Credit Investor Presentation 2020/21

Strong balance sheet - pension surplus is a key differentiator 1 £689m IFRS pension surplus at March-21 - fully funded on a low dependency basis 2 Focus on RORE as a measure of relative value – pensions not captured by RORE 3 We are not making deficit repair contributions and not eroding cash value 4 5 Deficit repair contributions of the other WACSs in 2019/20 equated to 0.8% of RORE Our strong pensions position is a relative value advantage that will persist United Utilities • Credit Investor presentation • 88

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