On June 30, 2022, Consolidated Edison, Inc. (Con Edison) entered into a 364-Day Senior Unsecured Term Loan Credit Agreement, dated as of June 30, 2022, among Con Edison, the lender party thereto, Barclays Bank PLC as Sole Lead Arranger and Sole Bookrunner and Barclays Bank PLC, as Administrative Agent. On June 30, 2022, Con Edison borrowed $400 million under the June 2022 Credit Agreement, the proceeds of which were used for general corporate purposes. A copy of the June 2022 Credit Agreement is included as an exhibit to this report, and the description of the June 2022 Credit Agreement that follows is qualified in its entirety by reference to the June 2022 Credit Agreement.

Under the June 2022 Credit Agreement, the Lender is committed until November 30, 2022, subject to certain conditions, to provide to Con Edison one or more tranches of incremental term loans in an aggregate amount not to exceed $200 million, in addition to the $400 million borrowing on June 30, 2022. Con Edison has the option to prepay any term loans issued under the June 2022 Credit Agreement prior to maturity. Subject to certain exceptions, the commitments and any term loans issued under the June 2022 Credit Agreement are subject to mandatory termination and prepayment with the net cash proceeds of certain equity issuances or asset sales by Con Edison.

Con Edison intends to use the borrowings under the June 2022 Credit Agreement for general corporate purposes. The Lender's obligations to make additional loans under the June 2022 Credit Agreement are subject to certain conditions, including that there be no payment or bankruptcy default. The commitments are not subject to maintenance of credit rating levels.

Upon a change of control of Con Edison, or upon an event of default, the Lender may terminate its commitment and declare the loans outstanding under the June 2022 Credit Agreement immediately due and payable.