MCWT Series 27 Investor Presentation.pdf

Investor Presentation $705,595,000* State Revolving Fund Bonds, Series 27 (Green Bonds)

*Preliminary, subject to change

Retail Order Period: Wednesday, January 21, 2026*

Institutional Pricing: Thursday, January 22, 2026*

2M A S S A C H U S E T T S C L E A N W A T E R T R U S T

Disclaimer

This electronic investor presentation that you are about to view is provided as of January 12, 2026, for a proposed offering by the Massachusetts Clean Water Trust of its State Revolving Fund Bonds, Series 27 (Green Bonds) (the “Bonds”). This investor presentation has been prepared for informational purposes only and for your sole and exclusive use in connection with the proposed transaction. The information contained herein is subject to completion and amendment. Any offer or solicitation with respect to the Bonds will be made by means of a preliminary official statement or a final official statement. If you are viewing this investor presentation after the date stated above, events may have occurred that have a material adverse effect on the financial information presented and neither the issuer nor the underwriters have undertaken any obligation to update this electronic presentation.

This investor presentation is not part of the “preliminary official statement” or the “final official statement” as those terms are defined in Rule 15c2-12, as amended, promulgated by the U.S. Securities and Exchange Commission pursuant to the Securities Exchange Act of 1934, as amended.

This investor presentation does not constitute a recommendation or an offer or solicitation for the purchase or sale of any security or other financial instrument, including the Bonds, or to adopt any investment strategy. You will be responsible for consulting your own advisors and making your own independent investigation and appraisal of the risks, benefits, appropriateness and suitability of the proposed transaction and any other transactions contemplated by this investor presentation and neither the issuer nor any underwriter is making any recommendation (personal or otherwise) or giving any investment advice and will have no liability with respect thereto.

Neither the issuer nor any underwriter makes a representation or warranty as to the (i) accuracy, adequacy or completeness of any information in this investor presentation or (ii) legal, tax, credit or accounting treatment of any purchase of the Bonds by you or any other effects such purchase may have on you and your affiliates or any other parties to such transactions and their respective affiliates. The information contained herein has been compiled from sources believed to be reliable, however neither the issuer nor the underwriters shall have any liability whatsoever (in negligence or otherwise) to any person for any loss arising from this investor presentation or any information supplied in connection therewith.

This investor presentation contains “forward-looking” statements that involve risks, uncertainties and assumptions. If the risks or uncertainties ever materialize or the assumptions prove incorrect, the results may differ materially from those expressed or implied by such forward-looking statements. Accordingly, we caution you not to place undue reliance on these statements. All statements other than the statements of historical fact could be deemed forward-looking. All opinions, estimates, projections, forecasts and valuations are preliminary, indicative and are subject to change without notice.

Transactions involving the Bonds may not be suitable for all investors. You should consult with your own advisors as to the suitability of the Bonds for your particular circumstances. No assurance can be given that any transaction mentioned herein could in fact be executed. Past performance is not indicative of future returns, which will vary. Prospective investors should contact their salesperson at, and execute the transactions through, an entity of any underwriter qualified in their home jurisdiction unless governing law permits otherwise.

THE PRINTING, DUPLICATING, DOWNLOADING, SCREEN CAPTURING, ELECTRONIC STORING, RECORDING, PUBLISHING OR DISTRIBUTING OF THIS

INVESTOR PRESENTATION IN ANY MANNER IS STRICTLY PROHIBITED.

By viewing this investor presentation you acknowledge that you understand and agree to the provisions of this page.

Transaction Summary* Massachusetts Clean Water Trust (the “Trust”)

State Revolving Fund Bonds

Series 27 (Green Bonds) (the “Bonds”)

Par Amount* $705,595,000

Ratings (F/M/S) AAA / Aaa / AAA, all with a stable outlook

Tax Status Federally tax-exempt, Commonwealth of Massachusetts tax-exempt

Use of Net Proceeds

New Money and Refunding

Finance or refinance 137 project loans for 73 borrowers(1), totaling $1.071 billion

Refinance Series 19 (Green Bonds)(2)

Security

Bonds are being issued under the Master Trust Agreement (“MTA”)

Bonds are secured by: (i) repayment on loans financed/refinanced through the MTA (“Borrower Payments”); (ii) Commonwealth Contract

Assistance; and (iii) other funds held under the MTA, including the Equity Funds and the earnings thereon(3)

Green Bond Designation

Designated as “Green Bonds” by the Trust

Based on intended use of proceeds to finance projects that adhere to the Clean Water Act and Safe Drinking Water Act as determined by the Massachusetts Department of Environmental Protection (“MassDEP”)

Optional Redemption* Bonds maturing on and after February 1, 2037 are subject to redemption at par beginning February 1, 2036

Interest Payment Dates February 1 and August 1, beginning August 1, 2026

Pricing Date* Retail Order Period: Wednesday, January 21, 2026

Institutional Order Period: Thursday, January 22, 2026

Delivery Date* Thursday, February 5, 2026

Municipal Advisors PFM Financial Advisors LLC; Masterson Advisors LLC

Bookrunning Senior Manager Morgan Stanley

*Preliminary, subject to change.

