Credit Investor Presentation

United Utilities Group PLC United Utilities PLC Baal stable; BBB- stable; A- stable? Debt structure Yankees: ⚫ $400m in 28s Other debt: • Short-term loans £100m United Utilities Water Limited A3 stable; BBB+ stable; A- stable Ring-fenced and regulated by Ofwat United Utilities Water Finance PLC Guaranteed by United Utilities Water Ltd Euro MTNs: • £375m in 22s • £300m in 27s £50m in 32s¹ £200m in 35s £100m in 35s¹ £35m in 37s¹ Euro MTNs: • £450m in 25s £25m in 25s¹ • HK$320m in 26s HK$739m in 26s • €52m in 27s • HK$830m in 27s £20m in 28s¹ • £300m in 29s² £35m in 30s¹ €30m in 30s £70m in 39s¹ £100m in 40s¹ £50m in 41s¹ £100m in 42s¹ £20m in 43s¹ • £50m in 46s¹ £425m in 31s4 • €30m in 31s • HK$600m in 31s US$35m in 31s £38m in 31s³ £20m in 31s² • €28m in 32s • €26m in 32s €30m in 33s £350m in 33s5 £27m in 36s3 £50m in 49s¹ £510m in 56s¹ ⚫ £150m in 57s¹ £29m in 36s3 •£20m in 36s2 £60m in 37s² • £250m in 38s £125m in 40s² £300m in 42s • £32m in 48s² •£33m in 57s² Other debt: ⚫ EIB RPI-linked loans £517m¹ Other RPI-linked loans £300m¹ CPI-linked loans £100m² • Other EIB loans £530m •Short-term loans £51m ¥10bn dual currency loan • Other sterling loans £126m 1 RPI linked finance 2 CPI linked finance / fixed rate finance subsequently swapped to CPI linked 3 RPI linked finance subsequently swapped to CPI linked 4 £100m and £75m fixed rate tranches of this bond have been swapped to CPI linked 5 Two £50m fixed rate tranches of this bond have been swapped to CPI/CPIH linked 6 United Utilities Water Finance PLC (UUWF) is a financing subsidiary of United Utilities Water Limited (UUW) established to issue new listed debt on behalf of UUW. Notes issued by UUWF are unconditionally and irrevocably guaranteed by UUW and are rated in line with UUW's credit ratings 7 Senior unsecured debt ratings published by Moody's; Standard & Poor's; Fitch respectively United Utilities . Credit Investor presentation • 105

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