FRN Variable Rate Fix

21-November-2025

Issue: VCL Master S.A. Compartment 1

Series 2012-3 Class A Notes

XS0857705866

Pursuant to our appointment as Agent for the above stated issue, please be advised of the following interest rate determination:

Date From: 25-November-2025

Date To: 29-December-2025

Record Date: 26-December-2025

Value Date: 29-December-2025

Benchmark Rate: 1.926%

Margin: 0.55%

Total Rate: 2.476%

Number of Days: 34

Day Count: Actual / 360

Interest Frequency: Monthly

Total Amount Due:

EUR 319,197.67

Interest Per 1K: EUR 2.33844447

Pool Factor: 1

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HSBC Bank Plc