Commentary & Deal Flow

Vedanta Resources Finance II plc (the "Issuer"), a wholly owned subsidiary of Vedanta Resources Limited (the “Company” or the “Parent Guarantor”), rated BB / Stable from S&P, Ba3 / Positive from Moody’s and BB- / Stable from Fitch, has mandated Citigroup, Barclays, Deutsche Bank, First Abu Dhabi Bank, J.P. Morgan, Mashreq, SMBC Nikko, Standard Chartered Bank as Joint Global Coordinators and Joint Lead Managers to arrange a series of fixed income investor meetings and calls in Asia, Europe and the US starting from June 10, 2026.

A US$ benchmark of weighted average life of long 5-year and/or long 7-year and /or long 10-year 144A/Reg S offering of guaranteed senior bonds (the “Notes”) may follow, subject to market conditions. The Company intends to use the proceeds of this offering towards refinancing the existing indebtedness. On date of issue of Notes, the payments of all amounts payable under the Notes will be unconditionally guaranteed by the Parent Guarantor and by no later than 90 days after the earlier of (i) (x) the date of repayment of all existing Bonds and (y) (1) the date of repayment of all existing loans and/or (2) the consent of lenders of existing loans to permit the guarantee of the Bonds by the Subsidiary Guarantors and (ii) (x) the receipt of the Requisite Consents and (y) (1) the date of repayment of all existing loans and/or (2) the consent of lenders of existing loans to permit the guarantee of the Bonds by the Subsidiary Guarantors, the payments of all amounts payable under the Notes will be unconditionally guaranteed by each of Twin Star Holdings Ltd., Welter Trading Limited and Vedanta Holdings Mauritius II Limited (collectively, the “Subsidiary Guarantors”), under which the Subsidiary Guarantors will also unconditionally guarantee, jointly and severally with the Parent Guarantor the payments of all amounts payable under the Notes.

The Company intends to secure the notes by a first ranking charge over (x) the receivables and other rights under the Brand Fee Agreements and (y) the Receivables Account, in each case, held by Vedanta Resources Investments Limited (“VRIL”), by no later than ninety (90) days after the earlier of (i) the date of repayment of all Existing Loans and all Existing Notes and (ii) the date of repayment of all Existing Loans and the receipt of the Requisite Consents.

A concurrent tender offer and consent solicitation exercise on existing VEDLN 2030, 2031, 2032 and 2033 bonds will follow.