Investor Presentaiton

The Existing Financing Group Structure Affinity Water The existing Financing Group comprises two entities with outstanding bond issuance - Cayco and a legacy UK issuer • • Two companies are issuers of bonds / private placements to third party debt investors: Affinity Water Finance (2004) Plc ("Existing Issuer") Affinity Water Programme Finance Limited ("Programme Issuer" or "Cayco") Existing Issuer is incorporated in the UK while Programme Issuer is Cayman Islands incorporated The Existing Issuer has one bond outstanding, issued in 2004 and subsequently tapped in 2014 AWL also has two undrawn revolving credit facilities with a combined commitment of £100m as well as liquidity facilities Existing Issuer's and Programme Issuer's balance sheets consist of loan relationship assets and liabilities. In general, their payables are due to third parties and their receivables are due from other companies in the Financing Group Daiwater Investment Limited Affinity Water Acquisitions (Investments) Limited Affinity Water Acquisitions (HoldCo) Limited Affinity Water Acquisitions (MidCo) Limited Affinity Water Acquisitions Limited Affinity Water Capital Funds Limited Affinity Water Holdco Finance Limited Financing Group Affinity Water Holdings Limited ('AWHL') RCFs Affinity Water Limited ('AWL') Affinity Water Finance (2004) Plc ('Existing Issuer') Incorporated in England and Wales Incorporated in the Cayman Islands Regulated Operating Affinity Water Programme Finance Limited ('Programme Issuer' / Cayco) Entity Class A Bond Class A Bonds Class B Bond Class B PP 8

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