Commercial Paper Program

$250,000,000 Commercial Paper Notes, Series 2023A-1

$250,000,000 Commercial Paper Notes, Series 2023A-2

Purpose: Program notes are issued for the purpose of financing the cost of projects related to the acquisition or construction of improvements, betterments or extensions to MSD’s systems and to refinance, renew or refund Program Notes issued under the Program Note Resolution.

Current Amount Outstanding (as of 11/18/2025): $239,870,000

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Documents:

Offering Memorandum

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Ratings:

Moody's Rating Report (P-1)

S&P Global Rating Report (A-1+)

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Issuing Paying Agent:

US Bank National Association

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Dealer:

BofA Securities, Inc. (Commercial Paper Notes, Series 2023A-1)

Miguel Ruiz, mruiz24@bofa.com, 212-449-5544

J.P. Morgan Securities LLC (Commercial Paper Notes, Series 2023A-2)

Joseph Neuman, joseph.neuman@jpmorgan.com, 212-834-7224