the discharge of the director's duties, including the director's expenses of travelling to and from board meetings, committee meetings and general meetings. Subject to any guidelines and procedures established from time to time by the Board, a director may also be paid out of the funds of the Company all expenses incurred by the director in obtaining professional advice in connection with the affairs of the Company or the discharge of the director's duties as a director.

65. **Pensions and other benefits** 

The Board may exercise all the powers of the Company to:

(a) pay, provide, arrange or procure the grant of pensions or other retirement benefits, death, disability or
sickness benefits, health, accident and other insurances or other such benefits, allowances, gratuities or insurances, including in relation to the termination of employment, to or for the benefit of any person who is or has been at any time a
director of the Company or in the employment or service of the Company or of any body corporate which is or was associated with the Company or of the predecessors in business of the Company or any such associated body corporate, or the relatives or
dependants of any such person. For that purpose the Board may procure the establishment and maintenance of, or participation in, or contribution to, any pension fund, scheme or arrangement and the payment of any insurance premiums;

(b) establish, maintain, adopt and enable participation in any profit sharing or incentive scheme including shares,
share options or cash or any similar schemes for the benefit of any director or employee of the Company or of any associated body corporate, and to lend money to any such director or employee or to trustees on their behalf to enable any such schemes
to be established, maintained or adopted; and

(c) support and subscribe to any institution or association which may be for the benefit of the Company or of any
associated body corporate or any directors or employees of the Company or associated body corporate or their relatives or dependants or connected with any town or place where the Company or an associated body corporate carries on business, and to
support and subscribe to any charitable or public object whatsoever.

**POWERS OF THE BOARD** 

66. **General powers of the Board to manage the Company ' s business** 

(a) The business of the Company shall be managed by the Board which may exercise all the powers of the Company,
subject to the Statutes, these articles and any resolution of the Company. No resolution or alteration of these articles shall invalidate any prior act of the Board which would have been valid if the resolution had not been passed or the alteration
had not been made.

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(b) The powers given by this article shall not be limited by any special authority or power given to the Board by
any other article.

67. **Power to act notwithstanding vacancy** 

The continuing directors or the sole continuing director at any time may act notwithstanding any vacancy in their number; but, if the number of directors is less than the minimum number of directors fixed by or in accordance with these articles, the continuing directors or director may act for the purpose of filling up vacancies or calling a general meeting of the Company, but not for any other purpose. If no director is able or willing to act, then any two members may summon a general meeting for the purpose of appointing directors.

68. **Provisions for employees** 

The Board may exercise any of the powers conferred by the Statutes to make provision for the benefit of any persons employed or formerly employed by the Company or any of its subsidiaries (other than a director or former director or shadow director) in connection with the cessation or the transfer to any person of the whole or part of the undertaking of the Company or any of its subsidiaries.

69. **Power to borrow money** 

Subject to the Statutes, the Board may exercise all the powers of the Company to borrow money and to mortgage or charge all or any part of its undertaking, property and assets (both present and future) and uncalled capital and to issue debentures and other securities, whether outright or as collateral security for any debt, liability or obligation of the Company or of any third party.

70. **Power to change the name of the Company** 

Subject to the Statutes, the Company may change its name by special resolution.

**DELEGATION OF BOARD'S POWERS** 

71. **Delegation to individual directors** 

The Board may entrust to and confer upon any director any of its powers, authorities and discretions (with power to sub-delegate) on such terms and conditions as it thinks fit and may revoke or vary all or any of them, but no person dealing in good faith shall be affected by any revocation or variation.

72. **Committees** 

(a) The Board may delegate any of its powers, authorities and discretions (with power to sub-delegate) to any committee consisting of such person or persons (whether directors or not) as it thinks fit, provided that the majority of the members of the committee are directors and that no meeting of the
committee shall be quorate for the purpose of exercising any of its powers, authorities or discretions unless a majority of those present are directors. The Board may make any such delegation on such terms and conditions as it thinks fit and may
revoke or vary any such delegation and discharge any committee wholly or in part, but no person dealing in good faith shall be affected by any revocation or variation. Any committee so formed shall, in the

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exercise of the powers, authorities and discretions so delegated, conform to any regulations that may be imposed on it by the Board.

(b) The proceedings of a committee with two or more members shall be governed by any regulations imposed on it by
the Board and (subject to such regulations) by these articles regulating the proceedings of the Board so far as they are capable of applying.

73. **Powers of attorney** 

The Board may by power of attorney or otherwise appoint any person to be the agent of the Company on such terms (including terms as to remuneration) as it may decide and may delegate to any person so appointed any of its powers, authorities and discretions (with power to sub-delegate). The Board may remove any person appointed under this article and may revoke or vary the delegation, but no person dealing in good faith shall be affected by the revocation or variation.

**DIRECTORS' INTERESTS** 

74. **Declaration of interests in a proposed transaction or arrangement with the Company** 

A director who has, directly or indirectly, an interest in a transaction entered into or proposed to be entered into by the Company or by a subsidiary of the Company which to a material extent conflicts or may conflict with the interests of the Company and of which such director is aware, shall disclose to the Company the nature and extent of such director's interest.

75. **Provisions applicable to declarations of interest** 

For the purposes of article 74:

(a) the disclosure shall be made at the first meeting of the directors at which the transaction is considered after
the director concerned becomes aware of the circumstances giving rise to such director's duty to make it or, if for any reason the director fails to do so at such meeting, as soon as practical after the meeting, by notice in writing delivered
to the secretary;

(b) the secretary, where the disclosure is made to shall inform the directors that it has been made and shall in
any event table the notice of the disclosure at the next meeting after it is made;

(c) a disclosure to the Company by a director in accordance with article (a) above that such director is to be
regarded as interested in a transaction with a specified person is sufficient disclosure of that director's interest in any such transaction entered into after the disclosure is made; and

(d) any disclosure made at a meeting of the directors shall be recorded in the minutes of the meeting.

76. **Directors ' interests and voting** 

(a) Subject to the Statutes and to declaring any interest or interests in accordance with articles 74 and 75, a
director may:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) enter into or be interested in any transaction or arrangement with the Company, either with regard to the
director's tenure of any office or position in the management,

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administration or conduct of the business of the Company or as vendor, purchaser or otherwise;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) hold any other office or place of profit with the Company (except that of auditor) in conjunction with the
director's office of director for such period (subject to the Statutes) and upon such terms as the Board may decide and be paid such extra remuneration for so doing (whether by way of salary, commission, participation in profits or otherwise)
as the Board may decide, either in addition to or in lieu of any remuneration under any other provision of these articles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) act personally or by the director's firm in a professional capacity for the Company (except as auditor)
and be entitled to remuneration for professional services as if the director were not a director;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) be or become a member or director of, or hold any other office or place of profit under, or otherwise be
interested in, any holding company or subsidiary undertaking of that holding company or any other company in which the Company may be interested. The Board may cause the voting rights conferred by the shares in any other company held or owned by the
Company or exercisable by them as directors of that other company to be exercised in such manner in all respects as it thinks fit (including the exercise of voting rights in favour of any resolution appointing the directors or any of them as
directors or officers of the other company or voting or providing for the payment of any benefit to the directors or officers of the other company); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) be or become a director, manager or employee of, or a consultant to, or acquire or retain any direct or
indirect interest in, any entity (whether or not a body corporate) in which the Company does not have an interest if that cannot reasonably be regarded as likely to give rise to a conflict of interest at the time of the director's appointment
as a director of that other company.

(b) A director shall not, by reason of holding office as director (or of the fiduciary relationship established by
holding that office), be liable to account to the Company for any remuneration, profit or other benefit resulting from any interest permitted under paragraph (a) above and no contract shall be liable to be avoided on the grounds of any director
having any type of interest permitted under paragraph (a) above.

(c) A director shall not vote (or be counted in the quorum at a meeting) in respect of any resolution concerning
that director's own appointment (including fixing or varying its terms), or the termination of that director's own appointment, as the holder of any office or place of profit with the Company or any other company in which the Company is
interested but, where proposals are under consideration concerning the appointment (including fixing or varying its terms), or the termination of the appointment, of two or more directors to offices or places of profit with the Company or any other
company in which the Company is interested, those proposals may be divided and a separate resolution may be put in relation to each director and in that case each of the directors concerned (if not otherwise debarred from voting under this article)
shall be entitled to vote (and be counted in the quorum) in respect of each resolution unless it concerns that director's own appointment or the termination of that director's own appointment.

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(d) A director shall also not vote (or be counted in the quorum at a meeting) in relation to any resolution
relating to any transaction or arrangement with the Company in which the director has an interest which may reasonably be regarded as likely to give rise to a conflict of interest and, if the director purports to do so, the director's vote
shall not be counted, but this prohibition shall not apply and a director may vote (and be counted in the quorum) in respect of any resolution concerning any one or more of the following matters:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) any transaction or arrangement in which the director is interested by virtue of an interest in shares,
debentures or other securities of the Company or otherwise in or through the Company;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the giving of any guarantee, security or indemnity in respect of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A) money lent or obligations incurred by the director or by any other person at the request of, or for the benefit
of, the Company or any of its subsidiary undertakings; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B) a debt or obligation of the Company or any of its subsidiary undertakings for which the director personally has
assumed responsibility in whole or in part (either alone or jointly with others) under a guarantee or indemnity or by the giving of security;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) indemnification (including loans made in connection with it) by the Company in relation to the performance of
the director's duties on behalf of the Company or of any of its subsidiary undertakings;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) any issue or offer of shares, debentures or other securities of the Company or any of its subsidiary
undertakings in respect of which the director is or may be entitled to participate in the director's capacity as a holder of any such securities or as an underwriter or sub-underwriter;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) any transaction or arrangement concerning any other company in which the director does not hold, directly or
indirectly as shareholder voting rights representing one per cent. or more of any class of shares in the capital of that company;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) any arrangement for the benefit of employees of the Company or any of its subsidiary undertakings which does
not accord to the director any privilege or benefit not generally accorded to the employees to whom the arrangement relates; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii) the purchase or maintenance of insurance for the benefit of directors or for the benefit of persons including
directors.

(e) If any question arises at any meeting as to whether an interest of a director (other than the chair of the
meeting) may reasonably be regarded as likely to give rise to a conflict of interest or as to the entitlement of any director (other than the chair of the meeting) to vote in relation to a transaction or arrangement with the Company and the question
is not resolved by the director voluntarily agreeing to abstain from voting, the question shall be referred to the chair of the meeting and the chair's ruling in relation to the director concerned shall be final and conclusive except in a case
where the nature or extent of the interest of the director concerned, so far as known to the director concerned, has not been fairly disclosed. If any question shall arise in

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respect of the chair of the meeting and is not resolved by the chair voluntarily agreeing to abstain from voting, the question shall be decided by a resolution of the Board (for which purpose the chair shall be counted in the quorum but shall not vote on the matter) and the resolution shall be final and conclusive except in a case where the nature or extent of the interest of the chair of the meeting, so far as known to the chair, has not been fairly disclosed.

(f) Subject to the Statutes, the Company may by ordinary resolution suspend or relax the provisions of this article
to any extent or ratify any transaction or arrangement not duly authorised by reason of a contravention of this article.

77. **No duty of confidentiality to another person; waiver of corporate opportunity** 

(a) A director shall be under no duty to the Company with respect to any information which he obtains or has
obtained otherwise than as a director of the Company and in respect of which he owes a duty of confidentiality to another person. In particular, the director shall not be in breach of the general duties he owes to the Company because he fails:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) to disclose any such information to the Board or to any director or other officer or employee of the Company;
and/or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) to use or apply any such information in performing his duties as a director of the Company.

(b) Where the existence of a director's relationship with another person gives rise to a conflict of interest
or possible conflict of interest, the director shall not be in breach of the general duties he owes to the Company because he:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) absents himself from meetings of the Board at which any matter relating to the conflict of interest or possible
conflict of interest will or may be discussed or from the discussion of any such matter at a meeting or otherwise; and/or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) makes arrangements not to receive documents and information relating to any matter which gives rise to the
conflict of interest or possible conflict of interest sent or supplied by the Company and/or for such documents and information to be received and read by a professional adviser,

for so long as he reasonably believes such conflict of interest or possible conflict of interest subsists.

(c) To the fullest extent permitted by law, the Company hereby agrees that no director (a relevant director) shall
have any obligation to refrain from engaging, directly or indirectly and whether or not by or through his affiliates, in the same or similar business activities or lines of business as the Company or any of its subsidiaries. To the fullest extent
permitted by applicable law, the Company, on behalf of itself and its subsidiaries, renounces any interest or expectancy of the Company and its subsidiaries in, or in being offered an opportunity to participate in, business opportunities that are
from time to time available to any relevant director or his affiliates, even if the opportunity is one that the Company or its subsidiaries might reasonably be deemed to have pursued or had the ability or desire to pursue if granted the opportunity
to do so. The Company hereby further agrees that no relevant director shall have any duty to communicate or offer such business opportunity to the Company (and that there shall be no restriction on any

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relevant director or any of his affiliates using the general knowledge and understanding of the Company and the industry in which the Company operates that such relevant director has gained from occupying the position of a director) and, to the fullest extent permitted by applicable law, shall not be liable to the Company or any of its subsidiaries or members for breach of any fiduciary or other duty as a director solely by reason of the fact that the relevant director or his affiliates pursue or acquire such business opportunity, directs such business opportunity to another person or fails to present such business opportunity, or information regarding such business opportunity, to the Company or its subsidiaries, or uses such knowledge and understanding in the manner described herein.

(d) For the purposes of paragraph (c) above, an affiliate of a relevant director means an entity (whether or
not a body corporate) of which the relevant director is a director, manager or employee, or to which the relevant director is a consultant, or in which the relevant director has any direct or indirect interest (an affiliated entity), and any other
entity (whether or not a body corporate) in which an affiliated entity of the relevant director has any direct or indirect interest, but in each case excluding the Company and its subsidiaries.

(e) The provisions of paragraphs (a), (b) and (c) above are without prejudice to any equitable principle or
rule of law which may excuse the director from:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) disclosing information, in circumstances where disclosure would otherwise be required under these articles; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) attending meetings or discussions or receiving documents and information as referred to in paragraph
(b) above, in circumstances where such attendance or receiving such documents and information would otherwise be required under these articles or the law.

**PROCEEDINGS OF THE BOARD** 

78. **Board meetings** 

The Board may meet for the despatch of business, adjourn and otherwise regulate its meetings as it thinks fit. A director at any time may, and the secretary at the request of a director at any time shall, summon a board meeting.

79. **Notice of board meetings** 

Notice of a board meeting may be given to a director personally or by word of mouth or given in hard copy form or in electronic form to the director at such address as the director may from time to time specify for this purpose (or if the director does not specify an address, at the director's last known address). A director may waive notice of any meeting either prospectively or retrospectively and any retrospective waiver shall not affect the validity of the meeting or of any business conducted at the meeting.

80. **Quorum** 

The quorum necessary for the transaction of the business of the Board may be fixed by the Board and, unless so fixed at any other number, shall be two directors. Subject to these articles, any director who ceases to be a director at a board meeting may continue to be present and to

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act as a director and be counted in the quorum until the end of the Board meeting if no other director objects and if otherwise a quorum of directors would not be present.

81. **Chair or deputy chair to preside** 

(a) The Board may appoint a chair and one or more deputy chair(s) and may at any time revoke any such appointment.

(b) The chair, or failing the chair any deputy chair (the longest in office taking precedence, if more than one is
present), shall, if present and willing, preside at all board meetings but, if no chair or deputy chair has been appointed, or if the chair or deputy chair is not present within five minutes after the time fixed for holding the meeting or is
unwilling to act as chair of the meeting, the directors present shall choose one of their number to act as chair of the meeting.

82. **Competence of board meetings** 

A board meeting at which a quorum is present shall be competent to exercise all the powers, authorities and discretions for the time being vested in or exercisable by the Board.

