Cadent Finance plc

(Legal Entity Identifier: 5493005M8TJ0J6IMUF67)

23 June 2023

Developments in credit rating outlook published by S&P Global Ratings

Cadent Finance plc announces that S&P Global Ratings ("S&P") have issued a credit outlook update on Cadent Gas Limited.

On 23 June 2023, S&P affirmed the rating for the Company at BBB+ and revised the rating outlook to negative from stable, citing that the increased cost of inflation linked debt and higher interest rates will reduce headroom on the S&P credit metrics, specifically adjusted FFO/net debt.

The full text of the S&P report may be viewed at the press release section of www.standardandpoors.com.

For further information, please contact:

Tom Sacker

Director of Treasury, Corporate Finance and Planning

Cadent Finance plc

Pilot Way, Ansty

Coventry CV7 9JU

England

Email: [email protected]