Investor Presentaiton

Disclaimer By attending the meeting where this presentation is made, or by reading the presentation slides, you agree to be bound by the following limitations: Affinity Water This document, which has been prepared by Affinity Water Limited (the "Company"), comprises slides for a presentation in relation to the Company and its affiliates. This document is not an offering document (and will not be registered as such in any jurisdiction), nor does it constitute or form part of any offer or invitation to purchase, sell or subscribe for, or any solicitation of any such offer to purchase, sell or subscribe for, any securities in any member of the Group in any jurisdiction nor shall this document (or any part of it), or the fact of its distribution, form the basis of, or be relied on in connection with, or act as an inducement to enter into, any contract or commitment whatsoever with respect to any securities of any member of the Group or otherwise and shall not form the basis of any contract or commitment whatsoever. This document does not constitute a recommendation regarding the securities of any member of the Group. The document is being made available for information purposes only and the information in the document reflects prevailing conditions and our judgment as at the date of the document. The information contained in this document is subject to change based upon a number of factors, including, without limitation, regulatory, business, economic and other factors and market conditions. The information and opinions contained in this document are based on general information gathered at the time of writing, are subject to change without notice and have not been formally verified by the Company or any member of the Group. The Company relies on information obtained from sources believed to be reliable but does not guarantee its accuracy or completeness. In giving this presentation, neither the Company nor its respective advisers and/or agents undertake any obligation to provide the recipient with access to any additional information or to update this presentation or any additional information or to correct any inaccuracies in any such information which may become apparent. None of the Company nor any of its shareholders, directors, officers or employees nor the Managers nor any of their shareholders, affiliates (within the meaning of Rule 405 under the U.S. Securities Act of 1933, as amended (the "Securities Act")), directors, officers or employees nor any other person accepts any liability (in negligence or otherwise) whatsoever for any loss howsoever arising from any use of this presentation or its contents or otherwise arising in connection therewith. Investors and prospective investors in the Securities of the Company are required to make their own independent investigation and appraisal of the business and financial condition of the Company and the nature of the Securities. Any decision to purchase Securities in the context of the proposed Offering, if any, should be made solely on the basis of information contained in an offering circular or prospectus published in relation to such Offering. No reliance may be placed for any purpose whatsoever on the information contained in this presentation, or any other material discussed verbally, or on its completeness, accuracy or fairness. This presentation does not constitute a recommendation regarding the Securities of the Company. No reliance may be placed for any purpose whatsoever on the completeness, accuracy or fairness of the information contained in this document. No representation or warranty, express or implied, is given by or on behalf of the Company or any of its affiliates or shareholders or any of their respective directors, officers or employees or any other person as to the accuracy or completeness of the information or opinions contained in this document and, save in the case of fraud, no liability whatsoever is accepted by the Company or any of its affiliates or their respective directors, officers or employees or any other person for any loss howsoever arising, directly or indirectly, from any use of such information or opinions or otherwise arising in connection therewith. Reliance on the information contained in this document for the purposes of engaging in any investment activity may expose the investor to a significant risk of losing all of the property or the assets involved. This document (and its contents) are confidential and is being made available on the basis that the recipients keep confidential any information contained herein or otherwise made available, whether orally or in writing, in connection with the Group. Such information may not be reproduced, disclosed, redistributed or passed on, directly or indirectly, to any other person (unless he or she is affiliated with or is a paid advisor to the recipient and has agreed to comply with these restrictions on redistribution) or published, in whole or in part, for any purpose without the prior written consent of the Company. Any offer of Securities to the public that may be deemed to be made pursuant to this document in any EEA Member State that has implemented Directive 2003/71/EC (together with any applicable implementing measures in any Member State, the "Prospectus Directive") is only addressed to qualified investors in that Member State within the meaning of the Prospectus Directive. In the United Kingdom, this document has not been approved by the UK Financial Conduct Authority under s.21 Financial Services and Markets Act 2000. It is intended for distribution and is directed only at persons having professional experience in matters relating to investments falling within Article 19(5) of the Financial Services and Markets Act 2000 (Financial Promotion) Order 2005 (as amended) (the "FP Order") or persons falling within Article 49(2)(a) to (d) of the FP Order and persons to whom it can otherwise be lawfully distributed (all such persons together being referred to as "relevant persons"). This document must not be acted upon by persons who are not relevant persons. Any investment activity to which this communication may relate is only