Investor Presentaiton

Credit Summary Critical UK infrastructure Strong delivery capability Supportive regulatory and contractual framework Stable and highly visible revenue profile Standalone provider of essential sewerage service Thames Tideway Tunnel supported by the Government and regulated by Ofwat Highly experienced management team World class construction contractors already on-site Proven contractual framework Established water regulatory framework Bespoke regulatory features during construction to reflect specific considerations Exceptional risks covered by the Government Support Package Capex logged up to and remunerated during construction Revenues during construction include liquidity enhancing building block ✓ Fixed real WACC until 2030 ✓ ✓ Partial protection from movements in cost of debt Protection from bad debt New Blackfriars pier Creditor friendly financial structure with very high liquidity Good progress on project delivery since Licence Award ✓ Financing plan substantially de- risked Accelerated equity funding fully LC-backed Strong liquidity with £1bn RCF Conservative leverage strategy Mobilisation of each of the three main tunnel drive sites between three and five months earlier than the original schedule Well placed to meet our target of handing over the Thames Tideway Tunnel to Thames Water to operate earlier than the baseline date No major injuries to date Our financing plan has been significantly de-risked with £1.15bn of debt capital raised in 2016 ✓ As of 30 September 2016, our liquidity horizon was to 2022 Chambers Wharf sites offices delivered by river LLYNC Excavation of first shaft started at Kirtling Street 18

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