1 Series 27 Borrowers are listed on slide 10.

2 A full refunded bonds list can be found on the next slide.

3 Includes all Borrower Payments and Commonwealth Contract Assistance Payments related to Prior Bonds. Pursuant to the MTA, such amounts are deposited in the Revenue Fund to the extent directed by the Trust after payments of amounts due with respect to the Prior Bonds and under the Prior Bond Resolution.

Plan of Finance and Preliminary Amortization*

4M A S S A C H U S E T T S C L E A N W A T E R T R U S T

Series 19 Refunded Bonds*

Maturity

(2/1) Par Amount

Interest

Rate

CUSIP

2027 $8,495,000 5.00% 575829BW5

2028 8,840,000 5.00% 575829BX3

2029 9,200,000 5.00% 575829BY1

2030 9,570,000 5.00% 575829BZ8

2031 9,960,000 5.00% 575829CA2

2032 9,895,000 4.00% 575829CB0

2033 10,200,000 4.00% 575829CC8

2034 10,520,000 4.00% 575829CD6

2035 10,845,000 4.00% 575829CE4

2036 11,190,000 4.00% 575829CF1

2037 1,635,000 4.00% 575829CH7

2038 1,655,000 4.00% 575829CJ3

2039 1,675,000 4.00% 575829CK0

2040 1,695,000 4.00% 575829CL8

2046(3) 10,560,000 4.00% 575829CG9

Total $115,935,000

Series 27 Bonds

Maturity

(2/1) Principal*

2027 $44,245,000

2028 29,620,000

2029 25,275,000

2030 14,165,000

2031 18,020,000

2032 9,945,000

2033 15,345,000

2034 16,065,000

2035 17,420,000

2036 18,845,000

2037 9,470,000

2038 11,745,000

2039 6,245,000

2040 4,445,000

2041 8,875,000

2042 22,275,000

2043 23,750,000

2044 29,195,000

2045 39,965,000

2046 56,695,000

2047 32,885,000

2048 32,080,000

2049 33,405,000

2050 31,825,000

2051 31,255,000

2052 28,375,000

2053 29,575,000

2054 26,865,000

2055 21,995,000

2056 15,730,000

Total $705,595,000

Series 27 Bonds

• $758 million* of Bond proceeds and $429 million* of State Revolving Fund (“SRF”)

Program Funds will collectively:

– Finance or refinance 137 project loans for 73 borrowers(1), totaling $1.071 billion*

– Refinance $115.9 million of outstanding

Series 19 (Green Bonds)(2)

• Refunded Bonds will be redeemed on the delivery date of the Series 27 Bonds*

*Preliminary, subject to change.

1 Series 27 Borrowers are listed on slide 10.

2 The Trust reserves the right to refund any, all or none of the Refunded Bonds, and to refund any bonds not identified on this page.

3 Denotes final maturity of term bond.

▪ Secured by loan repayments from 244 individual borrowers with very strong credit characteristics

▪ 98% of program borrowers carry an ‘A’ category rating or better

▪ 88% carry a ‘AA’ category rating or better

▪ Massachusetts Water Resources Authority (“MWRA”), the Trust’s largest borrower (16.0% of outstanding principal), serves 61 member communities in and around the metropolitan Boston area and has a senior bond rating of

‘AA+/Aa1/AA+’ (Fitch/Moody’s/S&P)

▪ Top 15 borrowers represent 51% of the pool

▪ No loans pledged to the Trust’s bonds have ever defaulted

▪ Total funds available for debt service provide at least 1.45x coverage on all MTA Bonds, including the Bonds

▪ Cross-collateralization across the Clean Water Equity Fund and Drinking Water Equity Fund provides additional security and greater portfolio diversification for bonds issued under both programs

Diversified Program with Robust

Coverage and Default Tolerance

▪ The Trust is the single largest financing source of essential water and wastewater infrastructure projects in the Commonwealth

▪ Loan portfolio is actively monitored and bond portfolio is actively managed

▪ Loan payments are due to the Trust 15 days in advance of bond debt service payments with consistent borrower contact

▪ Executive Director and management team have over 13 and 40 years of experience, respectively, leading the Trust and navigating complex market environments

▪ Management coordinates directly with borrowers and MassDEP for both short-term and long-term financial planning

▪ Financial support from multiple levels of government

▪ Trust receives Federal and Commonwealth support through Capitalization Grants and Commonwealth

Matching Grants, respectively

▪ Additional State level support in the form of Contract Assistance Payments, which carry the full faith and credit of the Commonwealth (subject to certain State law limitations), rated ‘AA+/Aa1/AA+’ (Fitch/Moody’s/S&P)

