Commentary & Deal Flow

Reoffer: 7yr: MS+72bp / 100 / 4.331%
Benchmark: 7yr: DBR 2.6% 15-Aug-33 / B+85.5bp

Tranche 1 (7yr): Final Books above €1.3bn. Peak book €1.7bn+ Pre Rec

Launched: 7yr: €500m @ MS+72bp - Books €1.3bn+ (Pre Rec, at the tight end of guidance)
Guidance: 7yr: MS+75a - Books €1.7bn+ Pre Rec
IPTs: 7yr: MS+100a

• Issuer: Watercare Services Limited
• Issuer LEI: 984500T79F9E43C5EF58
• Programme: The Issuer's U.S.$5,000,000,000 Secured Medium Term Note Programme Offering Circular dated 04-Sep-26 as supplemented from time to time (the "Offering Circular"), as supplemented by the Pricing Supplement to be entered into relating to the Notes. Direct Link: https://links.sgx.com/1.0.0/prospectus-circulars/58161
• Issuer Ratings: Aa3 (stable) Moody's
• Expected Issue Ratings: Aa3 (Moody's)
• Instrument Type: Senior Secured Medium Term Notes
• Format: Bearer Notes, Reg S only (Category 1), TEFRA D
• Size: €500m
• Tenor: 7 years
• Pricing Date: 24-Sep-26
• Settlement: 30-Sep-26 (T+4)
• Maturity Date: 30-Sep-33
• Reoffer Price: 100
• Yield: 4.331%
• Coupon: 4.331%, annual, act/act ICMA
• Spread: MS+72bp
• Benchmark Bund: DBR 2.6% 15-Aug-33 / B+85.5bp
• Guidance: MS+75a (+/- 3bp WPIR)
• IPTs: MS+100bps area
• Business Days/Convention: New Zealand, London, T2 / Following, unadjusted
• Status of the Notes: The Notes and the Receipts and Coupons relating to them will constitute (subject to Condition 4) secured obligations of the Issuer and shall at all times rank pari passu without any preference among themselves, as further described in Condition 3 and "Description of the Security" in the Offering Circular
• Use of Proceeds: General Corporate Purposes
• Change of Control Redemption: Applicable at 100%. See "Terms and Conditions of the Notes – Redemption, Purchase and Options – Redemption at the Option of Noteholders (Change of Control Put Option)" in the Offering Circular
• Other: No 3m Par Call, No Make-whole Call, No Clean-Up Call
• Target Market: Manufacturer target market (MIFID II / UK MiFIR product governance) is eligible counterparties and professional clients only (all distribution channels). No PRIIPs or UK PRIIPs key information document (KID) and/or UK CCI Product Summary will be prepared as the Notes are not available to retail investors in the EEA or the UK
• Selling Restrictions: As per the Offering Circular
• Denominations: €100,000 and integral multiples of €1,000 in excess thereof up to and including €199,000. No notes in definitive form will be issued with a denomination above €199,000
• Listing: Singapore Stock Exchange Securities Trading Limited (SGX-ST)
• Law: English Law
• Marketing: Direct Link: https://dealroadshow.finsight.com/e/WATERCEUR26 OR Visit: https://dealroadshow.com and enter the deal entry code: WATERCEUR26 (case-sensitive)
• Joint Lead Managers: Citi (B&D), HSBC, MUFG, Société Générale
• ISIN: XS3512901888
• Common Code: 351290188
• FTT: 3:45pm London