83. **Voting** 

Questions arising at any board meeting shall be determined by a majority of votes. In the case of an equality of votes the chair of the meeting shall have a second or casting vote.

84. **Telephone/electronic board meetings** 

(a) A board meeting may consist of a conference between directors some or all of whom are in different places
provided that each director may participate in the business of the meeting whether directly, by telephone or by any other means (whether by electronic communication or otherwise) which enables the director:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) to hear (or otherwise receive real time communications made by) each of the other participating directors
addressing the meeting; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) if the director so wishes, to address all of the other participating directors simultaneously (or otherwise
communicate in real time with them).

(b) A quorum is deemed to be present if at least the number of directors required to form a quorum, subject to the
provisions of article 67 may participate in the manner specified above in the business of the meeting.

(c) A board meeting held in this way is deemed to take place at the place where the largest group of participating
directors is assembled or, if no such group is readily identifiable, at the place from where the chair of the meeting participates.

(d) A resolution passed at any meeting held in the above manner, and signed by the chair of the meeting, shall be
as valid and effectual as if it had been passed at a meeting of the Board (or committee of the Board, as the case may be) duly convened and held.

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85. **Resolutions without meetings** 

A resolution which is signed or approved by all the directors entitled to vote on that resolution (and whose vote would have been counted) shall be as valid and effectual as if it had been passed at a board meeting duly called and constituted. The resolution may be contained in one document or communication in electronic form or in several documents or communications in electronic form (in like form), each signed or approved by one or more of the directors concerned. For the purpose of this article the approval of a director shall be given in hard copy form or in electronic form.

86. **Validity of acts of directors in spite of formal defect** 

All acts bona fide done by a meeting of the Board, or of a committee, or by any person acting as a director or a member of a committee, shall, notwithstanding that it is afterwards discovered that there was some defect in the appointment of any member of the Board or committee or of the person so acting, or that they or any of them were disqualified or had vacated office or were not entitled to vote, be as valid as if every such person had been duly appointed and qualified to be a director and had continued to be a director or member of the committee and had been entitled to vote.

87. **Minutes** 

The Board shall cause minutes to be made and kept in books kept for the purpose:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) of all appointments of officers made by the Board;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) of the names of all the directors present at each meeting of the Board and of any committee; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) of all resolutions and proceedings of all meetings of the Company and of any class of members, and of the Board
and of any committee.

**SECRETARY** 

88. **Secretary** 

Subject to the Companies Law, the secretary shall be appointed by the Board for such term, at such remuneration and on such conditions as it thinks fit, and the Board may remove from office any person so appointed (without prejudice to any claim for damages for breach of any contract between the secretary and the Company).

**SHARE CERTIFICATES** 

89. **Issue of share certificates** 

(a) Subject to article 90(e) and sub-sections (e) and (f) below, a
person whose name is entered in the register as the holder of any certificated shares shall be entitled (unless the conditions of issue otherwise provide) within the time limits prescribed by the Statutes to receive one certificate for those shares,
or one certificate for each class of those shares and, if that person transfers part of the shares represented by a certificate in that person's name, or elects to hold part in uncertificated form, to receive a new certificate for the balance
of those shares, provided

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in all cases that there shall be no requirement to issue any certificate to Cede & Co. (or any other nominee of DTC from time to time) in respect of any shares held by it.

(b) In the case of joint holders, the Company shall not be bound to issue more than one certificate for all the
shares in any particular class registered in their joint names, and delivery of a certificate for a share to any one of the joint holders shall be sufficient delivery to all.

(c) A share certificate shall be issued under seal or signed by at least one director and the secretary or by at
least two directors (which may include any signature being applied mechanically or an electronic signature). A share certificate shall specify the number and class of the shares to which it relates and the amount or respective amounts paid up on the
shares and (where required by the Statutes), the distinguishing numbers of such shares. Any certificate so issued shall, as against the Company, be prima facie evidence of title of the person named in that certificate to the shares comprised in it.

(d) A share certificate may be given to a member in accordance with the provisions of these articles on notices and
the Statutes.

(e) The Company shall not issue a share certificate to any person in respect of Class B Ordinary Shares.
Class B Ordinary Shares are to be held in restricted registered form and are not capable of transfer out of restricted registered form.

(f) Corresponding Class A Ordinary Shares are to be held in restricted registered form. The Company shall not
issue a share certificate in respect of any Corresponding Class A Ordinary Share for so long as it is held in restricted registered form. As set out in article 5(b), each Class B Ordinary Share shall immediately cease to carry any
entitlement to voting rights on the transfer of its Corresponding Class A Ordinary Share from restricted registered form to an unrestricted account.

90. **Charges for and replacement of certificates** 

(a) Except as expressly provided to the contrary in these articles, no fee shall be charged for the issue of a
share certificate.

(b) Any two or more certificates representing shares of any one class held by any member may at the member's
request be cancelled and a single new certificate issued.

(c) If any member surrenders for cancellation a certificate representing shares held by that member and requests
the Company to issue two or more certificates representing those shares in such proportions as that member may specify, the Board may, if it thinks fit, comply with the request on payment of such fee (if any) as the Board may decide.

(d) If a certificate is damaged or defaced or alleged to have been lost, stolen or destroyed, a new certificate
representing the same shares may be issued on compliance with such conditions as to evidence, indemnity and security for such indemnity as the Board may think fit and on payment of any exceptional expenses of the Company incidental to its
investigation of the evidence and preparation of the indemnity and security and, if damaged or defaced, on delivery up of the old certificate.

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(e) In the case of joint holders of a share a request for a new certificate under any of the preceding paragraphs
of this article may be made by any one of the joint holders unless the certificate is alleged to have been lost, stolen or destroyed.

**LIEN ON SHARES** 

91. **Lien on partly paid shares** 

(a) The Company shall have a first and paramount lien on every share (not being a fully paid share) for all amounts
payable (whether or not due) in respect of that share. The lien shall extend to every amount payable in respect of that share.

(b) The Board may at any time either generally or in any particular case declare any share to be wholly or partly
exempt from this article. Unless otherwise agreed, the registration of a transfer of a share shall operate as a waiver of the Company's lien (if any) on that share.

92. **Enforcement of lien** 

(a) The Company may sell any share subject to a lien in such manner as the Board may decide if an amount payable on
the share is due and is not paid within 14 clear days after a notice has been given to the holder or any person entitled by transmission to the share demanding payment of that amount and giving notice of intention to sell in default.

(b) To give effect to any sale under this article, the Board may authorise some person to transfer the share sold
to, or as directed by, the purchaser. The purchaser shall not be bound to see to the application of the purchase money nor shall the title of the new holder to the share be affected by any irregularity in or invalidity of the proceedings relating to
the sale.

(c) The net proceeds of the sale, after payment of the costs of such sale, shall be applied in or towards
satisfaction of the amount due and any residue shall (subject to a like lien for any amounts not presently due as existed on the share before the sale), on surrender, in the case of shares held in certificated form, of the certificate for the shares
sold, be paid to the holder or person entitled by transmission to the share immediately before the sale.

**CALLS ON SHARES** 

93. **Calls** 

(a) Subject to the terms of these articles and the terms of which the shares are allotted, the Board may make calls
on the members in respect of any moneys unpaid on their shares (whether in respect of nominal amount or premium) and not payable on a date fixed by or in accordance with the terms of issue. Each member shall (subject to receiving at least 14 clear
days' notice specifying when and where payment is to be made) pay to the Company as required by the notice the amount called on the member's shares. A call may be revoked or postponed as the Board may decide.

(b) Any call may be made payable in one sum or by instalments and shall be deemed to be made at the time when the
resolution of the Board authorising that call is passed.

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(c) A person on whom a call is made shall remain liable for it notwithstanding the subsequent transfer of the share
in respect of which the call is made.

(d) The joint holders of a share shall be jointly and severally liable for the payment of all calls in respect of
that share.

94. **Interest on calls** 

If a call is not paid before or on the due date for payment, the person from whom it is due shall pay interest on the amount unpaid, from the due date for payment to the date of actual payment, at such rate as the Board may decide, but the Board may waive payment of the interest, wholly or in part.

95. **Sums treated as calls** 

A sum which by the terms of allotment of a share is payable on allotment, or at a fixed time, or by instalments at fixed times, whether in respect of nominal value or premium, shall for all purposes of these articles be deemed to be a call duly made and payable on the date or dates fixed for payment and, in case of non-payment, these articles shall apply as if that sum had become due and payable by virtue of a call.

96. **Power to differentiate** 

On any allotment of shares the Board may make arrangements for a difference between the allottees or holders of the shares in the amounts and times of payment of calls on their shares.

97. **Payment of calls in advance** 

The Board may, if it thinks fit, receive all or any part of the moneys payable on a share beyond the sum actually called up on it if the holder is willing to make payment in advance and, on any moneys so paid in advance, may (until they would otherwise be due) pay interest at such rate as may be agreed between the Board and the member paying the sum in advance.

**FORFEITURE OF SHARES** 

98. **Notice of unpaid calls** 

(a) If the whole or any part of any call or instalment remains unpaid on any share after the due date for payment,
the Board may give a notice to the holder requiring the holder to pay so much of the call or instalment as remains unpaid, together with any accrued interest.

(b) The notice shall state a further day, being not less than 14 clear days from the date of the notice, on or
before which, and the place where, payment is to be made and shall state that, in the event of non-payment on or before the day and at the place appointed, the share in respect of which the call was made or
instalment is payable will be liable to be forfeited.

(c) The Board may accept a surrender of any share liable to be forfeited.

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99. **Forfeiture on non-compliance with notice** 

(a) If the requirements of a notice given under article 98 are not complied with, any share in respect of which it
was given may at any time thereafter (before the payment required by the notice is made) be forfeited by a resolution of the Board. The forfeiture shall include all dividends declared and other moneys payable in respect of the forfeited share and
not actually paid before the forfeiture.

(b) If a share is forfeited, notice of the forfeiture shall be given to the person who was the holder of the share
or (as the case may be) the person entitled to the share by transmission, and an entry that notice of the forfeiture has been given, with the relevant date, shall be made in the register; but no forfeiture shall be invalidated by any omission to
give such notice or to make such entry.

100. **Power to annul forfeiture or surrender** 

The Board may, at any time before the forfeited or surrendered share has been sold, re-allotted or otherwise disposed of, annul the forfeiture or surrender upon payment of all calls and interest due on or incurred in respect of the share and on such further conditions (if any) as it thinks fit.

101. **Disposal of forfeited or surrendered shares** 

(a) Every share which is forfeited or surrendered shall become the property of the Company and (subject to the
Statutes) may be sold, re-allotted or otherwise disposed of, upon such terms and in such manner as the Board shall decide either to the person who was before the forfeiture the holder of the share or to any
other person and whether with or without all or any part of the amount previously paid up on the share being credited as so paid up. The Board may for the purposes of a disposal authorise some person to transfer the forfeited or surrendered share
to, or in accordance with the directions of, any person to whom the same has been disposed of.

(b) A statutory declaration by a director or the secretary that a share has been forfeited or surrendered on a
specified date shall, as against all persons claiming to be entitled to the share, be conclusive evidence of the facts stated in it and shall (subject to the execution of any necessary transfer) constitute a good title to the share. The person to
whom the share has been disposed of shall not be bound to see to the application of the consideration for the disposal (if any) nor shall that person's title to the share be affected by any irregularity in or invalidity of the proceedings
connected with the forfeiture, surrender, sale, re-allotment or disposal of the share.

102. **Arrears to be paid notwithstanding forfeiture or surrender** 

A person any of whose shares have been forfeited or surrendered shall cease to be a member in respect of the forfeited or surrendered share and shall, in the case of shares held in certificated form, surrender to the Company for cancellation any certificate for the share forfeited or surrendered, but shall remain liable (unless payment is waived in whole or in part by the Board) to pay to the Company all moneys payable by that person on or in respect of that share at the time of forfeiture or surrender, together with interest from the time of forfeiture or surrender until payment at such rate as the Board shall decide, in the same manner as if the share had not been forfeited or surrendered. The Board may waive payment of interest wholly or in party and may enforce payment, without any reduction or allowance for the value of the shares at the time of forfeiture or for any consideration received on their disposal. Such a person shall also be liable to satisfy all the claims and demands (if any) which the Company might have

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enforced in respect of the share at the time of forfeiture or surrender. No deduction or allowance shall be made for the value of the share at the time of forfeiture or surrender or for any consideration received on its disposal.

**SEAL** 

103. **Seal** 

(a) The Company may exercise the powers conferred by the Statutes with regard to having official seals and those
powers shall be vested in the Board.

(b) The Board shall provide for the safe custody of every seal of the Company.

(c) A seal shall be used only by the authority of the Board or a duly authorised committee but that authority may
consist of an instruction or approval given in hard copy form or in electronic form by a majority of the directors or of the members of a duly authorised committee.

(d) The Board may determine who shall sign any instrument to which a seal is applied, either generally or in
relation to a particular instrument or type of instrument, and may also determine, either generally or in any particular case, that such signatures shall be dispensed with or affixed by some mechanical means.

(e) Unless otherwise decided by the Board:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) certificates for shares, debentures or other securities of the Company issued under seal need not be signed;
and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) every other instrument to which a seal is applied shall be signed by at least one director and the secretary or
by at least two directors or by one director in the presence of a witness who attests the signature.

**DIVIDENDS** 

104. **Declaration of dividends by the Company** 

(a) Subject to the provisions of the Companies Law, the Company may, by ordinary resolution, declare a dividend to
be paid to the members, according to their respective rights and interests in the profits, and may fix the time for payment of such dividend, but no dividend shall exceed the amount recommended by the Board.

(b) The Company is not permitted to declare or distribute dividends in respect of the Class B Ordinary Shares
(which carry no right to distributions except in accordance with article 127(b)) including without limitation any dividends in *specie* pursuant to article 112 or any scrip dividends pursuant to article 113.

(c) None of the Class A Ordinary Shares hold a preferential right to dividends.

105. **Fixed and interim dividends** 

(a) Subject to the provisions of the Companies Law, the Board may:

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) not pay fixed dividends on Class A Ordinary Shares and Class B Ordinary Shares but may pay fixed
dividends on future share classes carrying a fixed dividend expressed to be payable on fixed dates; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) pay interim dividends on shares of any class (other than Class B Ordinary Shares) of such amounts and on
such dates and in respect of such periods as they think fit; and

(b) If the Board acts in good faith, none of the directors shall incur any liability to the holders of any shares
for any loss such holders may suffer in consequence of the lawful payment of any dividend.

106. **Calculation and currency of dividends** 

(a) Except insofar as the rights attaching to, or the terms of issue of, any share otherwise provide:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) all dividends shall be declared and paid according to the amounts paid up on the shares in respect of which the
dividend is paid, but no amount paid up on a share in advance of calls shall be treated for the purposes of this article as paid up on the share;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) all dividends shall be apportioned and paid pro rata according to the amounts paid up on the shares during any
portion or portions of the period in respect of which the dividend is paid; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) dividends may be declared or paid in any currency or currencies that the Board shall determine. The Board may
also determine the exchange rate and the relevant date for determining the value of the dividend in any currency.

(b) The Board may agree with any member that dividends which may at any time or from time to time be declared or
become due on that member's shares in one currency shall be paid or satisfied in another, and may agree the basis of conversion to be applied and how and when the amount to be paid in the other currency shall be calculated and paid and for the
Company or any other person to bear any costs involved.