▪ Revolving loan repayments contribute a substantial portion of new loan origination

▪ Trust debt service payment on the Bonds is not contingent on receipt of future federal funds

▪ Additional security from the Equity Funds, which total $1.4 billion (as of 6/30/2025) and secure all MTA Bonds on a parity basis

Self-Reliant Funding With Broad Array of Commonwealth and

Federal Support

Exceptional Track Record with Strong

Management and Oversight

Credit Highlights

• Large and diverse pool of borrowers with sound credit quality

− Based on loans outstanding, 88%1 of borrowers carry an ‘AA’ category rating or better, and 98%1 carry a ‘A’ category rating or better

− MWRA – the Trust’s largest borrower, serving 61 member communities in and around the metropolitan Boston area – is rated ‘AA+/Aa1/AA+’ (Fitch/Moody’s/S&P)2

• The Trust’s loan portfolio provides a stable and secure source of repayment for all of the Trust’s outstanding bonds

− 12 of the top 15 borrowers and virtually all other borrowers (over 73% of all loans, by loan amount) provide a general obligation (“GO”) pledge to the Trust

• The security of the loan repayment streams is bolstered by the underlying essential need for water and wastewater services

• No loans pledged to the Trust’s bonds have ever defaulted

High-Quality Borrower Pool

Loan Portfolio: Highly-Rated Borrowers

1 Includes loans expected to be made in connection with issuance of the Bonds. With the exception of MWRA, none of the top 15 borrowers maintain Fitch ratings.

2 Loans to MWRA, the Lynn Water and Sewer Commission (“LWSC”), and the Springfield Water and Sewer Commission (“SWSC”) carry a subordinate pledge of dedicated revenues under the applicable bond resolution. Reflects the ratings for the senior lien General Revenue Bonds.

6M A S S A C H U S E T T S C L E A N W A T E R T R U S T

Rank Borrower

Disadvantaged

Community

Tier

Loan Principal

Outstanding1 of Total

Pledge

Type

Rating

(Moody’s/

S&P)

1 MWRA --- $810,847,892 16.00% Revenue2 Aa1/AA+2

2 SWSC 3 326,924,125 6.45% Revenue2 ---/AA2

3 Fall River 3 175,769,589 3.47% GO A3/---

4 New Bedford 3 165,608,527 3.27% GO A1/AA-

5 LWSC 3 162,017,314 3.20% Revenue2 A1/A+

6 Taunton 3 145,297,460 2.87% GO ---/AA+

7 Revere 3 106,728,845 2.11% GO Aa3/AA

8 Lowell 3 102,113,168 2.02% GO Aa3/AA-

9 Chicopee 3 101,385,648 2.00% GO ---/AA-

10 Upper Blackstone CW 3 95,401,849 1.88% GO Aa3/---

11 Barnstable 1 91,151,386 1.80% GO ---/AAA

12 Nantucket --- 89,819,214 1.77% GO Aaa/AA+

13 Eastham 1 83,554,071 1.65% GO ---/AA+

14 Haverhill 2 74,623,829 1.47% GO A1/AA

15 Chatham --- 74,061,475 1.46% GO ---/AAA

16-244 All Others --- 2,461,088,071 48.58% --- ---

Grand Total $5,066,392,461 100.00%

Top 15 Borrowers Across All Programs1

Loan Portfolio: Additional Borrower Detail

7M A S S A C H U S E T T S C L E A N W A T E R T R U S T

✓ Large and diverse pool of borrowers with sound credit quality

✓ 88% of borrowers have a rating in the

‘AA’ category or better

✓ Nearly all borrowers provide a GO pledge, enhancing the security package securing the loans

✓ The majority of loans benefit

Disadvantaged Communities:

— 64% benefit Tier 1, Tier 2, or Tier 3

Disadvantaged Communities

— 35% benefit Tier 3 Disadvantaged

Communities

✓ MWRA (the Trust’s largest borrower, representing 16% of total loan principal) carries no tier

1 Based on the highest rating of each borrower across all, if any, ratings utilized.

No Tier

Xx% of Total Loans xx Borrowers

Tier 1

Xx% of Total Loans xx Borrowers

Tier 3

Xx% of Total Loans xx Borrowers

Tier 2

Xx% of Total Loans xx Borrowers

AA

70% of Total Loans

155 Borrowers

AAA

18% of Total Loans

55 Borrowers

A

10% of Total Loans

7 Borrowers

Not Rated

2% of Total Loans

27 Borrowers

Notes: Includes loans expected to be made in connection with the issuance of the Bonds. Charts represent loan amount in dollars.

3 Disadvantaged Community Tier is based on the 2023

Affordability Calculation done for the 2024 Intended Use Plans

(“IUPs”).

GO

73% of Total Loans

239 Borrowers

Revenue2

27% of Total Loans

5 Borrowers (MWRA, SWSC, LWSC, SESD, BWSC)

2 Loans to MWRA, LWSC, SWSC and Boston Water and Sewer

Commission (“BWSC”) carry a subordinate pledge of dedicated revenues under the applicable bond resolution. Reflects the ratings for the senior lien General Revenue Bonds.

