UK Energy Security Strategy & Cadent Financial Overview

£ millions Cadent has diversified its sources of funding across the major debt markets 1800 1600 ■Cadent Bank Debt ■Midco Bank Debt ■Cadent EIB Midco PP Cadent USPP ■Midco USPP ■Cadent MTN Midco MTN ■Cadent MTN PP Cadent CPI Swaps 1400 1200 1000 800 600 400 200 0 1 • Opco and Midco have a diversified investor base - with debt issued in GBP, USD, EUR and JPY (all currency swapped to GBP). Majority of debt issued in fixed (c. 63%) and index-linked (c. 35%) formats £1.2bn of existing debt to refinance by 2024 ■Fixed Rate Debt • Used the Transition Bond Framework to issue c. €1.1bn in 2020 and 2021. Sustainable debt markets continue to be a focus of the debt mix. ■Index Linked Debt (after swaps) ■Floating Rate Debt 18 2043-49

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