107. **Method of payment** 

(a) The Company may pay any dividend or other sum payable in respect of a share by such method as the Board may
decide. The Board may decide to use different methods of payment for different holders or groups of holders. Without limiting any other method of payment which the Board may decide upon, the Board may decide that payment can be made, wholly or
partly and exclusively or optionally:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) by cheque or dividend warrant payable to the holder (or, in the case of joint holders, the holder whose name
stands first in the register in respect of the relevant share) or to such other person as the holder (or, in the case of joint holders, all the joint holders) may notify to the Company for the purpose; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) by a bank or other funds transfer system or by such other electronic means as the Board may decide (including,
in the case of an uncertificated share, a relevant system) to such account as the holder (or, in the case of joint holders, all the joint holders) may notify to the Company for the purpose; or

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) in such other way as may be agreed between the Company and the holder (or, in the case of joint holders, all
such holders).

(b) If the Board decides that any dividend or other sum payable in respect of a share will be made exclusively by
one or more of the methods referred to in paragraph (a)(ii) above to an account, but no such account is nominated by the holder (or, in case of joint holders, all the joint holders) or if an attempted payment into a nominated account is rejected or
refunded, the Company may treat that dividend or other sum payable as unclaimed.

(c) Any such cheque or dividend warrant may be sent by post to the registered address of the holder (or, in the
case of joint holders, to the registered address of that person whose name stands first in the register in respect of the relevant share) or to such other address as the holder (or, in the case of joint holders, all the joint holders) may notify to
the Company for the purpose.

(d) Every cheque or warrant is sent, and payment in any other way is made, at the risk of the person or persons
entitled to it and the Company will not be responsible for any sum lost or delayed when it has sent or transmitted the sum in accordance with these articles. Clearance of a cheque or warrant or transmission of funds through a bank or other funds
transfer system or by such other electronic means as is permitted by these articles shall be a good discharge to the Company.

(e) Any joint holder or other person jointly entitled to any share may give an effective receipt for any dividend
or other sum paid in respect of the share.

(f) Any dividend, distribution or other sum payable in respect of any share may be paid to a person or persons
entitled by transmission to that share as if that person or those persons were the holder or joint holders of that share and that person's address (or the address of the first named of two or more persons jointly entitled) noted in the
register were the registered address.

108. **Dividends not to bear interest** 

No dividend or other moneys payable by the Company on or in respect of any share shall bear interest as against the Company unless otherwise provided by the rights attached to the share.

109. **Calls or debts may be deducted from dividends** 

The Board may deduct from any dividend or other moneys payable to any person (either alone or jointly with another) on or in respect of a share all such sums as may be due from that person (either alone or jointly with another) to the Company on account of calls or otherwise in relation to shares of the Company.

110. **Unclaimed dividends etc.** 

(a) All unclaimed dividends, interest or other sums payable may be invested or otherwise made use of by the Board
for the benefit of the Company until claimed. All dividends and any other such monies unclaimed for a period of 10 years after having been declared shall be forfeited and cease to remain owing by the Company.

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(b) If the Company exercises its power of sale in accordance with article 124, all dividends and other such monies
payable on that share shall be forfeited and cease to remain owing by the Company.

(c) The payment of any unclaimed dividend, interest or other sum payable by the Company on or in respect of any
share into a separate account shall not constitute the Company a trustee in respect of it.

111. **Uncashed dividends** 

If:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) a payment for a dividend or other sum payable in respect of a share sent by the Company to the person entitled
to it in accordance with these articles is left uncashed or is returned to the Company or a payment has failed (including where the payment has been rejected or refunded) and, after reasonable enquiries, the Company is unable to establish any new
address or, with respect to a payment to be made by a funds transfer system, a new account, for that person; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) such a payment is left uncashed or returned to the Company or fails (including where the payment has been
rejected or refunded) on two consecutive occasions,

the Company shall not be obliged to send any dividends or other sums payable in respect of that share to that person until that person notifies the Company of an address or, where the payment is to be made by a funds transfer system, details of the account, to be used for the purpose.

112. **Dividends in *specie*** 

(a) With the authority of an ordinary resolution of the Company and on the recommendation of the Board, payment of
any dividend may be satisfied wholly or in part by the distribution of specific assets and in particular of paid up shares or debentures of any other company.

(b) Where any difficulty arises with the distribution, the Board may settle the difficulty as it thinks fit and, in
particular, may issue fractional certificates (or ignore fractions), fix the value for distribution of the specific assets or any part of them, determine that cash payments be made to any members on the basis of the value so fixed in order to secure
equality of distribution and vest any of the specific assets in trustees on such trusts for the persons entitled to the dividend as the Board may think fit.

113. **Scrip dividends** 

(a) The Board may, with the authority of an ordinary resolution of the Company, offer any holders of any particular
class of shares the right to elect to receive further shares of that class, credited as fully paid, instead of cash in respect of all (or some part) of any dividend specified by the ordinary resolution (a scrip dividend) in accordance with the
following provisions of this article.

(b) The ordinary resolution may specify a particular dividend (whether or not already declared) or may specify all
or any dividends declared within a specified period, but such period may not end later than five years after the date of the meeting at which the ordinary resolution is passed.

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(c) The basis of allotment shall be decided by the Board so that, as nearly as may be considered convenient, the
value of the further shares, including any fractional entitlement, is equal to the amount of the cash dividend which would otherwise have been paid (disregarding the amount of any associated tax credit).

(d) For the purposes of paragraph (c) above the value of the further shares shall be:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) equal to the final reported per share closing price as quoted for a fully paid share of the relevant class, as
shown in the Daily List of the Relevant US Exchange for the day on which such shares are first quoted "ex" the relevant dividend and the four subsequent dealing days; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) calculated in such manner as may be determined by or in accordance with the ordinary resolution.

(e) The Board shall give notice to the holders of such shares of their rights of election in respect of the scrip
dividend and shall specify the procedure to be followed in order to make an election.

(f) The dividend or that part of it in respect of which an election for the scrip dividend is made shall not be
paid and instead further shares of the relevant class shall be allotted in accordance with elections duly made and the Board shall capitalise a sum equal to the aggregate nominal amount of the shares to be allotted out of such sums available for the
purpose as the Board may consider appropriate.

(g) The further shares so allotted shall rank *pari passu* in all respects with the fully paid shares of the
same class then in issue except as regards participation in the relevant dividend.

(h) The Board may decide that the right to elect for any scrip dividend shall not be made available to members
resident in any territory where, in the opinion of the Board, compliance with local laws or regulations would be unduly onerous.

(i) The Board may do all acts and things as it considers necessary or expedient to give effect to the provisions of
a scrip dividend election and the issue of any shares in accordance with the provisions of this article, and may make such provisions as it thinks fit for the case of shares becoming distributable in fractions (including provisions under which, in
whole or in part, the benefit of fractional entitlements accrues to the Company rather than to the members concerned). To the extent that the entitlement of any holder of shares in respect of any dividend is less than the value of one new share of
the relevant class (as determined for the basis of any scrip dividend) the Board may also from time to time establish or vary a procedure for such entitlement to be accrued and aggregated with any similar entitlement for the purposes of any
subsequent scrip dividend.

(j) The Board may from time to time establish or vary a procedure for election mandates, under which a holder of
shares may, in respect of any future dividends for which a right of election pursuant to this article is offered, elect to receive shares in lieu of such dividend on the terms of such mandate.

(k) The Board shall not make a scrip dividend available unless the Company has sufficient undistributed profits or
reserves to give effect to elections which could be made to receive that scrip dividend.

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(l) The Board may decide at any time before the further shares are allotted that such shares shall not be allotted
and pay the relevant dividend in cash instead. Such decision may be made before or after any election has been made by holders of shares in respect of the relevant dividend.

**CAPITALISATION OF RESERVES** 

114. **Capitalisation of reserves** 

(a) The Board may, with the authority of an ordinary resolution of the Company or, if required by the Companies
Law, a special resolution:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) subject to these articles, resolve to capitalise any sum standing to the credit of any reserve account of the
Company (including share premium account and capital redemption reserve) or any sum standing to the credit of profit and loss account not required for the payment of any preferential dividend (whether or not it is available for distribution); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) appropriate that sum as capital to the entitled members in proportion to the number of shares held by entitled
members respectively and apply that sum on their behalf in paying up in full any shares or debentures of the Company of a nominal amount equal to that sum and allot the shares or debentures credited as fully paid to those members, or as they may
direct (and for the avoidance of doubt, any new Class A Ordinary Shares issued in this way shall carry rights on a liquidation or winding-up in accordance with article 127), in those proportions or in
paying up the whole or part of any amounts which are unpaid in respect of any issued shares in the Company held by them respectively, or otherwise deal with such sum as directed by the resolution provided that the share premium account, the capital
redemption reserve, any redenomination reserve and any sum not available for distribution in accordance with the Statutes may only be applied in paying up shares to be allotted credited as fully paid up.

(b) Where any difficulty arises in respect of any distribution of any capitalised reserve or other sum, the Board
may settle the difficulty as it thinks fit and in particular may make such provisions as it thinks fit in the case of shares or debentures becoming distributable in fractions (including provisions under which, in whole or in part, the benefit of
fractional entitlements accrues to the Company rather than the members concerned) or ignore fractions and may fix the value for distribution of any fully paid up shares or debentures and may determine that cash payments be made to any members on the
basis of the value so fixed in order to secure equality of distribution, and may vest any shares or debentures in trustees upon such trusts for the persons entitled to share in the distribution as the Board may think fit.

(c) The Board may also authorise any person to sign on behalf of the persons entitled to share in the distribution
a contract for the acceptance by those persons of the shares or debentures to be allotted to them credited as fully paid under a capitalisation and any such contract shall be binding on all those persons.

115. **Capitalisation of reserves – employees ' share schemes** 

(a) This article (which is without prejudice to the generality of the provisions of article 114) applies where,
pursuant to an employees' share scheme:

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) a person is granted a right to acquire shares in the Company for no payment or at a price less than their
nominal value; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the terms on which any person is entitled to acquire shares in the Company are adjusted so that the price
payable to acquire them is less than their nominal value,

and the relevant shares are to be subscribed.

(b) In any such case the Board:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) may, without requiring any further authority of the Company in general meeting, at any time transfer to a
reserve account a sum (the reserve amount) which is equal to the amount required to pay up the nominal value of the shares in full, after taking into account the amount (if any) payable by the person from the profits or reserves of the Company which
are available for distribution and not required for the payment of any preferential dividend; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) (subject to paragraph (d) below) will not apply the reserve amount for any purpose other than paying up
the nominal value on the allotment of the relevant shares.

(c) Whenever the Company allots shares to a person pursuant to a right described in article 115(a), the Board will
(subject to the Statutes) appropriate to capital the amount of the reserve amount necessary to pay up the nominal value of those shares in full, after taking into account the amount (if any) payable by the person, apply that amount in paying up the
nominal value of those shares in full and allot those shares credited as fully paid to the person entitled to them.

(d) If any person ceases to be entitled to acquire shares as described in article 115(a), the restrictions on the
reserve amount will cease to apply in relation to the part of that amount (if any) applicable to those shares.

**RECORD DATES** 

116. **Fixing of record dates** 

(a) Notwithstanding any other of these articles, but without prejudice to any rights attached to any shares and
subject always to the Companies Law, the Company or the Board may fix any date as the record date by reference to which a dividend will be declared or paid or a distribution, allotment or issue made, and that date may be before, on or after the date
on which the dividend, distribution, allotment or issue is declared, paid or made.

(b) In the absence of a record date being fixed in accordance with article 116(a), entitlement to any dividend,
distribution, allotment or issue shall be determined by reference to the date on which the dividend is declared or the distribution, allotment or issue is made.

(c) Notwithstanding any other of these articles, but without prejudice to any rights attached to any shares and
subject always to the Companies Law, for the purpose of determining which persons are entitled to attend and vote at a general meeting of the Company, or at a separate general meeting for the holders of any class of shares in the capital of the
Company, and how many votes such person may cast, specify in the notice of meeting a time, not less than 10 days nor more than 60 days before the time fixed for the meeting, by which a person must be

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entered on the register in order to have the right to attend or vote at the meeting. Changes to the register after the time specified by virtue of this article shall be disregarded in determining the rights of any person to attend or vote at the meeting.

**ACCOUNTS** 

117. **Accounting records** 

(a) The Board shall cause accounting records of the Company to be kept in accordance with the Statutes.

(b) No member (as such) shall have any right of inspecting any account, book or document of the Company, except as
conferred by law or authorised by the Board or by any ordinary resolution of the Company.

**REGISTER** 

118. **Register requirements** 

(a) The directors shall keep, or cause to be kept, at the transfer office (but in relation to the principal
register not, for the avoidance of doubt, at a place outside Jersey), the register in the manner required by the Companies Law.

(b) Subject to the provisions of the Companies Law, the Company may keep an overseas branch register in any
country, territory or place (other than in the United Kingdom). The Board may (subject to the Companies Law and the requirement that no overseas branch register shall be kept in the United Kingdom) make and vary such regulations as it may think fit
in relation to the keeping of any such overseas branch register, including any regulations regarding the transfer of shares from such overseas branch register to the register, the transfer of shares from the register to such overseas branch register
or the inspection of the overseas branch register. For so long as the shares of the Company are listed on a Relevant US Exchange, the Company shall maintain a US branch register.

(c) For so long as the shares of the Company are listed on a Relevant US Exchange, all members shall have their
shares registered on the US branch register unless the Board otherwise resolves. The Board may take such action as it deems necessary to transfer any shares from the principal register or any other register to the US branch register. Each director
(acting alone) will be deemed to have been appointed as the agent of any holder with shares registered on any register other than the US branch register with full power to execute, complete and deliver, in the name of and on behalf of the holder,
any transfer form or other documents necessary to transfer such shares from the relevant register to the US branch register. Such appointment is:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) made with effect from the later of (i) the holder becoming the holder of such shares and (ii) any
share in the Company being listed on a Relevant US Exchange; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) irrevocable for a period of one year thereafter.

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**COMMUNICATIONS** 

119. **Communications to the Company** 

(a) Subject to the Statutes and except where otherwise expressly stated in these articles, any document, notice or
information to be sent or supplied to the Company (whether or not such document, notice or information is required or authorised under the Statutes) shall be in hard copy form or, subject to paragraph (b) below, be sent or supplied in
electronic form or by means of an electronic address.

(b) Subject to the Statutes, a document, notice or information may be given to the Company in electronic form only
if it is given in such form and manner and to such address as may have been specified by the Board from time to time for the receipt of documents in electronic form. The Board may prescribe such procedures as it thinks fit for verifying the
authenticity or integrity of any such document or information given to it in electronic form.

120. **Communications by the Company** 

(a) A document notice or information may be sent or supplied in hard copy form by the Company to any member either
personally or by sending or supplying it by post addressed to the member at the member's registered address or by leaving it at that address.

(b) Subject to the Statutes (and other rules applicable to the Company), a document, notice or information may be
sent or supplied by the Company to any member in electronic form to such address as may from time to time be authorised by the member concerned or by making it available on an electronic address and notifying the member concerned in accordance with
the Statutes (and other rules applicable to the Company) that it has been made available. A member shall be deemed to have agreed that the Company may send or supply a document, notice or information by means of an electronic address if the
conditions set out in the Statutes have been satisfied.

(c) In the case of joint holders of a share, any document, notice or information sent or supplied by the Company in
any manner permitted by these articles to the joint holder who is named first in the register in respect of the joint holding shall be deemed to be given to all other holders of the share.

(d) Notwithstanding any other provisions of these articles, on and after the Domestic Issuer Transition Date, the
Company shall be entitled, at its discretion, to utilise and rely on the notice-and-access method of delivering member meeting materials, soliciting proxies and
receiving voting instructions from registered holders and beneficial owners adopted by the U.S. Securities and Exchange Commission in the amendments to the rules for communications between reporting issuers and their shareholders under Rule 14a-16 of the Exchange Act, as such rules may be modified from time to time, or in accordance with any similar electronic delivery or access method permitted by applicable securities legislation from time to time.

