Credit Investor Presentation

Mar-20 net debt 7,361 Strong balance sheet - net debt to RCV gearing Net debt £m RCV gearing of 62% supports Stable A3 credit rating with Moody's (1,037) Operating cash flow Proceeds from disposals (85) (8) (6) Fair value movements Dividends from JVs Net capex 53 49 12 129 292 7,398 (92) 7,306 639 Dividends RCV gearing calculated as group net debt / UUW's shadow RCV (outturn) of £11,729m Full detail of the adjustments to derive net debt under the new definition are included in the appendices Had the same adjustments been made at March-20, net debt would have been £135m lower Interest Indexation Tax Other Mar-21 net debt Adjustments Mar-21 net debt new definition United Utilities . Credit Investor presentation • 87

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