No Tier

36% of Total

Loans

93 Borrowers

Tier 1

14% of Total Loans

50 Borrowers

Tier 3

35% of Total Loans

42 Borrowers

Tier 2

15% of Total Loans

59 Borrowers

Loan Portfolio by Community Tier3Loan Portfolio by Ratings1 Loan Portfolio by Type of Pledge

Master Trust Agreement (“MTA”) Flow of Funds

8M A S S A C H U S E T T S C L E A N W A T E R T R U S T

Flow of Funds Under the MTA

Borrower Payments

• The Trust’s largest revenue source, representing over 90% of total revenues available

• Constitutes loan repayments from 244 borrowers

• Loan payments are due to the Trust 15 days in advance of bond debt service payments

• No loans pledged to the Trust’s bonds have ever defaulted

Commonwealth Contract Assistance

Payments

• Pledged by the Commonwealth to the Trust on behalf of borrowers pursuant to the Act and the

Amended and Restated Agreement for Contract

Assistance dated as of June 1, 2018

• Secured by the full faith and credit of the

Commonwealth (subject to certain state law limitations), rated ‘AA+/Aa1/AA+’

(Fitch/Moody’s/S&P)

Coverage

• Total funds available for debt service provide at least 1.45x coverage on all MTA Bonds, including the Bonds, significantly higher than the ABT of

1.05x (refer to next slide)

Borrower

Payments1

Commonwealth

Contract Assistance

Payments1

DSRF1

Equity Funds

Excess coverage

✓ Principal Outstanding: $1.8B

✓ Final Maturity: 2/1/2047

✓ Trustee-held

✓ Available to cure any shortfalls

Payment of debt service is not contingent on receipt of any future federal funding, nor are federal funds used to pay Bond debt service

No deposit to the DSRF is being funded with the issuance of the Bonds

MTA Bonds

1 Includes all Borrower Payments and Commonwealth Contract Assistance Payments related to the Prior Bonds. Pursuant to the Master Trust Agreement, such amounts are deposited in the Revenue Fund to the extent directed by the Trust after payment of amounts due with respect to Prior Bonds and under the Prior Bond Resolutions. The Trust directs Prior Bond Trustees to make such transfers from time to time as necessary.

• The MTA was established in 2014

• The Pool SRF Program under the Program Resolution is closed except for refundings (remaining outstanding bonds are known as “Prior Bonds”)

* Preliminary, subject to change. Totals may not add due to rounding. Includes anticipated debt service on the Bonds and anticipated payments relating to the Loans to be funded in connection with the issuance of the Bonds.

1 Includes all borrower payments and contract assistance related to Prior Bonds. Also includes anticipated payments relating to the Loans to be financed in connection with the issuance of the Bonds. Pursuant to the Master Trust Agreement, such amounts are deposited in the Revenue Fund to the extent directed by the Trust after payment of amounts due with respect to Prior Bonds and under the Prior Bond Resolutions.

2 Includes certain debt service reserve fund earnings, debt service reserve fund principal releases and the expected federal subsidy related to the Series 15B Build America Bonds (assuming 5.7% sequestration through final maturity based on currently available federal guidance).

3 Includes anticipated debt service on the Bonds and excludes debt service on the Refunded Bonds.

4 Represents MTA Revenues Available divided by MTA Bond Debt Service. For presentation purposes only; methodology is not consistent with additional bonds test or equity fund release tests under the Master Trust Agreement.

MTA Projected Coverage*

9M A S S A C H U S E T T S C L E A N W A T E R T R U S T

MTA Debt Service Coverage Table*

Total Sources Available for Debt Service1

FY Ended

June 30

Borrower

Payments

Contract

Assistance

Payments

Other

Revenues2

Total

Revenues

Prior Bond Debt

Service

MTA Revenues

Available

MTA Bond Debt

Service3

MTA Debt

Service

Coverage4

2026 $ 177,218,220 $ 11,614,867 $ 10,239,930 $ 199,073,016 $ 6,572,154 $ 192,500,862 $ 140,714,797 1.37x

2027 412,820,279 35,393,646 9,446,747 457,660,672 45,947,044 411,713,628 284,619,572 1.45x

2028 393,393,407 23,808,820 7,944,351 425,146,578 42,469,125 382,677,452 263,806,744 1.45x

2029 382,100,119 21,741,558 11,811,132 415,652,810 43,865,459 371,787,351 256,241,119 1.45x

2030 363,656,706 19,547,519 11,054,612 394,258,837 43,130,190 351,128,647 241,809,494 1.45x

2031 355,851,929 18,653,444 10,434,217 384,939,590 42,394,857 342,544,733 236,172,244 1.45x