121. **When communication is deemed received** 

(a) Any document, notice or information, if sent by recorded delivery post or by courier, shall be deemed to have
been received on delivery, if sent by airmail, shall be deemed to have been received five days following that on which the envelope containing it is put into the post, if sent

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by first class post, shall be deemed to have been received on the day following that on which the envelope containing it is put into the post, or, if sent by second class post, shall be deemed to have been received on the second day following that on which the envelope containing it is put into the post and in proving that a document, notice or information has been received it shall be sufficient to prove that the letter, envelope or wrapper containing the document or information was properly addressed, prepaid and put into the post.

(b) Any document, notice or information not sent by post but left at a registered address or address at which a
document, notice or information may be received shall be deemed to have been received on the day it was so left.

(c) Any document, notice or information, if sent or supplied by electronic means, shall be deemed to have been
received on the day on which the document, notice or information was sent or supplied by or on behalf of the Company.

(d) If the Company receives a delivery failure notification following a communication by electronic means in
accordance with paragraph (c) above, the Company shall send or supply the document, notice or information in hard copy or electronic form (but not by electronic means) to the member either personally or by post addressed to the member at the
member's registered address or by leaving it at that address. This shall not affect when the document, notice or information was deemed to be received in accordance with paragraph (c) above.

(e) Where a document, notice or information is sent or supplied by means of an electronic address, it shall be
deemed to have been received:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) when the material was first made available at the electronic address; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) if later, when the recipient was deemed to have received notice of the fact that the material was available at
the electronic address.

(f) A member present, either in person or by proxy, at any meeting of the Company or class of members of the
Company shall be deemed to have received notice of the meeting and, where requisite, of the purposes for which the meeting was convened.

(g) Every person who becomes entitled to a share shall be bound by every notice in respect of that share which
before that person's name is entered in the register was given to the person from whom that person derives title to the share.

122. **Record date for communications** 

(a) For the purposes of giving notices of meetings, or of sending or supplying other documents or other
information, whether under any Statute, a provision in these articles or any other instrument, the Company may determine that persons entitled to receive such notices, documents or other information are those persons entered on the register at the
close of business on a day determined by it.

(b) The day determined by the Company under paragraph (a) above may not be more than 15 days before the day
that the notice of the meeting, document or other information is given.

123. **Communication to person entitled by transmission** 

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(a) Where a person is entitled by transmission to a share, any notice or other communication shall be given to that
person, as if that person were the holder of that share and that person's address noted in the register were that person's registered address. In any other case, any notice or other communication given to any member pursuant to these
articles shall, notwithstanding that the member is then dead or bankrupt or that any other event giving rise to the transmission of the share by operation of law has occurred and whether or not the Company has notice of the death, bankruptcy or
other event, be deemed to have been properly given in respect of any share registered in the name of that member as sole or joint holder.

**UNTRACED MEMBERS** 

124. **Sale of shares of untraced members** 

(a) The Company may sell, in such manner as the Board may decide and at the best price it considers to be
reasonably obtainable at that time, any share of a member, or any share to which a person is entitled by transmission if:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) during a period of 12 years at least three cash dividends have become payable in respect of the share to be
sold;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) during that period of 12 years no cash dividend payable in respect of the share has been claimed, no cheque,
warrant, order or other payment for a dividend has been cashed, no dividend sent by means of a bank or other funds transfer system or other electronic system or means (including, in the case of uncertificated shares, a relevant system) has been paid
and no communication has been received by the Company from the member or the person entitled by transmission to the share;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) on or after the expiry of that period of 12 years the Company has sent, or caused to be sent, a notice to the
registered address or last known address the Company has for the member or other person entitled by transmission to the share, giving notice of its intention to sell the share (provided that before sending such a notice, the Company shall have made,
or caused to be made, such tracing enquiries for the purpose of contacting that member or other person as the Board considers to be reasonable and appropriate in the circumstances); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) during the period of three months following the sending of the notice referred to in paragraph (iii) above
and after that period until the exercise of the power to sell the share, the Company has not received any communication from the member or the person entitled by transmission to the share.

(b) The Company's power of sale shall extend to any further share which, on or before the sending of the
notice pursuant to paragraph (a)(iii) above, is issued in right of a share to which paragraph (a) above applies (or in right of any share to which this paragraph applies) if the conditions set out in paragraphs (a)(ii) to (a)(iv) above are
satisfied in relation to the further share (but as if the references to a period of 12 years were references to a period beginning on the date of allotment of the original share and ending on the date of sending the notice referred to above).

(c) To give effect to any sale, the Board may authorise some person to transfer the share to, or as directed by,
the purchaser, who shall not be bound to see to the application of the purchase

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money; nor shall the title of the new holder to the share be affected by any irregularity in, or invalidity of, the proceedings relating to the sale.

125. **Application of proceeds of sale** 

(a) The net proceeds of any sale made under article 124 will be forfeited and will belong to the Company. The
Company will not be liable in any respect to the former member or members or other person who may or would have been entitled to the share or shares by law for the proceeds of sale, and the Company may use the proceeds of sale for any purpose as the
Board may decide.

**DESTRUCTION OF DOCUMENTS** 

126. **Destruction of documents** 

(a) Subject to the Statutes, the Board may authorise or arrange the destruction of documents held by the Company as
follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) at any time after the expiration of six years from the date of registration, all instruments of transfer of
shares and all other documents transferring or purporting to transfer shares or representing or purporting to represent the right to be registered as the holder of shares on the faith of which entries have been made in the register;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) at any time after the expiration of one year from the date of cancellation, all registered share certificates
which have been cancelled;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) at any time after the expiration of two years from the date of recording them, all dividend mandates and
notifications of change of address; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) at any time after the expiration of one year from the date of actual payment, all paid dividend warrants and
cheques.

(b) Subject to the Statutes, it shall conclusively be presumed in favour of the Company that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) every entry in the register purporting to have been made on the basis of an instrument of transfer or other
document so destroyed was duly and properly made;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) every instrument of transfer so destroyed was a valid and effective instrument duly and properly registered;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) every share certificate so destroyed was a valid certificate duly and properly cancelled;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) every other document mentioned in paragraph (a) above so destroyed was a valid and effective document in
accordance with the particulars of it recorded in the books and records of the Company; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) every paid dividend warrant and cheque so destroyed was duly paid.

(c) The provisions of paragraph (b) above shall apply only to the destruction of a document in good faith and
without notice of any claim (regardless of the parties to it) to which the document might be relevant.

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(d) Nothing in this article shall be construed as imposing on the Company or the Board any liability in respect of
the destruction of any document earlier than as stated in paragraph (a) above or in any other circumstances in which liability would not attach to the Company or the Board in the absence of this article.

(e) References in this article to the destruction of any document include references to its disposal in any manner.

**WINDING UP** 

127. **Powers to distribute in *specie*** 

(a) If the Company is in liquidation, the liquidator may, with the authority of a special resolution of the Company
and any other authority required by the Statutes and subject to article 127(b):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) divide among the members in specie the whole or any part of the assets of the Company and, for that purpose,
value any assets and determine how the division shall be carried out as between the members or different classes of members; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) vest the whole or any part of the assets in trustees upon such trusts for the benefit of members as the
liquidator, with the like sanction, shall think fit but no member shall be compelled to accept any assets upon which there is any liability.

(b) On a distribution of assets on a winding-up, the surplus assets of the
Company remaining after payment of its liabilities shall be applied (to the extent the Company is lawfully permitted to do so):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) first, in paying to each of the Class B Shareholders the nominal value of their Class B Ordinary
Shares (provided that, if there are insufficient surplus assets to pay the amounts per share equal to the nominal value, the remaining surplus assets shall be distributed to the Class B Shareholders pro rata to the aggregate amounts otherwise
due to them under this article 127(b); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) second, the balance of the surplus assets (if any) shall be distributed among the Class A Shareholders pro
rata to the number of Class A Ordinary Shares held.

**INDEMNITY AND INSURANCE, ETC.** 

128. **Directors ' indemnity, insurance and defence** 

(a) Subject to the provisions of the Companies Law, but without prejudice to any indemnity to which the person
concerned may otherwise be entitled, every director or other officer of the Company shall be indemnified out of the assets of the Company against any liability incurred by him for negligence, default, breach of duty, breach of trust or otherwise in
relation to the affairs of the Company, provided that this article shall be deemed not to provide for, or entitle any such person to, indemnification to the extent that it would cause this article, or any element of it, to be treated as void under
the Companies Law or otherwise unlawful under the Companies Law.

(b) Without prejudice to the foregoing, the board may exercise all the powers of the Company to purchase and
maintain insurance for or for the benefit of any person who is or was:

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) a director, officer, employee or auditor of the Company or any body which is or was the holding company or
subsidiary undertaking of the Company, or in which the Company or such holding company or subsidiary undertaking has or had any interest (whether direct or indirect) or with which the Company or such holding company or subsidiary undertaking is or
was in any way allied or associated; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) a trustee of any pension fund in which employees of the Company or any other body referred to in paragraph
(i) above are or have been interested,

including without limitation insurance against any liability incurred by such person in respect of any act or omission in the actual or purported execution or discharge of his duties or in the exercise or purported exercise of his powers or otherwise in relation to his duties, powers or offices in relation to the relevant body or fund.

**FORUM SELECTIO**N

129. **Forum Selection** 

(a) Unless the Company consents in writing to the selection of an alternative forum, the Courts of Jersey shall, to
the fullest extent permitted by law, be the sole and exclusive forum for:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) any derivative action or proceeding brought on behalf of the Company;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) any action, including any action commenced by a member of the Company in its own name or on behalf of the
Company, asserting a claim of breach of any fiduciary or other duty owed by any director, officer or other employee of the Company (including but not limited to duties arising under the Companies Law); and/or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) any action arising out of or in connection with these articles (pursuant to any provision of the laws of Jersey
or these articles (as either may be may be amended from time to time)) or otherwise in any way relating to the constitution or conduct of the Company, other than any such action in any way relating to the conduct of the Company arising out of a
breach of any federal law of the United States of America or the laws of any State of the United States of America.

(b) Unless the Company consents in writing to the selection of an alternative forum, to the fullest extent
permitted by applicable law, the federal district courts of the United States of America shall be the sole and exclusive forum for the resolution of any complaint asserting a cause of action arising under the United States Securities Act of 1933, as
amended or any successor thereto including all causes of action asserted against any defendant named in such complaint. For the avoidance of doubt, this provision is intended to benefit and may be enforced by the Company, its officers and directors,
the underwriters for any offering giving rise to such complaint, and any other professional entity whose profession gives authority to a statement made by that person or entity and who has prepared or certified any part of the documents underlying
the offering.

(c) For the avoidance of doubt, nothing contained in this article 129 shall apply to any action brought to enforce

**CERTAIN ARRANGEMENTS IN RESPECT OF THE COMPANY'S LISTING IN THE UNITED STATES** 

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130. **Arrangements in respect of the CREST Shares** 

(a) Subject to article 130(b), immediately prior to or upon listing of the Class A Ordinary Shares on a
Relevant US Exchange the legal title to each Class A Ordinary Share that is issued in consideration for a Class A ordinary share in Wise plc that was held in the CREST System at the effective time of the Scheme of Arrangement
(" **CREST Shares**") shall be automatically transferred to Cede & Co. (or any other nominee of DTC from time to time), which will be recorded in the register as the holder of all such CREST Shares (as nominee for DTC), to be
held pursuant to the rules and regulations of DTC on behalf of such person as the Directors may nominate (the "**DI Custodian** "), which shall hold its interest in the CREST Shares on trustee as bare trustee under English law for the
participants in the CREST System ()"**CREST Participants**") credited with the relevant depositary interests on such date against the issue to such CREST Participants of depositary interests operated by the DI Depositary under the
arrangements described in the Circular and the relevant depositary interests will be issued subject to and governed by the terms of the DI Deed (as defined in the Circular).

(b) Nothing in article 130(a) shall apply to any Class A Ordinary Share which the Directors, acting in their
absolute discretion, determine to be a "Restricted Share" (being a Class A Ordinary Share which, by reason of the application of US federal securities laws, the rules and regulations of DTC or any other applicable law, is either
incapable of, or ineligible for, admission to DTC for any period of time).

(c) To give effect to the listing of the Class A Ordinary Shares on a Relevant US Exchange, each holder of
Class A Ordinary Shares is deemed to have consented and agreed to the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the Company is irrevocably instructed and authorised to appoint any person (including the Company's
registrar, the secretary and any officer or employee of the Company) as attorney and/or agent for the holders of Class A Ordinary Shares (or any subsequent holder or any nominee of such holder or any subsequent holder) to take all such actions
and do all such other things and execute and deliver all such documents and electronic communications as may be required or as may, in the opinion of such attorney or agent, be necessary or desirable to give full effect to the provisions of this
article 130, including but not limited to executing and delivering as transferor any instrument of transfer, form of register removal or instructions of transfer whether in written or electronic form on behalf of the relevant holder (or any
subsequent holder or any nominee of such holder or any subsequent holder) in favour of any person (including any transfer of legal title to CREST Shares to Cede & Co. (as nominee for DTC) as contemplated in article 130(a)) and any such
attorney and/or agent shall be entitled to certify on behalf of the relevant holder that any such instrument of transfer, form of register removal or instructions of transfer will not result in a change in beneficial ownership of the underlying
Class A Ordinary Shares and that such transfer is not made in contemplation of a sale; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the Company's registrar and/or the secretary may complete the registration of the transfer of legal title
to any Class A Ordinary Share as described in this article 130 by registering the relevant Class A Ordinary Share in the name of the transferee in the register without having to furnish the former holder of the Class A Ordinary Share
with any evidence of transfer or receipt.

## Exhibit 2.1

**Exhibit 2.1** 

**DESCRIPTION OF SECURITIES** 

**A. Share Capital** 

As of May 31, 2026, Wise Group plc (the "Registrant") had 1,025,164,562 Class A ordinary shares with a nominal value of $0.01 per share and 204,338,749 Class B ordinary shares with a nominal value of $0.000000001 per share, issued and outstanding, respectively. As of March 31, 2026, 11,827,136 Class A ordinary shares were issuable upon the exercise of outstanding options to purchase additional Class A ordinary shares and upon vesting of restricted share awards. All of the allotted and issued shares are fully paid or credited as fully paid. For additional information on our Class A ordinary shares issuable upon the exercise of outstanding options to purchase Class A ordinary shares, please refer to "Item 6.B. Directors, Senior Management and Employees—Compensation—Equity Plans."

Capitalized terms used but not defined herein have the meaning ascribed to such term in the Annual Report on Form 20-F to which this document is an exhibit.

**B. Memorandum and Articles of Association** 

**Introduction** 

The Registrant is a Jersey public limited company and the ultimate parent of Wise Limited (formerly Wise plc) and its consolidated subsidiaries. The Registrant was established as the ultimate holding company of Wise Limited and its subsidiaries (the "Group") pursuant to a Scheme of Arrangement under Part 26 of the U.K. Companies Act 2006 (the "Scheme"), which was completed on May 8, 2026 (the "Reorganization Transaction"). On May 11, 2026, the Registrant's ordinary shares were admitted to trading on the Nasdaq Stock Market LLC ("Nasdaq"), with the Group's primary listing transferring from the London Stock Exchange (the "LSE") to Nasdaq, while retaining a secondary listing on the LSE.

Wise Group plc was incorporated under the laws of Jersey, Channel Islands as a public limited company on June 17, 2025 with registration number 160362 and having its registered office address at 3rd Floor, 44 Esplanade, St. Helier, JE4 9WG, Jersey, Channel Islands.

The following represents a summary of certain key provisions of the memorandum of association and articles of association (the "Articles") of the Registrant that are in effect, as well as a description of relevant provisions of the Companies (Jersey) Law 1991, as amended (the "Jersey Companies Law"). The summary does not purport to be a summary of all of the provisions of the Articles, and is qualified in its entirety by reference to the Articles, which are incorporated by reference as an exhibit to this Annual Report. We encourage you to read the Articles for additional information.

