In the High Court of Justice

Business and Property Courts of England and Wales, Insolvency & Companies List (ChD) Court Number: CR-2023-002766

MONNEO LTD

IN THE MATTER OF THE PAYMENT AND ELECTRONIC MONEY INSTITUTION INSOLVENCY REGULATIONS 2021

IN THE MATTER OF THE PAYMENT AND ELECTRONIC MONEY INSTITUTION INSOLVENCY (ENGLAND AND WALES) RULES 2021

UNDER REGULATION 20 OF THE PAYMENT AND ELECTRONIC MONEY INSTITUTION INSOLVENCY REGULATIONS 2021 AND RULE 142 OF THE PAYMENT AND ELECTRONIC MONEY INSTITUTION INSOLVENCY (ENGLAND AND WALES) RULES 2021

22 October 2025

On 30 May 2023, upon the application of the directors of Monneo Ltd under regulation 8(1)(b) of the Payment and Electronic Money Institution Insolvency Regulations 2021 (the "Regulations"), Monneo Ltd (company number 10086951) (the "Company") entered into special administration by order of the High Court. By the same order, Daniel Conway, David Hudson and Paul Allen, all of FRP Advisory Trading Limited, 2nd Floor, 110 Cannon Street, London EC4N 6EU, were appointed to act as joint special administrators of the Company (together, the "JSAs").

On 16 October 2025, the JSAs obtained an order from the High Court of Justice Business and Property Courts of England and Wales, approving a distribution to customers of the Company and requiring that an interim distribution be made no later than 6 November 2026 (the “Order”).

In accordance with regulation 20 of the Regulations and rule 142 of the Payment and Electronic Money Institution Insolvency (England and Wales) Rules 2021 (as amended by The Payment and Electronic Money Institution Insolvency (England and Wales) (Amendment) Rules 2022) (the "Rules"), the JSAs hereby give notice of an interim distribution.

1. Interim Distribution Notice

1.1 On 18 October 2023, in order to expedite the return of relevant funds, the JSAs set a bar date of 20 November 2023 (the "Bar Date") in respect of admitted relevant funds claims, that customers of the Company may have in respect of funds that were received by the Company (each an "Admitted Relevant Funds Claim").

1.2 On 28 November 2023, the JSAs sent emails and letters to all customers yet to claim for whom the JSAs held addresses providing them a copy of the notice in accordance with rule 111 of the Rules.

1.3 Upon the application of the JSAs in their capacity as joint special administrators of the Company dated 18 June 2025 and made pursuant to (i) rule 114(2) of the Rules (the “Distribution Plan Application”)

1.4 The Distribution Plan in respect of the Company proposed by the JSAs pursuant to Rule 112(2) was approved by the Order pursuant to Rule 114(5), and contains the following modifications:

(a) Clarification in paragraph 5.1 of the Distribution Plan that the initial interim distribution will be made by the JSAs no later than the date that is three weeks from the date of the Order (being 6 November 2025); and

(b) Clarification that the Costs Reserve as set out in paragraph 9.1 of the Distribution Plan shall be £4,784,606 (excluding VAT).

2. Bar Date

2.1 The JSAs set the Bar Date for the submission of Admitted Relevant Funds Claims. In accordance with Regulation 20(4), the JSAs shall as soon as reasonably practicable after the Bar Date make an initial interim Distribution of Admitted Relevant Funds Claims. The initial interim Distribution will be made by the JSAs no later than the date that is three weeks from the Order date, being 6 November 2025.

2.2 The JSAs will make further Distributions and/or the Final Distribution following the Hard Bar Date as soon as reasonably practicable thereafter to Claimants who have submitted an Admitted Relevant Funds Claim.

3. Next Steps

3.1 This notice will:

(a) be advertised in the London Gazette;

(b) be sent to the FCA; and

(c) be placed on the JSAs’ dedicated special administration webpage (accessed athttps://www.creditors.frpadvisory.com using the above login details).

3.2 A hard copy of this notice may be requested from the JSAs using the contact details below.

3.4 Any general queries in relation to this notice should be directed to +44 (0)20 3005 4000 or Monneo@frpadvisory.com. We encourage any person unsure about the scope and effect of this notice to seek independent professional advice from a legal or financial advisor.

The Joint Special Administrators act as agents of the Company and without personal liability

Daniel Conway, Joint Special Administrator

22 October 2025

Ag HK72404