Investor Presentaiton

Overview of Proposed Structure Changes Affinity Water Amendments to the underlying Finance Documents, required for the substitution and disposal of Cayco, will be effected by way of an Implementation Deed Current Financing Group Non ring fenced companies O NewCo initially incorporated outside Financing Group AWHL 2 Shares in NewCo transferred to AWL Proposed Financing Group Non ring fenced companies AWHL Incorporated in England and Wales Incorporated in the Cayman Islands Regulated Operating Entity Proposed NewCo to be incorporated in England and Wales RCFs AWL Existing Issuer Programme Issuer / Cayco NewCo Class A Bond Class A Bonds Class B Bond Class B PP RCFs AWL Existing Issuer NewCo Class A Bond Class A Bonds Class B Bond Class B PP Substitution of Cayco for NewCo AW have determined that a newly incorporated UK company should be used for all future public issuance out of the Financing Group and AW are seeking consent from Class A Bondholders to incorporate NewCo and substitute existing bonds from Cayco - the substitution itself will be implemented in accordance with the provisions of the Bond Trust Deed. Cayco can then be disposed from the Financing Group Both revolving credit facilities and the Class A bond issued out of Existing Issuer will remain where they are currently situated within the Financing Group Provided the consent is successful, the above changes will be implemented as soon as practicable but given the nature of the changes it may take several months for successful completion 9

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