Credit Investor Presentation 2020/21

Management of Proceeds • The net proceeds arising from the issuance under this Framework will be managed by our Treasury function, and will be wholly allocated to finance, refinance or invest in Eligible Projects · • Our Treasury team will ensure on a best efforts basis that the portfolio of Eligible Projects exceeds, or at least is equal to, the amount of Sustainable Financing Instruments raised under this Framework Pending allocation, proceeds will be invested on a temporary basis in accordance with the relevant internal policies, in cash, cash equivalents or similar instruments United Utilities • Credit Investor presentation . 59

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