Water for the North West

Benefit of our treasury policies and excellence We typically outperform the index for new debt by 50-100 bps UU issuances (incl. fees) vs iBoxx yield less 15bps (1 April 2020 to 31 March 2023) Yield (%) 7.00 6.00 5.00 4.00 3.00 2.00 1.00 Jun 20 Sep 20 Dec 20 Mar 21 Jun 21 Sep 21 Dec 21 Mar 22 Jun 22 Sep 22 Dec 22 Mar 23 Investor presentation $35

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