Credit Investor Presentation 2020/21

Revenue Underlying operating costs Underlying finance expense Capex 2021/22 full year outlook £625-675m • 0.6% CPIH offset by -2.0% k factor Higher IRE reflecting additional investment in DNM Inflationary increases net of efficiencies to core costs Higher inflation impacting index-linked debt Acceleration of AMP7 capex profile Includes c£50m of incremental capex ODIS c£20m reward Consistent with targeting net AMP7 reward of c£150m United Utilities • Credit Investor presentation • 90

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