Credit Investor Presentation

Key credit highlights Regulatory outperformance: Sustainable performance improvements and track record of outperformance in AMP5 and AMP6 Clarity on allowed returns to 2025: Wholesale revenue and asset base linked to CPIH inflation through to at least 2025 Strong management team: Extensive commercial, operational and regulatory experience across the business Low dependency pension schemes: Stable IAS19 pension surplus and low dependency funding position ESG credentials: Strong record of high ESG performance with external recognition of our approach Best in class treasury management: Low cost of debt locked in, stable A3 credit rating, robust capital structure with target 55%-65% RCV gearing range Systems thinking approach: Use of technology, data and machine intelligence, which provides us with a competitive advantage United Utilities • Credit Investor presentation . 64

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