**Key Provisions in our Memorandum of Association and Articles of Association** 

***Objects and Purposes***

The Articles do not stipulate any particular objects or purposes of the Registrant and no objects or purposes are required to be stated by the Jersey Companies Law.

***Ordinary Shares***

***Dividend and Liquidation Rights***

Holders of Class A ordinary shares are entitled to receive equally, share for share, any dividends that may be declared in respect of our Class A ordinary shares by the board of directors out of funds lawfully available for such purpose under Jersey law. Our board of directors has the power to declare interim dividends as it determines. Declaration of a final dividend (not exceeding the amount recommended by our board of directors) requires shareholder approval by adoption of an ordinary resolution. Failure to obtain such shareholder approval does not affect previously paid interim dividends.

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Holders of Class B ordinary shares have no right to receive dividends or other distributions, except as provided in the Articles upon a winding-up.

In the event of our liquidation, after satisfaction of liabilities to creditors, the surplus assets of the company shall be applied:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• first, in paying to each holder of Class B ordinary shares the nominal value of their Class B
ordinary shares (pro rata if insufficient); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• second, the balance among holders of Class A ordinary shares pro rata to the number of Class A
ordinary shares held.

Such rights may be affected by the grant of preferential dividend or distribution rights to the holders of a class or series of preferred shares that may be authorized in the future. The Articles provide that any dividend which has remained unclaimed for a period of 10 years from the date of declaration shall, if the board of directors so resolves, be forfeited and cease to remain owing by Wise Group plc and shall thereafter belong to Wise Group plc absolutely.

Holders of our Class A ordinary shares have no pre-emptive, subscription, redemption or conversion rights under the Articles or the Jersey Companies Law. The shares are not subject to any sinking fund provisions and carry no liability to further capital calls by the Registrant, and all issued shares are fully paid. There are no provisions in the Articles discriminating against any existing or prospective holder as a result of such shareholder owning a substantial number of shares.

***Voting***

Each Class A ordinary share carries one vote on all matters submitted to a vote of holders of ordinary shares.

Each Class B ordinary share carries nine votes, subject to the following restrictions:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Class B voting rights are non-transferable and may only be exercised
by the original holders to whom such shares were issued under the Scheme.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Class B voting rights are subject to caps:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• For most Class B shareholder groups, the aggregate votes cannot exceed one vote less than 35% of the total
eligible votes on any resolution.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• For Kristo Käärmann's Class B shareholder group, while he serves as Chief Executive Officer,
the cap is one vote less than 50% of the total eligible votes on any resolution; if he ceases to be Chief Executive Officer, the 35% cap applies.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Any votes in excess of these caps are treated as Affected Votes (as defined in the Articles) and are disregarded
for voting purposes.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Class B voting rights cease permanently upon certain events, including death of the holder, any transfer of
the Class B share or its corresponding Class A share, an indirect change of control of the holder, or at 23:59 (London time) on the tenth anniversary of the effective date of the Scheme, after which the Class B share is automatically
redeemed for no consideration and canceled.

There is no cumulative voting.

------

***Transferability of Shares***

Our Class A ordinary shares are freely transferable, subject to the provisions of the Articles and applicable law. Our Class B ordinary shares are subject to restrictions on transfer as described above, and any transfer of a Class B ordinary share results in the cessation of the voting rights attached to that share.

***Ownership Threshold***

The Articles do not contain provisions requiring shareholders to disclose ownership above a specified threshold. Holders of our Class A ordinary shares are subject to, amongst other applicable requirements, the beneficial ownership reporting requirements of Sections 13(d) and 13(g) of the Securities Exchange Act of 1934, as amended.

***Limitations on Rights to Own Securities***

There is no limitation imposed by Jersey law or our Articles on the right of non-residents or foreign persons to hold or vote our Class A ordinary shares.

***Amendments to Governing Documents***

A special resolution is required to amend the Articles, approve any change in authorized share capital, or approve a liquidation or winding-up. A special resolution requires at least 14 clear days' notice of the relevant general meeting and approval by the holders of two-thirds of the votes cast at the meeting.

***Requirements for Advance Notification of Shareholder Nominations and Proposals***

The Articles establish advance notice and related procedures with respect to shareholder proposals and nominations of candidates for election as directors. In summary:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Prior to the Domestic Issuer Transition Date: Shareholders have no right to propose business at an annual general
meeting other than through the board of directors.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Following the Domestic Issuer Transition Date: Shareholders may nominate directors or propose other business at
an annual general meeting if they comply with certain notice and disclosure requirements, including providing specified information about the proposing shareholder, any associated persons, and the proposed nominee or business. Notice must generally
be delivered not earlier than 150 days and not later than 120 days before the anniversary of the preceding year's annual general meeting, subject to adjustments if the meeting date changes by more than 30 days.

***Limits on Written Consents***

Shareholder action by written resolution is permitted only while holders of Class B ordinary shares collectively hold a simple majority of the total voting rights. During that period, written resolutions (including special resolutions, except for removal of auditors) may be passed by the requisite majority without a meeting. At all other times, shareholder action may only be taken at a duly convened meeting.

***Notices***

Each shareholder of record is entitled to receive at least 14 clear days' notice of a general meeting. For the purposes of determining the shareholders entitled to notice and to vote, the board of directors may fix a record date not less than 10 days and not more than 60 days before the meeting.

------

***Modification of Class Rights***

The rights attached to any class of shares (unless otherwise provided by the terms of issue of that class) may be varied with the consent in writing of holders of at least two-thirds in nominal value of the issued shares of that class or with the sanction of a special resolution passed at a separate meeting of the holders of that class.

***Change in Control***

The Articles do not contain a specific provision that is intended to delay, defer or prevent a change in control of our company. However, the board of directors is authorized to issue additional shares, including preferred shares, in accordance with a shareholder rights plan which could be used for a variety of corporate purposes, including to deter a takeover attempt. Jersey law does not prohibit a company from adopting a shareholder rights plan and the Articles authorize the board to adopt such a plan, except while we are subject to the U.K. City Code on Takeovers and Mergers. In addition, our board of directors is divided into two classes serving staggered terms, which may have the effect of delaying or deterring a change in control of the Registrant.

***Exclusive Forum Provision***

***Conditions Governing Changes in Capital***

The Articles do not impose conditions on changes in capital that are more stringent than those required by the Jersey Companies Law. Subject to the provisions of the Jersey Companies Law, the board of directors may authorize the issuance of new shares through a resolution.

**C. Debt Securities (Item 12.A of Form 20-F)** 

Not applicable.

**D. Warrants and Rights (Item 12.B of Form 20-F)** 

Not applicable.

**E. Other Securities (Item 12.C of Form 20-F)** 

Not applicable.

**F. American Depositary Shares (Items 12.D.1 and 12.D.2 of Form 20-F)** 

Not applicable.

## Exhibit 11.1

**Exhibit 11.1** 

**Wise Code of Conduct** 

(Adopted April 28, 2026)

**1. Introduction** 

As employees (including relevant contingent workers) ("Wisers") and members of the board of directors of each entity in the Wise group of companies ("Directors"), we set the bar high for the work we do and the way we behave. We trust each other and expect all of those working at Wise to use good judgement. We follow internal rules set by our policies and guidelines, and act in line with laws and regulations applicable to us as individuals, as well as to the organisation as a whole.

We treat each other fairly, as equals and with respect. We show consideration and empathy. We live by our values, and in this way we create an open, supportive culture where people can flourish and do their best work.

**2. Scope and Application** 

This Code of Conduct sets minimum standards and guidelines for Wisers and Directors and applies in all locations of the Wise group of companies. Additional expectations and requirements on conduct, ethics, and responsibility may also apply based on role or location.

This Code is also intended to meet the requirements for a code of ethics under Section 406 of the Sarbanes-Oxley Act of 2002 and the listing standards of Nasdaq, the principal exchange in the United States upon which our securities are listed.

We share our Code of Conduct with every new Wiser and Director when they join. You must comply with this Code and related policies. It is not contractual, and Wise may make amendments from time to time.

**3. Principles** 

**We look out for each other** 

We've built a strong culture of openness, transparency, and respect where people can be their best selves. We will not tolerate any behaviour that puts this at risk.

------

**We are inclusive** 

We believe teams are strongest when they are diverse, equitable, and inclusive. We treat each other equally regardless of background, including but not limited to gender identity, race, age, disability, or religion.

**We are committed to a safe workplace** 

We are committed to maintaining an environment free from all forms of mistreatment, including bullying, harassment, or violence. Workplace violence, whether physical or virtual, has no place at Wise and should be reported immediately. Learn more in our Anti-Bullying and Harassment Policy.

**We look out for our customers** 

The trust of our customers and partners is our foundation.

**We treat our customers and our partners with respect, transparency, and fairness.** 

We always respect our customers' rights. In the event of issues, we actively seek to resolve them with our customers. We pay particular attention to vulnerable customers.

**We look out for Wise** 

**We're all Wisers, all the time** 

As Wisers, we represent Wise at all times. Our conduct and messaging shape our reputation. We avoid even the appearance of improper actions when acting on behalf of Wise. We follow the PR guidelines any time we represent Wise externally.

**We think before we post** 

We use social media sensibly and in compliance with this Code. We separate our personal views from Wise's views when posting online.

Only authorised teams (like PR or Owner Relations) may use social media to speak on behalf of Wise regarding our official positions. Any disclosure on our social media pages should only be of information that is already public and must be made in compliance with all applicable laws and regulations and our Disclosure Procedures Manual.

**We keep confidential information safe** 

Our confidential information is a critical asset. We're all responsible for ensuring it is not misused in any way and keeping it safe and secure.

Confidential information includes proprietary and personal data, information that isn't public, information that might be useful to our competitors, anything that could harm our business or our reputation if it was public and anything else that a reasonable person would think of as confidential to our customers or to Wise. Unauthorised disclosure of confidential information may result in disciplinary action being taken, including dismissal.

------

We encourage the use of AI tools at Wise, however they must be used compliantly and responsibly. Wisers and Directors should not submit confidential information, including personal data, sensitive code or trade secrets, to public or unapproved AI tools. We should use only approved AI tools.

**We protect Wise's intellectual property** 

Remember that anything we create at work belongs to Wise and should be protected - never share this information outside of Wise.

**We look after Wise property** 

We treat all Wise property and systems with care. We empower Wisers with tech to achieve our mission and ask them to use resources responsibly, ethically, and in accordance with our policies.

**We comply with all applicable laws and regulations** 

We follow the laws in every country where we operate. We act with integrity, diligence, and transparency with our regulators. Everyone is responsible for understanding the regulations applicable to their role.

All Wisers and Directors should also familiarize themselves with our Share Dealing Policy, which ensures the proper trading of securities.

**We look out for conflicts of interest** 

All Wisers and Directors are required to disclose any situation that might interfere (or appear to interfere) with your ability to act in Wise's best interests via the Conflicts of Interest Platform.

Conflicts of interests, or even the appearance of a conflict of interest, can take many forms – for instance, owning an interest in a competitor or supplier, taking personal advantage of an opportunity that belongs to Wise, engaging in freelancing work outside of your employment with Wise which can lead to conflicting priorities, and personal relationships at work.

Any potential conflict involving an executive officer or a Director must be disclosed immediately to the Chief Legal Officer or the board of the relevant Wise group entity.

------

**Anti-Bribery and Corruption** 

We have zero tolerance for bribery or corruption in any form. Log all gifts and hospitality on the Anti-Bribery and Corruption Platform, in line with Wise's Anti-Bribery and Corruption Policy.

If you become aware of behaviour which is in violation of this policy, raise this with your Lead, or through the appropriate Whistleblowing channel in your location (see below).

**4. Speaking up** 

If you notice behaviour that is contrary to Wise values, or violates this Code, you should speak up. Wise does not tolerate retaliation against those who speak up to raise concerns about actual or potential wrongdoing.

Wisers and Directors can speak up in one or more of the following ways:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **Your Lead**: You should make your Lead aware if you feel comfortable to do so. Your Lead may ask that your
concerns are investigated by the Employee Relations team, who are professionally trained to handle the issue discreetly and in the most sensitive and appropriate way, as well as in a way that complies with local law and practice.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **Leadership Team**: If you don't feel comfortable discussing the issue with your Lead, you can also get
in touch with a member of the Leadership team who will get support from the Employee Relations team to investigate the issue.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **Complaint / Grievance Process**: If you want to raise a complaint, and don't know how, or what the
best way to speak up in your location is, you can reach out to a member of the Employee Relations team directly who will provide support in accordance with our Complaint / Grievance Process.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **Whistleblowing Channel**: If your complaint relates to financial or regulatory misconduct or breaches of
law, you should use the Whistleblowing channel. Please refer to and follow the requirements set forth in our Whistleblowing Policy. You can raise concerns anonymously through this channel.

**5. Waivers** 

Any waiver of any provision of this Code for executive officers or Directors must be approved by the board of the relevant Wise group entity or a committee thereof. Such waivers will be publicly disclosed within four business days of being granted, as required by SEC and Nasdaq rules.

------

**6. Recordkeeping and Disclosure** 

It is our policy to make full, fair, accurate, timely, and understandable disclosures in compliance with applicable law and regulations in all reports and documents filed with the SEC and in all other public communications. The integrity of our financial and accounting records is fundamental to our success. In addition, as a company whose stock is publicly traded, we are subject to a number of laws and regulations that govern our financial and accounting records, including U.S. laws. We must record our financial activities in compliance with all applicable laws and accounting practices and provide current, complete and accurate information to any and all regulatory authorities.

**7. Conclusion** 

This Code and our policies guide our daily actions. If you are unsure about a situation, follow the spirit of the Code. Breaches may result in disciplinary action, including dismissal.

## Exhibit 11.2

**Exhibit 11.2**![LOGO](g17323dsp045.jpg)

SHARE DEALING POLICY

applies to Wise Group plc

All locations, Worldwide

Version No. 2

---

| | |
|:---|:---|
| **Owner** | Jane Fahey, Group Company Secretary |
| **Author** | CoSec |
| **Reviewer(s)** | Legal |
| **Approval by:** | Wise Group plc |
| **Date of Approval / Effective Date** | 28 April 2026 |
| **Next Review Date** | March 2028 |

---

------

**Classification - Internal** 

*This document is classified as Internal and approved for distribution within Wise and specifically authorized persons only\*.* 

*You must not share this content (including excerpts/summaries) with external parties without prior written approval and executed Non-Disclosure Agreement (NDA).* 

*You must store copies securely with appropriate access controls and report suspected unauthorized disclosure immediately.* 

*Unauthorized disclosure may result in disciplinary action.* 

*\** *Authorized persons are those with executed NDAs or regulatory authorities with lawful information requests.* 

**Copyright Notice** 

*Copyright Wise Group 2026. All rights reserved. This is copyrighted. Apart from any use permitted under the copyright laws, no print may be reproduced by any process without the written permission of Wise Group.* 

**Change Log Revision History** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Date | Version | Description | Author | Approver | Date<br> approved |
| June-21 | 1 | Formation of Share Dealing Policy | Legal<br>CoSec | Board | June 2021 |
| December - 21 | 1.1 | Amendment to definition of "closed period" on page 9 | Legal<br>CoSec | Board | December 2021 |
| September - 22 | 1.2 | Amendment to definition of "closed period" on page 9<br>Inclusion of conflicts of interest as a relevant factor for approval to deal | Legal<br>CoSec | Board | 22 September 2022 |
| April – 26 | 2 | Amendment to reflect United States considerations as a result of United States listing of shares | Legal | Board | 28 April 2026 |

---

------

**Table of contents** 

---

| | |
|:---|:---|
|  **Introduction** | **4** |
|  **Section 1 – Inside and Material Non-Public Information** | **5** |
|  **Section 2 – Getting clearance to deal** | **11** |
|  **Section 3 - Notification of dealings** | **14** |

---

------

**Introduction** 

**Purpose** 

This Share Dealing Policy (this "Policy") sets out the rules on dealing in Wise Group plc's shares.

