Credit Investor Presentation

1,600 Totex run rate on target AMP6 investment delivering efficiencies to be sustained into AMP7 Totex¹ 1,400 1,200 Capex 1,000 Capex Capex € 800 600 400 200 0 Opex Opex Opex & IRE & IRE & IRE 2015/16 2019/20 AMP7 FD average Source: Company PR19 business plan submission, September 2018 and Final Determination 1 2017/18 prices, including £250m AMP6 additional investment but not the further £100m announced in May 2019. United Utilities • Credit Investor presentation . 27

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