2032 325,273,812 17,507,921 2,201,519 344,983,252 19,594,320 325,388,932 224,400,494 1.45x

2033 325,145,284 21,504,699 3,148,857 349,798,840 19,411,834 330,387,006 227,877,069 1.45x

2034 289,025,037 20,318,887 2,076,868 311,420,791 14,895,112 296,525,679 204,359,344 1.45x

2035 284,543,719 19,489,946 2,003,271 306,036,935 10,901,254 295,135,682 203,417,944 1.45x

2036 262,061,216 18,397,207 746,085 281,204,508 4,744,598 276,459,910 190,508,369 1.45x

2037 245,455,179 17,641,105 1,801,399 264,897,683 4,633,532 260,264,150 179,053,138 1.45x

2038 222,758,700 16,407,754 6,054,168 245,220,621 4,523,183 240,697,438 165,592,166 1.45x

2039 214,056,403 15,620,505 171,105 229,848,013 4,408,421 225,439,592 155,557,250 1.45x

2040 194,527,482 14,909,915 103,717 209,541,114 4,289,246 205,251,868 141,658,350 1.45x

2041 179,916,170 14,269,195 34,829 194,220,194 4,170,527 190,049,667 130,853,625 1.45x

2042 155,184,674 13,598,066 - 168,782,739 - 168,782,739 116,266,800 1.45x

2043 155,080,205 13,231,717 - 168,311,922 - 168,311,922 115,927,750 1.45x

2044 130,203,890 12,135,822 - 142,339,712 - 142,339,712 98,159,750 1.45x

2045 118,068,531 11,382,642 - 129,451,173 - 129,451,173 89,080,000 1.45x

2046 98,331,155 8,704,678 - 107,035,833 - 107,035,833 73,729,250 1.45x

2047 60,472,780 8,326,708 - 68,799,488 - 68,799,488 47,084,500 1.46x

2048 57,350,908 7,840,553 - 65,191,462 - 65,191,462 44,635,250 1.46x

2049 57,289,208 7,490,003 - 64,779,210 - 64,779,210 44,356,250 1.46x

2050 52,708,487 7,169,382 - 59,877,869 - 59,877,869 41,106,000 1.46x

2051 50,038,010 6,878,701 - 56,916,711 - 56,916,711 38,944,750 1.46x

2052 43,838,950 6,586,159 - 50,425,109 - 50,425,109 34,502,000 1.46x

2053 43,747,895 6,354,523 - 50,102,418 - 50,102,418 34,283,250 1.46x

2054 37,867,150 6,122,370 - 43,989,520 - 43,989,520 30,094,500 1.46x

2055 28,780,665 5,925,773 - 34,706,438 - 34,706,438 23,881,250 1.45x

2056 18,062,865 5,821,536 - 23,884,402 - 23,884,402 16,516,500 1.45x

Total $ 5,734,829,036 $ 434,395,620 $ 79,272,806 $ 6,248,497,462 $ 315,950,857 $ 5,932,546,605 $ 4,095,209,515

New HampshireVermont

New

York

Connecticut

Rhode

Island

Community Designation

Loans ($ in millions)

% of Total

Non-Designated

Community

388.9 36%

Tier 1

Disadvantaged

Community

133.2 13%

Tier 2

Disadvantaged

Community

250.9 23%

Tier 3

Disadvantaged

Community

297.6 28%

1 Totals may not add due to rounding.

2 MWRA star positioned at MWRA headquarters in Boston; MWRA service area encompasses 61 member cities, towns, districts and other service recipients across the Commonwealth.

Series 27 Borrowers 1,2

12%

6%

6%

6%

5%

4% 4%3%3%3%

48%

Massachusetts Water Resources Authority (Non-Designated Community)

New Bedford (Tier 3)

Springfield Water and Sewer Commission (Tier 3)

Fairhaven (Tier 2)

Lynn Water and Sewer Commission (Tier 3)

Dennis (Tier 2)

Yarmouth (Tier 2)

Barnstable (Tier 1)

Franklin (Non-Designated Community)

Chatham (Non-Designated Community)

All others

Top Series 27 Borrowers

• The loans being financed are being distributed to both a geographically and economically diverse borrower base

• 28% of loans benefit a Tier 3 Disadvantaged Community and 64% benefit a Tier 1, Tier 2, or Tier 3 Disadvantaged Community

M A S S A C H U S E T T S C L E A N W A T E R T R U S T

Top 10 borrowers represent 52% of the pool.