Given Wise Group plc's listing on the Nasdaq Stock Market ("**Nasdaq**") and the London Stock Exchange ("**LSE**"), and dealings with other listed companies, US federal securities laws prohibiting "insider trading" and "tipping", as well as Market Abuse Regulation in the United Kingdom ("**UK**") apply to it, which exposes directors, officers, employees, contractors, and consultants of Wise Group plc (the "**Company**") and its subsidiaries ("**you**") who deal, or recommend others to deal, in the shares of the Company or other listed companies while in possession of inside or material non-public information about those companies. The penalties of insider trading include potential civil and criminal penalties (including imprisonment). You should also be aware that the securities laws of other jurisdictions may apply to transactions in the securities of companies which are incorporated and/or listed outside of the US and the UK.

This Policy applies to you and, in sum, your family members and household relatives, as well as connected legal entities, trusts, and partnerships (including, e.g., a venture or other investment fund, if you control transactions by the fund). The foregoing persons who are deemed subject to this Policy are referred to in this Policy as "Related Persons." For a fulsome explanation of whom, in addition to you, this Policy applies to, see the section titled, "Who are my Related Persons" in Section 3.<sup>1</sup> You are responsible for making sure that your Related Persons comply with this Policy. For the purposes of this document, "Related Persons" shall collectively refer to Related Persons in the US and what are known as 'Closely Associated Persons' to persons discharging managerial responsibilities ("**PDMRs**") in the UK.

These rules are intended to prevent you from misusing information (including unintentionally) that you may have about the Company, or other publicly traded companies, that is unavailable to other investors (known as inside or material non-public information), as well as a perception of misuse of that information.

You should pay particular attention if you are going to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• join any of our share plans;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• receive shares, options, or awards under any of our share plans;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• buy Company shares;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• sell Company shares; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• use any Company shares as security for a loan.

Read this document again before you do any of these things.

This document refers to **'dealing' or 'trading' shares** throughout**.** This includes any dealing in shares (including those actions listed above, as well as any other purchases, sales, transfers, gifts, acquisitions, dispositions, arrangements or transactions that affect your or your Related Persons' economic exposure to a change in the prices of the subject securities. This document also refers to 'shares' throughout. This includes common or preferred equity, debt instruments and any other securities and instruments related to those securities (e.g., options, warrants, derivatives and cash where the amount is linked to securities).

<sup>1</sup> While the additional *obligations* in Section 3 will only apply to certain Wisers, the *definition* of Related Persons is the same for all Wisers.

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The prohibition on dealing in Company shares set forth in this Policy does not apply to: (i) dealings pursuant to a Rule 10b5-1 Trading Plan that is approved by the Company in accordance with this Policy , or (ii) the surrender of shares directly to the Company to satisfy tax withholding obligations resulting from the issuance of shares upon the vesting or exercise of equity awards granted under the Company's equity compensation plans.

**What do I need to do?** 

You need to do the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Read this document.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Take the online training course and online assessment related to this Policy (you will be invited to complete
this).

**Do I need to read the whole document?** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Everyone who receives this document needs to read Section 1.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• If you are a PDMR or a Section 16 Officer (as that term is defined in Rule 16a-1(f) under the Exchange Act), you also need to read Sections 2 and 3.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• If you are not a PDMR or Section 16 Officer, but have otherwise been told that you need to apply for
clearance to deal, then you also need to read Section 2.

You will have been informed if you are a PDMR or Section 16 Officer. In the case of any uncertainty, please contact the CoSec Team on cosec@wise.com.

Not following the rules within this Policy could be a disciplinary matter. In addition, you may have broken the law and be subject to a fine. Criminal sanctions may also apply.

**Section 1 – Inside and Material Non-Public Information** 

**How do I know if I have inside or material non-public information?** 

This document is all about the use (and misuse) of inside or material non-public information. Anybody can have inside or material non-public information; for example, you might get such information:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• because of the nature of your work;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• from being involved in a transaction;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• from looking at a document you are photocopying for another person; OR

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• by overhearing a conversation in the lift.

If you have access to inside or material non-public information you will be added to an **insider list** which the Company is legally obliged to establish and maintain. If you have been notified that you are on an insider list, then you should assume you have inside or material non-public information.

------

Please note, at other times the Company may produce lists of those with access to confidential information that does not amount to inside or material non-public information but that might in due course become inside information.

The Company Secretary and Chief Legal Officer will administer any such list.

**Inside information and material non-public information** 

Information is 'inside information' if it:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• is precise;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• would be likely to have a significant effect on the Company's share price if it were made public;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• has not already been made public by the subject issuer of shares; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• relates, directly or indirectly, to the subject issuer or its shares.

Information is 'precise' if it is about *existing* circumstances or events, or circumstances or events which *may occur*. Rumour or speculation is not enough.

How do we judge whether information would be likely to have a significant effect on the price of an issuer's shares? Under the rules, if a reasonable investor would be likely to use the information as part of the basis for investment decisions, that is enough to satisfy this part of the test for inside information.

In the US, the parallel to inside information is 'material non-public information.' There is no bright-line numerical standard for assessing materiality; rather, materiality is based on an assessment of all the facts and circumstances.

Generally speaking, information is material if a reasonable investor would consider it important in making an investment decision in an issuer's securities. Information that could reasonably be expected to affect an issuer's stock price, whether positive or negative, is therefore 'material.'

If you are not sure whether or not information you have is inside or material non-public information, you should:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• assume that it is; and/or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• check with the person you got the information from. Be careful who (or how) you ask because giving inside or
material non-public information to somebody who does not already have it can be a breach of the rules. (See "Unlawfully disclosing inside information" below.)

**What if I have inside or material non-public information?** 

While in possession of inside or material non-public information, you must not:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• deal in shares (known as "insider dealing" or "insider trading");

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• recommend or induce somebody else to deal;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• disclose or "tip" the information; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• assist anyone engaged in the above activities.

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Additionally, if you, in the course of your relationship with the Company, learn inside or material non-public information about another publicly traded company or learn inside or material non-public information about the Company or any other company that could affect the share price of another publicly traded company, you must not trade in that other publicly traded company's securities until the information becomes public or is no longer material to that other company.

The sections below look at each of these in turn.

**Insider dealing or trading** 

You must not deal or trade the shares to which that information relates when aware of inside or material non-public information.

Say, for example, that you have seen a draft of the Company's results announcement which shows a big drop in profits. This is inside and material non-public information since it is likely to cause the share price to drop when it is made public and it satisfies all the other conditions set out above. If you were to sell Company shares before this information is made public, that would be insider dealing or trading: you would be able to sell at a higher price than other shareholders who, being unaware of the information, would not know to sell before the information is made public and the share price drops. Those other shareholders are therefore at a disadvantage.

Even if you have perfectly good reasons for buying or selling that have nothing to do with the inside or material non-public information (e.g., you need to sell now to pay a bill), you could still be said to be insider dealing or trading. So, you must check that you do not have inside or material non-public information before you deal shares. If you do have such information, you must not deal shares.

It does not matter who stands to make a profit or whether or not any profit is in fact made. So, for example, you could be insider dealing or trading if you had inside or material non-public information about Company shares and:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• you bought or sold Company shares, even if you did so at a loss; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• as a director of another company, you were involved in a decision by that company to buy or sell Company shares;
or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• as the executor of your great aunt's estate, you bought or sold Company shares for the estate – even
if you were not a beneficiary of the estate and so would not benefit personally.

**<u>The main characteristic of insider dealing or insider trading is that someone is getting an unfair advantage from the inside or material non-public information to the disadvantage of those who do not have it.</u>**

It would also be insider dealing or trading if you decided to exercise a share option or award (or sell shares to pay taxes) under the Company's share plans when you have inside or material non-public information, as you would be acquiring shares in those instances.

**Recommending or inducing somebody else to deal or trade** 

When aware of inside or material non-public information, just as you cannot deal or trade in shares yourself, you must not encourage or require anybody else to do so, even if:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• you do not tell them what the information is or that you have it;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• they do not end up dealing shares; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• they do deal but do not make any money.

------

This would include, for example:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• encouraging a work colleague to exercise their options;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• suggesting that your spouse buys or sells shares; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• instructing a fund manager to buy or sell shares on your behalf.

If, with your encouragement, a person deals shares *they* may also be guilty of insider dealing or trading themselves if they knew, or ought to have known, that your encouragement was related to inside or material non-public information. You should bear this in mind if somebody encourages you to deal.

**Unlawfully disclosing information** 

If you have inside or material non-public information, you must not share it with anyone else, except where you are required to do so either by law or as part of your employment.

For example, you would be unlawfully disclosing information:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• if you passed on a dealing tip which you knew (or ought to have known) was based on inside or material non-public information, even though you were not passing on the information itself; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• even if the person you passed it on to does not make use of it.

You may also have inside or material non-public information about other companies, either through work or acquired in some other way. If this is the case, *the prohibitions set out above apply in relation to those companies' shares to*o*.*

**Inherently speculative transactions** 

You may not engage in short sales, transactions in put options, call options or other derivative securities on an exchange or in any other organized market, or in any other inherently speculative transactions with respect to the Company's shares.

**Hedging transactions** 

Hedging or monetization transactions can be accomplished through a number of possible mechanisms, including through the use of financial instruments such as prepaid variable forwards, equity swaps, collars and exchange funds. Such hedging transactions may permit a Company director, officer, employee, contractor or consultant to continue to own the Company's shares obtained through employee benefit plans or otherwise, but without the full risks and rewards of ownership. When that occurs, the Company director, officer, employee, consultant or contractor may no longer have the same objectives as the Company's other shareholders. Therefore, Company employees, directors, officers, consultants and contractors are prohibited from engaging in any such transactions.

**Pledging and Margin Accounts** 

Except as set forth below, you may not hold Company shares in a margin account or pledge them as collateral for a loan. A broker-initiated sale (e.g., a margin call) could occur while you have inside or material non-public information, leading to a legal violation. Similarly, securities pledged as collateral for a loan may be sold in foreclosure if the borrower defaults on the loan while in possession of inside or material non-public information.

------

Notwithstanding the foregoing you may hold Company shares in a margin account or pledge them as collateral, provided you first obtain pre-clearance from the Company. Requests for approval must be submitted to cosec@wise.com at least two weeks prior to the execution of the documents evidencing the proposed pledge. The Company is under no obligation to approve any request for pre-clearance and may decline to approve the arrangement for any reason. Approvals will be based on the particular facts and circumstances of the request, including, but not limited to, (i) the number of Company securities subject to margin accounts or otherwise pledged; (ii) the percentage of Company securities subject to such margin account or otherwise pledged in relation to other owned Company securities; (iii) the percentage of Company securities subject to such margin account or otherwise pledged in relation to total assets; and (iv) the volatility in the trading prices of Company securities. Notwithstanding the pre-clearance of any request, the Company assumes no liability for the consequences of any transaction made pursuant to such request.

**Standing and Limit Orders** 

To avoid inadvertent trading, the Company advises that you do not place standing or limit orders on the Company's securities (except as part of a Rule 10b5-1 plan). Because these orders are executed automatically by a broker, a trade could occur at a time when you have inside or material non-public information or when a closed period (as discussed below) is in effect. If you place a standing or limit order, it must be of short duration (cannot last longer than two business days from when your clearance request is approved) and you must cancel it immediately if a closed period is imposed or if you come into possession of inside or material non-public information.

**ETFs and Mutual Funds** 

Investments in an ETF or mutual fund where Company shares comprise 10% or more of such fund's holdings are subject to this Policy and shares of such an ETF or mutual fund are treated as if they are Company securities. For the avoidance of doubt, the foregoing does not apply to investments in an ETF or mutual fund where Company shares comprise less than 10% of such fund's holdings.

**Prediction Markets** 

You may not use inside or material non-public information learned in the course of your relationship with the Company to bet or wager on third-party platforms or "prediction markets" (e.g., Kalshi, Polymarket, IBKR ForecastTrader, or similar prediction market services). Furthermore, you may not bet or wager on third-party platforms or "prediction markets" with respect to business, financial, or any other developments regarding the Company, whether or not such activity is based on inside or material non-public information learned in the course of your relationship with the Company.

**Rule 10b5-1 trading plans** 

Under Rule 10b5-1 of the US Securities Exchange Act of 1934, as amended (the "**Exchange Act**"), and as permitted by the Company, you may establish a pre-arranged trading plan under which a broker is instructed to buy or sell Company shares at a future date based on pre-determined criteria (a "**10b5-1 Trading Plan**"). So long as a 10b5-1 Trading Plan is properly established, purchases and sales of Company shares pursuant to that plan are not subject to this Policy. To be properly established, your plan must be established in compliance with the requirements of Rule 10b5-1 of the Exchange Act and any applicable 10b5-1 trading plan guidelines of the Company at a time when the Company was not in a closed period and you were not otherwise aware of any inside or material non-public information relating to the Company or the shares subject to the plan. Moreover, all 10b5-1 Trading Plans must be reviewed and approved by the Company before being established to confirm that the 10b5-1 Trading Plan complies with all pertinent company policies and applicable securities laws.

------

**Reporting and Compliance Responsibilities** 

**Policy duration** 

Certain obligations under this Share Dealing Policy continue to apply to your transactions in the Company's shares and the shares of other applicable public companies, as more specifically set forth in this Policy, even after your relationship with the Company has ended. If you are aware of inside or material non-public information when your relationship with the Company ends, you may not trade the Company's shares or the shares of other applicable publicly traded companies until such information has been publicly disseminated or is no longer material. Further, if you leave the Company during a closed period, then you may not deal the Company's shares or the shares of other applicable companies until the closed period has ended.

**Rule 144 Compliance (Affiliates)** 

Even when a trading window is open and you have no inside or material non-public information, directors and executive officers must comply with Rule 144, which limits the volume of shares you can sell in any three-month period and requires a concurrent filing of Form 144 with the SEC.

**Potential sanctions for insider trading** 

All those with access to inside or material non-public information relating to the Company are responsible for compliance with the rules set out in this Policy. Failure to comply may result in disciplinary action (including termination of employment) and, depending on circumstances, may also constitute a civil and/or criminal offence.

To reiterate, you personally, and the Company, may commit insider trading if, amongst other things, you:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;i. deal or attempt to deal in the Company's financial instruments, on your own account or for the account of
someone else, whilst in possession of inside or material non-public information;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ii. recommend or induce someone else to deal on the basis of inside or material non-public information, or circulate a recommendation or inducement made by someone else on the basis of inside or material non-public information;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;iii. cancel or amend an existing order to trade once you come into possession of inside or material non-public information;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;iv. disclose inside or material non-public information to another person,
otherwise than in the normal exercise of your employment, profession or duties;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;v. disseminate information or otherwise behave in a way which gives, or is likely to give, a false or misleading
impression regarding the price, supply of or demand for an investment; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;vi. take any other prohibited action in the section titled "**Insider dealing or trading** ".

The Financial Conduct Authority ("**FCA**") can impose unlimited fines and public censure on both the Company and individuals who commit market abuse and, in addition, it can require suspension of trading of the Company's securities. The FCA can also impose up to seven years' imprisonment.

------

Similarly, the Securities and Exchange Commission ("**SEC**") can also impose civil sanctions, or initiate criminal prosecution, or both. US federal law authorizes what are known as "treble" damages if the SEC brings a civil action against you for violating insider trading rules. This means the amount you can be fined can be up to three times the amount of profits gained or losses avoided. If you are convicted of insider trading, you may be subject to up to $5 million in fines as an individual (up to $25 million for a business entity), up to 20 years' imprisonment, or both.

**Getting further help** 

If you are not sure whether or not you have inside or material non-public information, you should contact the Company Secretariat team at cosec@wise.com

Bear in mind that they may not have the same information so you should not tell them what it is unless asked (doing so might be unlawfully disclosing inside information).

