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PRODUCT VALUATION REPORT

Marex Gold Silver Issuer Callable Growth Note USD January 26 IDAD (XS2851754700)

Strike Date: 16/01/2026
Next Observation Date: 16/07/2026
Final Observation Date: 16/01/2029
Returns and Barriers: 
Maximum Term: 3 Years
Investment Structure: Issuer Callable Growth Participation Note
Participation Rate: 100% times growth above the initial level
Callable Observations: Quarterly (First Observation at 6 months)
Callable Coupon Rate: USD: 4.25% Quarterly
Capital Protection Barrier: 100% Capital Protected
ISIN: XS2851754700
Currency: USD
Current Price: 92.19% (as at 10/04/2026 10:32 UK Time)
Coupons Paid to Date: 0.0000%
UnderlyingStrike
Level
Last COB
Level
Increase/
Decrease
SPDR Gold Shares421.29437.913.95%
Ishares Silver Trust81.0268.39-15.59%
Source: Bloomberg