Cadent Overview

Solid investment grade credit ratings provided by the 3 major rating agencies Business highlights Stable highly regulated environment Cadent creditor protection 70% Net Debt / RAV default covenant ☆ Predictable inflation linked cash flows Regulatory requirement to maintain Investment Grade credit rating D ☆ Revenue insulated from volume and commodity risk Leverage and interest cover ratio tests applying to consolidated group debt 色 Payments come from gas shippers, not the end customer - no consumer bad debt risk Limitations on group additional indebtedness, debt maturity and interest rate risk apply on consolidated basis to Cadent where most of the debt resides MOODY'S Baa1 (Stable) Corporate Credit Ratings Fitch Ratings BBB+ (Sta) (Issuer Default Rating) S&P Global Ratings Opco: BBB+ (Stable) Midco: BBB+ (Stable) 茴 19

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