This Section 1 is intended to help you to comply with the UK Market Abuse Regulation and US securities laws in relation to listed shares. These laws and regulations go much further than is described in this section and you should seek further help if you are unsure about anything.

**Section 2 – Getting clearance to deal** 

***Please note:*** You only need to read this if you are a PDMR, a Section 16 Officer, or you have been told that you need to get clearance before you deal.

**What is clearance?** 

In order to minimise the risk of Company directors and employees misusing or appearing to misuse inside or material non-public information (see Section 1), directors, certain specified employees, and each of their Related Persons, must get clearance before dealing in Company shares.

**Who has to get clearance?** 

You need to get clearance if:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• you are a PDMR;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• a Section 16 Officer;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• you are a Related Person of a PDMR or a Section 16 Officer; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• you have been told that you need to ask for clearance before you deal.

If you are unsure, you should ask for clearance before you deal.

------

**What transactions do I need clearance for?** 

You must get clearance for any "dealing" or "trading" in Company shares. "Dealing" is a very wide term. It would include, for example:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• buying Company shares;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• selling Company shares (which would include selling shares in the open market to pay tax when you get shares
under one of the Company's share plans, unless you are told that clearance is not needed);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• joining or leaving any of the Company's share plans, unless you are told that clearance is not needed;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• stopping, starting or changing contributions under a Company share incentive plan;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• exercising options or phantom options;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• entering into or leaving any dividend reinvestment plan;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• cashing out an award or option;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• using any Company shares as security for a loan;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• making a transfer to your spouse or civil partner;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• giving or receiving a gift of shares; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• giving instructions to the manager of your pension fund to invest in or sell Company shares (or a fund which
included Company shares) – but see below for more.

You also need to get clearance for transactions you enter into on behalf of somebody else, including Related Persons. So if, for example, you are the executor of an estate which holds shares, you need clearance for dealings in those shares in the same way as for your own shares.

You need to get clearance for transactions made on your behalf, for example by:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• your broker;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the manager of an investment fund;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• your pension fund; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• a trustee of a family trust,

where the funds include shares in the Company. This is only necessary if you are allowed to give directions as to investments and timing. If you cannot do this and the manager or trustee has complete discretion, there is no need to ask for clearance. This would apply, for example, to most mutual funds, index trackers or other retail investment products (so you would not need to apply for clearance for dealings by those funds).

If in doubt, you should ask for clearance.

**Will I be given clearance?** 

Clearance to deal in shares is always at the discretion of the person giving the clearance.

Unless there are exceptional circumstances (such as a requirement to sell shares in severe financial circumstances), you would not normally be given clearance to deal:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• in a **" closed period",** which is:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• if you are a PDMR, a Section 16 Officer, or are otherwise on the High Risk list, the period starting 30 days
before the release of our interim or preliminary announcement of our half-year and full year results for the year, and ending two full trading days after that announcement;

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• for all Wisers, including PDMRs and Section 16 Officers, the period starting 45 days before the release of
quarterly market updates, and ending two full trading days after the release;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The exact dates will be notified to you in advance and shared on Confluence or by Company communication channels;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• or if you are on an insider list, since this means you will have inside or material non-public information.

The Company may impose additional ad hoc closed periods at any time due to pending corporate events. Note, that while a closed period does not necessarily mean something "big" is happening at the Company, the fact that the Company has put a closed period in place should be treated as inside or material non-public information.

*Even if you have been given clearance, the insider dealing rules still apply and you may still be guilty of (or be accused of) insider trading. You should read Section 1 again before you deal.* 

If you need to deal in a closed period, you should explain why you want to deal on your request on the Insider List Portal, and this will be considered. The sorts of things which will be relevant are as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the reasons you want to deal – for example, to satisfy a legal obligation or financial commitment or to
meet any shareholding guidelines which apply to you;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• why this commitment cannot be met before a closed period, at any other time or in any other way;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• any past practice you may have of dealing at the same time and/or in the same circumstances; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• whether you are seeking to exercise an option that is about to lapse.

**Options about to lapse** 

If you have an option which will lapse during a closed period, you may be given clearance to exercise it if you give at least four months' written notice of your intention to do so. If this may be relevant to you then you should contact the Group Company Secretary as soon as possible.

**What is the procedure for getting clearance?** 

You must apply for clearance to trade following instructions on the InsiderList Portal. Our InsiderList Portal guide and FAQs are available on Confluence. The person who will be giving clearance will be:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• if you are the Group Company Secretary, the Chairman.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• if you are the Chairman, the CEO; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• in any other case, the Group Company Secretary and/or their delegates.

------

No person may give himself, herself or themselves clearance to deal.

Notwithstanding the above if, upon receiving an application for clearance to trade, the Group Company Secretary considers there to be an actual or potential conflict of interest in respect of the specific circumstances of that application and/or the relationship between the individual requesting permission and the person who is expected to assess that request, the Group Company Secretary shall put in place an alternative process for assessing that application, including (but not limited to) appointing an alternative approver to assess that application. If the applicant or the expected approver is the Group Company Secretary, then the CEO will assess the application for an actual or potential conflict of interest and, if applicable, put in place an alternative process for assessing that application, including (but not limited to) appointing an alternative approver to assess that application.

You will be told of the decision within five business days.

*You must deal within two business days of being given clearance and, when you do, you must notify the Company via the InsiderList Portal immediately. (See Section 3.)* 

If you do not deal within two business days of being given clearance, you have to apply for clearance again.

Similarly, if you are given clearance and then your circumstances change (for example you are notified you have been put on an insider list) then you must ask for clearance again.

**Section 3 - Notification of dealings** 

***Please note:*** You only need to read this if you are a PDMR or Section 16 Officer.

**Summary** 

If you are a PDMR or Section 16 Officer, you must notify your dealings, and those of your Related Persons, in Company shares (as set out at the beginning of this document, this includes debt and options) to the Company, the SEC<sup>2</sup> in the US and the FCA in the UK. This must be done **within 24 hours** and, in any event, before 5pm (local time) on the business day after the one in which the dealing takes place. The Company will then announce the dealing to the market.

Although you are required by law to notify the FCA and SEC about any dealings in the Company's shares, the Company has decided that it will do this on your behalf (although you will remain legally responsible for the notification).

**Who are my Related Persons?** 

Your 'Related Persons' are as follows.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**A.** **Family members and household relatives, including:** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• your spouse, civil partner, or any partner considered to be equivalent to a spouse under national law;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• your dependent children (including stepchildren);

<sup>2</sup> Because the SEC requires a Form 4 to be filed within two business days (T+2) of a trade, all Section 16 Officers and directors must notify the Company Secretary (via the InsiderList portal or by other approved means) within 24 hours (T+1) of any executed trade.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• any relative (including parents, stepparents, grandparents, grandchildren, in-laws, and siblings) who resides with you;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• any entities managed, controlled by you, or run for your benefit or that of your spouse, civil partner or
children;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• any other person not captured in the above categories with whom you share a household; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• any other person (regardless of residency) where you have a pecuniary interest (the opportunity, directly or
indirectly, to profit or share in any profit derived from a transaction) in the Company's securities held by such person.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**B.** **Connected legal entities, trusts, and partnerships, including:** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• any legal person, trust, or partnership:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• whose managerial responsibilities are discharged by you or by a Related Person listed in Section A above;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• which is directly or indirectly controlled by you or by a Related Person listed in Section A above, or which is
set up for the benefit of such a person; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• whose economic interests are substantially equivalent to those of yours or of a Related Person listed in Section
A above, including personal investment vehicles or family trusts.

For the categories listed above, such connected legal entities, trusts, and partnerships include partnerships in which you are a general partner, trusts of which you are a trustee, estates of which you are an executor or investment funds or other similar vehicles with which you are affiliated.

The law requires the Company to keep an up-to-date list of your Related Persons. Please provide the Company Secretariat team with details on who your Related Persons are and send this to them on email at cosec@wise.com. Alternatively, you can update this information directly on the InsiderList Portal.

**What dealings do I and my Related Persons have to notify?** 

You and your Related Persons have to notify all transactions conducted on your own account relating to Company shares. This would include:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• buying Company shares;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• selling Company shares;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• transactions in Company shares carried out on your (or your Related Persons) behalf (e.g. by trustees of a family
trust);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• exercising options or phantom options;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• selling shares to cover the tax when you get shares under one of the Company's share plans;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• buying shares under a dividend reinvestment plan;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• cashing out an award or option;

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• using any Company shares as security for a loan;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• making a transfer of shares to your spouse or civil partner;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• giving or receiving a gift of shares;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• inheriting shares;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• your (or your Related Persons') dealings in units or shares in a collective investment undertaking or a
portfolio of assets which has an exposure to Company shares or debt instruments of more than 20%; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• dealings in the Company shares or debt instruments by a collective investment undertaking (for example a UCITS,
or an Alternative Investment Fund), in which you or your Related Person have invested, but only where you/your related person have a say in investment decisions and not where the manager has complete discretion.

Other transactions in Company shares carried out by other persons on your behalf – e.g. trustees of a family trust of which you are a beneficiary (whether or not you can tell them what to invest in and when) must be notified. This applies also to transactions on behalf of your Related Persons.

You cannot net off transactions in your notifications. So, if you buy some shares and sell others, you must notify both the sale and the purchase in full.

If you are in any doubt about whether you have to notify, then you should ask for guidance.

**What about where the dealing happens because of something the Company has done?** 

Where the Company does something which results in your having to notify a dealing, you will be treated as having notified the Company. The Company will notify the transaction to the FCA, or, with respect to Section 16 officers, make any required filings with the SEC, on your behalf, so you do not need to do anything further. This covers:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• a purchase of shares under a Company share incentive plan;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• a grant of free or matching shares under a Company share incentive plan;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• being granted an option or award under the Company's employee share schemes; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• shares being issued or transferred to you following vesting of an award and a sale of shares to cover tax on such
an award, if applicable.

**When do I have to notify?** 

You and your Related Persons must notify the Company **within 24 hours** of any dealing and, in any event, before 5pm (local time) on the business day after the one in which the dealing takes placed.

------

**How do I notify?** 

The notification must be made using the InsiderList Portal. A notification can set out more than one transaction, as long as each transaction is being notified within the one business day deadline. Some transactions can be presented in aggregated form as long as they:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• are of the same nature (purchases and sales should **never** be netted between themselves);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• relate to the same financial instrument;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• occur on the same trading day; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• occur on the same trading venue or outside any trading venue.

## Exhibit 12.1

**Exhibit 12.1** 

**CERTIFICATION REQUIRED BY RULE 13a-14(a) OR RULE 15d-14(a), PURSUANT TO SECTION 302** 

**OF THE SARBANES-OXLEY ACT OF 2002** 

I, **KRISTO KÄÄRMANN**, certify that:

1. I have reviewed this annual report on Form 20-F for the year ended
March 31, 2026, of Wise Group plc;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a
material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report,
fairly present in all material respects the financial condition, results of operations and cash flows of the issuer as of, and for, the periods presented in this report;

4. The issuer's other certifying officer and I are responsible for establishing and maintaining disclosure
controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) for the issuer and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be
designed under our supervision, to ensure that material information relating to the issuer, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being
prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Evaluated the effectiveness of the issuer's disclosure controls and procedures and presented in this
report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Disclosed in this report any change in the issuer's internal control over financial reporting that
occurred during the period covered by the annual report that has materially affected, or is reasonably likely to materially affect, the issuer's internal control over financial reporting; and

5. The issuer's other certifying officer and I have disclosed, based on our most recent evaluation of
internal control over financial reporting, to the issuer's auditors and the audit committee of the issuer's board of directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) All significant deficiencies and material weaknesses in the design or operation of internal control over
financial reporting which are reasonably likely to adversely affect the issuer's ability to record, process, summarize and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in
the issuer's internal control over financial reporting.

Date: June 25, 2026

---

| |
|:---|
| /s/ KRISTO KÄÄRMANN |
| <br> KRISTO KÄÄRMANN |
| Chief Executive Officer |

---

## Exhibit 12.2

**Exhibit 12.2** 

**CERTIFICATION REQUIRED BY RULE 13a-14(a) OR RULE 15d-14(a), PURSUANT TO SECTION 302** 

**OF THE SARBANES-OXLEY ACT OF 2002** 

I, **EMMANUEL THOMASSIN**, certify that:

1. I have reviewed this annual report on Form 20-F for the year ended
March 31, 2026, of Wise Group plc;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a
material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report,
fairly present in all material respects the financial condition, results of operations and cash flows of the issuer as of, and for, the periods presented in this report;

4. The issuer's other certifying officer and I are responsible for establishing and maintaining disclosure
controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) for the issuer and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be
designed under our supervision, to ensure that material information relating to the issuer, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being
prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Evaluated the effectiveness of the issuer's disclosure controls and procedures and presented in this
report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Disclosed in this report any change in the issuer's internal control over financial reporting that
occurred during the period covered by the annual report that has materially affected, or is reasonably likely to materially affect, the issuer's internal control over financial reporting; and

5. The issuer's other certifying officer and I have disclosed, based on our most recent evaluation of
internal control over financial reporting, to the issuer's auditors and the audit committee of the issuer's board of directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) All significant deficiencies and material weaknesses in the design or operation of internal control over
financial reporting which are reasonably likely to adversely affect the issuer's ability to record, process, summarize and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in
the issuer's internal control over financial reporting.

---

| | |
|:---|:---|
| Date: June 25, 2026 | /s/ EMMANUEL THOMASSIN |
|  | EMMANUEL THOMASSIN |
|  | Chief Financial Officer |

---

## Exhibit 13.1

**Exhibit 13.1** 

**CERTIFICATION PURSUANT TO 18 U.S.C. SECTION 1350, AS ADOPTED PURSUANT TO** 

**SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002** 

In connection with the Annual Report on Form 20-F of Wise Group plc (the "Company") for the fiscal year ended March 31, 2026, as filed with the Securities and Exchange Commission on the date hereof (the "Report"), I, Kristo Käärmann, Chief Executive Officer of the Company, certify, pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes Oxley Act of 2002, that:

1. the Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act
of 1934; and

2. the information contained in the Report fairly presents, in all material respects, the financial condition and
results of operations of the Company.

---

| | |
|:---|:---|
| Date: June 25, 2026 |  |
|  | /s/ Kristo Käärmann |
|  | Kristo Käärmann |
|  | Chief Executive Officer |

---

## Exhibit 13.2

**Exhibit 13.2** 

**CERTIFICATION PURSUANT TO 18 U.S.C. SECTION 1350, AS ADOPTED PURSUANT TO** 

**SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002** 

In connection with the Annual Report on Form 20-F of Wise Group plc (the "Company") for the fiscal year ended March 31, 2026, as filed with the Securities and Exchange Commission on the date hereof (the "Report"), I, Emmanuel Thomassin, Chief Financial Officer of the Company, certify, pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes Oxley Act of 2002, that:

1. the Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act
of 1934; and

2. the information contained in the Report fairly presents, in all material respects, the financial condition and
results of operations of the Company.

---

| | |
|:---|:---|
| Date: June 25, 2026 |  |
|  | /s/ Emmanuel Thomassin |
|  | Emmanuel Thomassin |
|  | Chief Financial Officer |

---

## Exhibit 15.1

**Exhibit 15.1** 

CONSENT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

We hereby consent to the incorporation by reference in this Registration Statement on Form S-8 (No. 333-295745) of Wise Group plc of our report dated June 25, 2026 relating to the financial statements, which appears in this Annual Report on Form 20-F.