• Given its funding mandate, the Trust has been a leader in issuing ESG-designated securities

— $2.246 billion of Green Bonds and $612.1 million of Sustainability Bonds sold since 20151

— Green Bonds and Sustainability Bonds represent 89.1% of the Trust’s total outstanding long-term debt1

• In establishing its programs, the Trust generally tracks guidelines promulgated by the International Capital Markets Association (“ICMA”), with proceeds to be used in a manner expected to be consistent with certain United Nations Sustainable Development Goals (“UN SDGs”)

• The Trust publishes an annual Green Bonds and Sustainability Bonds Report that provides detail on the ESG borrowing program

Series 27 (Green Bonds)

Basis for Designation • Adherence to environmental standards of the federal Clean Water Act and the Safe Drinking Water Act

Guidance

• ICMA’s Green Bond Principles

• Goals 3 (Good Health and Well-Being), 6 (Clean Water and Sanitation), 12 (Responsible Consumption and

Production) and 14 (Life Below Water) of the UN SDGs

Use of Proceeds/Project

Categories

• Bond proceeds finance CWSRF and DWSRF projects across the Commonwealth

• CWSRF Eligible Project Categories – Wastewater treatment projects; infiltration/inflow and sewer system rehabilitation projects; collector and interceptor sewer projects; combined sewer overflow correction projects; non-point source decentralized wastewater treatment systems; stormwater infrastructure; planning projects

• DWSRF Eligible Project Categories – Drinking water treatment projects; drinking water transmission and distribution projects; drinking water source and storage projects; drinking water planning and design projects

Additional Relevant Topics

• Project Evaluation/Selection – Projects to be financed are selected annually by MassDEP, with information published on the Intended Use Plan

• Management of Proceeds – Proceeds are deposited into segregated clean water and drinking water accounts in the Project Fund that are individually tracked by the Trust and MassDEP

• Post-Issuance Reporting – The Trust will report on the net proceeds of the Bonds once a year in its Annual Report to

EPA and will list project progress until all proceeds have been spent

Green Bond Designation

11M A S S A C H U S E T T S C L E A N W A T E R T R U S T

1 Prior to the issuance of the Bonds.

Credit Summary

• Highest Level of Credit Quality and Default Tolerance

– The Trust continues to be rated in the highest credit ratings category, with AAA/Aaa/AAA ratings (Fitch/Moody’s/S&P)

– Very strong credit characteristics of the combined loan pools; based on loan principal outstanding, 98% of program borrowers carry an ‘A’ category rating or better, and 88% carry a ‘AA’ category rating or better

– Loan payments are due to the Trust 15 days in advance of bond debt service payments

• Diversified Program with Robust Coverage and Stable Cashflows

– Composed of loan repayments from 244 individual borrowers; top 15 borrowers represent 51% of the pool

– Total funds available for debt service provide at least 1.45x coverage on all MTA Bonds, including the Bonds

– Commonwealth Contract Assistance Payments are a strong source of program subsidy from a highly-rated entity, with over $434 million in future payments pledged through FY 2056 (including amounts related to the issuance of the Bonds)

– Additional security from the Equity Funds, which total $1.4 billion (as of 6/30/2025) and secure all MTA Bonds on a parity basis

– Cross-collateralization across the Clean Water Equity Fund and Drinking Water Equity Fund provides additional security and greater portfolio diversification for bonds issued under both programs

• Commonwealth and Federal Support

– The Trust receives Federal and Commonwealth support administered through Capitalization Grants and Commonwealth Matching Grants, respectively, as well as additional State-level support in the form of Contract Assistance Payments

– Trust debt service payment on the Bonds is not contingent on receipt of future federal funds or Commonwealth Matching Grants

• Exceptionally Strong Management and Oversight

– Loan portfolio is actively monitored and bond portfolio is actively managed

– Executive Director and management team have over 13 and 40 years of experience, respectively, leading the Trust and navigating complex market environments

• Environmental and Social Benefits and Essentiality of Projects Being Funded

– Constitutes the single largest financing source of essential water and wastewater infrastructure projects in the Commonwealth

– Also invests in Disadvantaged Communities and provides additional subsidies to borrowers to enhance priority environmental and public health initiatives

12M A S S A C H U S E T T S C L E A N W A T E R T R U S T

Post Preliminary Official Statement: January 12

Retail Order Period: January 21

Institutional Order Period: January 22

Closing: February 5

*Preliminary, subject to change.

Issuance Timeline and Contact Information*

January February

Su Mo Tu We Th Fr Sa Su Mo Tu We Th Fr Sa

1 2 3 1 2 3 4 5 6 7

4 5 6 7 8 9 10 8 9 10 11 12 13 14

11 12 13 14 15 16 17 15 16 17 18 19 20 21

18 19 20 21 22 23 24 22 23 24 25 26 27 28

25 26 27 28 29 30 31

13M A S S A C H U S E T T S C L E A N W A T E R T R U S T

Click here to visit the Trust’s website:

https://www.mass.gov/info-details/investor-resources

Click here to visit the

Commonwealth’s website:

https://www.buymassbonds.com/

• Representatives from the Trust are available for one-on-one discussions

• For additional information or to schedule a one-on-one call, please contact:

