Ninth Consent Requests relating to Super Senior Issuer Funding

Background

Thames Water Utilities Limited ("TWUL") has so far drawn £1.631bn of the £2.25bn available under the super senior facility (the "Facility") entered into with its subsidiary, Thames Water Super Senior Issuer PLC (the "Super Senior Issuer").

As previously announced, TWUL and the Super Senior Issuer have secured commitments of £823m (being the first £750m tranche of the Accordion plus a shortfall amount of c. £73m[1]) (the "New Commitments"), bringing the total amount which is available and undeferred under the Facility to £2.25bn.

Funding of the New Commitments remains subject to the satisfaction and/or waiver of relevant conditions precedent, some of which, as at today, have not yet been satisfied and/or waived in full, including having a Supported LUA by 31 March 2026 in respect of RP2 (the "June Release Condition").

TWUL continues to work closely with stakeholders to secure a market-led solution.

Ninth Consent Requests

TWUL and the Super Senior Issuer have today launched a ninth set of consent requests (the "Ninth Consent Requests") seeking the consent of the super senior creditors:

• to extend the June Release Condition to 30 April 2026; and
• to make further ancillary amendments to the Facility (as set out in further detail in the Ninth Consent Requests), which (among other things) amend the dates and amounts of scheduled drawdowns under the Facility by TWUL to reflect TWUL's anticipated liquidity needs.

The consents, if granted, will allow TWUL to draw a further £205m of the Facility in April 2026. The Ninth Consent Requests have a voting date of 23 April 2026 and follow eight previous sets of consent requests which were approved by creditors. Voting may close earlier if the requisite majority of super senior creditors vote in favour of the Ninth Consent Requests before the voting date.