Investor Presentaiton

Long-term vision: keeping the future in focus New financing structure Creates a sustainable and efficient capital structure Proposed MidCo Structure WBS Today Proposed Structure Osprey: 87.5% NR/ B1/BB- New HoldCo: 86% Unrated Class A & B: 82% I BBB/ Baa3/ BBB Equity injection New MidCo: 2 79% BBB- MIDCO £1,055m Class A: 72% A-/ A3/A- | AWS: <70% Class A/B A-/A3/A- Investor Presentation 21 I Regulatory ring-fence | | • 1 HOLDCO £560m of new • debt raised 3 £600m new debt raised AWS £1,055m of equity injection reducing gearing • • • The new financing structure is not reliant on any subsequent steps with any existing noteholders Committed new funds in place at MidCo and HoldCo Introduction of new HoldCo entities to raise debt at 'top level' Set up of a new ring fenced MidCo financing group MidCo able to raise financing across bank debt and investment grade capital markets instruments Equity injection to AWS to reduce leverage Commitment to no further Class B issuance at AWS and existing Class B bonds to be given option to convert to Class A. love every drop anglianwater o Confidential

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