Thirteenth Consent Requests and STID Proposal relating to Super Senior Issuer Funding

Background

In 2025, Thames Water Utilities Limited ("TWUL") entered into a super senior facility (the "Facility") with its subsidiary, Thames Water Super Senior Issuer plc (the "Super Senior Issuer"). An initial £1.5bn was made available under the Facility. TWUL and the Super Senior Issuer have the ability to raise a further £1.5bn under the Facility, in two tranches each of £750m (the "Accordion"), subject to satisfaction and/waiver of relevant conditions precedent.

As previously announced, TWUL and the Super Senior Issuer have since secured commitments of a further £823m (being (i) the first £750m tranche of the Accordion plus (ii) a shortfall amount of c. £73m[1] (the "Deferred Commitments")) pursuant to an Accordion allocation process launched on 12 February 2026, bringing the total amount of commitments secured under the Facility to £2.323bn (of which (i) £2.25bn is funded and (ii) c.£73m is committed but deferred).

On 16 July 2026, TWUL launched a process to allocate the remaining c.£667m of Accordion. TWUL and the Super Senior Issuer have now secured commitments of c.£667m (being the remainder of the second £750m tranche of the Accordion) (the "New Commitments"), bringing the total amount of commitments secured under the Facility to £3bn.

As previously announced, funding of the New Commitments remains subject to the satisfaction and/or waiver of relevant conditions precedent (the "Accordion Conditions"), some of which, as at today, have not yet been satisfied and/or waived in full and remain out of the Super Senior Issuer's control, including having a Supported LUA in respect of RP2.

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

13th Consent Requests and STID Proposal

TWUL and the Super Senior Issuer have today launched parallel consent and waiver requests to enable the drawdown of funds (the "13th Consent Requests and STID Proposal"). These include requests:

• to waive the Accordion Conditions (including, in respect of the CMA Reference Decision Condition, by approving the STID Proposal) and thereby permit the Super Senior Issuer to draw £400m of the New Commitments;
• to extend the June Release Condition under the Facility to 30 September 2026 and permit the drawdown of £230m in September 2026 to TWUL;
• to make consequential amendments to the super senior funding documentation to reflect the allocation and drawdown process as set out in more detail in the 13th Consent Requests and STID Proposal.

The 13th Consent Requests and STID Proposal have a voting date of 8 September 2026 and follow 12 previous sets of consent requests which were approved by creditors. Voting may close earlier if the requisite majority of creditors vote in favour of the 13th Consent Requests and STID Proposal before the voting date.

Access to Documents

The 13th Consent Requests and STID Proposal are available through TWUL's investor relations website at https://www.thameswater.co.uk/about-us/investors/liquidity-extension-update.

STAKEHOLDERS ARE ENCOURAGED TO REVIEW THE CONSENT REQUESTS IN DETAIL THEMSELVES (COPIES OF WHICH ARE AVAILABLE AT HTTPS://WWW.THAMESWATER.CO.UK/ABOUT-US/INVESTORS/LIQUIDITY-EXTENSION-UPDATE) AND SEEK THEIR OWN LEGAL AND FINANCIAL ADVICE[2] SHOULD THEY HAVE ANY QUERIES IN RELATION TO THEIR CONTENTS.