SIX T+1 project update Madrid; Go-Live planned for 11/10/27

SIX T+1 project update Madrid; Go-Live planned for 11/10/27

Sensitivity: C2 Public 30 April 2026, Madrid SIX T+1 update for EU, SWISS and UK Markets

Sensitivity: C2 Public 2 Agenda Welcome 1 T+1 status in Europe and United Kingdom 2 SIX T+1 Project 3 4 T+1: High level analysis 5 Iberclear update Community testing Iberclear: Client action plan Q&A / Closing remarks 6 7 8

Sensitivity: C2 Public 3 Agenda Welcome 1 Welcome

Sensitivity: C2 Public 4 Agenda T+1 status in Europe and UK 2 T+1 status in Europe and UK

Sensitivity: C2 Public EU UK ECB − Before summer: • 2nd version Handbook • 2nd ValueExchange survey • Other documents: check-list − Quaterly revision in AST: plan update: implementation harmonizing dates with the EU ones − Comments on RTS until February 2026. Publication before October 2027 to implement the changes in time Next steps − CR-0858 approved, pending formal authorisation by CSG − T2S Release decision and activation method in Production: in June 2027 − Roadmap IC and final RTS document of ESMA published in 2025. − Handbook published in February − Results of 1st ValueExchange survey presented in February − Publication of testing strategy document coordinated with UK and CH in April − AST final report published in February 2025. Approval of governance − Project CSD Rulebook 2026 Published in November 2025: T+1 implementation mandatory Main topics − Schedule day review − NTS Settlement transactions: 00.00 and 2.00. Partial Settlement window in the first NTS cycle too − Settlement Efficiency: MSE WS − Coordination Committee leaded by ESMA/EC/ECB. − Industry Committee (IC) chaired by Giovanni Sabatini − 12 Technical Workstreams (TW) + 3 Task Forces, leaded by industry experts − UK Accelerated Settlement Taskforce (AST) created in December 2022 − 5 working groups and 13 subgroups Governance − Impact assement on T2S − Leaded by MIB & CSG. − CSG TF with CSDs and participants − Market Settlement Efficiency WS (MSE WS) T+1 Status in Europe and UK 5

Sensitivity: C2 Public 6 Agenda SIX T+1 Project 3 SIX T+1 Project

Sensitivity: C2 Public SIX T+1 Project 7 Current situation − National and international working groups feedback − Analysis / Requirements / Planification − Communication plan / Client action plan − Playbook / Roadmap / − Six high level impact assessment for T+1 migration Next steps − Developments − Testing and migration: Specifications − Internal testing (2026) − Community testing (2027) Project Program / Proyects Proyectot1@grupobme.es 11 Octuber 2027 Implementation Main changes − Corporate events − Functionalities − T2S (operational day, gating event) − Impact: Many markets have not yet published their specifications Testing and migration − Interdependencies with other initiatives − Testing: “Industry testing plan for T+1 (EU, UK, CH)” published Key points SIX T+1 Landing Page T+1 Overview

Sensitivity: C2 Public 8 Report on the assessment of the shortening of the settlement cycle in the EU 18/11/2024 Final Report on amendments to the RTS on Settlement Discipline 13/10/2025 High-Level Roadmap to T+1 Securities Settlement in the EU T+1 Industry Committee 30/06/2025 Securities settlement Handbook 03/02/2026 T+1 Corporate Events. Harmonised Implementation Guide Marzo 2026 (latest version) EU T+1 (IC), UK (AST), SWISS SPTC Main documents European Union (EU) United Kingdom (UK) and Switzerland (CH) T+1 Testing Plan 25/03/2026 SIX T+1 Project

Sensitivity: C2 Public 9 Spanish Market playbook 24/07/2025 Identification of changes to support entities in their impact analysis Definition of changes to support entities in their impact analysis Structured view of the transition to T+1. SIX acting as a change facilitator BME Roadmap 21/11/2025 SIX High level impact assessment for T+1 migration 08/04/26 Documentation published by BME SIX T+1 Project

Sensitivity: C2 Public SIX High-Level Impact Assessment for T+1 Migration Six high-level impact assessement for T+1 Migration SIX T+1 Project

Sensitivity: C2 Public 11 2026 2027 01 02 03 04 05 06 07 08 09 10 11 12 01 02 03 04 05 06 07 08 09 10 Communication plan (Hybrid events in Madrid /Zurich) Client action plan SIX high level impact assessment for T+1 Migration Functional documentation Requirements Development / Adaptations Internal testing Definition of the testing strategy Community testing Go-Live (11/10/27) SIX Group adaptations to T+1: trading, clearing, settlement and corporate actions Publication of functional changes SIX group adaptations to T+1: Community testing Testing windows: All infrastructures will be available. During the first window, the new operational day schedule will not be available T+1 INDUSTRY TESTING PERIOD Publication of testing documentation Timeline SIX T+1 Project

Sensitivity: C2 Public 12 Agenda 4 T+1: High level analysis T+1: high level analysis

Sensitivity: C2 Public 13 Trading Clearing Settlement Corporate events Trading, clearing, settlement and corporate events T+1: High level analysis

