Commentary & Deal Flow

Tranche 1 (8yr): Final Books >€1.6bn. Peak book >€2bn (pre-rec, good at tight-end of Guidance)

Launched: 8yr: €500m @ MS+83bp - Books >€2bn (pre-rec, good at tight-end of Guidance)
Guidance: 8yr: MS+85a (+/-2 WPIR) - Books >€2bn (pre-rec)
IPTs: 8yr: MS+115a

• Issuer: Eastern Power Networks plc
• Issuer LEI: 213800U5R8Q5KGM2KU56
• Issuer Ratings: Baa1 / A- / BBB+ (Moody's / S&P / Fitch)
• Expected Issue Ratings: Baa1 / A- / A- (Moody's / S&P / Fitch)
• Rating Split: Issuer: Baa1/A-/BBB+ (Moody's/S&P/Fitch), Issue: Baa1/A-/A- (Moody's/S&P/Fitch)
• Format: Senior, Unsecured, Reg S, Category 2, Bearer, NGN, Green
• Settlement Date: 02-Sep-26 (T+6)
• Size: €500m
• Tenor: 8-year
• Maturity Date: 02-Sep-34
• Launched: MS+83bp
• Guidance: MS+85a (+/-2 WPIR)
• IPTs: MS+115a
• Coupon: FXD, Annual, Act/Act (ICMA)
• Benchmark: DBR 2.6% 15-Aug-34 (ISIN: DE000BU2Z031)
• Par Call: 3-month
• ISIN: XS3485517364
• Denominations: €100,000 and integral multiples of €1,000 in excess thereof
• Optional Redemption: Restructuring Event Noteholder Put
• Docs/Listing/Governing Law: Under the Issuer’s GBP 10 billion EMTN Programme Offering Circular dated 30-Jul-26 / London Stock Exchange (Main Market) / English Law
• Clearing: Euroclear and Clearstream, Luxembourg
• Use of Proceeds: Net proceeds will be used in accordance with the Issuer’s Green Bond Framework to finance and/or refinance new and/or existing green projects
• Selling restrictions: As per the EMTN Programme Offering Circular dated 30-Jul-26
• Joint Bookrunners: Barc / HSBC (B&D) / Lloyds / Mizuho
• Target Market: Manufacturer target market (MIFID II and UK MiFIR product governance) is eligible counterparties and professional investors only (all distribution channels). No EU PRIIPs key information document (KID) or UK CCI disclosure document has been prepared as not available to retail in EEA or the UK
• Advertisement: The EMTN Programme Offering Circular and any supplements are available on the website of the London Stock Exchange www.londonstockexchange.com The Final Terms, when published, will be available on the website of the London Stock Exchange www.londonstockexchange.com
• Books Subject: 12.25 UKT
• Timing: Books open, today’s business
• Stabilisation: Applicable, stabilisation regulations apply, including FCA/ICMA
• Hedge Ratio: 99% vs DBR 2.6% Aug-31s
• Hedge Deadline: 14.35 UKT