Investor Presentaiton

Regulation • Tideway's Licence is based on the standard UK water and sewerage model • Bespoke enhancements reduce risk during construction • Limited potential impact of Ofwat's Water 2020 programme Subject to 5 year price control process during operational period Enhancements in Tideway's licence RCV During construction expenditure is logged up to RCV with no ex-post review Additional revenue building block for investment on a one year forward look basis Incentives ✓ Post Construction, RCV will be adjusted based on the net present value of any overspend or underspend A step down will apply to the WACC if System Acceptance happens after 28 February 2027 WACC Financing Cost Adjustment Customer Bad Debt Fixed real WACC of c.2.5% until 1st April 2030 (assuming System Acceptance by 28 February 2027) Provides partial protection against movements in the cost of debt (measured as movements in the iBoxx GBP non-financials BBB 10+) above certain thresholds Tideway is allowed to recover customer bad debt on a rolling two year basis Revenue Stream Threshold Outturn No change to revenue provision during construction Provision for funding above the Threshold Outturn (£4.1bn real) Enhanced regulatory framework set until 2030 providing more certainty than peers 11

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