Massachusetts Clean Water Trust Morgan Stanley

Sue Perez Executive Director

Tel.: 617-367-9333 x816 sperez@tre.state.ma.us

Robert Pattison Executive Director

Tel.: 617-856-8091 robert.pattison@morganstanley.com https://www.mass.gov/info-details/investor-resources https://www.mass.gov/info-details/investor-resources https://massbondholder.com/mcwt-state-revolving-fund-bond-sale-january-21-22-2026 https://massbondholder.com/mcwt-state-revolving-fund-bond-sale-january-21-22-2026 mailto:sperez@tre.state.ma.us mailto:robert.pattison@morganstanley.com

Appendix

M A S S A C H U S E T T S C L E A N W A T E R T R U S T

$0

$50

$100

$150

$200

$250

$300

$350

A nn ua l D e b t

S e rv ic e in

M ill io ns

Debt Service on Prior Bonds

Debt Service on the Bonds

Debt Service on Existing MTA Bonds (Excluding Refunded Bonds)

* Reflects outstanding debt service as of September 30, 2025, and includes preliminary debt service on the Bonds.

Debt Service by Fiscal Year*

Aggregate Debt Profile

15M A S S A C H U S E T T S C L E A N W A T E R T R U S T

• Total Debt Outstanding, Pre-Series 27: $2.32 billion

• Total Debt Outstanding, Post-Series 27: $2.91 billion

• Maximum Annual Debt Service, Post-Series 27: $330.57 million

• Capital Structure:

− Fixed Rate : 100%

− Variable Rate: 0%

− Derivatives Exposure: None

Key Statistics*

• The Trust was established in 1989 to finance projects to improve water quality, protect the environment, and protect public health in the Commonwealth through the provision of low-cost capital financing to cities, towns, and other eligible entities

• The Trust’s programs, which fund loans to Trust borrowers, are financed with bond proceeds, Equity Funds, federal capitalization grants, and state matching funds

• The Trust offers subsidy, grant, and loan forgiveness programs, expanding access to low-cost capital financing

• Additional details on these programs can be found in the "Overview of the Trust's SRF Programs" section of the Preliminary

Official Statement

Overview of the Massachusetts Clean Water Trust

16M A S S A C H U S E T T S C L E A N W A T E R T R U S T

Subsidy Programs Grant Programs Loan Forgiveness Programs

0% Interest Per- and Polyfluoroalkyl

(“PFAS”) Mitigation Loans

Lead Service Line (“LSL”) Planning Grants Disadvantaged Community Loan Forgiveness

0% Interest LSL Replacement Loans Public Water Suppliers Cybersecurity

Improvements Grants

Environmentally Disadvantaged Community

Loan Forgiveness

0% Interest Nutrient Enrichment Reduction

Loans

Asset Management Planning Grants

0.5% Rate Reduction Housing Choice

Community Loans

CWSRF Small System Technical Assistance

Grants

Interest-Free Interim Loans School Water Improvement Grants

Funding History

1 Grant amounts for 2022, 2023, 2024, and most of 2025 reflect actual grant awards received by the Trust. Amounts for 2026 BIL Grants reflect preliminary estimated grant appropriation amounts.

2 Base Grant was higher in 2025 due to the removal of certain earmarks by Congress in 2025.

17M A S S A C H U S E T T S C L E A N W A T E R T R U S T

Program Grant Massachusetts Awards/Appropriations ($s in MM)1

2022 2023 2024 2025 2026

Clean

Water

Grants

Base Grant $39.3 $25.5 $27.7 $53.92 $27.7

BIL Supplemental Grant 60.4 70.8 77.2 83.6 83.6

BIL Emerging Contaminants

(“EC”) Grant (PFAS) --- 3.7 1.9 7.6 7.2

Federal Grant Total: $99.7 $100.0 $106.8 $145.1 $118.5

IUP Funding: $962.8 $902.7 $933.4 $886.6 TBD

Drinking

Water

Grants

Base Grant $16.3 $10.6 $10.1 $23.52 $10.1

BIL Supplemental Grant 41.8 45.2 49.4 53.5 53.5

BIL EC Grant (PFAS) 20.8 19.9 21.8 16.9 16.4

BIL LSL Replacement Grant 71.5 33.7 50.1 34.0 34.0

Federal Grant Total: $150.4 $109.4 $131.4 $127.9 $114.0

IUP Funding: $362.9 $430.9 $503.6 $348.3 TBD

• To date, Federal grant funds and

Commonwealth matching grant funds totaling $3.5 billion (exclusive of Contract Assistance Payments) have been leveraged by the Trust to finance approximately $9.6 billion in projects for nearly 300 communities, serving 97% of the

Commonwealth's population

• Federal grant funds and Commonwealth matching funds, along with revolving loan proceeds, determine the annual amount of project funding the Trust can provide

• Bipartisan Infrastructure Law (“BIL”) grant funds have expanded the amount of project capacity the Trust has been able to offer in recent years but sunset in 2026

Trust Debt Service Payment is Not Contingent on Receipt of Future Federal Funds or Commonwealth Matching Funds.

