China Water Affairs Group Limited announced on 27 April 2026 a cash tender offer for its US$325.00 million 4.85% senior notes due 2026 (ISIN: XS2320779213). The offer forms part of the company’s liability-management strategy to optimise its debt profile.

Key terms • Maximum Acceptance Amount: To be disclosed on or about 29 April 2026; China Water retains discretion to accept more, less or none of the tendered notes. • Purchase Price: US$1,000 per US$1,000 principal amount, plus accrued interest from 18 November 2025 to (but excluding) the settlement date. • Tender Period: Instructions must reach Kroll Issuer Services by 4:00 p.m. (London time) on 6 May 2026. • Settlement Date: Expected on or about 11 May 2026. • Minimum Tender Size: US$200,000 and integral multiples of US$1,000 thereafter. • Priority of Acceptance: Holders concurrently subscribing to the new notes may receive priority in the allocation of the tender as well as the new issuance.

Funding and conditions The tender is conditional upon the successful completion of a concurrent new money issuance of senior notes that will be consolidated with China Water’s existing US$150.00 million 5.875% senior notes due 2030. Proceeds from the new notes and internal resources will fund the repurchase.

Advisers Morgan Stanley, CICC Hong Kong, China CITIC Bank International, Guotai Junan Hong Kong, Haitong International, HSBC and Mizuho Securities Asia are acting as Dealer Managers. Kroll Issuer Services is the Information and Tender Agent, with documentation available via https://deals.is.kroll.com/cwa.

Strategic context By retiring a portion of the outstanding 2026 notes ahead of maturity and replacing them with longer-dated debt, China Water aims to extend its maturity profile and reinforce its capital structure.