Credit Investor Presentation

IFRS deficit Extra funding deficit The pensions iceberg The ESG journey to remove the "pensions iceberg" at UU Discount rate of 2.05% = Gilts +75bps Position today IFRS £754m IFRS £689m Mar-10 Funding £nil IFRS £(271)m Mar-20 Mar-21 Discount rate of 1.65% = Gilts +35bps Pension scheme fully funded on a low dependency basis with no further pension deficit contributions due Strong position consistent with the Pensions Regulator's fast track classification United Utilities • Credit Investor presentation • 50

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