The Trust’s SRF Peer Comparison

18M A S S A C H U S E T T S C L E A N W A T E R T R U S T

Source: EPA NIMS Data as of FFY2024; Combined for Drinking Water and Clean Water SRF Programs (Drinking Water Annual Summary Report and Clean Water Annual Summary Report)

Federal Grants as a % of Total SRF Assistance and Total SRF Project Disbursements (FFY2024)

23252526

282830313131323335353536 3839394040414143434545464647474748484949505050

5556565758596161

787981

5,000

10,000

15,000

20,000

25,000

30,000

O k la ho m a

Io w a

S o ut h D a ko ta

In d ia na

M a ss a ch u se tt s

O h io

M in n e so ta

K a ns a s

C o nn e ct ic ut

A ri zo na

N e w

Y o rk

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N e w

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Ill in o is

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P ro g ra m s

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N e w

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W y o m in g

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W e st

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P ue rt o R ic o

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M e x ic o

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% $MM

Massachusetts’ federal grants as a proportion of total SRF funding provided is 5th lowest among states, while its total SRF funding disbursed is 6th highest

SRF Project Disbursements Leveraged ProgramUnleveraged ProgramCommonwealth Project Disbursements https://sdwis.epa.gov/ords/sfdw_pub/r/sfdw/owsrf_public/dw-state-nat-report https://sdwis.epa.gov/ords/sfdw_pub/r/sfdw/owsrf_public/cwsrf-state-national-report

The State Revolving Funds Loan Cycle

The Trust and MassDEP work in tandem to administer the Clean Water (“CW”) and Drinking Water (“DW”) SRFs. The Trust manages the flow of funds to borrowers, while MassDEP manages the development and oversight of projects.

Annual Intended Use Plan (IUP)

•CW & DW IUPs outline projects selected to receive funding in the upcoming year

•MassDEP selects projects based on ranking criteria

Application Review, Project

Approval, Interim Loan Execution

•Communities work with MassDEP and the Trust to submit necessary documents

• Interim loan is closed; community can receive loan proceeds on a reimbursement basis throughout the construction cycle

Construction and Interim Financing

•Construction financing is currently offered at 0% interest rate with no fees

•No repayments due until permanent financing

Permanent Financing and

Bond Deal

•Trust issues SRF bonds annually

•Loans are generally put in repayment status and included in a bond deal when half or more of the loan proceeds have been drawn and project is expected to be completed within a year

•Bond proceeds are used to repay the interim loans and replenish the Trust’s funds

12 – 18 months

6 – 12 months

6 – 12 months

2 to 3.5 year timeframe

M A S S A C H U S E T T S C L E A N W A T E R T R U S T

• Borrowers are subject to thorough diligence on the project(s) being financed and the security for repayment

• Ongoing project and financial oversight from MassDEP and the Trust contribute to the continued strength and performance of the loan portfolio

Loan Portfolio: Selection and Surveillance Procedures

Ongoing Loan SurveillanceProject Selection Project Development/Oversight

No loans pledged to the Trust’s bonds have ever defaulted

• Loan payments are due semi-annually, 15 days before each Trust bond debt service payment date

• Borrowers whose loans comprise more than 20% of the portfolio are considered ‘obligated persons’ and agree to certain continuing disclosure requirements under Rule 15c2-121

• The Trust has repeat borrowers, especially the larger borrowers in the program, and is in regular contact with those borrowers

• Prior to each bond financing, the Trust reviews all borrowers’ credit ratings

MassDEP evaluates projects using a rigorous selection process

• Financing applications are submitted annually and include general recipient information; financial information; terms of the financial assistance required; and demographic/system information, if applicable

• MassDEP engineers review detailed project specifications and rank projects using criteria that measure the severity of the environmental problem, the sensitivity of the environmental hazard, the public health risk, and the appropriateness of the proposed solution

• MassDEP completes separate IUPs annually for the Clean Water and Drinking Water SRFs (“CWSRF” and “DWSRF”, respectively), which are filed with EPA and establish the list of projects eligible for Trust financing in a given year

On an ongoing basis, MassDEP manages project development and oversight while the

Trust manages the flow of funds

• MassDEP and the borrower enter into a project regulatory agreement (“PRA”) for an approved project which outlines the disbursement schedule, procedures for approval and payment of requisitions, and a set of conditions related to borrower compliance with certain regulations established by MassDEP, the Commonwealth and the federal government

• MassDEP conducts site inspections and other related oversight activities to ensure the project has been constructed in accordance with previously approved plans and specifications

20M A S S A C H U S E T T S C L E A N W A T E R T R U S T

1As of the issuance of the Bonds, no Borrower will meet such requirement. However, the principal amount outstanding with respect to the MWRA exceeded the threshold for several years prior to fiscal 2025 and will be 16.0% after the issuance of the Bonds. Therefore, notwithstanding MWRA is not an obligated person, MWRA is voluntarily providing such information.