1 · Strength of the originator

• 10 years financing women entrepreneurs in Latin America (since 2016), with more than 22,000 microloans granted and a direct presence in the three countries where it operates through regulated local entities: Finpulso (Mexico), MICROWD Nicaragua and COOPAC MICROWD / Inclusiva (Peru).
• Model with its own risk filter: MICROWDX, the first-loan incubator, which finances the riskiest loan of all (the first one) from MICROWD's balance sheet (not with the Microwd 2026 Bond investor's money). More than 2,800 women have already gone through this filter.
• Track record of two previous compartments of the MICROWD 2026 Bond already placed and being repaid (~€5.8M), as well as the predecessor fund FESE, fully honoured with a 7% return.
• Awards and recognition: winners of the CEMEX-TEC Prize (2020) and CEMEX MakeSense (2024); 2nd place in the NEA Entrepreneurship Award (2021); ranked no. 5 among more than 220 organisations in the Financial Alliance for Women Hackathon (2024).

2 · Return and investment features

• Coupon: 10% fixed nominal per year, paid monthly (on the 25th; first payment on 25 March 2027). The rate is fixed, but payment is not guaranteed.
• Maturity: 1 March 2030, bullet bond (100% of principal at maturity).
• Minimum investment: €1,000 per bond, in multiples of €1,000.
• Subscription fee: 2.40% + VAT of the amount invested.
• Redemption fee: 0%.
• Voluntary exit windows on 1 March 2028 and 1 March 2029, with 3 months' notice, met from funds retained under the Accumulation Mode (no guarantee of immediate liquidity).

3 · Controlled risk and protections

• Our margin is large compared with other financial transactions. We charge women approximately 2.5% per month, depending on the credit cycle and the country, while the bond coupon is equivalent to approximately 0.83% per month. In addition, the Framework Agreement requires each lot acquired by the Issuer to have a Minimum Net Yield of 15% per year, after servicing fees, compared with the 10% coupon. This spread acts as a cushion to absorb costs, losses and deviations, although it does not eliminate the risk of default.
• According to the internal stress model prepared by MICROWD for this issue, the coupon, operating costs and repayment of principal would be covered at sustained default rates of 5% and 10%, above MICROWD's recent levels (PAR30 for 2026 to date: 2.7%). The model's theoretical break-even point is around 13.6% sustained default over the 36 months. This is a MICROWD estimate, not a threshold guaranteed by the Framework Agreement.
• Protection structure: direct assignment from the Local Entities to the Issuer, valid and enforceable under local law; issuing company with limited activity; Reserve Fund (minimum 4% of outstanding principal); retention of excess spread; Disbursement Account blocked until the Drawdown Conditions are met; and Bondholders' Trustee.
• Contractual concentration limits: below 40% per country and per Local Entity, 0.5% per borrower and 35% per business sector, once the Portfolio Construction Period has ended.
• Active and ongoing regulatory supervision of the originator: CONAMI (Nicaragua), SBS (Peru) and CNBV (Mexico) over the local entities; CNMV over Startupxplore as a platform authorised under the ECSP Regulation (which does not mean that the CNMV approves or guarantees this issue).

4 · Verified impact

• Microwd carries out surveys every 6 months to check improvements in its clients' lives.
• 86% of clients report an increase in income after receiving their loan.
• Client Net Promoter Score (NPS) of 90 points.
• More than 12,000 women direct beneficiaries in 157 communities in Mexico, Peru and Nicaragua.
• ICMA Social Bond Principles framework, with external verification by EQA of social impact and use of proceeds (audited up to July 2025; next verification not contractually required, expected to resume according to schedule).