Thames Wat.u 35 Regulatory News (AW14)

Thames Water Utilities Limited

27 December 2024

Liquidity Extension Update - Supplemental Relevant Alternative Report

Thames Water Utilities Limited ("TWUL") previously announced that, in connection with the restructuring plan proposed by Thames Water Utilities Holdings Limited (the "Plan Company") pursuant to Part 26A of the Companies Act 2006 (the "Plan") in connection with implementing the liquidity extension transaction (the "Liquidity Extension Transaction"), the independent expert report of Matt Cowlishaw of Teneo Financial Advisory Limited in relation to the likely outcome for creditors affected by the Plan ("Plan Creditors") under the Plan and in the Relevant Alternative (the "Relevant Alternative Report") had been made available via the Plan Website at https://deals.is.kroll.com/thameswater and would be appended to an explanatory statement in connection with the Plan (which would also be made available via the Plan Website)[1].

TWUL announces that a supplemental expert witness report of Matt Cowlishaw of Teneo Financial Advisory Limited in relation to the likely outcome for Plan Creditors under the Plan and in the Relevant Alternative (the "Supplemental Relevant Alternative Report") has been made available to the Plan Creditors, prospective buyers, transferees, and sub-participants of that debt (or similarly interested parties) via the Plan Website at https://deals.is.kroll.com/thameswater. The current drafts of the documents for the implementation of the Liquidity Extension Transaction are also available via the Plan Website.

The Supplemental Relevant Alternative Report has been prepared to update the conclusions of the Relevant Alternative Report as a result of the amendment of the treatment of certain hedging agreements in connection with the Liquidity Extension Transaction (as more fully set out in the 13 December 2024 announcement[2]) becoming effective in accordance with its terms (as announced on 17 December 2024[3]).

Creditors should contact the Information Agent at thameswater@is.kroll.com with any questions regarding accessing the Supplemental Relevant Alternative Report.

CREDITORS ARE ENCOURAGED TO REVIEW THE SUPPLEMENTAL RELEVANT ALTERNATIVE REPORT (A COPY OF WHICH ARE AVAILABLE AT HTTPS://DEALS.IS.KROLL.COM/THAMESWATER) AND SEEK THEIR OWN LEGAL AND FINANCIAL ADVICE SHOULD THEY HAVE ANY QUERIES IN RELATION TO THEIR CONTENTS.

Background

TWUL announced the launch of a liquidity extension transaction ("Liquidity Extension Transaction") and a transaction support agreement ("TSA") on 25 October 2024.

As at 27 December 2024, over 75% by value of each of the Class A Debt (Make-Whole) Providers, the Class A Debt (Non-Make-Whole) Providers, the Interest Rate and Index Hedging Providers, the Liquidity Facility Providers and the Currency Hedging Providers have acceded to the TSA.

The current drafts of the documents for the implementation of the Liquidity Extension Transaction are available via the Plan Website at https://deals.is.kroll.com/thameswater.

Creditors are encouraged to accede to the TSA by the record date for the Plan to access a non-cash consent fee (capitalised in its respective position in the waterfall). Creditors should contact the Lock-Up Agent (as defined in the TSA) at thameswater@is.kroll.com with questions on how to accede to the TSA.

For further information

Investor enquiries

Frederick Maroudas - Director of Corporate Finance debt.investorrelations@thameswater.co.uk

Media enquiries

Suvra Jans - Head of Media Relations suvra.jans@thameswater.co.uk M: 07747 640 810