Credit Investor Presentation 2020/21

£300m additional totex investment £300m additional totex investment over AMP7 driving long-term sustainable performance for the benefit of all stakeholders £50m driving ODI performance; totex sharing mechanism results in PR24 adjustment to WACC with remaining more than recovered through expected ODI improvements with further benefit of tax super deductions £100m Dynamic Network Management; totex sharing mechanism results in PR24 adjustment to WACC with remaining more than recovered through expected ODI improvements with further benefit of tax super deductions 1 c₤195m upward adjustment to RCV or AMP8 revenues £60m re-lining of Vyrnwy aqueduct; totex sharing mechanism results in PR24 adjustment to WACC with remaining 50% funded through AMP7 ODI 3 Funded £90m Bolton environmental scheme; adjustment to PR19 allowance so no "overspend" recorded, recovered as a PR24 adjustment to RCV including allowance for WACC through balance sheet capacity leaving headroom into AMP8 2 Expect significant ODI (AMP7 & AMP8) and tax benefits United Utilities • Credit Investor presentation . 71

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