Cadent Overview

Established debt structure with clear creditor protections Quadgas HoldCo Security Quadgas PledgeCo Quadgas MidCo RCF £200m DSCR120m Quadgas Common Terms Agreement "MidCo" Borrowings: £2.27bn Quadgas Finance plc Guarantee Cadent Gas Ltd (Licence Holder) "OpCo❞ RCF £500m Borrowings: £6.97bn Cadent Finance plc Cadent funds in the capital markets both through the operating company (for leverage up to 65% of RAV) and for leverage between 65 and 85.5% Net Debt to RAV, through an intermediate holding company, Midco which benefits from Whole Business Securitisation (WBS) structure to protect investors Cadent Finance is 100% owned by Cadent and is incorporated to raise borrowings in public and private markets for OpCo. Quadgas Finance is 100% owned by Quadgas Midco and is incorporated to raise borrowings in public and private markets for Midco. Opco and Midco benefit from their own operational and financial covenants. Revolving credit facilities at each level support liquidity and Midco has a debt service reserve facility used as liquidity support to cover 18 months of Midco debt service costs Combined £9.2bn of external debt (Mar 2022), including index linked debt (direct or synthetic) £4.3bn of debt issued and facilities replaced since separation (to March 22) Ratio tests Quadgas MidCo Trigger Default 31 Mar 22 Cadent Gas Net debt/ RAV Adj. ICR 85.5% 1.1x 92% 1.0x OpCo 65% 70% 81.5% 2.1x 61.1% Bond Programme Default 31 Mar 22 Net debt/ RAV 70% 61.1% net debt/ RAV 17

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