/s/ PricewaterhouseCoopers LLP

London, United Kingdom

June 25, 2026

## Ex-97

**Exhibit 97** 

**WISE GROUP PLC** 

**(Approved by the board of directors on April 28, 2026)** 

**INCENTIVE COMPENSATION RECOUPMENT POLICY** 

**INTRODUCTION** 

The Compensation Committee (the "***Compensation Committee***") of the Board of Directors (the "***Board***") of Wise Group plc, a public limited company incorporated under the laws of Jersey (the "***Company***"), has determined that it is in the best interests of the Company and its shareholders to adopt this Incentive Compensation Recoupment Policy (this "***Policy***") providing for the Company's recoupment of Recoverable Incentive Compensation that is received by Covered Officers of the Company under certain circumstances. Certain capitalized terms used in this Policy have the meanings given to such terms in Section 2 below.

This Policy is designed to comply with, and shall be interpreted to be consistent with, Section 10D of the Exchange Act, Rule 10D-1 promulgated thereunder ("***Rule 10D-1***") and Nasdaq Listing Rule 5608 (the "***Listing Standards***").

**1.** **EFFECTIVE DATE** 

This Policy shall apply to all Incentive Compensation that is received by a Covered Officer on or after 11th May 2026 2026 (the "***Effective Date***"). Incentive Compensation is deemed "***received***" in the Company's fiscal period in which the Financial Reporting Measure specified in the Incentive Compensation award is attained, even if the payment or grant of such Incentive Compensation occurs after the end of that period.

**2.** **DEFINITIONS** 

"***Accounting Restatement***" means an accounting restatement that the Company is required to prepare due to the material noncompliance of the Company with any financial reporting requirement under the securities laws, including any required accounting restatement to correct an error in previously issued financial statements that is material to the previously issued financial statements, or that would result in a material misstatement if the error were corrected in the current period or left uncorrected in the current period.

"***Accounting Restatement Date***" means the earlier to occur of (a) the date that the Board, a committee of the Board authorized to take such action, or the officer or officers of the Company authorized to take such action if Board action is not required, concludes, or reasonably should have concluded, that the Company is required to prepare an Accounting Restatement, or (b) the date that a court, regulator or other legally authorized body directs the Company to prepare an Accounting Restatement.

"***Administrator***" means the Compensation Committee or, in the absence of such committee, the Board.

"***Code***" means the U.S. Internal Revenue Code of 1986, as amended, and the regulations promulgated thereunder.

"***Covered Officer***" means each current and former Executive Officer.

"***Exchange***" means the Nasdaq Stock Market.

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"***Exchange Act***" means the U.S. Securities Exchange Act of 1934, as amended.

"***Executive Officer***" means the Company's president, principal financial officer, principal accounting officer (or if there is no such accounting officer, the controller), any vice-president of the Company in charge of a principal business unit, division, or function (such as sales, administration, or finance), any other officer who performs a policy-making function, or any other person who performs similar policy-making functions for the Company. Executive officers of the Company's parent(s) or subsidiaries are deemed executive officers of the Company if they perform such policy-making functions for the Company. Policy-making functions are not intended to include policy-making functions that are not significant. Identification of an executive officer for purposes of this Policy would include at a minimum executive officers identified pursuant to Item 401(b) of Regulation S-K promulgated under the Exchange Act.

"***Financial Reporting Measures***" means measures that are determined and presented in accordance with the accounting principles used in preparing the Company's financial statements, and any measures derived wholly or in part from such measures, including Company share price and total shareholder return ("***TSR***"). A measure need not be presented in the Company's financial statements or included in a filing with the SEC in order to be a Financial Reporting Measure.

"***Incentive Compensation***" means any compensation that is granted, earned or vested based wholly or in part upon the attainment of a Financial Reporting Measure.

"***Lookback Period***" means the three completed fiscal years immediately preceding the Accounting Restatement Date, as well as any transition period (resulting from a change in the Company's fiscal year) within or immediately following those three completed fiscal years (except that a transition period of at least nine months shall count as a completed fiscal year). Notwithstanding the foregoing, the Lookback Period shall not include fiscal years completed prior to the Effective Date.

"***Recoverable Incentive Compensation***" means Incentive Compensation received by a Covered Officer during the Lookback Period that exceeds the amount of Incentive Compensation that would have been received had such amount been determined based on the Accounting Restatement, computed without regard to any taxes paid (*i.e.*, on a gross basis without regard to tax withholdings and other deductions). For any compensation plans or programs that take into account Incentive Compensation, the amount of Recoverable Incentive Compensation for purposes of this Policy shall include, without limitation, the amount contributed to any notional account based on Recoverable Incentive Compensation and any earnings to date on that notional amount. For any Incentive Compensation that is based on share price or TSR, where the Recoverable Incentive Compensation is not subject to mathematical recalculation directly from the information in an Accounting Restatement, the Administrator will determine the amount of Recoverable Incentive Compensation based on a reasonable estimate of the effect of the Accounting Restatement on the share price or TSR upon which the Incentive Compensation was received. The Company shall maintain documentation of the determination of that reasonable estimate and provide such documentation to the Exchange in accordance with the Listing Standards.

"***Compensation Committee***" means the Compensation Committee of the Board.

"***SEC***" means the U.S. Securities and Exchange Commission.

**3.** **RECOUPMENT** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) **Applicability of Policy.** This Policy applies to Incentive Compensation received by a Covered Officer (i) after beginning services as an Executive Officer, (ii) who served as an Executive Officer at any time during the performance period for such Incentive Compensation, (iii) while the Company had a class of securities listed on a national securities exchange or a national securities association, and (iv) during the Lookback Period.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) **Recoupment Generally.** Pursuant to the provisions of this Policy, if there is an Accounting Restatement, the Company must reasonably promptly recoup the full amount of the Recoverable Incentive Compensation, unless the conditions of one or more subsections of Section 3(c) of this Policy are met and the Compensation Committee, or, if such committee does not consist solely of independent directors, a majority of the independent directors serving on the Board, has made a determination that recoupment would be impracticable. Recoupment is required regardless of whether the Covered Officer engaged in any misconduct and regardless of fault, and the Company's obligation to recoup Recoverable Incentive Compensation is not dependent on whether or when any restated financial statements are filed.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) **Impracticability of Recovery.** Recoupment may be determined to be impracticable if, and only if:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the direct expense paid to a third party to assist in enforcing this Policy would exceed the amount of the applicable Recoverable Incentive Compensation; provided that, before concluding that it would be impracticable to recover any amount of Recoverable Incentive Compensation based on expense of enforcement, the Company shall make a reasonable attempt to recover such Recoverable Incentive Compensation, document such reasonable attempt(s) to recover, and provide that documentation to the Exchange in accordance with the Listing Standards;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) recoupment of the applicable Recoverable Incentive Compensation would violate home country law where that law was adopted prior to November 28, 2022; provided that, before concluding that it would be impracticable to recover any amount of Recoverable Incentive Compensation based on violation of home country law, the Company shall obtain an opinion of home country counsel, acceptable to the Exchange, that recoupment would result in such a violation, and shall provide such opinion to the Exchange in accordance with the Listing Standards; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) recoupment of the applicable Recoverable Incentive Compensation would likely cause an otherwise tax-qualified retirement plan, under which benefits are broadly available to employees of the Company, to fail to meet the requirements of Code Section 401(a)(13) or Code Section 411(a) and regulations thereunder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) **Sources of Recoupment.** To the extent permitted by applicable law, the Administrator shall, in its sole discretion, determine the timing and method for recouping Recoverable Incentive Compensation hereunder, provided that such recoupment is undertaken reasonably promptly. The Administrator may, in its discretion, seek recoupment from a Covered Officer from any of the following sources or a combination thereof, whether the applicable compensation was approved, awarded, granted, payable or paid to the Covered Officer prior to, on or after the Effective Date: (i) direct repayment of Recoverable Incentive Compensation previously paid to the Covered Officer; (ii) cancelling prior cash or equity-based awards (whether vested or unvested and whether paid or unpaid); (iii) cancelling or offsetting against any planned future cash or equity-based awards; (iv) forfeiture of deferred compensation, subject to compliance with Code Section 409A (if applicable) or any equivalent local laws applicable to the Covered Officer; and (v) any other method authorized by applicable law or contract. Subject to compliance with any applicable law, the Administrator may effectuate recoupment under this Policy from any amount otherwise payable to the Covered Officer, including amounts payable to such individual under any otherwise applicable Company plan or program, *e.g.*, base salary, bonuses or commissions and compensation previously deferred by the Covered Officer. The Administrator need not utilize the same method of recovery for all Covered Officers or with respect to all types of Recoverable Incentive Compensation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) **No Indemnification of Covered Officers.** Notwithstanding any indemnification agreement, applicable insurance policy or any other agreement or provision of the Company's certificate of incorporation or bylaws to the contrary, no Covered Officer shall be entitled to indemnification or advancement of expenses in connection with any enforcement of this Policy by the Company, including paying or reimbursing such Covered Officer for insurance premiums to cover potential obligations to the Company under this Policy.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) **Indemnification of Administrator.** Any members of the Administrator, and any other members of the Board who assist in the administration of this Policy, shall not be personally liable for any action, determination or interpretation made with respect to this Policy and shall be indemnified by the Company to the fullest extent under applicable law and Company policy with respect to any such action, determination or interpretation. The foregoing sentence shall not limit any other rights to indemnification of the members of the Board under applicable law or Company policy.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) **No "Good Reason" for Covered Officers.** Any action by the Company to recoup or any recoupment of Recoverable Incentive Compensation under this Policy from a Covered Officer shall not be deemed (i) "good reason" for resignation or to serve as a basis for a claim of constructive termination under any benefits or compensation arrangement applicable to such Covered Officer, or (ii) to constitute a breach of a contract or other arrangement to which such Covered Officer is party.

**4.** **ADMINISTRATION** 

Except as specifically set forth herein, this Policy shall be administered by the Administrator. The Administrator shall have full and final authority to make any and all determinations required under this Policy. Any determination by the Administrator with respect to this Policy shall be final, conclusive and binding on all interested parties and need not be uniform with respect to each individual covered by this Policy. In carrying out the administration of this Policy, the Administrator is authorized to consult with the full Board or such other committees of the Board as may be necessary or appropriate as to matters within the scope of such other committee's responsibility and authority. Subject to applicable law, the Administrator may authorize and empower any officer or employee of the Company to take any and all actions that the Administrator, in its sole discretion, deems necessary or appropriate to carry out the purpose and intent of this Policy (other than with respect to any recovery under this Policy involving such officer or employee).

**5.** **SEVERABILITY** 

If any provision of this Policy or the application of any such provision to a Covered Officer shall be adjudicated to be invalid, illegal or unenforceable in any respect, such invalidity, illegality or unenforceability shall not affect any other provisions of this Policy, and the invalid, illegal or unenforceable provisions shall be deemed amended to the minimum extent necessary to render any such provision or application enforceable.

**6.** **NO IMPAIRMENT OF OTHER REMEDIES** 

Nothing contained in this Policy, and no recoupment or recovery as contemplated herein, shall limit any claims, damages or other legal remedies the Company or any of its affiliates may have against a Covered Officer arising out of or resulting from any actions or omissions by the Covered Officer. This Policy does not preclude the Company from taking any other action to enforce a Covered Officer's obligations to the Company, including, without limitation, termination of employment and/or institution of civil proceedings. This Policy is in addition to the requirements of Section 304 of the Sarbanes-Oxley Act of 2002 ("***SOX 304***") that are applicable to the Company's Chief Executive Officer and Chief Financial Officer and to any other compensation recoupment policy and/or similar provisions in any employment, equity plan, equity award, or other individual agreement, to which the Company or any subsidiary thereof is a party or which the Company or any subsidiary thereof has adopted or may adopt and maintain from time to time; provided, however, that compensation recouped pursuant to this Policy shall not be duplicative of compensation recouped pursuant to SOX 304 or any such compensation recoupment policy and/or similar provisions in any such employment, equity plan, equity award, or other individual agreement except as may be required by law.

**7.** **AMENDMENT ; TERMINATION** 

The Administrator may amend, terminate or replace this Policy or any portion of this Policy at any time and from time to time in its sole discretion. The Administrator shall amend this Policy as it deems necessary to comply with applicable law or any Listing Standard.

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**8.** **SUCCESSORS** 

This Policy shall be binding and enforceable against all Covered Officers and, to the extent required by Rule 10D-1 and/or the applicable Listing Standards, their beneficiaries, heirs, executors, administrators or other legal representatives.

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**WISE GROUP PLC** 

**INCENTIVE COMPENSATION RECOUPMENT POLICY** 

**FORM OF EXECUTIVE ACKNOWLEDGMENT (U.S.)** 

I, the undersigned, agree and acknowledge that I am bound by, and subject to, the Wise Group plc Incentive Compensation Recoupment Policy, as may be amended, restated, supplemented or otherwise modified from time to time (the "***Policy***"). In the event of any inconsistency between the Policy and the terms of any employment agreement, offer letter or other individual agreement with Wise Group plc (the "***Company***") or any subsidiary thereof to which I am a party, or the terms of any compensation plan, program or agreement, whether or not written, under which any compensation has been granted, awarded, earned or paid to me, the terms of the Policy shall govern.

In the event that the Administrator (as defined in the Policy) determines that any compensation granted, awarded, earned or paid to me must be forfeited or reimbursed to the Company pursuant to the Policy, I will promptly take any action necessary to effectuate such forfeiture and/or reimbursement. I further agree and acknowledge that I am not entitled to indemnification, and hereby waive any right to advancement of expenses, in connection with any enforcement of the Policy by the Company.

**Agreed and Acknowledged:** 

---

| |
|:---|
| Name: |
| Title: |
| Date: |

---

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**DEED OF EXECUTIVE ACKNOWLEDGMENT AND AGREEMENT (U.K.)** 

This Deed of Executive Acknowledgement and Agreement (this "***Deed***") is executed and delivered as a deed by Wise Group plc and ______________ on ______________.

I, the undersigned, agree and acknowledge that I am bound by, and subject to, the Wise Group plc Incentive Compensation Recoupment Policy, as may be amended, restated, supplemented or otherwise modified from time to time (the "***Policy***"). In the event of any inconsistency between the Policy and the terms of any employment agreement, offer letter or other individual agreement with Wise Group plc (the "***Company***") or any subsidiary thereof to which I am a party, or the terms of any compensation plan, program or agreement, whether or not written, under which any compensation has been granted, awarded, earned or paid to me, the terms of the Policy shall govern.

In the event that the Administrator (as defined in the Policy) determines that any compensation granted, awarded, earned or paid to me must be forfeited or reimbursed to the Company or a subsidiary thereof pursuant to the Policy, I will promptly take any action necessary to effectuate such forfeiture and/or reimbursement. I further agree and acknowledge that I am not entitled to indemnification, and hereby waive any right to advancement of expenses, in connection with any enforcement of the Policy by the Company.

I acknowledge that the Policy or any portion thereof may be amended or replaced by the Administrator from time to time as it deems necessary or desirable for compliance with the applicable law or any Listing Standard. I agree to execute further documents or instruments necessary or desirable in the sole determination of the Administrator to carry out the purposes or intent of the Policy or any amendments thereto.

This Deed may be executed in any number of counterparts, each of which when executed and delivered shall constitute a duplicate original, but all the counterparts shall together constitute the one deed. Transmission of an executed counterpart of this Deed (but for the avoidance of doubt not just a signature page) by email (in PDF, JPEG or other agreed format), shall take effect as delivery of an executed counterpart of this Deed. No counterpart shall be effective until each party has executed and delivered at least one counterpart.

**Agreed and Acknowledged:** 

**Executed and delivered as a deed on** _________________(date)**:** 

By:

Signature:<u> </u>

Name:

Title:<u> </u>

In the presence of:<u> </u>

Witness signature:

Witness name:

Witness occupation:<u> </u>

Witness address:

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**Executed and delivered as a deed by Wise Group plc (acting by two directors) on _________________**(date):<br>**Director**<br>**Name**<br>**Director**<br>**Name**<br>