Sensitivity: C2 Public 14 The move to T+1 at Bolsas y Mercados Españoles (BME) accelerates the settlement cycle, boosts efficiency and international alignment, and preserves an almost frictionless client experience. Tangible impact on internal operations; limited impact for clients on the trading side. Cycle Shortening − Reduced risk and capital usage thanks to lower overnight exposure. Convergence with key international standards, facilitating global investment flows. − Shorter processing windows and greater intraday discipline. − Optimization of critical post-trade processes without altering the client value proposition. Corporate Events and NAV Trading − Harmonization of milestones across all markets: ex-date and record date occur on the same day, eliminating current timing gaps. − Equities: In NAV-based trading, the trade date coincides with NAV availability. Settlement will remain on T+1. Readiness and Impact for Trading Clients − Stable experience: no material changes expected in channels, fees, or usual flows. − Greater certainty and transparency: clearer calendars and references for corporate actions. − No complex reconfigurations: BME’s internal adjustments absorb the bulk of the change. Trading Cycle Shortening Corp.Events / NAV trading Readiness Trading T+1: High level analysis

Sensitivity: C2 Public 15 Compression of CCP processes − T+1 requires a compression of CCP process timelines, especially in the Spanish market, where several activities currently take place on T+1 (allocations, transfers, hold & release, netting) − The cut-off times for these processes will be moved from T+1 to T (15-30 minutes after Spanish market closure) − Netting reports will be available on T, around 21:00, once previous processes have been completed Alignment and functional enhancements − Harmonized model of hold & release, including partial release − POA where supported by the CSD − The physical delivery of equity Exchange-Traded Derivatives (ETDs) will follow a T+1 settlement cycle Preparation − The migration to the new clearing platform will incorporate most of the changes required for T+1 ahead of T+1 go-live Clearing Process compression Alignment / enhancements Preparation Clearing T+1: High level analysis

Sensitivity: C2 Public 16 Settlement Automation STP / Act. data Settlement Efficiency Settlement T+1: High level analysis Time shortening : Automation − Instructions to be send v¡before 23:59 to be included in the first NTS cycle − Sending of messages generated after transaction process after the first NTS cycle (Operational day) − SFT : gating event STP Data Update − Common Format for Settlement instructions − Update key to avoid errors, amendments and/or cancellations − Correct usage of transaction codes Settlement Efficiency − Intensive usage of partial settlement and other functionalities − Optimization of failings and prorization

Sensitivity: C2 Public 17 Corporate events Events: key dates Market claims and transf. Buyer protection Corporate events T+1: High level analysis Event dates updates − Modification of timing requires adaptations Market claims changes − Based on the recommendations from Corporate Events Group (CEG) Buyer Protection Automation − After the migration to T+1

Sensitivity: C2 Public 18 Agenda 5 Iberclear update Iberclear update

Sensitivity: C2 Public 19 SSS Closing: Establish a DvP cutoff of 16:00 for standard settlement in EUR and a FoP cutoff of 18:00 Partial settlement functionality (I)CSDs SSS Opening Hold & Release functionality - (I)CSDs POA Functionality Liquidity Tools & Functionalities Allegements - (I)CSDs Auto-collateralisation facilities European recommendations already implemented Iberclear update

Sensitivity: C2 Public 20 Custodians to offer PSAF information in Statement of Holding No changes required Use of Transaction type identifier in settlement instructions Reform 3 harmonised ISO 15022 and ISO 20022 Partial Settlement Market Practice Iberclear complies with market practice Interaction with other global regions To date, no significant changes have been identified Potential establishment of a DvP cutoff of 17:00 No changes are expected prior to the transition to T+1 Automation of buyer protection processing No changes are expected prior to the transition to T+1 Iberclear update European recommendations analysed

Sensitivity: C2 Public 21 Iberclear update European recommendations requiring changes Inclusion of partial settlement window in the first cycle of T2S NTS (C1SX) Settlement optimisation for SFTs Automation of market claims processing Alignment of corporate event key dates with the T+1 standard settlement cycle M A R K E T C L A I M S G A T I N G E V E N T K E Y D A T E S C . A . O P E R A T I O N A L D A Y

Sensitivity: C2 Public 22 Iberclear update European recommendations requiring changes Inclusion of partial settlement window in the first cycle of T2S NTS (C1SX) Settlement optimisation for SFTs Automation of market claims processing Alignment of corporate event key dates with the T+1 standard settlement cycle M A R K E T C L A I M S G A T I N G E V E N T K E Y D A T E S C . A . O P E R A T I O N A L D A Y

Sensitivity: C2 Public 23 Summary − Additional partial settlement window in the first cycle of the Night-Time Settlement (NTS). − Allows the early release of securities and liquidity following the C1S4 sequence. − Netting and optimisation processes are strengthened, reducing the volume carried forward to Real- Time Settlement Main changes − A time gap is introduced between the C1S3 and C1S4 sequences. − The C1S4 sequence is delayed to 00:00. − A new C1SX sequence is introduced to enable partial settlement during the NTS. − An additional time gap is introduced between the C1SX sequence and the start of the second NTS cycle (02:00). Operational impact − Settlement-related messaging will not be received until the completion of the C1S4 sequence. − This highlights the need for automation among participating entities. − Review of participants’ internal processes to adapt to the new timetable. Inclusion of partial settlement window in the first cycle of T2S NTS (C1SX) T2S-0858-URD Adjustment of the Night-Time Settlement for accommodating the shortening of the settlement cycle to T+1 Iberclear update European recommendations requiring changes: Partial window

Sensitivity: C2 Public 24 Iberclear update European recommendations requiring changes Inclusion of partial settlement window in the first cycle of T2S NTS (C1SX) Settlement optimisation for SFTs Automation of market claims processing Alignment of corporate event key dates with the T+1 standard settlement cycle G A T I N G E V E N T K E Y D A T E S C . A . O P E R A T I O N A L D A Y M A R K E T C L A I M S

Sensitivity: C2 Public 25 − SFT TF: optimisation of settlement and the use of a “gating event” to minimise intraday liquidi