Credit Investor Presentation

Our regulation Well placed as we begin AMP7 We operate in 5-year regulatory cycles called Asset Management Periods (AMPS) We have recently completed the sixth five-year period since privatisation (AMP6-running from April 2015 to March 2020) and entered the seventh (AMP7 - running from April 2020 to March 2025) Our economic regulator, Ofwat, sets the price, service and incentive package we must deliver in each of these five-year periods There are four main areas in which companies can outperform by delivering a superior level of performance and/or doing so at a lower cost: Total expenditure (totex) Financing performance Outcome Delivery Incentives (ODIs) Customer satisfaction (measured using Ofwat's C-Mex assessment in AMP7) We have transformed our performance in recent years and exit AMP6 operating at the upper quartile across a range of metrics We were fast-tracked through the most recent price review (PR19) and given one of the lowest cost challenges in the sector by Ofwat We reinvested £130 million of AMP6 outperformance, targeting key performance areas to give us a flying start to AMP7 United Utilities • Credit Investor presentation 6

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