available to, and any invitation, offer, or agreement to engage in such investment activity will be engaged in only with, relevant persons. Any person who is not a relevant person should not act or rely on this document or any of its contents. If you are in any doubt as to the matters contained in this document (including whether you fall within the definition of relevant persons), you should consult an authorised person specialising in advising on investments of the kind contained in this document. It is not intended that this document be distributed or passed on, directly or indirectly, to any other class of person and, in any event, under no circumstances should persons of any other description rely or act upon the contents of this document. The information in this presentation is given in confidence and the recipients of this presentation should not engage in any behaviour in relation to qualifying investments or related investments (as defined in the Financial Services and Markets Act 2000 ("FSMA") and the Code of Market Conduct made pursuant to FSMA) which would or might amount to market abuse for the purposes of FSMA. This document is an advertisement for the purposes of the applicable measures implementing the Prospectus Directive. A prospectus prepared pursuant to the Prospective Directive is intended to be published, which, if published, can be obtained in accordance with the applicable rules. The distribution of this document in certain jurisdictions may be restricted by law and persons into whose possession this document comes should inform themselves about, and observe, any such restrictions. In particular, subject to certain exceptions, neither this document nor any copy of it may be taken or transmitted into the United States of America, its territories or possessions or distributed, directly or indirectly, in or into the United States of America, its territories or possessions. This presentation is not a public offer of securities for sale in the United States. The Securities proposed in the Offering have not been and will not be registered under the Securities Act and may not be offered or sold in the United States absent registration or an exemption from registration under the Securities Act. The Company does not intend to register any portion of the proposed Offering or to conduct a public offering of securities under the applicable securities laws of the United States. Subject to certain exceptions, neither this document nor any copy of it may be taken or transmitted into or offered or sold within, or offered or sold to any national, resident or citizen of Australia, Canada, Japan, Malaysia, Singapore, Korea or South Africa or to US or Canadian persons or to any securities analyst or other person in any of those jurisdictions. Any failure to comply with this restriction may constitute a violation of United States, Australian, Canadian, South African, Malaysian, Singaporean, Korean or Japanese securities law. The distribution of this document in other jurisdictions may also be restricted by law, and persons into whose possession this document comes should inform themselves about, and observe, any such restrictions. Certain statements in this document are or may be about future events and expectations that are forward-looking statements. These statements typically contain words such as "expects" and "anticipates" and words of similar import. Any statement in these materials that is not a statement of historical fact is a forward-looking statement. By their nature, forward-looking statements involve a number of unknown risks, uncertainties and assumptions that could cause actual results, performance, achievements or events to differ materially from those expressed or implied by the forward-looking statements. These risks, uncertainties and assumptions could adversely affect the outcome and financial effects of the plans and events described in this document. Forward-looking statements contained in this document, that refer to past trends or activities should not be taken as a representation that such trends or activities will necessarily continue in the future. The Company does not undertake any obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise. You should not place undue reliance on forward-looking statements, which speak only as at the date of this document. None of the future projections, expectations, estimates or prospects in this presentation should be taken as forecasts or promises nor should they be taken as implying any indication, assurance or guarantee that the assumptions on which such future projections, expectations, estimates or prospects have been prepared are correct or exhaustive or, in the case of the assumptions, fully stated in the presentation. We assume no obligations to update the forward-looking statements contained herein to reflect actual results, changes in assumptions or changes in factors affecting these statements. By attending the presentation to which this document relates or by receipt of this document you will be taken to have represented, warranted and undertaken to the Company that: (i) you are a relevant person (as defined above); (ii) you have read and agree to comply with the contents of this notice; (iii) you will treat and safeguard as strictly private and confidential all such information and take all reasonable steps to preserve such confidentiality; (iv) you are aware that any person who has material, non-public information about the Group may be prohibited under applicable securities law from purchasing or selling securities of any member of the Group or from communicating such information to any other person under circumstances in which it is reasonably foreseeable that such person is likely to purchase or sell such securities while in possession of material non-public information; and (v) you will not at any time have any discussion, correspondence or contact concerning the information in this document with any of the directors or employees of any member of the Group nor with any of their suppliers, clients, sub-contractors or any governmental or regulatory body without the prior written consent of the Company. 16