Commentary & Deal Flow

Guidance: 15yr: G+85a (+/-2 WPIR) - Books in excess of £900m

IPTs: 15yr: G+100a

• Issuer: Scottish Hydro Electric Transmission plc
• LEI: 549300ECJZDA7203MK64
• Issuer Rating: Baa1/BBB+/A- (Moody's/S&P/Fitch)
• Expected Issue Rating: Baa1/BBB+/A (Moody's/S&P/Fitch)
• Format / Type: Reg S, Bearer, Senior Unsecured, Green Bond, NGN
• Settlement Date: 07-Jul-26 (T+5)
• Maturity Date: 07-Oct-41
• Size: £ Benchmark
• Benchmark: UKT 1.250% due Oct-41
• Coupon: Fixed, Annual, Act/Act (ICMA), Short First
• Docs / Listing / Governing Law: Under the €20bn EMTN Programme Base Prospectus dated 01-Jun-26, London Stock Exchange (Main Market)
• Denominations: £100k + £1k
• Early Redemption Features: 3m Par Call, Make-Whole Call, Restructuring Event Noteholder Put
• Use of Proceeds: To finance or refinance, in whole or in part, Eligible Green Projects (see “Use of Proceeds” wording in the Base Prospectus dated 1 June 2026) as set out in SSE Plc’s Sustainability Financing Framework published December 2025 which can be found at https://www.sse.com/SustainabilityFinancingFramework. The Framework does not form part of the offering materials and any offer is made solely on the basis of the Base Prospectus and the Final Terms (once available).
• ISIN: XS3432870205
• Joint Bookrunners: Barclays, NatWest (B&D), Lloyds, RBC Capital Markets
• Target Market: Manufacturer target market (UK MiFIR product governance) is eligible counterparties and professional clients only (all distribution channels)No EU PRIIPs key information document (KID) or disclosure document required by the FCA Product Disclosure Sourcebook (DISC) has been prepared as not available to retail in EEA or UK.
• Advertisement: The EMTN programme is available at https://www.sse.com/investors/debt-investors/emtn-programme/, and the final terms relating to the Notes, when published, will be available at www.londonstockexchange.com
• Stabilisation: Relevant stabilisation regulations, including FCA/ICMA apply
• Timing: Books open, today’s business
• Books Subject: 12.45 UKT